|
| Exchange Disseminated Time | With reference to earlier announcement dated October 16, 2014 regarding pursuant to global divestment of the textile chemicals business of the parent Company BASF SE to Archroma, the Board of Directors had approved the proposal to transfer the textile chemicals business of the Company to Archroma, subject to such approvals(s) as may be necessary, with the closing expected in the first quarter of 2015.
BASF India Ltd has now informed BSE that the said closing has taken place and consequently, with effect from July 01, 2015, the textile chemicals business of the Company will stand transferred to Archroma India Private Limited on a "going concern basis".
The Company has received an aggregate sum of Rs. 104.03 crores (Rs. 64.13 crores from Archroma towards the consideration for the sale of the business and a further sum of Rs. 39.90 crores from BASF SE towards discontinuance of the said business in terms of the commercial understanding reached between the parties).
Effective July 01, 2015, the Company will manufacture & supply the textile chemical products to Archroma India Private Limited under a long-term supply agreement. |
|
|