NEW DELHI: Kingfisher and Paramount are defaulting airlines in payment to the Airports Authority of India for services including landing charges, parking and housing charges and licence fees for space/land allotments.
"The dues outstanding by these two airlines as on February 28, 2011, was Rs 255 crore on Kingfisher Airlines and Rs 4.88 crore on Paramount Airways," Civil Aviation Minister Vayalar Ravi said in the Lok Sabha during the Question Hour.
The charges/fee levied by AAI on the private airlines annually are landing charges, parking/housing charges, route navigation facility charges, terminal navigation landing charges and licence fees for space/land allotment.
The minister said that only Kingfisher Airlines and Paramount Airways are in default.
The AAI has taken action against these entities and they have been asked to clear the over dues in a time bound manner.
Penal interest is being charges on account of delay in the settlement of bills, Ravi said adding that in case of continued default, AAI proposes to encash the security deposit and put the airlines in "cash and carry" mode
Success in my Habit
Thursday, March 17, 2011
Navi Mumbai Metro work to begin by May
MUMBAI: Maharashtra Government today said that it planned to start work on the first phase of Navi Mumbai Metro by May this year.
The first phase will comprise 11.15 km route from Belapur to Pendhar, along the Belapur-Kharghar-Taloja-Kalamboli -Khandeshwar line, which will be completed in three phases, Minister of state for Urban development , Bhaskar Jadhav, told the Legislative Assembly today.
Jadhav said tenders have been received by CIDCO, the implementing agency, for the 11.15 km route, and the actual work will start by May and will be completed by August 2014.
The remaining two phases are proposed to be started in 2015-16.
He said the land needed for constructing the Metro beyond the 11.15 km route has not been transferred to CIDCO by MIDC yet.
Delhi Metro Rail Corporation ( DMRC )) had proposed six line Metro corridor: Uran-Ranjanpada-Nerul, Belapur-Taloja-Airport, Vashi-Nerul-Panvel, Ranjanpada-Kharkopar-Seawoods, Dighe-Turbhe-Belapur and Vashi-Ghansoli-Mahape.
NCP legislators Shashikant Shinde and Jeetendra Awhad criticised the government for excluding Vashi,Kopharkhairne, Ghansoli, Airoli and Digha routes.
They said these areas have considerable middle-class population, which depends on mass rapid transit system.
The routes should be re-worked, they demanded. Jadhav said he would discuss this with the Chief Minister and the Deputy Chief Minister.
The first phase will comprise 11.15 km route from Belapur to Pendhar, along the Belapur-Kharghar-Taloja-Kalamboli -Khandeshwar line, which will be completed in three phases, Minister of state for Urban development , Bhaskar Jadhav, told the Legislative Assembly today.
Jadhav said tenders have been received by CIDCO, the implementing agency, for the 11.15 km route, and the actual work will start by May and will be completed by August 2014.
The remaining two phases are proposed to be started in 2015-16.
He said the land needed for constructing the Metro beyond the 11.15 km route has not been transferred to CIDCO by MIDC yet.
Delhi Metro Rail Corporation ( DMRC )) had proposed six line Metro corridor: Uran-Ranjanpada-Nerul, Belapur-Taloja-Airport, Vashi-Nerul-Panvel, Ranjanpada-Kharkopar-Seawoods, Dighe-Turbhe-Belapur and Vashi-Ghansoli-Mahape.
NCP legislators Shashikant Shinde and Jeetendra Awhad criticised the government for excluding Vashi,Kopharkhairne, Ghansoli, Airoli and Digha routes.
They said these areas have considerable middle-class population, which depends on mass rapid transit system.
The routes should be re-worked, they demanded. Jadhav said he would discuss this with the Chief Minister and the Deputy Chief Minister.
40 SEZ developers seeks more time to implement projects
NEW DELHI: Reflecting lack of enthusiasm for the special economic zones, over 40 developers including Parsvnath SEZ Ltd and Ranbaxy Laboratories have sought more time from the government for implementing their projects.
Reliance Haryana SEZ Ltd has also requested for additional time from the Board of Approval (BoA), headed by Commerce Secretary Rahul Khullar, the BoA agenda said.
BoA, a 19-member inter-ministerial body that deals with special economic zones (SEZs) related matters, is scheduled to meet on March 25.
Another three promoters have approached the Commerce Ministry for surrendering their projects, citing global economic uncertainty as the reason.
Maharashtra Industrial Development Corporation has approached the BoA for surrendering its sector specific tax free enclave at Solapur, the agenda said.
Gujarat Hydrocarbons and Power SEZ Ltd, which was planning to set up a sector specific SEZ in Gujarat sought "...withdrawal of formal approval due to uncertainty in the international market and in the legal framework governing SEZs".
According to an industry expert, uncertainty over tax exemptions to new SEZs has also led to declining interest in the tax free enclaves. Investors are very apprehensive about the new draft Direct Taxes Code (DTC).
According to the revised DTC draft, which will replace the Income Tax Act of 1961, tax exemptions for SEZs will be confined to the existing units.
The developers who have sought more time to implement their projects, include Mangalore SEZ Ltd , Ansal IT City and Parks Ltd and IFFCO Kisan SEZ Ltd.
Reliance Haryana SEZ Ltd, which is in the process of land acquisition, has requested for extension of in-principle approval up to March 2015 stating that land acquisition is a time consuming process.
It has requested Haryana government to acquire balance land for enabling contiguous land parcel of minimum 1,000 hectares so as to start development activity.
Reliance Haryana SEZ Ltd, which is planning to set up multi-product SEZ at Gurgaon at an area of 5,000 hectare, has acquired 1,060 hectares of land.
"In this case the validity of the in-principle approval has expired on March 2009. The developer has become due (for) fifth extension. BoA is to consider granting extension...," the agenda added.
Minister of State for Commerce and Industry Jyotiraditya Scindia has recently said in a written reply to Rajya Sabha that as much as 203 special economic zone developers have been given more time to execute their projects.
The minister had also said that 23 SEZ developers have surrendered their projects due to the impact of global economic meltdown.
Reliance Haryana SEZ Ltd has also requested for additional time from the Board of Approval (BoA), headed by Commerce Secretary Rahul Khullar, the BoA agenda said.
BoA, a 19-member inter-ministerial body that deals with special economic zones (SEZs) related matters, is scheduled to meet on March 25.
Another three promoters have approached the Commerce Ministry for surrendering their projects, citing global economic uncertainty as the reason.
Maharashtra Industrial Development Corporation has approached the BoA for surrendering its sector specific tax free enclave at Solapur, the agenda said.
Gujarat Hydrocarbons and Power SEZ Ltd, which was planning to set up a sector specific SEZ in Gujarat sought "...withdrawal of formal approval due to uncertainty in the international market and in the legal framework governing SEZs".
According to an industry expert, uncertainty over tax exemptions to new SEZs has also led to declining interest in the tax free enclaves. Investors are very apprehensive about the new draft Direct Taxes Code (DTC).
According to the revised DTC draft, which will replace the Income Tax Act of 1961, tax exemptions for SEZs will be confined to the existing units.
The developers who have sought more time to implement their projects, include Mangalore SEZ Ltd , Ansal IT City and Parks Ltd and IFFCO Kisan SEZ Ltd.
Reliance Haryana SEZ Ltd, which is in the process of land acquisition, has requested for extension of in-principle approval up to March 2015 stating that land acquisition is a time consuming process.
It has requested Haryana government to acquire balance land for enabling contiguous land parcel of minimum 1,000 hectares so as to start development activity.
Reliance Haryana SEZ Ltd, which is planning to set up multi-product SEZ at Gurgaon at an area of 5,000 hectare, has acquired 1,060 hectares of land.
"In this case the validity of the in-principle approval has expired on March 2009. The developer has become due (for) fifth extension. BoA is to consider granting extension...," the agenda added.
Minister of State for Commerce and Industry Jyotiraditya Scindia has recently said in a written reply to Rajya Sabha that as much as 203 special economic zone developers have been given more time to execute their projects.
The minister had also said that 23 SEZ developers have surrendered their projects due to the impact of global economic meltdown.
Nirula's aims 50 outlets in 1 year, overseas expansion by 2013
NEW DELHI: Quick-service restaurant chain Nirula's today said it will open 50 new outlets in the next 12 months across India, entailing an investment of Rs 15-20 crore, besides planning an international expansion by 2013.
"Nirula's will expand into seven new cities in India in the next 12 months, including Patna, Dehradun, Pune and Baroda to open 50 new outlets. The company will invest about Rs 15-20 crore along with the franchisees for expansion," Nirula's CEO and MD Samir Kuckreja told PTI.
Of the upcoming restaurants, about 50 per cent will be company owned and the rest run by franchisees.
Commenting on international expansion, Kuckreja said the company is eyeing overseas presence in the next three years.
"In the past we have had successful operations in Nepal and Oman. We have plans to expand in markets outside in India by 2013 fiscal. We would look at the SAARC countries such as Sri Lanka, Bangladesh, Nepal, Pakistan and also the Middle East," he said.
Currently, Nirula's operates 85 outlets in eight cities in India and claims to be growing at a CAGR of 20-25 per cent in the last five years.
For domestic expansion, the company will set up outlets in malls and high streets besides tapping other avenues such as highways, metro stations, hospitals and airports.
"Nirula's will expand into seven new cities in India in the next 12 months, including Patna, Dehradun, Pune and Baroda to open 50 new outlets. The company will invest about Rs 15-20 crore along with the franchisees for expansion," Nirula's CEO and MD Samir Kuckreja told PTI.
Of the upcoming restaurants, about 50 per cent will be company owned and the rest run by franchisees.
Commenting on international expansion, Kuckreja said the company is eyeing overseas presence in the next three years.
"In the past we have had successful operations in Nepal and Oman. We have plans to expand in markets outside in India by 2013 fiscal. We would look at the SAARC countries such as Sri Lanka, Bangladesh, Nepal, Pakistan and also the Middle East," he said.
Currently, Nirula's operates 85 outlets in eight cities in India and claims to be growing at a CAGR of 20-25 per cent in the last five years.
For domestic expansion, the company will set up outlets in malls and high streets besides tapping other avenues such as highways, metro stations, hospitals and airports.
ONGC's cover may cost more
MUMBAI: ONGC India is expected to face a 'hard' market when it approaches international underwriters next week to renew its $28.5 billion insurance policy. ONGC is the holder of the biggest insurance policy in India.
On the other hand, Reliance Industries-the largest private sector insurance policy holder-has managed to get its policy renewed without any significant hike in rates since its contract fell due more than a fortnight before the deadly earthquake struck Japan.
Last year, ONGC was fortunate as its policy was renewed weeks before BP Deepwater Horizon explosion, which caused a massive oil spill in the Gulf of Mexico pushing up rates for offshore rigs worldwide. For 2010-11, ONGC managed to insure its offshore assets which were worth well over $26.5 billion for $30 million. The policy was renewed because of support provided by international reinsurers.
This year the state-owned company has shortlisted United India Insurance, which has appointed top international broking firms, including Aon, Marsh and JWT, to help it secure cover from international reinsurers. Reliance Industries has had its policy renewed by New India and ICICI Lombard.
Other Indian companies which have their policies due for renewal in April are finding that they may have to wait for a while. "Most reinsurers have put on hold quoting for risks until they have a better assessment of their own exposure to the loss," said Gaurav Garg, MD, Tata AIG General Insurance.
"However, there is a possibility that India might still emerge as an attractive market to Cat (catastrophe) reinsurers as compared to some other markets," said Garg. This was because there have not been many major disasters in recent years and also the fact that whenever there have been disasters, insurance losses have not been very high because of the low level of insurance penetration.
For insurance buyers, the earthquake will only compound their woes. End-March insurance companies were hit by a Rs 3,500 crore provisioning required to be made on their motor-third party insurance portfolio. This provisioning will erase profits and reduce the capacity of insurance companies to provide cover. Now with reinsurers increasing the pressure from the other end, insurers will be forced to increase prices wherever possible.
Japanese reinsures like Sumitomo have emerged major underwriters in the international market in recent times. It is not clear whether the capacity of these Japanese underwriters will take a hit in light of domestic losses.
On the other hand, Reliance Industries-the largest private sector insurance policy holder-has managed to get its policy renewed without any significant hike in rates since its contract fell due more than a fortnight before the deadly earthquake struck Japan.
Last year, ONGC was fortunate as its policy was renewed weeks before BP Deepwater Horizon explosion, which caused a massive oil spill in the Gulf of Mexico pushing up rates for offshore rigs worldwide. For 2010-11, ONGC managed to insure its offshore assets which were worth well over $26.5 billion for $30 million. The policy was renewed because of support provided by international reinsurers.
