Akzo Nobel India Ltd. (500710.BY) said Monday it agreed to sell its specialty starches business, National Starch LLC, to Corn Products International Inc. (CPO) for INR120 million ($2.7 million).

The deal value is subject to adjustment toward working capital and related provisions, Akzo said in a filing with the Bombay Stock Exchange.

National Starch had annual revenue of about INR100 million in the year ended March 31, 2010.

The unit of Netherlands-based Akzo Nobel N.V. (AKZOY) said it expects the transaction to close in the current fiscal year.

-By Eric Yep, Dow Jones Newswires; 91-22-6145-6110; eric.yep@dowjones.com
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