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INDIAN ECONOMIC
INDIAN ECONOMIC
INDIAN ECONOMIC
INDIAN ECONOMIC
INDIAN ECONOMIC
INDIAN ECONOMIC
INDIAN ECONOMIC
INDIAN ECONOMIC
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INDIAN ECONOMIC

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  • 1. INDIAN ECONOMIC & BUSINESS NEWS BULLETIN From the Commercial Wing of the Indian Embassy in Israel November 2009 INDIAN ECONOMIC NEWS India targets $50-billion FDI by 2012 India is targeting annual foreign direct investments worth $50 billion by 2012. It would double the inflows by 2017. In order to make the investment environment in states more lucrative for prospective overseas investors, the commerce ministry would set up a panel comprising state industrial ministers. The panel would recommend measures to iron out procedural difficulties faced while setting up a business. Business confidence surpasses pre-crisis level, rises 21% in October Business confidence in India has surpassed the level that prevailed before the financial crisis that seized economic growth prospects, according to the latest National Council of Applied Economic Research (NCAER), MasterCard Worldwide Index of Business Confidence. The Business Confidence Index (BCI) reported a sharp rise of 21%, with a rating of 143.7 points in October 2009, compared to 118.6 points in July 2009. BCI ratings in April 2009 were at their lowest, at 81.6 points, after the global financial crisis hit world economies. 18 of WEF's 'Global Growth Companies' are Indian The GGC Community was formed to engage high-growth companies with the potential to be tomorrow’s industry leaders and drive economic and social change. Of the more than 200 companies from over 50 countries that form part of the World Economic Forum’s Global Growth Companies (GGC) Community, India today has the second largest representation, with a total of 18 GGCs. Indian GGCs come from every sector, with a strong representation in information technology and electronics, retail, consumer goods and banking. Power demand traces economic recovery In a clear indication of an economic revival, the demand for power in India has jumped 6.3% in the April-October period this financial year, compared with the same period of 2007-08 when it had increased by a mere 0.3%, its lowest growth in the past five years, owing to the global financial meltdown. According to the latest data obtained from the Central Electricity Authority (CEA), while power demand increased marginally from 108,911 Mw in the first seven months of the financial year 2007-08 to 109,304 Mw in the same period of 2008-09, it jumped to 116,281 Mw in the first seven months of 2009-10, as industrial activity improved due to the recovery. Factories accounted for around 30-40% of the total power consumed in the country.
  • 2. Aerospace SEZ inaugurated India’s first Special Economic Zone dedicated to the Aerospace industry has been inaugurated in Belgaum district. The SEZ situated at Hattaragi, 37 km from Belgaum is promoted by Quest Global, an aerospace engineering and manufacturing company. The SEZ houses an engineering services facility, a precision machining unit and Aerospace Processing India, a joint venture between Quest and Magellan, a processing facility, which is critical for the industry. More foreign broking companies queue up for India entry Competition in the institutional stock broking space in India is set to intensify with foreign institutions including StanChart, Barclays and DBS, looking to make an entry in the equity capital market (ECM) business in the country. Government approves 17 FDI proposals The government has approved 17 foreign direct investment (FDI) proposals amounting to US$ 250.56 million. Among those projects approved were FDI applications for steel maker ArcelorMittal and iron pipe maker Electrosteel Castings. India's BPO market to grow to US$ 6.82 billion by 2013 India’s domestic business processing outsourcing (BPO) market, that has close to 500 players, will grow at a compound annual growth rate (CAGR) of 33.3%, to reach revenues of US$ 6.82 billion by 2013, up from US$ 1.62 billion in 2008, according to a report by