22.08.2019
मुंबई
हिंदुस्तानपेट्रोलियमकॉर्पोरेशनलिमिटेडकी 67वींवार्षिकसाधारणसभा21अगस्त 2019कोवाई. बी. चव्हाणकेंद्र, मुंबईमेंआयोजितकीगई।सभाकेदौरानकार्यकारीऔरप्रबंधनिदेशककेसाथकार्यकारीनिदेशकोंनेसाल
2018-19 तथा आगे होने वाले निगमकेप्रदर्शनकेबारेमेंशेयरधारकोंकोसंबोधितकिया।
शामकोसाल 2018-19 तथा आगे होने वाले निगमकेप्रदर्शनकेबारेमें,प्रेसकेसंबोधीत
किया और मीडियाप्रश्नोंकाजवाबदिया।
एचपीसीएलअगलेपाँचसालमेंरिफाइनिंग,पेट्रोकेमिकलऔरपैट्रोलियममार्केटिंगमें 74,000 करोड़रुपयोंकानिवेशकरेगा। 2018-19, 18.44एमएमटीकासबसेज्यादारिफाइनिंगथ्रुपुटऔर 38.7मिलियनटनकीकुलबिक्रीकी।
Mumbai
22.08.2019
67th Annual General Meeting of Hindustan Petroleum Corporation
Limited was held on 21st August 2019 at Y B Chavan Centre, Mumbai. During the meeting
Chairman and Managing Director along with Functional Directors addressed the
shareholders about theperformance of the Corporation
during FY 2018-19 and future plans.
Subsequently in the evening, they interacted with the press and
responded to Media queries about the performance of the Corporation during FY
2018-19 and future plans.
HPCL plans to invest Rs. 74,000 crore in next 5 years in
refining, petrochemical and petroleum marketing. In 2018-19, HPCL recorded
highest ever refining thruput of 18.44 MMT and highest ever overall sales of
38.7MMT.
Dear
Shareholders,
Good Morning
to all of you,
It is my privilege to
extend a warm welcome to the esteemed shareholders on behalf of the Board of
Directors, to the 67thAnnual General Meeting of Hindustan Petroleum
Corporation Limited.I thank you for your gracious presence.
It gives me great pleasure
to share with you that during Financial Year 2018-19 your Company has continued
its journey of excellence to new performance benchmarks.During the year, your Company
has achieved the highest ever refining throughput, sales volume and EBIDTA.
Profit after Tax exceeded the ₹ 6,000 crore mark for the third year in
succession.
The breakthrough
performance was achieved through collective endeavors of all the functions and
business units to create value for all stakeholders. Your constant support and trust
continuesto inspire us in accelerating the performance momentum.
I am delighted to share
that your Company’s performance has been rated ‘Excellent’ for the 11th
consecutive year in terms of the Memorandum of Understanding (MoU) for the
financial year 2017-18.Based on 2017-18 performance, your Company featured
amongst the top 10 profit making CPSEs in country for the 2nd
successive year with improved ranking.
Since the last AGM, Shri
Ram Niwas Jain isreappointed as Non-Executive Independent Director effective 20th
November, 2018 on the Board of the Company.Shri Sunil Kumar, Joint Secretary (Refinery)
in Ministry of Petroleum and Natural Gas isappointed as Government Nominee
Director, effective 30th May, 2019 and Shri G. Rajendran Pillai isappointed
as Non-Executive Independent Director, effective 15th July, 2019.
Now, with your
permission, I would like to outline the major developments that have taken
place in the Indian economy and hydrocarbon sector during 2018-19 before
sharing the details of the performance and future plans of your Company.
Indian
Economy
Indian economy continues
to be one of the fastest growing major economies in the world with an estimated
GDP growth of 6.8% in 2018-19. The
growth rested on higher growth in manufacturing and construction sectors
compared to previous years. Services sector also maintained a steady growth. Key
policy reforms taken by Government of India helped in strengthening business
climate and boosting confidence in the economy.In World Bank’s “Ease of Doing
Business 2019”rankings,India is at 77thposition,recording a leap of
23 ranks from previous year.
The growth outlook of
the Indian economy remains positive due to robust consumption base in view of
its large young population, increase in disposable income, upwardly mobile
middle class and potential for increased per capita energy consumption. The
structural reforms, with thrust on rural and infrastructural sectors, are
expected to further drive economic growth. The GDP growth of the country is
projected to be about 7% in 2019-20. India's energy demand is closely linked to
economic growth. It is expected that energy needs and oil consumption will continue
to grow in tandem with the economic growth and increase in per capita energy
consumption.
