Upload
others
View
3
Download
1
Embed Size (px)
Citation preview
Sectoral SnippetsIndia Industry Information
Issue 25 - November 2008
KPMG IN INDIA
Page 2 of 16
Sectoral Snippets
About Sectoral Snippets
Sectoral Snippets is an India-focused, monthly, freely-distributable newsletter brought out by
KPMG in India. This newsletter provides an overview of the Indian economy in the form of
news-briefs from across key sectors.
Contact [email protected] if you are interested in receiving this newsletter on a
regular basis, or wish to unsubscribe.
Table of Contents
1. Indian Economy 3
2. Auto and Auto Components 4
3. Banking and Insurance 5
4. Consumer Markets and Retail 6
5. Hospitality 7
6. IT / ITeS 8
7. Media 9
8. Oil and Gas 10
9. Pharma 11
10. Power 12
11.Real Estate and SEZs 13
12.Telecom 14
13.Transport and Logistics 15
Sectoral Snippets, Issue 25
The�significant�shift�in�the�global�macroeconomicscenario�over�the�last�couple�of�months�has�hada�ripple�of�effects�on�developing�economies�likeIndia.�These�include�corrections�in�capitalmarkets,�weakening�of�the�Indian�currency�andlower�consumption�and�manufacturing�output,resulting�in�a�downward�revision�of�GDP�growthestimates.�Inflation�on�the�other�hand,�hasdipped�to�approximately�8.9�percent�afterreaching�record�highs�earlier�this�year.�Withinflationary�expectations�lower�than�previouslypredicted,�Indian�policymakers�are�now�focusingon�fiscal�and�monetary�measures�in�order�to�aidgrowth.�
In�other�developments,�Egyptian�PresidentHosni�Mubarak�visited�India,�during�which�bothnations�took�steps�towards�furthering�ties.�Egyptand�India�have�signed�5�agreements—includinga�MoU�pertaining�to�cooperation�in�trade—andtarget�USD�10�billion�in�bilateral�trade�by�2010.
I�hope�you�find�this�edition�useful�andinformative.
Regards,
Russell
Russell Parera
Chief Executive Officer
KPMG in India
©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
India�has�been�increasingly�drawing�interest�of�the�global�economic�community
due�to�its�strong�record�of�achieving�a�GDP�growth�of�over�9�percent�in�the�last�3
financial�years.�The�economy�is�now�expected�to�grow�at�7.7�percent�in�2008-09.�
However,�considering�the�recent�financial�crisis�which�broke�out�in�early�October,
the�outlook�for�the�economy�could�suggest�further�moderation.�These�projections
are�based�on�the�results�of�professional�forecasters’�survey�conducted�by�the
Reserve�Bank�of�India�(RBI),�India’s�central�bank�in�2008.
In�a�move�to�combat�the�current�credit�crisis,�the�RBI�cut�the�Cash�Reserve�Ratio
(CRR)�to�5.5�percent�and�the�repo�rate�to�7.5�percent�in�October.�The�measure
was�carried�out�to�inject�liquidity�into�the�domestic�financial�markets�so�as�to
lessen�the�pressures�brought�on�by�the�weakening�of�the�global�financial
environment.�As�a�result�of�this�reduction�in�the�CRR,�the�central�bank�hopes�to
add�an�additional�liquidity�worth�USD�8.5�billion.�
As�anxiety�looms�over�large�scale�job�cuts�in�the�wake�of�a�slowing�industrial
output,�the�cut�in�CRR�rates�has�been�welcomed�in�the�hope�that�commercial
banks�would�lend�more�and�reduce�their�interest�rates�to�help�the�Indian�industry
put�its�investment�plans�back�on�track.�This�move�is�also�expected�to�positively
affect�the�home,�auto,�consumer�durables�and�corporate�loans�segments.�
India’s�large�agricultural�sector,�strong�internal�consumption�demand�and�the
saving�habits�are�the�several�inherent�strengths�that�could�allow�it�to�decouple
from�the�rest�of�the�world�and�grow.�
Policy�makers�are�confident�that�India�will�preserve�its�growth�momentum,
although�a�shade�lower,�as�the�fundamentals�of�the�economy�are�strong.�To
ensure�this,�India’s�policy�interventions�ought�to�be�well�drafted�and
implemented�firmly.
Indian EconomyPage 3 of 16
Analyst: Asmita Deshmukh©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
“Our financial system andeconomic fundamentals arestrong. RBI has endorsed theassessment. India is not the causeof the global financial crisis butsurely wants to be a part of thesolution.” P. Chidambaram, Finance Minister of India.(Source: Economic Times, October 24, 2008)
• Unipres Corporation to build an auto component plant in IndiaUnipres�Corp.,�a�Japan-based�auto�component�manufacturer�plans�to�enter�the
Indian�market�with�a�new�plant�in�Chennai.�The�new�plant�is�to�be�built�with�a
JV�between�Japan’s�Marubeni�Corporation�and�Italy's�Magnetto�Automotive
SpA.�The�total�investment�is�expected�to�be�USD�28�mn�of�which�55�percent�is
to�be�contributed�by�Unipres�and�20�and�25�percent�by�Marubeni�and�Magnetto
respectively.�The�plant�is�expected�to�produce�structural�components�for�car
frames�and�is�projected�to�be�operational�by�2010.
• Suzuki Motorcycle to ramp up the productionSuzuki�Motorcycle�India�Pvt.�Ltd.�a�subsidiary�of�Suzuki�Motor,�Japan�is
expected�to�invest�USD�30�mn�in�its�India�business�adding�to�its�previous
investment�of�USD�80�mn.�The�funds�are�expected�to�assist�the�capacity
expansion�plans�of�the�company�and�new�product�launches.�The�company�plans
to�ramp�up�its�production�capacity�from�1.75�lakh�units�to�2.5�lakh�units,�at�the
same�time�the�company�also�plans�to�launch�2�new�bikes�in�the�next�year.
• Tata Motors acquires over 50 percent stake in a NorwegiancompanyTata�Motors�through�its�UK-based�subsidiary�Tata�Motors�European�Technical
Centre�plc�has�acquired�a�50.3�percent�stake�in�Miljo�Grenlandnnovasjon,�a
Norwegian�company.�The�reported�cost�of�acquisition�is�USD�1.9�mn.�The
acquired�company�specializes�in�the�development�of�innovative�solutions�for
electric�vehicles�and�is�to�provide�strategic�assistance�in�Tata’s�aim�of
developing�convenient,�affordable�and�sustainable�mobility�solutions�through
electric�and�hybrid�vehicles.
