ICI India's board has approved the sale of its entire stake in its wholly owned subsidiary, Quest International India (Quest India), to Givaudan Group, one of the global leaders in the flavours and fragrance business, for Rs 390 crore.

Quest India was established in 2001 as a joint venture between the ICI Group and Hindustan Lever (HLL) with ICI India holding the controlling interest. As provided in the joint venture agreement, ICI India acquired HLLs 49% shareholding in May 2006. ICI India subsequently acquired the remaining 1% of the share capital held by a group company of ICI PLC making Quest India as its wholly owned subsidiary. The total investment made by ICI India in the shares of Quest India is about Rs 209 crore.

Quest India reported net sales of Rs 116 crore and a profit after tax of Rs 7.8 crore for the year ended 31 March 2006. It is headquartered in Mumbai and has its manufacturing sites in Daman, with about 100 employees on its rolls.