AHMEDABAD:US carmaker Ford is likely to make an announcement on the setting up its secondcar manufacturing facility in Sanand taluka near here, official sources said on Tuesday.
Ford India's proposed site is likely to be next to Tata Nano's plant in Sanand. The company currently has a manufacturing facility at Chennai.
"Ford has been in discussion with the government to set up its second car manufacturing plant at an investment of nearly Rs 5,000 crore. It has decided on a 400 acres of land at Sanand for the facility," the state government officials told PTI.
The District Collector of Ahmedabad is in the process of earmarking 400 acres of land in Sanand, nearly 40 km from here, for Ford India, they said.
In reply to a query on announcement of manufacturing facility in Gujarat,Ford India in a statement said, "As part of our plan to introduce eight new products by the middle of the decade, Ford is expanding its capacities at its existing facility in Tamil Nadu as well as exploring other options."
In August last year, Ford had announced to launch eight new models in India by 2015 in a bid to tap the burgeoning domestic car market.
The introduction of the new vehicles would be part of the company's plan to bring more products from its global portfolio and other Asia Pacific and African markets.
The company has already invested USD 500 million to expand production capacity to two lakh units annually at its Chennai facility. It also has an engine manufacturing plant with an installed annual production capacity of 2.5 lakh units.
Success in my Habit
Tuesday, July 26, 2011
Anshu Jain first non-European to head Deutsche Bank; becomes most powerful banker in Eurozone's largest economy
LONDON: Usually, when banks announce succession plans, a handful of Wall Street analysts sit up and pay attention.
But whenDeutsche Bank announced early on Tuesday thatAnshu Jain and Juergen Fitschen would become co-CEOs, with current chief executiveJoseph Ackerman taking over as chairman of the board, it came at the end of months, even years, of intense debate around the world, polarising opinion across cultural and national boundaries, between Wall Street and high street.
Anshu Jain becomes the first non-European to head up DB, and the first Indian among a handful of non-Europeans to head any large, listed European firm.
As head of Deutsche Bank, he becomes, simply, the mostpowerful banker in the Eurozone's largest economy. Jain is no stranger to power. The Jaipur-born, America-trained Jain is the darling of Wall Street, the City of London and DB's shareholders. He's got an enormous power base and is considered the best banker who's not a CEO in London, and one of the most influential globally.
It's no wonder that over the past few months, Jain has kept a low profile, shunning public appearances or media interviews, and quietly focused on keeping the profit counters ringing. During the time he has started to learn German.
It's widely understood that Jain will actually run the bank while Juergen Fitschen, who handles DB's German operations, will handle the political and corporate schmoozing, as well as DB's staff unions. Deutsche has a history of joint CEOs, a management system that hasn't worked well in other global companies. In this case though, Fitschen, who said he couldn't ask for a better partner than Jain, is due to retire in three years. The move is seen as giving Jain, 48, time to make himself acceptable to the natives.
Sections of the German media hailed Jain's appointment as proof that Germany is not, as is often portrayed by the US media, insular or anti-multicultural, or that theGerman government would have any problems with him.
Jain's middle-class origins and his record of hard work and academic brilliance seem to strike a chord with the Germans. Deutsche's supervisory board, which has struggled with the succession issue for years, had a peculiar problem.
On the one hand, it had the indisputably brilliant Jain. His credentials include catapulting DB from a stodgy German bank into the top global league tables in the 16 years he has slowly worked his way to the top. He's also delivered, year on year, the major chunk of the bank's profits, and managed to steer it safely, if not unscathed, through the financial crisis of 2008.
But whenDeutsche Bank announced early on Tuesday thatAnshu Jain and Juergen Fitschen would become co-CEOs, with current chief executiveJoseph Ackerman taking over as chairman of the board, it came at the end of months, even years, of intense debate around the world, polarising opinion across cultural and national boundaries, between Wall Street and high street.
Anshu Jain becomes the first non-European to head up DB, and the first Indian among a handful of non-Europeans to head any large, listed European firm.
As head of Deutsche Bank, he becomes, simply, the mostpowerful banker in the Eurozone's largest economy. Jain is no stranger to power. The Jaipur-born, America-trained Jain is the darling of Wall Street, the City of London and DB's shareholders. He's got an enormous power base and is considered the best banker who's not a CEO in London, and one of the most influential globally.
It's no wonder that over the past few months, Jain has kept a low profile, shunning public appearances or media interviews, and quietly focused on keeping the profit counters ringing. During the time he has started to learn German.
