There is so much talk of robots doing jobs more efficiently than us. But Eythor Bender feels that if robotics were combined with a person's brain, we could actually outshine robots! "If you can't beat 'em, join 'em, or as we say, even wear them!" he said.
The company, Ekso Bionics - formerly Berkeley Bionics - that Bender is CEO of, does just that. It makes exoskeletans, or light robots that you can wear to increase your efficiency. for instance, soldiers - who often have chronic back injuries from carrying heavy loads across rough terrains - can carry a lot more. Ekso's exoskeletans could help a person carry up to 200 pounds on their back for 20 kilometres for up to six hours.
Stroke, paralysis and osteoporosis patients as well as anybody with mobility issues or in a wheelchair can walk. "When I'm 80 years old and want to go skiing or snowboarding, I can do so by just wearing a bionic device instead of undergoing surgeries," said Bender.
Most bionic devices today need to be surgically implanted, which bring their own complications. This non-invasiveness, and the fact that it can be donned like a piece of clothing, is what makes Ekso's product distinctive. The company spun out of the University of California (UC) Berkeley in 2005. Grants, including a $10-million DARPA grant, and a partnership with defence giant Lockheed Martin helped Ekso focus strictly on R&D and develop products for the US military. Now that its product is market-ready, it will launch in January 2012. "While it is revolutionary, the cost factor means it will not be a market that grows quickly," said Larry Fisher, a technology research consultant.
While he was at ABI Research, Fisher helped bring out a study which found that the overall market for exoskeletons, powered prostheses and optical sensory devices will exceed $877 million in 2020. Of this, exoskeletons will account for sales of just $292 million. Just 11,000 units will be delivered during this decade.
Ekso's product is indeed very expensive, costing approximately $130,000, plus an annual service charge of about $10,000. This is obviously unaffordable for a typical patient. But then, Ekso is not targeting them directly yet. In 2012, it plans to sell directly to 11 rehabilitation centres in the US, including the renowned Rehabiliation Institute of Chicago (RIC), where the world's first bionic man Jesse Sullivan got his legendary bionic arm.
Down the road, Ekso plans to do some more R&D and come up with products that specifically target end users by around 2014. These will be cheaper, and initially customised, but eventually will be available off the shelf. These will cost about $30,000 to $50,000, depending on the features, which is roughly what high-end wheelchairs cost today.
The market is huge: Bender said the US alone has over 1.5 million amputees and there are over 70 million people in wheelchairs. When Ekso brings out its consumercentric products in 2014, it also plans to focus on creating the requisite customer experience by setting up what it calls "exocentres".
Success in my Habit
Friday, December 23, 2011
EBay adds invoice payments to PayPal with BillSafe acquisition
EBay is continuing its buying spree, snapping up Germany's BillSafe, a payment-by-invoice provider. The new acquisition will be rolled up into PayPal, which made a minority investment in BillSafe last year and collaborated on a joint online invoice payment solution for e-commerce customers.
BillSafe allows customers to purchase a product immediately and pay for it by invoice later. This gives merchants and consumers another way to pay using PayPal. BillSafe is already used by 15 million account holders in Germany, where 19.6 percent of e-commerce transactions were paid by invoice. Paying by invoice is also the most popular form of payment in Austria, Germany, Switzerland and the Netherlands, said BillSafe.
BillSafe allows customers to purchase a product immediately and pay for it by invoice later. This gives merchants and consumers another way to pay using PayPal. BillSafe is already used by 15 million account holders in Germany, where 19.6 percent of e-commerce transactions were paid by invoice. Paying by invoice is also the most popular form of payment in Austria, Germany, Switzerland and the Netherlands, said BillSafe.
Sify Technologies Limited launches Sify mystorage
Sify Technologies Limited, a leader in managed enterprise, network and IT services in India, today launched Sify mystorage, a cloud-based online storage and backup solution targeted at consumers and small businesses.
Sify mystorage enables users to insure critical files--documents, mail, photos,videos and music in the computer against everyday risks like virus attacks, Sify Technologies Commercial and Consumer Business President Natesh Mani told reporters here.
Sify mystorage automatically and continuously backs up and stores users' files in a secure cloud thus providing foolproof protection against data loss, he said.
With a single mystorage account, a user can backup and store documents from any number of devices, Mani said.
A file saved in Sify mystorage can be accessed online from anywhere or can be shared with friends and family easily, he said.
Sify mystorage is intuitive to the extent that the user's files are organised and stored in the cloud in exactly the same folder structure as in his or her device, Mani informed
Sify mystorage enables users to insure critical files--documents, mail, photos,videos and music in the computer against everyday risks like virus attacks, Sify Technologies Commercial and Consumer Business President Natesh Mani told reporters here.
Sify mystorage automatically and continuously backs up and stores users' files in a secure cloud thus providing foolproof protection against data loss, he said.
With a single mystorage account, a user can backup and store documents from any number of devices, Mani said.
A file saved in Sify mystorage can be accessed online from anywhere or can be shared with friends and family easily, he said.
Sify mystorage is intuitive to the extent that the user's files are organised and stored in the cloud in exactly the same folder structure as in his or her device, Mani informed
Indian products will have edge using genuine IT, says Microsoft
The usage of genuine IT in the manufacturing sector will not only differentiate the Indian products but will also give it an edge over the products of their competitors, a Microsoft official has said.
"According to the new unfair competition laws in certain US states, sale of products which are being manufactured and distributed using illegal information technology, for example pirated software, is prohibited," said Tabrez Ahmad, director, IP policy of the software major.
"The law's objective is to create a level playing field for law abiding manufacturers by obligating the non-compliant manufacturers to show use of genuine and legal IT before their products can be distributed and sold in certain territories of US," he said at a function here Wednesday.
"If the Indian manufacturers - who are into exports in US - use genuine IT, then they can score over competitors who are using non-genuine IT because their products will be scrapped," said Ahmad.
Leading IP boutique law firms also feel that India can increase its exports to US and come to a level playing field with China, which tops the list.
"If Indian manufacturers start now by using genuine IT for manufacturing and distribution, then they can easily gain momentum in the competition in terms of exports to US as nearly 79 percent of the Chinese manufacturers use non-genuine IT," said Sunil K. Singh of Saikrishna & Associates.
"This is a big opportunity against China where software piracy and hardware counterfeiting is among the highest in the world. And since China is also the largest exporter of manufactured products to US, they will face maximum challenges. Even an increase in two percent of export to US can have a very positive impact on our economy," he said.
"According to the new unfair competition laws in certain US states, sale of products which are being manufactured and distributed using illegal information technology, for example pirated software, is prohibited," said Tabrez Ahmad, director, IP policy of the software major.
"The law's objective is to create a level playing field for law abiding manufacturers by obligating the non-compliant manufacturers to show use of genuine and legal IT before their products can be distributed and sold in certain territories of US," he said at a function here Wednesday.
"If the Indian manufacturers - who are into exports in US - use genuine IT, then they can score over competitors who are using non-genuine IT because their products will be scrapped," said Ahmad.
Leading IP boutique law firms also feel that India can increase its exports to US and come to a level playing field with China, which tops the list.
"If Indian manufacturers start now by using genuine IT for manufacturing and distribution, then they can easily gain momentum in the competition in terms of exports to US as nearly 79 percent of the Chinese manufacturers use non-genuine IT," said Sunil K. Singh of Saikrishna & Associates.
"This is a big opportunity against China where software piracy and hardware counterfeiting is among the highest in the world. And since China is also the largest exporter of manufactured products to US, they will face maximum challenges. Even an increase in two percent of export to US can have a very positive impact on our economy," he said.
