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Nusli Wadia to step down as chairman of 2 firms

Nusli Wadia, the chairman of Bombay Dyeing and Britannia Industries, has decided to give up the chairmanship of two smaller group companies, National Peroxide and Citurgia Biochemicals.

P V Kuppuswamy, executive director of Bombay Dyeing and the vice-chairman of both these companies, will take over from Wadia as the chairman.

Group sources said Wadia has decided to hand over the reins of these small companies as he has "too much on his platter".

They added that Wadia is already chairman of four companies - Bombay Dyeing, Bombay Burmah Trading, Britannia, Wadia BSN, and also the chairman and managing director of Nowrosjee Wadia & Sons. He will, however, continue to be on the board of Gherzi Eastern, Tata Iron and Steel Company, Tata Chemicals, Tata Engineering, East India Hotels, Atul Limited and four other foreign companies.

Though Wadia will step down from these companies, his eldest son, Ness Wadia will continue to be on the board of National Peroxide, while Jehangir Wadia will continue to be director on Citurgia Biochemicals.

The Rs 567.5 million National Peroxide is the largest producer of hydrogen peroxide in the country with a 40 per cent market share. The company is facing stiff competition from China, importer of hydrogen peroxide turning surplus with the commissioning of new plants.

On the other hand, Citurgia Biochemicals, the first producer of citric acid is facing competition from cheap imports from Indonesia and Thailand. The Rs 693.7 million company's calcium carbonate business is also facing competition from the domestic unorganised sector.

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