Clariant Chemicals in part sale deal of India biz to US-based SK Capital for Rs 3,029 cr
- Cong backs Lanka probe,govt abstains at UNHRC SHUBHAJIT ROY NEW DELHI, MARCH 27 A day after the Congress called for an inquiry into alleged human rights violations in Sri Lanka during the war with the LTTE, the UPA government did the opposite: India abstained on the Sri Lanka resolution at the United Nations Human Rights Council (UNHRC) in Geneva. An international probe into the alleged abuses was an âintrusive approachâ that undermined Sri Lankaâs ânational sovereigntyâ, India said. New Delhiâs abstention did not come in the way of the UNHRCâs adoption of the US-sponsored resolution, which was passed by 23 votes to 12, with 12 abstentions. The resolution asked the Office of the High Commissioner of Human Rights to investigate alleged abuses âduring the period covered by the Lessons Learnt and Reconciliation Commissionâ (between 2002 and 2009). The Congress manifesto, released on Wednesday by Prime Minister Manmohan Singh, UPA chairperson Sonia Gandhi and Congress vice-president Rahul Gandhi, said, âWe will work with other countries to prevail upon Sri Lanka to ensure a credible, objective, time-bound inquiry into allegations of human rights violations and excesses committed by the Sri Lankan forces during the concluding phases of the operations against the LTTE.â Asked about Indiaâs vote, Ministry of External Affairs spokesperson Syed Akbaruddin said, âYes, we have voted differently as this resolution is very different from previous resolutions on Sri Lanka. Unlike the resolutions in 2009, 2012 and 2013, this resolution imposes an international investigative mechanism. This is an intrusive approach that undermines national sovereignty.â The spokesperson said that as a close neighbour, India could not remain untouched by the developments in Sri Lanka. âWhile significant steps have been taken, much more needs to be done by the Government of Sri Lanka.â He said that international efforts should aim to enable Sri Lanka to investigate the allegations of rights violations through a comprehensive, independent and credible national mechanism. âAn external investigative mechanism with an open-ended mandate to monitor national processes is not a constructive approach. In our view adopting an intrusive approach that undermines national sovereignty and institutions is counterproductive,â Akbaruddin said. Sources in South Block said the resolution includes a series of prescriptive elements, which call for a national reparation policy, lay down guidelines on how truth-seeking processes should be designed, and who should be involved. It also stresses the responsibility of states to âprosecute those responsible for gross violations of human rights and serious violations of international humanitarian law, constituting crimes against international lawâ.
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Clariant Chemicals (India) today said that it has sold its textile, chemicals, paper specialties and emulsions businesses to US-based SK Capital for CHF (Swiss Francs) 502 million (about Rs 3,029 crore).
Clariant India, part of Swiss specialty chemical giant Clariant AG, also sold its research and development centre, sales and marketing wing, production plants and sites to private investment firm S K Capital, which focuses on the specialty materials, chemicals and healthcare sectors.
"The total consideration of the sale amounts to approximately CHF 502 million, out of which approximately 460 million in cash, equivalent to 6.3 times the estimated full year 2012 recurring EBITDA of those businesses. The divestment has been approved by the Boards of both companies," Clariant AG said in a statement on its website.
Subject to regulatory approvals, the transaction is expected to close by the end of the second quarter of 2013, it added.
In a filing to the BSE, Clariant Chemicals (India) said "SK Capital has agreed to purchase the business units textile chemicals, paper specialties and the business line emulsions from Clariant."
This will include the transfer of the whole research and development, applications, sales and marketing organisation along with production plants and sites worldwide, it added.
Clariant Chemicals (India) has production facilities for manufacturing textile chemicals, paper specialties and emulsion products at its Roha (Maharashtra) plant.
The company is into specialty chemicals and is a leading player in pigments, textile chemicals, leather chemicals and biocides for paints in India.
It had reported net sales of Rs 267.08 crore and net profit of Rs 16.75 crore for the quarter ended September 30, 2012.
SK Capital is currently investing from SK Capital Partners III, LP, a USD 500 million fund of committed capital, and is located in the US at New York and Boca Raton (Florida).
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