Zydus Cadila buys Biochem
Mumbai: Ahmedabad-based pharma major, Zydus Cadila, has acquired 100 per cent stake in Biochem, a Mumbai-based mid-sized drug company. Biochem has presence in therapeutic areas of antibiotics, cardiovascular, anti-diabetic and oncological segments. Financial details of the deal were not disclosed.
Biochem had reported sales of Rs 264.5 crore for 2010-2011.
Established in 1959, Biochem has strong presence in manufacturing and marketing of antibiotics. The top five brands of the company are Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute 40 per cent of the company’s sales. Three of Biochem’s brands fall in the top 300 pharma brands of India, stated a Cadila release.
India, as one of the fastest growing drug market, lures more local players to strengthen presence through domestic acquisitions.
According to a recent PricewaterhouseCooper report, Indian pharma industry is expected to touch $74 billion (Rs 3.7 lakh crore) sales by 2020 from $11 billion (Rs 55,000 crore) now.
"Aggregate disclosed value of merger & acquisitions (M&A) deals in the pharmaceuticals sector surged from a meagre $1.2 billion (Rs 6,000 crore) in FY10 to $4 billion (Rs 20,000 crore) in FY11, reflecting a jump of more than 230 per cent, says an E&Y report. M&A has emerged as one of the key strategies in the last two to three years to gain a foothold in emerging markets with several big ticket acquisitions, it added.
A few years earlier, Alembic had acquired Dabur's non-oncology business for $35 million (Rs 175 crore).
Zydus Cadila’s Chairman and Managing Director, Pankaj R Patel said, “The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions. Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in the key growth segments.”
On Wednesday, shares of Zydus Cadila went down by 0.98 per cent to close at Rs 701.05 on BSE.
In June, Zydus Pharmaceuticals USA Inc, the US-subsidiary of Zydus had acquired US-based pharmaceutical company Nesher Pharmaceuticals Inc for an undisclosed amount.
Biochem had reported sales of Rs 264.5 crore for 2010-2011.
Established in 1959, Biochem has strong presence in manufacturing and marketing of antibiotics. The top five brands of the company are Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute 40 per cent of the company’s sales. Three of Biochem’s brands fall in the top 300 pharma brands of India, stated a Cadila release.
India, as one of the fastest growing drug market, lures more local players to strengthen presence through domestic acquisitions.
According to a recent PricewaterhouseCooper report, Indian pharma industry is expected to touch $74 billion (Rs 3.7 lakh crore) sales by 2020 from $11 billion (Rs 55,000 crore) now.
"Aggregate disclosed value of merger & acquisitions (M&A) deals in the pharmaceuticals sector surged from a meagre $1.2 billion (Rs 6,000 crore) in FY10 to $4 billion (Rs 20,000 crore) in FY11, reflecting a jump of more than 230 per cent, says an E&Y report. M&A has emerged as one of the key strategies in the last two to three years to gain a foothold in emerging markets with several big ticket acquisitions, it added.
A few years earlier, Alembic had acquired Dabur's non-oncology business for $35 million (Rs 175 crore).
Zydus Cadila’s Chairman and Managing Director, Pankaj R Patel said, “The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions. Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in the key growth segments.”
On Wednesday, shares of Zydus Cadila went down by 0.98 per cent to close at Rs 701.05 on BSE.
In June, Zydus Pharmaceuticals USA Inc, the US-subsidiary of Zydus had acquired US-based pharmaceutical company Nesher Pharmaceuticals Inc for an undisclosed amount.
TN plans to introduce new info-tech, IT-enabled service policy
Chennai: The Tamil Nadu Government proposes to bring out a new information technology and IT-enabled service policy that will engender many avant-garde features. This will catapult Tamil Nadu to the numero uno position, said the Chief Minister, Ms J. Jayalalithaa, without giving any time frame or details of the policy.
“My Government is committed to providing an investor-friendly industrial policy framework to provide a healthy and productive environment. I have a vision or a dream to make Tamil Nadu numero uno in terms of all-round development,” she said at Connect2011, which is the 11th edition of the annual conference to promote the State as a destination for information, communication and technology. Incidentally, in her earlier tenure as Chief Minister, Ms Jayalalithaa had inaugurated the first Connect event in 2001.