Developments
in Oil Sector
2018-19 was a year of uncertainties
for the global oil industry which had significant impact on crude oil price
movement.Price of Brent crudesaw high volatilityduring the year. Brent crude
prices being at US$ 67 per barrel in April 2018, recorded a peak of US$ 86 per
barrel in October 2018, then dropping to a low of US $ 50 per barrel in
December 2018 and recovering to US $ 68 per barrel by the end March 2019. Various
factors including economic sanctions on Iran by USA, political instability in
Venezuela & Libya, coordinated production cuts and increase by OPEC &some
Non-OPEC oil producing countries, trade tensions between USA & China and
signals of slowdown in global economic growth influenced the crude price
movement throughout the year.Price for Indian basket of crude oil increased from
an average of US$ 56 per barrel in 2017-18 to an average of about US$ 70 per
barrel in 2018-19, an increase of about 25%.
High volatility in crude
oil prices is expected to continue during the current financial year due to
uncertainties in global economic scenario, geopolitical events, disruptions in
supply & shipping and other factors.
Despite various
externalities in oil market, domestic consumptionof petroleum products continued
to increase and reached 212 million tonnes in 2018-19 with a growth of 2.7%
over previous year.Robust growth in petroleum products demand was enabled by
increase in manufacturing & construction activities,rising mobility needs,
growing urbanization and enhanced reach of petroleum products across the
country.
Petrol and Diesel
consumption registered growth of 8.1% and 3% respectively on the back of expansion
of vehicle fleet along with increased manufacturing and infrastructure
development activities. LPG consumption recorded strong growth of 6.8% on
account of enhanced LPG coverage facilitated by Pradhan Mantri Ujjwala Yojana
and other LPG programs initiated by Government of India.Kerosene consumption registered
a de-growth of 10.1% mainly due to transition to LPG as a cooking fuel. ATF
consumption increased with a strong growth of 9.1% on the back of continued
high growth in domestic passenger traffic facilitated by Government of India’s
efforts for augmenting aviation infrastructure and regional connectivity.
Year 2018-19 saw a
number of far-reaching policy reforms in India’s hydrocarbon sector, centered
around the crucial goal of ensuring universal access to affordableand sustainable
energy. To accelerate shift towards clean fuel based cooking, large scale
implementation of Pradhan Mantri Ujjwala Yojana was continued during the year.Major
clean fuel policy initiatives including major thrust on City gas distribution,
notification of National Policy on Biofuel-2018 and launch of SATAT (Sustainable
Alternative Towards Affordable Transportation) program were undertaken by Government
of India to increase the access and usage of clean fuels in country.
In addition to Delhi,
supply of BS VI grade auto fuels has been extended to 12 NCR districts and city
of Agra.Rollout of BS VI compliant auto fuels across the country is slated from
1stApril 2020.
HPCL
Performance
With great pride and satisfaction,
now I present to you the details of the financial and physical performance of
your Company for the Financial Year 2018-19.
Financial
During 2018-19, your
Company recorded highest ever gross sales of ₹ 2,95,713 crore with high growth
of 22%. Net profit for the year 2018-19 stood at ₹ 6,029 crore and the Gross
Refining Margins (GRM) averaged at US$ 5.01 per barrel.
The outstanding
financial performance led to a strong earnings per share of ₹ 39.56 for the
year 2018-19.
Your Company has proposed
final dividend of ₹ 9.40 per share in
addition to the interim dividend of ₹6.50 per share paid in February 2019,
resulting in total dividend payout of ₹15.90 per share for the year 2018-19.
Net worth of your Company
significantly increased during the year to reach ₹ 28,175 crore as of
31st March, 2019 as compared to ₹ 23,948 crore as of 31st
March, 2018.
All operating Joint Ventures and Subsidiaries
of your Company performed well during 2018-19 and helped your Company register
a consolidated Net profit of ₹ 6,691 crore.
I am happy to share that
your Company continues to obtain strong credit ratings from various reputed
international and national credit rating agencies.
Your Company is assigned
credit rating of “Baa2” by “Moody’s Investors Service” and credit rating of
“BBB-” by ‘Fitch Ratings’. The credit ratings are at par with sovereign rating
and indicate ‘Stable’ outlook.
