Bengaluru: Bangalore-based Wipro, which has interests in consumer care goods and lighting, besides IT services, on Saturday said it had signed a definitive agreement to acquire 100 per cent ownership in LD Waxsons, a Singapore-based FMCG company. The acquisition will be done for an all-cash consideration of $144 million (about Rs 784 crore), which is 2.1 times the Singapore company’s expected 2012 sales turnover of $68 million.
The funding will be done via internal accruals. As on September 30, Wipro had Rs 6,657. 4 crore of cash and cash equivalents.
This will be Wipro’s second-biggest acquisition for its consumer care business — the largest being Unza, another Singapore-headquartered company it had acquired in 2007 for about $246 million (Rs 1,010 crore). This will also be Wipro’s second acquisition in Southeast Asia and the fourth globally in the FMCG space.
The acquisition, expected to be closed within 60 days, will give Wipro the ownership of LD Waxsons’ skincare brands Bio-essence and Ginvera, and health care brand Ebene. These skincare brands have a strong presence in Singapore and Malaysia, with market shares of nine per cent and 8.5 per cent, respectively. The brands also have a sizeable presence in markets such as China, Taiwan, Hong Kong and Thailand. Bio-essence Bird’s Nest, a popular skincare brand, is quite popular in China and among ethnic Chinese in other parts of the world.
LD Waxsons has manufacturing facilities in China’s Xiamen province and Malaysia’s Kuala Lumpur — employing about 1,500 people. The latest acquisition will help Wipro, which already owns two manufacturing units in Kuala Lumpur and one in China’s Guangdong province from its previous buys, expand its global manufacturing capability for its consumer care business.
Vineet Agrawal, president of Wipro Consumer Care & Lighting, says the acquisition will help his company improve its market share to 26 per cent from 16 per cent at present, and its position from eighth to second, in Malaysia’s skincare segment. Besides, it will also give the company entry into the Taiwanese market, where it currently does not have any presence.
“We see LD Waxsons as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well,” Agrawal adds.
He said the acquired entity was expected to post an operating margin of 10-11 per cent, in line with Wipro Consumer’s.
After the acquisition is completed, Wipro’s consumer care business will derive over 50 per cent of its revenues from foreign markets, compared with about 45 per cent at present, and will have about 5,500 employees located outside India.
Success in my Habit
Wednesday, December 12, 2012
Hyderabad Metro, GIFT City in 'Strategic 100' infra projects
Hyderabad: Hyderabad Metro Rail project has been selected as one of the top 100 strategic global infrastructure projects to be showcased at the forthcoming Global Infrastructure Leadership Forum being held in New York during February-March, 2013.
Apart from the Rs 14,132 crore ($ 2.6 billion) Hyderabad Metro Rail project, two other Indian projects have also figured in this prestigious list: GIFT city (Gujarat International Financial Tech city) costing Rs 72,600 crore ($ 13.2 billion) and Mumbai-Ahmedabad High Speed Rail project costing Rs 60,000 crore ($ 10.89 billion).
"Strategic 100" is a list of the top 100 infrastructure projects selected through a rigorous selection process on the basis of their potential to make significant difference to their cities/region/country in terms of overall performance and competitiveness. The list has been prepared by an American agency after undertaking research of a large number of major infra projects in 66 countries.
Of the 100 projects selected, 8 are from Brazil, 6 from USA, 5 each from Australia, Turkey, Canada and South Africa, 4 each from Saudi Arabia and UAE; 3 each from China, India, Egypt, Kuwait, Russia.
The Washington-based agency has invited N.V.S. Reddy Managing Director, Hyderabad Metro Rail to address the Global Infrastructure Leadership Forum being held in New York.
Expressing happiness over the inclusion of Hyderabad Metro Rail project in the prestigious global list, Andhra Pradesh Chief Minister N. Kiran Kumar Reddy stated that the project would transform Hyderabad into a world class city.
