Akzo Nobel India has received an approval for sale and transfer of the company’s Specialty Chemicals Business to an affiliate of AkzoNobel N.V., Netherlands, as going concern on a slump sale basis for a consideration of Rs 320 crore. The sale is expected to be completed by March 2018.
The board of directors at its meeting held on November 7, 2017 approved for the same. The said transaction is subject to approval of the shareholders and other approvals from statutory and regulatory authorities, if any.
Akzo Nobel India (previously known as ICI India) is engaged in manufacturing and marketing of paints, speciality chemicals and adhesives.
