GoodLife Products, the Mahendran Holdings unit with help from IVFA has bought back ISS Hicare, the second largest pest control services provider in the country, from Danish ISS Global for an undisclosed sum
India Value Fund Advisors (IVFA) has partnered with GoodLife Products Ltd, a group company of Mahendran Holdings Ltd, to acquire ISS Hicare Pvt Ltd for an undisclosed sum. ISS Hicare is owned by ISS Facility Services India Pvt Ltd, the Indian unit of Danish multinational ISS World Services A/S.
Vikram Nirula and Haresh Chawla from IVFA will join as directors on the Board of GoodLife Products and Mahendran will be serving as the company's chairman.
"The Indian consumer deserves the utmost safety and efficacy in pest control services - we have many ideas on how to transform and invigorate the industry. Hicare is well-positioned to provide a global standard of pest control services to the Indian consumer," said Mahendran, chairman of Mahendran Holdings Ltd.
ISS Hicare was founded by Godrej Industries and Mahendran Holdings in 2004 to provide pest control services to residential customers in Mumbai, eventually expanding to become a pan-India player serving both residential and commercial customers. It was acquired by Danish multinational ISS Global in 2009 and is now India's second largest pest control services provider.
During the December quarter, Shriram Transport Finance reported a decline in its net profit to Rs301.38 crore due to higher finance cost and provisions
Shriram Transport Finance Co Ltd, India's largest asset financing non banking financial company (NBFC) said its third quarter net profit fell 13% due to higher provisions, finance cost, despite healthy growth in its revenues.
For the quarter to end-December, Shriram Transport Finance said, its net profit fell to Rs301.38 crore from Rs345.99crore, while, its total revenues, including interest income, grew 22% to Rs2,032.33 crore from Rs1,673.49 crore, same period last year.
The Shriram group company’s December quarter net interest income (NII) increased 4% to Rs934.65 crore from Rs894.70 crore during the corresponding period last year.
The lender said during the quarter it made 41% higher provisions at Rs302.15 crore when compared with Rs213.79 crore a year ago period.
Driven by healthy inflows, the company’s total asset under management (AUM) increased 15% at Rs53,376.69 crore during the December quarter compared with Rs46,544.60 crore for the same period last year.
During October, Shriram Transport Finance made public issue of secured redeemable non-convertible debentures (NCDs) to raise Rs500 crore which resulted in higher expenditure and finance cost of the company. The finance cost of Shriram Transport Finance increased 42% to Rs1,052.93 crore from Rs741.76 crore a year ago period.
During one year period, between December 2012 and December 2013 foreign institutional investors (FIIs) share holding grew 7.99% to 49.72%; domestic institutional investors (DIIs) shareholding grew 4.04% to 5.59%. On the other hand, public shareholding fell 12.6% to 18.77% as on 31 December 2013.
Shriram Transport Finance paid an interim dividend of Rs3 per equity share during October.
Shriram Transport Finance closed Thursday marginally down at Rs611 on the BSE, while the 30-share benchmark also ended the day marginally down at 20,498.
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Moily said there were complaints about implementation of the direct benefit transfer for LPG-DBTL scheme and a committee has been formed to look into the issue
Bowing to political pressure and hue and cry from common citizens, the Indian government on Thursday put on hold its scheme to transfer subsidy money into bank accounts of consumers through Aadhaar. The cabinet also raised the quota of subsidised LPG to 12 cylinders per household in a year from nine at present.
Oil Minister M Veerappa Moily, while announcing the decision taken by the Cabinet Committee on Political Affairs, said the direct benefit transfer for LPG (DBTL) scheme, where consumers in as many as get 289 districts in 18 states got the subsidy amount in their bank accounts so that they could buy cooking gas at market rate, has been put on hold.
Currently, a subsidised LPG cylinder costs Rs414 while the market price comes to Rs1,021.
Explaining the reasons behind the move to put on hold a scheme that was dubbed 'game-changer, he said there were complaints about implementation of the scheme and a committee has been formed to look into them.
"Pending the committee examining the issues, the Aadhaar-linked LPG subsidy transfer has been put on hold," he said.
There had also been demands from within the Congress to scrap the DBTL as many consumers did not either have the Aadhaar number or banks accounts linked to the Aadhaar number.
DBTL, under which consumers got Rs435 advance money in their bank accounts so as to help them buy a LPG cylinder at market price, was this month extended to 105 districts including Delhi and Mumbai.
He said, households will get one cylinder extra, on top of the quota of nine cylinders, in February and March and from April they will be entitled for 12 cylinders -- one cylinder per month at subsidised rates.
Moily also said raising the LPG quota will cost Rs5,000 crore in additional subsidy annually.
Earlier this month, Congress vice president Rahul Gandhi had at the All India Congress Committee (AICC) session earlier this month asked Prime Minister Manmohan Singh to increase the quota of subsidised LPG to 12 cylinders of 14.2-kg each.
Moily said 89.2% of the 15 crore LPG consumers use up to nine cylinders in a year and only 10% have to buy the additional requirement at the market price.
After the quota is raised to 12, about 97% of the LPG consumers would be covered by subsidised LPG, he said.
The government had initially capped the supply of subsidised domestic LPG cylinders to six per household annually in September 2012 in a bid to cut its subsidy bill. The quota was raised to nine in January 2013.
Consumers, who have exhausted their quota, have to buy LPG at the market price of Rs1,258 per cylinder. Subsidised LPG costs Rs414 per cylinder in Delhi.