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Clariant Chemicals board today approved the sale of textile chemicals, paper specialities and emulsions businesses to Archroma India for a total amount of Rs 209.15 crore.
The Board of the company at its meeting held on September 19, approved the sale of the businesses, 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 Archroma India, Clariant Chemicals said in BSE filing.
Archroma India is owned by S K Spice Sarl, an affiliate of S K Capital Partners, US based private investment firm.
Board has also approved relocation of the master batches plant of the company from Kolshet, Thane to renaissance industrial and warehousing complex at Bhiwandi in Thane to be operational effective from December this year.
Clariant Chemicals (India), is part of Swiss speciality chemical giant Clariant AG and the company has production facilities for manufacturing textile chemicals, paper specialities and emulsion products at its Roha (Maharashtra) plant.
Besides these three, the company is also into leather services, industrial and consumer specialities, additives and pigments.
Shares of the company were up by 1.02% to Rs 511 apiece in the late afternoon trade on BSE tody.
