ICI India sells control of rubber chemicals unit to PMC

Mumbai, India — ICI India’s board has recommended transfer of the Company’s Rubber Chemicals Business to a 49-51 joint venture company (“JVC”) with US-based PMC Group International, “to protect the long-term interest of the business”. ICI said it has received “a non-binding offer from the PMC Group.”

The proposed transaction will involve transfer of the Rubber Chemicals business with all associated assets to a JV in which the PMC Group International controls 51 percent of the shares and ICI India has 49 percent. About 200 employees,…

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