Search Result for : Tata Group

The Dollar Business Bureau  Indian multinational Tata Global Beverages Ltd (TGBL) said on Thursday that it will sell its Russian business to a local company as part of its strategy to restructure operations in Russia. The amount of the deal has not been disclosed by the company.  TGBL, a Tata Group subsidiary, has signed an agreement to transfer operational responsibilities and ownership of its business unit in Russia to Skodnya Grand Ltd, TGBL said in a statement.  The deal also includes granting a 5-year renewable license pact for its brands in Russia to Tea Trade LLC, after the transaction has been completed, it added.  The deal is likely to be concluded with the next in 3-4 months, subjected to the regulatory approvals, the company ...

The Dollar Business Bureau India Inc has increased their overseas investments in the month of March, the data by Reserve Bank of India (RBI) showed on Tuesday. Foreign direct investment (FDI) by Indian firms in their international businesses surged more than two-fold to $2.99 billion last month. In March 2016, the companies from India had invested worth $1.42 billion in their overseas subsidiaries/joint-ventures. In March this year, the investments were much more compared to the preceding month of February, at $867.53 million, RBI data revealed. The companies’ investments came by way of equities at $1.99 billion, loans of $742.6 million and in the form of issuance of guarantee around $251.4 million. The major investors are Bharti Airtel Ltd with investment worth $765.2 million and Tata International ...

The Dollar Business Bureau The Australian government has entered into partnership with Indian multinational conglomerate Tata Group and US-based non-profit organisation XPRIZE for running a $1.5 million global challenge on 'Water Abundance Prize' for innovators who bring new ideas for using energy-efficient technology for harvesting water from air.  The challenge is open to innovators, creative thinkers, engineers, entrepreneurs, academics and scientists with innovative ideas to showcase the use of technology for improving access to affordable clean water in areas of high humidity where the water is either inaccessible or unavailable. “Julie Bishop, Foreign Minister of Australia encouraged the innovators all over the world to take on this Challenge when she visited the headquarters of XPRIZE, a non-profit organisation which is specialised in encouraging technological improvements to ...

The Dollar Business Bureau Indian global company Tata Chemicals Limited is planning to invest around Rs.200-250 crore for the development and creation of nutritional products in the state of Andhra Pradesh. In this regard, the company entered into a memorandum of understanding (MoU) with the government of Andhra Pradesh on January 28, 2017. “The company has signed an MoU with the Government of Andhra Pradesh during the second Sunrise Andhra Pradesh Investment Meet for creation and development of Biotechnology-based nutritional products such as Oligosaccharides and other nutritional products in Nellore district involving investments of approximately Rs. 200-250 crore,” Tata Chemicals said in a filing with BSE. Tata Chemicals Ltd, a firm of Tata group, is engaged in manufacturing chemicals, fertilisers and salt. The company also sells spices and ...

The Dollar Business Bureau  Tata Global Beverages Ltd (TGBL) has decided to exit from its Chinese joint-venture Zhejiang Tata Tea Extraction Company Ltd. (ZTTECL). The TGBL board approved the disinvestment decision on Monday, after it held a meeting and "deliberated and accorded an in principal approval" to divest its stake in the JV ZTTECL "at an estimated enterprise value of Rs 33 crore", TGBL said in a statement. This also means that TGBL is finally exiting its China operations. Last August, ex-Tata Chairman Cyrus Mistry had indicated that it will soon be exiting the JV. "We are looking at restructuring the business there. In what way this will be done, that has to be looked into," Mistry said. “The sale is subject to necessary approvals. ...

The Dollar Business Bureau Tata Coffee on Monday announced it would establish a $50 million (about Rs.350 crore) greenfield instant coffee facility in Vietnam. “The board approved the setting up of a state-of-the-art greenfield freeze dried instant coffee facility in Vietnam of 5,000 tonnes per annum,” Tata Coffee said in a statement. “Estimated project cost is $50 million (about Rs.350 crore),” the company said. In a seperate announcement, Tata Coffee said the coffee board has appointed Anantha Murthy N as the company’s Secretary and Compliance Officer with effect from December 20, 2016. The earlier position for company secretary and compliance officer was held by Suryanarayanan NS. Tata Coffee is a subsidiary of Tata Global Beverages Ltd. The company is Asia’s largest integrated coffee company and the ...

PTI Tata Sons has appointed Ishaat Hussain as the Chairman of the group's hugely successful IT firm TCS in place of Cyrus Mistry, who was ousted last month. "The company (TCS) has received a letter dated November 9, 2016 from Tata Sons Ltd nominating Ishaat Hussain as the Chairman of the Board of Directors of the company in place of Cyrus P Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the Board of Directors of the Company and Hussain is the new Chairman of the company," TCS said in a regulatory filing. TCS said Hussain shall hold office as the Chairman of the company until a new Chairman is appointed in his place. "Tata ...

The Dollar Business Bureau With overseas business making up 70 per cent of Tata group's revenue, Chairman Cyrus Mistry remains optimistic about acquisitions -- both within and outside India -- as also growth through the organic route. He wants his companies to have speed and agility to adapt to "turbulent times". Each of the group companies is charting its own strategy and growth story, with a focus on sustainable and profitable growth, Mistry asserted. "We continue to remain open to growth opportunities in India and overseas, through the organic route and acquisitions," he said. The group invested Rs 4,15,000 crore (USD 79 billion) in capex over the last decade. Of this, Rs 1,70,000 crore (USD 28 billion) was invested in the last three years alone. In ...