THE NETHERLANDS (From news reports) -- Chembond Chemicals announced that it has completed the acquisition of the equity shares of Chembond Solenis Water Technologies (CSWTL) from Solenis Netherlands B.V. Consequent to the above acquisition of shares, CSWTL has now become a Wholly Owned Subsidiary (WOS) of the Company.

Chembond Chemicals acquired Solenis Netherlands's 45 percent stake in their joint venture for approximately $7.35 million.

Formed in 1984, CSWTL offers the entire range of water treatment chemicals namely cooling water treatment chemicals, boiler water treatment chemicals, membrane treatment chemicals, raw water and effluent treatment polymers & defoamers. A pioneer in the field of cooling water treatment chemicals in India, CSWTL had registered a turnover of Rs 93.19 crores for the year ending March 31, 2017.

Chembond Solenis Water serves diverse industries such as steel, power, fertilizers, refineries, petrochemicals, mining, sugar, textile and municipal corporation.