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BASF to sell its Kaolin Minerals business to KaMin LLC

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BASF on Friday announced that its holding company, BASF SE, Germany has signed an agreement with KaMin LLC / CADAM S.A for sale of its Kaolin minerals business globally.

The closing of the transaction is expected in the second half of 2022, and is subject to receipt of requisite approvals from competition commission and anti-trust authorities. The Kaolin Minerals business, forms part of the performance chemicals division of industrial solutions segment of BASF India and has generated net sales of approximately Rs 8.5 crore during the financial year ended 31 March 2021.

The Kaolin minerals business caters to diverse application segments such as architectural coatings, automotive coatings, inks, wires & cables, tyre, construction, plastic & rubber and specialty paper applications. Kaolin products provide performance improvement & cost optimization.

BASF India is engaged in providing chemicals, plastics, performance products and crop protection products. The company reported a 66.7% fall in standalone net profit to Rs 137.34 crore on a 38.4% increase in net sales to Rs 3,401 crore in Q2 FY22 over Q2 FY21.

Shares of BASF India closed 1.87% lower to close at Rs 2,835.35 on Thursday, 18 November 2021. The domestic stock market was shut yesterday, 19 November 2021 on account of Guru Nanak Jayanti.

In last one month, the counter has declined 22% as compared to a 3.85% fall in Nifty 50 index.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, November 20 2021. 15:23 IST