Clariant India, the Indian arm of Swiss specialty chemical giant Clariant AG, has confirmed that it has sold its textile, chemicals, paper specialties & emulsions businesses to American private equity firm SK Capital for $550 million (around Rs 3,020cr).

In a statement to stock exchanges, Clariant India explained that the deal would include transfer of the whole research & development, applications, sales & marketing organization together with production plants and sites worldwide.

Clariant added that it would concentrate on markets that have robust growth rates and on businesses that have a spirited position.

Clariant's global chief executive officer Hariolf Kottmann said that they were able to execute the divestment faster than initially estimated.

Speaking about the deal, Kottmann added, "By the end of 2013, Clariant will be an even more profitable company than today, generating a majority of sales in non-cyclical growth businesses."

The worldwide transaction of the concerned assets is expected to finish by the second quarter of next year.

Stock in Clariant India gained 2 per cent to close at 635.25 a share on the Bombay Stock Exchange (BSE) on Thursday.