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|April 22, 1998||
3M hikes stake in Birla 3M
3M now own over three-quarters of 3M Birla, its joint venture with the Birla group.
3M, the US-based $14-billion, bought 25 percent more stake in the company from two companies of the Yashovardhan Birla group to raise its equity stake to 76 per cent at Rs 201.16 per share.
It bought 2.21 million from Scimitar Investment and Trading Company Private Limited and 609,000 from Shearson Investment and Trading
Birla 3M, established in 1988, has a manufacturing facility in Bangalore. A second plant is being established in Pune. The company manufactures speciality tapes, adhesives, telecom connectors and autographics. At present, it markets over 800 products for diverse use in the market.
-Compiled from the Indian media
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