• Ashok Piramal Group acquires a Czech auto component companyPMP�Components,�an�auto�component�company�of�the�Ashok�Piramal�Group
has�acquired�PAL�International�of�Czech�Republic.�The�cost�of�acquisition�has
currently�not�been�revealed.�PAL�International,�is�the�third�largest�wiping
systems�manufacturing�company�in�Europe�with�an�annual�turnover�of�USD�25
mn.�It’s�clientele�includes�Volkswagen,�Skoda,�Fiat,�Peugeot-Citroen�and�Volvo
among�others.�The�acquisition�is�expected�to�give�PMP�a�7�percent�share�in�the
European�market.
• Michelin plans to open a factory in IndiaMichelin,�a�well�known�French�tyre�manufacturer�is�planning�to�open�a�unit�in
India.�The�company�on�its�cost�cutting�spree�is�also�expected�to�expand
capacity�in�the�low�cost�nations�like�its�unit�in�Brazil�which�currently�produces
5,000�units�a�day.�Michelin�plans�to�control�its�spending�by�USD�2.4�bn�by
2010.
Page 4 of 16
Auto and Auto Components
Analyst: Rajiv Somani©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
"The Indian market is still largelya motorcycle market and in futurewe will do everything to be asignificant player in the segment".Atul Gupta, Vice-President Marketing and Sales, SuzukiMotorcycle India.(Source: The Press Trust of India Limited, October 23,2008.)
• Religare-Aegon acquires Lotus Mutual FundReligare�Enterprises,�a�leading�financial�services�provider,�has�agreed�to�acquireLotus�India�Asset�Management�Company�(AMC)�for�an�undisclosed�amount.Religare�has�acquired�Lotus�India�from�its�majority�shareholders,�Sabre�Capitaland�Fullerton�Fund.�The�company�plans�to�strengthen�Lotus�India’s�position�byinfusing�new�capital�into�its�schemes.�Religare�has�a�presence�in�the�AMCbusiness�through�its�joint�venture�with�Dutch�financial�group�Aegon.�Theaverage�assets�under�management�of�Lotus�India�at�the�end�of�October�2008were�nearly�USD�1�billion.�
• Investment House acquires stake in MAPE AdvisoryKuwait-based�Global�Investment�House�has�acquired�an�11.11�percent�equitystake�in�MAPE�Advisory�Group�Limited,�one�of�India's�leading�boutiqueinvestment�banks,�for�about�USD�10�million.�MAPE�plans�to�utilize�the�funds�toexpand�its�institutional�broking�business.�MAPE�provides�services�related�toM&As,�private�equity,�fund�raising,�debt�syndication,�cross�border�advisoryservices�and�institutional�broking.�
• Reliance Money buys stake in Hong Kong commodity exchangeReliance�Money,�a�unit�of�Reliance�Capital,�has�acquired�15�percent�stake�inHong�Kong�Mercantile�Exchange�(HKMEx).�Hong�Mercantile�Exchange�plans�tocommence�trading�operations�through�offering�dollar-denominated�oil�contractsin�the�first�quarter�of�2009.�This�deal�is�expected�to�enable�Reliance�Money�tobecome�the�second-largest�shareholder�in�the�HKMEx�and�also�secure�a�boardseat�in�HKMEx.�Earlier�this�month,�Reliance�Money�received�approval�foracquiring�a�10�percent�stake�in�the�National�Multi-Commodity�Exchange�ofIndia.�The�company�plans�to�build�synergies�between�both�the�exchangesthereby�leveraging�on�the�growth�potential�of�commodity�trading�in�Asia.
• RBI cuts CRR, Repo rate and SLRThe�Reserve�Bank�of�India�(RBI)�has�announced�another�100�basis�points�cut�inCash�Reserve�Ratio�(CRR)�to�5.5�percent�and�a�0.5�percent�reduction�in�reporate�to�7.5�percent,�with�a�view�to�infuse�additional�liquidity�into�the�bankingsystem.�The�CRR�cut�is�to�be�in�two�tranches�and�the�first�one�of�0.5�percent�isexpected�to�be�effective�retrospectively�from�25�October�2008�and�the�secondfrom�8�November,�2008,�while�the�cut�repo�rate�is�to�be�effective�from�3November,�2008.�The�cut�in�CRR�is�estimated�to�infuse�approximately�USD�8billion�in�to�the�banking�system.
RBI�has�also�reduced�the�Statutory�Liquidity�Ratio�(SLR),�the�amount�whichbanks�are�mandated�to�park�in�government�securities,�by�100�basis�points�to�24percent.�Earlier�in�October�2008,�RBI�had�already�cut�CRR�by�2.5�percent�to�6.5percent.
• ICICI Securities opens Oman branchICICI�Securities,�a�group�company�of�ICICI�Bank�and�one�of�India’s�leadingfinancial�services�firms,�launched�its�Oman�operations�by�opening�its�branch�inMuscat.�ICICI�Securities�plans�to�provide�its�online�trading�services�through�itsplatform�ICICIdirect.com,�to�the�large�NRI�population�based�in�Oman.��Also,�thebranch�is�to�provide�other�investment�and�financial�products�like�mutual�funds,hedge�funds,�private�equity�funds,�structured�products�and�alternateinvestments.�
Page 5 of 16
Banking and Insurance
Analyst: Kunal Jain©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
Company AcquirerOwnership
(%)Amount
(USD Mn)
StandardChartered
IDFC 100 205
RelianceMutual Fund
Eton�Park 5 127
JM FinancialMutual Fund
ValiantCapitalPartners,Blue�RidgeCapital�andEton�Park
12 26.5
Bank ofBaroda AMC
PioneerInvestments 51 NA
CanbankInvestmentManagement
RobecoGroup�NV 49 NA
SBI MutualFund
SocieteGenerale 37 37
Source:�VC�Circle
Recent Mutual Fund Deals in India
• DLF partners with Italian firm LuxotticaItalian�group�Luxottica�has�entered�into�a�partnership�with�Indian�real�estatemajor�DLF�to�retail�its�premium�and�luxury�eyewear�brands�which�includeOakley,�Ray-Ban,�Chanel,�Dolce�&�Gabbana,�Donna�Karan,�Prada,�Versace�andPolo�Ralph�Lauren.�Luxottica�plans�to�open�over�100�stores�of�its�retail�brand,Sunglass�Hut,�in�the�realty�firm's�upcoming�shopping�malls.�Luxottica�currentlyoperates�over�2,000�Sunglass�Hut�retail�stores�across�the�globe.�In�all,�thecompany�has�over�6,000�optical�and�sun�retail�stores�across�Asia,�China,�SouthAfrica,�Europe�and�America.�
• Esprit plans a JV with Madhura The�USD�5�billion�group,�Esprit�Holdings�plans�to�form�a�51:49�percent�jointventure�with�Madhura�Garments,�an�AV�Birla�Group�company,�which�managesEsprit’s�retail�stores�in�India.�Esprit�entered�into�a�licensing�agreement�withMadura�in�2005.�Esprit,�with�over�40�stores,�has�significant�retail�spread�at�theluxury�end�of�the�Indian�apparel�market�and�has�plans�to�set�up�150�stores�inthe�country�by�2010.
