BASF India Limited had earlier announced the acquisition of 100% stake by the company in BASF Performance Polyamides India Private Limited from BASF Nederland B.V. and BASF SE for a consideration of an amount not exceeding Rs. 305 crore, subject to approval of the shareholders of the company, being a related party transaction.

The shareholders of the company at their Annual General Meeting held on 6th August, 2020 had approved the said proposal with requisite majority and accordingly, the company has on 18th August, 2020 acquired 100% stake in BASF Performance Polyamides India Private Limited from BASF Nederland B.V. and BASF SE for an aggregate consideration of Rs. 302.90 crore.

Pursuant to the said transaction, BASF Performance Polyamides India Private Limited is now a wholly owned subsidiary of the company.

BASF Performance Polyamides was incorporated on 31st January, 2011 and is into the business of manufacture / trading of performance polyamides and has one manufacturing site in Panoli, Gujarat. It has wide range of engineering plastics (major brand: Technyl) and serves automobiles, electrical and consumer goods.

The acquisition of BASF Performance Polyamides would strengthen the company's position as a solution provider for key industries & would enhance market access to key growth markets. It would help the company in expanding its existing 'Materials' segment and extend value chain through backward integration into key raw materials. The Polyamides business also has operational synergies with the Engineering Plastics business of the company.