Business News

• Philips to buy Indian appliance maker
• Mahindra acquires stake in East India Co.
• Orissa allows six iron ore mines to restart

Philips to buy Indian appliance maker

New Delhi/Amsterdam: Royal Philips Electronics on Monday said it has agreed to acquire the assets of Chennai based Preethi, a leading Indian kitchen appliances company for an undisclosed sum.

This will make Philips the clear leader in this specific fast growing segment within the Indian domestic appliances market, Philips said in a statement posted on its website.

“To capture growth in kitchen appliances, we need to intimately officer Pieter Nota said.

Mahindra acquires stake in East India Co.

The $7 billion (`31,920 crore) Mahindra Group, with diversified interests from tractors to technology, has acquired a minority stake in British firm East India Co. Ltd, the companies said in a joint statement on Monday. The firms did not disclose the financial details of the deal.

East India Co., which claims to be a global luxury brand, was established in 1600 and plans to expand some of its businesses to Asia and the US. In 2005, the company was acquired by Sanjiv Mehta, an Indian born British businessman. Since the acquisition, Mehta has made significant investments relaunching it in 2010.

The deal, Mahindra said, is in line with the group's “Rise strategy. On 17 January, the company said its new brand positioning” Rise will help it project a singular voice for various group companies under its umbrella.

Orissa allows six iron ore mines to restart

Orissa, India's top iron one-producing state, on Monday said it has allowed six mines to restart, three days after they were ordered to shut down in a crackdown on illegal mining.

The six--including Tata Steel Ltd and Essel Mining and Industries Ltd--were among 23 mines closed down on Friday pending submission of paperwork, adding to a total of more than 300 mines in Orissa shuttered since July 2009 as India tightens mining regulations.