Success in my Habit
Saturday, February 23, 2013
Gems, jewellery body ties up with UK body for sharing skills
Mumbai: The Gem and Jewellery Skill Council of India (GJSCI), part of the Government’s National Skill Development Corporation, has signed a memorandum of understanding with UK-based Creative and Cultural Skills. The MoU will enable sharing of best practice, staff exchange and development of new models to increase employer engagement and investment in skills. The partnership was announced in association with the UK Prime Minister David Cameron’s state visit to India. Catherine Large, Joint CEO, Creative and Cultural Skills, said the partnership will work on measures to set up industry recognised standards and providing fair access for young people.
Indian healthcare providers to spend Rs 5,700 crore on IT: Gartner
Mumbai: Healthcare providers in India will spend Rs 5,700 crore on IT products and services in 2013, a 7 per cent rise over 2012 revenues of Rs 5,300 crore.
They include spending by healthcare providers (hospitals and hospital systems, as well as ambulatory services and physicians' practices) on internal IT (including personnel), hardware, software, external IT services and telecommunications.
“Rising demand from the growing middle-class in India’s large cities is fuelling growth in private sector healthcare. Large national and State Government programmes will spur growth along the primary (and secondary) care sector and public health domain,” said Anurag Gupta, research director at Gartner.
“Hospital information systems, picture archiving and communications systems, electronic health records and mobile technologies will be high on the agenda. We expect to see providers benefit by offering cost-effective business models which show quick returns on capital by improving patient coverage and improving quality of care. Health insurance growth will also catalyse technology adoption in healthcare provider segments,” Gupta added.
Telecommunications, which includes telecommunications and networking equipment and services, will remain the largest overall spending category throughout the forecast period within the healthcare providers sector, according to a forecast by research and analysis firm Gartner.
It is expected to grow to 3.9 per cent in 2013 to reach Rs 1,720 crore in 2013, up from Rs 1,660 crore in 2012, with most of this growth coming from enterprise communication equipment.
Internal services (salaries and benefits paid to information services staff) will achieve the highest growth rate amongst the spending categories — forecast to be 18 per cent in 2013.
IT services will achieve the next highest growth rate amongst the spending categories — forecast to grow 9.7 per cent in 2013 to reach Rs 1,450 crore in 2013, up from Rs 1,320 crore in 2012 led by growth in process management and consulting.
They include spending by healthcare providers (hospitals and hospital systems, as well as ambulatory services and physicians' practices) on internal IT (including personnel), hardware, software, external IT services and telecommunications.
“Rising demand from the growing middle-class in India’s large cities is fuelling growth in private sector healthcare. Large national and State Government programmes will spur growth along the primary (and secondary) care sector and public health domain,” said Anurag Gupta, research director at Gartner.
“Hospital information systems, picture archiving and communications systems, electronic health records and mobile technologies will be high on the agenda. We expect to see providers benefit by offering cost-effective business models which show quick returns on capital by improving patient coverage and improving quality of care. Health insurance growth will also catalyse technology adoption in healthcare provider segments,” Gupta added.
Telecommunications, which includes telecommunications and networking equipment and services, will remain the largest overall spending category throughout the forecast period within the healthcare providers sector, according to a forecast by research and analysis firm Gartner.
It is expected to grow to 3.9 per cent in 2013 to reach Rs 1,720 crore in 2013, up from Rs 1,660 crore in 2012, with most of this growth coming from enterprise communication equipment.
Internal services (salaries and benefits paid to information services staff) will achieve the highest growth rate amongst the spending categories — forecast to be 18 per cent in 2013.
IT services will achieve the next highest growth rate amongst the spending categories — forecast to grow 9.7 per cent in 2013 to reach Rs 1,450 crore in 2013, up from Rs 1,320 crore in 2012 led by growth in process management and consulting.
AirAsia to tie up with Tata Sons for new airline in India
Mumbai/ Chennai: This is a big fat wedding in India's turbulent skies. One of the airline industry's most aggressive entrepreneurs and AirAsia founder Tony Fernandes has brought the Tata Group back into the airline industry after 60 years. The India-origin Fernandes has also drawn in the family of Amit Bhatia, son-in-law of steel tycoon Lakshmi Mittal, pulling off a coup in the cash-strapped domestic aviation industry.
