The board at its meeting here recommended a dividend of Rs 5 per share. According to a release, new products like `Farco' and the `Supercote' range were launched to reach a broader segment of consumers, and new refinish paints like `Permobel Metallics', `2K' and `Necol' helped boost volumes.

Explosives' volumes grew 17 per cent on the back of a growth in bulk explosives, spurred by `on-customer-site' manufacturing and rock-blasting contracts, the company said.

Surfactants achieved an 18 per cent sales growth, launching 45 new speciality products in partnership with customers in industries ranging from personal care to textiles. The company has dedicated an innovationcentre to textile applications. This was opened in February 1998.

Volumes of both Polyurethanes, a market leader, and catalysts recorded a steep sales growth of 80 per cent. The company said that with the launch of new products, pharamceuticals continued to grow strongly in the cardiovascular and critical-care markets. Sales of rubber chemicals have, however, dipped owing to a recession in the automobile industry.

The company has invested around Rs 100 crore in new capital during the year to boost capacities in paints' units, speciality products and performance materials.

These, the company said, were its thrust areas for aggressive growth in India. It added that the acquisition of the nitrocellulose business of Asia Nitrochem Industries Ltd in May 1998 will supplement strong organic growth.On its alliance with Gujarat State Fertilizers & Chemicals Ltd, the company said that an alliance was concluded for the proposed joint venture to further boost the business.

Meanwhile, ICI's joint venture withEnsign Bickford has established leadership in environment-friendly non-electric detonators. In its first year of operation, the IES board has recommended a 22.5 per cent dividend, which will amount to a Rs 1.9-crore income for ICI India.