Japan-based Kubota takes strategic stake in Escorts

Escorts Ltd, one of India’s oldest motor and equipment makers, said Japan-based Kubota Corporation, one of the top tractor makers in the world, will take a 10% stake in the Indian company for Rs 1,042 cr. The partnership, which will go beyond equity participation, will “integrate and deepen their relationship towards achieving their mutual ambition […]

Dixon Tech starts making TVs for Samsung in India

Dixon Technologies, which commenced making smartphones for Samsung in India in November, has expanded its relationship with the Korean company to now make flat-panel TVs in India for the Korean giant. Dixon is a contract designer and manufacturer of electronic and lighting goods, including LED bulbs, washing machines, TVs and mobile phones. It is famous […]

No proposal to privatize BHEL – Govt

Government of India today said that its list of public sector companies scheduled to be sold to private entities did not include Bharat Heavy Electricals Ltd. The company, abbreviated BHEL, has with operations in multiple locations such as Bhopal in Madhya Pradesh and Trichy in Tamil Nadu and is India’s largest suppliers of heavy electrical […]

Voltas Beko to launch more items; Sanand plant starts output

Turkish durables player Arçelik and Tata Group’s Voltas have started operations at their first production facility in India at Sanand in Gujarat. The facility will be operated by Voltbek Home Appliances Pvt Ltd, the 50:50 joint venture between the two groups, and will gradually be scaled up to 2.5 million units of annual production by […]

Ramco Cements faces demand slowdown in Q3, profit slips

Ramco Cements, one of India’s biggest cement manufacturers, reported poor demand for cement during the three months ended December. The Chennai-based company, which gets most of its revenues from South India and Eastern India, reported a revenue growth of just 6% for the third quarter, compared to a growth of 12.6% for the first half […]

Havells India hit by slowdown, sales down 10%

Havells India, one of the country’s top cable makers, reported a 10% fall in its revenue, blaming an overall slowdown in economic activities in the country. The company, however, managed to maintain margins through cost cuts. “The deterioration in economic macros, sectoral liquidity challenges and slowdown in infrastructure segment has disproportionately impacted demand for industrial […]

Tata Steel Europe reports debt reduction

Tata Steel said its European subsidiary, Tata Steel Netherlands Holdings, has refinanced its bank debt by raising term loan facilities of 1.75 billion euros. In comparison, Tata Steel’s European operations had reported a debt of over 2.2 billion euros as of March. “This represents a reduction of EUR 500 million versus the external debt outstanding […]

Delhi HC grants stay on McLeod Russel’s tea estate sale

In an order that can throw a spanner in the works of tea company McLeod Russel’s debt restructuring, the Delhi High Court has issued an injunction against any asset sale or capital restructuring by the company. The court,”in reference to a matter filed against certain promoters of the company with regard to certain alleged outstanding […]

COLUMN: Why we should welcome a recession

Subramanian Swamy is often accused of propagating outlandish ideas and suggestions, but at least on the issue of addressing a slowdown in India’s GDP growth, he seems to be closer to the truth than India’s ruling establishment. Both Sitharaman and Swamy are united in recognizing the need for a ‘stimulus’ to nudge the economy from […]

Naveen Jindal says slowdown won’t stop JSPL turnaround

Naveen Jindal, chairman of Jindal Steel & Power Ltd, one of India’s biggest steelmakers, today said the country is going through an economic slowdown, but assured investors that his company would continue to improve profits and reduce debt. Like its peers in the infrastructure and construction businesses, JSPL has very high levels of debt. During […]

BHEL wins second big order from Koodankulam Ph II project

Close on the order for erection of turbine generator for the new units of Koodankulam Power Project, state-owned capital goods giant Bharat Heavy Electricals Limited (BHEL) said it has also won the order for erecting reactor side equipment for the same. Against a value of Rs 440 cr for the June order, this one is […]

Piramal Enterprises sells 10% stake in Shriram Transport Finance

Diversified group Piramal Enterprises Ltd said it has sold its entire direct stake of 9.96% in Shriram Transport Finance Co Ltd via the stock exchanges. The move comes at a time when non-banking finance companies find the going tough due to a slow down in credit flow to the industry. The company did not reveal […]

YES Bank acquires stake in Electrical Engineering firm CG Power and Industrial Solutions

YES Bank, India’s fourth largest private sector bank, said it has acquired 12.79% stakes in Electrical Engineering firm CG Power and Industrial Solutions as part of the invocation of a pledge. It acquired over 8 crore of equity shares of CG Power submitted as collateral for a loan. The shares are valued at Rs 288 […]

Tata Global Beverages to acquire branded business of Dhunseri Tea for 101 cr

Tata Global Beverages Ltd, a subsidiary of the multinational conglomerate Tata Group, said it entered into a non-binding agreement to acquire the branded tea business of the Kolkata-based Dhunseri Tea and Industries Ltd for Rs 101 crore. A non binding contract is an agreement in which the parties are not legally obligated to carry out […]