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.
Download this Issue http://goo.gl/m6Ggy
The twelfth issue carries features like Happenings at IACC, Business and Corporate News,Updated Trade & Analysis, Must attend Upcoming Events, with new addition of Major trade show
The twelfth issue carries features like Happenings at IACC, Business and Corporate News,Updated Trade & Analysis, Must attend Upcoming Events, with new addition of Major trade show
As a Search Quality Rater, you will work on many different types of rating projects. These guidelines cover just one type of search quality rating – URL rating.
Please take the time to carefully read through these guidelines. The ideas presented here are important for other types of rating. When you can do URL rating, you will be well on your way to becoming a successful Search Quality Rater!
As a Search Quality Rater, you will work on many different types of rating projects. These guidelines cover just one type of search quality rating – URL rating.
Please take the time to carefully read through these guidelines. The ideas presented here are important for other types of rating. When you can do URL rating, you will be well on your way to becoming a successful Search Quality Rater!
The document describes the global and Indian scenario for export of onion. It includes the different types of processed onion products and its manufacturing process. The forward and backward integration for marketing of onions along with the guidelines for onion exporters is also covered.
Babelfish: Articles May2013 - July 2013 15-7-13Brian Crotty
Articles that I have collected over the last months.Index has hyperlinks to articles.
Yellow highlighted articles - in my opinion - Must reads
I hope it is as much use to you as it was to me.
Cheers, BC
This book contains a series of my blog posts on the twelve ascendants, together with celebrity pictures to help illustrate the appearance and character traits of each zodiac sign. It's based on my personal experience of doing life assessments and on the knowledge I've gained through books and astrology teachers.
[Audio] http://soundcloud.com/karthik-kastury/the-next-40-years-of-your-life
Slides from the Talk I gave on 12th March, 2012 to the final year students of NMAMIT, Nitte. I talk about various things that go into living thru a sound career, personal time, work life balance, business networking etc..
P.S The Talk is just under two hours long, with almost an hour of Q&A with the audience in the second half.
The Audio recording is available here : http://soundcloud.com/karthik-kastury/the-next-40-years-of-your-life
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
2. Index
Contents
Index
President’s Message ............................................................................................................................... 5
From the Secretary General’s Desk ......................................................................................................... 7
Happenings at IACC ................................................................................................................................ 8
US investments in India ........................................................................................................................ 23
U.S. based real estate development & Investment Company Portman plans to raise $300 million in India realty fund23
New York based WFA Global invests in Hyderabad-based personal financial services start-up .................................... 23
Blackstone offers to buy Vijay Mallya's office, retail blocks in UB City for Rs 550 crore ................................................ 24
Pittsburgh based Mylan Labs to buy SMS Indian manufacturing unit for $33 million ................................................... 25
GE to invest Rs 331 lakh in research & engineering ....................................................................................................... 25
Blackstone Capital Partners to buy 12.5% stake in International Tractors Limited for Rs 520 crore ............................. 26
Agilent Technologies ties up with Vizag Company ......................................................................................................... 27
Bharti Walmart opens 2nd store in Bhopal ...................................................................................................................... 27
Autodesk acquires Pramati's Qontext ............................................................................................................................ 28
Virginia Tech research center to open in 2013 in India .................................................................................................. 28
U.S based PE firm Blackstone inks India’s biggest commercial real estate acquisition deal .......................................... 29
Amway to set up R&D Centre for health, beauty segments ........................................................................................... 30
Harley Davidson eyes smaller Indian towns to expand footprint ................................................................................... 30
Private equity firm GE Capital pays Rs 125 crore for 7.7% stake in Biocon Syngene ..................................................... 31
Harman to set up manufacturing facility in Pune ........................................................................................................... 32
GM to expand capacity at Halol ...................................................................................................................................... 32
Mayfield invests in Indian incubator AngelPrime ........................................................................................................... 32
India’s Investments in U.S ..................................................................................................................... 34
Hinduja firm Gulf Oil Corp buys US-based Houghton International for $1 billion.......................................................... 34
Sun Pharma inks pact to buy DUSA for $230 million ...................................................................................................... 34
MphasiS buys US mortgage management firm for $175 million ................................................................................................... 35
Persistent Systems Acquires Innovative Cloud Platform Business from Washington based Doyenz, Inc. ..................... 35
Sahara buys 2 iconic NY hotels - New York Plaza, Dream New York .............................................................................. 36
MindTree opens development centre in Florida ............................................................................................................ 37
Infosys unit to buy unit of Marsh & McLennan .............................................................................................................. 37
IBS Software Services Acquired US Hotel Booking Solution ........................................................................................... 38
Jindal Poly Films to acquire ExxonMobil unit.................................................................................................................. 38
3. Indo-US Corporate News ...................................................................................................................... 39
Subway plans 1,000 stores in 5 years ............................................................................................................................. 39
Bharti Walmart opens outlet in Rajahmundry................................................................................................................ 39
India's Ranbaxy launches acne drug in US ...................................................................................................................... 40
Punjab asks Monsanto to set up a R&D center for maize crop in state ......................................................................... 40
MWV Will Acquire Ruby Macons Ltd. to Accelerate India Growth Strategy .................................................................. 40
Domino's India aims to be largest franchise outside US in 2 years ................................................................................ 41
Voltech, NanoPV venture to build solar module plant near Chennai............................................................................. 42
Intel looks to modernize PDS retailing in Gujarat ........................................................................................................... 43
Citi Expands Express Wire Asia Program with India Desk ............................................................................................... 43
DuPont expanding Hyderabad knowledge centre .......................................................................................................... 44
Special Report ...................................................................................................................................... 45
India’s coffee market competition is ferocious: Howard Schultz, Starbucks.................................................................. 45
OVL (ONGC VIDESH's) wishes to have an integrated presence in the US....................................................................... 46
In the News: ......................................................................................................................................... 49
Indian companies created 50,000 jobs in US, says Deputy Secretary of State William Burns ....................................... 49
US immigration reforms: Indians want Obama to cut long wait for green cards ........................................................... 50
