Financial Daily from THE HINDU group of publications
Tuesday, Mar 28, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 28, 2006 |
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Corporate
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Announcements Murugappa sells TIAM House Our Bureau
Chennai , March 27 Murugappa group has sold off TIAM House, the group's corporate headquarters for over four decades, to Jesus Calls Trust for "a good price." While confirming this to Business Line, Mr M.A. Alagappan, Chairman and Managing Director, Tube Investments of India and a member of the promoter family, did not want to disclose the price at which the landmark building was sold for. `Jesus Calls Trust' is run by Brother D.G.S. Dhinakaran, an evangelist. The TIAM House became `surplus' when some of the group companies shifted their corporate offices to their plants. Parry Confectioneries Ltd was sold off. In 2003, the entire Murugappa group shifted to its other property, the Dare House. Meanwhile, the group has announced the appointment of Mr Atul Pande as the Managing Director of Cholamandalam DBS Ltd (formerly, Cholamandalam Investment and Finance Company Ltd), in the place of Mr M. Anandan, who has resigned. Mr Anandan would, however, continue to be on the board of Cholamandalam as a non-executive Director. Cholamandalam has also announced that it would raise Rs 1,400 crore by an issue of medium non-convertible debentures and another Rs 600 crore through short-term debentures.
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