Marans to transfer SpiceJet ownership to Ajay Singh
Source : PTI
Capping weeks of uncertainty over its future, beleaguered SpiceJet today said its promoter Kalanithi Maran would transfer his entire stake in the carrier to original founder Ajay Singh as part of plans to revive it.
The proposal of the principal shareholder and promoter, Maran and KAL Airways Pvt Ltd, to transfer the ownership, management and control of the no-frills airline to Singh was approved by the SpiceJet board at its meeting today.
In a filing ... Read More
Infosys Chief Sikka Meets PM, Commits $250 Million to Innovate in India
New Delhi: Infosys CEO Vishal Sikka on Wednesday met Prime Minister Narendra Modi and disclosed that his company will spend $250 million (over Rs. 1,500 crore) to fund innovations in software and services in India.
The chief of India's second largest IT services firm also discussed with Mr Modi ways in which the company can participate in the Prime Minister's vision of smart and digitally empowered India.
Infosys will develop software for managing the 'Kumbh Mela' scheduled ... Read More
To set up 50 more stores in India over next 5 yrs: Walmart
Walmart's Krish Iyer believes the administrative reforms taken by Prime Minister Narendra Modi have been very encouraging. We certainly want to be in Gujarat and we have been studying the opportunities here for the last few months and we will make out our plans Krish Iyer President & CEO Walmart CNBC-TV18 caught up with Walmart India CEO Krish Iyer on the sidelines of the 7th Vibrant Gujarat Summit, where he said the administrative reforms ... Read More
Indian e-commerce to hit $100 bn value by 2019: Assocham
By BS Reporter
Source : BUSINESS_STANDARD
The Indian e-commerce industry is likely to clock a compounded annual growth rate (CAGR) of 35 per cent and cross the $100-billion mark in value over the next five years, a study conducted by Associated Chambers of Commerce and Industry of India (Assocham) along with PricewaterhouseCoopers (PwC) has said. According to the study, the Indian e-commerce industry is valued at $17 billion now.
Continuing on the strong growth momentum of 2014, the ... Read More
Russian Auto giant relies on indian supplies for Kamaz trucks
Dec. 9: When Vladimir Putin landed in Delhi on Wednesday night for his summit with Narendra Modi, Russia would have already stolen a march over every other country in taking concrete steps to augment Modi's "Make in India" campaign, according to members of the visiting President's economic team.
While most of India's business partners are splitting legal hairs about this country's manufacturing environment or carping about productivity, corruption or red tape, Russia has indigenised supplies ... Read More
Kerala takes on lead role in CeBIT as state partner
Bengaluru, Nov 11: Emerging as a key player in attracting IT investments to India, the state of Kerala has been instrumental in bringing world’s largest mega B2B professional IT event, the CeBIT, to India.
Though the maiden edition of the CeBIT is hosted by Bengaluru, Kerala, along with Odisha and Uttar Pradesh, is a state partner for the event which is a platform for all major IT and ITES companies from across the world to showcase ... Read More
'Maruti's Cars Safe by Indian Standards
By Express News Service
Responding to the Global NCAP report that the Maruti Swift failed a frontal crash test, Maruti Suzuki India Limited's VP Marketing Manohar Bhat pooh-poohed the results, "All our cars meet the highest safety standards set by the Indian government and regulatory bodies in the country. Now, if they are subjected to a foreign safety assessment with a higher standard than they are made for, they may not pass it," he said, while ... Read More
Startup home security device raises $89,000
Kochi/New Delhi, Oct 25: An innovative home security device developed by a company at Kochi-based Startup Village has raised nearly 89,000 US Dollars from 690 backers on the online crowd funding platform Kickstarter.
Mindhelix’s Rico is a sensor-equipped hardware that works by itself or with a spare smartphone to detect and alert users about changes inside a home, for example, in temperature, humidity, noise levels or movement, and the presence of smoke, carbon monoxide or cooking ... Read More
Reserve Bank penalises some banks
RBI penalises ICICI Bank, Canara Bank, Yes Bank & 9 others The Reserve Bank said it had "carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings, in certain branches of the 12 banks in late 2013". Based on the findings of the scrutiny, the RBI issued showcause notices to these banks in March 2014, to which the individual banks submitted written replies. 1 13 1 Google +1 0 Comments (1) ... Read More
Infosys exodus continues; Global Sales & Mktng head quits
The exit of Thrikutam, who was also the head of Infosys Americas, comes within a fortnight of the resignation of President and Board Member B G Srinivas as the company searches for a CEO to succeed S D Shibulal who is due to retire by January next year. Infosys Thursday saw the exit of its global head of strategic sales, marketing and alliances Prasad Thrikutam. The exit of Thrikutam, who was also the head ... Read More
PepsiCo, Clinton Foundation to Source Cashew From India
NEW DELHI: Global food and beverages firm PepsiCo has tied up with former US president Bill Clinton-run The Clinton Foundation to spur social and economic development in emerging markets like India.
The partnership's inaugural project was launched in Maharashtra, India with an agriculture initiative to source vitamin-rich cashew fruit from smallholder farmers.
This arrangement is expected to create an important new ingredient supply for PepsiCo’s local juice business and also help get better prices for ... Read More
India-focused hedge fund backed by Goldman Sachs exec hits $500 mn in assets
Hong Kong-based Ravi Mehta, who started his hedge fund with just $500,000 in July 2009, has increased its assets to $500 mn this week. Hong Kong-based Ravi Mehta, who started his hedge fund with just $500,000 in July 2009, has increased its assets to $500 mn this week.
SummaryFounded and managed by Ravi Mehta Steadview's success stands out among Indian hedge funds.
Steadview, an India-focused hedge fund seeded by Goldman Sachs (Asia) chairman Mark Schwartz, has made ... Read More
Sun Pharma, Ranbaxy merger to create India's biggest drugmaker
Sun Pharmaceutical Industries Ltd has agreed to buy generic drugmaker Ranbaxy Laboratories Ltd for $3.2 billion, betting it can fix factory quality glitches that plagued the current owner, Japan's Daiichi Sankyo Co, and got Ranbaxy India-made drugs barred from the United States.