The outstanding performance
during 2018-19 has reinforced our confidence to further accelerate the growth
momentum and scale greater heights.
Physical Performance
The year 2018-19, saw
the refineries register exemplary physical performance with continued thrust on
reliability and operational excellence. For the second consecutive year, both
the refineries at Mumbai and Visakh recorded their individual best ever throughput,
which helped HPCL achieve the highest ever combined refining throughput of
18.44 million tonnes with a capacity utilization of 117%.
Highest ever production
of LPG, Bitumenand Lube Oil Base Stock (LOBS) was achieved at the refineries.
The refineries, continued to improve energy efficiency performance and recorded
the lowest ever combined specific energy consumption in 2018-19.
In marketing of
petroleum products,your Company achieved highest ever overall sales volume of
38.7 million tonnes with a growth of 4.9% over previous year.
In Retail sales, your Company
achieved total sales volume of 24.54 million tonnes with a growth of 3.3% and
market share gain of 0.17% amongst PSU OMCs in combined Petrol and Diesel sales.
This performance has been achieved through effective implementation of various
customer centric initiatives, judicious expansion of retail network and
effective deployment of information technology towards automation of key
processes.A new initiative, ‘HP Fuel Connect’, was launched by HPCL during the
year for doorstep delivery of Diesel to select commercial customers at their
premises.
Your Company continues
to be the 2nd largest LPG marketerin India. Your Company achieved
the highest ever LPG sales volume of 6.55 million tonnes witha strong sales
growth of 7.1%,focusing on initiatives inenhancing customer
satisfaction,strengthening of infrastructure and improved rural reach.During
2018-19, over 1 crorecustomers were enrolled in PMUY taking the total number of
PMUY beneficiaries at HPCL to about 2 crore. To ensure safe and sustainable
usage of LPG,over 34 Lakh people were sensitized by conducting over 27,000
Pradhan Mantri LPG Panchayats.
Inthe highly competitive
domestic lubricants market, your Company continues to be India’s largest lube
marketer for the 6th consecutive year with total lubricants sales of
over 650 TMT. This excellent performance was achieved through consistent focus on
OEM partnerships, expansion in Bazaar & MSME segments and development of
new lubricant grades & specialties. I am happy to share that your Company
has significantly expanded its footprints in various overseas lubricants
markets and is supplying lubes to 11 countries. Your Company’s overseas
subsidiary ‘HPCL Middle East FZCO’has commenced business operations at Dubai
for catering to various growing markets in Middle East and Africa.
In Industrial &
Consumer sales, your Company concentrated in maximizing the sales of Fuel Oil,
Diesel and Bitumen by focusing on key accounts and MSME segment.It helped in
achieving over 1 million tonne sales ineach of these products for the 4th
consecutive year and helped in exceeding 6 million tonnes sales volume in overall
B2B sales with a growth of 7%.
In the rapidly growing
aviation fuel segment, your Company recorded a sales volume of 875 TMT with an
impressive growth of 20%. Effective utilization of the wide network of Aviation
Service Facilities at all major airports in the country was instrumental in
this achievement.
The various milestones
achieved in Market Sales were on the back of excellent performance by supply
chain functions.Highest ever throughput of 52 million tonnes in liquid fuels
was achieved by effective and efficient management of network of depots and terminals.
To further enhance the operational efficiency, some of the supply locations
were converted into ‘SMART’ terminals through complete automation and seamless
integration of various processes.
Pipeline network
continues to be the backbone of product transportation and has been a key
competitive strength of your Company.Highest ever pipeline throughput of 21.5
million tonnes was recorded during the year which helped in significant
reduction of logistics cost and carbon footprint.
In downstream Natural
Gas business, your Company scaled up its presence bycommencing CGD projects in
geographical areas of Kolhapur and Ambala-Kurukshetra through newly created
joint venture company, HPOIL Gas Pvt. Ltd. Your Company is also setting up CGD
networks in Jind & Sonipat districts of Haryana.I am happy to share that in
the 10th CGD bidding round by PNGRB, your Company has been
authorized for development of CGD networks in 9 new geographical areas which is
one of the highest number of geographical areas allotted to a single entity in
bidding round.With this, your Company has authorization for CGD networks in 20
geographical areas across 9 states on its own and through its JV companies. In
addition to CGDs, your Company is also investing in large scale Natural Gas
infrastructure projects. Environmental clearance is received for development of
5 MMTPA LNG regasification terminal at Chhara port in Gujarat being developed
through JV Company.