US Working With India for Increased Defense Cooperation .......................................................................................... 51
India, US discuss ways to lower barriers to trade, investment....................................................................................... 52
State’s Burns Cites Strategic, Economic, People Ties with India .................................................................................... 53
Gujarat IT companies diversify operations in US ............................................................................................................ 54
US-based investor plans start-up school in Kochi ........................................................................................................... 54
US explores treaty to nail US tax defaulters in India ...................................................................................................... 55
Indian-American professor appointed as the first director of digital learning at MIT ................................................... 57
India big part of his plans, Barack Obama tells Manmohan Singh ................................................................................. 57
US department of agriculture pegs India's coffee exports at 5.51 million bags ............................................................. 58
Norms relating Indian defense technologies need reform: Powell ................................................................................ 58
US strongly values strategic partnership with India, says State Department spokesman ............................................. 59
US fiscal cliff won't impact Indian IT sector: Nasscom.................................................................................................... 59
Visa interview waived for four more categories, says US envoy .................................................................................... 60
India's Bold Solution to the U.S. College Crisis: Federal Universities ............................................................................. 61
India an important strategic partner of US: Ami Bera .................................................................................................... 62
FDI in retail will benefit consumers in India: Nancy Powell ............................................................................................ 63
After Atlanta, India now working to open Consulate in Seattle ..................................................................................... 63
Stanford B-school to start course in India ...................................................................................................................... 64
4. The Shale Gas Revolution in America: An Opportunity for India .................................................................................... 66
Calendar of IACC Events for 2012 .......................................................................................................... 68
Indo-US Trade Statistics ........................................................................................................................ 69
2012: U.S. Trade in Merchandise goods with India ........................................................................................................ 69
2011: U.S. Trade in Merchandise goods with India ........................................................................................................ 69
India – US Trade Analysis ...................................................................................................................... 70
International Trade shows .................................................................................................................... 71
US Department of Commerce Certified Trade shows in U.S.A ....................................................................................... 71
International Buyer Program, 2013 Trade shows ................................................................................... 74
US Department of Commerce Certified Trade shows in India ........................................................................................ 76
Major Trade shows in India............................................................................................................................................. 78
Major Trade shows in U.S.A ............................................................................................................................................ 80
How to reach us: .................................................................................................................................. 84
Get Social with the Only Bilateral Chamber of Commerce for Indo-US Business, IACC ................................................. 84
5. President’s Message
Dear Members,
The convincing re-election of President Obama signifies the continuity of policies and programs. Equally lauded was his
assurance given to Indian Prime Minister Dr. Manmohan Singh that India -focus of the US Administration will be guided
by pragmatism and the important roles both countries play in the global arena. One can expect that the economic
partnership between the two countries will be heightened in the light of many positive developments that are taking
place 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 draw
considerable US investment into India. Urban transport in India needs to be toned up to ease the pressure on the
existing networks. Overcrowded buses choked up roads, over-aged vehicles etc. are some of the banes of Indian
transport landscape and such problems are more crucial in towns and cities. Foreign investment is allowed in the sector
but not many have come forward to invest in this sector. Lack of policy clarity, bureaucratic delays, inadequate
protection to the assets and rolling stocks etc. are perceived to be reasons that are holding back not only FDI but also
investment 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 transport
systems. We have world- class metro systems in Delhi, Kolkata and the projects in cities like Mumbai, Chennai and
Bangalore are at various stages of implementation. There is considerable scope for private- public partnership in
building these networks. The US presence in the implementation and in providing rolling stocks to metro networks is
virtually nil. Japan is providing funds and the rolling stocks are procured from Korea and Germany. This is an area where
there can be focused attention of the US corporations, since such projects are not only implemented in time, but also
even before time.
Dedicated freight corridors are going to redefine the goods movements in India. Eastern and western corridors will be
completed by 2016 and the feasibility study for the next four corridors will be completed by the end 2013. Several
billions of dollars have already been invested in the corridors where the works have already started. World Bank and
Japanese development agency, JAICO are funding the projects which provide excellent opportunities for private
investment. For instance, in the eastern and western corridors, around 150 kms of land will be developed along the side
lines of the track, which will ensure world class logistics to manufacturing units that will come up there. US firms can
take 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 in
the development of townships and satellite towns subject to certain area restrictions. Since the cities are becoming
6. saturated, people and offices are relocated to areas that are less populated but closer to the cities and townships. There
will 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 and
consolidation are the US, India and China, because of their continental market, strong industrial base and command and
dependence on technology. That also presupposes newer paradigms of co-operation and engagement among these
countries. Therefore, as President Obama enters a new term in office, we hope that India and U.S can take its
relationship to greater heights for mutual benefit.
Shourya Mandal
National President, IACC
7. From the Secretary General’s Desk
Dear Members,
According to the recent statistics released by the US Department of Commerce, the total Indo-US Trade in Merchandise
goods for the first nine months of Calendar year 2012 (January-September) is US$ 47.53 billion with balance of trade
surplus of US$ 15 billion in favor of India. This is an increase of 9.54 % over the same period last year. US Exports to
India have gone up by 2.54 % from US$ 15.86 billion to US$ 16.27 billion and US Imports from India have gone up by
13.59 % 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 November
30, 2012 to present IACC’s Pre-Budget Memorandum 2013 with recommendations on Direct and Indirect Taxes. The
IACC team was led by Mr. S.K. Sarkar, Chairman, Economic & Finance Committee of IACC for the year 2012-13 other
members 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 will
be accepted and implemented. We thank all the members who have contributed by providing their inputs and sent
their 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 and
branch offices. This issue covers regular features like Indo-US Corporate News, Happenings at IACC, International Buyer
Program- 2013 Trade shows, Indo-US Trade Statistics, IACC’s upcoming events, International trade fairs in USA & India
amongst others. This newsletter is an attempt to further the cause of increasing trade between Indo-US Business
Houses.
If you have any success stories of your company with US partners on joint ventures, mergers & acquisition etc., please
do let us know. We will be happy to carry a case study on your company’s success in the newsletter.
Hope you will find this issue informative and useful.
