Eaton Plans to Expand India Operations – $15 billion engineering and industrial product company of the US, Eaton Corporation, has planned a major expansion of its India operations by making the country one of the hub of its global research and development activities. It has decided to appoint more than 600 engineers over the next two years and double the headcount at its Professional Service Center, Pune. The exercise is a part of the company’s strategy to beat the slowdown by outsourcing a large portion of R&D to overseas markets. (The Economic Times)
3i Looks at New Deals in Healthcare Sector – European private equity firm 3i Group Plc is exploring fresh investments in India’s health care sector, nearly two years after it made its first. The firm is currently looking at several proposals for comparatively large investments in the country’s pharmaceuticals, medical devices manufacturing, and health care and laboratory services industries, including large and medium hospital groups. 3i Group has been in India since 2005 and has invested in sectors including media, automotive, construction, power, ports and manufacturing. The firm’s investment portfolio in India is currently valued at $920 million. (LiveMint.com)
Landmark to Invest Rs450 Crore in India – Dubai based Landmark Group is looking at expanding in India. The company will invest around Rs 450 crore to expand the number of its Lifestyle and Home Centre stores. In the next two years, the group plans to set up a total of 35 Lifestyle stores and 15 Home Centres across the country. ifestyle is a chain of home decor, furnishing and lifestyle products and Home Centre stores sell furniture and home accessories among other products. The group already has 14 Lifestyle stores and eight Home Centres, operating mainly in tier I cities. (LiveMint.com)
Vishal Retail Shelves PE Plans, To Raise Rs 50 Crore through Debt – Diversified retail company Vishal Retail is looking to raise Rs 50 crore through debt to invest in inventory and stock, as it puts on hold an earlier plan to raise Rs 150 crore through private equity. The 187 outlet-strong retail player said market conditions are not conducive and it would rather seek debt from lenders. Though the company is still keeping the option of going for PE open but feels that the current market situation is inappropriate for such a step.
NSE to Offload Stake in MCX – The country’s leading stock exchange, NSE, is looking to offload its stake in commodity bourse MCX, as it no longer finds the investment strategically important. Financial Technologies, the promoter of the country’s largest commodity bourse Multi-Commodity Exchange, has also agreed to NSE’s offer and has said that it would facilitate the transaction at a right time. The National Stock Exchange holds a one per cent stake in MCX. However, MCX has said that it would not sell its own one per cent stake in NSE. (The Economic Times)
Panasonic to Consolidate India Operations – Japanese electronics and appliances maker Panasonic Corp. is consolidating its operations in India by bringing all its existing group companies under one entity—Panasonic India Pvt. Ltd. The development is part of the global consolidation process that the company started in 2008 with the change in its name from Matsushita Electric Industrial Co. Ltd to Panasonic Corp. In India, the firm runs six separate companies that include Panasonic Home Appliances India Co. Ltd, Panasonic AVC Networks India Ltd, Panasonic Battery India Co. Ltd, Panasonic Carbon India Co. Ltd, Indo National Ltd and Panasonic Asia Pacific Pte Ltd. According to the sources the company is also considering picking up remaining 20% stake in Mumbai-based Anchor Electricals Pvt. Ltd, maker of electrical construction products such as lighting fixtures and electric wires, as a part of the consolidation exercise.