This year the state-owned company has shortlisted United India Insurance, which has appointed top international broking firms, including Aon, Marsh and JWT, to help it secure cover from international reinsurers. Reliance Industries has had its policy renewed by New India and ICICI Lombard.
Other Indian companies which have their policies due for renewal in April are finding that they may have to wait for a while. "Most reinsurers have put on hold quoting for risks until they have a better assessment of their own exposure to the loss," said Gaurav Garg, MD, Tata AIG General Insurance.
"However, there is a possibility that India might still emerge as an attractive market to Cat (catastrophe) reinsurers as compared to some other markets," said Garg. This was because there have not been many major disasters in recent years and also the fact that whenever there have been disasters, insurance losses have not been very high because of the low level of insurance penetration.
For insurance buyers, the earthquake will only compound their woes. End-March insurance companies were hit by a Rs 3,500 crore provisioning required to be made on their motor-third party insurance portfolio. This provisioning will erase profits and reduce the capacity of insurance companies to provide cover. Now with reinsurers increasing the pressure from the other end, insurers will be forced to increase prices wherever possible.
Japanese reinsures like Sumitomo have emerged major underwriters in the international market in recent times. It is not clear whether the capacity of these Japanese underwriters will take a hit in light of domestic losses.
LG to invest Rs 1,500 cr on marketing, manufacturing this year
NEW DELHI: Korean consumer durables maker LG Electronics today said it will invest Rs 1,500 crore in India this year to ramp up production and market the brand.
"We will invest Rs 800 crore to increase our manufacturing capacity this year and another Rs 700 crore on brand building and marketing activities," LG Electronics India Pvt Ltd (LGEIL) COO Y V Verma told PTI.
The investment will be aimed at achieving the turnover target of Rs 20,000 crore set by LGEIL for 2011.
"We did around Rs 16,000 crore last year and this year we are targeting a 25 per cent increase in the total turnover at Rs 20,000 crore," Verma said.
He said the company would focus on product categories such as flat panel TVs, air conditioners and mobile phones to drive growth in India.
Commenting on manufacturing capacity expansion, Verma said the company is setting up a new production line at its existing facility in Pune for refrigerators.
"We are also increasing capacity for other products such as LCD TVs," he added without giving details.
On marketing front, LGEIL has been investing funds to position the brand LG as a premium brand.
"The Rs 700 crore marketing budget would be focused on positioning the brand in the premium segment," Verma added.
With an intention to expand reach of its products in rural markets, the company has identified 16 states in the country to conduct consumer research.
"We have identified 16 states, including Andhra Pradesh, UP and Punjab, to understand consumer demand in rural markets and enhance our distribution network," Verma said.
"We will invest Rs 800 crore to increase our manufacturing capacity this year and another Rs 700 crore on brand building and marketing activities," LG Electronics India Pvt Ltd (LGEIL) COO Y V Verma told PTI.
The investment will be aimed at achieving the turnover target of Rs 20,000 crore set by LGEIL for 2011.
"We did around Rs 16,000 crore last year and this year we are targeting a 25 per cent increase in the total turnover at Rs 20,000 crore," Verma said.
He said the company would focus on product categories such as flat panel TVs, air conditioners and mobile phones to drive growth in India.
Commenting on manufacturing capacity expansion, Verma said the company is setting up a new production line at its existing facility in Pune for refrigerators.
"We are also increasing capacity for other products such as LCD TVs," he added without giving details.
On marketing front, LGEIL has been investing funds to position the brand LG as a premium brand.
"The Rs 700 crore marketing budget would be focused on positioning the brand in the premium segment," Verma added.
With an intention to expand reach of its products in rural markets, the company has identified 16 states in the country to conduct consumer research.
"We have identified 16 states, including Andhra Pradesh, UP and Punjab, to understand consumer demand in rural markets and enhance our distribution network," Verma said.
Social networking sites drive Hidesign to tier-II cities
NEW DELHI: An overwhelming response on social networking sites has prompted Indian leather goods manufacturer Hidesign to explore cities like Aurangabad, Mangalore and Guwahati and reach out to buyers who may not be very visible but show great purchasing power.
"More people from tier-II and tier-III cities aspire towards luxury lifestyles. Hidesign saw an increase in the feedback on social networking sites like Facebook as well as in the number of online sales from these regions," Dilip Kapur, president of Hidesign, told IANS.
"So it is essential that we go to the customer rather than expect customers to visit us in metros," he added.
This is not their first attempt to enter smaller cities - the brand is already available in Pondicherry, Goa and Cochin mainly because of the huge footfalls of foreigners visiting these places.
But this is their first major expansion plan as they feel Indian consumers in emerging cities are looking beyond essentials, with high-income households in particular showing strong buying intention, thus making a strong impact on sales growth for retail brands.
Hidesign, a one-man brand, was born in Auroville in Tamil Nadu in 1978 and has turned into a business that is growing at the rate of 25-30 percent per annum. The brand has 56 stores in India.
Kapur feels the shopping malls are a boon for them. "Malls help create space that is exciting for customers. We prefer malls as they increase walk-ins," he said.
It's a surprise that the brand has its largest independent store, approximately 750 sq ft in Guwahati, Assam.
"A two-level store in Guwahati's old town overlooking the lake is our largest store till date. We expect it to thrive as a destination store as northeast India symbolizes nature, warmth and a sense of beauty that goes hand in hand with the ideals and values of Hidesign," Kapur said.
Surprisingly, when Kapur started this label, he did not start retailing from India but Britain and Australia where the market was in those days. It was only in the late 1990s that the Indian market became the focus.
But since early 2000, the brand gauged the growing economic scene in India and started to promote their brand vigorously.
"We have always taken innovative steps in reaching out to our target group through concentrated campaigns in the early 2000s instead of going mass with advertising, or directing marketing activities towards airports way before other luxury lifestyle retailers saw the opportunity," he said.
After this, the brand plans to open exclusive stores in Nagpur, Surat, Kanpur and Indore as well.
info
"More people from tier-II and tier-III cities aspire towards luxury lifestyles. Hidesign saw an increase in the feedback on social networking sites like Facebook as well as in the number of online sales from these regions," Dilip Kapur, president of Hidesign, told IANS.
"So it is essential that we go to the customer rather than expect customers to visit us in metros," he added.
This is not their first attempt to enter smaller cities - the brand is already available in Pondicherry, Goa and Cochin mainly because of the huge footfalls of foreigners visiting these places.
But this is their first major expansion plan as they feel Indian consumers in emerging cities are looking beyond essentials, with high-income households in particular showing strong buying intention, thus making a strong impact on sales growth for retail brands.
Hidesign, a one-man brand, was born in Auroville in Tamil Nadu in 1978 and has turned into a business that is growing at the rate of 25-30 percent per annum. The brand has 56 stores in India.
Kapur feels the shopping malls are a boon for them. "Malls help create space that is exciting for customers. We prefer malls as they increase walk-ins," he said.
It's a surprise that the brand has its largest independent store, approximately 750 sq ft in Guwahati, Assam.
"A two-level store in Guwahati's old town overlooking the lake is our largest store till date. We expect it to thrive as a destination store as northeast India symbolizes nature, warmth and a sense of beauty that goes hand in hand with the ideals and values of Hidesign," Kapur said.
Surprisingly, when Kapur started this label, he did not start retailing from India but Britain and Australia where the market was in those days. It was only in the late 1990s that the Indian market became the focus.
But since early 2000, the brand gauged the growing economic scene in India and started to promote their brand vigorously.
"We have always taken innovative steps in reaching out to our target group through concentrated campaigns in the early 2000s instead of going mass with advertising, or directing marketing activities towards airports way before other luxury lifestyle retailers saw the opportunity," he said.
After this, the brand plans to open exclusive stores in Nagpur, Surat, Kanpur and Indore as well.
info
Jyothy Lab acquires 15% stake in Henkel
NEW DELHI/MUMBAI/BANGALORE: Mumbai-based Jyothy Laboratories has acquired a 14.9% stake in Henkel India from Tamil Nadu Petro Products Ltd for Rs 60.73 crore in an all-cash deal. The deal makes Jyothy the largest Indian shareholder in the struggling Indian arm of Germany's Henkel AG. With Jyothy shelling out Rs 35 a share, the deal values the target company at Rs 408 crore. This is more than a 20% discount with Henkel's stock closing at Rs 45.35 on the BSE on Wednesday and translates into a market capitalisation of Rs 528 crore.
Jyothy's shares closed down 0.44% at Rs 228 on the BSE, while Henkel India rose 4.98%. The move will help Jyothy, maker of 'Ujala' fabric whitener, ramp up its share in the fastgrowing domestic detergents market, dominated by giants Hindustan Unilever (HUL) and Procter & Gamble ( P&G ). Jyothy will use funds raised from its recent QIP (qualified institutional placement) issue and other internal accruals for the acquisition. According to an official directly involved with the developments, TNPL had approached Jyothy as its stake was not clubbed under competitive bidding. Jyothy will also participate in the bidding process to gain Henkel AG's 50.9% stake in Henkel India. "We will aggressively bid for controlling stake in Henkel. The acquisition helps to strengthen our urban distribution network, as Henkel has a strong presence in modern retail formats . We are very strong in rural areas," MP Ramachandran, CMD of Jyothy Labs, said.
Jyothy Labs was advised on the deal by Mape Advisory group. Chennai-based Henkel India is known for its products Henko detergent and Fa deodorant. It is a joint venture between Germany's Henkel AG & Co and Spic Group's Tamil Nadu Petro Products, with the German firm holding 51% stake. Henkel operates in three categories - laundry and home care; cosmetics and toiletries; and adhesives and sealants. Its key brands include Henko, Mr. White, Pril, Fa, Neem and Margo. "There is synergy between the two companies and we saw a value added proposition in this stake purchase," Ramachandran added in a statement.
The deal is in contrast with the recent Reckitt-Paras deal where Paras' valuation was as much as eight times its sales. In Henkel's case, the valuation is even less than the company's annual sales, which was in excess of Rs 500 crore last calendar year. "We see no logic why Jyothy bought a stake in Henkel when it had the option of buying select brands that could fit strategically ," said a Mumbai-based investment banker, who did not wish to be quoted. Analysts also see a bidding war for the remaining stake, especially from other homegrown suitors. "It's basically just a financial investment so far.
If they manage to buy the majority stake, then brand integration between the two companies will be possible," said Anand Mour, vice-president, Indiabulls Securities . While the buy could help Jyothy ramp up share in the domestic detergents market, analysts are skeptical as both companies have been losing market-share in their core categories despite stepping up their product portfolios. "We were interested in a few brands of Henkel and not the company. But, now we will have to wait and watch on whether Jyothy manages to pick up a majority stake. While we are still keen to buy brands, the deal could now be put on the back burner," said the chief executive of a homegrown consumer products company. Marketing experts feel that both Jyothy and Henkel have strong regional presence and are now trying to widen their footprint. At the same time, rivals such as HUL and P&G are focusing on establishing a strong network in the hinterland.
Jyothy's shares closed down 0.44% at Rs 228 on the BSE, while Henkel India rose 4.98%. The move will help Jyothy, maker of 'Ujala' fabric whitener, ramp up its share in the fastgrowing domestic detergents market, dominated by giants Hindustan Unilever (HUL) and Procter & Gamble ( P&G ). Jyothy will use funds raised from its recent QIP (qualified institutional placement) issue and other internal accruals for the acquisition. According to an official directly involved with the developments, TNPL had approached Jyothy as its stake was not clubbed under competitive bidding. Jyothy will also participate in the bidding process to gain Henkel AG's 50.9% stake in Henkel India. "We will aggressively bid for controlling stake in Henkel. The acquisition helps to strengthen our urban distribution network, as Henkel has a strong presence in modern retail formats . We are very strong in rural areas," MP Ramachandran, CMD of Jyothy Labs, said.
Jyothy Labs was advised on the deal by Mape Advisory group. Chennai-based Henkel India is known for its products Henko detergent and Fa deodorant. It is a joint venture between Germany's Henkel AG & Co and Spic Group's Tamil Nadu Petro Products, with the German firm holding 51% stake. Henkel operates in three categories - laundry and home care; cosmetics and toiletries; and adhesives and sealants. Its key brands include Henko, Mr. White, Pril, Fa, Neem and Margo. "There is synergy between the two companies and we saw a value added proposition in this stake purchase," Ramachandran added in a statement.
