BASF to phase out agency business

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.