It Was Never Like This

All the reports have come on a single day and show how the Indian economy is moving fast in almost every sector. Does it not give a sense of confidence and relief too? However, it is presenting only opportunity for all of us and warns against any complacency.

 Mumbai January 17, 2007 The Vijay Mallya-controlled United Breweries group is close to acquiring Glasgow-based distillers Whyte & Mackay for nearly £500 million (Rs 4,350 crore) by the end of this month.

 New Delhi January 17, 2007 Reliance Industries, the country’s largest private sector oil refining company, will build a 50,000 barrels per day greenfield refinery in Yemen. The company will partner local Yemeni company Hood Oil and both will have almost equal stakes in the venture.

 Mumbai January 17, 2007 Mahindra and Mahindra (M&M) will set up a medium and heavy commercial vehicle plant in Maharashtra at a cost of Rs 2,500 crore. This will be the fourth automotive plant of M&M in the state.

 Mumbai January 17, 2007 Flyington Freighters, a cargo airline company promoted by Hyderabad-based publishing group Deccan Chronicle, have signed an agreement for acquiring for six A330-200F aircraft from Airbus Industrie. The listed price for six freighters is estimated at $1.1 billion. Earlier, the company had signed $1 billion deal with Boeing to acquire four B777 freighters. Flyington Freighters is the first cargo airline to order the A330-200F, which is the latest freighter from Airbus. The first aircraft will join the fleet in the second half of 2009.

 Kolkata January 17, 2007 The RPG group power utility CESC is contemplating to acquire low ash high quality overseas coal mines for its proposed giant power projects at Haldia in West Bengal, and yet to be fixed locations in Jharkhand and Orissa. Sources in the group said it was exploring the opportunities in Indonesia for acquiring coal blocks as well.

 New Delhi January 17, 2007 Indian Oil Corporation (IOC), the country’s largest downstream company, has major plans for Nigeria, the world’s eighth largest exporter of crude oil The Fortune 500 company is in talks with the Nigerian government to buy a stake in the 6 million tonne per annum (mtpa) state-owned refinery at Port Harcourt in Nigeria, besides planning to set up a greenfield refinery in the country.

 Kolkata January 17, 2007 House of Pearl Fashions, the ready-to-wear apparel company, is planning to acquire either a retail chain or an apparel brand overseas. It was exploring the UK and the USA markets. Top official sources said the company was going to invest Rs 40 crore in this acquisition, which should be finalised by the end of 2007. The company is looking at acquiring a US or UK unisex brand catering to people between 15 and 30 years of age.

 NEW DELHI, JANUARY 17: As per a survey by Economist Intelligence Unit (EIU), covering 1,006 executives from around the world, India is more upbeat than China. Respondents from India are abuzz with optimism for the years ahead, with 98 per cent of them seeing ‘good’ or ‘very good’ business prospects. In comparison to India, China-based executives were notably less enthusiastic. Eight out of the ten respondents in China say that the outlook is promising, but just three per cent agree that it is ‘very good’, though both countries are highly positive about the prospects for business in 2007.

And after going through all these happenings, will you believe in International rating agency Moody’s Investors Service report that India may not be able to sustain a growth rate of 9% due to capacity constraints amid signs of overheating in the economy?

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