The all-share transaction, the biggest pharmaceutical sector deal in the Asia-Pacific region this year, will create the world's fifth-largest maker of generic drugs. The acquisition comes as the pace of consolidation increases in a ... Read More
Quartz to Launch an India Channel
By Joe Pompeo
Quartz, the mobile-first digital publication aimed at global business and finance elites, is the latest American news brand making a foray into India.
Capital has learned that Quartz is preparing an India channel to launch this spring or summer, possibly around the time of the country's national elections in April and May. The site's parent company, Atlantic Media, is expected to announce the project, which we're told will consist of larger, India-specific features, as ... Read More
India needs 1,600 aircraft in 20 years: Boeing
Hyderabad: Raising its forecast for India, Boeing on Thursday said India needs 1,600 new aircraft worth USD 205 billion over next 20 years.
Last year's forecast was 1,450 airplanes at USD 175 billion.
Dinesh Keskar, vice president, sales, Boeing commercial airplanes, told reporters at India Aviation 2014 that the company was bullish about India.
He said their forecast was based on the thinking of the Civil Aviation Ministry and a lot of things planned for the development of ... Read More
After day of drama, Subrata Roy, Sahara group directors sent to week's judicial custody
In a virtual crackdown, the Supreme Court today sent Sahara group chief Subrata Roy and two of his group directors to Tihar jail for a week for not complying with its order on refunding around Rs 20,000 crore of investors money, charging them with adopting "dilatory tactics".
On a day of high drama in the apex court premises, where a Gwalior resident threw ink on Subrata Roy and blackened his face calling him a "chor", a ... Read More
Ranbaxy and Teva settle with NY Attorney General over collusion
The New York Attorney General and the U.S. units of Ranbaxy Laboratories Ltd and Teva Pharmaceutical Industries Ltd have settled claims that an agreement between the two drugmakers unlawfully restricted competition.
Under the terms of the settlement, the two generic drug makers will end a 2010 agreement of not challenging each other's rights to sell certain drugs exclusively in the United States.
"Agreements between drug manufacturers to protect each other's market positions violate fundamental principles of antitrust ... Read More
Swedish clothing giant to open store
Stockholm: The Swedish clothing giant Hennes & Mauritz (H&M) is planning to open its first store in India in 2014, announced the company in a statement Wednesday.
The introduction of H&M to India will be the latest in a series of important openings and the first store in India will be a flagship, Xinhua reported.
"We are very excited to open our first store in India. It is one of the most exciting countries in the world ... Read More
Intense Technologies posts 27 percent growth
Hyderabad, Jan 16 (IANS) Software product development company Intense Technologies has posted 27 percent growth in the revenues during the third quarter ended Dec 31.
The company reported net revenues of Rs.12.63 crore, up from Rs.9.98 crore during the same quarter of the last fiscal year.
The bottom line growth is up from Rs.1.91 crore to Rs.4.10 crore, a jump of 114 percent compared to the corresponding period of the last fiscal, said a company statement here ... Read More
Murthy effect: Infosys returns to double-digit growth
Mysore: Indian IT bellwether Infosys Ltd. has bounced back with double-digit (12 percent) revenue forecast this fiscal (2013-14) and revival in fortunes on return of its co-founder N.R. Narayana Murthy as executive chairman.
Revising its guidance upwards once again, the global software major Friday said its consolidated revenue would grow 12 percent in dollar terms this fiscal (FY 2014).
A month (June 1, 2013) after Murthy returned from retirement to head the company, annual guidance was revised ... Read More
ArcelorMittal, Nippon to buy ThyssenKrupp unit for USD 1.55 bn
German steel company ThyssenKrupp has agreed to sell its US steel plant business to two competitors for $1.55 billion.
Following extended speculation over the deal, ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. said Friday they will jointly acquire the ThyssenKrupp Steel USA. The steel processing plant is based in Alabama.
The deal adds US-based finishing facilities for the two companies, which are headquartered in Luxembourg and Japan, respectively. It also is expected to benefit the ... Read More
Billionaire Agarwal Regrets $8 Billion Aluminum Spending
Billionaire Anil Agarwal, who controls London-based Vedanta Resources Plc (VED), said he regrets investing 500 billion rupees ($8 billion) on an aluminum complex in India that’s faced a shortage of raw materials.
“I could either invest in Vedanta Aluminium or I could have bought Asarco,” Agarwal said in an interview with Bloomberg TV India in New Delhi aired today, referring to U.S. copper miner Asarco LLC. “If you ask me today, I regret it.”
Complex ... Read More
IKEA to invest more in India
IKEA looks to scale up furniture sourcing from India The furniture giant, which intends to invest around Rs 10,500 crore in India, has been sourcing many products, including textiles, carpets, metals, plastic, lighting and decorative items, for its global sales for last 26 years.
Swedish furniture chain IKEA, which is in the process of establishing its first shop in India, is looking to scale up sourcing of furniture from the country and also plans to ... Read More
Starbucks eyes huge growth in India, China
Starbucks eyes huge growth in India, China markets Bullish on the Indian market for growth, Starbucks CEO Howard Schultz has said his company plans to open "thousands of stores" in India in the "not-too- distant" future, making the country one of its two largest markets outside North America along with China. "I believe China and India offer Starbucks one of the greatest opportunities for growth. "Our plan over time is that the number of our ... Read More
Essar Oil's plea for more time to pay tax rejected
By Kunal Trivedi
AHMEDABAD -- The Supreme Court has dismissed Essar Oil Limited’s (EOL) plea for more time to pay its huge sales tax dues to the Gujarat government.
The court said the state administration was not ready for any relief to the Ruias-owned company, and also rejected its submission that the hearing be adjourned for four weeks.
A company statement later said it would follow the court order.
