Chennai: Paraguay hopes to partner with India on a diverse range of industries including natural resources, agriculture and education said the Ambassador of Paraguay to India, Genaro Vicente Pappalardo.
Addressing a meeting organised by the Southern India Chamber of Commerce and Industry, he said the cost of living in Asuncion, the country’s capital, is the lowest among capital cities in the world. Paraguay has also business-friendly policies and easy to settle in.
Education is an important area with its young population going out to study in Europe and the US. Also in the last three decades, Paraguay has set up more than 50 universities.
R. Thandavan, Vice-Chancellor, University of Madras, said the institution set up in 1857 has tie-ups with over 200 universities across the globe and is keen to partner with its counterparts in Paraguay.
Student and faculty exchange and research collaborations could be explored, he said
Success in my Habit
Friday, May 17, 2013
InOpen Technologies ties up with Japanese firm
Bangalore: Education content maker InOpen Technologies is partnering with a Japanese firm to deliver game-based computer science lessons to students in Silicon Valley schools. The IIT-Bombay incubated company has entered into a partnership with education company Benesse Holdings, to take its product, Computer Masti, to global markets.
"We will pilot the programme in seven Silicon Valley schools in the coming academic year," said Rupesh Shah, co-founder and CEO of Inopen. "We hope to later take the programme to other schools in the US, to the UK and Europe."
Masahiro Yachi, a researcher at Benesse Corporation where he coordinates business-academia collaboration, said it was InOpen's extensive curriculum that led to the partnership. "Computer Masti already has a year-long curriculum for 1 to 8 graders. Even in the US, we see few textbooks that cover that range," said Yachi.
The increasing thrust on online and technology-based education, say industry analysts, is opening up markets for Indian ventures. "The gamification of education and other innovations are still nascent, so quality solutions will find a market," said Chandramouli CS, a director at advisory firm Zinnov.
A few other Indian startups are taking the mobile application route to target global markets. June Software, which was incubated in Silicon Valley's Y Combinator, has created game-based apps for geography, maths and vocabulary under the brand name TapToLearn. The apps are being used in 1000 schools in the US, India and other countries.
InOpen, which is targetting 11 crore in revenue in FY14, is running this programme in 200 private schools in India and 30 gover ment-aided schools in Maharashtra. The company is also providing this training to around 4 lakh government school students in Assam.
"We will pilot the programme in seven Silicon Valley schools in the coming academic year," said Rupesh Shah, co-founder and CEO of Inopen. "We hope to later take the programme to other schools in the US, to the UK and Europe."
Masahiro Yachi, a researcher at Benesse Corporation where he coordinates business-academia collaboration, said it was InOpen's extensive curriculum that led to the partnership. "Computer Masti already has a year-long curriculum for 1 to 8 graders. Even in the US, we see few textbooks that cover that range," said Yachi.
The increasing thrust on online and technology-based education, say industry analysts, is opening up markets for Indian ventures. "The gamification of education and other innovations are still nascent, so quality solutions will find a market," said Chandramouli CS, a director at advisory firm Zinnov.
A few other Indian startups are taking the mobile application route to target global markets. June Software, which was incubated in Silicon Valley's Y Combinator, has created game-based apps for geography, maths and vocabulary under the brand name TapToLearn. The apps are being used in 1000 schools in the US, India and other countries.
InOpen, which is targetting 11 crore in revenue in FY14, is running this programme in 200 private schools in India and 30 gover ment-aided schools in Maharashtra. The company is also providing this training to around 4 lakh government school students in Assam.
Baring Pvt Equity picks up 14% stake in Lafarge Indian unit
Mumbai: In what is being termed the largest private equity investment in the cement sector, Baring Private Equity Asia has picked up a 14 per cent minority stake in the India unit of cement major Lafarge for € 200 million (around Rs 1,427 crore).
The deal values the Indian arm at $1.86 billion.