• Giorgio Armani makes its foray into India Fashion�luxury�brand�Giorgio�Armani�launched�its�flagship�stores�in�India.�The�2stores�launched�are�located�in�South�Delhi�and�are�spread�over�200�to�300square�metres.�The�outlets�are�managed�by�a�newly�formed�company,�GiorgioArmani�India�Pvt�Ltd,�which�is�a�joint-venture�between�the�Giorgio�ArmaniGroup�and�the�DLF�Retail�Brands�Private�Limited.�The�former,�with�a�51�percentstake�in�the�company,�is�to�design,�manufacture,�distribute�and�retail�fashionand�lifestyle�products�and�the�latter�is�to�have�exclusive�rights�to�developArmani�retail�stores�throughout�India.�
• Wadhawan Retail to invest USD 313 million over the next 4 yearsIndia’s�food�and�grocery�retailer,�Wadhawan�Food�Retail�plans�to�invest�USD313�million�by�2013�to�set�up�1,300�stores�across�India.�The�company�is�lookingat�increasing�its�footfall�by�15�times�over�the�current�average�footfall�of�1�lakhacross�all�its�stores�once�the�expansion�is�completed.�The�funding�of�theinvestments�is�expected�to�be�through�debt�and�internal�accruals.�At�present,Wadhawan’s�retail�chain�has�200�neighbourhood�stores�which�are�run�underfour�branded�formats,�namely�Spinach,�Sabka�Bazaar,�The�Home�Store�andSmart�Retail.�The�retailer�also�runs�a�direct-to-home�delivery�business,�SangamDirect,�which�it�acquired�from�Unilever�India.�
• Reliance Brands forms JV with DieselReliance�Brands�has�formed�a�49:51�percent�joint�venture�with�Italian�lifestylebrand�Diesel�to�launch�the�global�brand�in�the�country�in�2009.�The�DieselLifestyle�brand�is�to�offer�a�vast�selection�of�apparels,�shoes,�bags,�eye-wearand�fragrances,�targeting�the�high�end�consumer�segment.�Reliance�plans�tolaunch�Diesel�brands�in�Mumbai�and�Delhi�in�2009�and�may�also�look�at�the�fastupcoming�markets�like�Bangalore,�Hyderabad�and�Chandigarh.�The�high-endapparel�and�accessories�market�in�India�is�estimated�at�USD�834.7�million�andis�growing�at�the�rate�of�25�percent.�
Page 6 of 16
Consumer Markets and Retail
Analyst: Sonia Topiwala ©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
"This is an especially importantdevelopment for our group and aturning point for our business inIndia. It allows us to become fromday one a key player in one of themost promising retail markets forpremium and luxury brandsworking side-by-side with theleading real estate company in themarket. "Andrea Guerra, chief executive officer, LuxotticaGroup.(Source: DLF Company Website, November 04, 2008
• Ginger Hotels on expansion spreeRoots�Corporation,�subsidiary�of�Indian�Hotels�Company,�plans�to�open�sevennew�hotels�under�its�brand�name�-�Ginger�hotels�over�the�next�one-and-a-halfyears.�These�hotels�are�to�be�opened�in�Ludhiana,�Ahmadabad,�Mangalore,Guwahati,�Jamshedpur,�Pune�and�Durgapur.�The�Ludhiana�and�Ahmadabadhotels�are�likely�to�be�opened�in�the�next�2�months�followed�by�Guwahati,Mangalore�and�Durgapur�by�March�2009.�The�hotels�at�Pune�and�Jamshedpurare�expected�to�open�by�early�2010.�Currently,�the�company�has�14�operationalhotels�across�the�country.�
• Indian Hotels to unveil Gateway HotelsTaj�Hotels�Resorts�and�Palaces,�one�of�the�leading�hospitality�groups,�haslaunched�its�network�of�up-scale�hotels�under�the�brand�—�‘The�GatewayHotel’.�The�company�aspires�to�open�50�hotels�and�currently�has�26�Gatewayhotels�under�its�new�brand.�It�has�signed�10�new�hotels�and�migrated�16existing�hotels�to�this�brand.�The�hotels�that�are�to�be�re-flagged�as�Gatewayare�at�Agra,�Bangalore,�Calicut,�Chikmagalur,�Coonoor,�Jaipur,�Jaisalmer,Madurai,�Mangalore,�Nasik,�Sasan�Gir,�Surat,�Vadodara,�Varanasi,�Vijayawadaand�Vishakhapatnam.�
• Choice Hotels to set up 25 more hotels in IndiaChoice�Hotels,�a�global�hospitality�chain,�plans�to�invest�INR�1,500�crore�to�setup�25�more�hotels�across�India�by�2010.�The�group�has�tied�up�with�real�estateplayers�like�Amrapali�Group,�Mittal�Group,�and�Asterix�Group�for�developingthese�hotels.�Out�of�the�25�planned�hotels,�4�are�reportedly�being�branded�asClarion�(entry�level�5-star),�one�is�to�be�branded�as�Sleep�In�(accommodationbased�3-star)�and�the�rest�are�to�be�divided�among�the�Comfort�(restaurant-cum-accommodation�3-star)�and�Quality�(full�service�4-star)�brands.�Currently,Choice�Hotels�has�25�hotels�in�India�under�these�brands.