The deal is in contrast with the recent Reckitt-Paras deal where Paras' valuation was as much as eight times its sales. In Henkel's case, the valuation is even less than the company's annual sales, which was in excess of Rs 500 crore last calendar year. "We see no logic why Jyothy bought a stake in Henkel when it had the option of buying select brands that could fit strategically ," said a Mumbai-based investment banker, who did not wish to be quoted. Analysts also see a bidding war for the remaining stake, especially from other homegrown suitors. "It's basically just a financial investment so far.
If they manage to buy the majority stake, then brand integration between the two companies will be possible," said Anand Mour, vice-president, Indiabulls Securities . While the buy could help Jyothy ramp up share in the domestic detergents market, analysts are skeptical as both companies have been losing market-share in their core categories despite stepping up their product portfolios. "We were interested in a few brands of Henkel and not the company. But, now we will have to wait and watch on whether Jyothy manages to pick up a majority stake. While we are still keen to buy brands, the deal could now be put on the back burner," said the chief executive of a homegrown consumer products company. Marketing experts feel that both Jyothy and Henkel have strong regional presence and are now trying to widen their footprint. At the same time, rivals such as HUL and P&G are focusing on establishing a strong network in the hinterland.
Siemens sets up financial services arm in India
MUMBAI: German multinational Siemens today said it has set-up a financial services arm Siemens Financial Services Private Limited (SFSPL) in India.
The newly-set-up company has filed an application for a Certificate of Registration to commence business of a non-banking financial company with the Reserve Bank of India ( RBI )), a press release issued here stated.
Subject to regulatory approval, SFSPL will focus on asset financing business by offering products such as loans, leasing solutions and hire purchase.
The company aims to provide financing offerings to Siemens customers in India, particularly in the healthcare, industry and energy sectors, the release said.
Sunil Kapoor has been appointed as the CEO of the company based in Mumbai.
The Siemens division Financial Services (SFS) is a global provider of financial solutions in the business-to-business segment.
With over 2,000 employees and an international network of financial companies, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare.
SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens, the release said.
The newly-set-up company has filed an application for a Certificate of Registration to commence business of a non-banking financial company with the Reserve Bank of India ( RBI )), a press release issued here stated.
Subject to regulatory approval, SFSPL will focus on asset financing business by offering products such as loans, leasing solutions and hire purchase.
The company aims to provide financing offerings to Siemens customers in India, particularly in the healthcare, industry and energy sectors, the release said.
Sunil Kapoor has been appointed as the CEO of the company based in Mumbai.
The Siemens division Financial Services (SFS) is a global provider of financial solutions in the business-to-business segment.
With over 2,000 employees and an international network of financial companies, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare.
SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens, the release said.
SKS Microfinance to explore banks for funds
MUMBAI: SKS Microfinance today said it will raise additional funds from banks, a move likely to help it tide over liquidity shortage.
"The Board of the Company...decided against CDR route, instead will explore other possibilities of additional fund raising from various banks/financial institutions," SKS Microfinance said in a filing to the Bombay Stock Exchange (BSE).
The Board has decided against going for Corporate Debt Restructuring (CDR) route, it said.
Several banks are believed to have approached the CDR cell of RBI to restructure loans advanced by them to Micro Finance Institutions (MFIs).
Some major banks such as State Bank of India , ICICI Bank and Axis Bank are estimated to have lent over Rs 15,000 crore to MFIs. ICICI has lent around Rs 2,000 crore, SBI Rs 1,000 crore, while Small Industries Development Bank of India (SIDBI) has MFIs exposure to about Rs 4,000 crore.
The Reserve Bank had in January relaxed the debt restructuring norms for the micro finance sector to enable banks to provide liquidity support to the crisis-ridden MFIs.
With the clamp down on bank loans to MFIs, the business of these companies has slowed down considerably since October last year when a string of farmer suicide cases in Andhra Pradesh led to the introduction of an ordinance to regulate the MFIs' operations in the state.
The ordinance is now passed into an Act. SKS with over 2,400 branches has more than 77 lakh members. As on December 31, 2010 amount disbursed by SKS stood at Rs 21,431 crore.
"The Board of the Company...decided against CDR route, instead will explore other possibilities of additional fund raising from various banks/financial institutions," SKS Microfinance said in a filing to the Bombay Stock Exchange (BSE).
The Board has decided against going for Corporate Debt Restructuring (CDR) route, it said.
Several banks are believed to have approached the CDR cell of RBI to restructure loans advanced by them to Micro Finance Institutions (MFIs).
Some major banks such as State Bank of India , ICICI Bank and Axis Bank are estimated to have lent over Rs 15,000 crore to MFIs. ICICI has lent around Rs 2,000 crore, SBI Rs 1,000 crore, while Small Industries Development Bank of India (SIDBI) has MFIs exposure to about Rs 4,000 crore.
The Reserve Bank had in January relaxed the debt restructuring norms for the micro finance sector to enable banks to provide liquidity support to the crisis-ridden MFIs.
With the clamp down on bank loans to MFIs, the business of these companies has slowed down considerably since October last year when a string of farmer suicide cases in Andhra Pradesh led to the introduction of an ordinance to regulate the MFIs' operations in the state.
The ordinance is now passed into an Act. SKS with over 2,400 branches has more than 77 lakh members. As on December 31, 2010 amount disbursed by SKS stood at Rs 21,431 crore.
Wednesday, March 16, 2011
HDFC sole Indian firm among world's most ethical companies
NEW YORK: India's HDFC is the only company which has managed to find a place in the world's most ethical companies' list this year.
According to the list prepared by the US-based think tank Ethisphere Institute, only one Indian firm HDFC has made a place among the 110 world's most ethical companies.
Of these companies, 36 are new to the list in 2011 and 26 companies dropped off from the last year's list.
Commenting on the achievement HDFC Vice-Chairman and CEO Keki Mistry said: "It obviously feels nice to be one of the world's most ethical company and the only one from India.
HDFC is one of the most trusted brands in the country and for a financial services company it is very important that people perceive it as ethical."
Among the companies that made a place in the list are -- online marketplace eBay, auto maker Ford Motor Company, banking giant Standard Chartered Bank, Accenture, Adobe Systems, software giant Microsoft and food and beverage firm PepsiCo.
Interestingly, the companies that have secured a berth on the list are from wide range of industries, right from banking to consumer goods to auto, retail and media.
As per the report, ethical company designation is awarded to those companies that have leading ethics and compliance programmes, particularly as compared to their industry peers.
According to the list prepared by the US-based think tank Ethisphere Institute, only one Indian firm HDFC has made a place among the 110 world's most ethical companies.
Of these companies, 36 are new to the list in 2011 and 26 companies dropped off from the last year's list.
Commenting on the achievement HDFC Vice-Chairman and CEO Keki Mistry said: "It obviously feels nice to be one of the world's most ethical company and the only one from India.
HDFC is one of the most trusted brands in the country and for a financial services company it is very important that people perceive it as ethical."
Among the companies that made a place in the list are -- online marketplace eBay, auto maker Ford Motor Company, banking giant Standard Chartered Bank, Accenture, Adobe Systems, software giant Microsoft and food and beverage firm PepsiCo.
Interestingly, the companies that have secured a berth on the list are from wide range of industries, right from banking to consumer goods to auto, retail and media.
As per the report, ethical company designation is awarded to those companies that have leading ethics and compliance programmes, particularly as compared to their industry peers.
NBFC retail lending to soon match that of banks
MUMBAI: The market share of non-banking financial companies, or NBFCs, is expected to go up by 47% in the next three years, according to a report by ratings firm Crisil. NBFCs that at present have a 26% market share in the non-mortgage lending will see a compounded growth of 20% in the next couple of years.
"After the lull of 2007-08, profitability of NBFCs has returned to peak levels," said Crisil managing director Rupa Kudwa . "We expect retail lending of NBFCs to touch around Rs 4 lakh crore by 2013, which is close to commercial banking lending," she added. There are right now over 300 registered NBFCs with the Reserve Bank of India .
Crisil has rated 54 NBFCs among these. The rating agency has looked at NBFCs offering consumer and asset financing. It has, however, not taken into account NBFCs that offer housing loans. NBFCs have raised Rs 17,000 crore in the past three years and the share of financing has also diversified from the traditional vehicle financing to other areas of lending like gold and corporate loans. But concerns remain on the sustainability of this growth.
"The ability of NBFCs to raise capital remains an issue," said Pawan Agarwal, director of corporate and government ratings, Crisil. Another key concern for the sector remains the issue of securitisation, according to a draft paper which was released recently by the central bank.
The NBFC sector is also closely watching the guidelines on the new banking licences as that could determine the fate of most of these companies . RBI is set to release a draft paper on banking licences by the end of this month.
"After the lull of 2007-08, profitability of NBFCs has returned to peak levels," said Crisil managing director Rupa Kudwa . "We expect retail lending of NBFCs to touch around Rs 4 lakh crore by 2013, which is close to commercial banking lending," she added. There are right now over 300 registered NBFCs with the Reserve Bank of India .
Crisil has rated 54 NBFCs among these. The rating agency has looked at NBFCs offering consumer and asset financing. It has, however, not taken into account NBFCs that offer housing loans. NBFCs have raised Rs 17,000 crore in the past three years and the share of financing has also diversified from the traditional vehicle financing to other areas of lending like gold and corporate loans. But concerns remain on the sustainability of this growth.
"The ability of NBFCs to raise capital remains an issue," said Pawan Agarwal, director of corporate and government ratings, Crisil. Another key concern for the sector remains the issue of securitisation, according to a draft paper which was released recently by the central bank.
The NBFC sector is also closely watching the guidelines on the new banking licences as that could determine the fate of most of these companies . RBI is set to release a draft paper on banking licences by the end of this month.
TVS to re-launch electric scooters in 2011-12
NEW DELHI: Chennai-based two-wheeler maker TVS Motor Company today said it will re-enter the Indian electric scooter market with some existing and new models in the next fiscal.
The company is currently carrying out test runs of about 50 electric scooters across various towns in the country.
"We are working on introducing electric scooters and these are being experimented for the launch. By some time next fiscal, it will come (to the market)," TVS Motor Company President (Marketing) H S Goindi told reporters here.
About 50 electric scooters, comprising some of its existing and new models, are being tested across the country, he added.
"We will launch only scooters in electric mode. The products will initially run on lead acid batteries and later we may develop some other technology also," Goindi said.
The company will produce these new products at its Mysore facility, he said.
When asked about the electric two-wheeler market, Goindi said: "Business in India picked up few years back and also dropped because of variety of issues. Now, subsidy has also been offered, but still it is very sketchy... We feel, business will again pick up."
Earlier, TVS had launched electric scooterette 'Scooty Teenz Electric' in April 2008 with high hopes of selling around 40,000 units per year. However, it stopped the production in May 2009 as it received a lukewarm response from the market.
The company had also shelved its plans to launch electric three-wheelers. "We have an electric three-wheeler, which we had planned to introduce but there is no market for such products. So we don't have any plans to launch it now," Goindi had said in June 2010.
The Budget for 2011-12 proposed to set up a National Mission for Hybrid and Electric Vehicles to encourage manufacturing and selling of alternative fuel-based vehicles.
It also proposed to cut excise duty on development and manufacturing of hybrid vehicle kits to 5 per cent from the existing 10 per cent, besides fully exempting customs and counter-vailing duty on import of special hybrid parts.
In November last year, the government had announced a Rs 95 crore incentive package for the electric vehicle makers for the remaining part of the 11th plan.
The company is currently carrying out test runs of about 50 electric scooters across various towns in the country.
"We are working on introducing electric scooters and these are being experimented for the launch. By some time next fiscal, it will come (to the market)," TVS Motor Company President (Marketing) H S Goindi told reporters here.
About 50 electric scooters, comprising some of its existing and new models, are being tested across the country, he added.
"We will launch only scooters in electric mode. The products will initially run on lead acid batteries and later we may develop some other technology also," Goindi said.
The company will produce these new products at its Mysore facility, he said.
When asked about the electric two-wheeler market, Goindi said: "Business in India picked up few years back and also dropped because of variety of issues. Now, subsidy has also been offered, but still it is very sketchy... We feel, business will again pick up."
Earlier, TVS had launched electric scooterette 'Scooty Teenz Electric' in April 2008 with high hopes of selling around 40,000 units per year. However, it stopped the production in May 2009 as it received a lukewarm response from the market.
The company had also shelved its plans to launch electric three-wheelers. "We have an electric three-wheeler, which we had planned to introduce but there is no market for such products. So we don't have any plans to launch it now," Goindi had said in June 2010.
