India: Coates upbeat on TotalFina gains (497).

Our Bureau CALCUTTA, Aug. 9

The recent signing of a letter of intent by TotalFina of France, which has a controlling 51 per cent in Coates of India, to sell its inks business to Sun Chemical Group (of the US), a 100 per cent subsidiary of Japan's Dainippon Ink and Chemicals (DIC), is seen as a highly positive development by the Indian outfit.

Talking to Business Line here today, Dr. P. K. Dutt, Managing Director of Coates India, said he welcomed this development as it would make Coates a part of DIC, a global ink major, generating annual sales of around $10-12 billions. Stating that DIC held a 38 per cent share of the global ink market, with a leadership …