Index                                                                               ContentsIndexPresident’s Message ........
Indo-US Corporate News ......................................................................................................
The Shale Gas Revolution in America: An Opportunity for India ...............................................................
President’s MessageDear Members,The convincing re-election of President Obama signifies the continuity of policies and pro...
saturated, people and offices are relocated to areas that are less populated but closer to the cities and townships. There...
From the Secretary General’s DeskDear Members,According to the recent statistics released by the US Department of Commerce...
Happenings at IACCHead OfficeBreakfast Meeting with Washington State Governor Ms. Christine Gregorie on October 8, 2012 at...
(L- R) Mr. Robert Holland, Commissioner, Port of Seattle; Mr. Anand Trivedi; Mr. R. K. Chopra, Secretary General – IACC; M...
West India CouncilIACC Supports "Media & Entertainment Law Forum 2012" organized by the Legal Era on October 06, 2012 at  ...
IACC hosted its 7th “Breakfast Meeting” on October 11, 2012 at Hotel Marine PlazaAfter having completed 6 Breakfast Meetin...
Dr. Kanodia receiving a memento from Mr. Naushad Panjwani, Committee Member, IACC-WIC & Executive Director, Knight Frank  ...
IACC Supports, 2nd Indo-US Nuclear Energy Safety Summit 2012 on October 11-12, 2012 at IIT Powai,                         ...
Pune Branch                  Innovation@Breakfast” Session – 11 on “Visual Thinking as an Innovation Tool”Innovation@Break...
Speaker: Mr. Dhruv Agarwal, Director at Autopress India Pvt. Ltd & is a ThinkBuzan Licensed Instructor for Mind Map®s.He c...
North India Council                       IACC-Citi Bank Knowledge Series on October 19, 2012 in New DelhiThe Indo-America...
South India CouncilTamil Nadu Branch   IACC-TN Branch Organized an Interactive session on “Compete and grow, globally” hel...
Presentation on Unfair Competitions Act and doing business the right way in U.S. by Mr. Sunil Singh Senior Consul, Saikris...
Talk on Overview of Architecture Scenario in India by Padma Shri C N Raghavendran,Partner, C.R.Narayana Rao Architects & E...
Memento presented to Mr. Srinivasan.
Karnataka Branch  IACC Organized a Session on Talent Management - Myths & Insights on October 19, 2012 at Club Lounge     ...
Mr. Ramesh Dasary being facilitated by Mr. V Srinivasan, Chairman of IACC Karnataka Branch & Director, SJS Enterprises Pvt...
US investments in India  U.S. based real estate development & Investment Company Portman plans to                       ra...
Blackstone offers to buy Vijay Mallyas office, retail blocks in UB City for Rs 550 crore Blackstones offer for the 3.7 lak...
Built on a 13-acre plot, UB City is a joint venture between Mallyas investment                                      holdin...
The center would conduct research and engineering in cancer treatment and radiochemistry and other technologyapplications ...
France and Germany. It has already entered into a tie-up with a company in Turkey. "Blackstone is a globally renownedcompa...
Autodesk acquires Pramatis QontextThe acquisition is expected to accelerate its ongoing move to the cloud and expansion of...
southern state of Tamil Nadu. Techs India center is expected to be financially self-sufficient by its fourth year ofoperat...
Herein after, all the three SPVs will become the investee company," said a CCI order. Embassy Golf link is a 5-million-sq....
He said the company has taken a conscious decision to spread presence in the tier II towns as there is a latent demandfor ...
Harman to set up manufacturing facility in PuneHarman, global provider of audio and infotainment solutions, is setting up ...
AngelPrimes founding partners are Bala Parthasarathy, Shripati Acharya and Sanjay Swamy, three of the co-founders ofonline...
India’s Investments in U.S  Hinduja firm Gulf Oil Corp buys US-based Houghton International for $1 billionHinduja Group fi...
“The transaction has a total cash value of about $230 million,” it said. The transaction has been unanimously approvedby t...
disaster recovery for physical and virtual servers on the cloud for SMBs. Persistent Systems will continue to serve rCloud...
Dream Downtown, featuring 315 loft-style rooms and Suites is a prized property of the Chatwals. Dream Downtown iswithin wa...
In December Infosys BPO bought Australias Portland Group Pty. Ltd. for 37 million Australian dollars ($38.2 million). Itbo...
Indo-US Corporate News                                  Subway plans 1,000 stores in 5 yearsSubway has encouraged developi...
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
IACC Newsletter November 2012 Issue no. 7
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IACC Newsletter November 2012 Issue no. 7

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Seventh issue carries features like Happenings at IACC; US Investments in India; India Investments in US; Indo-US Corporate News; International Buyer Program- 2013 Trade show etc.

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IACC Newsletter November 2012 Issue no. 7

  1. 1. Index ContentsIndexPresident’s Message ............................................................................................................................... 5From the Secretary General’s Desk ......................................................................................................... 7Happenings at IACC ................................................................................................................................ 8US investments in India ........................................................................................................................ 23U.S. based real estate development & Investment Company Portman plans to raise $300 million in India realty fund23New York based WFA Global invests in Hyderabad-based personal financial services start-up .................................... 23Blackstone offers to buy Vijay Mallyas office, retail blocks in UB City for Rs 550 crore ................................................ 24Pittsburgh based Mylan Labs to buy SMS Indian manufacturing unit for $33 million ................................................... 25GE to invest Rs 331 lakh in research & engineering ....................................................................................................... 25Blackstone Capital Partners to buy 12.5% stake in International Tractors Limited for Rs 520 crore ............................. 26Agilent Technologies ties up with Vizag Company ......................................................................................................... 27Bharti Walmart opens 2nd store in Bhopal ...................................................................................................................... 27Autodesk acquires Pramatis Qontext ............................................................................................................................ 28Virginia Tech research center to open in 2013 in India .................................................................................................. 28U.S based PE firm Blackstone inks India’s biggest commercial real estate acquisition deal .......................................... 29Amway to set up R&D Centre for health, beauty segments ........................................................................................... 30Harley Davidson eyes smaller Indian towns to expand footprint ................................................................................... 30Private equity firm GE Capital pays Rs 125 crore for 7.7% stake in Biocon Syngene ..................................................... 31Harman to set up manufacturing facility in Pune ........................................................................................................... 32GM to expand capacity at Halol ...................................................................................................................................... 32Mayfield invests in Indian incubator AngelPrime ........................................................................................................... 32India’s Investments in U.S ..................................................................................................................... 34Hinduja firm Gulf Oil Corp buys US-based Houghton International for $1 billion.......................................................... 34Sun Pharma inks pact to buy DUSA for $230 million ...................................................................................................... 34MphasiS buys US mortgage management firm for $175 million ................................................................................................... 35Persistent Systems Acquires Innovative Cloud Platform Business from Washington based Doyenz, Inc. ..................... 35Sahara buys 2 iconic NY hotels - New York Plaza, Dream New York .............................................................................. 36MindTree opens development centre in Florida ............................................................................................................ 37Infosys unit to buy unit of Marsh & McLennan .............................................................................................................. 37IBS Software Services Acquired US Hotel Booking Solution ........................................................................................... 38Jindal Poly Films to acquire ExxonMobil unit.................................................................................................................. 38
  2. 2. Indo-US Corporate News ...................................................................................................................... 39Subway plans 1,000 stores in 5 years ............................................................................................................................. 39Bharti Walmart opens outlet in Rajahmundry................................................................................................................ 39Indias Ranbaxy launches acne drug in US ...................................................................................................................... 40Punjab asks Monsanto to set up a R&D center for maize crop in state ......................................................................... 40MWV Will Acquire Ruby Macons Ltd. to Accelerate India Growth Strategy .................................................................. 40Dominos India aims to be largest franchise outside US in 2 years ................................................................................ 41Voltech, NanoPV venture to build solar module plant near Chennai............................................................................. 42Intel looks to modernize PDS retailing in Gujarat ........................................................................................................... 43Citi Expands Express Wire Asia Program with India Desk ............................................................................................... 43DuPont expanding Hyderabad knowledge centre .......................................................................................................... 44Special Report ...................................................................................................................................... 45India’s coffee market competition is ferocious: Howard Schultz, Starbucks.................................................................. 45OVL (ONGC VIDESHs) wishes to have an integrated presence in the US....................................................................... 46In the News: ......................................................................................................................................... 49Indian companies created 50,000 jobs in US, says Deputy Secretary of State William Burns ....................................... 49US immigration reforms: Indians want Obama to cut long wait for green cards ........................................................... 50US Working With India for Increased Defense Cooperation .......................................................................................... 51India, US discuss ways to lower barriers to trade, investment....................................................................................... 52State’s Burns Cites Strategic, Economic, People Ties with India .................................................................................... 53Gujarat IT companies diversify operations in US ............................................................................................................ 54US-based investor plans start-up school in Kochi ........................................................................................................... 54US explores treaty to nail US tax defaulters in India ...................................................................................................... 55Indian-American professor appointed as the first director of digital learning at MIT ................................................... 57India big part of his plans, Barack Obama tells Manmohan Singh ................................................................................. 57US department of agriculture pegs Indias coffee exports at 5.51 million bags ............................................................. 58Norms relating Indian defense technologies need reform: Powell ................................................................................ 58US strongly values strategic partnership with India, says State Department spokesman ............................................. 59US fiscal cliff wont impact Indian IT sector: Nasscom.................................................................................................... 59Visa interview waived for four more categories, says US envoy .................................................................................... 60Indias Bold Solution to the U.S. College Crisis: Federal Universities ............................................................................. 61India an important strategic partner of US: Ami Bera .................................................................................................... 62FDI in retail will benefit consumers in India: Nancy Powell ............................................................................................ 63After Atlanta, India now working to open Consulate in Seattle ..................................................................................... 63Stanford B-school to start course in India ...................................................................................................................... 64
