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GTC Industries Ltd, the flagship of Dalmiya group and owned by Sanjay Dalmiya, is one of the prominent players in the cigarette market. It has two cigarette-manufacturing units, each in Baroda and in Mumbai respectively. Apart from cigarettes, the company also manufactures processed tobacco and trades in marine products. Some of the major cigarette brands owned by GTC include Panama, Flair, Chancellor, Esquire, Legend and Burton. Cigarette sales contribute to around 95% to the company`s total turnover. GTC is one of the oldest companies of the country and was started as a propriety concern in 1930 by Mr Narsee Monjee. It was converted to a public limited company in 1971 under the name of Golden Tobacco Company Ltd. The company was taken over by Mr. Sanjay Dalmiya in 1979, after the Dalmiya Group bought all the shares of Golden Tobacco held by the Narsee Monjee Group. Currently, the promoters and foreign collaborators own 42.5 % share of the company, banks and financial institutions hold 16.3% while the public holds the rest. The subsidiaries of the GTC include GTC Investment and Finance Ltd, Panama Investment & Finance Ltd, Olive Investment & Finance Ltd, Ranigandha Investment & Finance Ltd, Golden Investment Ltd and GTC Global Ltd. GTC Global Ltd functions as the export arm of its parent, GTC Industries Ltd, for cigarette exports. The company was declared as sick company by the Board for Industrial & Financial Restructuring (BIFR). Recent Developments:
GTC Industries Ltd has has got approval from Registrar of Companies to extend its AGM upto December 31, 2002. The company has appointed Mr. Malagouda Hanumantagouda Patil - Advocate, Mr Bharat Bachubhai Merchant - Solicitor, Mr. Ram Autar Gupta - Chartered Accountant as non executive independent directors on the Board in July Fy02.
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