The Rs 966-crore Clariant Chemicals (India) said on Monday it will buy out Vadodra-based masterbatch producer Plastichemix Industries for about R135 crore. Following the acquisition, the company aims to double its business over the next five years. Plastichemix Industries has three production facilities at Rania, Kalol and Nandesari in Gujarat. The deal closure is planned for Q1 of 2014.
Alstom to sell property in Bangalore for R120 crore
Alstom T&D India, the Indian arm of the French power generation and transmission firm, on Monday said that it is selling its Bangalore property to a large Indian business group’s company for a consideration of around R120 crore. The sale of the land, which was previously used for manufacturing instrument transformers, has been approved by the shareholders of the company, it said in a regulatory filing to the BSE. “The sale is subjected to the mutual satisfaction of terms, conditions and obligations mentioned in the “Agreement for Sale” and is likely to be concluded upon execution of a “Sale Deed” in three months’ time or earlier,” the filing said.
Hershey to launch Jolly Rancher in India
Aiming to tap the growing Indian confectionery market, Hershey India, a wholly-owned subsidiary of The Hershey Company, will bring the iconic North American sweets brand ‘Jolly Rancher’ to the country. India is the first international market for the Jolly Rancher brand outside of North America in the brand’s 65-year history, a release said on Monday. The international expansion of Jolly Rancher in India and other iconic Hershey brands around the world is an integral part of Hershey’s global growth vision to achieve $10 billion in annual revenue by 2017.
IndiGo to add 10 flights; Jet to introduce two
IndiGo airlines on Monday said that it plans to launch 10 additional flights on its domestic routes by December 22. Jet Airways also said on Monday said that it will introduce two daily flights from Kochi and Chennai to Dammam in Saudi Arabia from January 15. Meanwhile, Etihad Airways, which recently bought 24% stake in Jet Airways will also be starting direct service from Abu Dhabi to Jaipur from April 1.
AI Express suspends two Oman-Kerala flights
Air India Express has temporarily suspended its two flights from Oman to Kerala, according to a media report. The airline has suspended two services, Salalah-Thiruvananthapuram and Salalah-Cochin-Thiruvananthapuram from January 15 next year, the Times of Oman quoted a senior airline official at the Muscat Air