Mumbai: Stem cells are set to be a major branch of medical treatment, says Cipla Chairman YK Hamied. Regenerative medicine, or cell therapy, is a rapidly emerging area of biomedical research and would be an ideal supplement for existing medical treatments, he added.
Cell therapy refers to treatments that are founded on the concept of producing new cells to replace malfunctioning or damaged cells as a vehicle to treat disease and injury.
“We have a research unit in Malaysia that is conducting research on stem cells,” Hamied said while speaking about Stempeutics Research with which it has an alliance. The Manipal Group-promoted Stempeutics is developing stem cell-based medicinal products with facilities in Kuala Lumpur (Malaysia) and Bangalore.
“We are partners in the Bangalore company,” he said. The enormous potential of stem cells in the treatment of chronic and several incurable diseases is boosting the overall stem cells therapy market, he added.
Poised to reach an estimated $88.3 billion by 2015, the global stem cells market has been growing at a compounded annual growth rate of 14.8 per cent, driven by the increasing demand of stem cell therapy.
In India, the stem cell business is expected to touch $8 billion ( Rs. 48,880 crore today) by 2015. With three phase II clinical trials in progress in India –for critical limb Ischemia (meaning restriction in blood supply to tissues), osteoarthritis and liver cirrhosis –Stempeutics aims to bring the first product into the Indian and Malaysian markets by 2015.
Under the alliance, Cipla has invested over Rs. 50 crore in Stempeutics, with a focus on research of stem cell-based products, and has done something similar in China, where it has streamlined its investments towards its core business. The drug-maker recently exited a significant part of its investment in its Chinese partner Desano Holdings.
Despite the lack of legislation and awareness, besides quality and ethical issues that have deterred growth of the stem cell therapy business in India, the country remains the top priority for the Mumbai-based drug-maker, the Cipla Chairman told Business Line .
“India is still the best. Yes, we have units in China and conduct research in Malaysia, but we have always been very nationalist minded,” said Hamied. “We have always held that the (Indian) Government can do more for domestic companies. They should give us infrastructure, strengthen indigenous manufacturers. They should not keep pandering to multinationals.”
Success in my Habit
Sunday, March 30, 2014
Swiss firm Galderma eyes India skincare, beauty market
New Delhi: Galderma, a Switzerland-based pharmaceutical company, owned by food and beverage giant Nestle, plans to tap the Rs 30,000-crore skincare and beauty market in India.
At present, it sells a little over 30 prescription-based medicines in the dermatology segment. It is now foraying into the anti-ageing injectible and over-the-counter (OTC) segments. It has introduced three to four products in the aesthetic and corrective segment, including its range of Restylane vital skin boosters. It plans at least 12 more products in the segment by 2017, of which eight would be launched this year, said Madhusudhan H K, head of the aesthetic and corrective business in India.
“There are a lot of new trends driving this business in India. We want to encash this opportunity by helping the consumer with more options,” he said. He added the aesthetic and corrective business will be primarily focused on injectibles, as there was huge space, with demand for dermal fillers and other aesthetic treatments increasing rapidly in the country.
The company is also expected to launch an OTC skin care business and has identified five specific brands for launche within the next two years.
Galderma is targeting a five-fold growth in annual sales to Rs 500 crore by 2018 in its dermatology business here. The company has manufacturing facilities in the US and France; it mostly imports its products for India. Lausanne-based Galderma was founded as a 50:50 venture of Nestle and L’Oreal. Last month, Nestle bought the other 50 per cent. Galderma is in India for 11 years. It has added acne and skin cancer treatments to Nestle’s health care product line, which includes nutrition drink brands such as Boost and some soluble fibre supplements.
To have a firm footing in the anti-ageing injectible market, Galderma has started academies in Mumbai and New Delhi to train doctors in aesthetic medicine delivery.
The idea is to create a market and standard treatment protocols for the Indian face. According to Madhusudhan, the aesthetic and corrective business in India is still in a nascent stage; Allergan is the only other established entity in the organised segment. However, there are various unorganised distributors of such products. It is seen growing rapidly, at 30-35 per cent a year.
He said the number of practitioners in India is low. “In India, there are only 800 doctors who are practising aesthetic medicine, as compared to 6,000 in Korea. So, there is a huge opportunity which we can tap,” he said.
