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).
Following this disinvestment HLL's stake in QIIL, previously a joint venture, would now be wholly owned by the paints-major ICI India.
Out of the total 28.80 lakh equity shares of QIIL, HLL held 14,11,200 shares which it sold to ICI India on Friday, it informed the Stock Exchanges.
ICI India had acquired a majority stake (51 per cent) in QIIL, engaged in the fragrances, flavours and food ingredients business, in the year 2001 for a consideration of Rs 152 crore (Rs 1.52 billion).
QIIL had been formed under the joint venture arrangement between HLL, ICI India and Quest International BV, where ICI India and Quest International BV held 51 per cent and the balance 49 per cent was held by HLL.
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