IACC NewsletterIssue#12,December2011                        ByIACCHeadOffice, Mumbai
IndexContents      Index....................................................................................................
 US investments in India ...................................................................................................
Pune to host Indo-US education conclave .....................................................................................
President’s Message The current free fall of the Indian rupee against major currencies, and slowdown in GDP growthin India...
The “Global PE Issues-India Focus” conference held in Mumbai on 30th November 2011 broughttogether an impressive panel of ...
I am delighted to report that our SME and Education forums are progressing very well. TheAerospace and Defence Forum is al...
From the Secretary General’s DeskDear Members,The total U.S. trade in merchandise goods with India during the period Janua...
Happenings at IACC                                            IACC Head OfficeGlobal PE Issues - India Focus, Conference 2...
Mr. H.R. Khan, Deputy Governor, RBI delivering the Keynote address (L-R) Mr. Kirti Shah, Director- Corporate Advisory, BDO...
Summary of The Conference: IACC HO organized the Global PE Issues- IndiaFocus Conference on November 30, 2011 at the Taj P...
WIC EventsThe Economic Times ACE Tech 2011, 3-6 November, 2011The Economic Times ACE Tech Exhibition 2011 supported by IAC...
Pune Branch                             Annual Fellowship Nite, December 1, 2011(L-R) Mr. Ranjit Wandrekar, Vice Chairman ...
IACC Pune Branch Office bearers (L-R): Mr. Alok Kumar, Mr. Ashutosh Paranis, Mr. Prashant Krishnan,Mr. Anand Desai, Mr. Am...
Innovation at Breakfast Session – 3 on “Innovation in Manufacturing Practices”                    November 25, 2011, at Vi...
Felicitation of the speaker Mr. Ramchandra Rao by IACC Pune Chairman Mr. Amarnath Mahashabde- MD IEC Air                  ...
NIC Events                                        Varanasi Branch InteractiveRoundtable Session with Shri Anand Sharma, Ho...
Mr. Anand Sharma Interacting with the audienceIndo-American Chamber of Commerce, Varanasi Branch, Federation of Indian Cha...
“Indo-U.S. Economic Scenario & Strategic Partnership: Emphasis on Eastern U.P”                                   10 Novemb...
Mrs. Violeta Talandis- Vice Consul, Consular Section, U.S Embassy Delivering Speech during the event       Mrs. Judy Reink...
EIC Events     st  41 Annual Members Convention 2011-12, held on 4 November, 2011 at Bengal Club, Kolkata                 ...
Panel Discussion on “Indo US Prospects in the SME Sector” on 26 November, 2011, Oberoi                                    ...
A memento being presented to Dr. Manas Ranjan Bhunia, Hon’ble Minister in Charge, Micro & Small Scale  Enterprise & Textil...
Summary: On the occasion of the 2nd Executive Council Meeting of IACC held in Kolkata the East India Councilorganized a Pa...
SIC Events                                   Andhra Pradesh Branch      Breakfast Meeting with the Delegation of Maryland ...
Karnataka Branch  Celebrating Thanksgiving Carnival, November 19, 2011, Hotel Royal Orchid, BangaloreMrs. Katherine Dhanan...
Launch of the IACC Thanksgiving Brochure, (L-R) Mr. Bhaskar Ghosh - MD, Accenture, Ms. KatherineDhanani, Consul. General o...
Tamil Nadu BranchColloquium on “Catalysing Research & Innovation to address emerging needs”               November 18, 201...
Breakfast meeting: “SELECT USA – As your favored investment destination”                               November 14, 2011, ...
A Cross section of the audience at the launch of “SelectUSA”
Luncheon meeting with Ms. Jennifer McIntyre                  U.S. Consul General in Chennai, Hotel Residency, Coimbatore M...
Summary ReportCoimbatore and U.S. businesses can work together in several areas and this will help the industries hereachi...
Indo-US Corporate News                                 Amul seeks partner for North AmericaWhile many consumer goods firms...
“We proceeded with the MoU only after confirming with the Exim Bank about its willingness to fund theproject,” a senior in...
Mahindra Defence, Telephonics Corp. JV to manufacture radars, electronicsMahindra Defence Systems (MDS) and the US-based T...
KSIDC inks pact with US firm to make electric vehiclesThe MoU, to assemble and manufacture electric scooters, bikes and el...
HCL’s software tool provides features to analyse data, configure rules and automate the mapping from the oldto new codes, ...
iGate to de-list Patni shares from Indian boursesNasdaq-listed iGate Corp. recently announced its boards decision to delis...
Ashok Leyland, US Company John Deere enter into joint venture to retail construction                                     E...
India to become biggest e-commerce market for Michigan based DominosIndias e commerce story is set to receive a big boost....
But shifting to such an international focus, with a lot of exposure to emerging markets, also puts restaurants atrisk of h...
Transnuclear Inc. USA, an Areva company, has placed five repeat orders for supplying such canisters to leadingutilities ba...
USA eyeing Indias infrastructure opportunities want bilateral investment treatyWith an eye on the huge business opportunit...
India invites US investment in aviation sectorIn Last Month India invited American business to invest in the burgeoning av...
India’s Investments in U.S              Yash Raj launches company in Hollywood to make international filmsVeteran Bollywoo...
Online Shopping Store Flipkart Acquires Mallers Inc. To Launch Digital Music StoreFlipkart Online Services Pvt. Ltd, which...
Chakillam Infotech acquires Texas-based Cigniti Inc.Software testing services company Chakillam Infotech has acquired Texa...
US investments in India            JP Morgan Global Fund picks 45% stake in Nitesh Estates for $40 millionJP Morgan Global...
READ Global receives $4.7M grant from the Bill & Melinda Gates FoundationSAN FRANCISCO – READ (Rural Education and Develop...
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
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IACC Newsletter Issue 12 December 2011
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IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
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IACC Newsletter Issue 12 December 2011
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IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
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IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
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IACC Newsletter Issue 12 December 2011
IACC Newsletter Issue 12 December 2011
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The twelfth issue carries features like Happenings at IACC, Business and Corporate News,Updated Trade & Analysis, Must attend Upcoming Events, with new addition of Major trade show

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  1. 1. IACC NewsletterIssue#12,December2011 ByIACCHeadOffice, Mumbai
  2. 2. IndexContents  Index................................................................................................................................. 2  President’s Message .......................................................................................................... 5  From the Secretary General’s Desk .................................................................................... 8  Happenings at IACC ........................................................................................................... 9  Indo-US Corporate News ................................................................................................. 33Amul seeks partner for North America ................................................................................................ 33Rs 11,196cr oil refinery to come up in Vizag ........................................................................................ 33Wal-Mart to set up e-commerce R&D centre in Bangalore ................................................................. 34Mahindra Defence, Telephonics Corp. JV to manufacture radars, electronics .................................... 35Cargill to re-enter packaged food business .......................................................................................... 35ICVL to tie-up with Virginia for coal mining.......................................................................................... 35KSIDC inks pact with US firm to make electric vehicles........................................................................ 36IBM opens three new offices in India ................................................................................................... 36United Health Group picks up HCL Tech for transitioning to new coding system ............................... 36US firm EATON sees India among key markets in aerospace sector .................................................... 37iGate to de-list Patni shares from Indian bourses ................................................................................ 38Westinghouse launches home appliances in Indian market ................................................................ 38Ashok Leyland, US Company John Deere enter into joint venture ...................................................... 39Accentia Technologies gets nod to raise $10 million via various route ............................................... 39India to become biggest e-commerce market for Michigan based Dominos ..................................... 40Yum Splits India into Separate Division, Names New International CEO ............................................. 40U.S health insurer Cigna & TTK Group signs pact to sell health services ............................................. 41Kraft: Expect India to Account Significantly in Overall Growth ............................................................ 41L&T executes first US order for nuclear equipment............................................................................. 41Applied Materials Foundation and SELCO Solar partner for electrification......................................... 42USA eyeing Indias infrastructure opportunities want bilateral investment treaty ............................. 43India invites US investment in aviation sector ..................................................................................... 44  India’s Investments in U.S ................................................................................................ 45Yash Raj launches company in Hollywood to make international films............................................... 45Online Shopping Store Flipkart Acquires Mallers Inc. To Launch Digital Music Store ......................... 46Chakillam Infotech acquires Texas-based Cigniti Inc............................................................................ 47Shree Naman Group signs MoU with Maryland based TripleStone..................................................... 47
  3. 3.  US investments in India ................................................................................................... 48JP Morgan Global Fund picks 45% stake in Nitesh Estates for $40 million .......................................... 48Baltimore, MD based Premier Rides joins hands with Adlabs Entertainment to build theme parks .. 48READ Global receives $4.7M grant from the Bill & Melinda Gates Foundation .................................. 49Massachusetts-based AB Sciex acquires Labindias Mass Spectrometry unit to expand in India........ 50Coca-Cola to invest $2 billion in India over the next five years ........................................................... 50U.S. will loan $18.9 Million for SolarWorld Exports to India ................................................................ 51Raytheon eyes missile sales for MMRCA contract ............................................................................... 51California based Infineria plans to expand R&D in India ...................................................................... 52U.S Based Company, Location Labs Acquires Wirkle Inc. to Expand Operations in India .................... 52US Briggs and Stratton buys Indian farm machines maker ................................................................. 53  In the News ..................................................................................................................... 54China’s No. 1 target is the U.S, next is India: George W Bush.............................................................. 54U.S. and India sign Aviation Safety Agreement .................................................................................... 55India a top priority market: McCormick & Company, Inc..................................................................... 55US carriers seek to block financing of Air India jet purchases.............................................................. 56Dr. Arun Majumdar nominated for Under Secretary of Energy ........................................................... 57Parita Shah promoted to Deputy Director of Public Affairs in the Commerce Department................ 57Number of Indian students in US colleges drops by 1%....................................................................... 58GM appoints Lowell Paddock to head India operations ...................................................................... 59U.S. Department of State Expedites Student Visa Processing ............................................................. 60Remarks by President Obama and Prime Minister Singh before bilateral meeting ............................ 60Kalyan Banerjee, President of Rotary International meets Ambassador Nirupama Rao ..................... 61USAID announces $81 million assistance to India ................................................................................ 62Raytheon in race to provide missiles for combat aircraft .................................................................... 62York University looks to team up with Indian institutions ................................................................... 62World Trade Centre proposed in Bhubaneswar................................................................................... 63India, US looking to partner in education sector.................................................................................. 64India eyes Raytheons airborne surveillance radars ............................................................................. 64India continues to be attractive for foreign investors: E&Y report ...................................................... 65US B-school woos India Inc for jobs...................................................................................................... 65Ambassador Rao and Houston Mayor Inaugurate New Consulate Office ........................................... 66US should conclude Free Trade Agreement with India soon: Senator Joe Lieberman ........................ 67Maryland-Andhra Pradesh sign “Sister State” pact.............................................................................. 68Honeywell Develops Flying Competition to Educate Next Gen. of Indian Aerospace Engineers ........ 68India, US Join Hands for Open Source Platform ................................................................................... 69Fewer U.S. students visit India ............................................................................................................. 69
  4. 4. Pune to host Indo-US education conclave ........................................................................................... 70US supply chain managers body opens office at Mumbai ................................................................... 70US studying new Indian rules for nuclear liability ne ........................................................................... 70Maryland, India Sign Agreement to Boost Exports, Imports ................................................................ 71Governor O’Malley Meets with Chief Minister of Maharashtra, Joins Maryland Businesses ............. 72  Indo-US Trade Statistics.................................................................................................... 74  Calendar of IACC Events for 2011-12 ................................................................................ 76  International Trade shows ............................................................................................... 77Major Trade shows in India .................................................................................................................. 77Major Trade shows in U.S.A ................................................................................................................. 86  How to reach us: ............................................................................................................. 90
  5. 5. President’s Message The current free fall of the Indian rupee against major currencies, and slowdown in GDP growthin India creates new challenges. The US Government has taken several forward thinking steps tosupport the US economy, and we encourage the Indian Government to take appropriate steps aswell. In a welcome move, the Indian Government stepped in to sell currencies, and we hope tosee currency stabilization albeit at a higher rupee rate than gives comfort to Indians. Suchuncertainties coupled with the global economic situation, and the perceived inaction by theIndian Government authorities in the recent past, does not augur well for domestic economicgrowth.The annual Finance Ministry consultations with apex industry associations and others have beeninitiated for the formulation of the Union Budget 2012-13. I am delighted that IACC had a verysuccessful dialogue with the Union Finance Secretary and his team on 30th November 2011 inDelhi. In our presentation, which lasted for more than an hour, we gave our views on variousfiscal measures that are needed to bolster the economy. Rationalization of direct and indirecttaxes, particularly relating to exports, venture capital funds, allowing depreciation on incomefrom goodwill, reduction of tax incidence on light commercial vehicles, service tax reforms,suggestions for revamping tax administration etc. were some of the highlights of ourpresentation. The presentation is uploaded on our website.We also propose providing our thoughts on the new Companies Bill.
