NEW DELHI, Sep 29: ICI India today announced transferring of its explosives business to a new joint venture company set up along with Orica Ltd - Indian Explosives Ltd (IEL).ICI India will also transfer its 70 per cent holding in Initiating Explosives Systems India Ltd (IES) to the new company, an ICI India statement said here. ICI India will receive a cash of Rs 87.26 crore for the transfer of its assets to the new company.Orica Ltd has invested Rs 72.26 crore as its share towards the paid up capital and share premium for 49 per cent shareholding in IEL, according to a company statement.
