BASF India has transferred the textile chemicals business of the company to Archroma India on a going concern basis with effect from July 01, 2015. 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).
The company with effect from July 01, 2015, will manufacture & supply the textile chemical products to Archroma India under a long-term supply agreement.
Earlier on October 16, 2014, 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 with the closing expected in the first quarter of 2015.
