The Hindu Business Line : GTC inducts new directors on its board

New Delhi, Sept. 5 GTC Industries Ltd, formerly known as Golden Tobacco Company Ltd, has announced that Mr Sanjay Dalmia and Mr Anurag Dalmia have been appointed as additional directors on the company’s board. The company has said that the appointment is with effect from August 30.

GTC Industries in July this year had come out of the purview of the Board for Industrial and Financial Reconstruction (BIFR) and had reported a positive net worth of Rs 38.82 crore for the financial year 2006-07.

The company had filed an application with the board for discharging the company from the purview of the Sick Industrial Companies (Special Provision) Act, 1985 following which the Board passed the order.

Products

GTC Industries is also working on developing products consisting of a mix of tobacco and other plant-based ingredients. “The company has launched one such product in Delhi and Mumbai with 25 per cent less tobacco. The product has not yet been launched on the retail sales points but we are depending more on direct sales in these markets,” Mr Sanjay Dalmia, promoter, GTC Industries Ltd, told Business Line.

“Apart from this we are also looking at an export market for the product,” Mr Dalmia said.

Revenues

Speaking about the revenues of the company, he said that though there would be a marginal improvement in the topline this year the major thrust is expected to come during the 2009-09 fiscal when the low tobacco product is available across the country.

“We are now in a position of being able to pay dividends to our shareholders and we are looking at this low tobacco product to be the main driver for our revenues to improve in the long run,” Mr Dalmia said.