New Delhi: The Indian aviation industry has reported 25 per cent increase on a year-on-year (y-o-y) basis in passengers flown in November 2010, according to the latest data released by the Directorate-General of Civil Aviation (DGCA). Seven domestic airlines flew 4,875,000 passengers in November 2010. It is the highest carriage recorded during a single month in 2010.
The Delhi-based, IndiGo, recorded the best performance carrying 8,43,000 passengers in November 2010 and almost 3,00,000 more passengers than in the corresponding period in the 2009.
Jet Airways and SpiceJet each carried 1,73,000 more passengers compared to November 2009
Success in my Habit
Monday, December 27, 2010
Excise sops on expansion in HP, Uttarakhand to stay
New Delhi: Manufacturers in Himachal Pradesh and Uttarakhand will get excise duty exemptions on even the fresh investment they make to expand capacity or launch a new line of business from their existing plants.
The decision will benefit hundreds of companies such as motorcycle manufacturer Hero Honda and consumer products makers Hindustan Unilever and Dabur .
A circular issued by the Central Board of Excise and Customs (CBEC) says companies running factories in these states will enjoy the excise rebate on addition or modification of their plant or if they produce new products from these plants even though the 100% excise duty holiday had lapsed on March 31.
It added the period of exemption would, however, remain 10 years and not get extended on account of modifications or additions.
The circular follows a finance ministry directive to CBEC to clear the air over the scheme as companies were under the impression that they would not get excise rebate if they made fresh investments in their plants after March 31. This had discouraged them to expand their operations in the two states.
Companies in business in the two states can manufacture new products by enhancing their manufacturing capacities now, said Pratik Jain, a partner at KPMG .
An extreme example would be if a car manufacturer enjoying excise rebate decides to produce food products, he can claim the rebate on new products as well after March 31.
The government had launched the tax rebate scheme to encourage industrial development of the two hill states.
"This issue has been a matter of varied interpretation and disputes, which should now be put to rest and spur investments in these states," Jain added.
States like Punjab had protested the scheme arguing that industrial units were shifting to the two states to enjoy the excise rebate. Analysts say the relaxation in rules is sure to cause more heartburn.
The decision will benefit hundreds of companies such as motorcycle manufacturer Hero Honda and consumer products makers Hindustan Unilever and Dabur .
A circular issued by the Central Board of Excise and Customs (CBEC) says companies running factories in these states will enjoy the excise rebate on addition or modification of their plant or if they produce new products from these plants even though the 100% excise duty holiday had lapsed on March 31.
It added the period of exemption would, however, remain 10 years and not get extended on account of modifications or additions.
The circular follows a finance ministry directive to CBEC to clear the air over the scheme as companies were under the impression that they would not get excise rebate if they made fresh investments in their plants after March 31. This had discouraged them to expand their operations in the two states.
Companies in business in the two states can manufacture new products by enhancing their manufacturing capacities now, said Pratik Jain, a partner at KPMG .
An extreme example would be if a car manufacturer enjoying excise rebate decides to produce food products, he can claim the rebate on new products as well after March 31.
The government had launched the tax rebate scheme to encourage industrial development of the two hill states.
"This issue has been a matter of varied interpretation and disputes, which should now be put to rest and spur investments in these states," Jain added.
States like Punjab had protested the scheme arguing that industrial units were shifting to the two states to enjoy the excise rebate. Analysts say the relaxation in rules is sure to cause more heartburn.
India Inc sealed record US$ 55 billion M&A deals so far in 2010
New Delhi: India Inc sealed mergers and acquisitions (M&A) deals worth US$ 55 billion so far in 2010, including a record number of billion-dollar transactions.
The total deal value surpassed the previous record set in 2007 and big-ticket deals made a comeback as corporate India regained its deal-making appetite with more than US$ 9 billion deals, the highest-ever in a single year.