EOL, engaged in exploration, production and refining businesses, ... Read More
Property investment: Focus shifts from Mumbai
Property investment: Focus shifts from Mumbai to Pune Over the last three years, an increasing number of property investors who were previously focused solely on Mumbai have shifted focus to Pune. Mumbai’s real estate market is caught in a cycle of unrealistic property price escalation that cannot last much longer. Arvind Jain, MD ,Pride Group Expertise : Property More about the Expert... Source: Moneycontrol.com Share . Email . Print . A+ Arvind Jain Pride Group ... Read More
Mahindra & Mahindra- SUVival of the fittest
Mahindra has become the pin-up of Indian capitalism—a home-grown automotive champion. Now it must resist complacency and be prepared to take bigger risks
INSIDE Anand Mahindra, an Indian tycoon, there is a rebel bursting to get out. He works amid aircraft models and walls of framed posters and has a mildly indiscreet Twitter account with a million followers. A former film student at Harvard, he describes his country’s malaise using the metaphor of “Star Wars”. Graft ... Read More
India may become largest apparel sourcing centre in 5 yrs
India, with its fairly high level of compliant garment export factories, has become an attractive sourcing destination and apparel exports in the first five months of this fiscal has shown a 14 per cent increase in Dollar terms, says A Shaktivel, Chairman, AEPC.
India could emerge as the largest hub for sourcing of apparel and knitwear garments in the next five years, a top official of Apparel Export Promotion Council has said. "With China showing ... Read More
Birla Group's UltraTech, Jaypee Cement ink Rs 4,000-cr deal
After a little over a year's negotiation, Jaypee Cement has struck a deal with Aditya Birla Group firm Ultratech Cement to sell 51 per cent stake in the 5 mtpa Gujarat facility for close to Rs 4,000 crore.
"The deal has been finalised. Ultratech will buy Jaypee Cement Corporation's 51 per cent stake in Gujarat plant, which has an annual capacity of five million tonnes for close to Rs 4,000 crore" a Jaypee Group official ... Read More
Novartis, India Clash Over Patent Laws
Latest Sign of Tensions Over Intellectual-Property PoliciesBy KENAN MACHADO , JEANNE WHALEN and RAJESH ROY CONNECT Swiss drug company Novartis AG NOVN.VX -0.42% accused India of misrepresenting its position about the country's patent laws, in another sign of tensions between India and the international pharmaceutical industry.
The rebuke came in a July 19 letter from Novartis Chief Executive Joseph Jimenez to India's minister of commerce and industry, Anand Sharma, reviewed by The Wall Street ... Read More
HSBC downgrades Indian equities to neutral from overweight
NEW DELHI: Global financial services major HSBC has downgraded Indian equities from "overweight" to "neutral" citing that the country would struggle to defend a falling currency and declining growth.
"We lower our weighting in India from overweight to neutral. In our view, India will continue to struggle with the trade-off between defending a currency and supporting growth," HSBC said in a research note on Friday.
According to HSBC, the volatility in Indian markets since May can ... Read More
Here's an update on Bangalore's real estate market
The proposed Mumbai-Bangalore Industrial Corridor is expected to connect Bangalore City in the north-western side of the city along Tumkur Road. Since the last 7-8 years (since 2005/2006), Tumkur Road and its surroundings are witnessing significant augmentation and improvement in terms of infrastructure in general and connectivity in particular.
Some of the key infrastructure projects rendered operational in the area in the recent past include the Elevated Expressway, Bangalore-Mysore Infrastructure Corridor (BMIC) and Bangalore International Exhibition ... Read More
Jet Airways reports $58 million quarterly loss
Jet Airways, in which Abu Dhabi's Etihad is buying a minority stake, reported its second consecutive quarterly loss on lower income from operations.
Jet posted a net loss of 3.55 billion Indian rupees for its fiscal first quarter to end-June, compared with a net profit of 247 million rupees reported a year earlier.
... Read More
Government to sell 10 percent stake in Indian Oil
New Delhi, August 2 (IANS) The government has decided to sell 10 percent of its stake in the country's largest petroleum retailer Indian Oil Corporation.
"After this disinvestment the government of India share-holding in the company would come down to 68.92 percent," the finance ministry said in a statement Friday.
The decision was taken by the Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh Thursday evening.
"The disinvestment will be through Offer for Sale (OFS) ... Read More
Indian investors seek engagement in Myanmar
Yangon, July 29 (IANS) More and more foreign investors including those from India, Britain and the US are eyeing Myanmar's offshore oil and gas exploration and production, the official media reported Monday.
According to the state-run Myanmar Oil and Gas Enterprise, about 300 new test wells have been set for drilling in the next five years for oil and gas exploration, reports Xinhua.
Myanmar has abundant natural gas resources especially in offshore areas.
... Read More
Saudi-India business network to be set up
India plans to launch a business network to promote trade and commerce, investment, business-to-business interactions and exchanges with Saudi Arabia.
The proposed Saudi-India Business Network (SIBN), which will function in Riyadh and Dammam, would comprise both Indian and Saudi businessmen, entrepreneurs, industrialists and members of business chambers.
The first meeting of the SIBN (Riyadh) is scheduled to take place on September 2, a statement released by the Indian Embassy in Riyadh said.
Indian and Saudi companies recruiting Indians ... Read More
Boeing launches larger 787-10 version of Dreamliner
Boeing announced the formal launch of its 787-10 program at the Paris Air Show on Tuesday and says it already has commitments from several customers, including United Airlines.Boeing announced the formal launch of its 787-10 program at the Paris Air Show on Tuesday and says it already has commitments from several customers, including United Airlines.
To download ET mobile app, call 1800-200-5810
PARIS:Boeing launched a larger version of its flagship Dreamliner aircraft at the ... Read More
Vodafone slashes data charges by 80%
GSM operator Vodafone India has slashed data charges by 80 per cent for 2G subscribers with immediate effect across three circles in the country.
The company would extend the rate cut to the remaining circles in a phased manner.
This rate would be applicable for all pre-paid and post-paid customers using 2G network on a ‘pay as you go’ basis.
The rate cut to 2 paise from the earlier 10 paise per 10 KB would make Internet access ... Read More
Infosys' V Balakrishnan, replaces BG Srinivas as Lodestone chairman
Days before NR Narayana Murthy took charge as executive chairman of Infosys, the software major carried out an internal change where V Balakrishnan replaced fellow board member and CEO candidate BG Srinivas as the chairman of Lodestone consulting, Infosys' biggest acquisition till date, in a move that gives him more power within the organisation.
People familiar with the development told ET NOW that this change was mainly due to integration issues. "Infy is facing tremendous challenge ... Read More
Pandit Takes Stake in India’s JM Financial With Lead Role
By Donal Griffin, George Smith Alexander & Anto Antony -
Former Citigroup Inc. (C) Chief Executive Officer Vikram Pandit is buying a stake in India’s JM Financial Ltd. and taking a leadership role as it seeks to set up a bank, the Mumbai-based company said.
