Calcutta, Feb. 4 :    Calcutta, Feb. 4:  Indian Petrochemicals Ltd (IPCL) has decided to pull out of GE Plastics India Ltd (GEPI), the 50:50 joint venture which was floated in June 1991 along with the Dutch multinational General Electric Plastics B.V. (GEP). Confirming the move, an IPCL spokesperson said the company has opened talks with the Dutch partner to sell its stake in GE Plastics which manufactures engineering plastics. Indian Petrochemicals will rake in over Rs 49 crore from this sale, he added. While the petrochem major is likely to get Rs 23.63 crore by selling its 50 per cent equity, another Rs 25.40 crore will come from the sale of assets. GE Plastics has a capital base of Rs 50 crore in which IPCL had invested Rs 25 crore through 25 lakh equity shares of Rs 100 each. The petrochem major also made substantial investment in several constructions on the land owned by GEPI in Gurgaon and Vadodara where its two plants are located. GEPI had appointed international consulting firm Deloitte Haskins and Sells (DHS) for the due diligence. The firm has already submitted its recommendation on the market value of the equity held by IPCL as well as the assets that it had built. IPCL sources said the Dutch partner insisted on buying out its stake in the Indian firm after the government decided to put the petrochem major on the block. 'The Dutch firm has expressed anxiety about the change in management in IPCL if a competitor eventually takes over,' he added. Sources said the Dutch company wants to continue manufacturing engineering plastics in order to protect its technology and that is why it wants complete control of the India outfit. IPCL, too, wants to sell its stake because the product mix does not have any synergy with its main line of business. 'Neither there has been any return on the investment nor has there been any synergy between production and compounding facilities set up by GEPI,' they said.