information technology research firm IDC India. India tops Bric gold-to-forex reserve ratio Following the purchase of 200 tonnes of gold from the International Monetary Fund (IMF), India now has the highest gold reserves as a percentage of total forex reserves, among Brazil, Russia, India, China (BRIC) nations. Tamil Nadu emerging tyre capital, big tyre companies line up projects in the State According to official estimates, a copious investment of nearly $ 1 Billion has already been pumped into the State by leading tyre companies. Apollo Tyres, ATC Tires, MRF, Dunlop and TVS Srichakra are some of those who have made big ticket investments, earning Tamil Nadu the tyre capital tag. The sector is also attracting more players. October car sales the highest in two years According to the Society of Indian Automobile Manufacturers (SIAM), sales of passenger cars increased by 34% at 132,615 units in October against 99,052 units during the same month last year. Entertainment biggies climb on the online bandwagon The Reliance ADAG-backed bigadda.com has announced its first ever online reality show. Ten Sports, too, has launched its live streaming of cricket matches online and is confident of
  • 3. going forward with its plans. Ibibo, an entertainment- and talent-based social networking site, will also make a debut with an online TV serial. Indian companies increase investments in London Indian companies have sustained their investments in London in the financial year 2008-09 and are set to match the growth registered in the previous year, according to data from the foreign direct investment agency Think London. The data showed that 14 Indian companies have either set up or expanded their operations in London in the current fiscal. In recent years, major Indian companies including Haldiram, ICICI Bank and Kingfisher Airlines, have set up their offices in London. Also, Wipro and IL&FS have made London their European headquarters. IT / Telecom / Biotech News IT to regain double-digit growth in 2010 IT sector is expected to grow between 4% and 7% in the current fiscal as global economies are yet to recover fully from the downturn, but may return to over 10% growth next year according to Nasscom. Infosys opens its second development centre in Mexico Infosys Technologies has opened its second development centre in Monterrey, Mexico, serving as a near shore unit to serve the regions of North America, Latin American and Europe. The development centre will provide technology services for clients in all industries including banking, financial services, manufacturing, retail, distribution, insurance and many others. Posiflex Technology acquires Protocol Systems The Taiwan-based Posiflex Technology, a manufacturer of point of sale (POS) terminals, has announced to set up its own subsidiary in India with the acquisition of majority stake in Bangalore-based Protocol Solutions, which used to be its distributor in India for the last eight years. Posiflex Technology to invest in India $10 million. TCS bags £150-million deal from UK Government body Tata Consultancy Services is understood to have bagged a £150-million (Rs 1,164 crore) software implementation contract from the Cardiff City Council, its first win from the local government space in the UK. IBM unveils Lotus Centre in Pune IBM unveiled the Lotus Center for Advanced Collaboration (LCAC), at the IBM Software Lab in Pune. Positioned as a regional hub for Lotus Advanced collaboration strategy and solutions, the centre, the only one of its kind in Asia-Pacific, will host dedicated technical expertise to help customers and partners adopt collaboration technology in their environment.
