| POLICY WATCH |
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New FDI policy spells relief for private equity industry
| The foreign direct investment (FDI) policy unveiled by the Department of Industrial Policy and Promotion (DIPP) has brought clarity on convertible instrument prices. Companies would now have the option of prescribing a conversion formula, instead of specifying the price of convertible instruments. |
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Foreign firms in JVs get full freedom
| The government has eased norms for investments by foreign companies that are present in India through a joint venture (JV) or a technical collaboration. The foreign company, now, will not have to seek a no-objection certificate from the Indian partner for investing in the sector where the joint venture operates. This will increase FDI inflows, according to experts and analysts. |
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Service tax on forex transactions capped at Rs 5,000
| The government has said that service tax on foreign exchange transactions would be capped at Rs 5,000 (US$ 112.34). Tax for foreign exchange transactions will be calculated at 0.1 per cent of the gross amount of currency exchanged for up to Rs 1,00,000 (US$ 2,246), with the minimum tax being Rs 25 (US$ 0.56). |
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| PEOPLE |
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Indian-American elected to key research post
| Nitin Kotak, an Indian-American, has been elected as the vice president and chief financial officer of Howard Hughes Medical Institute (HHMI). HHMI, a US non-profit medical research organisation, is engaged in advancing scientific research and education in the US. |
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Obama names two more Indian-Americans to key posts in his administration
| Two more Indian-Americans have been appointed to key posts in his administration by President Barack Obama. Deepa Gupta has been named as a member of National Council on the Arts, and Nisha Desai Biswal, who is presently the Assistant Administrator for Asia at the US Agency for International Development (USAID), will, in addition, serve on the Congressional-Executive Commission on China. |
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Five Indian-Americans get Paul and Daisy Soros Fellowships
| Five Indian-American students have got the Paul and Daisy Soros Fellowships for 2011. The Fellowships are worth US$ 90,000 and are for over two years for New Americans. |
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| ECONOMY AND ENTERPRISE |
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Mobile VAS to clock Rs 55,000 cr in sales by 2015
| Mobile value-added services (MVAS) will generate Rs 55,000 crore (US$ 12.35 billion) in sales by 2015, more than double the Rs 18,000 crore (US$ 4.04 billion) figure currently, according to consulting firm PricewaterhouseCoopers. |
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TCS, Cognizant, Infosys, Wipro and HCL Technologies on hiring overdrive
| India's top 5 IT majors - Tata Consultancy Services (TCS), Cognizant, Infosys, Wipro and HCL Technologies, together clocked an impressive figure of 1,14,038 net additions in terms of headcount, during the quarter ended March 31, 2010 to the one ended December 31, 2010. |
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Exim Bank signs line of credit agreements with Mozambique and Tanzania
| Exim Bank of India has signed two separate line of credit (LOC) agreements with Tanzania and Mozambique in order to further strengthen the financial linkages with the two African countries. Under the agreements, Exim Bank is providing LOC of US$ 36.5 million to Tanzania and US$ 20 million to Mozambique. |
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India offers a huge business potential, says Buffett
| Warren E. Buffett, Chairman, Berkshire Hathaway, on his first visit to India, said that, "India is a very big country with large number of very significant businesses. There should be all kinds of opportunities for many of the Berkshire companies to participate in India." |
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Dr Reddy's closes GSK deal
| Dr Reddy's has announced the closure of the deal under which it acquired GlaxoSmithKline's oral penicillin facility in the US. According to the agreement signed between the companies, Dr Reddy's will get the ownership of the penicillin manufacturing facility in Bristol (US) and rights for blockbuster drugs Augmentin and Amoxil brands in the US market. |
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Global offers on the rise at IIM-Ahmedabad placements
| The final placements season at the Indian Institute of Management, Ahmedabad (IIM-A) has seen higher number of international offers for the flagship post graduate programme (PGP) this year. The institute has seen a rising number of offers from investment banks, global strategy consulting and private equity firms. |
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Gold demand in India to rise 33% by 2020: WGC
| Gold demand in India will continue to be strong in the next decade. The cumulative annual demand will be in excess of 1,200 tonnes by 2020, valued at about Rs 2,50,000 crore (US$ 56.18 billion) at current price levels, registering a growth of 33 per cent. |
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Electronics, IT sector to need 3.2 million workforce by 2022: NSDC
| The National Skill Development Corporation (NSDC) has estimated that the electronics and IT hardware industry will require an additional 3-3.2 million skilled employees till 2022, with 70 per cent of them to be absorbed into manufacturing and servicing support. |
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Infosys Technologies to deepen Africa presence
| Infosys Technologies is planning for a long-term IT services play in the African continent. The company's CFO V Balakrishnan said that the company is now looking at a broader play in the continent as they see greater potential demand for IT services there. |
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Bhilai Steel Plant (BSP), the flagship entity of the Steel Authority of India Limited (SAIL), has secured a fresh order of exporting rails to Sri Lanka. The order of about 14,000 tonnes is for the UIC-60 grade of rails.
Significantly, Orissa, through its nodal agency for land acquisition, Industrial Infrastructure Development Corporation of Orissa Ltd (Idco), has allotted 20684.06 acres of land to steel companies that have signed memorandum of understanding (MoU) with the state.
Further, Sesa Goa, a Vedanta Group company, has acquired the assets of Bellary Steel and Alloys (BSAL) for Rs 220 crore (US$ 49.43 million) in a competitive bidding process. The all-cash deal will mark the country's largest iron ore producer and exporter's entry into the steel industry. |
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"India is a fantastic resource for Dell's global growth"
Michael Saul
Chairman of the Board of Directors and
Chief Executive Officer
Dell |
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FACT OF THE WEEK |
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| Indicon Logistics has set up a state-of-the-art manufacturing facility in Ranchi, Jharkhand at an estimated cost of Rs 40 crore (US$ 8.99 million). This facility is a first of its kind, and is India's largest container manufacturing unit in terms of installed capacity. |
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India entered top 10 Clean Energy Investment list for first time
| India continued its ascent as a top destination for clean energy investment, according to a new research released by The Pew Charitable Trusts. In 2010, the country attracted US$ 4 billion in private investments, ranking 10th among the G-20 countries. It also ranked 10th for five-year growth rates for renewable energy capacity and seventh worldwide in the amount of installed capacity. |
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Firms warm up to geothermal energy
| With the government readying a policy on geothermal energy, private companies in the country are betting high on one of the cleanest sources of power. In India, companies planning to use heat from the earth's inner layers to produce electricity include Tata Power, Thermax and GeoSyndicate. Depending on the geology and the location, the cost will range be US$ 3-4 million per MW, according to experts. |
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Finnish cleantech firms look for opportunities in India
| Finnish cleantech companies are looking at strengthening their existing ties with Indian companies in the renewable energy sector in India especially in energy efficiency, water treatment and bio-energy. |
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