Index [] Newsletter... · 2017-08-18 · Index Contents Index ... Brand Amul to spread to America...

Index Contents

Index

President’s Message ............................................................................................................................... 4

From the Secretary General’s Desk ......................................................................................................... 6

Happenings at IACC ................................................................................................................................ 7

US investments in India ........................................................................................................................ 30

New York based PepsiCo plans largest India plant at Sri City, invests 450 crore on their first phase of the project. .... 30

Xander set to acquire stake in Bangalore mall project for Rs 450 crore ........................................................................ 30

Carlyle Group invests in Global Health ........................................................................................................................... 31

India, US sign Rs 4,000-crore deal for six Super Hercules aircraft .................................................................................. 32

Massachusetts headquartered Advent International in talks to buy stake in Hyderabad based Laurus Labs ............... 32

India’s Investments in U.S ..................................................................................................................... 34

Brand Amul to spread to America................................................................................................................................... 34

SpiceJet orders 40 Boeing jets worth $4 billion - sources .............................................................................................. 35

Indo-US Corporate News ...................................................................................................................... 36

Morgan Stanley to open Bangalore centre to service US parent ................................................................................... 36

Five Indian pharma companies get US FDA approval for generic Cymbalta .................................................................. 36

American Express launches iconic by-invite Centurion Card for India’s wealthiest ....................................................... 37

Canara Bank gets license to open a branch in New York ................................................................................................ 38

Cipla gets US FDA approval for Xopenex ........................................................................................................................ 38

Wipro offers fellowship to US school teachers ............................................................................................................... 38

Biocon signs agreement with US-based Quark Pharma ................................................................................................. 39

Snapdeal looks to raise $150 m in new funding ............................................................................................................. 39

Intel to partner with Indian original equipment manufacturers .................................................................................... 40

Google 'most attractive' Internet brand in India: report ................................................................................................ 42

Hilton Worldwide opens Hilton Garden Inn in Thiruvananthapuram ............................................................................ 42

Leading studios to zoom in on South this year ............................................................................................................... 42

Google to bring Shoppable Hangout to India, partners Myntra.com ............................................................................. 43

GAIL to import LNG from US only on India-owned carriers ............................................................................................ 44

Wockhardt's Shendra unit set for key US test. ............................................................................................................... 44

Ford Undeterred by India's Economic Troubles.............................................................................................................. 45

In the News: ......................................................................................................................................... 47

Indo-US military ties on good track: Pentagon ............................................................................................................... 47

The American-style start-up takes root in India ............................................................................................................. 47

ISRO team in US for space conference amid strain in ties .............................................................................................. 49

San Francisco, Fremont Trade Missions to India Declared Successful ........................................................................... 50

Expert recommends enhanced focus on cyber security ................................................................................................. 51

Stony Brook Univ. ‘Center for India Studies’ Raises $5 Million ...................................................................................... 52

Hollywood Increased its Footprint in India in 2013 ........................................................................................................ 53

Bill Gates Lauds India's Accomplishment in Polio Campaign .......................................................................................... 54

US official applauds India's growth in space industry ..................................................................................................... 55

Indian American Attorney Appointed Texas Secretary of State ..................................................................................... 55

Sikh Soldiers Want More Indian Americans in U.S. Army ............................................................................................... 57

Former US trade commissioner to guide Indian companies .......................................................................................... 58

From the Indo-US nuclear deal to Kudankulam: A synopsis on nuclear energy ............................................................. 59

Obama Appoints Record Number of Indian Americans in 2013 ..................................................................................... 63

Birla Institute of Technology and Science ring Nasdaq bell ............................................................................................ 64

Indo-US doctors share knowledge .................................................................................................................................. 64

Yuba City Mayor Unveils Plans for Sister City With Punjab ............................................................................................ 65

US welcome Indian firms ................................................................................................................................................ 65

Indian-American donates USD 1 million to US varsity .................................................................................................... 66

Dilipkumar Patel to Serve as Best Western Board Chairman ......................................................................................... 67

Calendar of IACC Events for 2014 .......................................................................................................... 68

Indo-US Trade Statistics ........................................................................................................................ 72

2013: U.S. trade in goods with India ............................................................................................................................... 72

2012: U.S. trade in goods with India ............................................................................................................................... 72

India – US Trade Analysis ...................................................................................................................... 73

International Buyer Program, 2014 Trade shows ................................................................................... 74

How to reach us: .................................................................................................................................. 75

President’s Message

Dear Members, Election blues are fast enveloping the Indian political scene. In less than five months’ time, India will have a new government under a new prime minister. As political pundits are viewing with rapt attention the developments that are going to unfold, there is a marked transformation in the political game. A few years back, the corporate world used to be abuzz with speculation as to what would be the policy changes when a new government takes office. Admittedly there is not much of a speculation doing the round now. Does it mean that the new dispensation at the centre will not indulge in any policy reversal? To a great extent, corporate world seems to be relieved of such apprehensions since they can see a linear policy in operation irrespective of the hues and colours of the new government in office. It is a great achievement and does amplify that India is inching towards a dispensation where the economics is getting gradually detached from politics. Yet a stable government at the centre is critical to pursue our development goals. Stability, as we have experienced in the earlier regimes, need not have to come from a single party rule. A rainbow coalition government can be as decisive as a single party rule. Many point out that there are advantages to a coalition government since there will be checks and balances that will end up pursuing balanced policies, which will not swing to the extremes. Indian polity is decisive and matured and they know what is best for them. Let us pin hopes on their judgment. In the meanwhile, there are many policy decisions in the anvil that can create significant impact on the Indo-US economic relations. A case in point is the circulation of the recent policy paper on allowing FDI in the e-commerce for discussion prior to taking a final call on that. The current policy in India does not allow FDI in the business of selling via online to consumers, while business to business is allowed. The former has the potential to attract considerable investments from the US. Many US based e-commerce entities like Amazon and eBay have been lobbying with the government for opening up the e-commerce sector for FDI. Let us hope that a balanced policy will be taken soon. Coupled with this is the decision of the cabinet committee on investment to clear investments worth Rs 4 lakh crores, which were held up due to bureaucratic red tapism. Yet, the incoming government at the centre will have many complex problems to be addressed to. First and foremost is the price rise, because of that the interest rates are still kept high making cost of investment prohibitively high. The new dispensation has to address the jobless growth that we have experienced for the last few years. Jobs in the manufacturing sector have not kept pace with our requirement with the result that the backlog of unemployed is increasing day by day. Job creation depends on newer investments in all sectors like infrastructure, services sector and agri-related avenues like food processing. The Indo-US economic partnership and building on the existing good works done by both countries will naturally an important plank of the new dispensation. There are many bilateral issues that need focused attention. For instance, a bilateral investment treaty between India and the US is still a pipe dream so as also India’s long pending demand for

signing a double taxation avoidance treaty for social security. Visa issues continue to be a challenging one since a restrictive policy by the US is adversely affecting Indian companies especially the IT companies. It is in the interest of both countries to arrive at an amicable solution to this vexatious problem. As we wait for a new government to take charge at the centre, there are many positive signs that keep up the ray of hope. One is the gradual bottoming out of the slowdown as evidenced by sustained bullish performance of the US economy and the gradual improvement of the EU economy. The phased withdrawal of the pump priming policy, which had put close to US$ 85 billion into circulation every month in the US, has been tapered off to some US$ 10 billion or so. The good news is that it did not have significant impact on India’s current account deficit since we could manage to address that issue by curbing some of the unwanted imports like gold. But there is a worrying factor. Import of capital goods also have come down, which does not augur well for the economy. I am an optimist and I have faith in the resilience of the Indian economy. The growth impulses that may dawn on us in the New Year, I hope, will transform back India to a an economy that registers 9 per cent plus growth. That is also the need of the hour. Chella K Srinivasan National President, IACC

From the Secretary General’s Desk

Dear Members, Much is being discussed in the media regarding the India-US Civil Nuclear Deal signed by the two countries and the lack of

its operationalization since the signing. Officials and companies in both countries are now hoping that this landmark

agreement can be translated into a tangible arrangement for finding lasting solutions to India’s energy needs. Admittedly,

the deal can accelerate the flow of investment not alone in the energy sector but also in sectors like auto components,

alternative sources of energy etc. since that signals a calibrated move of India to become an investment destination.

In addition to nuclear and sustainable energy, the Chamber’s focus this year will be in sectors like aerospace and defense,

homeland and cyber security, food processing, intellectual property and trade, education, manufacturing and media &

entertainment. If the discussions at the Resurgence Summit are anything to go by, it is clear that a lot of US interest will be

generated in these segments, especially when the US economy is on a fast recovery path. The Indian economy is expected

to show signs of growth by the middle of the year. That will generate a lot of interest among the Indian entrepreneurs to

look beyond the shores for investment. The US will be their preferred destination for investment.

On behalf of the secretariat, I wish you a very happy and prosperous New Year and hope for a continued engagement with

you in 2014. This issue of the Newsletter contains a synoptic view of some important happenings at IACC including a

report on the Indo-US Resurgence Summit held in December in New Delhi. I welcome you to read through it and give your

valuable comments and advise.

With regards, Atul Vyas, Acting Secretary General

Happenings at IACC

Head office MSME DEFEXPO 2013 12 – 14 December, 2013, Bangalore

NSIC Ltd (National Small Industries Corporation – Govt. of India), successfully organized the 3rd MSME Defexpo 2013, an International sub-contracting and supply chain exhibition on Defence, Aerospace and Homeland security at Bangalore during 12th to 14th December 2013. The event was supported by Ministry of Defence (GOI), Ministry of MSMEs (GOI), Indian Air Force, DRDO and Government of Karnataka. Indo-American Chamber of Commerce (IACC) supported this event as an Associate Partner and also published an advertisement on the cover page of Exhibitor’s Directory released at the Inauguration of MSME DEFEXPO 2013 by Minister MSME. Mr. Vasanth Kini, MD, Titanium Industries and Chairman of IACC’s Aerospace and Defense Forum was closely associated with MSME DEFEXPO 2013 from the outset and was on the advisory committee. He addressed press conference jointly with NSIC on 10th December, 2013. IACC logo was prominently displayed at 7 hoardings across Bangalore one week prior to the event and also at the event in multiple locations and during key happenings. IACC’s role in this event was appreciated by NSIC/Ministry of MSME, Ministry of Defense and Govt. of Karnataka.

Mr. Vasanth Kini, MD, Titanium Industries and Chairman of IACC’s Aerospace and Defense Forum addressing the MSME DEFEXPO 2013

press conference on 10th

December, 2013 in Bangalore along with the leadership team of NSIC.

IACC’s Women’s Business Council organized a session on “Harassment- Proofing the Workplace” December 20, 2013 at JW Marriott Hotel, Bengaluru

Awareness about workplace sexual harassment is relatively new in India, and there is confusion on what exactly connotes harassment. Despite the fact that the Vishaka judgment has been in force for many years, companies have been slow in ensuring compliance, setting up a well constituted internal committee, understanding the criminal law issues and implications, and perhaps still feel reasonably uncomfortable in addressing this issue. India’s traditional (though fast–evolving) culture is another factor that is at play. Indo-American Chamber of Commerce – Women’s Business Council had put forward one such step in right direction with an event, “Harassment- Proofing the Workplace”. The event was organized at JW Marriott Bengaluru, 24/1, Vittal Mallya Road, Bengaluru on Friday, December 20, 2013. Mr. Rabindra Srikantan, MD of ASM Technologies Ltd and Chairman of IACC Karnataka Chapter welcomed the speakers and participants present at the event. Buy in and commitment from the top leadership is critical, in issues of workplace harassment, said Mrs. Nirmala Menon, Founder & CEO, Interweave Consulting. This issue of sexual harassment primarily is about respect for the individual, not just a bunch of laws, and we should remember that. However the criminal implications of the new laws are not very clear, and need to evolve and be fine-tuned, said Mr. Stephen Mathias, Partner, Kochhar & Co. The criticality of compliance by companies has been very clearly outlined during this conference and discussion, said Mrs. Priya Chetty Rajagopal, WBC Chair and Panel Moderator, and companies should work quickly to ensure that they ensure and follow the new POSH laws in place. Companies need to ask themselves: Do we want to do just what is right, or also do what is good? Dr. Gopichand Katragadda, Chairman & MD of GE India Technology Center, shared that as good organizations, it should be kept in mind that a lot of issues around this surface and impact hiring, retention, risk mitigation, diversity and can raise or lower a company as an attractive career choice for individuals. While one follows the law strictly, adhering to higher internal company guidelines to ensure a safe workplace is critical. Dr. Katragadda addressed a query on gray areas in the POSH guidelines saying 'when in doubt, please report'. He assented that training and communication is critical' and that the internal committee should be, and perceived to be neutral and fair. Ms. Supriti Bhandary, Talent Advisor talked about the importance of these laws in spirit as well in execution , and that it should not be misconstrued as a demonization of men or a talibanisation of the workforce. The panel discussion saw a lot of interaction from the audience, who were quite keen to know the various aspects related to workplace harassment. IACC organized the event so that participants go back with both informed and aware, and that everyone can work towards a safe and productive workplace. Kochhar & Co was a knowledge partner for the event. The event provided a good opportunity for the participants to meet and get informative inputs from the speakers. The event was extremely well attended by well-known companies like Britania, Yahoo!, Volvo, Samsung, Terex, Biocon, Audi, Toyota Kirloskar, to a name few. The guests enjoyed every bit of the event, and one could visibly see its effect through the networking and discussions that happened during the breakfast.

Ms. Shanthala Rao, Partner, Kochhar & Co and Debjani Aich, Principal Associate, Kochhar & Co.

Moderator: Ms. Priya Chetty-Rajagopal, Executive Director, RGF Executive Search; Panelists: Mr. Stephen Mathias, Partner, Kochhar &

Co; Dr. Gopichand Katragadda, Chairman & MD, GE India Technology Center; Ms. Supriti Bhandary, Talent Advisor and Executive Coach and Mrs. Nirmala Menon, Founder & CEO, Interweave Consulting

West India Council

IACC in association with Indo-American Society (IAS) organized an Interactive Session on “U.S. Harsh Taxes Affecting NRIs” on December 23, 2013 at Lincoln Auditorium, Indo-American Society, Mumbai

The speaker for the program Mr. Temo Arjani, Certified Public Accountant, USA advises businesses on both domestic and international tax matters. He is involved with his clients in corporate, trust and estate tax planning therefore the discussion covered various aspects of the U.S. tax laws such as when is one required to file Foreign Bank Account reporting form and what are the implications of disregarding the requirement, should the individual consider the protection of being part of the Offshore Voluntary Disclosure Initiative.

Mr. Arjani also threw some light on the U.S. tax obligations of green card holders and their relatives who may have capital gains. The attendance for the program was outstanding with representation from various relevant groups like the NRIs, Relatives of NRIs, NRI Tax Consultants, IACC and IAS Members, and Lawyers etc.

Ms. Rajyalakshmi Rao, 1st

Vice-President IACC - West India Council (WIC) delivering the Opening Remarks

(From L-R) Mr. Sanjog Parab, President, Indo-American Society(IAS), Mr. Temo Arjani, Certified Public Accountant, US and Mr. Sunder Advani, 2

nd Vice President, IACC-WIC during the presentation of memento.

Mr. Arjani addressing queries during the interactive session

The participants during the program

Mr. Advani giving vote of thanks on behalf of IACC & IAS

North India Council Indo-US Resurgence Summit held on December 02, 2013 at Hyatt Regency, New Delhi

Mr. Kapil Sibal, Union Minister for Communications & IT and Law & Justice, addressed a captive audience at the Inaugural session of IACC’s Indo-US Resurgence Summit 2013. This year’s theme “A Search for Innovative Strategies” was crafted to channel the Indo-US partnership dialogue in a new direction keeping in mind the geopolitical conditions in both the democracies. Dr. Lalit Bhasin, Chairman, Organizing Committee & Regional President, IACC said that “Innovation” was THE solution towards restructuring the very significant Indo- US bilateral ties, which is why such a pertinent Summit theme of discovering innovative strategies in various sectors to cause the much needed resurgence in our existing engagement. He added that the three terms Convergence, Connectivity and Change were integral in shaping the future contours of this crucial bilateral partnership. Hon’ble Minister Sibal called for greater investment and increased US presence in India’s manufacturing sector. He urged US to not view India as a mere trading partner but as the place for long- term investments while supporting India’s inclusive growth strategy. “For a sustained dynamism in Indo-US partnership and to take the contours of partnership to the next level, it is important that the US investments come in agriculture, education, manufacturing, SME sectors in tier two and three cities, which can jack up the buying capacity of the Indians.” said the Minister. He further added that, “It is not just trade that connects the people and countries. For leapfrogging into the next phase of partnership, the two countries have to go beyond industrial revolution (partnership) and embrace digital revolution that is making sweeping changes in India.” The Minister also advocated that US must develop a pragmatic approach with regard to the visa regulations which was adversely affecting Indian professionals in the IT sector and work towards creating a suitable environment for easier movement of professionals between the two countries. “Success of democracies across the world will depend on the success of democracy in India. You (the US) have a great stake in India (democracy)”, said Mr. Sibal. During the Inaugural, Hon’ble Minister Sibal released a white paper written by Kochhar & Co., a leading law firm in India. This paper elucidates the Indian Financial Services Sector, discusses Transfer Pricing Disputes and Initiatives, and the regulatory and trade environment for each of the sectors covered during the Summit. Mr. Chella Srinivasan, IACC’s National President, talked about the huge potential that must be tapped in various sectors such as Aerospace & Defence, Media & Entertainment, Manufacturing, Security, etc., Mr. Asoke Laha, IACC’s National Executive Vice President brought to the fore the necessity of significant involvement of the small and medium sectors and the potential for future involvement and cooperation between Indian and US SMEs. “The US needs to regard the defence industrial capability gap between itself and India as an opportunity for collaboration”, said Dr. Vivek Lall, Summit Mentor and President & CEO, New Venture, Reliance Industries Ltd. during the Aerospace & Defence session. Aviation and Aerospace represents a significant segment of bilateral trade between India and the US. There is scope for further expanding this relationship by exploiting the offset liabilities between the two nations and catalyzing much needed investment, technology transfer and increased participation from SMEs. Further, India is likely to become an attractive destination for the security sector in terms of both manufacturing and R&D by 2016. The country is slated to purchase USD 100 billion worth of military equipment by 2022 and USD 9.7 billion spend in Homeland Security. Sessions on “Resurrecting Indo-US Services and Trade: An Innovative Approach” and “Indo-US Relations: The Unfinished Agenda” discussed the incredible potential for facilitating investments and bilateral trade in goods and services. These sessions encouraged for more cooperative dialogues to eliminate regulatory and economic hurdles related to trade policy, FDIs, visas, etc. U.S. is currently India’s largest investment partner with India gaining speed as a growing source of FDIs in the US. India’s role is quickly shifting from ‘a market for US goods and services’ to a ‘strategic partner’, but much is yet to be explored to further enhance this bilateral relationship. Dr. Prasad Medury, Past Regional President & Partner, Amrop India Consultants Pvt. Ltd. chaired the Session on Resurrecting Indo-US Services and Trade and Mr. Raman Roy, Summit Chairman and CMD, Quatrro Global Services Pvt. Ltd. chaired the Panel on Indo-US Relations: The Unfinished Agenda. Considering that the estimated growth of the Media and Entertainment Industry in India is expected to be INR 1.66 trillion by 2017, need for digitization and threat of piracy were discussed in the concluding session on Digitization in the Media and Entertainment Industry and the Menace of Piracy. Substantial strides can be made in this sector by enhancing

