With effect from 01 July 2015
With reference to earlier announcement dated 16 October 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 announced that the said closing has taken place and consequently, with effect from 01 July 2015, the textile chemicals business of the Company will stand transferred to Archroma India on a "going concern basis".
The Company has received an aggregate sum of Rs. 104.03 crore (Rs. 64.13 crore from Archroma towards the consideration for the sale of the business and a further sum of Rs. 39.90 crore from BASF SE towards discontinuance of the said business in terms of the commercial understanding reached between the parties).
Effective 01 July 2015, the Company will manufacture & supply the textile chemical products to Archroma India under a long-term supply agreement.
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