Pandit is among a small group of investors who will share a 3 percent equity stake in JM Financial, the investment firm said yesterday in a statement to stock exchanges. The ... Read More
Vendanta Resources' core profits up by 21%; upheld by Cairn India
Buoyed by earnings from subsidiary Cairn India and higher metals production, Vedanta Resources today reported a 21 per cent increase in its core profits at $4.888 billion for the year ended March, 2013.
The natural resources giant, whose most of the operations are in India, had reported $4.026 billion core profit or EBITDA (earnings before interest, taxes, depreciation and amortisation) in 2011-12.
Its revenues rose by 7 per cent to $14.989 billion in the last fiscal vis-a-vis ... Read More
Jet Airways to sell stake to Etihad for Rs. 2,060 crore
Mumbai: Jet Airways will sell a minority stake to fast-growing Abu Dhabi-based carrier Etihad Airways for Rs. 2,060 crore after months of negotiations.
India's largest airline by market share said in a brief statement to the stock exchanges that its board has approved the allotment of 27.3 million shares to Etihad at Rs. 754.74 each on a preferential basis. (Also read: Jet-Etihad deal explained in five points)
The price represents a 31.7 per cent premium to Jet's ... Read More
Indian mobile services market to reach Rs 1.2 tn in 2013: Gartner
India's mobile services market is expected to grow eight per cent to Rs.1.2 trillion in 2013 but will account for only two per cent of the worldwide mobile services revenue as operators are struggling to increase profit margins, research firm Gartner today said.
The revenues from mobile services stood at Rs. 1.1 trillion in 2012, Gartner said in a statement.
According to Gartner, mobile connections in the country are expected to grow to 770 million in ... Read More
The screen revolution
Meet the next generation of Indian technology firms—and the obstacles they face
SIGNS of middle age were obvious at a recent gathering of Nasscom, the club for India’s giant IT industry, which now has sales of $100 billion and is dominated by outsourcing firms. The venue was a hotel in Mumbai, a five-star fortress of foyers and finger food. The guests of honour were politicians. Grey-haired, well-fed executives sat and talked in jargon. It ... Read More
Indian technology firms
Looking for India’s Zuckerberg
A pioneer in outsourcing but a laggard in the internet era, can India become a leader in mobile technology?
INFORMATION technology has been a mighty force for good in India. Its first tech revolution began 30 years ago, when a few engineers came up with the unlikely idea of doing back-office IT work for far-off Western firms. Today that outsourcing industry is a capitalist marvel. It has annual sales of $100 billion, mostly ... Read More
'' Business Insider and Times Internet to Partner in New Online Destination: Business Insider India
'' New York, NY – April 3, 2013 – Business Insider and Times Internet (TIL), the digital arm of the Times of India Group, India’s largest media company, today announced plans for the creation of Business Insider India, an international version of Business Insider, the popular and often-cited American business news site. The partnership will combine Business Insider’s real-time, intensive approach to news with local coverage provided by Times Internet. Business Inside India ... Read More
Indian auto market size to triple to 9.3 mn units by 2020: JD Power
Car sales in India may be on a downslide at present but global marketing information services company JD Power believes that the total automobile market size will triple to 9.3 million units by 2020.
Driven by enhanced demand as the number of people with disposable income increases, the sector will grow at a compounded annual growth rate of 16 per cent during the period, the market research firm said.
"We may not see the spurt that we ... Read More
Forbes rich list: Vijay Mallya exits as fortune dips
Liquor baron Vijay Mallya has been moved out of Forbes' global rich list of 1,226 billionaires, even as the number of Indians in this elite club has grown since last year.
With a net worth of USD one billion, Mallya was ranked 45th among 48 Indians on this annual rich list in March 2012, while he was placed at 1,153rd position globally.
However, Mallya is missing from the list for 2013, which was released last night by ... Read More
Airlines in India will need 1,450 planes in next 20 yrs:Boeing
Bangalore: Airlines in India will need over 1,400 planes, worth USD 175 billion, in the next twenty years, aviation major Boeing predicted."Over the next 20 years, the Boeing Current Market Outlook projects that the airlines in India will need 1,450 new airplanes worth USD 175 billion," the company said in a release here.
Boeing continues to be the choice supplier of long-haul, twin-aisle airplanes, with the 777 and 787 Dreamliner playing key roles in the fleets ... Read More
Antony to industry: Give up 'miserly attitude' on R and D spending
Defence Minister A.K. Antony on Thursday called upon Indian industry, both public and private, to abandon their 'miserly attitude' towards spending on research and development.
Inaugurating an international seminar-cum-exhibition on naval armaments titled 'NAVARMS-2013' here, Antony said the government has been keen to encourage industry to realign its business processes for strategic alliances and joint ventures.
He said the government is also encouraging industry to step up research and development efforts to remain globally competitive, especially in ... Read More
English Classes to Aid Aptech as Sales Decline: Corporate India
Aptech Ltd. (APTR), an Indian IT training company backed by billionaire Rakesh Jhunjhunwala, will start teaching English to students in Africa and Latin America as it seeks to stem five successive quarters of falling sales.
The company, which trains people to write computer programs, will add at least 50 centers in Brazil, Mexico and other Latin American nations in the next five years, and about 25 centers in Africa, that will combine teaching English with ... Read More
Govt approves 14 FDI proposals worth over Rs 1,300 cr
The government on Friday said it has approved 14 FDI proposals worth about Rs 1,311 crore including that of Hindustan Port Ltd.
“Based on the recommendations of FIPB in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounting to Rs 1,310.60 crore approximately,” the Finance Ministry said in a statement.
The proposal of Mumbai-based Hindustan Port Ltd to induct foreign funds worth Rs 440 crore for investment in downstream companies ... Read More
US industry presses for duties on shrimp from India and six other countries
Washington: U.S. shrimp producers filed a petition on Friday asking the Commerce Department to impose punitive duties on billions of dollars of shrimp from China, Vietnam, India, Indonesia, Malaysia, Thailand and Ecuador to offset what they said were unfair foreign government subsidies.
"Today's filing is about the survival of the entire U.S. shrimp industry," C. David Veal, executive director of the Coalition of Gulf Shrimp Industries, said in a statement.
