IndUS Business Journal

NHRC notice to Mumbai police over brutality with Canadian businessman

Mar 8, 2016 0

New Delhi–The National Human Rights Commission has issued notice to Mumbai police and two lawyers following a complaint from a Canadian businessman alleging harassment by police personnel, including two senior officers of the department who allegedly acted on the directions of a local businessman.

Confirming the news, the commission said on Tuesday that Alnoor Jamal, a Canadian senior citizen of Indian origin, had a dispute with a local businessman named Shobhit Rajan in respect of the Parke Davis property — now called Rajaskaran Tech Park in the city.

The complainant, in his petition to the NHRC, has stated that on the instructions of Rajan, Mumbai police officer of Khar and Marine Drive police stations, along with Rajan’s two lawyers, raided Jamal’s hotel room in South Mumbai. The incident happened on August 29, 2013.

Jamal had earlier petitioned the PMO which had referred the matter to the Maharashtra government for inquiry.

The complainant, in his petition, has also stated that the police personnel and the lawyers threatened him and his wife, coaxed them to settle the dispute with Rajan on the latter’s terms or face immediate arrest.

According to NHRC, notice was issued last week to Mumbai police and the two lawyers with a demand that they respond within four weeks.(IANS)

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Five Syndicate Bank officials booked in Rs.1,000 crore scam

Mar 8, 2016 0

New Delhi– The CBI on Tuesday registered a case against five Syndicate Bank officials, a CA, three private people and others on charges of causing a loss of Rs.1,000 crore to the bank by discounting of fake cheques and bills against fake insurance policies and overdraft limits against non-existent policies.

The bank officials have been identified as New Delhi branch’s then general manager Satish Kumar Goel, Jaipur regional office deputy general manager Sanjeev Kumar, Jaipur branch chief manager Deshraj Meena and assistant general managers of Malviya Nagar branch in New Delhi and Jaipur branch Adarsh Manchanda and Awdhesh Tiwari respectively.

Sources said that the fraud was unearthed recently and a Central Bureau of Investigation complaint was made after the suspension of the bank officials.

Goel was recently transferred to the Syndicate Bank’s New Delhi Branch.

The other accused have been identified as chartered accountant Bharat Bamb, a resident of Udaipur, and three Jaipur residents identified as Shankar Khandelwal, Piyush Jain and Vineet Jain.

All of them have been booked by the CBI under charges of criminal conspiracy, using a forged document as genuine, cheating and forgery of Indian Penal Code (IPC) and sections of Prevention of Corruption Act.

“It was alleged that the accused persons in connivance with the bank officials committed a fraud of Rs. 1,000 crore by resorting to discounting of fake cheques and fake inland bills against fake LICs and arranging over-draft limit against non-existent LIC policies,” said CBI spokesperson Devpreet Singh.

He said that the fraud was allegedly committed at Jaipur and Udaipur branch in Rajasthan and Malviya Nagar branch in Delhi.

“It was further alleged that the bank officials of the two branches were colluded with private persons in the crime since 2011. The amount involved in individual transactions ranged from Rs. 40 lakh to Rs.5 crore but majority of them were in the range of Rs.2.5-4 crore,” the official said.

To avoid detection, many of these transactions were nullified from the proceeds of new fraudulent transactions, he added.

“Searches are being conducted at 10 locations including Jaipur, Udaipur and New Delhi which led to recovery of incriminating documents,” the official added.

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Second Haryana investor summit in 2018

Mar 8, 2016 0

Gurgaon–Buoyed by success of the first-ever ‘Happening Haryana Global Investors’ Summit’, Chief Minister Manohar Lal Khattar said on Tuesday that its second edition would be held some time in 2018.

Manohar Lal Khattar

Manohar Lal Khattar

The success of the summit is measured by the fact that against the target of Rs.1 lakh crore, the state government has signed 357 MoUs for a total potential investment of Rs.5.84 lakh crore which is 500 times more than expectations, he said in his address at the valedictory session of the summit.

