Indian subsidiary of Huntsman Advance Material is to acquire entire textile effects business of Ciba Specialty Chemicals for Rs165 crore.
Part of a global deal, the acquisition will be finalized by 10 days and Huntsman Corporation will acquire Ciba Specialty Chemicals Inc's textile chemical business.
Senior officials of Huntsman AM India informed that textile effects business of Ciba India would be part of Huntsman Advance Material India from July 1.
Gimmi Billimoria, Managing Director, Ciba Specialty Chemicals India, said that other details on the final buyout would be decided during the board meeting.
The total textile effects business of Ciba in India is pegged at Rs300 crore.
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