Videocon Group on Thursday signed an agreement with AB Electrolux to acquire the Swedish company's entire 91.85 per cent stake in Electrolux Kelvinator Ltd. As per the deal, AB Electrolux will get about 5 per cent stake in Videocon Industries Ltd.
Consumer durables maker Electrolux Kelvinator Ltd will merge with Videocon Industries by next year, Electrolux managing director Anirudh Dhoot said on Tuesday.
Electrolux Kelvinator, the Indian subsidiary of $17 billion AB Electrolux of Sweden, plans to launch a slew of new products and models this month.
Electrolux Kelvinator Limited on Wednesday said it would be in black by December, 2005 and announced its foray into microwaves category with the launch of its Nutrition range of four models.
Electrolux on Thursday said that it would source components worth Rs 135 crore (Rs 1350 million) from India for its factories in Sweden, Italy, the United States and Australia.
Leading home appliances maker Electrolux today said it will be trimming its global workforce by more than 3,000 employees primarily in the wake of weakening demand in Europe and North America.
The company had not been in the pink of health for sometime and there were even reports that it may stop production in India completely.
Home appliances major Electrolux on Tuesday said it will invest Rs 40 crore (Rs 400 million) by 2007 in a research and development centre here, besides sourcing IT services from Patni Computers as well as components from India.
Proposals of Principal Financial Group, South African Breweries, AB Electrolux and Caterpillar Inc were among the 52 foreign direct investment cases totalling Rs 321 crore (Rs 3.21 billion) approved by the government on Thursday.
Swedens AB Electrolux, the worlds No 1 consumer appliance maker, will invest $31 million in its loss-making Indian arm, which is weighed down by debt of over double that amount, the unit said.
Electrolux Kelvinator Limited, maker of refrigerators and washing machines, would foray into microwave oven and airconditioner segments soon, a top company official said in Bangalore on Friday.
Electrolux Kelivantor, which has got in-principle approval for delisting of its shares from stock exchanges, has decided to keep open the exit option for a period of one year from the date of delisting of shares from the bourses.
Electrolux Kelvinator India plans to file on Monday its updated application for Rs 200 crore rights issue with the Securities and Exchange Board of India, chief executive officer Rajeev Karwal said in New Delhi.
After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake. The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons. The valuation of Rs 4,400 crore for a 72.56 per cent stake is is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said in a statement on Sunday.
A few days ago, Reliance Retail surprised the market by acquiring the Campa brand from Delhi-based Pure Drinks Ltd for Rs 22 crore. A successful cola brand in the eighties, especially in North India, Campa Cola thrived when Coke exited India in the late seventies. When the Atlanta-based major returned and PepsiCo set base in India, it went down fighting.
Despite flooding the market with energy efficient and innovative products to lure consumers, the unprecedented increase in steel prices have forced the companies to pass on the burden to customer, who is already shelling out more for essential commodities. Samsung India Deputy MD R Zutshi told PTI that based on the input cost pressure linked with the hike in steel prices the company has already increased the prices of refrigerators by 2-3 per cent in March.
Videocon Industries Ltd has received approval from the Bombay high court for amalgamating EKL Appliances Ltd with itself.
A number of multinational companies are cutting jobs more heavily in Western Europe than in other regions and fleeing to low-labour-cost countries like Mexico and those in Eastern Europe, a US media report said.
The Indian unit of South Korea's LG Electronics Inc. plans to double its market share in the growing refrigerator segment in 2003 by launching a slew of new models, a senior official said on Monday.
Did you know that consuming milk and garlic will help increase your platelet count?
In February 2012, Laundry Project opened its first factory in Chennai. Initially, it catered to hotels - Taj, Oberoi, Marriot, Ascot and Radisson.
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