• Phoenix Group launches 5-star hotel in IndiaPhoenix�Group�Global,�a�promoter�of�luxury�resorts�launched�its�brand�of�luxuryhotels�under�the�‘Zuri�Hotels�&�Resorts’�label.�The�Company�plans�to�investaround�INR�200�crore�partially�funded�by�debt�and�equity�for�the�brand.�This162�room�property�is�expected�to�be�operational�by�2009�in�Bangalore�andhave�5�food�and�beverage�options.�Phoenix's�existing�projects�in�India�includethe�two�Radisson�hotels�in�Goa�(Radission�White�Sands)�and�Kumarakom(Radisson�Plaza�Resort�and�Spa),�which�it�operates�under�franchise�agreementswith�Carlson�Hospitality.�
• Country Club plans to open 100 CK27 Country�Club,�a�leisure�and�infrastructure�company�plans�to�open�over�100miniature�versions�of�its�larger�clubs�across�the�country�in�the�next�2�years.�Thefirst�club�-�CK27�under�this�smaller�club�category�is�opened�in�Bangalore.�Clubsare�also�expected�to�be�opened�in�Mumbai,�Delhi,�Ahmedabad�and�othermetros.�These�15,000-20,000�sq�ft.�clubs�are�to�be�based�on�a�satelliteconcept,�and�are�to�have�a�gymnasium,�health�spa,�multi-cuisine�restaurant�andindoor�games�under�one�roof.
Page 7 of 16
Analyst: Pallavi Phatak
Hospitality
©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
Source:�CRISIL,�Monthly�Report,�October�2008
Performance of Premium Hotel Segment –Occupancy Rate
• TCS buys Citigroup Global Services India’s�leading�IT�services�player,�Tata�Consultancy�Services�(TCS)�has�acquiredCiti’s�stake�in�Citigroup�Global�Services�Limited�(CGSL),�its�India-based�captiveBusiness�Processing�Outsourcing�(BPO)�arm�for�USD�505�million�in�an�all�cashdeal.�Apart�from�the�sale,�the�companies�have�signed�an�agreement�for�USD2.5�billion�wherein�TCS�is�to�provide�process�outsourcing�services�to�Citi�over�aperiod�of�9.5�years.�CGSL�has�more�than�12,000�employees�in�India�and�isexpected�to�generate�revenues�of�around�USD�278�million�in�2008.
• Wipro BPO plans Business Shared Services Center in Brazil forAmBevWipro�Technologies‘s�Business�Process�Outsourcing�(BPO)�arm,�Wipro�BPO�issetting�up�a�Shared�Services�center�for�Latin�America-based�brewery�companyAmBev.�The�Center�is�to�provide�services�to�AmBev�in�the�areas�of�Finance�andAccounting,�Order�Management,�Customer�Services�and�HR�Services.��AmBevexpects�the�partnership�to�provide�it�with�significant�financial�benefits�and�isplanning�to�enable�it�to�leverage�transformation�opportunities�across�itsoperations�in�Latin�America.�Wipro�plans�to�provide�these�services�from�itsfacility�at�Curitiba�in�Brazil.
• Xchanging acquires India's Cambridge Solutions for USD 134millionUK-based�Xchanging�has�agreed�to�buy�75�percent�of�the�India-basedoutsourcing�and�IT�group�Cambridge�Solutions.�The�USD�134�million�dealcomprises�of�about�USD�74.5�million�in�cash�and�the�issue�of�15,249,998�newXchanging�shares.�By�this�acquisition,�Xchanging�expects�to�enhance�its�marketpresence�and�potential�for�further�growth�in�the�United�States�and�Australia,�aswell�as�increase�the�scale�of�its�Indian�offshore�operations.
• US-based CIBER acquires IteamicCIBER,�a�US-based�systems�integrator�has�agreed�to�acquire�India-based�ITservices�provider�Iteamic,�for�an�undisclosed�sum.�With�this�acquisition,�CIBERexpects�to�expand�its�capabilities�to�handle�off-shored�projects�from�the�USand�Europe.�Iteamic�provides�integrated�business�and�technology�solutions�andconsulting�services�to�established�and�emerging�companies�globally.
• Dubai’s Lootah group plans software center in IndiaDubai-based�S.S.�Lootah�Group�plans�to�open�a�software�development�centerin�the�Technopark�campus�in�Kerala,�India.�The�group�already�has�a�corporateoffice�in�Delhi�and�in�Kerala�and�is�entering�into�software�development.Established�in�1956,�the�S.S.�Lootah�Group�is�a�family-owned�diversifiedbusiness�house�with�projects�across�key�industries�from�construction,�realestate,�energy,�food�and�hospitality�to�financial�services,�applied�research,Information�and�Communication�Technologies�(ICT),�education�and�healthcare.
Page 8 of 16
Analyst: Parnika Patil
IT / ITeS
©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
“This is a great transaction thatbenefits all parties – Citi, ourcustomers, our employees andTCS. Our customers requireaccess to increasingly complexprocessing solutions and thisrelationship will achieve a ‘best inclass’ technology model thatcapitalizes on both CGSL’sexpertise in financial services andTCS’ expertise in processoptimization”.Don Callahan, Chief Administrative Officer, Citi.(Source: TCS Press Release, October 08, 2008)
• Compact Disc to setup a studio in VietnamCompact�Disc�India�(CDI)�has�raised�USD�10�million�debt�from�Los�Angeles-based�iMedia�Ventures�to�set�up�an�animation�studio�in�Vietnam.�The�animationcompany�in�Vietnam�plans�to�make�an�international�movie�based�on�Chinesecharacters.�The�company�has�also�diluted�15�percent�stake�to�iMedia�Venturesthrough�a�preferential�allotment.�CDI�is�also�producing�two�animated�moviesfrom�its�studio�in�Kerala
• Deccan Chargers look for acquirersDeccan�Chronicle�group,�which�holds�an�80�percent�stake�in�Deccan�Chargers,a�Hyderabad-based�Indian�Premier�League�Cricket�Team,�plans�to�sell�theirentire�stake�for�USD�175-200�million�at�65-85�percent�premium.�DeccanChargers,�the�third�most�expensive�team�after�Mumbai�and�Bangalore,�hadreceived�investment�from�Group�M�for�a�20�percent�stake.�
• Cinepolis to invest USD 350 million in Indian multiplex marketCinepolis,�a�Mexico-based�multiplex�player�has�initiated�talks�with�real�estatedevelopers�in�India�to�setup�their�multiplex�operations.�Cinepolis�India,�awholly–owned�subsidy�of�Cinepolis�Mexico,�has�allocated�USD�350�million�forits�India�operations.�The�company�also�plans�to�have�stand-alone�propertiesapart�from�their�mall�presence.�In�the�next�5-7�years,�the�company�plans�tohave�presence�in�40�cities�and�have�500�screens�in�India.�The�company�islooking�at�cities�with�the�right�combination�of�affluence,�and�a�movie�watchingpopulation.�The�company�operates�2000�screens�globally�and�has�added�240new�screens�this�year.
