Havells to expand ‘Standard’ brand beyond switches, targets 1,000 cr sales

Havells India said it has launched water heaters, switches and MCBs under its Standard Electricals brand, which has been known for its switchgear for close to five decades in India. The company said that it expects to expand sales under Standard to Rs 1000 crore in the next 3 to 4 years from about 400 […]

GST complaints coming mainly from tax-evaders – Adi Godrej

Adi Godrej, chairman of one of India’s largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion. “The complaints about the GST are mainly coming from people who used to evade taxes in […]

Reliance Naval says not worried about IFC’s insolvency petition

Reliance Naval and Engineering, the defence production arm of the Anil Ambani group, said it was not worried about the petition filed by bankruptcy petition filed by IFC. It said the international organization does not have its loan secured against the assets of the company. Unsecured creditors come lower in priority compared to secured creditors, […]

Siemens Q2 sales hit by GST, profitability improves, orders up 10%

Electrical goods maker Siemens Ltd reported an improvement in its profit margins, but underlying sales growth decelerated to 1.8% due to GST-related impact. The company usually posts 8%-15% growth in revenue. Net profit also showed a decline as last year, the company had exceptional income related to the sale of a unit. Revenue, on a […]

Tata Power, Israeli partner get sonar contract from Indian Navy

Tata Power said its Strategic Engineering Division, along with partner DSIT Solutions Ltd, received a contract to supply Portable Diver Detection Sonar (PDDS) to the Indian Navy. The deal is one of the the largest in the world for such systems, it said. The detection systems will largely be manufactured in India at the Tata […]

Adani, Saab tie-up; to pitch Gripen jets to India

Defence and security company Saab, maker of Gripen jets, has tied up with India’s Adani Group for aerospace and defence production in India. “The intended collaboration would encompass design, development and production of Gripen for India and other high-tech products of national importance for India and also the creation of joint ventures in India in […]

India to announce new industrial policy in October

The Indian government is likely to announce a new industrial policy in October, the ministry of commerce and industry said, and sought feedback from the public. Commerce and industry minister Nirmala Seetharaman will hold a final round of consultations with stakeholders soon, it added. “Sitharaman will hold consultations with stakeholders, including industry captains, think tanks […]

GST to boost Indian electronics manufacturing – Assocham-NEC study

The goods and services tax will give a big boost to domestic electronic manufacturering as costs will be significantly brought down, said a study by ASSOCHAM-NEC. “The local manufacturers will be able to pass on the tax benefit to consumers in the form of price reduction,” said the report titled, ‘Electricals & Electronics Manufacturing in […]

JSW Steel to build Rs 2,100 cr pipeline to import iron ore from Eastern India

JSW Steel Limited said the company’s board has approved a plan to build a pipeline from its Vijayanagar plant in Karnataka to the coast to facilitate the import of cheaper iron ore from Odisha and Eastern India. “This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. […]

Raymond opens Ethiopia factory to cut costs, easy access to US, EU

Textiles and garments brand Raymond inaugurated a garment manufacturing plant in Ethiopia to gain duty-free access to the US and European markets. The plant was set up at a cost of Rs 100 cr and will employ over 2500 people in the first phase. More people will join later, the company said. Ethiopia also gives […]

Reliance Industries expands paraxylene capacity, becomes global No.1

Reliance Industries said it commissioned its third and last crystallization train at its paraxylene complex at Jamnagar, making the company the biggest manufacturer of the key ingredient used in plastic production. Paraxylene is used to make intermediate chemicals that are then used to manufacture polyethylene terephthalate or PET. PET bottles are widely used for water […]

TCS to create apps on Siemen’s IoT platform MindSphere

Tata Consultancy Services said it will create applications on MindSphere, the cloud-based, open IoT operating system from Siemens. IoT stands for ‘Internet of Things’ and refers to connectivity between two machines over the Internet, with zero human interface. Examples include a connection between a smart electricity meter at the customer’s home and a billing computer […]

Industry welcomes move to include made-ups in apparel package

The industry has welcomed the move by the government led by Narendra Modi to extend support to the made-ups export industry and said it would help the sector break out of its current slump. The cabinet had yesterday included the made-ups sector in the Rs 6,000-cr apparel package unveiled in June this year. Made-ups include […]

Anil Ambani’s Reliance Defence and Engineering to enter the oil rig business

Reliance Anil Ambani Group said its unit Reliance Defence and Engineering Ltd partnered with US-based oil rig comopany ALLRIG to provide jack-up rigs, drilling rigs and other floating fixed oil & gas assets in India. “The association will be helpful in providing solutions for class approved spares, repairs, upgradation and warranty support for critical equipments […]

Almebic Pharmaceuticals receives inspection report from USFDA

Alembic Pharmaceuticals Ltd., said it received an Establishment Inspection Report from the United States Food and Drug Administration for the inspection carried out at their formulation facility at Panelav, Gujarat. The FDA has the authority to inspect any establishment in which food is manufactured, processed, packed, or held, in search of contamination. Upon completion of […]

FDA observations ‘primarily procedural’ –

USFDA issued four observations about Cipla’s manufacturing facilities in Goa after conducting an audit, the company said. Cipla has three facilities in Goa. “The observations were primarily procedural in nature and the company has already responded to these observations,” said the pharma company. Further details were not given. The company said it will continue to operate their […]

Huawei starts manufacturing Honor phones in India

China-based Huawei said it will start to manufacture smartphones in India in collaboration with leading Sketch-to-Scale solutions provider, Flex, in October. Starting from first week of October 2016, the Flex manufacturing plant in Chennai will manufacture one of the Honor smartphones models, the company said. The plant will have the capacity to make three million […]

Fiem Industries raises Rs 120 cr via private placement

Fiem Industries Ltd. said it raised Rs 120 crore by placing 12 lakh shares with qualified institutional buyers. The shares were priced at Rs 1002 each. Fiem manufacturers automotive lighting & signaling equipments and rear view mirrors. Most of its revenue comes from the two-wheeler segment of the vehicle industry. The company´s shares had closed […]