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KNOWLEDGE |
| L&T Infotech to set up development centre in Ireland |
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IT services company L&T Infotech plans to set up a new development and maintenance centre in Belfast, Northern Ireland. The company, which has the backing of regional economic development agency Invest Northern Ireland,
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expects to create 85 new jobs in the next one year. "We see tremendous opportunities in providing leading companies in the UK and Europe with our world-class solutions and will be looking to grow our business rapidly in the coming years. This new centre will support both European and other global clients," Mr Sudip Banerjee, Chief Executive Officer, L&T Infotech, said, in a media statement.
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| Cognizant buys London firm for £23 m |
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Cognizant Technology Solutions has acquired The PIPC Group, a global programme management consulting firm based in London for £23 million. With more than 200 professionals worldwide, primarily in the UK, Australia, New Zealand, and the US, PIPC helps companies drive business
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transformation by providing industry-leading programme management services, methods and tools, including its PMO (Project Management Office) core competency and its PhD (Project Health Diagnostic) tool, which has been successfully deployed in over 800 engagements. PIPC will extend and complement Cognizant's existing project management and consulting capabilities and further Cognizant's ability to provide integrated services across consulting, technology, and business process outsourcing.
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| Alstom, Infosys to expand strategic partnership |
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Alstom, a player in energy and rail transport infrastructure, and Infosys Technologies have announced the expansion of their partnership in areas of global research and development, engineering and engineering IT services. This partnership envisages substantial strategic investments over the next five years to develop next generation solutions for the power sector, said a release. Infosys will provide support to Alstom Power's global business units in core business areas including product development, simulation, product lifecycle management, and engineering IT. It will also support Alstom in building knowledge management processes for its design and engineering teams. This engagement builds upon the existing relationship between Alstom and Infosys, which began in 2005 with the
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establishment of the Alstom R&D Center at the Infosys campus in Mysore and now extends to all of Alstom Power's business units. Most recently, an additional Alstom R&D centre has been established at the Infosys campus in Pune.
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| Tieto's new centre in Bangalore |
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Finland-based IT services and consulting company Tieto Corporation has set up a new delivery centre, its third in India, in Bangalore. This will focus on the telecom and media industry. Tieto, which currently has operations through wholly -owned subsidiaries, already has two delivery centres in Pune that specialise in IT project services. It has chalked out an aggressive expansion plan which involves increasing its current strength of around 1,200
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employees to 4,000 over the next two years.
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| Mahindra Satyam BPO renews deal with GlaxoSmithKline |
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Mahindra Satyam BPO has renewed its existing contract with Pharma and healthcare major GlaxoSmithKline (GSK) for five years to provide high end artwork and design services. According to the contract, the Regional Service Centre at
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Mahindra Satyam BPO would provide creative logo, production and promotional graphic artwork services to a global customer base of GSK.
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INVESTMENT AND BUSINESS |
India, European Union push for a free trade agreement |
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With global world trade negotiations stalled, India and the European Union (EU) are pressing to complete a bilateral free-trade agreement in the autumn that is intended to triple their €53 billion (around Rs3 trillion) trade flow within five years. After nine rounds of negotiations, India and Europe are closing in on such a free trade agreement. Both sides are aiming for a framework agreement in time for a Europe-India summit meeting in Brussels, scheduled for October."The willingness is definitely there, and both sides are now putting a lot of effort into completing the work on the remaining issues so that the EU-India summit in the autumn can give the final push for concluding this deal, which we do think is possible," said John Clancy, a trade spokesman for EU.
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Volvo to make India global hub for engines |
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The Sweden-based Volvo Group has decided to develop India as a hub for manufacturing medium-duty engines for trucks and buses through Volvo Eicher Commercial Vehicles (VECV), a 50:50 joint venture between it and Eicher Motors. VECV, operational since July 2008, would invest Rs 2.88 billion to set up a new engine making unit at the company's factory in Pithampur, MP, to manufacture 5-litre and 8-litre engines for medium and heavy
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duty trucks and buses, globally and for India. VECV is already producing 40,000 engines per year at Pithampur. The new unit, expected to be operational in the second half of 2012, would manufacture 85,000 engines a year. Around 55,000 of these would meet Volvo's global requirement for Euro-III and Euro-IV, engines as well as VECV's requirement of Eicher heavy-duty commercial vehicles. The remaining 30,000 base engines would be exported to Venissieux in France from from 2013, to cater to the Group's Euro-V and Euro-VI requirements.
