Asian giants want our retailer.
As another new Chinese bidder puts its hand up for Dick Smith, it seems highly unlikely that the iconic Australian brand will stay in local hands.
| According to media reports, Chinese company Shenzhen MTC is now vying with Indian conglomerate Tata, amongst others to take over the distressed retailer. Shenzhen MTC has been reported to have supplied Dick Smith with over $150 million worth of house brand TV’s last year.However it is the possibility of the Tata Group entering the Australian market which will have most of the industry on their toes.
Tata is an Indian multinational conglomerate holding company headquartered in Mumbai, Maharashtra, India. It was founded in 1868 by Jamsetji Tata and gained international recognition after purchasing several global companies. It is one of India’s largest conglomerates. In 2014-15, the revenue of Tata companies, taken together, was $108.78 billion. Amongst some of its largest and most prestigious acquisitions are Jaguar and Land Rover which it bought for US$2.3bln, Ritz Carlton Boston (US$170m) Daewoo Commercial Vehicles (US$102m) Tetley Tea (US$407m) and the British Corus [steel] Group for US$12bln. |