Bayer CropScience inks pact with Deccan Fine Chemicals to sell unit for Rs 127 cr

NEW DELHI: Agro-chemical firm Bayer CropScience today said it has signed an agreement with Deccan Fine Chemicals to sell its Gujarat-based unit for a little over Rs 127 crore.

In a filing to the BSE, the company said it has entered into a 'Business Transfer Agreement' with Hyderbad-based Deccan Fine Chemicals to sell its chemical manufacturing facility on a slump-sale basis at Rs 127.18 crore.

Bayer CropScience said its Board gave nod for the proposal to sell whole or in part the chemical manufacturing unit located in Gujarat in a meeting held on July 30.

The sale would be subject to satisfactory fulfillment of conditions and receipt of government approvals, it said.

In India, Bayer CropScience operates in three business segments: crop protection, bioscience and environmental science. It offers wide range of products and extensive service backup for modern, sustainable agriculture as well as for non-agricultural applications.

Meanwhile, the company's share price closed down by 1.07 per cent at Rs 1,506 on the BSE today.