Further to its earlier letter dated 9th November 2023 intimating about the Board of Directors in-principle approval for the transfer of the Company’s Coatings business to a 100% Wholly Owned Subsidiary Company of BASF India on such terms and conditions including consideration as may be determined based on an independent valuation and necessary approvals. In this regard, BASF India has informed that the Company has received approval from the Ministry of Corporate Affairs on 11th December 2023 for incorporation of its wholly owned subsidiary, ‘BASF India Coatings’.
The above information is a part of company’s filings submitted to BSE.