In the area of renewable
energy, your Company has generated 190 million units of electricity from its
wind farms in Maharashtra & Rajasthan and has set up a number of captive
solar power plants at operating locations during the year.
Projects
Completed during the year
To achieve growth and
cater to the increasing fuel demand, your Company is strategically investing in
infrastructure across various segments of energy value chain. With the highest
ever capital expenditure of ₹12,438crore, a number of capital projects were
completed during the year 2018-19 and many other projects are under
implementation.
Project for Capacity
expansion of Ramanmandi Bahadurgarh Pipeline (RBPL) from 4.71 to 7.11 MMTPA is
completed within approved cost and schedule. Other ongoing pipeline projects
are at various stages of completion to further expand the cross country
pipeline network from 3,370 Km to 5,131 Km.
In addition to ongoing major
expansion of Mumbai and Visakh refineries, a number of process improvement
initiatives were implementedto enhance capabilities of refinery units and
achieve significant gains in energy efficiency, safety and reliability.
Supply network of depots
and terminals was augmented during the year with commissioning of new railway
tank wagon gantry at Visakh black oil terminal and revamp of the existing tank
wagon facility at Jabalpur depot. Aviation fuel infrastructure was strengthened
with commissioning of new Aviation Service Facilities at Amritsar,
Bhubaneshwar, Raipur and Kolhapur airports.
To enhance LPG supply
and distribution capabilities, bottling capacity of 330 TMTPA was added during
the year at existing bottling plants. A new LPG bottling plant was also commissioned
in Warangal district in the state of Telanganawith bottling capacity of 60 TMTPA.
HPCL is the first Oil
Marketing Company to own LPG rakes under Liberalized Wagon Investment Scheme
(LWIS) of Ministry of Railways for transportation of LPG from source to
bottling plants and has procured 4 LPG rakes during 2018-19. It has helped HPCL
reduce logistics cost and ensured safe and easy transportation of LPG.
To reduce carbon
footprint from electricity consumption, captive solar power projects were
commissioned at various locations during the year with total power generation
capacity of over 11 MW.
Research
& Development (R&D)
Your Company continues to
lay strong emphasis on innovation and R&D to consistently enhance
competitive strength. R&D division of your Company has created significant
value through development of new technologies & products and improvement in
operations of existing processes.HPCL’s Corporate R & D center at Bengaluru
has developed and demonstrated 17innovative technologies & products. Grant
of 12 patents during the year including 6 international patents is a testimony
to your Company’s extensive efforts in R&D.
Our focus on R&D will
not only help ingiving an edge to your Company in existing operations but will
also open horizons for wide scale commercialization of newly developed
technologies and products.
HSE and
Sustainability
Safety and Sustainability continue to be at the core ofall
our business activities
with equal focus on occupational health and environmental
preservation.During 2018-19, your Company significantly scaled up its efforts on
sustainable development by implementing several initiatives in the areas of
energy conservation, energy efficiency, renewable energy, waste management,
water conservation and green belt development.
Your Company is actively participating in National
Biofuels Program to promote low carbon growth andenergy security. Your Company
achieved highest ever percentage blending of Ethanol in Petrol during the
yearwith an all India blending average of 5.5%. Your Company has also initiated
efforts for marketing of Compressed Bio-Gas under Government of India’s Sustainable
Alternative Towards Affordable Transportation(SATAT) program.
Your Company is reporting its performance on
Environmental, Social and Economic aspects through publication of Annual
Sustainability Reports since last 7 years. The 8th Sustainability
Report for the year 2018-19 based on GRI standards and duly assured on AA1000
assurance standard has been published.
Corporate
Social Responsibility
Your Company is committed to synergize the
business growth with social responsibility and strives to augment social
capital of the nation through impactful CSR initiatives. Your Company has effectively
contributed to enrich lives of about 2 lakhless-privileged people through
programs in the area of Childcare, Healthcare, Education and Skill Development
with an overall CSR spend of about ₹ 160crore
during 2018-19.
