Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
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Corporate
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Restructuring ICI India transfers catalyst business to Johnson Matthey Our Bureau
NEW DELHI, Dec. 2 ICI India has transferred its catalyst business to Johnson Matthey Chemicals India Pvt Ltd. The shareholders of the company had given their approval on November 12 to the proposal of divesting its catalyst business to Johnson Matthey for about Rs 140 crore. With this divestment, the catalyst business including the entire commercial set up along with the Taloja manufacturing facility and about 49 employees have been transferred to Johnson Matthey. A statement issued by ICI India said that the company will retain Panki Works and that the facility will be operated under a toll conversion agreement with Johnson Matthey. The ICI group had in January 2002 decided to divest its global catalyst business to Johnson Matthey. ICI India had set up its catalyst business in 1984 with technology from its parent.
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