Board of India Glycols approves transfer of BioEO biz to subsidiary - IGL Green Chemicals

Also approves onboarding of Clariant as majority partner in IGL Green Chemicals

The Board of India Glycols at its meeting held on 11 March 2021 has approved the execution of the business transfer agreement on 11 March 2021 for transfer of Company's BioEO (Speciality Chemicals) Business to IGL Green Chemicals (IGCPL), a wholly owned subsidiary.

The Board also approved entering into a joint venture with IGCPL and Clariant International (Clariant), in connection with, inter alia, investment by Clariant in IGCPL and issuance of subscription shares by IGCPL to Clariant, which will result in IGCPL becoming a 51 :49 joint venture, in which 51% stake will be held by Clariant and the remaining 49% stake will be held by the Company.

Subscription of shares by Clariant resulting in divestment of a majority stake in IGCPL by the Company in favour of Clariant, is subject to approval of the Members of the Company by way of a special resolution through Postal Ballot.

Pursuant to the approval of the Board of Directors, a joint venture agreement was executed by the Company, Clariant and IGCPL on 11 March 2021.

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