  6. 6. The “Global PE Issues-India Focus” conference held in Mumbai on 30th November 2011 broughttogether an impressive panel of speakers, experts and industry representatives. We discussedthe present state of PE investment in India and steps that are needed for the accelerated flow ofinvestment through this route to take care of increasing need of India Inc. for mergers,acquisitions and cross-border investment, particularly outside the metros. The presence of Mr.H.R. Khan, Dy. Governor, RBI, and Mr. Rajeev Agarwal, Whole time Member, SEBI, amongdistinguished international and Indian speakers and participants, helped in making the dialogueconstructive across take holders. IACC will be holding such micro debates on topical businesssubjects often.The cabinet nod for opening up of the multi-brand retail trade raised some cheers, as alsovociferous opposition. IACC has been supporting opening up the sector for quite some time tofacilitate reduction in the current waste of agricultural produce in the course of reaching theconsumer, and for easier finance to farmers and food processors, better prices to the farmers fortheir produce, creation of employment opportunities, and to ensure consumers quality andhygienic products. However, the Government has put the proposal on the backburner for now.IACC, through a press communiqué, has urged for greater consultations among the stakeholdersand a mass sensitization program to make the common man understand the benefits of openingup of this sector.I had the opportunity to visit some of our regional and local chapters to meet with the membersduring the month. I was delighted to visit Varanasi for a Seminar and the Dev-Deepavalicelebrations held by our Varanasi branch on 10th November 2011. I am happy to note that theevent was participated from the US side by Mrs. Judy Reinke, Minister Council for CommercialAffairs, US Embassy and Violeta Talandis, Vice Consul, Consulate Section. The meet underscoredthe need for intensifying partnership between Indian and US corporations in augmenting thefacilities in the region and thereby enhancing the presence of US corporations and investment inUP. I along with Mr. Sarkar, Regional President, and IACC-NIC had the privilege of interacting withour members and to gather their economic challenges and wish lists. The celebration wasdelightful, and I would encourage all of you to visit Varanasi for this fantastic event!I had a fruitful interaction with our members at the Pune chapter at their Annual FellowshipNight on December 1, 2011. Mr. Peter Haas, Consul General, US Consulate, Mumbai was alsopresent at the distinguished gathering. These platforms, apart from increasing bonhomie, helpaddress issues and identify opportunities for greater interaction between India and US business.Another highlight was a conference on “Indo-US Prospects in the SME Sector” held in Kolkata on2nd December 2011, which coincided with our Executive Committee meeting. Dr. Manas RanjanBhunia, Hon’ble Minister for Small Scale Enterprises, Textiles, Irrigation and waterways, theGovernment of West Bengal attended this important event, and spoke passionately about theneed to increase business and development in West Bengal and the Eastern part of India. SMEsare the most relevant form of business activity in creating relationships and employment. Mr.Clinton Tad Brown, Acting US Consul General, Kolkata and Mr. Richard Craig, Principal Officer,Consul Affairs, US Consul General, Kolkata also attended.
  7. 7. I am delighted to report that our SME and Education forums are progressing very well. TheAerospace and Defence Forum is also taking shape, as is the Legal Forum. We have also re-enlivened our Ladies Council. I have discussed in some detail the programs that we held duringthe month with the objective of driving home a few points. We can participate in shaping policy,increasing business opportunities, and assisting in economic development across India and theUS. I encourage more members to participate in the forums and on our committees. I alsoencourage all our committee members to be more proactive and take on responsibilities.Let me end with an interesting anecdote - In the late 1800s, Swami Vivekananda went to Chicagoto attend the Parliament of Religions. One of the people he met was John D Rockefeller, who hadmade a great fortune.Swamiji, explained that God had given him all his wealth in order that hemight have an opportunity to help people and do good. Annoyed that someone dared to tell himwhat to do, Rockefeller stormed out. Coming back a week later, he brought plans to donatemoney to charity. This was Rockefeller’s first large donation to the public welfare. “Well, thereyou are,” he said to Vivekananda, “You can thank me for it.” Swamiji then said softly, “No sir, it isfor you to thank me.” What followed is well-known in the US.My best wishes to all of you for a merry Christmas and a happy New Year!!! Anand Desai National President, IACC
  8. 8. From the Secretary General’s DeskDear Members,The total U.S. trade in merchandise goods with India during the period January to October 2011 hasreached US $ 48.53 billion as compared to US $ 41.13 billion during the same period in 2010. USExports to India has gone up from $ 25.04 to $ 30.83 billion and imports from $ 16.09 to $ 17.70 billion.This calendar year IACC expects the two-way trade to cross US $ 56 billion. Both US exports and importsto and from India has gone up consistently.IACC has planned the visit of several delegations to US in 2012. The Flagship events 8thIndo-USEconomic Summit and 3rd Summit For US-INDIA Trade & Economics (SUITE) 2012 will be held in NewDelhi and Washington D.C/Fairfax County in April & May 2012 respectively. We look forward to yourparticipation and support in our upcoming events. For more information on upcoming events kindlyvisit our website which is being updated on regularly.I am also pleased to inform that as in the previous years, this year also IACC was among the select fewChambers specially invited by the GoI, Ministry of Finance to make a presentation on Pre-BudgetMemorandum. IACC presented its recommendations to the Ministry on November 30, 2011 which waswell received and appreciated by the Ministry. We thank our members for their contribution andcomments.If you have any success stories of your company with US partners on joint ventures, mergers &acquisition etc., please do let us know. We will be happy to carry a case study on your company’ssuccess in the newsletter.This month we have added information on “Trade Shows in India”, besides our regular features. Hopeyou will find this issue informative and usefulWith regards,R.K. ChopraSecretary General, IACC Click here for index
  9. 9. Happenings at IACC IACC Head OfficeGlobal PE Issues - India Focus, Conference 2011, November 30 – Hotel Taj President, Mumbai Mr. H.R.Khan, Deputy Governor, RBI addressing the audience, seated (L-R) are: Mr. R.K. Chopra, Secretary General, IACC; Mr. Blair Parks Hall Jr., Minister Counselor for Economic Affairs, Environment & Science Affairs, US Embassy; Mr. Anand Desai, National President, IACC; Mr. Rajeev Agarwal, Whole time Member, SEBI, and Mr. D. Sivanandhan, Retd. Director General of Police, Maharashtra, & Commissioner of Police, Mumbai Mr. Rajeev Agarwal delivering his speech to the audience, others on the dais (L-R) Mr. R.K. Chopra; Mr. Blair Park Hall, Jr.; Mr. Anand Desai; Mr. H.R. Khan; Mr. D. Sivanandhan; andMr. L.S. Kanodia, Regional President -WIC, IACC
  10. 10. Mr. H.R. Khan, Deputy Governor, RBI delivering the Keynote address (L-R) Mr. Kirti Shah, Director- Corporate Advisory, BDO Consulting Pvt. Ltd, Mr. D.K. Vasal, Justice V.C. Daga, Retd. High Court Judge, Mr. Abhishek Mehrotra, Associate Director, M&A Advisory, Grant ThorntonMr. Peter J. Buscemi, Associate, Finn Dixon & Herling LLP, Mr. Anand Desai, NationalPresident, IACC, Mr. Colin Leaver, Partner, Simmons & Simmons, Mr. Anurag Kashyap, Director Fraud Investigation Dispute Services, Ernst & Young
  11. 11. Summary of The Conference: IACC HO organized the Global PE Issues- IndiaFocus Conference on November 30, 2011 at the Taj President Hotel in Mumbai.Mr. H. R. Khan, Deputy Governor, Reserve Bank of India was the Keynote Speakerand Mr. Rajeev Agarwal, whole time Member of Securities & Exchange Board ofIndia (SEBI);Mr. D. Sivanandhan, Retd. Director General of Police, Maharashtra, &Commissioner of Police, Mumbai &Mr. Blair Parks hall Jr. Minister CounselorforEconomic, Environment & Science Affairs, US Embassy, NewDelhi were the Guestof Honor. Other speakers included experts from the PE and financial industryfrom India, USA, UK and Singapore. All the sessions were Interactive and wellreceived by the participants. Dr. L.S. Kanodia, Regional President, WICSummarized and gave vote of thanks at the inaugural session.
