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BASF has decided to phase out the agency business following the new rules framed by the Organisation for Economic Cooperation and Development (OECD). The board has approved a proposal to replace the agency business of the company with the merchandise business model, effective financial year 2019-20. However, the proposal is subject to consultations with customers and such other approvals and permits as may be required in this regard, it said. Shares of BASF India closed at ₹1,930.70, up ₹5.10 or 0.26 per cent, on the BSE.
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