In a filing to BSE, paints maker AkzoNobel India has said that it will sell its speciality chemical business to an affiliate of AkzoNobel N.V., Netherlands for a consideration of Rs. 320 crores. The company has said that it will sell the specialty chemical business “as a going concern”, subject to approval of the shareholders and other approvals from statutory and regulatory authorities, if any.

According to AkzoNobel, the business include manufacturing facility at Mahad for polymer chemistry range of products. It also said that the business handles a trading portfolio in polymer and surface chemistry products sourced from other units of AkzoNobel.

Earlier this year, in April, AkzoNobel NV had announced its intention to separate its speciality chemicals business from paints and coatings business to create two focused and separate businesses.

“Given the interdependency, the board of directors believes it will be in the best interest of the shareholders, concerned employees and customers that the India speciality chemicals business is also divested to the said speciality chemicals global entity or its affiliate,” the company said in its filing.