  12. 12. WIC EventsThe Economic Times ACE Tech 2011, 3-6 November, 2011The Economic Times ACE Tech Exhibition 2011 supported by IACC, WICIACC stall at the Economic Times ACE Tech Exhibition held at Mumbai
  13. 13. Pune Branch Annual Fellowship Nite, December 1, 2011(L-R) Mr. Ranjit Wandrekar, Vice Chairman IACC Pune Felicitating Mr. Anand Desai, IACC National President Ms. Trisha Chilimbi, Economic Specialist, US Consulate Mumbai (on extreme left), & Audience during Keynote Address by Consul General Peter Haas(L-R) Mr. Peter Haas, Consul General, US Consulate General, Mumbai with Mr. S.K Jain MD, Synergy Emulsifuels Pvt. Ltd; Mr. Shalendra Porwal MD, Battelle India & Mr. Rohit Arora
  14. 14. IACC Pune Branch Office bearers (L-R): Mr. Alok Kumar, Mr. Ashutosh Paranis, Mr. Prashant Krishnan,Mr. Anand Desai, Mr. Amarnath Mahashabde, Mr. Peter Haas, Mr. Shekhar Agharkar, Mr. Ranjit Wandrekar, Mr. Raghavendra Ponkshe, Mr. Surendra Kumar Jain, Mr. Nitin Deshpande, Mr. Suresh Joshi(L-R) Mr. Vivek Rachh, Director Corporate Solutions- Pancshil Reality, Mr. Anand Desai IACC National President,Mr. Peter Haas, Consul General, US Consulate Mumbai and Mr. Amarnath Mahashabde , Chairman, IACC Pune.
  15. 15. Innovation at Breakfast Session – 3 on “Innovation in Manufacturing Practices” November 25, 2011, at Vivanta by Taj Blue Diamond, Pune.Speaker – Mr. Ramchandra Rao, Director- Executive Director- Automotive Division Eaton Corporation, giving the presentation Discussions & Networking over the breakfast Panel Discussion & Interactive Session Panelists from L-R (Seated): Mr. Ramchandra Rao, Mr. Ranjit Wandrekar- CEO of Tower Network OperationSystems Ltd., Mr. Amar Variawa – GM John Deere Technology Center, Mr. Umesh Deshpande- Plant Manager- Wave Suspension Systems India Pvt. Ltd. & Mr. Ashutosh Parasnis
  16. 16. Felicitation of the speaker Mr. Ramchandra Rao by IACC Pune Chairman Mr. Amarnath Mahashabde- MD IEC Air Tools Pvt. Ltd. Felicitation of the Sponsor: - IEC Air Tools Pvt. Ltd- MD Mr. Amarnath Mahashabde by Mr. Prashant Krishnan- NEC Member IACC.Summary:IACC Pune Branch conducted the 3rdSession of the Innovation at Breakfast Series on November 25,2011 at Vivanta by Taj Blue Diamond, Pune. The topic for the session was “Innovation inManufacturing Practices” presented by Mr. Ramchandra Rao, Executive Director- Automotive DivisionEaton Corporation.The session was well received and attended by 15 participants of known organizations like, JohnDeere, Deloitte Haskins & Sells, Wave Suspension Systems India Pvt. Ltd, New Hydro Equipment’s,Bhate & Ponkshe, Inteliment Technologies Pvt. Ltd etc. to name a few. The event was sponsored byIEC Air Tools Pvt. Ltd.
  17. 17. NIC Events Varanasi Branch InteractiveRoundtable Session with Shri Anand Sharma, Hon’ble Union Minister for Commerce, Industry & Textile, 19 November 2011- Hotel Clarks, Varanasi (L-R) Mr. Ashok Kapoor, Mr. Naveen Kapoor, Chairman of EUPEA (), Mr. Binay Kumar, Member of FICCI; Mr. Anand Sharma, Hon’ble Union Minister for Commerce, Industry & Textile, Ms. Rita Menon, Secretary,Textiles, Government of India and Mr. Ashok Gupta, Founder Chairman, Indo American Chamber of Commerce Audience during the interactive roundtable session
  18. 18. Mr. Anand Sharma Interacting with the audienceIndo-American Chamber of Commerce, Varanasi Branch, Federation of Indian Chambers of Commerce andIndustry (FICCI), and Eastern U.P. Exporters’ Association (EUPEA) jointly organized an Interactive Roundtable thwith Shri Anand Sharma, Hon’ble Union Minister for Commerce, Industry and Textile on 19 November 2011.Chairman of EUPEA Mr. Naveen Kapoor welcomed Mr. Sharma, Mrs. Rita Menon, Secretary, Textiles,Government of India and Senior Officers of Industry and Textile Department of Varanasi and all participants. Mr.Binay Kumar, Member, Federation of Indian Chambers of Commerce and Industry (FICCI) said that Uttar Pradeshhas an eminent position in terms of its contribution to the Carpet, Handloom, Beads, Jari and Handicrafts in thecountry. Mr. Ashok Kumar Gupta, Founder Chairman, Indo-American Chamber of Commerce, submitted amemorandum demanding, amongst other things, a textile park and centre of excellence in Varanasi.Mr. Gupta said that Varanasi is one of the most important textile centers and the district alone has more thanhalf a million weavers engaged in carpet, silk/handloom industries. The Handloom products made of these parksbe set up in the city to vive a fillip the textile sector in UP. Addressing the audience, Mr. Anand Sharmaannounced that mega handloom cluster in Mirzapur, Bhadohi and Varanasi carpet belt costing Rs. 100 crore,technology enhancement, skill development scheme, mega leather cluster costing Rs. 125 crore. Mr. Sharmasaid that a mega handloom cluster of 25,000 handloom units is being developed in Varanasi with a cost of Rs. 70crore. The Central government has given its approval in principle for the establishment of a textile park inVaranasi. Responding to the demand of exporters associated with Indo American Chamber of Commerce, U.P.Branch, Varanasi (IACC) and Eastern UP Exporters Association (EUPEA) Mr. Anand Sharma, said that in principle,the establishment of Textile Park in Varanasi has been approved. For this purpose, the financial provision wouldbe made in the coming budget session.During meeting with the minister, the entrepreneurs also suggested public-private partnership model for skilldevelopment as textile and handicraft industries are facing severe shortage of skilled laborers. According tothem, the individual industrial units could provide skill development training to a certain number of personsevery year. The government and industry could share the cost of training, and certification could be provided bythe appropriate authority on completion of the training. This scheme can be as effective as the Mahatma GandhiNational Rural Employment Guarantee Act, they believe. Besides, the entrepreneurs also demanded excise dutyexemption on carpet.CA Mukul Kumar Shah, Chairman, Indo-American Chamber of Commerce, U.P. Branch, and VaranasithankedHon’ble Shri Anand Sharma, Mrs. Rita Menon and all Government Officer, senior office bearers of IACC,participants and media persons.
  19. 19. “Indo-U.S. Economic Scenario & Strategic Partnership: Emphasis on Eastern U.P” 10 November, 2011 (L-R) Mrs. Violeta Talandis- Vice Consul., Consulate Section, U.S Embassy, C.A Mukul Kumar Shah, Chairman,IACC U.P Branch, Varanasi Mr. Anand Desai, National President, IACC, Mrs. Judy Reinke, Minister Counselor for Commercial Affairs U.S Embassy, New Delhi, Mr. S.K Sarkar, Regional President, IACC-NIC, Mr. Ashok Kumar Gupta, Past Chairman, IACC, U.P Branch, Varanasi Mr. Anand Desai, National President, IACC, addressing the audience
  20. 20. Mrs. Violeta Talandis- Vice Consul, Consular Section, U.S Embassy Delivering Speech during the event Mrs. Judy Reinke, Minister Counselor for Commercial Affairs, U.S Embassy, New Delhi
  21. 21. EIC Events st 41 Annual Members Convention 2011-12, held on 4 November, 2011 at Bengal Club, Kolkata st Interactive session with Mr. Dean R Thompson, USConsul General, Kolkata at the 41 Annual MembersConvention held by East India Council of IACC on November 4, 2011. Seen in the picture above from L-R are:Mr. Shourya Mandal, Executive Vice President, IACC; Mr. Dean R Thompson, US Consul General, Kolkata; Ms. Heena Gorsia, Regional President, EIC andMr. D Mookerjea, Regional Vice President, EIC. Ms. Heena Gorsia, Regional President, EIC presenting a memento to Consul General Dean R Thompson On the occasion of the reception by IACCto Mr. Dean R Thompson, US Consul General, Kolkata. (L-R):Ms. Heena Gorsia, Regional President, EIC; Mr. Dean R Thompson, US Consul General, Kolkata; Mr. Shourya Mandal, National Vice President, IACC and Ms. Madhusree Daityari, Regional Director, EIC.
