Invest Now Newsletter
India Brand Equity Foundation CCVI December 31, 2012
In This Issue
- Policy / Corporate Briefs
- Conversations on Brand India
- Focus (Pharmaceuticals)
- Focus (Power)
- Interview
Indian Prime Minister Dr Manmohan Singh highlighted the necessity for tough reform measures at the recently convened National Development Council (NDC) meeting. In order to ensure a strong and consistent growth of the Indian economy, a phased reduction in energy subsidies and an early implementation of the Goods and Services Tax has been proposed. The Government, committed to ensuring a strong consistent growth for the Indian economy, has taken a realistic stance considering the global economic scenario by putting the average 12th Plan gross domestic product (GDP) growth target at eight per cent.

Continuing with its reform measures, the Government has increased the ceiling for foreign direct investment (FDI) in asset reconstruction companies (ARCs) to 74 per cent from 49 per cent. The revised limit in ARCs will be the combined limit of FDI and foreign institutional investors (FII).

The Foreign Investment Promotion Board (FIPB) also approved 12 foreign direct investment (FDI) proposals worth Rs 802 crore (US$ 146 million). Among the key proposals that received the Government's green signal is the Rs 300 crore (US$ 54.7 million) bid by Ratnakar Bank for foreign equity infusion.

With strong policy initiatives, series of reforms, and measures that might be a little painful in the short-term such as phased reduction in energy subsidies and an early implementation of the Goods and Services Tax, the Government is making a strong endeavour to take the country to a path of strong and consistent economic growth.

I take this opportunity to extend warm greetings to you for the New Year.


Aparna Dutt Sharma
CEO
India Brand Equity Foundation

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POLICY / CORPORATE BRIEFS
Govt proposes tough reforms to ensure consistent growth
New Delhi: India's Prime Minister Manmohan Singh has pitched for difficult reform measures at the recently convened National Development Council (NDC) meeting. In order to ensure a strong and consistent growth of the Indian economy, a phased reduction in energy subsidies and an early implementation of the Goods and Services Tax has been proposed.
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Ceiling for FDI in ARCs raised to 74% from 49%
New Delhi: The Government has increased the ceiling for foreign direct investment (FDI) in asset reconstruction companies (ARCs) to 74 per cent from 49 per cent. The revised limit in ARCs will be the combined limit of FDI and foreign institutional investors (FII).
Read more >>
Nod for 12 foreign investment plans of Rs 800 cr
New Delhi: The Foreign Investment Promotion Board (FIPB) has approved 12 foreign direct investment (FDI) proposals worth Rs 802 crore (US$ 146.40 million). Among the key proposals that received the Government's green signal is the Rs 300 crore (US$ 54.67 million) bid by Ratnakar Bank for foreign equity infusion.
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India-Asean Trade to Reach $100 Billion Mark by 2015, Says Anand Sharma
New Delhi: The two-way trade between India and the ASEAN countries is expected to reach US$ 100 billion mark by 2015, according to Mr Anand Sharma, Union Minister for Commerce, Industry and Textiles, Government of India.
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Temasek to put in Rs 572 cr for second Godrej investment
Mumbai: Singapore Government owned sovereign fund Temasek has entered into an agreement to acquire a 19.99 per cent stake in Godrej Agrovet Limited (GAVL), a subsidiary of Godrej Industries Limited (GIL), for Rs 572 crore (US$ 104.37 million).
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Tesco sets up sourcing arm to buy food from India
Mumbai: Tesco Plc has set up an Indian subsidiary to buy fresh and processed foods from the country for its global stores, a move that is expected to help the retailer cut down costs and develop local expertise before entering the Indian retail industry.
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Fulcrum setting up new centre in Pune
Pune: US-based Fulcrum Worldwide is setting up a new software delivery and operations centre at Hinjewadi Phase III in January 2013. "The new centre will have a capacity of 2,000 people. We have planned an investment of $30 million over the next five years," said Mr Rajesh Sinha, CEO, Fulcrum Worldwide.
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Eight Indians among top 100 CEOs, ITC chief ranked 7th
Kolkata: In another sign of rising Indian dominance in the global business arena, eight corporate leaders from the country have made it to the list of the world's best chief executive officers. ITC Chairman Mr Y C Deveshwar has been ranked seventh in the list.
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CONVERSATIONS ON BRAND INDIA
"Whilst readerís affinity in India is increasing towards the digital medium as well, the huge market size offers ample opportunities for both the media channels to coexist."

Aparna Dutt Sharma
Chief Executive Officer
India Brand Equity Foundation
In fine print

In fine print
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FOCUS (PHARMACEUTICALS)
Glenmark Pharma in $9-m tie-up with Forest Lab for inflammation remedy
Mumbai: Glenmark Pharmaceuticals S.A (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals, has entered into an agreement with Forest Laboratories, Inc. to collaborate on the development of inhibitors to treat chronic inflammatory conditions, including pain.
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Aurobindo gets US nod for cancer-related drug
Hyderabad: Aurobindo Pharma Ltd has received final approvals from the US Food and Drug Administration (USFDA) to manufacture and market Ondansetron Injection and Ondansetron Injection. They would be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC, and are ready for launch.
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FOCUS (POWER)
Cabinet nod for two key power sector proposals
Patna: The State Cabinet has given its approval for the creation of Bihar Grid Company Ltd for which an agreement would be signed between the Bihar State Power (Holding) Company Ltd or its associate company and Power Grid Corporation of India Ltd (PGCIL), in a bid to strengthen the power transmission system in the State.
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Essar Power commissions 600 MW unit at Mahan project
Mumbai: Essar Power has commissioned the first phase of 600 megawatt (MW), of its 1,200 MW Mahan power project. The plant was synchronised with the grid and has commenced generating power. It will be Essar's eighth operational power plant, with 3,910 MW of generation capacity.
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INTERVIEW
John L Flannery, President & CEO, GE India, on his strong faith in the Indian market
"... the Indian manufacturing story is far more robust than what many believe...When we put in place a (country-specific) P&L structure, India suddenly became a very important geography. We have done better in three years after the change than three years before it. The average orders are 50 per cent higher...

Over the last three years, we have doubled our sales team (around 2,000 now). Three years ago, 40 per cent of people servicing the energy business were from India, the rest flew in from the US and Europe. Now around 80-85 per cent is local. The commercial side of business has seen massive increase in headcount in the last three years "
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Tomas Ernberg, Managing Director, Volvo Auto India, on India going to be one of the biggest markets for the company
"We have sold 820 cars in India this year, against a target of 800. This is up by 150 per cent from last year's 320 cars. For next year, we are looking at growing by 50 per cent, and the long-term target is to sell 20,000 cars (a year) in India.

The luxury car market in India is around one per cent of overall industry volume. Around four to five years earlier, it was around 0.1 per cent. By 2020, we estimate the luxury car segment to be around three per cent of the overall passenger car market in the country. So, there is huge opportunity for growth. India is going to be one of the biggest markets for us, worldwide. It would be bigger than many European markets"
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