• Spize TV acquired European Direct–to–Home (DTH) operatorPyramid�Saimira�Group�owned�DTH�service�Spize�TV�has�acquired�World�TVEurope,�the�DTH�operations�of�France�Telecom.�The�company�has�not�given�outany�financial�details�and�plans�to�invest�USD�15�million�in�the�short�term�tointegrate�operations�of�Spice�TV�and�World�TV�Europe.�The�company�has�alsoallocated�USD�50�million�for�its�European�operations�in�the�next�2-3�years.Spice�TV,�launched�in�2007,�is�a�registered�company�in�Singapore.
• Bharti Airtel launches DTH servicesTelecom�operator�Bharti�Airtel�made�its�debut�in�the�television�space�with�thelaunch�of�its�DTH�satellite�television�service.�The�service�is�to�be�made�availableto�customers�through�21,000�retail�points�including�Airtel�relationship�centersin�62�cities.�The�service,�which�comes�at�an�entry�cost�of�approximately�USD50�in�north�India,�offers�different�packages�for�a�total�of�175�channels.�Formarkets�in�south�India,�the�service�is�to�be�available�at�a�starting�price�of�USD40.��
Page 9 of 16
Media
Analyst: Mehul Desai©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
"This is a right time for Airtel toenter the market. The launch ofAirtel digital TV is the culminationof our 'three screens' strategy,which is to be present acrossmobile phone, computer and TVscreens. We are very clear atAirtel and will take over as aleader of the sector as soon aspossible" Manoj Kohli, CEO and Jt. Managing Director, BhartiAirtel.(Source: Financial Express, Oct 08, 2008)
• USD 9.1 billion investment likely for gas pipeline in 5 yrsIndia�is�expected�to�witness�a�significant�expansion�in�its�gas-pipeline�network
over�the�next�five�years.�As�per�a�study,�approximate�investments�worth�USD
9.1�billion�are�likely�to�be�provided�to�promote�the�utilization�of�gas.�Further,�it�is
expected�that�the�share�of�oil�and�gas�in�the�primary�commercial�energy�mix
may�grow�from�the�existing�36�percent�to�41�percent,�over�a�10�year�period.�At
present,�India’s�gas�pipeline�network�is�over�10,000�km�consisting�of�Gas
Authority�of�India�Ltd.��which�holds�a�55�percent�share�and�the�remaining�is�in
the�joint�sector,�including�private�players.
• Essar to restart 70 percent of their fuel stations Indian�private�refiner�Essar�Oil�is�expected�to�start�70�percent�of�their�fuel
stations�by�the�end�of�the�year.�The�step�has�been�taken�with�respect�to�the
sharp�fall�in�crude�oil�prices.�This�makes�the�retail�sales�viable�for�the�company
and�also�other�private�players.��
The�company�had�closed�down�majority�of�their�retail�outlets�last�year�due�to
heavy�losses�suffered�on�account�of�low�retail�prices�set�by�the�government�for
state-run�refiners.
• Colombia takes control over OVL’s oilfieldColombia�has�taken�control�over�Teca�oilfield�which�was�a�part�of�the�oil
property�of�ONGC�Videsh�Ltd�(OVL)�and�Sinopec�of�China.�The�oil�field�was
acquired�2�years�ago�in�September�2006�for�an�amount�of�USD�850�million.
Ecopetrol,�Colombia’s�national�oil�company�deemed�that�the�license�for�Teca
oilfield�has�expired�whereas�Mansarovar�Energy�Colombia�Ltd.�(a�50:50�joint
venture�agreement�between�OVL�and�Sinopec)�feels�the�contract�is�valid�till
2011.
• OMEL plans refinery in NigeriaONGC-Mittal�Energy�Limited�(OMEL),�a�joint�venture�between�state-run�Oil�&
Natural�Gas�Corporation�Limited�(ONGC)�and�L�N�Mittal�group�is�planning�to�set
up�its�first�refinery�in�Nigeria.�The�investment�required�for�this�proposed�9-
million-tonne�refinery�is�around�USD�4�billion.�OMEL�and�the�Nigerian
government�had�signed�the�Memorandum�of�Understanding�(MoU)�in
November�2005.�The�MoU�states�that�the�company�is�expected�to�make�some
infrastructure�investments�in�the�country�in�lieu�of�exploration�blocks.
.
Page 10 of 16
Oil and Gas
Analyst: Rajiv Parekh©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
‘‘Significant expansion of gas-pipeline network is expected overthe next few years as India gearsup to create the network forpromoting gas utilization.”Sajjan Jindal, President, Assocham, commenting oninvestments in gas-pipeline.(Source: Economic Times, October 21, 2008 )
• Ranbaxy achieves significant milestones in its R&D efforts Ranbaxy�Laboratories�Limited,�one�of�India’s�largest�pharmaceutical�companies,has�submitted�an�Investigational�New�Drug�(IND)�application�to�the�DrugController�General�of�India�seeking�approval�to�commence�Phase-I�humanclinical�trials�for�the�Respiratory�Inflammation�candidate.�This�candidate�is�beingdeveloped�under�the�collaborative�agreement�between�Ranbaxy�andGlaxoSmithKline.�Ranbaxy�also�has�plans�to�get�regulatory�approval�in�othercountries�to�commence�Phase�I�human�trials.�
Ranbaxy�has�also�attained�the�approval�from�the�Drug�Controller�General�ofIndia�to�start�Phase�III�human�clinical�trials�in�India�for�its�Anti-Malariacombination�molecule,�RBx�11160,�which�are�expected�to�be�conducted�inIndia,�Africa�and�South�and�South-East�Asian�countries.
• Jubilant and Eli Lilly form a joint venture for drug developmentJubilant�Organosys�has�entered�into�an�agreement�with�Eli�Lilly�and�Company�toset�up�a�50:50:�joint�venture�in�India�in�order�to�provide�drug�development�servicesexclusively�to�the�molecules�being�developed�from�the�partnership�between�thetwo�companies.�The�venture�is�expected�to�carry�out�research�from�the�preclinicalstage�through�Phase�II�of�clinical�testing,�after�which�the�molecules�are�to�bereturned�to�the�R&D�sponsors�for�further�development.�The�operations�is�to�bemanaged�by�an�independent�team�of�R&D�specialists.�This�joint�venture�isexpected�to�be�set�up�in�Bangalore.�
Jubilant�Organosys�is�one�of�India’s�leading�Custom�Research�And�ManufacturingServices�(CRAMS)�and�drug�discovery�and�development�services�companies.
• Bharat Biotech is setting up a Biotech-Pharma-IT Park in OrissaBharat�Biotech�International�Ltd,�an�Indian�manufacturer�of�biotherapeutics�andvaccines,�is�expected�to�be�developing�a�‘Biotech-Pharma-IT�Park’�under�thepublic-private-partnership�route�with�the�government�of�Orissa.�The�stategovernment�has�allocated�about�54.86�acres�of�land�to�Bharat�Biotech�fordevelopment�of�the�park.�Of�this,�about�10�acres�of�land�is�expected�to�house�abiotechnology�incubation�center,�where�the�equipment/instrumentation�is�to�befinanced�by�the�Department�of�Biotechnology.�
The�expected�cost�of�the�investment�is�about�USD�20�million�and�is�likely�to�becompleted�over�a�period�of�8�years.
• Wockhardt enters into in-licensing agreement with UK-basedSinclairWockhardt�Limited,�one�of�India’s�leading�pharmaceutical�and�biotechnologycompanies,�has�entered�into�an�in-licensing�agreement�valid�for�10�years,�withUK-based�Sinclair�Pharma�plc�to�market�the�latter’s�range�of�dermatology�anddental�products�in�India.�Wockhardt�is�expected�to�import�the�bulk�drugs�fromSinclair�Pharma�and�manufacture�the�formulations�in�its�Indian�manufacturingfacilities.�It�is�also�in�talks�with�Sinclair�to�contract�manufacture�the�signedproducts�for�the�European�markets.
This�agreement�strengthens�Wockhardt’s�presence�in�the�dermatology�anddentistry�segments.��As�per�ORG�IMS�estimates,�India’s�dermatology�market�isvalued�at�USD�0.4�billion.�
Page 11 of 16
Pharma
Analyst: Nandita Kudchadkar & Dhruti Parikh
©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
"This is a great addition to Lilly'squest to create a networked R&Dorganization that will bring to bearresources and capability fromaround the world to help addressimportant medical needs forpatients globally."Robert Armstrong, PhD, Vice President of globalexternal research and development, Eli Lilly Commenting on the Jubilant- Eli Lilly venture(Source: Company Press release, October 03, 2008)
• Solar energy gathers momentumSolar�energy�which�was�once�considered�as�least�attractive�renewable�energyoption�due�to�its�uneconomical�production�cost,�is�now�gathering�momentum.India�currently�has�an�installed�solar�photovoltaic�capacity�of�about�10�MW.�
On�the�supply�side,�government�incentives�in�the�form�of�solar�incentivepackage�scheme�(SIPS)�have�so�far�attracted�14�players�with�an�investmentcommitment�of�USD�27�billion.�On�the�demand�side,�Ministry�of�New�andRenewable�Energy’s�(MNRE’s)�10�year�generation-based�incentive�(GBI)scheme�is�likely�to�ensure�a�steady�return�for�the�solar�technologies,�furtherexpanded�by�states�such�as�Rajasthan�and�Punjab.
• ADB to provide support to Himachal PradeshThe�Asian�Development�Bank�(ADB)�plans�to�help�Himachal�Pradesh�becomecountry’s�first�‘hydropower�state’�through�USD�800�million�multi-tranchefinancing�facility.�The�loan�is�to�be�provided�for�a�period�of�8�years�to�financethe�construction�of�several�run-of-river�hydropower�generating�plants,�which�isexpected�to�generate�808�MW�of�power�from�the�state.�The�ADB�and�HimachalPradesh�government�have�identified�2�projects�ready�for�financing�through�thefirst�loan�tranche�of�USD�150�million�–�the�construction�of�the�111-MW�SawraKuddu�hydroelectric�project�on�the�Pabber�river�in�Shimla�district,�and�civilworks�for�the�65-MW�Kashang�I�hydroelectric�project�located�in�Kinnaur�district.
• NTPC and NPCIL to jointly foray into nuclear power generationNational�Thermal�Power�Corporation�(NTPC)�and�Nuclear�Power�Corporation�ofIndia�(NPCIL)�have�proposed�to�form�a�joint�venture�company�to�set�up�nuclearpower�generation�facilities�in�the�country.�NPCIL�is�to�hold�51�percent�whileNTPC�is�to�own�49�percent.�The�joint�venture�initially�plans�to�set-up�a�2,000MW�nuclear�power�plant.�
• Suzlon Green Power to develop renewable energy portfolioSuzlon�Green�Power�Ltd.�intends�to�invest�USD�5�billion�to�generate�3500�MWof�electricity�in�India�and�China.�Of�the�total�project�value�of�USD�5�billion,Suzlon�Green�Power�Ltd.�is�to�contribute�approximately�USD�1.5�billion�inequity.�Suzlon�Green�Power’s�business�model�plans�to�offer�an�asset-basedlong-term�annuity�thereby�mitigating�environmental�challenges.�The�companyintends�to�invest�resources�in�acquiring�and�developing�existing�green�powerassets�and�projects;�garnering�support�vendors,�network�partners�andinvestors;�and�partnering�with�local�NGOs�to�develop�neighborhood�powerassets.
Page 12 of 16
Power
Analyst: Rajiv Parekh©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
Source:�Working�Group�Report�for�XIth�Plan,�CEA
• Ozone to invest USD 1 billion in BangaloreOzone�group,�a�Bangalore-based�property�developer,�is�investing�about�USD�1
billion�to�develop�a�mixed�use�project�in�Bangalore.�The�project�is�to�come�up
near�the�new�Bangalore�international�airport�and�is�expected�to�develop�20
million�square�feet�of�residential�and�commercial�space�on�180�acres�of�land.
The�master�plan�is�being�developed�by�two�architects�from�US�and�Singapore.
The�construction�of�the�project�is�scheduled�to�begin�by�mid�2009�and�be
completed�in�5�to�6�years.�Urban�Infrastructure�Opportunities�Fund�(UIOF)
owns�a�stake�in�the�company�and�HDFC�Venture�Fund�has�invested�in�the
company’s�special�purpose�vehicle�for�implementing�its�USD�333�million
residential�project�in�Chennai.
