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Saturday, Jul 24, 2004

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Corporate - Restructuring

Parent to transfer 5 pc stake in Gillette India

Sindhu J. Bhattacharya

New Delhi , July 23

GILLETTE Company USA plans to bring down its stake in the Indian listed company, Gillette India, to about 40.65 per cent as part of an internal restructuring.

As per data available with the Bombay Stock Exchange, foreign promoter holding in Gillette India stood at 45.65 per cent as on June 30, 2004.

The US parent has an investment company, apart from Gillette India in the country, called Gillette Group India Pvt Ltd (GGIPL) and this company plans to acquire up to five per cent of the US parent's stake in Gillette India.

"GGIPL will acquire up to five per cent stake from Gillette USA in Gillette India. This is part of an internal restructuring," a Gillette Indian spokesperson told Business Line but declined to give any further reasons for the stake transfer.

He said the Foreign Investment Promotion Board (FIPB) has already granted permission for this downstream investment. The spokesperson also contended that Gillette USA together with other group companies in India holds 76 per cent stake in the listed Indian entity, while the remaining 24 per cent is distributed between joint venture partners (the Poddar Group) and the Indian public.

According to the BSE data, total foreign shareholding in Gillette India till June 30, 2004 was 49.91 per cent with the public holding a mere 7.77 per cent equity.

Meanwhile, Gillette India's board of directors is meeting on July 28 to take on record unaudited financial results for the first six months ended June 30, 2004. The company posted a net profit of Rs 19.68 crore for the quarter ended March 31 this year, while total income was Rs 104.5 crore.

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