Bengaluru: European aircraft major Airbus, which had sourced more than $400 million worth of components from India in the past year, has signed an agreement with Bengaluru-based Dynamatic Technologies for supply of flap-track beams for its A-330 wide-body planes, for an undisclosed sum.
Under the pact, touted as the largest manufacturing contract between Airbus and a private sector company in India, Dynamatic will assemble all the flap track beams from its Bengaluru facility. Flap track beams are used in the wings of an aircraft.
In the second phase, it will be responsible for the entire supply chain of these beams including sourcing materials, manufacturing and final assembly.
“Airbus partnership with Dynamatic signifies our commitment towards developing the aerospace supply chain in India and thereby supporting thousands of highly-skilled jobs,” Srinivasan Dwarakanath, managing director, Airbus India told reporters.
Dynamatic has manufactured flap-track beam assemblies for Airbus A320 family as a global single-source basis as a tier-2 supplier, from 2010. As part of the agreement, the Indian firm will be the single-source supplier of flap-track beams for the wide-body Airbus A330 family planes, the company said.
With this deal, Dynamatic has emerged as a tier-1 supplier to Airbus. “Through these partnerships, we can proudly claim that there’s a bit of Made in India in all our aircraft programmes,” Dwarakanath said.
Success in my Habit
Tuesday, February 17, 2015
Infosys to acquire automation technology provider Panaya for $200 mn
Bengaluru: In line with the strategy laid out by its Chief Executive and Managing Director Vishal Sikka, Infosys on Monday said it would buy Panaya, which provides automation technology, in an all-cash deal of $200 million (about Rs 1,244 crore). The company said it was expecting all the senior management and employees of Panaya to join. They would report to Abdul Razack, senior vice-president and head (analytics and big data).
The valuation is six times Panaya’s revenues, Infosys said, adding it was a good buy considering the “tremendous piece of technology” Panaya brought to the table. Subject to customary conditions, the transaction is likely to close before March 31.
This will be the Bengaluru-based information technology services company’s second largest acquisition so far. The largest was of Zurich, Switzerland-headquartered management consulting firm Lodestone for $345 million (Rs 1,930 crore) in September 2012.
“The acquisition of Panaya is a key step in renewing and differentiating our service lines. This will help amplify the potential of our people, freeing us from the drudgery of many repetitive tasks, so we may focus more on the important, strategic challenges faced by our clients,” Sikka said in a statement. “At the same time, Panaya’s proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes,” he added.
Founded in 2006, the California, US-headquartered Panaya provides cloud-based services for large-scale enterprise software management. The company, with a little over 400 active accounts from clients such as GE, Coca-Cola, Mercedes-Benz, Apple and Johnson & Johnson, has so far raised about $59 million from private equity players such as Benchmark Capital, Hasso Plattner Ventures, Battery Ventures and Israel Growth Partners. Most of its 156 employees are in Israel.
“I have been a student and admirer of this amazing country [Israel]. It has emerged as the most concentrated area for innovative start-up companies. With this acquisition, we will also have a presence in Israel,” Sikka said during an investor meeting late evening on Monday.
Since assuming charge as the Infosys chief in August last year, Sikka has repeatedly said the company would buy “technologies of tomorrow” in areas such as automation, artificial intelligence, machine learning, big data and analytics. During an analyst call in December, Sikka said Infosys had an “active inorganic strategy” to supplement its growth.
The Panaya acquisition is part of the company’s “renew and new” strategy to increase competitiveness and productivity, Infosys said on Monday. As of December 31, Infosys had cash and cash equivalents of Rs 34,773 crore ($5.53 billion).
Unlike its rivals such as Cognizant and HCL Technologies, Infosys is not seen as an aggressive buyer, notwithstanding its huge cash reserves. Since its inception, the company has acquired only five businesses, including two in the business process management (BPM) market — McCamish ($58 million) and Portland Group (A$34 million).
“We are excited about leveraging Infosys’s global reach, service footprint and broad customer base to deliver compelling, simplifying value to clients. I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market,” said Panaya Chief Executive Doron Gerstel.
