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Saturday, Jun 08, 2002

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Shareholders okay Duracell unit sale

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THE shareholders of Gillette India Ltd have approved the disposal and sale of plant and equipment of Duracell India's plant at Manesar, Haryana, to Duracell Belgium, for $ 6.5 million.

The approval of the shareholders was obtained through the postal ballot as per the requirements of the Companies Act, 1956 the result of which was announced at the Annual General Meeting held at Manesar on Friday.

According to the company, the proceedings for sale of manufacturing equipment at the Manesar plant had been instituted subsequent to the discontinuation of production at the plant after a voluntary retirement scheme was offered and accepted by all the employees of the plant. The cost incurred for VRS was Rs 60.64 crore.

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