Financial Daily from THE HINDU group of publications
Tuesday, Aug 02, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 02, 2005 |
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Corporate
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Diversification Amrit Banaspati plans foray into real estate Our Bureau
New Delhi , Aug. 1 EDIBLE oils and paper major Amrit Banaspati Company Ltd is planning a big foray into real estate business. The company, which has started work on developing a residential township at Ghaziabad, plans to set up multiplexes and shopping malls, a company release said. The new township in Ghaziabad is being developed on surplus land of its Ghaziabad banaspati unit. The company has reported a profit before tax of Rs 4.87 crore for the quarter ended June 2005, against Rs 1.54 crore in the corresponding quarter of the previous year. The board of directors of the company also approved the annual accounts of the company for the year ended March 31, 2005 and recommended an equity dividend at 10 per cent, the release said. It said the board has also approved payment of dividend on preference shares at 15 per cent as well as dividend accumulated and remaining unpaid on the preference shares up to March 31, 2004. The last dividend declared by the company was for the financial year 1991-92. The board has also approved redemption of the preference shares.
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