HSIL, the maker of 'Hindware' sanitary-ware brand, will acquire Havells' whole business of manufacturing and dealing in bathroom fittings and accessories under the brand ‘Crabtree’
Somany Group company Hindustan Sanitary Ware and Industries Ltd (HSIL) on Friday said that it is acquiring electrical goods maker Havells India's bathroom accessories and fittings business for an undisclosed amount, reports PTI.
The company said that it has entered into an agreement with Havells India, whereby it will acquire its whole business undertakings engaged in manufacturing and dealing in bathroom fittings and accessories under the brand ‘Crabtree’.
"With this acquisition, HSIL will have modern faucet manufacturing facilities, additional distribution network and additional sales volumes," the company said in a statement.
Havells' faucet manufacturing unit is situated at Bhiwadi in Rajasthan.
It also said that the acquisition will help in expanding its building products division and "get competitive advantage in (the) institutional and project segments."
The Rs800-crore company, which sells sanitary ware under the 'Hindware' brand, is one of the market leaders in the segment, with over 1,200 distributors and 12,000 retailers across the country.
In the last two-three years, HSIL had expanded the 'Hindware’ brand by adding its building products portfolio, which includes PVC cisterns, bathtubs, shower systems and kitchen appliances.
Wipro believes that sales opportunities are huge in France for an IT outsourcing company and it is keen to expand its footprint in that country with stepped up investment
Indian information technology (IT) services provider Wipro Ltd has said that it is keen to expand its footprint in France as the country offers huge potential for growth and has stepped up its investment in the region, reports PTI.
"We invested in a senior leadership team. We are seeing excellent progress and we are extremely confident of our future in France," Wipro chief financial officer Manish Dugar said in a statement released in Dubai.
Wipro believes that sales opportunities are huge in France for an IT outsourcing company, it said.
The French government has undertaken a series of measures in recent years to make it easier and more profitable to do business in France. These far-reaching reforms have changed the equation for existing companies and new investors.
"It is a large under-penetrated market for offerings that take advantage of the global delivery model. But more critically, some of the world’s biggest and best corporations represent France. And French companies are becoming more and more international and global," Mr Dugar said.
Last week, French minister for the economy, industry and employment, Christine Lagarde and Michel Mercier, the minister for rural and regional development, presented the 2009 report on job-creating foreign investment in France.
"Against the backdrop of a worldwide downturn in foreign direct investment flows, the IFA and French regional development agencies recorded 639 job-creating foreign investment projects in 2009, an increase on the figure in 2007 (624), and nearly as many as in 2008 (641). The results for 2009 are the fourth-best in the last 15 years," the report said.
These investments will enable 29,889 jobs to be created or maintained (versus 31,932 jobs in 2008), which is broadly in line with the annual average since 2000 (30,400).
The UN report finds that 227 million people in the world have moved out of ‘slum conditions’ since 2000. At the same time, the study also stresses that 55 million new slum-dwellers have been added to the global urban population since 2000
India and China have together lifted at least 125 million people out of slums between 1990 and 2010, and improved the lives of slum-dwellers more than any other countries, a new report released by the United Nations said, reports PTI.
India has lifted 59.7 million people out of ‘slum conditions’ since 2000. Slum prevalence fell from 41.5% in 1990 to 28.1% in 2010. This is a relative decrease of 32%, the study found, according to the report called ‘State of the World’s Cities 2010/2011’.
"Lessening poverty and improving conditions in slums are part of India's urban development policy," the report said, pointing out four main reasons for it.
These reasons are: building the skills of the urban poor in their chosen businesses, and by providing them micro-credit; providing basic services and development within slum settlements, thus improving living conditions; providing security of tenure to poor families living in unauthorised settlements, improving their access to serviced low-cost housing and subsidised housing finance and encouraging the poor to take part in decision-making and community development efforts.
China has made the greatest progress on this front with improvements in the daily conditions of 65.3 million urban residents, the report said.
Proportionally, China's urban population living in slums fell from 37.3% in 2000 to some 28% in 2010, a relative decrease of 25%.
"Despite growing inequality due to the country's rapid economic advance, China has improved living conditions by embracing economic reforms and implementing modernisation policies that have used urbanisation to drive national growth," the report said.
Overall, the report finds that 227 million people in the world have moved out of ‘slum conditions’ since 2000. At the same time, the study also stresses that 55 million new slum-dwellers have been added to the global urban population since 2000.
"However, this achievement is not uniformly distributed across regions," said Anna Tibaijuka, head of the UN Human Settlements Programme.
"Success is highly skewed towards the more advanced emerging economies, while poorer countries have not done as well," she said.
Overall, the UN report finds that the number of people living in slums has risen from 777 million in 2000 to 830 million in 2010, and warns that unless urgent steps are taken, the number could rise to 900 million in 2020.