Category — Market Entry
According to Chicago-based Internet Retailer‘s Global 1000 report, selling to consumers outside a retailer’s home market can be complicated due to language and cultural differences, and retailers were more likely to tackle issues that cropped up if they could see a clear cross-border demand for their goods.
A report by PayPal Holdings Inc. and U.K. research firm Ipsos MORI revealed that India is one of the fastest-growing nations when it comes to cross-border e-commerce. India’s online cross-border spending will jump 78% in 2016 to $14.6 billion from an estimated $8.21 billion in 2015, the firms project.
October 3, 2016 No Comments
Netherlands-based navigation and location-based products and services company, TomTom, launched a global innovation hub in Pune, 90 miles west of Mumbai. It will be open to all India-based employees to upgrade their skills, innovate and think like entrepreneurs, reports Economic Times.
Barbara Belpaire, general manager at TomTom, India, who will also head this center, said, “The Innovation Hub reiterates TomTom’s approach of being an innovative company with a focus on nurturing the talent in India. This will give employees a platform to develop new software, technology, applications, services and futuristic consumer products in the wearables, mapmaking and data services space We aim to contribute to the Indian government’s ‘Make in India’ plan where our India team will contribute significantly to innovation globally.”
The hub has three broad sections — demonstration, experimentation and break areas where employees can tinker with TomTom products, as well as some other devices, by making modifications to the software or adding sensors for example. The Innovation Hub will explore tie ups with universities, institutes and other companies.
September 5, 2016 No Comments
Sourcing from India for 30 years for its global stores, Swedish home furnishing company, IKEA, plans to double its sourcing from India to 600 million euros by 2020. About 70 percent of the current sourcing is in textiles and rugs.
To be part of the $600 billion Indian retail market, IKEA has pledged to invest over $1.5 billion in India over the next 10 years, reports Shilpa Kannan of BBC.
The company also plans to launch 25 stores in the next 10 years in India, and it will invest $110 million on its first store in the southern city of Hyderabad that will span over 400,000 sq feet, reports The Hindu. Construction work has begun on a 13 acre plot of land.
IKEA India CEO Juvencio Maeztu told reporters that this will be followed by opening more stores in the cities of Mumbai, Banalore and Delhi NCR. He said the company will open two to three retail stores every year. Ahmedabad, Chennai, Kolkatta, Pune and Surat are the other cities IKEA is looking at. Some major cities may get more than one store, he added.
August 13, 2016 No Comments
Warsaw, Indiana-based medical device company Zimmer Biomet announced a multi-year collaboration with the Indo-U.K. Institutes of Health that will increase the capacity of India’s healthcare infrastructure. The Institute will help improve the delivery of healthcare across India by training more than 1,000 orthopedic surgeons annually on the latest orthopedic procedures and the safe and effective use of Zimmer Biomet medical technologies.
The first phase of the collaboration involves the establishment of the Zimmer Biomet Institute of India, a 30,000 square foot medical training and education facility on the campus of King’s College Hospital in Amaravati, in the eastern state of Andhra Pradesh. Zimmer Biomet plans on investing $5 million in this facility over three years, starting in 2017. The King’s College Hospital in Amaravati is scheduled to break ground later this year, and is expected to create jobs for 2,500 nurses and 500 physicians.
Beckersspine reports that the Indo UK Institutes of Health, along with the United Kingdom’s National Health Service, is also planning on establishing 11 “medicities” across India, which will include hospitals, medical schools and training centers. The initiative is backed by the U.K. and Indian prime ministers and governmental institutions, including U.K. Trade and Investment and Healthcare UK.
August 7, 2016 No Comments
Waltham, Massachusetts-based global diagnostic device and service provider, Alere Inc., announced the opening of a diagnostics manufacturing facility in Manesar, in the northern state of Haryana, which will produce rapid tests for the detection of infectious diseases including Malaria, Dengue and HIV and export them across the Asia Pacific region. The 180,000 square foot factory, in which the company has currently invested $25 million, will initially employ a staff of y 300 people; it can double its capacity as needed.
Namal Nawana, CEO & President, Alere Inc., said, “Alere’s new facility will support the goals of our ‘Make in India’ initiative, which seeks to transform India into a global manufacturing hub. Efforts to foster and expand India’s medical device sector are important not only to our economic growth, but also to improve the health of the people of India. The new state-of-the-art facility will not only help us meet the needs of the burgeoning domestic market but also help us cater to the APAC market.”
BioSpectrum reports that Alere Inc., aims to achieve its target of $ 149 million (Rs. 1,000 crore) over the next 3 years equipped with portfolio innovative Point-Of-Care-Testing diagnostic products that will focus on improving health outcomes. The company will continue to focus on cardiometabolic diseases, infectious diseases and toxicology solutions in India by providing affordable, sensitive, specific, user-friendly, devices for disease control & management.
August 6, 2016 No Comments