EU's von der Leyen warns of countermeasures if U.S. 30% tariffs go ahead
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Indian Express
37 minutes ago
- Indian Express
Theobroma patisserie chain, built by Mumbai-based sisters, eyes Rs 2,410 crore deal with ChrysCapital
Pan-India patisserie chain Theobroma, founded by Mumbai-based sisters Kainaz Messman Harchandrai and Tina Messman Wykes, is likely to be acquired by private equity firm ChrysCapital for Rs 2,410 crore. According to The Economic Times, the homegrown private equity firm will reportedly purchase nearly 90 per cent of the company from its founding promoters, the Wykes family, and existing investor ICICI Venture. The remaining 10 per cent stake is expected to remain with the current shareholders. Born in a small kitchen in Colaba at a neighbour's request, Theobroma — Greek for 'Food of the Gods' — was founded in 2004 by the two sisters. It began as a modest café with just four tables in Mumbai's Colaba and has since grown into a leading patisserie chain with presence in over 30 cities across India. What makes Theobroma's journey exciting is the fact that it is a story of a family coming together and turning their dreams into reality. Kainaz, often described as the soul of Theobroma, began baking as a child, helping her mother, who ran a home-bakery called Not Just Desserts. A trip to France at 16 proved to be a turning point, inspiring her to pursue the culinary arts. She later graduated from Institute of Hotel Management (IHM) Mumbai and the Oberoi Centre of Learning and Development (OCLD) in Delhi, and went on to work as a pastry chef at the Oberoi Udaivilas. In 2004, she launched Theobroma as a cosy neighbourhood coffee shop in Colaba. The second outlet opened in Bandra in 2010 — and the rest, as they say, is history. Today, Theobroma is a household name, with its signature brownies becoming a mainstay across India.
Economic Times
3 hours ago
- Economic Times
Mexico slams Trump threat of 30% tariffs as 'unfair deal'
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Business Standard
3 hours ago
- Business Standard
Importers delay clearances for US dry fruits to avoid high import duties
Dry fruit importers in India are now delaying customs clearance of walnut, almonds, and other nut shipments from the United States, as they look to avoid incurring heavy losses if the import duties are reduced, The Economic Times reported. This comes as the negotiations between the US and India started again on Monday after a Commerce Ministry team reached Washington to discuss the proposed Bilateral Trade Agreement (BTA). Dry fruit importers are expecting a steep cut of nearly 50 per cent in import duties and are delaying clearances to avoid bearing losses if they clear the goods at the current price. However, the report citing industry insiders says that delaying the customs clearance could worsen the supply disruptions. The report mentioned that the dry fruit supplies were already impacted after the imports from Afghanistan were halted due to the closure of the Wagah border following the downgrading of the diplomatic ties between India and Pakistan and the Indian armed forces' subsequent launch of the Operation Sindoor, a coordinated missile strike targeting terror launch pads in Pakistan and Pakistan-occupied Kashmir. India imposes a 100 per cent tariff on US walnuts- kernels and in shells, and imposes a specific duty of ₹35 per kilogram on almonds in shells and ₹100 per kg on almond kernels. US President Donald Trump has often cited this tariff rate to support his argument that India is a high-tariff country. US imposes reciprocal tariffs On April 2, India, along with more than 100 countries, was charged with sweeping tariffs imposed by the US President. The US charged a 26 per cent tariff on India as compared to the 52 per cent tariff that India imposes on US-made goods. Since then, countries have been trying to negotiate a deal with the US to avoid the high tariff rate. On April 9, Trump announced a 90-day pause on tariffs, allowing these countries to secure a deal. As the deadline ended on July 9, only three countries were able to secure a deal: the UK, China, and Vietnam. While Trump and members of his administration, on several occasions, claimed that a deal with India would be finalised soon, a trade deal hasn't been finalised yet. Trump's August 1 deadline nears The visit by Commerce Ministry officials comes as Trump's August 1 deadline for imposing the tariffs is getting closer. The US President has ruled out extending the deadline again and has started sending out letters to several trading partners, announcing the new tariff rates to them. India-US trade deal A PTI report, citing an official, said, 'We are not differentiating between an interim or the first phase of the bilateral trade agreement. We are negotiating a complete deal. Whatever will be finished, we can package it as an interim deal, and for the rest, talks will continue'. Earlier this month, Indian officials were in Washington, trying to secure a deal. The negotiations took place from June 26 to July 2. India is seeking the removal of the additional tariff of 26 per cent, along with the easing of tariffs on steel and aluminium imports (50 per cent) and auto imports (25 per cent). According to the report, India and the US are looking to finalise the first tranche of the proposed bilateral trade agreement by fall (September-October) this year. They are also planning to establish an interim pact before the first tranche talks are concluded.
