French tyre major Michelin has signed an agreement with the Tamil Nadu government to set up a manufacturing facility on an investment of Rs 4,000 crore spread over seven years.
The plant, to be set up by Michelin India Tamil Nadu Tyres Ltd, will come up on 290 acres at the Gummudipoondi industrial estate near here and will roll out radial tyres some time in 2012.
The project is expected to provide employment to 1,500 people, the state government said in a statement on Monday.
Michelin is one of the world's largest tyre manufacturers, operating 69 factories across 19 countries with a capacity to roll out 190 million tyres annually.
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Fantastic News.
We will buy Michelin Tires made in Chennai through our Walmart in Square One.
CBC is already heralding Chennai as the new MOTOWN and the new Detroit.
With all the major car manufacturers there and with OEM's coming in it is fantastic news for TN.
On the other hand I cannot understand why they are setting up a greenfield unit when they have Dunlop in Ambattur?.
It is reported that SANMARGROUP is in the process of setting up a USD $2.5Billion PVC project in EGYPT.
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Info Source: REAL ONE.
http://www.mydigitalfc.com/it/honeywell%E2%80%99s-34m-gurgaon-centre-979
Honeywell’s $34m Gurgaon centre
By Supriya Unni Nov 18 2009 , Bangalore
The 400,000 square-foot centre will be set up at an existing Honeywell-owned property and will be managed by UOP India, a wholly-owned subsidiary of UOP that has an existing 250-person process technology engineering centre in Gurgaon.
“This centre will allow us to conduct development closer to our end customers, while at the same time tapping the recognised engineering talent of India,” said Andreas Kramvis, president and CEO of Honeywell Specialty Materials. “It will strengthen our product and process commercialisation capabilities globally, especially in Asia, where it will complement our existing research centre in Shanghai.”
“With four technology centres operational in the country, we are excited about this new technology centre, which is yet another reinforcement of Honeywell’s commitment to grow in the country and leverage its intellectual capabilities.” said Anil P Gupta, president, Honeywell India.
Honeywell’s employee base in the country has grown from 1,000 employees in 2002 to more than 10,000 today. Honeywell earlier this year opened a $50 million research, development and engineering facility in Bangalore, India, its second in the city.
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India doubles billionaires; Mukesh Ambani tops list
Thu Nov 19, 2009 9:41am EST
MUMBAI (Reuters Life!) - A buoyant stock market and a still-robust economy have nearly doubled the number of billionaires in India, according to the Forbes' Rich List.
With the stock market having gained more than 75 percent this year and the economy growing at nearly 7 percent, the number of billionaires jumped to 52 in 2009 from 27 in the previous year, just two short of the record in 2007, according to the ranking.
Mukesh Ambani, chief of Reliance Industries, India's most valuable private firm, tops the list again with a net worth of about $32 billion, followed by steel baron Lakshmi Mittal with $30 billion. Their net worth rose by nearly half.
Rounding off the top three is Mukesh's estranged brother Anil Ambani, with an estimated net worth of $17.5 billion.
"Happy days are definitely back again for India's richest," said Nazneen Karmali, India editor of Forbes Asia.
"This year's list shows that when conditions in the financial markets and the economy are right, India has the scale and resources to produce billionaires faster than most countries."
The combined net worth of India's 100 wealthiest people is $276 billion, according to the list, about a quarter of the country's GDP and greater than China's $170 billion.
Savitri Jindal, non-executive chairwoman of O.P. Jindal Group, is at number seven and one of only six women on the list.
Others in the top 10 include Azim Premji, founder of No. 3 software exporter Wipro, steelmakers the Ruia brothers, real estate baron K.P. Singh and telecom tycoon Sunil Mittal.
India's list, unlike the global ranking, includes some family fortunes, Forbes said. (see list on http://www.forbes.com/india)" rel="nofollow">LINK
(Reporting by Rina Chandran; Editing by Alistair Scrutton and Sugita Katyal)
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Sunny Leone a true Canadian DESI now back in India !.
Vandematram did a great job informing us about Michellin's venture in Madras.
I am sorry, but it does not enthuse me to see how many billionaires' find place in the Forbes list. When I visit India, my heart cries out for the young kids who beg on the streets, carrying their little siblings. The liberalization has not helped the majority of people - whatever the reason. They still have no access to health care, and barely eat two meals a day. When a trans-national company sets up a factory in India, it does not necessarily mean that it will improve the lot of the common man. Time and again, it only shows that the rich get richer, and the poor live on the fringe.
Real progress happens, when the lot of the common man improves.......... unless we see that, none of this (trans-nationals opening shop in India) really matters.
By the way,this is NOT a which-is-better,Canada-or-India post.
This rant I have heard since the last 20 years.
Quote:
Originally posted by ILOVENA
Vandematram did a great job informing us about Michellin's venture in Madras.
I am sorry, but it does not enthuse me to see how many billionaires' find place in the Forbes list. When I visit India, my heart cries out for the young kids who beg on the streets, carrying their little siblings. The liberalization has not helped the majority of people - whatever the reason. They still have no access to health care, and barely eat two meals a day. When a trans-national company sets up a factory in India, it does not necessarily mean that it will improve the lot of the common man. Time and again, it only shows that the rich get richer, and the poor live on the fringe.
Real progress happens, when the lot of the common man improves.......... unless we see that, none of this (trans-nationals opening shop in India) really matters.
By the way,this is NOT a which-is-better,Canada-or-India post.
Location: Western Hemisphere
Posted on: 25-11-09 08:35:20
Quote:
Originally posted by ILOVENA
When a trans-national company sets up a factory in India, it does not necessarily mean that it will improve the lot of the common man. Time and again, it only shows that the rich get richer, and the poor live on the fringe.
You will see the same cringing disparity in a town called Reynosa (Mexico) just across McAllen/Pharr, Texas. The multinationals have set up their factories in a large industrial complex - Eaton, Johnson Controls, Dana, Whirlpool, you name it. Great facilities with fully air conditioned plants and fences and security.
The immediate road leading to these plants have sewer running all over and have the biggest and dangerous potholes in addition to the people living in torn tents along the streets.
Clearly, the motive is to make money for themselves or so it appears, and no effort is made to put back anything to the community they set themselves up in.
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Dimple2001
I am amused by what someone wrote \" This rant I have heard since the last 20 years.\". First of all, Canadiandesi has not been around for 20 years and neither have I, in Canada.
There are few transnational companies that adhere to the law in a third world country, when it comes to pollution control, sewage and effluent treatment. Nor do they set up hospitals and schools for the people around the factories. Never mind the white collared managers in these factories - they have access to the best corporate hospitals, the best shopping malls in the nearest town, and the best schools, where their kids go........ What about the blue collared workers who operate machines, and do the actual manufacture? Do they have access to these facilities. The answer is \"no\".
In some cases, local people are displaced when industrial parks are set up by the government. Do they get adequately compensated for the lands or is all the land gobbled up by land sharks, in the garb of transnationals? Maybe, no one has thought of these because, at the end of the day, all that matters is how much money each party to the transaction makes - be it the Chief minister, the MLA of the riding, the local party functionary or the peon in the Government office that handles the files.
Does one honestly believe that multinationals go to India, to improve the living conditions of the average Indian.......? If you think so, you are dead wrong!. It is about cheap labor, the fact that you can pollute the rivers, maintain low safety standards for workers, and get your product manufactured for 10 - 20 % of the cost you would incur in your home country.
It is all about the money, not charity, and not the urge to improve the lives of people in third world countries.
Yes, however I have heard this from various sources / people. That is it. Draw your own conclusion. Period.
Quote:
Originally posted by ILOVENA
I am amused by what someone wrote \" This rant I have heard since the last 20 years.\". First of all, Canadiandesi has not been around for 20 years and neither have I, in Canada.