Asia's biggest low-cost carrier, the Kuala Lumpur-based AirAsia, is floating a joint venture with Tata Sons, the holding company of India's largest conglomerate, and Telestra Tradeplace, an investment vehicle of the Bhatia family, to launch a new airline in India. AirAsia will have 49% stake, Tatas 30% and Bhatia will hold 21% in the company, which will be headquartered in Chennai.
The JV hopes to start operations in the last quarter of this year under the AirAsia brand, the 48-year-old AirAsia CEO Fernandes said in a late-evening conference call with the media. AirAsia's entry is expected to shake up India's airline sector, which has seen airfares shoot up in recent past. The airline already flies into several south Indian cities, linking them with major Asian hubs at competitive fares.
This is the first foreign direct investment (FDI) after the government relaxed ownership rules, allowing foreign carriers to hold 49% stake in a domestic airline. "We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares," Fernandes said. AirAsia operates multiple joint ventures in Asian markets.
"We hope to have regulatory approvals in place by the fourth quarter of this year. AirAsia typically invests anywhere from $30 million to $50 million to start an airline," he said, adding that Tata Group chairman emeritus Ratan Tata would be representing the Indian side. Fernandes shares a personal rapport with the 75-year-old Tata, a fact that triggered the deal.
The JV marks the Tata Group's return to the aviation business, something which it pioneered in the country as well as Cyrus Mistry's first big move after becoming group chairman in December last year. The group bowed out of aviation when India nationalized Tata Airlines, which is now Air India, in 1953.
The $100 billion group that has its finger in almost every business from outsourcing to steel, luxury cars and salt has always desired to have a presence in the aviation sector. It explored returning to the sector at least twice in the past two decades, when it joined hands with Singapore Airlines, first to float a new airline, and then, to bid for Air India.
But the government's flip-flop policies and political opposition buried the group's desires until Fernandes approached Ratan Tata with a proposal late last year. A Tata executive said that the group's participation in the venture is that of a financial investor and it will not be running the show.
Analysts said India's robust air travel demand was the key to draw AirAsia and other investors to the domestic aviation story. Amit Bhatia is a co-investor with Fernandes in sporting ventures, which include owning European football team Queen Park Rangers. Estimates suggest that the number of domestic air travellers will triple to 159 million by 2021. "Hugely exciting venture involving my family, Tata Sons and the coolest guy around, Tony Fernandes," Bhatia tweeted.
The parties have made an application to the Foreign Investment Promotion Board for approval, after which they require the blessings of the civil aviation ministry. They will then have to approach the airline regulator for an air operator's permit.
Asia's biggest low-cost carrier, the Kuala Lumpur-based AirAsia, is floating a joint venture with Tata Sons, the holding company of India's largest conglomerate, and Telestra Tradeplace, an investment vehicle of the Bhatia family, to launch a new airline in India. AirAsia will have 49% stake, Tatas 30% and Bhatia will hold 21% in the company, which will be headquartered in Chennai.
The JV hopes to start operations in the last quarter of this year under the AirAsia brand, the 48-year-old AirAsia CEO Fernandes said in a late-evening conference call with the media. AirAsia's entry is expected to shake up India's airline sector, which has seen airfares shoot up in recent past. The airline already flies into several south Indian cities, linking them with major Asian hubs at competitive fares.
This is the first foreign direct investment (FDI) after the government relaxed ownership rules, allowing foreign carriers to hold 49% stake in a domestic airline. "We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares," Fernandes said. AirAsia operates multiple joint ventures in Asian markets.
"We hope to have regulatory approvals in place by the fourth quarter of this year. AirAsia typically invests anywhere from $30 million to $50 million to start an airline," he said, adding that Tata Group chairman emeritus Ratan Tata would be representing the Indian side. Fernandes shares a personal rapport with the 75-year-old Tata, a fact that triggered the deal.
