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AkzoNobel India shareholders approve chemical biz sale
Paints and coatings firm AkzoNobel India today said members of the company have passed with requisite majority, sale of specialty chemicals business to an affiliate of AkzoNobel Group for Rs 320 crore.
AkzoNobel India in November announced to sell its specialty chemicals business as a going concern to an affiliate of the AkzoNobel Group.
In a BSE filing, the company said the ordinary resolution regarding the sale through postal ballot has been passed with requisite majority with 97.84 per cent votes in favour of the resolution.
The business includes the Mahad manufacturing facility for polymer chemistry range of products, the company had said, adding that the business also handles a trading portfolio in polymer and surface chemistry products sourced from other units of AkzoNobel.
Besides, about 80 employees, currently working with the business, will transfer under the deal.
"The total consideration to be received from this sale will be Rs 3,200 million, subject to adjustment for working capital and for an economic effective date of January 1 2018, the company had said in last month.
AkzoNobel NV announced in April 2017 its intention to separate specialty chemicals business from paints and coatings business to create two focused and separate businesses.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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