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Ahmedabad, June 29 Following the sale by Germany’s Lanxess AG of its styrene business to the UK’s Ineos Group, the Indian promoters of Lanxess ABS India, based in Vadodara have decided to sell their stake to Ineos.Mr S.M. Vaishnav, Company Secretary and Vice-President (Legal), told Business Line from Vadodara that no amount has been finalised so far for the deal. Only an agreement to sale has been signed by the promoters and Ineos.

On its part, the company informed its shareholders that promoters of the company, Lanxess India Private Ltd, Mr Rakesh Agrawal, Ms Uma Agrawal, Mr Rahul Agrawal, Mr Vishal Agrawal, Geetganga Leasing and Finance Private Limited and Tash Investment Private Ltd have entered into an agreement on June 28, to sell their share in the company to Ineos ABS (Jersey) Ltd, a company controlled by the British chemical group, Ineos.

The parties expect the transaction to be completed by the end of September.

As of now, Lanxess India Pvt Ltd and Tash Investment Pvt Ltd hold 50.97 and 14.77 per cent equity respectively whereas Geetganga Leasing and Finance Pvt Ltd and the Agrawal family hold 0.65 and 3.62 per cent, respectively.

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