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AkzoNobel India, paints and coatings firm will be selling its specialty chemicals business, for Rs.320 crore as a going concern to an affiliate of the AkzoNobel Group.
The deal will be subject to shareholder’s approval. Further, the 80 employees who are currently working there, will also be transferred under the deal.
The business includes the Mahad manufacturing facility for polymer chemistry range of products, and also handling of trading portfolio in polymer and surface chemistry products sourced from other units of AkzoNobel.
As per the company, “The total consideration to be received from this sale will be Rs 3,200 million, subject to adjustment for working capital and for an economic effective date of January 1, 2018.”
Moreover the deal is expected to be completed by March 31,2018, after it obtains all the necessary approvals.
