There is an anecdote about Modern Foods, the Hindustan Unilever bread and bakery division, which was recently acquired by Nimman Foods, an Everstone-controlled company, for an undisclosed consideration.
The government’s stakes in Hindustan Zinc Ltd (HZL)-Bharat Aluminium Company Ltd (Balco), Axis Bank, Larsen & Toubro (L&T), and ITC have been part of its disinvestment plans for years, though hardly ever has any sale been carried out.
The quality concerns related to the noodles in the country has become a lesson that the infrastructure also has to be strengthened with the policy decisions of the government, said Y C Deveshwar, chairman of ITC Group.
Punitive tax regimes for cigarettes have proved a bane for ITC in the past. A sharp rise in duties in recent years has been no different. Duties have been increased by 15 per cent in each of the past four Budgets.
Profit margins of most paper producers remained under pressure in the first quarter of the current financial year, due to sustained rise in cheaper import from China and the Association of South East Asian Nations (Asean).
At the annual general meeting of cigarettes-to-hotels major ITC on last Friday (July 31), chairman Y C Deveshwar came down hard on what he described as a restrictive regime for the domestic tobacco industry.
After Maggi being off the shelves in Bihar, the state government today banned sale, advertisement and storage of 11 other brands of instant noodles after lab tests found monosodium glutamate (MSG) in them.