With regards,
R.K. Chopra
Secretary General, IACC
8. Happenings at IACC
Head Office
Breakfast Meeting with Washington State Governor Ms. Christine Gregorie on October 8, 2012 at Taj Lands’
End, Mumbai
The Indo-American Chamber of Commerce (IACC) organized a breakfast meeting with Washington State Governor
Christine Gregoire and the accompanying business delegation on Monday, October 8, 2012 at Garden View Room, Taj
Land’s End, Mumbai. Self-introduction was done by IACC members followed by the
delegates. Mr. R.K. Chopra, Secretary General (IACC) briefed about IACC and the business opportunities in Education
and Biotechnology sectors, which were of interest to the visiting delegation. Dr. L S. Kanodia, Regional President – WIC
gave his welcome remarks and spoke about the political and economic climate in India. He also spoke about the
opportunities 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 24th
largest 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 to
make sure that we can make that happen." She said that businessmen of both the sides can increase cooperation in
areas like IT, pharmaceuticals, aviation, life sciences, biotechnology and agriculture. "We have one of the vibrant IT and
software sector in the world. This is an opportunity for India," she added. She also said that Seattle-based coffee chain
Starbucks will open its first store in India by end of this month. "Now it (Starbucks) is located everywhere around the
globe 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 Governor
Gregoire 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
9. (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. Kanodia
Mr. R. K. Chopra(Center) & Dr. L. S. Kanodia (Right) handing over the Governor Christine Gregoire addressing the audience
memento to Ms. Christine Gregoire
10. West India Council
IACC Supports "Media & Entertainment Law Forum 2012" organized by the Legal Era on October 06, 2012 at
JW Marriott Hotel, Mumbai
Mr. 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
11. IACC hosted its 7th “Breakfast Meeting” on October 11, 2012 at Hotel Marine Plaza
After having completed 6 Breakfast Meetings successfully, there were several prolific speakers who provided us with
interesting insights on varied topics across various industries. The 7th meeting bore witness to an enlightening discussion
about 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 the
establishment and development of the IT sector in India today - The Founding CEO of TCS and the Chairman of
Datamatics 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 figures
with respect to the contribution of the IT sector to the Indian economy, employment statistics and even exports
revenues. 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 he
himself played in the progress of the IT industry as a whole. Dr. Kanodia also shed some light on the barriers that the IT
sector 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 has
indeed grown substantially, but there is still a long journey ahead. The meeting was concluded after an interactive
discussion 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.
12. 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.
13. IACC Supports, 2nd Indo-US Nuclear Energy Safety Summit 2012 on October 11-12, 2012 at IIT Powai,
Mumbai
The American Nuclear Society and the India Section of the American Nuclear Society along with their partners had
organized 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 and
international 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
14. 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 Deccan
Rendezvous, Pune. The topic for the Session was “Visual Thinking as an Innovation Tool”, & presented by Mr. Dhruv
Agarwal & Mr. Kush Agarwal.
The session was an interactive Session & revolved around Innovation which requires creativity, imagination and design
thinking, 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 today's 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
15. 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
16. North India Council
IACC-Citi Bank Knowledge Series on October 19, 2012 in New Delhi
The Indo-American Chamber of Commerce organized an IACC- Citi Bank Knowledge Series on October 19, 2012 in, New
Delhi. Mr. Kumud Gandhi, Assistant Vice President, Commercial Banking, Citi Bank made a presentation “Commercial
Bank – 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 : Credentials
Mr. 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”.
17. South India Council
Tamil Nadu Branch
IACC-TN Branch Organized an Interactive session on “Compete and grow, globally” held on October 08,
2012, at Hyatt Regency, Chennai
IACC – 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 her
address Ms. Jennifer said that 39 states in the US have signed a strong resolution to combat unfair trade practices in
manufacturing by preventing usage of illegal or stolen Information Technology by using their existing state unfair
competition 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. She
said that the enforcement of Intellectual Property Rights (IPR) strengthened the investment climate to attract and retain
innovative 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 Competitions
Act and doing business the right way, which was followed by a presentation on Competing and growing globally using
the right technology by Mr. Anish Roy, Regional Head-NOKIA Business Enterprises & Mr. Ashish Uchil, Business
development 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 session
was 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
18. 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, 2012
From (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
19. 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, 2012
Mr.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
21. 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 Lounge
Fortune, 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 in
regards 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 the
seminar was twofold. The first was to focus on the myths of talent management and the second objective was to
provide some insights of talent management. In Mr. Ramesh Dasary’s opening address, he explained about talent
management that it has become top-of-mind for most corporate executives and organizational leaders today. Talent
management—or components thereof—has been one of the most popular cover stories for trade and business
publications, 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 talent
management, such as; talent management is non-strategic, people make organization smart, size matters, people are
born with all the natural talent and the abilities, the south pole theory (hire those who performed at the top of their
academic classes), managers do what they are expected to do, your business's future leaders will come from your
existing pool of high-performing managers, high performers are always high potential, people grow most in their
weakest 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 also
included an animated video clip from Dan Pink's talk at the RSA, which illustrated the hidden truths behind what really
motivates 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 MSME
scale up, through transformational Talent Management initiatives in the organizations, having held leadership roles in
large MNCs for over 20 years.
Mr. Ramesh Dasary, Consultant and Founder, Improwise delivering the presentation.
22. Mr. Ramesh Dasary being facilitated by Mr. V Srinivasan, Chairman of IACC Karnataka Branch & Director, SJS Enterprises Pvt. Ltd.
23. US investments in India
U.S. based real estate development & Investment Company Portman plans to
raise $300 million in India realty fund
US-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 the
next 30 months once the fund raising is concluded. Apart from these third-party funds, Portman will also continue to
invest 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 economy
amongst the larger ones. Our existing two investments here that we made since 2009 have been performing well with
positive returns," said Ambrish Baisiwala, CEO, Portman.
So far, Portman has invested $160 million (860 crore) in Pune-based Kolte-Patil Developers' two projects. Both are
residential projects with total development of 1.8 million sq. ft. in Pune.
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New York based WFA Global invests in Hyderabad-based personal financial
services start-up
ArthaYantra, a Hyderabad-based integrated personal financial services start-up, on Tuesday said it has raised seed
capital from US-based investment firm WFA Global Investments. However it did not disclose either the quantum of
funds 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 individuals
achieve their financial goals. The company plans to further develop its proprietary technology and also expand its team
that currently stands at over two dozen people. The company also plans to expand operations across six major cities of
Hyderabad, Bangalore, Delhi, Chennai, Mumbai and Pune.
