Britannia sacks employees in India

Britannia Industries, however, did not give the exact number of employees it has sacked

Confectionery major Britannia Industries has sacked some employees across levels in India on the basis of non-performance.

The company, however, did not give the exact number of employees it has sacked.

When contacted, Britannia spokesperson said, "This is part of the ongoing performance management process, which differentiates the great, good and under-performers and has nothing to do with any other factor."

"Each year, under-performers [usually 20 to 30] are put on a performance improvement plan and progress is consistently and carefully monitored," the spokesperson said.

"In those cases, where the level of performance continues to be below the acceptable benchmark and there is no noticeable improvement, employees are transitioned," the company added.

To a particular query on whether the employees were given prior notice, the spokesperson said, "There is no surprise for the employee as it is discussed in advance as part of the performance review and happens every year."

On Thursday, Britannia Industries closed at Rs460.80 per share on the Bombay Stock Exchange, 1.42% down from the previous close.

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Fortis to open 50 standalone dialysis centres in 2 years

Fortis launched its first standalone dialysis centre in Delhi

Fortis Healthcare (India) said it plans to invest up to Rs30 crore to set up 50 standalone dialysis centres across the country in the next two years for treatment of patients suffering from kidney failure.

In the first phase, the company plans to set up six centres across Delhi and the National Capital Region (NCR), while the remainder would come up in other metros and Tier-II and III cities.

Our target is 50 centres in the next two years. Depending upon the varied locations across the country, the investment per centre would be in the range of Rs50-Rs60 lakh," Fortis Healthcare (India) CEO Aditya Vij told reporters. The company launched its first standalone dialysis centre in Delhi. The centres would be set up under the brand name, 'Renkare'.

"With Renkare, we will establish a pan-India network of standalone centres that will offer a high quality, convenient and relaxed experience to dialysis patients," Vij added.

According to industry estimates, 8 lakh people suffer from end stage renal disease (ESRD) in India currently, a number which is expected to increase to nearly 9.5 lakh by 2015. "Our mission is to provide a network of quality dialysis centres to the growing populace with kidney failure. We will start with major metros and expand the network to Tier-II and III cities, where access to care is most needed, but often unavailable," Renkare CEO Varun Sethi said.

Fortis Healthcare (India) commissioned its first hospital in 2011 and now has a network of 68 hospitals, with an over 10,000-bed capacity, across the country.

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Godrej Properties signs pact with ICICI Bank

GPL, real estate development arm of Godrej Group, will showcase its sustainable homes, while ICICI Bank will provide an attractive proposition for home loans

Godrej Properties (GPL) said it has signed an agreement with ICICI Bank for promoting housing projects and providing financial services to customers in various geographies.

"We will be launching various promotions for our residential properties across India. With current inflation and increased home loan rates, customers are finding it difficult to invest in their dream home. We hope these offers benefit our customers and make purchasing a home more affordable for them," GPL executive director Pirojsha Godrej said. Under the tie-up, both organisations will host various co-promotional activities for customers in the country as well as for NRIs in the UAE, Singapore, the US and the UK, GPL said in a release. GPL, real estate development arm of Godrej Group, will showcase its sustainable homes, while ICICI Bank will provide an attractive proposition for home loans.

"ICICI Bank has always taken pride in providing effective financial products and enhanced service to our customers. We are happy to associate with Godrej Properties and look forward to mutually help customers to realise their dream home," the bank's executive director, Rajiv Sabharwal, said.

On Thursday, GPL closed at Rs681.50 per share on the Bombay Stock Exchange, 0.32% up from the previous close.

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