ICI India up 7% on arm selloff
DALAL STREET SPIKES
| ICI India decided to sell its wholly-owned subsidiary, Quest International India (Quest India), to Switzerland's Givaudan Group for not less than Rs 390 crore. |
| Since ICI India had invested Rs 209 crore in Quest India shares, it will end up with a capital gain of at least Rs 181 crore from the sale. |
| Quest India was established in 2001 as a joint venture between the ICI Group and Hindustan Lever (HLL), with ICI India at the helm. ICI India's net profit rose 33 per cent in the quarter ended September to Rs 20.57 crore, on 6 per cent growth in sales to Rs 243.76 crore. |