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<ul><li>As Westlife Development Ltd's <keyword id="126895" type="General" weightage="100" keywordseo="mcdonald" source="Orion">McDonald</keyword> celebrates its 25th anniversary in India this year, we speak to <keyword id="7251099" type="General" weightage="20" keywordseo="Arvind-RP" source="Orion">Arvind RP</keyword>, Director - Marketing and Communications, <keyword id="602278" type="General" weightage="20" keywordseo="McDonalds-india" source="Orion">McDonald’s India</keyword> (West and South) about the brand's marketing milestones.</li><li>We discuss several phases of transformation that the brand has gone through over the years to become India’s one of the most trusted brands.</li></ul>McDonald’s, for 25 years, has remained synonymous with burgers in India. The golden arches entered the country in 1996 and was an undisputed leader in burgers until 2014, that’s when its rival Burger King set up its first store in Delhi. However, by then, McDonald’s had captured the lion’s share of the market. Surviving through many neck-to-neck burger rivalries, economic crises and pandemic, McDonald’s stands strong today. When the American fast-food giant first thought of entering the Indian market, it had to face a huge challenge. Across the world, Big Mac beefburger was McDonald’s signature product and India was known as a vegetarian market back then. So, the starting point for McDonald's India was to position itself as Indian, represent family values and culture and position itself as comfortable and easy while retaining its global values. McDonald’s gracefully Indianised its global menu and Indians couldn’t get enough of its burgers, which is a quintessential American fast food. <div type="Video" msid="87852925" hostid="261" title="How to win over a challenging market as India: Inside McDonald’s success story" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=87852925"></div> Sharing how the company laid its foundation into the country, Arvind RP, Director - Marketing and Communications, McDonald’s India (West and South) said, “McDonald's is a very interesting case study. It has gone through several phases in its 25 years in India. Phase one was all about building the foundation through localisation or as we call it, the democratization of the burger. We introduced the McAloo Tikki and many such locally relevant burgers for the Indian market. We also introduced many new practices to win over consumer trust such as using separate veg kitchen and non veg kitchen.” After introducing its famous McAloo Tikki and the Chicken Maharaja Mac, McDonald’s next step was to win consumer trust and it went all out with its marketing activities to woo them. Another way to win over Indians was by offering low prices and beat street food, so it introduced its Happy Price menu starting from Rs 20 back then. McDonald’s made it a point to highlight its ‘value for money’ range in its marketing campaign and that’s when its iconic tagline ‘I’m lovin’ it’ was born too. <div type="Youtube" id="ErnTTK7zOeU" title="Very funny Indian ad for Mcdonalds-Doctor" thumbUrl="https://i.ytimg.com/vi/ErnTTK7zOeU/mqdefault.jpg"></div> “It was time to create a strong brand-connect with consumers for a brand that was unknown in India before that. So, we launched several campaigns, the one campaign that comes to mind is ‘McDonald's mein hai kuch baat’. Those were the early days of laying the foundation for the brand in India. The second phase was more about making it affordable for the masses. McDonald's is a democratic and a mass brand and we also felt that at some point in time, it was important to lay a broader appeal. And that's when we can came up with many campaigns around happy price combos. One such campaign was <a href="https://www.behance.net/gallery/2039247/McDonalds-Happy-Price-Menu">Aapke zamane mein, baap ke zamane ka daam</a> (prices from your father's era, in your era). It was a really stellar campaign with a broad-based appeal.” <div type="Youtube" id="gk5ZiuFhwxI" title="McDonalds India Ad-1997" thumbUrl="https://i.ytimg.com/vi/gk5ZiuFhwxI/mqdefault.jpg"></div> After localising the menu and introducing affordable offers, McDonald’s started focusing on establishing itself as a FoodTech platform. As per Arvind, it was one of the first companies in India to offer home delivery services. “Our early campaigns focused on making the brand more affordable and then it was accelerating to kind of a food tech image. We scaled up on McDelivery. We also launched McCafe around that time, which added a whole new dimension and a whole new vision,” said Arvind. <div type="Youtube" id="HKXeMCL5b2Q" title="McDonald's McDelivery | McDelivery Online | McDonald's India" thumbUrl="https://i.ytimg.com/vi/HKXeMCL5b2Q/mqdefault.jpg"></div> Cut to the pandemic which brought