Leading chemical company BASF India on Monday said it had completed the legal process of acquiring Ciba companies in India, following final approvals by local authorities.
The High Court of Judicature at Mumbai has sanctioned the merger of Ciba India, Diamond Dye-Chem and Ciba Research (India) Private Ltd with BASF India Ltd. (BIL), and the High Court orders have now been filed with the Registrar of Companies in Mumbai, a company statement said here.
“We embarked on this integration journey more than a year ago. It took us on a mutual route of discovery, learning, sharing and understanding each others' culture and business operations,” BASF companies in India's Chairman Prasad Chandran said.
“We are convinced that the acquisition of Ciba is already helping our customers to be more successful, based on an innovative and comprehensive product portfolio,” Mr. Chandran said. Nearly 350 employees of legacy Ciba in India will be integrated into BASF by the end of April.
The addition of the manufacturing facility at Ankleshwar would also strengthen the paper chemicals business of BASF in India, while research and development activities are now centred at the former Ciba state-of-the-art technical lab at Chandivali in Mumbai.
The share exchange ratio has been determined at 90 equity shares of BIL of Rs. 10 each fully paid for every 100 equity shares of Ciba India of Rs. 10 each fully paid and 18 equity shares of BIL of Rs. 10 each fully paid for every 100 equity shares of Ciba Research (India) of Rs. 10 each fully paid.