BTP buys 67% stake in JVMUMBAI: BTP Plc, the UK-based speciality chemicals, has picked up a controlling 67 per cent stake in its Indian venture RPG-BTP, through a preferential allotment of 1 crore equity shares of the company to the foreign partner at Rs 18 per share. The holding of the RPG group in its 50:50 joint venture company will now fall to 33 per cent, which is in line with the group's plans to move away from non-core businesses. BTP India, as the company is now called, will have a paid-equity of Rs 30 crore. The new shares alloted to BTP is at a premium ofRs 8 per share, and will require an ivestment of Rs 18 crore for BTP.
Greaves MD
MUMBAI: Shekhar Datta, the managing director and president of the Thapar group company, Greaves Ltd, has decided to call it a day about two years before his present term is set to expire in 2000. Datta, who has been with the company for the past 38 years, will step down from his present post on March 31.
The 60-year-old Datta, however, will continue to remain on the board of Greaves Ltd in the capacity of a non-executive director. As per the new structure devised by the company, the post of managing director will remain vacant. Instead, it will essentially be run by two executive directors who will be responsible for all policy level decisions and a president and COO.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
