NEW DEHI: L&T Construction on Wednesday said it bagged orders worth Rs 1,454 crore across various business segments in February and March 2012.
The company's water and effluent treatment business unit secured new orders worth Rs 579 crore from Tamil Nadu Water Supply & Drainage Board. Scope of the contract includes providing combined water supply scheme to Attur -Narsingpuram municipalities and Vallore Corp, a company statement said.
The scheme will cater to 20 town panchayats and 1,345 ruralhabitations in Salem district and 11 municipalities, 5 town panchayats and 944 rural habitations in Vellore district.
The company's power transmission and distribution unit won orders in both domestic and international markets. Domestic orders worth Rs 351 crore include civil workfor 1,320-mw thermal power plant and another civil works order from Gulbarga Electricity Supply Company Ltd. International orders valued at Rs 320 crore for construction of a substation in Kuwait has been received.
Building and factories division has bagged additional orders worth Rs 204 crore from various ongoing projects, the statement said .
Success in my Habit
Tuesday, March 13, 2012
Mundra with 4,620 MW is world’s largest private power plant
MUMBAI: Adani Power synchronized the fifth unit of the Mundra power plant this week, taking its total generating capacity to 4,620MW, making it the world's largest single-location coal-fired plant in the private sector. China, Poland and Taiwan have three thermal power plants exceeding 5,000 MW but they are all state-owned, making Mundra also the fifth largest globally.
Adani, which ventured into power generation in 2009-10, has become India's largest power generation company in the private sector and its current capacity is 15% more than the ultra mega power projects (UMPPs) being executed by Reliance Power and Tata Power in states of Gujarat, Madhya Pradesh, Andhra Pradesh and Jharkhand. Even India's biggest state-owned power producer NTPC does not produce over 4000 MW of power in a single location.
"When we started executing the power plant, our name didn't figure in Planning Commission's 2007-2012 five year plan period and now we contribute 10% of the planned target," Ravi Sharma, CEO, power business, Adani Power, told TOI. However, the issue of imported coal will continue to hound Adani Power as the plant is based on coal from Indonesia.
"The issue of imported coal is an industry issue and its being actively addressed at the level of the Prime Minister's Office. We have got linkages from Coal India for some of the units and the remaining coal we intend to import," said Sharma, adding that the plant will currently operate at over 70% plant loan factor (plf).
The company has signed long-term power purchase agreement with Gujarat and Haryana for sale of 80% of the capacity while the remaining 20% the company intends to sell at merchant basis.
The PPAs signed with the state governments envisages sale of power at Rs 2.34 per a unit to Rs 2.94 per unit. However, with the price of Indonesian coal going up substantially with the new Indonesian law to sell it at market-linked prices, the company is looking at renegotiating the terms of the PPAs.
Adani Power intends to complete commissioning of 3300 MW at Tiroda and another 1320 MW at Kawai by March 31, 2013. The company intends to reach a capacity of 20,000 MW by 2020. Adani Power shares on BSE closed almost flat at Rs 75 in a flat Mumbai market on Monday.
Adani, which ventured into power generation in 2009-10, has become India's largest power generation company in the private sector and its current capacity is 15% more than the ultra mega power projects (UMPPs) being executed by Reliance Power and Tata Power in states of Gujarat, Madhya Pradesh, Andhra Pradesh and Jharkhand. Even India's biggest state-owned power producer NTPC does not produce over 4000 MW of power in a single location.
"When we started executing the power plant, our name didn't figure in Planning Commission's 2007-2012 five year plan period and now we contribute 10% of the planned target," Ravi Sharma, CEO, power business, Adani Power, told TOI. However, the issue of imported coal will continue to hound Adani Power as the plant is based on coal from Indonesia.
"The issue of imported coal is an industry issue and its being actively addressed at the level of the Prime Minister's Office. We have got linkages from Coal India for some of the units and the remaining coal we intend to import," said Sharma, adding that the plant will currently operate at over 70% plant loan factor (plf).
