The company announced a 50 per cent increase in dividend, at 22.5 per cent, from the accumulated profits after offsetting the 2001 fiscal losses. Sales revenue dropped by 4 per cent to Rs 495 crore, against Rs 517 crore in fiscal 2000.
Gillette India also announced the receipt of a capital grant of $17.5 million (Rs 85 crore) from The Gillette Company USA subsequent to the approval from the Foreign Investment Promotion Board. The capital grant was pursuant to the decision taken by US parent to strengthen the financial position and meet the long term commitments of Gillette India. The capital grant is being used by the company to retire its borrowings.
The company has also entered into an agreement to sell the manufacturing equipment of the Duracell India plant to Duracell Belgium for a consideration of US $6.5 million.