The transaction through capital increase is subject to approval of the regulatory authorities.
It is set to accelerate Lafarge's growth plans in India in all its product lines such as cement, aggregates and concrete.
India is the second largest producer of cement after China.
Analysts tracking the company said this would also be the first time a multinational (French cement maker Lafarge SA) has divested a minority stake in its India operations to a private equity (PE) firm to fund growth.
The Lafarge deal tops the $175-million infusion in the unlisted cement business of Dalmia Cement by PE major KKR in 2010.
Lafarge entered the Indian market in 1999 through its cement business and now operates four cement plants, two in Chhattisgarh and grinding units in Jharkhand and West Bengal.
Growth story
In a statement, the company said the group would continue to grow in India and provide innovative products and solutions to accompany India's urbanisation needs, particularly in the housing and infrastructure sectors.
Incidentally, Lafarge has grown in the country following several acquisitions.
The company started its India operations after buying Tata Steel’s cement business in 1999, and later Raymond’s cement division in 2000.
It had also entered into a deal with Larsen and Toubro.
The deal values the Indian arm at $1.86 billion.
The transaction through capital increase is subject to approval of the regulatory authorities.
It is set to accelerate Lafarge's growth plans in India in all its product lines such as cement, aggregates and concrete.
India is the second largest producer of cement after China.
Analysts tracking the company said this would also be the first time a multinational (French cement maker Lafarge SA) has divested a minority stake in its India operations to a private equity (PE) firm to fund growth.
The Lafarge deal tops the $175-million infusion in the unlisted cement business of Dalmia Cement by PE major KKR in 2010.
Lafarge entered the Indian market in 1999 through its cement business and now operates four cement plants, two in Chhattisgarh and grinding units in Jharkhand and West Bengal.
Growth story
In a statement, the company said the group would continue to grow in India and provide innovative products and solutions to accompany India's urbanisation needs, particularly in the housing and infrastructure sectors.
Incidentally, Lafarge has grown in the country following several acquisitions.
The company started its India operations after buying Tata Steel’s cement business in 1999, and later Raymond’s cement division in 2000.
It had also entered into a deal with Larsen and Toubro.
Bosch Electrical Drives opens bigger facility near Chennai
Chennai: Bosch Electrical Drives India, which makes electrical motors for automobiles, has expanded its production capacity with a larger factory near Chennai.
Addressing media persons to formally announce the inauguration of its 9,000 sq. m factory at Oragadam, the automobile manufacturing hub to the west of the city, its Managing Director, Subramanya Ullal said the unit is about one-third larger than its earlier facility.
The new factory, which it started in March this year, employs over 260 people including 130 workers in production, and will nearly double its work force to about 500 soon. More than 90 per cent of the shop floor workers are women.
The production facility is on 10 acres which offers more scope for expansion. It has invested over Rs 35 crore in land and building, about Rs 85 crore in machinery over the last four years, which have been shifted from the earlier rented facility to the south of Chennai. The company plans to invest an additional Rs 25 crore.
The Bosch Electrical Drives’ sales were about Rs 157 crore last year and will reach about Rs 200 crore in the current year. The market for electrical drives in India is estimated at Rs 800 crore a year. Its motors are used by leading automobile manufacturers including Maruti Suzuki, Hyundai, Renault Nissan, Mahindra and Volkswagen.
Manfred Baden, Executive Vice-President, Electrical Drives, Robert Bosch GmbH, said the €52-billion multinational company in automobile components, energy and building and consumers goods business, sees India as a key market in the Asean region.
Addressing media persons to formally announce the inauguration of its 9,000 sq. m factory at Oragadam, the automobile manufacturing hub to the west of the city, its Managing Director, Subramanya Ullal said the unit is about one-third larger than its earlier facility.
The new factory, which it started in March this year, employs over 260 people including 130 workers in production, and will nearly double its work force to about 500 soon. More than 90 per cent of the shop floor workers are women.
The production facility is on 10 acres which offers more scope for expansion. It has invested over Rs 35 crore in land and building, about Rs 85 crore in machinery over the last four years, which have been shifted from the earlier rented facility to the south of Chennai. The company plans to invest an additional Rs 25 crore.
The Bosch Electrical Drives’ sales were about Rs 157 crore last year and will reach about Rs 200 crore in the current year. The market for electrical drives in India is estimated at Rs 800 crore a year. Its motors are used by leading automobile manufacturers including Maruti Suzuki, Hyundai, Renault Nissan, Mahindra and Volkswagen.
Manfred Baden, Executive Vice-President, Electrical Drives, Robert Bosch GmbH, said the €52-billion multinational company in automobile components, energy and building and consumers goods business, sees India as a key market in the Asean region.
India and US identify eight projects in education sector worth US$ 250,000 each
New Delhi: The collaboration between India and the US in the education sector is gaining momentum with the two countries identifying eight joint projects worth US$ 250,000 each.
A total of 125 faculties and another 100 teachers in India have been identified who would be coming to the US for training, said Mr M M Pallam Raju, Union Minister for Human Resources and Development (MHRD), Government of India.
Both the countries have also identified eight joint projects between India and the US under the Obama-Singh initiative with about US$ 250,000 each, the details of which would be announced during the fourth India-US Strategic Dialogue in New Delhi this summer for which the US Secretary of State would travel to India, highlighted Mr Raju.
Mr Raju met Mr Arne Duncan, Education Secretary, US, and discussed issues relating to improvement of school education, teacher educators, assessment of schools and teachers and community participation in school education.
“He (Duncan) was very appreciative of the challenge ahead of us,” added Mr Raju.
Mr Raju also met Mr Mulyani Indrawati, Managing Director, World Bank and discussed issues of primary education in India.
Describing his Washington trip as “very, very fruitful and engaging,” Mr Raju said that he is looking towards much greater cooperation and collaboration from the US in the education sector of India.
A total of 125 faculties and another 100 teachers in India have been identified who would be coming to the US for training, said Mr M M Pallam Raju, Union Minister for Human Resources and Development (MHRD), Government of India.
Both the countries have also identified eight joint projects between India and the US under the Obama-Singh initiative with about US$ 250,000 each, the details of which would be announced during the fourth India-US Strategic Dialogue in New Delhi this summer for which the US Secretary of State would travel to India, highlighted Mr Raju.
Mr Raju met Mr Arne Duncan, Education Secretary, US, and discussed issues relating to improvement of school education, teacher educators, assessment of schools and teachers and community participation in school education.
“He (Duncan) was very appreciative of the challenge ahead of us,” added Mr Raju.
Mr Raju also met Mr Mulyani Indrawati, Managing Director, World Bank and discussed issues of primary education in India.
Describing his Washington trip as “very, very fruitful and engaging,” Mr Raju said that he is looking towards much greater cooperation and collaboration from the US in the education sector of India.
Petroleum Minister announces launch of Direct Benefit Transfer for LPG scheme in 20 districts
New Delhi: Government of India is launching Direct Benefit Transfer for LPG (DBTL) scheme in 20 high Aadhaar coverage districts (as annexed) from 1.6.13. The scheme aims to curb leakages and prevent black-marketing and provide subsidy to consumers in their bank accounts.
All LPG consumers are advised to immediately do the following to avail of subsidy in their bank accounts:
Get an Aadhaar number if they don’t have one at Aadhaar enrollment centers.
Open a bank account with Aadhaar number if they do not have one by going to a bank branch with Aadhaar number.
OR
If they already a bank account then link their Aadhaar number with their bank account by visiting their branch or through a request form available with LPG distributors and deposit it in the drop boxes placed at LPG distributors premises.
Provide Aadhaar numbers to LPG distributors for linking with LPG consumer number.