The company has signed long-term power purchase agreement with Gujarat and Haryana for sale of 80% of the capacity while the remaining 20% the company intends to sell at merchant basis.
The PPAs signed with the state governments envisages sale of power at Rs 2.34 per a unit to Rs 2.94 per unit. However, with the price of Indonesian coal going up substantially with the new Indonesian law to sell it at market-linked prices, the company is looking at renegotiating the terms of the PPAs.
Adani Power intends to complete commissioning of 3300 MW at Tiroda and another 1320 MW at Kawai by March 31, 2013. The company intends to reach a capacity of 20,000 MW by 2020. Adani Power shares on BSE closed almost flat at Rs 75 in a flat Mumbai market on Monday.
JK government gets Rs 480.61 crore royalty from NHPC
JAMMU: The Jammu and Kashmir government today said it has received Rs 480.61 crore as royalty of water usage charges from NHPC for running hydro power projects in the state.
The government has received Rs 480.61 crore as royalty of water usage charges from NHPC for running of Salal, Uri, Dulhasti and Sewa-II hydro electric projects against Rs 543.761 crore till ending December 2011, the Minister for PHE, Irrigation and Flood Control Taj Mohi-ud-Din said said while relying to the question of CPIM member M Y Tarigami in the Legislative Assembly today.
He said that government has received Rs 480.61 crore as royalty of water usage charges from NHPC for running of Salal, Uri, Dulhasti and Sewa-II hydro electric projects against Rs 543.761 crore till ending December 2011.
The percentage of state employees working in the projects executed by NHPC is about 67 per cent, he said adding that out of 3250 employees working in NHPC projects, 2192 employees belong to Jammu and Kashmir.
He said the cabinet has accepted the recommendations of the Cabinet Sub-Committee (CSC) for transfer of Salal and Uri projects to the state.
He said for transfer of Salal hydro electric project, the government shall secure its interest at least in terms of those components which were part of the national policy at that time and which were agreed by the central government.
The Minister said that law department is examining as how to proceed in respect of our claim for Rs 2350.85 crore from NHPC on account of suffered losses in acceptance of any agreement to this effect.
The government has received Rs 480.61 crore as royalty of water usage charges from NHPC for running of Salal, Uri, Dulhasti and Sewa-II hydro electric projects against Rs 543.761 crore till ending December 2011, the Minister for PHE, Irrigation and Flood Control Taj Mohi-ud-Din said said while relying to the question of CPIM member M Y Tarigami in the Legislative Assembly today.
He said that government has received Rs 480.61 crore as royalty of water usage charges from NHPC for running of Salal, Uri, Dulhasti and Sewa-II hydro electric projects against Rs 543.761 crore till ending December 2011.
The percentage of state employees working in the projects executed by NHPC is about 67 per cent, he said adding that out of 3250 employees working in NHPC projects, 2192 employees belong to Jammu and Kashmir.
He said the cabinet has accepted the recommendations of the Cabinet Sub-Committee (CSC) for transfer of Salal and Uri projects to the state.
He said for transfer of Salal hydro electric project, the government shall secure its interest at least in terms of those components which were part of the national policy at that time and which were agreed by the central government.
The Minister said that law department is examining as how to proceed in respect of our claim for Rs 2350.85 crore from NHPC on account of suffered losses in acceptance of any agreement to this effect.
ITC chief Y C Deveshwar sells Rs 5.8 crore worth shares
MUMBAI: Tobacco-to-consumer goods giant ITC Ltd today said its chief Y C Deveshwar has sold shares worth about Rs 5.8 crore, while two other directors have also sold shares worth about Rs 2.7 crore through the open market.
In a regulatory filing this morning, ITC said that Y C Deveshwar, Chairman and Wholetime Director, has sold about 2.79 lakh shares for about Rs 5.78 crore.
Besides, Wholetime Director K N Grant has also sold 1.25 lakh shares for about Rs 2.58 crore, while 5,000 shares have been sold from the holding of non-executive director S H Khan, held by his dependent (wife) for Rs 10.16 lakh.