"Indian companies are ready to pay what they perceive to be the right valuation. They are not just hunting for bargain buys, but they would take advantage of the economic slowdown and the fact that many loss-making companies in developed markets are looking to sell out," according to Freny Patel, Associate Editor, DealReporter (part of Mergermarket Group), Asia-Pacific.
The M&A deals showcased the high global ambitions set up by India Inc who acquired foreign assets worth US$ 27.25 billion with a view to expand their market share.
"There have been acquisitions in South America, Europe, Australia, Singapore, etc, for some time now. More recently, there is a lot of interest in developing economies in Africa, Indonesia, Malaysia, etc," according to C G Srividya, Specialist Advisory Services Partner, Grant Thornton India .
So far in 2010 (till December 15), the total deal announced value amounted to US$ 54.6 billion, significantly more than the previous high of US$ 42 billion achieved in 2007, according to research firm VCCEdge.
The total deal value surpassed the previous record set in 2007 and big-ticket deals made a comeback as corporate India regained its deal-making appetite with more than US$ 9 billion deals, the highest-ever in a single year.
"Indian companies are ready to pay what they perceive to be the right valuation. They are not just hunting for bargain buys, but they would take advantage of the economic slowdown and the fact that many loss-making companies in developed markets are looking to sell out," according to Freny Patel, Associate Editor, DealReporter (part of Mergermarket Group), Asia-Pacific.
The M&A deals showcased the high global ambitions set up by India Inc who acquired foreign assets worth US$ 27.25 billion with a view to expand their market share.
"There have been acquisitions in South America, Europe, Australia, Singapore, etc, for some time now. More recently, there is a lot of interest in developing economies in Africa, Indonesia, Malaysia, etc," according to C G Srividya, Specialist Advisory Services Partner, Grant Thornton India .
So far in 2010 (till December 15), the total deal announced value amounted to US$ 54.6 billion, significantly more than the previous high of US$ 42 billion achieved in 2007, according to research firm VCCEdge.
Fitch revises India's growth to 8.7 per cent for 2010-11
New Delhi: The forecast for the country’s economic expansion has been revised upwards to 8.7 per cent for 2010-11 from 8.5 per cent earlier by the leading global rating agency, Fitch Ratings.
"We revise upwards our forecast for India's GDP growth to 8.7 per cent for the financial year ending March 2011 from 8.5 per cent, as economic activity has proved more buoyant than previously expected," said Fitch in its latest quarterly review 'Global Economic Outlook' released in London.
The report further highlighted that a breakdown of gross domestic product (GDP) numbers by expenditure shows that India's economic activity remains broad-based, with both private and public sector consumption, fixed investment and exports all registering high single-digit growth.
Furthermore, the economy registered a healthy 8.8 per cent growth in the first quarter of 2010-11 and fared still better in the second quarter, recording 8.9 per cent on the back of strong growth in manufacturing and a massive improvement in the farm sector.
"We revise upwards our forecast for India's GDP growth to 8.7 per cent for the financial year ending March 2011 from 8.5 per cent, as economic activity has proved more buoyant than previously expected," said Fitch in its latest quarterly review 'Global Economic Outlook' released in London.
The report further highlighted that a breakdown of gross domestic product (GDP) numbers by expenditure shows that India's economic activity remains broad-based, with both private and public sector consumption, fixed investment and exports all registering high single-digit growth.
Furthermore, the economy registered a healthy 8.8 per cent growth in the first quarter of 2010-11 and fared still better in the second quarter, recording 8.9 per cent on the back of strong growth in manufacturing and a massive improvement in the farm sector.
Govt kicks off FDI retail talks again
New Delhi: Key policy makers in the government have kicked off discussions to liberalise foreign direct investment regime. The government is debating opening up of foreign investment in multi-brand retail sector that employs millions and further liberalising the defence sector.
Finance minister Pranab Mukherjee , home minister P Chidambaram , defence minister A K Antony along with commerce minister Anand Sharma held discussions on further relaxing the foreign direct investment regime on Thursday.
"We will be having more meetings. Policy (formation) is dynamic...we are very progressive and forward looking," Mr Sharma told reporters on Thursday.