  3. 3. The Shale Gas Revolution in America: An Opportunity for India .................................................................................... 66Calendar of IACC Events for 2012 .......................................................................................................... 68Indo-US Trade Statistics ........................................................................................................................ 692012: U.S. Trade in Merchandise goods with India ........................................................................................................ 692011: U.S. Trade in Merchandise goods with India ........................................................................................................ 69India – US Trade Analysis ...................................................................................................................... 70International Trade shows .................................................................................................................... 71US Department of Commerce Certified Trade shows in U.S.A ....................................................................................... 71International Buyer Program, 2013 Trade shows ................................................................................... 74US Department of Commerce Certified Trade shows in India ........................................................................................ 76Major Trade shows in India............................................................................................................................................. 78Major Trade shows in U.S.A ............................................................................................................................................ 80How to reach us: .................................................................................................................................. 84Get Social with the Only Bilateral Chamber of Commerce for Indo-US Business, IACC ................................................. 84
  4. 4. President’s MessageDear Members,The convincing re-election of President Obama signifies the continuity of policies and programs. Equally lauded was hisassurance given to Indian Prime Minister Dr. Manmohan Singh that India -focus of the US Administration will be guidedby pragmatism and the important roles both countries play in the global arena. One can expect that the economicpartnership between the two countries will be heightened in the light of many positive developments that are takingplace in both countries.Let me touch on some unconventional segments that the US-India engagement will be beneficial. Urban transport,railways, particularly movement of freight traffic and housing and townships are major sectors that can drawconsiderable US investment into India. Urban transport in India needs to be toned up to ease the pressure on theexisting networks. Overcrowded buses choked up roads, over-aged vehicles etc. are some of the banes of Indiantransport landscape and such problems are more crucial in towns and cities. Foreign investment is allowed in the sectorbut not many have come forward to invest in this sector. Lack of policy clarity, bureaucratic delays, inadequateprotection to the assets and rolling stocks etc. are perceived to be reasons that are holding back not only FDI but alsoinvestment from the Indian private sector.Metro or mass rapid transport systems are the order of the day to de-congest the cities and to ensure quality transportsystems. We have world- class metro systems in Delhi, Kolkata and the projects in cities like Mumbai, Chennai andBangalore are at various stages of implementation. There is considerable scope for private- public partnership inbuilding these networks. The US presence in the implementation and in providing rolling stocks to metro networks isvirtually nil. Japan is providing funds and the rolling stocks are procured from Korea and Germany. This is an area wherethere can be focused attention of the US corporations, since such projects are not only implemented in time, but alsoeven before time.Dedicated freight corridors are going to redefine the goods movements in India. Eastern and western corridors will becompleted by 2016 and the feasibility study for the next four corridors will be completed by the end 2013. Severalbillions of dollars have already been invested in the corridors where the works have already started. World Bank andJapanese development agency, JAICO are funding the projects which provide excellent opportunities for privateinvestment. For instance, in the eastern and western corridors, around 150 kms of land will be developed along the sidelines of the track, which will ensure world class logistics to manufacturing units that will come up there. US firms cantake advantage of these emerging opportunities.Finally, in the realty sector, the US investment is mostly in terms of PE investment. But Indian laws allow investment inthe development of townships and satellite towns subject to certain area restrictions. Since the cities are becoming
  5. 5. saturated, people and offices are relocated to areas that are less populated but closer to the cities and townships. Therewill be huge demand for houses and office space in such townships.Economists predict that key players, which can help bottoming out the slowdown and pave the way for recovery andconsolidation are the US, India and China, because of their continental market, strong industrial base and command anddependence on technology. That also presupposes newer paradigms of co-operation and engagement among thesecountries. Therefore, as President Obama enters a new term in office, we hope that India and U.S can take itsrelationship to greater heights for mutual benefit.Shourya MandalNational President, IACC
  6. 6. From the Secretary General’s DeskDear Members,According to the recent statistics released by the US Department of Commerce, the total Indo-US Trade in Merchandisegoods for the first nine months of Calendar year 2012 (January-September) is US$ 47.53 billion with balance of tradesurplus of US$ 15 billion in favor of India. This is an increase of 9.54 % over the same period last year. US Exports toIndia have gone up by 2.54 % from US$ 15.86 billion to US$ 16.27 billion and US Imports from India have gone up by13.59 % from US$ 27.52 billion to US$ 31.27 billion during the same period.IACC officials met with Mr. Sumit Bose, Revenue Secretary, Ministry of Finance, GOI along with his team on November30, 2012 to present IACC’s Pre-Budget Memorandum 2013 with recommendations on Direct and Indirect Taxes. TheIACC team was led by Mr. S.K. Sarkar, Chairman, Economic & Finance Committee of IACC for the year 2012-13 othermembers who joined the IACC delegation included Mr. Naveen Aggarwal and Mr. Naveen Gupta, Partners KPMG, Mr.Atul Vyas, Regional Director, NIC and Myself.The GOI officials from the ministry were very receptive in the interactive meeting which lasted for one and half hour.We are very pleased that many of the recommendations submitted by IACC are being considered and hopeful that it willbe accepted and implemented. We thank all the members who have contributed by providing their inputs and senttheir recommendations and also KPMG for preparing a consolidated document and joining the meeting.We are pleased to announce the release of IACC membership Directory 2012 which is available with our regional andbranch offices. This issue covers regular features like Indo-US Corporate News, Happenings at IACC, International BuyerProgram- 2013 Trade shows, Indo-US Trade Statistics, IACC’s upcoming events, International trade fairs in USA & Indiaamongst others. This newsletter is an attempt to further the cause of increasing trade between Indo-US BusinessHouses.If you have any success stories of your company with US partners on joint ventures, mergers & acquisition etc., pleasedo let us know. We will be happy to carry a case study on your company’s success in the newsletter.Hope you will find this issue informative and useful.With regards,R.K. ChopraSecretary General, IACC
  7. 7. Happenings at IACCHead OfficeBreakfast Meeting with Washington State Governor Ms. Christine Gregorie on October 8, 2012 at Taj Lands’ End, MumbaiThe Indo-American Chamber of Commerce (IACC) organized a breakfast meeting with Washington State GovernorChristine Gregoire and the accompanying business delegation on Monday, October 8, 2012 at Garden View Room, TajLand’s End, Mumbai. Self-introduction was done by IACC members followed by thedelegates. Mr. R.K. Chopra, Secretary General (IACC) briefed about IACC and the business opportunities in Educationand Biotechnology sectors, which were of interest to the visiting delegation. Dr. L S. Kanodia, Regional President – WICgave his welcome remarks and spoke about the political and economic climate in India. He also spoke about theopportunities for enhancing INDO-US Trade.Governor Gregorie said that the two-way commerce is low between the two sides. "We find that India is the 24thlargest trading partner with our state. We think it is way too low, it should be at least in the top five. My visit here is tomake sure that we can make that happen." She said that businessmen of both the sides can increase cooperation inareas like IT, pharmaceuticals, aviation, life sciences, biotechnology and agriculture. "We have one of the vibrant IT andsoftware sector in the world. This is an opportunity for India," she added. She also said that Seattle-based coffee chainStarbucks will open its first store in India by end of this month. "Now it (Starbucks) is located everywhere around theglobe and it will open its first Starbucks here in Mumbai at the end of the month."This was followed by Q&A sessions on various matters relating to various industry sectors, taxation, visas, etc. Mr.Anand Trivedi, Regional Director WIC, proposed the vote of thanks and Dr. Kanodia presented a memento to GovernorGregoire on behalf of the Chamber. Mr. Anand Trivedi, Regional Director, IACC-WIC, Washington State Governor, Christine Gregoire and Dr. L. S. Kanodia, Regional President , IACC-WIC
  8. 8. (L- R) Mr. Robert Holland, Commissioner, Port of Seattle; Mr. Anand Trivedi; Mr. R. K. Chopra, Secretary General – IACC; Ms. Christine Gregoire & Dr. L. S. KanodiaMr. R. K. Chopra(Center) & Dr. L. S. Kanodia (Right) handing over the Governor Christine Gregoire addressing the audience memento to Ms. Christine Gregoire
  9. 9. West India CouncilIACC Supports "Media & Entertainment Law Forum 2012" organized by the Legal Era on October 06, 2012 at JW Marriott Hotel, MumbaiMr. Anand Desai (Extreme Left), Immediate Past National President, IACC & Managing Partner, DSK Legal moderating a session on copyright issues and their widespread impact, also present on the forum among other panelists is Mr. Lalit Bhasin (Second from Right), Regional President, IACC-NIC & President, Inter Pacific Bar Association(IPBA) & Society of Indian Law Firms(SILF) The Guest of Honor Mr. Lalit Bhasin, Regional President, IACC-NIC & President, Inter Pacific Bar Association (IPBA) and Society of Indian Law Firms (SILF) presenting a special address at the forum, also present on stage are special guests Mr. Anil Kapoor (Third from Right), Film Actor and Mr. Mukesh Bhatt (Extreme Right), Indian Film Producer
  10. 10. IACC hosted its 7th “Breakfast Meeting” on October 11, 2012 at Hotel Marine PlazaAfter having completed 6 Breakfast Meetings successfully, there were several prolific speakers who provided us withinteresting insights on varied topics across various industries. The 7th meeting bore witness to an enlightening discussionabout the dawn of the software industry in India.The meeting was addressed by a pioneer of this field who was both directly and indirectly responsible for theestablishment and development of the IT sector in India today - The Founding CEO of TCS and the Chairman ofDatamatics Global Services Ltd.; he was none other than Dr. L.S. Kanodia himself.Dr. L.S. Kanodia was introduced by Mr. Naushad Panjwani (IACC Committee Member-WIC). He shared precise figureswith respect to the contribution of the IT sector to the Indian economy, employment statistics and even exportsrevenues. He shared several personal experiences and discussed the evolution of the IT industry from 1965 till date.It was fascinating to hear him elaborate on how TCS grew over the years along with details about the pivotal role that hehimself played in the progress of the IT industry as a whole. Dr. Kanodia also shed some light on the barriers that the ITsector faced along with solutions which included the liberalization of our economy in 1991, the formation of Nasscom,rules, regulations and procedures of the Indian government.After a detailed, comprehensive and informative discussion Dr. Kanodia stressed on the fact that India’s IT sector hasindeed grown substantially, but there is still a long journey ahead. The meeting was concluded after an interactivediscussion with the guests who had several questions for the IT stalwart. Dr. L. S. Kanodia presenting an overview to the attendees on India’s software journey and the road going forward.
