In what would be, perhaps, biggest deal in Indian chemicals sector, the US-based TFCC International has bought a 46% stake in Chennai-based Ramcharan Company Pvt Ltd. The deal values the Chennai-based chemicals distributor at around US$9 billion. Ramcharan Company is headed by third-generation entrepreneurs Divyesh and Kaushik Palicha.
Ramcharan claims to be into 'deep-tech, end-of-life chemicals' like converting unsegregated waste into energy and new-generation energy storage devices. The company was established in 1965 as a partnership firm selling raw materials. At present, its core business is focused on distribution of chemical products like rubber and carbon black required in automotive, industrial goods, infrastructure and consumer goods business.
In a joint release, TFCC and Ramcharan say, "The investment will be with a horizon of five to seven years, and the first round would close by January 2022. The money will be deployed in environment-to-energy management systems and renewable energy devices with high storage capacity that are made from sodium silicate."
The technology used by Ramcharan claims to leave zero toxic residue and can convert all types of unsegregated waste into energy.
Chris Curtis, chairman of TFCC, told reporters that only Ramcharan has the technology to make cutting-edge products for reducing pollution. “We believe that Ramcharan’s products in the waste to energy field and the new generation of energy storage devices will help the environment in a significant manner.”
However, there is no information in the public domain about the business of either TFCC International or Ramcharan. TFCC International’s website
has no details of who runs it, what is the size of the fund and what its investments are. The website, which has just a few pages of information, has several vague videos on climate change and generic claims such as “Our Impact Opportunities Fund is focused on the advancement of new renewables globally and innovation in climate aligned technology to accelerate the transition to Net-Zero.”
In fact, shorn of all the bombast and verbiage, the only semblance of hard information in the site is its so-called investment focus: “We predominantly invest in real assets across real estate, infrastructure, renewable power and private equity.”
Interestingly, as Business Standard reported, TFCC India office has the same address as Ramcharan. A Google search reveals no information about TFCC’s activities except this one eye-popping mega deal.
The website of http://ramcharan.org
has information about the product it trades in and no information about the revolutionary new technology it has come up with. Several links in the website do not open.
Ramcharan & Co has a trading presence in UK, north America and Japan. With the initial funding from TFCC, the company will set up two manufacturing plants in Tamil Nadu and Gujarat it claims.
According to the joint statement, at present the Chennai-based company has orders of around an unbelievable figure of US$9 billion and is looking at higher sales from three years to the sixth year of their production, taking up the expected revenue to US$40 billion from the fourth year!
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