Gurgaon, 28 March 2001

ICI India, Quest International and HLL today announced their intent to form a joint venture called Quest International India Limited to make fragrances, flavours and food ingredients.

While ICI India will hold majority in the JV, Quest International B.V. will hold about 1% and balance 49% will be held by Hindustan Lever Limited . ICI India will be investing about Rs 150 cr in this JV. The joint venture combines ICI India's long standing knowledge of India, Hindustan Lever Limited's detailed understanding of Indian consumer preferences with Quest's international consumer understanding, technological and creative expertise. This JV is expected to become operational by mid year and will own HLL's current operations covering these activities, along with eighty people and associated facilities.

This JV strengthens Quest's global position in speciality chemicals and is a perfect fit with ICI India's portfolio reshaping exercise. Investment in this JV will deploy ICI India's cash surplus which it has generated from disposals of its surplus property and non core businesses.

For further information:

Partho Dasgupta
Tel: + 91 124 2540400 / 980
Fax: + 91 124 2540839
E mail: partho_dasgupta@ici.com