HLL divests its 49 pc equity share capital of QIIL

Mumbai, May 26: FMCG major Hindustan Lever has divested its holding of 49 per cent of equity share capital of Quest International India Ltd (QIIL).

Announcing this, the company said it had transferred the flavours and fragrances business into QIIL in 2001 and the majority shareholding in QIIL (51 per cent) acquired by ICI India and its associates in 2001.

Out of the total of 2,880,000 equity shares of QIIL, HLL continues to hold 1,411,200 equity shares. The company sold these shares to ICI India today for a consideration of Rs 54 crore. With this divestment, the joint venture between QIIL and the company has ceased.

UNI