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RSB acquires 70% stake in Belgian engineering firm |
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RSB Transmissions, engaged in manufacturing of automotive, construction and farm equipment, has acquired, through its Netherland based arm RSB Europe BV, 70 per cent stake in the Belgium based construction equipment aggregate manufacturer MSI (Mechanical Supplies International) for an undisclosed sum. RSB currently has 10 manufacturing plants spread over 7 locations in India and the USA . The Belgian company, situated in the city of Tessenderlo, manufactures heavy fabrication aggregates for excavators, off-highway machines and windmills which are similar to the products of RSB manufactured in its Jamshedpur, Dharwad and Chennai plants. Through this acquisition, RSB, which exports substantial heavy fabrications to Europe, can now have a front-end presence in Europe to consolidate and grow its exports. The heavy fabrications which were otherwise logistically impossible to ferry from India to Europe can now be offered by RSB - MSI combine, said the release. RSB-MSI association will also leverage each other's capabilities and add new customers to their respective businesses both in the European and India geography.
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Cognizant acquires Paris-based co |
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Cognizant Technology Solutions, a provider of information technology, consulting, and business process outsourcing services, has acquired Galileo Performance, a Paris-based provider of IT testing consulting services. The terms of the transaction were not disclosed.
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Industry research firm IDC forecasts a five-year CAGR of 19 per cent for discrete global testing services, reaching an estimated $17.7 billion by 2013. Galileo, which has a team of 29 professionals, helps leading companies in France 'optimise and extend business performance' through IT system measurement, management and testing. It will expand and complement Cognizant's global testing practice, which has more than 10,000 testing professionals, while strengthening its existing business presence in France, a press release said.
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Rabobank Sells 11% Stake in Yes Bank for $213 Million |
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Rabobank Groep sold an 11 percent stake in India's Yes Bank Ltd. for about 9.81 billion rupees ($213 million) to meet regulatory requirements as it seeks a full banking license in the South Asian nation.
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Rabobank sold about 37.3 million shares for 263 rupees each, according to Bloomberg data. That's at the lower range of its offer to sell the stake for as much as 270 rupees, a sale document obtained by Bloomberg News showed. Citigroup Inc. managed the transaction. Rabobank aims to set up its own banking unit in India following 12 years of operations in Asia's third-largest economy. Shares of Yes Bank have more than doubled since a lock-up period for 40 million shares bought by the Dutch lender before the 2005 IPO expired in May 2009, according to the prospectus. Rabobank plans to keep a 4.9 percent stake in the bank, it said today. The Dutch company was Yes Bank's largest stakeholder, with 54 million shares, or a 15.9 percent stake, as of March 31.
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BHEL to Strengthen Business Relationship with Alstom |
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The issue of increasing co-operation to new areas of power and transportation sector were discussed during the meeting held at Paris recently between Sh. Vilasrao Deshmukh,Union Minister of Heavy Industries & Public Enterprises and Mr. Patrick Kron, President and Chief Executive Officer of Alstom SA. BHEL has an ongoing
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Technology Transfer Agreement with Alstom for design and manufacture of large-size Supercritical Once-Through Boilers. The agreement has enabled BHEL to gain access to Supercritical Technology, hitherto the domain of leading players, thereby enabling it to enlarge its product range. The Agreement includes transfer of state-of-the-art technology to BHEL for any size of Once-Through Boilers and associated Coal Pulverisers. During the period of the Agreement, Alstom will provide training to BHEL engineers as well as support in the design, engineering, manufacture, assembly, testing, erection, commissioning, repair, retrofit and upgradation of the boilers.
