It said in a statement that while the company remains committed to an early disinvestment from non-core businesses, prevailing market conditions prevented any sales during the quarter under review. It also said that Scottish and New Castle group, the strategic partner would pump in Rs 200 crore by way of external commercial borrowings into the company and the investment would be completed by the end of the last quarter of the current fiscal.
Meanwhile, McDowell & Company has reported a turnover of Rs 370 crore for the quarter ended June 30, 2002, an increase of 11.61 per cent over the corresponding period last fiscal. The company has reported a gross profit of Rs 9.39 crore for the quarter, an increase of 17.2 per cent over the same quarter last year.
Both the boards of UB and McDowell have proposed implementation of an ESOP scheme.