Excel Industries Limited (BSE:500650) agreed to acquire chemical manufacturing unit in Andhra Pradesh Special Economic Zone from NetMatrix Crop Care Limited for INR 950 million on June 27, 2019. The business transfer agreement was signed on July 4, 2019. The consideration is subject to working capital adjustments on closing date. The transaction is subject to approval from Andhra Pradesh Special Economic Zone Authorities, Atchutapuram and consent from Andhra Pradesh Industrial Infrastructure Corporation Ltd. under the deed of lease for transfer. The transaction has been approved by the Board of Excel Industries Limited. The transaction is expected to be completed on or before August 31, 2019. As on September 3, 2019 the transaction is expected to be completed on or before September 30, 2019. As of September 26, 2019, the completion will occur on or before October 31, 2019. Vaidhyanadhan Iyer of AZB & Partners acted as legal advisor to Excel Industries Limited.