Friday, February 18, 2011
ISTANBUL - Hürriyet Daily News
 Arçelik has more than 17,000 employees and 11 production plants in Romania, Russia, China and Turkey. Hürriyet photo |
Reflecting a global power shift from developed economies to developing ones, trade and investment ties between developing countries are flourishing. Four years after acquiring a Chinese company, Arçelik, Turkey’s biggest white goods maker, may be planning an investment that would enable it to manufacture household appliances on Indian soil.
“There is no official proposal yet from Arçelik, but talks have been ongoing between the executives of the company and the Indian Consulate,” said Subhash Gupta, the Indian consul for economic and trade affairs in Istanbul, said, speaking to the Hürriyet Daily News & Economic Review on Monday.
“Arçelik executives told us they would like to invest in India for manufacturing household appliances while they were talking with our Trade and Commerce Minister Jyotiraditya M. Scindia in Istanbul on Feb. 4,” Gupta said. “We are delighted to hear such kind of inquires from Turkish companies.”
Cefi Kamhi, chairman of the Turkish-Indian Business Council of the Foreign Economic Relations Board, or DEİK, also told the Daily News that Arçelik is “seriously considering an investment in India.”
Without giving further details on the amount of a possible investment, Kamhi said an increasingly wealthy population in India is attracting international companies to invest in the country. “There is no doubt that Turkish firms are interested in the market, too,” he said.
Lack of a free trade deal
Three executives of Arçelik attended the Indian-Turkish Business Council meeting organized by DEİK on Feb. 3, according to an attendance form seen by the Daily News. The executives said at the meeting that Arçelik is interested in the Indian market, but they refrained from taking another step further due to worries over high import taxes in India. They also noted the lack of a bilateral free trade agreement. In response, Minister Scindia said a possible free trade deal is on the agenda.
Gupta told the Daily News that Arçelik might acquire an Indian firm and manufacture locally for the booming Indian market, similar to what it did in China four years ago.
“As we are evaluating various investment regions and opportunities, India is on our agenda, just like other regions are,” the company said in an e-mailed statement to the Daily News. There is no investment decision yet taken, the statement said.
Arçelik had acquired 100 percent of the shares of Changzhou Casa-Shinco Electrical Appliances Co. Ltd. for approximately $8 million and registered the company’s name as “Beko Electrical Appliances Co. Ltd.” in 2007.
With more than 17,000 employees, 11 production plants in Romania, Russia, China and Turkey, 13 sales and marketing companies worldwide, Arçelik sells products in more than 100 countries under nine brands: Arçelik, Beko, Blomberg, Elektra Bregenz, Arctic, Altus, Leisure, Flavel and Arstil.
“There is no official proposal yet from Arçelik, but talks have been ongoing between the executives of the company and the Indian Consulate,” said Subhash Gupta, the Indian consul for economic and trade affairs in Istanbul, said, speaking to the Hürriyet Daily News & Economic Review on Monday.
“Arçelik executives told us they would like to invest in India for manufacturing household appliances while they were talking with our Trade and Commerce Minister Jyotiraditya M. Scindia in Istanbul on Feb. 4,” Gupta said. “We are delighted to hear such kind of inquires from Turkish companies.”
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| Arçelik posts 6.5 percent annual profit rise Arçelik said profit last year rose 6.5 percent to 517.1 million Turkish Liras ($327 million), missing expectations, as higher input prices pushed up costs. Net income climbed from 485.4 million liras in 2009, Arçelik said in a statement to the Istanbul Stock Exchange Thursday. The company was expected to earn 538.4 million liras, according to the average estimate of 19 analysts in a Bloomberg survey. Profit in the fourth quarter rose an annual 31 percent to 98.5 million liras, also missing the average estimate of 116.4 million liras in a Bloomberg survey. Sales costs increased 10 percent to 4.87 billion liras last year, outpacing sales, which rose 5.2 percent to 6.94 billion liras, the statement said. Arçelik foresees the margin of earnings before interest, tax, depreciation and amortization rising to 11.5 percent this year from 11.4 percent in 2010, it said in an e-mailed report summarizing the earnings. While product prices in the industry will rise this year, unit sales are expected to increase 6-8 percent in Turkey and 10-12 percent abroad, the company said. Arçelik is owned by Koç Holding, Turkey’s biggest group of industrial and financial companies. ISTANBUL - Bloomberg | |
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Without giving further details on the amount of a possible investment, Kamhi said an increasingly wealthy population in India is attracting international companies to invest in the country. “There is no doubt that Turkish firms are interested in the market, too,” he said.
Lack of a free trade deal
Three executives of Arçelik attended the Indian-Turkish Business Council meeting organized by DEİK on Feb. 3, according to an attendance form seen by the Daily News. The executives said at the meeting that Arçelik is interested in the Indian market, but they refrained from taking another step further due to worries over high import taxes in India. They also noted the lack of a bilateral free trade agreement. In response, Minister Scindia said a possible free trade deal is on the agenda.
Gupta told the Daily News that Arçelik might acquire an Indian firm and manufacture locally for the booming Indian market, similar to what it did in China four years ago.
“As we are evaluating various investment regions and opportunities, India is on our agenda, just like other regions are,” the company said in an e-mailed statement to the Daily News. There is no investment decision yet taken, the statement said.
Arçelik had acquired 100 percent of the shares of Changzhou Casa-Shinco Electrical Appliances Co. Ltd. for approximately $8 million and registered the company’s name as “Beko Electrical Appliances Co. Ltd.” in 2007.
With more than 17,000 employees, 11 production plants in Romania, Russia, China and Turkey, 13 sales and marketing companies worldwide, Arçelik sells products in more than 100 countries under nine brands: Arçelik, Beko, Blomberg, Elektra Bregenz, Arctic, Altus, Leisure, Flavel and Arstil.
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