technology transfer and driving creative collaboration between the two countries. The Session was chaired by Mr. Sandeep Marwah, President, Asian Academy of Film & Television. The dignitaries and thought leaders that addressed the Summit included Mr. John McCaslin, Minister Counselor Commercial Affairs, US Embassy, Dr. Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Ltd, Mr. Pratyush Kumar, President, Boeing India, Mr. Nikhil Khanna, Country Director – India, Global Business Development, Raytheon International Inc., Mr. Nalin Jain, President and CEO, South Asia, GE Aviation, Mr. Dhiraj Mathur, ED, PricewaterhouseCoopers, Mr. Amber Dubey, Partner and Head – Aerospace & Defense, KPMG , Dr. Lalit Mansingh, Former Indian Ambassador to US, Mr. Som Mittal, President NASSCOM, Mr. Ronen Sen, Former Indian Ambassador to US, Mr. George Sibley, Minister Counselor for Economic, Environment, Science and Technology Affairs, US Embassy, Mr. Bhuvan Lall, Chairman and Founder, Lall Brothers Media & Entertainment Investment Group, Ms. Loveleen Tandan, Co-Director, Slumdog Millionaire. Over 200 delegates representing organizations from India and the US attended the Sessions. The Summit focused on important areas of bilateral trade and investment, knowledge and technology transfer, public private partnerships, and joint partnerships in sectors such as aviation, aerospace, security, trade and media and entertainment. “Our Resurgence Summit was aimed at providing more depth to commercial ties between the world’s most powerful and the world’s largest democracies”, said Dr. Lalit Bhasin, IACC’s Regional President.

INAUGURAL SESSION

Mr. John McCaslin, Minister Counselor for Commercial Affairs, US Embassy addressing the participants

Mr. Kapil Sibal releasing the study done by Knowledge Partner – Kochhar & Co. (L-R) – Dr Lalit Bhasin; Mr. Rohit Kochhar, Chairman &

Managing Partner, Kochhar & Co; Mr. Kapil Sibal and Mr. Chella K Srinivasan

Hon’ble Minister Mr. Kapil Sibal addressing the Summit

Dr. Lalit Bhasin presenting memento to the Honble Minsiter, Mr. Kapil Sibal

Dr. Lalit Bhasin delivering Introductory Remarks

Mr. Chella K Srinivasan delivering Welcome Remarks

SESSION ON BUILDING THE AEROSPACE & SECURITY ECO SYSTEM IN INDIA

Dr. Vivek Lall, Summit Mentor, Chairman, Aerospace and Defence Committee, IACC, NIC and President & CEO, New Venture, Reliance

Industries Limited Chairing the Session

SESSION ON RESURRECTING INDO- US SERVICES AND TRADE: AN INNOVATIVE APPROACH

Dr. Lalit Mansingh, Former Indian Ambassador to US addressing the participants

Mr. Som Mittal, President, NASSCOM addressing the gathering

SESSION ON INDO-US RELATIONS: THE UNFINISHED AGENDA

Mr. Raman Roy chairing the session

Mr. Ronen Sen, Former Indian Ambassador to US addressing the session

Mr. George N Sibley, Minister Counselor for Economic, Environment, Science and Technology Affairs, US Embassy

The audience during the Summit

NIC Women’s Committee – Christmas Treat

NIC Women’s committee organized a Christmas Treat on 12th December 2013 at the residence of Ms. Connie McCaslin (W/o Mr. John McCaslin, Minister Counselor for Commercial Affairs US Embassy. It was attended by 70-80 people.

Members enjoying the evening (L-R) Mrs. Ann Mustard, Chairperson, NIC Women’s Committee;

Mrs. Nilanjana Dalmia (presenting memento to Ms McCaslin), Ms Margret Hanson Muse, Dy Commercial Counselor, US Embassy,

Ms. Shobita Saigal

Varanasi Branch

Program on "Service Tax" On December 18, 2013 at Hotel Ideal Tower, Varanasi Indo-American Chamber of Commerce, Varanasi jointly with Ram Nagar Industrial Association and All India Carpet Manufacturers’ Association, (AICMA), Bhadohi organized a meeting on the topic, “Service Tax” on 18th December, 2013. Shri Rajendra Kumar, Assistant Commissioner Central Excise & Service Tax - Division – Varanasi was the Chief Guest. Mr. Arun Kumar Agrawal Chairman of IACC, Varanasi welcomed Mr. Kumar and senior officers of Central Excise and Service Tax Department of Varanasi. Mr. Siddh Nath Singh, Chairman, CEPC, CA G.D. Dubey, Varanasi, Mr. R.K. Chaudhary, President, Ramnagar Industrial Association and Mr. Onkar Nath Mishra, President, All India Carpet Manufacturers’ Association, Bhadohi, Mr. K.P. Verma, Assistant Director, Handloom, Varanasi, Mr. Ashwani Kumar Thamman, A.G.M. Punjab National Bank, Varanasi, Past Chairman of IACC Mr. Puneet Raman, Mr. Debashish Mukherjee and Vice Chairman Mr. Sandeep Wahi were also present on this occasion. CA Mukul Kumar Shah, Past Chairman, IACC Varanasi conducted this program. Mr. Arun Kumar Agrawal, welcomed Shri Rajendra Kumar and CA G.D. Dubey and all the participants including press personals. Mr. Agrawal said that this program was designed to be highly interactive with the aim to discuss various aspects of service tax procedures, problems and difficulties faced by exporters. Shri Rajendra Kumar, Assistant Commissioner Central Excise & Service Tax - Division – Varanasi spoke on “Voluntary Compliance Exemption Scheme 2013” of the Service tax Department. CA G.D. Dubey spoke on “Reverse Charge Mechanism” under the Service Tax. After address of key-note speakers, a brief but lively question-answer followed. Participants presented their problems which were suitably answered by the speakers. Members of IACC, Varanasi Mr. Ravi Patodia, Mr. Bharat Kumar Agrawal, Mr. R.K. Goel, Mr. Saurabh Shah, Mr. Vinay Shukla, Mr. J.P. Mundra, Mr. Niyaz Ahmad, Mr. Chandra Mani Maurya, Mr. Raj Kumar Bothra, Mr. A.K. Thukral, Mr. Arvind Gupta and Members of Ram Nagar Industrial Association and All India Carpet Manufacturers’ Association, Bhadohi and others attended the program besides 90-100 person of businessmen & exporters and bank officials of Varanasi.

(R-L) Chief Guest Mr. Rajendra Kumar, Assistant Commissioner Central Excise & Service Tax Division – Varanasi, address the

participants, Mr. Arun Kumar Agrawal, Chairman, IACC, UP. Branch, Varanasi

(L-R) CA Mukul Kumar Shah, Past Chairman, IACC, Varanasi, Mr. Onkar Nath Mishra, President, All India Carpet Manufacturers’ Association, Bhadohi, Mr. Arun Kumar Agrawal, Chairman, IACC, UP. Branch, Varanasi, Chief Guest Mr. Rajendra Kumar, Assistant Commissioner Central Excise & Service Tax Division – Varanari, Mr. R.K. Chaudhary, President, Ramnagar Industrial Association,

Chanduli, Mr. Siddh Nath Singh, Chairman, CEPC

Participants at the event

East India Council

A presentation made by a panel of renown experts from Ernst & Young on Companies Act 2013 - Opportunities & Challenges - Tax perspective and Transfer Pricing Updates – APA on December 20, 2013 at

the Bengal Club, Kolkata

Mr. Dinesh Agarwal spoke about the long awaited new Companies Act, 2013 (‘Act’), which after a lot of expectations and speculations, was finally notified in the Gazette of India on August 30, 2013. The promulgation of the new law is a step towards globalization and is a successful attempt to meet the changing environment and is progressive and futuristic, duly envisaging the technological and legal developments. He expounded that the Act will have a lasting impact on the Income Tax Laws and may leave certain grey areas in the interpretation of the same. Mr. Ashish Agarwal made a detailed presentation. The session aim at highlighting the tax implications of the proposed changes in the Act vis-à-vis the Companies Act, 1956. The interactive session also focused on the opportunities (viz. aligning the transfer pricing strategy across companies as a structured process etc.) and challenges (viz. after effects on the computation of Minimum Alternate Tax by Corporates etc.) and resultantly brought about by the new Act from income tax perspective. The next session on Transfer Pricing Updates – APA was presented by Mr. Amit Poddar with expert comments from Mr. Dinesh Agarwal. He explained that the Transfer Pricing is a matter of fundamental importance to all enterprises. Amidst a wide variety of changes in the field of Transfer Pricing, it is vital for every company to have a coherent and defensible transfer pricing policy, which is responsive to the very real climate of change in which companies are operating. With the introduction of Advance Pricing Arrangements (APA) and safe harbor rules, the gap between taxpayer and department has been abridged to address the issues faced by the companies in relation to transfer pricing. He remarked that the multinational enterprises have welcomed the introduction of APA and a lot of companies are already in the negotiation stage with the APA authorities for finalizing the arrangement. The session aimed to capture the development in the transfer pricing law in India and introduction of domestic transfer pricing, APA and safe harbor rules in the law along with their benefits & risk and how this new provisions would impact a taxpayer.

(L-R) on the dias : Ms. Madhusree Daityari, Regional Director IACC, EIC; Mr. Dinesh Agarwal, PARTNER & REGULATORY SERVICES, ERNST & YOUNG LLP; Mr. R.N Ghosal Regional Vice President, IACC- EIC; Mr. Amit Poddar, Manager Tax practice, Ernst & Young, Mr.

Ashish Agarwal, Manager Corporate Tax & Regulatory Services, Ernst & Young

South India Council Tamil Nadu Branch

Discussion on ‘What you need to know about Millennial Technologies that will fuel your growth story to the next level?’ December 12, 2013, Chennai

Mr. Prakash Arunachalam, Vice-President & Head Delivery, Virtusa addressing the gathering

IACC (TN) recently organized a roundtable discussion on “What you need to know about Millennial Technologies that will fuel your growth story to the next level?” Mr. Prakash Arunachalam, Vice-President & Head Delivery, Virtusa was the guest speaker.

Mr. Arunachalam presented on how new-age technologies could effectively be engaged in work force. With personalized approach through digital technology, he elaborated in what way it will help to scale up sales, marketing or operations within the organization and also bring growth to their business. Mr. Prakash Arunachalam, Vice President, Virtusa addressing the gathering.

Listen to the Leader, December 10, 2013, Chennai

Mr. Lakshmi Narayanan, Vice-Chairman, Cognizant Technology Solutions sharing his experience to success. Also seen Mr. C. Suresh

Reddy, Chairman, IACC-TN

Indo-American Chamber of Commerce organised the first edition of a new series of the Breakfast meeting “LISTEN TO THE LEADER”. This new series of meeting is aimed to invite some influential leaders to share on their ‘experience to success’ with our members.

Our Inaugural speaker is Mr. Lakshmi Narayanan, Vice-Chairman, Cognizant Technology Solutions. The views shared by the speaker were very energetic and motivational to all participants. The interactive session was lively & useful. Interactive Session on Global Support Strategy (GSS)- visa processing system and all types of Business Visas, December

3, 2013, Chennai IACC (TN) organized an Interactive Session on GSS (visa processing system) and all types of Business Visas at Coimbatore. Mr. Nelson Wu, Manager, Consulate General, Chennai’s consular section addressed the guest and gave them first-hand information on the ongoing process of GSS.

Bangalore Branch

US Visa Presentation Session on US Visa Presentation, December 16, 2013 at the Esquire, The Chancery Pavilion, 135, Residency Road, Bangalore

Mr. Rabindra Srikantan, MD of ASM Technologies Ltd. and Chairman of IACC Karnataka Chapter introduced and welcomed the speakers, Mr. Nicholas Manring, Chief of Consular Services; Mr. Ed Cox, Consular Officer; Mr. Dan Deming, Consular Officer; Ms. Coco Downey, Consular Officer and Mr. Paul Hanna, Consular Officer.

Mr. Nicholas Manring, Chief of Consular Services addressing the participants

Mr. Nicholas Manring, Chief of Consular Services started his session with a brief note on working with the U.S. – The U.S. Visa process, rights and resources. He gave a brief intro about U.S. Visa i.e. a permission to apply for entry to the U.S. Mr. Nicholas made the audience aware of different visa categories. The session also included an understanding on B1: Short term business – no petition required; short stay; to support business ongoing outside of the U.S.; not for productive work. Usage of B1 visa was explained with the help of few examples. B2: Tourist visa was covered next, which comprises of few points like – personal travel, medical, tourism, family visit; short stay. The speaker also mentioned few points about H1B Visa – skilled workers; new or transferring employees.

The session also focused on some of the key points that an interviewee should keep in mind before facing an interview at the consulate i.e. articulate the reason for the travel; tell the truth; an office makes a decision based on the complete story articulated at the window. Some lights were thrown on the topic – Temporary worker rights &resources

(L-R) Mr. Paul Hanna, Consular Officer; Ms. Coco Downey, Consular Officer; Mr. Ed Cox, Consular Officer; Mr. Dan Deming, Consular Officer

The sessions were very interactive. The speakers were very open to hear the concerns and questions of the audience and answering to their each question.

Delegates at the event

The event provided a good opportunity for the IACC members to meet and get informative inputs from the US Consular Officers. The positive feedback from speakers and attendees gave a proof to the real success of the event. Mr. Sanjeev Gulati, Sr. VP- Finance, Infinite Computer Solutions India Ltd and one of the active committee members at IACC- Karnataka branch delivered vote of thanks and Mr. Rabindra Srikantan presented bouquet to Mr. Nicholas Manring, Chief of Consular Services. The session was well received and attended by participants of known organizations like Cellworks Group, ITC Infotech India Ltd, Marco Polo Travels & Tours Pvt. Ltd., Sonata Software, Syniverse Technologies, ASM Technologies Ltd, Mindtree Limited, etc to name a few.

Kerala Branch

Presentation on U.S. VISA application, Procedures & BEP on December 05, 2013 in Trivandrum Indo-American Chamber of Commerce, Kerala, organized an important presentation, jointly with Group of Technology Companies (GTech)-Kerala, at Technopark, Trivandrum on ‘US Visa-Application, Procedures and BEP’ by Mr. Eric S. Swinn, Vice Counsel and Manager, BEP Program, U.S. Consulate, Chennai on December 05, 2013. The presentation aimed to facilitate and provide better understanding for simplified and successful US Visa application. The Presentation was followed by a Question & Answer Session.

Presentation on U.S. VISA Application and Procedure on December 04, 2013 at Palghat, Kerala

Indo-American Chamber of Commerce, Kerala, jointly with The Palghat Management Association organized an Interactive Session on ‘U.S. Visa Application and Procedures’ on 4th December, 2013 at Palghat, Kerala. Consular Manager Mr. Nelson Wu, Vice Consuls Mr. James S. Manlowe and Mr. Harvey Beasley were present during the event and they interacted with the members on visa matters. The program started with a presentation on U.S. Visa Processing Systems. The presentation covered statistics, processes, interview procedures, faqs, regulations and guidelines involved in securing a business or student visa to the U.S. The presentation was followed by Q & A Session.

The presentation also covered the U.S. Consulate’s new visa processing system and the different aspects related to the changes to the visa application process.

U.S. Consulate, Chennai Visa Section officials make the presentation on ‘U.S. Visa Application and Procedures’ in a program organized

by IACC-Kerala on 4th

December, 2013 at Palghat, Kerala, in association with Palghat Management Association.

Trade Opportunity from USA

Sr. No. Business Interest of the Company Contact details

1. A USA based manufacturer and supplier of automotive OEM sealants and adhesives is seeking an India based partnership in order to rapidly expand its global footprint. This company is a leading supplier to direct OEMs in North America, as well as to Tier I automotive customers. Their extensive portfolio of globally approved products is supplied to automotive assembly plants in Body Shop, Paint Shop and Trim. Company is seeking an India based strategic partnership with contacts in the Indian automotive industry. Established contacts at Assembly, Purchasing and Engineering levels are preferred. Equipment, design, technical and Research & Development support to be provided. Prospective partner should possess general chemical processing capabilities within a complementary or non-competing product line.

Ms. Sujatha Ravishanker Branch Secretary, IACC Tel: 044-24310506 [email protected] ; [email protected]

Trade Opportunities from India Sr. No. Business Interest of the Company Contact details

1. A leading company is looking for the importers of agro commodities who are specifically interested in importing commodities like guargum since the United states of America is the biggest market for this product and India is the biggest supplier for the same.

Also they are looking for the importers from USA for the gherkins and organic soyabeans

Ms. Trupti Pawar Dy. Director, IACC Tel: 022-22821413 [email protected]; [email protected]

2. A leading engineering company is interested in collaboration with US Companies for manufacturing following equipments:

Pipe Conveyors

Stackers Reclaimers

Ship Loading / Unloading Machinery

Pneumatic Conveying System including fly ash handling system

Crushers and Screens.


mailto:[email protected]






3.

