Mumbai — Spark Midas Transactions, the investment banking arm of Spark Private Wealth Management (SPWM), has successfully advised Triveni Rasayan Limited on its 100% acquisition of Corn Wet Milling Unit of Santosh Limited on a Slump Sale basis. Spark Midas Transactions acted as the exclusive financial advisor to Triveni Group’s Flagship company Triveni Rasayan Limited, providing end-to-end advisory support across the transaction, including facilitating the legal, financial and title due diligence, structuring the transaction and arranging the debt funding required for its successful completion.
The acquisition is aligned with Triveni Family’s strategy to expand its presence in the starch and specialty chemicals segment, while leveraging Santosh Limited’s established corn crushing capabilities and diverse product portfolio. The acquisition is expected to create opportunities for operational improvements, enhance product capabilities and enable Triveni Rasayan to capitalise on the growing demand for starch across paper, textile, pharmaceutical and processed food applications.
The transaction marks another milestone for Spark Capital in the M&A advisory space and reinforces the firm’s ability to partner with entrepreneur-led businesses through pivotal moments in their growth. It also underscores the continued consolidation opportunity across India’s specialty chemicals sector, where well-run platforms are scaling both organically and through acquisitions.
Commenting on the transaction, Vaibhav Arren, Executive Director & Business Head – Midas Transactions, SPWM, said:
“The transaction is a clear example of bringing together complementary capabilities and creating a platform for further growth in the starch and specialty chemicals space. At Midas Transactions, we see our role as going beyond executing transactions; we partner with entrepreneurs to translate their growth ambitions into high-impact outcomes. We thank Mr. Manoj Sharma and the Triveni team, as well as Mr. Shrikant Chowdhary and the Santosh team, for their trust and cooperation in bringing this important transaction to a successful close.”
Manoj Sharma, Managing Director, Triveni Rasayan Limited, said:
“The acquisition of Corn Wet Milling Unit of Santosh Limited is an important step in our strategy to strengthen our presence in the starch and specialty chemicals space. Santosh Limited brings established manufacturing capabilities and a diverse product portfolio, providing us with a strong platform for further growth, while also strengthening our presence across key end markets. We thank the Spark Midas Transactions team for their important role throughout the transaction, from facilitating workstreams to supporting the structuring and funding, helping bring the transaction to completion.”
Shrikant Chowdhary, Executive Director, Santosh Limited, said:
“We are pleased to have completed the transaction with Triveni Rasayan Limited. Over the years, Santosh Limited has built a strong presence in the starch and starch-based products industry across Southern part of India, and we are confident that Triveni Rasayan, is well placed to take the business forward. We would also like to acknowledge Spark Midas Transactions for their support in facilitating the transaction and helping bring the process to a successful conclusion.”
About Triveni Rasayan Limited
Triveni Rasayan Limited is the key player in the specialty chemicals industry. The company works with paper, water, pharma, food, mineral processing, detergents, ceramics, oil & gas industries, providing speciality / commodity chemicals from Triveni Rasayan’s plants, principals and key business partners.
Company’s key business partners include BASF, DCM Shriram, Solvay, Kurita, Syensqo, Solenis, Tata, TGV, ITC, TNPL, SIPM, Seshasayee Paper & Boards, GVG Paper Mills, Sripathi Paper & Boards, Orchid Laminates, Nithya Packaging, WCPM, Vedanta Limited, Reliance Industries, and the list goes on. The company has branches in Chennai, Mumbai, Coimbatore, Erode, Ranipet, Hyderabad, Mangalore, Ankleshwar, Kota, Bangkok and Dubai.