Bayer CropScience completes business transfer & asset transfer agreements

On 31 May 2014

Bayer CropScience announced that the Company, vide its letter dated 13 September 2013, had informed the stock exchange that pursuant to approval of the Board at its meeting held on 30 July 2013, the Company had entered into a Business Transfer Agreement with Deccan Fine Chemicals (India), Hyderabad, to sell, convey, assign and transfer the Chemical manufacturing facility located at GIDC Industrial Estate, Ankleshwar, Gujarat, as a going concern on slump sale basis, subject to due and satisfactory fulfilment of conditions precedent, and receipt of such government approvals/permissions, as may be required.

Further, the Company, vide its letter dated 30 September 2013, had also informed the Stock Exchange that pursuant to approval of the Board at its meeting held on 30 July 2013, the Company had entered into Asset Transfer Agreement with Bayer MaterialScience to sell and transfer all the assets related to the Poly-isocynate Unit located at GIDC Industrial Estate, Ankleshwar, Gujarat subject to receipt of such approvals and permissions as may be required for such transfer.

 

The Company has received all the necessary approvals and permission for giving effect to the aforesaid Business Transfer Agreement with Deccan Fine Chemicals (India), and the Asset Transfer Agreement with Bayer MaterialScience , and accordingly the transactions will be concluded at the close of business hours of 31 May 2014.

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