BASF India’s board of directors at its meeting held on July 29, 2013, has approved the three proposals. The First proposal is for setting up of precious metal catalyst plant at Company's existing manufacturing site at Mangalore. The project cost will be approximately 10 crore (Euro 1.5 million) and the same will be financed through internal accruals. Production is likely to commence in last quarter of 2013.
Second proposal is for Cessation of operations at the blending plant of automotive coatings division at Khuskhera in Rajasthan due to safety risks from operations of neighboring industries. The customers of the said location will be served from the Company’s Mangalore plant and hence there is no material impact on the performance of the Company. Third proposal to set up an Agricultural Research Station for testing new agro chemical compounds on agricultural crops and to examine their efficacy under local climatic conditions. The Company has taken on lease approximately 30 acres of Agricultural land at Lonikand near Pune for a period of 20 years.
BASF India is a leading player in chemical sector and manufactures and markets a wide range of products such as expandable polystyrene, tanning agents, leather chemicals and auxiliaries including specialized metal complex dyes etc. in primary forms and crop protection chemicals.