The World class Hospital in India, is in the process of completing the validation activities of the first of phase of their project, the Bioscience Park. The Bioscience Park consists of an Academic Block, Research & Development Labs, Pre-clinical testing facilities, Convention Centre and an International Cardiac Pathology Museum.

The Pre-clinical testing facility will cater to the testing needs of various industries such as Pharmaceutical, Medical device, Agrochemical and Chemical industries. The laboratory facilities include State- of- the-art- animal breeding facility, Animal testing rooms – laboratory animals & canine, Inhalation exposure facility, Analytical and wet chemistry laboratory, Clinical chemistry laboratory, Genetic toxicology laboratory, Ecotoxicology laboratory, Small animal surgery suite, Large animal surgery suite, Mechanical testing and Microbiology. They are looking for reputed agencies for the supply of quality instruments for their above mentioned laboratories.


4. A leading Indian Business House, which has been manufacturing and exporting Popadoms [Ready to Eat lentil snacks] to UK and Australia for over 30 years, is looking for an Alliance to launch this snack in the USA. This All Natural, Gluten Free, Protein rich tasty snack is manufactured with the highest quality certifications and is being sold under all leading Brands and Supermarket labels in UK. The product is FDA approved and market sampling in the US was well received with strong consumer desire for the product. The US Associate should be willing to launch the product in its own Brand and also to fry, pack and distribute. The product is a great fit for any Snack Brand and a natural extension for a Potato chip Brand as it shares similar infrastructure to process. The Association can extend to explore newer markets across the Pacific and offers investment opportunities into India which is just ripe for the RTE Popadom






5. A leading metal company is looking for a USA partner in the field like sheet metal based mechanical / electromechanical assemblies either with an automotive OEM or an OEM partner in other field requiring / manufacturing high volume similar mechanical / electromechanical assemblies .


6. A leading member company is interested in collaboration with US Companies for manufacturing and exporting of Aluminium Or Brass Sand CASTINGS Parts. Also interested designing different machines, finishes & specifications as per requirements.

Their associate company is interested in exporting Chicory a food product, which is a blending ingredient in Coffee / Feed / Medicines.


7. A member company is interested in tying up for midscale business hotel as their land is on main road from city to the Int'l Airport, where they propose to build a Hotel in the front and Residential Apartments at the back They are looking for an appropriate partner for the Hotel portion of the project.


8. Mumbai based Company dealing in Architectural Products like Facades, Skylights, Steel Buildings, Enclosures, Tensile membrane etc., catering across all segments of Industry on PAN India basis, are keen for association/Joint Venture/Technology transfer of products relevant to the industry segments. Specific requirement is for Large Span Tents, Air Dome, Facades for High rise buildings. Consultants who can assist in design, testing and implementation are also sought.










US investments in India

New York based PepsiCo plans largest India plant at Sri City, invests 450 crore on their first phase of the project.

Plans investment of Rs 1,230 crore; Phase I to be ready by next year

PepsiCo India will set up a new beverage plant, poised to be the largest such factory for the company in India, at Sri City industrial park, close to the Andhra Pradesh-Tamil Nadu border. Coming up on 80 acres, the first phase of the project entails an investment of Rs 450 crore and would be operational by the third or fourth quarter of the next financial year, according to D Shivakumar, chairman and managing director, who took charge 10 days ago. This is part of a three-phase investment of Rs 1,230 crore in the factory, with the final phase proposed to be completed by 2018, he said. Chief Minister N Kiran Kumar Reddy formally laid the foundation stone for the plant at a function held here recently. The new plant is also part of the global beverages player’s recent announcement that it was going to make a new investment of Rs 33,000 crore in the country, with its partners, by 2020. The plant would produce the full range of beverages — carbonated drinks, fruit-based drinks and sports drinks. Each of the three phases will have a production capacity of around 1.2 million liters a day. Shivakumar said the plan to set up a much larger plant in Andhra Pradesh signified not just the presence of a strong local market but also the growth at large in the country. “India is a high priority market for PepsiCo and there are lots of opportunities to expand our food & beverage business in the coming years. This is the physical manifestation of our commitment towards investment in the country,” he said. The company is also planning to make this location as the national hub for sourcing mango pulp, given the large numbers of mango orchards in Andhra Pradesh. “We plan to increase pulp procurement from Andhra Pradesh for all our plants and the state could become a national hub for mango pulp, thus benefiting around 60,000 farmers across Chittoor, Prakasam and Nellore districts,” Shivakumar said. PepsiCo already has a beverage plant at Sangareddy near Hyderabad, which supplies to the state and neighboring Karnataka. The company, which refused to share the revenue or the market share figures, said eight of its brands generate around Rs 1,000 crore each in revenues in India.

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Xander set to acquire stake in Bangalore mall project for Rs 450 crore Xander Group, the US-based private equity major with multi-billion dollar assets under management, is understood to be close to clinching a deal with a Bangalore-based developer for acquiring a significant stake in a commercial retail space being developed on the Bannerghatta Road for close to Rs 450 crore.

According to senior investment bankers, Xander Group is in advanced stages of discussions with the promoters of theBlue Horizon Hotels who are developing 0.42 million square feet of retail space under the brand Vega Mall. This move by Xander has been triggered after promoters of the project were not able to meet their debt obligations towards the State Bank of India to the tune of close to Rs 350 crore that they took as construction finance. Post the default, the SBI had moved to recover the outstandings under the Sarfaesi Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Security Interest (Enforcement) Rules, 2002), and had called for e-auction of the project, which is being developed by the promoters. "The process was initiated but now the promoters have said that they are in talks with private equity players to pay back our loans. We haven't yet decided on a final date as to when we want to close the issue. But, we certainly hope it will be signed soon," a senior SBI official said. It is understood that the SBI had undertaken a price discovery mechanism and had arrived at a price of Rs 445 crore for the e-auction, but this was contested by the promoters in the High Court. The next hearing of this case has been scheduled for the first week of January 2014. The promoters of Blue Horizon and Xander could not be reached for their comments. According to information available with Business Standard, the project is coming up over close to four acres of prime land with a total developable area of 1.3 million square feet of which 450,000 square feet will be for lease, while the rest will be for a hospitality project. As and when Xander manages to finalise the transaction, it will mark its aggressive growth plans in the Indian market. According to information available, Xander has already invested close to $2 billion in India and is looking at a clutch of assets, including those of Shriram Properties and Nitesh Estates. While Xander is close to signing a $110 million deal with Shriram Properties to acquire a significant stake in an SEZ project in Chennai, the fund is in discussions with Nitesh Estates to fund a commercial development for Rs 300 crore. Xander also recently signed a deal with Mantri Developers to invest up to $100 million in a clutch of projects. Copyright © Business Standard Ltd. All Rights Reserved.

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Carlyle Group invests in Global Health

Private equity major The Carlyle Group has made a strategic minority investment in Indian hospital and healthcare provider Global Health Private Ltd. The financial details of the investment were not disclosed. The investment, which also included acquisition of a significant equity stake held by an affiliate of Avenue Capital Group, was made by Anant Investments. Anant Investments is an affiliate of Carlyle Asia Partners III, the PE firm said in a statement. Led by cardiac surgeon Dr Naresh Trehan, Global Health operates a 900 bed hospital in the National Capital Region of Delhi. It provides super-specialty care in cardiology, neurology, gastro, liver transplant and orthopedics with prominent doctors in each field. Global Health owns ‘Medanta-the Medicity’, a super-specialty hospital, in Gurgaon. “We see high growth potential in the healthcare industry in India driven by improving income profiles leading to higher hospitalisation and treatment frequency. And the National Capital Region of Delhi, where Global Health is operating, has rapidly emerged as a healthcare hub,” said Neeraj Bharadwaj, Managing Director of The Carlyle Group. Including this transaction, Carlyle has invested and committed about $1.1 billion in India as of September 30, 2013. Copyright © 2013, Kasturi & Sons Ltd., Chennai All Rights Reserved.


India, US sign Rs 4,000-crore deal for six Super Hercules aircraft

IAF already has six C-130Js tactical airlift aircraft, ordered for $962 million in 2007, which are based at the Hindon airbase on the outskirts of Delhi

India has signed Rs 4,000-crore deal with the US for procuring six more C-130J Super Hercules Special Operations aircraft for the Indian Air Force. The proposal was cleared by the Cabinet Committee on Security (CCS) headed by Prime Minister Manmohan Singh on December 20. The two sides signed the deal yesterday under which the US Air Force will supply the aircraft to the IAF through the Foreign Military Sales route, sources said here. The IAF already has a fleet of six similar planes which are deployed at the Hindon air base near here and the force uses it for carrying out special operations including landing on inhospitable air strips in the Ladakh area. The IAF had acquired the first lot of six aircraft at a cost of around Rs 5,500 crore. The new lot of six planes will be located at Panagarh in West Bengal, which would be headquarters of the proposed Mountain Strike Corps of the army along the China border. The aircraft is capable of airdropping commandos and material in darkness due to its night-vision imaging. It can prove very handy in wartime due to its ability for special air operations and transport of material and supplies. It can be used in mountainous terrain in hostile circumstances. The four-engine plane with Rolls Royce engines has the technology and configuration to perform low-level precision flying.

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Massachusetts headquartered Advent International in talks to buy stake in Hyderabad based Laurus Labs

US-based private equity (PE) major Advent International is in talks with Hyderabad-based Laurus Labs Private Limited (Laurus) to buy a stake in it. The discussion is for raising funds to the tune of Rs 300 crore. The PE investor is likely to pick a 10-15 per cent stake in Laurus. The proposed capital will be used for Laurus’ capacity expansion. Earlier, Chava Satyanarayana, founder and chief executive officer of Laurus, had said the company would set up two new manufacturing facilities to take the total capacity to 1.4 million litres from its current capacity of 800,000 litres. In February 2012, Fidelity Growth Partners India had invested Rs 200 crore in Laurus, acquiring a minority stake in it. Along with Fidelity, Chava Satyanarayana had also participated in the first round of financing. A mail sent to Ravi Kumar, executive director (finance), Laurus Labs, did not elicit any response, while Shweta Jalan, managing director, Advent India PE Advisors, did not respond to email queries.

Laurus was set up by Satyanarayana, former chief operating officer of Matrix Laboratories, in 2005. The Rs 800-crore company is a leading manufacturer of active pharmaceutical ingredients (APIs) for anti-retroviral (HIV-AIDS), oncology and nutraceuticals, and a supplier of leading generic pharmaceutical companies in India and abroad. In addition to the API business, the company has a contract research and manufacturing business offering services to a few global pharmaceutical companies. Laurus has a state-of-the-art research & development and scale-up laboratory in Hyderabad and large-scale manufacturing facilities at Visakhapatnam. These export-oriented units have been accredited by international regulatory agencies including the US FDA, UK MHRA, Australian TGA and Korean FDA. Advent International has exposure to the Indian health care sector through its $110-million (Rs 560 crore) investment in the Hyderabad-based hospital chain Care Hospitals in April 2012. The pharmaceutical industry in India is set to witness more deals in 2014 after seeing some of the largest deals in December 2013. According to data from VCCEdge, the pharmaceutical industry has seen eight PE/ VC deals worth $387 million in 2013, against 11 deals worth $151 million in the previous year, a growth of 156 per cent.


India’s Investments in U.S Brand Amul to spread to America

The Utterly Butterly Amul Girl is all set to butter up the Big Apple. Come February, Gujarat Cooperative Milk Marketing Federation, which owns and markets the Amul brand of milk products, will start manufacturing ghee (butter oil), paneer (cottage cheese) and shrikhand (a sweet dish made of strained yogurt) from a plant near New York. “Initially, three products will be manufactured at the facility from February. There are around 3 million Indian and many more Asian consumers whom we will target in the initial phase,” said R. S. Sodhi, Managing Director of the Federation. The dairy major has joined hands with a New Jersey-based non-resident Indian to use his plant. Earlier this year, Kaira (Anand) District Cooperative Milk Producers Union Ltd (Amul Dairy) entered into an agreement with GCMMF and the NRI. “We will provide technology and infrastructure support for manufacturing milk products,” Sodhi told media. Maintaining its core cooperative structure, GCMMF will source milk from cooperative dairies in the US. “The procurement price to be given to the farmers will be decided according to the prevailing norms in that market,” Sodhi said, adding that GCMMF also plans to launch liquid milk in due course. GCMMF exports every year around Rs 100 crore worth of dairy products including to the US, West Asia, and Europe. Around Rs 35 crore worth of milk products are exported to the US alone. For 2013-14, GCMMF is eyeing a turnover of around Rs 18,000 crore, 30 per cent more than last year. Copyright © 2013, Kasturi & Sons Ltd., Chennai All Rights Reserved.


SpiceJet orders 40 Boeing jets worth $4 billion - sources Indian budget airline SpiceJet has agreed to buy about 40 Boeing 737 jets worth over $4 billion at list prices, industry sources said, a move that could help the loss-making carrier as it seeks new investors. The deal includes a firm order for as many as 42 Boeing 737 MAX aircraft that offer fuel savings compared to SpiceJet's existing fleet of current-generation Boeing 737s, the sources said. Such an order would be worth $4.4 billion at list prices without adjusting for either inflation or price discounts. The Indian carrier has also negotiated options to double the order by taking up to 42 further jets depending on its ability to grow, the industry sources said, speaking on condition of anonymity. A spokeswoman for SpiceJet declined to comment. Boeing said unidentified airlines had placed orders at the end of 2013 for 164 such medium-haul aircraft. Industry sources said at least part of the SpiceJet order is included among those latest unidentified orders and is therefore already part of Boeing's backlog of new business. A spokeswoman for Boeing declined to comment. The deal comes as India's fourth-biggest airline by domestic market share seeks new planes and new investments to revive its fortunes after posting a record quarterly loss in November, hit by costly fuel and a weak rupee. SpiceJet's auditor said in its annual report as of March 2013 that its ability to remain a "going concern" depended on establishing profitable operations and raising funds. Industry sources say the long-awaited fleet renewal and the search for a new investor have become intertwined, with the airline seen as potentially more attractive once it secures valuable delivery positions for the new jets from 2018 onwards. PARTNER SEARCH The airline, controlled by billionaire Kalanithi Maran's Sun Group, is seen as a target for foreign investors after India loosened restrictions on investment by foreign airlines. SpiceJet has reported interest from potential investors but has not named any. It has been linked in the past with Qatar Airways and Dubai's Emirates but both have denied any interest in a stake. Last month, SpiceJet announced a three-year inter-line partnership with Singapore's Tiger Airways (TAHL.SI), raising the prospect of closer co-operation between those airlines. However, some analysts say the airline's immediate priority is to stabilize operational finances. Details of the way in which the order would be funded were not immediately available. "I still believe, for SpiceJet, concerns of funding are very critical," said Kapil Kaul, chief Executive for South Asia at the Centre for Aviation, an industry analysis firm. "Our assessment is that $150 million-200 million are required for the current set of operations. If they have to fund the fleet, their requirement could be closer to $300 million." For Boeing, the deal helps cement its position in one of the world's fastest-growing but volatile aviation markets, where it relies primarily on two operators for the 737 jets, one of which is SpiceJet. Indian media reports had said SpiceJet was looking towards Boeing's arch-rival Airbus, which has been increasing its share of the Indian market despite the grounding of one of its domestic customers, Kingfisher Airlines. Boeing is seen as keen to avoid losing a high-profile customer in India where it can ill afford to surrender market share for narrowbody 737 jets. Meanwhile, new entrants are preparing to step up competition in India's fast-growing but loss-ridden airline sector

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Indo-US Corporate News Morgan Stanley to open Bangalore centre to service US parent

Morgan Stanley will open a new Global In-House Centre (GIC) in Bangalore that will provide outsourcing services to the multi-billion dollar company’s parent in the US. This new centre will be opened in 2014 and will complement Morgan Stanley’s GICs in Mumbai, the company said in a statement. Commenting on the firm’s plans to grow its GIC capabilities and footprint in India, Bill Strong, Morgan Stanley’s Co-CEO Asia Pacific, said the company had reviewed global options for building a new GIC that can provide a mass of employees to support its global functions and saw value-add in expanding further our on-the-ground teams in India. While this is a new investment, the company did not quantify the exact amount of investments. However, it added that this new site in Bangalore is aligned with its continued focus on leveraging India’s skilled and diverse talent pool for the company. Morgan Stanley has been present in India since 1993 and the back-office provides investment banking, asset management and research, capital markets-related research and sales and trading advisory services to its global clients that include high net worth individuals from 1,200 offices across 43 countries. The firm will continue to grow its existing Mumbai-based centres, in addition to the new Bangalore centre, officials added.

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Five Indian pharma companies get US FDA approval for generic Cymbalta Dr. Reddy's Laboratories, Lupin, Sun Pharma Global FZE, Aurobindo Pharma and Torrent Pharmaceuticals have received US FDA approval for the first generic versions of Cymbalta (duloxetine delayed-release capsules), a prescription medicine used to treat depression and other conditions. These companies received FDA approval to market duloxetine in various strengths. “Healthcare professionals and consumers can be assured that these FDA-approved generic drugs have met our rigorous standards,” said Kathleen Uhl, acting director of the Office of Generic Drugs in the FDA’s Center for Drug Evaluation and Research. “Generic drugs offer greater access to health care for many people.” Depression is characterized by symptoms that interfere with a person's ability to work, sleep, study, eat, and enjoy once-pleasurable activities. Episodes of depression often recur throughout a person's lifetime. Signs and symptoms of depression include: depressed mood, loss of interest in usual activities, significant change in weight or appetite, insomnia or excessive sleeping (hypersomnia), restlessness/pacing (psychomotor agitation), increased fatigue, feelings of guilt or worthlessness, slowed thinking or impaired concentration, and suicide attempts or thoughts of suicide. Duloxetine and other antidepressant drugs have a boxed warning describing the increased risk of suicidal thinking and behavior during initial treatment in children, adolescents, and young adults ages 18 to 24. The warning also says data do not show this increased risk in those older than 24 years and that patients ages 65 and older who take antidepressants have a decreased risk of suicidal thinking and behavior. The warning says depression and other serious psychiatric disorders themselves are the most important causes of suicide and that close monitoring of patients starting these medications is necessary. Duloxetine must be dispensed with a patient medication guide that describes important information about the drug’s uses and risks.