It is a matter of great satisfaction that 39 of the total MoUs involving investment of Rs. 1.28 lakh crore are for the districts not falling in the national capital region, he said, adding 10 percent of the MoUs are with MNCs and 26 percent are in the MSME sector.

“The Summit has been a great success. It has given the most tangible proof of the faith and confidence industry and investors have in Haryana’s Enterprises Promotion Policy. The steps taken by the government to usher in a new era of balanced regional growth have met recognition from investors,” said Khattar.

He assured that all necessary clearances would be granted within 30 days from the date of application.

Referring to the target fixed for attracting investment, the chief minister said that the positive response Haryana attracted from investors during his visits to US and Canada encouraged him to organise the Summit and that he was surprised to learn from officers that Haryana never held such an event.

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PGIM Completes Acquisition of Deutsche Bank’s Asset Management Business in India

Mar 8, 2016 0

NEWARK, N.J.–PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE:PRU), has completed its previously announced acquisition of Deutsche Bank’s Indian asset management business through its Mumbai-based affiliate. With $963 billion in assets under management as of Dec. 31, 2015, PGIM ranks among the world’s largest investment management companies.

In August 2015 PGIM announced it had reached a definitive agreement to acquire an indirect ownership interest in Deutsche Bank’s Indian asset management business through its affiliate in India, DHFL Pramerica Asset Managers.

“This acquisition underscores our commitment to serving clients in key strategic markets,” said David Hunt, CEO of PGIM. “Across our multi-manager platform, we are committed to delivering the highest standards of investment expertise and advice to our clients in India and globally.”

Glen Baptist, CEO of PGIM’s International Investments business added, “Deutsche Bank’s highly respected asset management leadership team and its deep relationships with institutional clients and distribution partners complement the strong team we already have in place and positions us to build an industry leading asset manager in India.”

With approximately $4 billion in combined assets under management as of March 4, 2016, the acquisition significantly expands PGIM’s product portfolio, distribution platform and client services in India.

DHFL Pramerica Asset Managers is a 50:50 joint venture between Prudential Financial, Inc., and Dewan Housing Finance Corporation Limited. DHFL Pramerica Asset Managers began its joint venture partnership in India in August 2015.

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Airbus plans $2 billion cumulative procurement from India in five years

Mar 8, 2016 0

Bengaluru– Global aerospace major Airbus Group plans to procure components and sub-systems worth $2 billion cumulatively for a period of five years till 2020 for its civil and defence projects — up from $500 million in 2015, the European consortium said on Monday.

“We have set our sight to exceed $2 billion in cumulative procurement annually by 2020 from over $500 million worth aerospace goods in 2015 for civil and defence projects,” the Indian arm of Airbus said in a statement here.

Procurement value increased 15 percent in 2015 over that of 2014.

About 6,000 skilled people at 45 state-run and private suppliers side across the country provide engineering and IT services, aero-structures, detail parts and systems, materials and cabins to the group for many of its leading platforms, including A380, A350 XWB, A320 family, A330, C295W, A400M, Eurofighter, Tiger and NH90.

Claiming that every Airbus commercial aircraft was partly ‘made in India’, Airbus chief procurement officer Klaus Richter said Indian suppliers were a cornerstone of its globalisation strategy.

“As many projects with our Indian partners have been successful, we aim to strengthen these relationships in the future,” Richter said on the occasion.

According to Airbus Group India president and managing director Pierre de Bausset, the company is ready to set up system integration and final assembly lines if its proposal of producing C295W military transporters in India with Tata and military helicopters with Mahindra fructify.

Further elaborating on its Indian procurement collaborations, Airbus said Hindustan Aeronautics Limited (HAL) manufactures half of A320 family forward passenger doors while Dynamite Technologies makes flap track beams.

Mahindra Aerospace has a contract with Airbus Group company Premium Aerotec to supply more than one million aero-components per annum while Wipro received technology transfer to produce 8,000 aerospace actuators per year.

“Infosys provides SAP development and maintenance services while Geometric supports on product life-cycle management (PLM) applications and CAD services. Tech Mahindra provides consulting services on Quality and Business Support,” said the statement.