with it a time when all marketing playbooks felt redundant. Even India’s oldest brands were struggling to survive during the initial phases of the lockdown. As the government eased lockdown, the QSR industry left no stone unturned in doubling down on their ‘doorstep and contactless delivery’ proposition. McDonald’s also revamped its marketing strategy; from focusing on creating happy memories, affordability and home-delivery before the pandemic, it started assuring its consumers about its safety practices and focused on empathy after the pandemic. Arvind said, “In the post-pandemic phase, the brand has gone to the next level, we have really amped up on our omni-channel convenience. Delivery is a very important lever for the business today. Over the last two years, we went to the consumer with our golden guarantee campaign. And that went a long way in reassuring consumers in the context of the pandemic, telling them food is safe to eat and also talking about stringent quality standards and safety standards the brand has always had, which elevated during the pandemic. Also, in the post pandemic era, it's important for brands to be empathetic, not to be tone deaf to what's going out there, and tweak their marketing messaging, marketing mix, to kind of be more relevant to today's context.” <div type="Youtube" id="5Qzw-yqjkxw" title="Safety and Hygiene | McDonald's Golden Guarantee | McDonald's" thumbUrl="https://i.ytimg.com/vi/5Qzw-yqjkxw/mqdefault.jpg"></div> Today, home delivery contributes around 40-45% to McDonald’s business and its drive-through services were first to recover post-lockdown. So, the brand started positioning itself as a convenient omni-channel service. Sharing how convenience has taken the center stage today in its communication, Arvind said, “We were the first QSR brand to launch McDelivery in India, and we have been consistently at it to kind of grow it. Pre-pandemic, about 20-25% of the business was delivery and now 40-45% of the business comes from delivery. In fact, our overall convenience channels, which is our delivery, our drive through, our on the go is upwards of 50-60%. So in essence, McDonald's has kind of transformed itself over the years into an omni channel, convenient brand and that's quite important for consumers of today.” To celebrate these milestones and commemorate its 25 years of existence in our country, McDonald’s has launched a new campaign called ‘25ActsofHappy,’ a gourmet range of burgers and healthy beverages. <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Explaining the thought behind its 25th anniversary campaign, Arvind said, “All kinds of consumers have had wonderful memories of the brand built over the last many years. And our 25 years is all about those happy memories. What we are saying is, we will do 25 acts of happiness over the next one year. And the first such Act has happened, which is all about building memories at McDonald's and bringing them alive. The next such act will happen later in November. So through these 25 acts over the next one year, we want to celebrate the brand and the fandom that McDonald's has among the consumer.” Capturing newly-entered territories If Arvind is to be believed, Mcdonald’s is just getting started! In its next phase of growth, the QSR giant aims to expand its presence further into the country and capture the coffee and fried chicken market. According to Edelweiss Securities report, India’s quick-service restaurant (QSR) market is expected to clock a compound annual growth rate of 23% between 2021 to fiscal year 2025. As per Technopak, India’s food services market was estimated at ₹4,236 billion in FY20. “We plan to open about 25-30 stores every year and are broadly open to emerging retail opportunities. Apart from metros like Mumbai and Bengaluru, even the smaller towns are doing very well. As an example, our drive throughs in some of the smaller towns were the first to recover post pandemic and they went up to over 50% of their original pre-pandemic sales. Our new products like McSpicy fried chicken are higher in demand in smaller towns, especially in the South,” said Arvind. Talking about the next phase of growth, Arvind added, “Future McDonald's would be something that plays across multiple dimensions. The first dimension would be categories, where we build leadership in burger, chicken and coffee. The second dimension would be across different dayparts. We are uniquely positioned as a brand to play across breakfast, lunch, snack, dinner and post dinner. And we have got burgers and beverages that are relevant across these day parts and that's such an important differentiator for the brand.” With its glocal approach and affordable options, McDonald's has quietly made inroads into desi households in these last 25 years and has built a brand connect that is here to stay.

