New Delhi, July 30: ICI India on Wednesday announced that it has reached an agreement with Orica Investment Pvt Ltd of Australia for the sale of its 51 per cent holding in Indian Explosive Ltd (IEL) for Rs 66.64 crore. The completion of the proposed sale of shares is conditional upon certain regulatory approvals to be obtained by Orica, it said.

Also, IEL will acquire 30 per cent shareholding of Ensign Bickford in Initiating Explosive Systems India Ltd (IESI).

Meanwhile, ICI India has posted 6 per cent dip in net profit for the quarter ended June 30, 2003 at Rs 7.65 crore. Its net profit in the same period last fiscal stood at Rs 8.13 crore.
Total income (net of excise) for the quarter was Rs 158.83 crore, marginally higher than the Rs 153.92 crore earned a year earlier. Bureau Report