  • 4. Infosys BPO acquires US co McCamish for $38 million Infosys BPO, the business process outsourcing arm of Infosys Technologies, has agreed to buy all of the outstanding interests of Atlanta, Georgia-based McCamish Systems LLC, a business process solutions provider to the US insurance and financial services sector. The upfront consideration for the deal is $38 million with up to an additional $20 million payable to the sellers if McCamish Systems achieves certain financial targets. The deal is expected to be completed later this year. Telecom operators register record subscribers in October 2009 The month of October 2009 saw telecom operators in India register a record number of 16.67 million new mobile subscribers, according to Telecom Regulatory Authority of India (TRAI). The number, which combines GSM, CDMA and FWP subscribers, brings the total number of wireless subscribers to 488.4 million as of October 2009. Bayer signs pact with GVK Bio Bayer CropScience AG, a subsidiary of Germany-based global crop sciences major Bayer AG, and GVK Biosciences Private Limited (GVK Bio) of Hyderabad, have entered into a research cooperation agreement in the area of early discovery chemistry. Wockhardt, Sun get US okay for generic drug Indian drug companies Wockhardt and Sun Pharmaceutical Industries have received final approval from the United States Food and Drug Administration (USFDA) to market generic versions of Nicardipine, the hypertension drug. Novo Nordisk eyes India as insulin hub for sub-continent Denmark-based world leader in diabetes care Novo Nordisk can look at making India the hub for manufacturing insulin for the sub-continent. The company inaugurated a dedicated facility with a capacity of 26 million vials per annum in partnership with Ahmedabad based Torrent Pharmaceuticals Ltd. Torrent has been manufacturing insulin for Novo Nordisk since the early nineties. Corporate News Nissan gears up for India launch with Chennai office Nissan Motor India Private Ltd (NMIPL) inaugurated the company’s corporate office in Chennai. The office will act as the hub for Nissan’s operations in India. Spread across an area of 10,000 square feet, the facility will house the 56 employees of NMIPL, which is expected to almost double up to over 100 employees by next year. HAL wins contract to supply flaperons for Boeing 777 State-owned aerospace firm Hindustan Aeronautics Limited (HAL) has signed an agreement with Boeing to supply flaperons for the Boeing's 777 series commercial jetliners. HAL is likely to supply 600 units of flaperons to Boeing which will be delivered in phases by 2019. Lifeclinic plans 100 health kiosks
  • 5. Lifeclinic India, a part of Lifeclinic International that manufactures and distributes automated blood pressure monitors and health stations, will set up about 100 anytime self-testing health kiosks, on the lines of public telephone booths, in Andhra Pradesh. Suzlon opens wind farm in Australia Wind energy major Suzlon Energy has officially opened Infigen Energy’s Capital wind farm, the largest wind farm in Australia at Bungendore in New South Wales. The 67-turbine wind farm, located near Australia’s capital Canberra, was delivered by Suzlon through a turnkey contract that covered engineering, procurement and construction. The farm will produce 141 Megawatt (Mw) of energy, according to a press release. Petronas buys 2.3% in Cairn India for $240 million The Malaysian oil firm Petronas has bought 2.3% stake in it (Cairn India) for $240 million (around Rs 1,100 crore) to consolidate its holding in the company to near 15%. Petronas International Corp, which held 12.64% stake (239.83 million shares) in Cairn, will buy 43.6 million additional shares from Cairn UK Holdings Ltd _ the parent firm of Cairn India, the company said in a statement here. Moser Baer to infuse $5 billion in 10 years Moser Baer Photo Voltaic Ltd, a wholly-owned subsidiary of Moser Baer India, which is the country’s largest photovoltaic cell and module maker, plans to invest $5 billion in its manufacturing facilities in Chennai and Hyderabad over the next 10 years. Elgi Rubber to set up 100% subsidiary in Texas City-based Elgi Rubber Company has formed a fully owned subsidiary company in Texas, US under the name of Elgi Rubber Company LLC. The company informed the stock exchanges that the board has approved an investment up to $ 5 Million on the overseas venture by way of share capital advance through the automatic route. Nova to invest US$ 172.8 million for surgery centres US-based private investment firm, GTI Group, and India-based Nova Medical Centre, are to set up around 100 day-care surgery centres in the next three to four years with an investment of over Rs 800 crore (US$ 172.8 million). Forthcoming Events in India International Food and Drink Expo India Dec 2-4, 2009, New Delhi www.biztradeshows.com Glasspex India Dec 2-4, 2009, New Delhi www.biztradeshows.com