  22. 22. Panel Discussion on “Indo US Prospects in the SME Sector” on 26 November, 2011, Oberoi Grand, KolkataOpening remarks being given by Mr. Anand Desai, National President, IACC at the inauguration of the program on “Indo US Prospects in the SME Sector”Dr. Manas Ranjan Bhunia, Hon’ble Minister in Charge, Micro & Small Scale Enterprise & Textiles and Irrigation & Waterways Depts., Government of West Bengal addressing the audience during the event. A memento being given toMr. Clinton Tad Brown, Acting USConsul General, Kolkata by Mr. Anand Desai
  23. 23. A memento being presented to Dr. Manas Ranjan Bhunia, Hon’ble Minister in Charge, Micro & Small Scale Enterprise & Textiles and Irrigation & Waterways Depts. Government of West Bengal by Mr. Anand Desai. Mr. N.V. Srinivasan, National Chairman IACC, SME Forum addressing the Panel Discussion on “Indo US Prospects in the SME Sector”The Panelists for the Panel Discussion on “Indo US Prospects in the SME Sector”(L-R : Mr. Gaurav Prakash Seth,Vice President & Head of Business Banking, Royal Bank of Scotland; Mr. Amit Kumar Sen, (Past NationalPresident, IACC) Managing Director, East India Pharmaceutical Works Ltd.; Mr. N N Debnath, Director MSME DI,Kolkata, Govt. of India; Mr. S D Mookerjea, Regional Vice President, IACC,EIC (Moderator); Mr. Richard Craig,Principal Commercial Officer, FCS, US Consulate General, Kolkata; Mr. Srinivasan, National Chairman IACC, SMEForum
  24. 24. Summary: On the occasion of the 2nd Executive Council Meeting of IACC held in Kolkata the East India Councilorganized a Panel Discussion on “Indo US Prospects in the SME Sector” with eminent Panelists on Saturday,November 26, 2011, at the Oberoi Grand, Kolkata. Dr. Manas Ranjan Bhunia, Hon’ble Minister in Charge, Micro& Small Scale Enterprise & Textiles and Irrigation & Waterways Depts. Government of West Bengal was theChief Guest for the Program and Mr. Clinton Tad Brown, Acting US Consul General, Kolkata was the Guest of ndHonor .The Panel Discussion was followed by lunch and then by 2 Executive Council Meeting. ND 2 EXECUTIVE COUNCIL MEETING IN PROGRESS AT OBEROI GRAND, KOLKATA nd 2 Executive Council Meeting in progress (L-R): Mr. R K Chopra, Secretary General, IACC; Mr. Anand Desai, National President, IACC; Mr. Shourya Mandal, Executive Vice President, IACC; Ms. Heena Gorsia, Regional President, EIC.
  25. 25. SIC Events Andhra Pradesh Branch Breakfast Meeting with the Delegation of Maryland and Governor Martin O’Malley, on 29th November 2011at Taj Krishna, Hyderabad Mr. Martin O’Malley, Governor of Maryland, Addressing the gathering IACC Andhra Pradesh Branch Committee members with Mr. Martin O’ Malley, Governor of MarylandThe IACC-Andhra Pradesh branch in association with TiE and AMCHAM hosted a breakfast meetingfor theTrade Delegation of Maryland and the Governor of Maryland Martin O’Malley on 29thNovember 2011at Taj Krishna, Hyderabad.The meeting was attended by 76 delegates and 97members of IACC, TiE& AMCHAM.
  26. 26. Karnataka Branch Celebrating Thanksgiving Carnival, November 19, 2011, Hotel Royal Orchid, BangaloreMrs. Katherine Dhanani, Consul. General handing over the cheque to Agastya International Foundation Team IACC Karnataka at the Thanksgiving Carnival for the less privileged Children
  27. 27. Launch of the IACC Thanksgiving Brochure, (L-R) Mr. Bhaskar Ghosh - MD, Accenture, Ms. KatherineDhanani, Consul. General of the US Consulate, Hyderabad, Mr. Abhay from Applied Materials, Ms. Priyafrom Crown Worldwide, Mr. Harish Hande, MD, SELCO-India & Mr. Gurudutt A, IACC Karnataka Chairman Children from the three NGOs at the IACC Thanksgiving Carnival
  28. 28. Tamil Nadu BranchColloquium on “Catalysing Research & Innovation to address emerging needs” November 18, 2011, Raintree Hotel, ChennaiChief Guest Mr. James Duffey, Secretary of Technology, Virginia State addressing the gathering. A Cross section of the audience present at the above mentioned Colloquium
  29. 29. Breakfast meeting: “SELECT USA – As your favored investment destination” November 14, 2011, Hotel Chola Sheraton, Chennai Mr. Barry E.A. Johnson, Executive Director of SelectUSA, launched SelectUSA in India on November 14, 2011Established in June 2011 by Executive Order of the President, “SelectUSA” is a government-wideinitiative to encourage, facilitate and accelerate business investment by both domestic and foreignfirms in the United States. The initiative is housed within the Office of the Secretary of Commerce andreports to the President quarterly.Mr. Johnson spoke about the opportunities available for global investors in the U.S. across aspectrum of sectors. India ranks among top ten countries for sources of investment in the U.S.Johnson noted, “We value investment and are open for businesses either for entry or expansion. Wewelcome small and medium enterprises, large firms, firms at multinational level or with highergrowth from variety of geographic locations for job creation with broader economic impact.” Mr. Barry E.A. Johnson along with the representatives of Indo American Chamber of Commerce (TN) and U.S Embassy- Consulates
  30. 30. A Cross section of the audience at the launch of “SelectUSA”
  31. 31. Luncheon meeting with Ms. Jennifer McIntyre U.S. Consul General in Chennai, Hotel Residency, Coimbatore Mr. Karunagaran I.A.S, District Collector, Coimbatore, addresses the gathering. On the Right (L-R) Mr. K. Ramaswamy, Chairman, RootsGroup, Ms. Jennifer McIntyre, U.S Consul General in Chennai,Mr. Govindarajan, Chairman, IACC-TN, Mr. James Golsen PrincipalCommercial Officer in Chennai. Audience interacting with the speakers during the event Click here for index
  32. 32. Summary ReportCoimbatore and U.S. businesses can work together in several areas and this will help the industries hereachieve their ambitious development goals, Jennifer McIntyre, U.S. Consul General in Chennai, said here onFriday.Addressing Coimbatore industrialists at a meeting organized by the Indo-American Chamber of Commerce(Tamil Nadu), she said that U.S. companies would be able to partner with Indian high-technology companies tobuild high-speed infrastructure.Bilateral trade and U.S. investments in India had grown manifold. In order to achieve and realize the next levelof relationship, the two countries should build on several natural platforms, such as human development, andin the fields of education, women empowerment and health where Coimbatore was making impressivestrides. People-to-people connections would help build mutual understanding and trust.In the coming years, cities such as Coimbatore would play a key role in increasing commercial and transitlinkages throughout South Asia. The U.S. was committed to expanding bilateral economic ties with India.It was the third largest foreign direct investor in India, with substantial investments in computer software andhardware, telecommunications, housing and real estate and construction. In 2010, the U.S. provided over 27billion dollars of FDI.Through a U.S. – India initiative called the economic and financial partnership, the U.S. government wasworking with India to develop financial instruments and public-private partnership models to mobilize thesignificant private capital needed to build the India of tomorrow.On the bilateral trade, exports from the U.S. to India had quadrupled over this period, while Indian exports tothe U.S. has grown by over 180 per cent. However, despite the increase in bilateral trade, India was only the12th largest trading partner for the U.S. “Given the size of our respective economies, we must do better. Bothof our markets have enormous untapped potential,” she said.James Golsen, Principal Commercial Officer, US Consulate General, Chennai, said the Consulate worked withIndian businesses on several areas. It provided basic introductions, especially for the small and medium scaleunits, and organized Indian delegations to the trade shows in the U.S. It also arranges trade finance. Tradebetween India and the U.S. was growing dramatically. Several multinational companies were already presenthere and now the U.S. small and medium-scale enterprises should come here, he said.Earlier, Mr. Raman Govindarajan, Chairman welcomed the gathering and Mr. K. Ramaswamy, Chairman, RootsIndustries and co-opted member, IACC gave the vote of thanks.
  33. 33. Indo-US Corporate News Amul seeks partner for North AmericaWhile many consumer goods firms are seeking opportunities in India, domestic dairy cooperative dairy Amul isseeking American partners as part of a bid to meet overseas demand for its products. Despite its massivedomestic market, where there are still many opportunities, Amul sees a good future abroad. Amul dairy, partof Gujarat Cooperative Milk Marketing Federation (GCMMF), registered total sales of R9,774 crore during2010-11 of which exports contributed a tiny Rs 100 crore, this despite a government ban on the export of milkpowder since early 2011.Amul is aiming to double exports in the next one year. “We already export a number of Amul products to theUS and other global markets,” said R.S. Sodhi, managing director, GCMMF. “While the focus is on domesticexpansion there is an opportunity to leverage the Amul brand equity in global markets.”Amul executives are currently looking at tie-ups with American dairy farms to manufacture Amul productsbased on the cooperative firm’s guidelines. Having a facility abroad will help Amul cut logistics costs andshipping time.At present Amul exports products such as ghee, butter, cheese, paneer, gulab jamun and others to thismarket. “The market for Indian products is picking up,” said Devendra Shah, chairman, Gowardhan. “Most ofthe buyers are Asians but natives too are picking up our brands with more presence in sales outlets, especiallymodern stores.”While India’s dairy exports are still small, estimates suggest the country will triple its dairy production in thenext three years, in which the share of exports will be substantially higher as compared to the present. Click here for index Rs 11,196cr oil refinery to come up in VizagThe Andhra Pradesh government and Hyderabad-based Amerind Petroleum Private Limited on Wednesdaysigned a memorandum of understanding to set up a petroleum refinery near Visakhapatnam with anestimated cost of Rs 11,196 crore. In the first phase, the company will relocate an existing oil refinery, with aproduction capacity of 1.5 lakh barrels per day; it bought from Sunoco, New Jersey. “The cost of the first phasewill be Rs 2,525 crore,” Dr J. Geeta Reddy, major industries minister, said. The minister said that the project,which is expected to generate revenue of Rs 15,544 crore for the Centre and state governments every year inthe form of various taxes and duties, will be accorded a mega-project status and given special incentives as perthe industrial policy.While the American Industrial Corporation, an industrial project management company, is providing technicalassistance, the Exim Bank of USA, issued the ‘letter of approval’ to provide 80 per cent financial assistance, forrelocating the oil refinery. Amerind is promoted by city entrepreneur Syed Badruddin who, according to anofficial press release, hails from a well-known aristocratic family in the city and is a successful technocratentrepreneur with industrial experience of 36 years.Mr. Badruddin said he was the chief promoter and MD of Anjani Portland Cement, in which he still holds sevenper cent stake. “The US authorities are fully backing the project because of my 25-year association with themin my capacity as the National President of Indo American Chamber of Commerce,” he said.
