Siesta Logistics Corporation Ltd (SLCL), an integrated logistics service provider and a part of the Siesta Group, said that it has raised $10 million in private equity from Ashmore Alchemy India, a joint venture between Alchemy Partners LLP and Ashmore Investments (UK).
Headquartered in Bengaluru, Siesta Logistics has a strong network of transport branches and nearly 10 freight and customs outlets supported by 20 nominated agents effectively covering Asia, Australia, Hong Kong, Europe, South America and North America. In addition, the company is also a part of global logistics network which has 375 members, offices in 382 cities and network in 132 countries across the globe. SLCL network of clients includes Schneider Electric, Airbus, Fujitsu, ITC, UB Group, SBQ Steel, Philips, Parle Agro, Lakhani, Lilliput, Videocon, Shiv-Vani Oil, Thermax Industries, Everest Industries, and Jubilant Organosys among others.
Kiran Salunke, managing director, Siesta Logistics said, “The minority stake investment by Ashmore Alchemy will be utilised to increase our global reach and service capabilities across the global logistics hub.”
New Delhi: With onion prices skyrocketing to as much as Rs85 per kg in some retail markets, the Indian government today said it has brought down customs duty on imports of the commodity to zero from 5%, reports PTI.
“The customs duty on onions has been brought down to zero,” finance secretary Ashok Chawla told reporters here today.
The step comes amid a sharp rise in the price of onions up to Rs70-Rs85 per kg in retail markets across the country from just Rs35-Rs40 a few days ago on account of damage suffered by crops in the key-producing states of Maharashtra, Gujarat and a few southern states due to excessive rains, which has led to large-scale hoarding by some traders.
The steep hike in onion prices set alarm bells ringing in the government, which has imposed a ban on onion exports till 15 January 2011, with a view to increase availability in the domestic market. However, it is likely to take at least three weeks before the common man gets any relief from the measure.
“Onion prices will remain high for the next 2-3 weeks and the situation is likely to improve only after that,” food and agriculture minister Sharad Pawar said yesterday.
While Mr Pawar had indicated the government did not have any plans to import onions to bring down prices at home, small 450-tonne consignments of the commodity from neighbouring Pakistan have been making their way into the country across the Punjab border since yesterday.
Compared to the exorbitant domestic prices, the price of the onions imported from Pakistan is just Rs18-Rs20 per kg.
A worried prime minister Manmohan Singh, whose government has been grappling with high inflation for much of the past year, has also stepped into the picture and asked the agriculture and consumer affairs ministries to take effective steps to rein in onion prices.
“The prime minister desires all necessary steps to effectively deal with the extraordinary price rise of onions and bring the prices down to an affordable level,” an official source said, quoting letters written by Mr Singh to the ministries concerned.
Refer to ‘Dilli Durbar’ (Moneylife, 17th December). The civic authorities should be held...