Ici Gets Majority Stake In Quest Intl For Rs 162 Cr
ICI India has acquired a majority stake in Quest International India, a joint venture between ICI India, Quest International BV and Hindustan Lever, for a consideration of Rs 162 crore. This was first announced on March 28.
Quest International BV, a 100 per cent subsidiary of the ICI Group with an annual turnover of approx $1 billion is a leading fragrance, flavours and food ingredients company with particular strengths in flavour and fragrance creation and customer understanding.
Quest's fragrance division creates and manufactures fragrance compounds and materials, cosmetic ingredients and dental flavours for use in a wide range of customer products, in end uses which include snacks, sauces, soups, meat products, bakery products, dairy, ice creams, confectionery, soft drinks and alcoholic beverages.
While further strengthening Quest's global position in the food and fragrances industry, this JV is a strategic milestone in the portfolio reshaping exercise of ICI India. The company has made this investment through deployment of surplus cash generated from disposals of its surplus properties and non-core businesses.