BASF India’s board has approved the divestiture of construction chemicals business of the Company to Master Builders Solutions India, wholly owned subsidiary of company’s Parent Company -- BASF SE, for a consideration of Rs 5951.6 million (on slump sale and at arm’s length basis).
The closing of the transaction is expected in the second quarter of the financial year 2020-21. The Company’s construction chemicals business, which forms part of the Surface Technologies segment, has generated sales of Rs 484 crore for the year ended 31st March, 2019.
BASF India is a chemical manufacturing company. It operates in the business segments of agricultural solutions, performance products, plastics businesses and chemicals. The agricultural solutions include insecticides, herbicides, fungicides and specialties.