According to the company, it was focused on launching its new solutions and was currently engaged in increasing its
financial research capabilities by building systems and processes based on existing patents that it holds and is now
piloting its innovative personal finance solution in beta with select group of customers. ArthaYantra's clientele includes
individuals from India, US, Europe and Middle East.
Commenting on the development, ArthaYantra founder and CEO Nitin B Vyakaranam said that the current round of
investment was a testament to the global appeal that its solutions carry. "In India, we plan to take personal financial
services to a greater cross-section of the population by coming out with unique and thought provoking services. We
believe that a vast majority of India's middle income population does not have access to formal personal financial
services, and our solutions would fill this gap."
New York-based WFA Global Investments managing director Dr. Ravi Bhagavatula said: "With the backbone of patented
and scalable personal finance solutions along with its disruptive business model, ArthaYantra has the potential to
achieve global scale. The Indian market has a promising 'middle of pyramid' opportunity and ArthaYantra could prove to
be a game changer in the personal finance industry."
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24. Blackstone offers to buy Vijay Mallya's office, retail blocks in UB City for Rs 550 crore
Blackstone's offer for the 3.7 lakh square feet of UB City's commercial space and 75,000 square feet of luxury retail space comes at
around Rs 550 crore
Private equity giant Blackstone has made an offer to Vijay Mallya's investment holding company UB Holdings to buy out
the prime office and retail real estate blocks in its flagship UB City, the biggest commercial property project in the heart
of Bangalore, said two people familiar with the developments.
Blackstone's 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 around
Rs 550 crore, less than what was initially estimated, said one of the sources mentioned above. However, the offer does
not include the iconic UB Tower - the group's 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 expected
to 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 that
lies with Mallya's real estate portfolio. Blackstone did not wish to comment on market speculation and a UB Group
spokesperson 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 final
decision 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 think
we are actively discussing with anybody," said a senior group official who did not wish to be identified.
25. Built on a 13-acre plot, UB City is a joint venture between Mallya's 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 city's 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 Mallya's share of UB City is around 905,000 sq. ft., with UB
Tower alone being 300,000 sq. ft.
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Pittsburgh based Mylan Labs to buy SMS Indian manufacturing unit for $33
million
Mylan Laboratories has agreed to purchase SMS Pharmaceuticals' manufacturing unit-VI in Visakhapatnam, Andhra
Pradesh, India, for a total sum of INR1.73bn ($33 million). The manufacturing unit was designed for the production of
cancer 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 the
finance to strengthen its existing production facilities and working capital.
SMS Pharma, which is involved in active pharmaceutical intermediaries manufacturing, said the legal process would take
a couple of months.
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GE to invest Rs 331 lakh in research & engineering
GE, adding 400 people every year for 10 years at the John F Welch Technology Center (JFWTC), will be expanding the
capabilities of the center at an investment of Rs 331 lakh ($60 million). The investment, which is focused on expanding
the technology center here, includes setting up experimental labs and its infrastructure includes leading-edge research
and engineering in areas of critical importance, the company said.
26. The center would conduct research and engineering in cancer treatment and radiochemistry and other technology
applications 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 GE's first and largest integrated multi-disciplinary R&D and
engineering center outside the US. Investing heavily in advanced IT-enabled laboratories, the center is among the
leading engineering innovation across GE's diverse businesses.
The GE's John F Welch Technology Centre is set to touch 5,000 employees by the end of the year, according to
Katragadda. 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 to
industry sources, the cost savings on many of the products through defeaturing has been to the tune of 50 per cent or
more in many products. The company has particularly been aggressive in the healthcare sector. It has been able to
remove 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.
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Blackstone Capital Partners to buy 12.5% stake in International Tractors Limited
for Rs 520 crore
The Blackstone Group on Monday announced that its affiliate, Blackstone Capital Partners (Singapore) VI, has signed an
agreement 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'. It
manufactures tractors from a power range of below 20 HP to over 90 HP. "There is significant amount of potential for
Sonalika to grow in market share. In the last one year too, the company had increased its share," Akhil Gupta, Senior
Managing Director and Chairman of Blackstone India told ET over phone.
This deal is in line with Blackstone's past investments in the Indian agri sector. The private equity firm has invested in
Nuziveedu Seeds and FINO, a micro-finance firm - companies that are adding value to the lives of the Indian rural
population. India currently has one of the lowest agricultural yields in the world. Mechanized farming using tractors will
enable huge improvement in India's agriculture productivity which is the private equity firm's rationale for investment in
the firm.
Incorporated in 1995, ITL has an annual turnover of $500 million. It currently has about 10% share in the domestic
tractor market. In addition, ITL exports tractors to over 70 countries. "We believe in fundamentals, farm incomes are
rising, minimum support prices are going up and with the shortage of labor, and there is a need for modernization. We
expect the tractor market to grow by 10% CAGR over the next five years," Gupta reasoned on why Blackstone picked up
a stake in a tractor manufacturer. Blackstone's MD said the company intends to stay invested for the next 5-7 years, a
typical 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 International
Tractors 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 addition
to helping us scale up our operations, this deal will provide us access to Blackstone's global best practices," Chairman LD
Mittal 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,
27. France and Germany. It has already entered into a tie-up with a company in Turkey. "Blackstone is a globally renowned
company. 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, 00,000
units," said Vice- Chairman AS Mittal. Mittal is eyeing a domestic market share of 15% in the next two years with an eye
on 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 and
expects the market to remain sluggish in first half of next fiscal. He is however bullish on long-term prospects. "The
fundamental for long-term growth remains intact. Despite the current slowdown, we expect the tractor market to grow
by 10-12% CAGR on account of paucity of labor, rising minimum support price for farmers and lower tractor penetration
in the country," said Karne.
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Agilent Technologies ties up with Vizag Company
Agilent Technologies, a US company which markets high-precision test and measurement solutions in the electronics
field, has tied up with a local company, RKe Technologies to expand its reach in Andhra Pradesh and the southern
markets.
At a press meet here on Monday, country manager Sudhir Tangri said RKe Tech was a local company with two decades
of 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 be
mutually beneficial.”
He said Agilent Technologies was the world's premier measurement company and a technology leader in chemical
analysis, life sciences, diagnostics, electronics and communications. Worldwide, the company was employing 20,000
persons 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 set
up 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 clients
would get better products and services. General Manager (Marketing) Gautam Awasthi also spoke.
