BASF sells leather chemical biz

BASF India, a subsidiary of global chemical company, has closed the deal to sell its leather chemicals business to Stahl India for ₹198 crore. The leather chemicals business stands transferred to Stahl India from September 30. As per the deal, BASF received 16 per cent of the equity of Stahl and €150 million in cash as consideration for this transaction. Following this acquisition, Stahl will takeover all activities of BASF Leather Chemicals business, which includes manufacturing sites globally including that in India.