ENKAY TEXOFOOD TO HIVE OFF TEXTILE DIVISION
Article Abstract:
Enkay Texofood Industries (ETI) of Mumbai, which is involved in textile and fruit processing business, has decided to hive off its textile division into a separate entity. ETI has proposed demerger in the ratio of 1:1. The reason for the move is that the division has been performing poorly for the past two years. Its textile division accounted for about 65 percent of ETI's total turnover at Rs202 crore for the seven-month period ended March 1998. In 1996-97 the division contributed Rs250 crore to the total sales of ETI at Rs350 crore. Despite its good contribution to the company's sales, it has not made any significant contribution to ETI's net profit. ETI's fruit division produces Onjus brand of natural fruit juice. The division also exports fruit pulps to US and European markets. (gs)
Comment:
Enkay Texofood Industries (ETI) of Mumbai, which is involved in textile and fruit processing business, has decided to hive off its textile division into a separate entity.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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DABUR TO SPIN OFF ONCOLOGY, FOODS DIVISION
Article Abstract:
Dabur India Ltd (DIL) plans to hive off its oncology and food division into wholly owned subsidiaries. The move is a part of DIL's strategy to raise its focus on these businesses as these have been identified as the core businesses of DIL. The oncology division produces anti-cancer drugs at its plants in Kalyani in West Bengal, Baddi in Himachal Pradesh and Sahibabad in Uttar Pradesh. DIL plans to set up its oncology business on a global scale. It also proposes to set up globally integrated production, marketing, sales and service activities. DIL will be seeking its shareholders approval for the transfer of the division at its annual general meeting in September 1998. (ag)
Comment:
Plans to hive off its oncology & food div into wholly owned subsidiaries to raise its focus on these businesses
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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