Akzo Nobel India, has signed a definitive agreement, to sell its specialty chemicals business as a going concern, to an affiliate of the Akzo Nobel Group for Rs.320 crore.

In a BSE filing the company stated, “A definitive agreement for sale of the company’s specialty chemicals business to Akzo Nobel Chemicals India Pvt Ltd has been executed on February 15, 2018.” The deal is expected to be completed by March 31,2018.

Further, the business includes the Mahad manufacturing facility for polymer chemistry range of products, and also handles a trading portfolio in polymer and surface chemistry products sourced from other units of Akzo Nobel. Moreover, about 80 employees, who are currently working with the business, will also transfer under the deal.

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