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| Exchange Disseminated Time | Clariant Chemicals (India) Ltd has informed BSE that pursuant to the approval granted by the shareholders of the Company u/s. Section 293(1)(a) of the Companies Act, 1956 through postal ballot, the Board of Directors of the Company at its meeting held September 19, 2013, has considered and approved the sale of the undertaking comprising of business of textile chemicals, paper specialties and emulsions along with employees, assets, liabilities and including all licenses, land leases, permits, consents and approvals thereto as a going concern by way of a slump sale on an "as is where is basis" to M/s. Archroma India Pvt. Ltd., a company incorporated in India under the Companies Act, 1956, being owned by S.K. Spice Sarl, an affiliate of S.K. Capital Partners, a US based private Investment Firm, for a total consideration of Rs. 209.15 crore and on the terms and conditions as stated in the Business Transfer Agreement, as on September 30, 2013.
The Board also approved relocation of the Masterbatches Plant of the Company from Kolshet, Thane to Renaissance Industrial & Warehousing Complex situate at Village Vashere, Taluka Bhiwandi, District Thane, Maharashtra, India to be operational effective from December, 2013. |
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