13 September 2010 09:11 [Source: ICIS news]
SINGAPORE (ICIS)--BASF India is in the process of merging four of its local businesses in order to optimize resources and achieve better economies of scale and synergy, the petrochemical group said on Monday.
BASF India Limited's board of directors approved the merger between BASF Construction Chemicals (India), BASF Coatings (India), BASF Polyurethanes India Limited and the company on 13 September, it said in a statement.
The statement did not give financial details of the merger.
“The said merger will enable BASF India Limited to conduct its business more efficiently with better economies of scale, optimum utilization of various resources, better management of the cash pool structure and help achieve synergies in business and functional areas,” the firm said.
The merger, expected to be completed by January next year, would now be subject to approvals from company shareholders and the Bombay High Court, it added.
The BASF India group also consists of BASF Styrenics, BASF Asia Pacific (?xml:namespace>
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