At present, it sells a little over 30 prescription-based medicines in the dermatology segment. It is now foraying into the anti-ageing injectible and over-the-counter (OTC) segments. It has introduced three to four products in the aesthetic and corrective segment, including its range of Restylane vital skin boosters. It plans at least 12 more products in the segment by 2017, of which eight would be launched this year, said Madhusudhan H K, head of the aesthetic and corrective business in India.
“There are a lot of new trends driving this business in India. We want to encash this opportunity by helping the consumer with more options,” he said. He added the aesthetic and corrective business will be primarily focused on injectibles, as there was huge space, with demand for dermal fillers and other aesthetic treatments increasing rapidly in the country.
The company is also expected to launch an OTC skin care business and has identified five specific brands for launche within the next two years.
Galderma is targeting a five-fold growth in annual sales to Rs 500 crore by 2018 in its dermatology business here. The company has manufacturing facilities in the US and France; it mostly imports its products for India. Lausanne-based Galderma was founded as a 50:50 venture of Nestle and L’Oreal. Last month, Nestle bought the other 50 per cent. Galderma is in India for 11 years. It has added acne and skin cancer treatments to Nestle’s health care product line, which includes nutrition drink brands such as Boost and some soluble fibre supplements.
To have a firm footing in the anti-ageing injectible market, Galderma has started academies in Mumbai and New Delhi to train doctors in aesthetic medicine delivery.
The idea is to create a market and standard treatment protocols for the Indian face. According to Madhusudhan, the aesthetic and corrective business in India is still in a nascent stage; Allergan is the only other established entity in the organised segment. However, there are various unorganised distributors of such products. It is seen growing rapidly, at 30-35 per cent a year.
He said the number of practitioners in India is low. “In India, there are only 800 doctors who are practising aesthetic medicine, as compared to 6,000 in Korea. So, there is a huge opportunity which we can tap,” he said.
AirAsia India receives first A320
Chennai: AirAsia India received its first aircraft, a brand new Airbus A320, at the Chennai airport on Saturday .
The 180-seater all-economy configuration aircraft takes AirAsia India closer to launching its low cost service in the domestic sector.
According to a press release from AirAsia, the A320 from Airbus’ factory in Toulouse, France, was received with a ‘water cannon salute’ as it taxied down the runway.
AirAsia India is awaiting an air operating permit to start flying commercially. AirAsia’s CEO Tony Fernandes recently told a wire agency that AirAsia India was likely to start operations in March or April.
AirAsia India has got in-principle approval to import ten Airbus A320 aircraft.ý It has partnered with the Tata group and the Arun Bhatia-led Telstra Tradeplace to run the low-cost passenger airline service in the country. The joint venture partners announced the start of the new airline in February 2013.
Mittu Chandilya, CEO, AirAsia India, in a statement said, “The arrival of our first A320 signifies that we are a step closer to our dream to create a new benchmark in the low-cost air travel category.”
AirAsia India’s fleet will be drawn from the 475 A320 family aircraft ordered by the AirAsia Group. To date, almost a third of the aircraft on order have already been delivered and are flying on AirAsia Group’s operations out of Kuala Lumpur, Bangkok, Jakarta, Manila and now Chennai, said a company release.
The 180-seater all-economy configuration aircraft takes AirAsia India closer to launching its low cost service in the domestic sector.
According to a press release from AirAsia, the A320 from Airbus’ factory in Toulouse, France, was received with a ‘water cannon salute’ as it taxied down the runway.
AirAsia India is awaiting an air operating permit to start flying commercially. AirAsia’s CEO Tony Fernandes recently told a wire agency that AirAsia India was likely to start operations in March or April.
AirAsia India has got in-principle approval to import ten Airbus A320 aircraft.ý It has partnered with the Tata group and the Arun Bhatia-led Telstra Tradeplace to run the low-cost passenger airline service in the country. The joint venture partners announced the start of the new airline in February 2013.
Mittu Chandilya, CEO, AirAsia India, in a statement said, “The arrival of our first A320 signifies that we are a step closer to our dream to create a new benchmark in the low-cost air travel category.”
AirAsia India’s fleet will be drawn from the 475 A320 family aircraft ordered by the AirAsia Group. To date, almost a third of the aircraft on order have already been delivered and are flying on AirAsia Group’s operations out of Kuala Lumpur, Bangkok, Jakarta, Manila and now Chennai, said a company release.
Engineers India Ltd bags contract in $3.6 billion Oman plastics project
New Delhi: Oman Oil Refineries and Petroleum Industries Company (Orpic) has awarded a pie of its $3.6 billion project to Engineers India Ltd, recognizing the Indian state-run engineering consultancy provider's prowess.
EIL has won the PMC (project management consultancy) contract for Orpic's Liwa Plastics Project at Sohar in Oman against international competitive bidding. The contract is valued at over $40 million and signifies the company's steady headway overseas.
EIL's contract is one of the two major awards announced by Orpic, which gave the front end engineering and design contract to Chicago Bridge & Iron Company (CB & I) operating out of The Hague, Netherlands .
Orpic is owned by the government of Oman and Oman Oil Company SAOC, the commercial company wholly owned by the government created investment in the energy sector.
Liwa Plastics Project consists of a new petrochemical complex adjacent to the Sohar Refinery. The feedstock for the plant is to be brought from Fahud, 300 km from Sohar. EIL's contract also includes a feedstock extraction plant in Fahud and its transportation facility to Sohar.
EIL has won the PMC (project management consultancy) contract for Orpic's Liwa Plastics Project at Sohar in Oman against international competitive bidding. The contract is valued at over $40 million and signifies the company's steady headway overseas.
EIL's contract is one of the two major awards announced by Orpic, which gave the front end engineering and design contract to Chicago Bridge & Iron Company (CB & I) operating out of The Hague, Netherlands .
Orpic is owned by the government of Oman and Oman Oil Company SAOC, the commercial company wholly owned by the government created investment in the energy sector.
Liwa Plastics Project consists of a new petrochemical complex adjacent to the Sohar Refinery. The feedstock for the plant is to be brought from Fahud, 300 km from Sohar. EIL's contract also includes a feedstock extraction plant in Fahud and its transportation facility to Sohar.
Kassia inks MoU with Karachi Chamber
Bangalore: Karnataka Small Scale Industries Association (Kassia) and Karachi Chamber of Commerce and Industry (KCCI) have signed an MoU to explore trade development through their institutional members.
The MoU was signed by Mumammad Idrees, Vice-President, Karachi Chamber of Commerce and Industry and BP Shashidhar, President, Kassia.
Earlier on Friday, the Federation of Indian Micro and Small and Medium Enterprises (FISME) and Kassia jointly organised a seminar on trade opportunities between India and Pakistan at Kassia Udyog Bhavan here.
Addressing the meet, Ravi Kumar, Senior Zonal Manager, NSIC, told the Pakistani delegation that NSIC had signed MoUs with nearly 30 countries and was open to doing the same with Pakistan too once the two countries signed the FTA (free trade agreement).
He hoped that India and Pakistan would move swiftly towards signing the FTA. Shashidhar said the MSME sector in Karnataka contributed 40 per cent of exports to 80 countries, comprising a whole range of engineering items.
Mohan Suresh, former president, FISME, pleaded for signing of trade agreements between India and Pakistan.
A 16-Member industry delegation comprising representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI), Lahore Chamber of Commerce, Islamabad Chamber of Commerce, Islamabad Women Chamber of Commerce and All Pakistan Furniture Makers Association took part in the seminar.
The delegation represented industrialists from various sectors
The MoU was signed by Mumammad Idrees, Vice-President, Karachi Chamber of Commerce and Industry and BP Shashidhar, President, Kassia.
Earlier on Friday, the Federation of Indian Micro and Small and Medium Enterprises (FISME) and Kassia jointly organised a seminar on trade opportunities between India and Pakistan at Kassia Udyog Bhavan here.
Addressing the meet, Ravi Kumar, Senior Zonal Manager, NSIC, told the Pakistani delegation that NSIC had signed MoUs with nearly 30 countries and was open to doing the same with Pakistan too once the two countries signed the FTA (free trade agreement).
He hoped that India and Pakistan would move swiftly towards signing the FTA. Shashidhar said the MSME sector in Karnataka contributed 40 per cent of exports to 80 countries, comprising a whole range of engineering items.
Mohan Suresh, former president, FISME, pleaded for signing of trade agreements between India and Pakistan.
A 16-Member industry delegation comprising representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI), Lahore Chamber of Commerce, Islamabad Chamber of Commerce, Islamabad Women Chamber of Commerce and All Pakistan Furniture Makers Association took part in the seminar.
The delegation represented industrialists from various sectors
Ibibo buys 51% stake in YourBus.com
Mumbai: Online travel company Ibibo Group, that owns portals such as Goibibo.com, redBus.in and Travelboutique has acquired 51 per cent stake in online bus tracking and analytics platform YourBus.com for an undisclosed amount.
With this Ibibo is all set to achieve a leadership position in the online travel space that has players such as Makemytrip.com, Yatra.com, Cleartrip, Ixigo and Akbar Travels.
Ibibo, which is owned by South Africa based Naspers, had acquired RedBus for Rs 780 crore last year.
Ashish Kashyap, CEO of ibiboGroup, said: “Our key motivation to acquire YourBus is to enhance passenger experience at redBus.in and Goibibo.com, whilst at the same time providing additional technologies and analytics to the Bus operators so as to increase their efficiencies in the marketplace. ”
IbiboGroup will integrate the YourBus platform with both its existing online travel properties, redBus.in and Goibibo.com. Following this YourBus founders Rajesh Mallipeddi and Satya Padmanabham will work closely with the RedBus team. YourBus is functional in 200 buses and is already integrated with redBus’ mobile and web applications. The acquisition will enable the YourBus team to expand its reach potentially to thousands of buses.
Founded in 2011, Yourbus is a GPS-based tracking platform, which solves problems for both bus travelers and bus operators. Bus travelers can access real time information regarding the location of a bus on their mobiles as well as online. Furthermore, important information such as bus delays and time of departure is pushed to passengers via both SMS and web notifications.
Bus operators are able to track their buses and get detailed analytics on punctuality and efficiency of their buses. They can sort this information by route, bus driver and vehicle number and also get estimated time of arrival reports and other weekly /daily location based reports.
With this Ibibo is all set to achieve a leadership position in the online travel space that has players such as Makemytrip.com, Yatra.com, Cleartrip, Ixigo and Akbar Travels.
Ibibo, which is owned by South Africa based Naspers, had acquired RedBus for Rs 780 crore last year.
Ashish Kashyap, CEO of ibiboGroup, said: “Our key motivation to acquire YourBus is to enhance passenger experience at redBus.in and Goibibo.com, whilst at the same time providing additional technologies and analytics to the Bus operators so as to increase their efficiencies in the marketplace. ”
IbiboGroup will integrate the YourBus platform with both its existing online travel properties, redBus.in and Goibibo.com. Following this YourBus founders Rajesh Mallipeddi and Satya Padmanabham will work closely with the RedBus team. YourBus is functional in 200 buses and is already integrated with redBus’ mobile and web applications. The acquisition will enable the YourBus team to expand its reach potentially to thousands of buses.
Founded in 2011, Yourbus is a GPS-based tracking platform, which solves problems for both bus travelers and bus operators. Bus travelers can access real time information regarding the location of a bus on their mobiles as well as online. Furthermore, important information such as bus delays and time of departure is pushed to passengers via both SMS and web notifications.
Bus operators are able to track their buses and get detailed analytics on punctuality and efficiency of their buses. They can sort this information by route, bus driver and vehicle number and also get estimated time of arrival reports and other weekly /daily location based reports.
Mobiado set to enter India with Mihaus
New Delhi: Canadian luxury mobile brand Mobiado has tied up with premium multi-brand electronic retailer Mihaus to enter the Indian market. Mobiado handsets are priced anywhere between Rs. 2.6 lakh and Rs. 20 lakh.
Mobiado was founded in 2004 in Vancouver by Canadian engineer Peter Bonac. It has a full keyboard, encrusted with sapphire crystal buttons and 3G technology.
The company is understood to be manufacturing less than 1 lakh units a year.
Mihaus, promoted by Naveen Rao, Managing Director of Navshiv Retail, will retail and service the brand in India.
Charu Makin, National Head, Sales & Marketing, Mihaus, said Mobiado has entered into a 10-year exclusive partnership with the company. “One of the biggest glitches with high-end brands was that there were no adequate post-sale services. We will address the service aspect also besides the distribution”.
Besides Mobiado, Mihaus retails brands such as Audio Pro and Loewe.
Makin said Mobiado was added to its portfolio as there was a latent demand for high-end handsets.
“The new generation is willing to spend money on high-end devices that are not just aesthetically good but also don’t compromise on the functionality,” she said, adding the target market for the brand is in the 21-45 year age bracket.
Mobiado will compete with brands like Nokia's Vertu, Tag Heuer Meridiist, Lamborghini, Armani and Dior handsets.
According to reports, the global market size for luxury phones is estimated at $500 million-$1 billion growing at nearly 20-25 per cent. Of this, Asia-Pacific alone accounted for 60 per cent of the business.
Mihaus has four stores in New Delhi, Mumbai and Bangalore. “We are looking at two more stores in near term”.
Mobiado was founded in 2004 in Vancouver by Canadian engineer Peter Bonac. It has a full keyboard, encrusted with sapphire crystal buttons and 3G technology.
The company is understood to be manufacturing less than 1 lakh units a year.
Mihaus, promoted by Naveen Rao, Managing Director of Navshiv Retail, will retail and service the brand in India.
Charu Makin, National Head, Sales & Marketing, Mihaus, said Mobiado has entered into a 10-year exclusive partnership with the company. “One of the biggest glitches with high-end brands was that there were no adequate post-sale services. We will address the service aspect also besides the distribution”.
Besides Mobiado, Mihaus retails brands such as Audio Pro and Loewe.
Makin said Mobiado was added to its portfolio as there was a latent demand for high-end handsets.
“The new generation is willing to spend money on high-end devices that are not just aesthetically good but also don’t compromise on the functionality,” she said, adding the target market for the brand is in the 21-45 year age bracket.
Mobiado will compete with brands like Nokia's Vertu, Tag Heuer Meridiist, Lamborghini, Armani and Dior handsets.
According to reports, the global market size for luxury phones is estimated at $500 million-$1 billion growing at nearly 20-25 per cent. Of this, Asia-Pacific alone accounted for 60 per cent of the business.
Mihaus has four stores in New Delhi, Mumbai and Bangalore. “We are looking at two more stores in near term”.
Tech Mahindra sets up third delivery centre in Germany
Mumbai: IT solutions company Tech Mahindra has set up its third delivery center in Düsseldorf, Germany, for servicing European clients.
The 50-seat centre would also engage with local academia and provide work experience to students in the Nordrhein-Westfalen region, Tech Mahindra said in a press statement.
“This delivery center, in the heart of the Nordrhein-Westfalen region will also help us attract and retain local talent which is crucial to the next phase of our growth in the region,” said Vishaal Gupta, Head (Telecom) - Europe, Tech Mahindra
Currently, the company serves its European customers through 26 offices across 31 cities.
The 50-seat centre would also engage with local academia and provide work experience to students in the Nordrhein-Westfalen region, Tech Mahindra said in a press statement.
“This delivery center, in the heart of the Nordrhein-Westfalen region will also help us attract and retain local talent which is crucial to the next phase of our growth in the region,” said Vishaal Gupta, Head (Telecom) - Europe, Tech Mahindra
Currently, the company serves its European customers through 26 offices across 31 cities.
IRCTC records over half a million ticket bookings
New Delhi: Indian Railways Catering and Tourism Corporation (IRCTC) booked over half a million e-tickets on Wednesday. This is the highest number booked through the website in a single day.
The earlier record was set on September 2, 2012, when the online ticket portal of Indian Railways booked 572,000 tickets.
Currently, the site books 463,000 tickets in a day, compared to the average of 385,000 tickets booked in a day in 2013. That is a growth of 20 per cent year-over-year. This translates into a daily transaction of more than Rs 53 crore currently, as against Rs 37 crore in 2013.
In an effort to tackle consumer complaints regarding the slow speed of the website, IRCTC recently launched IRCTC Lite during tatkal booking hours. This service paid dividends in the form of increased number of bookings during the tatkal period, registering a jump of 40 per cent since February, said a press release by IRCTC.
"Our aim is to increase the booking rate to more than 7,000 tickets per minute from its present rate of 2,000 tickets and ultimately to make the site capable of handling 120,000 users at any point of time, as compared to its existing capacity of 40,000 users," a senior IRCTC official said.
The earlier record was set on September 2, 2012, when the online ticket portal of Indian Railways booked 572,000 tickets.
Currently, the site books 463,000 tickets in a day, compared to the average of 385,000 tickets booked in a day in 2013. That is a growth of 20 per cent year-over-year. This translates into a daily transaction of more than Rs 53 crore currently, as against Rs 37 crore in 2013.
In an effort to tackle consumer complaints regarding the slow speed of the website, IRCTC recently launched IRCTC Lite during tatkal booking hours. This service paid dividends in the form of increased number of bookings during the tatkal period, registering a jump of 40 per cent since February, said a press release by IRCTC.
"Our aim is to increase the booking rate to more than 7,000 tickets per minute from its present rate of 2,000 tickets and ultimately to make the site capable of handling 120,000 users at any point of time, as compared to its existing capacity of 40,000 users," a senior IRCTC official said.
Indian luxury car market youngest in world
Chennai: India's demographics have turned the country into one of the youngest luxury /premium car markets in the world. Top luxe brands like Audi, Mercedes-Benz and BMW — which together comprise more than 95% of India's luxury car market — say that India's luxury car demographic is among the youngest even in the emerging market pecking order.
Take Audi which, with its more than 10,000 unit tally, is now the No. 1 luxury car brand in the Indian market. India tops the list of young markets for Audi across the world, pipping hot spot China to the game. Said Joe King, head, Audi India: "The average age of luxury car buyer in India is around 35 years. Globally , it would be 43-45 years. In the Audi ecosystem, India is our youngest market."
Dittos Mercedes-Benz , which has also been targeting the 30+ age bracket with its new compact line-up . Said Santosh Iyer, head of marketing , Mercedes-Benz India: "India is certainly among our youngest markets. Typically, emerging markets show a younger profile compared to developed ones. So China, Brazil and Russia too are quite young markets for example . The average age globally and in India has come down after the introduction of new models like the A Class and B Class. In India, the average age for the A Class for example is 34-35 years but for the S Class it would be 45-50 years. So it differs model to model."
Luxury car marketers say part of the young drive has to do with the new range of compact products from the big three in the luxury automotive business. "Products like the Q3 and now the soon-to-belaunched A3 appeal to a younger set of customers," said Audi's King. "In future, the used cars will further expand this young customer base."
Auto experts say with an average price tag of around Rs 35 lakh, the entry into the luxury car segment is a tough call for most young buyers in markets like India. For example , the median age of BMW's customers stretches from 30 to 60 years. "It's not as if only young people buy luxury cars, but it is certainly true that more of them are now entering this segment in India thanks to products like the 1 Series," said the BMW spokesman.
That's why it's the entrylevel segment — comprising models like the A Class and B Class or the X1 or soon-to-debut A3 — that has had the maximum appeal among the sub-40 age bracket where the price tag is in the Rs 20 lakhplus category.
Auto experts say India's young demographic is among its most exciting aspects as an emerging market. "The thirst for luxury in India is enormous ," said Audi's King, a reason why the big three luxe brands are now looking at non-metro markets for incremental growth.
Take Audi which, with its more than 10,000 unit tally, is now the No. 1 luxury car brand in the Indian market. India tops the list of young markets for Audi across the world, pipping hot spot China to the game. Said Joe King, head, Audi India: "The average age of luxury car buyer in India is around 35 years. Globally , it would be 43-45 years. In the Audi ecosystem, India is our youngest market."
Dittos Mercedes-Benz , which has also been targeting the 30+ age bracket with its new compact line-up . Said Santosh Iyer, head of marketing , Mercedes-Benz India: "India is certainly among our youngest markets. Typically, emerging markets show a younger profile compared to developed ones. So China, Brazil and Russia too are quite young markets for example . The average age globally and in India has come down after the introduction of new models like the A Class and B Class. In India, the average age for the A Class for example is 34-35 years but for the S Class it would be 45-50 years. So it differs model to model."
Luxury car marketers say part of the young drive has to do with the new range of compact products from the big three in the luxury automotive business. "Products like the Q3 and now the soon-to-belaunched A3 appeal to a younger set of customers," said Audi's King. "In future, the used cars will further expand this young customer base."
Auto experts say with an average price tag of around Rs 35 lakh, the entry into the luxury car segment is a tough call for most young buyers in markets like India. For example , the median age of BMW's customers stretches from 30 to 60 years. "It's not as if only young people buy luxury cars, but it is certainly true that more of them are now entering this segment in India thanks to products like the 1 Series," said the BMW spokesman.
That's why it's the entrylevel segment — comprising models like the A Class and B Class or the X1 or soon-to-debut A3 — that has had the maximum appeal among the sub-40 age bracket where the price tag is in the Rs 20 lakhplus category.
Auto experts say India's young demographic is among its most exciting aspects as an emerging market. "The thirst for luxury in India is enormous ," said Audi's King, a reason why the big three luxe brands are now looking at non-metro markets for incremental growth.
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