• Bellwether to raise Housing FundBellwether�Microfinance�Fund�(BMF),�a�micro-finance�venture�capital�fund,�has
launched�a�USD�100�million�India�Financial�Inclusion�Fund�(IFIF)�to�invest�in
affordable�housing�projects�by�making�loans�available�at�cheaper�rates�to�lower
income�groups.�The�fund�has�raised�USD�30�million�from�CDC�Group,�a�UK-
based�investor�and�Global�Microfinance�Equity�Fund,�a�US-based�fund,�and�the
remaining�USD�70�million�to�be�raised�by�August�2009.�
• TDI launches ‘build and earn’ schemeTDI�Infrastructure�Ltd�(TDIL),�a�real�estate�developer,�has�launched�a�‘build�and
earn’�scheme�at�its�TDI�City�in�Kundli.�As�per�the�‘Gross�Adjustment�in�the
construction�expense’�scheme�plot�owners�who�wish�to�build�their�houses�will
be�able�to�avail�a�rebate�of�20-25�percent�on�the�construction�cost.�In�the
second�scheme�called�‘Assured�rent�for�22�months�post�construction’�the
customers�would�be�able�to�earn�an�assured�rent�for�22�months�post
completion�of�construction�if�they�desire.�The�construction�is�expected�to�be
completed�in�about�10-12�months�and�the�customer�would�have�to�make�the
payments�in�4�installments.
• IL&FS acquires 30 percent in JB Pharma SEZIL&FS�Realty�Fund,�managed�by�IL&FS,�has�acquired�a�30�percent�stake�in�JB
Pharma�SEZ�for�a�consideration�of�USD�15�million.�The�SEZ�is�jointly�promoted
by�the�real�estate�firm�HBS�Realtors�and�JB�Mody�family,�the�promoters�of�JB
Chemicals�and�Pharmaceuticals.�The�project�cost�is�estimated�at�USD�36
million�and�State�Bank�of�India�(SBI)�and�State�Bank�of�Mysore�have�financed
about�USD�19�million�for�the�project.�Post�this�deal,�the�promoters’�are�to
continue�holding�35�percent�stake�each.�
Page 13 of 16
Real Estate and SEZs
Analyst: Nitin Dehadraya ©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
“We are likely to see increaseddistress sales. High growthmarkets or core markets perceivedas oversold may attract the mostattention from buyers. With highvelocity of price change comes asan opportunity for buyers. Therange of opportunity will increasefor those able to commit equity.”Anuj Puri, Chairman and Country HeadJones Lang LaSalle Meghraj, real estate advisoryfirm. (Source: Business Standard, October 15, 2008.)
• BPL Mobile to infuse USD 20 million for expansionBPL�Mobile,�which�has�its�sole�presence�in�the�Mumbai�circle,�is�planning�toinvest�USD�20�million.�The�proposed�investment�is�to�go�towards�increasing�thenumber�of�cell�sites.�The�company�currently�has�1300�cell�sites�and�plans�toincrease�it�to�1800.�In�the�next�2�years,�BPL�plans�to�increase�its�subscriberbase�to�2�million�from�the�current�1.67�million.
• Unitech offloads significant telecom business stake to TelenorUnitech,�the�real�estate�major,�has�offloaded�60�percent�of�its�stake�in�thetelecom�business�to�Norwegian�telecom�company�Telenor�for�USD�1220million.�Unitech�had�earlier�in�this�year,�acquired�a�pan�–India�telecom�licensefor�USD�320�million�and�spectrum�in�13�circles.�The�proceeds�from�the�stakesale�is�to�be�completely�utilized�for�telecom�operations�and�the�company�islikely�to�launch�services�in�first-half�of�2009.
• RCom earmarks USD 6 billion expansion Anil�Ambani�controlled�Reliance�Communications�(RCom)�has�set�aside�USD�6billion�for�capital�expansion�in�2008–09.�The�expansion�is�expected�to�helpcompany�to�take�its�subscription�to�100�million�by�2010�from�the�current�60million.�
• Idea Cellular to invest USD 1.6 billion in 2008-09Idea�Cellular�plans�to�invest�USD�1.6�billion�for�2008-09.�The�proposedinvestment�plan�excludes�3G,�Indus�Towers�and�Punjab�and�Karnataka�circles.As�a�part�of�its�expansion�plans,�the�company�is�targeting�a�network�of�42,000towers�by�end�of�2008-09.
• Future Group enters into JV with Axiom Telecom for Mobile RetailFuture�Group�has�joined�hands�with�Axiom�Telecom�to�form�a�50:50�JointVenture�(JV)�known�as�Future�Axiom�Telecom�Ltd.�The�JV�company�is�expectedto�operate�more�than�500�stores�and�touch�points�in�58�cities�under�the�brandname�of�Mobile�Bazaar�and�Mport.�The�initial�investment�for�the�venture�isestimated�to�be�USD�40�million.�Future�Axiom�intends�to�retail�mobile�handsetsand�accessories�and�set�up�service�centers�in�India.�
Page 14 of 16
Telecom
Analyst: Mehul Desai©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
“India is one of the largest andfastest growing mobile markets inthe world. While the telecommarket here is crowded, we feelthat there is room for a newentrant”. Sigve Brekke, Executive Vice-President and Head,Telenor Asia.(Source: -The Hindu Business Line, October 30, 2008.)
• SCI to invest USD 20 bn in enhancing cargo businessThe�Shipping�Corporation�of�India�(SCI)�is�planning�to�double�its�fleet�size�fromthe�current�capacity�of�5�million�dwt�(dead�weight�tonnage).�The�corporationhas�estimated�a�capital�outlay�of�USD�20�billion�to�execute�these�plans.Keeping�in�mind�that�about�95�percent�by�volume�and�70�percent�by�value�ofthe�country’s�international�trade�is�carried�on�through�maritime�transport,�theIndian�Shipping�industry�is�in�dire�need�of�a�facilitator�taxation�regime�to�pushthe�growth�of�cargo�business.