Apart from the Rs 14,132 crore ($ 2.6 billion) Hyderabad Metro Rail project, two other Indian projects have also figured in this prestigious list: GIFT city (Gujarat International Financial Tech city) costing Rs 72,600 crore ($ 13.2 billion) and Mumbai-Ahmedabad High Speed Rail project costing Rs 60,000 crore ($ 10.89 billion).
"Strategic 100" is a list of the top 100 infrastructure projects selected through a rigorous selection process on the basis of their potential to make significant difference to their cities/region/country in terms of overall performance and competitiveness. The list has been prepared by an American agency after undertaking research of a large number of major infra projects in 66 countries.
Of the 100 projects selected, 8 are from Brazil, 6 from USA, 5 each from Australia, Turkey, Canada and South Africa, 4 each from Saudi Arabia and UAE; 3 each from China, India, Egypt, Kuwait, Russia.
The Washington-based agency has invited N.V.S. Reddy Managing Director, Hyderabad Metro Rail to address the Global Infrastructure Leadership Forum being held in New York.
Expressing happiness over the inclusion of Hyderabad Metro Rail project in the prestigious global list, Andhra Pradesh Chief Minister N. Kiran Kumar Reddy stated that the project would transform Hyderabad into a world class city.
Irda allows higher flow of insurance funds to infra sector
Mumbai: In a move to facilitate greater flow of funds to the infrastructure sector, insurance firms have now been allowed to take their exposure to 20 per cent of their total funds in the infrastructure sector as compared to 10 per cent earlier.
The Insurance Regulatory and Development Authority ( Irda) also said both equity and debt instruments were considered for classification under infrastructure for mandatory minimum obligation of 15 per cent as against only debt instruments earlier. Mortgaged Based Securities (MBS) with ‘AAA’ rating will qualify as ‘ approved investments’ and would qualify for infrastructure investments.
In a press statement issued by the PIB, Namo Narian Meena, minister of state for finance told Lok Sabha that exposure of any insurer to an infrastructure company has been increased to 20 per cent as against the present ceiling of 10 per cent as referred in Regulation 5 of the Irda (Investment) Regulations, 2000.
As per a recent exposure draft on investments by Irda, the limit can further be increased by five per cent in case of debt with the prior approval of the Board.
Insurers are of the view that this would be a major boost to their portfolio. “The ceiling being increased to 20 per cent will enable us to allocate more funds from our portfolio towards institutions in the infrastructure sector. Some of them are performing well in the segment, which will help us get good returns and will boost the economy, on an overall basis, since infrastructure is a core sector,” said the chief investment officer of a private life insurance company.
The Insurance Regulatory and Development Authority ( Irda) also said both equity and debt instruments were considered for classification under infrastructure for mandatory minimum obligation of 15 per cent as against only debt instruments earlier. Mortgaged Based Securities (MBS) with ‘AAA’ rating will qualify as ‘ approved investments’ and would qualify for infrastructure investments.
In a press statement issued by the PIB, Namo Narian Meena, minister of state for finance told Lok Sabha that exposure of any insurer to an infrastructure company has been increased to 20 per cent as against the present ceiling of 10 per cent as referred in Regulation 5 of the Irda (Investment) Regulations, 2000.
As per a recent exposure draft on investments by Irda, the limit can further be increased by five per cent in case of debt with the prior approval of the Board.
Insurers are of the view that this would be a major boost to their portfolio. “The ceiling being increased to 20 per cent will enable us to allocate more funds from our portfolio towards institutions in the infrastructure sector. Some of them are performing well in the segment, which will help us get good returns and will boost the economy, on an overall basis, since infrastructure is a core sector,” said the chief investment officer of a private life insurance company.
Thursday, December 6, 2012
Shriram EPC bags $230-million contract in Basra
Chennai: Shriram EPC Ltd has bagged a $230 million contract for setting up a storm water and sewer system in Basra, Iraq.
The Rs 1,150-crore order will be carried out through a joint venture with the Mokul Group, a service provider with a global presence across diverse industries.
According to a press release from Shriram EPC, the order involves setting up a basic sanitary system in Basra, including engineering, supply, installation of pipelines, pumping stations and road works.
