New Delhi, Aug 12: Cigarette major Godfrey Phillips India Ltd on Monday recommended a dividend of 170 per cent for the fiscal ended March 31, 2003. The company has agreed to pay Rs 17 per share for the financial year, the company officials said.

The firm has projected a 13.6 per cent growth in turnover this fiscaland also intends to invest Rs 50 crore to upgrade its Ghaziabad plant. It had recently started a major marketing and distribution campaign for its new cigarette brand Jaisalmer.
The firm expects its revenue to touch Rs 1,250 crore from Rs 1,100 crore in 2002-03. Last year, the turnover grew by 11 per cent as against the industry growth of 3.5 per cent.
US tobacco giant Philip Morris and K K Modi hold 36 per cent stake each in the firm with the remaining in the hands of financial institutions and the public. Bureau Report