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Swiss specialty chemical giant Clariant AG has struck a deal to sell its international textile chemicals, paper specialities and emulsions businesses including its Indian operations, to global private equity firm SK Capital for around $550 million.
The deal value for the Indian operations, housed under the public-listed firm Clariant Chemicals (India) Ltd, has not been disclosed, but market estimates put the figure at around Rs 3,000 crore.
These businesses are part of the larger segment of dyes and specialty chemicals unit of the Indian arm that reported revenues of Rs 577 crore in CY2011.
The decision of Clariant to divest its business in India will be subject to appropriate approvals under the Companies Act, and these will be initiated after approval of the board of directors.
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