The British company has recently decided to increase its stake in Avery India from 39.9 per cent to 51 per cent. Nath admitted at the company's 51st annual general meeting on Friday that Avery India, at present, did not have the necessary technology for sophisticated weighing machines.

"We do not have the technology to make modern weighing machines but with GEC Avery taking a renewed interest in the company by increasing its stake, we will get the technical knowhow from them," Nath said.

Chairman SK Poddar appreciated the parent company's decision to increase its stake saying that it was a boon for the company. "In the last few years, I agree, the company's growth was not spectacular because our item list was restricted. We could not offera wide range of products.

However, with GEC Avery renewing its interests, there will be a flow of technologies and information which will enhance the products of Avery India," Poddar said.

It took the management of the local subsidiary three years to convince the top bosses of GEC Avery to increase stake. "This is the first time that GEC Avery has taken so much of interest," Poddar added.