Jumbo Top Execs To Manage Operations Of Indian Firms

Mumbai, October 17: | Updated: Oct 18 2002, 05:30am hrs
With a view to optimally leverage group resources, the Dubai-based Jumbo Group has decided to bring the operational and financial management of its Indian companies under the supervision of two of its top executives Jumbo World Holdings Ltd director (group operations) HN Nanani and vice president (corporate finance) Prakash Nene. Mr Nanani will be the chief operating officer and Mr Nene will be chief financial officer of Jumbo Group (Indian operation) and will shift base to India to operate from Mumbai.

Mr Nanani will oversee the operations, while Mr Prakash Nene will control the financial performance of all Jumbo Group companies in India. These companies include Shaw Wallace & Company, Hindustan Dorr-Oliver, Mather & Platt, Dunlop India, Falcon Tyres, Gordon Woodroffe and New Video Ltd.

These companies together have an aggregate asset value of around US $600 million. Assuming his new responsibility, Mr Nanani said that his foremost priority would be to enhance cost efficiencies, resource sharing and policy consistency across group companies in India. He said this will accentuate group identity amongst Jumbo companies and help leverage the individual company resources for the benefit of other constituents of the group. In doing so, a certain amount of re-assessment and re-alignment of resources will become necessary, he added.

The group has identified alcoholic beverages as a high growth area and is working on various plans and strategies that will help the group company, Shaw Wallace, emerge as a dominant international player in its field of operation. I would like to focus on operational and cost efficiencies of the alcoholic beverages business, on priority, Mr Nanani said. Mr Prakash Nene will assume his new responsibility in India after he finishes his current assignments in Dubai.

His focus areas will include, financial performance improvement, disinvestments of non-core businesses, improvement of relationships with financial community and other stakeholders. He would also focus on forging strategic and financial alliances with potential joint venture partners. The Jumbo Group Corporate Management Board led by Ms Vidya M Chhabria recently identified accelerating group businesses, generating profitable revenue growth and positioning the group as a dynamic global group as its key priorities.