| Sources close to the development said Birla had expressed an interest to pull out of the company at the "right price." |
| "It makes sense for Birla to encash his investment in 3M India, and make good use of the money by funding expansion of his group companies," they pointed out. |
| Birla was not available for comment. An e-mail query sent for the purpose remained unanswered. |
| Although it could not be verified, the market buzz is that 3M has started an exercise to ascertain the value of Birla's holding. |
| Set up in 1988 as a joint venture with the Birla group, 3M had scaled up its holding in 3M India (formerly Birla 3M) to 51 per cent in 1993, and subsequently to 76 per cent. Its holding remains at the same level today. |
| The name of the company was changed to 3M India in 2002. The Birla group's combined holding through Shearson Investment & Trading and Godavari Corporation stood at 7.2 per cent. Birla is the chairman of the company. |
| The Rs 380-crore 3M India has a widely diverse product range comprising industrial, automotive, and specialty materials, and caters to electrical and telecom, healthcare, traffic and safety, electronics, construction, and consumer and office markets. |
| The well-known brands of the Bangalore-based company are Scotch Tape and Scotch Brite, the utensil scrubber. |
| The Yash Birla group has presence in industries like steel pipes, machine tools, power solution products, electrical appliances, and lifestyle products. Zenith Birla India, Birla Power Solutions, and Shloka Infotech are the leading companies of the group. |
| The group's wellness and retail company, Birla Lifestyle, will consider a private placement of Rs 30-40 crore at a later stage to fund the group's expansion plans. |
| This includes increasing the number of its art galleries, spas, and home accessory stores over the next few years. |
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