In your interest.
Online Personal Finance Magazine
No beating about the bush.
Isklar, which sells glacial natural mineral water, will soon launch its operations in other European countries and is also planning to launch its brands in India
Indian diversified conglomerate Siva Group on Wednesday said that it has bought a 50% stake in the Norway-based glacial water company Isklar for around $22 million, through its wholly-owned subsidiary Lotus Venture.
"This present acquisition reinforces the vision of Siva Group and we will look forward to expand operations of the brand in other international markets," Siva Group chief executive Vaidyanathan Srinivasan told PTI.
He said that Isklar was established as a joint venture between Sabco, a Middle East-based water bottler and Norwegian firm Jova Holdings.
After the transaction, Isklar would become a joint venture company with the Indian Siva Group's holding at 50%, with Sabco and Jova Holdings jointly commanding the remaining stake.
Isklar, which sells glacial natural mineral water, started its operations in the UK in 2008 and later forayed into Norway.
"Going forward, Isklar will soon launch its operations in other European countries such as Denmark and Spain," Mr Srinivisan said, adding that the company is also planning to launch Isklar brands in India.
Siva Group is a diversified $3 billion conglomerate with global operations in industries like telecom, project engineering, shipping and logistics and others.
India has invited foreign funds in mining and the government has said that it would soon introduce a legislation to make the sector more investment-friendly
India has invited foreign funds in mining and said that it would soon introduce a legislation to make the sector more investment-friendly, reports PTI.
"India provides the best opportunity and ideal conditions for foreign investors to invest in the country at minimum risk," ministry of mines special secretary S Vijay Kumar said at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto.
The proposed Bill, which is likely to become operational by the end of this year, would address concerns expressed by foreign investors, said Mr Kumar, who is heading an Indian delegation to the PDAC convention in Toronto.
The new mining Bill will align Indian laws with the best international practices, Mr Kumar said.
On requests from some Canadian companies that India should open exploration and exploitation of atomic minerals for foreign investors, Mr Kumar said that the government would consider their request.
More than 22,000 delegates from over 100 countries, including 45 from India, are participating in the four-day convention.
Cost of raw material, including iron ore and coking coal is expected to go up by 25%-30% in the next financial year from the current level, putting pressure on steel makers to pass on the burden to consumers
Steel prices in India are set to go up on account of rising input costs and demand for the commodity, an industry expert said on Wednesday, reports PTI.
"Cost of raw material, including iron ore and coking coal is expected to go up by 25%-30% in the next financial year from the current level, putting pressure on steel makers to pass on the burden to consumers," Tata Steel's chief of procurement Amitabh Panda told reporters on the sidelines of a conference.
Unlike the West, where steel demand is still recovering from the impact of the economic slowdown, he said, in India, steel producers would be able to pass on the input cost pressure to the consumers as off-takes are steadily growing.
"Indian steel producers have to price their products higher in the next fiscal," Mr Panda added.
He further said that rising raw material costs are of “huge concern” for the bottom-lines of domestic steel firms and the 8%-9% growth in steel consumption would help ease pressure on manufacturers' margins.
Echoing similar views, SAIL general manager for materials management RN Rawat said that coking coal contracted rate for the next fiscal may hover around $200 per tonne from $105 per tonne currently.
"Raw material prices are going up. Even iron ore at present is priced at $100 per tonne. All this will lead to increase in steel prices," Mr Rawat said.
Last week, domestic manufacturers like SAIL and Tata Steel hiked prices of their products by up to over Rs2,000 per tonne, partially passing on the 2% excise duty hike announced in the Union Budget 2010-11 to consumers.