The deal comprises of the business, assets and personnel related to INEOS' Films operations located in North America, Europe and Asia. Ian Hogan, CEO INEOS Films, has welcomed the announcement. "I am very excited by the potential created by the combination of theses two companies. Bringing together Bilcare's research and development focus with our own broad production and application knowledge provides a very strong strategic fit.

"Whilst performing well, the INEOS Films business is no longer core to the INEOS Group as the company focuses its attention on its large-scale petrochemicals businesses. This agreement with Bilcare will put INEOS Films assets and people at the centre of a new business with the innovation and drive necessary for it to grow and further develop, which is good for the business and its customers globally."

INEOS Films is a leading global producer of high quality polymer films built on expertise and innovation. The company plays a major role in the world of pharmaceutical blister packaging, films for printing and decoration, shrink films for sleeves, capsules and plastic credit cards. The company employs around 1300 people across manufacturing sites in Germany, Italy, India and North America and has a turnover of around EUR 240 million.

Mohan Bhandari, chairman of Bilcare limited, comments, "This acquisition is a paradigm shift in the pharma packaging space and a significant step towards creating a customer centric company to deliver path breaking innovations and establish global leadership."

The newly appointed executive chairman of Bilcare AG, Dr Heinz Gaertner says, "This transaction presents a unique opportunity and enhances our offer to apply our innovation led approach to a broad range of industries, currently served by INEOS Films, particularly in Europe and USA."

The transaction inter alia, is proposed to be effected through a merger process in Germany, in relation to the German company and its subsidiaries. It is expected to be completed at the end of August, subject to necessary regulatory filings and approvals, including German court and approvals under applicable antitrust laws and regulations.

About Ineos

INEOS is one of the world's leading chemical companies; a manufacturer of petrochemicals, specialty chemicals and oil products. Comprising of 15 businesses, with a production network spanning 60 manufacturing facilities in 13 countries, the company produces more than 40 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels). INEOS employs 15, 000 people and had sales of $28.6 billion in 2009.

About Bilcare

Bilcare is an international, integrated services provider to the global pharmaceutical industry offering Pharma packaging and research, global clinical trial supplies services and Bilcare Technologies offering nonClonableID(TM) identification, authentication, secure track-n-trace anti- counterfeiting technology. Bilcare operates state-of-the-art manufacturing and research facilities in India, Singapore, USA and UK and has regional offices in Brazil, Germany, China and Australia. Bilcare provides solutions that address many of the industry's key concerns including counterfeit drugs, compliance, costs, communication and convenience.

For more information, visit www.ineos.com or www.bilcare.com