  34. 34. “We proceeded with the MoU only after confirming with the Exim Bank about its willingness to fund theproject,” a senior industries official pointed out. On the request of the promoters to provide 700 acres in thePetroleum, Chemical and Petro Chemical Investment Region, the official said the company would be asked toacquire land on its own with assistance from the government.The MoU was signed in the presence of CM N. Kiran Kumar Reddy, Dr. Geeta Reddy and a delegation of USConsulate officials including the chief of consular services Michael Yoder. Click here for index Wal-Mart to set up e-commerce R&D centre in Bangalore newsUS-based retail giant Wal-Mart is setting up a research and software development centre in Bangalorethrough its new social media arm WalmartLabs to develop technologies and solutions for its global e-commerce business, the company said on Wednesday.WalmartLabs is a part of Wal-Marts global e-commerce division, and is the companys hub for creatingtechnologies and businesses in social and mobile commerce for global shoppers. The move underscored Wal-Mart’s drive for technology innovation in powering the next generation of e-commerce."We think there is a fundamental change happening in the way people shop, driven by smart phones andsocial media," Anand Rajaraman, senior vice president of global e-commerce operations, said at a conferencein Bangalore. "This new way of shopping will blur the lines between e-commerce and offline retail shopping."The company plans to hire up to 100 developers in its new unit. WalmartLabs” India will be a strong andtalent-dense base for us, and we are looking for developers who want to push the envelope to change theworld of e-commerce, Rajaraman said. Wal-Mart entered into a retail joint venture with Indias BhartiEnterprises in August 2007, and currently operates 13 wholesale cash-and-carry stores in partnership withBharti. Globally, over 200 million visits are made to Wal-Mart storesacross 28 countries each week.New technologies generated from WalmartLabs would help it eliminate boundaries between brick-and-mortarstores and e-commerce to give shoppers a seamless experience anywhere and on any device, the companysaid. India allows 51 per cent foreign direct investment in single-brand retail, but not in multi-brand retail, as itseeks to protect small shopkeepers. The issue of allowing FDI in multi-brand retail has been hanging fire forsome time now, as global retailers such as Wal-Mart and Tesco keenly await such a move to take advantage ofIndias growing income levels.WalmartLabs is a product of the Arkansas-based companys acquisition of Kosmix, a California-based datamining firm, which was co-founded by Rajaraman. The new venture will develop applications to providecustomers with the exact location of a certain item in the companys sprawling stores and detailed productcomparisons - a feature typically found only on online shopping web sites.WalmartLabs currently has one software development centre in San Bruno, California, which employs about100 people, Rajaraman said. Wal-Mart has recently forayed into social media in its attempt to exploit thewindow into consumer tastes and preferences provided by social media outlets such as Facebook.The company joined hands with Facebook in October and launched My Local Walmart, a page that lets theretailers roughly nine million Facebook fans follow what is happening at stores in their neighborhoods. Click here for index
  35. 35. Mahindra Defence, Telephonics Corp. JV to manufacture radars, electronicsMahindra Defence Systems (MDS) and the US-based Telephonics Corporation announced a joint-venture forthe manufacture of radars and surveillance and communication systems for the Indian armed forces.The JointVenture intends to provide systems for air traffic management services, homeland security and otheremerging surveillance requirements of the defence forces as also for the civilian applications, an MDSspokesperson said here.Under the agreement, a plant will be established in India to manufacture and service airborne radar systemsthat have been supplied to Hindustan Aeronautics Ltd (HAL) and to support airborne maritime surveillancesystems for the Indian Navy and Coast Guard. The JV will license technology from Telephonics Corporation foruse on a wide-range of products that have both defence and civil applications. Meanwhile, approval has beensought from the Foreign Investment Promotion Board for establishing the JV as per the rules of governingforeign direct investment.Vice chairman and managing director of Mahindra Group, Anand Mahindra, said on the occasion that the JVwill strive to develop niche technologies in the defence sector. We are delighted to partner with Telephonicsand are committed to supporting the Indian MoDs requirement of having a capable indigenous defenceprivate sector. We will continue to strive to develop niche technologies that support the nation, such as our JVwith Telephonics, he said.Noting that Indian defence market was an important part of their expansion plans, the CEO of TelephonicsCorporation, Joseph Battaglia, said, The defence market in India is an important part of our internationalexpansion plans and Mahindra is the right company for us to grow with in India. Click here for index Cargill to re-enter packaged food businessUS agri-business conglomerate Cargill plans to re-enter the packaged food market in India with staples andcereals over the next two years to become an integrated food ingredient company, a senior official said. "We have ambitions to become a large food company in India, especially in food ingredient," Cargill Indiachairman Siraj A Chaudhry said. The $119.5-billion company plans to extend its edible oil brands Nature Freshand Sweekar, which it recently acquired from Marico, to the packaged food segment.Cargill is also exploring the option of acquisition of packaged staples brands, Chaudhry told."We are amongst the largest suppliers of domestic and imported food grains to the private sector andgovernment. We would leverage such linkages to grow in consumer space," he said. Click here for index ICVL to tie-up with Virginia for coal miningInternational Coal Ventures Ltd (ICVL), a joint venture floated by public sector firms such as SAIL and NMDC toacquire overseas coal assets, will forge a strategic relationship with the Commonwealth of Virginia, US.The SAIL Chairman, Mr. C.S. Verma, who currently leads ICVL, held discussions with a delegation led by Mr.Robert F. McDonnell, Governor of Commonwealth of Virginia on Monday November 21, 2011 for facilitatingacquisition of coking coal assets and companies for ICVL. Click here for index
  36. 36. KSIDC inks pact with US firm to make electric vehiclesThe MoU, to assemble and manufacture electric scooters, bikes and electric mobility vehicles, was signed inthe presence of Mr. P. K. Kunhalikutty, the State Minister for Industries and IT. The MoU was signed betweenMr. Dennis Gross, Managing Director, Parallel Intelligent Transportation Ltd, and Mr. Alkesh Sharma, Secretary(Industries), and Managing Director, KSIDC, on Tuesday in Thiruvananthapuram.KSIDC will arrange the required land for setting up the assembly unit. The States promotional agency will alsoprovide financial support and other assistance to establish the project in Kerala.After completing the feasibility report, a production centre will be established in the State. In the first phase,completely knocked down (CKD) parts will be imported and the vehicles will be assembled and distributed inthe country. In the next phase, the components and parts will be manufactured and, in the final stage, thecomplete production line will be established. Click here for index IBM opens three new offices in IndiaIBM has announced the opening of three regional offices in India as part of the companys on-goinggeographic expansion in the country. The new offices in Dehradun, Guwahati and Raipur provide IBM with afootprint of 18 branch offices across India to date. IBM is currently focused on increasing its presence insmaller, rapidly developing Indian cities as part of its plan to establish a presence in 40 Indian cities by 2013.The company is witnessing demand for information management, security, cloud computing and businessanalytics solutions as businesses and government organizations turn to IT to reduce costs and gain competitiveadvantage. The company is also investing in the education system in these regions with a number ofpartnerships and academic initiatives, especially to support the growth of Open Source technologies. IBM haspartnered with Indian Institute of Technology (IIT) in Guwahati."These are dynamic times for Indian regionaldevelopment and there is tremendous market potential in these cities that we are expanding into," said Mr.Nipun Mehrotra, Vice President, General Business, Geographic Expansion, IBM India/South Asia. Click here for index United Health Group picks up HCL Tech for transitioning to new coding systemHCL Technologies has been selected by United Health Group; a healthcare player in the U.S. to support thelatter’s transition to the new ‘ICD-10’ diagnostic and healthcare coding system. ‘ICD-10’ is the latest medicalclassification list for coding of diseases, symptoms, findings and diagnosis. Although many countries are usingthis new system to classify diseases and mortality data, the US is still on the previous ‘ICD-9’ version forreporting of healthcare diagnosis, procedures and Medicare claims.The shift will necessitate an overhaul of the current systems and business operations in the healthcare sector.It will also involve new software installations and employee training — the new version is said to containnearly ten times as many codes as the previous version.After the deadline, medical claims that do not adhere to the new coding system will be rejected in the US.Since the transition will require investment in upgrading of IT systems, it poses significant opportunities forIndian players such as HCL Technologies, TCS, and Infosys.“HCL is committed to helping the healthcare industry prepare for the transition and will continue to add valueto the customers through comprehensive service offerings. Our customers will be able to realize the benefitsof the transition quickly,” said Mr. Pradeep Nair, Senior Vice-President for Healthcare, HCL Technologies.United Health Group will incorporate HCL’s ‘ICD Crosswalk Mapping tool’ into its healthcare managementportfolio to ensure a smooth transition to the new coding system.
