Intelenet sets up centre in Patna for BSNL users

BPO firm Intelenet Global Services announced the launch of a new delivery centre in Patna as part of a strategic arrangement with state-owned telecom operator BSNL. Intelenet will service BSNL's base of prepaid, postpaid and 3G cellular subscribers in the telecom circles of Bihar and Jharkhand, Intelenet said in a statement. The delivery centre will provide services in English, Hindi and other local regional languages to deliver customer support -- product inquiries, complaints, requests for new services and so on. "Intelenet recognises Patna as an emerging business destination. The capacity built in Patna is based entirely on client requirements and also blends with our business strategy of providing multi-location delivery capability to our clients," Intelenet Global Services CEO (Domestic Operations) Bhupender Singh said. Intelenet has a workforce of over 27,000 employees and 32 delivery centres across 18 cities.

Facebook will IPO as Early as April 2012

Facebook will make its long-anticipated move to go public between April and June 2012, according to a report from The Wall Street Journal on Monday. The report, which cites “people familiar with the matter,” says that Facebook is considering raising $10 billion in an IPO that could value it at more than $100 billion. This is consistent with a report in June that used the same eye-popping number of zeros to describe Facebook’s expected valuation. If realized, the valuation would make Facebook’s IPO one of the largest in history — more than four times as big as Google’s $23 billion IPO in 2004, and likely one of the 10 largest IPOs of all time. While the first rumors of Facebook’s impending IPO predicted that the company would go public during the first quarter of 2012, recent reports had suggested that the offering had been pushed back to “September or later.” The Wall Street Journal‘s sources cautioned that Facebook has not made any final decisions in its internal discussions about the timing of its filing — and that market conditions will ultimately determine how much money the company seeks and the value of the company.

'Hiring in e-commerce sector to grow 50%'

With rapid expansion of the e-commerce industry, there are thousands of new job openings in the sector, especially at the mid and higher levels, and the hiring is expected to grow by 45-50 per cent next year, said Elixir Consulting. "This trend of manpower movement to the E-commerce and online retail areas began in the early 2009, when most of the large global online retailers set up shops and gained a substantial consumer-base," the recruitment process outsourcing firm's Manager (Leadership Hiring) Prateek Srivastava told PTI here. It has grown substantially compared to last year and the overall hiring for this year is at least 150 per cent more than what these companies hired last year, fuelled mostly by substantial customer acquisition by consumer Internet companies and funding by private equity players or venture capitalists, he said adding, "In 2012, hiring is expected to grow by 45-50 per cent". Srivastava also said, these talents are also getting a decent hikes on being hired. "Salary offered in the sector is also very competitive. People at leadership levels typically get a 40-60 per cent hike and very lucrative stock option plans." Most of the people moving in are at a leadership level as it is an evolving vertical in terms of job opportunity and has the potential of higher growth, similar to that of IT services, which was witnessed a decade back, he pointed out. Mainly, leaders from the IT services industries are moving towards the E-commerce, as both the industries require similar skills, he said. These mid-to-senior-level employees are usually from top B-schools, with exceptional sales skills handling business development, sales and strong technology and product engineering are high in demand in the sector, Srivastava said. However, most of the sales talent are being hired from the FMCG and telecom sector, he added.