The Budget for 2011-12 proposed to set up a National Mission for Hybrid and Electric Vehicles to encourage manufacturing and selling of alternative fuel-based vehicles.
It also proposed to cut excise duty on development and manufacturing of hybrid vehicle kits to 5 per cent from the existing 10 per cent, besides fully exempting customs and counter-vailing duty on import of special hybrid parts.
In November last year, the government had announced a Rs 95 crore incentive package for the electric vehicle makers for the remaining part of the 11th plan.
Toyota Motors to invest in Rs 300 cr to enhance capacity of its Indian subsidiary
NEW DELHI: Toyota Motors Corp (TMC) will invest Rs 300 crore to enhance capacity of its Indian subsidiary by 60,000 units in the next one year.
Toyota Kirloskar Motors (TKM), the local subsidiary of the Japanese company, will take the cumulative capacity of its two plants in Bangalore to 2.1 lakh units to meet rising demand from the local market.
"We have plans to grow gradually as demand will justify our capacity additions. The major expansion will be for our Etios sedan and its yet-to-be-launched hatchback model Etios Liva. In case, the local demand outstrips our capacity projections in the domestic market, we may accelerate our expansion for the Indian customers," TKM's MD Hiroshi Nakagawa said.
These expansion plans comes after the parent TMC plans to have larger focus on emerging market including Asia and projects a larger chunk of sales from such markets. The world's largest car maker, by sales, Toyota is looking at 50% of its future sales coming from Brazil, Russia, China and India (commonly referred as BRIC) and other emerging markets.
"Fortunately we have a huge booking backlog for Etios and other cars that stretches up to six months in different cities and towns of India. But even after successive expansions in place to make deliveries faster to customers, we have not able able to bridge the demand-supply gap. We will expand in stage to narrow down the gap in next few months," Nakagawa added.
Toyota's India sales grew 31% to 74,362 units in the April-February months, which gives it around 3.5% market share of the 2.2 million Indian passenger car sold in the same period.
The company also plans to start exporting cars from India, primarily Etios to similar emerging market in near future, though is has not frozen any exact countries for shipment. Currently its entire production is targets Indian customers only.
Toyota Kirloskar Motors (TKM), the local subsidiary of the Japanese company, will take the cumulative capacity of its two plants in Bangalore to 2.1 lakh units to meet rising demand from the local market.
"We have plans to grow gradually as demand will justify our capacity additions. The major expansion will be for our Etios sedan and its yet-to-be-launched hatchback model Etios Liva. In case, the local demand outstrips our capacity projections in the domestic market, we may accelerate our expansion for the Indian customers," TKM's MD Hiroshi Nakagawa said.
These expansion plans comes after the parent TMC plans to have larger focus on emerging market including Asia and projects a larger chunk of sales from such markets. The world's largest car maker, by sales, Toyota is looking at 50% of its future sales coming from Brazil, Russia, China and India (commonly referred as BRIC) and other emerging markets.
"Fortunately we have a huge booking backlog for Etios and other cars that stretches up to six months in different cities and towns of India. But even after successive expansions in place to make deliveries faster to customers, we have not able able to bridge the demand-supply gap. We will expand in stage to narrow down the gap in next few months," Nakagawa added.
Toyota's India sales grew 31% to 74,362 units in the April-February months, which gives it around 3.5% market share of the 2.2 million Indian passenger car sold in the same period.
The company also plans to start exporting cars from India, primarily Etios to similar emerging market in near future, though is has not frozen any exact countries for shipment. Currently its entire production is targets Indian customers only.
Toyota Kirloskar Motor ramps up production to 2,10,000 units
BANGALORE: Toyota Kirloskar Motor (TKM) today announced that it will ramp up its annual production capacity to 2,10,000 units.
The ramp up is in line with TKM's increasing annual production capacity in order to cater to the increase in demand for Innova, Fortuner, Corolla Altis and Etios, a company press release said.
The company recently announced plans for introduction of a second shift production in April, reduction in production time per vehicle, production enhancement and postponement of the launch of hatchback Etios Liva from April to June 2011 aimed at reducing the waiting period for Etios.
Furthering these measures, annual production capacity of the first plant currently manufacturing the Innova, Corolla Altis and Fortuner, will be increased from 80,000 units to 90,000 units in the third quarter of 2011.
The second plant currently manufactures the Etios. To cater to the increasing demand for Etios and with a view to reduce the waiting period, annual production capacity for the second plant will be raised from 70,000 to 1,20,000 units, it said.
The expansion will be carried out in a phased manner starting July 2011, extending into the second quarter of 2012. The 1,20,000 units will also include 20,000 units of Corolla Altis, shifted from the first plant to the second plant in the first half of 2012.
Hiroshi Nakagawa, Managing Director, TKM said "The demand for Innova and Fortuner has persistently grown in the recent months and consequently the waiting period. The huge demand for the Etios has further provided momentum to expand our production capacity. We will enhance our production capacity to cater to our customers growing demand."
Sandeep Singh , Deputy Managing Director, Marketing, TKM added "We recently announced our plans to bring down the waiting period for Etios, which included enhancing production and deferring launch of Etios Liva. This production expansion will further our aim to bring down the waiting period."
Toyota had postponed the opening ceremony of its second plant in Bidadi scheduled for March 15 following the earthquake and tsunami in Japan.
The ramp up is in line with TKM's increasing annual production capacity in order to cater to the increase in demand for Innova, Fortuner, Corolla Altis and Etios, a company press release said.
The company recently announced plans for introduction of a second shift production in April, reduction in production time per vehicle, production enhancement and postponement of the launch of hatchback Etios Liva from April to June 2011 aimed at reducing the waiting period for Etios.
Furthering these measures, annual production capacity of the first plant currently manufacturing the Innova, Corolla Altis and Fortuner, will be increased from 80,000 units to 90,000 units in the third quarter of 2011.
The second plant currently manufactures the Etios. To cater to the increasing demand for Etios and with a view to reduce the waiting period, annual production capacity for the second plant will be raised from 70,000 to 1,20,000 units, it said.
The expansion will be carried out in a phased manner starting July 2011, extending into the second quarter of 2012. The 1,20,000 units will also include 20,000 units of Corolla Altis, shifted from the first plant to the second plant in the first half of 2012.
Hiroshi Nakagawa, Managing Director, TKM said "The demand for Innova and Fortuner has persistently grown in the recent months and consequently the waiting period. The huge demand for the Etios has further provided momentum to expand our production capacity. We will enhance our production capacity to cater to our customers growing demand."
Sandeep Singh , Deputy Managing Director, Marketing, TKM added "We recently announced our plans to bring down the waiting period for Etios, which included enhancing production and deferring launch of Etios Liva. This production expansion will further our aim to bring down the waiting period."
Toyota had postponed the opening ceremony of its second plant in Bidadi scheduled for March 15 following the earthquake and tsunami in Japan.
BMW raises capacity at Chennai unit
MUNICH: German carmaker BMW has increased capacity at its Chennai manufacturing facility to 10,000 vehicles per annum from 6,000 vehicles as it looks to strengthen its number one position in the luxury car segment, it said on Tuesday.
"If the market continues to grow at the same pace, we could consider looking at a second production facility by 2015," said its board member Ian Robertson . The company, which so far been assembling the 3 series, 5 series, and X1 models in India, is looking at assembling the X3 model in the country by middle of the year.
Concerns over rising oil prices have prompted the company to enhance focus on its electric (i range) and hybrid range of cars for emerging countries such as India, China, and Brazil. From 2013, BMWi will offer highly sustainable electric cars and the i3 will be the first all-electric vehicle for urban centres, Mr Robertson said. "We are continuously looking at new models and cannot rule out launch of the second generation of the BMWi series in emerging markets," he said.
"If the market continues to grow at the same pace, we could consider looking at a second production facility by 2015," said its board member Ian Robertson . The company, which so far been assembling the 3 series, 5 series, and X1 models in India, is looking at assembling the X3 model in the country by middle of the year.
Concerns over rising oil prices have prompted the company to enhance focus on its electric (i range) and hybrid range of cars for emerging countries such as India, China, and Brazil. From 2013, BMWi will offer highly sustainable electric cars and the i3 will be the first all-electric vehicle for urban centres, Mr Robertson said. "We are continuously looking at new models and cannot rule out launch of the second generation of the BMWi series in emerging markets," he said.
Hero's new identity costs Rs 100 cr; new name and logo on products
MUMBAI/NEW DELHI: Hero Honda has set aside a kitty of Rs 100 crore to create a new brand identity that will lead to a new company name and corporate logo to be etched on every bike and scooter it sells in the Indian market, people familiar with the matter told ET.
The company has shortlisted five agencies -JWT, Draftfcb Ulka, Mudra, Law & Kenneth , and Percept H - to create the new brand identity, sources said. JWT, Draftfcb Ulka, and Percept H already handle various brands in the Hero Honda portfolio. These five agencies will join London-based design agency Wolff Olins to work on the brand repositioning, including new name and logo.
The new logo, expected to have a direct connect with its mass customers and to be unveiled in the next few months, will drop the Honda name from its corporate identity. Hero Honda has not yet replied to an e-mail query by ET on the rebranding plans.
The 27-year-old Indo-Japanese venture, which is the world's largest two-wheeler maker by volume, is awaiting regulatory approvals to break its joint venture with Honda and pursue operations independently.
Hero Honda managing director Pawan Munjal is taking a personal interest in the presentation made by these agencies, as he wants to ensure no stone is left unturned to announce a new brand post the separation from Honda, people close to the matter said. "The final call on the selection of the agency to work with Wolff Olins could get delayed as senior officials from Hero Honda are in Japan and their arrival back to India has got delayed due to the earthquake," sources said.
The Hero group's new brand would also have a global presence as the company intends to ship its bikes and scooters to markets such as Latin America, Africa, Middle East, and South East Asia.
"Hero Honda wants to ensure that the announcement of the new brand identity and the subsequent communication is high decibel and is in line with the recent brand re-launches, if not better," sources said.
The agencies in fray to undertake the rebranding exercise will also present their assessment of recent brand revamps such as Airtel and entry strategies used by new brands like Tata Docomo - which were also developed by the Wolff Olins.
Analysts tracking the market said that the new brand positioning is likely to be India-centric and will take into account the independent technology strength the company aims to acquire. "Hero has to take its customer connect to the next level. It primarily operates at the entry-level of the two-wheeler market and the new branding has to synergise technology and masculinity associated with the automotive world. It should have a stronger marketing participation at its sales points that will drive customer interest in the company," Shravani Sen, director of Delhi-based marketing firm Synovates , said. A similar rebranding exercise was seen during the divorce of Bajaj Auto from Kawasaki and TVS Motors from Suzuki, he added.
Hero Honda has been one of the largest spenders in the Indian marketing space and has been actively associated with top-notch events such as ICC World Cup, Indian Open Golf Tournament, IPL , and Commonwealth Games . The company likely spends over Rs 300 crore annually on marketing and product promotions.
The company has shortlisted five agencies -JWT, Draftfcb Ulka, Mudra, Law & Kenneth , and Percept H - to create the new brand identity, sources said. JWT, Draftfcb Ulka, and Percept H already handle various brands in the Hero Honda portfolio. These five agencies will join London-based design agency Wolff Olins to work on the brand repositioning, including new name and logo.
The new logo, expected to have a direct connect with its mass customers and to be unveiled in the next few months, will drop the Honda name from its corporate identity. Hero Honda has not yet replied to an e-mail query by ET on the rebranding plans.
The 27-year-old Indo-Japanese venture, which is the world's largest two-wheeler maker by volume, is awaiting regulatory approvals to break its joint venture with Honda and pursue operations independently.
Hero Honda managing director Pawan Munjal is taking a personal interest in the presentation made by these agencies, as he wants to ensure no stone is left unturned to announce a new brand post the separation from Honda, people close to the matter said. "The final call on the selection of the agency to work with Wolff Olins could get delayed as senior officials from Hero Honda are in Japan and their arrival back to India has got delayed due to the earthquake," sources said.
The Hero group's new brand would also have a global presence as the company intends to ship its bikes and scooters to markets such as Latin America, Africa, Middle East, and South East Asia.
"Hero Honda wants to ensure that the announcement of the new brand identity and the subsequent communication is high decibel and is in line with the recent brand re-launches, if not better," sources said.
The agencies in fray to undertake the rebranding exercise will also present their assessment of recent brand revamps such as Airtel and entry strategies used by new brands like Tata Docomo - which were also developed by the Wolff Olins.
