Archroma India Pvt. Ltd. entered into a business transfer agreement to acquire the Optical Brightening Agents Business of BASF India Limited for approximately INR 340 million on July 8, 2019. The consideration of INR 335 million will be kept in escrow for a period of 12 months from the closing date and is subject to working capital adjustments. The transaction includes stilbene-based OBA product portfolio and the manufacturing unit at Ankleshwar, India. The OBA business is part of the BASF India Limited's Performance Chemicals division and Care Chemicals division. The OBA business had generated sales of INR 2.2 billion during the financial year ended March 31, 2019. The transaction is expected to complete in the fourth quarter of 2019. Archroma India Pvt. Ltd. completed the acquisition of the Optical Brightening Agents Business of BASF India Limited on December 6, 2019.