The department of industrial policy and promotion had earlier this year put out discussion papers to seek public comments on opening up of multi-brand retail to foreign investment and increasing FDI in defence from 26% to 74%.
The department then set up an inter-ministerial panel to examine public comments and suggest some policy measure. However, the panel is expected to call for wider consultation on opening up multibrand retail sector to foreign investors in its report. Of the 180 respondents only 65 agreed to opening up of the sector and majority 113 opposed it. "The reponses cannot be taken to represent the voice of large number of stakeholders and population at large," the draft report circulated to all members of the panel says.
The final report is expected by month end, according to a person privy to the discussions.
Both the Left and BJP are completely opposed to opening up of multi-brand retail. However, the UPA government , sans the Left, seems more open to the idea of opening up multi-brand retail to FDI.
Finance minister Pranab Mukherjee , home minister P Chidambaram , defence minister A K Antony along with commerce minister Anand Sharma held discussions on further relaxing the foreign direct investment regime on Thursday.
"We will be having more meetings. Policy (formation) is dynamic...we are very progressive and forward looking," Mr Sharma told reporters on Thursday.
The department of industrial policy and promotion had earlier this year put out discussion papers to seek public comments on opening up of multi-brand retail to foreign investment and increasing FDI in defence from 26% to 74%.
The department then set up an inter-ministerial panel to examine public comments and suggest some policy measure. However, the panel is expected to call for wider consultation on opening up multibrand retail sector to foreign investors in its report. Of the 180 respondents only 65 agreed to opening up of the sector and majority 113 opposed it. "The reponses cannot be taken to represent the voice of large number of stakeholders and population at large," the draft report circulated to all members of the panel says.
The final report is expected by month end, according to a person privy to the discussions.
Both the Left and BJP are completely opposed to opening up of multi-brand retail. However, the UPA government , sans the Left, seems more open to the idea of opening up multi-brand retail to FDI.
Tuesday, December 14, 2010
US-based Indian creates first artificial kidney
New Delhi: US-based Indian origin researcher Shuvo Roy has created the world's first implantable artificial kidney. What's sensational about Roy's creation is that the organ, no larger than a coffee cup, will be able to mimic the kidney's most vital functions like filtering toxins out of the bloodstream, regulate blood pressure and produce the all- important vitamin D.
The artificial kidney has been tested successfully on a small number of animals. Large-scale trials on animals and humans are expected over the next five years. Once available, and if affordable, this creation by the Roy-led team at University of California will do away with the need for kidney dialysis.
This will be a boon for all patients with chronic kidney disease (CKD). At present in India, of the 1.5 lakh new patients who suffer from end-stage renal failure annually, only 3,500 get kidney transplants and 6,000-10,000 undergo dialysis. The rest perish due to an acute shortage of dialysis centres and nephrologists to man them.
CKD is rising at a rapid pace in India and the majority of those who perish are either unable to find a suitable organ for transplantation or are unable to pay for the high dialysis costs.
According to Roy, the device has a filtration section to remove toxins from the blood, alongside a compartment with renal cells to conduct other functions of a kidney. He believes the artificial kidney could last for decades and require no pumps or batteries. Patients wouldn't require anti-rejection drugs (as is required after transplants) either because there would be no exposed natural tissues for the immune system to attack.
The University of California team is awaiting approval to conduct larger scale animal and human trials. Already, it has successfully tested the implant in a few rats and pigs.
"The payoff to the patient community is tremendous," said Roy. "It could have a transformative impact on their lives...With the right financial support, I think we could reach clinical trials in five years. But it's hard to say how long after that it becomes commercially available due to the uncertainties of the FDA and commercialization prospects.''