  11. 11. Dr. Kanodia receiving a memento from Mr. Naushad Panjwani, Committee Member, IACC-WIC & Executive Director, Knight Frank India on behalf of IACC.IACC hosted the 3rd Commemorative Dinner in celebration of 4 years of civil nuclear co-operation between the United States of America & India at the US Consulate (BKC), Mumbai on October 11, 2012. (L-R) Mr. Anand Trivedi, Regional Director, IACC-WIC; Dr. L.S. Kanodia, Former Regional President, IACC- WIC; Dr. S.K. Bannerjee, Former Chairman - Atomic Energy Commission of India & the Secretary of Department of Atomic Energy - DAE and Mr. Donald Hoffman, Vice President, American Nuclear Society.
  12. 12. IACC Supports, 2nd Indo-US Nuclear Energy Safety Summit 2012 on October 11-12, 2012 at IIT Powai, MumbaiThe American Nuclear Society and the India Section of the American Nuclear Society along with their partners hadorganized the 2nd Indo-U.S. Nuclear Energy Safety Summit 2012,The summit included 5 TRACKS for student, companies, public affairs, radiation training, and public awareness.The Summit also included the 3rd U.S. Nuclear Infrastructure Pavilion as well as an exhibition for Indian andinternational companies. The Summit had been timed to coincide with the 4th anniversary of the transformational Indo-U.S. Civil Nuclear Agreement, which was 3rd commemorated at a dinner hosted by IACC at the US Consulate. Dr. Alok Mishra, Deputy Director of Westinghouse addresses the audience
  13. 13. Pune Branch Innovation@Breakfast” Session – 11 on “Visual Thinking as an Innovation Tool”Innovation@Breakfast conducted the 11th Session of the Series on Tuesday, October 23, 2012 at Hotel DeccanRendezvous, Pune. The topic for the Session was “Visual Thinking as an Innovation Tool”, & presented by Mr. DhruvAgarwal & Mr. Kush Agarwal.The session was an interactive Session & revolved around Innovation which requires creativity, imagination and designthinking, and visual thinking techniques as an essential tool for that kind of work.Speaker – Mr. Kush Agarwal is an Airline Pilot with Jet Airways. He covered the following topics at the Session.• Why Innovation is important in todays Business Environment• What is Innovation - A breakdown of what it really means today?• What is Whole Brain Thinking - Why is it essential for Innovation• The Power of Visual Thinking explained• Visual Thinking Methods and Tools for Innovation
  14. 14. Speaker: Mr. Dhruv Agarwal, Director at Autopress India Pvt. Ltd & is a ThinkBuzan Licensed Instructor for Mind Map®s.He covered the following topic at the Session. • "Most Important Graph in the World" - A graph on how we learn and behave and its impact on Productivity, Leadership and Innovation
  15. 15. North India Council IACC-Citi Bank Knowledge Series on October 19, 2012 in New DelhiThe Indo-American Chamber of Commerce organized an IACC- Citi Bank Knowledge Series on October 19, 2012 in, NewDelhi. Mr. Kumud Gandhi, Assistant Vice President, Commercial Banking, Citi Bank made a presentation “CommercialBank – Banking Solutions for SMEs Update on Regulatory Framework and FEMA Guidelines”Topics covered  Citi India: Snapshot  Foot print: Present in India since 1902  Introducing innovative / New Products & Services  Citi India - Industry Leadership  Export Import – FEMA Update & Foreign Exchange Risk Management  Update on Regulatory Framework and FEMA - 2012  Foreign Exchange Markets – Forecast  Hedging – Factors Considered  Citi Commercial Bank  Full Services Banking  Product Suite – Comprehensive Banking Solutions  Citi Commercial Bank Products: Key Features  Transaction Banking: Cash Management  Trade Services and Trade Finance  Foreign Exchange Services  Citi FX Pulse  Commercial Lending  Citi India : CredentialsMr. Kumud Gandhi, Assistant Vice President, Commercial Banking, Citi Bank making a presentation on “Commercial Bank – Banking Solutions for SMEs Update on Regulatory Framework and FEMA Guidelines”.
  16. 16. South India CouncilTamil Nadu Branch IACC-TN Branch Organized an Interactive session on “Compete and grow, globally” held on October 08, 2012, at Hyatt Regency, ChennaiIACC – TN Branch in partnership with Microsoft & Nokia organized an Interactive session on Compete and grows,globally. Ms. Jennifer A McIntyre, US Consul General, Chennai inaugurated and delivered the Chief Guest address. In heraddress Ms. Jennifer said that 39 states in the US have signed a strong resolution to combat unfair trade practices inmanufacturing by preventing usage of illegal or stolen Information Technology by using their existing state unfaircompetition laws. She further said that US wanted to help India have a strong system of Intellectual Property Protection,especially in the IT sector.Ms. Jennifer quoted by saying a report from the Organization of Economic Cooperation and Development (OECD)estimated that trade in counterfeit and pirated goods across national borders may have totaled around $200 bn. Shesaid that the enforcement of Intellectual Property Rights (IPR) strengthened the investment climate to attract and retaininnovative companies and creative artists that were the engines of economic growth.The technical session was presented by Mr. Sunil Singh, Senior Consul-Sai Krishna & Associates on Unfair CompetitionsAct and doing business the right way, which was followed by a presentation on Competing and growing globally usingthe right technology by Mr. Anish Roy, Regional Head-NOKIA Business Enterprises & Mr. Ashish Uchil, Businessdevelopment Manager-Microsoft Corporation. The programme provided a platform for participants to learn about IPR,patent rights, mobile application Integration and the need for anti-piracy law from the presentation. Overall the sessionwas informative and valuable as it gave an insight on using the right technology at the right time for best practices. Ms. Jennifer A McIntyre, US Consul General, Chennai addressing the gathering. Also seen (L-R) Mr. T N Venkatanarayanan, Chairman & Mr. C Suresh Reddy Vice-Chairman, IACC Tamil Nadu
  17. 17. Presentation on Unfair Competitions Act and doing business the right way in U.S. by Mr. Sunil Singh Senior Consul, Saikrishna & Associates.Breakfast meeting in honor of the visiting delegation of the U.S Architecture Services Trade Mission to India on October 15, 2012From (L-R)- Mr. Abdul Azeez Vice Chairman, IACC-TN; Ms. Jude Reinka, Senior Commercial Officer,U.S Embassy -New Delhi; Mr. T N Venkatanarayanan Chairman, IACC-TN; PadmaSri. C. N. Raghavendran Partner, C.R.Narayana Rao Architects
  18. 18. Talk on Overview of Architecture Scenario in India by Padma Shri C N Raghavendran,Partner, C.R.Narayana Rao Architects & Engineers. Also seen (L-R) Ms. Jude Reinka, Senior Commercial Officer, U.S Embassy -New Delhi, Mr. T. N Venkatanarayanan Chairman, IACC (TN) and Mr. R Murari, Senior Attorney, Chennai Breakfast Meeting with Mr. K. Srinivasan, MD, Prime International India Pvt. Ltd. on October 16, 2012Mr.K .Srinivasan,Managing Director-Prime International is addressing the gathering at the Breakfast meeting- Meet Success First Hand. Also seen are Mr. T. N Venkatanarayanan, Chairman and Mr. Abdul Azeez Vice Chairman, IACC – Tamil Nadu
  19. 19. Memento presented to Mr. Srinivasan.
  20. 20. Karnataka Branch IACC Organized a Session on Talent Management - Myths & Insights on October 19, 2012 at Club Lounge Fortune, Bangalore.Indo American Chamber of Commerce organized a successful session on Talent Management at the Club LoungeFortune, Select J.P. Cosmos, Off Cunningham Road, Bangalore on October 19, 2012.The event was a great success and it was extremely well received by the participants who expressed great enthusiasm inregards to the myths of talent management. There was a good turnout for the session, like Avasarala Technologies Ltd.,Crown Relocations, Datascribe InfoTech Pvt. Ltd., Moog India Technology Centre Pvt. Ltd. and Indolox Services Pvt. Ltd.,etc. to name a few.Mr. V Srinivasan, Director, SJS Enterprises Pvt. Ltd. and Chairman of IACC introduced the speaker. The objective of theseminar was twofold. The first was to focus on the myths of talent management and the second objective was toprovide some insights of talent management. In Mr. Ramesh Dasary’s opening address, he explained about talentmanagement that it has become top-of-mind for most corporate executives and organizational leaders today. Talentmanagement—or components thereof—has been one of the most popular cover stories for trade and businesspublications, from Harvard Business Review to the daily business newspapers, in recent times.The participants gained knowledge from Mr. Dasary’s presentations on various kinds of myths related to talentmanagement, such as; talent management is non-strategic, people make organization smart, size matters, people areborn with all the natural talent and the abilities, the south pole theory (hire those who performed at the top of theiracademic classes), managers do what they are expected to do, your businesss future leaders will come from yourexisting pool of high-performing managers, high performers are always high potential, people grow most in theirweakest area, you decide the CTC and performance motivator is money.At the event, everyone seemed to really enjoy themselves with the informative session of Mr. Dasary which alsoincluded an animated video clip from Dan Pinks talk at the RSA, which illustrated the hidden truths behind what reallymotivates a person at home and in the workplace.Ramesh Dasary is the Consultant and Founder of Improwise, an endeavor he started, with a view to help the MSMEscale up, through transformational Talent Management initiatives in the organizations, having held leadership roles inlarge MNCs for over 20 years. Mr. Ramesh Dasary, Consultant and Founder, Improwise delivering the presentation.
