Date:19/03/2004 URL: http://www.thehindubusinessline.com/2004/03/19/stories/2004031902470200.htm

Back Sanmar group exits joint venture with Dragoco

Our Bureau

Chennai , March 18

THE Chennai-based Sanmar group has sold its 49 per cent holding in the joint venture company, Dragoco India Ltd.

The Rs 100-crore Dragoco India produces flavours and fragrances, from its plant in Perungudi near here. Fifty-one per cent of the company's equity was held by Dragaco of Germany. Recently, Dragoco merged itself with another German company, Haarmann & Reimer.

Sources said that Haarmann & Reimer has no joint ventures. When Dragoco's ownership changed, the new promoters of Dragoco India wanted to buy out the Sanmar group. The Chennai-based group agreed and the sale of the 49 per cent Indian stake took place last month.

The name of the company has also been changed to `Symrise'.

There is no word about the consideration for the stake sale. The Sanmar group's Chairman, Mr N. Sankar, is abroad and hence could not be contacted.