BASF India approves acquisition of business of Cognis in India

The Cognis business will be integrated in BASF India with effect from 1 July 2011

Consequent to the acquisition of Cognis Holding GmbH by BASF SE worldwide in December 2010, the board of directors of BASF India have approved the proposal to purchase the business of Cognis Specialty Chemicals Pvt Ltd in India, for a lump sum consideration of Rs134 million. The Cognis business will be integrated in BASF India with effect from 1 July 2011, subject to requisite approvals.

“With the acquisition of Cognis, BASF will strengthen its performance products business and further expand our position as the world’s leading chemical company”, said Prasad Chandran, chairman, BASF Companies in India and Head South Asia.

“The product portfolio of Cognis complements BASF’s product portfolio well. We are now in a position to serve our customers better,” he added.

The integration of Cognis into BASF India will strengthen BASF’s leading position in personal care ingredients and value-added products for home care. It will also expand BASF’s existing portfolio in the nutrition & health as well as detergents & formulations businesses.

On Monday, BASF ended 1.42% down at Rs579.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.94% to 18,412.41.

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Usher Agro signs MoU with NBHC for providing storage & handling of food grains

NBHC is building first warehousing complex with a capacity of 50,000MT for storage of food grains exclusively for Usher Agro at Chhata district in Mathura

Usher Agro, one of the largest rice millers in India, has signed a memorandum of understanding (MoU) with National Bulk Handling Corporation (NBHC) for providing storage and handling of food grains across India to the company on long term basis.

In this context, NBHC is building first warehousing complex with silo with a capacity of 50,000MT for storage of food grains exclusively for the company at Chhata district in Mathura, Uttar Pradesh.

Earlier in March 2011, Usher Agro has reported a capacity increase in its rice milling facilities at Chhata, Mathura.

On Monday, Usher Agro ended 0.97% up at Rs124.35 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.94% to 18,412.41.

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AGS Transact Technologies wins order worth Rs27 crore from IOCL

The order is scheduled to be executed by February 2012

AGS Transact Technologies, one of the leading system integrators in the business of touch-point transformations, has won an order worth Rs27 crore from Indian Oil Corporation (IOCL).

AGS Transact will set up automatic tank gauging systems comprising 4,100 measuring probes and 1,025 consoles to be installed at 1,025 retail outlets spread across western & southern regions of India. The order is scheduled to be executed by February 2012.

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