As per the regulatory disclosure, Deveshwar held 20.13 lakh shares or about 0.0258 stake in the company, which has declined to 17.34 lakh shares or 0.022 per stake after the the latest sale through stock exchange.
According to data available with the BSE, Deveshwar had sold ITC shares earlier in February also.
There is no promoter holding in ITC and various institutions together hold 51.09 per cent stake, including 16.31 per cent by overseas entities and 34.78 per cent by domestic institutions.
Among major shareholders, Tobacco Manufacturers India Ltd had 25.47 stake, LIC 12.5 per cent and Specified Undertaking Of the Unit Trust Of India (SUUTI) 11.50 per cent holding at the end of last quarter ended December 31, 2011.
ITC shares were trading 1.03 per cent down at Rs 205.06 in a weak market at 1120 hours at the BSE today.
In a regulatory filing this morning, ITC said that Y C Deveshwar, Chairman and Wholetime Director, has sold about 2.79 lakh shares for about Rs 5.78 crore.
Besides, Wholetime Director K N Grant has also sold 1.25 lakh shares for about Rs 2.58 crore, while 5,000 shares have been sold from the holding of non-executive director S H Khan, held by his dependent (wife) for Rs 10.16 lakh.
As per the regulatory disclosure, Deveshwar held 20.13 lakh shares or about 0.0258 stake in the company, which has declined to 17.34 lakh shares or 0.022 per stake after the the latest sale through stock exchange.
According to data available with the BSE, Deveshwar had sold ITC shares earlier in February also.
There is no promoter holding in ITC and various institutions together hold 51.09 per cent stake, including 16.31 per cent by overseas entities and 34.78 per cent by domestic institutions.
Among major shareholders, Tobacco Manufacturers India Ltd had 25.47 stake, LIC 12.5 per cent and Specified Undertaking Of the Unit Trust Of India (SUUTI) 11.50 per cent holding at the end of last quarter ended December 31, 2011.
ITC shares were trading 1.03 per cent down at Rs 205.06 in a weak market at 1120 hours at the BSE today.
Despite minor protests, Akzo Nobel's merger proposal set for smooth sail
MUMBAI|KOLKATA: Some minority institutional investors of Akzo Nobel India opposed the firm's proposal to merge three unlisted group firms with itself at a packed shareholders meet in Kolkata but the proposal may end up getting passed.
The court convened meeting on Tuesday of Akzo Nobel India - the maker of Dulux paints, witnessed a 'spirited debate' from shareholders ranged for and against the merger of the three unlisted entities with the Indian listed subsidiary. The proposal was put to vote and the results will be announced in 48 hours.
Representatives of insurance majors LIC, GIC and SBI mutual fund and Birla Sun Life mutual fund participated in the meeting.
The highlight of the meeting was the quiet presence of a representative from Asian Paints, who by virtue of holding 5% of their arch rival's equity also cast its vote. While company officials declined to disclose how they voted, observers attending the meeting believed that the very fact that Asian Paints attended the meeting can be construed that the vote was against the merger resolution.
An Asian Paints official confirmed that a representative had indeed attended the court convened meeting of Akzo Nobel in Kolkata. "We voted in the interest of the shareholders of Asian Paints Ltd," an official said.
Akzo Nobel officials said that over 800 proxies were cast with 73 members attending the Akzo meet. Shareholders referred to the Economic Times reports on several occasions that had brought the concerns out in the open of minority shareholders against the Akzo Nobel's merger proposal.
Amit Jain, managing director, Akzo Nobel India said with this the company is moving away from a frequent restructuring mode to one of organic growth. "We'll become a one stop coatings provider."
The court convened meeting on Tuesday of Akzo Nobel India - the maker of Dulux paints, witnessed a 'spirited debate' from shareholders ranged for and against the merger of the three unlisted entities with the Indian listed subsidiary. The proposal was put to vote and the results will be announced in 48 hours.