Common adverse reactions reported by people taking Cymbalta include nausea, dry mouth, drowsiness, fatigue, decreased appetite, increased sweating, and dizziness. Generic prescription drugs approved by the FDA have the same high quality and strength as brand-name drugs. Generic prescription drug manufacturing and packaging sites must pass the same quality standards as those of brand-name drugs.


American Express launches iconic by-invite Centurion Card for India’s wealthiest

The card offers Rs 10-crore spending limit and access to luxurious airline services and super premium hotels and restaurants worldwide.

The world's most famous and most exclusive credit card — you only get one by invite; you can't apply for it — is in India, and 200 or so very wealthy Indians now possess a rectangular piece of titanium, black in colour, offering a Rs 10-crore spending limit. American Express' Centurion Card — popularly known as the black card — has been a wealth and celebrity marker in the West since 1999, when it was launched. India joined the list only now. So who are India's black card holders? It's all supposed to be hush hush. American Express did not wish to share any information on who it has invited, saying its company policy. And some black card holders spoke to Economic Times only on the condition they not be identified. ET spoke to plenty of people in the know, and they confirmed some of India's wealthiest families and celebrities have received the invite. Certain members of business families such as Oberois, Munjals, Godrejs, Burmans and Bhartiyas are learnt to have received the black titanium rectangle. Among Bollywood biggies, Amitabh Bachchan is a black card holder. What does the black card offer, apart from Rs 10-crore credit limit? Well, first, you have to shell out Rs 2 lakh as joining fee and Rs 2.5 lakh as annual membership charges. The privileges, as expected, are many. The exclusive card gives you access to luxurious airline services and super premium hotels and restaurants worldwide. For example, if you want reservations in a restaurant with a six-month waiting list, it helps if you own that piece of titanium. Or, if you want a last-minute first class airline ticket, flash your black card. Black card holders are also offered advisory services on matters such as art purchase and haute couture. "With an ever-growing list of billionaires and projections of highest increase in 'Private Financial Wealth' in a market by 2017, the launch couldn't have been better timed," said Sanjay Rishi, president of American Express India, in an internal email earlier this month. He said the company had received a great response within the first few weeks of the launch. Super premium products such as black cards have knock-on effects. Abraham Koshy, professor of marketing at the Indian Institute of Management, Ahmedabad, said news that India's elite of the elite have received black cards will spur demand for more less-exclusive, but still high-end products. "It's the aspiration thing," Koshy said. But does a black card add anything more to the stature of a billionaire or a mega celebrity? It does, said

Koshy. It's a statement of extra power among the powerful, he added. One black card holder told ET, "It's about the brag value." This person did not wish to be identified. Amex's black card is arguably the most famous of a short global list of super exclusive credit cards that include Dubai First Royale MasterCard, JPMorgan Palladium, Coutts & Co World Card, RBC Visa Infinite and Merrill Accolades Card. In India, IndusInd Bank has launched the 'Indulge Credit Card', which, the bank says, comes with a pure 22 karat gold inlay. The joining fee is Rs 1 lakh, and there's no preset spending limit. Services include discounted charter flights, yachts and sailing lessons, and help in finding rare super cars.

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Canara Bank gets license to open a branch in New York Canara Bank recently told the media that they had received license from the US regulators to open a branch in New York, as it seeks to expand its global presence. Canara Bank today said it has received licence from the US regulators to open a branch in New York, as it seeks to expand its global presence. "The Board of Governors of the Federal Reserve System, Washington DC, US, vide its communication dated December 13, 2013 has approved the proposal of the bank to open a branch in New York," Canara Bank Chairman & Managing Director R K Dubey said in a statement. Stating that Canara Bank could get the approval in 20 months, the statement said that the bank is taking steps to hasten the process of opening the branch and commence the operations expeditiously.


Cipla gets US FDA approval for Xopenex

Pharma majors Cipla has received US Food and Drug Administration (US FDA) approval for the generic version of the drug called Xopenex, which is used for asthma. Cipla is the third or the fourth generic company to enter into this space within the US markets. Moreover, it is a limited opportunity drug and as of December 2012, the drug sales were estimated to be around $439 million. Cipla focuses on development of new formulations and has a wide range of pharmaceutical products. It offers prescription drugs, bulk drugs, animal products and pesticides. It also offers a wide range of food and beverages, baked foods, oral hygiene products, detergents, room fresheners and personal care products.


Wipro offers fellowship to US school teachers Indian IT bellwether Wipro Ltd recently announced a fellowship programme to nurture talent of American school teachers in mathematics and science in collaboration with Michigan State University. "We are funding the multi-year programme with a $2.8-million grant to initially train about 100 teachers in Chicago public schools in both the subjects," Wipro chief executive T.K. Kurien said in a statement from New Jersey. Aligned with the US national goal to improve the quality of education in science, technology, engineering and mathematics (STEM), the programme will build leadership in urban schools by leveraging expertise developed by Michigan University. "Our initiative seeks to develop and inspire young people to contribute to excellence in STEM education in American public schools," Kurien said. The programme will identify teachers committed to teaching the four disciplines in urban schools through a selection process. "As there is a critical shortage of excellent math and science teachers across the US, especially in urban school districts, we need leaders who can build their capacity to improve learning," university's College of Education assistant dean Sonya Gunnings-Moton said.

The College of Education is one of the leading schools in the US, working across states. "The certified teachers will become part of the STEM urban learning and leadership community to build capacity for learning outcomes among urban students," said Wipro sustainability officer Anurag Behar. Successful participants will be certified in STEM teaching and leadership as a recognition of their commitment and expertise in the subjects. "The programme has been designed to develop teachers into catalysts of change in disadvantaged communities of urban areas. The initiative is in line with our vision to make impactful contribution towards quality education," Behar added. The global software major had initiated a similar fellowship in 2012 with University of Massachusetts across 10 districts of Boston and Newark area to foster excellence in STEM education. Wipro has over 10,000 techies working for its global clients across 48 states in the US and has a recruitment programme to hire locals from colleges and universities across the country.

Copyright © 2013 IANS India Private Limited. Click here for index

Biocon signs agreement with US-based Quark Pharma

Biotechnology Company Biocon Ltd. and Quark Pharmaceuticals Inc. have entered into a tie-up for the discovery and development of small interfering RNA (siRNA)-based medicines. California-based Quark Pharma develops RNA interference-based treatments for chronic and acute diseases. This treatment involves a biological process in which RNA molecules inhibit gene expression by causing the destruction of specific RNA molecules used to treat conditions such as glaucoma. This collaboration will enable Biocon to co-develop, manufacture and commercialize QPI-1007, a novel siRNA drug candidate for ophthalmic conditions, for India and other markets, according to a company statement. siRNA are molecules and understanding the way these molecules work is important for validating the functioning of genes which would help in disease-causing genes. The company did not disclose the financial details of this transaction. Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said: “Quark is the world leader in this technology and their joint development efforts on QPI-1007, targeting ocular neuroprotection, aims at providing relief to several patients suffering from serious ophthalmic conditions.”

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Snapdeal looks to raise $150 m in new funding Expects sales to top $1 billion in 2014-15; eyes US listing

Snapdeal.com, touted as India’s largest e-commerce marketplace, is set to raise about $150 million in its next round of funding. The company has raised slightly over $100 million in funding so far. The money raised from the new round of funding will be used to upgrade technology, for marketing as well as acquisitions, sources in the company told the media. Nexus Partners, Indo-US Venture Partners and Bessemer Venture Partners have invested in the company in three rounds of funding till now, the last of which was nine months ago. Snapdeal CEO Kunal Bahl refused to confirm that the company would go in for an additional round of funding. But he said the company was seriously looking at listing itself on a bourse in the US as SEBI now allows companies to list abroad without listing on an Indian stock exchange first. “Given our profitability curve, we can consider going public in a couple of years,” he said. Bahl predicted that the company would have sales of around $1 billion in 2014-15 compared with a half a billion dollars during the current fiscal.

Marketplace model Snapdeal, which follows the marketplace model, has about 20,000 sellers on its platform and offers four million products. “When we looked around, the e-commerce sites were largely buying and selling branded products, not solving any issues but taking away space from retailers. We saw sellers who have great products but do not have the avenue to sell their wares nationwide,” said Bahl. So, he added, Snapdeal created a platform that sells products directly to customers, without holding inventories. The inventory-led business cuts out traders or small businesses, he pointed out. Snapdeal also does not own any logistics company but uses several courier companies across the country to deliver products to customers. “This way, the right people make money. Sellers make money and we make money because we are facilitating transactions but those players who do not add value get cut out,” added, Bahl, who is also a co-founder of the company. The e-commerce Web site adds about a couple of thousand sellers every month and offers customers the option of taking back their money if they are not satisfied with a product. “All the money buyers have paid sits in an escrow account for seven days and then it goes to the seller. This way, it keeps the sellers honest and also gives them an opportunity to rectify their products if there are any flaws,” he said. If there are several complaints against the seller, his rating goes down and eventually he is not seen in the platform. Bahl said the company expects to turn profitable in the next one year but added that no inventory-led e-commerce platform has become profitable so far. Organic supply “We have no capex. There is zero cost for us to get incremental sellers and limited cost to get incremental buyers. These 20,000 sellers are organic they have come directly to us through our site. And 80 per cent of buying traffic is also organic,” said Bahl. “Because there is a strong organic supply and demand, your need to invest to propel supply and demand gets lower and lower. As we get larger and larger, it gets lower and lower and this has propelled our growth.

Copyright © 2013, Kasturi & Sons Ltd., Chennai All Rights Reserved. Click here for index

Intel to partner with Indian original equipment manufacturers Intel looks to partner with Indian OEMs and release a slew of devices this year, says director of south Asia consumption sales.

As Intel looks to become a serious player in the mobility space, the company is looking to partner with Indian original equipment manufacturers and release a slew of tablets and two-in-ones starting this year. "We want to be a relevant player in 2014 and the leader in 2015. We have the building blocks, we understand the channels much better, we've learnt how things are sold in India," Anand Ramamoorthy, director of south Asia consumption sales at Intel, said in a recent interview. Ramamoorthy expects to see "double-digit" numbers by way of the variants of devices available in the south Asian market starting this year that will be capable of running Microsoft's windows operating system as well as Google's popular Android and Chrome software. Systems-on-chip refers to the combination of various processors on semiconductor chip. "We all know what Intel earned its stripes for," Ramamoorthy said, referring to Intel's dominance of the personal computer market. "What has not worked too well has been our inability to have a sustained product beat rate in the mobility space," he said. Smartphones and tablets are an area where "you have to innovate much faster" and introduce new platforms every six to nine months, he said. With the Bay Trail family, which Ramamoorthy said were the best engineered chips that Intel had yet for mobility, the computer chipmaker is expecting to become "a relevant player in 2014 and a leader in 2015."

After missing out on the initial wave of the mobile revolution, the world's largest computer chipmaker is betting its mobile strategy on a family of processors and systems-on-chip it released last year code named Bay Trail that Ramamoorthy said captures the right

combination of power, performance, and price.

While Ramamoorthy declined to give India-specific numbers, Intel is looking to quadruple the number of tablets with its chips shipped to about 40 million this year versus 2013. In India, apart from existing partnerships with global original equipment manufacturers, Intel is working with homegrown manufacturers, the likes of Micromax, Lava and Karbonn for new launches. The Intel Atom will go on tablets and two-in-ones, which can be used as laptops or a tablet, and Intel Celeron and Intel Pentiums will go on entry-level two-in-ones, laptops, desktops, and All-in-ones. While the brand "Atom" is familiar from the days of the netbook, which were cheap laptops not meant for heavy graphics or gaming and so on, the new Atom-branded Bay Trail chip is not to be confused with that. The Bay Trail version is a "significant evolution," in the underlying architecture of the chips that offers lower power use, faster computing ability, a smaller footprint and sleeker design, Ramamoorthy said. Tablets such as the Asus Fonepad 7 and Acer W4 are already available based on Bay Trail. In the US, Bay Trail systems will start from $199 (clamshell), $250 (notebook with touch) and $349 (two-in-ones). In India, in the tablet space Intel is specifically targeting the 7-10 inch screen size that would fall in the Rs 15,000-30,000 price band. Tablet PC sales in India were around 1.9 million units for the year ended March 2013, compared to 0.36 million units in 2011-12, growing by 424%, the hardware industry lobby Manufacturing Association of IT said in a report in July last year. Intel is not the only one betting its future on the booming tablet device market. Microsoft, which recently acquired Nokia, has pulled up its socks to add fresh launches this year. Microsoft's country general manager for consumer channel group Chakrapani Gollapali told ET recently, the company has its own aggressive plans targeting the tablet market especially the 10-inch and above screen size market, which is less crowded. The company plans to launch more than 10 variants in the market in the coming months, he said. Apart from this, Microsoft will also work on a channel push to ensure better incentive for the retailers.

Microsoft too is in advanced talks with the home grown partners. "A vendor can be profitable at 15% of market share, however in the large screen category, our vision is to achieve 35% market share," Gollapali said.


Google 'most attractive' Internet brand in India: report Yahoo second, Facebook third, says Trust Research Advisory

Google is India's most attractive Internet brand, says new research by Trust Research Advisory (TRA). With a growth of 31 percent over last year, India has 74 million Internet users. This has helped it surpass Japan to become the world's third largest Internet user base after China and the US. Yahoo has emerged as the second most attractive Internet brand. Facebook occupied the third position. "The surprise result in this list is Yahoo's 2nd rank among India's Most Attractive brands beating even Facebook. Yahoo's second rank shows that the new strategies being adopted by it are working, and working well at that. If this brand continues to move in the direction that it has set in the recent past, it is on a sure footing to regain its popularity back soon," N. Chandramouli, chief executive officer, TRA said. The primary research was conducted with 2,505 consumer across 16 cities based on TRA's proprietary matrix of attractiveness quotient based on 36 Traits. TRA is an actionable insights and brand intelligence company dedicated to understanding and analyzing stakeholder behaviour through two globally acclaimed, proprietary matrices of Brand Trust and Brand Attractiveness.

Copyright © 2013 IANS India Private Limited. Click here for index

Hilton Worldwide opens Hilton Garden Inn in Thiruvananthapuram Hilton Worldwide has opened its affordable yet upscale brand of hotel, Hilton Garden Inn at Thiruvananthapuram.

Hilton Garden Inn, Thiruvananthapuram is owned by Muthoot Hotels & Infrastructure Ventures (P) Ltd and managed by Hilton Worldwide. The hotel features 134 guest rooms and suites, Garden Grille all-day restaurant, a bar, outdoor swimming pool, 24-hour fitness centre and 2,600 square feet of conference and events space that can accommodate up to 450 people. Hilton Worldwide has plans to launch its operations in prime city centre locations across India, according to Guy Hutchinson, vice president, operations - India, Hilton Worldwide. Presently, the Group operates hotels and resorts in Delhi, Gurgaon, Mumbai, Chennai, Vadodara, Pune, Goa etc. The Hilton Group is planning projects in Bangalore, Agra and Jaipur. "The Muthoot Pappachan Group is delighted to partner with Hilton Worldwide, a global leader in the hospitality industry, for its foray into Thiruvananthapuram and the introduction of the Hilton Garden Inn brand in Kerala" said Thomas John Muthoot, chairman and managing director, Muthoot Pappachan Group. Copyright © 2013, Bennett, Coleman & Co. Ltd. All Rights Reserved.


Leading studios to zoom in on South this year

Production majors Disney UTV Studios and Fox Star Studios have increased their focus on South India to stake a claim to a larger share of the booming cinema market there. Both the studios have declared a slew of projects down South for 2014. Disney UTV Studios said it would produce or co-produce five movies in South India — four in Tamil and one in Telugu. In Tamil, the studio will come out with Naan Sigappu Manithan, starring Vishal and Laxmi Menon; an untitled project with

south Indian superstar Suriya; Sigaram Thodu starring Vikram Prabhu, Sathyraj (who played Deepika Padukone’s father in Chennai Express); and Purampokku featuring Arya, Vijay Sethupathi and Karthika. In Telugu, the studio would put its might behind an untitled film with reigning superstar Mahesh Babu. Fox Star Studios would use its partnership with C V Kumar’s Chennai-based Thirukumaran Entertainment for V Chitram and Mundasupatti, and make Cukkoo with Next Big Films. The studio would again partner with Atlee Kumar, who recently delivered a breakaway hit for Fox Star Studios with Raja Rani. The trend of major houses eyeing South markets began recently. In 2013, Disney UTV had produced three Tamil movies – Settai (box office collection Rs 15.10 crore), Theeya Velai Seiyyanum Kumaru (Rs 15.97 crore) and Ivan Veramathiri (Rs 10.5 crore). In a recent interview, Siddharth Roy Kapur, managing director, The Walt Disney Company India, said Disney UTV Studios would focus on the Tamil and Telugu movie markets in a big way in 2014. “Those are markets we have got to learn (about) and understand much better over the years. &" According to industry sources, the South Indian box office was estimated at Rs 780 crore to Rs 800 crore in 2013 (net after tax). In 2012, it was Rs 740 crore to Rs 750 crore. Commenting on the studio’s focus on the South, Vijay Singh, CEO, Fox Star Studios, said the company was focused on increasing presence in the Tamil film industry. “While we have extended our successful association in Tamil with A R Murugadoss to Hindi as well, we are also increasing our footprint in the Tamil industry by partnering with C V Kumar’s Thirukumaran Entertainment. C V Kumar has proven himself as one of the market leaders who is highly concept driven with budget conscious — qualities that resonate well with our brand, &" he added. The 2013 Ficci-KPMG’s report on media and entertainment had predicted that big Bollywood production houses would look at collaborating with filmmakers in the regional space. The reasons: Lower cost of production, lower marketing spends (as audiences are comparatively niche) and a wider theatrical window for the movie to run at the box office.