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BNP Paribas exits joint venture |
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France's BNP Paribas has exited its mutual fund venture with Sundaram Finance and will focus on Fortis MF. The board of Sundaram Finance has approved the decision to acquire 49.9% stake help by BNP in BNP Paribas Asset Management (BNP PAM), in both Sundaram BNP Paribas Asset Management Company and Sundaram BNP Paribas Trustee Company for an undisclosed sum. The deal is expected to be completed within the next three to four months. Earlier this year, market regulator Sebi asked BNP Paribas to limit its exposure to the Indian mutual fund industry through a single entity. BNP Paribas had bought a stake in Sundaram Finance's mutual fund business in 2005. But, last year, Fortis Mutual Fund came under the French bank's control after it acquired Belgium-based Fortis Bank's various international operations, including the Indian mutual fund business.
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Brussels looks to use new powers to protect EU investment abroad |
The European Union's executive has set out how it wants to use the bloc's combined clout to protect its investors abroad, as officials looked for ways to use new powers. Traditionally, the European Commission's role in foreign investment negotiations has been limited to pushing for liberalisation during trade talks. It was up to member states to hold talks on protecting their investors in third countries. However, the EU's Lisbon Treaty, which came into force on December 1, allows the commission to negotiate on behalf of all 27 EU states on issues of investment protection as well. That "will enable the EU to enlarge, better define and protect the competitive space that is available to all EU investors," the commission said in a public briefing paper.
The "best prospect" of doing so in the immediate future would be to bring questions of investor protection into ongoing free-trade talks with states and blocs such as Canada, India, Mercosur and Singapore, commission spokesman John Clancy said.
According to commission figures, EU investment outside the bloc totalled 3.3 trillion euros (4.2 trillion dollars) in 2008, while foreign investment into the EU totalled 2.4 trillion euros. But those investments were largely protected by bilateral deals, known as BITs, between individual EU states and their foreign partners. The commission estimates that EU states have negotiated some 1,200 BITs.
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India-EU trade deal likely by year-end |
Following an informal dialogue on the India-European Union free trade agreement (FTA) in July , both sides are confident that the pact will be finalised by the end of the year. Along with meeting the EU's target date, the bloc of nations will push to establish a civil society advisory group to monitor the impact of the FTA from both sides, upon completion of the FTA. "The body would include third-party, non-state players who have a vested interest in the relationship or represent those with interests in promoting India-EU trade," said a ministry of commerce official under a condition of anonymity. "We should support it because we will get good feedback from those non-state sources." The EU established a similar post-FTA body with South Korea when the two sides hashed out an FTA
Culmination of the pact will mark the breaking of a political deadlock over the inclusion of India's social and environmental policies within the trade agreement. "Those issues will not be included now, they know that," said the source. Resolutions to some of the most contentious deliberations come hand-in-hand with a verbal agreement between the two sides which nearly puts to rest the prospects of a dispute settlement before World Trade Organization court. The ministry of commerce had commenced the process earlier this year by seeking consultation after Dutch customs illegally seized generic pharmaceuticals en route from India to Brazil. "It is all but resolved," said commerce joint secretary Amarendra Khatua said .
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Titagarh Wagons buys French firm |
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Titagarh Wagons Ltd will invest €15 million to buy French rail wagon maker IGF Industries-Arbel Fauvet Rail (AFR), its first overseas buy as it looks to tap new markets. The deal will give Titagarh an additional capacity of up to 5,000 wagons a year and help the Indian wagon maker tap the European as well as global markets, it said. AFR is based in Douai, in northern France, and designs and makes tank cars, containers, bogies and wagons. "AFR has large number of patented designs of specialised wagons which will help the group gain a leadership position in India," Titagarh chairman J P Chowdhary said in the statement.
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TOURISM |
Spain tourism office in Mumbai |
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In the face of growing visitors from India, Spain is setting up its tourism office in Mumbai next month, said Mr Antonio Bullon, Consul General of Spain in Mumbai. He added that with a growing number of people from India visiting Spain, local tour operators were beginning to include Spain as a destination on the European tourism circuit.
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Making Europe a destination for Indian workers |
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The problem of illegal migration, especially to the Gulf, is a priority for Overseas Indian Affairs Minister Vayalar Ravi. He is also focussing on making Europe a destination for Indian workers.A key initiative of his six-year-old ministry was the creation of the Indian Council for Overseas Employment to facilitate Indians' employment in Europe. ."Essentially, we are creating a new destination in Europe for our workers - for qualified, semi-skilled or skilled workers," Ravi said in an interview to the ministry's monthly journal Pravasi Bharatiya. Ravi said India has signed agreements in this regard with several European countries besides having bilateral pacts with Germany, Czech Republic and the Netherlands.
