Financial Daily from THE HINDU group of publications
Tuesday, Sep 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 13, 2005 |
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Agri-Biz & Commodities
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Foodgrains Corporate - Announcements Monsanto to set up corn drying plant near Hyderabad Our Bureau
Hyderabad , Sept. 12 MONSANTO India Ltd, an agricultural solutions company, has decided to set up a corn drying plant near Hyderabad in the next 18 to 24 months. Land required for setting up the unit had been acquired, Monsanto has informed the Bombay Stock Exchange (BSE). Though the communication to the BSE did not give any time-frame, a company spokesperson in New Delhi told Business Line over phone that the unit would be ready in less than two years. The spokesperson parried questions on the scope, investments and where exactly the unit would come up in Hyderabad. There was nothing more to what the company had informed to the exchange, the spokesperson said. "There has been continuous demand in the company's corn hybrid seeds business," the company told BSE in the communication that comprised important decisions taken by the 55th annual general meeting held last week. Besides approving the decision to set up the unit at Hyderabad, the AGM approved the proposal to appoint Mr Felipe Osorio as the Managing Director of the company. It also approved a dividend of Rs 13 per equity share and re-appointment of Mr Nicole M. Ringenberg and Mr R.C. Khanna as Directors.
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