Clariant Chemicals (India) Ltd will divest its textile chemicals, paper specialties and emulsion products business to SK Capital of the U.S. as part of its Swiss parent Clariant International’s move to exit these businesses globally. SK Capital is a private investment firm and has entered into an agreement with Clariant International to buy its textile chemicals, paper specialties and emulsion business for 502 million swiss francs (around Rs.3,032 crore).
Clariant Chemicals (India) has informed the Bombay Stock Exchange (BSE) about the move and, as a result of this, its manufacturing unit at Roha in Maharashtra will be divested. The global deal includes “the transfer of the whole R&D, applications, sales and marketing organisation along with production plants and sites worldwide,” Clariant Chemicals (India) said in its filing to the Bombay Stock Exchnage.
After the divestment of the Roha plant, Clariant Chemicals (India) will have plants in Kolshet in Maharashtra and Cuddalore and Kanchipuram in Tamil Nadu.
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Clariant Chemicals (India) is listed on BSE, and, on Thursday, its shares moved up by Rs.12.5 (2 per cent) to close at Rs.635.25.