On Friday, ICICI announced that the chemical company ICI would pay Rs155 crores ($25 million) for 51% in Hindustan Lever’s flavours and fragrances business. This followed ICI’s acquisition of Unilever’s flavours and fragrances business in 1997. This deal completes the picture globally, since India was the only country not part of the 1997 acquisition.
ICICI advised ICI and first built a relationship with the London-based company when it advised ICI on the formation of a JV in India with Orica to make explosives.
Hindustan Lever did not have an adviser on the deal, and instead used its four person M&A team. However, ICICI’s seven-strong M&A team knew the company quite well, having advised Hindustan Lever on its acquisition of Modern Foods in January 2000.
Earlier in March, ICICI advised on Sterlite’s acquisition of Balco for $135 million.