The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
The valuation is six times Panaya’s revenues, Infosys said, adding it was a good buy considering the “tremendous piece of technology” Panaya brought to the table. Subject to customary conditions, the transaction is likely to close before March 31.
This will be the Bengaluru-based information technology services company’s second largest acquisition so far. The largest was of Zurich, Switzerland-headquartered management consulting firm Lodestone for $345 million (Rs 1,930 crore) in September 2012.
“The acquisition of Panaya is a key step in renewing and differentiating our service lines. This will help amplify the potential of our people, freeing us from the drudgery of many repetitive tasks, so we may focus more on the important, strategic challenges faced by our clients,” Sikka said in a statement. “At the same time, Panaya’s proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes,” he added.
Founded in 2006, the California, US-headquartered Panaya provides cloud-based services for large-scale enterprise software management. The company, with a little over 400 active accounts from clients such as GE, Coca-Cola, Mercedes-Benz, Apple and Johnson & Johnson, has so far raised about $59 million from private equity players such as Benchmark Capital, Hasso Plattner Ventures, Battery Ventures and Israel Growth Partners. Most of its 156 employees are in Israel.
“I have been a student and admirer of this amazing country [Israel]. It has emerged as the most concentrated area for innovative start-up companies. With this acquisition, we will also have a presence in Israel,” Sikka said during an investor meeting late evening on Monday.
Since assuming charge as the Infosys chief in August last year, Sikka has repeatedly said the company would buy “technologies of tomorrow” in areas such as automation, artificial intelligence, machine learning, big data and analytics. During an analyst call in December, Sikka said Infosys had an “active inorganic strategy” to supplement its growth.
The Panaya acquisition is part of the company’s “renew and new” strategy to increase competitiveness and productivity, Infosys said on Monday. As of December 31, Infosys had cash and cash equivalents of Rs 34,773 crore ($5.53 billion).
Unlike its rivals such as Cognizant and HCL Technologies, Infosys is not seen as an aggressive buyer, notwithstanding its huge cash reserves. Since its inception, the company has acquired only five businesses, including two in the business process management (BPM) market — McCamish ($58 million) and Portland Group (A$34 million).
“We are excited about leveraging Infosys’s global reach, service footprint and broad customer base to deliver compelling, simplifying value to clients. I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market,” said Panaya Chief Executive Doron Gerstel.
The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
293 companies pledge 266 GW clean power
New Delhi: Ambitious renewable energy plans of the Narendra Modi government have captured the imagination of investors.
Close to 300 global and domestic companies have committed to generate 266,000 mega watts (or 266 giga watts) of solar, wind, mini-hydel and bio-mass based power in India over the next 5-10 years.
At a likely average cost of `7-8 crore per mega watt, the 266-GW commitment would translate into an investment of close to `18-21 lakh crore or $310-350 billion.
“Around 293 firms have shown interest to set up renewable power plants in the country and some have assured to manufacture equipment as well,” secretary of ministry of new and renewable energy, Upendra Tripathi, revealed at the first Renewable Energy Global Investors Meet (RE-Invest) in the Capital on Sunday.
In line with Modi’s Make in India plan, the government has also got assurances for setting up close to 50,000 mw of manufacturing and EPC facilities for solar and wind power.
“Renewable energy is one of the 25 sectors identified under Make in India campaign..To create jobs in India, we have to drive the manufacturing sector. I want to see India becoming a renewable energy hub,” power, coal and renewable energy minister Piyush Goyal said.
“What we inherited is a mere 6% share of renewable energy in the India energy basket...and we are looking to expand (it) to over 15% in the next 10 or 12 years,” he said. India’s total renewable energy capacity is around 34,000 mw at present, and Modi is targeting a five-fold capacity increase, he added.
Close to 300 global and domestic companies have committed to generate 266,000 mega watts (or 266 giga watts) of solar, wind, mini-hydel and bio-mass based power in India over the next 5-10 years.
