BASF India Acquiring Cognis’ Specialty Chemicals Biz For $2.9M

BASF India Acquiring Cognis’ Specialty Chemicals Biz For $2.9M

By TEAM VCC

  • 24 Jun 2011

The Indian public-listed arm of German chemicals giant BASF is acquiring the business of Cognis Specialty Chemicals Pvt Ltd in India, along with all its assets and liabilities, on a going concern basis for a lump sum consideration of Rs 13.4 crore ($2.9 million).

Cognis Specialty Chemicals is a part of Cognis Holding GmbH, controlled by Permira Funds, GS Capital Partners and SV Life Sciences. Last year, BASF snapped Cognis at an enterprise value of $4.1 billion (€3.1 billion). The US specialty chemicals group Lubrizol was also reportedly among the suitors for Cognis.

The latest India deal follows the global transaction by BASF.

Cognis is a worldwide supplier of innovative solutions and products, based on renewable raw materials. It caters to the health and nutrition market, as well as cosmetics, detergents and cleaners industries. The company also focuses on products for a number of other industries, such as mining, lubricants, coatings and agriculture.

BASF India is engaged in manufacturing and marketing of agricultural solutions, performance products, plastics and chemicals. It serves agriculture, textiles, paper, pharmaceuticals, consumer durables and automobile sectors.

Earlier, BASF India Ltd had acquired Ciba India Ltd and its affiliate Ciba Research India Pvt Ltd in a share-swap transaction. This transaction was also a part of BASF SE’s global acquisition of Ciba Holding AG.