FIPB nod for DuPont

31 March 1997 00:00  [Source: ACN]

DUPONT India has received approval from the Foreign Investment Promotion Board to lift its stake in Thapar DuPont to 100%.

Following this decision, the US company is expected to bring in an additional US$35m as direct foreign investment.

Thapar DuPont was floated as a joint venture between the Thapar Group and DuPont to set up the long-troubled US$200m nylon 6,6 project in India. Thapar held a 50% stake in the company, DuPont held 45% and Mitsui & Co held the balance.

The Thapar Group decided to sell its stake in Thapar DuPont, following advice from McKinsey & Co to concentrate on its core businesses. DuPont has meanwhile abandoned plans to produce nylon 6,6 directly in India after longstanding environmental objections and is investing only in the associated downstream project (ACN 14 Oct 1996, p24).

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