New Delhi: US-based automotive and aerospace component maker Eaton Corp. said that it is looking at acquisitions for expanding its power distribution business in India.
The company makes valves, transmission systems and hybrid technology for the Indian domestic auto industry. It is also looking to increase its presence in other areas such as supply of components to aerospace companies.
“We have acquired a German company in the power distribution business called Moeller. This has a small operation in India through a joint venture,” said Raja Kochar, managing director, Eaton.
“We don’t have a strong presence on the electrical side of the business in , while this vertical represents 50% of our revenues globally. Since the energy sector is growing fast, we’re looking at acquisitions in this area.”
However, the company has not finalized plans yet.
Apollo in tie-up talks with realty firms
New Delhi: Apollo Hospitals Enterprise Ltd is in talks with real estate firms for tie-ups to construct more hospitals on its existing land assets as part of the hospital chain’s expansion strategy.
Sangita Reddy, executive director (operations), Apollo, said on the sidelines of the India Economic Summit, that the company is in negotiations with firms such as DLF Ltd and others to finalize such projects.
“If they do it for existing assets, it depends on how they structure it and what they get in return, but in principle, it is a good idea,” said a Mumbai-based analyst with a brokerage requesting anonymity.
Reddy also said the company is exploring further tie-up opportunities with the Malaysian sovereign fund Khazanah Nasional Berhad, which owns 12% stake in Apollo. She declined to elaborate further.
— By Radhieka Pandeya
Tesco to increase sourcing from India
New Delhi: UK-based retailer Tesco Plc. said on Tuesday it is increasing sourcing from India and focusing on categories besides clothing for its global requirement.
“Tesco does sourcing worth £230 million from India and we are looking to grow this figure in future,” Tesco Executive Director Corporate Legal affairs Lucy Neville-Rolfe told reporters on the sidelines of the India Economic Summit.
“Of the total sourcing that we do from India, 70% is clothing and apparel but we are looking to grow other categories as well such as food,” she said.
— By PTI