Shriram EPC will oversee the laying of over 240 km of sewer pipelines, 160 km of storm pipelines and 8 km of trunk sewer pipelines and road works in the next three years.
T. Shivaraman, Managing Director and CEO, Shriram EPC said in the release, “this is our first order in the Middle East. It will result in sustained revenues over the three-year execution period. This is also one of the first major public infrastructure projects in southern Iraq which aims to improve basic infrastructure in the country. Successful execution of this contract would open up new opportunities for us in Iraq.”
The contract adds to the order backlog of Rs 2,923 crore as of September 2012.
Shriram EPC is a service provider of integrated design, engineering, procurement, construction and project management services for power plants, renewable energy projects, process and metallurgical plants and municipal service sector projects. It also manufactures wind turbine generators (WTG) and develops wind farms.
The Rs 1,150-crore order will be carried out through a joint venture with the Mokul Group, a service provider with a global presence across diverse industries.
According to a press release from Shriram EPC, the order involves setting up a basic sanitary system in Basra, including engineering, supply, installation of pipelines, pumping stations and road works.
Shriram EPC will oversee the laying of over 240 km of sewer pipelines, 160 km of storm pipelines and 8 km of trunk sewer pipelines and road works in the next three years.
T. Shivaraman, Managing Director and CEO, Shriram EPC said in the release, “this is our first order in the Middle East. It will result in sustained revenues over the three-year execution period. This is also one of the first major public infrastructure projects in southern Iraq which aims to improve basic infrastructure in the country. Successful execution of this contract would open up new opportunities for us in Iraq.”
The contract adds to the order backlog of Rs 2,923 crore as of September 2012.
Shriram EPC is a service provider of integrated design, engineering, procurement, construction and project management services for power plants, renewable energy projects, process and metallurgical plants and municipal service sector projects. It also manufactures wind turbine generators (WTG) and develops wind farms.
Strides Arcolab inks pact with Eli Lilly
Bengaluru: Eli Lilly and Company and Strides Arcolab inked a pact to increse delivery of cancer medicines in emerging markets. 'As a part of this arrangement, Lilly will in-license a portfolio of high-quality, branded generic injectable and oral cancer medicines from Agila Specialties, the specialties division of Strides Arcolab, based in Bangalore, India,' said Strides Arcolab in a company statement.
Agila will make cancer medicines and Lilly will market them in emerging geographies. In addition to the initial 10 medicines included as part of the agreement, Lilly has the right to add additional high-quality branded generic oncology products to the portfolio in the future.
"Cancer medicines of the highest quality continue to be an unmet need in many markets around the world, said Jacques Tapiero, Lilly senior VP and president of its emerging markets division.
Arun Kumar, founder and group CEO of Strides Arcolab said, "We are delighted to partner with Lilly to expand its branded generics platform with high-quality oncology products that will benefit from Lilly's strong global
Agila will make cancer medicines and Lilly will market them in emerging geographies. In addition to the initial 10 medicines included as part of the agreement, Lilly has the right to add additional high-quality branded generic oncology products to the portfolio in the future.
"Cancer medicines of the highest quality continue to be an unmet need in many markets around the world, said Jacques Tapiero, Lilly senior VP and president of its emerging markets division.
Arun Kumar, founder and group CEO of Strides Arcolab said, "We are delighted to partner with Lilly to expand its branded generics platform with high-quality oncology products that will benefit from Lilly's strong global
IIM-A among top three in Asia-Pacific for B-school graduate employability: Report
Mumbai: A report by Quacquarelli Symonds (QS) on the value of MBA programmes around the world in terms of graduate employability has shown Indian Institute of Management, Ahmedabad ( IIM-A&select=1 target=_blank style=text-decoration:none;cursor:hand;>IIM-A), is among the top three business schools in the Asia-Pacific region. IIM-A stands at second position in the region. But, Indian business schools failed to feature among the top three schools across the world, in terms of subject specialisation.
