The Hindu Business Line : Reckitt Benckiser seeks nod to buy out Indian arm

UK-based Reckitt Benckiser PLC (RB) has sought permission from the Foreign Investment Promotion Board (FIPB) to acquire the 49 per cent stake in its Indian subsidiary -- Reckitt Benckiser India Ltd (RBIL) - currently held by Indian public and convert it into a wholly-owned subsidiary of the British multinational.

RB has proposed that one of its subsidiaries, namely Lancaster Square Holding will acquire the 49 per cent stake held by Indian shareholders. The acquisition will be carried out in accordance with the norms laid down in the SEBI (Substantial acquisition of shares and takeover) Regulations 1997.

RBIL is engaged in the manufacture of household, laundry, toiletry, pharmaceuticals and food products, air fresheners, bathroom cleaners, denture products and many other products.

Some of the popular drugs from the RBIL stable include Dettol, Disprin, Lizol, Ultramarine Blue.

The company has reported profit of Rs 21.43 crore for the year ending December 2001 on a total sale of Rs 550.28 crore. For the three months ending March 2002, the company reported a loss of Rs 2.17 crore on a total sale of Rs 115.55 crore.

The company's share was quoted at Rs 245.70 on BSE when markets closed on Friday. The 52-week high and low of the share is Rs 247 and Rs 130, respectively.

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Reckitt Benckiser seeks nod to buy out Indian arm