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Women accounting for 99 percent of microfinance borrowers in India

Mar 8, 2016 0

New Delhi–With women accounting for 99 percent of microfinance borrowers in India, a major change occurring in the financial system is the greater responsiveness of formal banking sector to articulated needs of the population, the government said on Tuesday.

“The culture is changing in India … there is a greater responsiveness to the articulated needs of the people,” Financial Services Secretary Anjuly Chib Duggal said while addressing the South Asia conclave on Financial Inclusion here, organised by the Microfinance Institutions Network (MFIN).

Noting that the recent banking licences granted by the Reserve Bank of India to Bandhan Bank and other small financial institutions, Duggal outlined the future scenario for last-mile reach of finance to the needy.

“We’re looking, in a time span of three to five years, at a hybridisation of delivery points, at high-touch banking institutions, with microfinance institutions being among them,” she said.

The secretary said that borrowers of microfinance, of whom 99 percent are women, are now being referred to as such, and no longer as “beneficiaries”, because they come with concrete business plans.

“We’re looking at realignments in the banking sector, we’re looking at chemists as banking points,” she said, pointing out that a recent banking licence had been granted to a pharmaceutical company.

India is a “cradle of microfinance” with seven out of every 10 borrowers from the country and as many as 32 million borrowers in this category, of whom 99 percent are women, said MIN chief executive Ratna Vishwanathan.Bangladesh comes next with 22 million such borrowers.

She said the conference had deliberately chosen to open on International Women’s Day on Tuesday.

“The regional conference on financial inclusion looks at facilitating cross-learning among stakeholders of South Asia Micro-entreprenaurs Network (SAMN), and explore the role improved access to finance can play in unlocking the economic potential of the region by contributing to job creation, especially by promoting entrepreneurship among the youth and women,” she said.

Duggal described the microfinance culture as one “coming from the heart” that has enabled “opening up the mind to what people can do”.

“Microfinance institutions have given permissions to people, explicit and implicit, especially to traditionally disadvantaged sections like women. This impact has had the effect of motivating other people,” she said.

She cited the example of the Mudra Bank launched late last year to develop entrepreneurship, particularly among the disadvantaged sections.

Mudra, she said, had become a “runaway success” having already disbursed loans of Rs.1,15,000 crore.

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Rockefeller Foundation to provide $4.5 million to OMC Power

Mar 8, 2016 0

Chennai–The US-based Rockefeller Foundation will finance OMC Power to the tune of $4.5 million to construct and also retrofit 100 solar power plants with mini-grids in Uttar Pradesh, the Foundation announced on Tuesday.

The Rockefeller Foundation said in a statement that the arrangement is part of its Smart Power for Rural Development (SPRD) initiative to provide reliable power to 1,000 villages.

The financial deal with OMC Power is to build and retrofit solar power plants with mini-grids in rural Uttar Pradesh.

A mini-grid is a decentralised power distribution infrastructure. Renewable energy producing companies deploy mini-grids to provide electricity to villages where power access is either unavailable or inadequate.

“There is a need for significant investment in expanding off-grid energy access that can power both domestic and business activities, and the kind of financing we provide can enable committed companies such as OMC Power to build the mini-grid sector,” Ashvin Dayal, The Rockefeller Foundation’s associate vice President and managing director, Asia was quoted as saying in the statement.

“We are growing a sustainable rural utility business that not only creates value for our shareholders but also furthers energy access, entrepreneurship, economic development and social empowerment in rural India,” Rohit Chandra, managing director, OMC Power was quoted as saying in the statement.

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NRIs to set up Rs.1,300 crore healthcare project in Kochi

Mar 8, 2016 0

Kochi–Cochi Medi City and Tourism Pvt Ltd, promoted by a group of Qatar-based NRIs hailing from Kerala including medical professionals and businessmen, on Tuesday announced the setting up of a state of the art Rs.1,300 crore health care project here.

“It will be operational in three years time and provide 7,500 direct and 25,000 indirect employment opportunities,” the firm’s chairman Mohan Thomas Pakalomattom told reporters here.

