BASF India’s board has approved the transfer of the pigments business of the company, to BASF Colors & Effects India, a 100% subsidiary of BASF Colors & Effects GmbH, Germany at a consideration to be determined by an Independent Valuer (on an arm’s length basis).
All of the BASF’s colored and effect pigments portfolio is being bundled under the ‘Colors & Effects’ brand globally, serving customers across five key industries, including coatings, plastics, printing, cosmetics, and agriculture. The closing of the transaction is expected in the fourth quarter of 2018 and the pigments business of the company is proposed to be transferred to BASF Colors & Effects India, effective January 01, 2019. The Board of Directors of the company at their meeting held on October 30, 2018, approved the same.
BASF India is a chemical manufacturing company. It operates in the business segments of agricultural solutions, performance products, plastics businesses and chemicals. The agricultural solutions include insecticides, herbicides, fungicides and specialties.