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BAAF India on Friday said the company’s stilbene-based Optical Brightening Agents business for paper and powder detergent applications stands transferred to Archroma India Pvt Ltd from December 6. The company has received a consideration of ₹33.50 crore, subject to necessary working capital adjustments, including an amount of ₹13.84 crore which will be kept in escrow for a period of 12 months from the closing date. Earlier, in July, BASF had intimated the divestment of the company's division. Shares of BASF slipped 1.70 per cent at ₹970.55 on the BSE.
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