Representatives of insurance majors LIC, GIC and SBI mutual fund and Birla Sun Life mutual fund participated in the meeting.
The highlight of the meeting was the quiet presence of a representative from Asian Paints, who by virtue of holding 5% of their arch rival's equity also cast its vote. While company officials declined to disclose how they voted, observers attending the meeting believed that the very fact that Asian Paints attended the meeting can be construed that the vote was against the merger resolution.
An Asian Paints official confirmed that a representative had indeed attended the court convened meeting of Akzo Nobel in Kolkata. "We voted in the interest of the shareholders of Asian Paints Ltd," an official said.
Akzo Nobel officials said that over 800 proxies were cast with 73 members attending the Akzo meet. Shareholders referred to the Economic Times reports on several occasions that had brought the concerns out in the open of minority shareholders against the Akzo Nobel's merger proposal.
Amit Jain, managing director, Akzo Nobel India said with this the company is moving away from a frequent restructuring mode to one of organic growth. "We'll become a one stop coatings provider."
Royal Stag topples Absolut Vodka to lead volume chart in Pernod’s portfolio
MUMBAI: French drinks giant Groupe Pernod Ricard's Indian whisky Royal Stag is now the largest selling brand in its global portfolio of alcoholic beverages. It dislodged the iconic Absolut vodka to lead the volume chart in 2011, making it possibly the only local consumer brand topping a MNC business globally.
Royal Stag, a semi-premium blended whisky, sold 12.3 million cases last year, well ahead of Absolut's 11.3 million cases, to be the top volume grabber across Pernod Ricard's businesses. Ricard, an anise-based drink mainly sold in France, is the third largest volume brand for the global behemoth.
A Pernod Ricard spokesperson confirmed that Royal Stag emerged as the global volume leader last year. The brand was steadily built in the last two decades, initially by Seagram and then Pernod Ricard which acquired the former in 1999. HUL's Fair & Lovely-a brand with a franchise of about one billion women across Asia, Africa and Middle East-tops the worldwide fairness cream business of the Anglo-Dutch parent Unilever worldwide.
Royal Stag's rise to the top reflects the French behemoth's strong forays into emerging growth markets where it leads arch rival Diageo, which has struggled in markets like India and China. Pernod Ricard competes with Diageo Plc to dominate the world's lifestyle drinks industry with a slew of blockbuster brands, including Chivas Regal, Jameson and Ballantine's scotch whiskies. Vijay Mallya's United Spirits (USL) is the world's largest player by volume but has most of its business locked up in India.
Royal Stag along with Blender's Pride, a premium Indian whisky, are the mainstay of Pernod Ricard's local operations, which reported 24 million cases sales in 2011.
Both these brands have withstood strong challenges from USL. Royal Stag competes with USL's McDowell's No.1 whisky, while Blender's pride takes on Signature, Royal Challenge and Antiquity whiskies. USL replied with brand extensions of Signature and Antiquity, and repackaged Royal Challenge.
IDFC Securities MD Nikhil Vohra, some months ago, noted that the performance of Pernod Ricard showcased the inherent profitability of the liquor industry would lead to a structural de-rating of USL, which garners 70% of its volume from regular priced brands, but is still a cash cow for Mallya's alcobev empire
Royal Stag, a semi-premium blended whisky, sold 12.3 million cases last year, well ahead of Absolut's 11.3 million cases, to be the top volume grabber across Pernod Ricard's businesses. Ricard, an anise-based drink mainly sold in France, is the third largest volume brand for the global behemoth.
A Pernod Ricard spokesperson confirmed that Royal Stag emerged as the global volume leader last year. The brand was steadily built in the last two decades, initially by Seagram and then Pernod Ricard which acquired the former in 1999. HUL's Fair & Lovely-a brand with a franchise of about one billion women across Asia, Africa and Middle East-tops the worldwide fairness cream business of the Anglo-Dutch parent Unilever worldwide.
