Financial Daily from THE HINDU group of publications
Thursday, Oct 10, 2002

Port Info

Group Sites

Home Page - Manpower
Corporate - Manpower

Pharmacia clears VRS for Abbott head office staff

Our Bureau

MUMBAI, Oct. 9

THE board of directors of Pharmacia Healthcare on Wednesday approved a voluntary retirement scheme (VRS) for the employees at the head office of Abbott India Ltd in which it holds majority stake.

Early this year, Pharmacia Corporation had bought 51.5 per cent equity of Abbott India from Abbott US for a consideration of $13.5 million. After an open offer, it increased its stake to 75.1 per cent by acquiring 23.6 per cent from the public at Rs 245 per share.

In a notification to the stock exchanges, the company said the scheme would be applicable to all the permanent workmen of the company employed at the head office, who have put in more than 10 years of continuous permanent service or have completed the age of 40 years and the workmen who have not availed of such benefits in the past.

According to the company, all 13 permanent workmen have opted for the scheme and all the applications have been accepted. The total payment towards VRS expenditure would be Rs 1.07 crore.

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
Smaller PSUs being lined up for divestment

Indian Steel Alliance to hire top US law firm
Indigo all set to hit the road
6-day week again at MICO plant
Pharmacia clears VRS for Abbott head office staff
Berger to buy Snowcem paints business — Due diligence process to be taken up soon
Stronger strokes in decorative paints
BSNL contests TRAI fiat on nod for cell tariffs
Corporates see merit in spirit of charity

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line