Even as they downsize their retail operations worldwide, Barclays Plc, Credit Suisse Group AG, Standard Chartered Plc and Citigroup Inc., are among global financial firms looking to add office space in India.
Barclay Technologies Center India Ltd, an offshore unit of the London-based financial services firm, is planning to add 100,000 sq. ft in Pune, 90 miles east of Mumbai, where it currently operates. At Panchshil Realty Ltd’s IT parks in Pune, approximately 35% of the total space is occupied by the captive technology businesses of Deutsche Bank AG, MasterCard Inc. and Credit Suisse, while Swiss bank UBS leased around 400,000 sq. ft at K Raheja Corp.’s IT park at Navi Mumbai.
“Captive banking, financial services and insurance clients, which were outsourcing earlier, prefer to do the work themselves, given the cost optimization. Instead of paying third-party operators, it’s better to have your own offshore unit,” said Gautam Saraf, managing director (Mumbai region), of global property consultant Cushman and Wakefield.
Mike Holland, chief executive officer of Embassy Office Parks, Bangalore said, “The BFSI industry is a strong demand driver, especially in Pune and Bangalore. We are also doing transactions in Chennai and Hyderabad in that segment.”
March 22, 2017 No Comments
Chennai India-based Sundaram Clayton Limited, a leading supplier of aluminum die castings to the automotive and non-automotive sectors, announced that it will establish its first American unit in Dorchester County, South Carolina, at an estimated cost of $50 million.
The company has acquired 50 acres of land for its new facility, where it will manufacture aluminum high-pressure die-cast products and permanent mold gravity cast parts for its customers. The Indian Express reports that construction work is expected to begin by April this year and the first production line is projected to be operational by the end of next year. The factory will create 130 new jobs over the next five years.
“The United States has always been an important market for us,” Lakshmi Venu, Sundaram-Clayton’s managing director, said in a statement. Venu said the company decided to invest in South Carolina to better support its U.S. customer base.
February 10, 2017 No Comments
The Indian Institute of Technology Madras located in Chennai, India has developed Asia’s first ‘life-saving’ implant called SynkroScaff — A tissue engineered bovine pericardial patch — for critical cardiovascular patients. A Chennai-based firm, SynkroMax Biotech, has been appointed as the commercial partner. C.V. Seshadri, managing director of Synkromax Biotech said, “This sack is harvested and processed with biomaterial for ten days followed by quality control parameters to ensure it is microbial free.”
The pericardial patch (sack of buffalo’s heart) has inherent properties of regeneration and integration in the body, and its medical application is based on innovator Guhathakurta’s doctoral research in the institute in 2004, under the guidance of Venkatesh Balasubramanian, professor, Department of Engineering Design. Guhathakurta says, “Its applications are immense in cardiovascular and other surgical practices. So far, 800 patches have been manufactured and over 12 surgeons are using them across India. The feedback from doctors and patients has been encouraging, with a 100 percent success rate,” she said, adding that the product is manufactured in a facility complying with drug applications and current good manufacturing practice (cGMP) guidelines, reports the New Indian Express.
December 29, 2016 No Comments
The Wall Street Journal reports that global players such as KKR & Co. L.P., headquartered in New York City, and Manhattan-based Goldman Sachs are actively involved in alternative lending in India. Though the amount of the loans being offered are far smaller than those disbursed by big banks, the sector is seeing a surge in growth.
“Banks don’t like to do too-small transactions,” said D. Arul Selvan, CFO of non bank lender Cholamandalam Investment and Finance Company Limited, a Chennai-based company which reportedly has $5 billion in assets, and whose profits have increased 42 percent in the quarter that ended September 30.
“It’s a pretty attractive [business] from a risk-reward perspective,” B.V. Krishnan, an executive at KKR in India, told the Wall Street Journal. Krishnan explained that the expected yields from the loans are in the high teens and that KKR has lent roughly $4 billion to Indian companies through two non-bank lending firms it runs, reports Pymnts.com.
December 29, 2016 No Comments
Dearborn, Michigan-based Ford Motor Co. said it will invest $195 million and create 3,000 jobs over the next five years for a new global technology and business center in Chennai, India. The site will feature 2.5 million square feet of floor space which will house engineers, IT, finance, accounting, data analytics and manufacturing engineering personnel. Ford said it will include a wide range of labs and testing facilities for complete vehicle and component testing.
The company has plans to consolidate its 9,000 existing employees across six India operations at the six-building, 28-acre campus. When complete in early 2019, the Chennai campus, with some 12,000 employees, will become Ford’s second-largest employment center after its campus in Dearborn which is undergoing a 10-year renovation, reports the Detroit News.
“India is not only a vibrant market for cars and new mobility ideas, it also is rich with talent, technical expertise and ingenuity,” Bill Ford Jr., Executive Chairman at Ford, who was in India for the announcement, said. “This new center will help us attract the best and brightest, and make Chennai a true hub of innovation for Ford around the world.”
Ford makes small cars and engines in India, and exports them to other global countries.
December 23, 2016 No Comments