Here’s a look at this week’s top 10 Indian business news.
Hitachi begins operations in new facility at Sanand, targets India revenues of Rs. 20,000 crore
Hitachi Hi-Rel Power Electronics Pvt. Ltd, arm of Hitachi Group, announced the commencement of operations at the company’s new manufacturing facility in Sanand, Gujarat. “Hitachi Hi-Rel intends to enhance the lineup of industrial power electronics for use in plants in fields such as power generation, steelmaking, and chemicals.
The goal is to expand Hitachi Hi-Rel’s revenue of the growing Indian infrastructure market” said a release. The electronics major plans to generate revenues exceeding Rs. 20,000 crore from its India operations by 2015.
Government sells 10% stake in NMDC, nets Rs. 6,000 crore
After fixing Rs. 147 per share as the base price on Tuesday, the government reportedly netted Rs. 6,000 from a 10% stake sale in the state owned NMDC Ltd. The issue was oversubscribed 1.73 times and bids for 68.7 crore shares were received. The weighted average price of the bids was said to have been Rs. 150 per share. Shares of the state owned mineral producer closed the week at Rs. 160.15 on BSE.
DCNS to acquire 15% stake in Pipavav Defence and Offshore Engineering Company Ltd
French shipbuilder and naval defence equipment manufacturer DCNS is reportedly set to acquire a 15% stake in Pipavav Defence and Offshore Engineering Company Ltd for Rs. 1,350 crore. The French government owns a majority stake in DCNS which builds frigates, aircraft careers, submarines and other naval systems and equipment.
Anil Ambani’s Reliance Group to partner with China’s Wanda to build township projects in India
Anil Ambani’s Reliance Group announced a JV with China’s Dalian Wanda Group to develop 135 acres in Navi Mumbai which is owned by Reliance Communications and 80 acres in Hyderabad with Reliance Infrastructure. The Dalian Wanda Group generates an annual income exceeding $22 billion. It operates 34 five-star hotels, 46 departmental stores and 814 cinema screens.
Panasonic inaugurates ‘eco ideas’ manufacturing unit in Jhajjar, Haryana
Panasonic announced the inauguration of ‘eco ideas’, its new manufacturing unit in Jhajjar, Haryana. The new facility is set to draw in investment of over $200 million by 2015 and will employ more than 1,500 people. It will also feature a host of eco friendly initiatives including those in the areas of reduction of CO2 emissions, waste management and recycling, and chemical substance usage.
“Panasonic has been known for making everyday life simpler, more convenient and more energy efficient. Today’s opening of this factory will fuel our first priority goal in India of doubling Panasonic’s revenue in fiscal 2012-2013” said Mr. Daizo Ito, President, Panasonic India.
Jet Airways expands codeshare agreement with Etihad Airways
Jet Airways announced the expansion of its codeshare agreement with Etihad Airways, allowing passengers of India’s leading private airline enhanced connectivity from India to Paris, via Abu Dhabi.
“We are delighted to enhance Jet Airways’ codeshare agreement with Etihad Airways, enabling guests to enjoy seamless connectivity across the extensive networks of both airlines. Etihad’s world-class in-flight product and service ethics closely match our own” said Nikos Kardassis, CEO Jet Airways.
Lodha Developer buys Washington House for Rs. 341.8 crore
Lodha Developer outbid Mahindra Lifespaces and Tata Housing to acquire Washington House, a three storey residential building on Altamont Road, owned by the US Consulate for Rs. 341.8 crore. Altamont Road is reportedly one of the ten costliest addresses in the world. The realty giant is said to have paid Rs. 17 crore as stamp duty for the transfer of the property.
Kingfisher Airlines caps FII to 3%
Debt laden Kingfisher Airlines said to the BSE in a filing that it had capped FII to 3%. “With immediate effect no FII, qualified foreign investor or other non-strategic foreign investment (excluding investment by NRI) shall be permitted beyond its current level of three per cent or such other percentage that may be decided from time to time under intimation to the stock exchanges” said the filing. The carrier is reportedly gearing up for a possible stake sale to foreign investors including Etihad Airways.
Arvind Ltd to open Billabong stores in India
Arvind India will open stores for Australian surfwear brand Billabong in a deal that reportedly involves the Sanjay Lalbhai led company gaining long term rights for the local market. “We do not want to be in the super premium segment as the intention is to take the brand to tier-two cities as well. There will a big focus on accessories such as eyewear, bags, flip-flops which will account almost 40% of the product line” said J Suresh, MD & CEO, Arvind Brands & Retail Ltd.
Deutsche Bank increases capital base in India by Rs. 1,054 crore
Deutsche Bank increased its capital base in India by Rs. 1,054 crore to fund the bank’s growth plans. “India is one of the most significant markets for Deutsche Bank globally with market leading transaction banking and investment banking businesses and a rapidly growing asset and wealth management and retail footprint” said Ravneet Gill, CEO, Deutsche Bank India. The move reportedly raised the lender’s total capital to Rs. 7,000.