Himadri Interested in Ruetgers

Indian group Himadri Chemicals is interested in bigger European peer Ruetgers Group, which is being put up for sale by private equity owner Triton.

"Once the (sales) process starts, we will definitely look at the company," chief executive Anurag Choudhary told Reuters.

Triton, which acquired Ruetgers in 2008, is looking to divest its holding in the chemicals maker, which primarily makes industrial products derived from distillation of coal tar.

It has hired Goldman Sachs to look for possible buyers and will soon ask for first bids, sources close to the process said.

A price tag of € 700-750 million ($ 925-990 million) could be within reach, an industry source said.

Himadri previously expressed an interest in Ruetgers when former owner Degussa -- now a part of Evonik -- sold the unit in 2008.

Private equity groups are also likely to bid, industry sources said. Private equity groups Bain Capital holds almost 27 % in Himadri and Citigroup Venture Capital International is also a key shareholder.