For the benefit of LPG consumers, OMCs have provided the facility on their web-sites to check whether the Aadhaar number has been attached to LPG consumer number/bank account.
For the benefit of LPG consumers, who cannot complete formalities by 1.6.13, a grace period of three months is being given to complete the formalities. After this period, all consumers who have not completed the formality will get LPG cylinders at market price, without any subsidy, till they complete the same.
The salient features of the DBTL scheme are described below:
All LPG consumers desirous of availing subsidy will have to provide the Aadhaar number to Oil Marketing Companies and also to their bank accounts for linking with their LPG consumer numbers and bank accounts respectively.
All Aadhaar linked domestic LPG consumers will get an advance in their bank account as soon as they book the first subsidized cylinder even before delivery. This is to reduce their financial burden when they purchase the first LPG cylinder after launch of scheme at market rate.
As soon as, the first cylinder is delivered to such consumers, subsidy eligible on date of delivery will again get credited in the bank account, which will then be available for the purchase of the next cylinder at market rate.
Thus, subsidy eligible on each such domestic cylinder, up to the cap of 9 cylinders per year will be directly transferred to the Aadhaar enabled bank account of the consumer.
All LPG consumers who are not Aadhaar linked will have three month grace period to link LPG consumer number and bank account with Aadhaar number and during this period they will continue to get the LPG cylinders at subsidized rate, as they are getting today, up to their entitlement.
After the grace period, LPG cylinders will be sold to all domestic LPG consumers at market price. However, the subsidy will be transferred to only those who have linked Aadhaar in LPG database and Bank account. Others will not get any subsidy.
After the grace period, as soon as a consumer links the Aadhaar number to bank account and in LPG database, one-time advance and subsidy transfer will re-commence as per balance entitlement.
Consumers who do not provide Aadhaar will continue to get LPG cylinders at market price.
Annexure
List of 20 DBTL districts
State District
Andhra Pradesh Anantpur
Chittoor
East Godavari
Hyderabad
Ranga Reddy
Daman and Diu Diu
Goa North Goa
Himachal Pradesh Bilaspur
Hamirpur
Mandi
Una
Karnataka Mysore
Tumkur
Kerala Pathanamthitta
Wayanad
Maharashtra Wardha
Pondicherry Pondicherry
Punjab SBS Nagar / Nawanshahar
Madhya Pradesh East Nimar (Khandwa)
Harda
All LPG consumers are advised to immediately do the following to avail of subsidy in their bank accounts:
Get an Aadhaar number if they don’t have one at Aadhaar enrollment centers.
Open a bank account with Aadhaar number if they do not have one by going to a bank branch with Aadhaar number.
OR
If they already a bank account then link their Aadhaar number with their bank account by visiting their branch or through a request form available with LPG distributors and deposit it in the drop boxes placed at LPG distributors premises.
Provide Aadhaar numbers to LPG distributors for linking with LPG consumer number.
For the benefit of LPG consumers, OMCs have provided the facility on their web-sites to check whether the Aadhaar number has been attached to LPG consumer number/bank account.
For the benefit of LPG consumers, who cannot complete formalities by 1.6.13, a grace period of three months is being given to complete the formalities. After this period, all consumers who have not completed the formality will get LPG cylinders at market price, without any subsidy, till they complete the same.
The salient features of the DBTL scheme are described below:
All LPG consumers desirous of availing subsidy will have to provide the Aadhaar number to Oil Marketing Companies and also to their bank accounts for linking with their LPG consumer numbers and bank accounts respectively.
All Aadhaar linked domestic LPG consumers will get an advance in their bank account as soon as they book the first subsidized cylinder even before delivery. This is to reduce their financial burden when they purchase the first LPG cylinder after launch of scheme at market rate.
As soon as, the first cylinder is delivered to such consumers, subsidy eligible on date of delivery will again get credited in the bank account, which will then be available for the purchase of the next cylinder at market rate.
