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Murugappa group to invest Rs 2,000 cr
Chennai, May 16 (IANS) Industrial conglomerate Murugappa group will invest around Rs 2,000 crore including on a gas-based power plant in Russia, said a top group official on Wednesday.
“We will be investing Rs 2,000 crore spread over this fiscal and the next fiscal,” M.M. Murugappan, Executive Chairman of the Rs 32,893 crore turnover group, told reporters.
He said the investment will be in the group’s international and domestic operations in expanding capacities.
Elaborating further, Sridharan Rangarajan, President and Group CFO, said the investment will be in the group’s international and domestic operations.
Rangarajan said the group was planning to set up a gas-based power plant in silicon carbide manufacturer Volzhsky Abrasive Works (VAW), Russia, and expanding the phosphoric acid production capacity of the fertilizer major Coromandel International Ltd at an outlay of Rs 350 crore.
The Murugappa group will also expand the production capacity of its engineering products – transmission chains and supplies to railways – and debottleneck some of its plants.
According to Rangarajan, the capacity of the gas fired power plant in Russia is yet to be finalised. “The funding of the investment will be from internal accruals.”
According to Murugappan, around 10 per cent of the group’s turnover is from exports and largely contributed by crop protection chemicals, ceramics, steel tubes and others.
Queried about the US sanctions against Russia and its impact on the group, Murugappan said some of the customers were impacted but VAW was not majorly affected.
He said the group had no plans to rename any of its-listed or unlisted companies with the word Murugappa.
He said each group company had a history behind it and their products have good brand equity.
Last fiscal the Murugappa group companies – listed and unlisted – together posted a turnover of Rs 32,893 crore, logging a growth of 13 per cent over the previous year’s turnover.
The group’s earnings before interest, taxes, depreciation and amortization (EBITA) was Rs 4,663 crore, higher by 14 per cent over that of the previous fiscal.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.