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.
Success in my Habit
Tuesday, March 8, 2011
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.
Tuesday, February 22, 2011
Zen Mobile eyes doubling market share, revenue
Mumbai, Feb 23: Zen Mobile aims to double its market share and revenue by the end of this year on the back of new product launches and customer base expansion.
“We aim to more-than-double our market share and revenue from 3 per cent to 7 per cent and from Rs 45 crore to Rs 100 crore, respectively, by December 2011,” the company Managing Director, Mr Deepesh Gupta, told PTI here.
The Delhi-based firm, a part of the 15-year-old Teleecare Group, has so far sold 4 million handsets and plans to sell another 5 million by March 2012.
“We plan to sell 5 million more handsets by March 2012,” he said.
The company has already launched 18 handsets and more models are on the anvil. “We will continue to launch at least two new models every month,” Mr Gupta said.
Zen Mobile recently launched its Zen X414 model for Rs 1,799. “We have received a good response from customers for our Zen X414 model. This has multimedia features such as an mp3 and mp4 player, FM radio with recording, a powerful torch and a battery back-up of 40 days on stand-by mode,” Mr Gupta said.
At present, the company has a presence in 80 per cent of the markets. It will have a footprint in all districts of the country in the next three months, he said.
“We aim to more-than-double our market share and revenue from 3 per cent to 7 per cent and from Rs 45 crore to Rs 100 crore, respectively, by December 2011,” the company Managing Director, Mr Deepesh Gupta, told PTI here.
The Delhi-based firm, a part of the 15-year-old Teleecare Group, has so far sold 4 million handsets and plans to sell another 5 million by March 2012.
“We plan to sell 5 million more handsets by March 2012,” he said.
The company has already launched 18 handsets and more models are on the anvil. “We will continue to launch at least two new models every month,” Mr Gupta said.
Zen Mobile recently launched its Zen X414 model for Rs 1,799. “We have received a good response from customers for our Zen X414 model. This has multimedia features such as an mp3 and mp4 player, FM radio with recording, a powerful torch and a battery back-up of 40 days on stand-by mode,” Mr Gupta said.
At present, the company has a presence in 80 per cent of the markets. It will have a footprint in all districts of the country in the next three months, he said.
Vodafone Essar, Airtel, Idea Cellular still a hit in MNP regime
Mumbai: It’s been a month since mobile number portability (MNP) kicked in, and as expected, older GSM operators like Vodafone Essar, Airtel and Idea Cellular continue to lure the bulk of subscribers to their network. Latest numbers indicate Vodafone Essar gained as many as 1.7 lakh customers while Idea Cellular ranked second with a net gain of 1.5 lakh. The figures denote the difference between the number of customers porting in and porting out. The country’s largest operator , Bharti Airtel , on the other hand gained 1.35 lakh subscribers of February 20. However, most operators stick by the theory that MNP will not be a game-changer for the industry.
“The revenue impact of new customers who have come on to Vodafone is yet to be ascertained as we need to study a few billing cycles of the post-paid customers to figure how much these new customers are spending,” said Samresh Parida, strategy director- Vodafone Essar. A large proportion of subscriber movement in India is seen in the prepaid segment , which accounts for a monthly churn rate of 4-5 %. “Early analysis also indicates that among MNP portins , we are getting a disproportionate share of highvalue customers from other operators,” said Atul Bindal , president- mobile services , Bharti Airtel. The mobile operator, besides advertising around the MNP, also introduced several freebies such as giving away pizza vouchers and offering discount on monthly bills to retain customers.
Idea Cellular said it had benefitted from its high-decibel advertising campaign . “We had a strong rural footprint but with the launch of MNP, we also wanted to grab the opportunity to strengthen our presence in the big cities and metros and this brand campaign helped us get noticed,” said Himanshu Kapania , deputy MD, Idea Cellular.
On the CDMA front, there has been a large exodus with RCOM being the worst-hit , followed by Tata Teleservices and BSNL. But RCOM said it is looking to gain value and is not worried about the volumes coming in. “Our focus is to get high-spending customers as we are only interested in the value churn,” said Mahesh Prasad , group president, wireless business, RCOM.
The new entrants were also expected to be hit by MNP roll-out . To combat this, these operators lowered tariffs along with doling out freebies. “For us, it’s been the introduction of a unique dynamic pricing product, which gives discounts and it changes from one mobile tower to the next, that is attracting customers to our service,” said a Uninor spokesman. It registered a net gain of 0.3%.
