BASF India Transfers Coatings Business to Wholly Owned Subsidiary for Rs. 2,119 Million

BASF India Ltd. has transferred its Coatings business to BASF India Coatings Private Limited, a 100% wholly owned subsidiary, for a final consideration of Rs. 2,119 million. The transfer was initially approved by the Board of Directors on 12th February 2024 for a consideration of Rs. 1,820 million. However, post necessary adjustments as per the Business Transfer Agreement and the Income Tax Act / Rules, the final consideration amount was revised. The revised amount will be settled by issuance & allotment of equity shares by BASF India Coatings Private Limited to the Company, within 90 days of the closing date.