The report, looking into MBA graduate employability, has identified London Business School, INSEAD-France and Harvard Business School as the preferred choice of international recruiters.
The QS Global 200 Business Schools Report provides an alternative to traditional MBA rankings, by highlighting the value of MBA programmes around the world, according to the qualification’s end-consumer, the MBA employer.
The report points to a leading cluster of 39 ‘elite global’ business schools spread across North America (22), Europe (14) and Asia-Pacific (3). While in the US, 15 ‘elite global’ schools are unsurpassed, the report showed that only Harvard Business School boasts a comparable employer reputation to the London Business School and INSEAD-France.
Nunzio Quacquarelli, managing director of QS, said, “This year’s report finds a record number of companies turning towards hiring MBAs, underlining the value of the qualification in today’s globalised economy. This edition of the QS Global 200 Business Schools Report reveals the graduates of Europe’s top business schools are increasingly in demand for their ability to lead and innovate in the workplace and for transferring best practice management skills to fast-growing emerging economies around the world.”
While Europe and North America dominate in terms of overall employability and salaries, it was found candidates at Indian schools emerged as the world’s most academically qualified. “Average GMAT scores at Indian Institute of Management-Bangalore and Indian Institute of Management-Ahmedabad are the highest in the world, comfortably ahead of any of the top schools from Europe or the US,” said the QS release.
Further, it showed that graduates from top European schools earned higher average salaries than their North American counterparts. Graduate salaries at Europe’s schools averaged $109,300 (Rs 59.5 lakh), compared to $101,100 (Rs 55 lakh) in North America.
However, while Europe’s schools performed well for employability and graduate salaries, when it came to subject specialisation, the US schools dominated.
For the study, 3,000-plus responses from employers of business school graduates were taken. The respondents were asked to identify the business schools they preferred to recruit from. Respondents also identified business schools they deemed to produce excellent hires in 10 areas of elective specialisation — finance, strategy, marketing, entrepreneurship, corporate social responsibility, information management, innovation, leadership, operations management, and international management.
The report, looking into MBA graduate employability, has identified London Business School, INSEAD-France and Harvard Business School as the preferred choice of international recruiters.
The QS Global 200 Business Schools Report provides an alternative to traditional MBA rankings, by highlighting the value of MBA programmes around the world, according to the qualification’s end-consumer, the MBA employer.
The report points to a leading cluster of 39 ‘elite global’ business schools spread across North America (22), Europe (14) and Asia-Pacific (3). While in the US, 15 ‘elite global’ schools are unsurpassed, the report showed that only Harvard Business School boasts a comparable employer reputation to the London Business School and INSEAD-France.
Nunzio Quacquarelli, managing director of QS, said, “This year’s report finds a record number of companies turning towards hiring MBAs, underlining the value of the qualification in today’s globalised economy. This edition of the QS Global 200 Business Schools Report reveals the graduates of Europe’s top business schools are increasingly in demand for their ability to lead and innovate in the workplace and for transferring best practice management skills to fast-growing emerging economies around the world.”
While Europe and North America dominate in terms of overall employability and salaries, it was found candidates at Indian schools emerged as the world’s most academically qualified. “Average GMAT scores at Indian Institute of Management-Bangalore and Indian Institute of Management-Ahmedabad are the highest in the world, comfortably ahead of any of the top schools from Europe or the US,” said the QS release.
Further, it showed that graduates from top European schools earned higher average salaries than their North American counterparts. Graduate salaries at Europe’s schools averaged $109,300 (Rs 59.5 lakh), compared to $101,100 (Rs 55 lakh) in North America.
However, while Europe’s schools performed well for employability and graduate salaries, when it came to subject specialisation, the US schools dominated.
For the study, 3,000-plus responses from employers of business school graduates were taken. The respondents were asked to identify the business schools they preferred to recruit from. Respondents also identified business schools they deemed to produce excellent hires in 10 areas of elective specialisation — finance, strategy, marketing, entrepreneurship, corporate social responsibility, information management, innovation, leadership, operations management, and international management.
