Financial Daily from THE HINDU group of publications
Monday, Apr 04, 2005
Financial Daily from THE HINDU group of publications Monday, Apr 04, 2005 |
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Corporate
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Outlook Chemfab appoints Deloitte as auditor — Plans to invest in Singapore M. Ramesh
Chennai , April 3 THE board of directors of Chennai-headquartered Chemfab Alkalies Ltd has appointed Deloitte Haskins & Sells as its statutory auditors, replacing R. Janakiraman & Co, who will takeover as Chemfab's internal auditors. The move, which is subject to shareholders' approval, is being planned in the context of the company's ambitions to invest in the petrochemical sector in Singapore. The Chemfab Chairman and Managing Director, Dr C.H. Krishnamurthy Rao, does not as yet want to disclose details of the proposed investments, but says that the Singapore Economic Development Board is "very encouraging". Dr Rao told Business Line on Sunday that the company intended to come out with a share split plan, but said the details were yet to be worked out. He said that Chemfab Alkalies would diversify into biotechnology, starting a `life science division' for that purpose. The division would focus on two areas - health and water. While several products are under plans, those that are likely to be brought in earlier than others are sodium-free salt, sodium-free milk, alkaline sugar and alkaline, ionised water. Chemfab has hired the Indian Institute of Management, Bangalore, to advise the company on diversification strategy. "Efforts are afoot to enlist the co-operation of some academia of excellence in the specified fields," Dr Rao said. Meanwhile, Chemfab's proposal to put up a 1,000-cubic-metre-a-day sea water desalination plant at Pondicherry, has been approved by the Pondicherry Government. The initial investment in the plant is estimated at Rs 12 crore, which would go up to Rs 30 crore, when the capacity of the unit would be raised to 4,000-cubic-metres-aday. The company's board of directorstoday recommended a final dividend of Rs 7.5 a share (75 per cent) for 2004-05, taking the total dividend for the year to Rs 10 a share.
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