The group represents shrimp fisherman in Alabama, ... Read More
No possibility of manufacturing Jaguar, Land Rover in India
Ruling out any possibility of manufacturing Jaguar and Land Rover in India in the near future, Tata group chief Ratan Tata has said that some "silly taxes" make even their assembly here costlier than the imports.
Tatas are building a plant in China which will export these cars to different parts of the world and have been invited by Saudi Arabia as well.
"India is still making it somewhat difficult for us to offer it," he ... Read More
The Mass Power of India's Other IT Sector
by Iqbal Quadir
India’s economy is among the world’s 10 largest, and its foray into IT services and business-process outsourcing is rightfully celebrated as a great success story in the country’s economic rise. Accolades deservedly go to emerging giants such as Infosys, TCS, and Wipro; the contribution of such IT services to current GDP, including ripple effects, has been estimated at $133 billion (in constant 2000 U.S. dollars). But a less celebrated part of the IT ... Read More
Maruti Suzuki Gets Over 50,000 Orders for New Alto
By SANTANU CHOUDHURY
NEW DELHI--Maruti Suzuki India Ltd. 532500.BY -0.93% has received over 50,000 orders for a new version of its Alto small car in about two months--more than half the number of Eon small cars sold in a year by the local unit of Hyundai Motor Co. 005380.SE -2.17%
Mayank Pareek, chief operating officer for marketing and sales at the Suzuki Motor Corp. 7269.TO +0.26% unit, said Friday that the company has delivered 32,000 units of ... Read More
French minister attacks ArcelorMittal
By James Boxell in Paris
France’s industry minister has threatened to expel ArcelorMittal in an extraordinary intervention over plans by the world’s biggest steelmaker to close two blast furnaces in the country.
In a French newspaper interview published on Monday, Arnaud Montebourg, the leftwinger who previously opposed the closure of a Peugeot factory, said: “We do not want ArcelorMittal in France, because they do not respect France.”
He also accused the company of “lying” and “never holding to ... Read More
Sahara buys 2 iconic New York hotels
MUMBAI: 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 ... Read More
Jindal Power to invest Rs. 50,000 cr in Chattisgarh
Jindal Steel and Power on Friday said it would invest Rs 50,000 crore in Chhattisgarh.
“We have already invested Rs. 25,000 crore in the state and would add another Rs. 50,000 crore”, Navin Jindal Chairman, Jindal Steel and Power said without specifying any timeframe.
JSPL currently has steel making capacity of 3 million tonnes per year (MTPA) and power generation capacity of nearly 2,500 MW.
It is aiming at having 20 MTPA steel making capacity by 2020 and ... Read More
IKEA furniture to retain Scandinavian style in India
IKEA customers used to assembling its flat-packed furniture will, if the Swedish firm's design boss has his way, soon be able to add their own touches to products before buying.
The furniture retailer, which has grown into a global giant from its small-town roots in the heart of southern Sweden, is seeking new markets, with India on its horizon.
Even there IKEA - known for its budget furniture in huge stores - expects to keep to a ... Read More
Dell India event in Kerala capital
Dell India will organise a technology solutions event in the city and address IT users and decision makers from Technopark.
Dell has defined and categorised the mid-market segment as the ‘growth market.’ It basically refers to the market beyond the top eight cities.
A company spokesman quoted Partha Mukherji, regional sales Manager, emerging markets, Dell India, as saying that the company aims to be the preferred IT partner for the mid-market customers and strive to reduce overall ... Read More
India IT services market to grow 12% to $10.2 b in 2013
The India IT services market is forecast to reach $10.2 billion in 2013, a 12 per cent rise from an estimated $9.1 billion in 2012.
As companies grow in size and scale, the market is likely to see larger IT services deals with more sophisticated deal engagement practices, according to a study by research and analyst firm Gartner.
This market has a critical mass that is worth tapping into and has the potential to expand further ... Read More
Taiwanese companies to set up electronics units in Karnataka
Taiwanese companies are in advanced stages of talks with the Karnataka Government to set up electronics manufacturing in the State.
About 25 Taiwanese companies are about to finalise a cluster of units in the State, say government officials. A Taiwanese delegation is in talks with the state government to finalise a plan that would also involve setting up a township that would cover the whole gamut of offerings — from manufacturing to training.
“Taiwanese companies are ... Read More
Indian automobile industry turnover $145 bn by 2016: Patel
New Delhi, Sep 5 (IANS) Heavy Industries Minister Praful Patel Wednesday said the Indian automobile and auto component industry turnover will reach $145 billion by 2016 to account for more than 10 percent of gross domestic product (GDP).
"The output of the automobile and auto component industry would reach $145 billion by 2016, accounting for more than 10 percent of the country's GDP and in turn generate employment for more than a million people," Patel said ... Read More
Three years after a devastating fraud, Satyam, a technology firm, is back
“DEAR Board Members, it is with deep regret and tremendous burden that I am carrying on my conscience that I would like to bring the following facts to your notice.” Sent in January 2009, it was the sort of letter no company director wants to get. In it Ramalinga Raju, boss of Satyam—then India’s fourth-biggest technology firm, with a glittering list of Western clients ... Read More
SC orders Sahara to refund Rs 17,400 cr
New Delhi: In a major setback to the Sahara Group, the Supreme Court today directed two of its companies to refund around Rs 17,400 crore to their investors within three months with 15 per cent interest.
A bench of justices K S Radhakrishnan and J S Khehar directed SEBI to take action against the companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, if they fail to refund the money.
The apex court allowed the ... Read More
Explore newer export markets for gems and jewellery: Anand Sharma
SURAT: With the Indian gems and jewellery registering a negative growth in the recent months, the central government is working on the strategy to increase the export performance to other markets including the unexplored destinations around the world.
Anand Sharma, union minister of commerce and industry, who was in Mumbai on Thursday to inaugurate the 29th edition of the Indian International Jewellery Show (IIJS) organized by the Gems and Jewellery Export Promotion Council (GJEPC), said the ... Read More
Toyota launches NextGen Camry in India
New Delhi: Japanese car giant Toyota today launched next generation of premium sedan Camry in India at an introductory price of Rs 23.8 lakh (ex showroom Delhi).