At a likely average cost of `7-8 crore per mega watt, the 266-GW commitment would translate into an investment of close to `18-21 lakh crore or $310-350 billion.
“Around 293 firms have shown interest to set up renewable power plants in the country and some have assured to manufacture equipment as well,” secretary of ministry of new and renewable energy, Upendra Tripathi, revealed at the first Renewable Energy Global Investors Meet (RE-Invest) in the Capital on Sunday.
In line with Modi’s Make in India plan, the government has also got assurances for setting up close to 50,000 mw of manufacturing and EPC facilities for solar and wind power.
“Renewable energy is one of the 25 sectors identified under Make in India campaign..To create jobs in India, we have to drive the manufacturing sector. I want to see India becoming a renewable energy hub,” power, coal and renewable energy minister Piyush Goyal said.
“What we inherited is a mere 6% share of renewable energy in the India energy basket...and we are looking to expand (it) to over 15% in the next 10 or 12 years,” he said. India’s total renewable energy capacity is around 34,000 mw at present, and Modi is targeting a five-fold capacity increase, he added.
Ireland welcomes Indian pharma manufacturing units, offers sops
Hyderabad: Ireland is looking to attract more Indian pharmaceutical firms such as Dr Reddy's and Lupin to set up manufacturing plants by offering tax incentives, having already persuaded some of them to do so.
The European country, which has emerged as the world's largest net exporter of medicines worth 55 billion euros, has already attracted Indian pharmaceutical companies such as Ranbaxy, Wockhardt and Reliance Life Sciences among others.
The island nation currently has plants of eight out of the top 10 global drug makers such as Pfizer. Some of the key attractions include the low cost of real estate and living, apart from the lowest corporate tax rates in Europe.
A delegation of representatives from the Investment and Development Agency (IDA), which seeks out investments, was in Hyderabad recently to explore opportunities. "We are in talks with more Indian phar-maceutical companies in a bid to attract them to invest in Ireland given our strengths in R&D base, API process technologies and highly qualified workforce, apart from attractive cost and tax structures," said India chapter director John Kilmartin. "We attracted six investments from India last year and expecting at least eight investments this year."
Ireland has been encouraging global pharmaceutical firms to set up their manufacturing base in the country and medicines account for nearly half the country's total exports. In the last three years alone, the country managed to attract $3 billion of foreign direct investment into the biopharmaceuticals sector.
Apart from medicine makers that together pumped in over $200 million, Indian technology companies have also invested in Ireland over the years. These include Wipro, Tata Consultancy Services, Tech Mahindra and HCL, among others.
"Ireland is indeed an attractive destination for most pharmaceutical and biotech companies given a strong investment support system, modern infrastructure not to mention access to a highly skilled pharmaceutical workforce," said a Lupin's spokesperson.
Ireland offers the advantage of providing access to the European Union, said India Ratings' pharma analyst Avinash Lodha.
The European country, which has emerged as the world's largest net exporter of medicines worth 55 billion euros, has already attracted Indian pharmaceutical companies such as Ranbaxy, Wockhardt and Reliance Life Sciences among others.
The island nation currently has plants of eight out of the top 10 global drug makers such as Pfizer. Some of the key attractions include the low cost of real estate and living, apart from the lowest corporate tax rates in Europe.
A delegation of representatives from the Investment and Development Agency (IDA), which seeks out investments, was in Hyderabad recently to explore opportunities. "We are in talks with more Indian phar-maceutical companies in a bid to attract them to invest in Ireland given our strengths in R&D base, API process technologies and highly qualified workforce, apart from attractive cost and tax structures," said India chapter director John Kilmartin. "We attracted six investments from India last year and expecting at least eight investments this year."
Ireland has been encouraging global pharmaceutical firms to set up their manufacturing base in the country and medicines account for nearly half the country's total exports. In the last three years alone, the country managed to attract $3 billion of foreign direct investment into the biopharmaceuticals sector.