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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 Pradesh
capital the only city in the country where the group has set up two stores, its top official said. "Encouraged by the huge
response that we have got in Bhopal after setting our first store, the company has decided to open second wholesale
store in Bhopal, thus making the state capital the only city in the country, where two such stores exist," Bharti Walmart
COO 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 in
the state, including one at Indore. The company has opened 20 stores in the country and is planning to open another
four wholesale outlets in the current financial year, including in Jabalpur in Madhya Pradesh, he said.
Welcoming the Centre's decision to permit FDI in retail, Mehndiratta said that it will further strengthen the retail
business in the country as the traders will get quality products for their shops under one roof on actual rates and not
have to depend on number of wholesalers for their requirements.
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28. Autodesk acquires Pramati's Qontext
The acquisition is expected to accelerate its ongoing move to the cloud and expansion of social capabilities in the
Autodesk 360 cloud-based service. Nasdaq-listed Autodesk Inc. has acquired Qontext, enterprise social collaboration
software, and its 25-member development team from Hyderabad-based Pramati Technologies for an undisclosed
amount.
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 the
Autodesk 360 cloud-based service. The Qontext team will operate from Hyderabad, a new development centre for
Autodesk. “This transaction is a significant milestone in our ongoing efforts to incubate and build companies that
address 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 of
time.
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Virginia Tech research center to open in 2013 in India
Virginia 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 Tech's growing Institute for Critical Technology and
Applied 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 outfit
the high-tech labs and provide other equipment. "For every one dollar Virginia Tech invests, our industry partners will
invest five dollars," Ghosh said.
The MARG Group develops and engineers industrial and government infrastructure projects in India, Singapore and
China, according to the company's website. None of the startup money for the center will come from state funding, nor
will 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 rural
areas in the U.S., said Roop Mahajan, director of ICTAS. In the beginning, one researcher/professor will be assigned to
the Chennai center to work with Indian doctoral students, with plans to eventually bring Tech students and other faculty
there. 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 solar
panels and wind turbines that operate at low wind speeds. These may bring sustainable energy to people living in
isolated 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 for
cloud computing, geographical positioning systems, wireless networks and the like, Mahajan said. Another area of
research planned at the center is nanotechnology, a major focus of ICTAS research in Blacksburg. Already ICTAS
researchers are working on nanofibers that can be used in high-tech water and air filters, as well as the targeted
application of agricultural fertilizers and pesticides, Mahajan said.
Because Chennai is a major area for automobile engineering and manufacturing, nanosensors under development by
ICTAS scientists are expected to become a major part of work at the India center, Mahajan said. Tech chose Chennai,
India's fifth-largest city, because of its high literacy and education rates, and because it is a national center of
engineering, 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 the
Blacksburg campus. It's estimated that about 500 Tech alumni live in and around Chennai, which is situated in the
29. southern state of Tamil Nadu. Tech's India center is expected to be financially self-sufficient by its fourth year of
operations, 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 President
Charles Steger has encouraged research and patenting of technologies as new sources of revenue. The India center is a
kind of consolation prize for the university, allowing Tech to gain a foothold in one of the world's largest emerging
economies. India, with its 1.2 billion people, is second only to China, with 1.3 billion residents, as an expected area of
economic and technological growth.
Tech had hoped to open a full-fledged graduate university in India, but that effort has been stymied by the Indian
Parliament's reluctance to allow foreign universities to operate independently in the country. A reform bill that would
have allowed Tech and other U.S. institutions to open campuses in India has stalled, with no timetable for a vote. But
U.S.-sponsored research centers are allowed under Indian law, so the ICTAS center can open now. Officials hope the
center eventually will expand to up to 40,000 square feet.
Tech currently operates major educational and research centers in Chile, the Dominican Republic, Switzerland and
Egypt. The university has grants, projects, study abroad programs and other initiatives in more than 50 countries around
the world.
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U.S based PE firm Blackstone inks India’s biggest commercial real estate
acquisition deal
US private equity firm Blackstone has inked India's 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 deal
beats Citigroup's acquisition of a Mumbai office building earlier this year for Rs 985 crore, which was bigger than Maple
Tree's Rs 800-crore buyout of 2 million sq. ft. from Assetz Global Technology Park and Baring PE Partners' Rs 500-crore
investment 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 SPV
comprising three commercial properties totaling over 10 million sq. ft. — Embassy Golf link and Manyata Embassy
Business Park in Bangalore and Embassy Tech Zone in Pune.
"Blackstone and Embassy Property Developments signed the transaction earlier this month. The deal was followed by
the 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 three
commercial 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 to
comment on this story. Our communication protocol does not allow us to speak on market speculation." Experts said the
deal is in line with this year's 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 is
currently 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, will
acquire 49% from Alta Vista, a Mauritius-based financial institution, making it a subsidiary of Embassy Property
Developments (EPD).
"Post this acquisition, EPD will transfer its shareholding of 35.77%, 51.01% and 48.75% in the three SPVs in Pune and
Bangalore that are developing business parks along with some other assets in the form of advance paid for the purchase
of land and for acquiring joint development rights to PDP.
30. 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 development
Business Park, which has a developable area of 18.29 million sq. ft. Embassy TechZone in Pune is spread over 70 acre
with 52 acre designated for a special economic zone. Some of Embassy's big tenants at its commercial properties in
Bangalore and Pune include IBM, Capgemini, Mercedes Benz, Atos Origin and Accenture. "Blackstone and Embassy will
jointly control and manage the entity in which the fund has invested. The deal has very complicated structure with
multiple 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 has
received Rs 135-crore funding in an SPV from Blackstone to develop residential-cum-retail on the 14-acre land parcel in
Hebbal. The fund also has an exposure of Rs 540 crore in Manyata Embassy Business Park, the country's largest
operational 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 pegged
at Rs 8,000-10,000 crore. The company is also increasing its presence in the residential segment and has eight residential
projects totaling 10.56 million sq. ft. under construction. It has a total debt of Rs 1,200 crore, of which 85% is linked to
rentals. The company has a total land bank of 1,300 acre in Bangalore.