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Nod for Rs 460 million tourism projects |
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The Kerala Tourism Department has accorded administrative sanction for 57 budgeted projects costing Rs 460 million . The projects include the development of a tourism centre at Kallar in Idukki district at a cost of Rs 10 million . A tourism park focusing on non-conventional energy is being set up at Ramakalmedu in the district. Development of the first phase of a transit yard near the hill shrine of Sabarimala and the area adjoining the Mannom Sugar Mill as prospective tourism spots have also been sanctioned.
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Tourist arrivals perk up in first six months |
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Foreign tourist arrivals between January-June 2010 were 2.632 million compared to 2.376 million in the same period in 2009. In fact, tourist arrivals have seen a major jump from 2008 that registered a negative growth of 9%. According to data collated by the tourism ministry, foreign exchange earned by India increased by 28.1% in June 2010 over June 2009. Foreign exchange earnings during January-June 2010 were $6,842 million with a growth rate of 36.6% compared to $5,007 million in 2009. Foreign tourist arrivals in India during June 2010 were 0.37 million compared to 0. 342 million during June 2009 and 0.342 million in June 2008. Forex earned in June 2010 was $1,020 million compared to $796 million in 2009.
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EIH head says no plans to sell stake at the moment |
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Hotel chain operator EIH Ltd Chairman PRS Oberoi has said that there were no immediate plans to sell stake in the firm. Last year Oberoi had said the EIH founding family was in talks to sell a part of its stake to Analjit Singh, who controls healthcare services and insurance firm Max India. Besides, Indian cigarettes-to-hotel group ITC, which holds nearly 15 per cent in EIH, has been reportedly open to raising its holding in it. The founding family of EIH, which runs the Oberoi and Trident chain of hotels, owns 46.4 per cent. Oberoi, however, said he was concerned the European crisis could affect Indian tourism. "European crisis seems to be quite severe. A lot of our guests come from Europe. I'm little concerned, this may affect some of the people who want to visit India. I hope not too much," he told reporters. In FY10, the firm posted a 61 per cent fall in consolidated net profit to 663.1 million rupees on net sales of 8.45 billion rupees.
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EXCELLENCE IN URBAN DEVELOPMENT |
EU to help India draw up waste management policy |
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The European Union (EU) is providing technical expertise to the Government as it drafts a policy framework for waste management, said Ms Daniele Smadja, Ambassador and Head of the Delegation of the European Union in India, while addressing a two-day FICCI Environment Conclave 2010. She said that the cooperation in the waste management project has a key component on e-waste management for policy development and remedial measures for contaminated sites. This would be done through a suitable adaptation of the EU policy and regulations to the Indian situation. In this connection, a study tour by officials to Europe was also proposed.
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DDA seeks Spanish help to redevelop city plazas |
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The Delhi Development Authority is planning to tie up with the government of Barcelona to help the former renovate public places in Delhi, starting with the Nehru Place plaza. A senior DDA official said, "The mayor of Barcelona had come to Delhi some time ago and met the lieutenant governor, Tejender Khanna. Discussions between the two led to the idea of roping in the Barcelona authorities for re-designing of public spaces in the capital, especially along the lines of this Spanish city." Sources in DDA say the plan is to use the expertise from Barcelona in designing public places while DDA will implement these plans. The land agency has already identified eight public places, including Nehru Place plaza, parts of the Walled City and some residential places like sector 6 in Dwarka, for redevelopment. Sources say that the redesigning will be handled by a firm chosen by the Barcelona government, which is involved in renovation work in Spain. The memorandum of co-operation is expected to be signed soon between the DDA and the firm. The renovation is being taken up under the newly formed international co-operation division of the DDA. The division, which was formed in February this year, has been looking at projects with a focus on inner city development. The international co-operation division was created to adopt best practices in urban development in the context of Delhi.
