Clariant Chemicals Closes Nandesari Unit
Clariant Chemicals (India) Limited has permanently closed its Manufacturing Unit situated at AI - 47/2 & 47/3, GIDC Industrial Estate, Nandesari, Vadodara — 391 340, Gujarat ("Nandesari Unit") effective June 28, 2018. The operations thereto have been consolidated at the Company's existing unit at Village Rania, Panchmahal, Gujarat and the closure does not have any adverse effect on the operations of the Company.
Closure formalities as required by regulations, are on-going.
Further, the Company has, today on June 28, 2018, entered into an agreement to assign the land and sheds thereon of the Nandesari Unit to Sud Chemie India Private Limited, a Related Party under the provisions of the Companies Act, 2013, for a consideration of Rs. 7.33 Crores which has been arrived at on an arm's length basis. Necessary approvals of the authorities including that of GIDC are being obtained.