GMM Pfaudler Says No Significant Impact From China’s Energy Crisis
GMM Pfaudler Ltd. has managed to shield itself from China’s energy crisis, hike in freight rates and raw material shortage, according to Managing Director Tarak Patel.
“We have not seen significant impact globally. The benefits of the China Plus One strategy have been working well for us,” Patel told BloombergQuint’s Niraj Shah in an interview. “What we’ve seen is that investment has come back to India, the U.S. and Europe. People are realising that they were over-dependent on China.”
He, however, acknowledged that the industrial equipment maker faced some impact as China’s demand for iron and iron ore slowed down after an increase of two to three quarters.
Watch the full interview here: