Cavin Kare to foray into soap market
Chennai: Cavin Kare is making a foray into the
over Rs 4,500-crore soap market with the launch of Meera Tulsi. Meera brand from Cavin
Kares will cater to the herbal shikakai powder segment in four different variations.
The product has just been launched in Tamil Nadu
The herbal soap category presently comprises brands like the market-leader Hamam and
Rexona from HLL and Margo from Henkel, apart from Medimix, Chandrika and Vrinda. Meera
Tulsi will cater to the popular segment of the market and is priced at Rs 9.50. It will be
initially made available in 75 gm packs positioned between HLLs 50 and 100 gm packs.
Meera Tulsi soap test launch in Tamil Nadu is expected to last between eight and 12 weeks
and during this period, it will be made available across one lakh outlets in the state.
Based on the results in Tamil Nadu, the brand will be further launched across the country.
In the first year of launch, Cavin Kare expects to corner at least 2 per cent of the Rs
380 crore soap market in the state.
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Thermax to set up an
US-based subsidiary soon
New Delhi: Thermax has announced the setting up of
a US subsidiary, Thermax Inc, which would begin operations from April. The Detroit-based
subsidiary will act as the front-end for all the major business and subsidiaries of
Thermax and develop north and south American markets for the company. This would be the
second overseas subsidiary operation to be launched by Thermax during this fiscal year.
The first such operation M E Engineering was earlier set up in the United Kingdom.
Thermax plans to market and support its established range of products and services in the
US through this venture, such as resins for water treatment and speciality applications,
absorption chillers for air conditioning and process cooling etc. The US arm would also
support long-term partnerships with the original equipment manufacturers (OEMs) in US and
strengthen technology sourcing and alliances for Thermax.
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Shell
plans to take stake in IBP after divestment
Lucknow: Shell, a global oil and gas major has
expressed interest in picking up stake in IBP, the state-owned oil company after the
government announces the disinvestment plan for the company. Mr. Martin Foley, director
and vice-president of the Shell Gas and Power has said that
Shell will also evaluate data on procuring a new oil exploration licences, through its
join venture company Bharat-Shell. Overall, the company plans to invest Rs 50,000 crore in
India in the next few years, Mr. Foley has stated.
The company has just signed a memorandum of understanding (MoU) with the Uttar Pradesh
State Industrial Development Corporation (UPSIDC) for Rs 15,000 crore investment in UP for
supply of natural gas. Shell proposed gas pipeline in UP would supply natural gas 20 per
cent cheaper than naphtha and $1 less per MMBTU than LNG, which will help factories switch
over from more expensive naphtha as a basic feedstock.
Shell has already signed an agreement with the Gas Authority of India Ltd. (GAIL), to
strengthen its partnership in the country in the oil and gas sector.
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Mitsubishi
to hike Snowman Frozen holding to 88 per cent
New Delhi: The Mitsubishi group is increasing its stake in Snowman Frozen Foods,
their Indian cold storage arm from 69.23 per cent to 88 per cent. The hike in foreign
equity participation is aimed at helping the local subsidiary get over its financial
difficulties. Snowman Frozen Foods has reportedly incurred huge cash losses in their
operations during the last three years, primarily in heavy interest payments.
The foreign equity infusion into the company
is expected to be of the tune of about Rs 25 crore.
Snowman is expected to utilise the fresh infusion of foreign equity into the company for
expanding its operations. The company, at present, has two existing city cold stores in
the country. It is planning to expand these two stores, besides thinking of opening 10
more new city cold stores in different parts of the country.
The company is engaged in manufacturing
frozen food items like frozen prawns, frozen crabs, whole cooked lobsters. The company is
also engaged in preservation, storage and transportation at controlled temperature of
various food items like fruit, vegetables, dairy, and poultry products.
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Zensar
plans four offshore software units
Pune: Zensar Technologies is planning to set-up 4
offshore software development centres including one at Pune. The new forays is expected to
enable Zensar to emerge as one of the largest software exporter and achieve industry
average software export growth of 50 per cent to 55 per cent, as against the current slow
growth of 25 per cent.
The Pune offshore development centre
being set up at a cost of Rs 15 crore will house 900 people and will be operational in 18
months time. Currently, Zensar has 1,200 people working for it at various sites, including
at its offshore sites: 3 in Pune and one each at Noida and Mumbai. The company is
targeting at doubling its manpower in three years time, depending on the new business
opportunities.
Zensar already has 5 offices in the US with
the American market contributing 60 per cent of Zensars revenues. About 30 % of its
revenues come from Europe and balance 10 per cent comes from Japan and other South East
Asian countries.
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Weitnauer
plans retail foray in India
New Delhi: Weitnauer Holdings, the $9 billion Swiss
duty-free conglomerate, is planning to foray into Indian retail market through joint
venture or franchisee route. The group plans to retail products in areas such as
electronics, fragrances and cosmetic products. The move forms part of an extension plan of
the groups retail operations worldwide.
The electronics retail chain would be
launched under the brand name of Electronix, while the name of the fragrance
and cosmetic chain has not yet been decided. The Electronix retail chain would be launched
sometime in July this year in Delhi and Mumbai and later expand to Chennai and Bangalore
in the next year. The cosmetic and fragrance retail chain is likely to be launched by the
year end.
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Bharti,
Spectranet deal falls apart
New Delhi: The proposed alliance between Bharti
Enterprises and Spectranet, in which the former was expected to take a stake in the
latter, has fallen apart. The two companies have apparently failed to arrive at a mutually
acceptable price and both the parties have called off the deal.
A statement issued by Bharti Enterprises
says: `` We have extensively evaluated the project on key technical and financial
parameters. We firmly believe that based on our internal benchmark standards, which
includes our assessment parameters, business benchmarks and financial indicators, we do
not think it is appropriate for Bharti to invest in Spectranet. In fact, our assessment on
the valuation is significantly lower that Spectranet's expectation. Hence, for all current
purposes our discussions have now been terminated.''
A separate statement issued by Spectranet
said: ``The board of directors of Spectranet met this afternoon and after due
consideration and deliberation have decided not to accept the Bharti offer.''
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PSL Holdings
to set up two new pipe mills
Mumbai: PSL Holdings, manufacturers of steel pipes, is
planning to set up two new pipe mills in next two years, which will boost companys
production capacity to four lakh tonne from present 2.50 lakh tonne. The project is
expected involve an investment of around Rs 15 crore per mill.
The company is planning to set up two new
mills with an installed capacity of 65,000 tonne each, for manufacturing water, oil and
gas pipes in the next two years. Currently, PSL Holdings has three mills, with a fourth
unit at Kandla in Gujarat is likely to be commissioned in April. The Kandla unit will
raise the capacity to 2.5 lakh tonne.
The proposed
two new units are likely to be set up in the eastern and northeastern part of the country,
with a view to cut down on the transportation costs of both inputs as well as the
end-product in those regional market. The companys pipe mills and coating yards are
mostly located in Chennai, Daman and Kandla, apart from two of its coating yards in
Panipat and Vizag. With the possibility of its upcoming units in the eastern region, PSL
will establish a strong foothold in almost all parts of the domestic markets.
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