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INTAS PHARMA: ICICI SEEKS EXIT ROUTE (will sell its 12.5% stake in Intas Pharmaceutical as it is obliged to pay back its investors).

Asia Africa Intelligence Wire

| December 15, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From India Business Insight)

ICICI Venture (IV) has decided to divest its 12.5 percent stake in Intas Pharma (IP), which it had acquired in 1996. The fund through which IV had financed the acquisition of stake in IP is coming to an end and IV is obliged to pay back its investors. IV, however, has decided not to go for an initial public offer.

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