Under Swachh Bharat Abhiyan, your Company has
constructed more than 500 toilets in schools in 2018-19.In addition, new
toilets having separate facilities for male, female and divyangs were
constructed at 1,639 retail outlets during the year. To increase awareness towards
cleanliness,large number ofinitiativeswere takenacross the country.
Internal
Control and Risk Management
Your Company has a comprehensive and well
defined Risk Management Framework with robust internal control processes for
conducting the business in a smooth manner. Risks including crude supply
disruption, crude price volatility, foreign exchange exposure, intensity of
competition, climate change concerns etc. are regularly reviewed for suitable
risk mitigation plans and interventions.
Corporate
Governance
Your Company remains committed to operate
with the highest standards of Corporate Governance. All business activities are
conducted with strict adherence to regulatory framework and under the core
values of ethics, accountability, transparency, integrity and professionalism. Your
Company believes in nurturing the trust and confidence and ensuring sustained
value creation for all stakeholders.
All the mandatory provisions stipulated in
SEBI listing regulations relating to the Corporate Governance requirements have
been complied.
Human
Resources
The strength of
your Companycontinues to be its employees who are skilled, competent and
dedicated. All our professional endeavors are guided with the motto to create
value for the stake holders.It is your Company’s continuing endeavor to create
an environment where employees strive to deliver excellence. Your Company has
takennumber of initiatives for enhancing employee engagement, capability
building andleadership development. Competencies of the workforce are
constantly upgraded to equip them to meet the future challenges.
I take this opportunity to acknowledge the contribution of all our employees and
proactive support by the unions and associations in
ensuring safe & efficient operations and maintaining a healthy industrial
climate.
Awards and
Recognitions
For its all-round excellence, your Company
has been recognized at various forums
with a number of prestigious awards and
accolades during the year including ‘Oil MarketingCompany of the Year’ award by
Federation of Indian Petroleum Industry (FIPI) for the third consecutive year,
‘Best Navratna in Manufacturing, Processing and Generation Sector’award by Dun
& Bradstreet and ‘Vigilance Excellence Award 2018’ by Central Vigilance
Commission.
Strategy
& Business Plans
The performance of the Company during the
year 2018-19 is testimony to the faith and loyalty reposed by customers and firm
support of all the stakeholders.Your Company will strive to ensure that it
remains on the trajectory of sustained profitable growth and continue to maximize
value for its stakeholders.
Your Company is focused on strengthening the
core business of refining and marketing through expansion of refining
capacities, supply chain capabilities and customer reach. In addition, thrust
is on creating new levers of growth by establishing strong presence in petrochemicals,
scaling up footprints in Natural Gas business and expanding marketing presence in
overseas geographies.
To enhance production capabilities in tandem
with the growing demand of petroleum products, your Company has undertaken
capacity expansion projects for refineries at Visakh and Mumbai.
Visakh Refinery Modernization Project (VRMP)
being executed at a cost of₹ 20,928 crore will enhance the refinery capacity
from 8.33 MMTPA to 15 MMTPA. The project includes facilities for bottom
upgradation and production of BS VI compliant motor fuels. Capacity of Mumbai
Refinery is being enhanced from 7.5 MMTPA to 9.5 MMTPA with capability to
produce BS VI motor fuels at a cost of ₹ 5060 crore. The completion of these
projects will enhance the profitability of the refineries.
During 2018-19, both Visakh Refinery
Modernization Project (VRMP) and Mumbai
Refinery Expansion Project (MREP) have
recorded significant progress and achieved a number of milestones.
I am happy to share thatHPCL Rajasthan Refinery
Limited, a Joint Venture of HPCL and Government of Rajasthan, has achieved significant
progressfor setting up a 9 MMTPA Refinery-cum-Petrochemical project at Pachpadra
in Barmer district of Rajasthan.Technology selection has been completed for all
the 13 process units. Engineering activities are in progress and site
construction activities have commenced. Financial closure has also been
achieved for this project. The project is being implemented at a cost of ₹43,129
crore.
Your Company is laying strong thrust on petrochemicals
business and has developed a robust strategy and action plan for marketing of
petrochemicals. Focus is on buildingpetrochemical marketing capabilities and
establishing presence in downstream petrochemicalseven before commencement of
production from the integrated petrochemical complex at Barmer in Rajasthan.