Export-Import Bank of India (EXIM) to open a representative office in Myanmar
Guwahati: In order to increase the bilateral trade between the Northeast India and Myanmar, Export-Import Bank of India (EXIM) will open a representative office in Myanmar.
Chairman & Managing director of the bank, T.C.A Ranganathan who was in Guwahati on Wednesday said that opening of the trade link with Myanmar and transit facility with Bangladesh will open new opportunities for the organic agriculture produce of Northeast India. EXIM bank has extended line of credit to Bangladesh and Myanmar.
Exim bank has 10 offices across the country and seven offices across the world. Northeast India accounts for Rs 1000 Crore export out of which agriculture account for less than 5 percent. He said, " We have applied for permission and expecting to start the office in next couple of months."
Bulk of the export is tea, coal and limestone. According to Union commerce ministry the formal border trade across the Northeast is less than 1% of India's exports. The informal trade across the borders in Manipur, Mizoram and Assam is far higher than what gets registered through the formal trade channels.
Chairman & Managing director of the bank, T.C.A Ranganathan who was in Guwahati on Wednesday said that opening of the trade link with Myanmar and transit facility with Bangladesh will open new opportunities for the organic agriculture produce of Northeast India. EXIM bank has extended line of credit to Bangladesh and Myanmar.
Exim bank has 10 offices across the country and seven offices across the world. Northeast India accounts for Rs 1000 Crore export out of which agriculture account for less than 5 percent. He said, " We have applied for permission and expecting to start the office in next couple of months."
Bulk of the export is tea, coal and limestone. According to Union commerce ministry the formal border trade across the Northeast is less than 1% of India's exports. The informal trade across the borders in Manipur, Mizoram and Assam is far higher than what gets registered through the formal trade channels.
Export-Import Bank of India (EXIM) to open a representative office in Myanmar
Guwahati: In order to increase the bilateral trade between the Northeast India and Myanmar, Export-Import Bank of India (EXIM) will open a representative office in Myanmar.
Chairman & Managing director of the bank, T.C.A Ranganathan who was in Guwahati on Wednesday said that opening of the trade link with Myanmar and transit facility with Bangladesh will open new opportunities for the organic agriculture produce of Northeast India. EXIM bank has extended line of credit to Bangladesh and Myanmar.
Exim bank has 10 offices across the country and seven offices across the world. Northeast India accounts for Rs 1000 Crore export out of which agriculture account for less than 5 percent. He said, " We have applied for permission and expecting to start the office in next couple of months."
Bulk of the export is tea, coal and limestone. According to Union commerce ministry the formal border trade across the Northeast is less than 1% of India's exports. The informal trade across the borders in Manipur, Mizoram and Assam is far higher than what gets registered through the formal trade channels
Chairman & Managing director of the bank, T.C.A Ranganathan who was in Guwahati on Wednesday said that opening of the trade link with Myanmar and transit facility with Bangladesh will open new opportunities for the organic agriculture produce of Northeast India. EXIM bank has extended line of credit to Bangladesh and Myanmar.
Exim bank has 10 offices across the country and seven offices across the world. Northeast India accounts for Rs 1000 Crore export out of which agriculture account for less than 5 percent. He said, " We have applied for permission and expecting to start the office in next couple of months."
Bulk of the export is tea, coal and limestone. According to Union commerce ministry the formal border trade across the Northeast is less than 1% of India's exports. The informal trade across the borders in Manipur, Mizoram and Assam is far higher than what gets registered through the formal trade channels
Fruit, vegetable exports up 24% in 2011-12
New Delhi: The export of fruit and vegetables, including processed food items, have risen 24 per cent in value terms to Rs 8,241 crore in 2011-12 over Rs 6,638 crore in the previous year. This information was given by the Minister of State for Commerce and Industry D. Purandeswari in a written reply to Lok Sabha on Wednesday.
