Tata Capital with Century Tokyo Leasing would target rapidly growing equipment leasing services market in India
Mumbai: Tata Capital said it signed a letter of intent (LoI) with Japanese Century Tokyo Leasing Corp (CTLC) for collaboration on leasing business in India. CTLC is a leasing business company allied with the Mizuho Financial Group, Tata Capital said in a press release.
“The LoI will help Tata Capital combine its business financing capabilities and CTLC’s strong technical know-how in the equipment leasing space to target the rapidly growing equipment leasing services market in India. It will provide leasing solutions for financing of equipment ranging from large machinery such as construction equipment and power generators, to medical and IT equipment. Both the companies will also explore providing financial assistance and advisory services to several Japanese Joint Venture companies In India,” the company said.
The equipment leasing market in India is presently estimated to be an approximate Rs20,000 crore market and is expected to grow at an annual rate of 25%-30% over the next few years. The backdrop of increased infrastructure spending in India, which is likely to double to $1 trillion under the 12th Five Year Plan, makes leasing a highly attractive market for Tata Capital and CTLC to jointly tap into.
Praveen P Kadle, managing director and CEO, Tata Capital, said “Globally leasing and renting are the principal forms of asset creation. In India, the share of equipment leasing in asset building is only 5%-6%. This signifies a huge untapped potential in the segment.”
“Tata Capital’s vast network and experience will help us service the rapidly growing infrastructure sector in India, and also provide support to Japanese companies that are looking to expand their business presence to India”, said Shunichi Asada, president and CEO, CTLC, in the release.
Coca Cola said its sparkling beverages in India grew by 19% during the January-March quarter while its worldwide volume grew 5%
New Delhi: Beverages major Coca Cola Company reported over 20% growth in sales in volume terms in India for the first quarter (January-March 2012) on the back of strong demand, reports PTI.
The company, which announced its global earnings for the first quarter, said its sparkling beverages grew by 19% during the quarter in India. The growth was led by brand Coca-Cola, which grew 27%, it added.
The worldwide volume growth for the first quarter was 5% and was well-balanced around the world, Coca Cola Co said in a statement.
In the key emerging markets such as India, China and Brazil the company saw growth of 20%, 9% and 4% respectively.
On the other hand, in developed markets North America saw a growth of 2%, Japan and Germany witnessed growth 3% each.
In the first quarter, the company's net income stood at $2.05 billion, up 8% compared to $1.9 billion in the same period previous year. Net revenue stood at $11.14 billion as compared to $10.51 billion, up 6% from the same quarter last year.
Commenting on the company's performance Coca-Cola Co chairman and chief executive officer Muhtar Kent said despite a continued mixed global environment, the firm was able to achieve broad-based volume and value share gains in non-alcoholic ready to-drink beverages globally.
IFCI’s net profit declined marginally despite an increase in its total revenues during the fourth quarter
New Delhi: IFCI posted a net profit of Rs219.2 crore for the fourth quarter ended 31 March 2012, down marginally by 6%, reports PTI.
The financial institution had recorded a net profit of Rs233 crore in the corresponding quarter last fiscal, IFCI said in a filing to the BSE.
However, the total income of the firm rose by 12% to Rs801.4 crore for January-March quarter from Rs715.3 crore in the corresponding period last year.
For the year ended 31 March 2012, the company had posted a net profit of Rs663.6 crore against Rs706.2 crore in the previous year.
Total income also improved from Rs2,480.1 crore for the year ended March 2011 to Rs2,850.2 crore for the year ended March 2012.
IFCI shares closed marginally lower at Rs41 per share on the Bombay Stock Exchange, while the Sensex ended marginally higher at 17,392.