Financial Daily from THE HINDU group of publications
Friday, Mar 19, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 19, 2004 |
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Corporate
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Alliances & Joint Ventures Sanmar group exits joint venture with Dragoco Our Bureau
Chennai , March 18 THE Chennai-based Sanmar group has sold its 49 per cent holding in the joint venture company, Dragoco India Ltd. The Rs 100-crore Dragoco India produces flavours and fragrances, from its plant in Perungudi near here. Fifty-one per cent of the company's equity was held by Dragaco of Germany. Recently, Dragoco merged itself with another German company, Haarmann & Reimer. Sources said that Haarmann & Reimer has no joint ventures. When Dragoco's ownership changed, the new promoters of Dragoco India wanted to buy out the Sanmar group. The Chennai-based group agreed and the sale of the 49 per cent Indian stake took place last month. The name of the company has also been changed to `Symrise'. There is no word about the consideration for the stake sale. The Sanmar group's Chairman, Mr N. Sankar, is abroad and hence could not be contacted.
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