RIL to push polyester biz with RElan Posted on 13th November 2017 |
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| Mukesh Ambani’s Reliance Industries (RIL) is to increase its presence in the polyester space after the launch of its new brand, RElan, through which it will get into co-branding of apparel. The largest manufacturer of polyester in the country, it has an annual capacity of 2 million tonnes (mt), almost half the country’s 4.5 mt. The firm expects 5 per cent yearly growth in this segment. China, with 45 mt manufacturing capacity out of 70 mt globally, is much ahead of India. For RElan, the new portfolio of speciality fabric, the firm has tied up with VF Corporation of America, owner of the world’s largest denim brand, Wrangler, to launch by the coming February the Inficool denim range. “We are in talks with at least five leading domestic and international apparel brands to co-brand with the RElan brand. The co-branding will give RIL a foothold in the Rs 250,000-crore Indian apparel industry, almost a 50-50 share of menswear and womenswear,” said a senior firm official. The move might help to reduce India’s fabric import, averaging 500 million sq metres, valued at $1.2 billion, in each of the past three years. The industry estimates a little more than 90 per cent of the fabric is from China, with the rest from Malaysia, Indonesia and South Korea. “The move will help India to reduce dependence on import of speciality fabrics, especially from China,” said the official. Global per capita consumption of polyester is 6 kg per person, compared to 3 kg per person in India and 11 kg in China. It is the other way round in cotton, with India’s per capita consumption at 54 kg per person versus 18 kg in China and a global average of 28 kg. India’s textile industry contributes 14 per cent of industrial production, 6 per cent of GDP and 17 per cent of export earnings. “We are expecting (yearly) growth of around 5 per cent for India in the polyester industry, much higher than the global average of 3 per cent. We are planning to tie up with 200 textile manufacturers, giving focus to Punjab, Haryana, UP and Rajasthan, which account for 20 per cent of India’s fabric production capacity and manufacturing textiles worth Rs 50,000 crore annually,” said the official. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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