I extend a warm welcome to all of you at this 107* Annual General Meeting of yourcompany.
Compared to our previous year's performance I am happy to say that your company hasmade good progress in each of its three business verticals: Textiles Real-Estate andClean Energy.
With a new stable government at the centre which is committed to several reforms oureconomy in the coming years is expected to grow at a rapid pace. Though the global economyis not growing as expected the Indian economy is signaling some signs of recovery whichis a positive factor. Due to a substantial reduction in crude oil prices there has beensome relief from continuing high inflation. This has led to an adoption of easy monetarypolicies by Reserve Bank of India by reduction in interest rates. It is expected thatinterest cost will decline in the near future leading to revival of investment in industryand infrastructure.
During 2014-15 the textile unit performed well contributing Rs 300.21 crores to ourtotal income compared to Rs 297.01 crores in the previous year.
On the real estate front the development of commercial property in Mumbai has beencompleted while the on-going projects in Bangalore Hyderabad and Mangalore areprogressing. We are very confident that going ahead the real estate division will be agood growth driver for our company.
On the clean energy front our plans to set up a Floating Storage & Re-gasificationUnit (FSRU) which is the first of its kind in the country are in an advanced stage andall the necessary clearances and approvals required for the project have been received.Further we have off-take arrangements with Gujarat Petroleum Corporation (GSPC) forutilization of capacity on a long term commitment basis and have also tied-up for 100%capacity booking from major Public Sector Oil Companies like ONGC IOC and BPCL. Onsuccessful commissioning of this project your company forsees tremendous growth andprofitability resulting in a positive impact on its performance.
I would like to extend my gratitude to all our stakeholders including shareholderscustomers lenders and our loyal hardworking and committed employees for their continuedsupport and faith in the company.
Nikhil V. Merchant