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BASF India Ltd clarifies that CCI raids have no connection with the company

The company issued clarification referring to the News Report titled ‘BASF, others raided in India over alleged vegetable seeds price fixing’.

September 09, 2021 10:32 IST | India Infoline News Service
BASF India
BASF India Limited issued a clarification to the exchanges referring to the News Report by Reuters dated September 8, 2021, titled “BASF, others raided in India over alleged vegetable seeds price-fixing” stating that Competition Commission of India (CCI) officials were raiding offices of BASF India and at least three other vegetable seed companies in related to alleged price-fixing/collusion.

The company said that BASF SE’s vegetable seeds business is housed under a separate legal entity i.e., Nunhems India Private Limited, which is a 100% subsidiary of BASF SE, Germany, and not part of BASF India Limited.

The company clarified that the raids by CCI mentioned in the said News Report by Reuters has no connection, whatsoever, with BASF India Ltd.

At around 10.35 AM, BASF India Ltd was trading at Rs3,362.60 per piece down by Rs74.9 or 2.18% from its previous closing of Rs3,437.50 per piece on the BSE.

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