Thus, subsidy eligible on each such domestic cylinder, up to the cap of 9 cylinders per year will be directly transferred to the Aadhaar enabled bank account of the consumer.
All LPG consumers who are not Aadhaar linked will have three month grace period to link LPG consumer number and bank account with Aadhaar number and during this period they will continue to get the LPG cylinders at subsidized rate, as they are getting today, up to their entitlement.
After the grace period, LPG cylinders will be sold to all domestic LPG consumers at market price. However, the subsidy will be transferred to only those who have linked Aadhaar in LPG database and Bank account. Others will not get any subsidy.
After the grace period, as soon as a consumer links the Aadhaar number to bank account and in LPG database, one-time advance and subsidy transfer will re-commence as per balance entitlement.
Consumers who do not provide Aadhaar will continue to get LPG cylinders at market price.
Annexure
List of 20 DBTL districts
State District
Andhra Pradesh Anantpur
Chittoor
East Godavari
Hyderabad
Ranga Reddy
Daman and Diu Diu
Goa North Goa
Himachal Pradesh Bilaspur
Hamirpur
Mandi
Una
Karnataka Mysore
Tumkur
Kerala Pathanamthitta
Wayanad
Maharashtra Wardha
Pondicherry Pondicherry
Punjab SBS Nagar / Nawanshahar
Madhya Pradesh East Nimar (Khandwa)
Harda
Tuesday, May 14, 2013
Tiffany may invest Rs 100 cr in diamond unit in Nagpur's SEZ
Mumbai: Premier jeweller Tiffany & Co is planning to set up a diamond processing unit in Maharashtra with an investment of about Rs 100 crore. The unit, spread over two lakh sq ft, would be the first major investment in the country.
The unit would be located inside the Special Economic Zone (SEZ) at the Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN), which is spread over 4,354 hectares.
The Maharashtra Airport Development Company (MADC), a special purpose company of the Maharashtra Government, is the project developer.
Senior Marketing Manager of MADC S. Sittarasu told Business Line that his company is in advanced talks with Tiffany for setting up the unit. The plot of land required to set up the unit has been identified and Tiffany could commence construction by January 2014. The company will bring the diamonds by air to Nagpur, process it and then ship it back to various destinations, he said.
Sittarasu said that MADC has assured Tiffany of the security of its precious goods.
MIHAN is an ambitious integrated project of the Maharashtra Government. Nagpur was chosen to set up international aviation hub because of its strategic location.
Numerous flights from US and Europe pass over Nagpur, following which they move on to destinations in South-East Asia and Australia. Once the cargo hub gets developed, planes would be allowed to land there to refill their tanks and also transport the goods produced at the SEZ.
Marketing strategy
Rashmi Upadhya, Associate Director (Strategy) at audit and research firm PwC India, said new multinational companies entering the jewellery market would need to tweak their products and marketing strategy to appeal to the country’s high net-worth individuals .
The Indian luxury market is growing at a compounded annual growth rate of 25 to 30 per cent and jewellery forms the largest segment. It accounts for nearly 50 per cent of the total luxury products sold in the country, she said.
The unit would be located inside the Special Economic Zone (SEZ) at the Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN), which is spread over 4,354 hectares.
The Maharashtra Airport Development Company (MADC), a special purpose company of the Maharashtra Government, is the project developer.
Senior Marketing Manager of MADC S. Sittarasu told Business Line that his company is in advanced talks with Tiffany for setting up the unit. The plot of land required to set up the unit has been identified and Tiffany could commence construction by January 2014. The company will bring the diamonds by air to Nagpur, process it and then ship it back to various destinations, he said.
Sittarasu said that MADC has assured Tiffany of the security of its precious goods.
MIHAN is an ambitious integrated project of the Maharashtra Government. Nagpur was chosen to set up international aviation hub because of its strategic location.
Numerous flights from US and Europe pass over Nagpur, following which they move on to destinations in South-East Asia and Australia. Once the cargo hub gets developed, planes would be allowed to land there to refill their tanks and also transport the goods produced at the SEZ.
Marketing strategy
Rashmi Upadhya, Associate Director (Strategy) at audit and research firm PwC India, said new multinational companies entering the jewellery market would need to tweak their products and marketing strategy to appeal to the country’s high net-worth individuals .
The Indian luxury market is growing at a compounded annual growth rate of 25 to 30 per cent and jewellery forms the largest segment. It accounts for nearly 50 per cent of the total luxury products sold in the country, she said.
Jaguar Land Rover opens test centre in Dubai
Mumbai: Jaguar Land Rover has enhanced its West Asia test programme by opening a new engineering test centre in Dubai, UAE, to conduct extreme hot weather vehicle research, development and testing.
The new 11,120-sq. ft. facility in the Al Barsha area of Dubai, UAE, is to offer a comprehensive range of tests including durability, calibration and hot weather testing for heat and humidity.
The engineering team at the new centre, which replaces a smaller facility in Dubai, will also test powertrains, chassis and heat and ventilation systems, as well as the off-road and sand-driving capability of Land Rover’s unique terrain response system.
Jaguar Land Rover has a network of five global test facilities at Nurburgring, Germany; Arjeplog, Sweden; Phoenix and International Falls, US, and Dubai, UAE.
Jaguar Land Rover Director of Engineering Technical Services Martyn Hollingsworth said: “Jaguar Land Rover has ambitious plans for growth. Since 2008 we have been investing to enhance our engineering capability.''
The new facility in Dubai is four times the size of the previous test centre and is to enable the company to enhance its testing of future products and technologies.
Robin Colgan, Managing Director, Jaguar Land Rover MENA (Middle East and North Africa), added that Dubai offers some unique and challenging environmental conditions.
The new 11,120-sq. ft. facility in the Al Barsha area of Dubai, UAE, is to offer a comprehensive range of tests including durability, calibration and hot weather testing for heat and humidity.
The engineering team at the new centre, which replaces a smaller facility in Dubai, will also test powertrains, chassis and heat and ventilation systems, as well as the off-road and sand-driving capability of Land Rover’s unique terrain response system.
Jaguar Land Rover has a network of five global test facilities at Nurburgring, Germany; Arjeplog, Sweden; Phoenix and International Falls, US, and Dubai, UAE.
Jaguar Land Rover Director of Engineering Technical Services Martyn Hollingsworth said: “Jaguar Land Rover has ambitious plans for growth. Since 2008 we have been investing to enhance our engineering capability.''
The new facility in Dubai is four times the size of the previous test centre and is to enable the company to enhance its testing of future products and technologies.
Robin Colgan, Managing Director, Jaguar Land Rover MENA (Middle East and North Africa), added that Dubai offers some unique and challenging environmental conditions.
Goldman Sachs picks up 49% stake in BPL Med
Mumbai: Global financial powerhouse Goldman Sachs has picked up a 49 per cent stake in Bangalore-based BPL Medical Technologies, the health care arm of BPL Ltd, for Rs 110 crore.
BPL, which was once the market leader in the consumer electronics segment, recently spun off its medical equipment business into a separate entity, potentially opening the gates for private equity investment into this fast-growing segment. In addition to this business, BPL has presence in the smart home equipment, power generation and telecom equipment businesses.
The fresh infusion will be used to further expand the company’s medical device business into areas such as imaging and neo-natal care. Established in 1963, BPL started
manufacturing precision electrical instrumentation and diversified into medical devices in 1967. Over its 46-year history, BPL has developed a strong brand and a robust distribution and service network for the medical device business.
BPL currently has a turnover of Rs 100 crore and is operationally profitable, but due to legacy debt issues, it has been posting losses for the past many years.
