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March 23, 2001
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Money > Business Headlines > Report March 23, 2001 |
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Ciba sells polymer unit for Rs 400 millionBS Corporate Bureau Ciba Specialty Chemicals India (CSCIL ) has sold its performance polymer business to Vantico Performance Polymers for a consideration of Rs 400 million. The company has also sold its 76 per cent stake in its basic liquid resins joint venture company Petro Araldite Pvt Ltd (PAPL) to Vantico International SA of Switzerland. PAPL was a 76:24 joint venture between Ciba India, the wholly owned subsidiary of CSCIL and Tamilnadu Petro Products, for the manufacture of basic liquid resins. According to a statement issued by CSCIL, the company has received approval from the shareholders at its last annual general meeting and the other regulatory approvals from the Foreign Investment Promotion Board and Reserve Bank of India for the sell-offs. CSCIL has been planning to sell the performance polymer business in line with its Swiss parent's decision to exit from the polymer business worldwide and shift its focus to specialty business. In November last year, B N Hutter, the then regional president (south Asia) and managing director of CSCIL said that the company plans to sell the 76 per cent stake in PAPL to Vantico. Vantico is one of the leading companies in the field of innovative thermosetting polymers and has a presence in more than 30 countries. The electronic polymer division of Vantico represents 23 per cent of its sales. It supplies ready-to-sue polymer insulating systems, which are used in the electrical and electronics industries.
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