The Board of BASF India at its meeting held on 09 November 2023, has accorded its in-principle approval for the transfer of the Company's Coatings business into a 100% Wholly Owned Subsidiary Company of BASF India (WOS) on arms' length basis.

The WOS will be incorporated as a private limited company and said transfer would be on such terms and conditions including consideration as may be determined based on an independent valuation of the Company's Coatings business and subject to such approvals, as may be required in this regard.

The closing of the transaction is expected until the end of calendar year 2024.

The Company's Coatings business, forming part of BASF's Surface Technologies segment, has generated sales of Rs. 4,54.42 crore representing 3.3% of the total sales of the Company for the financial year ended 31 March 2023.