Hindustan Dorr-Oliver has bought UK-based DavyMarkham for £9.50 million to gain an entry into the heavy engineering space
Engineering solutions company Hindustan Dorr-Oliver Ltd (HDO) on Tuesday said that it has acquired UK-based heavy engineering company DavyMarkham for £9.50 million (about Rs65 crore), reports PTI.
The acquisition provides HDO, part of Hyderabad-based IVRCL Infrastructure and Projects Ltd, an entry into the heavy engineering space, it said in a filing to the National Stock Exchange.
DavyMarkham is a 180-year-old manufacturing company based in Sheffield, UK. It is engaged in designing, manufacturing and assembling large equipment used in the mining, quarrying, power generation, oil, gas and nuclear sectors.
DavyMarkham's managing director Kevin Parkin and financial director Duncan Hay will continue their current roles along with the management team, the Indian company said.
"DavyMarkham was on the verge of closure four years ago, but with the financial support of our buyout partner, Endless, we have been able to turn around the business and make it an attractive acquisition prospect," Mr Parkin said.
"HDO paid £9.50 million towards 100% (buyout), which include £8.50 million towards equity value and £1 million towards the shareholder loan," the Indian entity said.
DavyMarkham has around £13 million order book in mining and power, mainly from North America and European customers. HDO is looking at marketing the products in the Indian market, it further said.
Fame India's board of directors also approved to take note of the public announcements made by INOX Leisure and Reliance MediaWorks
Multiplex operator Fame India Ltd on Tuesday said that it has appointed Future Group chairman Kishore Biyani as an independent director on the board of the company, reports PTI.
The board of directors at their meeting held on 28th February also approved to take note of the public announcements made by INOX Leisure and Reliance MediaWorks, Fame India said in a filing to the Bombay Stock Exchange (BSE).
Last month, multiplex operator INOX Leisure had announced acquisition of a 43.28% stake in Fame India, besides making an open offer for an additional 20% stake.
Following INOX's announcement, Anil Dhirubhai Ambani Group’s (ADAG) three companies— Reliance MediaWorks, Reliance Capital Partners and Reliance Capital also jumped into the race.
Countering the bid by rival INOX Leisure, the three ADAG companies announced an open offer for a 52.48% stake in Fame at Rs83 per share.
The board has also approved the appointment of Pavan Jain and Deepak Asher as directors of the company. Further, it would also take note of the resignation of Balkrishna Shroff from directorship.
Post the above appointments and resignation, the strength of the board of directors of the company is nine, out of which five are independent directors.
The insurer might be building its brand, but what about the results on the ground?
So, investment companies are busy using all sorts of tools to get you to loosen your purse strings. Fear, humour, tears, you name it. Max New York Life has decided to go ‘idiotic’ in its new campaign. They’ve done the fashionable thing these days: copy the ‘3 Idiots’ formula for its 'igenius' programme.
Here’s the deal: 'igenius' will look after children whose interests lie in offbeat professions. Careers that desi parents usually frown upon. Painting, of course, tops that chart. Not just that. Max New York Life shall also play the role of a Good Samaritan in the parent-child relationship. They will be an ‘agony aunt’ and not just a business partner. Quite obviously, the idea is to get bonded with the investor. With the hope that these agony aunty efforts will result in generating long-term goodwill.
Reportedly, the programme involves scholarships for the kids. And also arranging for events/activities like sports. And 'igenius parenting' to keep the dialogue going with harried parents through help-lines and other media.
In keeping with this spirit, Max New York Life has launched its ‘Shiksha Plus’ child plan with three commercials. Which basically, as you can imagine, involve stories of worried parents wanting their kids to pursue the usual careers, while the child’s interests lie elsewhere (the ‘3 Idiots’ saga). One features a drawing room situation where the parents argue over the routine career options for their kid, who, while looking disappointed, announces that painting is what gets him going. (What’s with painting being always used as a losers’ profession? Qatari citizen MF Husain would be saddened). Well, the commercials are pretty routine and boring (not in sync with offbeat careers). So not much to speak of there.
However, the idea of building relationships with parents is an interesting one. If Max New York Life can pull it off, it will have pushed the investment marketing envelope a bit further. Long-term associations such as these are what marketers dream of in these competitive times. Plus, who knows, in the process the corporate may even help further a child’s career, so all is apparently well.
But here’s the big concern: How will Max New York Life make this programme work with parents from across the nation, across various socio-economic strata? Seems impossible to execute, as it would turn out to be a logistically nightmarish exercise, not to mention the costs that it would suck up. Which means the programme will most likely reduce itself to serving only a few thousand urban households, and not much else. In short, a cosmetic exercise, which would perhaps build the brand itself, but show poor results on the ground.
I suppose once the ‘3 Idiots’ hysteria dies down, and another new happening flick comes along, igenius will find another brand building tool. Karo zyaada promises ka iraada.