Date:27/05/2006 URL: http://www.thehindubusinessline.com/2006/05/27/stories/2006052702910200.htm

Back HLL divests stake in Quest Intl

Our Bureau

Mumbai, May 26

Hindustan Lever Ltd (HLL) has announced that it has divested its 49 per cent share holding in Quest International India Ltd (QIIL) for Rs 54 crore. The company had transferred the flavours and fragrances business into QIIL in 2001. ICI India and its associates had acquired 51 per cent shareholding in QIIL in 2001.

HLL continued to hold 14.11 lakh shares of QIIL out of the total of 28.80 lakh equity shares of Quest. With this divestment, QIIL ceases to be a joint venture company of HLL. This divestment is part of HLL's strategy to exit its non-core businesses. Shares of HLL moved up by Rs 5.65 to Rs 242.90 on BSE.