French firm Rhodia has completed the acquisition of the engineering plastics business of Rajasthan-based diversified firm PI Industries at an undisclosed amount
French firm Rhodia today said it has completed the acquisition of the engineering plastics business of Rajasthan-based diversified firm PI Industries at an undisclosed amount.
"We received an enthusiastic feedback from both PI Industries and Rhodia's customers and suppliers regarding this strategic move," Rhodia Engineering Plastics president Francois Hincker said.
"All our international partners in the region as well as domestic Indian players are fully confident in our ability to accelerate their growth through a rapid expansion of our activity," Hincker said.
This acquisition is a major step in Rhodia Engineering Plastics' growth ambition in India, aiming at doubling its local production capacities to represent 15% of Indian polyamide compound market by 2015, he said.
Rhodia plans to triple the capacity of PI Industries to 18,000-tonnes per annum from present 6,000-tonnes per annum by 2015.
"India has a huge growth of potential in plastics and we want to tap the opportunity. We are confident to grow with PI Industries in India," Hincker said.
The BSE-listed PI Industries operates three business units, agri inputs (manufacturing and distribution of agro chemicals-pesticides, insecticides and herbicides), custom synthesis (custom synthesis in the areas of fine chemicals, agro chemicals and pharmaceutical intermediates) and PI Polymer (engineering plastics compounding for end-use in automotive, electricals and home appliances).
On Wednesday, PI Industries ended 0.83% down at Rs725 on the Bombay Stock Exchange, while the benchmark Sensex increased 2.25% to 19,696.86.
Hexaware Technologies has signed a contract resulting in $10-$15 million revenues annually with an existing client in the US
Hexaware Technologies, a global provider of IT, BPO and consulting services, today announced that it has signed a contract resulting in $10-$15 million revenues annually with an existing client in the United States.
Under this deal, the company will be offering IT services to support the client's banking and investment management business. Hexaware has a long standing relationship with this large and well established financial services firm head-quartered in the United States. In addition to its traditional offerings in application development and support, Hexaware will also offer remote infrastructure management services (Remote IMS) to this client.
As a part of the core strategy; Hexaware deployed dedicated client partners and an engagement director at its key accounts. In addition, the vertical structure has enabled greater cross-sell of all major horizontal service lines in to such accounts. Having executed this deal, the company expects to generate revenues worth $10-$15 million annually from 2011 onwards from this BFSI client which was just a one-million dollar client for Hexaware in 2009.
"While we have already demonstrated our leadership position in the asset management micro-vertical, we have now proven our strong capabilities in our horizontal service lines to this customer. We are further providing value to the customer by offering all these services utilising our major global delivery centers in the US, Mexico and two centers in Chennai & Mumbai", said PR Chandrasekar, CEO and vice chairman, Hexaware Technologies.
On Wednesday, Hexaware ended 3.42% up at Rs72.60 on the Bombay Stock Exchange, while the benchmark Sensex increased 2.25% to 19,696.86.
Reliance Industries has commenced implementation of its planned world-scale projects in India across the polyester chain
Reliance Industries (RIL) has commenced implementation of its planned world-scale projects in India across the polyester chain. This is RIL's largest capacity expansion in the sector and is aimed at consolidating its position as the world's largest integrated polyester producer. These investments in new polyester capacity will also strengthen India's position as a global manufacturing hub for textiles and fibre.
The global supply constraints, substantial price increase and uncertain outlook for cotton availability is creating considerable substitution opportunities for polyester products like polyester filament yarn (PFY) and polyester staple fibre (PSF). It is expected that polyester will capture around 80% of incremental global fibre demand of around 2.9 million tons per annum over the medium to long term. Demand for polyethylene terephthalate (PET), which is already India's fastest growing polymer is also poised for exponential growth due to continued demand in the bottling, packaging and food & beverages sectors. With its strong manufacturing presence in India & Malaysia, cost leadership position and wide product range, Reliance is uniquely positioned to benefit from this market growth.
RIL has planned its capacity expansion in phases over the next few years. This includes: A planned capacity of 2.30 million tons of PTA at Dahej with the ability to increase it by another 1.15 million tons of PTA at a later stage. These plants will be integrated with the paraxylene plants at Jamnagar for raw material and will in turn cater to the new polyester plants being constructed simultaneously. The company has also planned 395,000 tons of PFY and 140,000 tons of polyester texturised yarn at Silvassa and 540,000 tons of PET at Dahej with the option to add 540,000 tons of PET at the same location at a later stage.
All the above projects are under various stages of implementation ranging from technology licensing, basic engineering and obtaining the necessary regulatory approvals. This capacity addition will further strengthen Reliance's leadership position in the polyester sector.
On Wednesday, RIL ended 1.44% up at Rs1,021.70 on the Bombay Stock Exchange, while the benchmark Sensex increased 2.25% to 19,696.86.