So what would this artificial kidney mean for India? ''It will be a real boon,'' said Dr S C Tiwari, director of nephrology and renal transplantation medicine at Fortis health care. He added: ''The biggest problem with CKD patients in India is that majority of them are diagnosed in the final stages where they would either require constant dialysis or a transplant. They would require dialysis three times week. However, of the two lakh CKD patients requiring dialysis, only 10,000 get it, mainly because they can't afford it. Maybe only 1,000 such patients get it for free or at a subsidized rate in government hospitals. The artificial kidney, when available and if affordable, will be a miracle.'' Dr Madan Bahadur, nephrologist with Mumbai's Jaslok Hospital added, ''Work on creating tubular cells (that perform the biochemical work of the kidney) began a decade back. But bio-chemical engineering has so far not managed to replicate the kidney.''
According to Dr Jitendra Kumar, head of nephrology at Asian Institute of Medical Sciences, the main reason why this artificial kidney will be a real breakthrough is because it will be able to mimic the vital functions of a kidney like regulate BP and produce vitamin D — things a dialysis can't do.
The artificial kidney has been tested successfully on a small number of animals. Large-scale trials on animals and humans are expected over the next five years. Once available, and if affordable, this creation by the Roy-led team at University of California will do away with the need for kidney dialysis.
This will be a boon for all patients with chronic kidney disease (CKD). At present in India, of the 1.5 lakh new patients who suffer from end-stage renal failure annually, only 3,500 get kidney transplants and 6,000-10,000 undergo dialysis. The rest perish due to an acute shortage of dialysis centres and nephrologists to man them.
CKD is rising at a rapid pace in India and the majority of those who perish are either unable to find a suitable organ for transplantation or are unable to pay for the high dialysis costs.
According to Roy, the device has a filtration section to remove toxins from the blood, alongside a compartment with renal cells to conduct other functions of a kidney. He believes the artificial kidney could last for decades and require no pumps or batteries. Patients wouldn't require anti-rejection drugs (as is required after transplants) either because there would be no exposed natural tissues for the immune system to attack.
The University of California team is awaiting approval to conduct larger scale animal and human trials. Already, it has successfully tested the implant in a few rats and pigs.
"The payoff to the patient community is tremendous," said Roy. "It could have a transformative impact on their lives...With the right financial support, I think we could reach clinical trials in five years. But it's hard to say how long after that it becomes commercially available due to the uncertainties of the FDA and commercialization prospects.''
So what would this artificial kidney mean for India? ''It will be a real boon,'' said Dr S C Tiwari, director of nephrology and renal transplantation medicine at Fortis health care. He added: ''The biggest problem with CKD patients in India is that majority of them are diagnosed in the final stages where they would either require constant dialysis or a transplant. They would require dialysis three times week. However, of the two lakh CKD patients requiring dialysis, only 10,000 get it, mainly because they can't afford it. Maybe only 1,000 such patients get it for free or at a subsidized rate in government hospitals. The artificial kidney, when available and if affordable, will be a miracle.'' Dr Madan Bahadur, nephrologist with Mumbai's Jaslok Hospital added, ''Work on creating tubular cells (that perform the biochemical work of the kidney) began a decade back. But bio-chemical engineering has so far not managed to replicate the kidney.''
According to Dr Jitendra Kumar, head of nephrology at Asian Institute of Medical Sciences, the main reason why this artificial kidney will be a real breakthrough is because it will be able to mimic the vital functions of a kidney like regulate BP and produce vitamin D — things a dialysis can't do.
ACME inks supply pact with First Solar for Gujarat plant
Mumbai/ Ahmedabad: Delhi-based ACME Tele Power Ltd (ATPL) and First Solar Inc have inked a module supply agreement, which covers the supply of First Solar’s advanced thin-film modules for a 15 Mw (DC) solar power plant in the state of Gujarat.
A statement issued today informed that the agreement entails building a 15 Mw power generation project in the state of Gujarat. The delivery of thin-film modules is expected to take place by March 2011 to fulfill the Gujarat government’s expectations, the statement said. Manoj Kumar Upadhyay, chairman and managing director, ATPL commented, "This agreement is in line with our endeavour of pioneering turnkey solar technologies in India. We are enthusiastic about working with First Solar to make this ambitious project a success and deliver larger benefits to the country."