SCI’s�decision�has�been�made�with�an�aim�to�boost�the�growth�of�the�shippingindustry,�which�has�been�stagnant�for�many�years�due�to�lack�of�a�level�playingfield.�Other�countries�provide�facilitative�taxation�for�their�shipping�industry.�Theworld�over,�the�shipping�industry�generally�pays�tax�rates�from�0.5�percent�to�1percent,�but�in�India,�the�industry�tax�rates�are�over�9�percent.�
• Hamburg investor looks to set up India-focused shipping fundGerman�shipping�investment�firm�Konig�and�Cie�GmbH�and�Co.�KG�is�likely�toestablish�a�fund�focused�on�India,�where�shipping�lines�need�an�investment�ofaround�USD�20�billion�to�replace�old�vessels�and�acquire�new�tankers�in�linewith�changing�global�norms.�Under�the�International�Maritime�Organization(IMO)�norms,�all�liquid�carriers�have�to�be�double-hulled�by�2010�to�preventspillage�of�commodities�such�as�oil�in�case�of�accidents.�With�money�fromtraditional�sources�such�as�European�banks�hard�to�come�by�for�Indian�shippingfirms--�in�the�wake�of�the�global�financial�turmoil--�specialty�investmentcompanies�are�coming�up�with�focused�funds�to�capitalize�on�a�potentiallylucrative�opportunity.�Konig�and�Cie�plan�to�focus�mainly�on�ships�and�invest�inassets�such�as�dry�bulk�carriers,�oil�tankers�and�even�dredgers.�The�firm�is�yetto�decide�whether�to�locate�the�India-focused�fund�within�the�country�oroffshore.�Setting�up�local�shipping�funds�might�also�encourage�use�of�the�rupeefor�shipbuilding,�a�space�where�Indian�yards�are�just�beginning�to�make�a�mark.�
• Eredene plans second logistics infrastructure fund in IndiaUK-based�investment�company�Eredene�Capital�has�lined�up�its�second�fund�ofUSD�300-400�million�to�invest�in�infrastructure�projects�in�India.�The�fund�is�tobe�raised�early�next�year�and�is�likely�to�focus�on�logistics�infrastructure�atports,�warehouses,�container�freight�stations,�distribution,�real�estate�andrelated�services.�The�company�has�a�pipeline�of�close�to�12�projects�for�thesecond�fund�to�invest�in.�This�is�expected�to�add�to�Eredene’s�first�investmentpipeline,�through�which�it�has�already�committed�USD�76�million�in�8�projects�inthe�country.�
• Aerospace SEZ to come up in Andhra PradeshIndia’s�first-ever�exclusive�aerospace�Special�Economic�Zone�(SEZ),�AerospacePark,�is�to�come�up�in�Andhra�Pradesh.�Dr.�Kota�Harinarayana,�an�eminentaerospace�scientist,�is�to�head�the�Advisory�Group�for�implementation�of�theSEZ,�which�is�to�focus�on�manufacturing�of�defence,�aerospace�andcommercial�aircraft�components.�The�SEZ�is�to�be�developed�by�SamuhaGroup,�an�association�of�about�30�companies�in�Andhra�Pradesh�that�supplyvarious�components�to�the�aerospace�industry.�It�is�also�expected�to�housetesting�and�calibration�laboratories.�Samuha�is�a�co-developer�for�the�projectwith�AP�Industrial�and�Infrastructure�Corporation�for�the�establishment�of�the250-acre�SEZ.�
Page 15 of 16
Transport and Logistics
Analyst: Preeti Sitaram©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.
"We are confident of growth inlogistics and ports in spite ofconcerns of an economicslowdown. Even if there is aslowdown, the projected growthfor the ports and warehousingindustry is so large that growthwill not be impacted." Nikhil Naik, Chairman, Eredene Infrastructure.(Source: DNA India, October 18, 2008)
in.kpmg.com
KPMG in India
MumbaiKPMG House, Kamala Mills Compound448, Senapati Bapat Marg,Lower Parel, Mumbai 400 013Tel: +91 22 39896000Fax: +91 22 39836000
Delhi4B, DLF Corporate ParkDLF City, Phase IIIGurgaon 122 002Tel: +91 124 307 4000Fax: +91 124 2549101
Pune703, Godrej CastlemaineBund GardenPune - 411 001Tel: +91 20 30585764/65Fax: +91 20 30585775
©�2008�KPMG,�an�Indian�Partnership�and�a�member�firmof�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.All�rights�reserved.KPMG�and�the�KPMG�logo�are�registered�trademarks�ofKPMG�International,�a�Swiss�cooperative.
The�information�contained�herein�is�of�a�general�nature�and�is�not�intended�to�address�the�circumstances�of�any�particular�individualor�entity.�Although�we�endeavour�to�provide�accurate�and�timely�information,�there�can�be�no�guarantee�that�such�information�isaccurate�as�of�the�date�it�is�received�or�that�it�will�continue�to�be�accurate�in�the�future.�No�one�should�act�on�such�informationwithout�appropriate�professional�advice�after�a�thorough�examination�of�the�particular�situation.
Reference material for preparing this document is
taken from following sources:
Asia Pulse
Business India
Business Standard
Business Today
Central Statistical Organisation (CSO)
Confederation of Indian Industries (CII)
Dow Jones International News
Energy Asia News
Factiva
Financial Express
Hindustan Times
India Infoline
Indian Brand Equity Foundation (IBEF)
Indian Business Insight
Infraline
India Today
Mergerstat
NASSCOM
Oil Asia Magazine
Petrobazar
Petromin News
Pharma Biz
Press Trust of India
RBI
Reuters News
The Asian Age
The Economic Times
The Financial Times
The Hindu Business Line
The Namibian
The Statesman
Times of India
Voice & Data Magazine
Xinhua News Agency
Antara News
BangaloreMaruthi Info-Tech Centre11-12/1, Inner Ring RoadKoramangala, Bangalore – 560 071Tel: +91 80 39806000Fax: +91 80 39806999
ChennaiNo.10 Mahatma Gandhi RoadNungambakkamChennai 600 034Tel: +91 44 3914 5000Fax: +91 44 3914 5999
Hyderabad8-2-618/2Reliance Humsafar, 4th FloorRoad No.11, Banjara HillsHyderabad - 500 034Tel: +91 40 6630 5000Fax: +91 40 6630 5299
KolkataPark Plaza, Block F, Floor 671 Park StreetKolkata 700 016Tel: +91 33 22172858Fax: +91 33 22172868
Contact us:
For further information about this newsletter, please contact:
Ramesh Srinivas
Head - Consumer Markets
e-Mail: [email protected]
Tel: +91 (80) 3980 6800
Abizer Diwanji
Head - Financial Services
e-Mail: [email protected]
Tel: +91 (22) 3983 5301
Rajesh Jain
Head - Information, Communication & Entertainment
e-Mail: [email protected]
Tel: +91 (22) 3983 5300
Subramaniam Harishanker
Head - Infrastructure & Government
e-Mail: [email protected]
Tel: +91 (124) 307 4101
Yezdi Nagporewalla
Head - Industrial Markets
e-Mail: [email protected]
Tel: +91 (22) 3983 5101
Vikram Utamsingh
Head - Private Equity
e-Mail: [email protected]
Tel: +91 (22) 3983 5302
Research Inputs by KPMG’s India Research Center