Sunshine sector
“We would like to be a State with the right attitude towards investors. Tamil Nadu is a State that delivers and we need partners who can see growth both in the old and the new economy and participate in the generation and creation of wealth,” she said.
The Indian IT sector continues to be one of the sunshine sectors of the Indian economy, showing rapid growth and promise. IT has powered the transformation of Tamil Nadu into a modern economy, clearly making it India's eastern gateway to the world, not just South Asia.
Tamil Nadu has emerged as a global leader in ITeS verticals such as banking, financial services and insurance, health systems management, computer-aided design and computer-aided engineering, she said.
In 2010-11, software exports from STPI units in Tamil Nadu touched Rs 42,100 crore, and if exports from the IT SEZ units are included, the total exports would be above Rs 50,000 crore, she said.
“Tamil Nadu and Chennai have become the destination of choice for IT investments. At present, Tamil Nadu has over 1,800 software and ITeS exporters, including over 210 foreign, wholly-owned subsidiaries and multinational companies in software development, she said.
Ms Jayalalithaa thanked Mr S. Ramadorai, Advisor to the Prime Minister on Skill Development, for his suggestions on improving the industrial climate in the State.
Opportunity to grow
In his keynote address, Mr Ramadorai, who is also Vice-Chairman of Tata Consultancy Services, said with the combination of talent, technology and incentivised policy, the State has all the ingredients to make the leap to becoming a global destination for products and services. Consequently, a city such as Chennai has the opportunity to grow into a global city.
Tamil Nadu has India's brightest minds, a large entrepreneurial force, a vibrant entertainment industry and thriving arts and cultural landscape. Its growth can be powered by sectors such as automotive, textile, manufacturing, biotech, health and pharma, energy, animation and visual effects and IT, in which it has already established leadership, he said.
“My Government is committed to providing an investor-friendly industrial policy framework to provide a healthy and productive environment. I have a vision or a dream to make Tamil Nadu numero uno in terms of all-round development,” she said at Connect2011, which is the 11th edition of the annual conference to promote the State as a destination for information, communication and technology. Incidentally, in her earlier tenure as Chief Minister, Ms Jayalalithaa had inaugurated the first Connect event in 2001.
Sunshine sector
“We would like to be a State with the right attitude towards investors. Tamil Nadu is a State that delivers and we need partners who can see growth both in the old and the new economy and participate in the generation and creation of wealth,” she said.
The Indian IT sector continues to be one of the sunshine sectors of the Indian economy, showing rapid growth and promise. IT has powered the transformation of Tamil Nadu into a modern economy, clearly making it India's eastern gateway to the world, not just South Asia.
Tamil Nadu has emerged as a global leader in ITeS verticals such as banking, financial services and insurance, health systems management, computer-aided design and computer-aided engineering, she said.
In 2010-11, software exports from STPI units in Tamil Nadu touched Rs 42,100 crore, and if exports from the IT SEZ units are included, the total exports would be above Rs 50,000 crore, she said.
“Tamil Nadu and Chennai have become the destination of choice for IT investments. At present, Tamil Nadu has over 1,800 software and ITeS exporters, including over 210 foreign, wholly-owned subsidiaries and multinational companies in software development, she said.
Ms Jayalalithaa thanked Mr S. Ramadorai, Advisor to the Prime Minister on Skill Development, for his suggestions on improving the industrial climate in the State.
Opportunity to grow
In his keynote address, Mr Ramadorai, who is also Vice-Chairman of Tata Consultancy Services, said with the combination of talent, technology and incentivised policy, the State has all the ingredients to make the leap to becoming a global destination for products and services. Consequently, a city such as Chennai has the opportunity to grow into a global city.