How to win over a challenging market as India: Inside McDonald’s success story

New Delhi, Jan 31 () Textile major Arvind Ltd on Friday reported a consolidated net profit of Rs 35.35 crore for the third quarter ended December. 
 The company had posted a net profit of Rs 40.43 crore in October-December quarter a year ago, it said in a BSE filing.
 Its revenue from operations stood at Rs 1,868.80 crore during the quarter under review. It was at Rs 1,680.26 crore in the corresponding quarter of previous fiscal.
 "EBIDTA margin in Textiles improved because of base effect, and lower input costs. Margins in Denim category saw some improvement from operating leverage," the company said in a post earning statement.
 "Higher garmenting volumes resulted in margin improvement as well. AMD (advanced material) margins increased by over 3 percentage points to over 13 per cent as part of the portfolio matured," it added.
 The results are not comparable with the previous year's period because of demerger of company's branded apparel business to Arvind Fashions Ltd with effect from November 30, 2018.
 "To the extent current quarter and nine months ended December 31, 2019 are not comparable with the quarter and nine months ended December 31, 2018 and the year ended March 31, 2019," the company said.
 The company's total expenses during October-December stood at Rs 1,819.41 crore.
 Revenue from textile segment stood at Rs 1,557.87 crore and that from advanced material segment at Rs 184.56 crore.
 "Garment revenues were up given 23 per cent higher garment volumes; AMD revenues were up 16 per cent as businesses have started to scale-up," it said.
 On outlook, the company said, "As suggested earlier, expect revenue to grow by about 9-10 per cent and maintain EBITDA margin at around 10 per cent for the full year."
 Shares of Arvind Ltd were trading 0.59 per cent higher at Rs 42.80 on the BSE during afternoon session. KRH RVK

Arvind Q3 net profit at Rs 35.35 cr

Facing tough competition from the unorganised sector, one of the oldest textile businesses in India, Bombay Dyeing &amp; Manufacturing Company Ltd would sell its textile manufacturing unit at Ranjangaon in Pune for Rs 230 crore. 
 The company is closing the last of its manufacturing units also due to increasing imports from Taiwan, China and <keyword id="6354759" type="COUNTRY" weightage="60" keywordseo="Bangladesh">Bangladesh</keyword>, according to an Economic Times report. The Wadia group flagship's textile processing unit at Ranjangaon is being sold on a "slump-sale basis", or without assigning specific values to individual assets and liabilities, to a firm called <keyword id="2888373" type="UNKNOWN" weightage="80" keywordseo="Oasis-Procon-Pvt-Ltd-">Oasis Procon Pvt Ltd.</keyword> 
	 

	The Ranjangaon facility was built after the Nusli Wadia-led company decided in 2005 to undertake a strategic business restructuring and shut down manufacturing activities in two prime locations in Mumbai. 
	 

	Moreover, the Ranjangaon unit was built to cater to exports and institutional sales. However, this did not work as per plan. The company earlier admitted that the unit is no longer viable. 
	 

	The sale of the unit may not have any impact on the company's existing retail business and its brand — Home &amp; You — Bombay Dyeing. But it may have some sentimental impact on those associated with the firm. The company was established by Nowrosjee Wadia in 1879. "It is a pragmatic call. It is not core to their business," said <keyword id="359392" type="PERSON" weightage="80" keywordseo="Arvind-Singhal">Arvind Singhal</keyword>, chairman at consulting firm Technopak, who closely tracks the textile industry. "Bombay Dyeing has struggled with the textile business for almost two decades," he said. "The focus has clearly shifted to monetising real estate ... The value of the land on which its factories stood once is much more valuable than its textile business." For the Wadia group, biscuit maker <keyword id="6359432" type="PERSON" weightage="80" keywordseo="Britannia">Britannia</keyword> is now the crown jewel, along with the real estate business of Bombay Dyeing and budget airline <keyword id="6356167" type="COMPANY" weightage="80" keywordseo="GoAir">GoAir</keyword>. The airline venture is profitable and would require funds for expansion. 
	 

