Mumbai: As part of its steps to stabilise the rupee, the Reserve Bank of India has decided to open a foreign exchange swap window to meet the daily dollar requirements of the three public sector oil marketing companies (OMCs).
These three OMCs are the biggest buyers of dollars, requiring $8-8.5 billion every month, for the import of an average of 7.5 million tonnes of crude oil.
Under the facility, RBI will undertake to sell/buy the dollar-rupee forex swaps for a fixed tenure with the companies — Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation — through a designated bank, went a late evening statement from the central bank. The facility is with immediate effect and is to remain in place until further notice, it said.
Treasury executives and forex dealers said the move would reduce immediate demand pressures for dollar, reduce volatility in the currency market and help restrict the sharp slide in the rupee against the dollar.
According to analysts, consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.
However, there is a catch in the arrangement. The OMCs would have to return the dollars they would source from RBI at a later date. The assumption is that dollar flows will improve, helping the OMCs to buy the US currency and return the money to RBI.
A senior State Bank of India official said the RBI step would limit the demand for raising dollars from the market and should take off pressure, since demand from the OMCs has been substantial.
Madan Sabanavis, chief economist, CARE Ratings, said this was a fire-fighting measure on the part of RBI. “It will partly address the panic driving the fall in the rupee value in the last few days,” he said.
S Srinivasaraghavan, head of treasury, Dhanlaxmi Bank, said this was a sentiment-boosting measure and would help the rupee when the market opened on Thursday.
India’s oil import in July was valued at $12.7 billion, about eight per cent lower than the $13.8 bn in the corresponding period a year before. During April-July, oil imports were valued at $54.6 bn, which was 2.65 per cent higher than the $53.2 bn in the corresponding period last year.
Success in my Habit
Saturday, August 31, 2013
Wednesday, August 28, 2013
Asus opens new centre
Chennai: Asus India has opened its second exclusive store in the city.
The store will feature entire range of ultrabooks, notebooks, netbooks, tablet personal computers and phablets - a smartphone form factor describing devices with a screen between 5 and 6.9 inches in size.
The store will have a range of entertainment, classic, versatile and elite series of products of Asus, a $12-billion Taiwanese computer hardware and electronics manufacturer, says a company press release.
The store will feature entire range of ultrabooks, notebooks, netbooks, tablet personal computers and phablets - a smartphone form factor describing devices with a screen between 5 and 6.9 inches in size.
The store will have a range of entertainment, classic, versatile and elite series of products of Asus, a $12-billion Taiwanese computer hardware and electronics manufacturer, says a company press release.
OVL to buy Anadarko’s 10% stake in Mozambique block for $2.6 billion
Mumbai/ New Delhi: ONGC Videsh Ltd (OVL), the foreign arm of state-run ONGC, on Monday announced signing of a definitive agreement with US firm Anadarko to buy 10 per cent of its stake in a gasfield offshore Mozambique for $2.64 billion in cash.
The latest acquisition, which will take the combined holding of OVL and Oil India in the field to 20 per cent (worth $5.11 billion), will increase OVL’s reserve and resource base significantly. This is expected to boost the firm’s production — eight million tonnes of oil & oil equivalent gas at present — and help it meet its long-term targets of 20 mt by FY18 and 60 mt by FY30. Thanks to its recent discoveries in the Rovuma offshore field, the company is touted to become one of the world’s largest liquefied natural gas (LNG) -producing hubs by 2018. The field is said to be the largest gas discovery off Africa’s east coast with estimated recoverable reserves of 35-65 trillion cubic feet (tcf).
ALSO READ: ONGC dips ahead of Anadarko stake buy
OVL Managing Director D K Sarraf told Business Standard the deal was a strategic investment for the country, with Indian companies together holding a 30 per cent stake in the offshore block. Bharat Petroleum Corp Ltd (BPCL) holds a 10 per cent stake. “The field is not far from India, so the LNG transportation cost will be very cheap. We will start getting gas from 2018 which will help revive gas-based downstream investment in the country.”
Though the OVL deal was sealed after prolonged discussions, at a valuation of $5.11 billion, the 20 per cent stake is being seen as a more prudent investment than BP’s acquisition of a 30 per cent stake in Reliance Industries Ltd’s (RIL’s) 21 Indian blocks for $7.2 billion. Of the 21 blocks, 15 were surrendered due to poor hydrocarbon reserves.
ALSO READ: ONGC, RIL, BG set to invest Rs 950 cr in Panna oil and gas field
Sarraf and bankers said the valuation of the OVL deal was very competitive. On a comparison with RIL, Sarraf said: “I would not like to compare it with BP-RIL. Every exploration & production asset has its own risk and reward perception. Since the Mozambique field is fully discovered, there is no risk.”
In February 2011, when BP had bought a stake in RIL’s blocks for $7.2 billion, besides further performance-related payments of up to $1.8 billion, analysts had valued the deep-water assets between $24 billion and $30 billion. BP is said to have paid $7.2 billion, including $2.5 billion towards goodwill; $4.5 billion for the K-G block and another $200-300 million for the rest of the blocks.
Given that BP has already taken a substantial write-off on the assets and the RIL-BP consortium has relinquished a majority of the blocks, analysts say BP did overpay. In a July 2013 presentation, Bob Dudley, BP’s group chief executive, said: “We are working with RIL to rigorously manage KG-D6 base production to maximise recovery and increase production. We are also planning development of around three tcf of existing discoveries.”
ALSO READ: ONGC's stake sale talks with ConocoPhillips, Shell hit defence ministry roadblock
Production from the KG-D6 asset has seen a significant downgrade — from 10 tcf to around 5.5 tcf. “While BP farmed into an explored block with reserve certification in place, OVL neither has a producing asset nor reserve certification. The LNG plans have also not happened. So, by that account, it can be said OVL has paid a premium. Besides, no one knows the kind of returns OVL will get from this asset, as production will begin five years down the line,” said a senior research analyst at a domestic brokerage.
Industry experts said, while oil majors like Royal Dutch Shell and Chevron Corporation were also in the race for a stake in the Mozambique block, they found the asking price too high. “But in such deals, Royal Dutch Shell usually seeks to be the operator. Besides, the sellers are usually more comfortable with national oil companies, given their track record and experience,” said an investment banker, asking not to be named.
OIL and OVL had in June announced the purchase of Videocon Mauritius Energy Ltd’s 10 per cent stake for $2.47 billion. Anadarko, the stake of which will come down to 26.5 per cent, will remain the operator in the project. Besides BPCL, other partners in the project are: Empresa Nacional de Hidrocarbonetos of Mozambique (15 per cent), Mitsui and Co Ltd of Japan (20 per cent) and PTT Exploration and Production Public Co Ltd of Thailand (8.5 per cent).
ALSO READ: ONGC: Concerns overdone
The acquisition, however, is subject to the approvals of the governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is subject to usual closing conditions and has long stop date of February 28, 2014.
“The acquisition of an interest in Area 1 would mark OVL’s entry into this emerging world-class offshore gas basin with significant future upside potential. It is consistent with the company’s quest for addition of high-quality international assets to its existing E&P portfolio,” the company statement said.
ALSO READ: ONGC signs pact to share RIL's facility in KG basin
OVL Chairman Sudhir Vaudeva said in a statement: “As a result of both transactions, OVL will own a significant interest in this strategic project. Area 1 has potential to become one of the world’s largest LNG projects and today’s acquisition marks a further significant step by OVL/ONGC towards the energy security of our country.”
As of 2011, OVL had invested $17 billion in 32 assets in 15 countries. It has struck deals worth over $11 billion over the past year. Last September, the company had bought Hess Corp’s 2.7 per cent stake in Azerbaijan’s largest oilfield and an associated pipeline for $1 billion.
The latest acquisition, which will take the combined holding of OVL and Oil India in the field to 20 per cent (worth $5.11 billion), will increase OVL’s reserve and resource base significantly. This is expected to boost the firm’s production — eight million tonnes of oil & oil equivalent gas at present — and help it meet its long-term targets of 20 mt by FY18 and 60 mt by FY30. Thanks to its recent discoveries in the Rovuma offshore field, the company is touted to become one of the world’s largest liquefied natural gas (LNG) -producing hubs by 2018. The field is said to be the largest gas discovery off Africa’s east coast with estimated recoverable reserves of 35-65 trillion cubic feet (tcf).
ALSO READ: ONGC dips ahead of Anadarko stake buy
OVL Managing Director D K Sarraf told Business Standard the deal was a strategic investment for the country, with Indian companies together holding a 30 per cent stake in the offshore block. Bharat Petroleum Corp Ltd (BPCL) holds a 10 per cent stake. “The field is not far from India, so the LNG transportation cost will be very cheap. We will start getting gas from 2018 which will help revive gas-based downstream investment in the country.”
Though the OVL deal was sealed after prolonged discussions, at a valuation of $5.11 billion, the 20 per cent stake is being seen as a more prudent investment than BP’s acquisition of a 30 per cent stake in Reliance Industries Ltd’s (RIL’s) 21 Indian blocks for $7.2 billion. Of the 21 blocks, 15 were surrendered due to poor hydrocarbon reserves.
ALSO READ: ONGC, RIL, BG set to invest Rs 950 cr in Panna oil and gas field
Sarraf and bankers said the valuation of the OVL deal was very competitive. On a comparison with RIL, Sarraf said: “I would not like to compare it with BP-RIL. Every exploration & production asset has its own risk and reward perception. Since the Mozambique field is fully discovered, there is no risk.”
In February 2011, when BP had bought a stake in RIL’s blocks for $7.2 billion, besides further performance-related payments of up to $1.8 billion, analysts had valued the deep-water assets between $24 billion and $30 billion. BP is said to have paid $7.2 billion, including $2.5 billion towards goodwill; $4.5 billion for the K-G block and another $200-300 million for the rest of the blocks.
Given that BP has already taken a substantial write-off on the assets and the RIL-BP consortium has relinquished a majority of the blocks, analysts say BP did overpay. In a July 2013 presentation, Bob Dudley, BP’s group chief executive, said: “We are working with RIL to rigorously manage KG-D6 base production to maximise recovery and increase production. We are also planning development of around three tcf of existing discoveries.”
ALSO READ: ONGC's stake sale talks with ConocoPhillips, Shell hit defence ministry roadblock
Production from the KG-D6 asset has seen a significant downgrade — from 10 tcf to around 5.5 tcf. “While BP farmed into an explored block with reserve certification in place, OVL neither has a producing asset nor reserve certification. The LNG plans have also not happened. So, by that account, it can be said OVL has paid a premium. Besides, no one knows the kind of returns OVL will get from this asset, as production will begin five years down the line,” said a senior research analyst at a domestic brokerage.
Industry experts said, while oil majors like Royal Dutch Shell and Chevron Corporation were also in the race for a stake in the Mozambique block, they found the asking price too high. “But in such deals, Royal Dutch Shell usually seeks to be the operator. Besides, the sellers are usually more comfortable with national oil companies, given their track record and experience,” said an investment banker, asking not to be named.
OIL and OVL had in June announced the purchase of Videocon Mauritius Energy Ltd’s 10 per cent stake for $2.47 billion. Anadarko, the stake of which will come down to 26.5 per cent, will remain the operator in the project. Besides BPCL, other partners in the project are: Empresa Nacional de Hidrocarbonetos of Mozambique (15 per cent), Mitsui and Co Ltd of Japan (20 per cent) and PTT Exploration and Production Public Co Ltd of Thailand (8.5 per cent).
ALSO READ: ONGC: Concerns overdone
The acquisition, however, is subject to the approvals of the governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is subject to usual closing conditions and has long stop date of February 28, 2014.
“The acquisition of an interest in Area 1 would mark OVL’s entry into this emerging world-class offshore gas basin with significant future upside potential. It is consistent with the company’s quest for addition of high-quality international assets to its existing E&P portfolio,” the company statement said.
ALSO READ: ONGC signs pact to share RIL's facility in KG basin
OVL Chairman Sudhir Vaudeva said in a statement: “As a result of both transactions, OVL will own a significant interest in this strategic project. Area 1 has potential to become one of the world’s largest LNG projects and today’s acquisition marks a further significant step by OVL/ONGC towards the energy security of our country.”
As of 2011, OVL had invested $17 billion in 32 assets in 15 countries. It has struck deals worth over $11 billion over the past year. Last September, the company had bought Hess Corp’s 2.7 per cent stake in Azerbaijan’s largest oilfield and an associated pipeline for $1 billion.
Aegis bags BPO contract from Saudi Telecom Company
Aegis bags BPO contract from Saudi Telecom CompanyPune: Aegis, the global outsourcing and technology services company from Essar Group, has bagged a human resources outsourcing contract from Saudi Telecom Company, further extending its existing relation with the company. Though the company did not disclose the deal size, sources confirmed the deal to be in the range of $50-60 million (around Rs 320 crore to Rs 384 crore).
The deal, that will provide human resources business process outsourcing services, has been won by the joint venture--Call Centre Company (CCC)--set up by Aegis and STC in 2011. As part of the JV, Aegis was to get business worth $2 billion from STC. The current deal is part of the extended work being transferred to the JV.
The scope of the contract includes recruitment, reward and core HR administration, learning services covering content sourcing and development, program planning and delivery, learning system hosting, payroll administration and management. The engagement will impact more than four business units of STC covering over 1,000 employees, and introduce a series of HR process improvements focused on enhancing the user experience.
When contacted, Sandip Sen, global CEO, Aegis confirmed the development, "This is part of the deal we signed in 2011. It started with customer care and now we have moved into other aspects on the company's business. With this they have completely outsources their HR functions. We will be involved in hiring planning, retaining talent within the company," said Sen.
Additionally, Aegis will introduce a more proactive recruiting approach, including future staffing predictive modeling coupled with an intrinsic and deep client domain understanding. Proactive sourcing tools, automation will support more effective, forecasting-led recruiting methods and will result in a broader, more appropriate candidate pool for STC.
Aegis that started this JV with 250 employees have also managed to increase the headcount to 1,300. Going ahead Sen said that the JV will also work towards doing outbound work for STC. "STC is the largest telecom player in Saudi Arabia, we still have huge scope of extending our relationship with the company. I think we can manage some of their foreign language work. We are also looking to get into technology contract of the company," he added.
Apart from Saudi Telecom Company, CCC has also been successful in winning over 6 new external clients across Media, Government, BFSI, Healthcare and Travel & Hospitality verticals. As an outsourcing leader within GCC region, CCC’s strategy aims at providing a holistic business process outsourcing solution encompassing Customer Lifecycle Management, domain specific back office, transformational HR and Procurement, Consulting and Technology.
Apart from Saudi Telecom Company, CCC has also been able to add over six new external clients across media, government, BFSI, healthcare and travel & hospitality vertical.
The deal, that will provide human resources business process outsourcing services, has been won by the joint venture--Call Centre Company (CCC)--set up by Aegis and STC in 2011. As part of the JV, Aegis was to get business worth $2 billion from STC. The current deal is part of the extended work being transferred to the JV.
The scope of the contract includes recruitment, reward and core HR administration, learning services covering content sourcing and development, program planning and delivery, learning system hosting, payroll administration and management. The engagement will impact more than four business units of STC covering over 1,000 employees, and introduce a series of HR process improvements focused on enhancing the user experience.
When contacted, Sandip Sen, global CEO, Aegis confirmed the development, "This is part of the deal we signed in 2011. It started with customer care and now we have moved into other aspects on the company's business. With this they have completely outsources their HR functions. We will be involved in hiring planning, retaining talent within the company," said Sen.
Additionally, Aegis will introduce a more proactive recruiting approach, including future staffing predictive modeling coupled with an intrinsic and deep client domain understanding. Proactive sourcing tools, automation will support more effective, forecasting-led recruiting methods and will result in a broader, more appropriate candidate pool for STC.
Aegis that started this JV with 250 employees have also managed to increase the headcount to 1,300. Going ahead Sen said that the JV will also work towards doing outbound work for STC. "STC is the largest telecom player in Saudi Arabia, we still have huge scope of extending our relationship with the company. I think we can manage some of their foreign language work. We are also looking to get into technology contract of the company," he added.
Apart from Saudi Telecom Company, CCC has also been successful in winning over 6 new external clients across Media, Government, BFSI, Healthcare and Travel & Hospitality verticals. As an outsourcing leader within GCC region, CCC’s strategy aims at providing a holistic business process outsourcing solution encompassing Customer Lifecycle Management, domain specific back office, transformational HR and Procurement, Consulting and Technology.
Apart from Saudi Telecom Company, CCC has also been able to add over six new external clients across media, government, BFSI, healthcare and travel & hospitality vertical.
Increase in the Number of Foreign Tourist Visits in the Country
New Delhi: The number of foreign tourists visiting India has shown a steady increase in the past three years. The number of foreign tourist visits has increased to 207.31 lakh in 2012 as compared to 194.97 lakh in 2011 and 179.10 lakh during 2010. This shows an increase of almost 16 per cent in the past two years.
The highest number of foreign tourists inflow was recorded in Maharashtra at 51.20 lakh followed by Tamilnadu at 35.62 lakh and Delhi at 23.46 lakh in the year 2012.
The Foreign Exchange Earnings (FEEs) from tourism has also shown a significant growth rising to Rs.94,487 crores in 2012 as compared to Rs.77,591 crores in 2011 and Rs.64,889 crores in 2010. This marks an increase of around 46 per cent in the three year period from 2010 to 2012. The Foreign Exchange Earnings (FEEs) is estimated as Rs.50,448 crores in the period January to June, 2013.
The number of Domestic Tourist Visits(DTVs) to States/UTs has also shown an impressive growth of around 39 per cent in the past three years. The number of DTVs in 2012 is estimated at 103.64 crores as compared to 74.77 crores in the year 2010.
The highest number of foreign tourists inflow was recorded in Maharashtra at 51.20 lakh followed by Tamilnadu at 35.62 lakh and Delhi at 23.46 lakh in the year 2012.
The Foreign Exchange Earnings (FEEs) from tourism has also shown a significant growth rising to Rs.94,487 crores in 2012 as compared to Rs.77,591 crores in 2011 and Rs.64,889 crores in 2010. This marks an increase of around 46 per cent in the three year period from 2010 to 2012. The Foreign Exchange Earnings (FEEs) is estimated as Rs.50,448 crores in the period January to June, 2013.
The number of Domestic Tourist Visits(DTVs) to States/UTs has also shown an impressive growth of around 39 per cent in the past three years. The number of DTVs in 2012 is estimated at 103.64 crores as compared to 74.77 crores in the year 2010.
‘California keen on tie-ups with Indian companies’
Bangalore: The US State of California is keen on partnering with Indian companies in education, agriculture and technology sectors.
Addressing students and business leaders in a town hall meeting at Dayananda Sagar Institutions, Ami Bera, Congressman from the 7th District of California, urged States to deepen tie-ups to drive growth for all the stakeholders.
Bera, a doctor by profession and the only Indian American in the US House of Representatives, said that encouraging innovation and cross country collaboration is the need of the hour as a lot of ground-up innovation can come from emerging economies such as India at a time when the US-India economic relationship has recently entered choppy waters.
Addressing students and business leaders in a town hall meeting at Dayananda Sagar Institutions, Ami Bera, Congressman from the 7th District of California, urged States to deepen tie-ups to drive growth for all the stakeholders.
Bera, a doctor by profession and the only Indian American in the US House of Representatives, said that encouraging innovation and cross country collaboration is the need of the hour as a lot of ground-up innovation can come from emerging economies such as India at a time when the US-India economic relationship has recently entered choppy waters.
Saturday, August 24, 2013
L&T wins orders worth Rs 1,504 cr
Mumbai: L&T has secured orders valued at Rs 1,504 crore across business segments in August.
The power transmission and distribution segment got orders worth Rs 1,071 crore.
A major order is from the Tamil Nadu Transmission Corporation for supply, erection and commissioning of a 400 kV double circuit line of 274 km in Tamil Nadu. Another order involves turnkey construction along with supply of towers, conductors and insulators. The orders are slated for completion in 18 months.
A turnkey order from the Purvanchal Vidyut Vitran Nigam Ltd is for carrying out rural electrification works in Jaunpur district of Uttar Pradesh under the Rajiv Gandhi Grameen Vidyutikaran Yojna Phase –II.
L&T’s buildings and factories division also bagged additional orders worth Rs 433 crore in ongoing projects.
The power transmission and distribution segment got orders worth Rs 1,071 crore.
A major order is from the Tamil Nadu Transmission Corporation for supply, erection and commissioning of a 400 kV double circuit line of 274 km in Tamil Nadu. Another order involves turnkey construction along with supply of towers, conductors and insulators. The orders are slated for completion in 18 months.
A turnkey order from the Purvanchal Vidyut Vitran Nigam Ltd is for carrying out rural electrification works in Jaunpur district of Uttar Pradesh under the Rajiv Gandhi Grameen Vidyutikaran Yojna Phase –II.
L&T’s buildings and factories division also bagged additional orders worth Rs 433 crore in ongoing projects.
Coca-Cola bullish on long-term growth in India
Company hopes that India could become one of top five markets for world's largest soft drink maker
New Delhi: Soft drinks major Coca-Cola said on Thursday it would not scale down its proposed investments in India, despite the slowing economic conditions.
The company had announced investments of $5 billion between 2012 and 2020. It said the amount of investment might even go up, in unlocking the growth opportunities in the packaged beverages market. The company has, so far, invested $2 bn in India. “Our investments in India are on track as we build scale, manufacturing capacity, distribution capability and a robust product portfolio to realise our business goals in India.
The ongoing investment in the country is focused on delivering innovation, partnerships and a beverage portfolio that enhances the consumer experience, ensures product affordability and builds brand loyalty to deliver long-term growth,” said Ahmet C Bozer, president, Coca-Cola International. Adding: “If we continue to focus on doing the right things in this market, India could emerge as a top-five market for the Coca-Cola Company by 2020.”
At present, India is its seventh largest market. Coca-Cola has completed 20 years of operations in India since its return after it exited the country in the late 70s. The company inaugurated a franchisee bottling plant at Greater Noida on Thursday. It now has 57 plants in India, of which 22 are franchises, 23 are company-owned and 12 are contract packaging units. The new plant would be owned and operated by Moon Beverages, which has invested Rs 140 crore in setting up the plant.
Coca-Cola has registered volume growth in India for 28 consecutive quarters, 19 of which have seen double-digit growth.
New Delhi: Soft drinks major Coca-Cola said on Thursday it would not scale down its proposed investments in India, despite the slowing economic conditions.
The company had announced investments of $5 billion between 2012 and 2020. It said the amount of investment might even go up, in unlocking the growth opportunities in the packaged beverages market. The company has, so far, invested $2 bn in India. “Our investments in India are on track as we build scale, manufacturing capacity, distribution capability and a robust product portfolio to realise our business goals in India.
The ongoing investment in the country is focused on delivering innovation, partnerships and a beverage portfolio that enhances the consumer experience, ensures product affordability and builds brand loyalty to deliver long-term growth,” said Ahmet C Bozer, president, Coca-Cola International. Adding: “If we continue to focus on doing the right things in this market, India could emerge as a top-five market for the Coca-Cola Company by 2020.”
At present, India is its seventh largest market. Coca-Cola has completed 20 years of operations in India since its return after it exited the country in the late 70s. The company inaugurated a franchisee bottling plant at Greater Noida on Thursday. It now has 57 plants in India, of which 22 are franchises, 23 are company-owned and 12 are contract packaging units. The new plant would be owned and operated by Moon Beverages, which has invested Rs 140 crore in setting up the plant.
Coca-Cola has registered volume growth in India for 28 consecutive quarters, 19 of which have seen double-digit growth.
Zensar signs new deals in US
Pune: Software services provider Zensar Technologies has signed two new contracts in the US, including a five-year total infrastructure outsourcing deal with a global direct selling company for five of its remote sites.
As part of this agreement, Zensar will establish a shared service and offshore support centre to support the client’s IT infrastructure across locations and also provide a co-location environment by hosting the client’s primary hardware and systems.
Zensar will also be working with a healthcare management organisation providing them infrastructure services for migration of its data centres to the cloud, involving assessment of infrastructure and applications; consolidation, optimization and migration of data and monitoring services.
Ganesh Natarajan, Vice-Chairman and CEO, said, “The second Quarter has been good with large strategic deals in the pipeline getting converted, across the applications and infrastructure businesses.
The key amongst them include multimillion dollar deals with a large direct selling company and a care management organisation.”
As part of this agreement, Zensar will establish a shared service and offshore support centre to support the client’s IT infrastructure across locations and also provide a co-location environment by hosting the client’s primary hardware and systems.
Zensar will also be working with a healthcare management organisation providing them infrastructure services for migration of its data centres to the cloud, involving assessment of infrastructure and applications; consolidation, optimization and migration of data and monitoring services.
Ganesh Natarajan, Vice-Chairman and CEO, said, “The second Quarter has been good with large strategic deals in the pipeline getting converted, across the applications and infrastructure businesses.
The key amongst them include multimillion dollar deals with a large direct selling company and a care management organisation.”
German Railways group lays tracks to expand India investments
New Delhi: The €39-billion Deutsche Bahn Group, or the German Railways, has identified India as a place for future investments, Reiner Allgeier, Managing Director, DB Schenker Logistics (India), a group company of Deutsche Bahn, told Business Line. He, however, declined to divulge details.
DB Schenker Logistics, the service providing arm of DB Group, will expand its presence in India.
“This year, we will grow our footprint by 50 per cent — from 1.3 million square feet in the beginning of the year to two million square feet by year-end,” Allgeier said.
The firm manages exports and import of goods, and within India, it functions primarily in the contract logistics space, which includes managing warehousing and distribution business. DB Schenker’s customers belong to the hi-tech goods, engineering machinery, automotive, retail and healthcare segments.
Staff strength
It has a staff strength of about 2,200 in India, of which, 1,200 are on contract. The staff strength will go up, but not at the same rate as expansion in footprint, the company said.
While the firm has seen its export-import business from India stagnating, it expects the intra-India business to grow. “The export and import business has stagnatedwith imports going down. But, in our export ocean freight, we have been able to increase our volume this year compared with last year, which is good given the market conditions. Also, in intra-India logistics business, which is contract logistics, we are seeing growth,” Allgeier said.
Export-import
In the export-import segment, DB Schenker handles about 80,000 tonnes of air cargo and 79,000-80,000 twenty foot equivalent unit (TEU) of ocean containers a year.
“The contract logistics market in India is growing at 10-15 per cent, as companies are increasingly outsourcing their logistics and warehousing functions. We are registering better growth,” said Allgeier.
Allgeier added that India plays a major role in DB Schenker’s global network. “Our global head office, which is in Germany, and our mother company, the DB Group, has also identified India as a growing market and as a place for future investments,” he said.
DB Schenker Logistics, the service providing arm of DB Group, will expand its presence in India.
“This year, we will grow our footprint by 50 per cent — from 1.3 million square feet in the beginning of the year to two million square feet by year-end,” Allgeier said.
The firm manages exports and import of goods, and within India, it functions primarily in the contract logistics space, which includes managing warehousing and distribution business. DB Schenker’s customers belong to the hi-tech goods, engineering machinery, automotive, retail and healthcare segments.
Staff strength
It has a staff strength of about 2,200 in India, of which, 1,200 are on contract. The staff strength will go up, but not at the same rate as expansion in footprint, the company said.
While the firm has seen its export-import business from India stagnating, it expects the intra-India business to grow. “The export and import business has stagnatedwith imports going down. But, in our export ocean freight, we have been able to increase our volume this year compared with last year, which is good given the market conditions. Also, in intra-India logistics business, which is contract logistics, we are seeing growth,” Allgeier said.
Export-import
In the export-import segment, DB Schenker handles about 80,000 tonnes of air cargo and 79,000-80,000 twenty foot equivalent unit (TEU) of ocean containers a year.
“The contract logistics market in India is growing at 10-15 per cent, as companies are increasingly outsourcing their logistics and warehousing functions. We are registering better growth,” said Allgeier.
Allgeier added that India plays a major role in DB Schenker’s global network. “Our global head office, which is in Germany, and our mother company, the DB Group, has also identified India as a growing market and as a place for future investments,” he said.
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