Upset over the Maharashtra government taking time in granting fiscal incentives, Britannia Industries Ltd is planning to shift its proposed dairy project from the state.
Speaking to reporters after the company’s AGM, Britannia Chairman Nusli Wadia said, “We have waited for one year for the Maharashtra government to grant fiscal incentives to us. This is too long.”
The FMCG major plans to make a capital expenditure of Rs 300 crore for the project. “We have had discussions with Andhra Pradesh in this regard. A decision will taken shortly,” he said.
He added that the company has proposed, subject to necessary approvals, stock split of shares of Rs two face value into Re one each, as well as issue non-convertible bonus debentures of Rs 60 each, carrying an interest rate of eight per cent.
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