The JV marks the Tata Group's return to the aviation business, something which it pioneered in the country as well as Cyrus Mistry's first big move after becoming group chairman in December last year. The group bowed out of aviation when India nationalized Tata Airlines, which is now Air India, in 1953.
The $100 billion group that has its finger in almost every business from outsourcing to steel, luxury cars and salt has always desired to have a presence in the aviation sector. It explored returning to the sector at least twice in the past two decades, when it joined hands with Singapore Airlines, first to float a new airline, and then, to bid for Air India.
But the government's flip-flop policies and political opposition buried the group's desires until Fernandes approached Ratan Tata with a proposal late last year. A Tata executive said that the group's participation in the venture is that of a financial investor and it will not be running the show.
Analysts said India's robust air travel demand was the key to draw AirAsia and other investors to the domestic aviation story. Amit Bhatia is a co-investor with Fernandes in sporting ventures, which include owning European football team Queen Park Rangers. Estimates suggest that the number of domestic air travellers will triple to 159 million by 2021. "Hugely exciting venture involving my family, Tata Sons and the coolest guy around, Tony Fernandes," Bhatia tweeted.
The parties have made an application to the Foreign Investment Promotion Board for approval, after which they require the blessings of the civil aviation ministry. They will then have to approach the airline regulator for an air operator's permit.
Shanghai Hitachi to invest Rs 500 cr to make compressors in Gujarat
Ahmedabad: Shanghai Hitachi Electricity Appliances Company, a joint venture company of China-based Shanghai Highly Group and Hitachi Appliances of Japan, will invest Rs 500 crore in the next two years in Gujarat to manufacture air-conditioning compressors and relevant refrigeration products to focus on India and West Asian markets.
The company has taken 40,000 square meters of land on lease at Changodar, an industrial area on the outskirts of Ahmedabad, for this facility. It will give employment to nearly 1,000 people, and also provide job work to many SMEs.
The venture was facilitated by the India China Economic and Cultural Council (ICEC), Gujarat, and has initiated procedure to register its India entity Highly Electrical Appliances India Private Ltd with the Registrar of Companies, Ahmedabad, said Shen Jian Fang, Chairman of the company, here on Wednesday.
The annual capacity of the plant would be two billion H/L series air-conditioner compressors once the plant becomes fully functional. The Phase I work will be completed by October 2013 and second and last phase is expected to finish at the end of 2014.
According to Fang, the plant would also generate indirect employment opportunities for 10,000 people that include local suppliers and their employees. He said that priority will be given to local workforce in direct employment as well as selection of vendors. The venture would initially assemble the air-conditioner compressors and then outsource certain parts and give job work to local vendors.
The joint venture was formed 20 years ago in 1993 with 75 per cent share of Shanghai Highly Group and 25 per cent stake of Hitachi. The company’s annual turnover is $1 billion. The company has three plants in China.
The joint venture was originally set up to cater the Chinese market only. It later started exporting to 30 countries, including India, the Gulf, Brazil, the Philippines and European countries. More than 8,000 people are working in different parts of the world for the joint venture, which is at present a Rs 6,400-crore company.
The company has taken 40,000 square meters of land on lease at Changodar, an industrial area on the outskirts of Ahmedabad, for this facility. It will give employment to nearly 1,000 people, and also provide job work to many SMEs.
The venture was facilitated by the India China Economic and Cultural Council (ICEC), Gujarat, and has initiated procedure to register its India entity Highly Electrical Appliances India Private Ltd with the Registrar of Companies, Ahmedabad, said Shen Jian Fang, Chairman of the company, here on Wednesday.
The annual capacity of the plant would be two billion H/L series air-conditioner compressors once the plant becomes fully functional. The Phase I work will be completed by October 2013 and second and last phase is expected to finish at the end of 2014.
According to Fang, the plant would also generate indirect employment opportunities for 10,000 people that include local suppliers and their employees. He said that priority will be given to local workforce in direct employment as well as selection of vendors. The venture would initially assemble the air-conditioner compressors and then outsource certain parts and give job work to local vendors.
