Kilburn Chemicals has received an approval for sale and transfer of its chemical division relating to manufacturing and marketing of the Anatase grade Titanium Dioxide including the identified assets and liabilities to S Vaikundarajan as partner of the partnership firm V V Mineral registered under the Indian Partnership Act, 1932 and having its registered office at Tisayanvilai, Tirunelveli, Tamil Nadu, or any entity controlled by them, as a going concern on a slump sale basis (Purchaser) subject to fulfillment of conditions precedents and other regulatory consents/approvals, as may be required for a lump-sum consideration of about Rs 110 crore subject to such adjustments as may be agreed (Transaction). The company received the approval at its board meeting held on July 29, 2011.
Further, the company has also informed that the board has also approved and executed a memorandum of understanding (MOU) with the purchaser for consummation of the proposed transaction. The transaction is however subject to consent of the shareholders and other applicable provisions, if any, of the Companies Act, 1956 and such other approvals and permissions as may be required by the company and other customary conditions precedent as may be agreed in definitive documents.
Kilburn Chemicals (KCL) is a leading producer and exporter of Anatase Grade Titanium Dioxide in India. It produces Titanium Dioxide by the Sulphate route. KCL also manufactures and exports the by-product Ferrous Sulphate. KCL's manufacturing plant is based at the Sipcot Industrial Complex in Tuticorin in the South Indian State of Tamil Nadu.
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