Royal Stag's rise to the top reflects the French behemoth's strong forays into emerging growth markets where it leads arch rival Diageo, which has struggled in markets like India and China. Pernod Ricard competes with Diageo Plc to dominate the world's lifestyle drinks industry with a slew of blockbuster brands, including Chivas Regal, Jameson and Ballantine's scotch whiskies. Vijay Mallya's United Spirits (USL) is the world's largest player by volume but has most of its business locked up in India.
Royal Stag along with Blender's Pride, a premium Indian whisky, are the mainstay of Pernod Ricard's local operations, which reported 24 million cases sales in 2011.
Both these brands have withstood strong challenges from USL. Royal Stag competes with USL's McDowell's No.1 whisky, while Blender's pride takes on Signature, Royal Challenge and Antiquity whiskies. USL replied with brand extensions of Signature and Antiquity, and repackaged Royal Challenge.
IDFC Securities MD Nikhil Vohra, some months ago, noted that the performance of Pernod Ricard showcased the inherent profitability of the liquor industry would lead to a structural de-rating of USL, which garners 70% of its volume from regular priced brands, but is still a cash cow for Mallya's alcobev empire
Vijay Mallya considering 49% stake sale in Whyte & Mackay: Report
LONDON: Vijay Mallya-promoted United Spirits Ltd is considering to sell 49 per cent stake in its Glasgow based subsidiary Whyte & Mackay to pay off debt, according to a media report.
According to the 'The Times', the move is a part of a drive to cut UB Group's USD 4 billion (2.5 billion pounds) debt.
Mallya told the daily that that USL, the spirits holding group that has debts of USD 1.68 billion, was considering sale of a 49 per cent stake in Whyte & Mackay, which was bought in 2007 for USD 1.2 billion.
Last fiscal, USL had posted a total income of Rs 6,422.72 crore with a net profit of Rs 403.04 crore. So far this fiscal, in the nine months period ended December 31, 2011 the company's total income stood at Rs 5,778.14 crore and net profit was at Rs 332.77 crore.
The report also quoted Ravi Nedungadi, the chief financial officer of the UB Group, saying that there had been interest from "a number of private equity players" in W&M, which owns single malt whisky brands such as Jura and Dalmore.
He said that UB Group would retain ownership of 51 per cent and that the proceeds would be used to cut USL's debt and to help fund an expansion drive, including the construction of new distilleries and India's biggest glass plant.
Nedungadi, however, denied that the cash would be used to pay off any of Kingfisher Airlines' debt.
"If we were to sell or dilute any of those assets the proceeds would go only to repay or reduce United Spirits' debt," the report quoted him as saying.
According to the 'The Times', the move is a part of a drive to cut UB Group's USD 4 billion (2.5 billion pounds) debt.
Mallya told the daily that that USL, the spirits holding group that has debts of USD 1.68 billion, was considering sale of a 49 per cent stake in Whyte & Mackay, which was bought in 2007 for USD 1.2 billion.
Last fiscal, USL had posted a total income of Rs 6,422.72 crore with a net profit of Rs 403.04 crore. So far this fiscal, in the nine months period ended December 31, 2011 the company's total income stood at Rs 5,778.14 crore and net profit was at Rs 332.77 crore.
The report also quoted Ravi Nedungadi, the chief financial officer of the UB Group, saying that there had been interest from "a number of private equity players" in W&M, which owns single malt whisky brands such as Jura and Dalmore.
He said that UB Group would retain ownership of 51 per cent and that the proceeds would be used to cut USL's debt and to help fund an expansion drive, including the construction of new distilleries and India's biggest glass plant.
Nedungadi, however, denied that the cash would be used to pay off any of Kingfisher Airlines' debt.
"If we were to sell or dilute any of those assets the proceeds would go only to repay or reduce United Spirits' debt," the report quoted him as saying.
Liquor marketer Bacardi adds a plus to become more masculine
BANGALORE: Liquor marketer Bacardi may have made no distinction between sexes while positioning its ready-to-drink product Breezer in India a decade ago, but it is certainly pulling out the masculine card with its latest offering Bacardi+. The family-controlled spirits firm says unlike Breezer, Bacardi+ is a large peg of the eponymous rum premixed with either lemonade or cola.
