India: Delay in US co buying stake in Coates Coatings (654).

Our Bureau

CALCUTTA, April 29

COATINGS major, Valspar Corporation of the US, sometime ago, obtained the Union Government's approval for acquiring, in stages, the entire equity stake in Coates Coatings India Ltd (CCIL), a joint venture between the US company and Coates of India. But there has been an unusual delay in the US company's acquisition of 49 per cent shares in CCIL (as a first step), as per the joint venture agreement. The 49:51 per cent subsidiary came into effect on December 12, 1997. Talking to newspersons here on Thursday, after the company's 51st AGM, Dr. P.K. Dutt, Managing Director, informed that the board was seized of the issue, and there …