Google to bring Shoppable Hangout to India, partners Myntra.com

Search engine giant Google will unveil its 'Shoppable Hangout' in the country on January 20, which will allow users to interact with each other and shop online simultaneously. Google has partnered with e-Commerce Myntra.com and Bollywood actor Hrithik Roshan to bring Shoppable Hangout on Google+ to India, a statement today said. Google+ Shoppable Hangout On Air enables up to 10 people to interact with each other on a multi-person video chat that is broadcast live to millions online, while allowing all the viewers to simultaneously shop, chat and comment. Using this Hangout, designers or retailers can publicly broadcast a multi-person video chat about their products while customers simultaneously browse through the exclusive catalogue. "The Shoppable Hangout will provide users with a brand new online shopping experience, which will be like shopping Hrithik's clothing line with him at your side, except from participants' living rooms," Google India Industry Director Nitin Bawankule said. Besides products hosted on Myntra.com, the Hangout will also feature Hrithik's clothing line, HRX. It will allow fans to shop and chat with Hrithik online. "Marrying the power of technology, social media, and e-commerce, we will provide our customers a novel, more personal and interactive way to shop online on Myntra.com," Myntra CMO Vikas Ahuja said. Roshan said he will use the opportunity to interact with his fans and shoppers to showcase his clothing line. Copyright © Press Trust of India, All Rights Reserved.


GAIL to import LNG from US only on India-owned carriers Move a part of government's efforts to ensure energy security

Taking a cue from China on ensuring energy security by keeping oil and gas sector out of any future diplomatic standoffs, India has initiated steps to ensure that state-run GAIL's move to import liquefied natural gas (LNG) from the US should be on carriers with substantial Indian ownership. Already countries like China insist that ships must be built in China if chartered on long-term to Chinese oil majors. GAIL is planning to source six million tons (mt) of LNG from the US annually, with an exposure of $2.5 billion calculated at FoB price of $9 a million British thermal unit, eyeing domestic power and fertilizer consumers. Keeping this in mind, the government now wants Indian shipyards to enter into collaboration with foreign shipyards to develop domestic ship building capacity in LNG space. The LNG supply from the US is likely to commence by September 2017. On December 24, petroleum secretary Vivek Rae had a meeting with the heads of all the major shipyards in the country to push the plan. Representatives from six major shipyards participated in the meeting- including Pipavav Shipyard, L&T Shipyard, Goa Shipyard, Mazgaon Docks, Cochin Shipyard and ABG Shipyard. The CMDs of GAIL, Shipping Corporation of India and ONGC were also part of the meeting. "We want to make sure that if there is a diplomatic tussle in future, it should not affect our LNG import plans. If Indian shipyards are roped in into the scheme of things, GAIL would be able to float its tender for award of time charter contract based on that, which would be evaluated on a life cycle-cost basis," said a senior petroleum ministry official. GAIL has already signed a memorandum of understanding with SCI and agreed to provide SCI with step-in right to take up to 26 per cent equity in each of the LNG carriers that would be chartered by GAIL and the company would also retain a similar right of up to 10 per cent equity participation. "Shipyards are getting in touch with prospective companies to participate in contracts for LNG carriers. The motive is to promote Indian shipbuilding. If India is going to import a lot of LNG from US then the Indian company should also be able to get some benefit out of it," said Sunil Thapar, director-bunker and tanker division, Shipping Corporation of India. According to the ministry, distance between the US east coast and India is large and including a return voyage time of about 50 days. The ministry is planning to have time charter party agreements with major shipyards by the third quarter of 2014, in order to give adequate time for global majors for tie us and also ship building. GAIL is the largess LNG offtake holder from US, with contracts in place of 3.5 mt per annum from Sabine Pass project and another 2.3 mt from Cove Point signed last year. GAIL also has contracts with Gazrom in Russia and Gorgon project in Australia. However, there is a contrarian view about the ability of Indian shipyards to deliver such carriers. "None of the Indian shipyards have the ability to make LNG carriers. It will be a while before we get there. The technology required is not available," said Dhananjay Datar, chief financial officer, ABG Shipyard. He also said if Indian shipyards were to venture into this business they would have to tie up with bigger companies in South Korea and China.


Wockhardt's Shendra unit set for key US test. The Food and Drugs Administration, the US regulator, is likely to visit Wockhardt's factory in Shendra (Aurangabad district of Maharashtra) for an inspection this month, it is learnt. If the company manages to get a go-ahead from the regulator for this plant, it might result in resumption of supplies of several of their products, barred from the US last year. Wockhardt did not reply to a detailed e-mail questionnaire sent by Business Standard.

According to industry sources, the Shendra factory was also inspected by the Medicines and Healthcare Products Regulatory Agency (MHRA) of Britain and the Irish regulator, a few months earlier, getting approval. Now, the observers expect a US clearance, too.

PERFORMANCE DURING JULY-SEPTEMBER FY14

Wockhardt clocked consolidated revenue of Rs 1,197 crore

International business contributed 78% of the total revenues during the quarter

Wockhardt’s US business declined 19% and contributed 44% of the company’s global revenues

UK business recorded a growth of 5%

The Mumbai-based drug maker has been facing trouble in developed markets since early 2013, when its Waluj (Maharashtra) facility first came under the US FDA scanner, following manufacturing violations. Since then, many other of its domestic facilities have faced enforcements in the US and Europe. Apart from Waluj and Chikalthana, barred from supplying to the US, its factory in Daman came under the scanner of MHRA.

Last September, the Wockhardt management had indicated it might shift US-bound products from the troubled Waluj unit to its plant at Shendra. The company had been waiting for approval here for a long time. Founder-chairman Habil Khorakiwala had said if Shendra got an FDA nod, new product application filings would also be made from there.

The Chikalthana unit had generated sales of $283 million (Rs 1,700 crore) in financial year 2013. Wockhardt makes the generic version of Toporol XL, a cardiac drug, here. The company has 26 per cent of the market share in the US for the drug. The plant’s annual revenue from the UK and Europe is £12 million (Rs 120 crore).

While announcing financial results for the July-September quarter, Managing Director Murtaza Khorakiwala had said performance was “impacted due to the recent regulatory actions…” but they were “committed to raise the bar across all functions and revert with better performance in all areas of operations at the earliest”.


Ford Undeterred by India's Economic Troubles Plans for New Indian Car and Engine Facility Remain on Track

Ford Motor Co. Said recently its plans to open a new Indian car and engine facility in 2015 remain on track and it has started exporting vehicles from India to Western Europe for the first time despite growing economic uncertainty in the South Asian country. Ford said it is going ahead with a billion-dollar investment in a new factory even though its smaller Japanese rival, Suzuki Motor Corp. , last year put on hold plans to build a new plant in the same state of Gujarat on the grounds that it was no longer a good time to invest in India. Ford has also started shipping its Indian-made EcoSport compact sports- utility vehicle to Western Europe, with 100 cars currently en route for the European markets, said David Schoch, Ford's president for the Asian-Pacific region. Ford remains "very confident in the overall Indian environment" despite the "short-term hiccups," Mr. Schoch told The Wall Street Journal in an interview at the North American International Auto Show. India's car sales are sliding as sluggish economic growth, high loan rates and rising fuel prices have dented consumer confidence. Car sales in 2013 fell for the first time in 11 years.

Ford's investment in India is part of the broader ramp-up of capacity in the Asia Pacific region, with the auto maker set to open six new plants there in the next two or three years, Mr. Schoch said. Four factories will come up in China as well as the two in India, he said. The company's bet on the region comes from its belief that the Asia-Pacific market will become a big driver of growth for the global automotive industry by the turn of the decade. Ford estimates sales in the region will account for half of global car sales of 109 million vehicles by 2020, compared with 82 million in 2012. The auto maker's operations in the Asian-Pacific region and Africa contributed $126 million of Ford's $2.23 billion in pretax profit from its automotive business in the third quarter. Mr. Schoch acknowledged that a sluggish Indian economy has damped demand for automobiles in India, but expressed confidence that sales will rebound in the coming years and Ford would be well-placed to capitalize on that demand potential. Copyright © 2014 Dow Jones & Company, Inc. All Rights Reserved.


In the News:

Indo-US military ties on good track: Pentagon The military-to-military ties between India and the US are on a good track, the Pentagon said recently. "We have been working on our military to military relationship with the government of India for some time. We believe that our military-to-military relationship is on a good track," Pentagon spokesperson Steve Warren told reporters during an off-camera news conference. US Deputy Defence Secretary Ash Carter has made several trips to India, he said, referring to what is now being called as the 'Carter-Menon' initiative, which resulted in the US going out of its way to provide India access to technologies that are being given to only to its closest allies. However, Warren refused to make any comment on the arrest of Indian diplomat Devyani Khobragade, in New York on December 12 on charges of visa fraud and misrepresentation.


The American-style start-up takes root in India

Sam White, center, co-founder of Promethean Power, during his morning train commute in Mumbai.

India has built a reputation as a notoriously tough place to do business, one that has stymied even giants like Wal-Mart. And unlike Silicon Valley, where a decent idea can attract funding, investors in India are much more reluctant to risk their money on startups. Despite such challenges, some American technology entrepreneurs are seeking to pursue the country's untapped opportunities, even without the clout of a multinational corporation backing them. Peter Frykman, 30, of Palos Verdes, Calif., found his network of support at Stanford University, where he was a doctoral student in mechanical engineering. With the help of an angel investor in the United States, he created a pilot study in the Indian state of Tamil Nadu in 2008 for his agricultural startup, Driptech, which makes affordable, efficient irrigation systems for small-plot farmers. The idea for Driptech had its origins in Ethiopia, where Frykman traveled with a team in 2008 as part of the Extreme Affordability program at Stanford, in which students tackle real-world problems. But he found that for all its flaws as an

investment destination, India had much less political risk than African nations and had better infrastructure. The nation also had more subsistence farmers than all of Africa. In 2011 Frykman moved to Pune, India, after Driptech closed a funding round led by Khosla Impact, founded by the venture capitalist Vinod Khosla. "It's kind of unusual to start a company and then realize that the biggest opportunity is in India," Frykman said. "We sort of did it backwards." India may be home to many of the largest outsourcing consulting firms, and tech-oriented cities like Bangalore have attracted global technology giants like Microsoft. But attracting American-style entrepreneurism here has happened in fits and starts. U.S.-based venture capital firms and the Indian units of U.S. venture capital firms, like Sequoia Capital India, invested $172 million this year through mid-December, excluding joint ventures. That fell from $250 million in 2006, according to Venture Intelligence, a research service based in Chennai that is focused on private equity. In the latest World Bank rankings on the ease of doing business, India slipped three spots, to 134th out of 189 countries. Some 42 venture capital firms based in the United States, however, have either opened offices in India or opened Indian units since 2006, according to Venture Intelligence. Despite the challenges, the sheer potential in a country of 1.2 billion people with a stable middle class is enough to tempt entrepreneurs and multinationals alike to explore opportunities. "In the earlier years after I moved to India, around 2008-10, there was astounding growth in the mobile market, with 20 million new subscribers being added to the telecom network every month," said Valerie R. Wagoner of Modesto, Calif., 30, chief executive of the mobile marketing firm ZipDial in Bangalore. That monthly growth was nearly equivalent to the population of Australia. Wagoner was working for eBay when she decided it was time to shift her focus to her passion: emerging markets and technology. She did extensive networking in India with executives at mobile payment providers and joined mChek in Bangalore in 2008 as head of strategic initiatives. In 2010, she founded ZipDial, whose investors include 500 Startups, a Silicon Valley seed fund; Jungle Ventures of Singapore; and the Indian firms Blume Ventures and Unilazer Ventures. The frustrations of doing business in India include bureaucratic hurdles in licensing and making other filings, and pressure for bribes, which Americans cannot legally give. Many startups avoid these hurdles by catering to private clients and by making products that do not need governmental approval. Entrepreneurs have also had to adjust business plans quickly to get around complications. Sam White and Sorin Grama, co-founders of Promethean Power, won second place and $10,000 in a business plan contest at MIT in 2007 with the idea of using solar technology for rural electrification in India. "India was the last country on my list to even visit - never had any interest," White said. Grama, 44, a Romanian-born U.S. citizen, and White, of Boston, both eventually moved to Mumbai in 2012. They ran into problems from the start in trying to make a cost-effective solar milk chiller for villages where milk was collected for dairies. In 2010, they spent six months building a prototype, only to have the managing director of Hatsun, India's largest private dairy, point out that the 2,000-liter thermal battery that was used to store cold thermal energy was too big for any shed found in the villages. Finally, they let go of the idea of being a solar company. Instead, they developed a thermal battery that is able to take advantage of the intermittent power on the grid. The battery releases a cold fluid that chills milk quickly. Now the company has Hatsun as a client and has attracted funding from clean technology investors like the Quercus Trust, angel investors and grants by the National Science Foundation and the United States-India Science and Technology Endowment Fund, which was founded by the two nations' governments. "Eighty per cent was our own mistakes - we would have faced them in any country," White said. "But we always learned from those mistakes." A common complaint among the entrepreneurs was the difficulty in finding and keeping good

employees. Even by Silicon Valley standards, Indian tech employees are restless. "The job market is so hot it's not uncommon for a young person to think they can build a career by quitting within three months to get a pay raise somewhere else," said Wagoner of ZipDial. The tech companies have to offer salaries at the market rate or higher to attract job seekers, who prefer the stability of a conglomerate over opportunities for personal growth. In fact, Frykman said the "lack of coolness" associated with a startup was one of the biggest surprises he encountered. For this reason, Indians are less eager for stock options than their counterparts in the United States. To increase Indian employees' exposure to such incentives, Wagoner has made stock ownership plans part of ZipDial's compensation package and will give additional grants to people without their asking if she thinks they deserve them. "I believe it is very important that people who are taking a risk in building a company see the benefits of that," she said. Entrepreneurs, for their part, have embraced another Silicon Valley trait and learned to try again after failure. Rahoul Mehra, 42, founded Saf Labs, a biotechnology trading company in Mumbai, with his wife, Glennis Matthews Mehra, a 39-year-old neuroscientist. They originally wanted to run all operations out of New York, where they lived. "In doing business with India, we never intended for us to move to India," he said. But in 2008, two years into the business, which they had financed on their own, Rahoul Mehra realized that deals would not be properly managed unless he was in Mumbai. Glennis Mehra reluctantly followed with their daughter, then 2. The business managed to turn a profit and attract a private European investor so the company could expand into biotech services. But in 2012, after the Indian government delayed biotech funding for its new five-year plan, Saf Labs' business was drying up. The Mehras realized they had to move away from the Indian market and focus more on international opportunities. Now they are negotiating a sale of the company and using their experiences to market advisory services for Indian companies that want to expand overseas or foreign companies looking to enter India. Other entrepreneurs, too, have begun exploring expansion to other emerging markets: ZipDial has entered Southeast Asia. Driptech has sold its products in Africa, and Promethean Power is moving into Pakistan, Africa and Latin America. "I don't know who said it, but there's a saying that what you're going to find in India are little islands of excellence: people - despite the country, despite India - who are succeeding," Rahoul Mehra said. "If you can connect those dots, you can make a real go of it here."

Copyright © 2013, The New York Times News Service


ISRO team in US for space conference amid strain in ties Notwithstanding the current unease in bilateral ties, a team of top ISRO scientists are here to participate in the first ever ministerial meet on international space exploration hosted by the US. The Indian delegation led by A S Kiran Kumar, Associate Director of the Space Applications Centre (SAC), is here for the two-day 2014 Space Exploration Conference and Heads of Space Agency Summit, which among others is attended by heads of 30 top space agencies including those from China, Germany, the US and Russia. However, the Indian delegation is neither represented at the ministerial level nor is led by Indian Space Research Organization (ISRO) head Dr. K Radhakrishnan. There has been no official explanation given for a relatively low level representation at such an international conference, fuelling speculation that it is probably influenced by the recent strain in India-US ties following the arrest of senior Indian diplomat Devyani Khobragade in New York last month on alleged visa fraud charges. The Indian participation in this important meeting today and tomorrow was described by the State Department as business as usual. “We’re welcoming an Indian delegation to the State Department tomorrow as part of the first ever

international space exploration forum we announced earlier today,” State Department Spokesperson Jen Psaki told reporters. “So just important to note that we do have ongoing dialogues on a range of issues and we will schedule the energy dialogue at the appropriate time,” Psaki said. This announcement came on a day on which this month’s India trip of US Energy Secretary Ernest Moniz was postponed. Psaki said India and the US have significant collaboration in the field of space exploration. One of the aspects of the Indian participation is expected to be its attendance in round table on space exploration along with scientists from China, Sweden and the US, Dr Jean Michel Contant, Secretary General International Academy of Astronautics, said. Founded in 1960, the president of IAA is now the former ISRO chairman Madhavan G Nair. At a news conference, Prof Jan Woerner, head of the German Aerospace Center, said that India is a leading space power in the world and praised India’s success in a short span of time. “India has its own launching capability and there are only a few countries which have this capability,” Woerner told PTI in an interview on the eve of this prestigious conference.


San Francisco, Fremont Trade Missions to India Declared Successful

San Francisco, Calif. Mayor Ed Lee visited a girls’ school in Bangalore on a four-day trade and cultural mission to India. (Mayor’s office photo)

San Francisco, Calif., Mayor Ed Lee led a delegation of 54 business leaders on a seven-day trade mission to Bangalore beginning. Earlier that month, former Fremont, Calif., former vice mayor Anu Natarajan led a 19-member delegation on a trade mission to Bangalore, Chennai and Jaipur, beginning Nov. 15. The delegation included new Fremont Vice Mayor Vinnie Bacon, members of the business community and representatives of Ohlone College (I-W, Nov. 6). Bacon was voted Dec. 4 as the new vice mayor, taking over from Natarajan, for one year. “The trip far exceeded what I thought we would get out of it,” Natarajan told India-West after the delegation returned. In Bangalore, the group met with several entrepreneurs who were excited about creating new partnerships with Fremont businesses. In Chennai, the group explored relationships between private companies and charitable organizations. In Jaipur, “the city came all out,” said Natarajan. The Indian American official added that the delegation was greeted warmly with an elaborate reception featuring Mayor Jyoti Khandelwal. City officials there signed a memorandum of understanding to participate in Lawrence Berkeley Labs’ “sustainable cities program,” which aims to create greener, environmentally friendly cities. Representatives from Ohlone College met with education leaders in all three cities to explore outreach efforts to Indian students hoping to study in the U.S.