Analysts tracking the market said that the new brand positioning is likely to be India-centric and will take into account the independent technology strength the company aims to acquire. "Hero has to take its customer connect to the next level. It primarily operates at the entry-level of the two-wheeler market and the new branding has to synergise technology and masculinity associated with the automotive world. It should have a stronger marketing participation at its sales points that will drive customer interest in the company," Shravani Sen, director of Delhi-based marketing firm Synovates , said. A similar rebranding exercise was seen during the divorce of Bajaj Auto from Kawasaki and TVS Motors from Suzuki, he added.
Hero Honda has been one of the largest spenders in the Indian marketing space and has been actively associated with top-notch events such as ICC World Cup, Indian Open Golf Tournament, IPL , and Commonwealth Games . The company likely spends over Rs 300 crore annually on marketing and product promotions.
Toyota, Nissan reopen plants in Japan
NEW DELHI: In early signs of recovery for the Japanese auto industry, Toyota , Nissan and Mitsubishi have decided to reopen some plants. However, full-fledged production is still some time off.
The fate of a large number of component vendors as well as power supply shortages are the biggest concerns for Japanese auto companies like Toyota, Honda, Suzuki and Nissan. This is also an irritant for their Indian subsidiaries, which depend in varying degrees on the parent for crucial component and technology support.
Toyota, which closed down all plants in Japan after the March 11 quake, decided to reopen seven plants in Aichi prefecture from Thursday, a spokesman said in Tokyo. However, it will keep 21 plants shut until March 22. On the other hand, Nissan and an affiliate would reopen one plant on Thursday and another on March 18. Two factories, however, will remain closed until March 20, while another will operate partially. No decision has been made on reopening a sixth plant.
Mitsubishi also resumed production at its three plants in central and western Japan. These will continue running through Thursday, though no decision has been made about continuing output thereafter. But the plants of auto giants like Honda and Suzuki are still closed. Honda and Mazda said plants will be closed until March 20. Suzuki, the parent of Maruti, also said that all Japanese factories will be shut until March 21.
The fate of a large number of component vendors as well as power supply shortages are the biggest concerns for Japanese auto companies like Toyota, Honda, Suzuki and Nissan. This is also an irritant for their Indian subsidiaries, which depend in varying degrees on the parent for crucial component and technology support.
Toyota, which closed down all plants in Japan after the March 11 quake, decided to reopen seven plants in Aichi prefecture from Thursday, a spokesman said in Tokyo. However, it will keep 21 plants shut until March 22. On the other hand, Nissan and an affiliate would reopen one plant on Thursday and another on March 18. Two factories, however, will remain closed until March 20, while another will operate partially. No decision has been made on reopening a sixth plant.
Mitsubishi also resumed production at its three plants in central and western Japan. These will continue running through Thursday, though no decision has been made about continuing output thereafter. But the plants of auto giants like Honda and Suzuki are still closed. Honda and Mazda said plants will be closed until March 20. Suzuki, the parent of Maruti, also said that all Japanese factories will be shut until March 21.
Indian co gets the FT ArcelorMittal Environment Award for 2011
LONDON: Mumbai-based Jain Irrigation Systems that specialises in drip irrigation technology has won the FT (Financial Times) ArcelorMittal Environment Award for 2011 for its contribution to the agriculture sector in India.
Anil B Jain, Managing Director of the company received the award from Lakshmi Mital, Chairman and CEO, ArcelorMittal and Lionel Barber, Editor Financial Times at the FT Arcelor Mittal Boldness in Business Awards at Saatchi Gallery here last night.
"Jain was the first company to introduce drip irrigation technology to India in the 1980s. Since then it has greatly increased agricultural yields and this year the Government of India has increased subsidies for micro-irrigation to USD 221 million up 133 per cent from last year," the citation said.
Receiving the Award Anil Jain said "This award belongs to farmers of India who take so much risk against the vagories of nature."
With over 8,000 employees including 1,000 abroad, the company has achieved a turnover of 1 billion dollars this year.
"We have serviced over 25 lakh farmers in India, mostly in western and souther parts of the country and slowing its growing in northern parts as well, he said.
"The Award is a recognition of the work done by farmers. According to Jain, the company at present has 7 drip irrigation manufacturing plants and it is planning to add more such plants.
Drip irrigation systems, sprinkler irrigation systems, automation systems, valves, water filters, fertigation, equipment, green houses, plant tissue culture, nursery plants and systems, bio fertilisers are some of the manufacturing products of the company.
The company also has its operations in the USA, Europe and Brazil.
India's High Commissioner to the UK Nalin Suri, leading NRI businessman G P Hinduja, President of the Hinduja Group were among the dignitaries who attended the awards ceremony.
Allen Mulally, President and CEO of Ford was declared Person of the Year 2011 for turning around the Ford motors. The company earned a profit of USD 6.8 billion last year.
Groupon that offers daily 'money-off' deals activated if a required number of participants sign up won the best Newcomer prize, while Free, France's third-largest broadband provider won the award for entrepreneurship .
Anil B Jain, Managing Director of the company received the award from Lakshmi Mital, Chairman and CEO, ArcelorMittal and Lionel Barber, Editor Financial Times at the FT Arcelor Mittal Boldness in Business Awards at Saatchi Gallery here last night.
"Jain was the first company to introduce drip irrigation technology to India in the 1980s. Since then it has greatly increased agricultural yields and this year the Government of India has increased subsidies for micro-irrigation to USD 221 million up 133 per cent from last year," the citation said.
Receiving the Award Anil Jain said "This award belongs to farmers of India who take so much risk against the vagories of nature."
With over 8,000 employees including 1,000 abroad, the company has achieved a turnover of 1 billion dollars this year.
"We have serviced over 25 lakh farmers in India, mostly in western and souther parts of the country and slowing its growing in northern parts as well, he said.
"The Award is a recognition of the work done by farmers. According to Jain, the company at present has 7 drip irrigation manufacturing plants and it is planning to add more such plants.
Drip irrigation systems, sprinkler irrigation systems, automation systems, valves, water filters, fertigation, equipment, green houses, plant tissue culture, nursery plants and systems, bio fertilisers are some of the manufacturing products of the company.
The company also has its operations in the USA, Europe and Brazil.
India's High Commissioner to the UK Nalin Suri, leading NRI businessman G P Hinduja, President of the Hinduja Group were among the dignitaries who attended the awards ceremony.
Allen Mulally, President and CEO of Ford was declared Person of the Year 2011 for turning around the Ford motors. The company earned a profit of USD 6.8 billion last year.
Groupon that offers daily 'money-off' deals activated if a required number of participants sign up won the best Newcomer prize, while Free, France's third-largest broadband provider won the award for entrepreneurship .
Tuesday, March 8, 2011
Green-building council launches rating system
Hyderabad: The Confederation of Indian Industry (CII) and Indian Green Building Council (IGBC) have launched LEED (Leadership in Energy and Environmental Design) 2011 Green Building Rating System for India, signifying a milestone in the green-building movement in India.
Mr Prem C. Jain, Chairman of the Indian council, Ms Lynn Bellenger, President, ASHRAE, Mr Mark MacCracken, Chair of the US Green Building Council , and the board of directors launched the LEED 2011 initiative, according to a statement from CII-IGBC.
The LEED-India, which was launched in 2007, received overwhelming response from the industry. Based on the feedback and experiences of its implementation, the rating system has now been upgraded and called LEED 2011 for India.
With these proposals, LEED 2011 seeks to enhance awareness in energy and water-efficiency baselines, promotes naturally ventilated buildings and encourages passive technologies. It also seeks to align with local regulations and standards, apart from adopting latest standards.
According to CII-IGBC, India has over 995 registered green-building projects with a total footprint of 606 million sq. ft. With this, India is among the top three countries to have a large green-building footprint. This has largely been possible because of the involvement of stakeholders of the building sector — architects, builders, developers, manufacturers and consultants.
The rating system of IGBC covers homes, commercial interiors, factory buildings, schools, special economic zones and townships.
Mr S. Raghupathy, Senior Director and Head of CII-Godrej GBC, said the launch of LEED 2011 green-buildings rating system would pave way for design and construction of some of the best green buildings in India.
Mr Prem C. Jain, Chairman of the Indian council, Ms Lynn Bellenger, President, ASHRAE, Mr Mark MacCracken, Chair of the US Green Building Council , and the board of directors launched the LEED 2011 initiative, according to a statement from CII-IGBC.
The LEED-India, which was launched in 2007, received overwhelming response from the industry. Based on the feedback and experiences of its implementation, the rating system has now been upgraded and called LEED 2011 for India.
With these proposals, LEED 2011 seeks to enhance awareness in energy and water-efficiency baselines, promotes naturally ventilated buildings and encourages passive technologies. It also seeks to align with local regulations and standards, apart from adopting latest standards.
According to CII-IGBC, India has over 995 registered green-building projects with a total footprint of 606 million sq. ft. With this, India is among the top three countries to have a large green-building footprint. This has largely been possible because of the involvement of stakeholders of the building sector — architects, builders, developers, manufacturers and consultants.
The rating system of IGBC covers homes, commercial interiors, factory buildings, schools, special economic zones and townships.
Mr S. Raghupathy, Senior Director and Head of CII-Godrej GBC, said the launch of LEED 2011 green-buildings rating system would pave way for design and construction of some of the best green buildings in India.
Bank of India to open subsidiaries overseas
Bengaluru: Bank of India plans to acquire small-sized or mid-sized banks in African countries, New Zealand, and Canada. The bank is also looking at the organic route in other countries, said a top official.
“We are shortly opening subsidiaries in New Zealand, Canada and a few countries in Africa. We want to consolidate in countries where there are opportunities,” Mr N. Seshadri, Executive Director, Bank of India, told Business Line. Explaining that the RBI also advocated the subsidiary route for overseas locations, he said that the bank plans to acquire small-sized and mid-sized banks in these countries.
“If at a reasonable size we can acquire and grow inorganically, we could do that,” he added. The bank is currently present in 18 locations with over 30 branches. The bank already has permission for setting up operations in Botswana, and would actively pursue the inorganic route for this country.
According to industry estimates, a small-sized bank in the African continent would typically have 5-6 branches and could be acquired at anywhere between $5 million and $10 million. Though a location like New Zealand could be expensive , “it would add a lot of value and make business sense, since we can cover Australia too. Both the countries have a substantial Indian population,” pointed out Mr Seshadri. The bank also plans to convert its representative office in Johannesburg, South Africa, into a branch, he said.
In order to grow its balance sheet and augment future credit needs, Bank of India is looking at raising funds in the first half of the next fiscal. The bank had recently raised $750 million through the medium-term note (MTN) route and also expects about Rs 1,000-crore capital infusion from the government. With this infusion, the government holding in the bank would go up to 66 per cent from the current 64 per cent.
In addition to this, “we would also be raising additional capital in the first half of this fiscal, though we have not firmed up our budgeting plans yet,” said Mr Seshadri. As an international bank, he pointed out that Bank of India is required to maintain a tier-I capital of 8 per cent, and “there is enough headroom available in tier-II also,” he added, indicating that a dual issue is possible.
“We are shortly opening subsidiaries in New Zealand, Canada and a few countries in Africa. We want to consolidate in countries where there are opportunities,” Mr N. Seshadri, Executive Director, Bank of India, told Business Line. Explaining that the RBI also advocated the subsidiary route for overseas locations, he said that the bank plans to acquire small-sized and mid-sized banks in these countries.
“If at a reasonable size we can acquire and grow inorganically, we could do that,” he added. The bank is currently present in 18 locations with over 30 branches. The bank already has permission for setting up operations in Botswana, and would actively pursue the inorganic route for this country.
According to industry estimates, a small-sized bank in the African continent would typically have 5-6 branches and could be acquired at anywhere between $5 million and $10 million. Though a location like New Zealand could be expensive , “it would add a lot of value and make business sense, since we can cover Australia too. Both the countries have a substantial Indian population,” pointed out Mr Seshadri. The bank also plans to convert its representative office in Johannesburg, South Africa, into a branch, he said.
In order to grow its balance sheet and augment future credit needs, Bank of India is looking at raising funds in the first half of the next fiscal. The bank had recently raised $750 million through the medium-term note (MTN) route and also expects about Rs 1,000-crore capital infusion from the government. With this infusion, the government holding in the bank would go up to 66 per cent from the current 64 per cent.
In addition to this, “we would also be raising additional capital in the first half of this fiscal, though we have not firmed up our budgeting plans yet,” said Mr Seshadri. As an international bank, he pointed out that Bank of India is required to maintain a tier-I capital of 8 per cent, and “there is enough headroom available in tier-II also,” he added, indicating that a dual issue is possible.