  21. 21. Mr. Ramesh Dasary being facilitated by Mr. V Srinivasan, Chairman of IACC Karnataka Branch & Director, SJS Enterprises Pvt. Ltd.
  22. 22. US investments in India U.S. based real estate development & Investment Company Portman plans to raise $300 million in India realty fundUS-based real estate development and investment company Portman Holdings is looking to raise up to $300 million(over 1,600 crore) worth of third-party capital to invest in Indian property markets, said a top company official.The company will raise these fundsin overseas markets beginning first half of 2013 and deploy the entire corpus in thenext 30 months once the fund raising is concluded. Apart from these third-party funds, Portman will also continue toinvest its own capital into Indian real estate."We are bullish on India apart from US and China. Even at 6% growth, India will be the second-fastest growing economyamongst the larger ones. Our existing two investments here that we made since 2009 have been performing well withpositive returns," said Ambrish Baisiwala, CEO, Portman.So far, Portman has invested $160 million (860 crore) in Pune-based Kolte-Patil Developers two projects. Both areresidential projects with total development of 1.8 million sq. ft. in Pune. Click here for index New York based WFA Global invests in Hyderabad-based personal financial services start-upArthaYantra, a Hyderabad-based integrated personal financial services start-up, on Tuesday said it has raised seedcapital from US-based investment firm WFA Global Investments. However it did not disclose either the quantum offunds raised or the stake picked up by the US firm.The company, which has been founded by a group of ISB Hyderabad alumni, uses its unique proprietary framework,trademarked as Personal Financial Lifecycle Management (PFLM), and employs patented processes that help individualsachieve their financial goals. The company plans to further develop its proprietary technology and also expand its teamthat currently stands at over two dozen people. The company also plans to expand operations across six major cities ofHyderabad, Bangalore, Delhi, Chennai, Mumbai and Pune.According to the company, it was focused on launching its new solutions and was currently engaged in increasing itsfinancial research capabilities by building systems and processes based on existing patents that it holds and is nowpiloting its innovative personal finance solution in beta with select group of customers. ArthaYantras clientele includesindividuals from India, US, Europe and Middle East.Commenting on the development, ArthaYantra founder and CEO Nitin B Vyakaranam said that the current round ofinvestment was a testament to the global appeal that its solutions carry. "In India, we plan to take personal financialservices to a greater cross-section of the population by coming out with unique and thought provoking services. Webelieve that a vast majority of Indias middle income population does not have access to formal personal financialservices, and our solutions would fill this gap."New York-based WFA Global Investments managing director Dr. Ravi Bhagavatula said: "With the backbone of patentedand scalable personal finance solutions along with its disruptive business model, ArthaYantra has the potential toachieve global scale. The Indian market has a promising middle of pyramid opportunity and ArthaYantra could prove tobe a game changer in the personal finance industry." Click here for index
  23. 23. Blackstone offers to buy Vijay Mallyas office, retail blocks in UB City for Rs 550 crore Blackstones offer for the 3.7 lakh square feet of UB Citys commercial space and 75,000 square feet of luxury retail space comes at around Rs 550 crorePrivate equity giant Blackstone has made an offer to Vijay Mallyas investment holding company UB Holdings to buy outthe prime office and retail real estate blocks in its flagship UB City, the biggest commercial property project in the heartof Bangalore, said two people familiar with the developments.Blackstones offer for the 3.7 lakh square feet of commercial space - home to many MNC offices such as Apple, Citibank,Ernst & Young, 3M, Vodafone, Uninor, Jones Lang LaSalle - and 75,000 square feet of luxury retail space comes at aroundRs 550 crore, less than what was initially estimated, said one of the sources mentioned above. However, the offer doesnot include the iconic UB Tower - the groups headquarters that are also part of the UB City Complex.The talks are still going on as some local builders and real estate funds have also shown interest. The matter is expectedto be taken up shortly by senior UB Group management and even the UB Group lenders.With the Diageo-United Spirits deal in the bottle, the focus is now once again on the value-unlocking opportunity thatlies with Mallyas real estate portfolio. Blackstone did not wish to comment on market speculation and a UB Groupspokesperson did not respond to an email questionnaire on the issue.However, senior UB Group officials said even though the group has received offers from funds like Blackstone, the finaldecision will be taken by Mallya himself."I do not think we have reached a firm decision yet. A couple of offers, some unsolicited, have come, but I do not thinkwe are actively discussing with anybody," said a senior group official who did not wish to be identified.
  24. 24. Built on a 13-acre plot, UB City is a joint venture between Mallyas investment holding company UB Holdings and Prestige Developers. It has a total of 1.6 million sq. ft. mixed-use development comprising office spaces, luxury retail and hospitality. MUCH SOUGHT AFTER BY LUXURY BRANDS UB City has four towers - UB Tower (with 19 floors), Comet (11 floors), Canberra (17 floors) and Concorde (19 floors). Within the complex, the 1.25 lakh sq. ft. luxury retail space - The Collection -is the citys premier destination for high-end international and Indian luxury brands like Louis Vuitton, Mont Blanc, Gucci, Rolex and Kimaya, across categories such as apparel, jewelry, accessories and electronics. It will also house food and beverage outlets and the Kingfisher Sports Bar. Mallya owns the UB Tower while the 200,000 sq ft luxury hotel, Oakwood Service Residences, is owned by Prestige. The rest of the property is split between the two partners. Real estate analysts say Mallyas share of UB City is around 905,000 sq. ft., with UB Tower alone being 300,000 sq. ft. Click here for index Pittsburgh based Mylan Labs to buy SMS Indian manufacturing unit for $33 millionMylan Laboratories has agreed to purchase SMS Pharmaceuticals manufacturing unit-VI in Visakhapatnam, AndhraPradesh, India, for a total sum of INR1.73bn ($33 million). The manufacturing unit was designed for the production ofcancer medications and the active ingredients for cancer drugs.SMS will use the proceeds to clear some of its existing debts, cut overhead costs, reported. In addition, SMS will use thefinance to strengthen its existing production facilities and working capital.SMS Pharma, which is involved in active pharmaceutical intermediaries manufacturing, said the legal process would takea couple of months. Click here for index GE to invest Rs 331 lakh in research & engineeringGE, adding 400 people every year for 10 years at the John F Welch Technology Center (JFWTC), will be expanding thecapabilities of the center at an investment of Rs 331 lakh ($60 million). The investment, which is focused on expandingthe technology center here, includes setting up experimental labs and its infrastructure includes leading-edge researchand engineering in areas of critical importance, the company said.
  25. 25. The center would conduct research and engineering in cancer treatment and radiochemistry and other technologyapplications in healthcare, locomotive engines, heavy earth moving equipment and equipment for the energy sector,said Gopichand Katragadda , MD, GE India Technology Center (John F Welch Technology Centre).The center, established in September, 2000 here, is GEs first and largest integrated multi-disciplinary R&D andengineering center outside the US. Investing heavily in advanced IT-enabled laboratories, the center is among theleading engineering innovation across GEs diverse businesses.The GEs John F Welch Technology Centre is set to touch 5,000 employees by the end of the year, according toKatragadda. Meanwhile, over the last decade, the Centre alone has contributed to over 1,850 patents being filed by GE,the parent company.GE has been trying to get to 15-20 per cent savings in many of the devices it has been manufacturing. According toindustry sources, the cost savings on many of the products through defeaturing has been to the tune of 50 per cent ormore in many products. The company has particularly been aggressive in the healthcare sector. It has been able toremove two-thirds on the costs in the case of many devices.Meanwhile, the company is investing about $200 million in a manufacturing facility in Pune. Click here for index Blackstone Capital Partners to buy 12.5% stake in International Tractors Limited for Rs 520 croreThe Blackstone Group on Monday announced that its affiliate, Blackstone Capital Partners (Singapore) VI, has signed anagreement to acquire 12.5% of International Tractors Limited (ITL) in a structured transaction for up to Rs 520 crore, or$100 million.The flagship company of the Sonalika Group, ITL is a leading manufacturer of tractors under the brand name Sonalika. Itmanufactures tractors from a power range of below 20 HP to over 90 HP. "There is significant amount of potential forSonalika to grow in market share. In the last one year too, the company had increased its share," Akhil Gupta, SeniorManaging Director and Chairman of Blackstone India told ET over phone.This deal is in line with Blackstones past investments in the Indian agri sector. The private equity firm has invested inNuziveedu Seeds and FINO, a micro-finance firm - companies that are adding value to the lives of the Indian ruralpopulation. India currently has one of the lowest agricultural yields in the world. Mechanized farming using tractors willenable huge improvement in Indias agriculture productivity which is the private equity firms rationale for investment inthe firm.Incorporated in 1995, ITL has an annual turnover of $500 million. It currently has about 10% share in the domestictractor market. In addition, ITL exports tractors to over 70 countries. "We believe in fundamentals, farm incomes arerising, minimum support prices are going up and with the shortage of labor, and there is a need for modernization. Weexpect the tractor market to grow by 10% CAGR over the next five years," Gupta reasoned on why Blackstone picked upa stake in a tractor manufacturer. Blackstones MD said the company intends to stay invested for the next 5-7 years, atypical time frame for private equity firms to stay invested in a firm. Blackstone has been an aggressive investor in India,having acquired sizeable stakes in Gokaldas Exports, All Cargo and CMS Info Systems etc."Blackstone has identified rural and agro-based companies as a key area of growth, and the investment in InternationalTractors is a step in that direction," Gupta said. ITL, founded by LD Mittal (Chairman), AS Mittal (Vice-Chairman) &Deepak Mittal (MD), is headquartered in Delhi while its core manufacturing plant is in Hoshiarpur in Punjab. "In additionto helping us scale up our operations, this deal will provide us access to Blackstones global best practices," Chairman LDMittal said. Over the last six months, when the overall growth rates of the industry has remained flat to negative,International Tractor Limited has posted a growth of 17% by selling approximately 25,000 units in domestic market,increasing its domestic market share by 1.5%, said the company. By November, the company also intends to enter UK,
