20 September 2013 11:33 [Source: ICIS news]
The plant is to move from near Thane, Maharashtra, to the Renaissance industrial and warehousing complex at Village Vashere, Taluka Bhiwandi, Maharashtra. The news was disclosed in a filing on the Bombay Stock Exchange (BSE) following a meeting of the board of directors on 19 September.
The board also approved the previously-announced sale of its textile chemicals, paper specialties and emulsions business to US investment firm SK Capital, disclosing that the sale price for the business is Indian rupees (Rs) 2.09bn ($33.66m, €24.88m).
SK Capital said last week that the businesses will be bundled into a new integrated company named Archroma, with the deal expected to be completed on 30 September this year. Archroma will have 25 global manufacturing facilities and about 3,000 employees. Its annual revenue will about $1.3bn, SK said.
($1 = €0.74, $1 = Rs62.14, €1 = Rs84.06)
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