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Amway to set up R&D Centre for health, beauty segments
Direct selling major Amway India today said it will open research and development center soon for making India specific
products, 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 organic
products 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 these
categories," Amway India MD and CEO William S Pinckney told reporters here on the sidelines of opening of company's
touch point here. "A team from US will visit India February next year which will see where to open R&D center and how
big it will be," he added.
The company's healthcare and beauty segment out of four segments have grown sharply on the back of product's
growing acceptability in the country as these segments alone contributes 55 per cent of company's total sales which is
expected to touch Rs 2,400 crore by 2012.
The company's upcoming new plant at Tamilnadu will also primarily manufacture healthcare and beauty products to
cater to the growing demand, he said. "After setting up of new facility, health, wellness and beauty products will shift
down 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 be
commissioned by 2015. He said the company hopes to achieve sales of Rs 2,400 crore by 2012 with a growth rate of 10
per 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.
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Harley Davidson eyes smaller Indian towns to expand footprint
US-based iconic cult bike maker Harley Davidson is targeting smaller towns in India as it looks to enhance presence in
the country. The company, which launched its 'Fat Bob' model in India priced at Rs 12.8 lakh, also said it will consider
increasing 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 will
have our tenth and next year we will add three more in Jaipur, Indore and Pune," Harley Davidson India Managing
Director Anoop Prakash told reporters here.
31. He said the company has taken a conscious decision to spread presence in the tier II towns as there is a latent demand
for Harley Davidson bikes. "We are getting a good pull in smaller towns. There are a lot of people who have the same
key attributes as we have, in wanting personal freedom. The kind of enthusiasm we had received in a place like Kochi
was 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 and
Guwahati, he added. Sounding bullish on the Indian market, he said the company will clock over 2,000 units by the end
of 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 is
no immediate plan for adding to our CKD line up, we will keep the option open for future in order to make our products
affordable to customers."
The company will continue to adopt and invest in strategies that make its "products and ownership experience
accessible to more enthusiasts and customers in India," Prakash said. The latest model Fat Bob, which is powered by a
1,600 cc engine, is the sixth model assembled in the company's plant at Bawal in Haryana. It presently sells 13 models
from its 2013 line up in India.
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Private equity firm GE Capital pays Rs 125 crore for 7.7% stake in Biocon Syngene
GE Capital, the private equity arm of GE, on Wednesday picked up 7.69% in Syngene, the research services subsidiary of
biotech firm Biocon, for Rs 125 crore. With this investment, the total valuation of Syngene stands at Rs 1,600 crore. The
Bangalore-based Biocon, which was keen to list its arm Syngene through an initial public offering, has finally found an
investor 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 will
allow Syngene to look at new research opportunities," said Kiran Mazumdar-Shaw, managing director of Biocon. Shaw
said Biocon will still explore the possibility of listing Syngene on the bourses. "We were not getting the right valuation
for 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 and
efficacy similar to the original innovator product. The company also stressed that it is in talks to bring in a partner for
Insugen. Biocon expects the trial to run for one more year, before it is ready with the final product. The company also
reported robust Q2 numbers, surpassing estimates by posting a 19% increase in revenue to 640 crore. Its net profit rose
to 90 crore as against 86 crore in the same quarter last year. Net profit jumped 4.6% to Rs 89.65 crore. "We have seen
growth in all our verticals and there has been a sharp increase in research and development, which we take as an
investment rather than expense," said CMD Kiran Mazumdar Shaw. The company incurred a 40% increase in its R&D on
a like-to-like basis. Contract research services revenue posted a 39% growth to clock in Rs 129 crore, compared to Rs 93
crore on a like-to-like basis.
In the second quarter, Biocon exited from its alliance with Amylin Pharmaceuticals, after the latter was bought over by
BMS. AC165198, Amylin's proprietary molecule was jointly developed along with Biocon for diabetes treatment "A
change in control at Amylin provides Biocon with an exit option which it has exercised. This will enable Biocon to focus
on 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 had
entered into a $350-million agreement with Pfizer for commercializing its biosimilar insulin products. Biocon had
received $200 million upfront for the deal, and was supposed to receive milestone payment worth $150 million besides
the royalty from the sale of the products.
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32. Harman to set up manufacturing facility in Pune
Harman, global provider of audio and infotainment solutions, is setting up a manufacturing facility and acoustic systems
engineering 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 and
infotainment 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 in
Harman’s recently announced strategic multi-year relationship to develop and supply branded audio and infotainment
solutions 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 huge
base of automotive OEMs, Pune is an ideal location. The input costs will be lower and to start with we will also conduct
local 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 our
operations 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.
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GM to expand capacity at Halol
Gearing up to launch a new multi-purpose vehicle (MPV), Enjoy, U.S. carmaker General Motors, said it would shortly
have 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-seater
MPV from its Shanghai Automotive Industries Corp (SAIC) platform. “Shortly, we would have 1.10 lakh unit
commissioned capacity annually at Halol because Enjoy is proposed to be rolled out from this plant in next couple of
months,” Vice-President (Corporate Communication) P. Balendran
GM 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 integrated
manufacturing 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,” he
said. 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. “In
Gujarat, we had sold 11,500 units last year, and hope to sell 10,000 units by this year-end,” Mr. Balendran said.
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Mayfield invests in Indian incubator AngelPrime
Does not disclose exact amount, but says overall fund run by AngelPrime will total less than $10 mn
One of Silicon Valley's most established venture funds is seeking to ferret out startup talent in India at the very earliest
stages by investing in AngelPrime, a Bangalore-based incubator programme to foster young companies. The Mayfield
Fund said it would take a majority investment in AngelPrime, bringing its India investment expertise to younger
companies, and more technology companies, than in the past. It did not disclose the exact amount, but said the overall
fund 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 scene
there, said managing director Navin Chaddha. The fund will also be able to work with entrepreneurs it knows well.
33. AngelPrime's founding partners are Bala Parthasarathy, Shripati Acharya and Sanjay Swamy, three of the co-founders of
online 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 most
incubators, though he did not say how large. In the United States incubators generally take stakes ranging from about 6
percent to 10 percent.