The alcohol category does not typically distinguish between a male or female, but in this case, while the company wants to retain its core consumer, it also wants to expand the base of the other. And to achieve this, it has dropped the name Bacardi from Breezer bottles in recent months, while Bacardi+ carries the company's name more prominently.
"Globally when a product is positioned for men, it tends to attract women consumers too," Mahesh Madhavan, Bacardi's president & CEOSouth Asia, says. "But it's not the other way round," he explains, adding that Breezer was positioned as a unisex product.
"Bacardi+ is a masculine product which is made for the male consumer who would like the product to be delivered to him as a perfect serve," Madhavan says. The product is available in some markets in cans but in India, it is being introduced in grey and black bottles.
With an alcohol content of 8%, it gets positioned closer to the strong beer category in India, which accounts for at least 75% of the Indian beer market. Rivals say that even a small shift of these consumers to Bacardi+ would result in large volumes. At the same time, women consumers may consider it as an upgrade too.
Priced at around Rs 10 higher than Breezer for a 250 ml bottle on an average, it will sell at Rs 75 in Bangalore, and Rs 80 in Delhi. "The margins would be higher because fixed costs such as packaging of bottle, labels and caps do not increase," a senior executive of a rival firm says, seeking anonymity. Bacardi, which also makes brands such as Dewar's Scotch, Grey Goose vodka and Bombay Sapphire gin, had in 2002 popped open the ready-to-drink (RTD) alcoholic beverage category in India with Breezer.
Over the years, the over 1.5 million cases category became synonymous with Breezer as it appealed to younger consumers as a recruit drink. But its lower alcohol content, fruity flavour and colouring led to it being perceived as a woman's drink. The Bermuda-headquartered firm, which is known for its rums, entered India in 1998 and the market is now one of its fastest-growing.
The alcohol category does not typically distinguish between a male or female, but in this case, while the company wants to retain its core consumer, it also wants to expand the base of the other. And to achieve this, it has dropped the name Bacardi from Breezer bottles in recent months, while Bacardi+ carries the company's name more prominently.
"Globally when a product is positioned for men, it tends to attract women consumers too," Mahesh Madhavan, Bacardi's president & CEOSouth Asia, says. "But it's not the other way round," he explains, adding that Breezer was positioned as a unisex product.
"Bacardi+ is a masculine product which is made for the male consumer who would like the product to be delivered to him as a perfect serve," Madhavan says. The product is available in some markets in cans but in India, it is being introduced in grey and black bottles.
With an alcohol content of 8%, it gets positioned closer to the strong beer category in India, which accounts for at least 75% of the Indian beer market. Rivals say that even a small shift of these consumers to Bacardi+ would result in large volumes. At the same time, women consumers may consider it as an upgrade too.
Priced at around Rs 10 higher than Breezer for a 250 ml bottle on an average, it will sell at Rs 75 in Bangalore, and Rs 80 in Delhi. "The margins would be higher because fixed costs such as packaging of bottle, labels and caps do not increase," a senior executive of a rival firm says, seeking anonymity. Bacardi, which also makes brands such as Dewar's Scotch, Grey Goose vodka and Bombay Sapphire gin, had in 2002 popped open the ready-to-drink (RTD) alcoholic beverage category in India with Breezer.
Over the years, the over 1.5 million cases category became synonymous with Breezer as it appealed to younger consumers as a recruit drink. But its lower alcohol content, fruity flavour and colouring led to it being perceived as a woman's drink. The Bermuda-headquartered firm, which is known for its rums, entered India in 1998 and the market is now one of its fastest-growing.
Bacardi Martini sets up new product development centre in Nanjangud, Mysore
Family-controlled spirits firm Bacardi Martini is accelerating its presence in India. It has set up a new product development centre at its Nanjangud plant in Mysore, signalling its plans to create local brands.
