BANK OF MADURA-All Round Progress


A far-reaching change in the company's structure has been initiated to reinforce its future: prospects. Bayer and Hoechst have been the company's technical cum-financial collaborators since its inception and each of them holds 16.4 per cent of its equity capital. Both collaborators have been examining ways and means of promoting the diversification of the company's activities and they have agreed that Bayer will transfer its shareholding in the company to Hoechst, subject to the requisite approvals of the appropriate authorities in India. B M Ghia, chairman, feels that the emergence of Hoechst as the sole collaborator of the company augurs well for the company's further development. The company and Tamil Nadu Industrial Development Corporation (TIDCO) who jointly promoted Vanavii Dyes and Chemicals (VDC), have agreed that the company will purchase 6,24,000 equity shares in VDC held by TIDCO at a price not exceeding Rs 25 per share. On completion of the proposed acquisition of this block of shares, the company's holding in VDC's equity will increase to nearly 51 per cent. The company could then induct additional resources and fresh technology for expansion and diversification at VDC Meanwhile, Colour-Chem's turnover during the first quarter of the current year has been 30 per cent higher than that achieved during the corresponding period of last year. But its Roha factory was severely damaged by heavy rains and flash floods which occurred on July 24/25. The chairman estimates the damage in the region of Rs 125 lakh to Rs 150 lakh.