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RPG to exit joint venture with BTP Plc

Jun 12, 1999

The RPG group is exiting the speciality chemicals business by selling its stake in BTP India to its JV partner, BTP Plc, UK. The UK chemicals major will be buying out RPG's 26.32% stake in the company to take its stake to 100%. The MNC's decision to buy out its partner was led by the inability of the RPG group to bring in more funds into the business. The decision will enable BTP India access to the latest technologies from its parent.

KEC International - an RPG Group company, held the 26.32% stake in BTP India. The transfer of funds will be through an investment in 10 m shares of Rs 10 each of KEC International by BTP PLC. The company now proposes to manufacture an expanded range of high quality products in the speciality and fine chemicals market through access to its parent's technologies.

12 June, 1999


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