Tata Capital-IFC JV to tap clean energy sector

New Delhi: Tata Capital Ltd, a Tata Sons subsidiary, has set up a joint venture company with International Finance Corporation (IFC) to explore business opportunities in the climate change space. The company, Tata Cleantech Capital Ltd (TCCL), would provide funding and advisory services to small and mid-sized enterprises developing renewable energy projects in India. “The company has been incorporated with an initial capital of $20 million, in which 80 per cent stake is held by Tata Capital,” said Praveen P Kadle, Managing Director and Chief Executive Officer, Tata Capital. IFC, a member of the World Bank Group, would hold the remaining 20 per cent stake. Through TCCL, Tata Capital plans to finance around 200 renewable energy and energy-efficiency projects over the next five years. “Based on the current market opportunities, we estimate $750-million business over the next four-five years,” Kadle said. Tata Capital and IFC are hopeful of expanding the capital base of the Mumbai-headquartered TCCL to $120 million by 2016. The two partners indicated a third international partner would soon be roped into TCCL. Tata capital would, however, continue to hold 80 per cent in the venture. “By helping establish this green finance company, we would reach small and mid-sized companies that are committed to promoting clean technology,” said IFC executive vice-president and chief executive, Lars H Thunell. Apart from energy efficiency and renewable power generation projects for small and medium enterprises, the joint venture would also focus on water management initiatives. Thunell said the company would soon start looking at sustainable agriculture and smart-grid projects, besides clean transportation and pollution control. TCCL would utilise Tata Capital's network and huge corporate customer base. “IFC's experience and expertise in offering lending and advisory services in clean tech sectors would be an added asset to the new company,” Kadle said

Selco Solar in pact with Applied Materials to electrify 1,000 households, 10 schools

Bangalore: Selco Solar Pvt Ltd, a provider of energy services to underserved households, has tied up with Applied Materials Foundation (AMF) to electrify 1,000 households and 10 schools in Karnataka using solar lighting systems. AMF, an arm of Applied Materials - a provider of semiconductor, flat panel display and solar photovoltaic equipment, has contributed $1.7 lakh for the project. Selco will provide lighting systems to schools and houses in villages across Karnataka and the project, which started in May this year, is expected to be completed in March 2012. The project has already been implemented in 204 households and four schools across the State. The project will impact 10,000 individuals and 279 kWh of energy. Selco plans to implement the project across 5,000 households. Innovative buying Selco, promoted by Ramon Magsasay award winner, Mr Harish Hande, will execute the project in its model of “not donating the products as charity” but by selling it to the households through an innovative model where the users will have to pay a part of the cost of setting up the solar system and the rest of the cost will be borne by AMF. The users will have to pay for the products in EMIs through banks that Selco has partnered with. “Many people in rural areas are able to pay for solar- equalling what they were paying for kerosene for lamps and mobile phone charging, but what happens is they don't have enough assets to prove to banks that they can repay loans,” Mr Harish Hande, Managing Director, Selco Solar, said. So we are leveraging money given by AMF to help people get bank loans, he explained. The household solar lighting project is one where individuals will have to buy solar lights from Selco, and bear about 90 per cent of the costs and the remaining- the ‘down payment' would be taken care of by AMF's funding. The school lighting project is one where a solar system is installed at the schools, 20 per cent of the costs of which are borne by the school; and students of the school are given battery-powered LED lamps which can be charged at the system installed at school. Typically, people in villages will have to pay an average of Rs 140 a month for their kerosene/candle needs and Rs 40 a month to charge their mobile phones at nearby shops. But with Selco's project, the person would have to pay an EMI of Rs 150 a month for the solar-powered system till the entire loan is paid off and then turns the owner of the solar-powered system which can be used for free- but for a maintenance fee of Rs 150 a year. The idea of the project “is to show that people do repay loans and that you don't necessarily need coal or nuclear to electrify villages, and also make an impact on government policies” Mr Hande said.

Lupin to make second acquisition in Japan

Mumbai: Mumbai-based Lupin Ltd will acquire Tokyo-based I’rom Pharmaceuticals (IP) for an undisclosed amount to expand its footprint in the country. The transaction would be done through Lupin's Japanese subsidiary Kyowa Pharmaceutical Industry Co, Ltd (Kyowa), which it had acquired in 2007.. IP, subsidiary of I’rom Holdings Co, is a speciality injectable drug maker and its annual sales for the year ended March 2011 was ¤5.36 billion ($69.7 million). It has a significant presence in the DPC (diagnosis procedure combination) hospitals within Japan. Injectable products enjoy a significant usage in the DPC Hospital segment, and the generic injectable penetration is slated to grow significantly. There are currently over 1,400 DPC hospitals in Japan, covering 35 per cent of all hospital beds nationwide, and a market size of $11-billion. Earlier, Business Standard had reported Lupin's plan for a second acquisition in Japan for $50-100 million. The $75-billion market is the second largest in the world after the US. Though the Japanese government is taking initiatives to support generic drugs, the segment is only five per cent of the total in value terms and 19 per cent in volume terms. The government has also introduced a series of reforms to expand generic drug penetration to 30 per cent by 2012. Vinod Dhawan, president (Asia Pacific, West Asia, Africa and Latin America) at Lupin said, “Japan is a growth market of strategic focus for Lupin. IP’s strong presence in the DPC hospital segment, through its line of injectable products, is an ideal fit with our existing oral business portfolio in the country. The acquisition will not only strengthen our presence in Japan, but also provide for a stronger footprint in this priority market.”

