Swiss firm Cabeltec SA discusses business opportunities in India during meeting with Piyush Goyal
Bern [Switzerland], June 9 (ANI): Cabeltec SA Co-Owner Frederic Leuba met Commerce Minister Piyush Goyal, who is on a two-day visit to Switzerland. They discussed possible business opportunities in India.
The Group has expertise in cables and machinery.
Speaking to ANI after the meeting, Frederic Leuba said he would give a though about investing on a factory and an office in India.
"For the very fine wire, for the wire tech company, it would be more difficult...we have all the knowledge here. But for the cable industry, maybe we could have in mind to create a factory or an office there," he said.
"Since now we don't have a company in India. We (would) work with some companies in India. I cannot say where we already sold one machine, but I know some people in India, some friends in India, and I love the new people in India philosophy, and we have a very good impression to develop (in) the country," he added.
Union Minister of Commerce and Industry Piyush Goyal commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from June 9 to 13, 2025.
"This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth," his ministry said in a statement.
The visit commenced in Switzerland today, where the Minister engaged with global CEOs and prominent industry leaders to explore opportunities for strengthening bilateral trade and investment.
The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing.
The Minister will also connect with the ICAI Zurich Chapter and interact with Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin, fostering strong trade and diplomatic ties.
"A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. The day will also feature participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA)," the commerce ministry said in a statement. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
When diversification backfires: Four Indian companies walking a fine line
Diversification is a well-worn corporate strategy. Done right, it can help companies de-risk operations, tap new revenue streams, and create lasting shareholder value. Done poorly, it can distract management, strain capital, and ultimately erode core businesses—a phenomenon legendary investor Peter Lynch once dubbed "diworsification." Several marquee Indian companies are now testing that fine line between smart expansion and costly distraction. Grasim's recent move into paints, UltraTech's foray into cables and wires, and IndiGo's venture into hotels have raised eyebrows. But in each case, there's a strategic logic: Grasim and UltraTech can leverage their existing cement distribution networks, while IndiGo's established travel brand can extend naturally into hospitality. Others, however, have ventured into businesses far afield from their core competencies—often with damaging results. Read this | Company Outsider: The Gensol-BluSmart fiasco shows the dangers of reckless diversification Here are four listed Indian companies that show how overextension can strain even established businesses. Unitech: Diversification derailed the core By the early 2000s, Unitech had cemented its position among India's top real estate developers, with residential complexes, commercial projects, and amusement parks sprawled across more than 14,500 acres. Following India's 2005 liberalization of foreign investment in real estate, Unitech drew substantial foreign interest and saw its stock soar by 3000% in a year. Flush with cash, the company ventured into telecom in 2007. But the global financial crisis hit its real estate business hard, and the telecom bet proved disastrous. The venture saddled Unitech with crippling debt. The 2G spectrum scandal that followed led to cancelled licences, criminal charges against its promoters, and the forced sale of its telecom operations. At its peak, the company owed ₹8,000 crore in debt. The collapse spilled into its core real estate business: stalled projects, mounting client complaints, regulatory interventions, and severe brand erosion. Though Unitech has since pivoted back to real estate, it faces a long road to recovery from the debt burden, reputational damage, and years lost chasing an ill-fated diversification. OK Play India: Stretching to thin OK Play began as a manufacturer of water tanks, but over time expanded into a disparate set of businesses: toys, auto components, delivery boxes, mannequins, and electric three-wheelers. Management has cited plastic as the common thread—but the reality has been less convincing. The company struggled to leverage any synergies between these businesses, failing to transfer brand strength, manufacturing capabilities, or distribution scale across segments. Its core toy business continues to drive most of its revenues, while newer ventures have mostly added losses and distraction. Despite management's stated goal of doubling toy revenues annually and targeting 15-20% growth in other segments, its history of losses casts doubt on such projections. Recent expansions into home décor and air purifiers only raise further concerns. For OK Play, focus on profitable segments rather than new distractions appears critical. Patanjali Foods: Early signs of overreach Investor favourite Patanjali Foods, once an edible oil company, has successfully transformed into a broader FMCG player by acquiring foods and home & personal care businesses from its parent. Today, it ranks as India's third-largest FMCG company by revenue. However, while it has climbed the revenue ranks, profitability remains a weak spot. Revenues have also been vulnerable to volatile edible oil prices. The growing contribution of higher-margin segments has eased some of those concerns, and after several years of underperformance, the stock has been outperforming since June 2023. But recent moves have raised concerns that Patanjali may be drifting into 'diworsification." Its investment in wind power generation has already resulted in intermittent losses. Even if that can be justified as captive green energy for its core operations, its more recent forays into construction and infrastructure with KBC Global, and insurance with Magma General Insurance, mark clear departures from its core strengths. How management navigates these ventures remains to be seen. Balmer Lawrie: Overdiversification hits PSUs too Established in the pre-independence era, Balmer Lawrie is now a central PSU under the Ministry of Petroleum and Natural Gas, classified as a Miniratna-I company. As the company itself puts it, there is scarcely a business it hasn't ventured into. It has ventured into tea, shipping, insurance, banking, and manufacturing over the years. Today, it operates across eight strategic businesses spanning manufacturing and services. Its manufacturing portfolio includes industrial packaging, greases and lubricants, and chemicals, alongside refinery and oil field services. While some of these businesses are adjacent, the company's sprawling portfolio suggests an overextension of its operating focus. Read this | How ITC and BAT's divergent diversification strategies flipped the narrative In its travel vertical, Balmer Lawrie offers services ranging from travel planning, ticketing, forex, and hotel bookings to visa processing and travel insurance. It also runs logistics operations, including cold chain logistics and door-to-door freight forwarding. While logistics contributes a fifth of the company's revenues, its subsidiary, Visakhapatnam Port Logistics Park, has been a drag on profitability. The travel vertical has limited revenue contribution, with a bulk of the business still being driven by industrial packaging, and greases and lubricants. Result? Distractions from multiple fronts have kept profits volatile. When diversification Becomes diworsification Diversification isn't inherently negative. Expanding into upstream or downstream segments can lower costs, while entering adjacent businesses can help de-risk operations and cushion against business-cycle or seasonal fluctuations. Also read | Why some Indian companies are paying dividends despite posting losses The real concern arises when companies venture into industries entirely unrelated to their core strengths. Done well, such moves can mark the early stages of building a diversified conglomerate—as seen with Reliance Industries Ltd or ITC Ltd. But execution is critical, and professionally managed firms are better equipped to navigate the risks. Even then, conglomerates often trade at a discount, with the whole valued less than the sum of their parts. If a company has proven its strength in its core business, investors may be willing to back unrelated diversification—Patanjali Foods being one example. But when companies already struggling at the core venture into unrelated businesses, they risk spreading themselves too thin. Bull markets may temporarily lift such stocks on a wave of optimism, but when sentiment cools and fundamentals reassert themselves, these weaknesses are quickly exposed. For more such analyses, read Profit Pulse. Ananya Roy is the founder of Credibull Capital, a Sebi-registered investment adviser. X: @ananyaroycfa Disclosure: The author does not hold shares of the companies discussed. The views expressed are for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own research and consult a financial professional before making any investment decisions.
News18
an hour ago
- News18
Mercedes-Benz Likely To Hike Prices Again, Check When And On Which Models
Last Updated: According to the reports, the company hinted at deciding on a price hike, blaming the fluctuation of the Euro against the Indian Rupee. There is a trend of increasing the price range by top manufacturers when components and labour costs increase. The strategy to survive in the dominating market is followed by the top German player, Mercedes-Benz. It has been reported that the company is likely to hike the price across the range in September this year. However, an official announcement for the same it yet to be made. Reason Behind Price Hike According to the reports, the company hinted at deciding on a price hike, blaming the fluctuation of the Euro against the Indian Rupee. The company has already revised its price brackets by 1.5 per cent, each in January and June this year. Here's What Report Says As per the details shared by PTI, quoting the company's Managing Director and CEO Santosh Iyer, who said, 'If you see, yesterday night, one Euro is equal to Rs 99 and it is the first time that Euro has breached the Rs 98 mark. We had priced our cars (when One EURO) at Rs 89-90. Withthe Euro going up, even though we localise more than 30 per cent of our cars, 70 per cent of the cars still have European content and when the EURO goes up (against Rupee), the price (of the Mercedes-Benz range of cars) will go up." Statement From Top Official He even noted that the brand has already effected a price increase of its cars twice in 2025, in January and June. Up to 1.5 per cent was the increase in hike. Now, he said, 'And the third one (increase in price) equal to 1.5 per cent will come in September, because we cannot pass this in one go and we are doing it in a phase wise," PTI reported. Talking about the sale figures, he revealed that the company had an excellent May (in terms of Sales) and June also seems to be strong and hopefully, during the festive period. 'We will bring back even more cheer (in terms of sales for his company)" Iyer said. First Published: June 18, 2025, 18:35 IST
Hindustan Times
2 hours ago
- Hindustan Times
FATF flags Pak case to sound global weapons funding alarm
A new report by the global financial crimes watchdog has cited India's seizure of equipment with military use bound for Pakistan in 2020 as evidence of widespread failures in preventing weapons proliferation financing, a problem that poses significant threats to world security and the integrity of the international financial system. FATF flags Pak case to sound global weapons funding alarm The Financial Action Task Force (FATF) report, published late on Friday, found that 84% of assessed countries demonstrated inadequate controls despite what FATF described as the 'grave threat' posed by such activities. The report featured a case study detailing how Indian customs authorities in 2020 intercepted dual-use items that were mis-declared as medical equipment but were actually destined for Pakistan's ballistic missile programme. 'Indian custom authorities seized an Asian-flagged ship bound for Pakistan. During an investigation, Indian authorities confirmed that documents mis-declared the shipment's dual-use items,' the FATF report titled Complex Proliferation Financing and Sanctions Evasion Schemes stated. The items were listed as autoclaves, which are 'used for sensitive high energy materials and for insulation and chemical coating of missile motors.' A senior Indian government official described the study as 'the most comprehensive and updated survey of risks related to proliferation financing,' noting that it identifies Pakistan alongside North Korea and Iran as countries where proliferation financing risks 'are inherent.' The FATF categorised the incident as 'non-declaration of dual use goods under the prescribed export laws of the exporting country.' Though the report did not name the exporting country, the ship was intercepted in Indian waters while travelling from China's Jiangyin port to Pakistan's Karachi port, as reported by Indian media, including HT, at the time. What was not reported till now, and referenced in the FATF report, is the link of the shipment to Pakistan's National Development Complex, a defence and aerospace agency under the Pakistan government. 'The Bill of Lading of the seized cargo provided evidence of the link between the importer and the National Development Complex, which is involved in the development of long-range ballistic missiles,' the report stated. Officials said the timing strengthens India's position as it prepares to oppose the World Bank's $20 billion lending commitment to Pakistan over 10 years. India will oppose development funding to Pakistan at the World Bank's upcoming meetings, one of these people said, asking not to be named. 'India is not against multilateral agencies such as the IMF and World Bank extending financial support for the development of the people of Pakistan. However, there is ample evidence that these development funds are diverted by Islamabad from development projects to arm purchase and terror funding,' said one of these officials, asking not to be named. In May, finance minister Nirmala Sitharaman contacted IMF leadership directly, presenting evidence of Pakistan's alleged misuse of development funds for military purchases. Despite India's intervention, the IMF executive board approved a $1.4 billion loan for Pakistan under climate resilience funding, though it later imposed 11 strict conditions following New Delhi's objections. 'Pakistan is unlikely to meet those conditions and thus it would not be able to avail the IMF funding,' the official added. Citing data available with multilateral agencies, this official explained: 'Pakistan spends on average around 18% of its general budget on 'defence affairs and services', while even the conflict-affected countries spend on average far less (10-14% of their general budget expenditure). Further, Pakistan's arms imports increased dramatically from 1980 to 2023 by over 20% on average in the years when it received IMF disbursements in comparison to years when it did not receive the same'. A second official said the latest report very nearly 'clubs Pakistan with rogue countries like North Korea.' 'This report will help India in pushing it for placing Pakistan in the grey list again.' The report also comes days after FATF condemned the April 22 Pahalgam terror attack, saying it could not have occurred without means to move funds between terrorist supporters, which Indian officials described as a positive step in New Delhi's renewed attempts to put Pakistan back on the grey list. The FATF report highlighted significant vulnerabilities across the global financial system in countering the financing of weapons of mass destruction. It revealed that only 16% of countries worldwide have demonstrated effective implementation of UN sanctions designed to prevent weapons of mass destruction financing. The report cited North Korea as 'the most significant actor' in proliferation financing — having 'generated billions of dollars through cyberattacks targeting virtual asset-related companies, such as the theft of USD 1.5 billion from ByBit in February 2025,' according to the FBI. The report identified four primary methods used to evade sanctions: employing intermediaries, concealing beneficial ownership, exploiting virtual assets and manipulating shipping sectors. In the 2020 incident, the merchant vessel Da Cui Yun, sailing under Hong Kong flag, was stopped by India's customs department at Kandla port in Gujarat on February 3 for wrongly declaring an autoclave as an 'industrial dryer.' An autoclave -- a device that uses high-pressure steam and heat to sterilise materials -- is used in hospitals for sterilising medical equipment, but also helps in the manufacture of specialised materials for missile components under controlled high-pressure and temperature conditions. The interception was following an intelligence tip-off, and experts from the Defence Research and Development Organisation, including nuclear scientists, examined the 18x4-metre autoclave and determined it was dual-use equipment that could serve civilian or military purposes. The vessel was allowed to leave after the autoclave was seized. Reports suggested the Da Cui Yun had made multiple voyages from China to Karachi via Indian ports carrying machinery. The report underscores that 'unless both the public and private sectors urgently bolster technical compliance and effectiveness, those seeking to finance WMD proliferation will continue to exploit weaknesses in existing controls.'