Natarajan proclaimed the trip an “absolute success.” Lee led the delegation to Bangalore as part of the ongoing “San Francisco Bangalore Sister City Initiative,” which was founded five years ago. "San Francisco and Bangalore — for more than five years since the forming of the sister-city relationship — have been able to strengthen cultural and economic ties between these two vibrant, progressive cities," said Lee, before setting off on the trip. "I am honored to be leading this delegation of diverse business leaders and look forward to increasing our cooperation and exchanges with our San Francisco and Bay Area counterparts on this upcoming mission." “Bangalore’s explosive growth continues, bringing with it a host of opportunities and challenges,” Madhav Misra, co-chairman of the San Francisco-Bangalore Sister City Initiative, said in a statement. “Our sister city is keen to learn from and collaborate with San Francisco and the Bay Area, which has successfully implemented multi-billion dollar infrastructure improvement programs.” Among the members of the delegation were 11 physicians and executives from both El Camino Hospital and the Palo Alto Medical Foundation. Nandini Tandon, co-chair of El Camino Hospital’s Board of Directors, led the physicians on tours through facilities in India that are applying the latest innovations in medical practices to combat cancer, cardiovascular disease and diabetes, all of which disproportionately affect Indians in the U.S. and in India. "With a population of 1.2 billion people, there is a lot that can be learned from – and can be shared with – their leaders, especially in the area of health care," said Tandon. "One of our delegation's goals is to create partnerships with health organizations in our sister city, with whom we can continually share information and expand the depth of knowledge and medical practice to improve patient care back here in Silicon Valley while also contributing in India," she said. Tandon is the first Indian American to serve on the Bay Area Council Economic Institute Board of Directors. In Bangalore, the delegation signed 11 MoUs with various sectors of city government, most notably in waste disposal. Speaking to reporters in Bangalore, Lee said San Francisco has the best solid waste management in the U.S., and noted that at least 80 percent of waste is recycled. He said that his city is educating its citizens on garbage segregation and better packaging materials by packaging industries. Lee also hailed India’s education system, and lauded its large number of graduates. The mayor said San Francisco would look to Bangalore for strong collaborations in the education sector.

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Expert recommends enhanced focus on cyber security

US Defence Secretary, Chuck Hagel (right) interacting with Reliance New Ventures CEO, Dr. Vivek Lall at a conference on Cyber Security

in Oil and Gas sector in Manama in Bahrain.

Indo-American Chamber of Commerce Aerospace and Defence Committee chairman, Dr. Vivek Lall said India should consider cyber security as an essential component of national security. Stating that India should draw lessons from the last year’s power blackout which impacted almost 600 million across the country, the Indo-American Chamber of Commerce Aerospace and Defence Committee chairman, Dr. Vivek Lall said India should consider cyber security as an essential component of national security as the increasing dependence on cyber space and the internet has also increased vulnerability to aggressors -- whether it is terrorists, criminals or hostile countries, is also increasing. “India must consider cyber security as an essential component of national security and foresee and plan for various challenges arising out of the growth of internet and digitalization of governance. Threats abound: cybercrime, cyber espionage, cyber war and cyber terrorism, all represent genuine risks to nations, firms and individuals around the world. Experts reckon that it is a matter of time before cyberspace becomes an ‘independent theatre of war. Dr. Lall, a known cyber security expert said at the conference on cyber security in Manama.


Stony Brook Univ. ‘Center for India Studies’ Raises $5 Million

Dr. Nirmal K. Mattoo addressing the fundraiser on December 08, 2013.

The Center for India Studies at Stony Brook University held a gala here Dec. 8 to celebrate the establishment of a permanent $5 million endowment to enhance the center’s range of services and ensure its funding in perpetuity. The endowment consists of a $1.25 million donation from Dr. Nirmal K. Mattoo and Mrs. Augustina Mattoo to establish the Nirmal and Augustina Mattoo Chair in Classical Indic Humanities, together with a $1.25 million donation to the center from the Indian American community. These donations will be matched, dollar to dollar, with a $2.5 million Challenge Grant by the Simons Foundation. Altogether, the gift has a total impact of $5 million, making it the largest gift ever made for India Studies to an American public university. In recognition of Mattoo’s leadership role, the center will be renamed the Bishembarnath Mattoo and Sheela Mattoo Center for India Studies, in memory of his parents. The gala dinner attracted over 350 prominent Indian American supporters. A highlight was a spectacular show of classical and Bollywood style group dances by the Kalashree School of Dance in New Jersey choreographer Bina Menon. Rakesh Kaul, a leader of the Endowment Campaign, described its aims and importance and praised the enlightened leadership of Mattoo and other leaders including Sreedhar Menon, Sudesh and Sudha Mukhi, Krishna Gujavarty, Deepak Raj, and many donors for their vision and commitment to education. A colorful journal, describing the center’s goals and accomplishments, and quotations from India’s extensive wisdom literature, compiled by Dr. N.S. Ramamurthy was released on the occasion.


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Hollywood Increased its Footprint in India in 2013

(Top to bottom) Matt Damon visited South India as part of his fresh water initiative. Demi Moore visited Dharamsala, Himachal Pradesh, for a spiritual vacation. Richard Gere attended a Buddhist event in Sikkim in April. L’Wren Scott snapped this photo of Mick Jagger near Jodhpur in October. Sharon

Stone parties with the Bachchans. Jon Hamm (c) and the stars of “Million Dollar Arm” shoot on location in India.

India has drawn many international celebrities over the years whether for work, pleasure or both, and 2013 saw many Hollywood A-listers taking a trip to the country. Actors like Susan Sarandon and Michelle Yeoh, and filmmakers Atiq Rahimi and Majid Majidi were recently in India to promote their work at various film festivals.

Sarandon and Iranian director Majidi were the guests of honor at the International Film Festival of India. The Mumbai International Film Festival saw the presence of Oscar-winning Iranian director Asghar Farhadi and legendary Greek-French filmmaker Costa-Gavras this October. Hollywood divas Sharon Stone and Hilary Swank and pop star Ke$ha were in attendance at the inaugural amfAR gala in Mumbai.While Swank and Ke$ha’s trip were short, Stone made the most of her India visit by taking a trip to Varanasi and Agra and partying with the likes of Aishwarya Rai. Demi Moore was spotted in McLeod Ganj, Dharamshala, attending a spiritual

conference under His Holiness the Dalai Lama. She was accompanied by her Sikh guru Hargopal Kaur Khalsa during the trip. It is said that her trip was a “soul searching” one as she was in the middle of finalizing her divorce from Ashton Kutcher. Moore had previously come to India with Kutcher in 2011. Singer-songwriter Mick Jagger and his longtime girlfriend L’Wren Scott holidayed in Jodhpur, India in October. They were snapped at the Mehrangarh Fort and a 19th century temple. Richard Gere is a regular visitor to India, and this time around he was on a five-day trip to Sikkim in April. Before leaving the country, he is said to have attended a close friend’s wedding in Gangtok. Matt Damon was on a work trip here for his NGO and visited Pondicherry, Chennai and Bangalore to check on Water.org’s projects. Co-founded by Damon, the organization works toward providing clean water and sanitation to villages.

Hollywood filmmaker Steven Spielberg made his first trip to India in 30 years, while “Godfather” star Robert De Niro visited the country after a gap of 35 years. Spielberg and his partner at Reliance DreamWorks, Stacy Snyder, were here to look for a casting director to shoot their first Hollywood film against an Indian backdrop. The “Lincoln” helmer last visited India in 1983 for “Indiana Jones and the Temple of Doom,” which starred Amrish Puri in a negative role. Spielberg met Bollywood personalities like Amitabh Bachchan, Ramesh Sippy, Shyam Benegal, Anurag Kashyap, Rakeysh Omprakash Mehra, Raju Hirani and Ashutosh Gowariker.

“Mad Men” star Jon Hamm was on a work trip to Mumbai. The Disney release “Million Dollar Arm” by director Craig Gillespie features Suraj Sharma of “Life of Pi” fame and “Slumdog Millionaire” actor Madhur Mittal.


Bill Gates Lauds India's Accomplishment in Polio Campaign

File photo of Bill Gates, chairman and founder of Microsoft Corp., at the Clinton Global Initiative meeting Sept. 24 in New York City. (Getty Images)

Microsoft chairman Bill Gates has described India's accomplishment in eradicating polio as the "most impressive global

health success" he has ever seen. In an essay titled “What I Learned in the Fight against Polio,” the billionaire philanthropist lauds the extensive work undertaken in India by the "army" of more than two million vaccinators, who covered the length and breadth of the country in the effort to ensure every child is vaccinated against the disease. "Indeed, India's accomplishment in eradicating polio is the most impressive global health success I've ever seen," Gates said in the essay adapted from his contribution to “Reimagining India: Unlocking the Potential of Asia's Next Superpower,” edited by McKinsey and published online in the Wall Street Journal. "India's success offers a script for winning some of the world's most difficult battles in every area of human welfare," he added.

Gates attributed India's success in eradicating polio to the "crucial extra step" of enlisting support of the full sweep of Indian society, including health workers, ordinary citizens and some of the poorest people in the most impoverished regions of the country. "I didn't know nearly as much about India as I do now. I saw India's obvious talent and energy, but I missed its hidden strength—the rich, the powerful and the poor working together toward a common goal," he added. India has been polio-free for more than two years now, but Gates said the accomplishments of India’s vaccinators do not end with the eradication of polio alone.


US official applauds India's growth in space industry Describing India as one of the largest space industries in Asia, a top Pentagon official on Tuesday applauded India's remarkable growth in the sector. "India has one of the largest space industries in Asia. Their extensive satellite communications network spans the globe," US Air Force General William Shelton, Commander Air Force Space Command, said during his remarks at the George Washington University s Elliot School of International Affairs. "India's INSAT satellites, for example, provide telecommunications links to the most remote areas of that nation and connect India's transportation infrastructure including railways, shipping and road transport," he said. "It's remarkable how quickly India has tapped into space," Shelton said in his address during which he described the significance of growing space capabilities around the world. "I believe that we will see in the future things like wide band satellite communications probably going much more the commercial route than it is today and I mean in a routine way. For example, roughly 80 per cent of the communications coming back from Afghanistan now are over commercial means," he said. "That's the kind of activity we've done on the spot market, if you will. We need to get to a much more routinized, dependable way of accomplishing that business," he added. Copyright © Press Trust of India, All Rights Reserved.


Indian American Attorney Appointed Texas Secretary of State

Nandita Berry (2

nd from left), a former member of the University of Houston System Board of Regents, has been appointed Texas’ secretary of state

by Gov. Rick Perry. She is seen here with Prof. William Monroe (left), dean of the Honors College at the University of Houston.

Texas Governor Rick Perry announced Dec. 19 that he has appointed corporate attorney Nandita Berry as Texas’ secretary of state; she is the first Indian American to serve in that role. Berry, senior counsel at Locke Lord, will replace John Steen, who announced Dec. 13 that he is stepping down from the post to resume his private law practice and manage his family’s investments.

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"Nandita Berry personifies what is possible through hard work and dedication in the state of Texas," said Perry in his announcement. "Arriving from India at the age of 21 with nothing but $200 to her name, she worked diligently to earn her law degree and has since become one of the most accomplished attorneys in the state,” said the Republican governor, a former presidential candidate. “Her work ethic, intelligence and wide array of experiences will serve her capably in her new duties as secretary of state, and I look forward to working with her to keep Texas the best place in the country to live, work and raise a family,” said Perry. The Texas secretary of state serves as the chief elections officer and the protocol officer for state and international affairs. The Secretary of State's Office also serves as the formal repository for official and business records, publishes government rules and regulations, keeps the state seal and attests to the governor's signature on official documents. Berry could not be reached for comment, but said in a press statement: “I came to Texas in search of a better life and the limitless opportunities to be found across our great state.” “Every day, I see Austin's pioneering spirit alive in Texas, and this great honor proves once again Texas is the land of opportunity, both in the private sector and public service," said Berry, an alumnus of Mount Carmel College in Bangalore, who attained her law degree at the University of Houston. Berry is a former member of the University Of Houston System Board Of Regents, a position Perry appointed her to in 2009. She also served as vice chair of the UHS Board. “This is great news for Nandy and for the citizens of Texas,” said Ken Simon, managing partner of Locke Lord’s Houston office. “Nandy is skilled, experienced and a natural leader. Her colleagues and clients at Locke Lord will greatly miss her – but we know she will be a dedicated and respected secretary of state and she will do an outstanding job representing the state of Texas. We couldn’t be more proud.” Berry joined Locke Lord in 2005 and has represented a number of technology companies, including startups. The mother of two has also been on the boards of the Houston Zoo, the Houston Area Women’s Center, the South Asian Chamber of Commerce and The Community Family Center. But the appointment has already stirred up some controversy in the state. Berry is married to conservative talk show host Michael Berry. In 2010, Michael Berry entered the national zeitgeist over his opposition to a mosque being built near Ground Zero in New York, the site of the 9/11 terrorist attacks. On air, Michael Berry had said: "I'll tell you this. If you do build a mosque, I hope somebody blows it up." His remarks sent shockwaves through the Muslim American community. Later, he apologized for his remarks, saying, "While I stand by my disagreement of the building of the mosque on the site, I should not have said 'I hope someone blows it up.' That was dumb, and beneath me, and I went too far. For that, I apologize to my listeners." The Texas Democratic Party immediately released a statement opposing Berry’s appointment as Secretary of State. “This is another example of Republicans’ reckless leadership. Little more than two months before the primaries, we will now have a new chief elections officer,” said Emmanuel Garcia, communications director for the Texas Democratic Party. “Efforts to enact voter bullying policies by Rick Perry and Greg Abbott have driven the secretary of state’s office into a tumultuous time. Ms. Berry assumes her new position in the midst of a legacy of voter intimidation, from phantom voter fraud cases that were used to call for cumbersome voter identification requirements to discriminatory legislative and congressional redistricting, to an outright attack on the Voting Rights Act,” he said. “We can only hope that she will not succumb to the priorities of her Republican colleagues,” said Garcia. In October, Texas defied a Supreme Court decision, and required voters to provide identification before voting, in an attempt to curb voter fraud. But opponents say the new law disproportionately targets the elderly and minorities. Texas has one of the strictest voter ID laws in the country, requiring voters to prevent photo identification with a name that "substantially" matches the name on the voter registration list.


Sikh Soldiers Want More Indian Americans in U.S. Army

Major Kamaljeet Singh Kalsi.

The United States should change its policy to allow more Indian Americans to join the military without compromising on their religious beliefs and practices, the only three Sikh soldiers in the U.S. Army say. Major Kamaljeet Singh Kalsi, Captain Tejdeep Singh Rattan and Corporal Simran Preet Singh Lamba are the only three Sikhs serving in the U.S. Army currently. Having shattered stereotypes, the three have won awards and commendations for their service, including postings in Afghanistan. They now want to see a change in federal policy that allows not just Sikhs but other Indian Americans to join the military and serve without having to compromise on their religious beliefs and practices. "It is just a matter of time. This is an issue of diversity, if people of all colors and races can join the military so can Indians, so can Sardars, Sikhs, Hindus and Muslims," Kalsi, an emergency medicine doctor, told the media. The first turbaned American Sikh soldier in over 30 years, Kalsi received the Bronze Star Medal, the fourth-highest combat award for his meritorious services in Afghanistan in 2011. He said diversity in the forces is key to make America stronger and a more beautiful country. Lamba, who was recruited in 2010 for his special language skills in Hindi and Punjabi through the Military Accessions Vital to the National Interest program, said there is need for change in federal policy that will open the doors for not just Sikhs but Indian Americans to serve in the military. "Sikhs are part of the country; they are Americans as everybody else here. We need support of everyone from the community and other Indians to change the overall policy," he said, adding that once the Army opens its door, other branches of the military could also follow suit and recruit more immigrants from diverse backgrounds. Kalsi said he is privileged to be able to serve in the U.S. Army and looks forward to a future when his children and those of other immigrants and nationalities would be able serve "freely and proudly" for the country. "This is my favorite turban, my camouflage turban; I take great pride in it. We don't take that lightly," Kalsi said as he touches his turban with a visible sense of pride. "When Sikhs can serve proudly in nations like India, UK and Canada, there is no reason why we cannot serve here. I look forward to a future when not only my children but everyone's children can serve freely and proudly for the country." Rattan said Indian parents in the United States prefer that their children take up lucrative, flourishing and comfortable professions and are not inclined to send them to join the forces. Rattan, who began serving as an Army dentist at Fort Drum in May 2010, says he has shared his experiences of serving in the Army with other Indian families so that they encourage their children to look at the military as a career option.

Rattan was appointed Detachment Commander of U.S. Army Dental Activity at Fort Drum in July 2010. He has also served in Afghanistan and received an Army Commendation Medal and a NATO Medal for his service. "I would like my son to be able to get what he wants," Rattan, who was accepted into the military after applying four times, said. The three however add that it pains them to see people from their community and other minorities being made targets of hate crimes and stressed the need for spreading awareness among people about the cultures and histories of immigrants. Kalsi added that support from the President, Congress and military is required to "push back against the hate in a constructive way. Allowing Sikhs into the military, by supporting women into the military, by supporting people and minorities of all color and religions in the military will make a stronger military and will make us a stronger community."


Former US trade commissioner to guide Indian companies

Richard Rothman, former US Trade Commissioner has launched the first and only opportunity consultancy in Mumbai. OpenMind Opportunity Consultancy is a unique idea to help companies uncover, recover and discover opportunities for sustained and profitable growth. OpenMind has already utilized its unique process with 25 Indian companies in 25 different sectors. Rothman has over 31 years of experience in guiding business forms to expand opportunities for lucrative growth. He believes that India has transformed itself into one of the biggest competitive business environment. Indian economy has enormous opportunities, but companies often lack methodology to determine which opportunities to focus on for future growth. The firm has also developed OQ Insight to measure company’s Opportunity Quotient. After a stint on Wall Street, and as a Brand Manager with Black & Decker, joined the elite U.S. Commercial Service, a branch of the U.S. Diplomatic Service. Served as Commercial Consul & Trade Commissioner of the United States of America, with the American Consulate – Mumbai for 10 years.

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From the Indo-US nuclear deal to Kudankulam: A synopsis on nuclear energy

Despite nuclear energy making up a significant portion of recent national and international news, there is much confusion about even its basics. Here's what you need to know about it.

Nuclear energy has been in the news a lot in recent years, from Iran’s alleged nuclear weapons programme, India’s agreements with the United States, the International Atomic Energy Agency (IAEA), and the Nuclear Suppliers Group (NSG), Fukushima, and at home, Kudankulam. Yet there is much fear, confusion, and ignorance about even the basics of nuclear energy or weapons. Here is a very quick primer on how 8,500 crores of your money is being spent.

1. What is nuclear energy?

All power plants other than solar essentially turn turbines to generate mechanical energy, which can then be converted into electricity. Hydroelectric power uses the kinetic energy of falling and/or running water, wind power uses air currents, and fossil fuels generate steam upon burning, which turns the turbines. Nuclear energy uses the energy released by the fission of an actinide, usually uranium (but plutonium and thorium are also considered nuclear fuels), to turn water into steam which would in turn rotate the turbines to produce mechanical energy and eventually electricity.

2. How does a nuclear power plant work?

This depends on the type of reactor design, but essentially, the nuclear fuel is bombarded by a stream of neutrons. As the heavy uranium atom splits, it releases energy and more neutrons. This starts a chain reaction as the new neutrons split more fuel atoms. In a nuclear weapon, designers maximize the number of fissions by using very pure uranium and other techniques, but in a nuclear reactor, the idea is to control the chain reaction and sustain it. To that end, engineers use moderators and neutron poisons to control the number of fissions that occur. Also, the fuel used is a fraction of the purity required to make weapons. However, reactors used for propulsion, such as on submarines and aircraft carriers, use much higher concentrations of fuel. This helps to miniaturize the reactor as more energy is generated per unit mass of fuel. In some reactors, the heat from the energy released by fission is carried away from the reactor core by a coolant and used to generate steam; in other reactor designs, the core heats the water directly. Both these methods have their advantages and disadvantages, but the principles remain the same in all reactors.

3. Why is everyone talking about nuclear energy as the future?

In the era of climate change, scientists are worried about the footprint humans leave on the planet’s ecosystem. Species go extinct, water is contaminated, air polluted, fish become scarcer, and the population inches ever upwards. Though there are still many questions regarding the causes of climate change, the impact of pollution on our lives is clear to see. Nuclear power offers abundant energy without the corresponding carbon emissions fossil fuels emit. Power engineers divide electricity supply into two main components – base load and peak load; the former refers to the minimum amount of energy consumed at any point by an area and the latter refers to the maximum. Obviously, these needs fluctuate depending upon time of day and region – for instance, industrial areas use more power than residential zones. Nuclear power is the most reliable substitute for fossil fuels to provide steady power in large quantities throughout the day. While other sources can augment nuclear power, they have their inherent limitations such as the sun and wind. Another important quality of nuclear power is the energy density of uranium, which is about two million times higher than coal. Even after adjusting for fuel enrichment, efficiency, and conversion loss, one kilogram of uranium yields the same amount of energy as 20 tons of coal. This makes uranium ideal for transportation. In addition, given the fraction of the total cost of a nuclear power plant the fuel represents, even sharp fluctuations will leave electricity prices relatively unaffected.

4. Are nuclear power plants safe?

Any professional in any industry would tell you that risk cannot be eliminated; only managed. So if your definition of safe is that nothing ever goes wrong, then nothing is safe. However, in terms of engineering standards, nuclear power is among the safest technologies in the world. Nuclear power is responsible for approximately 10% of the world’s energy and as of the beginning of this year; there are 437 reactors operational worldwide with another 68 under construction. Anti-nuclear activists argue that the consequences of radiation leaks or structural damage to reactors for any reason are too grave to make nuclear power viable. Furthermore, storage of spent fuel is a concern. While this is technically true, it carries little weight practically. For example, deaths caused by nuclear power since the first civilian nuclear reactor went online in 1954, including Chernobyl, are approximately 67; about 4,000 people were later diagnosed with thyroid cancer due to radioactive iodine in milk, most of who could be cured. If these deaths are compared to the thousands that die on the job every year due to accidents in coal mining, natural gas, and hydroelectric power plants, nuclear power turns out to be the safest option. This is not even counting the 115,000 premature deaths per year in India alone due to respiratory problems caused by coal; over 22, 000 die in Europe, and almost 84,000 in just three provinces of China.

5. What are the benefits?

Nuclear power releases very little particulate matter emission and the fuel is amenable to easy transportation. In addition, nuclear power promises reliable and bountiful energy for centuries given new generation reactors that are capable of greater efficiency and able to consume plutonium, thorium, and even other actinides. Nuclear power does not take up precious land resources as wind and solar would need.

6. What does it cost?

The honest answer is that no one knows or everyone is lying. Nuclear costing is an extremely frustrating topic of research. First, it depends upon the type of reactor. Present reactors such as Toshiba-Westinghouse’s AP1000 or Areva’s European Pressurized Reactor range in cost from $4 billion to $11 billion. These costs depend on many factors – cost of land, source of components, insurance, labor, administrative delays, safety features required by site, security, load factor, waste disposal, and decommissioning, to name a few. Costs are further obfuscated by financial sourcing; there may be government subsidies to encourage the industry, or certain imports may earn tax credits. It is a time-consuming task to go through every detail of an upcoming nuclear power plant. Some try to add financial costs, operating costs, and system costs – connection to grid, life extension, and backup power – to inflate prices to appear unacceptable. Whatever benchmarks are used, they should be used across industries – compare the environmental and health effects of coal, oil, wind, solar, and hydropower alongside nuclear waste disposal. One thing that is apparent, however, is that nuclear power plants have enormous capital costs upfront and low operating, maintenance, and fuel costs. India has the added deterrent to transparency that all information about anything nuclear is a “born secret.”

7. What was the fuss over the Indo-US nuclear deal about?

India had been a pariah in the nuclear community ever since its first nuclear test at Pokhran in 1974. Its second round of tests in 1998 brought with them sanctions in high technology trade, educational exchanges, and various other activities. The Indo-US nuclear deal reversed four decades of nuclear apartheid against India and accepted it into the international nuclear market. Finally, India was allowed to buy reactors and fuel from other countries. Although the possibility of technology transfer exists, particularly enrichment and reprocessing, it remains a highly sensitive issue.

In exchange for this, India had to agree to separate its civilian facilities from its military facilities and allow regular inspection of its civilian establishment by the IAEA. India can enrich and reprocess its own fuel in its own reactors, but foreign-sourced fuel and technology may not be used. India is the only non-signatory of the Nuclear Proliferation Treaty (NPT) that has been granted these privileges, making it, some say, a de facto member of the N-5 (five recognized nuclear powers). However, the US has stressed that India is not a de jure member and that is all that matters. In addition, the N-5 has certain benefits that India does not have: they have no compulsion to allow IAEA inspections, and they can change the designation of their nuclear facilities as military and civilian at any time.

8. I have heard something about nuclear civil liability...? Any venture requires insurance. India’s Civil Liability for Nuclear Damages Act creates the framework within which nuclear power plants may be operated. India’s rule on this deviate from the international norm in that India allows the liability for damages to go all the way back to the supplier whereas the operator is usually the final stop. This has caused much concern among international reactor suppliers such as Toshiba-Westinghouse, GE-Hitachi, Areva, and Atomstroyexport. As a result, the fruits expected from the opening of the civilian nuclear market to India have not been as forthcoming. There are other issues with the CLNDA, one of which is the high insurance liability limit upon the operator. Given the minuscule size of the nuclear industry in India, there is an insufficient asset base to pool risk. As a result, the present Rs. 500 crore limit, though on the lower side, is too high for a fledgling industry.

9. People keep mentioning Homi Bhabha’s three-stage nuclear programme...?

India’s first nuclear footsteps were taken even before independence in 1944 when Homi Bhabha wrote to JRD Tata for funds to set up what would become the Tata Institute of Fundamental Research. Seeing that India did not have an abundant supply of uranium, Bhabha theorized that thorium could be used as nuclear fuel instead of uranium. India had plenty of thorium and would thus be independent of the vagaries of international nuclear politics. In the first stage, natural uranium (U-238) would be burned with heavy water as a moderator. One of the by-products of this process would be plutonium, which would be used in the second stage in a mixed oxide fuel (MOX) mixture with more natural uranium. In this stage, the plutonium is burned to induce transmutation in the natural uranium to make more plutonium than is burned. Once a sufficient stock of plutonium is created, thorium can be introduced into the reactor as a blanket to undergo transmutation into U-233, another fissile isotope of uranium. In the third stage, the reactor would be fuelled by a mix of thorium and U-233. After the initial fuel loading, the reactor can then continue on only thorium. There are some scientific disputes over how long it will take for India to build up a sufficient plutonium inventory. While the Department of Atomic Energy (DAE) is confident that it can be achieved in about ten years, critics say it is more likely to take 70. US scientists agree with the DAE’s estimates if certain fuel choices are made and technologies used, but given India’s inefficient nuclear infrastructure, a decade might be on the optimistic side. Thorium reactors are significantly safer than present reactors. They burn fuel more efficiently and generate less waste, are useless as sources of fissile materials for a weapons programme, and the waste generated is far less radioactive and for less time.

10. What happened at Chernobyl, Fukushima, and Three Mile Island? The Three Mile Island incident happened in 1979. In essence, a mechanical failure of a valve allowed large amounts of coolant to escape from the reactor. As a result, the reactor overheated and a partial meltdown occurred. No cancer has been detected in the surrounding population as a result of the accident, and 98% of the people in the area were confident enough to return to their homes within three weeks of the accident. One of the reactors at the two-reactor complex is still functioning.

The Chernobyl disaster occurred in 1986. Everything that could go wrong went wrong at the worst nuclear disaster in history. First, the RBMK reactor had no containment building to prevent radiation from leaking in case of an accident; second, the reactor design was inherently unstable – while reactors are usually designed with a negative temperature coefficient (as coolant overheats, power output falls and reactor cools), the RBMK was designed to do the opposite; third, the backup cooling system was offline that fateful day for maintenance; four, more control rods (which manage the amount of neutrons and fission activity in the reactor) were removed than was allowed; and five, the main cooling system was switched off for an unauthorized steam turbine test. The Fukushima Daiichi disaster took place in 2011. The six-reactor complex was hit first by an earthquake and then a tsunami caused by the aftershock. Three reactors were powered down, and the remaining three shut down as soon as the earthquake hit. Unfortunately, the tsunami flooded the facilities and damaged the generators responsible for the cooling systems. The reactors overheated and several hydrogen explosions took place. It was later revealed that a study on tsunami preparation done four years earlier had been ignored as unrealistic. While some 19,000 people died in the earthquake and subsequent tsunami, no one has yet died of radiation effects from the accident. These are the three worst nuclear disasters in its 60-year history, all resulting in significant upgrades in the nuclear industry. In all cases, the damage was significant but not catastrophic; importantly, they all follow the trajectory of every other human invention – improved efficiency, capacity, and safety. Imagine if the Wright brothers given up on flying because it was too dangerous! Nuclear power may not be without risks, but if Three Mile Island, Chernobyl, and Fukushima are the worst examples, there is much less to worry about with the increasing safety standards and even safer technology. A point to note: reactors do not blow up; the physics simply does not allow for it.

11. Why is there so much agitation over Kudankulam? If one has to fear nuclear power in India, it must be over the opacity of the programme than the technology or its management. And ignorance breeds fear. What is needed is far greater transparency of the entire civilian nuclear process. Interested and knowledgeable parties may keep vigil over the country’s nuclear facilities and act as an additional watchdog over the DAE. India’s nuclear industry has so far failed spectacularly to take the citizen into confidence and reassure him/her of the benefits of nuclear power and the safety precautions taken. The absence of an independent nuclear regulatory authority gives little cause for comfort, and the findings of the Comptroller and Auditor General (CAG) of India’s report last year is no bearer of good news either. Given how government bureaucracies work in India, there can be little surprise that there is a lot of suspicion about the claims made by the Nuclear Power Corporation of India. Interestingly, the IAEA’s audit of India’s nuclear facilities in Rajasthan last year declared that India’s reactors were among the “safest and the best” in the world, with sound procedures the world could learn from.

12. What can I read for more information?

Depends. There are many angles to this – history, policy, reactor design, safety, environmental issues, terrorism, new generation fuels and designs, general awareness, and slightly off but still related, weapons. One place to get the basics is here. Copyright ©2013 Diligent Media Corporation Ltd.


Obama Appoints Record Number of Indian Americans in 2013

United States Agency for International Development Administrator Rajiv Shah speaks to journalists at the Lagos Island Maternity Hospital after an

inspection of health facilities sponsored by the agency in Lagos Jan. 18, 2013. Shah is the highest ranking Indian American in the Obama administration.

Indian Americans never had it so good in the United States, as a record number of members from the over three million-strong community were appointed to key positions in the White House in 2013. Reflecting his special affection, President Barack Obama appointed a record number of Indian Americans in the first year of his second term at the White House, which experts say recognizes the inherent talent of the ethnic community. Possibly for the first time ever, more than a dozen Indian Americans have been given key positions in the White House, while there are hardly any important departments where Indian Americans do not occupy key posts. There is no official list of Indian Americans in the Obama administration, but according to a list compiled by the PTI, the number easily crosses 50, a record figure so far. Five Indian Americans are holding key positions in the Obama administration, which have been confirmed by the United States Senate. While Rajiv Shah, administrator of USAID, continues to be the highest ranking Indian American in the administration, the most important administrative appointment of the year was that of Nisha Biswal as Assistant Secretary of State for South Asian Affairs. Azita Raji, member of the President's Commission on White House Fellowship; Islam Siddiqui, chief agricultural negotiator, U.S. Trade Representative; and Vinai Thummalapally, executive director, Select USA, Department of Commerce, are the three others confirmed as administration officials by the Senate. If confirmed by the Senate, Vivek Murthy would be the first-ever Indian American Surgeon General. Two other Indian Americans awaiting confirmation from the Senate include Arun Kumar, Assistant Secretary of Commerce and Director General of the U.S. and Foreign Commercial Service. Puneet Talwar, who played a key role in the Iranian nuclear deal, recently testified before the Senate for the key position of Assistant Secretary of State for Political-Military Affairs. If confirmed, for the first time ever two Assistant Secretary of State Positions at the State Department would be held by Indian Americans. Obama himself praised Indian Americans when he met Prime Minister Manmohan Singh at the White House on September 27, 2013


http://www.indiawest.com/news/15956-obama-appoints-record-number-of-indian-americans-in-2013.html?utm_source=Newsletter+-+2014+-+January+2&utm_campaign=DNL+-+January+2%2C+2014&utm_medium=email

Birla Institute of Technology and Science ring Nasdaq bell

Birla Institute of Technology and Science (BITS) Pilani became last month the first academic institution from India to ring the opening bell at the Nasdaq Stock Exchange. Some 25 alumni gathered on December 23 at the US exchange to ring the bell. "The Nasdaq invite to us is an indication that the global community is warming up to brand BITS, that it is recognizing the research and innovation that BITSians are doing," said Rohit Koul, CEO of the BITS Alumni Association. Koul, a 2006 graduate of BITS Pilani and now a software engineer in Oracle America, is in India for a three-day global meet of the alumni that begins in Hyderabad on Friday. There are over 10,000 BITS alumni in the US. Some 200 of them are faculty members in top US universities like MIT, Stanford and Princeton. Over 300 are entrepreneurs. This includes Sanjay Mehrotra, co-founder of SanDisk, and Preetish Nijhawan, co-founder of Akamai. The alumni association's chairman Raju Reddy, who graduated in 1981, founded Sierra Atlantic, which grew into a global company with over 2,000 employees before being acquired by Hitachi in 2010. "My journey is typical of many of my fellow alums...We even have an Emmy winner amongst us. And a Mars Rover scientist too," Reddy said on the occasion of the ringing of the bell. TOI could not find any record of any other academic institution in India having rung the Nasdaq bell. Some said the IITs were perhaps extended an invitation but had not used it. The opening and closing bell ceremonies at the Nasdaq MarketSite in New York's Times Square serve as platforms to generate exposure for companies, non-profits and other associations, make news announcements or celebrate milestones. For BITS, founded by industrialist GD Birla in 1929, the year marks the 50th anniversary of it achieving the deemed university status. The alumni association also used the Nasdaq opportunity to highlight the global meet in Hyderabad, the second such in its history. The first was held in 2011. "At the last event we had initiated discussions on a project to connect all four BITS Pilani campuses (in Pilani, Goa, Hyderabad and Dubai) with high definition video conferencing facilities. We launched that project called BITSConnect 2.0 last January. It's proving to be extremely useful for students to listen to lectures from faculty in other locations, for remote recruitment," Koul said. More than 1,200 alumni will gather in Hyderabad over the next three days. Koul said there would be discussions on making BITS a leading institution in Asia. "We'll discuss research initiatives, like creating an endowment for research, creating academic chairs."


Indo-US doctors share knowledge

With the aim of enriching the local knowledge base and make collaborative effort towards a healthier India, 8th annual summit of the American Association of Physicians of Indian Origin (AAPI) started in the city on Thursday. Titled 'Global Healthcare Summit', the three-day gathering of prominent medical practitioners of Indian origin from around the globe will discuss ways of providing affordable, cost effective and efficient health services. The summit will be attended by chief minister Narendra Modi, former President A P J Abdul Kalam and Union health minister Gulam Nabi Azad. "We have excelled in our professions and have carried out many voluntary works back in the US. It's time to give back to our motherland," president of AAPI Jayesh Shah said. Over 350 international delegates will share their expertise on prevention, diagnosis, treatment options and their crucial opinions towards advancements on healthcare. The summit will also conduct sessions on skill development, clinical practice workshops, meet-the-expert sessions and research conferences which will highlight around 60 abstracts of medical achievements out of which 50 are of the Indian delegates.

The summit will also establish a platform where CEO's of major hospitals, pharmaceuticals, teaching institutions and technological companies will meet to seek greater collaboration and cooperation within to provide better healthcare services. One of AAPI's recent initiatives to launch a web portal 'Swasth India' intends to help NGOs register and seek intermediate care.


Yuba City Mayor Unveils Plans for Sister City with Punjab

Yuba City Mayor Kash Gill

Newly-appointed Yuba City Mayor Kash Gill pledged to strengthen area ties to the Punjab province for the benefit of local farmers and eliminate citywide furloughs through a balanced city budget at his Dec. 3 swearing-in ceremony. Gill also re-stated his campaign promises from his first city council campaign in 2006—to provide strong public safety, reduce gang violence, assist small businesses and streamline business-related processes. According to the Appeal-Democrat, Gill also unveiled plans to establish a nonprofit Sister City Association in the Punjab region of India. "Yuba City is known throughout the world, especially in India, as a hub and base for the East Indian and Sikh community," Gill said. "The time has come now to further expand our relationship not only socially and culturally, but economically and educationally." The new Indian American mayor also expressed a desire to improve the city's social media presence, saying he wants to see the launch of a smartphone application that would provide real-time information about city business, public works, road closures and public safety. It will be Gill's second turn at mayor. He became mayor in 2009 and will serve through November 2014 in his current term. The ceremony was well attended, particularly by the Sikh community. Gill moved to Yuba City from Punjab, and his family has been in the area since the early 1900s.


US welcome Indian firms

The US will do more to help Indian companies of all sizes to set up operations there, said the US Ambassador Nancy Powell while addressing CII-AP members. The envoy welcomed Hyderabad-based businesses to participate in the Select-USA Road Show planned for April 2014. The initiative is promoted by the US Department of Commerce. In her interaction with CII members, Powell enumerated the many reasons why Indian investment in the United States is now easier than ever before, including record low energy

http://www.indiawest.com/news/15917-yuba-city-mayor-unveils-plans-for-sister-city-with-punjab.html?utm_source=Newsletter+-+2013+-+December+31&utm_campaign=DNL+-+December+31%2C+2013&utm_medium=email

costs, a streamlined approval process, world-class universities and labor, and access to over 20 additional markets through high-level bilateral and multilateral international trade agreements. During the meeting, Rajesh Datla, Executive Council Member, IACC also a past chairman of CII Andhra Pradesh, and Managing Director, Elico Ltd., shared his experience in doing business with the U.S. He pointed out that CII is focusing on establishing contacts amont small and medium enterprises in the two countries. Earlier in his welcome address, Suresh Chitturi, Vice-Chairman, CII Andhra Pradesh, and Vice-Chairman & Managing Director, Srinivasa Hatcheries Ltd, said the Indo-US trade has become broad-based and multi-sectoral. Copyright © 2014, Kasturi & Sons Ltd., Chennai All Rights Reserved.


Indian-American donates USD 1 million to US varsity

An eminent Indian-American has donated USD 1 million to the University Of Michigan College Of Pharmacy. Dinesh Patel, a prominent entrepreneur and business leader in Utah State, has also accepted chairmanship of the university’s USD 20 million campaign, the varsity said in a release. This will bolster the existing Chhotubhai & Savitaben Patel Fellowships, which were established by Patel and his brothers in 2005 in honor of their parents, it said. “We’re very pleased that Dinesh will be chairing our efforts and his commitment to the College is clear by evidence of his generous gift,” Dean Frank Ascione said. Patel was the 2009 recipient of the University Of Michigan College Of Pharmacy’s Alumni Distinguished Lifetime Achievement Award and more recently was honored with BioUtah’s 2013 Utah Life Science Award. The University of Michigan’s College of Pharmacy, founded in 1876, is committed to educational excellence in preparing students for productive careers in pharmacy, pharmaceutical sciences, medicinal chemistry, clinical practice and research, the statement said. Patel founded or co-founded multiple Utah life science companies. He was the founder and CEO of TheraTech, now a major Utah division of Actavis. As a co-founding managing director of vSpring Capital, he invested in many Utah-based life science companies and supported over 20 other companies as an angel investor. Copyright © Business Standard Ltd. All Rights Reserved.


Dilipkumar Patel to Serve as Best Western Board Chairman

Dilipkumar Patel outside his property.

Best Western International announced Dec. 12 that its board of directors has elected Dilipkumar “Danny” Patel as board chairman. Patel is the owner of the Best Western Hawkinsville Inn & Suites in Hawkinsville, Ga., and the Best Western Plus Bradbury Inn & Suites in Waycross, Ga. Patel has more than 25 years of hospitality experience. A Best Western member for more than 19 years, the Indian American has served the brand as a governor and a member of the Design Advisory Committee. He has also served as chairman of the Asian American Hotel Owners Association and a director on the board of the Georgia Hotel & Lodging Association. Patel is an expert in all facets of the hospitality industry, including acquisition, construction, planning, development, design, management, and finance. Patel was born and raised in Gujarat and moved to the United States after attending college in India. He learned the hotel business from the ground up, starting at a family-owned hotel in Huntsville, Ala. With the help of educational programs from AAHOA and other hospitality institutions, he enhanced his development and operational knowledge. With the 1990 purchase of his first hotel in Montezuma, Ga., Patel launched Peach State Hospitality, the hotel development and Management Company of which he remains CEO. Peach State has developed 32 branded and independent hotels in Georgia and Alabama, with Patel serving as general contractor for most of the projects. Patel is also founder of the American Pride Bank, a community-based bank with branches in Macon and Warner Robins, Ga. He currently serves as the bank’s chairman. Patel is an active humanitarian and fundraiser who serve on the boards of several non-profit organizations. Patel and his wife have two children and live in Kathleen, Ga. Copyright © indiawest.com. All Rights Reserved


http://www.indiawest.com/news/15975-dilipkumar-patel-to-serve-as-best-western-board-chairman.html

Calendar of IACC Events for 2014

Event Description Date Venue Contact

IACC Supports Glorious Gujarat Vision 2020

The mega event portraying the futuristic developments of Gujarat will run concurrent with the International Kite festivals

January 11-13, 2014

Sabarmati Riverfront, Ahmedabad

Ms. Krishna Israni [email protected]

Higher Education in U.S.A.

Session I: Information regarding advanced/professional courses in USA- to addressed by representative of USIEF, Session II: Process of obtaining non-immigrant U.S. visa for students- to be appraised by officer from Visa Section, U.S. Embassy New Delhi

Sunday, January 12, 2014

BHU, Varanasi

Mr. Santosh Kumar [email protected]

Workshop on Digital Marketing

Digital Media is creating a paradigm shift in the traditional marketing methods to reach and engage your customers more effectively and at lower cost. This is particularly important when your customers are in countries outside your home country of operation. This workshop will be arranged in collaboration with Nevaeh Institute of Digital Marketing, a premier Digital Marketing Training and Consulting Company in Kolkata.

Thursday, January 16, 2014

The Bengal Club, Kolkata

Ms. Madhusree Daityari [email protected]

Members' Networking Nite

An Evening of networking & festivity for all members

Friday, January 17, 2014

Hotel Hyatt Regency, Chennai

Ms. Sujatha Ravishanker [email protected]

Event with US Commercial Services

This event will focus on US trade

January 27-29, 2014 (tentative)

Bangalore Ms. Swati Srivastava [email protected]

Session on Operational Excellence for Business Excellence by Mr. Jayanth

January 29, 2014 Ahmedabad Ms. Krishna Bhaya [email protected]

Forthcoming Events

https://www.iaccindia.com/event.asp?id=268






Murthy, Director, Kaizen Institute at Ahmedabad

(i)Demystifying Corporate CSR (ii) Indo US Relation US View Point by Helen La Fave, US Consol General, Kolkata (iii) EC Meeting (iv) Floatel (iv) Reception

Saturday, February 01, 2014

The Oberoi Grand Kolkata


Interactive Workshop on “Transfer Pricing – Current Landscape at Gurgaon

The Indo-American Chamber of Commerce (IACC) in association with KPMG is organizing an Interactive Workshop on “Transfer Pricing – Current Landscape”. This will be an opportunity for participants to meet and directly interact with the Global Leader of Transfer Pricing from KPMG, USA.

Tuesday, February 04, 2014

Tullip-1&2, Crowne Plaza Today, Sector 29, National Highway – 8, Gurgaon, Haryana

Ms. Neelu Sadana [email protected]

IACC in association with NSE organizes a Colloquium on Forex Risk Management in Bangalore

Event on Global FX Markets, FX markets in India, FX Risk Management and Hedging Tools


Fortune Select J.P. Cosmos, Bangalore

Ms. Swati Srivastava [email protected]

A session on Emerge- NSE SME Platform by Ms. Khyati Shah, speaker from NSE

The seminar will focus on SME companies looking for funding or raise funds through NSE


Fortune Select J.P. Cosmos, Bangalore


IACC- WBC event on Sexual Harassment

In this event POSH (Prevention of Sexual Harassment) Committee members will be attending

Friday, February 07, 2014

Yahoo! Premises


Global Expansion: Opportunities in the US for Indian


Hotel Taj Vivanta, Cuff Parade

Ms. Trishla Dosi [email protected]































Companies

Training Within Industry (TWI) - In association with Kaizen Institute India

Event on TWI will be a day program explores the history and application of the four modules that compose TWI: Job Instruction; Job Methods; Job Relations and Program Development.

Thursday, February 13, 2014


B2B Programme with representative of US States

Thursday, February 20, 2014

The Bengal Club Kolkata


Higher Education in U.S.A.

Session I: Information regarding advanced/professional courses in USA- to addressed by representative of USIEF, Session II: Process of obtaining non-immigrant U.S. visa for students- to be appraised by officer from Visa Section, U.S. Embassy New Delhi

Saturday, February 22, 2014

BHU, Varanasi


Live Telecast of Union Budget 2014

Jointly organized by IACC and other Associations of Varanasi

Friday, February 28, 2014

Hotel Radisson, Varanasi


Doing business with the US

Event with US Commercial Services on Indo-US Business Relations

February 2014 (TBD)


Amendments made in Budget 2014

Friday, March 07, 2014

The Oberoi Grand Kolkata


CONTACT LABOUR

Jointly organized by IACC and other Associations of Varanasi

Saturday, March 8, 2014

Hotel Clarks Varanasi, Varanasi


i) Transfer Pricing Updates - DTP ii) Key updates on Indirect tax




Conference on Innovation in processed food and Agri based industry in India


Hotel Le Meridien, New Delhi

Ms. Neelu Sadana [email protected]

“Managing Exchange Fluctuation”

Programme in collaboration with KAF and PHD Chamber of Commerce & Industry, New Delhi

Sunday, March 30, 2014

Bhadohi Mr. Santosh Kumar [email protected]


Indo-US Trade Statistics 2013: U.S. trade in goods with India

NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding.

Month Exports Imports Balance

January 2013 1,699.30 3,171.10 -1,471.80

February 2013 1,605.00 2,829.60 -1,224.50

March 2013 1,861.60 3,662.00 -1,800.40

April 2013 1,655.30 4,075.30 -2,420.00

May 2013 1,935.80 4,201.50 -2,265.70

June 2013 2,396.50 3,418.50 -1,022.10

July 2013 1,891.90 3,958.00 -2,066.20

August 2013 2,067.60 3,629.20 -1,561.60

September 2013 1,624.20 3,301.80 -1,677.60

October 2013 1,740.40 3,707.70 -1,967.30

November 2013 1,838.40 2,855.40 -1,017.00

TOTAL 2013 20,316.00 38,810.10 -18,494.10

2012: U.S. trade in goods with India NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding.

Month Exports Imports Balance

Jan-12 1,350.70 3,109.20 -1,758.50

Feb-12 1,496.10 3,034.00 -1,537.90

Mar-12 1,757.00 3,365.30 -1,608.40

Apr-12 1,757.90 3,328.20 -1,570.40

May-12 1,769.00 3,569.60 -1,800.60

Jun-12 1,806.40 3,465.50 -1,659.10

Jul-12 1,774.90 4,140.40 -2,365.50

Aug-12 2,082.90 3,922.50 -1,839.60

Sep-12 2,243.40 3,332.70 -1,089.30

Oct-12 2,084.60 3,266.30 -1,181.80

Nov-12 1,748.70 3,207.50 -1,458.80

TOTAL 2012 19,871.60 37,741.20 -17,869.90


India – US Trade Analysis

India – US Trade Trade and commerce form a crucial component of the rapidly expanding and multi-faceted relations between India and U.S. From a modest $ 5.6 billion in 1990, the bilateral trade in merchandise goods has increased to $ 62.9 billion in 2012 representing an impressive 1023.2% growth in a span of 22 years.

India's merchandise exports to the U.S. grew by 2.83% from $ 37.74 billion during the period January- November 2012 to $ 38.81billion during the period January- November 2013. US exports of merchandise to India grew by 2.24% from $ 19.87 billion during the period January- November 2012 to $ 20.32 billion during the period January- November 2013. India - U.S. bilateral merchandise trade stands at $ 59.13 billion during this period.

Trade during the period Jan. - Nov. 2013

i) i) Major items of export from India to US Select major items with their percentage shares, are given below. a) Textiles (15.8%) b) Precious stones & metals (22%) c) Pharmaceutical products (10.5%) d) Mineral Fuel, Oil (9.7%) e) Organic chemicals (5.1%) f) Machinery (4.5%) g) Lac, Gum, Resins (4.4%) h) Electrical Machinery (3%) ii) Major items of export from US to India Select major items with their percentage shares, are given below a) Precious stones & metals (27%) b) Aircraft, spacecraft, Parts (13.8%) c) Machinery (10.3%) d) Electrical machinery (6%) e) Mineral Fuel, Oil etc. (5.8%) f)) Optical instruments & equipment (5.7%) g) Organic chemicals (3.7%) h) Plastic products (3.1%)


International Buyer Program, 2014 Trade shows

2014 International CES® (Consumer Electronics Show) January 7–10 • Las Vegas, NV • cesweb.org

InfoComm International® 2014 June 18–20 • Las Vegas, NV • infocommshow.org Shooting Hunting Outdoor Trade Show and Conference

January 14–17 • Las Vegas, NV • shotshow.org

2014 International Franchise Expo June 19–21 • New York, NY • ifeinfo.com

World of Concrete® 2014 January 21–24 • Las Vegas, NV • worldofconcrete.com

Fancy Food Show (Summer) 2014 June/July (TBD) • New York, NY • specialtyfood.com

DistribuTECH® Conference and Exhibition January 28–30 • San Antonio, TX • distributech.com

2014 Annual Meeting and Clinical Laboratory Expo of the American Association for Clinical Chemistry July 27–31 • Chicago, IL • aacc.org

International Production & Processing Expo January 28–30 • Atlanta, GA • ippexpo.com

MAGIC Marketplace (Summer) 2014 August 17–20 • Las Vegas, NV • magiconline.com

NAHB International Builders’ Show® 2014 February 4–6 • Las Vegas, NV • buildersshow.com

International Woodworking Machinery & Furniture Supply Fair August 20–23 • Atlanta, GA • iwfatlanta.com

Progressive Insurance® Miami International Boat Show® February 13–17 • Miami, FL • miamiboatshow.com

Farm Progress Show August 26–28 • Boone, IA • farmprogressshow.com

CONEXPO-CON/AGG® 2014 March 4–8 • Las Vegas, NV • conexpoconagg.com

WEFTEC® Water Environment Federation Technical Exhibition and Conference 2014 September 27–October 1 • New Orleans, LA • weftec.org Natural Products Expo West/Engredea 2014

March 6–9 • Anaheim, CA • expowest.com PACK EXPO International 2014 November 2–5 • Chicago, IL • packexpo.com International Home + Housewares Show 2014

March 15–18 • Chicago, IL • housewares.org American Film Market® November 5–12 • Santa Monica, CA • americanfilmmarket.com

WasteExpo 2014 April 1–3 • Atlanta, GA • wasteexpo.com

Greater New York Dental Meeting November 28–December 3 • New York, NY • gnydm.com

The 2014 NAB Show® April 7–10 • Las Vegas, NV • nabshow.com

POWER-GEN® International December 9–11 • Orlando, FL • power-gen.com

2014 Offshore Technology Conference May 5–8 • Houston, TX • otcnet.org


The National Restaurant Association Restaurant, Hotel-Motel Show (NRA Show) 2014 May 17–20 • Chicago, IL • show.restaurant.org

http://cesweb.org/

http://infocommshow.org/

http://shotshow.org/

http://ifeinfo.com/

http://worldofconcrete.com/

http://specialtyfood.com/

http://distributech.com/

http://aacc.org/

http://aacc.org/

http://ippexpo.com/

http://magiconline.com/

http://buildersshow.com/

http://iwfatlanta.com/

http://miamiboatshow.com/

http://farmprogressshow.com/

http://conexpoconagg.com/

http://weftec.org/

http://weftec.org/

http://weftec.org/

http://expowest.com/

http://packexpo.com/

http://housewares.org/

http://americanfilmmarket.com/

http://wasteexpo.com/

http://gnydm.com/

http://nabshow.com/

http://power-gen.com/

http://otcnet.org/

How to reach us: We invite articles, industry related market research reports and whitepapers, information on policy matters related to Indo-US trade and investments via e-mail. Indo-American Chamber of Commerce (IACC) deserves right to edit the said articles for clarity and space and use them in all electronic and print form. E-mail: [email protected] Disclaimer: No part of this newsletter may be reproduced, reprinted or utilized in any form or by any means electronic or mechanical without prior permission of the publisher. While every care is taken in compilation of information contained herein, the publisher cannot accept any responsibility for error or omission or for the use of trademark, copyrights, brand name, logos or other identifying symbols provided in supporting and participating companies and organizations. However all possible and reasonable care has been taken to ensure that the information in this newsletter is as accurate and up-to-date at the time of printing. This newsletter is for internal use only. Credits: A number of persons and organizations have assisted us in the preparation of this newsletter. The information contained herein has been obtained from sources believed to be reliable and are based on research and analysis, whitepapers, academia, websites, internet postings and e-mails received. We wish to thank and express our gratitude to everyone named and unnamed for providing valuable inputs and providing data willingly. Conceived, Designed and Researched by: Pratik Waghela, Systems & Communications Assistant, IACC; E-mail: [email protected]


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