Tamil Nadu has India's brightest minds, a large entrepreneurial force, a vibrant entertainment industry and thriving arts and cultural landscape. Its growth can be powered by sectors such as automotive, textile, manufacturing, biotech, health and pharma, energy, animation and visual effects and IT, in which it has already established leadership, he said.
Wednesday, December 21, 2011
Novartis, GlaxoSmithKline, Pfizer & Ranbaxy focus on hinterland
Mumbai: Sample this: India's rural market accounts for half of two-wheeler sales, a third each of fast-moving consumer goods sales and telephone subscriptions and 60% of gold consumption. In contrast, the drug industry in spite of the importance of medicine still sees the rural market accounting for just 20% of its revenues.
Big drugmakers such as Novartis, GlaxoSmithKline, Pfizer, Ranbaxy and Aventis are keen to emulate the consumer industry's success in the hinterland, but are facing a raft of challenges. "While aspiration products like mobile phones, and direct-to-home televisions have gained a strong share of the rural consumer's wallet, health is still a low priority in villages," says a Novartis India spokesperson.
Doctors are spread across wider geographies and people don't always seek treatment. There is only one doctor for every 25,000 people in rural areas including practitioners of Indian systems of medicine such as Ayurveda, compared to one doctor for almost every 500 people in urban areas.
"It's a long haul," says GlaxoSmithKline Pharmaceuticals Managing Director Hasit Joshipura. "Unlike the FMCG industry, which saw growth being created by the increasing penetration of media and good monsoons, in pharmaceuticals it is healthcare infrastructure in addition to the ability to pay that matters," he says.
IMS Health estimates that per capita spending on medicines in rural areas averages $2, or just over Rs 100, per year compared to $36, or almost Rs 2,000, in urban India.
Pratin Vete of Aventis Pharma, a subsidiary of European drugmaker Sanofi, says the standard of doctors and medical staff is an issue. "As we go deeper, the doctor's qualification diminishes," says Vete, who is senior director for tier 2 and internal medicine at Aventis.
Big drugmakers also face intense competition from small, regional players, he says. "These are not virgin markets and there is no dearth of drug brands." Then there is lack of infrastructure and investment.
Simple things like a refrigerator to store vaccines, or a computer to maintain records in the pharmacy, and an X-ray machine can improve medical diagnosis and availability of drugs, says Novartis India Vice-Chairman and Managing Director Ranjit Shahani.
Another problem is field force attrition. "A sales rep may attend a training programme from one company and then end up joining another," says a drug industry executive. Many field representatives are hired on contractors' books to keep costs down, making retention tough.
A September report by Mumbaibased MAPE Securities pegs the share of revenues of large listed pharma companies from this market at 5-10% of sales. But rural markets are expected to grow 25-30% a year, or at double the speed of urban markets, till 2016.
"The rural piece is getting urbanised," says Sunil Madhok, senior director, business operations, at Pfizer.
"If you go there now, you can get the first-mover advantage with the doctor, the supply chain, and the community." Some companies are thinking out of the box.
Aventis has started Prayas, an initiative that gives doctors in small towns and villages the chance to attend training sessions by doctors from major cities on a variety of relevant health issues. Popular topics include treating snakebites and pesticide poisoning.
Novartis educates 6 million villagers a year on health under the banner of Arogya Parivar. A large proportion of these people now go to doctors for timely treatment, a company spokesperson says.
Borrowing a page from the FMCG book, Novartis has also launched smaller packs of medicine that cost less. In a pilot, it also facilitates small loans to individuals to stock up on drugs.
Most companies are not sure whether their rural marketing efforts are bearing fruit, says Anjan Sen, director at Deloitte's life sciences and healthcare practice. "Ultimately any model has to be commercially viable," he says. But results of such initiatives are slow to appear.
Aventis' Vete says that out of every 15 doctors touched by Prayas, six might prescribe its brands. And Novartis agrees that smaller packs meant that patients may not necessarily complete treatment. Industry executives say medicine retail is not just about capital but regulation as well-hawking prescription drugs requires a drug licence.
