Cavin Kare to foray into soap market
Chennai: Cavin Kare is making a foray into the over Rs 4,500-crore soap market with the launch of Meera Tulsi. Meera brand from Cavin Kare’s will cater to the herbal shikakai powder segment in four different variations. The product has just been launched in Tamil Nadu

The herbal soap category presently comprises brands like the market-leader Hamam and Rexona from HLL and Margo from Henkel, apart from Medimix, Chandrika and Vrinda. Meera Tulsi will cater to the popular segment of the market and is priced at Rs 9.50. It will be initially made available in 75 gm packs positioned between HLL’s 50 and 100 gm packs. Meera Tulsi soap test launch in Tamil Nadu is expected to last between eight and 12 weeks and during this period, it will be made available across one lakh outlets in the state.

Based on the results in Tamil Nadu, the brand will be further launched across the country. In the first year of launch, Cavin Kare expects to corner at least 2 per cent of the Rs 380 crore soap market in the state.
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Thermax to set up an US-based subsidiary soon
New Delhi: Thermax has announced the setting up of a US subsidiary, Thermax Inc, which would begin operations from April. The Detroit-based subsidiary will act as the front-end for all the major business and subsidiaries of Thermax and develop north and south American markets for the company. This would be the second overseas subsidiary operation to be launched by Thermax during this fiscal year. The first such operation M E Engineering was earlier set up in the United Kingdom.

Thermax plans to market and support its established range of products and services in the US through this venture, such as resins for water treatment and speciality applications, absorption chillers for air conditioning and process cooling etc. The US arm would also support long-term partnerships with the original equipment manufacturers (OEMs) in US and strengthen technology sourcing and alliances for Thermax.
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Shell plans to take stake in IBP after divestment
Lucknow: Shell, a global oil and gas major has expressed interest in picking up stake in IBP, the state-owned oil company after the government announces the disinvestment plan for the company. Mr. Martin Foley, director and vice-president of the Shell Gas and Power has said that

Shell will also evaluate data on procuring a new oil exploration licences, through its join venture company Bharat-Shell. Overall, the company plans to invest Rs 50,000 crore in India in the next few years, Mr. Foley has stated.

The company has just signed a memorandum of understanding (MoU) with the Uttar Pradesh State Industrial Development Corporation (UPSIDC) for Rs 15,000 crore investment in UP for supply of natural gas. Shell proposed gas pipeline in UP would supply natural gas 20 per cent cheaper than naphtha and $1 less per MMBTU than LNG, which will help factories switch over from more expensive naphtha as a basic feedstock.

Shell has already signed an agreement with the Gas Authority of India Ltd. (GAIL), to strengthen its partnership in the country in the oil and gas sector.
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Mitsubishi to hike Snowman Frozen holding to 88 per cent
New Delhi: The Mitsubishi group is increasing its stake in Snowman Frozen Foods, their Indian cold storage arm from 69.23 per cent to 88 per cent. The hike in foreign equity participation is aimed at helping the local subsidiary get over its financial difficulties. Snowman Frozen Foods has reportedly incurred huge cash losses in their operations during the last three years, primarily in heavy interest payments.

The foreign equity infusion into the company is expected to be of the tune of about Rs 25 crore.
Snowman is expected to utilise the fresh infusion of foreign equity into the company for expanding its operations. The company, at present, has two existing city cold stores in the country. It is planning to expand these two stores, besides thinking of opening 10 more new city cold stores in different parts of the country.

The company is engaged in manufacturing frozen food items like frozen prawns, frozen crabs, whole cooked lobsters. The company is also engaged in preservation, storage and transportation at controlled temperature of various food items like fruit, vegetables, dairy, and poultry products.
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Zensar plans four offshore software units
Pune: Zensar Technologies is planning to set-up 4 offshore software development centres including one at Pune. The new forays is expected to enable Zensar to emerge as one of the largest software exporter and achieve industry average software export growth of 50 per cent to 55 per cent, as against the current slow growth of 25 per cent.

The Pune offshore development centre being set up at a cost of Rs 15 crore will house 900 people and will be operational in 18 months time. Currently, Zensar has 1,200 people working for it at various sites, including at its offshore sites: 3 in Pune and one each at Noida and Mumbai. The company is targeting at doubling its manpower in three years time, depending on the new business opportunities.

Zensar already has 5 offices in the US with the American market contributing 60 per cent of Zensar’s revenues. About 30 % of its revenues come from Europe and balance 10 per cent comes from Japan and other South East Asian countries.
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Weitnauer plans retail foray in India
New Delhi: Weitnauer Holdings, the $9 billion Swiss duty-free conglomerate, is planning to foray into Indian retail market through joint venture or franchisee route. The group plans to retail products in areas such as electronics, fragrances and cosmetic products. The move forms part of an extension plan of the group’s retail operations worldwide.

The electronics retail chain would be launched under the brand name of ‘Electronix’, while the name of the fragrance and cosmetic chain has not yet been decided. The Electronix retail chain would be launched sometime in July this year in Delhi and Mumbai and later expand to Chennai and Bangalore in the next year. The cosmetic and fragrance retail chain is likely to be launched by the year end.
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Bharti, Spectranet deal falls apart
New Delhi: The proposed alliance between Bharti Enterprises and Spectranet, in which the former was expected to take a stake in the latter, has fallen apart. The two companies have apparently failed to arrive at a mutually acceptable price and both the parties have called off the deal.

A statement issued by Bharti Enterprises says: `` We have extensively evaluated the project on key technical and financial parameters. We firmly believe that based on our internal benchmark standards, which includes our assessment parameters, business benchmarks and financial indicators, we do not think it is appropriate for Bharti to invest in Spectranet. In fact, our assessment on the valuation is significantly lower that Spectranet's expectation. Hence, for all current purposes our discussions have now been terminated.''

A separate statement issued by Spectranet said: ``The board of directors of Spectranet met this afternoon and after due consideration and deliberation have decided not to accept the Bharti offer.''
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PSL Holdings to set up two new pipe mills
Mumbai: PSL Holdings, manufacturers of steel pipes, is planning to set up two new pipe mills in next two years, which will boost company’s production capacity to four lakh tonne from present 2.50 lakh tonne. The project is expected involve an investment of around Rs 15 crore per mill.

The company is planning to set up two new mills with an installed capacity of 65,000 tonne each, for manufacturing water, oil and gas pipes in the next two years. Currently, PSL Holdings has three mills, with a fourth unit at Kandla in Gujarat is likely to be commissioned in April. The Kandla unit will raise the capacity to 2.5 lakh tonne.

The proposed two new units are likely to be set up in the eastern and northeastern part of the country, with a view to cut down on the transportation costs of both inputs as well as the end-product in those regional market. The company’s pipe mills and coating yards are mostly located in Chennai, Daman and Kandla, apart from two of its coating yards in Panipat and Vizag. With the possibility of its upcoming units in the eastern region, PSL will establish a strong foothold in almost all parts of the domestic markets.
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