Commenting on the signing, T K Kallenbach, executive vice-president of marketing and product management, First Solar, said, "We see India as a land of immense opportunity and potential. We are pleased to collaborate with a leader like ACME and contribute through the development of clean, affordable, sustainable solar electricity utilising our advanced technology and unparalleled experience in large-scale solar PV systems."
A statement issued today informed that the agreement entails building a 15 Mw power generation project in the state of Gujarat. The delivery of thin-film modules is expected to take place by March 2011 to fulfill the Gujarat government’s expectations, the statement said. Manoj Kumar Upadhyay, chairman and managing director, ATPL commented, "This agreement is in line with our endeavour of pioneering turnkey solar technologies in India. We are enthusiastic about working with First Solar to make this ambitious project a success and deliver larger benefits to the country."
Commenting on the signing, T K Kallenbach, executive vice-president of marketing and product management, First Solar, said, "We see India as a land of immense opportunity and potential. We are pleased to collaborate with a leader like ACME and contribute through the development of clean, affordable, sustainable solar electricity utilising our advanced technology and unparalleled experience in large-scale solar PV systems."
Opto Circuits buys 76% of US firm
Chennai/ Bangalore: Bangalore-based healthcare equipment company Opto Circuits (India) Ltd has acquired around 76 per cent of the outstanding common shares of US-based Cardiac Science Corporation as part of its acquisition plans. Earlier, the company had agreed to acquire Cardiac Science Corporation for $64 million.
The company also plans to exercise its top-up option under the terms of the merger agreement, which is expected to occur in the next few days, the company release said.
Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits. Cardiac Science specialises in many healthcare equipment in cardiology space including electro-cardiograph devices, cardiac stress treadmills and systems, vital sign monitors among others.
As per the merger deal with Cardiac Science, Opto Circuits has agreed to acquire all the outstanding shares of Cardiac Science for $2.30 per share.
The company has recently acquired two companies to further its business growth both in domestic and international market.
While the company acquired the US-based Unetixs Vascular Inc at $9.7 million in July, it acquired a domestic company, NS Remedies for $1.50 million in April of this year.
Unetixs’ products like vascular diagnostic systems and accessories will be marketed in countries like Europe and West Asia among others.
As per analysts, Unetixs’ that holds 14 patents world wide in peripheral arterial disease (PAD) space, will help Opto to grab a substantial market share in near future.
Similarly, NS Remedies had been acquired by Opto in April this year at an investment of $1.50 million and is expected to provide a cost saving of 20 per cent in stent manufacturing to the company.
The company, presently, sources stent, a critical component of cardiac surgery, from its Germany based Eurocor Gmbh facility.
Opto specialises in range of products like pulse oximeters, pulse oximeter sensors, fluid warmers, cholesterol monitors and stents.
The company also plans to exercise its top-up option under the terms of the merger agreement, which is expected to occur in the next few days, the company release said.
Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits. Cardiac Science specialises in many healthcare equipment in cardiology space including electro-cardiograph devices, cardiac stress treadmills and systems, vital sign monitors among others.
As per the merger deal with Cardiac Science, Opto Circuits has agreed to acquire all the outstanding shares of Cardiac Science for $2.30 per share.
The company has recently acquired two companies to further its business growth both in domestic and international market.
While the company acquired the US-based Unetixs Vascular Inc at $9.7 million in July, it acquired a domestic company, NS Remedies for $1.50 million in April of this year.
Unetixs’ products like vascular diagnostic systems and accessories will be marketed in countries like Europe and West Asia among others.
As per analysts, Unetixs’ that holds 14 patents world wide in peripheral arterial disease (PAD) space, will help Opto to grab a substantial market share in near future.
Similarly, NS Remedies had been acquired by Opto in April this year at an investment of $1.50 million and is expected to provide a cost saving of 20 per cent in stent manufacturing to the company.
The company, presently, sources stent, a critical component of cardiac surgery, from its Germany based Eurocor Gmbh facility.
