26 March 2013 17:03 [Source: ICIS news]
LONDON (ICIS)--The board of directors at Clariant Chemicals (India) has approved a proposal to sell the company's textile chemicals, paper specialties and emulsions businesses, the unit of Swiss specialty chemicals firm Clariant said on Tuesday.
The businesses, together with other assets, would be sold for India rupees (Rs) 2.09bn ($38.6m, €30.0m), subject to the approval of shareholders in a postal ballot, the company added in a filing to the Bombay Stock Exchange.
Last December, parent group Clariant agreed to sell all its textile chemicals, paper specialties and emulsions businesses to private equity firm SK Capital for about Swiss francs (Swfr) 502m ($528.4m, €411.5m).
The move is part of a repositioning of the group's portfolio that will allow Clariant to focus on growing its seven core businesses.
Clariant Chemicals (India) has textile chemicals, paper specialities and emulsion product production plants at its Roha site, in Maharashtra state, western India.
The company also has units for leather services, industrial and consumer specialities, additives and pigments.
($1 = Rs54.19, €1 = Rs69.69, $1 = Swfr0.95, €1 = Swfr1.22)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections