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Quote and comments of ICICI Bank, NTL Group, EON Electric and Gaursons India

India 4 October 2016:

Comments of Ms Chanda Kochhar, MD and CEO, ICICI Bank on RBI policy

Comments of Ms Chanda Kochhar, MD and CEO, ICICI Bank on RBI policy

I welcome the RBI’s move to cut the repo rate by 25 basis points as well its intent to support liquidity. These steps will give a strong impetus to both consumption and investment led growth for the country. The strong focus by the government on supply side measures, which have resulted in containing inflation, has provided room to RBI to support growth through this rate cut.

Mr. Arun Gupta, MD, NTL Group, comments on RBI's monetary policy

RBI cuts repo rate by 25basis points to 6.25% from 6.50%

“The Indian Industry has been asking RBI and the government to ease interest rates. The current cut in interest rates by RBI of 25 bps is welcome, as it signifies RBI’s intent in easing interest rates going forward. We hope that the cuts will be passed on to the Industry. This will provide some impetus to the Industry to undertake Capital Investments.”

NTL Electronics India Limited
NTL began its operations in the year 1993 and started its lighting journey in the year 2002. With an annual turnover of Rs. 517 Crore  (2015-2016), NTL is one of the  leading lighting electronics manufacturing company in India. Today NTL works with who’s who of the lighting industry in India. In 2010, a Private Equity firm, CX Partners, picked up a 20% stake in the company.
The lighting journey for NTL in 2002 began with manufacturing of CFL ballasts. Over the years, NTL has grown significantly in design capabilities. NTL has played a pivotal role in making high end electronic ballasts especially suited to the Indian lighting conditions. NTL has been a frontrunner in converting CFL lamps to HPF (High Power Factor) as well as redesigning them to make them more cost efficient. The first LED lamp in India was developed and manufactured by NTL in 2009.
At NTL, the manufacturing capability has also grown significantly, keeping pace with the growth in development process. Today NTL as a group has 6 state-of-the-art manufacturing facilities spread over 4,59,000  square feet with a combined capability to manufacture approx 8 Mn products per month. The facilities are spread across Noida, Roorkee and Dehradun.

NTL’s biggest strengths are its development and manufacturing capabilities. Both the manufacturing and development activities for clients are undertaken at NTL and as a result, time to market for new products is not very long. This capability allows NTL to give a large range of customised products to its customers in the quickest possible time. Today, the product portfolio of NTL comprises of electronic control gears, transformers, ballasts, luminaires, retrofit CFLs, LEDs and LED drivers.  

Quote - Mr. VP Mahendru, CMD, EON Electric - RBI Monetary Policy

Quote - Mr. VP Mahendru, CMD, EON Electric - RBI Monetary Policy

“RBI’s decision to cut short-term lending rate by 25 bps is a very welcome move and is in line with the progressive measures taken by the Government to reinvigorate the economy. It will further provide momentum to manufacturing growth which has seen a dip in recent months by improving  market liquidity and thus creating additional demand. Investor’s sentiments are also likely to strengthen,  considering that the Government has already undertaken various other economic reforms such as early implementation of GST to address concerns faced by investors.  ” - V.P. Mahendru, Chairman - Managing Director, Eon Electric Ltd.

About EON Electric
Established in 1989, the Noida-headquartered company manufactures a wide range of energy-efficient electrical products, transforming itself into a multi-product organisation. Its manufacturing plants at Haridwar produce LED based Lighting & Luminaires, world-class Fans, Wires & Cables,  Lithium Ion Batteries and other electrical items. Presently, the Company has 20 regional offices and more than 200 Sales/Marketing Executives and Engineers to support 500-plus Dealers/ Distributors across India. EON products are available in all major markets of India and enjoy National/International Certifications of BIS and ISO-9001. The Company’s vision is to be amongst the top five domestic leaders by FY 2020 in the LED lighting segment.

Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd.

With the ongoing festive season, realty sector of our country could not expect for a better news than a repo rate cut. At this point of time when the sentiments are positive and people are eager to buy and invest in property, banks will now cut interest rates, that will allow buyers to get their EMIs reduced. The demand will witness a better rise in the current festive season which will allow the inventory to clear in major metro cities. Realty sector welcomes this move by RBI and this being Urjit Patel’s very first policy review.