All of the new product development for the maker of rums, Grey Goose vodka and Dewar's Scotch was earlier done in the US. The centre in India will now serve all of South Asia.
"The growing importance of India in the region and keeping the consumer at the heart of all our innovation, it was felt that we would be able to do it with a centre in India," Mahesh Madhavan, Bacardi's president & CEO-South Asia, says.
Several multinational spirits firms have been rolling our local whiskies to straddle a larger market as imported spirits carry high tariffs in India. The maker of Royal Stag, Blender's Pride and Imperial Blue whiskies, Pernod Record was the first to bet on this strategy. Last year, Diageo Plc too launched Rowson's Reserve whisky in India.
Bermuda-headquartered Bacardi counts India among its fastest-growing markets. It entered India in 1998 through a joint venture with Mysore-based Gemini Distilleries, which owned 26% stake in the business. In 2009, it acquired this local partner.
All of the new product development for the maker of rums, Grey Goose vodka and Dewar's Scotch was earlier done in the US. The centre in India will now serve all of South Asia.
"The growing importance of India in the region and keeping the consumer at the heart of all our innovation, it was felt that we would be able to do it with a centre in India," Mahesh Madhavan, Bacardi's president & CEO-South Asia, says.
Several multinational spirits firms have been rolling our local whiskies to straddle a larger market as imported spirits carry high tariffs in India. The maker of Royal Stag, Blender's Pride and Imperial Blue whiskies, Pernod Record was the first to bet on this strategy. Last year, Diageo Plc too launched Rowson's Reserve whisky in India.
Bermuda-headquartered Bacardi counts India among its fastest-growing markets. It entered India in 1998 through a joint venture with Mysore-based Gemini Distilleries, which owned 26% stake in the business. In 2009, it acquired this local partner.
Reliance Brands to sell LVMH's Thomas Pink shirts in India
MUMBAI: Mukesh Ambani-led Reliance Brands today said it has signed an exclusive agreement to sell French major Louis Vuitton Moet Hennessy's brand Thomas Pink's shirt collection in the country.
Louis Vuitton Moet Hennessy (LVMH) had acquired the British brand Thomas Pink in 1999, and it will hawk a range of luxury shirts, ties, knitwear and accessories in the country.
"In Reliance Brands we found a partner that not only understands and resonates our brand values but also has a winning combination of people, infrastructure and market muscle that we aspire to have in a partner," Thomas Pink President and Chief Executive Jonathan Heilbron said in a statement issued here.
Reliance Brands currently has brand partnerships for high-street labels like Diesel, Ermenegildo Zegna, Hamley's, Kenneth Cole, Paul & Shark, Quiksilver, Roxy, Steve Madden and Timberland and had also announced a joint venture with US-based Iconix recently.
"Given the increasingly well-travelled and aspirational Indian consumer, the choice to partner with and launch Thomas Pink in India was obvious. It is a Brand with very high recall and will sit in the Indian wardrobes easily and naturally," Reliance Brands President and Chief Executive Darshan Mehta said.
Louis Vuitton Moet Hennessy (LVMH) had acquired the British brand Thomas Pink in 1999, and it will hawk a range of luxury shirts, ties, knitwear and accessories in the country.
"In Reliance Brands we found a partner that not only understands and resonates our brand values but also has a winning combination of people, infrastructure and market muscle that we aspire to have in a partner," Thomas Pink President and Chief Executive Jonathan Heilbron said in a statement issued here.
Reliance Brands currently has brand partnerships for high-street labels like Diesel, Ermenegildo Zegna, Hamley's, Kenneth Cole, Paul & Shark, Quiksilver, Roxy, Steve Madden and Timberland and had also announced a joint venture with US-based Iconix recently.
"Given the increasingly well-travelled and aspirational Indian consumer, the choice to partner with and launch Thomas Pink in India was obvious. It is a Brand with very high recall and will sit in the Indian wardrobes easily and naturally," Reliance Brands President and Chief Executive Darshan Mehta said.
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