By Vipin Agnihotri
Videocon acquires Planet M
Videocon, the Indian multinational has acquired Planet M, one of the leading music and entertainment retail chain for Rs 2 billion in order to reap the advantages of its brand image. According to sources, the acquisition has been done by NEXT, Videocon’s retail chain for consumer electronics and home appliances.
In my opinion, Videocon is highly ambitious with Planet M, which is a well-known brand amongst the youth. The group plans to increase its turnover by six fold, from about Rs 1.5 billion to about Rs 10 billion and then to Rs 20 billion in the next four years.
Larsen & Toubro negotiating with global shipping fleet owners
Larsen & Toubro is presently in the process of negotiation with global shipping fleet owners in order to realize its ambition of building ships worth over $ 1 billion. However, this big ambition has come to a halt because of the roadblocks laid by the Tamilnadu government.
It is worth mentioning in this regard that the shipyard will enable them to tap the growing domestic as well as global demand for ships. Because of its engineering expertise and competencies, L&T’s emphasis will be towards high end and high-tech ships. In general, L&T would be able to manufacture and repair as many as 25 big ships and 50 all types of ships respectively in a year. Moreover, the project will also garner employment to about 10,000 persons.
Oberoi Group chalks out expansion plans
Oberoi Group plans to invest about Rs 45 billion to augment its room capacity. Point to be noted here is that the amount will be invested over a period of five years. For the group, more than 15 projects are underway in various parts of Asia, Gulf and Africa. In India, the group is in the course of finishing its properties in Mumbai, Bangalore, Hyderabad, Gurgaon and Goa.
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