Dabur's Burmans buy stake in Espirito Santo's India unit

Mumbai: The Burman family, promoter of Dabur India, has picked up a stake in Portuguese company Espírito Santo’s Indian unit, marking its entry into the investment banking and stock broking businesses. Espirito Santo Investment Bank said on Tuesday it had entered into a joint venture (JV) with the Burman family, which would operate under its unit, Espírito Santo Securities. The JV will incorporate Espirito Santo’s Indian team, which provides equity research to asset management institutions investing in the country. “With the Burman Family, a broader, stronger business can be developed, extending the brokerage capability initially, and extending the investment banking proposition for clients over time,” Espirito Santo said in a statement. The Burmans picked up less than 26 per cent in Espírito Santo Securities (India), according to two persons familiar with the development. “We look forward to building a great business together,” said Mohit Burman, director at Dabur India, in a statement. The Burman family owns 68 per cent in consumer products maker Dabur India. Mohit Burman holds a 74 per cent stake in his individual capacity in Aviva Life, while the rest is held by the UK’s Aviva. He also holds a 10 per cent stake in Universal Sompo General Insurance Co. He had also acquired nearly 14 per cent in Punjab Tractors. Lisbon-based Espirito Santo is the investment banking arm of Banco Espirito Santo SA, Portugal’s largest publicly traded bank. The firm is a strong player in its home markets of Iberia and the UK. “Espírito Santo is delighted to work alongside such a highly respected local promoter family as the Burmans, with shared values and long-term commitment to India, and to building a successful investment banking business here,” Jose Maria Espirito Santo Ricciardi, CEO of Espirito Santo Investment Bank, said in a statement. Last year, Espirito Santo had bought a majority stake in UK Securities firm Execution Noble, which had set up shop in India in May 2008. The Portuguese firm has a team of 30 employees in India.

Titan acquires Swiss brand Favre Leuba

Bangalore: Titan Industries Ltd has acquired global rights to the trademarks of Swiss watch brand Favre Leuba. Mr Bhaskar Bhat, Managing Director, Titan Industries Ltd, told Business Line, that the “high end of the watch market was growing in India and this acquisition will give us an opportunity to tap that market.” The Indian watch giant has, in a filing to the BSE, said that the company signed a binding offer on November 16, 2011, with Valfamily S. L., Spain and Maison Favre Leuba, S.A Switzerland, for the acquisition of brand Favre Leuba. This acquisition is being pursued on an asset purchase mode, for a sum under €2 million (Rs 13.8 crore), the BSE notification said. “The strategic rationale behind the above acquisition is to complement and strengthen the existing watches brand portfolio of the company with a Swiss heritage brand,” according to the company. Favre Leuba was created in Switzerland in 1737. The Swiss brand will straddle both the Titan and Xylys brands. The latter is a ‘Swiss-made' brand from the Titan portfolio. Premium watch category A Titan official said the premium watch category has been growing the fastest at 25-30 per cent annually and is around 15 per cent of the Rs 4,000 crore organised watch market. Favre Leuba will allow Titan to have a premium offering now in the high-end watch market. While it can parlay the brand in the Indian market, it will also look at re-launching the brand in other markets as Titan has acquired the global rights for the Favre Leuba brand. The acquisition will give it access to technology to make high-end mechanical watches which are in vogue now. Titan had entered the European market in the late '90s under its own brand but the foray was not successful. Revenues Titan Industries reported revenues of Rs 6,533 crore, while PAT stood at Rs 433 crore in FY11. The scrip gained 2.9 per cent to close at Rs 211.90 on the BSE. Trading volumes surged to 6.57 lakh shares against a two-week average of 4.12 lakh shares

