India makes its mark in the emerging markets

India makes its mark in the emerging markets

The fast-growing markets of Africa and the Middle East remained a focal point for Indian firms on a global mission.Godrej takes over Kenya's Charm

Indian FMCG major Godrej Consumer Products Ltd (GCPL) has acquired the remaining 49 per cent stake in Kenya-based Charm Industries Ltd.The acquisition is part of the company's efforts to scale up its wet hair-care business in East Africa.Charm Industries is part of the Darling Group in which GCPL had acquired 51 per cent stake in September 2011. For the financial year 2015-16, Charm Industries posted a turnover of $1.85 million.According to Godrej, the transaction would be completed with “immediate effect” as “no approvals” are required. The buyout is in cash, however, GCPL has not revealed the amount for which it has bought the remaining 49 per cent shares.“The consideration is payable in cash. In view of confidentiality, the amounts are not disclosed,” GCPL said. The Mumbai-based company has made several other overseas acquisitions this year.Cipla sets up JV in Iran

Cipla, through its Netherlands- based wholly-owned subsidiary Cipla Holding BV, has entered into an agreement with Ahran Tejarat Company to form a joint venture in Iran.As per the agreement, Cipla will hold 75 per cent stake in the JV, while the Iranian partner will own the remaining. Cipla will invest approximately €16.875 million in the JV, which will set up a manufacturing facility for pharmaceutical products in Iran.As per the agreement, Issat Company, an existing company in Iran and currently owned by Ahran Tejarat, is to be used as the joint venture company for the purposes of this transaction.The JV proposes to undertake manufacturing and marketing of pharmaceutical products in Iran.Cipla Netherlands will initially acquire a 75 per cent stake in Issat Company from the JV partner for €1.35 million payable in cash and the balance of up to €15.5 million is expected to be infused by Cipla Netherlands into Issat Company as equity over the next one year.The acquisition is expected to be completed by March 2017, subject to completion of precedent conditions and regulatory approvals.India's PVR in Korean tie-up

One of India's biggest multiplex chain operators, PVR, has partnered with South Korea's CJ 4DPLEX to add another 10 4DX screens to its network in major cities like Bengaluru and Mumbai.The company signed an agreement with CJ 4DPLEX to add 10 more 4DX screens at 'CineAsia 2016' in Hong Kong and had launched its first 4DX site theatre in New Delhi in March 2016 in partnership with CJ 4DPLEX.A PVR statement said: “Through this roll-out agreement, PVR cinemas will retain its position as the largest provider of 4DX in India with 11 theatres. The new roll-out includes installation of 4DX in PVR Cinemas' highest grossing theatres in prime PVR locations in Bangalore and Mumbai.”The 4DX concept includes motion, wind, lightning, vibration, fog, rain, snow, rainstorm and scents. It also offers a complete visual, aural, olfactory and tactile experience to cinema viewing.At present, PVR operates 557 screens at 121 properties in 48 cities across India.Adani plans Australia solar plants

Indian mining and energy giant Adani Group plans to kick start work on solar plants in Central Queensland, Australia, by next year.Adani has secured land agreements for the site south-west of Moranbah, which is expected to generate up to 200MW of electricity. That would be the equivalent to powering about 32,000 homes.The company plans to begin construction on the large-scale solar plant in 2017, which is in addition to its planned Carmichael coal mine in the Galilee Basin.The Adani group aims to develop renewable energy projects in Australia with a total capacity of 1,500 MW within the next five years.The group's head of Australian operations, Jeyakumar Janakaraj, said: “Coupled with the company's $3.3 billion of investment to date across its mine, rail and port projects in Queensland, Adani's plans to pursue solar investment opportunities reflect the confidence the company has in the Australian market.“This reflects both Adani's commitment as a diversified energy and infrastructure company in India and a leading solar generator in that market, and the company's plans to build a long-term future with Australia.”The environmental organistaion Mackay Conservation Group has welcomed Adani's decision to announce a 100 to 200 MW solar farm in Central Queensland.Sheela Foam eyes Middle East

Sheela Foam, makers of Sleepwell mattresses, is planning to make an entry into the Middle East market. The Ghaziabad, Uttar Pradesh, registered hotel hopes to tap into the Indian diaspora market of the region as it eyes double digit growth in exports over the next two to three years.Sheela Foam managing director Rahul Gautam said: “In Middle East region, brand is registered there and we would be able to send material there. Although, transport cost for mattress is very high but fortunately for places as Dubai charges are reasonable.” The firm has a presence in the neighbouring markets of Nepal, Bhutan, Bangladesh and Sri Lanka.Sheela Foam launched its initial public offering (IPO) this week, which received a mixed response in the Indian markets.HCL partners with Oman telecom firm

Indian software firm HCL Infosystems has announced its foray into Oman after signing a Memorandum of Understanding (MoU) with Omantel, a significant player in telecom and related services in the Arab nation.Under the terms of the MoU, Omantel and HCL Infosystems will collaborate to facilitate IT transformation involving a range of services including enhancing Internet of Things (IoT) and Machine to Machine (M2M) infrastructure, delivering e-services, portal content management, and enhanced levels of network optimisation and security.Talal Said al Mamari, CEO of Omantel, said, “At Omantel, we continue to be innovators and pioneers of new technology in the sultanate. Therefore, it is vital that we create new synergies with industry leaders to deliver the next generation of services and innovations for the continued evolution of Omantel's 3.0 transformation strategy.“The agreement with HCL Infosystems demonstrates our objective to spearhead the digital transformation in Oman; raising awareness on smart homes, innovative business and e-government services. HCL Infosystems will work closely with Omantel's newly formed ICT unit to achieve the objectives set out in the agreement.” Premkumar Seshadri, executive vice-chairman and managing director, HCL Infosystems Ltd, said: “With a four-decade legacy of pioneering technology innovations, HCL is proud to now enable digital transformation in Oman.“We are pleased to partner with Omantel, a leader in telecommunications services in the region, to provide innovative digital offerings and e-government solutions in Oman.”

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