AngelPrime provides seed capital in the $200,000-$600,000 range to about three companies a year and aims to nurture
them for about 12-18 months. By contrast, the well-known U.S. incubator Y Combinator invests about $18,000 per
company, and its program runs three months. Its last class numbered more than 80 startups. Many venture firms are
establishing relationships with U.S. incubators. Andreessen Horowitz and General Catalyst, for example, are among
those 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 the
benefits of Mayfield's AngelPrime investment with Andreessen's 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 new
companies. It has a few incubators, but none has yet achieved the type of traction programs such as Y Combinator has in
the United States.
Mayfield currently invests in India through a dedicated $111 million fund for companies that are already generating
revenue. In July, it announced Mayfield XIV, a $365 million U.S.-focused technology fund.
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34. India’s Investments in U.S
Hinduja firm Gulf Oil Corp buys US-based Houghton International for $1 billion
Hinduja Group firm Gulf Oil Corp said it will acquire US-based specialty chemicals maker Houghton International Inc. for
USD 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 equity
fund, which it did not name.
New York-based private-equity firm AEA Investors LP had bought Houghton in 2007. Gulf Oil, which sells lubricants and
industrial explosives in India and offshore, said it, will make the acquisition through its UK subsidiary. The USD 1.045
billion deal is subject to certain conditions and Houghton will operate as a separate company, it said in a statement.
Lubricant maker Gulf Oil's planned acquisition is second only to Indian Hotels Company’s USD 1.86 billion offer last
month to buy Hamilton, Bermuda-based Orient-Express Hotels Ltd. Houghton, a maker of fluids used for metal
processing applications including cutting and stamping, has 12 manufacturing facilities in 10 countries and reported an
operating 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 Houghton's industrial clients "a complete end-to-end range of lubricants," following
the 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 918
million deal.
Also, state-owned Oil and Natural Gas Corp (ONGC) bought stake in a group of oil fields in Azerbaijan for about USD 1
billion. “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 Gulf's operations will be able to leverage
Houghton's 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," it
said. "The acquisition fits extremely well with Gulf's Lubricant portfolio. Houghton has a very strong industrial portfolio,
which perfectly complements Gulf's 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.
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Sun Pharma inks pact to buy DUSA for $230 million
Sun Pharmaceutical Industries, said it had inked a pact to acquire U.S.-based DUSA Pharmaceuticals for around $230
million (about Rs.1,250 crore). Sun Pharma and DUSA Pharmaceuticals have entered into a definitive agreement under
which 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 the
outstanding common stock of DUSA at a price of $8 per share in cash, a 38 per cent premium to the closing price of
DUSA’s common stock on November 7, it added.
35. “The transaction has a total cash value of about $230 million,” it said. The transaction has been unanimously approved
by the boards of directors of both companies and DUSA’s board has recommended that the company’s shareholders
tender 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’s
business brings us an entry into dermatological treatment devices, where we see good growth opportunities,” Sun
Pharma Managing Director Dilip Shanghvi said.
Commenting on the deal, DUSA Pharmaceuticals Inc. President and CEO Robert Doman said the company was confident
that Sun Pharma would build upon the solid foundation DUSA had established in the U.S. dermatology market. DUSA’s
Levulan combination therapy is approved by the Food and Drug Administration for treatment of non-hyperkeratotic
actinic keratoses of the face or scalp.
Leerink Swann LLC acted as exclusive financial advisor, and Reed Smith LLP acted as legal advisor to DUSA
Pharmaceuticals, the company said. Shares of Sun Pharma, on Thursday, closed at Rs.696.15 on the BSE, down 0.76 per
cent from its previous close.
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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 Ayyar
MphasiS Ltd, an Indian IT services and back-office support provider and a unit of Hewlett-Packard Co., has agreed to buy
US-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 can
employ 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 Capital
Securities LLC served as financial adviser to Digital Risk.
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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 into
a definitive agreement through its US subsidiary to acquire ‘rCloud’, an innovative cloud platform business from
privately held Doyenz, Inc. Doyenz’s rCloud, an innovative business continuity cloud platform, provides backup and
36. disaster recovery for physical and virtual servers on the cloud for SMBs. Persistent Systems will continue to serve rCloud
customers under the Doyenz brand. The Company will develop and enhance the rCloud service, maintaining employees
and 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’s
cloud computing and SMB offerings. Doyenz’s team of seasoned cloud experts and its rCloud service will enable
Persistent Systems to extend its cloud expertise and to provide a complete end-to-end solution to existing and new
customers, delivered through the channel.
According to a recent Forrester Research report entitled “An Infrastructure and Operations Pro’s Guide To Cloud-Based
Disaster Recovery Services,” 70% of SMBs interviewed said they considered DR (disaster recovery) to be of high or
critical importance in the decision to adopt cloud services.
“We are committed to delivering the most advanced solutions in cloud computing and this acquisition will further
expand our IP led solutions in the cloud and SMB space,” said Nara Rajagopalan, Chief Product Officer, Persistent
Systems, Inc. “With hundreds of partners representing over 3500 customers, Doyenz’s proven rCloud disaster recovery
solution is meeting a critical need in the global SMB marketplace. We are delighted to welcome Ashutosh Tiwary, CEO of
Doyenz 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 all
sizes,” said Ashutosh Tiwary, CEO of Doyenz Inc. “Persistent’s acquisition of Doyenz’s market leading disaster recovery
cloud platform will allow us to grow and deliver even more enterprise-class, affordable, cloud-based disaster recovery
services to Managed Service Providers, serving the SMB community. The team and I are excited to join Persistent
Systems 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 to
our partners" said Alex Rogers, CEO of CharTec. "Persistent Systems brings strong financial backing and top notch
software 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-sized
businesses. Doyenz rCloud provides backup and disaster recovery for VMware environments allowing IT professionals to
restore virtual environments in under fifteen minutes, providing quick access to business critical applications. Doyenz is
a privately held company headquartered in Bellevue, Washington with additional facilities in Boston, Massachusetts and
London, England.
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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 hotels
Subrata Roy-promoted real estate-to-financial services major Sahara Group has completed the acquisition of two iconic
New York hotels—New York Plaza and Dream New York-—both based near Manhattan's Central Park, a century-old
destination for socialites and celebrities, for around $800 million (about Rs 4,400 crore). The Sahara Group, which had
acquired Grosvenor House in London in 2010, is said to be now looking at picking up some other landmark properties in
New 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, the
investment 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 $220
million. Both the deals were signed recently.
