Category — Construction
India’s Berger Paints, based in Kolkata, West Bengal has just purchased the architectural/decorative operations of the India unit of Ohio’s Sherwin Williams Inc.
The acquisition, carried out through Berger’s wholly owned subsidiary Brushworks, was funded through internal accruals. This will help the Kolkata-based paint major to strengthen its position in decorative or the architectural paint business. Berger’s Managing Director Abhijit Roy said, “The acquisition will increase our presence in South India through their dealer network. Sherwin Williams has a strong foothold in the southern market. It will also help increase our overall capacity and attain a market share of 24 per cent.” However, Sherwin Williams will continue to compete with Berger on the industrial paint division. It entered into the Indian market three to four years ago with the purchase of the business of NitcoPaints.
Berger, with an revenue of $200 million, has a production capacity of 24,000 tonnes a month across seven units. With the new unit at Hindupur and acquisition of Sherwin Williams’ Taloja plant, it is likely to go up to 36,000 tonnes a month.
March 14, 2013 No Comments
According to Bloomberg, Welspun Group (a multinational industry dealing in steel, energy and textiles) has raised $161 million from lenders led by Central Bank of India to finance the building of a new solar plant in India.
According to the company, this 130-megawatt plant, Mandsaur district of Madhya Pradesh, which will be the largest one in India, will power 660,000 homes when switched on in May next year. This was possible thanks to long-term loans the company signed for its venture in the .
The central state of Madhya Pradesh has an annual power deficit of 18 percent, according to Welspun. Welspun has more than 300-MW of clean energy projects in construction and the company is hopes to add 1750 megawatts of solar and wind power in the next few years.
March 13, 2013 No Comments
Ed Fast, Canada’s Minister of International Trade and Minister for the Asia-Pacific Gateway, highlighted the launch of the fifth round of negotiations toward a Canada-India trade agreement. “Our government remains firmly focused on what matters to Canadians: jobs, growth and long-term prosperity. Deepening Canada’s trading relationships with high-growth markets like India is key to these efforts,” said Fast.
A Canada-India joint study concluded that a trade agreement between the two countries could boost Canada’s economy by at least $6 billion. That translates to almost 40,000 new jobs or a $500 boost to the average Canadian family’s annual income. A trade agreement with India would eliminate or reduce tariffs on Canadian goods, liberalize trade in services, and directly benefit Canadian workers and businesses in sectors such as agriculture, resource-related and chemical products, transport equipment, machinery and equipment, and services.
August 17, 2012 No Comments
Ohio-based motion/control maker Parker Hannifin Corporation has acquired a Nagpur, India based manufacturing facility and business.
The Cleveland company bought the hydraulics manufacturing division of India’s PIX Transmissions Ltd in order to solidify its position in the growing Indian market. PIX makes hydraulic and industrial hose, hose assemblies and fittings used in general engineering, marine, agriculture, mining, construction and heating and air conditioning markets. The business’ annual sales total about $13 million, it employs 470 people and the deal includes a $25 million manufacturing facility.
The division will be integrated into Parker’s Fluid Connectors Group and the sales will be reported as part of the International Industrial Segment.
Earlier in the week, Parker acquired the filtration business of Bangalore -based John Fowler (India) Private Ltd. The filtration business makes air, fuel and hydraulic filters. It has annual sales of about $4 million and employs 50 people.
July 13, 2012 No Comments
Cummins Inc.’s (CMI) fourth-quarter profit climbed a better-than-expected 34% as strong sales in India and other BRIC countries offset weaker demand in the engine-maker’s North American market. The maker of truck engines and power generation systems continues to expect growth, with plans to add about 2,500 U.S. jobs this year after adding only 185 in 2010.
The company’s profit was led by 48% increase in international sales that accounted for 64% of total sales. Sales in India shot up 37% during the year.
February 6, 2011 No Comments