Thursday, October 19, 2017

Newsbreakers

MINING STAR 

August has been a month for mining triumph for Jindal Steel & Power Limited bossman Naveen Jindal. In the beginning he bought a 100 per cent stake in Australian mining and exploration firm Legend Mining’s iron ore Ngovayang Project in Cameroon for Rs 100 crore helping him secure raw material for his recently-commissioned two mtpa steel plant in Oman. Then more recently there was some talk of the steel maker reported to be close to buying insolvent Italian steelmaker Lucchini. But the bigger victory of sorts was achieved with the steelmaker’s Bolivian subsidiary winning a $22.5 million arbitration judgment against state-owned mining company Empresa Siderurgica del Mutun. The Indian steel manufacturer stands vindicated with the Paris based the International Chamber of Commerce ordering the Bolivian government to pay up. It is now made clear that actions by the Bolivian government and its entities undermined the El Mutun project and forced JSPL to withdraw from the project contract. Jindal Steel & Power signed a contract in 2007 to develop 20 billion tonne of iron-ore reserves at El Mutun, and had planned to build a 1.7 million tonne per year steel plant in addition to a sponge-iron factory, a pellet unit and a power project. Jindal has reportedly commenced a second ICC arbitration related to the project, seeking damages approaching approximately $100 million. So whether it is coal mines in Mozambique, Cameroon, Botswana, Australia or Bolivia this is one man who believes in punching above his weight to carve a space for his company internationally. 

 

 

 

SNACK  CZARINA

The news might taste deliciously similar to India’s best known chocolate – Cadbury – to Prime Minister Narendra Modi. His dream to bolster the country’s manufacturing sector in order to prop up the economy has received support from Mondelez International, a global leader in biscuits, chocolate, gum, candy, coffee and powdered beverages, with billion-dollar brands under its belt. The company which has invested $400 million in the country over the last four years through its Indian subsidiary, Mondelez India Foods, is now looking to make India a manufacturing hub for the region across multiple product categories in the years to come. It helps to know that the plan is being driven by Mondelez International’s Chairman and CEO Irene Rosenfeld who as a child aspired to become President of the United States. The most powerful and highest paid woman in world business today, the food and beverage industry veteran – she was responsible for the acquisition of Cadbury in 2010 and has previously held positions with General Foods and Frito-Lay and Kraft Foods – has deftly managed her company during a difficult period for the snack food business. Mondelez has already put $200 million of its money at its plant in Sri City, Andhra Pradesh and will seek to invest in other locations. "India is a critical part of our business and we are getting good return on investments. We have increased our workforce here by about 40 per cent in the last three years,” says the hardnosed businesswoman. That assessment from Ireneben should be like melt-in-the-mouth dairy milk chocolate for Narendrabhai.  

 




Leave a Comment

Name  
Email Address
(will not be published)    
Website
Comment