Coimbatore-based textile company SP Apparels Ltd plans to bring Croco Kids wear into India, adding to the Crocodile brand that it owns in the country. SP, which has annual revenues of Rs265 crore, mostly through exports, owns 70% of Crocodile Products Pvt. Ltd with the rest owned by Crocodile International Pte. Ltd, Singapore. In April 2007, it acquired Natalia women’s wear brand for an undisclosed sum. “We are planning to launch two kids wear brands here, of which one would be Croco Kids,” said Sanjay Chandrasekhar, vice-president of Crocodile Product.
He declined to name the second brand. The Croco Kids line would cater to children up to 8 years old with prices ranging from Rs300 and Rs800. SP plans to open 20 stand-alone Croco Kids stores in the next financial year in key metros and tier II cities with an initial investment of Rs20 crore.
Chandrasekhar is betting that Croco Kids, which he says is a popular brand in Singapore, Thailand and China, would succeed in India where there aren’t that many branded choices for kids yet.
NMDC to set up steel plant in Chhattisgarh
New Delhi: Steel minister Ram Vilas Paswan will on Thursday meet heads of National Mineral Development Corp. Ltd (NMDC), and steel companies Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd to reverse an earlier decision to set up a joint venture plant in Chhattisgarh. Seven months ago, the three companies had agreed to start a 4-million-tonne (mt) plant together.
Now, NMDC will set up the mill on its own at an estimated cost of Rs16,000 crore, said Rana Som, its chairman and managing director.
“We have done well in mining, and we have now decided to branch out into steel-making in the interest of the nation,’’ he said. India’s largest iron ore producer at 30 mt earned Rs2,300 crore in net profit last year; it expects to cross Rs3,000 crore by end of this financial year, which will close this month.