The company, which is present in India through a joint venture with the Kirloskar group, will be assembling the car at its Bangalore facility.
"This is the seventh generation of Camry. We will be manufacturing it locally in India so that it can be available easily," Toyota Kirloskar Motor (TKM) ... Read More
Japan likely to ban shrimp imports from India
The problem has also caused a drastic reduction in the prices of shrimp in the global market, with these falling 25-35 per cent in two-three weeks. There is also a fall in export orders from other major import destinations like the Europe and the US.
Odisha and West Bengal regions are the most affected areas as around 60 per cent of the black tiger variety of shrimp produced in these regions is exported to ... Read More
Construction of country's biggest mall to be completed by 2016: DLF
India's largest real estate builder will invest Rs 2,000 crore on the project, which compares with the world's largest 7-million sq ft New South China mall in Dongguan and is bigger than the 1.5-million sq ft Great India Place mall in Noida - the largest mall in India, a senior official at DLF, who did not wish to be named, said.
The mall was originally planned in 2005 to be completed by 2007 when it would ... Read More
Amazon steps into India with Kindle store and e-reader
According to a release, the India Kindle Store offers over one million books, conveniently priced in rupees. This is a step its competitor, Penguin Publishing, has still not taken.
World’s biggest online retailer Amazon has finally decided to wet its beak in the Indian market, with the launch of its India Kindle store and a partnership with electronics retailer Croma to sell its trademark Kindle e-readers.
The company began testing the waters in India, earlier this year, ... Read More
Bharti Airtel boasts over 200 million customers in India
Bharti Airtel, a leading global telecommunications services provider with operations in over 20 countries across Asia and Africa, today announced that it has crossed the 200 million customer mark in India. The 200 million customer mark in India includes Bharti Airtel customers across categories of 2G, 3G and 4G mobile; fixed line and DSL broadband, IPTV and DTH services. The company also offers a wide range of managed services for its enterprise, government and carrier ... Read More
Former Employee Sues Infosys
By DHANYA ANN THOPPIL
BANGALORE -- Infosys Ltd. said Thursday a former employee has sued the outsourcing-services provider in the U.S. over alleged abuse of visa rules, deepening the Indian company's legal troubles in a market that accounts for most of its revenue.Satya Dev Tripuraneni, who worked as an accounts manager at the California office of Infosys, filed the lawsuit in the U.S. District Court for the Northern District of California on Aug. 2.
Mr. Tripuraneni alleges ... Read More
Kerala-based gelatin maker aiming at Rs.300 crore turnover
Thiruvananthapuram, Aug 7 (IANS) Nitta Gelatin India Ltd (NGIL) expects to close the current fiscal with a turnover of around Rs.300 crore on rising demand for gelatin in the pharmaceutical industry, Managing Director G. Suseelan said here Tuesday.
"The demand for gelatin is on the rise in the pharma industry. NGIL has developed the technology for manufacturing blood plasma grade gelatin which has a life saving application. NGIL, in its pursuit to manufacture gelatin at ... Read More
Reliance Chairman Plots a $10 Billion Mobile Network
BY AMOL SHARMA AND MEGHA BAHREE
MUMBAI—In December 2010, Mukesh Ambani, India's richest man, circulated a 36-page handwritten memo to executives that spelled out his plans to build one of the world's most advanced telecommunications networks.
The memo, which has been reviewed by The Wall Street Journal, described a fourth-generation, or 4G, wireless service with "99.999%" network availability; "integration with an app store, ours or others" to help smartphone users order fast food or buy movie ... Read More
Pakistani tycoon to march into Indian banking sector
Mian Mohammad Mansha, Pakistan’s richest man and chairman of the $5 billion Nishat Group, says he is keen to launch banking services in India.
According to an article published in The Economic Times, Mansha while talking to the newspaper said that the State Bank of Pakistan is examining a proposal from his MCB Bank to open at least three branches in Delhi, Mumbai and Amritsar.
MCB Bank is one of the largest private sector banks in Pakistan ... Read More
Govt allows export of J&K Basmati rice to USA, UAE and Jordan
Jammu : Set to make its presence in international food market, the Centre has permitted export of J&K Basmati to US, Jordan and Saudi Arbia so that the farmers of the state could be benefited.
"The Ministry of Commerce, Government of India, has permitted export of Sarveshwar Basmati of J&K to USA, Jordan and Saudi Arbia so that the farmers of the state could be benefited", Minister for Agriculture Production Ghulam Hassan Mir said ... Read More
Maruti small car launch postponed
New Delhi: Maruti Suzuki said the launch of its new 800 cc small car will be delayed from its proposed schedule during Diwali this year due to the violence at Manesar plant.
"Yes, we have to reschedule the launch of the 800 cc car because of the violence at Manesar plant," said Maruti Suzuki India (MSI) Managing Director Shinzo Nakanishi.
He, however, said if the company is able to recover quickly from the impact, the ... Read More
Pakistani tycoon targets India banking
Mian Mohammad Mansha, owner of the Nishat business group, one of Pakistan’s largest conglomerates, told the Financial Times in an interview that his group had been the first to apply to open branches in India, following recent rule changes.
“Our major rationale is that India is a very profitable market,” said Mr Mansha, whose assets include the high-profile Muslim Commercial Bank. “We have asked the state bank [Pakistan’s central bank] for permission to open three ... Read More
World hotels to expand presence in India
Hyderabad: Germany-based global hospitality major Worldhotels plans to expand its presence in India.
Announcing its tie-up with four-star Golkonda Hotel here Wednesday, the company officials said they would run 20 properties in India by next year.
The company currently runs 12 hotels including Worldhotel Turquoise in Chandigarh, Asiana Hotel in Chennai, The Claridges in Delhi, Pride Park Premier in Gurgaon, The Sahara Star in Mumbai, Amby Valley in Pune and Matthan Hotel in Bangalore.
Christina Spykerman, Senior Director ... Read More
Indian Oil and Reliance among top 100 in Fortune 500
Washington: Eight Indian companies have made it to Fortune magazine's 2012 list of world's 500 largest companies with public sector. Indian Oil and Mukesh Ambani-led are Reliance Industries among the top 100.
