Business News

• SAIL in talks to set up South Africa unit
• Texmaco forms JV with Australian firm
• India still No. 1 outsourcing location

SAIL in talks to set up South Africa unit

Steel Authority of India Ltd (SAIL), the nation's second largest steel producer, is talking with a state run South African company to set up a steel plant there. The company is considering building a 35 million tonne plant if the South African government agrees to grant iron ore and coking coal mining permits, steel secretary Pradeep Kumar Misra said in New Delhi.

“The South African government has proposed a joint venture plant with SAIL and has promised iron ore and coking coal mines for it. We are exploring that idea,“ said Misra, who accompanied SAIL chairman C.S. Verma on a trip to the African country last week. BLOOMBERG

Texmaco forms JV with Australian firm

Texmaco Rail and Engineering Ltd, an arm of wagon manufacturer Texmaco Ltd, has entered into a joint venture (JV) agreement with UGL Rail Services Ltd of Australia to manufacture wagons, locomotive and wagon components for sale in India and Australia. “We look forward to a long and prosperous relationship”, Texmaco chairman Saroj Poddar said in a statement. “Our presence in India continues to grow, and Texmaco is an outstanding partner for this long term commitment”, the release quoted UGL managing director and chief executive officer Richard Leupen as saying. ANIEK PAUL

India still No. 1 outsourcing location

India is still the world's favorite destination for offshore outsourcing, but attractive cost structures in the Philippines, Vietnam and Indonesia and the rapid growth of business in China are posing tough competition, according to a new study by Gartner Inc.

In the study, the IT research and advisory firm identified the Top 30 countries around the world for globally sourced activities in 201011, rating them on the basis of 10 criteria.

India retained its position as the most successful country among global offshore locations, as per the Gartner study. It scored well across all 10 criteria.