21 October, 2020

Biztro

Biztro
outlookindia.com
2016-07-29T22:55:30+05:30
Twist In Tobacco Tale

It has been a sweet send off for ITC’s Yogi Deveshwar, who addressed his last AGM as executive chairman of the cigarettes-to-food conglomerate. His 20-year legacy—staving off parent BAT plc and seeding a diversified, Rs 50,000-crore, profit-rich, professional company—is enviable. For a company operating in the hostile tobacco sector, Deveshwar has also managed the political environment brilliantly. But a small segment of retired ITC employees feel terribly let down by the company. These managers (including the family of a late former chairman) ret­ired at the top of their game before liberalisation. Now they draw monthly pensions of barely Rs 10,000 and a piffling sum for medical expenses. Sadly, their petitions for an “OROP” for ITC haven’t been...

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