“We are keen to partner with Goldman Sachs to expand our product range and geographic footprint. Goldman Sachs brings a global perspective, coupled with extensive experience investing in India,” said Ajit Nambiar, chairman and managing director of BPL.
Added Ankur Sahu, co-head of private equity in Asia at Goldman Sachs: “This investment reflects our continued focus on the Indian health care sector, where we will continue to fund segments. Leveraging our global health care expertise and relationships, we are excited to partner with the BPL group.” Sahu and Harsh Nanda, an executive director at Goldman Sachs, will join the board of BPL Med.
Goldman is an active investor in India. Since 2006, the firm has deployed more than $2 billion (Rs 10,950 crore on Monday) in the country. Globally, Goldman has invested over $8 billion in the health care sector spread across 30 companies, including Biomet, iHealth Technologies and AssuraMed in the US; Mindray Medical and iKang Guobin in China and Nova Medical Centers and Max India locally.
BPL currently has a turnover of Rs 100 crore and is operationally profitable, but due to legacy debt issues, it has been posting losses for the past many years. BPL, however, during the past two quarters has managed to settle the long-standing legacy debt issues consolidated with Deutsche Bank by hiving off majority of its expansive land bank.
In addition to the medical equipment business, BPL is in the final stages of setting up its thermal power plant in Andhra Pradesh and this vertical is expected to start contributing to revenues by 2015-16. It is understood that BPL is exploring an option of divesting stake in this project, in which the company has invested close to Rs 150 crore as equity.
BPL is also betting on another sector — smart home solutions. "We are among the early movers in this segment, and going forward, solutions such as the ones provided by us will be a standard fittment in most of the residential flats,” a senior company executive said.
BPL, which was once the market leader in the consumer electronics segment, recently spun off its medical equipment business into a separate entity, potentially opening the gates for private equity investment into this fast-growing segment. In addition to this business, BPL has presence in the smart home equipment, power generation and telecom equipment businesses.
The fresh infusion will be used to further expand the company’s medical device business into areas such as imaging and neo-natal care. Established in 1963, BPL started
manufacturing precision electrical instrumentation and diversified into medical devices in 1967. Over its 46-year history, BPL has developed a strong brand and a robust distribution and service network for the medical device business.
BPL currently has a turnover of Rs 100 crore and is operationally profitable, but due to legacy debt issues, it has been posting losses for the past many years.
“We are keen to partner with Goldman Sachs to expand our product range and geographic footprint. Goldman Sachs brings a global perspective, coupled with extensive experience investing in India,” said Ajit Nambiar, chairman and managing director of BPL.
Added Ankur Sahu, co-head of private equity in Asia at Goldman Sachs: “This investment reflects our continued focus on the Indian health care sector, where we will continue to fund segments. Leveraging our global health care expertise and relationships, we are excited to partner with the BPL group.” Sahu and Harsh Nanda, an executive director at Goldman Sachs, will join the board of BPL Med.
Goldman is an active investor in India. Since 2006, the firm has deployed more than $2 billion (Rs 10,950 crore on Monday) in the country. Globally, Goldman has invested over $8 billion in the health care sector spread across 30 companies, including Biomet, iHealth Technologies and AssuraMed in the US; Mindray Medical and iKang Guobin in China and Nova Medical Centers and Max India locally.
BPL currently has a turnover of Rs 100 crore and is operationally profitable, but due to legacy debt issues, it has been posting losses for the past many years. BPL, however, during the past two quarters has managed to settle the long-standing legacy debt issues consolidated with Deutsche Bank by hiving off majority of its expansive land bank.
In addition to the medical equipment business, BPL is in the final stages of setting up its thermal power plant in Andhra Pradesh and this vertical is expected to start contributing to revenues by 2015-16. It is understood that BPL is exploring an option of divesting stake in this project, in which the company has invested close to Rs 150 crore as equity.
