On Friday, ICICI announced that the chemical company ICI would pay Rs155 crores $25 million for 51% in Hindustan Levers flavours and fragrances business. This followed ICIs acquisition of Unilevers 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 MA team. However, ICICIs seven-strong MA team knew...
