The board of Clariant Chemicals (India) has approved the proposal to divest the business of textile chemicals, paper specialities and the emulsion products, for a consideration of Rs. 209.15 crore, it said in a statement on Wednesday.
The divestment of the company’s business includes a textile chemical plant situated at Roha. The Roha site has multi-business, multi-product production facilities and the textile chemical plant occupies a minor proportion in the overall site, it said.
The board of directors of Clariant Chemicals (India) has approved the divestment proposal of the business of textile chemicals, paper specialities and the emulsion products, for a consideration of Rs. 209.15 crore, subject to the approval by shareholders, it added.
“We are excited to continue crystallising our businesses and are putting a strong emphasis on advancing our stakeholders’ interests,” said R A Shah, chairman of Clariant Chemicals.
“The Board is committed to delivering the performance that our stakeholders expect of us and we agree that this move will best put Clariant in India on the path for continued growth and development,” he said.
“Repositioning the company’s portfolio is an essential part of Clariant’s 2015 profitable growth strategy. This move has been designed to focus on our key businesses to ensure that Clariant in India provides maximum value to all our stakeholders,” Clariant Chemicals managing director Deepak Parikh said.
“Our vision is to further sharpen Clariant’s competitive edge as we concentrate on growing our core businesses. We will continue leveraging our global expertise and innovation capabilities in India to strengthen and increase profitability,” he said.
Clariant is an internationally active speciality chemical company, based in Muttenz near Basel. The group owns over 100 companies worldwide.
Source : NDTV Profit.