  • 6. Eima Agrimach India 2009 December 3-5, 2009 IARI, Pusa, New Delhi www.eimaagrimach.in India Telecom 2009 December 3-5, 2009, New Delhi www.biztradeshows.com Paperex – The World of Paper December 4-7, 2009, New Delhi www.biztradeshows.com Agritech India December 5-7, 2009, Bangalore www.biztradeshows.com Energy Expo December 11-14,2009, New Delhi www.indiatradefair.com Enviro-Tech December 11-14, 2009, New Delhi www.indiatradefair.com Delhi International Jewllery Show December 11-14, 2009, New Delhi www.biztradeshows.com IndiaChem Gujarat 2009 December 12-14, 2009 Ahmedabad, Gujarat www.indiachemgujarat.com Municipalika January 21-23, 2010, Ahmedabad www.biztradeshows.com 13th India International Security Expo February 15-18, 2010, New Delhi www.indiatradefair.com IndiaSoft March 10-12, 2010, Jaipur, Rajasthan www.biztradeshows.com
  • 7. Business Offers for Israeli Companies No Company Details Interest 1 Su-Kam Power Systems Ltd Manufacturers & Exporters of Contact Person: Lomash Yadav Power Back-Up Systems Tel: 91-124-4170500 (inverters/chargers, On Line Fax: 91-124-4038702 UPS, Home Ups, Sealed Mob: 91-9971497518 Maintenance Free (SMF) E-Mail: lyadav@su-kam.com Batteries, Solar Systems, Power Protection Systems 2 Bal Pharma Ltd, Bangalore, India Contact Person: Ms. Deepika B.N., Senior Manufacturers & Marketing of Executive, API (Active Pharmaceuticals Active Pharmaceutical Ingredients) Ingredients (API) prescription Tel: 91-80-41379500 Ext 514 drugs, generics, OTC products Fax: 91-80-22354057/58 and Intravenous Infusions Mob: 91-991-6405130 E-Mail: bulkdrugs@balpharma.com Interested in importers of API Web: www.balpharma.com 3 Mark Overseas Exporters & Importers of Food Contact Person: Anne Products (Spices Nuts) and E-Mail: support@markoverseas.org Handicrafts 4 BACFO Pharmaceuticals (India) Ltd Manufacturers & Exporters of Contact Person: Amaresh Kumar Singh, Herbal (Ayurvedic) Health & Senior Executive-Exports Personal Care Products Tel: 91-120-2554233/2524731 Interested in Distributors & Fax: 91-120-2542109 Importers of Herbal, Health E-Mail: aksingh@bacfo.com Personal Care Products Web: www.bacfo.com 5 Ramnath Infraprojects Private Limited, Engaged in Real Estate Projects Nagpur, India (Power, Balance of Plant Contact Person: Dhirendra K.Gupta Construction EPC for HT/LT Tel: 91-712-2520473., Mob: lines Sub Stations, Highway 91-9305598392 Roads, Railway Traction, Ports, E-Mail: ramnathinfra@gmail.com Airports 6 KARPASA Export Pvt.Ltd, Gujarat, India Exporters of Various Agro Contact Person: Mrs. Oza Commodities (spices, pulses, Tel: 91-281-2585249 oilseeds, grain, animal feed) Fax: 91-281-257-9698 Interested in importers of above Mob: 91-9737797360 products E-Mail: sesame@karpasa.com 7 Amity Thermosets (P) Ltd Manufacturers & Exporters of Contact Person: Hitesh Chheda Phenol formaldehyde Moulding Tel: 91-22-26865530/26865531 Powder & Phenolic Resin
  • 8. E-Mail: sales@amityindia.com Web: www.amityindia.com 8 M/s Shri Mahalaxmi Industries, Rajasthan Manufacturers & Exporters of Contact Person: Sumit Gupta Cotton Linter (HSN Code 1404 Tel: 91-921-4201551 2000) Fax: 91-155-2260351 Interested in importers of the E-Mail: above product srimahalaxmiindustries@yahoo.co.in 9 Allied Nippon Limited Interested in importers, Uttar Pradesh, India distributors & traders of auto Contact Person: Neena Narang components (disc brake pad, Tel: 91-120-4539600. linings, clutches etc) Fax: 91-120-2896685 E-Mail: bdc@alliednippon.net Web: www.alliednippon.net 10 First Winner Industries Ltd Importers of Garments & Contact Person: Jayesh Kothari Finished Fabrics (Shirts / Tel: 91-9004544995 Trousers) Address & contact details of the Commercial Wing, Embassy of India: 140 Hayarkon Street, Tel Aviv 63451 – P.O. Box ٣٣٦٨, Tel Aviv 61033. Tel: 03-5291999; Fax: 03-5270821; E-mail: eoitlvcom@indembassy.co.il Please visit our website: www.indembassy.co.il

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