Mangalore tiles disappear from rooftops

[email protected] (STANLEY G PINTO, TNN)
June 16, 2011

mangalore-roof-tiles

Mangalore, June 16: It's not yet time to write an ode to Mangalore tiles. Despite them having disappeared from rooftops as roofing tiles, they are now being preferred for insulation roofing.

But this has not exactly translated into business for tile factories here as old tiles from demolished buildings are also being used for insulation roofing. While first class tiles still have good demand, the second to fourth grade tiles with minor defects have not many takers.

The major reasons are non-availability of labour, raw materials plus the advent of apartment culture.

George Albuquerque Pai, proprietor, A. Albuquerque & Sons, said that though first class tiles, which cost around Rs 8-10 have demand, the third and fourth variety costing between Rs 3.50 and Rs 6, have been piling up at his stock yard. The tile factory was established in 1868 by Alex Pai (Albuquerque) of Pejavar.

Sujir Ramachandra Nayak, proprietor, Sujirkars Tiles, said that there was a slump in the market for the roof tiles as tiles from old buildings were being used. "Though there were 42 factories not so long ago, now there were only 12, which worked at 40-60% their capacity,'' says Nayak, whose factory was established in 1918.

Pai and Nayak said that at its peak, the industry with 42 factories in operation in Mangalore were manufacturing close to 7.5 crore tiles per year. "Now it's just 2.5 crore and the industry finds it difficult to market them, barring the first class,'' said Nayak.

About three decades back, Mangalore tiles had so much demand that the area from Car Street to Sultan Battery, a distance of 4 km, had 11 tile factories. Only two survive now.

Rajendra Kalbavi, project director, D K Nirmithi Kendra, who still builds low-cost tiled houses with concrete rafters, said the major shift to slabs by people as it offers security was the reason for the trend. "People who build houses with sloping roof use tiles for thermal insulation and to stop leakages. Those who have flat slabs do not prefer it. Also there is maintenance aspect (replacing broken tiles) for which you don't get labour here,'' he said.

Albuquerque Pai used to manufacture 25,000 tiles per day and now it is about 15,000. "The lack of government patronage in going for asbestos or other type of roofing instead of tiles for low-cost houses has resulted in this situation,'' lamented Pai.

The tile industry in the coast is almost 140 years old and during its zenith in the 1880s, numerous factories used to manufacture close to 8-10 lakh tiles a day. It was introduced in this region by German Missionary George A Plebot in 1865 after he found that large clay deposits were available. Not only the tile industry provided employment, it also provided a leak-proof roof above the heads. British were patrons of this tile industry and the one of the state buildings to use these tiles was the old Victoria Railway Terminus in Mumbai.

"Mangalore was the birth place of tiles and the tiles were used all over India hence were known as Mangalore tiles. The environment __ like the waterways for transportation of clay and tiles, superior quality clay, cheap and skilled labour and availability of firewood __ was conducive for the growth of the industry. Not any longer.''

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News Network
July 17,2020

Bengaluru, Jul 17: Lashing out at Chief Minister BS Yediyurappa-led government over the handling of coronavirus crisis, Karnataka Congress chief DK Shivakumar on Thursday demanded Governor's rule in the state. He also took a dig at Health Minister B Sriramulu's "Only God can save us" remark.

"I heard the statement of Sriramulu and Sudhakar. They have said that they cannot manage this (coronavirus crisis) and they leave it to God who can save Karnataka. If such is the case, they could not solve the problems of the people of Karnataka. It is time now they must resign and let the Governor's rule come into force. The time has come for all of them to step down," Shivakumar said.

Taking to Twitter, Sriramulu said that the KPCC president misinterpreted his statement.

He said that Opposition allegations of negligence and incapability of the government and irresponsibility of ministers are "far from the truth".

The minister said that people should be made aware of the prevention of coronavirus as it plays a very important role in the prevention of infection.

"Here are the cautioning words, 'If you stumble, only God has to save us.' The government, our Chief Minister BS Yediyurappa and ministers are working day and night. We are working for the people, to effectively face this century's challenge," he tweeted.

As many as 4,169 new COVID-19 cases and 104 deaths were reported in Karnataka on Thursday, taking the total number of cases to 51,422 cases including 19,729 recoveries and 1,032 deaths.

Bengaluru reported 2,344 new cases and 70 deaths in the last 24 hours, according to the state health department.

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News Network
February 19,2020

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”

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News Network
April 6,2020

Puttur, Apr 6: A person reportedly has been booked for allegedly posting derogatory remarks against minority community on social media platforms.

The accused is reported to be a resident of Belandur village of Puttur Taluk.
The case has been registered at Bellare Police Station.

According to the reports, Kusumadhara had posted derogatory remarks about the faith and minority community. A complaint in this regard was filed by Savanur SDPI member Mohammed Saheer at Bellare Police Station, adding that his remarks in the post would create divide and communal disturbance in the society.

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