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Bharat Forge’s arm to acquire SEZ unit of Indo Shell Mould

Auto components maker Bharat Forge Ltd on Monday said its step-down subsidiary JS Auto Cast Foundry India will acquire the SEZ unit of Indo Shell Mould Ltd located at SIPCOT, Erode in Tamil Nadu for an undisclosed sum. JS Auto Cast Foundry India has entered into a business transfer agreement with Indo Shell Mould Ltd for the purpose, Bharat Forge said in a statement. “This acquisition strengthens JS Auto’s presence in the castings sector, expands the product offering and client base, and enhances its footprint in the Indian manufacturing landscape,” it added. The SEZ Unit with a capacity of 42,000 MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the third manufacturing unit of JS Auto, taking its total capacity to 1,42,000 MTPA, the company said, adding that the acquisition will be EPS accretive from the first year itself.

Low crude oil and other commodity prices globally to bring respite to Narendra Modi government

(This article was originally published on October 18, 2014) In recent months, a prolonged bull market has led to a collapse in global commodity prices and a regular widening of account and fiscal deficits, which, along with rising subsidies and a depreciating rupee, have hurt India. Now all this is reversing. Petrol prices have fallen to their lowest level in 16 months, edible oil and rubber prices to their lowest levels in five years. Sugar and cotton are also falling. This bodes well for low inflation. Why are oil prices falling? Surging supply and weak demand outlook Shale oil production surges OPEC shows no signs of cutting production Saudi Arabia is unwilling to bear the burden. Production rose 0.5% to 9.65 million bpd in September. IEA cuts global energy demand forecast for fourth straight month IMF cuts global growth forecast pHas oil bottomed out? Bank of America and BNP Paribas say oil prices will stay above $80 a barrel. Despite analysts’ dis...

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Bharat Forge’s arm to acquire SEZ unit of Indo Shell Mould

Low crude oil and other commodity prices globally to bring respite to Narendra Modi government