Indian-origin tycoon Sanjeev Gupta to bail out another ailing UK plant
The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...
EU imposes new ADD on Chinese steel products
The Dollar Business Bureau EU Commission took stern action against China, one of the world’s largest steel makers, for swamping the EU markets with steel, flouting international trade agreements. EU imposed a new anti-dumping duty of 35.9% on China’s hot-rolled flat steel generally used in energy pipelines, shipbuilding, gas containers, tubes, pressure vessels etc. EU Trade Commissioner, Cecelia Malmstroem speaking to the media said, EU is trying to protect its struggling steel producers and stop unfair trading practices. “We are continuing to act, when necessary, against unfair trading conditions in the steel sector, and against foreign dumping,” Malmstroem said in a statement. EU has had a series of standoffs with China over trade but is also looking to resolve them through the OECD. ...
Engineering exports to Israel grew six times in April, EEPC
The Dollar Business Bureau India’s friendship with Israel has been translating into a growth in huge export numbers. In April this year, engineering exports to Israel grew six times over the same month last year, the Engineering Exports Promotion Council (EEPC) revealed today. This is significant given the fact that Prime Minister Narendra Modi will be visiting Israel on July 5 and is keen to ensure that his visit is not focussed on defence ties alone, but includes long-term economic and technological cooperation resulting in a Free Trade Agreement. According to the data released by EEPC, the shipments of engineering goods have increased to $146.42 million in the month of April alone, which is a whopping 640% more than last year’s April ...
GSL delivers first fast patrol vessel to Mauritius
The Dollar Business Bureau Goa Shipyard Limited (GSL), Indian subcontinent’s largest exporter of ships, on Monday delivered MCGS VICTORY, the first Fast Patrol Vessel which is designed and manufactured in-house, to Mauritius Coast Guard. “Indo-Mauritian Defence Co-operation got another fillip with the delivery of first Fast Patrol Vessel, MCGS VICTORY, designed and built in-house by Goa Shipyard Limited for Mauritius Coast Guard, on 26th September 2016 at GSL,” said a Shipping Ministry release. The vessel was handed over by CMD of Goa Shipyard Ltd, RAdm. (Retd) Shekhar Mital, NM to Mauritius Police Force’s Deputy Commissioner of Police K. Jhugroo, in the presence of various senior officials from both the countries. Speaking on the occasion, Mital said that the vessel’s contract was inked on May 17, 2014 ...
Ties with South Korean firms path breaking for defence sector
The Dollar Business Bureau South Korean companies will play a strategic role in partnering with Indian companies, said industry body FICCI. While describing the bilateral cooperation as “path breaking”, the Federation of Indian Chambers of Commerce and Industry (FICCI) said that the initiative will pave ways for joints strategies to develop a stable and secure South East Asian Region from the defence and aerospace perspective. Praising South Korean industries for cutting-edge technologies, products and systems, the industry body said that many of these are apt for adaptation and building in India for Indian armed forces through co-development and co-production under the Make-in-India initiative of the Indian government. During Prime Minister Narendra Modi’s visit, both the countries agreed to work towards ...
India, South Korea upgrade bilateral ties to Special Strategic Partnership
The Dollar Business Bureau India and South Korea on Monday agreed to upgrade the bilateral relationship to a “Special Strategic Partnership”. The two sides have decided to renew the existing cooperation in the areas of defence, foreign affairs, trade and investment, science and technology, and regional cooperation. Indian Prime Minister Narendra Modi and Park Geun-hye, President of South Korea, also agreed for cooperation in many other areas. While President Park informed the Indian prime minister about his country’s Northeast Asia Peace and Cooperation Initiative (NAPCI), the latter welcomed South Korea’s desire to enhance cooperation and security among countries of the Asia-Pacific region. Both the sides agreed to work together and achieve shared goals through India’s Act East Policy and ...
GE Brilliant Factory unit at Pune to boost Indian exports
Sai Nikesh | The Dollar Business The Indian Prime Minister Narendra Modi on Saturday called on the global manufacturers to make better use of Make in India initiative. Inaugurating US-giant General Electrical’s Greenfield multi-modal manufacturing facility at Chakan, Pune, Narendra Modi stressed on immense manufacturing opportunities available in India. Hailing upon GE for its manufacturing facility unit, the PM urged the company to further its investments in ship-building, among various other sectors of India. The PM also highlighted the need for investments in defence manufacturing sector, while stating that Pune has immense potential to emerge as a defence production hub. He also emphasized on the Railway sector stating that the sector could become an engine of economic growth, and ...