	Bombay Dyeing is shutting down the textile processing plant at a time when home textile manufacturers in India have developed an edge over their Chinese and Pakistani peers. In 2014, Mukesh Ambani's <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> decided to sell its textile brand Vimal to a joint venture, with its Chinese partner <keyword id="288269" type="COMPANY" weightage="80" keywordseo="Shandong-Ruyi">Shandong Ruyi</keyword> Science &amp; Technology Group holding a 49% stake. 
	 

	(Image: Reuters)

One of India’s oldest textile companies’ is selling off its last factory. Know why

New Delhi, Feb 11 () Arvind Fashions Ltd (AFL) on Tuesday reported a consolidated net loss of Rs 50.53 crore in the third quarter ended on December, 2019. The company had posted a net profit of Rs 8.39 crore in the year-ago period, AFL said in a BSE filing. Its net sales during the period under review was at Rs 1,135.45 crore. It was Rs 1,259.03 crore in the year-ago period. AFL's total expenses stood at Rs 1,227.02 crore during the quarter. According to the company "performance for the current quarter ending on December 31, 2019 is not comparable with previous period results". Commenting on the results AFL MD and CEO J Suresh said:"We have completed the exit of non-strategic brands and have aligned primary and secondary sales. While external environment continues to stay challenging, we are confident that the steps undertaken during this year will have positive effect on sales growth and profitability going forward and shall further strengthen the fundamentals of our business." AFL is a leading player in casual and denim segment and is a host of renowned brands, both international and indigenous, like US Polo Assn, Arrow, GAP, Tommy Hilfiger, Calvin Klein, Flying Machine and Sephora. Shares of Arvind Fashions Ltd on Tuesday settled at Rs 382.15 on the BSE, up 7.77 per cent from the previous close. KRH SHWSHW

Arvind Fashions Q3 net loss at Rs 50.53 cr

New Delhi, Jan 30 () Realty firm Arvind SmartSpaces Ltd on Thursday reported 91 per cent rise in its consolidated net profit at Rs 19.45 crore for the quarter ended December 31, 2019.
 Its net profit stood at Rs 10.20 crore in the year-ago period, the company said in a regulatory filing.
 Total income rose to Rs 94.54 crore in the third quarter of 2019-20 fiscal, from Rs 77.83 crore in the corresponding period of the previous financial year.
 Ahmedabad-based Arvind SmartSpaces, which is a real estate firm of USD 2 billion Lalbhai group, has completed nearly 3 million sq ft space so far and is developing about 13 million sq ft of real estate development.
 It has projects across Ahmedabad, Gandhinagar, Bengaluru and Pune. MJH DRR
DRR

Arvind SmartSpaces Q3 net up 91 pc at Rs 19 cr

<ul><li>After brands like Urban Company, Zomato, Swiggy, Dunzo, MakeMyTrip, tweaked their logos to integrate face masks, McDonald has joined the bandwagon. </li><li>In its latest outdoor activity, McDonald has made its mascot <keyword id="274881" type="PERSON" weightage="20" keywordseo="Ronald-McDonald">Ronald McDonald</keyword> wear a mask.</li></ul>Amidst the ongoing health crisis, McDonald’s lovable mascot Ronald McDonald is urging you to keep safe. His message is simple - follow social distancing and wear a mask to keep yourself and everyone around you safe. In an innovative activation by brand McDonald’s, the iconic Ronald McDonald statues will now be seen sporting masks across all outlets to encourage more and more people to adopt safe practices to prevent spread of the pandemic. Arvind RP, Director – Marketing and Communications, McDonald’s India (West and South) said, “Ronald is an icon that people and especially children love. We hope that Ronald wearing a mask will make a strong statement and encourage more and more people to follow these very important safety measures.” <div type="image" title="Ronald dons a mask" msid="76507210" hostid="261"></div> The leading QSR brand has also stepped up its already world-class hygiene and safety practices in the restaurants across dine-in, delivery and takeout to keep everyone visiting them or ordering from them, safe. McDonald’s restaurants in West and South India are operated by Westlife Development Ltd. (WDL), through its wholly owned subsidiary <keyword id="9443173" type="COMPANY" weightage="20" keywordseo="hardcastle-restaurants-pvt-">Hardcastle Restaurants Pvt.</keyword> Ltd. (HRPL).

