FOREIGN TIE-UP NO PANACEA, FIND TWO INDIAN COMPANIES
Article Abstract:
Polar Marmo (PM) and Kedia Agglomerates (KA) had tied up with Breton SRL of Italy for technical know-how for manufacture of white cement bonded agglomerated marble slabs and resin bonded agglomerated granite slabs in India in the early 1990s. PM had set up a unit at a cost of Rs15 crore at RIICO Industrial Area in Rajasthan. The company experienced break-downs from the start. The technology provided was not suitable for the Indian raw material , but only fit for softer amorphous marble found in Italy. PM has taken the case to the International Court of Arbitration in Geneva for the losses it has incurred due to suspect technology from the Italian company. There are several plants in other countries closed down due to Breton's wrong technology. PM was declared sick and about 70 percent of the equity of Rs11 crore was from the public. (rk)
Comment:
Polar Marmo (PM) and Kedia Agglomerates (KA) had tied up with Breton SRL of Italy for technical know-how for manufacture of white cement bonded agglomerated marble slabs and resin bonded agglomerated granite slabs in India in the early 1990s.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
SPIC GETS REPEAT ORDER FROM KUWAIT REFINERY
Article Abstract:
Spic Group has bagged a mechanical maintenance contract from Mina Abdullah Refinery in Kuwait. The contract is worth $50 million. This is the second order for Spic group (earlier it had obtained a contract in 1994). Spic will be executing the current project in association with Gulf Spic Contracting Company, a Spic's joint venture unit in Kuwait. (um)(psr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: RELQ PLANS TO SET UP OVERSEAS SUBSIDIARIES. INFOSYS GOES LIVE ON SAP R/3
- Abstracts: MOLEX TO INVEST $5-7 MILLION IN ITS INDIAN OPERATIONS. MoF SETS $1-BN CAP ON VIDESHI-AIDED RE LOANS
- Abstracts: IMAJE PLANS MANUFACTURING FACILITY IN INDIA. USHA SETS UP EPI-WAFER PLANT
- Abstracts: KUEHNE & NAGEL PUTS INDIA TOP ON EXPANSION SCHEDULE EENADU PUTS OFF KANNADA CHANNEL PLAN. THOMSON PLANS Rs250 CRORE EXPANSION
- Abstracts: KEL TO BUY HONDA STAKE IN JV WITH CAR-PROJECT FUNDS THREE-PRONGED STRATEGY TO BEAT PRESSURE ON VOLUME. CARBORUNDUM MAKES OPEN OFFER FOR OCL STAKE