India’s domestic market for IT set to grow three times faster
Bangalore: For India’s top technology firms focused on the markets of US and Europe, the country’s $15-billion-plus domestic market for IT services is the latest battleground. In a year when top markets for software exports are recovering and expected to grow at less than 5%, India’s domestic market for IT is set to grow three times faster, mainly on the back of higher government spending on IT and new outsourcing projects from local banks.
“We will be looking at IT to aid customer acquisition and financial inclusion. The attempt will be to take banking to remote areas using technology services,” says Pushpinder Singh, DGM-IT, Bank of India , which plans to spend Rs 600 crore on technology this year. “For some of the contracts, we will continue with existing vendors. We will be evaluating others for new projects,” he added.
Indian government departments and public sector units are going to spend the most on IT this year. The biggest driver for higher government spending on IT and related areas is India’s UID project, which according to CLSA Research will lead to $10 billion worth of investments in IT consulting, system integration, and computer hardware over the next five to six years. CLSA sees an $1-billion business opportunity for consultants in the first five years and a need to raise manpower by 15% for their services. Some 18,000 systems specialists and programmers will drive a $2.4-billion pie for integration of UID into existing software systems.
“As this sets in, business process re-engineering (BPR) activities should pick up, as the full benefits of UID for businesses become clear. We expect 36,000 people to join the BPR wave around UID, creating a $6-billion market over the first five years,” CLSA researchers said in their report last year.
“Apart from UID, IT hardware growth will get a fillip with $1.1 billion worth of equipment sold to the government and another $1.8 billion of incremental demand from the private sector and government-owned companies,” the report adds. What’s critical is that vendors like IBM, TCS, Infosys and Wipro see newer opportunities emerging even during a global slowdown in software spending because state-owned enterprises like BSNL and ONGC — and other ministries too — seek to become more efficient.
Experts tracking this sector say India Post, Indian Railways and LIC will spend $3 billion on information technology this year, and the government’s share of total IT spend in India will cross 10% over the next two years from 6% right now. Praveen Bhadada, manager-consulting, Zinnov Management Consulting says: “In the 10th five-year-plan (2002- 2007) 0.3% was spent on IT. In the 11th five-year-plan, IT spend increased to 0.5 %. If we extrapolate this, government is going to spend about 2 % on IT. If today, $1.5 billion is spent annually, it could easily go up to $ 7-8 billion over the next three to five years.”
For one, India’s department of posts (DoP) is set to spend up to $1 billion on its IT-led business revamp over the next five years with top tech firms like IBM, TCS, Infosys and Wipro pursuing several outsourcing contracts for helping the postal department automate and integrate its business processes with a standard software solution. Accenture is in the process of developing a plan for this revamp.
“We will be looking at IT to aid customer acquisition and financial inclusion. The attempt will be to take banking to remote areas using technology services,” says Pushpinder Singh, DGM-IT, Bank of India , which plans to spend Rs 600 crore on technology this year. “For some of the contracts, we will continue with existing vendors. We will be evaluating others for new projects,” he added.
Indian government departments and public sector units are going to spend the most on IT this year. The biggest driver for higher government spending on IT and related areas is India’s UID project, which according to CLSA Research will lead to $10 billion worth of investments in IT consulting, system integration, and computer hardware over the next five to six years. CLSA sees an $1-billion business opportunity for consultants in the first five years and a need to raise manpower by 15% for their services. Some 18,000 systems specialists and programmers will drive a $2.4-billion pie for integration of UID into existing software systems.
“As this sets in, business process re-engineering (BPR) activities should pick up, as the full benefits of UID for businesses become clear. We expect 36,000 people to join the BPR wave around UID, creating a $6-billion market over the first five years,” CLSA researchers said in their report last year.
“Apart from UID, IT hardware growth will get a fillip with $1.1 billion worth of equipment sold to the government and another $1.8 billion of incremental demand from the private sector and government-owned companies,” the report adds. What’s critical is that vendors like IBM, TCS, Infosys and Wipro see newer opportunities emerging even during a global slowdown in software spending because state-owned enterprises like BSNL and ONGC — and other ministries too — seek to become more efficient.
Experts tracking this sector say India Post, Indian Railways and LIC will spend $3 billion on information technology this year, and the government’s share of total IT spend in India will cross 10% over the next two years from 6% right now. Praveen Bhadada, manager-consulting, Zinnov Management Consulting says: “In the 10th five-year-plan (2002- 2007) 0.3% was spent on IT. In the 11th five-year-plan, IT spend increased to 0.5 %. If we extrapolate this, government is going to spend about 2 % on IT. If today, $1.5 billion is spent annually, it could easily go up to $ 7-8 billion over the next three to five years.”
For one, India’s department of posts (DoP) is set to spend up to $1 billion on its IT-led business revamp over the next five years with top tech firms like IBM, TCS, Infosys and Wipro pursuing several outsourcing contracts for helping the postal department automate and integrate its business processes with a standard software solution. Accenture is in the process of developing a plan for this revamp.
Fortis buys hospital in Singapore for S$33 mn
Singapore: Seven months after pulling out of the race for Singapore’s Parkway, Fortis Healthcare, India’s second-largest hospital chain, on Thursday announced its first venture in the city-state, with a S$33-million (about Rs 118 crore) acquisition of an under-construction specialised cancer hospital.
Fortis Global Healthcare that handles the international business interests of promoters Malvinder Mohan Singh and Shivinder Mohan Singh, acquired the facility from Singapore-listed realty company First Real Estate Investment Trust, thereby completing three acquisitions in the last five months. The construction of the hospital is expected to be complete by the second quarter of 2012.
In November 2010, Fortis Global Healthcare had acquired Hong Kong-based primary healthcare network Quality Healthcare and in January this year, picked up a 30 per cent stake in Australia’s largest dentistry network, Dental Corporation. “Through this hospital, we are making a beginning in the highly recognised and competent healthcare delivery system of Singapore. Our group incorporates more than 25 years of experience in healthcare delivery and this hospital will benefit from that experience, to meet patient expectations in Singapore. We will continue to look for opportunities to further expand our presence in the region,” Fortis Global Healthcare Executive Chairman Malvinder Singh said in a statement.
Although the under-construction facility was valued at S$28.2 million at the end of last year, Fortis will be paying 17 per cent, or S$4.8 million, more for the property and will develop it into a specialty oncology and surgical hospital, with new generation critical and intensive care services. The acquisition also caps Fortis Healthcare’s extended struggle to establish a proper footprint in Singapore, dubbed as a hub for its plans of creating an integrated healthcare delivery system in Asia and Australia region.
Last July, Fortis was engaged with Malaysian state investor Khazanah in a takeover battle for Singapore-listed hospital operator Parkway, but finally backed out after about two months of wrangling over the asset. Subsequently, though, Fortis had said that it would look for a real estate investment trust or secondary listing on the Singapore stock exchange.
Fortis Global Healthcare that handles the international business interests of promoters Malvinder Mohan Singh and Shivinder Mohan Singh, acquired the facility from Singapore-listed realty company First Real Estate Investment Trust, thereby completing three acquisitions in the last five months. The construction of the hospital is expected to be complete by the second quarter of 2012.
In November 2010, Fortis Global Healthcare had acquired Hong Kong-based primary healthcare network Quality Healthcare and in January this year, picked up a 30 per cent stake in Australia’s largest dentistry network, Dental Corporation. “Through this hospital, we are making a beginning in the highly recognised and competent healthcare delivery system of Singapore. Our group incorporates more than 25 years of experience in healthcare delivery and this hospital will benefit from that experience, to meet patient expectations in Singapore. We will continue to look for opportunities to further expand our presence in the region,” Fortis Global Healthcare Executive Chairman Malvinder Singh said in a statement.
Although the under-construction facility was valued at S$28.2 million at the end of last year, Fortis will be paying 17 per cent, or S$4.8 million, more for the property and will develop it into a specialty oncology and surgical hospital, with new generation critical and intensive care services. The acquisition also caps Fortis Healthcare’s extended struggle to establish a proper footprint in Singapore, dubbed as a hub for its plans of creating an integrated healthcare delivery system in Asia and Australia region.
Last July, Fortis was engaged with Malaysian state investor Khazanah in a takeover battle for Singapore-listed hospital operator Parkway, but finally backed out after about two months of wrangling over the asset. Subsequently, though, Fortis had said that it would look for a real estate investment trust or secondary listing on the Singapore stock exchange.
Exports from SEZs rise 47% in Apr-Dec
New Delhi: Exports from special economic zones (SEZs) stood at at Rs 2,23,132 crore in the April-December 2010 period, a rise of 47 per cent, compared with Rs 1,51,785 crore in the same period of the last financial year, according to data released by the Export Promotion Council for export-oriented units (EOUs) and SEZs.
So far, the government has approved 582 SEZs, of which, 374 have been notified. Currently, a total of 130 SEZs are under operation and these contribute to exports from these zones. As on December 31, 2010, the total investment in SEZs stood at Rs 1,95,348 crore, according to the data. During 2009-10, total exports from SEZs stood at over Rs 2,20,711 crore. Exports from EOUs and SEZs account for 36 per cent of the country’s total exports.
Although exports from SEZs have been rising steadily, the ministry of commerce and industry had expressed concerns over the sustainability of such a growth rate, especially with the introduction of the Direct Taxes Code. The draft DTC bill has suggested the continuation of the 15-year tax holiday for units which would be operational on or before March 31, 2014.
So far, the government has approved 582 SEZs, of which, 374 have been notified. Currently, a total of 130 SEZs are under operation and these contribute to exports from these zones. As on December 31, 2010, the total investment in SEZs stood at Rs 1,95,348 crore, according to the data. During 2009-10, total exports from SEZs stood at over Rs 2,20,711 crore. Exports from EOUs and SEZs account for 36 per cent of the country’s total exports.
Although exports from SEZs have been rising steadily, the ministry of commerce and industry had expressed concerns over the sustainability of such a growth rate, especially with the introduction of the Direct Taxes Code. The draft DTC bill has suggested the continuation of the 15-year tax holiday for units which would be operational on or before March 31, 2014.
Economy grows 8.2% in Q3 on good agri show
New Delhi: Indian economy expAnded 8.2% in the third quarter of the current financial year on the back of robust growth in agriculture and services sectors . The growth number was in line with expectations, but lower than 8.9% growth recorded in the previous two quarters, government data showed.
Farm output grew 8.9% over the year-ago period, boosted by strong monsoon rains, while the manufacturing sector experienced a slowdown at 5.6%. The decline in investments, which grew 5.99% in the quarter compared with 17.84% in the previous quarter, remained a concern.
Farm output grew 8.9% over the year-ago period, boosted by strong monsoon rains, while the manufacturing sector experienced a slowdown at 5.6%. The decline in investments, which grew 5.99% in the quarter compared with 17.84% in the previous quarter, remained a concern.
Core sector output rises 7.1% in Jan
New Delhi: The output of the country’s six core infrastructure industries grew 7.1 per cent in January, on the back of healthy production of crude oil, petroleum refinery products and electricity.
The six core sectors — crude oil, petroleum refinery products, coal, electricity, cement and finished steel — had expanded by 9.8 per cent in the same month last year.
In December 2010, the output of these infrastructure industries rose by 6.1 per cent. The six core industries account for 26.68 per cent of the country’s total industrial output. Petroleum refinery and crude oil output grew by 8.7 per cent and 10.8 per cent respectively in January, up from 3.8 per cent and 9.8 per cent in the same period last year, a statement released by the Ministry of Commerce and Industry showed.
Electricity generation grew by a healthy 9.3 per cent, compared to 6.4 per cent growth in the corresponding month last year, the data said. However, coal output dropped by 1.2 per cent as against 5.4 per cent expansion during the same month last year.
The six core sectors — crude oil, petroleum refinery products, coal, electricity, cement and finished steel — had expanded by 9.8 per cent in the same month last year.
In December 2010, the output of these infrastructure industries rose by 6.1 per cent. The six core industries account for 26.68 per cent of the country’s total industrial output. Petroleum refinery and crude oil output grew by 8.7 per cent and 10.8 per cent respectively in January, up from 3.8 per cent and 9.8 per cent in the same period last year, a statement released by the Ministry of Commerce and Industry showed.
Electricity generation grew by a healthy 9.3 per cent, compared to 6.4 per cent growth in the corresponding month last year, the data said. However, coal output dropped by 1.2 per cent as against 5.4 per cent expansion during the same month last year.
India in top 10 manufacturers list
New Delhi: India was amongst the top 10 manufacturers in 2010 and together with Brazil and China accounted for a third of the world manufacturing output, up from one-fifth 10 years ago, said a United Nations report .
