Apr. 14, 2016
Global agrochemical major Syngenta has received the Competition Commission of India's (CCI) approval to sell its manufacturing facility in Goa to Deccan Fine Chemicals.
Under the deal, Syngenta India Ltd's (SIL) agrochemical manufacturing facility located at Corlim, Goa will be acquired by the Visakhapatnam-based company on a slump sale basis.
The deal has been approved by the CCI, the latest information on the regulator's website said.
The facility of SIL at Goa, including its assets, licences and permits, assumed liabilities and employees will be transferred to Deccan Fine Chemicals on a going concern basis, as per the details.
Deccan Fine Chemicals is engaged in manufacturing of chemical-based active ingredients and intermediates for agricultural chemicals, veterinary medicines and specialty chemicals.
The Indian unit of Switzerland-headquartered Syngenta AG is in business of agrochemicals and seeds processing. Under agrochemical business it manufactures and formulates crop protection chemicals, which are categorised as insecticides, fungicides, herbicides and plant growth regulators.