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Clariant India has approved the sale of the Leather Services Business Unit subject to shareholder agreement. An official statement from Clariant is as follows.
The decision to sell the leather business was arrived by Clariant Chemicals (India) Ltd, in line with Clariant’s long-term growth strategy and commitment to the Indian market.
Further, as an important part of portfolio management, Clariant announced earlier this year that it would develop and implement strategic options for its Business Units by the end of 2013.
Subject to the approval of the shareholders pursuant to the provision of the Companies Act, 1956; Clariant Chemicals (India) Ltd. considered the proposal for sale of the business of leather services, for a net consideration of Rs 156 crores (US$25.1 million), subject to necessary adjustment as on the effective date. The notice of postal ballot, as approved by the Board, will be sent to the shareholders for their approval in accordance with provisions section 192A(2) of the Companies Act, 1956.