BPL is also betting on another sector — smart home solutions. "We are among the early movers in this segment, and going forward, solutions such as the ones provided by us will be a standard fittment in most of the residential flats,” a senior company executive said.
Nasscom targets $10 billion from software products by 2020
Bangalore: India's information technology industry body Nasscom has created a separate unit to drive its newfound enthusiasm for software products, and has set a target of increasing by nearly five-fold revenues from products by 2020.
The product council of the National Association of Software and Services Companies will be chaired by Ravi Gururaj, a serial entrepreneur who is the cofounder of a seed-stage angel fund Frictionless Ventures. The formation of a product council is one of the measures proposed by a committee headed by NR Narayana Murthy, the chief mentor of Infosys. The panel was established to bring Nasscom up to date with the current needs of the industry.
In 2012-13, Indian software products notched up around $2.2 billion (Rs 12,000 crore) in revenue, of which 30% came from the domestic market. The aim is for $10 billion (Rs 55,000 crore) in sales by 2020.
"Product companies and startups are the next growth engines for the industry," said Krishnakumar Natarajan, Nasscom chariman and CEO of software firm Mindtree. Nasscom, which represents India's $108 billion (Rs 5.9 lakh crore) software services sector, has been facing criticism from smaller and newer members for its inability to adequately address the aspirations of software product companies. In February, around 30 product companies formed a separate grouping called Indian Software Product Round Table (iSpirt). "We are a think-tank; we frame policies. As a trade body, Nasscom can lobby with the government to make them happen," said Sharad Sharma, one of the founder-members of iSpirt, welcoming Nasscom's move.
A survey of 100 product companies by Nasscom found that 68% felt market access and customer acquisition were key concerns. Raising funds and other capital related issues came second, followed by finding the right talent and scaling operations. Gururaj said the Nasscom product council would help in establishing large one, with small and medium businesses adopting locallydeveloped software products.
Areas such as cloud, softwareas-a-service, big data and analytics, social and mobility are large global opportunities.
"Technology is getting consumerised and this is where the numbers are," said Som Mittal, Nasscom's president. "If you solve a problem, you have a ready market," he observed, citing InMobi, Zoho and Slideshare as examples.
The product council of the National Association of Software and Services Companies will be chaired by Ravi Gururaj, a serial entrepreneur who is the cofounder of a seed-stage angel fund Frictionless Ventures. The formation of a product council is one of the measures proposed by a committee headed by NR Narayana Murthy, the chief mentor of Infosys. The panel was established to bring Nasscom up to date with the current needs of the industry.
In 2012-13, Indian software products notched up around $2.2 billion (Rs 12,000 crore) in revenue, of which 30% came from the domestic market. The aim is for $10 billion (Rs 55,000 crore) in sales by 2020.
"Product companies and startups are the next growth engines for the industry," said Krishnakumar Natarajan, Nasscom chariman and CEO of software firm Mindtree. Nasscom, which represents India's $108 billion (Rs 5.9 lakh crore) software services sector, has been facing criticism from smaller and newer members for its inability to adequately address the aspirations of software product companies. In February, around 30 product companies formed a separate grouping called Indian Software Product Round Table (iSpirt). "We are a think-tank; we frame policies. As a trade body, Nasscom can lobby with the government to make them happen," said Sharad Sharma, one of the founder-members of iSpirt, welcoming Nasscom's move.
A survey of 100 product companies by Nasscom found that 68% felt market access and customer acquisition were key concerns. Raising funds and other capital related issues came second, followed by finding the right talent and scaling operations. Gururaj said the Nasscom product council would help in establishing large one, with small and medium businesses adopting locallydeveloped software products.
Areas such as cloud, softwareas-a-service, big data and analytics, social and mobility are large global opportunities.
"Technology is getting consumerised and this is where the numbers are," said Som Mittal, Nasscom's president. "If you solve a problem, you have a ready market," he observed, citing InMobi, Zoho and Slideshare as examples.
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