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August 21, 2000
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Money > Business Headlines > Report August 21, 2000 |
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Dabur to wind up existing finance businessesDabur India Limited has decided to wind up the existing vehicle and medical equipment financing businesses being undertaken by its finance arm -- Dabur Finance Limited. Though DFL would become defunct and will remain a mere dormant company pursuant to the exercise, Dabur India is yet to decide whether to ring down curtains on DFL, Dabur India spokesperson said. "The existing businesses will continue till 2002-03. By then our existing finance ventures are likely to be completed and we will not be renewing them. Neither do we intend to add any new business to it," the spokesperson added. The company has already paid off all the fixed deposits. "Finance is not a core business for us and we do not intend to be in the business.'' Dabur Finance had recorded a total income of Rs 45.2 million in 1999-2000, down from Rs 53.5 million in the previous year. Income from lease and hire-purchase operations amounted to Rs 25.9 million, as against Rs 40 million a year ago. Income from lending operations amounted to Rs 2.94 million as against Rs 4.91 million in the previous year. During the 1999-2000 fiscal, the company decided to exit from the public deposits. However, 27 deposits totalling Rs 303,000 were unclaimed as on March 31, 2000. Dabur India has taken up a major restructuring exercise during the last two years as part of attempts to concentrate on its core competency, the company had discontinued low margin businesses like merchant exports, generic drugs and herbal intermediates. The company had also exited from two joint ventures -- General De Confiteria India Limited and Excelcia Foods Limited. In addition, the foods business was hived off into a separate subsidiary -- Dabur Foods Limited. It had exited the Ayurvet herbal veterinary drugs business in the 1999-2000 fiscal and the brands of Ayurvet were sold for Rs 30 million. The small and marginal brands in its personal care and healthcare businesses were either discontinued or moved into the ayurvedic specialities division for nurturing them further. UNI |
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