The Board of Directors of Clariant Chemicals (India) Ltd. has approved the proposal to divest the business of Textile Chemicals, Paper Specialties and Emulsion products for a consideration of Rs. 209.15 crores, subject to the approval by the shareholders.
The divestment also covers a textile chemical plant at Roha. The Roha site has multi-business, multi-product production facilities and the textile chemical plant occupies a minor proportion in the overall site.
“We are excited to continue crystallizing our businesses and are putting a strong emphasis on advancing our stakeholders’ interests,” said Mr. R.A. Shah, Chairman of the Board. “The Board is committed to delivering the performance that our stakeholders expect of us, and we agree that this move will best put Clariant in India on the path for continued growth and development.”
“Repositioning the company’s portfolio is an essential part of Clariant’s 2015 profitable growth strategy. This move has been designed to focus on our key businesses to ensure that Clariant in India provides maximum value to all our stakeholders,” said Dr. Deepak Parikh, Managing Director. “Our vision is to further sharpen Clariant’s competitive edge as we concentrate on growing our core businesses. We will continue leveraging our global expertise and innovation capabilities in India to strengthen and increase profitability.”