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| Exchange Disseminated Time | BASF India Ltd has informed BSE that Expandable Polystyrene (EPS), forming part of the Plastics Division of the
Company is sold under the brand name Styropor in India. The turnover of the EPS business of the Company as of March 31, 2012 was Rs. 207 crores.
The EPS business in India is under continuous pressure due to strong competition. This coupled with high overcapacities and low margins, have made the continuance of the EPS operations uneconomical. Hence considering that there is no potential to improve the overall performance of the EPS business in the long run, the Board of Directors of the Company at its meeting held on September 18, 2012 approved the proposal to shut down the EPS business including the Company’s Styropor production at Thane as part of the BASF's Global Strategy, subject to the requisite approval(s), as may be necessary. There is no impact of a material nature on account of shut down of the EPS business and the same will not affect the Company’s overall growth strategy in India. |
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