To win over the rural markets, companies need to offer hefty discounts to edge out local players who work on much lower margins, says MAPE's Adhia. They also need to rework their compensation to field staff by adding a larger component of performance-linked incentives to overall pay, he adds. Partnerships with other sectors such as FMCG and medical technology are on the anvil.
Big drugmakers such as Novartis, GlaxoSmithKline, Pfizer, Ranbaxy and Aventis are keen to emulate the consumer industry's success in the hinterland, but are facing a raft of challenges. "While aspiration products like mobile phones, and direct-to-home televisions have gained a strong share of the rural consumer's wallet, health is still a low priority in villages," says a Novartis India spokesperson.
Doctors are spread across wider geographies and people don't always seek treatment. There is only one doctor for every 25,000 people in rural areas including practitioners of Indian systems of medicine such as Ayurveda, compared to one doctor for almost every 500 people in urban areas.
"It's a long haul," says GlaxoSmithKline Pharmaceuticals Managing Director Hasit Joshipura. "Unlike the FMCG industry, which saw growth being created by the increasing penetration of media and good monsoons, in pharmaceuticals it is healthcare infrastructure in addition to the ability to pay that matters," he says.
IMS Health estimates that per capita spending on medicines in rural areas averages $2, or just over Rs 100, per year compared to $36, or almost Rs 2,000, in urban India.
Pratin Vete of Aventis Pharma, a subsidiary of European drugmaker Sanofi, says the standard of doctors and medical staff is an issue. "As we go deeper, the doctor's qualification diminishes," says Vete, who is senior director for tier 2 and internal medicine at Aventis.
Big drugmakers also face intense competition from small, regional players, he says. "These are not virgin markets and there is no dearth of drug brands." Then there is lack of infrastructure and investment.
Simple things like a refrigerator to store vaccines, or a computer to maintain records in the pharmacy, and an X-ray machine can improve medical diagnosis and availability of drugs, says Novartis India Vice-Chairman and Managing Director Ranjit Shahani.
Another problem is field force attrition. "A sales rep may attend a training programme from one company and then end up joining another," says a drug industry executive. Many field representatives are hired on contractors' books to keep costs down, making retention tough.
A September report by Mumbaibased MAPE Securities pegs the share of revenues of large listed pharma companies from this market at 5-10% of sales. But rural markets are expected to grow 25-30% a year, or at double the speed of urban markets, till 2016.
"The rural piece is getting urbanised," says Sunil Madhok, senior director, business operations, at Pfizer.
"If you go there now, you can get the first-mover advantage with the doctor, the supply chain, and the community." Some companies are thinking out of the box.
Aventis has started Prayas, an initiative that gives doctors in small towns and villages the chance to attend training sessions by doctors from major cities on a variety of relevant health issues. Popular topics include treating snakebites and pesticide poisoning.
Novartis educates 6 million villagers a year on health under the banner of Arogya Parivar. A large proportion of these people now go to doctors for timely treatment, a company spokesperson says.
Borrowing a page from the FMCG book, Novartis has also launched smaller packs of medicine that cost less. In a pilot, it also facilitates small loans to individuals to stock up on drugs.
Most companies are not sure whether their rural marketing efforts are bearing fruit, says Anjan Sen, director at Deloitte's life sciences and healthcare practice. "Ultimately any model has to be commercially viable," he says. But results of such initiatives are slow to appear.
Aventis' Vete says that out of every 15 doctors touched by Prayas, six might prescribe its brands. And Novartis agrees that smaller packs meant that patients may not necessarily complete treatment. Industry executives say medicine retail is not just about capital but regulation as well-hawking prescription drugs requires a drug licence.
To win over the rural markets, companies need to offer hefty discounts to edge out local players who work on much lower margins, says MAPE's Adhia. They also need to rework their compensation to field staff by adding a larger component of performance-linked incentives to overall pay, he adds. Partnerships with other sectors such as FMCG and medical technology are on the anvil.