"India is listed as one of the top 10 manufacturers of the world in 2010," the international yearbook of industrial statistics 2011, published by the United Nations Industrial Development Organisation (UNIDO) said.
India along with other leading developing economies such as Brazil and China showed strong performance in economic growth in 2010 and the manufacturing value added of all these countries grew by over 10% last year, the agency said.
The share of these three countries in world manufacturing output reached 32% compared to 20% 10 years ago, the report, released in Vienna on Thursday, added.
World manufacturing value added, or MVA, rose 5.3% in 2010, as per the agency's estimate.
The MVA of industrialised countries was up 3.4% in 2010.
India topped developing countries (excluding China) in production of textiles, chemical products, basic metals, general machinery and equipment, and electrical machinery.
It overtook Brazil in the production of motor vehicles and now ranks second among developing countries after Mexico.
However, its Asian competitors Thailand, Malaysia and the Philippines are ahead in the production of electronic goods such as computers and office equipment, radio, television and other communication equipment.
"India is listed as one of the top 10 manufacturers of the world in 2010," the international yearbook of industrial statistics 2011, published by the United Nations Industrial Development Organisation (UNIDO) said.
India along with other leading developing economies such as Brazil and China showed strong performance in economic growth in 2010 and the manufacturing value added of all these countries grew by over 10% last year, the agency said.
The share of these three countries in world manufacturing output reached 32% compared to 20% 10 years ago, the report, released in Vienna on Thursday, added.
World manufacturing value added, or MVA, rose 5.3% in 2010, as per the agency's estimate.
The MVA of industrialised countries was up 3.4% in 2010.
India topped developing countries (excluding China) in production of textiles, chemical products, basic metals, general machinery and equipment, and electrical machinery.
It overtook Brazil in the production of motor vehicles and now ranks second among developing countries after Mexico.
However, its Asian competitors Thailand, Malaysia and the Philippines are ahead in the production of electronic goods such as computers and office equipment, radio, television and other communication equipment.
Ameya Pawar becomes the first Indian-American to be elected to Chicago City Council
New Delhi: Ameya Pawar has become the first Indian-American to be elected to Chicago City Council. He has been elected as the alderman for the 47th Ward on Chicago's North Side.
Thirty year old Pawar won with 50 per cent of the vote. Pawar has committed to donate US$ 50,000 of his salary to address the city's deficit or offer community grants, and has promised to have an elected ward council to guide his actions at City Hall.
Pawar said, "We have a lot of issues that we have to work through. But it's what you do in the private sector, non-profit sector when you have problems or issues, you bring in new eyes to a set of problems and you work on them together."
Pawar, the son of Indian immigrants, said he stands on the shoulders of other prominent Indian Americans as well as his parents and grandparents. He is an emergency preparedness expert working on his third master's degree.
Thirty year old Pawar won with 50 per cent of the vote. Pawar has committed to donate US$ 50,000 of his salary to address the city's deficit or offer community grants, and has promised to have an elected ward council to guide his actions at City Hall.
Pawar said, "We have a lot of issues that we have to work through. But it's what you do in the private sector, non-profit sector when you have problems or issues, you bring in new eyes to a set of problems and you work on them together."
Pawar, the son of Indian immigrants, said he stands on the shoulders of other prominent Indian Americans as well as his parents and grandparents. He is an emergency preparedness expert working on his third master's degree.
Indian-American trade expert appointed to key US export committee
New Delhi: Chiradeep Sengupta, an eminent Indian-American trade expert, has been appointed to an important US export committee to provide "invaluable" advice on exports. Sengupta of Federal Express will be responsible for providing his advice on the export control reform initiative of the Obama administration, which targets doubling the country's exports in five years.
Commerce Secretary Gary Locke appointed Sengupta as a member to the President's Export Council Subcommittee on Export Administration (PECSEA), which will advise the commerce department on the administration's export control reform initiative.
Locke said, "The PECSEA will provide invaluable advice as we continue to enhance our national security through the President's reform efforts."
PECSEA was chartered by the department of commerce to advise it on US policies encouraging trade with all countries with which the United States had diplomatic or trading relations, as well as of policies governing trade for national security, foreign policy and short supply reasons
Commerce Secretary Gary Locke appointed Sengupta as a member to the President's Export Council Subcommittee on Export Administration (PECSEA), which will advise the commerce department on the administration's export control reform initiative.
Locke said, "The PECSEA will provide invaluable advice as we continue to enhance our national security through the President's reform efforts."
PECSEA was chartered by the department of commerce to advise it on US policies encouraging trade with all countries with which the United States had diplomatic or trading relations, as well as of policies governing trade for national security, foreign policy and short supply reasons
CCI gets power to approve big M&As
New Delhi: The Competition Commission of India will now be able to vet and approve big mergers and acquisitions in the country, with the government notifying the key provisions of the Competition Act on Friday.
The provisions, Sections 5 and 6, would grant the competition watchdog the powers to scrutinise amalgamation proposals of companies with a threshold of 1,500 crore. The CCI would take a maximum of 180 days to vet mergers.
Corporate affairs secretary DK Mittal, however, clarified that this would not cover mergers in the banking sector once the Banking Amendment Bill gets passed in Parliament. The Banking Amendment Bill, which proposes to keep banking sector M&As out of the purview of the Competition Commission of India (CCI), was passed by the cabinet on Thursday and will be placed before Parliament in this session.
CCI chairman Dhanendra Kumar told ET that the watchdog expects to clear all such M&A proposals as quickly as possible. "This would immensely help M&A activity in the country as there will be a legal certainty and ensure accelerated growth in the economy," he said.
Kumar said he expected only 40-50 such proposals as it would be looking at acquisitions with combined assets of 1,000 crore or more, or combined turnover of 3,000 crore or more.
Further, the target company's net assets have to be a minimum of 200 crore or turnover of 600 crore to attaract CCI's intervention.
The provisions, Sections 5 and 6, would grant the competition watchdog the powers to scrutinise amalgamation proposals of companies with a threshold of 1,500 crore. The CCI would take a maximum of 180 days to vet mergers.
Corporate affairs secretary DK Mittal, however, clarified that this would not cover mergers in the banking sector once the Banking Amendment Bill gets passed in Parliament. The Banking Amendment Bill, which proposes to keep banking sector M&As out of the purview of the Competition Commission of India (CCI), was passed by the cabinet on Thursday and will be placed before Parliament in this session.
CCI chairman Dhanendra Kumar told ET that the watchdog expects to clear all such M&A proposals as quickly as possible. "This would immensely help M&A activity in the country as there will be a legal certainty and ensure accelerated growth in the economy," he said.
Kumar said he expected only 40-50 such proposals as it would be looking at acquisitions with combined assets of 1,000 crore or more, or combined turnover of 3,000 crore or more.
Further, the target company's net assets have to be a minimum of 200 crore or turnover of 600 crore to attaract CCI's intervention.
FM allows foreign access, gives MFs reason to smile
Mumbai: The Indian mutual fund industry, reeling under strict regulatory norms related to commissions and disclosures, has finally got a reason to smile. Finance Minister Pranab Mukherjee, while presenting the Union Budget 2011-12, has allowed fund houses to tap foreign nationals for investing in equity schemes.
“To liberalise the portfolio investment route, it has been decided to permit Sebi-registered mutual funds to accept subscriptions from foreign investors who meet the KYC (Know Your Customer) requirements for equity schemes,” Mukherjee said while presenting the Budget in Parliament. “This would enable Indian mutual funds to have a direct access to foreign investors and widen the class of foreign investors in the Indian equity market, he added.
It is widely believed that the move would lead to a lot of mid-sized foreign funds and wealthy individuals looking at the Indian equity market more seriously. According to the current norms, foreign investors need to first register with the Securities and Exchange Board of India (Sebi) before investing in the domestic equity markets. As a result, mid-sized and smaller funds which did not have a significant India allocation chose alternative investment avenues, including offshore funds and participatory notes (PNs). Going forward, they just need to comply with the KYC norms and start investing.
Experts feel the government’s initiative could prove to be a “game-changer” for the Indian fund industry, as this would pave the way for large global investors to invest directly into mutual fund schemes.
“To liberalise the portfolio investment route, it has been decided to permit Sebi-registered mutual funds to accept subscriptions from foreign investors who meet the KYC (Know Your Customer) requirements for equity schemes,” Mukherjee said while presenting the Budget in Parliament. “This would enable Indian mutual funds to have a direct access to foreign investors and widen the class of foreign investors in the Indian equity market, he added.
It is widely believed that the move would lead to a lot of mid-sized foreign funds and wealthy individuals looking at the Indian equity market more seriously. According to the current norms, foreign investors need to first register with the Securities and Exchange Board of India (Sebi) before investing in the domestic equity markets. As a result, mid-sized and smaller funds which did not have a significant India allocation chose alternative investment avenues, including offshore funds and participatory notes (PNs). Going forward, they just need to comply with the KYC norms and start investing.
Experts feel the government’s initiative could prove to be a “game-changer” for the Indian fund industry, as this would pave the way for large global investors to invest directly into mutual fund schemes.
FIIs allowed to invest $20 b more in bonds of infrastructure cos
New Delhi: In keeping with its thrust on infrastructure development and also deepening the corporate debt market, the Centre has hiked the foreign institutional investors (FII) investment limit in corporate bonds to $40 billion.
It represents an increase of $20 billion over the earlier limit of $20 billion under this window.
The additional limit of $20 billion will be available to FIIs only for investments in corporate bonds issued by companies in the infrastructure sector, the Finance Minister, Mr Pranab Mukherjee, said in his Budget speech today.
Also, the investments would have to be made in bonds with residual maturity of over five years.
This move would in effect take the overall limit for FII investment in corporate bonds of companies in the infrastructure sector to $25 billion.
Prior to this announcement, the total FII investment limit in corporate bonds was pegged at $20 billion, including a $5-billion sub-limit for bonds with a residual maturity of over five years and issued by companies in the infrastructure sector.
Meanwhile, Mr Mukherjee today announced that FIIs would also be permitted to invest in unlisted bonds with a minimum lock-in period of three years. This is being allowed as most of the infrastructure companies are organised in the form of special purpose vehicles, it was pointed out.
However, the FIIs will be allowed to trade among themselves during the lock-in period.
To enable higher FII investment flows into the corporate debt market, the Centre had in January 2009, at the peak of the financial crisis, raised the FII investment cap in corporate bonds to $15 billion from $6 billion.
This limit was further hiked by $5 billion in September 2010 but with a rider that this incremental limit be invested in securities with a residual maturity of over five years issued by companies in the infrastructure sector.
This move was intended to ensure greater participation of FIIs on a longer term basis and also enable the flow of long-term resources to the infrastructure sector.
It represents an increase of $20 billion over the earlier limit of $20 billion under this window.
The additional limit of $20 billion will be available to FIIs only for investments in corporate bonds issued by companies in the infrastructure sector, the Finance Minister, Mr Pranab Mukherjee, said in his Budget speech today.
Also, the investments would have to be made in bonds with residual maturity of over five years.
This move would in effect take the overall limit for FII investment in corporate bonds of companies in the infrastructure sector to $25 billion.
Prior to this announcement, the total FII investment limit in corporate bonds was pegged at $20 billion, including a $5-billion sub-limit for bonds with a residual maturity of over five years and issued by companies in the infrastructure sector.
Meanwhile, Mr Mukherjee today announced that FIIs would also be permitted to invest in unlisted bonds with a minimum lock-in period of three years. This is being allowed as most of the infrastructure companies are organised in the form of special purpose vehicles, it was pointed out.
However, the FIIs will be allowed to trade among themselves during the lock-in period.
To enable higher FII investment flows into the corporate debt market, the Centre had in January 2009, at the peak of the financial crisis, raised the FII investment cap in corporate bonds to $15 billion from $6 billion.
This limit was further hiked by $5 billion in September 2010 but with a rider that this incremental limit be invested in securities with a residual maturity of over five years issued by companies in the infrastructure sector.
This move was intended to ensure greater participation of FIIs on a longer term basis and also enable the flow of long-term resources to the infrastructure sector.
Friday, March 4, 2011
Mobile phone towers to be powered by solar energy: Minister
NEW DELHI: The Government is considering use of solar energy to tide over power deficiency impeding installation of mobile phone towers in tribal and hilly areas, the Rajya Sabha was informed today.
"We have to solarise the mobile towers," Minister of State of IT and Telecommunication Sachin Pilot said during Question Hour.
He said power shortage in some states was impeding installation of these towers there and added that government was looking at various options, including public private partnership, to make up for the deficiency.