The joint venture was formed 20 years ago in 1993 with 75 per cent share of Shanghai Highly Group and 25 per cent stake of Hitachi. The company’s annual turnover is $1 billion. The company has three plants in China.
The joint venture was originally set up to cater the Chinese market only. It later started exporting to 30 countries, including India, the Gulf, Brazil, the Philippines and European countries. More than 8,000 people are working in different parts of the world for the joint venture, which is at present a Rs 6,400-crore company.
Escorts inks deal with Italian firm to sell Ferrari tractors
Pune: Tractor manufacturer Escorts Ltd had inked a partnership with Italian company BCS S.p.A to distribute and sell the speciality Ferrari brand of tractors in India. The first product being launched under the partnership is a 26 HP model that has four equal-sized wheels, an all-time 4-wheel drive and oscillating chassis system suited for use in vineyards and orchards. Initially to be available at select dealerships in Maharashtra, the tractor, which comes at an introductory price of Rs 8 lakh, will be extended for sales across the country, Nikhil Nanda, Joint MD, Escorts said.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
Escorts inks deal with Italian firm to sell Ferrari tractors
Pune: Tractor manufacturer Escorts Ltd had inked a partnership with Italian company BCS S.p.A to distribute and sell the speciality Ferrari brand of tractors in India. The first product being launched under the partnership is a 26 HP model that has four equal-sized wheels, an all-time 4-wheel drive and oscillating chassis system suited for use in vineyards and orchards. Initially to be available at select dealerships in Maharashtra, the tractor, which comes at an introductory price of Rs 8 lakh, will be extended for sales across the country, Nikhil Nanda, Joint MD, Escorts said.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
Bangalore firm on MIT's 2013 list of 50 innovative companies
Mumbai: Bangalore-based mobile advertising platform and solutions provider InMobi has secured a place in MIT Technology Review’s list of ‘50 Disruptive Companies’ for 2013. It is the only Indian company to have made it to the list.
The list also features Apple, Google, Facebook, General Electric, Square, Pinterest, Safaricom, Audi, etc.
In the ‘50 Disruptive Companies’ list, companies are not based on market performance. The list identifies global companies that are pushing the envelope of current business models to drive innovation and create significant impact in the market. (INNOVATION DRIVERS)
“Over the last 12 months, in their multiple tech fields, the honourees have taken risks to unsettle an existing marketplace or create a new market entirely,” said an MIT Technology Review release.
Only 14 of the 50 companies in this year’s list were featured on the previous list, demonstrating the rapid change and proving a spot on the list was less secure and more valuable than being featured on other industry lists, said a press announcement.
Jason Pontin, publisher and editor-in-chief of MIT Technology Review, said, “The pace at which technology changes is astounding. This issue celebrates organisations at the forefront of radical change, displaying ‘disruptive innovation’ that would prove to surpass competition, transform an industry and change our lives.”
InMobi has customers in 165 countries. About a billion unique users receive advertisements from the company on a monthly basis.
“It validates we are disrupting the space of mobile advertisement. I think over the next 10 years, the cumulative spend on mobile advertisement globally would be about $500 billion, and we want to be part of this growth,” said Naveen Tewari, co-founder and chief executive, InMobi.
Founded in 2007, InMobi employees 800 people and has raised about $215.5 million.
According to the details provided by MIT Technology Review, the company has been challenging Google and Apple in the mobile ads market.
The list also features Apple, Google, Facebook, General Electric, Square, Pinterest, Safaricom, Audi, etc.
In the ‘50 Disruptive Companies’ list, companies are not based on market performance. The list identifies global companies that are pushing the envelope of current business models to drive innovation and create significant impact in the market. (INNOVATION DRIVERS)
“Over the last 12 months, in their multiple tech fields, the honourees have taken risks to unsettle an existing marketplace or create a new market entirely,” said an MIT Technology Review release.
Only 14 of the 50 companies in this year’s list were featured on the previous list, demonstrating the rapid change and proving a spot on the list was less secure and more valuable than being featured on other industry lists, said a press announcement.