Crompton Greaves team wins German wind farm project order
Mumbai: Crompton Greaves has said it is part of a consortium of four companies that has bagged a turnkey contract from Amrumbank West for its German wind farm project.
Amrumbank West GmbH (AWG) is a wholly owned subsidiary company of E.ON Climate & Renewables Central Europe.
The Amrumbank West Wind farm is 40 km offshore in the North Sea.
An offshore substation will transform the voltage to 155 kilovolt (kV) and transmit about 300 megawatt (MW) to the grid, operated by Tennet TSO (Transmission System Operator).
Crompton Greaves said the wind farm will have 80 multi-megawatt wind turbines.
It will design, engineer, supply and integrate all critical high voltage power equipment to connect the 33 kV and 155 kV networks, including power transformers, high voltage and medium voltage switchgear and automation equipment.
The installation of the offshore high voltage substation is scheduled for 2014, and will be made operational in 2015.
“Crompton Greaves plans to augment its foray in the rapidly growing segment of offshore wind with its competitive offering in renewable energy solutions and application,” said Mr Laurent Demortier, the company's Managing Director.
Amrumbank West GmbH (AWG) is a wholly owned subsidiary company of E.ON Climate & Renewables Central Europe.
The Amrumbank West Wind farm is 40 km offshore in the North Sea.
An offshore substation will transform the voltage to 155 kilovolt (kV) and transmit about 300 megawatt (MW) to the grid, operated by Tennet TSO (Transmission System Operator).
Crompton Greaves said the wind farm will have 80 multi-megawatt wind turbines.
It will design, engineer, supply and integrate all critical high voltage power equipment to connect the 33 kV and 155 kV networks, including power transformers, high voltage and medium voltage switchgear and automation equipment.
The installation of the offshore high voltage substation is scheduled for 2014, and will be made operational in 2015.
“Crompton Greaves plans to augment its foray in the rapidly growing segment of offshore wind with its competitive offering in renewable energy solutions and application,” said Mr Laurent Demortier, the company's Managing Director.
Infosys buys Australia-based Portland BPO
Infosys BPO Limited, the business process outsourcing subsidiary of Infosys Limited, has signed a definitive agreement to acquire all of the outstanding share capital in Australia-based Portland Group Pty Ltd.
Portland Group is a leading provider of strategic sourcing and category management services. The acquisition is expected to be completed by early January 2012, subject to certain closing conditions being met. Portland Group was founded in 1999 and today counts several large ASX 200 organizations within the Australia region as clients. It is headquartered in Sydney and has offices in Melbourne, Brisbane, and Perth.
The company reported revenue of approximately AUD 31.3 million for the fiscal year ending 30 June 2011. The company employs 113 professionals. Swaminathan D, CEO and MD, Infosys BPO said, "We are delighted to have an outstanding team of domain specialists in Portland Group join us. This acquisition would significantly deepen our capabilities and domain expertise in our Sourcing and Procurement practice. Further in a dynamic marketplace such as Australasia this will strengthen the top-end of our service offering in the strategic sourcing and category management functions. This will also enhance the competitiveness, spread of offerings and global reach for our clients."
Gavin Solsky, CEO of Portland Group Pty Ltd said, "We believe the combination of Portland Group and Infosys will provide our clients with a highly compelling proposition that does not currently exist in the sourcing and procurement services market in Australia. It will allow us to offer our clients a truly integrated and globally competitive solution to deliver procurement benefits in the most effective and efficient way possible."
Portland Group's expertise in strategic sourcing and category management services is expected to complement Infosys BPO's global Sourcing & Procurement capabilities to create a market offering that will positively impact client's business efficiency and effectiveness. The purchase consideration for the deal is AUD 37 million, subject to customary post-completion adjustments.
