Dabur, Asian Paints shut Egypt units as crisis deepens
Indian consumer goods makers Dabur India and Asian paints on Wednesday said they have temporarily shut plants in the crisis-ridden Egypt.
February 02, 2011 / 19:25 IST
Indian consumer goods makers Dabur India and Asian Paints on Wednesday said they have temporarily shut plants in the crisis-ridden Egypt.
For more than a week now, the African nation has been witnessing street protests by millions, demanding immediate end to President Hosni Mubarak's 30-year-rule.Dabur, which draws about 2.5-3% of its revenue from Egypt, shut down on Monday evening its only hair oil plant in there that caters to the local demand, a spokesman told Reuters. "If the unrest is resolved over the next few days and weeks, we would not see much of any impact on business. However, if the unrest continues for a longer period of time, there might be some impact," Dabur said in a statement.Asian Paints shut operations at its two plants in Egypt from Jan. 29 and will decide on resuming operation once the situation returns to normal in the country, the company said in a statement.Dabur shares closed 0.7% up, while those of Asian Paints ended up 0.11% on Wednesday in a Mumbai market that closed up 0.38%. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