Pipeline
network expansion and augmentation continue to be a key thrust area for the
Company.Ongoing pipeline projects with total estimated investment of ₹5,555crore
are in various stages of completion.This includesMundra-Delhi Pipeline (MDPL),
Visakh-Vijayawada-Secunderabad Pipeline (VVSPL), Vijayawada-Dharmapuri Pipeline
(VDPL), Palanpur-Vadodara
Pipeline (PVPL)and Uran-Chakan
/ Shikrapur LPG Pipeline.
I am happy
to share that HPCL has received the authorization from PNGRB for
laying of LPG
pipeline fromHassan in Karnatakato Cherlapalliin Telangana with capacity of 2.2
MMTPA. Capacity expansion of the existing Mangalore-Hassan-Mysore-Yediyur LPG
Pipelineis also planned along with the project.
YourCompany is also partnering with IOCL and
BPCL for execution of the country's longest, 2,757 km long, LPG pipeline
project from Kandla in Gujarat to Gorakhpur in Uttar Pradesh. AJoint Venture Company
has been incorporated in the name of ‘IHB Private Limited’ in July 2019.
To further
increase the supply chain strength, a number of marketing projects including
new LPG plants, Depots, Terminals and Aviation Fuel Stations have been
undertaken along with augmentation of existing infrastructure. Your Company is
also setting up a new LPG cavern of 80 TMT storage at Mangaluru.
Your Company is
investing in downstream gas infrastructure facilities including 3 Natural Gas
pipelines and a 5 MMTPA LNG Regasification terminal at Chhara in Gujarat
through joint ventures. Focus is on expansion of CGD business through
development of CGD networks in allotted geographical areas and active
participation in future CGD biddings.
Your Company is also planning to increaseitspresence
in Bio-fuels segment by building second generation (2G) ethanol production
facilities and marketing of Compressed Bio-Gas through retail outlets.
A capital expenditure of about ₹74,000 crore is
envisaged over the next five years for various projects.
Your Company continues to leverage technology
advancements to improve productivity, safety, cost efficiency and customer
experience.A comprehensive digital strategy and roadmap are being developed to
harness the potential of emerging digital technologies across all spheres of
business.
To leverage
technological advances and support innovation, your Company has engaged with 18
Startups under ‘HPCL Startup India’ scheme.
As India enters a new era of economic
development, domestic energy demand is expected to grow.Rising climate change
concerns and energy security challenges will influence the shape of energy
transition and interplay between various forms of energy. However, considering
the demand growth projections, expected penetration levels, infrastructure
availability and customer preferences; it is expected that the new energy
sources may be able to cater only to a part of the incremental demand and
hydrocarbons are expected to continue as the mainstay of end use energy
consumption in India in the near future.
Your Company is well positioned to adapt to
the changing energy landscape through judicious expansion of its portfolio,
infrastructure capability, strong customer focus, innovation centric culture and
talented pool of employees.
Your Company will continue to pursue current
& future opportunities in the areas of Refineries & Petrochemicals, marketing
Infrastructure, Natural Gas, Bio fuels, Renewable Energy and new age
technologies to create further value for the stakeholders.
Acknowledgements
Ladies and Gentlemen, before l conclude, I on
behalf of the Board of Directors, would like to thank the Ministry of Petroleum
& Natural Gas, other Ministries and Departments of the Government of India
and various State Governments for their valuable guidance and counsel and look
forward to their continued support. We also acknowledge the support received
from the various local authorities, other regulatory & statutory
authorities, banks & financial institutions in smooth conduct of our
business.
My fellow Directors and l are thankful to all
the shareholders for their support and confidence reposed in us. I thank you
for taking time to be with us today.
I thank all our customers, dealers,
distributors and all business associates who are an integral part of our
business. I sincerely thank all our employees for their unwavering commitment
and tireless efforts.
I wish to acknowledge the contribution made
by Shri Sandeep Poundrik and Ms.
Sushma Taishetewho were the ex-officio Government
NomineeDirectors on the Board of the Company. I also wish to acknowledge the
contributions of Shri J.Ramaswamy, previous Director-Finance and Shri S. Jeyakrishnan,
previous Director-Marketing who have superannuated during the year. I also take
this opportunity to thank my colleagues on the Board for their mature counsel.
I look forward to the continued involvement
with all stakeholders and collaborative working with them to keep alive our
legacy of touching lives and be a Company that delivers happiness.
Place: Mumbai Mukesh
Kumar Surana
Date: August 21, 2019 Chairman
& Managing Director
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