Portland Group is a leading provider of strategic sourcing and category management services. The acquisition is expected to be completed by early January 2012, subject to certain closing conditions being met. Portland Group was founded in 1999 and today counts several large ASX 200 organizations within the Australia region as clients. It is headquartered in Sydney and has offices in Melbourne, Brisbane, and Perth.
The company reported revenue of approximately AUD 31.3 million for the fiscal year ending 30 June 2011. The company employs 113 professionals. Swaminathan D, CEO and MD, Infosys BPO said, "We are delighted to have an outstanding team of domain specialists in Portland Group join us. This acquisition would significantly deepen our capabilities and domain expertise in our Sourcing and Procurement practice. Further in a dynamic marketplace such as Australasia this will strengthen the top-end of our service offering in the strategic sourcing and category management functions. This will also enhance the competitiveness, spread of offerings and global reach for our clients."
Gavin Solsky, CEO of Portland Group Pty Ltd said, "We believe the combination of Portland Group and Infosys will provide our clients with a highly compelling proposition that does not currently exist in the sourcing and procurement services market in Australia. It will allow us to offer our clients a truly integrated and globally competitive solution to deliver procurement benefits in the most effective and efficient way possible."
Portland Group's expertise in strategic sourcing and category management services is expected to complement Infosys BPO's global Sourcing & Procurement capabilities to create a market offering that will positively impact client's business efficiency and effectiveness. The purchase consideration for the deal is AUD 37 million, subject to customary post-completion adjustments.
Registration for entrepreneur development scheme begins
Thiruvananthapuram: The Registration for Entrepreneur Development Mission, a scheme aimed at providing self-employment to one lakh youths through 10,000 new ventures, has begun, the State Finance Minister, Mr K.M. Mani, has said.
According to an official release, the application form can be downloaded from the Web site of the Kerala Financial Corporation (www.kfc.org) and the filled-in application should be submitted to the nearest local body. Educated, unemployed persons aged between 21 and 40 years can apply.
The scheme aims to launch 2,000 ventures every year, taking the figure to 10,000 in five years and providing employment to 20,000 persons annually. Through decentralised development, the scheme aims to provide one lakh jobs in five years. According to the release, ten ventures will be launched in each local body in the next five years.
Kerala Financial Corporation (KFC) is the nodal agency for the scheme. KFC and banks will provide loans up to 90 per cent of the project budget.
Those who repay the loan on time will not be charged any interest. The repayment deadline is five years with one-year moratorium. The ventures are the guarantee for the creditor.
The State Government will provide training to selected candidates, who will be briefed by experts and successful entrepreneurs. Candidates' minimum qualification is higher secondary/vocational training.
Those eligible for training will be selected between January 4 and 18.
The scheme is proposed to be launched on January 25 and training camps will be conducted between January 30 and March 2, Mr Mani said.
The scheme was announced in the last budget and Rs 25 crore has been allotted, the release added
According to an official release, the application form can be downloaded from the Web site of the Kerala Financial Corporation (www.kfc.org) and the filled-in application should be submitted to the nearest local body. Educated, unemployed persons aged between 21 and 40 years can apply.
The scheme aims to launch 2,000 ventures every year, taking the figure to 10,000 in five years and providing employment to 20,000 persons annually. Through decentralised development, the scheme aims to provide one lakh jobs in five years. According to the release, ten ventures will be launched in each local body in the next five years.
Kerala Financial Corporation (KFC) is the nodal agency for the scheme. KFC and banks will provide loans up to 90 per cent of the project budget.
Those who repay the loan on time will not be charged any interest. The repayment deadline is five years with one-year moratorium. The ventures are the guarantee for the creditor.
The State Government will provide training to selected candidates, who will be briefed by experts and successful entrepreneurs. Candidates' minimum qualification is higher secondary/vocational training.
Those eligible for training will be selected between January 4 and 18.
The scheme is proposed to be launched on January 25 and training camps will be conducted between January 30 and March 2, Mr Mani said.
The scheme was announced in the last budget and Rs 25 crore has been allotted, the release added
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