Asian Paints stake

MUMBAI: UK-based Imperial Chemicals Industries Plc is examining the option of picking up Atul Choksey8217;s 9.1 per cent stake in Asian Paints through ICI India if the FIPB turns down its application to bring in funds for purchasing the shares. ICI India sources indicated that under quot;no circumstancesquot; will it let go of the stake.

ICI India, which was approached by the late Asian Paints chairman Champaklal Choksey to buy out his 9.1 per cent stake in April last year, had turned to its parent company as it quot;lacked fundsquot; for financing the purchase.