The board of directors of the Indian arm of Swiss company Clariant Chemicals agreed to sell the company’s Masterbatches business in India to PolyOne Polymers for ₹4 billion (US$60 million). The sale by the specialty chemical company of its masterbatch business was carried out by way of a business transfer on a going-concern basis.
“The transaction was structured as a hive-off as opposed to a share sale,” said a lawyer from AZB & Partners who worked on the deal. “Clariant operates multiple verticals in India.”
AZB & Partners advised PolyOne and partners Sai Krishna Bharathan, Vivek Bajaj, Aditya Singh Chandel and Akansha Aggarwal acted on the deal along with senior associate L Vydyanathan.
