ICI readies Rs 800 crore for acquisition, expansion
Our
Corporate Bureau
03 August 2004
Kolkata:
ICI India is readying a Rs800-crore war chest for acquisitions
and expansion in what it considers are its core business
areas of paints and industrial speciality chemicals.
At the company''s 50th annual general meeting, Rajiv Jain, managing director, said the sums accumulated by the company through steady divestments of the non-core businesses in the last few years, coupled with other reserves and prudent borrowings could amount to nearly Rs800 crore.
He indicated that the company would consider using this for acquiring businesses in India and abroad, and for expansion plans in the coming years.
Aditya Narain, chairman, ICI India said the company had gone through a number of restructuring exercises and was now poised to look forward to both organic and inorganic growth.
The areas in which the company is looking for expansion are paints and specialty chemicals. However, while in paints the company can only limit its expansion plans to within the country, with regard to speciality chemicals, "We are free to expand beyond this country," said Rajiv Jain.
Jain said ICI India was also ready to buy out the 49 per cent HLL stake in Quest International India Ltd, a joint venture, and would bring up the matter when the agreement comes up for review after another three years.