It's widely understood that Jain will actually run the bank while Juergen Fitschen, who handles DB's German operations, will handle the political and corporate schmoozing, as well as DB's staff unions. Deutsche has a history of joint CEOs, a management system that hasn't worked well in other global companies. In this case though, Fitschen, who said he couldn't ask for a better partner than Jain, is due to retire in three years. The move is seen as giving Jain, 48, time to make himself acceptable to the natives.
Sections of the German media hailed Jain's appointment as proof that Germany is not, as is often portrayed by the US media, insular or anti-multicultural, or that theGerman government would have any problems with him.
Jain's middle-class origins and his record of hard work and academic brilliance seem to strike a chord with the Germans. Deutsche's supervisory board, which has struggled with the succession issue for years, had a peculiar problem.
On the one hand, it had the indisputably brilliant Jain. His credentials include catapulting DB from a stodgy German bank into the top global league tables in the 16 years he has slowly worked his way to the top. He's also delivered, year on year, the major chunk of the bank's profits, and managed to steer it safely, if not unscathed, through the financial crisis of 2008.
Anshu Jain first non-European to head Deutsche Bank; becomes most powerful banker in Eurozone's largest economy
LONDON: Usually, when banks announce succession plans, a handful of Wall Street analysts sit up and pay attention.
But whenDeutsche Bank announced early on Tuesday thatAnshu Jain and Juergen Fitschen would become co-CEOs, with current chief executiveJoseph Ackerman taking over as chairman of the board, it came at the end of months, even years, of intense debate around the world, polarising opinion across cultural and national boundaries, between Wall Street and high street.
Anshu Jain becomes the first non-European to head up DB, and the first Indian among a handful of non-Europeans to head any large, listed European firm.
As head of Deutsche Bank, he becomes, simply, the mostpowerful banker in the Eurozone's largest economy. Jain is no stranger to power. The Jaipur-born, America-trained Jain is the darling of Wall Street, the City of London and DB's shareholders. He's got an enormous power base and is considered the best banker who's not a CEO in London, and one of the most influential globally.
It's no wonder that over the past few months, Jain has kept a low profile, shunning public appearances or media interviews, and quietly focused on keeping the profit counters ringing. During the time he has started to learn German.
It's widely understood that Jain will actually run the bank while Juergen Fitschen, who handles DB's German operations, will handle the political and corporate schmoozing, as well as DB's staff unions. Deutsche has a history of joint CEOs, a management system that hasn't worked well in other global companies. In this case though, Fitschen, who said he couldn't ask for a better partner than Jain, is due to retire in three years. The move is seen as giving Jain, 48, time to make himself acceptable to the natives.
Sections of the German media hailed Jain's appointment as proof that Germany is not, as is often portrayed by the US media, insular or anti-multicultural, or that theGerman government would have any problems with him.
Jain's middle-class origins and his record of hard work and academic brilliance seem to strike a chord with the Germans. Deutsche's supervisory board, which has struggled with the succession issue for years, had a peculiar problem.
On the one hand, it had the indisputably brilliant Jain. His credentials include catapulting DB from a stodgy German bank into the top global league tables in the 16 years he has slowly worked his way to the top. He's also delivered, year on year, the major chunk of the bank's profits, and managed to steer it safely, if not unscathed, through the financial crisis of 2008.
But whenDeutsche Bank announced early on Tuesday thatAnshu Jain and Juergen Fitschen would become co-CEOs, with current chief executiveJoseph Ackerman taking over as chairman of the board, it came at the end of months, even years, of intense debate around the world, polarising opinion across cultural and national boundaries, between Wall Street and high street.
Anshu Jain becomes the first non-European to head up DB, and the first Indian among a handful of non-Europeans to head any large, listed European firm.
As head of Deutsche Bank, he becomes, simply, the mostpowerful banker in the Eurozone's largest economy. Jain is no stranger to power. The Jaipur-born, America-trained Jain is the darling of Wall Street, the City of London and DB's shareholders. He's got an enormous power base and is considered the best banker who's not a CEO in London, and one of the most influential globally.
It's no wonder that over the past few months, Jain has kept a low profile, shunning public appearances or media interviews, and quietly focused on keeping the profit counters ringing. During the time he has started to learn German.
It's widely understood that Jain will actually run the bank while Juergen Fitschen, who handles DB's German operations, will handle the political and corporate schmoozing, as well as DB's staff unions. Deutsche has a history of joint CEOs, a management system that hasn't worked well in other global companies. In this case though, Fitschen, who said he couldn't ask for a better partner than Jain, is due to retire in three years. The move is seen as giving Jain, 48, time to make himself acceptable to the natives.
