Clariant international, a world leader in specialty chemicals, has received its board's approval for the acquisition of masterbatch business from Vadodara based Plastichemix Industries, having its production facilities located at Rania, Nandesari and Kalol in Gujarat, as a going concern for a consideration of Rs 135 crore, subject to terms and conditions set out in the draft agreement. The effective date for acquisition is planned to be Q1, 2014.
Its board has also considered the proposal for sale of the business of leather services, for a net consideration of Rs 156 crores, subject to necessary adjustment as on the effective date. The board at its meeting held on December 16, 2013 has approved for the same.
Clariant Chemicals (India) represents a valuable repository of manufacturing and marketing experience. Its constituents were all well respected companies who played an invaluable role in the development of the textiles, leather, paints, plastics, printing inks and agrochemicals industries in India