Japanese firm Daicel to set up manufacturing plant in Chennai
Japanese firm Daicel Corporation will be setting up an airbag inflator manufacturing plant at CapitaLand’s OneHub Chennai, an industrial township located on Old Mahabalipuram Road, entailing investments to the tune of ₹230 crore in the first phase. Daicel is scheduled to start operations by December 2023.
“Until now, we have been supplying products to the Indian market from our production site in Thailand and other countries,” said Takase Yoshifumi, Managing Director, India Operations, Daicel Corporation. He added, “However, due to the growth potential of the Indian automobile market, and the need to strengthen automobile manufacturer and airbag module manufacturer supply chains in India, we have decided to establish a local production site at OneHub Chennai.”
Steel companies engage with vaccine makers for bulk supply of doses for employees
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Last Updated: Jan 18, 2021, 12:37 PM IST
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Synopsis
Domestic steel makers like Tata Steel, ArcelorMittal Nippon Steel India (AMNS India) and Rashtriya Ispat Nigam Ltd (RINL) said they will continue to support the government in the nationwide drive and will wait till vaccines are available for corporates.
Agencies
Meanwhile, players like JSW Steel and Jindal Steel and Power Limited (JSPL) are already in talks with Indian vaccine makers to place orders according to their requirements.
New Delhi: Leading steel-producing companies in the country are drawing up plans to vaccinate their employees across offices and plant sites with the start of the nationwide COVID-19 vaccination drive. Domestic steel makers like Tata Steel, ArcelorMittal Nippon Steel India (AMNS India) and Rashtriya Ispat Nigam Ltd (RINL) said they will continue to support the government in the nationwide drive and
Synopsis
ArcelorMittal (formerly Essar Steel) had approached the court for urgent protective interim orders before the commencement of arbitration process under Section 17 of the Arbitration and Conciliation Act 1996.
Wikipedia
MUMBAI: The Bombay High Court has directed two companies owned by Ruias, namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) to deposit collectively over Rs 82 crore within eight weeks in the court as security in two separate arbitration suits filed by ArcelorMittal Nippon Steel India Ltd.
Two companies namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) had received respectively Rs 35 crore and Rs 47 crore security deposit from Essar Steel.
Essar House Private Limited, which owns Essar House, the headquarters of Ruias-controlled Essar group, and Essar Services Private Limited have been directed to deposit the refundable security payable to ArcelorMittal Nippon Steel India by the Bombay High Court. The petitions were filed by AM/NS India as urgent protective interim order pre-arbitration under Section 9 of the Arbitration and Conciliation Act 1996. Both sides agreed to a reference of their disputes to the sole arbitration of Soli Cooper, a senior advocate of the high court. In an order passed on December 10, Essar House Private Limited (EHPL) has been ordered and directed to deposit with the Prothonotary and Senior Master an amount of Rs 35.5 crore within eight weeks from the date of order; optionally, a bank guarantee of any nationalised bank for the entire amount along with all interest earned thereon could be furnished.
Synopsis
Cost of key inputs in consumer products, autos and real estate are moving north. Margin pressure is being felt across companies but, sensitive to budget-watching consumers as well as competitive pressures, many are opting for partial cost transfers and cost control in other functions.
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Automobiles are next in line, with manufacturers still deciding on the price hike quantum – a tough call since auto makers suffered a low even before the pandemic hit.
Mumbai|New Delhi|Kolkata: Weeks after the festive bump in demand and with re-emergence of optimism a few months ahead, India Inc is worried it may have to choose between absorbing higher input costs or hiking final prices and bearing a dent in sales.