ICI India said on Wednesday that it has completed most of its restructuring by divesting non-core businesses and is now looking for acquisitions in segments like paints and speciality chemicals.
A meeting of the board of directors of ICI India Ltd is scheduled on January 31, 2003 to consider the unaudited financial results of the company for the quarter ended December 31, 2002.\n\n\n\n
ICI India Ltd has posted a net profit of Rs 652.10 million for the quarter ended December 31, 2002 as compared to Rs 103.10 million in the quarter ended December 31, 2001.
Fast moving consumer goods company Hindustan Lever Ltd said on Friday it has sold 49 per cent of its stake in Quest International India Ltd to ICI India for Rs 54 crore (Rs 540 million).
ICI has divested two large businesses this year, and is sitting on a neat cash pile to focus on its core activities.
The ICI India board is set to meet on July 25 to mull buyback of shares at a maximum price of Rs 350 per share. The stock is now at Rs 311 and has perked up considerably after the announcement.
The government has sold its 9.2 per cent holding in ICI India to Asian Paints for Rs 205 per share -- a premium of 16% over the market price.
Then chief minister Jyoti Basu once told an industrialist that capitalists were class enemies and he should expect no sympathy.
The Duncans Goenka group is in a spot of bother over the death of workers and non-payment of dues to employees.
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