Mohan Thomas Pakalomattom

Mohan Thomas Pakalomattom

This project has a vision of establishing a modern super-specialty hospital and healthcare system offering international standards of care at an affordable cost.

The project will be set up in 52 acres of land out of 140 acres that they possess and has been designed as an eco-friendly project according to vice chairman Mathew Francis Kattukaran.

Among the other facilities will be a 50-bed ayurvedic spa and a research centre to research on the ayurvedic medications and to develop appropriate drugs with the help of internationally benchmarked labs.

This venture promoted by a group of NRIs from the Middle East and the West, with a preliminary understanding with Mayo Clinic and Cleveland Clinic for providing technical support to the hospital.

“Many of the Indian doctors settled in the West have expressed their willingness to spend few months of their time in this hospital to train our doctors as a social commitment to their motherland who have given them their initial medical education,” said Mibu Jose Nettikkadan, director operations. (IANS)

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Women Occupy Just 14.9% of Senior Management Roles In Retail

Mar 7, 2016 0

LONDON — A study by the European Supermarket Magazine has found that female executives are seriously under-represented at the top level in the grocery retail and FMCG industries, with women occupying fewer than one in six positions on executive committees.

The study, released to coincide with International Women’s Day, found that 85.1% of the individuals on the executive committees at 150 retail and FMCG businesses were male, while just 14.9% were female.

Fig 1. Percentage of male executives (blue) and female executives (orange) on executive boards at retail grocery and FMCG companies

Fig 1. Percentage of male executives (blue) and female executives (orange) on executive boards at retail grocery and FMCG companies

In total, just four of the businesses featured in the study have an executive committee in which 50% or more are women (2.67% of companies).
Some 13 companies in the study have an executive committee in which a third or more are women (8.6% of companies), while 34 companies have an executive committee in which a quarter or more are women (22.67% of companies).
Meanwhile, 55 companies featured in the study had an executive committee that featured no women (36.67%).
“Within the European grocery business, women are hugely important, as the most important consumers targeted by retailers and brands,” said Kevin Kelly, chairman of ESM: The European Supermarket Magazine. “However, at the top level – at retailers, FMCG businesses and third party suppliers – women are significantly underrepresented, as this study demonstrates.

“On this, International Women’s Day, leading retailers and suppliers should take a step back, and examine ways to improve their gender balance – not as a token gesture, but as a means to bolster the future performance and profitability of their businesses.”

Fig. 2 Percentage of retail grocery and FMCG companies that have ‘50% or more’, ‘33% or more’, ‘25% or more’ or no women on their executive teams

Fig. 2 Percentage of retail grocery and FMCG companies that have ‘50% or more’, ‘33% or more’, ‘25% or more’ or no women on their executive teams

Notable companies with a significant number of female executives include Kleenex and Huggies producer Kimberly-Clark (five women on Senior Leadership Team, 62.5%), Diageo (seven women on Executive Committee, 43.75%); Russia’s X5 Retail Group (five women on Executive Committee, 38.46%); Swedish retailer Axfood (four women on Executive Committee, 36.36%); cosmetics and haircare brand L’Oréal (five women on Executive Committee, 31.25%), global food giant General Mills (seven women on Executive Committee, 31%) and Swedish paper products manufacturer SCA (six women on Organisation & Management Team, 30%).

A number of companies featured in the study also boasted a female chief executive, including Indra K. Nooyi at PepsiCo, Alison Cooper at Imperial Tobacco, Annikka Hurme at Finnish dairy firm Valio, Joanne Denny-Finch OBE at UK-based retail insights company IGD, Denise M. Morrison at Campbell Soup, Siobhán Talbot at Irish dairy giant Glanbia and Irene Rosenfeld at Mondelez International.

The study looked at a cross section of 150 businesses across the global grocery retail and FMCG businesses. Different terms were used across the study to designate the Executive Committee, including ‘Executive Board’, ‘Senior Management’, ‘Leadership Team’, ‘Operating Board’ and others, however, for the purposes of this release, we have applied the general term ‘Executive Committee’.

