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RP-SG group’s FMCG business likely to break even by March 2020
Kolkata, Dec 21 (IANS) RP-Sanjiv Goenka Group’s FMCG business is expected to break-even by March 2020, an official said on Friday.
Responding to a shareholder’s question on “when will the demerged units be profitable” at the CESC (Calcutta Electric Supply Corporation)’s Annual General Meeting, Group’s Chairman Sanjiv Goenka said: “Spencer’s is already almost there (to become profitable).
“For FMCG, it will take some time. It is a peculiar situation. The more you grow, at one stage, your losses increase and after a certain point of time, it starts getting into profit. I think the inflection point (break even) will come somewhere around March 2020 or thereabout and till then, there will be losses at that company (FMCG).”
Notably, the group’s flagship company CESC’s board had approved a restructuring plan to demerge the large businesses into four separate entities — power generation, power distribution, retail and other businesses.
According to its latest Annual Report, it has obtained the necessary clearance from the Securities and Exchange Board of India (SEBI) and stock exchanges. After that, a draft Restructuring Scheme was submitted to the Natonal Company Law Tribunal (NCLT), Kolkata Bench, in September 2017.
In March 2018, the NCLT passed an order sanctioning the scheme with a direction that the part of the scheme providing for demerger of CESC’s generation undertaking shall be effective upon obtaining approval of the West Bengal Electricity Regulatory Commission (WBERC) on the Power Purchase Agreement between CESC and the generation undertaking proposed to be demerged.
“Your Company made an application in April 2018, seeking WBERC’s approval. At the time of writing this letter, the approval is awaited,” the report said.
Goenka also said the group’s multi-format retailer has reached profit-before-tax (PBT) level in the first six months of the current fiscal.
“Spencer’s for the first six months actually got to a PBT break-even… This is a very strong step forward,” he told shareholders.
Asked about timeline for “demerged companies to be listed”, he said, it is pending with the stock exchanges.
He said the company would set up electric vehicles charging stations and the first one is already “ready”.
Goenka said all the group companies are contributing to its corporate social responsibility fund and the group is planning to set up an educational institution for which it is looking for land.
–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.