Sections of the German media hailed Jain's appointment as proof that Germany is not, as is often portrayed by the US media, insular or anti-multicultural, or that theGerman government would have any problems with him.
Jain's middle-class origins and his record of hard work and academic brilliance seem to strike a chord with the Germans. Deutsche's supervisory board, which has struggled with the succession issue for years, had a peculiar problem.
On the one hand, it had the indisputably brilliant Jain. His credentials include catapulting DB from a stodgy German bank into the top global league tables in the 16 years he has slowly worked his way to the top. He's also delivered, year on year, the major chunk of the bank's profits, and managed to steer it safely, if not unscathed, through the financial crisis of 2008.
Wednesday, June 1, 2011
Adani Group firm completes acquisition of Australian port
AHMEDABAD: Mundra Port and SEZ , a Adani Group firm, today announced it has completed the acquisition of Australia's Abbot Point Port Coal Terminal (APPCT) for AUD 1.829 bn (Rs 8,900 crore) in an all-cash deal.
The deal, completed in a record 28 days period, marks one of the largest outbound acquisitions by any Indian company overseas in the last fiscal.
"The acquisition of APPCT has been completed today. We have paid the entire amount of AUD 1.829 bn to the Queensland treasury and have taken over the ownership and operations of the port," MPSEZL Chief Financial Officer B Ravi told reporters here.
"The port has been re-christened Adani Abbot Port Coal Terminal (AAPCT) Pty. Our directors have joined the board of the new company and a team is in place there and has started to operate the port from today," he said.
The Ahmedabad-based Group, after being declared a successful bidder by the State of Queensland, Australia , had signed a sale and purchase agreement in Brisbane for the port on May 3.
The short-term acquisition financing for the project has been done by the State Bank of India (SBI) and Standard Chartered bank, Ravi said.
"The short-term funding will be replaced with an assest-based financing (long-term) for which we have $ 1.5 bn worth assets in the new company (AAPCT Pty).
"We can go in for long-term asset-based debt of up to $ 1.3 bn based on the assets of AAPCT. Secondly, there would be MPSEZL-level debt either through convertible bonds or some other financial instrument which is yet to be decided," he said.
Vodafone pays $1.9 billion for buying Essar stake in JV
NEW DELHI: UK-based Vodafone today paid USD 1.9 billion to Essar as first tranche for buying 22 per cent stake, held by offshore entities belonging to Ruias in their telecom joint venture Vodafone-Essar.
The 22.03 per cent stake, held in the JV by offshore entities of the Ruias-led Essar, is valued at USD 3.8 billion.
"We have made the first tranche of payment to Essar," a Vodafone spokesperson said.
Of Essar's 33 per cent stake in the JV, 22.03 per cent is owned by the company's overseas entities, while the remaining 10.97 per cent is held by the group's Indian firms and is valued at USD 1.2 billion.
According to sources, Vodafone has now paid USD 1.9 billion to Essar and the remaining USD 1.9 billion would be paid in November.
To sell the remaining 10.97 per cent in the telecom joint venture, Essar has approached the Reserve Bank of India (RBI) for approval.
When contacted, Essar spokesperson declined to comment.
Sony announces launch of world's biggest singing show in India
MUMBAI: Sony Entertainment Television today unveiled 'X Factor India' the Indian version of the No.1 singing show globally X Factor.
A worldwide phenomenon, THE X FACTOR is a competition series developed by Simon Cowell that gives viewers the opportunity to help choose the next musical megastar.
THE X FACTOR is a runaway hit in 24 countries with over 500 million viewers, the Big Daddy of all singing shows in size and scale.
The show will showcase Xtraordinary talent from across the length and breadth of the country like never seen before.
The X Factor India , a show, lavishly mounted in exotic locales and spectacular sets raises the bar and takes the initial auditions to an exciting and explosive new level as the hopefuls will audition not only for the judges, but also in front of a live audience of thousands in venues across the country.
The concert-like atmosphere will bring a new dimension to the performances, giving the contestants an opportunity to prove they have the whole package - vocal ability, charisma and stage presence - from the moment they step on stage.
Those contestants who survive the first auditions graduate to "boot camp" and will then be divided into three categories: 16 - 25 years, individuals over 25 years and groups.
Produced by Freemantle India, THE X FACTOR proven ratings success story, across the globe with the recent U.K. finale capturing a phenomenal 20 million viewers.