Tractor ancillaries upbeat about growth prospects

Chandigarh: Will expand capacity on the back of robust demand in the domestic market. Over 300 tractor ancillaries situated in the northern region (comprising Chandigarh, Punjab, Haryana and Himachal Pradesh) are upbeat, because the robust demand for tractors in the domestic market is translating into growing demand for the components that they supply to tractor makers. The tractor industry, which is witnessing double-digit growth, is expanding capacity. This has provided an opportunity for the region’s tractor component suppliers, which are mostly SMEs, to cash in on the growing demand. Domestic tractor sales, which totalled around 480,000 units in 2010-11, are expected to grow by 18 per cent to around 565,000 units in the current fiscal year. In the first half of the current year, the industry grew 20 per cent over the year-ago period, selling 265,000 tractors in the domestic market. The northern region houses tractor makers such as International Tractors Ltd (ITL), Mahindra & Mahindra, Indo Farm Tractors, HMT, Escorts and Ace. In order to meet the robust demand, Punjab-based ITL, makers of the Sonalika brand of tractors and the flagship of the Rs 5,000 crore Sonalika group, is planning to ramp up capacity from 60,000 units a year to 100,000 units in the next two years. Similarly, Mahindra & Mahindra’s Mohali plant is expanding capacity to 84,000 units by next year, from 72,000 at present. Gaman Manga, director of Jalandhar-based G D International Private Limited, said, “We are supplying casting items to HMT Tractors. In the past we have also worked with Eicher. Considering the growing demand for tractors, we are also planning to work with Mahindra & Mahindra, and we have plans to expand our casting capacity.” “This is going to be a gateway for rapid growth for our sector,” added a spokeperson of Rayat Spring Ltd, a vendor. A spokesperson of Preet Forging, Manpreet Singh, said, “We are also growing in line with the industry. The current demand has boosted the ancillaries and we have plans to diversify into other products.” Further, in order to attract and help MSMEs, ITL has announced that the company had plans to set up a vendor development park near its plant in Hoshiarpur. It will also provide assistance in terms of technology and technical know-how. The proposed vendor park is likely to benefit key vendors making alloy steel and forging components, fabrication and sheet metal components. Infrastructure development and the mechanisation of agriculture have provided a boost to sales of tractors. Tractor manufacturers are highly dependent on ancillaries for components such as casting components, steering assemblies, gearboxes and brake assemblies.

Employment grew by 2.15 lakh in April-June

New Delhi: Overall employment grew by 2.15 lakh during the April-June 2011 quarter, with most sectors showing an increase except textiles, including apparels, and transport. “An upward trend in employment has been continuously observed since July 2009,” according to the Labour Bureau's quarterly quick estimates to assess the impact of the post-2008 economic slowdown on employment in the country. IT/BPO Sectors Lead The information technology and BPO sectors generated the maximum number of jobs at 1.64 lakh during June over March 2011, followed by 0.53 lakh in metals, 0.18 lakh in automobiles, 0.13 lakh in gems and jewellery, 0.01 lakh in leather and 0.01 lakh in handloom and powerloom sectors. “The maximum increase in overall employment by 1.90 lakh was seen in the direct category of workers as compared to 0.25 lakh in the contract category,” states a Ministry release. In export-oriented units, employment at the overall level rose by 0.67 lakh, while in non-exporting units, it increased by 1.48 lakh during June 2011 over March. However, compared with the last four quarterly surveys during 2010-11 (June 2011 over June 2010), overall employment increased by 10.31 lakh, with highest rise in IT/BPO (7 lakh) followed by 1.31 lakh in textiles, including apparels, 0.96 lakh in metals, 0.78 lakh in automobiles, 0.16 lakh in transport and 0.13 lakh in leather. The Labour Bureau surveyed 2,289 units and establishments spread across 11 States and Union Territories.