ICI India Completes Sale Of Its Shareholding In Quest International

With reference to the earlier announcement dated November 22, 2006, regarding ICI India to divest its shareholding in Quest India, ICI India Ltd has informed that following the fulfillment of necessary conditions precedent, the Company on March 02, 2007 has sold its 100% equity share holding in Quest International India Ltd to Givaudari (India) Pvt Ltd and has received a consideration of Rs 320 crores. The Company has also received an interim dividend of about Rs 31 crores prior to the said sale of shares. The Company is expected to receive a further consideration, of about Rs 35 crores for various agreed adjustments in the next quarter.