Taj enters into management contract with Morocco's JK Hotels
MUMBAI: Taj Hotels Resorts and Palaces today said it has entered into a management contract with Morocco's JK Hotels to manage 'Taj Palace Marrakech', which will increase the company's global portfolio to 17 hotels.
With this, the Taj Group has now established its presence in North Africa and will now manage Taj Palace Marrakech , which is set to launch in autumn 2011, the company said in a statement here.
"Taj Palace Marrakech, is our latest venture into the African continent and is in sync with our strategy to continue our vision of growth in key international destinations," Indian Hotels Managing Director and Chief Executive Officer Raymond N Bickson , said.
This hotel will fit perfectly into the company portfolio with its meticulously crafted and vivid blend of Moroccan, Indian and Asian themes, he said.
"Taj Hotels' is a legendary chain and we are delighted with this association. Under the Taj management, our guests will experience the most exacting standards of world class hospitality. We look forward to a mutually rewarding relationship," owner of JK Hotels Jaouad Kadiri said.
With this, the Taj Group has now established its presence in North Africa and will now manage Taj Palace Marrakech , which is set to launch in autumn 2011, the company said in a statement here.
"Taj Palace Marrakech, is our latest venture into the African continent and is in sync with our strategy to continue our vision of growth in key international destinations," Indian Hotels Managing Director and Chief Executive Officer Raymond N Bickson , said.
This hotel will fit perfectly into the company portfolio with its meticulously crafted and vivid blend of Moroccan, Indian and Asian themes, he said.
"Taj Hotels' is a legendary chain and we are delighted with this association. Under the Taj management, our guests will experience the most exacting standards of world class hospitality. We look forward to a mutually rewarding relationship," owner of JK Hotels Jaouad Kadiri said.
ISS India plans to double its revenue to Rs 850 cr in CY 11
MUMBAI: Leading global facility service company ISS is eyeing to double its revenue to about Rs 850 crore this calender year (CY) in India in line with its growing operations in the country.
"Looking at the growth in demand for world-class service, we are expecting to double our revenue to Rs 800-850 crore in CY 11 in India. We are also targeting an organic growth of 20-25 per cent in CY 12," the Denmark-based company's Country Head, Jolly Kochery , told PTI here.
ISS Group recorded a total revenue of USD 14.1 billion in 2010, up 7.3 per cent over the last year, while operating profit increased 27 per cent to USD 800 million.
The company has operations in 53 countries in Europe, Asia, North America, South America and Australia and provides local and global standard for cleaning, catering, property services, office support and security services.
ISS Facility Services India began operations in 2005 with an investment of Rs 350 crore, and India has become the biggest growth driver for the firm in Asia Pacific as well as global level with increasing demand for world-class outsourcing services, Kochery said.
"We are competing with the unorganised sector and we expect 2012 will be as positive as 2011."
The company, which currently enjoys 1.5 per cent market share of the total organised Rs 700-billion segment, is planning to raise it to 3.5 per cent by 2014, he said.
The total employee strength of ISS India is 47,000 and the company is planning to add another 8,000-10,000 to its rolls in CY 11 in line with its expansion.
"Looking at the growth in demand for world-class service, we are expecting to double our revenue to Rs 800-850 crore in CY 11 in India. We are also targeting an organic growth of 20-25 per cent in CY 12," the Denmark-based company's Country Head, Jolly Kochery , told PTI here.
ISS Group recorded a total revenue of USD 14.1 billion in 2010, up 7.3 per cent over the last year, while operating profit increased 27 per cent to USD 800 million.
The company has operations in 53 countries in Europe, Asia, North America, South America and Australia and provides local and global standard for cleaning, catering, property services, office support and security services.
ISS Facility Services India began operations in 2005 with an investment of Rs 350 crore, and India has become the biggest growth driver for the firm in Asia Pacific as well as global level with increasing demand for world-class outsourcing services, Kochery said.
"We are competing with the unorganised sector and we expect 2012 will be as positive as 2011."
The company, which currently enjoys 1.5 per cent market share of the total organised Rs 700-billion segment, is planning to raise it to 3.5 per cent by 2014, he said.
The total employee strength of ISS India is 47,000 and the company is planning to add another 8,000-10,000 to its rolls in CY 11 in line with its expansion.
Anil Ambani group's Reliance Capital to hire 3,500 managers, 50,000 insurance agents
NEW DELHI: Having witnessed a dip of over 4,500 staff from its headcount in last fiscal, Anil Ambani group's financial services arm Reliance Capital will hire over 3,500 managers for its various businesses this year.