While Indian Oil with revenues of $ 86,016 million took the 83rd spot up from 98th place last year, Reliance Industries with revenue of $76,119 million moved up from 134th to 99th position to become the first Indian private firm to join the top ... Read More
Four reasons why JP Morgan has upgraded India
Here are four reasons why JP Morgan has upgraded India:
Lower oil prices are expected to help control and reduce the country’s current account deficit. The rupee price of Brent oil is 18 per cent lower than its 2012 peak. Lower oil prices also reduce the fiscal deficit due to reduction in subsidies of PSU oil companies.
The sharp depreciation of the rupee will help boost the country’s growth. The recent currency depreciation is equivalent ... Read More
Jain Takes the Reins at Deutsche
BY LAURA STEVENS
LONDON—Deutsche Bank AG is about to experience culture shock.
Anshu Jain—born in India, educated in the U.S. and in recent years the London-based head of investment banking—will take the helm Friday at Germany's largest bank as co-CEO alongside Jürgen Fitschen.
Though the two men will share power, many Deutsche Bank insiders predict Mr. Jain will dominate—and move quickly to shake things up.
Mr. Jain, 49 years old, played a central role in building Deutsche Bank's ... Read More
Mahindra to launch 6 models in FY13
Mumbai: Country's largest utility vehicle maker Mahindra & Mahindra today sounded bullish on growth, pegging average sales growth of 10-12 percent for the fiscal, and said it will launch six new models this fiscal.
"We have a capital allocation of Rs 5,000 crore for the next three fiscals and plan to launch six new models this fiscal," M&M president (automotive business) Pawan Goenka told reporters here during a post-earnings conference call.
However, Goenka did not ... Read More
India has IT manufacturing envy: expert
Washington: India wants to be like China in IT manufacturing sector and the US needs to work hard to make sure that New Delhi does not go down the Beijing consensus path, an eminent American expert has told a Congress-appointed Commission.
"One of the biggest problems I see with what we have termed the Beijing consensus is that other countries now appear to be adopting it, Brazil most recently, but now India," Robert D Atkinson, ... Read More
Infosys woes prompt investors to call for change at top
Critics say Infosys must shed its aversion to acquisitions, change its premium pricing strategy to compete with global rivals IBM and Accenture.The author has posted comments on this articleReuters | May 7, 2012, 02.12PM ISTBANGALORE/MUMBAI: The conservatism that served Infosys Ltd so well for three decades is now stunting its growth, prompting calls from investors for new blood at the top of India's showpiece outsourcer.
Critics say Infosys also must shed its aversion to acquisitions, ... Read More
Germany can be a gateway for Indian Inc to do business in Europe
MUMBAI: India is very strong growth market and not only for overseas companies and fund for investing into it, but also its becoming increasingly important since Indian companies are investing good amount of money into outside India, feels Burkard Dregger, Chairman of Alliance of Business Lawyers & Founder and Managing Partner of Berlin headquartered corporate law firm Dregger Rechtsanwalte.
"Indian companies are expanding their geographical reach in almost all parts of the world," told Mr ... Read More
India, Pakistan to ease visa rules for businessmen
India-Pakistan visa rules to be eased
Trade talks begin; Pakistan asks India for 'trust and faith'
The latest initiative comes just ahead of the inauguration of the integrated check post at Attari-Wagah border on Friday. The move will help raise the number of trucks crossing the border to about 600 from the current 150, thus acting as a huge boost to bilateral trade.
Islamabad has already agreed to a time-frame for granting Most Favoured Nation (MFN) ... Read More
New Delhi heaps pressure on Coal India
If Coal India fails to boost production under the agreement, it would be forced to pay power companies between 20 and 40 per cent of the average additional cost caused by the state miner’s inability to provide them the fuel, an official told the Financial Times. It was unclear whether the board of Coal India would sign the agreement. In theory, it is legally bound to do so, but it has previously objected to a ... Read More
Goldman CEO Says Committed to India
By KHUSHITA VASANT
MUMBAI -- Goldman Sachs Group Inc. GS +0.49% remains committed to India and is keen to tap opportunities to grow alongside the local economy and its capital markets, Chairman and Chief Executive Lloyd C. Blankfein said.
The bank held a board meeting for the first time ever in India last week, underlining the importance of Asia's third-largest economy to the U.S. banking giant. The 12-member board, which includes billionaire steel tycoon Lakshmi Mittal, met ... Read More
Global firms vie to grab Bangalore biz whizkids
Among the top global and Indian firms, which made beeline to the campus hiring this month were Accenture, Airtel, A.T. Kearney, Boston Consulting Group (BCG), Deloitte, Flipkart, IBM Consulting, ICICI, Lodha group, McKinsey and Supermax.
"We saw a strong demand for our students this year despite the bleak economic scenario. The diversity and seniority of roles offered were better than last year due to their rich work experience," B-school placement committee member Merben Jayakaran told ... Read More
Satyam merges with Tech Mahindra to create $2.4 bn co
Mumbai: The diversified Mahindra Group Wednesday announced the amalgamation of its two technology companies, under which Mahindra Satyam will merge with parent Tech Mahindra, creating a $2.4-billion entity that will be the 5th largest software firm in India.
"This merger is a key part of our strategy to deliver industry leading performance and this would make us a company with an annual revenue of $2.4-billion approximately, with more than 75,000 workforce and over 350 active ... Read More
Tata may assemble Jaguar cars in India
Jaguar India Assemble | Land Rover Freelander | Tata Motors JLR | Auto India
Geneva: Tata Motors-owned Jaguar Land Rover will consider assembling Jaguar luxury cars in India in the next 3-5 years.
"We are looking at it, but volumes in India are very small now. As we go forward, we will surely consider this," Jaguar Global Brand Director Adrian Hallmark said.
At present the British company assembles sports utility vehicle brand Land Rover's Freelander ... Read More
Industry experts dub Union budget 2012-13 as anti growth
Indian industry experts on Friday echoed that the Union budget, though balanced, does not appear to be simulating growth while raising serious concerns to reduce fiscal deficit.
"The first reaction of FICCI (Federation of Indian Chambers of Commerce and Industry) to the budget is that it is not going to stimulate growth in the economy and actually we have been talking about growth and from FICCI we have been making several repetitions that the Finance Minister ... Read More
Citigroup CEO Vikram Pandit gets a paycheck of $14.9 million
Citigroup Chief Executive Vikram Pandit finally got his payday. The third biggest U.S. bank company paid Pandit $14.86 million in 2011, compared with $1 in 2010, according to a filing with the Securities and Exchange Committee.
