ICI India Ltd today completed the acquisition of a 50 per cent stake in Quest International India Ltd, a joint venture between ICI India, Quest International BV and Hindustan Level Ltd (HLL), for Rs 152 crore.
Quest International BV, a 100 per cent subsidiary of the ICI Plc of the UK, with an annual turnover of approximately $1 billion, is a leading fragrance, flavours and food ingredients company.
The board of Quest International India Ltd was also formed today with Jean-Pierre Houri appointed as the chairman of the company. The five-member board has two representatives of ICI India -- Jayant Sohonie, the CEO, and M R Jayaraman.
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Quest International India has an initial share capital of nearly Rs 29 crore and has already garnered business worth Rs 90 crore. It has 80 employees.
While ICI India has a 50 per cent stake in Quest International India, HLL holds 49 per cent and Quest International BV of the Netherlands has a 1 per cent stake.
The fragrance and flavours business in India is growing at a very fast pace. As per a company statement, ICI India has made the Rs 152 crore investment in Quest International India through deployment of surplus cash generated from disposals of its surplus properties and non-core businesses.