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Steeling for global markets

The Jhawars of Kolkata are aggressive enough to know that being based in the Bengal-Bihar belt does more to thwart the growth of Usha Beltron than anything else. Their recent acquisition of a wire-rope plant in Dubai is only the more visible part of their efforts to build a global scale of business.

With Dubai as a supply base, the Jhawars hope to get a larger bite of the European markets. Since wire-making capacities are being phased out in some of these markets, they have a big advantage now of being closer to their markets. Expect more on this front soon. But global ambitions require more than markets. The Jhawars have also done well by getting IFC to fund them with equity.

This is quite a bold thing for a conservative group. To make matters better, the group is also working on ways to ensure that despite acquisitions in the wire-rope business, they don’t let that business dominate the group’s focus.

Only a minor hurdle

The markets are talking about why Rajendra Pawar is keen to push dividend payments at NIIT skywards. Are the promoters, which dominantly include the reclusive Shiv Nadar of HCL, looking at bringing in new partners or is there a plan to float more stocks soon?

No one is squealing at the moment but everybody at NIIT agrees that their plan to push for a 45-per cent dividend was a bold one. So what if government decided to play the spoiler? A newly watchful and interventionistic Company Affairs Department clipped Pawar’s wings. But despite this temporary setback, the tycoon knows that confidence in the company will be maintained by his product innovations. He may have to look for a different route but there’s no stopping for the man’s efforts to put NIIT in an unassailable niche.

That may require fresh money or partners to come in. So keep watching this space for how he gets over his current hurdle.

Going for a win-win

Will the steel tycoons like Ruias, Jindals and Mittals, all agree to dilute share holdings in a bid to get their problems with lenders sorted out? We should have an answer soon but the lobbying that’s on suggests that this may be done voluntarily. Since steel prices are up globally, the tycoons hope that getting rid of their institutional problems may let them cash in on the good times. This could well be the win-win situation that everybody wants.

Dilip Cherian, runs a public affairs firm Perfect Relations. He is an economy watcher and tycoon tracker. None of the people he writes about are his clients. Your insider tales are welcome at dilipcherian@now-india.net.in