Chemical maker BASF India today said it has received approval from its board for the merger of Ciba India and its two affiliate firms with itself.
The board has approved the scheme of amalgamation of Ciba India Ltd and its affiliates — Diamond Dye-Chem Ltd and Ciba Research (India) Pvt Ltd — with BASF India, the company said in a filing to the BSE.
"The appointed date for this purpose has been fixed as February 1, 2010," it said.
BASF India, a part of the German group BASF, is engaged in the production of insecticides and pesticides. Ciba India is also in the business of chemicals.
Shares of BASF India rose 9.61 per cent and were trading at Rs 321.55, while Ciba India was quoting at Rs 263.25, up 6.09 per cent in afternoon trade on the BSE.