The 150 companies included in the study featured a total of 1,354 executive committee members. 1,152 of these were men (85.1%), and 202 were women (14.9%).

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Despite violence, Haryana goes ahead with global investors’ summit

Mar 5, 2016 0

By Jaideep Sarin

Chandigarh– Putting behind the mindless violence unleashed during the Jat protests for job quotas, Haryana is going ahead with the ‘Happening Haryana Global Investors’ summit to attract investment for the state.

Well-placed sources in the BJP government told IANS that Chief Minister Manohar Lal Khattar and others involved in the March 7-8 investment exercise,, however, had their fingers crossed as the widespread violence happened just over a fortnight before the summit dates.

Haryana Chief Minister Manohar Lal Khattar

Haryana Chief Minister Manohar Lal Khattar

“With shops, businesses and other institutions targeted by mobs and the police and administration failing to control the situation, Haryana’s image as an ideal investment destination has taken a big hit,” a senior Haryana bureaucrat told IANS here.

“Everyone is keeping their fingers crossed about the summit and its eventual outcome in terms of actual investment on the ground. The violence will definitely put off a lot of investors,” the officer said, requesting anonymity.

Despite the nine days of unrest and violence, Japan has proposed to become a partner country in the summit. This was telephonically conveyed to chief minister, Finance and Industries Minister Abhimanyu said.

He claimed that people of the state wanted to ensure the safety of the industries even during the violence.

“When the law and order situation in the state was disturbed, people protected the industries and drove away miscreants,” the minister said, trying to build confidence among future investors.

A number of Japanese and South Korean companies have invested in Haryana, especially in the Gurgaon-Manesar belt. The first big name to establish base in Haryana, Maruti-Suzuki, piloted by Japanese car maker Suzuki, was a runaway success in automobile sector.

The big names that have invested in Haryana include Honda, Canon, Yakult, Denso, Mitsubishi, Toyo, Daikin, Yokohama, Showa, Nippon, Kansai Paints, Asahi and Stanley.

Khattar has announced that 12 countries would participate in the first ‘Happening Haryana Global Investors’ Summit 2016′ being organised in Gurgaon on March 7 and 8. The summit is being organised by the Haryana government in association with Confederation of Indian Industry (CII).

China, Czech Republic, Japan, Malawi, Mauritius, New Zealand, South Korea, Peru, Poland, Spain, Britain and Tunisia are taking part as partner countries.

Khattar, who is hoping that the summit will be a “historic event”, is keen that more investment comes to the state.

Besides Japan and China, which he visited in January, Khattar travelled to the US and Canada last year. He did investment road shows in Kolkata, Chennai and Mumbai too in the past two months.

More than 800 entrepreneurs from India and other countries are expected to participate in the summit. Representatives of 140 foreign companies and diplomats will also attend.

“We are confident that the investment target set in the summit would be achieved,” Abhimanyu said.

Union Finance Minister Arun Jaitley will inaugurate the two-day event on March 7. A number of union ministers are expected to attend.

China’s Wanda Group has decided to invest $10 billion in Haryana, the government claimed after Khattar’s Beijing visit.

But not everyone is hopeful.

“Many investors will develop cold feet after the recent violence. The Khattar government literally abdicated its responsibility. There was no administration. It was utter lawlessness,” Rajinder Saini, a businessman who suffered losses in the violence in Rohtak town, told IANS.

Trade and industry body Assocham projected the loss in the violence at around Rs 20,000-crore.

Following the violent incidents and its aftermath, the Haryana government cancelled the ‘Parvasi Haryana Divas’ that was to be held with the summit on March 9.

Rohtak town, 70 km from Delhi, suffered the brunt of the violence blamed on Jats with scores of buildings, shops, malls, hospitals, educational institutions and vehicles set on fire and extensively damaged.

Rohtak, Sonipat, Panipat and Jhajjar districts were the worst hit by the violence. Other affected districts included Bhiwani, Hisar and Kaithal.

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