  26. 26. France and Germany. It has already entered into a tie-up with a company in Turkey. "Blackstone is a globally renownedcompany. With their astute management support and global know-how, we would aim at faster growth in the future.This fiscal we are likely to close sales at around 60,000 units. Within the next couple of years, we intend to sell 1, 00,000units," said Vice- Chairman AS Mittal. Mittal is eyeing a domestic market share of 15% in the next two years with an eyeon a little over a billion dollars in revenue and $130 million in profits.Umesh Karne, auto analyst with BRICS Securities estimates the tractor market to decline by 4% in the short term andexpects the market to remain sluggish in first half of next fiscal. He is however bullish on long-term prospects. "Thefundamental for long-term growth remains intact. Despite the current slowdown, we expect the tractor market to growby 10-12% CAGR on account of paucity of labor, rising minimum support price for farmers and lower tractor penetrationin the country," said Karne. Click here for index Agilent Technologies ties up with Vizag CompanyAgilent Technologies, a US company which markets high-precision test and measurement solutions in the electronicsfield, has tied up with a local company, RKe Technologies to expand its reach in Andhra Pradesh and the southernmarkets.At a press meet here on Monday, country manager Sudhir Tangri said RKe Tech was a local company with two decadesof experience in the field and “it will open up new avenues for Agilent, especially in the defence sector. The state-of-the-art technological solutions of Agilent coupled with the understanding of the local market provided by RKe will bemutually beneficial.”He said Agilent Technologies was the worlds premier measurement company and a technology leader in chemicalanalysis, life sciences, diagnostics, electronics and communications. Worldwide, the company was employing 20,000persons in more than 100 countries. Its net revenues amounted to $ 6.6 billion.Country General Manager Parmeet S. Ahuja said Agilent had set up a R&D facility at Manesar. There was no plan to setup manufacturing facilities in India right now, he added.C.V.S Prakash Rao, Managing Partner of RKe Technologies, said his company had a vast portfolio in embedded solutions,calibration solutions and micro wave test solutions. The tie-up would be of benefit to both companies and the clientswould get better products and services. General Manager (Marketing) Gautam Awasthi also spoke. Click here for index nd Bharti Walmart opens 2 store in Bhopal Bharti Walmart today opened its second wholesale store in Bhopal, making the Madhya Pradesh capital the only city in the country where the group has set up two stores, its top official said.Leading retail chain Bharti Walmart today opened its second wholesale store in Bhopal, making the Madhya Pradeshcapital the only city in the country where the group has set up two stores, its top official said. "Encouraged by the hugeresponse that we have got in Bhopal after setting our first store, the company has decided to open second wholesalestore in Bhopal, thus making the state capital the only city in the country, where two such stores exist," Bharti WalmartCOO Arvind Mehndiratta told reporters after inaugurating the store.The cost of setting up one such store is Rs 35 crore and the company has already established three wholesale units inthe state, including one at Indore. The company has opened 20 stores in the country and is planning to open anotherfour wholesale outlets in the current financial year, including in Jabalpur in Madhya Pradesh, he said.Welcoming the Centres decision to permit FDI in retail, Mehndiratta said that it will further strengthen the retailbusiness in the country as the traders will get quality products for their shops under one roof on actual rates and nothave to depend on number of wholesalers for their requirements. Click here for index
  27. 27. Autodesk acquires Pramatis QontextThe acquisition is expected to accelerate its ongoing move to the cloud and expansion of social capabilities in theAutodesk 360 cloud-based service. Nasdaq-listed Autodesk Inc. has acquired Qontext, enterprise social collaborationsoftware, and its 25-member development team from Hyderabad-based Pramati Technologies for an undisclosedamount.The $1.95-billion Autodesk is a leader in professional and personal 3D design, engineering and entertainment software.The acquisition is expected to accelerate its ongoing move to the cloud and expansion of social capabilities in theAutodesk 360 cloud-based service. The Qontext team will operate from Hyderabad, a new development centre forAutodesk. “This transaction is a significant milestone in our ongoing efforts to incubate and build companies thataddress the rapidly changing needs of business,” Pramati president, Vijay Pullur, said.Autodesk director, Soren Abildgaard, said the team in Hyderabad was expected to grow significantly over a period oftime. Click here for index Virginia Tech research center to open in 2013 in IndiaVirginia Tech is poised to open its largest research center outside the United States next year in Chennai, India.The Virginia Tech ICTAS Innovation Center will be overseen by Techs growing Institute for Critical Technology andApplied Science and a 6,000-square-foot facility is expected to open in spring 2013 in Chennai, said Guru Ghosh,associate vice president for outreach and international affairs.The university will provide up to $1.5 million in startup funds for operations, and industry partner MARG Ltd. will outfitthe high-tech labs and provide other equipment. "For every one dollar Virginia Tech invests, our industry partners willinvest five dollars," Ghosh said.The MARG Group develops and engineers industrial and government infrastructure projects in India, Singapore andChina, according to the companys website. None of the startup money for the center will come from state funding, norwill it come from tuition or fees charged to students, Ghosh said.The center will focus on three major areas of research that will serve the needs of developing nations, as well as ruralareas in the U.S., said Roop Mahajan, director of ICTAS. In the beginning, one researcher/professor will be assigned tothe Chennai center to work with Indian doctoral students, with plans to eventually bring Tech students and other facultythere. Partnerships with major Indian universities and other private corporations are also planned.The initial research focus will be developing and testing low-cost energy technologies, such as small-scale, flexible solarpanels and wind turbines that operate at low wind speeds. These may bring sustainable energy to people living inisolated areas in the developing world, as well as in the U.S., Mahajan said.Eventually, research will expand to advanced communications and "smart" radio systems that may have implications forcloud computing, geographical positioning systems, wireless networks and the like, Mahajan said. Another area ofresearch planned at the center is nanotechnology, a major focus of ICTAS research in Blacksburg. Already ICTASresearchers are working on nanofibers that can be used in high-tech water and air filters, as well as the targetedapplication of agricultural fertilizers and pesticides, Mahajan said.Because Chennai is a major area for automobile engineering and manufacturing, nanosensors under development byICTAS scientists are expected to become a major part of work at the India center, Mahajan said. Tech chose Chennai,Indias fifth-largest city, because of its high literacy and education rates, and because it is a national center ofengineering, science and technology, Ghosh said.Tech also has historical ties to India going back about 70 years to the first known Indian student to enroll at theBlacksburg campus. Its estimated that about 500 Tech alumni live in and around Chennai, which is situated in the
  28. 28. southern state of Tamil Nadu. Techs India center is expected to be financially self-sufficient by its fourth year ofoperations, and any intellectual property developed there will contribute to research revenues, Ghosh said.As state subsidy of Virginia students has declined from 70 percent to 30 percent over two decades, Tech PresidentCharles Steger has encouraged research and patenting of technologies as new sources of revenue. The India center is akind of consolation prize for the university, allowing Tech to gain a foothold in one of the worlds largest emergingeconomies. India, with its 1.2 billion people, is second only to China, with 1.3 billion residents, as an expected area ofeconomic and technological growth.Tech had hoped to open a full-fledged graduate university in India, but that effort has been stymied by the IndianParliaments reluctance to allow foreign universities to operate independently in the country. A reform bill that wouldhave allowed Tech and other U.S. institutions to open campuses in India has stalled, with no timetable for a vote. ButU.S.-sponsored research centers are allowed under Indian law, so the ICTAS center can open now. Officials hope thecenter eventually will expand to up to 40,000 square feet.Tech currently operates major educational and research centers in Chile, the Dominican Republic, Switzerland andEgypt. The university has grants, projects, study abroad programs and other initiatives in more than 50 countries aroundthe world. Click here for index U.S based PE firm Blackstone inks India’s biggest commercial real estate acquisition dealUS private equity firm Blackstone has inked Indias biggest commercial real estate acquisition deal, which will give it 50%stake in a Bangalore builder-owned portfolio of three business parks for $200 million (over Rs 1,000 crore). The dealbeats Citigroups acquisition of a Mumbai office building earlier this year for Rs 985 crore, which was bigger than MapleTrees Rs 800-crore buyout of 2 million sq. ft. from Assetz Global Technology Park and Baring PE Partners Rs 500-croreinvestment in RMZ Corp for 6 million sq. ft. space.A person familiar with the matter told ET that Blackstone, which invests in realty firms, has bought stake in an SPVcomprising three commercial properties totaling over 10 million sq. ft. — Embassy Golf link and Manyata EmbassyBusiness Park in Bangalore and Embassy Tech Zone in Pune."Blackstone and Embassy Property Developments signed the transaction earlier this month. The deal was followed bythe October 4 order of the Competition Commission of India, which gave clearance for the transaction," said the person,who did not wish to be named. "It is an equity-level investment, where a holding company was floated with threecommercial assets under it. However, the deal finally cascaded down to the SPV level."A detailed email sent to Embassy did not elicit a response while Blackstone in an email reply said, "We would not like tocomment on this story. Our communication protocol does not allow us to speak on market speculation." Experts said thedeal is in line with this years trend. "Given the uncertainties in political and economic environment, investors are risk-averse and are investing in pre-leased commercial assets. Around 70% of the transaction closed this year are in pre-leased assets," says Rajeev Bairathi, director-investment advisory at DTZ India.As per the transaction, Blackstone will get compulsorily convertible debentures of Pune Dynasty Projects (PDP), which iscurrently into the development of the non-SEZ part of Embassy TechZone in Pune.Once converted, Blackstone will hold 50% stake in the SPV. Additionally, Embassy, which owns 51% stake in PDP, willacquire 49% from Alta Vista, a Mauritius-based financial institution, making it a subsidiary of Embassy PropertyDevelopments (EPD)."Post this acquisition, EPD will transfer its shareholding of 35.77%, 51.01% and 48.75% in the three SPVs in Pune andBangalore that are developing business parks along with some other assets in the form of advance paid for the purchaseof land and for acquiring joint development rights to PDP.