  37. 37. HCL’s software tool provides features to analyse data, configure rules and automate the mapping from the oldto new codes, a HCL statement said. But the company did not divulge the size of the order.HCL conducted significant research prior to beginning the transition process for the US Company. It analyzedthe historical data for over six months, which included 600 million claims service lines. Click here for index US firm EATON sees India among key markets in aerospace sectorUS electrical components company Eaton says it sees plenty of opportunities for itself in the countrysunfolding civil and military aerospace story. Thanks to increased aircraft purchases by the military anddomestic airlines, among other factors, India looks set to be one of Eatons key markets in the coming years,two senior officials said in email responses to Business Line.Eatons aerospace division globally supplies hydraulics and fuel systems that go into flight control devices ofAirbus, Boeing aircraft and many domestic and global military planes.Mr. Joe-Tao Zhou, APAC President, Aerospace Group, Eaton Corporation, said, “India is expected to emerge asone of the largest aviation markets in the world and is likely to be a key market for Eatons aerospace productsand solutions.”“India has a significant defence budget. Over the next five years, we see opportunities for Eaton in enablingdevelopment of new indigenous platforms and modernization or replacement of its ageing fleet,” said Mr.Einar Johnson, VP – Customer Service & Solutions, Aerospace Group. As domestic carriers looked set to grow,“we see a great opportunity in the commercial segment.”It also saw its opportunity in the new-generation MMRCA fighters that the IAF is close to finalizing; and theJaguar and Mirage upgrade proposals, they said, without elaborating. The components and post-sales marketalso looked rosy. Asked if Eaton planned local tie-ups to tap the defence offsets business, the Eaton officialsmerely said, “We are always open to opportunities in the form of joint ventures or partnerships.” For instance,Eaton recently became the first foreign partner in Chinas commercial plane Programme, the COMAC C919.Eaton supplies products for indigenous military aircraft programmes such as the Tejas light fighter, the basictrainer and the light combat helicopter; the civil plane programmes Saras and Hansa. Eaton also supplied forthe IAFs and the Navys aircraft that were flying with western military platforms - Jaguar, Sea Harrier, Hawk,Lockheed C130J or the IAFs VIP plane, the Boeing business jet; and the Boeings C-17 Globemaster heavy-lifttransport planes.Mr. Johnson said, “Although we do not have a manufacturing facility for aerospace, we are already present onthe Indian skies as we have significant content” on its planes. Its components are on all B737s and A320s thatare currently flying, including those operated by domestic airlines. Sixty per cent of Eatons global aerospacesales come from supplying commercial aircraft components and systems. Of late, it has made significantaerospace acquisitions in the West and is increasing the focus on Asia, China, South America and Africa, theysaid.The aerospace business, Mr. Johnson said, was an important growing segment although currently at a modestlevel. “With 2010 revenues of $1.5 billion, which amounts to 11 per cent of Eatons total sales (of $ 13.7billion), the aerospace business continues to be a key growth driver for us. With emerging economies, newproducts and programmes, acquisitions, alliances and energy efficient solutions, we are well-positioned toaddress the current and evolving needs of the aerospace market.”Over the past five years, Mr. Zhou said it was developing a supplier base for machined parts in India. The IndiaEngineering Centre in Pune provides design and engineering services for old and new systems. Click here for index
  38. 38. iGate to de-list Patni shares from Indian boursesNasdaq-listed iGate Corp. recently announced its boards decision to delist its shares from Indian bourses andAmerican Depository Receipts (ADRs) from the New York Stock Exchange following the companys acquisitionof Patni Computer Systems for $1.22 billion early this year.iGate holds 80.4-per cent of Patnis normal shares and ADRs through its subsidiaries - Pan-Asia iGate Solutionsand iGate Global Solutions. Based in Fremont, California, with its Indian headquarters in Bangalore, theinformation technology solutions and services firm will raise $215 million (Rs1, 090 crore) via debt to fund thepurchase.The de-listing, to be done through a reverse book building process, is expected to be completed by mid-2012.iGate has indicated a floor price of Rs356.74 per share. The delisting is subject to the approval of Patnishareholders and regulatory approvals. iGate chief executive officer Phaneesh Murthy said, We believe thatgiven the low liquidity of Patnis equity shares, the delisting offer would provide the public investors of Patniwith the ability to exit fully from the shares of Patni.Murthy added, If, however, after the reverse book building process, we conclude the ultimate discoveredprice to purchase the Patni shares outweighs the benefits, we will examine our alternatives.The company also said the ADS representing the ordinary shares of Patni could be delisted in accordance withapplicable rules and regulations. iGate has the right not to purchase the offered shares if it does not findacceptable the final price discovered through the above process. Click here for index Westinghouse launches home appliances in Indian marketDiversified US engineering, power and consumer durables group Westinghouse Electric Corporation todayannounced its entry into the Indian home appliances market with the launch of kitchen appliances, includingmixer, electric pressure fryer, grill and microwave oven.Westinghouse will manage its India operations through its global licensees, Hong Kong-based W-Lifestyle Ltdand Dubai-based Mapana Middle East FZCo. The company, however, will invest around Rs70 crore onmarketing and product development in India in the next three years.The company, which is targeting emerging economies to boost sales, said it expects Rs200 crore sales in Indiain the next three years. The company plans to introduce its air-conditioner brands in India in the near future.Our goal is to achieve sales of Rs200 crore by 2014. We are launching our products in a phased mannerstarting with North India. By 2013, we expect to go pan-India, Westinghouse Appliances sales and marketinghead R Venkat said at the launch of the products.Going ahead we believe that 30-40 per cent of our revenue will come from emerging markets. While thereare already big players in India, we feel that this is the right time to enter as the country still lacks varieties inproducts, W-Lifestyle Limited and Mapana Middle East FZCo Chairman and Founder Bert Doormalen said. Forthe present, the company will supply products through its global distributors and position its products in themid and premium segments of the market. The products will be made available through traditional retailoutlets. Westinghouse offers a wide range of home appliances, including house fridge, house washer,dishwasher, house refrigerators, wine coolers, air conditioners, microwave ovens, washer and dryer that areprocured from White Westinghouse of USA.Westinghouse Electric Corporation had global sales of $2.6 billion last year, with presence in various segments,including consumer electronics, lighting and domestic appliances. Click here for index
  39. 39. Ashok Leyland, US Company John Deere enter into joint venture to retail construction EquipmentHinduja Group flagship Ashok Leyland has entered the construction equipment business, along with Americancompany John Deere, with the launch of the 435 backhoe loader.Priced at Rs 23.5 lakh (ex-Tamil Nadu), the backhoe loader is the first product to roll out of the 50:50 jointventure, Ashok Leyland John Deere Construction Equipment Company.“The joint venture marks a marriage of experience with expertise, global vision with local relevance. Thebackhoe loader has been designed for the Indian market conditions and the requirements of Indiancustomers,” said Dr. V. Sumantran, Chairman of the joint venture company.Around Rs 200 crore has been invested in the first phase of the 435 backhoe loader.Branding: The product will be sold under the ‘Leyland Deere branding and manufactured at a Greenfieldfacility in Gummidipoondi, near Chennai. It addresses the critical considerations of lower operating cost, fueleconomy and low maintenance and repair costs, said Mr. Douglas Meyer, Director, Construction andEngineering, John Deere.The 435 is powered by an Ashok Leyland engine from the H-series platform and promises features such aspower shift transmission, large cabin space, higher visibility, higher breakout forces and greater dig depths.The product will be initially launched in the southern states, before being rolled out nationally. The companyhas tied up with partners such as TVS Logistics for distribution. “For now we will focus only on the domesticmarket,” said Dr. Sumantran.Two more products are being developed by the joint venture company. The second product from the jointventure – a wheel loader – will be rolled out in 2013.Mr. P. Ravi Shankar, CEO, Ashok Leyland John Deere Construction Equipment Company said the company islooking at a capacity of 10,000 units by 2016-17, across the three product categories – the backhoe willaccount for 8800 units.The backhoe category in the country is at 20,000 units a year, growing at 30-35 per cent. JCB is the marketleader in this segment with a 75 per cent share. Click here for index Accentia Technologies gets nod to raise $10 million via various routeAccentia Technologies has received its board’s approval to raise funds up to $10 million towards growing itscore business in Healthcare Receivables Cycle Management including Transcription, DRT, Coding, Billing andCollections and its newly added integrated Software as a Service(SaaS) offering covering the above mentionedareas in the United States of America.The company’s board has also decided to raise the said amount by issuing preferential shareallotments/warrants to promoters/PACs and through preferential allotment/convertible bonds to foreigncorporate bodies/domestic corporate bodies/foreign financial institutions/domestic financial institutions at aprice as per Securities and Exchange Board of India (SEBI) pricing norms under preferential allotment.Further, the company’s board has decided to increase the authorized capital of the company to Rs 25.00 crore.It was decided by the board that the decision to increase the authorized capital of the company will be keptfor the approval of the shareholders in the ensuing Annual General Meeting (AGM).Accentia Technologies is a leading Business Process Management and Solutions Company offering managedservices in the Healthcare domain in US, UK, Middle East and India geographies. Click here for index
  40. 40. India to become biggest e-commerce market for Michigan based DominosIndias e commerce story is set to receive a big boost. Michigan based Pizza chain major, Dominos, whichmoved to the online platform, only last year, is already betting on India being the biggest market for its onlinesales globally, in a few years. Dominos, which went online in September 2010, currently has over 10% of itsannual sales coming from the online medium. Although the figure might seem small compared to the 30%globally, Indias internet market is far from undersized, it says.Whats more, its not just the local internet domain that the tech-freak Indians are consuming. Interestingly,half of the 4.1million Dominos fans on its US Facebook page are Indians. "India has a lot of young people whoare tech-savvy. For us, e-commerce in India is definitely going to grow huge," Patrick Doyle, president andCEO, Dominos Pizza Inc., told TOI. Considering the rapid growth of internet in the country, Doyle says it wouldnot be long before India overtakes US regarding online sales.Its not just Dominos that is buoyed by the growth of ecommerce industry in India, growing exponentially withtransactions rising 50% annually. Some estimates peg the business to business ecommerce market in India tobe worth over Rs 10,000 crore a year, while the business to consumer market is about Rs 30,000 crore, ofwhich the travel sector alone contributes Rs 20,000 crore.This includes players like MakeMyTrip, Yatra, Jet Airways, IRCTC, besides others. Of the non-travel b2c e-commerce market the large players are Amazon, eBay, Infibeam, Flipkart and Indiatimes. The sector is growingat around 35% year over year. Click here for index Yum Splits India into Separate Division, Names New International CEOYum Brands Inc. is separating its India business into its own standalone segment, a strong indication of thefast-food operators interest in expansion there given the only other international market it breaks out isChina. The owner of KFC, Pizza Hut and Taco Bell named NirenChaudhary, 48 years old, president of the newlycreated Yum Restaurants India division, and Micky Pant, 57, as chief executive of its remaining internationaldivision.Mr. Pant previously was president of Yum Restaurants International and Global Branding, and as of Dec. 6 issucceeding Graham Allan, 56, who is retiring early in 2012.Mr. Chaudhary joined the company in 1994 and took over the companys India operations in 2007.While India is still substantially smaller than Yums China division, "the decision to report it separately reflectsYums expectation that the country will be an increasingly important growth driver," said Sara Senator, analystat Sanford C. Bernstein.Last year, Yums KFC opened its 100th restaurant in India, where it also has 175 Pizza Huts. By comparison, inChina, as of Sept. 3 it had 3,475 KFC locations and 564 Pizza Hut Casual Dining restaurants. "There is clearevidence that we are at the same stage of development [in India] as we were in China at a similar juncture inits life cycle, and Im confident we will turn India into a major growth engine for Yum," Chairman and ChiefExecutive David C. Novak said in a statement.For the past few years, Yum has touted its strength in China and focused on growth there and other emergingmarkets, making up for its weak U.S. performance. Yum said that in the third quarter ended Sept. 3, itsemerging markets, excluding China, saw same-store sales growth of 7%, compared to 19% same-store salesgrowth in China. It also opened 127 new units in emerging markets and 138 restaurants in China in thequarter. While India only made up 1% of Yums international divisions total sales in fiscal 2010, through itsthird quarter this year, India has exhibited the most growth, with sales rising 42%.Yums increased transparency could put pressure on McDonalds Corp. to offer more insight, as it now lumpsAsia/Pacific, Middle East and Africa together in one division. McDonalds has recently started offering moredetails of its China business to investors, possibly in response to Yums increased focus on the region, whereYum has more restaurants than McDonalds. Yum has said it is also particularly excited about its growth inRussia, Germany, Africa and France.
