ICI steps up dividend

NEW DELHI, MAY 23: ICI India8217;s board on Friday recommended a 5 step up in dividend to 45 on higher turnover of Rs 695.13 crore and a net profit of Rs 42.06 crore for the year ended March, 1997.

Net sales from operations was Rs 669.68 crore compared to Rs 582.41 crore in the previous year. Other income fell to Rs 25.45 crore from 38.20 crore. Interest burden was higher at Rs 13.51 crore as against Rs 6.57 crore in 1995-96.

The ICI board is also learnt to have discussed the opportunities thrown open for the company after acquisition of Unilever8217;s speciality chemicals businesses by its UK-based parent ICI. The acquisition at the parent level is expected to result in some realignment of business activities in India between ICI India and Unilever8217;s Indian subsidiary Hindustan Lever Ltd.