Financial Daily from THE HINDU group of publications
Saturday, Sep 21, 2002
Financial Daily from THE HINDU group of publications Saturday, Sep 21, 2002 |
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Disinvestment Corporate - Disinvestment February 28 deadline set for Coca-Cola disinvestment Our Bureau
NEW DELHI, Sept. 20 THE Government has granted an extension of six months to Coca-Cola for fulfilment and completion of its disinvestment exercise in the Indian subsidiary, Hindustan Coca-Cola Beverages Pvt Ltd. The company, which was supposed to disinvest 49 per cent stake in favour of Indian shareholders by July 16, was initially granted one month extension till August 16 this year. Now, it will have to disinvest 49 per cent stake in the company before the end of February 2003, according to an official release. The new deadline has been set as February 28, 2003, the day when the next Budget is expected to be placed before Parliament. According to the release, the Government, after considering the steps taken and proposed to be taken by the company to implement the disinvestment condition, has extended the time for fulfilment of the disinvestment condition. The company has communicated to the Government that it proposes to divest around 39 per cent of its equity holdings in Hindustan Coca-Cola to private investors and business partners and the balance 10 per cent in favour of resident Indian employee welfare and stock option trusts. The disinvestment in favour of employees and business partners is proposed to be completed by October 17 and the balance by February 17-28 next.
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