IBP TO SELL STAKE IN CALTEX VENTURE TO US PARENT
Article Abstract:
IBP Company Ltd has decided to divest its 49 percent stake in IBP- Caltex to Caltex of the US for Rs19.6 crore and exit the joint venture. Caltex brand lubricants will be sold through IBP outlets for two years apart from Caltex selling its brands through its own network. IBP's blending unit at Budge Budge in West Bengal will continue to blend Caltex brand lubricants for some time. IBP- Caltex was about to be referred to the Board for Industrial and Financial Reconstruction as it had accumulated losses of Rs35 crore on an equity of Rs40 crore. The two partners agreed to split as their brands were competing with each other. IBP will now concentrate on its IBP RED brand of lubricants. (khr)
Comment:
Will purchase 49% stake of IBP in IBP-Caltex for Rs19.6 crore as IBP exits from joint venture
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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ATUL BUYING CIBA STAKE IN CIBATUL
Article Abstract:
Atul Ltd is acquiring the 35 percent stake held by Ciba Speciality Chemicals (CSC) of Switzerland in Cibatul. Atul, which already holds 65 percent stake in Cibatul, is to acquire the 21 lakh shares held by CSC at Rs26 per share. Atul may use the funds acquired by selling a part of its 7.5 percent stake in Novartis India to finance the Rs5.46 crore buyout of CSC. Cibatul is expected to post a net profit of Rs3-4 crore on a turnover of Rs120 crore in 1998-99. CSC has been unhappy over Atul's launching of Lapox, an epoxy resin adhesive, which competed with its Araldite brand. (khr)
Comment:
Atul acquires the 35% stake held by this co that is based in Switzerland in Cibatul
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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DABUR MOVE TO SELL STAKE IN GCI HITS PRICE HURDLE
Article Abstract:
Agrolimen of Spain had agreed to buy Dabur India's 49 percent stake in their confectionery joint venture, General De Confeteria India (GCI), for about Rs45 crore but now wants to pay less. Dabur India is not willing to settle for less and says that it will continue with its holding until it gets the right price. Dabur wants to exit from the joint venture as it is not related to its core business. GCI manufactures chewing gum and candies and plans to enter the toffee segment. (khr)
Comment:
Agrees to acquire Dabur India's 49% stake in General De Confeteria India for about Rs45 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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