Opto specialises in range of products like pulse oximeters, pulse oximeter sensors, fluid warmers, cholesterol monitors and stents.
Religare buys US PE co Landmark for Rs 770 cr
Mumbai: Religare Enterprises is buying Landmark Partners , a US-based private equity and real estate investment firm with assets under management worth $8.5 billion.
The New Delhi-based financial services group will buy about 55% in Landmark for roughly $170 million, or Rs 770 crore, valuing the American asset manager at over 3.6% of its total assets, said two people familiar with the matter.
Shachindra Nath, group chief executive officer of Religare Enterprises, confirmed the development, but declined to comment on the deal size. “This acquisition is part of our inorganic growth strategy. We have a chest of $1 billion and will use it to buy asset managers worldwide over the next couple of years,” he said. Landmark executives could not be reached for comment.
Earlier this year, Religare bought Northgare Capital, a US-based fund-of-funds manager, but did not disclose the size of the deal.
The company, majority owned by brothers Malvinder and Shivinder Singh, who sold their stake in generic drugs maker Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for roughly $2 billion, has been in talks to buy asset managers in the US in the last two years.
It was one of the top contenders for the fund management unit of US-based troubled insurance giant AIG last year. Religare was rumoured to be in talks with a couple of domestic mutual funds to buy out their business.
The Landmark acquisition will catapult Religare’s assets under management, including the money managed by Northgate and its Indian mutual fund, to almost $15 billion, Nath said. Reliance Mutual Fund , India’s largest asset management company, had assets worth Rs 1.07 lakh crore or $23 billion on September 30.
Domestic mutual fund industry officials, on condition of anonymity, said the deal is not cheap by valuation standards in developed markets.
“The acquisition is certainly not cheap. Asset management companies in the US and Europe normally would not get more than 2-3% of their assets,” said a top executive of a bank-owned mutual fund. “However, given that there is lot of cheap capital available, Religare can use its expertise in Indian markets to channel it well,” he said.
Asset management companies in emerging markets, including India, are usually valued at 4-6% of their assets because of their growth potential. Recently, L&T Finance, the financial services arm of engineering major Larsen and Toubro, bought DBS Cholamandalam Asset Management for Rs 45 crore, valuing DBS at 1.55% of its total assets under management.
In June last year, Japan’s Nomura bought a stake in LIC Mutual Fund for about 2.5% of fund’s assets. In 2009, IDFC bought Standard Chartered Bank’s asset management business for close to 5.7% of its assets.
The New Delhi-based financial services group will buy about 55% in Landmark for roughly $170 million, or Rs 770 crore, valuing the American asset manager at over 3.6% of its total assets, said two people familiar with the matter.
Shachindra Nath, group chief executive officer of Religare Enterprises, confirmed the development, but declined to comment on the deal size. “This acquisition is part of our inorganic growth strategy. We have a chest of $1 billion and will use it to buy asset managers worldwide over the next couple of years,” he said. Landmark executives could not be reached for comment.
Earlier this year, Religare bought Northgare Capital, a US-based fund-of-funds manager, but did not disclose the size of the deal.
The company, majority owned by brothers Malvinder and Shivinder Singh, who sold their stake in generic drugs maker Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for roughly $2 billion, has been in talks to buy asset managers in the US in the last two years.
It was one of the top contenders for the fund management unit of US-based troubled insurance giant AIG last year. Religare was rumoured to be in talks with a couple of domestic mutual funds to buy out their business.
The Landmark acquisition will catapult Religare’s assets under management, including the money managed by Northgate and its Indian mutual fund, to almost $15 billion, Nath said. Reliance Mutual Fund , India’s largest asset management company, had assets worth Rs 1.07 lakh crore or $23 billion on September 30.
Domestic mutual fund industry officials, on condition of anonymity, said the deal is not cheap by valuation standards in developed markets.
“The acquisition is certainly not cheap. Asset management companies in the US and Europe normally would not get more than 2-3% of their assets,” said a top executive of a bank-owned mutual fund. “However, given that there is lot of cheap capital available, Religare can use its expertise in Indian markets to channel it well,” he said.
