PepsiCo India prez quits
NEW DELHI, 20 JUNE: Beverages and snacks major PepsiCo India today said its India region president Manu Anand has quit the company with immediate effect after working with the company for 19 years. “PepsiCo India region president Manu Anand has decided to join another company and is leaving PepsiCo. His successor will be announced in due course,” a PepsiCo India spokesperson said in a statement. pti
Unilever offer for HUL
NEW DELHI, 20 JUNE: Unilever PLC’s $5.4-billion open offer to increase stake in its Indian arm Hindustan Unilever Limited (HUL) to up to 75 per cent will commence tomorrow and close on 4 July. “There has been no revision to the open offer price of Rs 600 per share previously announced. The independent committee of directors of HUL has recommended that the open offer is fair and reasonable,” Unilever said in a statement. pti
Retail FDI policy
NEW DELHI, 20 JUNE: Global retailers like Walmart and Tesco have sought assurance from India that any change of governments at both Centre and states should not result in reversal of FDI policy in multi-brand segment, before taking investment decisions. pti
Inflation up
NEW DELHI, 20 JUNE: Retail inflation based on consumer price index for agricultural labourers rose to 12.7 per cent in May from 12.32 per cent in April, due to rise in the prices of food items and fuel, an official release said. Similarly, for rural labourers, it increased to 12.5 per cent in May from 12.15 per cent in April. pti
US Chamber
KOLKATA, 20 JUNE: The US Chamber of Commerce today named Mr Steve Van Andel chairman of its board of directors. Mr Van Andel, chairman of Amway, will serve a one-year term, according to a Press statement. “Steve embodies the free enterprise system that the chamber works so hard to advance and protect,” US Chamber president and CEO Mr Thomas J Donohue said. sns
Essar Steel
NEW DELHI, 20 JUNE: Essar Steel today said it has raised $1 billion through ECB to part-retire its rupee-denominated debt, a move that will help the Ruias-owned firm to de-risk balance sheet from fluctuating currency rates and save about Rs 450 crore per annum on interest outgo. pti
Essar Ports
MUMBAI, 20 JUNE: Essar Ports today said its promoters have cut their stake to below 75 per cent to meet market regulator Sebi’s public float norms, after its partner Port of Antwerp International converted global depository shares into equity shares. pti