Bayer May Spin Off Non-Crop Science Line
Bayer India, the Indian arm of the German pharmaceuticals and chemicals major Bayer AG, is planning to hive off its non-crop science business into a separate company.
The company has informed the Bombay Stock Exchange that its board of directors will meet on August 27 to consider the proposal to form a 100 per cent subsidiary of Bayer India and the transfer of non-crop science business to the proposed subsidiary company.
A company spokesperson declined to comment further on the issue. The crop science business of Bayer group in India accounts for around Rs 660 crore of the total group total turnover of Rs 1,600 crore.
The move appears to be in line with the ongoing integration process between Bayer Crop science India and Bayer India. The idea behind the integration process, according to the company, is to project `one face to the consumer