  29. 29. Herein after, all the three SPVs will become the investee company," said a CCI order. Embassy Golf link is a 5-million-sq.ft., or 65-acre, business park while Manyata Embassy Business Park is a 100-acre integrated mixed-use developmentBusiness Park, which has a developable area of 18.29 million sq. ft. Embassy TechZone in Pune is spread over 70 acrewith 52 acre designated for a special economic zone. Some of Embassys big tenants at its commercial properties inBangalore and Pune include IBM, Capgemini, Mercedes Benz, Atos Origin and Accenture. "Blackstone and Embassy willjointly control and manage the entity in which the fund has invested. The deal has very complicated structure withmultiple cross-holdings. Embassy will be responsible for completion of the project," the person said.The Bangalore-based builder, which has delayed its Rs 2,400-crore IPO, has been on a fundraising spree. Embassy hasreceived Rs 135-crore funding in an SPV from Blackstone to develop residential-cum-retail on the 14-acre land parcel inHebbal. The fund also has an exposure of Rs 540 crore in Manyata Embassy Business Park, the countrys largestoperational tech SEZ, which it had bought from Ventures and the land developer.Embassy has developed nearly 25 million sq. ft. with a high degree of focus on business parks, whose valuation is peggedat Rs 8,000-10,000 crore. The company is also increasing its presence in the residential segment and has eight residentialprojects totaling 10.56 million sq. ft. under construction. It has a total debt of Rs 1,200 crore, of which 85% is linked torentals. The company has a total land bank of 1,300 acre in Bangalore. Click here for index Amway to set up R&D Centre for health, beauty segmentsDirect selling major Amway India today said it will open research and development center soon for making India specificproducts, including Ayurvedic, organic in health and beauty segments. "We will open R&D center in India. The focus of(R&D) will be on opportunities in India and on exactly types of things, whether on Ayurvedic products or organicproducts or other products that work for India."Our focus is on India and globally is on health and beauty categories...we see there is a lot of potential for thesecategories," Amway India MD and CEO William S Pinckney told reporters here on the sidelines of opening of companystouch point here. "A team from US will visit India February next year which will see where to open R&D center and howbig it will be," he added.The companys healthcare and beauty segment out of four segments have grown sharply on the back of productsgrowing acceptability in the country as these segments alone contributes 55 per cent of companys total sales which isexpected to touch Rs 2,400 crore by 2012.The companys upcoming new plant at Tamilnadu will also primarily manufacture healthcare and beauty products tocater to the growing demand, he said. "After setting up of new facility, health, wellness and beauty products will shiftdown to Tamilnadu while our contract manufacturers will produce homecare and personal care products," he said.Amway India will set up its own manufacturing facility at Tamilnadu with an outlay of Rs 550 crore and it will becommissioned by 2015. He said the company hopes to achieve sales of Rs 2,400 crore by 2012 with a growth rate of 10per cent over turnover of last fiscal."The growth in sales is migrating across the country. At present east and west are high growth rates for the company,"he said. Click here for index Harley Davidson eyes smaller Indian towns to expand footprintUS-based iconic cult bike maker Harley Davidson is targeting smaller towns in India as it looks to enhance presence inthe country. The company, which launched its Fat Bob model in India priced at Rs 12.8 lakh, also said it will considerincreasing the number of models assembled in India to offer its products at "affordable rate" for the customers here."We are looking to expand our dealer network. Currently, we have nine showrooms and by the end of the year we willhave our tenth and next year we will add three more in Jaipur, Indore and Pune," Harley Davidson India ManagingDirector Anoop Prakash told reporters here.
  30. 30. He said the company has taken a conscious decision to spread presence in the tier II towns as there is a latent demandfor Harley Davidson bikes. "We are getting a good pull in smaller towns. There are a lot of people who have the samekey attributes as we have, in wanting personal freedom. The kind of enthusiasm we had received in a place like Kochiwas the same as in any metro," Prakash said.There was a tremendous response when the company held the Harley Rock Riders concert in places like Shillong andGuwahati, he added. Sounding bullish on the Indian market, he said the company will clock over 2,000 units by the endof 2012 as cumulative sales since it started selling its bikes in India in July 2010.When asked if Harley Davidson will assemble more models in India to bring down the price, he said: "Although there isno immediate plan for adding to our CKD line up, we will keep the option open for future in order to make our productsaffordable to customers."The company will continue to adopt and invest in strategies that make its "products and ownership experienceaccessible to more enthusiasts and customers in India," Prakash said. The latest model Fat Bob, which is powered by a1,600 cc engine, is the sixth model assembled in the companys plant at Bawal in Haryana. It presently sells 13 modelsfrom its 2013 line up in India. Click here for indexPrivate equity firm GE Capital pays Rs 125 crore for 7.7% stake in Biocon SyngeneGE Capital, the private equity arm of GE, on Wednesday picked up 7.69% in Syngene, the research services subsidiary ofbiotech firm Biocon, for Rs 125 crore. With this investment, the total valuation of Syngene stands at Rs 1,600 crore. TheBangalore-based Biocon, which was keen to list its arm Syngene through an initial public offering, has finally found aninvestor after two years."This is not just a financial deal. GE will bring its vast expertise in biologics and life sciences with this deal, which willallow Syngene to look at new research opportunities," said Kiran Mazumdar-Shaw, managing director of Biocon. Shawsaid Biocon will still explore the possibility of listing Syngene on the bourses. "We were not getting the right valuationfor Syngene, it was always undervalued. However, this deal has unlocked the valuation of the company."Biocon also announced that its recombinant insulin, Insugen, had positive results in phase-3 trials, showing safety andefficacy similar to the original innovator product. The company also stressed that it is in talks to bring in a partner forInsugen. Biocon expects the trial to run for one more year, before it is ready with the final product. The company alsoreported robust Q2 numbers, surpassing estimates by posting a 19% increase in revenue to 640 crore. Its net profit roseto 90 crore as against 86 crore in the same quarter last year. Net profit jumped 4.6% to Rs 89.65 crore. "We have seengrowth in all our verticals and there has been a sharp increase in research and development, which we take as aninvestment rather than expense," said CMD Kiran Mazumdar Shaw. The company incurred a 40% increase in its R&D ona like-to-like basis. Contract research services revenue posted a 39% growth to clock in Rs 129 crore, compared to Rs 93crore on a like-to-like basis.In the second quarter, Biocon exited from its alliance with Amylin Pharmaceuticals, after the latter was bought over byBMS. AC165198, Amylins proprietary molecule was jointly developed along with Biocon for diabetes treatment "Achange in control at Amylin provides Biocon with an exit option which it has exercised. This will enable Biocon to focuson its resources to other advancing programs, the company stated.In March, Biocon had severed ties with global drug-maker Pfizer, stating difference in priorities. The company hadentered into a $350-million agreement with Pfizer for commercializing its biosimilar insulin products. Biocon hadreceived $200 million upfront for the deal, and was supposed to receive milestone payment worth $150 million besidesthe royalty from the sale of the products. Click here for index
  31. 31. Harman to set up manufacturing facility in PuneHarman, global provider of audio and infotainment solutions, is setting up a manufacturing facility and acoustic systemsengineering centre in Pune. Situated on a 4-acre expanse in Chakan, Pune, the manufacturing facility, the ground-breaking for which was done today, will have the capacity to support over 400,000 car sets annually, and entail SMT andinfotainment manufacturing capabilities. It is slated to be operational by the end of 2013.The Harman Acoustic Systems Engineering Centre, equipped to global standards, will be fully operational by April 2013.Michael Mauser, Executive Vice-President and Co-President, Infotainment and Lifestyle Divisions, said Pune will serve inHarman’s recently announced strategic multi-year relationship to develop and supply branded audio and infotainmentsolutions for leading players such as Tata Motors.“Our growth plan in India is intensive. We will invest $10 million in the first phase with 100 employees. With its hugebase of automotive OEMs, Pune is an ideal location. The input costs will be lower and to start with we will also conductlocal sourcing to the tune of 30 per cent. Our products and systems will be specially customized for the Indian market,”he said.“We will start with manufacturing of infotainment products like radio and navigation units and then scale up ouroperations by bringing in lifestyle products. Over a period of time, we will bring in our entire product portfolio into India.This manufacturing facility can also be looked at for exports at a later stage,” he added. Click here for index GM to expand capacity at HalolGearing up to launch a new multi-purpose vehicle (MPV), Enjoy, U.S. carmaker General Motors, said it would shortlyhave 1.10 lakh units annual commissioned capacity at its Halol plant in Gujarat.At present, the plant has an annual capacity of 85,000 units, with the company planning to launch the new eight-seaterMPV from its Shanghai Automotive Industries Corp (SAIC) platform. “Shortly, we would have 1.10 lakh unitcommissioned capacity annually at Halol because Enjoy is proposed to be rolled out from this plant in next couple ofmonths,” Vice-President (Corporate Communication) P. BalendranGM had recently raised its shareholding in an equal joint venture with SAIC to 91 per cent, regaining complete control.The company had invested over $1 billion in India till date, a company statement said.“Halol capacity was short...so it is being expanded. With the inauguration of a press shop at Halol, it is now an integratedmanufacturing plant,” Mr. Balendran said. The company has phased out its models such as Chervolet Optra and Aveo.“After the launch of Chevrolet Sail U-VA, a hatchback, we plan to roll out a new sedan model of Sail by next month,” hesaid. The new sedan will be the company’s sixth launch this year.As compared to sales of 1, 11,510 units last year, GM sold nearly 78,100 units till October-end in India this year. “InGujarat, we had sold 11,500 units last year, and hope to sell 10,000 units by this year-end,” Mr. Balendran said. Click here for index Mayfield invests in Indian incubator AngelPrime Does not disclose exact amount, but says overall fund run by AngelPrime will total less than $10 mnOne of Silicon Valleys most established venture funds is seeking to ferret out startup talent in India at the very earlieststages by investing in AngelPrime, a Bangalore-based incubator programme to foster young companies. The MayfieldFund said it would take a majority investment in AngelPrime, bringing its India investment expertise to youngercompanies, and more technology companies, than in the past. It did not disclose the exact amount, but said the overallfund run by AngelPrime would total less than $10 million.With the investment, Mayfield can foster early-stage technology in India, while keeping an eye on the start-up scenethere, said managing director Navin Chaddha. The fund will also be able to work with entrepreneurs it knows well.