The minister said while 604 towers of BSNL installed in tribal areas of Orissa have already been activated, 46 of 1023 towers in Jharkhand and 107 out of 759 towers in Chhattisgarh are still be be activated.
He assured members that this will be done by June 2011. Pilot said 98 per cent villages in Jharkhand have already been given rural telephone connections besides some satellite phones.
Replying to a supplementaries about decline in the number of land line telephone connections, Pilot said the phenomenon is due to abundant availability of mobile telephony.
He said telephone density in the country has risen to 66 per cent from a mere 7 percent in 2004.
The minister acknowledged there are some constraints in installation of mobile towers in the North East because of tough terrain. He said the government has asked BSNL to install towers there as private operators are hesitant to go
"We have to solarise the mobile towers," Minister of State of IT and Telecommunication Sachin Pilot said during Question Hour.
He said power shortage in some states was impeding installation of these towers there and added that government was looking at various options, including public private partnership, to make up for the deficiency.
The minister said while 604 towers of BSNL installed in tribal areas of Orissa have already been activated, 46 of 1023 towers in Jharkhand and 107 out of 759 towers in Chhattisgarh are still be be activated.
He assured members that this will be done by June 2011. Pilot said 98 per cent villages in Jharkhand have already been given rural telephone connections besides some satellite phones.
Replying to a supplementaries about decline in the number of land line telephone connections, Pilot said the phenomenon is due to abundant availability of mobile telephony.
He said telephone density in the country has risen to 66 per cent from a mere 7 percent in 2004.
The minister acknowledged there are some constraints in installation of mobile towers in the North East because of tough terrain. He said the government has asked BSNL to install towers there as private operators are hesitant to go
Sibal to meet telcos next week to discuss spectrum issues, M&A
NEW DELHI: Telecom Minister Kapil Sibal is likely to meet industry players next week in order to reach a consensus on issues, including licencing, spectrum allocation, spectrum sharing and mergers and acquisition.
"The Minister will meet the telecom industry players next week on March 8 in order to hold consultations to evolve a "clear and transparent" regime covering licencing, spectrum allocation, tariffs/pricing, linkage with roll-out performance, spectrum sharing, trading and, mergers and acquisition," a source in the know said.
The meeting is part of Sibal's efforts to achieve the 100-day plan for reforms in the telecoms sector in consultation with the industry.
Executives from telecom companies like Bharti airtel , Vodafone , Reliance Communications are likely to be the part of the meeting, source added.
Sibal had in January this year announced formulation of a new and comprehensive National Telecom Policy 2011.
The Minister will also discuss a series of proposals on spectrum such as its pricing, capping the amount of airwaves a telco can hold, methodology for awarding additional spectrum and reworking the usage fee for this resource.
Sharing of spectrum and reframing of this resource is another prominent item on the agenda.
Further, other proposals involve initiating discussions on renewal of mobile permits and replacing the rollout obligations with a new methodology to measure if companies are extending their networks
"The Minister will meet the telecom industry players next week on March 8 in order to hold consultations to evolve a "clear and transparent" regime covering licencing, spectrum allocation, tariffs/pricing, linkage with roll-out performance, spectrum sharing, trading and, mergers and acquisition," a source in the know said.
The meeting is part of Sibal's efforts to achieve the 100-day plan for reforms in the telecoms sector in consultation with the industry.
Executives from telecom companies like Bharti airtel , Vodafone , Reliance Communications are likely to be the part of the meeting, source added.
Sibal had in January this year announced formulation of a new and comprehensive National Telecom Policy 2011.
The Minister will also discuss a series of proposals on spectrum such as its pricing, capping the amount of airwaves a telco can hold, methodology for awarding additional spectrum and reworking the usage fee for this resource.
Sharing of spectrum and reframing of this resource is another prominent item on the agenda.
Further, other proposals involve initiating discussions on renewal of mobile permits and replacing the rollout obligations with a new methodology to measure if companies are extending their networks
Rs 30,000-crore tied up for western freight corridor project
NEW DELHI: The Indian Railways has tied up with Japanese bank for funding of Rs 30,000 crore for its dedicated western freight corridor project that would connect Mumbai to Delhi. The ambitious Rs 4,23,000-crore project involves building of nine large industrial zones, high-speed freight line, three ports, six airports, a six-lane intersection-free expressway connecting Mumbai with Delhi and a 4,000-MW power plant.
Dedicated Freight Corridor Corporation of India (DFCCIL), a special purpose vehicle under the railwaysministry, has signed an agreement with the Japan International Cooperation Agency for its upcoming western corridor project. The 1,490-km project would be executed in two phases. Railway Minister Mamata Banerjee said last week that the project would be completed on schedule by 2016-17.
The 1,000-km Phase-I would stretch between Rewari in Haryana to Vadodara, whereas Phase-II would connect Jawaharlal Nehru Port in Mumbai to Vadodara and Rewari to Dadri in UP. The contract work for the civil works and laying tracks has already been awarded. "The government is vigorously pursuing the availability of funds for the progress of the projects," said an official from the ministry.
The work for 1,800-km eastern freight corridor that would connect Ludhiana in Punjab to Dankuni in West Bengal has already begun and the government is in advance stage of talks with the World Bank for funding of the project. "To give thrust to the projects, work on the 120-km line connecting Mughalsarai in UP to Sonnagar in Bihar has already started by railways by funding 700 crore from its internal resources," the official confirmed. Both the corridors are targeted for commissioning in 2016-17 and would ease the freight movement as the existing trunk routes between Delhi to Mumbai on Western corridor and Delhi to Howrah on Eastern corridor are highly saturated.
Dedicated Freight Corridor Corporation of India (DFCCIL), a special purpose vehicle under the railwaysministry, has signed an agreement with the Japan International Cooperation Agency for its upcoming western corridor project. The 1,490-km project would be executed in two phases. Railway Minister Mamata Banerjee said last week that the project would be completed on schedule by 2016-17.
The 1,000-km Phase-I would stretch between Rewari in Haryana to Vadodara, whereas Phase-II would connect Jawaharlal Nehru Port in Mumbai to Vadodara and Rewari to Dadri in UP. The contract work for the civil works and laying tracks has already been awarded. "The government is vigorously pursuing the availability of funds for the progress of the projects," said an official from the ministry.
The work for 1,800-km eastern freight corridor that would connect Ludhiana in Punjab to Dankuni in West Bengal has already begun and the government is in advance stage of talks with the World Bank for funding of the project. "To give thrust to the projects, work on the 120-km line connecting Mughalsarai in UP to Sonnagar in Bihar has already started by railways by funding 700 crore from its internal resources," the official confirmed. Both the corridors are targeted for commissioning in 2016-17 and would ease the freight movement as the existing trunk routes between Delhi to Mumbai on Western corridor and Delhi to Howrah on Eastern corridor are highly saturated.
Secret of success: Get the mind-set of an ant
All of us tend to look up to big people for lessons on how to get better. We are keen to learn the secrets of their success. But we forget that sometimes the biggest lessons in life come from the smallest folks around us. Now that’s a good lesson to remember!
Take ants for instance. Would you believe those small creatures can teach us how to live a better life? Jim Rohn - the great motivational guru – developed what he called the ‘Ants Philosophy’.
He identified four key lessons from the behaviour of ants that can help us lead better lives. Jim Rohn is no more – but his messages continue to inspire. Here then, are the four lessons from Rohn’s ‘Ants Philosophy’.
1. Ants never quit. Have you noticed how ants always look for a way around an obstacle? Put your finger in an ant’s path and it will try and go around it, or over it. It will keep looking for a way out. It won’t just stand there and stare. It won’t give up and go back.
We should all learn to be like that. There will always be obstacles in our lives. The challenge is to keep trying, keep looking for alternative routes to get to our goals. Winston Churchill probably paraphrased the ant’s mindset when he offered this priceless advice: “Never give up. Never, never give up!”
2. Ants think winter all summer. Remember the old story of the ant and the grasshopper? In the middle of summer, the ant was busy gathering food for the winter ahead – while the grasshopper was out having a good time. Ants know that summer - the good times – won’t last forever. Winters will come. That’s a good lesson to remember. When the going is good, don’t be so arrogant as to believe that a crisis or a setback cannot happen to you. Be good to other people. Save for a rainy day. Look ahead. And remember, good times may not last, but good people do.
3. Ants think summer all winter. As they suffer through the unbearable cold of the winter, ants keep reminding themselves that it won’t last forever, and that summer will soon be here. And with the first rays of the summer sun, the ants come out – ready to work, ready to play. When we are down and seemingly out, when we go through what looks like a never-ending crisis, it’s good to remind ourselves that this too shall pass. Good times will come. It’s important to retain a positive attitude, an attitude that says things will get better. As the old saying goes, tough times don’t last. Tough people do.
4. Ants do all they possibly can. How much food does an ant gather in summer? All that it possibly can! Now that’s a great work ethic to have. Do all you can! One ant doesn’t worry about how much food another ant is collecting. It does not sit back and wonder why it should have to work so hard. Nor does it complain about the poor pay! Ants just do their bit. They gather all the food they can. Success and happiness are usually the result of giving 100% - doing all you possibly can. If you look around you, you’ll find that successful people are those who just do all they possibly can.
Follow the four simple steps of Jim Rohn’s ‘Ant Philosophy’ – and you’ll see the difference. Don’t quit. Look ahead. Stay positive. And do all you can.
And there’s just one more lesson to learn from ants. Did you know that an ant can carry objects up to 20 times their own weight? Maybe we are like that too. We can carry burdens on our shoulders and manage workloads that are far, far heavier than we’d imagine. Next time something’s bothering you and weighing you down, and you feel you just can’t carry on, don’t fret. Think of the little ant. And remember, you too can carry a lot more on your shoulders!
Prakash Iyer is MD, Kimberly-Clark and Executive Coach.
Take ants for instance. Would you believe those small creatures can teach us how to live a better life? Jim Rohn - the great motivational guru – developed what he called the ‘Ants Philosophy’.
He identified four key lessons from the behaviour of ants that can help us lead better lives. Jim Rohn is no more – but his messages continue to inspire. Here then, are the four lessons from Rohn’s ‘Ants Philosophy’.
1. Ants never quit. Have you noticed how ants always look for a way around an obstacle? Put your finger in an ant’s path and it will try and go around it, or over it. It will keep looking for a way out. It won’t just stand there and stare. It won’t give up and go back.
We should all learn to be like that. There will always be obstacles in our lives. The challenge is to keep trying, keep looking for alternative routes to get to our goals. Winston Churchill probably paraphrased the ant’s mindset when he offered this priceless advice: “Never give up. Never, never give up!”
2. Ants think winter all summer. Remember the old story of the ant and the grasshopper? In the middle of summer, the ant was busy gathering food for the winter ahead – while the grasshopper was out having a good time. Ants know that summer - the good times – won’t last forever. Winters will come. That’s a good lesson to remember. When the going is good, don’t be so arrogant as to believe that a crisis or a setback cannot happen to you. Be good to other people. Save for a rainy day. Look ahead. And remember, good times may not last, but good people do.
3. Ants think summer all winter. As they suffer through the unbearable cold of the winter, ants keep reminding themselves that it won’t last forever, and that summer will soon be here. And with the first rays of the summer sun, the ants come out – ready to work, ready to play. When we are down and seemingly out, when we go through what looks like a never-ending crisis, it’s good to remind ourselves that this too shall pass. Good times will come. It’s important to retain a positive attitude, an attitude that says things will get better. As the old saying goes, tough times don’t last. Tough people do.
4. Ants do all they possibly can. How much food does an ant gather in summer? All that it possibly can! Now that’s a great work ethic to have. Do all you can! One ant doesn’t worry about how much food another ant is collecting. It does not sit back and wonder why it should have to work so hard. Nor does it complain about the poor pay! Ants just do their bit. They gather all the food they can. Success and happiness are usually the result of giving 100% - doing all you possibly can. If you look around you, you’ll find that successful people are those who just do all they possibly can.
Follow the four simple steps of Jim Rohn’s ‘Ant Philosophy’ – and you’ll see the difference. Don’t quit. Look ahead. Stay positive. And do all you can.
And there’s just one more lesson to learn from ants. Did you know that an ant can carry objects up to 20 times their own weight? Maybe we are like that too. We can carry burdens on our shoulders and manage workloads that are far, far heavier than we’d imagine. Next time something’s bothering you and weighing you down, and you feel you just can’t carry on, don’t fret. Think of the little ant. And remember, you too can carry a lot more on your shoulders!
Prakash Iyer is MD, Kimberly-Clark and Executive Coach.
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