ICI India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 29, 2006, has recommended for approval by the shareholders the sale of the Company's Uniqema Business as a going concern to the Croda group, a well established Functional Specialties group based in the UK. The total consideration to be received for this sale will be about Rs 2,600 million. Following the strategic decision by the ICI PLC announced in February 2006 to explore divestment options for its Uniqema business, it has since finalized sale of its global Uniqema Business to Croda International Plc. The Uniqema business of the Company is closely integrated with the Uniqema Business of the ICI Group. Given the inter dependency of the India business with the global Uniqema business, the Board believes it will be in the best interests of all the shareholders, concerned, employees and its customers that the India business is also divested to the Croda group. The Company had established its Uniqema Business in the 1960s (as part of Crescent Dyes & Chemicals, which has since merged into the Company in 1982) with technology and product development support from the ICI group. The business has a manufacturing site at Thane and the net sales revenue from the business in the financial year ended March 31, 2006 was Rs 1,430 million. The business proposed to be transferred to the Croda group will include its portion of Thane manufacturing facility and about 200 employees currently working with the business. The transaction is expected to be completed within the current fiscal year, after obtaining the approval of the Company's shareholders through Postal Ballot and other approvals as may be required. ICI India Ltd has informed BSE that the Company has obtained the necessary approvals and has transferred its Uniqema business to Croda Chemicals India Pvt Ltd with effect from January 05, 2007. (As Per BSE Announcement Website Dated on 05/01/2007)