Besides, the company also plans to hire 50,000 insurance agents in the current financial year ending March 2012, Reliance Capital CEO Sam Ghosh told media.
The large-scale hiring plans comes on the back of the company witnessing a decline of 4,550 people from its headcount in its insurance, mutual fund and other businesses during the fiscal ended March 31, 2011.
The company's total headcount stood at 18,069 as on March 31, 2011, down from 22,619 employees a year ago on March 31, 2010, as per its financial presentations for the two fiscals. Reliance Capital now plans to increase its headcount to near 21,000 people in the current fiscal, Ghosh said.
Reliance Capital is the financial services arm of the Anil Ambani group, which also has presence in businesses like telecom, power, infrastructure, media and entertainment.
The group employee strength also dipped by around 10,000 employees between May, 2010 and March, 2011, but latest figures are not available for across-the-group headcount.
As per a Reliance Capital investor presentation in March 2011, ADAG had "120,000 young, trained and motivated people" across its various group companies, as against a figure of "130,000 young, trained and motivated people" mentioned in a previous presentation dated May, 2010.
The sharp decline in Reliance Capital's headcount during 2010-11 was mainly due to life insurance business, while asset management, broking and destribution and general insurance segments also saw their staff strength declining in the year.
Asked about the decline in staff strength, Ghosh said it was largely because of a cyclical movement of people in life insurance business and the company has already started a major hiring drive.
"The fluctuation in headcount last year was predominately on account of cyclical movement of sales managers seen in life insurance business. We have already started hiring sales managers for our life insurance business and will be crossing the 12,000 headcount mark by July," Ghosh said.
"In addition, we also plan to add 50,000 agents in our insurance business during this fiscal," he added. The insurance agents are not included in the company's headcount.
Across the various businesses, Reliance Capital will hire more than 3,500 managers and take the total headcount to near 21,000 people, Ghosh said.
"Reliance Capital plans to hire over 3500 managers and ramp up its head count to around 21,000, across businesses, in this fiscal," he noted.
Besides, the company also plans to hire 50,000 insurance agents in the current financial year ending March 2012, Reliance Capital CEO Sam Ghosh told media.
The large-scale hiring plans comes on the back of the company witnessing a decline of 4,550 people from its headcount in its insurance, mutual fund and other businesses during the fiscal ended March 31, 2011.
The company's total headcount stood at 18,069 as on March 31, 2011, down from 22,619 employees a year ago on March 31, 2010, as per its financial presentations for the two fiscals. Reliance Capital now plans to increase its headcount to near 21,000 people in the current fiscal, Ghosh said.
Reliance Capital is the financial services arm of the Anil Ambani group, which also has presence in businesses like telecom, power, infrastructure, media and entertainment.
The group employee strength also dipped by around 10,000 employees between May, 2010 and March, 2011, but latest figures are not available for across-the-group headcount.
As per a Reliance Capital investor presentation in March 2011, ADAG had "120,000 young, trained and motivated people" across its various group companies, as against a figure of "130,000 young, trained and motivated people" mentioned in a previous presentation dated May, 2010.
The sharp decline in Reliance Capital's headcount during 2010-11 was mainly due to life insurance business, while asset management, broking and destribution and general insurance segments also saw their staff strength declining in the year.
Asked about the decline in staff strength, Ghosh said it was largely because of a cyclical movement of people in life insurance business and the company has already started a major hiring drive.
"The fluctuation in headcount last year was predominately on account of cyclical movement of sales managers seen in life insurance business. We have already started hiring sales managers for our life insurance business and will be crossing the 12,000 headcount mark by July," Ghosh said.
"In addition, we also plan to add 50,000 agents in our insurance business during this fiscal," he added. The insurance agents are not included in the company's headcount.
Across the various businesses, Reliance Capital will hire more than 3,500 managers and take the total headcount to near 21,000 people, Ghosh said.
"Reliance Capital plans to hire over 3500 managers and ramp up its head count to around 21,000, across businesses, in this fiscal," he noted.
Lupin signs licensing deal with Sydney company
MUMBAI: Drugmaker Lupin Ltd said on Wednesday it signed a licensing agreement with Sydney-based private speciality lifescience company NeuClone Pty Ltd for cell line technology .
"This agreement and such similar agreements, coupled with our own pipeline will go a long way in helping us address the impending opportunity and develop a substantial differentiated biological pipeline," President Cyrus Karkaria, said in the statement
"This agreement and such similar agreements, coupled with our own pipeline will go a long way in helping us address the impending opportunity and develop a substantial differentiated biological pipeline," President Cyrus Karkaria, said in the statement
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