37. Dream Downtown, featuring 315 loft-style rooms and Suites is a prized property of the Chatwals. Dream Downtown is
within walking distance of shopping and art galleries and the famous neighborhoods of So-Ho, Chelsea, and the West
Village. Both Plaza and Dream Downtown would continue to be looked after by the existing management. It could not
be immediately ascertained as to how Sahara would finance the two deals. It may be pointed out that it had earlier
pledged 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 Tata
group, 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 York's Central Park, is known for its rich legacy and was
designed by Henry Janeway Hardenbergh , who also designed the historic Fort Garry Hotel in Winnipeg. Alfred Gwynne
Vanderbilt, heir to the Vanderbilt industrial empire, was understood to have been the first guest of the hotel when it
opened to the public in October 1, 1907.
The hotel, struggling in recent years, was accorded a landmark status by the New York City Landmarks Preservation
Commission in 1969 and was designated a National Historic Landmark (NHL) in 1986. It has been the site for famous
performers and guests and has also been frequented by US presidents. It also featured in more than two dozen
Hollywood movies, including North by Northwest (1959), Scent of a Woman (1991) and Home Alone 2 (1992), besides
some TV serials such as Friends, Ugly Betty and Sex and the City. The hotel was also the setting of various literary works.
Sahara's agreement to purchase the two New York based hotels come on the back of a Supreme Court order directing it
to refund over $3 billion worth of bonds raised by selling optionally fully convertible debentures. Sebi last year said the
debt issue didn't comply with rules. According to the group's 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 hotel
near the Mumbai domestic airport. Besides, it also owns a resort-cum-township for the uber rich at Amby Valley in
Maharashtra.
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MindTree opens development centre in Florida
As part of its efforts to reach out to clients in the US, IT solutions company MindTree Ltd opened a delivery centre in
Gainesville, 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 been
planned, of which more than $1.6 million had been invested in the project. It had also hired 47 people since the Florida
Governor 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 South
Carolina 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 present
at the ribbon cutting ceremony of Mindtree Delivery Centre on November 13, MindTree said in a communication to the
stock exchanges.
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Infosys unit to buy unit of Marsh & McLennan
A unit of India's Infosys Ltd. is buying the claims processing, call center and accounting unit of U.S.-based insurance
brokerage Marsh & McLennan Cos. for an undisclosed amount. Marsh BPO has seven insurance-company clients with
more than 600,000 policy holders, Infosys BPO Ltd. said in a statement recently. All 87 Marsh BPO staff will be absorbed
by Infosys BPO.
The acquisition will expand Infosys BPO's presence in voluntary group life insurance, the statement added without giving
any other details. Infosys Ltd. is India's second-largest outsourcing company by sales. Infosys BPO posted $495 million in
revenue in the fiscal year ended March 31.
38. In December Infosys BPO bought Australia's Portland Group Pty. Ltd. for 37 million Australian dollars ($38.2 million). It
bought privately held U.S. insurance company Mc. Camish Systems for about $58 million in 2009.
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IBS Software Services Acquired US Hotel Booking Solution
Kerala based IBS Software Services on 24 October 2012 announced the acquisition of Atlanta-based Hotel Booking
Solutions (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 San
Francisco-based leading private equity and venture capital firm. Crosslinks Capital has over $1.8 billion in assets with
investments in around 100 companies.
With the acquisition of Hotel Booking Solution almost hundred major players in the hospitality industry including
Starwood, Harrahs, Raffles, Ramada, Fairmont and Kerzner on the supply partner side as well as Expedia Orbitz and
Travelocity 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 hotel
companies and travel suppliers by linking their computer reservation systems to distribution channels for instant
transmission of room availability, rates, and inventory and reservation confirmations.
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Jindal Poly Films to acquire ExxonMobil unit
Jindal Poly Films Ltd, part of the B C Jindal Group, has entered into an agreement with ExxonMobil Chemical to acquire
its 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 Jindal
Poly Films ended 4.67 per cent lower to close at Rs 212.50 on the BSE recently. The transaction remains subject to
necessary 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 transaction
also 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 leading
technology and R&D. We are confident that, in combination with our existing Indian operations, we will be able to
deliver long-term solutions to our customers globally,” Hemant Sharma, CEO, Jindal Poly Films, said in a statement.
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39. Indo-US Corporate News
Subway plans 1,000 stores in 5 years
Subway has encouraged developing opportunities in non-traditional locales such as airports, hospitals, college and
university campuses.
Quick service restaurant brand Subway has opened its 300th restaurant in India, at Terminal 2 of the Mumbai
International Airport. Fred DeLuca, President and Co-founder of Subway, is bullish on India and plans to open 1,000
stores 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, the
Subway brand has more than 37,000 restaurants spread throughout 100 countries. Robby Gulri, Area Development
Manager, said, “Mumbai figures prominently in Subway’s growth plans. The rising inclination of people towards healthy
eating has also given an added impetus to Subway’s performance.” Mumbai International Airport, which sees the
highest density of travelers in transit, now has its own Subway store. “Subway, as a global brand, has always encouraged
developing opportunities in non-traditional locales such as airports, hospitals, college and university campuses,” said
Chetan 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, the
restaurants 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 its
first ever all-vegetarian outlet at Jalandhar-based Lovely Professional University (LPU). The latter is run by a strict Hindu
Mittal family and promotes only vegetarian meals on the campus.
India is a small part of Subway's business contributing 2.5 per cent to overall revenue.
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Bharti Walmart opens outlet in Rajahmundry
It’s Rajahmundry in coastal Andhra Pradesh now for Bharti Walmart. The joint venture between Bharti Enterprises and
Walmart Stores Inc. in India opened its fourth ‘Best Price’ wholesale store in Rajahmundry. The outlet will create 170
direct jobs. The joint venture already has stores in Vijayawada, Guntur and Hyderabad. Its plan is to open 19 stores
across India this year.
Arvind Mediratta, Chief Operating Officer, Bharti Walmart, inaugurated the store, which is spread over 53,000 square
feet next to the ONGC Base Complex.
Wide range
The store will stock over 5,000 items, including a wide range of fresh, frozen and chilled foods, fruits and vegetables, dry
groceries, 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 and
surrounding 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.
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