Apart from medicine makers that together pumped in over $200 million, Indian technology companies have also invested in Ireland over the years. These include Wipro, Tata Consultancy Services, Tech Mahindra and HCL, among others.
"Ireland is indeed an attractive destination for most pharmaceutical and biotech companies given a strong investment support system, modern infrastructure not to mention access to a highly skilled pharmaceutical workforce," said a Lupin's spokesperson.
Ireland offers the advantage of providing access to the European Union, said India Ratings' pharma analyst Avinash Lodha.
PM and Michael Bloomberg announce partnership to advance the Smart Cities Initiative
New Delhi: The Prime Minister, Shri Narendra Modi, and former Mayor of New York City, Mr. Michael Bloomberg, today announced a partnership between Bloomberg Philanthropies and the Ministry of Urban Development, Government of India, to advance the "Smart Cities Initiative."
The Smart Cities Initiative is a historic effort to promote economic growth, improve governance, and deliver more effective and efficient public services to India's urban residents. Under the partnership, Bloomberg Philanthropies will provide assistance to the Ministry of Urban Development to select cities for Smart Cities Mission funding on a continuous basis. This approach is different from the conventional approach, which involved preparation of Detailed Project Reports, and their appraisal and approval by the Central Government. It will ensure that real citizen engagement happens, as people get involved both in design and execution of city development plans. This will actualize the idea of cooperative and competitive federalism.
The Prime Minister described the Smart Cities Initiative as a challenging task, which nevertheless has to be undertaken to improve the quality of life for India's urban citizens with stakeholder's participation.
The Smart Cities Initiative is a historic effort to promote economic growth, improve governance, and deliver more effective and efficient public services to India's urban residents. Under the partnership, Bloomberg Philanthropies will provide assistance to the Ministry of Urban Development to select cities for Smart Cities Mission funding on a continuous basis. This approach is different from the conventional approach, which involved preparation of Detailed Project Reports, and their appraisal and approval by the Central Government. It will ensure that real citizen engagement happens, as people get involved both in design and execution of city development plans. This will actualize the idea of cooperative and competitive federalism.
The Prime Minister described the Smart Cities Initiative as a challenging task, which nevertheless has to be undertaken to improve the quality of life for India's urban citizens with stakeholder's participation.
World's first 3D printer-cum-scanner unveiled
SAN JOSE: The world's first compact 3D printer-cum-scanner that can also scan items has been unveiled at the American Association Advancement of Science (AAAS) annual meeting in San Jose, California.
Blacksmith Group start-up at Nanyang Technological University (NTU) launched Saturday the user-friendly all-in-one device, named the Blacksmith Genesis.
The $2,200 device allows users to scan any item, and then edit the digitized model on the computer and print it out in 3D, Lester Kok, assistant manager of NTU's Corporate Communications Office, told Xinhua news agency Sunday.
"Most 3D printers sold on the market now are not really user-friendly as their 3D models and blueprints usually have to be designed from scratch on the computer," Kok said, "but Blacksmith Genesis doesn't require much knowledge of 3D software."
Unlike other commercial 3D printers, Blacksmith Genesis uses an innovative rotary platform for its printing and scanning. This patent-pending revolving platform allows for true 360-degrees scanning, and can print items up to 6,650 cubic cm, twice the size of those printed by other similar-sized 3D printers in the market.
With a fine resolution of 50 micrometres, the reproductions will be twice as detailed compared to other compact 3D printers. Likewise, scanning of objects with its five megapixel camera takes only six minutes, twice as fast as other 3D scanners in the market.
Another unique feature of Blacksmith Genesis is its remote live monitoring and automatic error detection using an in-built camera. Users can also monitor the printing process on their smartphone from anywhere in the world through an internet connection, and will be able to start or stop printing at any time.
"While low-cost 3D printers are accessible to the public, they are still very hard to programme and assemble. Having an affordable, high-quality 3D printer that is easy to use is what the market is missing and this is where Blacksmith Group will bridge the gap," Chua Chee Kai, the mentor for the Blacksmith Group, said in a press release.
