Ciba Specialty sells its Textile Effect Business to Huntsman Corp

Mumbai, July 1 (UNI) Ciba Specialty Chemicals India Ltd has sold its Textile Effect Business to Huntsman Corporation (India) for a consideration of Rs 12.25 crore.

Informing the BSE, Ciba Specialty Chemicals said the Textile Effects Business - comprising non production assets and know-how - of the company has been transferred to Huntsman International (India) Pvt Ltd, an affiliate of Huntsman Corporation, USA, on a going concern basis.

Further, Diamond Dye-Chem Ltd, a 100 per cent subsidiary of Ciba Speciality Chemicals has sold its Textile Effects Business to Huntsman International on a going concern basis for a consideration of Rs 43.0 crore with effect from July one.

UNI SN MJ SKB1815