Published by Global Banking & Finance Review®
Posted on July 2, 2025
2 min readLast updated: January 23, 2026
Dorf-Ketal is in talks to raise $500 million in private credit for acquiring a European peer, marking its largest acquisition ahead of an IPO.
By Nimesh Vora and Dharamraj Dhutia
MUMBAI (Reuters) -India's Dorf-Ketal Chemicals is in talks with private credit lenders to raise around $500 million to fund the acquisition of a European peer owned by private equity, two sources told Reuters.
The Mumbai-based speciality chemicals firm is putting together a broader financing package for the acquisition, with the private credit tranche expected to be a component, a source said.
Both sources requested anonymity since the discussions are private.
Term sheets with lenders are expected to be signed this month or next, while talks on the pricing of the bond issue are ongoing, one of the sources said.
The name of the target company and the private credit funds involved could not be immediately determined.
Dorf-Ketal did not immediately respond to a Reuters request for comment.
The company, which supplies process chemicals and additives to oil refiners, has pursued smaller overseas acquisitions in recent years and in March expanded its distribution partnership with Germany's Lehvoss Group.
If finalised, the deal would mark Dorf-Ketal's largest acquisition to date, one of the sources said, and comes ahead of its planned initial public offering. The company filed draft papers for a 50 billion-rupee ($583.5 million) IPO in January.
($1 = 85.6850 Indian rupees)
(Reporting by Nimesh Vora and Dharamraj Dhutia; Editing by Sonia Cheema)
Dorf-Ketal Chemicals is in talks to raise around $500 million to fund the acquisition of a European peer owned by private equity.
The company is seeking private credit lenders as part of a broader financing package for the acquisition.
Term sheets with lenders are expected to be signed this month or next.
If finalized, the deal would mark Dorf-Ketal's largest acquisition to date and comes ahead of its planned initial public offering.
Dorf-Ketal has pursued smaller overseas acquisitions in recent years and recently expanded its distribution partnership with a German company.
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