The 3D printer-cum-scanner was created in Singapore with the help of a crowd-funding campaign, raising over $80,000, and its US supporters will be able to get it as early as March.
Blacksmith Group start-up at Nanyang Technological University (NTU) launched Saturday the user-friendly all-in-one device, named the Blacksmith Genesis.
The $2,200 device allows users to scan any item, and then edit the digitized model on the computer and print it out in 3D, Lester Kok, assistant manager of NTU's Corporate Communications Office, told Xinhua news agency Sunday.
"Most 3D printers sold on the market now are not really user-friendly as their 3D models and blueprints usually have to be designed from scratch on the computer," Kok said, "but Blacksmith Genesis doesn't require much knowledge of 3D software."
Unlike other commercial 3D printers, Blacksmith Genesis uses an innovative rotary platform for its printing and scanning. This patent-pending revolving platform allows for true 360-degrees scanning, and can print items up to 6,650 cubic cm, twice the size of those printed by other similar-sized 3D printers in the market.
With a fine resolution of 50 micrometres, the reproductions will be twice as detailed compared to other compact 3D printers. Likewise, scanning of objects with its five megapixel camera takes only six minutes, twice as fast as other 3D scanners in the market.
Another unique feature of Blacksmith Genesis is its remote live monitoring and automatic error detection using an in-built camera. Users can also monitor the printing process on their smartphone from anywhere in the world through an internet connection, and will be able to start or stop printing at any time.
"While low-cost 3D printers are accessible to the public, they are still very hard to programme and assemble. Having an affordable, high-quality 3D printer that is easy to use is what the market is missing and this is where Blacksmith Group will bridge the gap," Chua Chee Kai, the mentor for the Blacksmith Group, said in a press release.
The 3D printer-cum-scanner was created in Singapore with the help of a crowd-funding campaign, raising over $80,000, and its US supporters will be able to get it as early as March.
Snapdeal.com likely to acquire Exclusively.in
NEW DELHI: Snapdeal.com may be set to acquire Exclusively.in, a site that sells designer brands, as one of the country's largest online retailers looks to strengthen its fashion business to take on rivals Flipkart-owned Myntra and Jabong amid a consolidation drive.
Two people familiar with the deal said Snapdeal is expected to take over Exclusively as part of its acquisition plans following the October funding of $627 million raised from Japanese telecom and internet giant Softbank. The deal has been the works for months and is likely to come through as Exclusively founder Sunjay Guleria has agreed to the valuation, said one of the persons.
ET couldn't confirm how much Snapdeal is likely to pay for the business. Guleria declined to comment as did a Snapdeal spokesperson. Guleria had sold the Sher Singh apparel brand along with co-founders in 2012 to Myntra. While India's rapidly e-commerce sector is dominated by companies such as market leader Flipkart, Amazon and Snapdeal, among others, it also comprises smaller and specialty online sellers, many of which may be looking to exit as funding dries up for them. Earlier this month, Mahindra Group acquired baby products online retailer Babyoye.com.
Snapdeal has created one of India's largest online marketplaces but the company is playing catchup with online fashion leaders such as Myntra and Jabong in that space. The company plans to use Exclusively to shore up its fashion offerings besides extending it to offer global bridge-to-luxury and even luxury brands, said one of the persons cited above. The stakes are high for fashion as the segment is turning out to be the fastest-growing segment for online retailers.
Last year, Flipkart acquired Myntra as part of its fashion push. Even Amazon, a relatively late starter in fashion and lifestyle, is making a concerted effort to build its fashion portfolio. It's planning its own line of private labels for apparel and other lifestyle products, making India perhaps the first country in which the US e-commerce giant will do so.
In December, Snapdeal acquired giftrecommendation site Wishpicker for an undisclosed amount as its first buyout after raising money from Softbank. Last year, Flipkart raised $1.9 billion from its investors, valuing the company at $11 billion. Amazon said last year it would invest $2 billion in the India business. On Saturday, ET reported that Snapdeal is in talks with investors to raise another $400 million that would possibly value the company at $5 billion.
Two people familiar with the deal said Snapdeal is expected to take over Exclusively as part of its acquisition plans following the October funding of $627 million raised from Japanese telecom and internet giant Softbank. The deal has been the works for months and is likely to come through as Exclusively founder Sunjay Guleria has agreed to the valuation, said one of the persons.
ET couldn't confirm how much Snapdeal is likely to pay for the business. Guleria declined to comment as did a Snapdeal spokesperson. Guleria had sold the Sher Singh apparel brand along with co-founders in 2012 to Myntra. While India's rapidly e-commerce sector is dominated by companies such as market leader Flipkart, Amazon and Snapdeal, among others, it also comprises smaller and specialty online sellers, many of which may be looking to exit as funding dries up for them. Earlier this month, Mahindra Group acquired baby products online retailer Babyoye.com.
Snapdeal has created one of India's largest online marketplaces but the company is playing catchup with online fashion leaders such as Myntra and Jabong in that space. The company plans to use Exclusively to shore up its fashion offerings besides extending it to offer global bridge-to-luxury and even luxury brands, said one of the persons cited above. The stakes are high for fashion as the segment is turning out to be the fastest-growing segment for online retailers.
Last year, Flipkart acquired Myntra as part of its fashion push. Even Amazon, a relatively late starter in fashion and lifestyle, is making a concerted effort to build its fashion portfolio. It's planning its own line of private labels for apparel and other lifestyle products, making India perhaps the first country in which the US e-commerce giant will do so.
In December, Snapdeal acquired giftrecommendation site Wishpicker for an undisclosed amount as its first buyout after raising money from Softbank. Last year, Flipkart raised $1.9 billion from its investors, valuing the company at $11 billion. Amazon said last year it would invest $2 billion in the India business. On Saturday, ET reported that Snapdeal is in talks with investors to raise another $400 million that would possibly value the company at $5 billion.
Discounts not viable for e-tailers in long run: Report
MUMBAI: E-commerce companies have incurred combined losses of around Rs 1,000 crore due to heavy discounting strategy and this model is not feasible in the long run, a PwC report said.
"Offering lower prices will not be viable in the long term. Despite luring in customers in the initial stages, lower prices won't be able to retain customers in the long run. While the discounting will continue for some more months, e-tailers are thinking beyond discounts to acquire customers and build loyalty," the report said.
The combined losses faced by e-tailing companies as a result of their discounting strategies now stand at almost Rs 1,000 crore, the report said without giving the timeframe for these losses.
Out of a total of 1,005 respondents surveyed as part of the PwC study from India, almost half the respondents said they preffered to shop online due to better deals and discounts offered by these retailers.
"A majority of e-commerce players are start-ups and, therefore, are working towards rapidly scaling up their market share. They have been aggressively planning and implementing discounting strategies, which would make the customer sit up and take notice," it said.
Pointing out that price has emerged as the biggest differentiator driving consumers to shop online or in-store, it said the customer habits have changed, as they are used to dicounts throughout the year.
The PwC report said the 'predatory' pricing strategy of e-commerce companies isn't helping their stand with the premium brands.
It found that with valuations of e-commerce companies skyrocketing, there is increasing pressure from investor firms to cut down on discounts and concentrate on making profits.
"Offering lower prices will not be viable in the long term. Despite luring in customers in the initial stages, lower prices won't be able to retain customers in the long run. While the discounting will continue for some more months, e-tailers are thinking beyond discounts to acquire customers and build loyalty," the report said.
The combined losses faced by e-tailing companies as a result of their discounting strategies now stand at almost Rs 1,000 crore, the report said without giving the timeframe for these losses.
Out of a total of 1,005 respondents surveyed as part of the PwC study from India, almost half the respondents said they preffered to shop online due to better deals and discounts offered by these retailers.
"A majority of e-commerce players are start-ups and, therefore, are working towards rapidly scaling up their market share. They have been aggressively planning and implementing discounting strategies, which would make the customer sit up and take notice," it said.
