Britannia Industries may shift proposed dairy project from Maharashtra

Britannia Indus

“We have waited for one year for the Maharashtra government to grant fiscal incentives to us. This is too long,” Wadia told reporters after the company’s AGM here.

FMCG major Britannia Industries Ltd might shift its proposed dairy project from Maharashtra, as the government was taking time in granting fiscal incentives, Chairman Nusli Wadia said. The company plans to make a capital expenditure of Rs 300 crore for the project. “We have waited for one year for the Maharashtra government to grant fiscal incentives to us. This is too long,” Wadia told reporters after the company’s AGM here. “We have had discussions with Andhra Pradesh in this regard. A decision will taken shortly,” he said. Wadia said the company has proposed, subject to necessary approvals, stock split of shares of Rs 2 face value into Rs 1 each, as well as issue non-convertible bonus debentures of Rs 60 each, carrying an interest rate of 8 percent.

The debentures would be listed, in what will be the second such issue by the company. It will incur a cost of Rs 720 crore for this, he said. Britannia Industries would make a capital expenditure of Rs 400-500 crore and concentrate on the dairy, cakes and rusks businesses, in the coming year. The company would launch more products in the next six months like filled croissants, Wadia said, adding, it was open to acquisitions and looking at more geographies for growth opportunities, including overseas. It is also putting up an SEZ for giving impetus to exports, the chairman said. Britannia Industries, with a market share of 33 per cent in value terms, unveiled a new logo to commemorate its centenary year.

Source : moneycontrol

 

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