  32. 32. AngelPrimes founding partners are Bala Parthasarathy, Shripati Acharya and Sanjay Swamy, three of the co-founders ofonline photo company Snapfish, a former Mayfield portfolio company bought by Hewlett Packard in 2005.The partners will act as co-founders in the companies they support, Chaddha said, and will take larger stakes than mostincubators, though he did not say how large. In the United States incubators generally take stakes ranging from about 6percent to 10 percent.AngelPrime provides seed capital in the $200,000-$600,000 range to about three companies a year and aims to nurturethem for about 12-18 months. By contrast, the well-known U.S. incubator Y Combinator invests about $18,000 percompany, and its program runs three months. Its last class numbered more than 80 startups. Many venture firms areestablishing relationships with U.S. incubators. Andreessen Horowitz and General Catalyst, for example, are amongthose offering each Y Combinator company a total of $150,000 in convertible debt via the Start Fund."From a strategic perspective, it is a similar thing to what Andreessen Horowitz has done," said Chaddha, comparing thebenefits of Mayfields AngelPrime investment with Andreessens relationship with Y Combinator.India has long held promise for venture capitalists, with many comparing it to China in the 1990s when it comes to newcompanies. It has a few incubators, but none has yet achieved the type of traction programs such as Y Combinator has inthe United States.Mayfield currently invests in India through a dedicated $111 million fund for companies that are already generatingrevenue. In July, it announced Mayfield XIV, a $365 million U.S.-focused technology fund. Click here for index
  33. 33. India’s Investments in U.S Hinduja firm Gulf Oil Corp buys US-based Houghton International for $1 billionHinduja Group firm Gulf Oil Corp said it will acquire US-based specialty chemicals maker Houghton International Inc. forUSD 1.05 billion (about Rs 5,670 crore).In the second-biggest acquisition by an Indian company this year, Gulf Oil will buy 100 per cent stake in Houghton,whose chemicals and lubricants are used in the metalworking and automotive industries, from a US-based private equityfund, which it did not name.New York-based private-equity firm AEA Investors LP had bought Houghton in 2007. Gulf Oil, which sells lubricants andindustrial explosives in India and offshore, said it, will make the acquisition through its UK subsidiary. The USD 1.045billion deal is subject to certain conditions and Houghton will operate as a separate company, it said in a statement.Lubricant maker Gulf Oils planned acquisition is second only to Indian Hotels Company’s USD 1.86 billion offer lastmonth to buy Hamilton, Bermuda-based Orient-Express Hotels Ltd. Houghton, a maker of fluids used for metalprocessing applications including cutting and stamping, has 12 manufacturing facilities in 10 countries and reported anoperating profit of USD 132 million in the year to September 30 on sales of USD 858 million.Gulf Oil said it will be able to offer Houghtons industrial clients "a complete end-to-end range of lubricants," followingthe acquisition. Houghton will give the company access to customers in more than 75 nations. Besides Indian Hotels,Rain Commodities reached an agreement this year to buy Belgium-based specialty chemicals group Rutgers in a USD 918million deal.Also, state-owned Oil and Natural Gas Corp (ONGC) bought stake in a group of oil fields in Azerbaijan for about USD 1billion. “An agreement was signed for the acquisition by its wholly-owned subsidiary in the UK on November 6, 2012,with the sellers, a US-based private equity fund," Gulf Oil said.Gulf Oil Corp Ltd will operate Houghton as a separate company and the rest of Gulfs operations will be able to leverageHoughtons extensive base of industrial customers to offer them a complete en-to-end range of lubricants, it said.In addition there are various synergies that can be achieved in manufacturing, strategic sourcing and distribution," itsaid. "The acquisition fits extremely well with Gulfs Lubricant portfolio. Houghton has a very strong industrial portfolio,which perfectly complements Gulfs very strong presence in the automotive lubricant sector," GOCL said.GOCL scrip closed at Rs 85.90 on the BSE, down 1.94 per cent from the previous close. Click here for index Sun Pharma inks pact to buy DUSA for $230 millionSun Pharmaceutical Industries, said it had inked a pact to acquire U.S.-based DUSA Pharmaceuticals for around $230million (about Rs.1,250 crore). Sun Pharma and DUSA Pharmaceuticals have entered into a definitive agreement underwhich Sun Pharma will acquire DUSA, a dermatology company focused on developing and marketing its Levulan photo-dynamic therapy platform, Sun Pharma said in a statement.Under the terms of the agreement, a 100 per cent subsidiary of Sun Pharma will commence a tender offer for all of theoutstanding common stock of DUSA at a price of $8 per share in cash, a 38 per cent premium to the closing price ofDUSA’s common stock on November 7, it added.
  34. 34. “The transaction has a total cash value of about $230 million,” it said. The transaction has been unanimously approvedby the boards of directors of both companies and DUSA’s board has recommended that the company’s shareholderstender their shares pursuant to the tender offer, it added.PROVEN CAPABILITIES“DUSA has proven technical capabilities in photo-dynamic skin treatments with USFDA-approved manufacturing. DUSA’sbusiness brings us an entry into dermatological treatment devices, where we see good growth opportunities,” SunPharma Managing Director Dilip Shanghvi said.Commenting on the deal, DUSA Pharmaceuticals Inc. President and CEO Robert Doman said the company was confidentthat Sun Pharma would build upon the solid foundation DUSA had established in the U.S. dermatology market. DUSA’sLevulan combination therapy is approved by the Food and Drug Administration for treatment of non-hyperkeratoticactinic keratoses of the face or scalp.Leerink Swann LLC acted as exclusive financial advisor, and Reed Smith LLP acted as legal advisor to DUSAPharmaceuticals, the company said. Shares of Sun Pharma, on Thursday, closed at Rs.696.15 on the BSE, down 0.76 percent from its previous close. Click here for index MphasiS buys US mortgage management firm for $175 million Bangalore-based MphasiS expects the all-cash deal to buy US-based Digital Risk to conclude by 31 Jan MphasiS CEO, Mr. Ganesh AyyarMphasiS Ltd, an Indian IT services and back-office support provider and a unit of Hewlett-Packard Co., has agreed to buyUS-based Digital Risk LLC, a mortgage management specialist, for $175 million.The purchase furthers MphasiS’ strategy of focusing on financial services clients, a shift the company started in 2010,CEO Ganesh Ayyar said in a statement.Florida-based Digital Risk sells software, analytics and forensics solutions that mortgage providers and insurers canemploy to reduce risk of default and ensure regulatory compliance, according to the statement.Bangalore-headquartered MphasiS expects the all-cash deal to conclude by 31 January, subject to regulatory approvals.Privately held Digital Risk has 1,500 staff and expects $127 million in revenue for the year ending December 2012.Avendus Capital acted as financial adviser and Goodwin Procter LLP acted as legal adviser to MphasiS. Portico CapitalSecurities LLC served as financial adviser to Digital Risk. Click here for index Persistent Systems Acquires Innovative Cloud Platform Business from Washington based Doyenz, Inc.Persistent Systems, the global leader in software product and technology services, today announced it has entered intoa definitive agreement through its US subsidiary to acquire ‘rCloud’, an innovative cloud platform business fromprivately held Doyenz, Inc. Doyenz’s rCloud, an innovative business continuity cloud platform, provides backup and
  35. 35. disaster recovery for physical and virtual servers on the cloud for SMBs. Persistent Systems will continue to serve rCloudcustomers under the Doyenz brand. The Company will develop and enhance the rCloud service, maintaining employeesand channel partnerships instrumental to its business. Terms of the definitive agreement were not disclosed.This acquisition furthers Persistent Systems’ objectives in growing its IP-led business, and strengthens the Company’scloud computing and SMB offerings. Doyenz’s team of seasoned cloud experts and its rCloud service will enablePersistent Systems to extend its cloud expertise and to provide a complete end-to-end solution to existing and newcustomers, delivered through the channel.According to a recent Forrester Research report entitled “An Infrastructure and Operations Pro’s Guide To Cloud-BasedDisaster Recovery Services,” 70% of SMBs interviewed said they considered DR (disaster recovery) to be of high orcritical importance in the decision to adopt cloud services.“We are committed to delivering the most advanced solutions in cloud computing and this acquisition will furtherexpand our IP led solutions in the cloud and SMB space,” said Nara Rajagopalan, Chief Product Officer, PersistentSystems, Inc. “With hundreds of partners representing over 3500 customers, Doyenz’s proven rCloud disaster recoverysolution is meeting a critical need in the global SMB marketplace. We are delighted to welcome Ashutosh Tiwary, CEO ofDoyenz and the Doyenz team of cloud platform experts to Persistent.”“Our vision was to make recovery of IT applications and data faster, simpler, and more accessible to companies of allsizes,” said Ashutosh Tiwary, CEO of Doyenz Inc. “Persistent’s acquisition of Doyenz’s market leading disaster recoverycloud platform will allow us to grow and deliver even more enterprise-class, affordable, cloud-based disaster recoveryservices to Managed Service Providers, serving the SMB community. The team and I are excited to join PersistentSystems and work together to further develop innovative disaster recovery and cloud services for our customers.”"Doyenz’s rCloud is a critical component to our business, providing innovative cloud-based disaster recovery services toour partners" said Alex Rogers, CEO of CharTec. "Persistent Systems brings strong financial backing and top notchsoftware professionals to rapidly develop innovative disaster recovery services for the channel."About Doyenz:Doyenz provides an innovative cloud platform that meets the business continuity needs of small and medium-sizedbusinesses. Doyenz rCloud provides backup and disaster recovery for VMware environments allowing IT professionals torestore virtual environments in under fifteen minutes, providing quick access to business critical applications. Doyenz isa privately held company headquartered in Bellevue, Washington with additional facilities in Boston, Massachusetts andLondon, England. Click here for index Sahara buys 2 iconic NY hotels - New York Plaza, Dream New York Now looking at picking up some other landmark properties in New York to build up a portfolio of luxury hotelsSubrata Roy-promoted real estate-to-financial services major Sahara Group has completed the acquisition of two iconicNew York hotels—New York Plaza and Dream New York-—both based near Manhattans Central Park, a century-olddestination for socialites and celebrities, for around $800 million (about Rs 4,400 crore). The Sahara Group, which hadacquired Grosvenor House in London in 2010, is said to be now looking at picking up some other landmark properties inNew York to build up a portfolio of luxury hotels.According to sources, the Sahara Group will acquire a 75% stake in Plaza Hotel for $570 million, while Kingdom, theinvestment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25% stake after a complex transaction.Similarly, Sahara has bought Dream Downtown, owned by celebrated New York hotelier Vikram Chatwal for $220million. Both the deals were signed recently.
