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Our Bureau

Chennai , Dec. 12

UCAL Fuel System proposes to divest its 30 per cent stake in Engelhard Environmental Systems (India) Pvt Ltd.

It intends to sell its holding of 27.53 lakh shares to Engelhard Environmental Asia Pacific LLC.

Ucal Fuel is in the process of finalising the share purchase agreement to be entered into between Engelhard Asia Pacific, LLC and the company," says a notification to the stock exchanges. The consideration for the sale is also being worked out.

The joint venture was set up in March 1997. A senior official of Ucal told Business Line on Monday that the collaborators, Engelhard, wanted to buy out Ucal.

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