  41. 41. But shifting to such an international focus, with a lot of exposure to emerging markets, also puts restaurants atrisk of higher volatility and of losing momentum in the U.S. About a year ago, Yum said that 75% of its profitswill come from its international businesses by 2015. In the third quarter, markets outside the U.S. contributedmore than 95% of Yums consolidated operating profit, albeit that is partially because its unallocated andcorporate expenses were much higher than in the past, and its U.S. division hasnt been pulling as muchweight as it once did. Click here for index U.S health insurer Cigna & TTK Group signs pact to sell health servicesU.S. health insurer Cigna Corp and Indian conglomerate TTK Group on Monday said they have formed a jointventure to offer health services to the 1.2 billion people in India.Financial terms were not disclosed.Cigna, the first U.S. insurer to apply for entry into India as part of a stand-alone joint venture health insurancecompany, said it had begun the process of seeking approval from Indias insurance regulatory anddevelopment authority.A full license to operate would not be expected until 2013.TTK, based in Chennai and Bangalore, is family owned and operates multiple businesses, selling everythingfrom cookware to pharmaceuticals. Click here for index Kraft: Expect India to Account Significantly in Overall GrowthKraft Foods Inc. Tuesday said India is one of the key markets to the overall growth prospects of the second-largest packaged food company in the world by sales."We certainly expect that India will continue to be a key part of the overall portfolio and we are expecting it tobe a very, very significant contributor to our overall growth," Chairman and Chief Executive Irene Rosenfeldtold reporters at a news conference.Ms. Rosenfeld said sales growth in India was "exceptional," increasing almost 40% year to date, but didnt sayhow much revenue it gets from the South Asian nation. Krafts $19-billion acquisition of Cadbury PLC last yearhas given it greater access to sales in fast-growing developing countries in Latin America and Asia. Kraft hassince started selling some of its brands like Oreo cookies and Tang powdered drink mix in India.Ms. Rosenfeld said the company has increased its investment in key areas like research and development,advertising and capacity addition by almost 70% since its purchase of Cadburys India business. She didntprovide specific numbers.India offers robust growth prospects for food and beverages makers as its growing economy--estimated toexpand 7.6% this fiscal year through March--is leaving more disposable income with an increasing middleclass. The country is also seeing its middle class adapting more to Western tastes and spending more onbeverages and processed foods. Click here for index L&T executes first US order for nuclear equipmentEngineering major Larsen & Toubro (L&T) has executed its first order of 12 dry shielded canisters for storingradioactive waste from Transnuclear Inc. USA, a spokesperson said. L&T will soon also dispatch two suchadditional canisters as part of its next order manufactured in accordance with the US Code of FederalRegulations (10 CFR) and Nuclear Safety Class 1 standards. The spokesperson said the manufacture of thestainless steel canisters involves maintaining stringent tolerance levels.
  42. 42. Transnuclear Inc. USA, an Areva company, has placed five repeat orders for supplying such canisters to leadingutilities based in the US and Switzerland, bringing the total ordered to 73. "This signifies internationalrecognition of L&Ts capabilities in this exclusive area and is the first step in participating in the potentiallylarge global nuclear equipment market," the spokesperson said.L&T is a pioneer in manufacturing technology, equipment manufacture and site/plant services for the Indiannuclear power plant Programme. It is the only Indian manufacturer authorized by the American Society ofMechanical Engineers to use the entire range of N, NPT, NA and NS certification which permits L&T to design,manufacture and construct nuclear island equipment as per US standards. A $11.7 billion technology, engineering and construction major, L&T has been engaged in manufacturingcritical nuclear components like nuclear reactors, steam generators, control rod drive mechanisms, heatexchangers, valves and NSSS pipelines since the past four decades. Click here for index Applied Materials Foundation and SELCO Solar partner for electrification of 1,000 village households and 10 schoolsApplied Materials Foundation, the philanthropic arm of Santa Clara, CA based Applied Materials Inc., andSELCO Solar Pvt. Ltd, a social enterprise, have announced a collaboration to electrify 1,000 village householdsand 10 schools in Karnataka, via solar lighting systems. Most of these, households were identified as they donot have reliable access to the electricity, and they cannot afford Solar Home Lighting Systems, due to theireconomic status . With the support from Applied Materials Foundation, SELCO is now able to make the cost ofthe lighting systems affordable to the very poor households.Harish Hande, MD, SELCO SOLAR, appreciates the uniqueness of the partnership with Applied Materials. “It isthese type of partnerships between visionary companies like Applied Materials, that grassroots organizationslike SELCO can provide clear and safe lighting to poor households and schools”“Applied Materials vision is to apply Nano manufacturing technology to improve the way people live. We takegreat pride in applying this vision, by utilizing solar technology to positively impact the communities where weoperate,” said Mr. Aninda Moitra, country president, Applied Materials India.“Approximately 400 million people are without access to reliable electricity and an estimated 100,000 villagesare without access to the national grid. In these cases, the use of coal, kerosene, and other "dirty" fuel sourcesfor power, cooking, and lighting provide energy with intermittent quality and reliability, as well as causeserious health and environmental concerns. We commend SELCO in their efforts to impact lives through theuse of clean energy. We’re proud to be associated with this program that is addressing energy needs invillages where sustainable, reliable energy is not yet available.”Initiated in May 2011, this project has already been implemented in 202 households and four schools. SELCOhas followed its bottom up approach of identifying the exact need of energy, customizing the product andinstalling them at the end user’s door steps with regular warranty and after sales service. On completion theproject will positively impact over 10,000 individuals, and generate 279 kilowatt hours of clean, safe energy.The Applied Materials Foundation and SELCO were invited to the Clinton Global Initiative (CGI) to announcetheir commitment to electrifying villages and schools and training social entrepreneurs in rural India. The CGIwas established in 2005 by former President Bill Clinton and is an annual gathering of global leaders to deviseand implement innovative solutions to some of the world’s most pressing challenges. Click here for index
  43. 43. USA eyeing Indias infrastructure opportunities want bilateral investment treatyWith an eye on the huge business opportunities in building Indias infrastructure, the US wants a bilateralinvestment treaty with India. Given that 80 per cent of the infrastructure of 2030 has yet to be built – the USsees a great opportunity to deepen our commercial partnership, according to Mr. GeofferyPyatt, PrincipalDeputy Assistant Secretary at the US State Department.“So, to move our investment relationship forward, we recently resumed technical discussions with theGovernment of India on a bilateral investment treaty (BIT). We believe a BIT will provide added confidence toinvestors, deepen our economic relationship, and support job creation through economic growth in bothcountries,” Mr. Pyatt said, in a speech at the Federation of Indian Chambers of Commerce and Industry (FICCI)here.With 1.2 billion of the worlds consumers, and per capita incomes forecast to grow at a rate of eight per centover the next several years, India is an enormous market for the US goods and services, Mr.Pyatt observed.“For that reason, but also because it will support Indias continued rise as a global power, we want to beIndias partner in building the railroads, airports, power plants, and fiber optic networks needed to sustainIndias impressive economic pace,” he said.Between 2002 and 2010, the US exports to India quadrupled, growing from $4.1 billion in 2002 to more than$19.3 billion in 2010. From 2002 to 2010, the US services exports to India more than tripled, rising to morethan $10.3 billion in 2010.Not wanting to “give anybody the impression this is a one-way street,” Mr. Pyatt said that in 2010, Indiaexported $13.7 billion in services to the US, “roughly balancing exports to the US with imports.”Two-way trade: If trade continues to expand at its current pace, total two-way trade in goods and services willsurpass $100 billion in 2011 for the first year on record.Reflecting on the two-way nature of our relationship, India is also a growing source of foreign directinvestment into the US.Total stock of FDI has grown at a compound annual growth rate of 35 per cent from 2004-2009, making Indiathe 7th fastest-growing source of investment in the US. With business-to-business engagement at thevanguard of our relations, these statistics point to the potential for even greater innovation and businessdevelopment between our two knowledge-based societies.The task ahead, therefore, is to continue to open doors for greater private sector engagement, Mr. Pyatt said. Click here for index
  44. 44. India invites US investment in aviation sectorIn Last Month India invited American business to invest in the burgeoning aviation sector, saying there is ahuge potential for investment of up to USD 130 billion over the next 10 to 15 years.Maintaining that Indias air passenger traffic would rise to 260 million by 2020, Civil Aviation Secretary NasimZaidi said private investment so far in the sector has been about USD six billion and the country would requireUSD 130 billion worth of further investment over the next 10-15 years.American companies should explore the wealth of opportunities in the areas ranging from airportmodernization and aerospace to MRO (maintenance, repair and overhaul) and cargo, he said whileinaugurating the third US-India Aviation Summit here.At the event, India and the US signed the Implementation Procedures for Airworthiness (IPA) agreement thatwould open up the huge market for indigenously developed aeronautical products in the US and the worldover. The pact provides for airworthiness technical cooperation between the US Federal Aviation Authority(FAA) and aviation regulator DGCA.The pact, a part of Indo-US Bilateral Aviation Safety Agreement (BASA), was signed by Director General of CivilAviation E K Bharat Bhushan and Dorenda Baker, Director, Aircraft Certification Service of the FAA.Noting that huge investment opportunities also existed in the airport modernisation exercise underway inIndia, Zaidi said "after successful implementation of public private partnership (PPP) in the development of sixmajor and 35 non- metro airports, we have identified 30 more airports to be developed under the jointventure or PPP modes." Click here for index
