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Our Bureau

Chennai, Oct. 25

Lotte India Corporation Ltd, formerly Parrys Confectionery Ltd, has acquired 21.52 acres for Rs 15.95 crore on the outskirts of Chennai for its expansion, according to a press release.

The company recently launched new products such as Cool Mint, King Mint and Choco Pie.

According to the press release, Mr K.V. Ramachandra has joined as Managing Director of the company with effect from October 23. The profit after tax was Rs 1.11 crore on sales of Rs 40.68 crore for the three months ended September 30, 2006 compared to Rs 1.16 crore on sales of Rs 35.41 crore during the corresponding period in the previous year. Lotte India Corporation Ltd is a subsidiary of the Lotte Confectionery Co Ltd, Korea, the $1.2-billion flagship company of the Lotte Group.

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