Standard Chartered Private Equity invests Rs46 crore in Innoventive Industries

The investment includes a primary infusion of Rs30.4 crore into Innoventive Industries as part of the pre-IPO investment

Standard Chartered Private Equity (SCPE) has invested Rs46 crore in Innoventive Industries Ltd, multi-product engineering company based in Pune. The investment includes a primary infusion of Rs30.4 crore into the company as part of the pre-IPO investment. This funding will part finance the expansion of the company's existing precision steel tube manufacturing facilities at Pune. With this investment, SCPE's equity stake in Innoventive Industries will be 10.14%.

Innoventive is a multi-product engineering company focused on precision steel tubes and value added steel products (including boiler steel strips) and oil well couplings (through its subsidiary). The company's product range find application in diverse industrial sectors including transportation, oil & gas, power, farm equipments and general engineering.

Rahul Raisurana, managing director, Standard Chartered Private Equity, said, "We are delighted to invest in Innoventive Industries. The precision tubes, tubular products and related spaces present significant growth prospects. We have found Innoventive Industries to be the right partner because of its focus on product and process, a key differentiator for the company."

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Govt imposes anti-dumping duty on Chinese weaving machines

The Directorate General of Anti-Dumping and Allied Duties (DGAD), a nodal agency under the commerce ministry, has recommended the imposition of the anti-dumping duty on circular weaving machines having six or more shuttles, imported from China and Israel

New Delhi: India has imposed an anti-dumping duty of $1,193 per unit on imports of a particular variety of weaving machine to guard the domestic industry from cheap Chinese and Israeli shipments, reports PTI.

The restrictive duty on import of "circular weaving machines having six or more shuttles for weaving PP/HDPE fabric of width exceeding 30 cm" would be imposed for a period of five years, the Department of Revenue said.

The circular woven fabrics made by such machines are widely used in packaging applications, such as packaging of cement, fertilisers and chemicals.

"The anti-dumping duty imposed shall be levied for a period of five years from the date of imposition of the provisional duty, that is, 12 April 2010, for the imports of goods originating in or exported from, China and Israel...," the department said.

The Directorate General of Anti-Dumping and Allied Duties (DGAD), a nodal agency under the commerce ministry, had recommended the imposition of the duty after an investigation.

Anti-dumping duty is recommended by the commerce ministry, while the finance ministry imposes the same.

The DGAD concluded in its probe that the domestic industry had suffered a material injury on account of dumped imports of the machine from the two nations.

Unlike safeguard duties, which are levied in a uniform way, anti-dumping duties vary from product-to-product and from country-to-country.

Countries initiate anti-dumping probes to check if the domestic industry has been hurt because of a surge in cheap imports.

As a counter-measure, they impose duties under the multilateral World Trade Organisation (WTO) regime. Anti-dumping measures are taken to ensure fair trade and provide a level playing field to domestic players. It is not a measure to restrict imports or cause an unjustified increase in the cost of products.

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Parliamentary panel demands clarity on mergers in public sector banks

The Standing Committee on Finance headed by former finance minister Yaswant Sinha, in its report tabled in Parliament on Tuesday, demanded a clear policy on mergers and consolidation in the public sector banks. It also sought the reasons for rising non-performing assets (NPAs) in the SBI Group

New Delhi: Accusing government of adhocism, a Parliamentary committee on Tuesday demanded a clear policy on mergers and consolidation in the public sector banks, including amalgamation of associates with the State Bank of India (SBI), reports PTI.

"...There is a strong element of adhocism in the policy stance and approach of the government in brining in legislative changes in the Acts regulating the SBI and its subsidiaries in particular," the Standing Committee on Finance headed by former finance minister Yaswant Sinha said in its report tabled in Parliament yesterday.

It is also imperative to assess in clear terms, the reasons for rising non-performing assets (NPAs) in the SBI Group as well as the desirability of pursuing the policy of merging the subsidiary banks with SBI, particularly in the light of issues relating top manageability of large sized banks, it noted.

It is appropriate on part of the government to make an in-depth analysis of issues relating to mergers and consolidation of the public sector banks in general, it said.

"The committee expects the government to spell out the policy-related aspects in this regard," it said.

Meanwhile, it cleared the State Bank of India (subsidiary banks laws) Amendment Bill, 2009 for passage by Parliament.

The amendment proposals of the State Bank of India (Subsidiary Banks Laws) Amendment Bill, 2009 have been necessitated owning to transfer of ownership of the State Bank of India (SBI) from Reserve Bank to central government, it said.

It also suggested amendment in the SBI Pension Fund Rules, which is detrimental to the retirees of the merged subsidiary banks.

The panel expects the government to expeditiously act on these matters.

The bill, which, seeks to empower the government to fix the authorised or the issued capital of a subsidiary of the SBI or to appoint its top officials, was referred to the panel on 18December 2009 for examination.

Once passed, the bill would empower the Centre to increase or reduce the authorised capital of a subsidiary bank, fixation and raising of issued capital, issuing bonus shares to shareholders and appointment of managing director, among other things.

The legislation would amend the State Bank of Hyderabad Act and the SBI (Subsidiary Banks) Act to incorporate these provisions.

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