AkzoNobel India Ltd has completed its 2002 divestment of catalyst business to Johnson Matthey. The divestment process was delayed as the transfer of Panki unit at Kanpur (Uttar Pradesh), which was part of the catalyst business, required certain statutory approvals. Hence, AkzoNobel continued to operate Panki unit for manufacturing catalysts under a toll conversion agreement with Johnson Matthey Chemicals India Pvt Ltd (JMCIPL).
"Now having received the requisite clearances, the Panki unit, along with its approximately 170 employees, has been transferred to JMCIPL with effect from December 2, 2015," said AkzoNobel in a BSE filing.
