Indian companies scour the world

Indian companies scour the world
Indian companies scour the world

From Bangladesh and Africa to Israel and China, the footprint of India spread far and wide in recent months. Gloster plans foray into Bangladesh Diversified jute manufacturer and exporter Gloster Limited is planning to set up a unit in Bangladesh. The new unit will be a greenfield site and cater to the export market. Hemant Bangur, executive chairman, Gloster Ltd, said: “We are planning to set up a unit in Bangladesh for which we are talking to one of the top corporates of that country.” The investment required for setting up the unit will be Rs 500 crore ($77 million) and it will have an employment potential for 4,500 people. The company, requiring 100 acre of lands, is looking for a location on the west side of the Padma river, either in Rajshahi or Khulna. Gloster's operations are located in Bauria in Howrah district of West Bengal and provides employment to more than 4,600 people. Narayana Hrudayalaya to enter Africa Bengaluru-based private sector hospital chain Narayana Hrudayalaya has chalked out a Rs 500-crore ($77-million) expansion plan to enter high-value markets in India over the next three years and make a foray into Africa. Ashutosh Raghuvanshi, ViceChairman and Managing Director, Narayana Hrudayalaya, said: “After acquiring Health City, Cayman Islands, which is our sole overseas venture so far, we now plan to consolidate our domestic presence by entering high-value markets like Delhi-NCR and Mumbai. We're also exploring opportunities in Africa.”

The domestic expansion will be through a cluster-based approach and the initial focus will be Delhi-NCR. Narayana will be commissioning a 200-bed hospital in Gurugram in January and the capacity will be ramped up to 350 beds over next one-and-a-half years. For its overseas expansion, the company has signed agreements with local partners in the Kenyan capital of Nairobi. It has also signed an agreement with an international financial institution for funding for a planned greenfield project. Raghuvanshi said: “Our focus is on continuously investing and upgrading existing and new hospitals in the country with a capex plan of Rs 100-150 crore ($15-23 million) per year.” L&T Tech to set up Jerusalem design centre L&T Technology Services Limited, an engineering services subsidiary of Mumbai-based Larsen and Toubro, is setting up a design centre in Jerusalem. The new Centre of Excellence, with an accompanying Tel Aviv sales office, will focus on developments in video, design and security solutions. The multinational company said that these solutions will serve its global customer base, in sectors spanning the spectrum of media, entertainment, telecom, automotive and Internet of Things (IoT). The company said the move aims to deepen its involvement in Israel's start-up and innovation ecosystem. Dr Keshab Panda, CEO and Managing Director, LTTS, stated: “With Israel's rich legacy in triggering tech innovations, we are confident in our ability to develop disruptive engineering services and create digital skill sets across embedded applications, machine learning and enhanced security, all of which are critical building blocks of the future.” LTTS is constantly on the hunt for disruptive technologies, including embedded applications, semiconductors, machine learning, security and video, he said. All these fields are being currently addressed by the broader Israeli start-up community. For this reason, L&T decided to open the Jerusalem centre, which it hopes will become a “global hub” in the relevant fields. Mettl to tie up with Chinese companies for expansion Gurgaon-based online software service provider Mettl is in talks with at least half-a-dozen Chinese companies as part of its efforts to expand overseas operations. The Kalaari Capital funded company provides online assessment software for recruitment, training, certification and examinations. Tonmoy Shingal, Chief Operating Officer, Mettl, said: “China would be the first country outside India where we are looking at forging partnerships. A lot of our customers have bases in China and we were triggered by the demand for products and solutions (like ours) to look at a stronger presence there.” The company is looking at entering into strategic alliances in China that could even involve equity sharing. It is willing to offload up to 25 per cent stake in its Chinese subsidiary. It has a subsidiary each in China and the US with a combined headcount of 250. The company is targeting revenue of $10 million in the current fiscal year, up from $6 million that it reported for the previous financial year. Mettl has an online tool offering that tests technical and psychometric skills as well as aptitude. It also has an anti-cheating technology incorporated in its testing tool to ensure the tests can be taken remotely but cannot be manipulated. Lenskart gets stake in Israel's 6over6 Eyewear solutions company Lenskart has picked up a minority stake in Israeli start-up 6over6, marking its second such bet on an overseas early stage technology venture in less than four months. The TPG Growth, IFC and Premji-Invest-backed company has invested $1million in the Tel Aviv-based start-up, and may look to infuse further capital in the latter down the line.

Peyush Bansal, CEO, Lenskart, was quoted as saying: “We had started working with 6over6 in February earlier this year, and this strategic partnership will allow us to co-develop the product and ensure that our interests are aligned. We anticipate that this technology will change vision care globally.” 6over6 allows consumers to determine the power of their lenses fitted in their eyeglasses through a smartphone application, replacing the traditional optometric tools in the process. The technology will begin its pilot testing phase from January next year. Based on the opportunities available, Lenskart could shell out up to $10 million for a potential acquisition, or pick up majority stakes in several early-stage ventures, in India and abroad, particularly in the US.

TI Cycles to buy 2 Lankan firms

TI Cycles, part of the $4.7 billion Murugappa Group, has inked a definitive agreement to acquire a controlling stake in Creative Cycles (Private) Limited and Great Cycles (Private) Limited of Sri Lanka. Tube Investments of India Limited (of which TI Cycles of India is a division) said it had entered into separate shareholders' agreements with Shuyuan Gan, promoter and 100 per cent shareholder of Great Cycles and Creative Cycles, both located in Colombo, for acquiring 80 per cent of the issued and subscribed share capital of each of these two companies for an aggregate consideration of $3.34 million. This acquisition will help strengthen and expand the global supply chain for the premium cycles portfolio of TI Cycles. Creative Cycles and Great Cycles have production facilities in the Katunayake Export Processing Zone, Colombo. These facilities can produce a wide range of bicycles - from kids to performance cycles and from steel to alloy bikes. Subject to approvals from authorities and successful completion of all formalities, the acquisition is expected to close by the end of the current financial year. L. Ramkumar, managing director, Tube Investments, said: “With this acquisition, we will be able to grow the market for premium cycles, and our market share in the premium segment even more aggressively.”
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