Exports of onions fell marginally to Rs 1,723 crore in 2011-12 against Rs 1,779 crore in the previous year. Fresh vegetables were up 43 per cent at Rs 1,299 crore (Rs 910 crore). Similarly, the shipments of fresh fruits were up 48 per cent at Rs 736 crore (Rs 496 crore).
The exports of fresh grapes increased to Rs 603 crore (Rs 428 crore), while walnuts increased to Rs 231 crore (Rs 166 crore). The exports of fresh mangoes stood at Rs 210 crore (Rs 165 crore).
The effect of growth in export of fruits and vegetables on the Indian market does not seem to be visible as the share of exports of fruits and vegetables were only 0.55 per cent and 1.24 per cent, respectively, of their total production in 2010-11, the Minister said.
Exports of onions fell marginally to Rs 1,723 crore in 2011-12 against Rs 1,779 crore in the previous year. Fresh vegetables were up 43 per cent at Rs 1,299 crore (Rs 910 crore). Similarly, the shipments of fresh fruits were up 48 per cent at Rs 736 crore (Rs 496 crore).
The exports of fresh grapes increased to Rs 603 crore (Rs 428 crore), while walnuts increased to Rs 231 crore (Rs 166 crore). The exports of fresh mangoes stood at Rs 210 crore (Rs 165 crore).
The effect of growth in export of fruits and vegetables on the Indian market does not seem to be visible as the share of exports of fruits and vegetables were only 0.55 per cent and 1.24 per cent, respectively, of their total production in 2010-11, the Minister said.
US seed fund 500 Startups invests in Bangalore's tech firm ZipDial, closes tenth deal in India
Bengaluru: US-based 500 Startups, a seed fund that began investing in India just over a year ago, has closed its tenth deal in the country, backing technology startup ZipDial.
Paul Singh, partner at 500 Startups, said the investment was higher than the typical $250,000 ( Rs 1.3 crore) the fund invests in early-stage companies but was under $500,000. Bangalore-based ZipDial, founded by Valerie Rozycki Wagoner, Sanjay Swamy and Amiya Pathak in 2010, has developed a mobile-engagement platform, which is based on the distinctively Indian concept of a "missed call".
A consumer just needs to make a call to a unique ZipDial number a company provides and disconnect after a single ring to receive an SMS or a call with details that the company wishes to provide.
The company counts Hindustan Unilever, P&G, Disney and Puma among its clients in India and has also expanded operations to the Caribbean with clients like Pepsi and KFC. By January 2013, it will launch services in Bangladesh and is targeting Indonesia, the Philippines and Nigeria later in the year.
The company, which aims to reach $1 million in revenue this financial year, received angel funding in April 2011 from Mumbai Angels, Blume Ventures and a handful of US-based angel investors. 500 Startups, which takes up to 7% stake in a startup, has invested in India-based ventures such as MyGola, TradeBriefs, Instamojo, Walletkit and Gazematrix. "We want to be the most active early stage investor in India," said Singh.
Paul Singh, partner at 500 Startups, said the investment was higher than the typical $250,000 ( Rs 1.3 crore) the fund invests in early-stage companies but was under $500,000. Bangalore-based ZipDial, founded by Valerie Rozycki Wagoner, Sanjay Swamy and Amiya Pathak in 2010, has developed a mobile-engagement platform, which is based on the distinctively Indian concept of a "missed call".
A consumer just needs to make a call to a unique ZipDial number a company provides and disconnect after a single ring to receive an SMS or a call with details that the company wishes to provide.
The company counts Hindustan Unilever, P&G, Disney and Puma among its clients in India and has also expanded operations to the Caribbean with clients like Pepsi and KFC. By January 2013, it will launch services in Bangladesh and is targeting Indonesia, the Philippines and Nigeria later in the year.
The company, which aims to reach $1 million in revenue this financial year, received angel funding in April 2011 from Mumbai Angels, Blume Ventures and a handful of US-based angel investors. 500 Startups, which takes up to 7% stake in a startup, has invested in India-based ventures such as MyGola, TradeBriefs, Instamojo, Walletkit and Gazematrix. "We want to be the most active early stage investor in India," said Singh.
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