30 September 1998 02:39 [Source: ICIS news]
MUMBAI, India (CNI)--Indian liquor giant, UB Group, has reduced by 5% each its 20% equity stakes in two Hoechst affiliates in India, Hoechst Marion Roussel Ltd (HMRL) and AgrEvo India, CNI learned Wednesday.
An industry source here said UB recently sold the shares in the open market. The sale is aimed at enabling HMRL to now acquire those shares from the open market, which the company intends to do.
Indian regulations made it circuitous for HMRL to buy the shares directly from UB.
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