BASF India and three Ciba India firms to merge

14 September 2009 12:00  [Source: ICIS news]

NEW DELHI (ICIS news)--BASF India and three Ciba group companies will be merged with effect from 1 February 2010, BASF India and Ciba India announced on Monday.

The Board of Directors of BASF India and Ciba India approved the merger proposal at their respective meetings on Saturday. The amalgamation was subject to requisite approvals, the companies said in their separate disclosures to the Mumbai Stock Exchange.

The merger of Ciba India, its wholly owned subsidiary Diamond Dye-Chem and Ciba Research (India) Private Ltd with BASF India would help BASF to consolidate its Indian operations, according to industry sources.

The merger follows the amalgamation of Switzerland’s Ciba Holdings with Germany’s BASF Specialty Chemicals Holdings in June.

After the merger of the parent companies, Germany’s BASF acquired a 71.4% stake in Ciba India. The remaining 28.6% is held by different investors.

BASF group’s other companies in India include BASF Coatings, BASF Styrenics, BASF Construction Chemicals (India), BASF Catalyst India and BASF Asia Pacific (India).

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By: Naresh Minocha
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