Regional operators have also upped the ante as they feared losing customers. Mumbai-based Loop Mobile said it had an incremental churn of 0.7%, which was one of the lowest among the incumbent operators in the circle as it refurbished its brands identity and launched aggressive
“The revenue impact of new customers who have come on to Vodafone is yet to be ascertained as we need to study a few billing cycles of the post-paid customers to figure how much these new customers are spending,” said Samresh Parida, strategy director- Vodafone Essar. A large proportion of subscriber movement in India is seen in the prepaid segment , which accounts for a monthly churn rate of 4-5 %. “Early analysis also indicates that among MNP portins , we are getting a disproportionate share of highvalue customers from other operators,” said Atul Bindal , president- mobile services , Bharti Airtel. The mobile operator, besides advertising around the MNP, also introduced several freebies such as giving away pizza vouchers and offering discount on monthly bills to retain customers.
Idea Cellular said it had benefitted from its high-decibel advertising campaign . “We had a strong rural footprint but with the launch of MNP, we also wanted to grab the opportunity to strengthen our presence in the big cities and metros and this brand campaign helped us get noticed,” said Himanshu Kapania , deputy MD, Idea Cellular.
On the CDMA front, there has been a large exodus with RCOM being the worst-hit , followed by Tata Teleservices and BSNL. But RCOM said it is looking to gain value and is not worried about the volumes coming in. “Our focus is to get high-spending customers as we are only interested in the value churn,” said Mahesh Prasad , group president, wireless business, RCOM.
The new entrants were also expected to be hit by MNP roll-out . To combat this, these operators lowered tariffs along with doling out freebies. “For us, it’s been the introduction of a unique dynamic pricing product, which gives discounts and it changes from one mobile tower to the next, that is attracting customers to our service,” said a Uninor spokesman. It registered a net gain of 0.3%.
Regional operators have also upped the ante as they feared losing customers. Mumbai-based Loop Mobile said it had an incremental churn of 0.7%, which was one of the lowest among the incumbent operators in the circle as it refurbished its brands identity and launched aggressive
McDonald's India franchisee to open 30 new stores in 2011
MUMBAI: McDonald's Corp's Indian franchisee plans to set up 30 new restaurants in the southern and western parts of the country this year, as part of the restaurant chain's expansion plans in Asia's third-largest economy, a top executive said.
Speaking to Reuters in an interview, Hardcastle Restaurants Private Ltd Vice Chairman Amit Jatia also said the franchisee would invest $111 million in India over the next three to four years.
Hardcastle will have a total of 250 McDonald's restaurants in three to four years in the two regions, up from 106 now, Jatia said.
Hardcastle Restaurants is now a licensee of McDonald's in India, after the world's biggest restaurant chain sold its 50 percent stake in the joint venture to its local partner last year, Jatia said.
Speaking to Reuters in an interview, Hardcastle Restaurants Private Ltd Vice Chairman Amit Jatia also said the franchisee would invest $111 million in India over the next three to four years.
Hardcastle will have a total of 250 McDonald's restaurants in three to four years in the two regions, up from 106 now, Jatia said.
Hardcastle Restaurants is now a licensee of McDonald's in India, after the world's biggest restaurant chain sold its 50 percent stake in the joint venture to its local partner last year, Jatia said.
Canon pegs office imaging solutions rev at Rs 350 cr in 2011
NEW DELHI: Canon India today said it expects 20 per cent growth in its office imaging solutions division's revenues to Rs 350 crore in 2011.
"India continues to build strong consumption, as well as investment momentum. With sustained 9 per cent GDP growth, we should begin to witness higher level of entrepreneurial depth," Canon India Senior Vice-President Alok Bharadwaj said in a statement.
Bharadwaj mentioned that India Inc prints and copies over 60 billion documents a year, translating into a cost of Rs 10,000 crore a year, which is growing at 20 per cent per annum.
Canon India recently announced plans to merge its enterprise solutions division for large enterprises and channel network for the SME segment into one division, called the office imaging solutions ( OIS )) division.
"We expect this division to grow revenues by 20 per cent to touch Rs 350 crore in 2011. This newly formed division will have 162 sales and marketing staff," Bharadwaj said.
The company today announced the appointment of K Bhashkar as the director of the office imaging solution (OIS) division.
This business-to-business division was one of the major contributors to Canon's overall business in 2010, contributing more than 25 per cent to the total revenue.
"India continues to build strong consumption, as well as investment momentum. With sustained 9 per cent GDP growth, we should begin to witness higher level of entrepreneurial depth," Canon India Senior Vice-President Alok Bharadwaj said in a statement.
Bharadwaj mentioned that India Inc prints and copies over 60 billion documents a year, translating into a cost of Rs 10,000 crore a year, which is growing at 20 per cent per annum.
Canon India recently announced plans to merge its enterprise solutions division for large enterprises and channel network for the SME segment into one division, called the office imaging solutions ( OIS )) division.
"We expect this division to grow revenues by 20 per cent to touch Rs 350 crore in 2011. This newly formed division will have 162 sales and marketing staff," Bharadwaj said.
The company today announced the appointment of K Bhashkar as the director of the office imaging solution (OIS) division.
This business-to-business division was one of the major contributors to Canon's overall business in 2010, contributing more than 25 per cent to the total revenue.
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