  36. 36. Dream Downtown, featuring 315 loft-style rooms and Suites is a prized property of the Chatwals. Dream Downtown iswithin walking distance of shopping and art galleries and the famous neighborhoods of So-Ho, Chelsea, and the WestVillage. Both Plaza and Dream Downtown would continue to be looked after by the existing management. It could notbe immediately ascertained as to how Sahara would finance the two deals. It may be pointed out that it had earlierpledged the Grosvenor House to raise 250 million pounds, a part of which may be used to fund the New York purchases.Sahara officials did not comment on the development. The deal comes at a time when Indian Hotels, part of the Tatagroup, has made a bid for acquiring a controlling stake in the Bermuda-based hospitality firm, Orient Express Hotels for$1.86 billion.The 105-year-old storied New York Plaza, overlooking New Yorks Central Park, is known for its rich legacy and wasdesigned by Henry Janeway Hardenbergh , who also designed the historic Fort Garry Hotel in Winnipeg. Alfred GwynneVanderbilt, heir to the Vanderbilt industrial empire, was understood to have been the first guest of the hotel when itopened to the public in October 1, 1907.The hotel, struggling in recent years, was accorded a landmark status by the New York City Landmarks PreservationCommission in 1969 and was designated a National Historic Landmark (NHL) in 1986. It has been the site for famousperformers and guests and has also been frequented by US presidents. It also featured in more than two dozenHollywood movies, including North by Northwest (1959), Scent of a Woman (1991) and Home Alone 2 (1992), besidessome TV serials such as Friends, Ugly Betty and Sex and the City. The hotel was also the setting of various literary works.Saharas agreement to purchase the two New York based hotels come on the back of a Supreme Court order directing itto refund over $3 billion worth of bonds raised by selling optionally fully convertible debentures. Sebi last year said thedebt issue didnt comply with rules. According to the groups website, it has assets worth $26 billion.Apart from the two New York hotels and Grosvenor House, Subrata Roy owns Sahara Star, a 223-room five star hotelnear the Mumbai domestic airport. Besides, it also owns a resort-cum-township for the uber rich at Amby Valley inMaharashtra. Click here for index MindTree opens development centre in FloridaAs part of its efforts to reach out to clients in the US, IT solutions company MindTree Ltd opened a delivery centre inGainesville, Florida. It is the first delivery center outside India for MindTree.The company said that it would create 400 new jobs over the next five years and a $2.925 million investment has beenplanned, of which more than $1.6 million had been invested in the project. It had also hired 47 people since the FloridaGovernor Rick Scott announced the project in March.MindTree said that its new US delivery center was the first outside India for it and was “part of the company’s strategy”to expand IT and software services to its US clients. It said that Gainesville was chosen over places in Alabama and SouthCarolina with many local organisations joining to impress on MindTree as how the location “fits Mindtree’s culture”.Governor Rick Scott and MindTree’s co-founders Krishnakumar Natarajan and Scott Staples, among others, were presentat the ribbon cutting ceremony of Mindtree Delivery Centre on November 13, MindTree said in a communication to thestock exchanges. Click here for index Infosys unit to buy unit of Marsh & McLennanA unit of Indias Infosys Ltd. is buying the claims processing, call center and accounting unit of U.S.-based insurancebrokerage Marsh & McLennan Cos. for an undisclosed amount. Marsh BPO has seven insurance-company clients withmore than 600,000 policy holders, Infosys BPO Ltd. said in a statement recently. All 87 Marsh BPO staff will be absorbedby Infosys BPO.The acquisition will expand Infosys BPOs presence in voluntary group life insurance, the statement added without givingany other details. Infosys Ltd. is Indias second-largest outsourcing company by sales. Infosys BPO posted $495 million inrevenue in the fiscal year ended March 31.
  37. 37. In December Infosys BPO bought Australias Portland Group Pty. Ltd. for 37 million Australian dollars ($38.2 million). Itbought privately held U.S. insurance company Mc. Camish Systems for about $58 million in 2009. Click here for index IBS Software Services Acquired US Hotel Booking SolutionKerala based IBS Software Services on 24 October 2012 announced the acquisition of Atlanta-based Hotel BookingSolutions (HBSi) through a multi-million dollar deal.The acquisition of HBSi by IBS’ was made by buying over the entire shareholding of Crosslink Capital, which is SanFrancisco-based leading private equity and venture capital firm. Crosslinks Capital has over $1.8 billion in assets withinvestments in around 100 companies.With the acquisition of Hotel Booking Solution almost hundred major players in the hospitality industry includingStarwood, Harrahs, Raffles, Ramada, Fairmont and Kerzner on the supply partner side as well as Expedia Orbitz andTravelocity on the distribution side will join the IBS stable.Hotel Booking Solution is a travel technology and services firm that provides distribution services to leading hotelcompanies and travel suppliers by linking their computer reservation systems to distribution channels for instanttransmission of room availability, rates, and inventory and reservation confirmations. Click here for index Jindal Poly Films to acquire ExxonMobil unitJindal Poly Films Ltd, part of the B C Jindal Group, has entered into an agreement with ExxonMobil Chemical to acquireits biaxially oriented polypropylene (BOPP) global films business.The purchase agreement was signed on Friday, but Jindal Poly Films did not disclose the deal size. The shares of JindalPoly Films ended 4.67 per cent lower to close at Rs 212.50 on the BSE recently. The transaction remains subject tonecessary approvals from the regulatory authorities, the company said in a statement.ExxonMobil’s BOPP has five manufacturing units in the US and Europe and has about 1,500 employees. The transactionalso includes a technology center and sales office in Rochester, New York and an office in Luxembourg.“We are excited to buy this business due to its excellent portfolio of premium products along with industry leadingtechnology and R&D. We are confident that, in combination with our existing Indian operations, we will be able todeliver long-term solutions to our customers globally,” Hemant Sharma, CEO, Jindal Poly Films, said in a statement. Click here for index
  38. 38. Indo-US Corporate News Subway plans 1,000 stores in 5 yearsSubway has encouraged developing opportunities in non-traditional locales such as airports, hospitals, college anduniversity campuses.Quick service restaurant brand Subway has opened its 300th restaurant in India, at Terminal 2 of the MumbaiInternational Airport. Fred DeLuca, President and Co-founder of Subway, is bullish on India and plans to open 1,000stores in India in the coming five years through the franchise route.The Connecticut-headquartered brand is present in 50 Indian cities with 263 franchisee-run restaurants. Globally, theSubway brand has more than 37,000 restaurants spread throughout 100 countries. Robby Gulri, Area DevelopmentManager, said, “Mumbai figures prominently in Subway’s growth plans. The rising inclination of people towards healthyeating has also given an added impetus to Subway’s performance.” Mumbai International Airport, which sees thehighest density of travelers in transit, now has its own Subway store. “Subway, as a global brand, has always encourageddeveloping opportunities in non-traditional locales such as airports, hospitals, college and university campuses,” saidChetan Arora, Development Agent for Subway Mumbai and Maharashtra.The chain is now focusing on tier-II and tier- III cities. Subway has adapted its menu to appeal to the Indian consumer.No beef or pork products are served, and in addition to products available at its locations throughout the world, therestaurants in India offer a wide range of local favorites such as Chicken Tandoori and Paneer Tikka.Though the company has only two vegetarian products in its American and European menus, recently, it rolled out itsfirst ever all-vegetarian outlet at Jalandhar-based Lovely Professional University (LPU). The latter is run by a strict HinduMittal family and promotes only vegetarian meals on the campus.India is a small part of Subways business contributing 2.5 per cent to overall revenue. Click here for index Bharti Walmart opens outlet in RajahmundryIt’s Rajahmundry in coastal Andhra Pradesh now for Bharti Walmart. The joint venture between Bharti Enterprises andWalmart Stores Inc. in India opened its fourth ‘Best Price’ wholesale store in Rajahmundry. The outlet will create 170direct jobs. The joint venture already has stores in Vijayawada, Guntur and Hyderabad. Its plan is to open 19 storesacross India this year.Arvind Mediratta, Chief Operating Officer, Bharti Walmart, inaugurated the store, which is spread over 53,000 squarefeet next to the ONGC Base Complex.Wide rangeThe store will stock over 5,000 items, including a wide range of fresh, frozen and chilled foods, fruits and vegetables, drygroceries, personal and home care items, electronic goods, and other general merchandise items.In a press release the company said several products available have been locally sourced from Rajahmundry andsurrounding areas including paper, snacks and confectionaries, dairy, frozen and bakery, personal care, tobacco. Also,some of the private label items available in the store that are sourced locally includes pickles, rice, stationery, maida,besan, idli and dosa mix, atta, pulses, spices and ghee. Click here for index

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