GMM Pfaudler announced on December 9 a new Employee Stock Option Plan (ESOP) for its key employees to reduce workforce attrition and to incentivise personnel. The new ESOP scheme will be extended to employees irrespective of geographical constraints.
The ESOP plan was approved by the board of the company during a meeting on December 2, the company stated. A total of 51,161 stock options will be earmarked for the ESOP scheme, valued at 0.35 percent of the cumulative paid-up share capital of the company.
“We at GMM Pfaudler have always believed that our employees are our most important asset. Without their hard work and determination, we would not be where we are today. As we move towards becoming a truly global organisation, a robust ESOP programme will help us retain and attract talent,” said Tarak Patel, Managing Director.
The manufacturing company employs over 1,500 across four continents in 14 manufacturing facilities. Some of the company’s products include fluoropolymers, filtration & drying, engineered column systems, lab and process glass, sealing technology, and glass-lined and alloy systems. The company plans to expand its services in eastern and south-east Europe along with South East Asia.
Quarterly net profit for the company stood at Rs. 34.60 crore in September 2021, seeing an increase of 28.85 percent from Rs. 26.86 crore in September 2020. Net sales were also at Rs 647.24 crore in September 2021, up 247.5 percent from the figures in September 2020.
(Edited by : Shoma Bhattacharjee)
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