Jason Pontin, publisher and editor-in-chief of MIT Technology Review, said, “The pace at which technology changes is astounding. This issue celebrates organisations at the forefront of radical change, displaying ‘disruptive innovation’ that would prove to surpass competition, transform an industry and change our lives.”
InMobi has customers in 165 countries. About a billion unique users receive advertisements from the company on a monthly basis.
“It validates we are disrupting the space of mobile advertisement. I think over the next 10 years, the cumulative spend on mobile advertisement globally would be about $500 billion, and we want to be part of this growth,” said Naveen Tewari, co-founder and chief executive, InMobi.
Founded in 2007, InMobi employees 800 people and has raised about $215.5 million.
According to the details provided by MIT Technology Review, the company has been challenging Google and Apple in the mobile ads market.
Implementation of North Karanpura Super Thermal Power Project by NTPC in Jharkhand
New Delhi: The Cabinet Committee on Investment has cleared the proposal of the Ministry of Power for setting up of the North Karanpura Super Thermal Power Plant (NKSTPP) (3 x 660 MW) by the National Thermal Power Corporation (NTPC) in the vicinity of Tandwa town, district Chatra in Jharkhand. Safeguards according to the recommendation of the Chaturvedi Committee and accepted by the Group of Ministers (GoM) under the chairmanship of Finance Minister will apply.
The Cabinet Committee on Investment also agreed to restore the original coal linkage for the project. The coal supply would be made available in the 13th Plan.
The project to be set up by NTPC will be on a pit-head with environment friendly super-critical technology. The power will be generated by NTPC for about 35 years of plant life.
Execution of the project would lead to generation of 1980 MW of power. This is the first project of NTPC in Jharkhand which will benefit the state and people of Jharkhand where about 26 percent of the population is tribal.
The Cabinet Committee on Investment also agreed to restore the original coal linkage for the project. The coal supply would be made available in the 13th Plan.
The project to be set up by NTPC will be on a pit-head with environment friendly super-critical technology. The power will be generated by NTPC for about 35 years of plant life.
Execution of the project would lead to generation of 1980 MW of power. This is the first project of NTPC in Jharkhand which will benefit the state and people of Jharkhand where about 26 percent of the population is tribal.
Wednesday, February 20, 2013
5 Chennai auto-parts makers forge alliance for solar power
Chennai: Five auto component companies in Chennai are getting together to set up a solar power plant in Tamil Nadu.
The Rane group, MM Forgings, Super Auto Forge, Natesan Industries, and Auto Parts have formed a consortium and are scouting for land in Sivaganga and Tuticorin. The solar farm, with an installed capacity of 7 MW, could entail a total investment of Rs 70 crore.
With Tamil Nadu reeling under a severe power shortage, many companies are increasingly investing on other sources of power to reduce dependence on grid feed. MM Forgings, for instance, has invested in 20 wind mills in Theni and Tirunelveli in southern Tamil Nadu.
“Each company today has to be more power independent, and green power is the best alternative. A common power facility will help bring down individual company costs,” says Vidyashankar Krishnan, Managing Director, MM Forgings.
The annual power generation from the common plant will be 105-125 lakh units. A plant of this nature and size requires around 25 acres.
Each company in the consortium will individually own specific assets, depending on its energy requirement. MM Forgings, for instance, is looking at harnessing 2 MW, while Super Auto is looking at 1 MW.
Keen on More Partners
The consortium is scouting for more partners and suppliers. “If more players join in, we could even look at 10 MW generation,” says Krishnan.
Initially, the consortium had looked at a coal-based power plant. “But that has a three-year gestation period. We also don’t know what the price of coal would be at that point of time. So, we decided to go for solar power,” says Krishnan. The gestation time for a solar power plant is five months; solar panels are also available locally, he adds.
The consortium is set to approach the Tamil Nadu Government for clarity on power pricing and the policy on wheeling power to respective plants, particularly during the load-shedding hours. These are expected to be sorted out by end-March. The plant is expected to be commissioned by September.
