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Kidwai is new Tata Tea MDMUMBAI -- The board of directors of Tata Tea on Monday appointed SM Kidwai as the company's designate managing dire...

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Kidwai is new Tata Tea MD

MUMBAI — The board of directors of Tata Tea on Monday appointed SM Kidwai as the company’s designate managing director. Kidwai, who is now an executive director, will take office in his new capacity on February 1. He will succeed R K Krishna Kumar, who has taken over the managing director of Indian Hotels Company. Kumar will continue to remain the vice chairman of the company.

Air France plans cargo hub

MUMBAI — AIR France is planning to start a cargo hub in New Delhi, subject to the approval of Air India and Indian Airlines. Air France will hold discussions next month with AI and IA whereby cargo arriving in Delhi could be uplifted by IA or AI on the domestic network as against the present seven freighter (Boeing 747) flights a week from Paris to Delhi, Mumbai to Bangalore and Chennai, Marc Benedetti, General Manager for India, said. The French airline is beefing up its operations in India by increasing its capacities by 30 per cent in passenger traffic in 1997-98 while cargo operations would be given a boost with a seven-100 tonner freighter fleet, he said.

Fuller offer to buy FIL shares

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MUMBAI — The open offer by Fuller International Inc to buy the fully paid-up equity shares of Fuller India Limited (FIL) from the public will close on Wednesday. Fuller international holds 80 per cent of the equity capital of Fuller India and has offered to buy the 20 lakh outstanding shares, representing the balance 20 per cent of the company’s capital at Rs 139.25 per fully paid-up equity share.

FIL was originally incorporated as Fuller KCP Limited with Fuller International Inc and KCP Ltd each having a 40 per cent holding and the balance 20 per cent held by the public. After the changes in the Indian regulations on foreign holding, Fuller International acquired the 40 per cent holding of KCP in Fuller India during March 1997 at a negotiated price of Rs 139.25 per share.