McDonald’s mascot is now sporting a mask across its outlets

<ul><li>As homes across India have emerged as a haven during this time, <keyword id="174745" type="COMPANY" weightage="20" keywordseo="Mahindra-Lifespaces">Mahindra Lifespaces</keyword> celebrates the joy of daily routines and cherished interactions with loved ones. </li><li>The film was shot over three days under remote supervision, and edited and mixed remotely.</li></ul> Mahindra Lifespaces, the real estate and infrastructure development arm of the Mahindra Group, has launched a new ad film that captures the simple joys of life as experienced by individuals and families during the lockdown in India. The film, which was released at the time that India was readying itself for Unlock 1.0, was conceived by <keyword id="3017247" type="PERSON" weightage="20" keywordseo="Network-Advertising">Network Advertising</keyword>, and entirely self-shot by real families in locked-down homes across Mumbai, Bengaluru and Bhopal. <div type="Youtube" id="Un_v-ol2414" title="Iss Ghar Ki Bohot Yaad Aayegi - #JoyfulHomecomings" thumbUrl="https://i.ytimg.com/vi/Un_v-ol2414/mqdefault.jpg"></div> The world’s largest lockdown came into effect towards the end of March 2020 and has resulted in Indian families spending more time at home than ever before. Homes across India have emerged as a haven during this time, with families rediscovering the joy of daily routines and cherished interactions with loved ones. Mahindra Lifespaces’ new ad film reflects the simple, joyful moments that will be missed once life goes back to normal post lockdown. The film was shot over three days under remote supervision, and edited and mixed remotely. Arvind Subramanian, CEO - Mahindra Happinest; MD &amp; CEO Designate – Mahindra Lifespace Developers Ltd., said, “In the last couple of months, each one of us has realized anew the significance of quality time spent at home with those we care for. At Mahindra Lifespaces, we recognize that these moments of togetherness will remain indelibly etched in our memories as we move on to a post-lockdown life. For us, these moments comprise the very essence of Joyful Homecomings.” Shayondeep Pal - Chief Creative Officer, Network Advertising, said, "The idea of the film is rooted in a basic insight. As human beings, the desire is to always long for something we don't have. To put it simply, the longing we will have for our homes as we inch towards normalcy and go out for work reflects this insight. We will miss what we all experienced at home during the lockdown. It sits beautifully well with the Mahindra Lifespaces brand promise of Joyful homecomings.” Surjo Deb, Film Director, UBIK Films, added, “We felt a treatment that brought to the fore the lyrical and personal aspect of the script would do justice to the writing. Filming required a careful balance of detailed planning and last-minute adaptability. Thanks to Satchith Paulose, who came onboard as Director of Photography to ensure that even under these constraints, the visual and technical aspects of the film remained strong.”

Mahindra Lifespaces' ad film celebrates treasured memories created at home during the lockdown

MUMBAI: Shares of <keyword id="6487" type="CITY" weightage="80" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> (RIL) climbed over 15% in the past month, outperforming the 6% rise in Sensex as renewed investor appetite for India and the country’s second- most valuable company outweighed negative news flow on gas pricing and Arvind Kejriwal’s repeated attacks on RIL chairman <keyword id="3820" type="PERSON" weightage="40" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>. 
 Foreign funds are pouring into Indian equity markets, with a net inflow of about $3 billion this month, and market experts say RIL, which has lagged the market for long, is a preferred stock for many. “When foreign funds buy Indian <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword>, Reliance is a natural choice and it gains more than others. By the same token, when they exit, Reliance’s shares fall more than others as it happened in the past,” a fund manager at a foreign brokerage said. The stock still has alot of potential, as it has lagged the benchmark index for a long time, and can fire a Sensex rally in the future, he said. 
 
With macroeconomic indicators looking better than a year ago and expectations of an stable government to be voted to power in May, Indian markets are back on the radar screens of global funds. Indian markets have recently outperformed Brazil, China and Russia, helping index heavyweights gain. 
 
