LONDON — ICI India Ltd. announced that it will sell its polyurethanes and motors and industrial paints businesses in India for approximately $21.5 million, in a move reflecting ICI’s ongoing strategy to focus on its decorative-paint and specialty chemicals businesses.
The polyurethanes business will be sold to a subsidiary of Huntsman Corp. Huntsman earlier acquired the polyurethanes operations of ICI plc, the parent of ICI India. The motors and industrial paints business will be sold to a 50-50 joint venture to be formed by ICI India and Berger Paints India Ltd.
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