Evonik’s India arm to sell closed silica plant

15 August 2008 17:53  [Source: ICIS news]

NEW DELHI (ICIS news)--Insilco Limited, the Indian subsidiary of Germany’s Evonik Degussa, will sell its recently closed precipitated silica plant at Patalganga in Maharashta, a company source said on Friday.

The company is seeking shareholder approval through postal ballot to “sell, lease, transfer or otherwise dispose of the whole or substantially the whole of the undertaking of the company at Patalganga.”

The results of the postal ballot would be announced on 18 September.

In its communication to shareholders, Insilco said it permanently closed the plant on 25 June because it was “no longer economically viable.” It did not specify the capacity of the plant.

The company has total precipitated silica capacity of 24,200 tonnes/year split between plants at Patalganga and at Gajraula in Uttar Pradesh.

Evonik holds 73.11% equity stake in the company with the remaining shares held by retail and institutional investors.

Precipitated silica, an inorganic chemical, is used in manufacture of paints, insecticides, cosmetics and plastic products and several other products.

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By: Naresh Minocha
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