The Rane group, MM Forgings, Super Auto Forge, Natesan Industries, and Auto Parts have formed a consortium and are scouting for land in Sivaganga and Tuticorin. The solar farm, with an installed capacity of 7 MW, could entail a total investment of Rs 70 crore.
With Tamil Nadu reeling under a severe power shortage, many companies are increasingly investing on other sources of power to reduce dependence on grid feed. MM Forgings, for instance, has invested in 20 wind mills in Theni and Tirunelveli in southern Tamil Nadu.
“Each company today has to be more power independent, and green power is the best alternative. A common power facility will help bring down individual company costs,” says Vidyashankar Krishnan, Managing Director, MM Forgings.
The annual power generation from the common plant will be 105-125 lakh units. A plant of this nature and size requires around 25 acres.
Each company in the consortium will individually own specific assets, depending on its energy requirement. MM Forgings, for instance, is looking at harnessing 2 MW, while Super Auto is looking at 1 MW.
Keen on More Partners
The consortium is scouting for more partners and suppliers. “If more players join in, we could even look at 10 MW generation,” says Krishnan.
Initially, the consortium had looked at a coal-based power plant. “But that has a three-year gestation period. We also don’t know what the price of coal would be at that point of time. So, we decided to go for solar power,” says Krishnan. The gestation time for a solar power plant is five months; solar panels are also available locally, he adds.
The consortium is set to approach the Tamil Nadu Government for clarity on power pricing and the policy on wheeling power to respective plants, particularly during the load-shedding hours. These are expected to be sorted out by end-March. The plant is expected to be commissioned by September.
Japanese MNC KYB Corporation acquires 50% stake in Conmat Systems
Ahmedabad: Japanese company, KYB Corporation acquired 50% stake in Vadodara-based Conmat Systems Pvt Ltd. KYB which made slightly above Rs 100 crore investments to acquire the stake, is investing for the first in India targeting India's Rs 30,000 crore construction equipments market.
Talking to ET, Premraj Kashyap, managing director of Conmat Systems, "The Japanese company not only wants to target domestic market, but also make India its global export hub for construction equipments". Conmat Systems has 60% domestic market share in Canal Concrete Machine and holds 15% market share in Ready Mix Concrete Plant in India.
The Japanese company plans to bring in technology of Truck Concrete Mixer in India, which would be manufactured by Conmat's facility in India. According the company, KYB Corporation is one of the largest shock absorber manufacturers in the world. The 94 year old Japanese company is listed on the Tokyo Stock Exchange, has 34 manufacturing units, 26 sales locations and over 12,000 employees worldwide. It has annual turnover of more than Rs 20,000 crore.
KYB is also the largest truck mixer producer in Japan, having 85 % market share, and has entered into this strategic partnership with Conmat to become a major player in the Global Construction Equipment market, says the Conmant official. According to the company, this strategic partnership will also accelerate Conmat's growth in term of market position, brand building and product portfolio, well supported by Japanese technology, quality and production systems. The new Joint Venture will be used as a global sourcing hub for construction equipment.
Talking to ET, Premraj Kashyap, managing director of Conmat Systems, "The Japanese company not only wants to target domestic market, but also make India its global export hub for construction equipments". Conmat Systems has 60% domestic market share in Canal Concrete Machine and holds 15% market share in Ready Mix Concrete Plant in India.
The Japanese company plans to bring in technology of Truck Concrete Mixer in India, which would be manufactured by Conmat's facility in India. According the company, KYB Corporation is one of the largest shock absorber manufacturers in the world. The 94 year old Japanese company is listed on the Tokyo Stock Exchange, has 34 manufacturing units, 26 sales locations and over 12,000 employees worldwide. It has annual turnover of more than Rs 20,000 crore.
KYB is also the largest truck mixer producer in Japan, having 85 % market share, and has entered into this strategic partnership with Conmat to become a major player in the Global Construction Equipment market, says the Conmant official. According to the company, this strategic partnership will also accelerate Conmat's growth in term of market position, brand building and product portfolio, well supported by Japanese technology, quality and production systems. The new Joint Venture will be used as a global sourcing hub for construction equipment.
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