21 January 2005 03:59 [Source: ICIS news]
This increase was helped by a jump in total income for the three months to Rs1.901bn from the Rs1.589bn, the company said in a statement to the Bombay Stock Exchange after a board meeting on Thursday.
On Thursday, the board approved a proposal to incorporate a wholly-owned subsidiary, BASF Polyurethanes, to manufacture and market its polyurethane (PU) products. This company would have a paid-up capital of not more than Rs100m.
The company said that a subsidiary would allow it to give more focus to the PU business, which currently accounts for only 2% of the company’s sales.
BASF India has three divisions, with the plastics and fibres division producing PU, expanded polystyrene (EPS) and engineering plastics. The performance products division produces synthetic leather and textile chemicals, while the agricultural and nutrition division produces pesticides and fine chemicals.
The company is a publicly traded subsidiary of German chemicals major BASF, which has a 50% share in it.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|