Asset management companies in emerging markets, including India, are usually valued at 4-6% of their assets because of their growth potential. Recently, L&T Finance, the financial services arm of engineering major Larsen and Toubro, bought DBS Cholamandalam Asset Management for Rs 45 crore, valuing DBS at 1.55% of its total assets under management.
In June last year, Japan’s Nomura bought a stake in LIC Mutual Fund for about 2.5% of fund’s assets. In 2009, IDFC bought Standard Chartered Bank’s asset management business for close to 5.7% of its assets.
L&T Infotech in strategic partnership with IBM
Mumbai: L&T Infotech today announced a strategic partnership with IBM in the Business Process Management (BPM) space, using IBM's WebSphere Lombardi Suite of products. This partnership will be let L&T Infotech and IBM to offer BPM solutions such as business process modeling, implementation, integration solutions and services to its clientele. Further, L&T Infotech is launching customisable BPM solutions in the areas of Banking & Financial Services like corporate loans, know your customer, credit card issuance, accounts payable and insurance (claims processing, underwriter workflow) by leveraging Lombardi.
Commenting on the partnership, Abhay Chitnis, VP and head-technology, L&T Infotech, said: “With rapid evolution of IT in recent years, enterprise IT landscape has become increasingly complex. All organisations are striving to improve agility and scalability of the intra and inter-enterprise eco-systems. Our IBM partnership is in line with our constant endeavor to provide added value to our clients. The leadership position enjoyed by IBM Lombardi in the BPM space coupled with L&T Infotech’s domain knowledge and modeling accelerators, provides a unique value proposition to our clients, especially in banking and financial services sector.”
Pradeep Nair, director - Software Group - IBM India/South Asia, added:, "BPM software and services from IBM help organisations optimise business performance by discovering, documenting, automating, and continuously improving business processes to increase efficiency and reduce costs. We know that the combination of IBM Lombardi’s class-leading BPM technology and L&T Infotech’s depth of industry expertise will deliver superior value and most importantly, near-term return on investment, to our clients.”
Currently, L&T Infotech offers BPM services in several verticals such as banking and financial services, energy and petrochemicals, product engineering services (Telecom), insurance and manufacturing. L&T Infotech’s banking and financial services business unit focuses on providing business solutions to leading banks and financial institutions across the globe. Leveraging IBM Lombardi, L&T Infotech's banking and financial services unit has also developed JukeBox+, a domain-centric solution to allow clients to jumpstart their business processes integration and automation activity.
Commenting on the partnership, Abhay Chitnis, VP and head-technology, L&T Infotech, said: “With rapid evolution of IT in recent years, enterprise IT landscape has become increasingly complex. All organisations are striving to improve agility and scalability of the intra and inter-enterprise eco-systems. Our IBM partnership is in line with our constant endeavor to provide added value to our clients. The leadership position enjoyed by IBM Lombardi in the BPM space coupled with L&T Infotech’s domain knowledge and modeling accelerators, provides a unique value proposition to our clients, especially in banking and financial services sector.”
Pradeep Nair, director - Software Group - IBM India/South Asia, added:, "BPM software and services from IBM help organisations optimise business performance by discovering, documenting, automating, and continuously improving business processes to increase efficiency and reduce costs. We know that the combination of IBM Lombardi’s class-leading BPM technology and L&T Infotech’s depth of industry expertise will deliver superior value and most importantly, near-term return on investment, to our clients.”
Currently, L&T Infotech offers BPM services in several verticals such as banking and financial services, energy and petrochemicals, product engineering services (Telecom), insurance and manufacturing. L&T Infotech’s banking and financial services business unit focuses on providing business solutions to leading banks and financial institutions across the globe. Leveraging IBM Lombardi, L&T Infotech's banking and financial services unit has also developed JukeBox+, a domain-centric solution to allow clients to jumpstart their business processes integration and automation activity.
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