ICI India okays sale for specialty chem unit
Paints and chemicals maker ICI India Ltd said on Thursday its board had approved the sale of its specialty chemicals business, Uniqema, to the Croda group, for Rs 2.60 billion ($56.3 million).
By PTI |
MUMBAI: Paints and chemicals maker ICI India Ltd said on Thursday its board had approved the sale of its specialty chemicals business, Uniqema, to the Croda group, for Rs 2.60 billion ($56.3 million).
This follows a decision in February by parent Imperial Chemical Industries PLC to sell its global Uniqema business to Croda International PLC.
The transaction would involve transferring part of Uniqema's plant near Mumbai, and is likely to be completed in the current fiscal, after shareholder approval.
For the year to March 2006, Uniqema contributed Rs 1.43 billion to ICI India's revenues.
ICI India shares ended at Rs 288.90, up 4.4 per cent in a firm Mumbai market.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
