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Berger Paints to invest Rs 280 cr, net profit up 19.5% in Q1
Kolkata, Aug 3 (IANS) Berger Paints India will invest Rs 280 crore over the next two-three years for expanding capacities in its plants located at Uttar Pradesh and Maharashtra, an official said on Friday.
The company will soon commence work for installation of water and solvent based decorative, industrial and protective coatings, resin, putty, emulsion and construction chemical manufacturing facility at an estimated investment of Rs 200 crore at Sandila Industrial Area in Uttar Pradesh, Chairman Kuldip Singh Dhingra told shareholders at the 94th annual general meeting.
Subject to obtaining all required consents and approvals in time, the project is likely to be completed in 2021, he said.
The phase II expansion of the automotive and general industrial and protective coatings plant at Jejuri near Pune in Maharashtra has also commenced, Dhingra said.
The plant will have an estimated capacity of 27,000 KL (kilo litre) of paints per annum and 12,000 mt (metric tonne) of resin per annum. This is likely to be completed in 2019-20.
Another Rs 80 crore would be pumped into Jejuri plant, the paint maker’s CEO Abhijit Roy said.
This facility also has a powder coating plant and the fourth line of the plant with an estimated capacity of 325 mt per month is expected to be installed during the year, Dhingra said.
Speaking on the reduction of GST rates from 28 per cent to 18 per cent, Roy said the company is passing on the benefit of reduced rates completely to customers and expect this would increase consumption.
Berger and Rock Paint had entered into a memorandum of understanding and had carried out trial sales of automotive refinish paints in India. Both paint makers are in the process of forming a joint venture.
“I am optimistic that the high quality automotive refinish paints will have considerable demand in the Rs 2,000 crore market in India,” Dhingra added.
The company posted a consolidated net profit of Rs 134.88 crore in the first quarter of the current fiscal, up 19.5 per cent from Rs 112.88 crore in the year-ago period.
–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.