kolkata

Britannia proposes stock split, bonus debentures

FMCG major Britannia Industries in its centenary year will pump in close to Rs 400-500 crore in developing new products and put up a new dairy plant. The company has also proposed a stock split option and issue of bonus debentures to its shareholders.

Of the planned investment, Rs 300 crore will be spent on putting up a new dairy plant, the location of which is likely to be moved away from Maharashtra to Andhra Pradesh, said Britannia chairman Nusli Wadia here on Monday. The company unveiled a new logo on Monday to commemorate its centenary year.

BJP takes NRC route to target Mamata

The much-hyped National Register of Citizens (NRC) draft release in Assam has rendered 40 lakh people homeless. And that’s possibly is the biggest political and socio-economic talk-point now. Citizenship for Bangladeshi immigrants becomes a critical political issue in the context of emerging religious nationalism. Bangla speaking immigrants are treated as a threat to national security, and all methods of conflict governance have failed to address this issue.

GST slabs to be reduced to three

In the long-term, the goods and services tax (GST) slabs may come down to three, in addition to the exempted category, Sanjeev Sanyal, principal economic adviser to the finance ministry said.

The three slabs could be a low of 5 per cent, a central 15 per cent (merging 12 per cent and 18 per cent slabs ) and a top rate of 25 per cent, he said here on Saturday at an interactive session organised by the Bharat Chamber of Commerce.

“In the long-term, the GST rates might be squee­zed to three as more and more simplification will be done,” Sanyal said.

Indywood Billionaires Club opens FDI doors for film industry, raises Rs 3,000 cr

The Indywood Billionaires Club, an innovative initiative kicked off last year by the Sharjah-headquartered Aries Group to open the doors of Indian film industry for foreign direct investment, has already mobilised funds worth Rs 3,000 crore from nearly 20 leading NRI investors based in the United Arab Emirates, Europe and Asia-Pacific.

IIT Kharagpur working on developing battery-free implantable medical devices

Indian Institute of Technology (IIT) Kharagpur, one of the premier technology institutes in the country, is now working on to develop futuristic battery-free implantable medical devices for treatment of brain, nerve, muscle or spinal cord disorders that are untreatable by using standard medical practices.

‘Grand Dame of Chowringhee’ to sport a new look

The 138-year-old Oberoi Grand Kolkata, the oldest property from the stable of EIH, is well set for a facelift with 50 brand new rooms and suites. But Prithviraj Singh (Biki) Oberoi, the 89-year-old scion of Oberoi family, has one regret.

“I had spent a substantial portion of my life in Kolkata. I feel sad when I come back. The pavements along the entire Chowringhee area, where the hotel is located, and also the hotel’s arcade are occupied by hawkers. I’ve written to the city mayor and that has been of no avail,” rued Oberoi sitting within the hotel premises.

Srei sees strong growth in equipment finance

Even as the power sector remains a slowcoach, Kolkata-headquartered Srei Group, one of the largest holistic infrastructure companies, is optimistic of accelerated growth in the infrastructure space. The group is particularly betting on equipment finance business. Srei Equipment Finance (SEFL), a wholly owned subsidiary of Srei Infrastructure Finance, is an industry leader in this space, financing every third construction and mining equipment in the country.

ITC joins fight for Horlicks

The battle over acquiring two of the leading MFD brands – Complan and Horlicks seems to be hotting up with the Kolkata-headquartered FMCG major ITC leading formally joining the race. ITC Ltd would be interested in acquiring GlaxoSmithKline’s malted food drink (MFD) brand – Horlicks, albeit with a rider – ‘if it comes for a right price’, said ITC’s CEO Sanjiv Puri. For ITC, which recently launched its packaged milk processing facility, malt-based brands could be a natural addition to its expanding food portfolio.

Spicing it up

Call it adding spices to your everyday palate or something else. JK Masale, owned by the Kolkata-headquartered JK Spices & Food Products, is gearing up to emerge as a leading premium spices and food products brand pan India. At the same time, the company is also looking at expanding into newer geographies across the world – not only with its own brand, but also getting into the manufacturing of private label brands. JK Masale is also looking at putting up new manufacturing facility to eat a larger slice of the Rs 40,000 crore spices pie in the country.

Kesoram denies charges of insider trading

B K Birla group flagship company Kesoram Industries on Wednesday gave a point-by-point rebuttal to charges of insider trading and short-changing minority shareholders.

The allegation and subsequent reports in a section of media conveniently "cherry picks" and distorts isolated facts to come up with the charge that the promoters of the company had made a profit at the expense of its public shareholders, when in reality the promoter group has continuously infused funds into the company and otherwise sought to provide all necessary support, Kesoram Industries said.

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