A weak rupee is not deterring Indian companies from buying businesses overseas. Apollo Tyres’ acquisition of Cooper Tires for a whopping $2.5 billion is the most recent instance. This took place at a steep premium, even as the rupee was flirting with its lifetime low. Data from analytics firm Grant Thornton show that Indian companies spent $14 billion on foreign acquisitions in 2012 — higher by 27 per cent…

HYDERABAD (India) : The city chapter of The Institute of Indian Foundrymen (TIIF) has asked the Centre to ban export of pig iron and ore as it is having a cascading effect on the prices of pig iron and steel scrap used by foundries. At a press conference here on Tuesday, chapter chairman V. Anand Reddy said work in most of the 200 foundries in the State was down by 50 per cent. While they were forced to pay…

Yash Birla Group has acquired 100 per cent stake in joint venture Birla Perucchini. The stake is bought from Italy-based Fonderia Perucchini. The new company will be called Birla AccuCast. In a statement issued by the company, Murali Cherat, CEO, Birla AccuCast, said: “The company is also looking to double its shell moulding capacity, once the economic situation is more favourable.” The company currently…

Business Line cited Mr Gireesh B Pardhan secretary of the Ministry of New and Renewable Energy as saying that India would take its new and renewable capacities to 54000 MW by 2017, the terminal year of the 12th Five Year Plan. Currently, the country has around 27,000 MW of renewable energy capacity. Mr Pardhan at an industry event organized by FICCI said that India produced solar energy at an average tariff…

Mr Olaf Scholz, First Mayor CM of Hamburg, Federal Republic of Germany called on the minister of Shipping, Mr GK Vasan in New Delhi. During the meeting, the minister recalled the long association with Germany in maritime sector and informed that an Agreement between India and the Federal Republic of Germany on Maritime Transport Relations was signed on 15th June, 1966 in New Delhi. Mr Vasan said that India…

INDIA - In order to discourage the export of iron ore, steel minister Virbhadra Singh demanded an imposition of export tax at the rate of 20% on the commodity, with immediate effect. As a long term policy, the minister went ahead seeking a ban on export of iron ore, stating that the raw material should be preserved for the use of the domestic industry. “As far as steel ministry is concerned, we favour…

Business Line reported that Volkswagen Group India will showcase the concept of MicroCity a futuristic mobility solution as well as Nils, its concept electric car designed for individual mobility requirements, at the last and 5 leg of the Indo-German Urban Mela due to be held at Pune from Jan 11th to 21st. Mr Alexander Skibbe head of communication for VW Group India said that MicroCity is one of the…

As reported by ET Manufacturing and the Times of India, Indian Civil Aviation Minister Kinjarapu Ram Mohan Naidu sees the aviation industry as a key growth engine for the entire country. At the CII Partnership Summit, he emphasized that India has rapidly become the world's third-largest aviation market – a trend that is set to continue. The aerospace manufacturing market is currently worth around US$2…

Why does Alcoa of the US, the world’s third largest aluminium producer after United Company Rusal and Rio Tinto (takeover of Canadian Alcan gave it the volume) get so much attention in India this time of the year? Alcoa neither smelts the metal here nor has it got plans to build a smelter in India anytime in future. It, however, has a service centre here for customers using its offerings of high value…

Xinhua reported that India and Afghanistan Monday signed an agreement for enhancing cooperation in the field of iron and steel. MoU was signed by Indian minister for steel Mr Beni Prasad Verma and Afghan minister for mines Mr Wahidullah Shahrani. Mr Verma, while terming India Afghan relations very old and cordial, said that India would invest in all of Afghanistan's economic sectors, particularly in iron,…