The 2011 payout included salary of $1.7 million and cash supplemented by a cash bonus of $5.3 million and options valued at $7.8 million.
In 2010, Pandit's total pay package was $128,751. The pay recognizes Pandit's shepherding of the company to ... Read More
Hero Eyes Ducati as Indian Motorcycle Maker Seeks Takeovers
March 5 (Bloomberg) -- Ducati Motor Holding SpA, maker of luxury bikes ridden by celebrities such as Brad Pitt, is among assets being examined by Hero MotoCorp Ltd. as India’s biggest motorcycle maker looks for acquisitions to expand overseas.
“Lots of people have been coming to us with Ducati -- not one banker but many bankers,” Pawan Kant Munjal, managing director of Hero, said in a March 2 interview in New Delhi. “We’re talking to ... Read More
Indian, Pakistani business leaders seek greater trade flow
Indian and Pakistani businesses said it was high time that the two countries created a conducive environment for commerce and encourage free trade.
At an interaction organised by the PHD Chamber here between Gujranwala Chamber of Pakistan and local industry associations, business leaders called for boosting cross- border trade between the two nations.
A high profile delegation of 20 members from Gujranwala Chamber of Commerce interacted with various local association members from Chandigarh, Mohali and Derabassi. ... Read More
India May Levy 19% Import Tax on Power Gear
Feb. 20 (Bloomberg) -- India’s cabinet is likely to approve a proposal to impose a 19 percent duty on imports of power generation equipment to help local manufacturers Bharat Heavy Electricals Ltd. and Larsen & Toubro Ltd. compete for orders with Chinese rivals, according to a government official.
“I have received feedback from the concerned ministries and am confident that the cabinet will approve our proposal sometime in the next two weeks,” Power Secretary P. ... Read More
India invites Saudi Arabia to invest in oil sector
India has invited Saudi participation in upcoming investment opportunities in its petroleum upstream and downstream sector including OPaL’s Petrochemical project at Dahej and OMPL’s Petrochemical project at Mangalore.
An offer was made to the Saudi side for considering equity participation in these projects as a strategic investor, said Mr R.P.N. Singh, Minister of State for Petroleum & Natural Gas, after the bilateral meetings with Prince Abdul Aziz Bin Salman Bin Abdulaziz, Assistant Minister for Petroleum ... Read More
'India an exporter of talent for us'
With eight consecutive quarters of growth behind it, Hindustan Unilever (HUL) has been able to ride the stress of rising input costs, a falling rupee and changing business environment, with some success. But how does it plan to sustain this growth? By focussing on new products, especially in the premium range, the company’s chairman and parent company Unilever’s chief operating officer Harish Manwani told Hindustan Times. Excerpts:
High input prices, global uncertainty, rupee fall…how do you ... Read More
Vodafone India: enjoying the best of both worlds
The trend with Vodafone’s voice revenue per minute was very similar. While Bharti managed to increase realizations on voice calls by 3.5% last quarter, Idea’s average revenue per minute was flat at September quarter levels, despite the tariff hikes taken by the company in May/June 2011. Vodafone has reported a 1.7% increase in voice revenue per minute to 47 paise. The company’s presentation to analysts mentions that the average realized rate on outgoing calls has ... Read More
Reliance raises $1 billion through overseas bond issue
Reliance raises $1 billion through overseas bond issueSource Last Updated: Fri, Feb 10, 2012 17:30 hrs0 CommentsLeading CMS for ASP.Net Open-source, clear roadmap, secure. Flexible & extensible. Free trial. DotNetNuke.com/CMS-for-Dot-NetAds by GoogleMumbai, Feb 10 (IANS) Mukesh Ambani-led Reliance Industries Friday said its subsidiary, Reliance Holding USA, has issued bonds worth $1 billion to be used as capital expenditure.
"We are delighted to see the strong interest shown by high quality global investors in RIL's credit. ... Read More
Canadian auto-parts makers see green opportunity in India
India’s domestic passenger and commercial vehicle sales, including cars, utility vehicles, vans and trucks, grew from 1.4 million units in the year to March, 2005, to 3.2 million in 2010-2011; current projections put annual sales at five million by the end of 2015. An estimated 40 million vehicles are on Indian roads.
With many more millions of vehicles expected to be on the roads in coming decades, and India’s economy expected to grow by ... Read More
Axis Bank choose BMT Consultants India for PPP project
BMT Consultants India, a subsidiary of BMT Group Ltd, the leading international maritime design, engineering and risk management consultancy, announced today that it has been appointed as Lender’s Engineer by Axis Bank for the PPP (Public Private Partnership) project at Kandla Port, located in the Gujarat state of western India.
PSL Limited, a leading pipe and steel producer has secured funding for the 16th multi-purpose cargo berth at Kandla Port with Axis Bank. As ... Read More
New rich drive luxury car boom in India
Mumbai: From farmers who swapped fields for cash to 20-something CEOs that inherited the family business, hot new money is flooding India's luxury car market as roaring sportscar engines announce the country's growing wealth on its roads.
No senior Indian executive feels complete without his sleek German-made saloon, while Italian sportscars are the new calling cards for the country's rich young things at exclusive nightclubs that screen guests at the main gate, not at the ... Read More
Indian carmakers’ mixed fortunes
Indian carmakers had a mixed session, leading gainers and losers. A 22 per cent jump in year on year sales in December helped Tata Motors become one of the index’s best performers, after a 3 per cent increase to Rs183.80.
Bajaj Auto, India’s second largest two-wheeled vehicle maker by sales, fell 7.4 per cent to Rs1,475.00 after December sales failed to reach expectations.
The automaker reported a 10.4 per cent jump in overall sales, well ... Read More
India bans banks from new listings
James Lamont and Neil Munshi
India’s stock market regulator has issued a wake up call to investment banks operating in the country by banning some prominent banks from new listings and warning that it will overhaul the rules governing initial public offerings.
The tough response to irregularities surrounding recent listings is unusual for a slow-moving regulator that has in the past taken years to act on investigations.
Profile of a good adviser UK Sinha, the ... Read More