Pointing out that price has emerged as the biggest differentiator driving consumers to shop online or in-store, it said the customer habits have changed, as they are used to dicounts throughout the year.
The PwC report said the 'predatory' pricing strategy of e-commerce companies isn't helping their stand with the premium brands.
It found that with valuations of e-commerce companies skyrocketing, there is increasing pressure from investor firms to cut down on discounts and concentrate on making profits.
Infosys: Re-skilling, not layoffs will address new challenges
MUMBAI: Even as the furore over layoffs in the IT sector is yet to die down, Infosys has said re-skilling talent is the answer to rapidly changing technologies in the software landscape.
"It is not that there are tens and thousands of people (available) with experience in new technologies. The idea is to re-skill people. If technology changes and people don't have those capabilities, you've to re-skill them and re-orient them," Infosys, chief operating officer, Pravin Rao told on the sidelines of an industry event last week.
He was responding to a question on recent instances of layoffs in the over $100 billion domestic IT industry.
Last month, India's largest software services provider TCS had said only 1,000 jobs have been axed in the country due to non-performance, clarifying that this is a part of normal working and not due to any mass restructuring exercise as being speculated.
The Tata-group company had said it carries out performance reviews every year, which result in this "involuntary attrition" and added that the overall number of 2,574 includes only 1,000 jobs locally.
TCS chief executive N Chandrasekaran had attributed the action to a performance review, where the employees were found to be wanting in skill sets. He had added that all the companies carry out such exercises.
Infosys' Rao said the Bangalore-based company has made 20,000 offers on campuses for hiring freshers in FY16 and will await to see how many of them actually join.
He, however, conceded that going forward the pace of hiring will trail the revenue growth for the industry.
On industry lobby Nasscom's target of a 12-14% growth in exports for FY16, Rao declined to give Infosys' view on the matter saying its too early to comment on it and the company is assessing the landscape by speaking to clients.
He said Infosys continues to be interested in acquisitions and would look for targets in Japan, Nordic countries and Latin America.
"We're very clear what we want to acquire but it takes time," he said.
Infosys welcomes the pro-activeness of the government in launching initiatives like Digital India and will "actively participate" in the opportunities that come about as part of the same.
"It is not that there are tens and thousands of people (available) with experience in new technologies. The idea is to re-skill people. If technology changes and people don't have those capabilities, you've to re-skill them and re-orient them," Infosys, chief operating officer, Pravin Rao told on the sidelines of an industry event last week.
He was responding to a question on recent instances of layoffs in the over $100 billion domestic IT industry.
Last month, India's largest software services provider TCS had said only 1,000 jobs have been axed in the country due to non-performance, clarifying that this is a part of normal working and not due to any mass restructuring exercise as being speculated.
The Tata-group company had said it carries out performance reviews every year, which result in this "involuntary attrition" and added that the overall number of 2,574 includes only 1,000 jobs locally.
TCS chief executive N Chandrasekaran had attributed the action to a performance review, where the employees were found to be wanting in skill sets. He had added that all the companies carry out such exercises.
Infosys' Rao said the Bangalore-based company has made 20,000 offers on campuses for hiring freshers in FY16 and will await to see how many of them actually join.
He, however, conceded that going forward the pace of hiring will trail the revenue growth for the industry.
On industry lobby Nasscom's target of a 12-14% growth in exports for FY16, Rao declined to give Infosys' view on the matter saying its too early to comment on it and the company is assessing the landscape by speaking to clients.
He said Infosys continues to be interested in acquisitions and would look for targets in Japan, Nordic countries and Latin America.
"We're very clear what we want to acquire but it takes time," he said.
Infosys welcomes the pro-activeness of the government in launching initiatives like Digital India and will "actively participate" in the opportunities that come about as part of the same.
