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Jumbo hikes stake in SWC, other group firms

Manu Chhabria-promoted Jumbo group has been steadily consolidating stakes in group companies, including Shaw Wallace and Falcon Tyres, over the last few months.

Promoter holding jumped 11 per cent in Falcon Tyres to touch 78.02 per cent, and by more than six per cent in Mather & Platt (India) to 57.22 per cent.

The group has also increased its hold on the other two group companies - Hindustan Dorr-Oliver and Mather & Platt India - during the last fiscal.

In its application to the Foreign Investment Promotion Board, the Jumbo Group sought complete control in flagship Shaw Wallace and Falcon Tyres, but the FIPB has reportedly spiked Jumbo's applications.

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