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World bank extends loan to suburban railway project |
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The World Bank has approved $430 million to finance the Mumbai Urban Transport Project 2A to further improve the suburban railway system in the Mumbai Metropolitan Region - one
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of the world's largest urban center with a population of 18 million in 2001. The project aims to add more vehicle capacity during peak hours, reduce peak hour overcrowding, shorten journey times, improve operational efficiency - namely through reduction in energy consumption, and strengthen institutional capacity. As many as 720 train cars will be added in the system. The project will also expand maintenance facilities, provide additional stabling lines, and complete the conversion from 1500V DC to 25KV AC traction of the remaining sections of Central Railway in the Mumbai Metropolitan Region.
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AP project to hone skills of staff in urban local bodies |
As a part of the World Bank's efforts to build capacity, improve manpower skills in urban management, the Andhra Pradesh Government, in association with the World Bank, is in the process of finalising plans for establishing National Institute of Urban Management (NIUM) conceived to serve as a centre of excellence for skilled professionals and managers in urban local bodies . This is part of the $350-million Andhra Pradesh Municipal Development Project (APMDP), funded by the World Bank. The project mandate is to improve urban water supply systems, sanitation and sewerage systems across select urban locations in the State.
Speaking at the inaugural session of the APMDP workshop , Mr T.S. Appa Rao, Principal Secretary, Municipal Administration and Urban Development (MA&UD) said that the Central Government has identified Andhra Pradesh as a model state for urban sector reforms. The focus of this initiative is on improving urban infrastructure and support facilities in the municipalities. Thereafter, efforts would be made to replicate the model in other States
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Jamshedpur ranked high |
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Jamshedpur has been ranked seventh in the list of 441 cities and towns on sanitation and cleanliness, according to a release issued by Jusco, the Tata vehicle engaged in improvement of urban amenities in Jamshedpur and other places. Releasing the rating on Wednesday, the Union Urban Development Minister, Mr Jaipal Reddy, said that the exercise on rating initiated in 2009 was part of the National Urban Sanitation Policy to make the country's cities and towns totally sanitised, healthy and liveable, the release added.
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World bank approves loan for dam project |
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The Bank's Board also approved $350 million to finance the Dam Rehabilitation and Improvement Project which aims to improve the safety and sustainable performance of over 220 selected dams in India. The project will help rehabilitate and modernize over 220 large dams
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in the states of Kerala, Madhya Pradesh, Orissa, and Tamil Nadu. In addition, the Project also aims to strengthen the institutional, legal and technical framework for dam safety assurance within the Government of India and in the participating states.
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Lavasa, Cisco, Wipro together in MyCity Tech |
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Lavasa Corporation, Cisco and Wipro have signed definitive agreements for Cisco to participate in MyCity Technology Ltd, the corporation set up by Lavasa and Wipro last year provide ICT services in the new development of Lavasa City. The strategic collaboration between the three companies to build a next generation intelligent sustainable community
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is based on a shared vision of sustainable urbanisation, Cisco's Smart+ Connected communities initiative and Wipro's ICT solutions and services. By planning, implementing and managing information and communication technology (ICT) services across Lavasa City, MyCity Technology intends to make Lavasa the most technologically advanced city in the world.
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JNNURM to be renewed: Minister |
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Union Urban Development Minister S Jaipal Reddy has made it clear the Centre's flagship programme of Jawaharlal Nehru National Urban Renewal Mission' (JNNURM) would be renewed this year and more funds allocated for the programme.He said the JNNURM Scheme was a seven-year programme ending in 2012.
But the Centre wanted to renew the prestigious programme for another five years and would figure in the 12th Five Year Plan. He explained under the JNNURM, a whopping Rs 1120 billion had been allocated for various works. However, 80 per cent of funds were being spent on providing basic amenities like providing drainage, drinking water and construction of houses to the poor in urban areas.
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Centre considering inclusion of 28 cities in JNNURM |
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The central government will consider including 28 new cities in the Jawaharlal Nehru National Urban Renewal Mission, a city modernisation scheme of the Centre, Urban Development Minister S Jaipal Reddy has said. These cities, including Hubli in Karnataka, have a population of 500,000-plus as per the 2001 census. Currently, 65 cities are covered under the JNNURM which was launched in 2005 by Prime Minister Manmohan Singh to improve the quality of life and infrastructure in the cities. Reddy said the number of people living in urban areas is expected to go up to 800 million in India in the next 25 years from the present 300 million.
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