Monday, February 16, 2015
PM inaugurates GE’s multi-modal manufacturing facility at Chakan, Pune
New Delhi: PM: World is taking note of India's economic growth; Government is working towards predictability in policies and laws
PM: Global technology and talent of Indian youth can together create a win-win situation
PM: Government working to improve ease of doing business
The Prime Minister, Shri Narendra Modi, today said that the world is taking note of India's GDP growth, which has risen to 7.4 percent - and added that experts are now describing India as the fastest growing economy in the world. He said that he expects this to rise even further, and that the 21st century would be Asia's century, with India playing a key role in it.
Inaugurating GE’s multi-modal manufacturing facility at Chakan, Pune, the Prime Minister said there were immense possibilities for manufacturing in India. He said India's demographic dividend was a magnet to attract investment. He said the Government was working towards creating a skilled talented workforce which would attract the world to India. He said global technology (Vishwa Dhan) and the talent of Indian youth (Yuva Dhan) could together result in a win-win situation for all.
The Prime Minister said the Government was working towards predictability in policies and laws, that would boost confidence of investors.
The Prime Minister said his Government is working towards improving "ease of doing business." He complimented the Maharashtra Chief Minister Shri Devendra Fadnavis for doing a lot to improve ease of doing business, and reducing drastically the number of permissions required for setting up industry. He particularly praised the Chief Minister's initiatives in the hospitality sector.
The Prime Minister congratulated GE for the state of the art manufacturing facility they had set up, and welcomed GE's announcement for further investment. He said this was a big boost to the 'Make in India' initiative.
The Prime Minister said that in India, water, land and sky - jal thal aur nabh - all had great possibilities in manufacturing. He invited GE, which is already present in land and sky, to also invest in water - implying shipbuilding. He invited GE to invest in defence manufacturing, where FDI has been raised to 49 percent.
The Prime Minister said Pune - which was now being called the "Detroit of India" - had immense potential to emerge as a hub of defence production. He also emphasized that the Railway sector could become an engine of economic growth, and offered huge possibilities.
The Governor of Maharashtra Shri Vidyasagar Rao, the Chief Minister of Maharashtra Shri Devendra Fadnavis, and Union Minister Shri Prakash Javadekar were present on the occasion.
PM: Global technology and talent of Indian youth can together create a win-win situation
PM: Government working to improve ease of doing business
The Prime Minister, Shri Narendra Modi, today said that the world is taking note of India's GDP growth, which has risen to 7.4 percent - and added that experts are now describing India as the fastest growing economy in the world. He said that he expects this to rise even further, and that the 21st century would be Asia's century, with India playing a key role in it.
Inaugurating GE’s multi-modal manufacturing facility at Chakan, Pune, the Prime Minister said there were immense possibilities for manufacturing in India. He said India's demographic dividend was a magnet to attract investment. He said the Government was working towards creating a skilled talented workforce which would attract the world to India. He said global technology (Vishwa Dhan) and the talent of Indian youth (Yuva Dhan) could together result in a win-win situation for all.
The Prime Minister said the Government was working towards predictability in policies and laws, that would boost confidence of investors.
The Prime Minister said his Government is working towards improving "ease of doing business." He complimented the Maharashtra Chief Minister Shri Devendra Fadnavis for doing a lot to improve ease of doing business, and reducing drastically the number of permissions required for setting up industry. He particularly praised the Chief Minister's initiatives in the hospitality sector.
The Prime Minister congratulated GE for the state of the art manufacturing facility they had set up, and welcomed GE's announcement for further investment. He said this was a big boost to the 'Make in India' initiative.
The Prime Minister said that in India, water, land and sky - jal thal aur nabh - all had great possibilities in manufacturing. He invited GE, which is already present in land and sky, to also invest in water - implying shipbuilding. He invited GE to invest in defence manufacturing, where FDI has been raised to 49 percent.
The Prime Minister said Pune - which was now being called the "Detroit of India" - had immense potential to emerge as a hub of defence production. He also emphasized that the Railway sector could become an engine of economic growth, and offered huge possibilities.
The Governor of Maharashtra Shri Vidyasagar Rao, the Chief Minister of Maharashtra Shri Devendra Fadnavis, and Union Minister Shri Prakash Javadekar were present on the occasion.
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