Analysts said the market remains broadly upbeat about RIL’s exploration and production business. They are also keenly watching its retail business, which has now become profitable as well as its broadband business, which brokers and traders say has the potential to shake up the telecoms market with a likely “irresistible offer” to customers just as it offered extremely low-cost mobile services in the past. 
 
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Reliance’s shares closed at Rs 914.5 at the BSE on Friday, close to their 52-week high of Rs 927.9 hit in July last year. Shares had fallen to a six month low below Rs 800 at the end of February, but have risen since then, barring temporary dips, including the day when the Election Commission asked the government to defer its decision to nearly double gas prices from April 1. 
 Experts don’t see the gas price issue and the FIR ordered by Kejriwal, when he was Delhi’s chief minister, as major hurdles for RIL’s stock, although they would worry if the <keyword id="1462125" type="UNKNOWN" weightage="40" keywordseo="Aam-Admi-Party">Aam Admi Party</keyword> performs better than expectations in the general elections, or if a Third Front government comes to power. They say change in asset allocations in emerging market and the huge flow of foreign money into Indian equities mainly into index stocks could be a reason for the recent surge in RIL stock. 
 
“The current rally in RIL shares is mainly because of the amount of foreign money flowing into Indian stocks and with over 10% weightage in Sensex, RIL is one among the top picks of foreign fund managers who are investing in index stocks,” said Deven Choksey, managing director of K R Choksey Shares and Securities. 
 The RIL stock accounts for about 5.5% of total FII <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword> against its 7.9% weight in the MSCI India index. 
 
“Long-term investors anticipate a huge return in RIL stock over the next twothree years as they expect the company is close to operational and financial turnaround” Choksey added. 
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Analysts are upbeat about RIL’s gas business as well as the performance of the world’s biggest refining complex at Jamnagar. “We expect KG-D6 discovery, which may be largest ever in the block to drive reserve upgrades for Reliance in 2014. At the same time, recent strength in GRMs and rebound in KG-D6 production will drive record quarterly profit for Reliance in Q4,” said Vikas Kumar Jain, analyst at CLSA. 
 
“We find the stock below historical average multiples and launch of 4G telecom services may also be a supportive factor in 2014.” 
 Vinay Jaising, analyst at <keyword id="48670" type="CITY" weightage="40" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> says “RIL is set to double its profits over F13-17e, driven by higher gas prices and volumes and downstream expansion”. 
 <keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword>, which holds thirdhighest weight in the Sensex after <keyword id="6357073" type="ORGANIZATION" weightage="40" keywordseo="ITC">ITC</keyword> and Infosys has been stuck in a range for quite some time. The stock has risen just 21% in the last five years against the 133% surge in benchmark Sensex. 
 
The stock is currently trading at 10 times its F2015 estimated earnings, a 15-20% discount to its historical average since 2008. Its 1.3x P/B is now at a 30% discount to its historical average since 2008. 
 
“Singapore complex GRM has improved to $6.6/bbl so far in Q4 against $4.3/bbl in Q3 with pick up in all product cracks, particularly gasoline and fuel oil which had seen a sharp decline in the previous quarter. We estimate Reliance’s GRM in Q4FY14 to date to be $10/bbl against $7.6/bbl in Q3FY14 GRM till date is $8.2/bbl. Every $1/bbl change in GRM impacts RIL’s FY14 EPS by 10%,” said Arya Sen, equity analyst at Jefferies.

Reliance Industries Stock On The Rise Despite Arvind Kejriwal's Repeated Attacks

Following the entire stake sale in FCC Rico Limited, a joint venture between <keyword id="67917" type="COMPANY" weightage="20" keywordseo="Rico-Auto">Rico Auto</keyword> and Japanese firm <keyword id="2653838" type="UNKNOWN" weightage="20" keywordseo="FCC-Co-Ltd">FCC Co Ltd</keyword>, <keyword id="624036" type="PERSON" weightage="20" keywordseo="Arvind-Kapur">Arvind Kapur</keyword>, chairman of Rico Auto, has now resigned from the Board of the company. Rico Auto had sold its entire 50% to FCC in September this year for Rs 495 crore. 
	 
