Financial Daily from THE HINDU group of publications
Saturday, Jun 29, 2002
Financial Daily from THE HINDU group of publications Saturday, Jun 29, 2002 |
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Corporate
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Announcements Shareholders approve Infar name change Our Bureau
KOLKATA, June 28 SHAREHOLDERS of Infar (India) Ltd have approved a resolution which sought to change the name of the company to Organon (India) Ltd. The change is in tune with its desire to align itself with the internationally-recognised Organon name and be well recognised in the market. The company's overseas parent, Organon Participations B.V. of The Netherlands - which is a wholly-owned subsidiary of Akzo Nobel N.V. - has already acquired a 96.7 per cent stake in the Indian subsidiary, Mr P.B.J.M. Rohof, Chairman and Managing Director of Infar (India), told shareholders at the company's 34th annual general meeting held here on Friday. The overseas parent had earlier expressed its desire to acquire a 100 per cent stake in the company through a buyback offer and delist it from the bourses. Necessary applications seeking delisting have already been made. Mr Rohof said the company would leverage on information technology and reshape opportunities and business processes. This would provide a fillip to the company's growth plans. It was also open to the idea of expanding its product basket with the addition of new lines of women's healthcare and gastro-intestinal products to begin with. The company was also open to the idea of product acquisitions. The CMD said 71 people have opted for a voluntary retirement scheme till December 31,2001. As of now, there were no plans to reduce manpower any further. Instead, the focus would be on retraining the existing staff. During the year ended December 31, 2001, Infar (India) Ltd recorded a total income of Rs 145.53 crore, up from Rs 127 crore the previous year. The profit before tax stood at Rs 25.63 crore against Rs 17.85 crore. The profit after tax in 2001 was Rs 16.13 crore compared with Rs 12.35 crore in 2000. No dividend was declared.
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