  45. 45. India’s Investments in U.S Yash Raj launches company in Hollywood to make international filmsVeteran Bollywood banner Yash Raj Films has forayed into the international market by launching a Hollywood-based production and financing company that will produce international content.The company named YRF Entertainment’ will focus on developing and producing feature films for the US andthe international market.YRF Entertainment is funded by Yash Raj Films, the 41-year-old studio that was founded by filmmaker YashChopra. His younger son, Uday Chopra will serve as the CEO of YRF Entertainment."My family has a deep commitment to making and distributing quality films that entertain and enlightenaudiences. I share that passion, as well as a love for American films that I have had since childhood. It is thatenthusiasm and my love of the creative process of filmmaking that drove me to start this new venture," UdayChopra said in a statement.Uday has hired Jonathan Reiman to head development and production under him. Currently, YRFEntertainment is producing and financing The Longest Week, a comedy film, with stars Jason Bateman, OliviaWilde and Billy Crudup. Written and directed by Peter Glanz, the movie is being produced by Uday, along withNedaArmian. The executive producers are Jonathan Reiman, Chris Marsh, Stone Douglass and Taylor Materne.The film tells the story of a bratty man-child played by Jason Bateman, who still lives with his parents in aManhattan hotel, but suddenly finds himself evicted, disinherited and hopelessly in love with his best friendsheartthrob, played by Olivia Wilde. The shooting for the film began last week in New York.Uday tracked down the project after the original financier had to abandon the film and immediately fell in lovewith the material.YRF Entertainment is also building a slate of projects that it will develop and produce from the ground up. Thefirst project the company will develop is an untitled action-comedy by Dan Ewen about two twenty-somethings, who run away from their Podunk towns to pursue big dreams and become an unlikely butseemingly unstoppable duo after meeting serendipitously.Back home, the parent banner Yash Raj Films continues to produce mainstream Bollywood films. YashChopras eldest son Adityas upcoming film, Ladies vs Ricky Bahl, a romantic comedy, starring Ranveer Singhand Anushka Sharma. The film releases on December 9. Veteran filmmaker Yash Chopra returns to directionafter almost seven years. The new untitled project will feature superstar Shahrukh Khan, Katrina Kaif andAnushka Sharma. Click here for index
  46. 46. Online Shopping Store Flipkart Acquires Mallers Inc. To Launch Digital Music StoreFlipkart Online Services Pvt. Ltd, which runs the e-commerce site Flipkart.com, has acquired MallersInc.(Mime360), a company that is registered in US and Mumbai, in a cash and stock deal. Details of the deal sizeand valuation were not available.This is the second acquisition by Flipkart in less than a year. In December 2010, it acquired social bookdiscovery tool WeRead from Lulu, a US-based on-demand publishing firm. Flipkart planned to use therecommendation engine behind WeRead to make informed decisions based on recommendations frompeople within their social network.Flipkart is one of the fastest growing e-commerce sites in India and sells books, handsets, consumerelectronics, movies etc. As of June, 2011, Flipkart had 1,500 employees on board and offices in Bangalore,Mumbai, Delhi, Chennai and Kolkata. Backed by heavy investments from New York-based Tiger GlobalManagement LLC and Accel Partners, the company has been looking to acquire firms to complement itscurrent service offerings.MallersInc’s flagship is a B2B platform called mime360 (Manoramic International Media Exchange), targeted atthe music industry. Mime360 is an online digital media exchange platform that connects content owners suchas artists and musicians with content publishers.It resolves common issues such as piracy, varied pricing and revenue collection for the users and has arevenue share and licensing based business model. Besides the domestic market, mime360 currently reachesout to markets for Indian media content such as US, UK, Middle East, APAC, S.E. Asia and Africa. Its clientsinclude Gaana.com (by Times Internet), Myusic and iMusti.Confirming the acquisition to Techcircle.in, Mallers Inc. chairman and CEO Sameer Nigam said that mime360will continue to remain an independent platform. On the reason behind the acquisition, Nigam said, “Flipkartwanted to build out its B2C story. It is already selling music CDs and DVDs on the site and now we will buildout its digital media store.”One of the founders - Rahul Chari – along with the core engineering team of 6-7 people will move toBangalore, where Flipkart is based. The current CEO Nigam, along with the business development andoperations teams will continue to be in Mumbai. Nigam will report into Binny Bansal, co-founder and COO,Flipkart.com.Digital Music StoreFounded in 2009, Mallers Inc. had set up an online, B2C music store called Manoramic.com. It was to be anonline destination where users could stream and legally download Indian music, videos and movies.But the site was shut down in 2010 due to scale-up issues. “There was a challenge of distribution. There werelarger companies that also had music stores and they had the inherent advantage of a larger audience. As astart-up, we felt more comfortable with technology, and we decided to build a platform for the entire musicindustry,” said Nigam.The team from Mallers Inc. will now get a second chance at rebuilding a digital music store on Flipkart.com.The store will be hosted on the Flipkart site and will be launched in the next few quarters, said Nigam. Click here for index
  47. 47. Chakillam Infotech acquires Texas-based Cigniti Inc.Software testing services company Chakillam Infotech has acquired Texas based Cigniti Incorporated, whichwas also in the same domain and catered clients mostly in the US.The acquisition will help Chakkilam Infotech expand its footprint in the US market and set up Test Centers ofExcellence for Ciginiti’s enterprise clients. Ciginiti had declared revenues of $18 million last year. Both thecompanies are into areas such as test consulting, test management, test automation and performance testing.“Our complimenting expertise will help us cut down overall costs of testing and provide unique solutions thatcannot be solved using standard tools. It will also allow us offer more of our high-end test consulting servicesto clients in the US and turn India’s largest independent testing services company in terms of revenue,” SriramRajaram, executive VP for operations at Chakkilam Infotech. The company did not disclose the size of the deal.“Software companies all over the world are looking to engage with testing labs offering the whole gamut ofservices. By joining forces with Chakkilam Infotech, we are aiming to be a global leader in the independenttesting services space in the next few years,” Sudhakar P, CEO of Cigniti. Click here for index Shree Naman Group signs MoU with Maryland based TripleStoneTripleStone Real Estate, a real estate development and management company based in National Harbor withhotel, retail, residential, and commercial projects throughout the Washington D.C. area, signed aMemorandum of Understanding with Shree Naman Group of Mumbai to partner on potential hospitality andmedical office projects in the Brandywine area of Prince George’s County.“This investment is a testament to Maryland’s pro-business environment and strong leadership whounderstand the needs of the business community,” said Raj Patel, CEO of TripleStone LLC. Click here for index
  48. 48. US investments in India JP Morgan Global Fund picks 45% stake in Nitesh Estates for $40 millionJP Morgan Global Fund has picked up 45% shareholding in a Nitesh Estates firm for $40 million (204 crore), ina rare pure play private equity deal in a slow real estate market.Private equity players are returning to the Indian real estate market with gusto. A proprietary investment armof JP Morgan will take 50% stake in a Rs 1,500 crore joint venture with Nitesh Estates for developingresidential projects in Bangalore.The JP Morgan Fund will invest $40 million, or Rs 200 crore, as equity into the special purpose vehicle (SPV)developing five projects, said banking sources familiar with the matter. The company can raise debt based onthe equity infusion.The JV between JP Morgan and Bangalore-based Nitesh Estates will be to develop over 5 million sft of livingspace with the projects valued around Rs 1,500-2,000 crore. This will be the fourth private equity investor inNitesh Estates. Click here for indexBaltimore, MD based Premier Rides joins hands with Adlabs Entertainment to build theme parksPremier Rides, a Baltimore-based theme park ride manufacturer, and Mumbai-based Adlabs EntertainmentLtd, signed an agreement to build a theme park in India. Premier Rides will design and manufacture a customtheme park attraction that will employ the very latest technologies and provide a one-of-a-kind experience.The company will use an ExportMD grant from the Maryland Department of Business and EconomicDevelopment to assist with exporting the thrill ride to India.“I am extremely pleased to have the opportunity to bring to India what will be the most high tech ride in thecountry,” said Jim Seay, president of Premier Rides. “India’s dynamic economy is setting a standard for growthand expansion and we are proud to be part of a vision for a world-class entertainment destination.” Click here for index
  49. 49. READ Global receives $4.7M grant from the Bill & Melinda Gates FoundationSAN FRANCISCO – READ (Rural Education and Development) Global has announced a major grant from the Bill& Melinda Gates Foundation to strengthen the organization’s capacity for future growth.This grant combines the foundation’s unwavering commitment to public library systems with READ Global’sunique approach to sustainable development and empowerment in rural Asia through Community Library andResource Centers (READ Centers).“The READ Global model demonstrates the positive impact that libraries are having on people’s lives in thedeveloping world. Community owned and managed READ Centers are allowing rural villagers to gain literacyskills, access important health information and improve their livelihoods,” said Deborah Jacobs, Director of theBill & Melinda Gates foundation’s Global Libraries initiative. “We are thrilled to partner with an organizationthat is changing lives and transforming entire communities through libraries.”The grant will be disbursed over three years during which READ’s operations in India, Nepal and Bhutan willinitiate comprehensive projects designed to broaden and deepen the organization’s impact in ruralcommunities. Funds will be invested in three key areas:  Expansion of information communications technology (ICT) offerings in new and existing READ Centers, enabling rural villagers to more effectively utilize technology and Internet access to improve their lives. A key part of this initiative will be the utilization of solar technology to minimize the effects of blackouts, particularly in areas where electricity is unavailable for up to 16 hours a day.  Development of higher income generating business models for the community enterprises that are paired with each center to cover its long-term operating expenses. Increased profits will allow communities to not only ensure the ongoing availability of their READ Center offerings but also provide income opportunities to more community members.  Pilot of a “hub and satellite” READ Center model that will enable READ to broaden its reach by connecting communities within close proximity and allowing them to share resources, knowledge and skills. This model will pair a central READ Center with up to three smaller centers in surrounding areas and leverage linkages to create greater impact through awareness and training programs.“We have made a commitment to establish 30 new READ Centers in South Asia during the next five years.Support from the Bill & Melinda Gates Foundation will help us bring valuable resources and opportunities tohundreds of thousands of rural villagers who would otherwise have limited or no access to life-changinginformation,” said Tina Sciabica, Executive Director of READ Global. “We are breaking the cycle of poverty, onevillage at a time.”In 2006, READ Nepal received the Access to Learning Award (ATLA) from the Bill & Melinda Gates Foundation.

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