Akzo Nobel India divests chemical business

Akzo Nobel India, which produces paint under the famous brand Dulux, has entered into definitive agreement with Akzo Nobel Chemicals India Pvt. Ltd., for divestment of its chemicals business for a consideration of Rs 320 crore. 

The company expects this transaction to get completed by end of this fiscal. With this development, the company will be able to focus on its core business activity such as paints and coating business. 

Moreover, the company informed bourses today that it has commenced new powder coating facility at Thane. The company has set up this facility with an investment of Rs. 65 crore. This facility will help the company in new product launches in bonded metallic powder and pipe and re-bar coating. 

The stock of Akzo Nobel today opened at Rs.1825 and touched a high/low of Rs.1837/Rs.1808.85 and is currently trading at Rs.1815/share.