	“…Pursuant to the divesture, the nominee directors of Rico Auto Industries Limited appointed to the board of FCC Rico Limited including Arvind Kapur have also resigned from the board of directors of FCC Limited with effect from today,” the company informed National Stock Exchange in a letter dated December 23, 2014. 
	 
	It should be noted that the board of Rico Rico Auto had approved the divestment of stake in its joint venture on September 25, 2014. The joint venture was established in 1997 and was exclusively into manufacturing and supplying of automobile clutch assemblies to OEMs of two wheelers and four wheelers. Some of its primary clients include Honda group companies, Suzuki, Yamaha, TVS, Piaggio and Bajaj. 
	 
	Rico Auto, in its quarter ended 30 June, has declared that auto component maker has carried out an assessment to determine if there is a permanent diminution in the value of investments in two of its subsidiaries Rasa Autocom Ltd and Rico Jinfei Wheels Limited. 
	 
	Representational Image

Rico Auto Chairman Arvind Kapur Resigns From Subsidiary Firm FCC Rico Limited Board

NEW DELHI: Delhi chief minister <keyword id="260213" type="PERSON" weightage="40" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> on Tuesday launched a fresh offensive against <keyword id="45442" type="COMPANY" weightage="40" keywordseo="Reliance-Industries-Limited">Reliance Industries limited</keyword> accusing the company of creating artificial shortage of gas in the country and conspiring to raise its price. 
 Kejriwal said he has ordered the anti-corruption branch to file a criminal case against Mukesh Ambani and former <keyword id="60115" type="POSITION" weightage="40" keywordseo="Oil-minister">oil minister</keyword> <keyword id="45314" type="PERSON" weightage="40" keywordseo="Murli-Deora">Murli Deora</keyword> and present oil minister Veerappa Moily in connection with a complaint received by the <keyword id="6354952" type="ORGANIZATION" weightage="40" keywordseo="Delhi-Government">Delhi government</keyword> against the pricing of gas produced from the D6 block in the east coast. 
 
FIR will also be lodged against VK Sibbal, former DG hydrocarbons. 
 
Kejriwal said the anti-corruption branch had received a complaint from four eminent people against Reliance. According to Kejriwal, in the complaint it was stated that some central ministers conspired to ensure windfall gains for Reliance in the gas deal. 
 Reliance had initially agreed to supply gas to utility <keyword id="173098" type="CITY" weightage="40" keywordseo="NTPC-Ltd">NTPC Ltd</keyword> at about $2.3 per million British thermal units (mBtu) for about 17 years, Kejriwal said. 
 
But price of gas from the D6 block was fixed at $4.2 per mBtu when Deora was oil minister. 
 
The Delhi CM said there was a move to raise the price of gas from the existing $4 per unit to $8 per unit from April 1. If the rates are increased, it will lead to chaos as prices of everything will go up, he said. 
 
He said he would be writing to the Prime Minister to put on hold the order to increase the price of gas till the probe by anti-corruption branch was over. 
 
In his letter, he will also request the PM to ensure that all concerned ministries cooperate in the probe. 
 
Reacting to Kejriwal's charges, Verrappa Moily said, "I should sympathize with him,he should know how govt functions,there is certain system to fix prices." 
 
(With inputs from agencies)

You Searched For "arvind ltd" and got 10 results

How to win over a challenging market as India: Inside McDonald’s success story

Karuna Sharma

Arvind Q3 net profit at Rs 35.35 cr

PTI

One of India’s oldest textile companies’ is selling off its last factory. Know why

BI India Bureau

Arvind Fashions Q3 net loss at Rs 50.53 cr

PTI

Arvind SmartSpaces Q3 net up 91 pc at Rs 19 cr

PTI

McDonald’s mascot is now sporting a mask across its outlets

BI India Partner

Mahindra Lifespaces' ad film celebrates treasured memories created at home during the lockdown

BI India Partner

Reliance Industries Stock On The Rise Despite Arvind Kejriwal's Repeated Attacks

Economic Times

Rico Auto Chairman Arvind Kapur Resigns From Subsidiary Firm FCC Rico Limited Board

Purba Das

Kejriwal Orders FIR Against Mukesh Ambani, Moily And Murli Deora Over Gas Prices

Times Of India

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