Madhvanis to buy chem biz from Albright & Wilson

The board of directors of Albright & Wilson Chemicals, which met today, approved the sale of the company's phosphates business to Nilefos Chemicals India, a wholly-owned subsidiary of Madhvani International SA belonging to the Uganda-based Madhvani Group.

According to a release issued by Albright & Wilson to the BSE today, on completion of the formalities associated with the sale, Nilefos Chemicals will assume control of the company's phosphates business including manufacturing facilities and assets at Ambarnath in Thane District, Maharashtra together with the liabilities associated with the business on a going-concern basis.

"The divestment is in line with the company's strategy of strengthening its presence in the fast-growing home and personal care market. It will enable the company to re-focus on the surfactant business as a vehicle for future profitable growth." D D Chopra, chairman, Albright & Wilson said.