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Our Bureau

Chennai , Feb. 17

LOTTE India Corporation Ltd, formerly Parrys Confectionery, has informed the NSE that Mr N.C. Venugopal, Managing Director of the company, has submitted his resignation from the company with effect from February 28, 2006. The Board of Directors has accepted his resignation at its meeting held on February 17, 2006, said the announcement.

Mr Venugopal, when contacted by Business Line, said that his two-year contract with Lotte was coming to a close and he chose not to renew his contract. Asked whether he was going back to the Murugappa group, with which he spent 11 years of his career, Mr Venugopal said that it was an option. "But, at the moment, I am going to take a break before I decide," he said. He described his stint at Lotte as very good exposure with the company seeing 20 per cent growth year- on-year with a spate of new launches.

Mr Venugopal was earlier heading Parrys Confectionery before it was taken over by the Korean company. Lotte India already has a joint MD, Mr Indo Hwang.

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