CCI approves Sasan Power Infra, Reliance Power merger

‘The control over the activities carried on by SPIL and RPL before and after the proposed combination remains with the management of RPL:’ CCI

Competition watchdog CCI has approved the merger of Sasan Power Infrastructure with its parent firm Reliance Power, which is promoted by billionaire Anil Ambani.

The Competition Commission of India (CCI), in an order, said, "Based on the facts on record and the details provided in the notice filed under sub-section (2) of Section 6, the proposed combination is not likely to give rise to any adverse competition concern ... The Commission hereby approves the proposed combination."

CCI further noted that Sasan Power Infrastructure (SPIL) and Reliance Power (RPL) are not engaged in production, supply, distribution, storage, sale or trade of identical or similar goods or provision of services.

"The activities of SPIL and RPL are also not related at different stages of levels of production chain different markets," it said, adding, "Further, the control over the activities carried on by SPIL and RPL before and after the proposed combination remains with the management of RPL".

In the early afternoon, Reliance Power was trading at around Rs120.05 per share on the Bombay Stock Exchange, 2% down from the previous close.

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Reliance Brands forms joint venture with Iconix

The new venture will be based in Mumbai and the existing brands of Iconix, Ed Hardy and Mossimo will also be rolled out into the partnership, the companies said in a statement.

Mukesh Ambani-led Reliance Brands, a subsidiary of the group’s retail venture Reliance Retail, has announced the formation of a joint venture with the US-based Iconix Brand to hawk the latter’s brands including London Fog and Ocean Pacific.
 
The new venture will be based in Mumbai and the existing brands of Iconix, Ed Hardy and Mossimo will also be rolled out into the partnership, the companies said in a statement.

The Nasdaq-listed Iconix had signed a licence agreement last year with Arvind Lifestyle’s Megamart for selling its youth brand Mossimo in the country.

“Partnering with Reliance is an essential next step in our global expansion strategy,” Iconix Brand chairman and chief executive, Mr Neil Cole, said.

“With this new partnership, and together with our existing global partnerships, we are on our way to achieving our long-term goal of growing international revenue to a third of our total business,” Mr Cole further said.

Iconix has other similar partnerships in China, Europe and Latin America.

“Having the ability to leverage the global strength of the Iconix portfolio, and building a larger presence for them here, is an incredible proposition. This fits very well into Reliance Brands’ vision of creating long-term value through multiple models of partnerships in the fashion and retail business,” Reliance Brands chief executive, Mr Darshan Mehta, said.

Reliance Brands currently has brand partnerships for Diesel, Ermenegildo Zegna, Hamley’s, Kenneth Cole, Paul & Shark, Quiksilver, Roxy, Steve Madden and Timberland.

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Hero MotoCorp partners with US-based Erik Buell Racing

Hero MotoCorp formed the partnership to bring next-generation high-end bikes to India. It will further augment R&D capabilities through multiple alliances.

Hero MotoCorp Ltd (HMCL), said it partnered with US-based Erik Buell Racing (EBR) for sharing technology. As part of the partnership, HMCL will receive support in terms of cutting-edge technology and design to develop future models from EBR - the East Troy, Wisconsin-based firm, which specializes in designing and manufacturing powerful and high-speed motorcycles.
 
Announcing this, Pawan Munjal, managing director and chief executive officer, Hero MotoCorp, said “It gives me immense pleasure to welcome Erik Buell to the exciting world of Hero MotoCorp. This is in keeping with my objective of quickly scaling up our own in-house R&D capabilities to a global two-wheeler technology power-house by leveraging a network of strategic international alliances. Erik and his team have been working closely with our engineers and designers to develop our next-generation range of products with cutting-edge technology and first-of-its-kind features.”
 
Erik F Buell, chairman and CTO of EBR, said “EBR is delighted to partner with a company as iconic as Hero MotoCorp. Both HMCL and EBR share the common commitment to manufacturing world-class two-wheelers with technology of the future. I have personally been deeply impressed with and inspired by Pawan’s vision. He has given us a challenging brief, and our highly-motivated team is working towards giving shape to that dream. We look forward to designing technology solutions which are in line with contemporary global standards and also futuristic in their appeal and utility.”
 
Through this alliance, Hero MotoCorp will also, for the first time, enter the exciting world of international motorcycle racing. The company will mark its foray into the racing arena by sponsoring two teams: Team Hero and AMSOIL Hero - a first by any Indian two-wheeler company at the AMA Pro Racing National Guard Superbikes Championship. Popular young racer Danny Eslick will represent “Team Hero” while another well-known racer Geoff May will represent team AMSOIL Hero – both riding on EBR 1190RS bikes.
 
Hero MotoCorp also showcased the EBR 1190RS bike at the press conference. The first race is scheduled at the Daytona Speedway, at Daytona beach, Florida, USA between 15 March 2012 and 17 March 2012.
 
Hero MotoCorp is also developing the concept hybrid scooter called ‘Leap’, showcased at the recently-concluded Auto Expo, in collaboration with EBR.  
 
EBR 1190RS is the flagship bike from EBR, and an exclusive engineering marvel, as the company is producing only 100 inaugural units of these, including a handful of the carbon edition package. The EBR 1190RS is taking the American motorcycle racing world by storm with its performance, styling and handling. 

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COMMENTS

Arnav Gill

5 years ago

Its A Great Deal...Am A Hero Freek...Waiting For Some Great Biking Experience..Thumbs UP...

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