Clariant Chemical India to sell three businesses for Rs 209 crore

NEW DELHI: Clariant Chemicals (India) Ltd today said the company will sell its textile chemicals, paper specialities and emulsion businesses for Rs 209 crore.

In a BSE filing, the company said that its Board in a meeting today has "approved the proposal for sale of the businesses of textile chemicals, paper specialities and emulsion together with assets... at a consideration of Rs 209.15 crore."

Clariant Chemicals (India), which is part of Swiss speciality chemical giant Clariant AG, would also seek shareholders approval through postal ballot.

Its move to sell the three businesses -- textile chemicals, paper specialities and emulsion follows the parent company's decision to exit globally from these ventures.

Clariant AG, the parent company, had announced in December, 2012 that it has signed a deal to divest its textile chemicals, paper specialities and emulsions businesses to SK Capital at 502 million Swiss Franc (CHF).

Clariant Chemicals (India) has production facilities for manufacturing textile chemicals, paper specialities and emulsion products at its Roha (Maharashtra) plant.

Besides these three, the company is also into leather services, industrial and consumer specialities, additives and pigments.