Dubai-Based Healthcare Provider Plans Luxury Hospital Chain in India

Advet Bhambhani Ventures (ABV), a Dubai-based healthcare service provider, plans to establish India first “luxury” hospital chain. Live Mint reports that Advet Bhambhani,  CEO of the ABV Group said, “ABV is looking at an investment of at least $64 million for facilities at multiple locations in the country and will have its first hospital in Mumbai.”

There is a demand for luxury hospitals in the country that will provide superior quality of services and treatment among the rich and the ultra-rich who otherwise prefer to go Singapore or U.S., and to address this requirement ABV will set up all-suite hospitals in India’s metros and some other cities. India’s private healthcare market is dominated by corporate hospital chains such as Apollo Hospitals, Fortis Healthcare, Max Healthcare Ltd., and Wockhardt Hospitals Ltd., which have been raising their market share. Two non-resident Indian groups —Dubai-based Aster DM Healthcare Llc., and Abu Dhabi-based NMC Healthcare have already established a presence in the country.

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March 3, 2015   No Comments

India to Spend $16 Billion on Warships Submarines

Reuters, citing defense sources, reported that Prime Minister Modi had summoned a meeting of the cabinet committee on security on 16 February to approve construction of seven frigates equipped with stealth features to avoid easy detection, and the government cleared an $8 billion plan to build India’s most advanced warships.

Under the  ”Project-17A” , four stealth frigates will be built at  naval shipyards  Mumbai and  three in Kolkata. “Project 17-A was awaiting cabinet clearance since 2012,” a defense source said, adding the Modi government was moving quickly on a project seen as of critical national importance.

The Times of India said the government had also approved six nuclear-powered submarines  for a further $8 billion. After the cabinet committee for security approval, technical parameters or naval staff qualitative requirements (NSQRs) will be drafted for the over 6,000-tonne submarines. These are likely to be constructed at the ship-building center in Visakhapatnam in the eastern coastal state of Andhra Pradesh where India’s first three nuclear-powered submarines with nuclear ballistic missiles are being built.

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February 25, 2015   No Comments

Favorable Economic Winds Help India’s Economy Surge

Of the BRIC economies, Brazil is struggling as commodity prices fall, Russia is headed toward recession due to weak oil revenues and sanctions from Western nations, while China is slowing down. However, in India the stock market and rupee are surging; multinational companies are looking to start new operations or expand their current ones; foreign investment rules have been relaxed for insurers, military contractors, and real estate companies; and a broad tax overhaul is underway. Whether India’s momentum is sustainable or short-lived depends on whether Prime Minister Modi can push through deeper reforms.

The New York Times quotes Shailesh V. Haribhakti, the chairman of MentorCap Management, a boutique investment bank in Mumbai as saying, “All the circumstances have come together to make manufacturing and growth happen.”

With prices of crude halved, fuel costs have dropped and along with it, transport expenses and inflation. The country’s chronic budget deficits are narrowing. “We’ve got essentially a $50 billion gift for the economy,” said Raghuram G. Rajan, the governor of the Reserve Bank of India.

Modi has many economic issues on his plate that he needs to attend to: expanding the private sector’s role in coal mining, a government-dominated industry; accelerating infrastructure projects; replacing state taxes on goods that cross state borders with a national tax; and acting on bills introducing longer term reforms.

Jayant Sinha, the minister of state for finance said that the government had begun making significant changes and that “there are a lot of inherited, legacy issues” they have had to work through such as budget deficits and persistent inflation. “You have to give us a little bit of time for every business to feel the difference,” he said.

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February 19, 2015   No Comments

Jerry Seinfeld’s First Performance in India

Comedian Jerry Seinfeld will   perform two shows in Mumbai in March. The comedian who won the Emmy award will appear at the Stage42 festival and is scheduled to perform on March 14 and 15, says The Hollywood Reporter.

Jerry Seinfeld at the Clio Awards

Jerry Seinfeld at the Clio Awards

“I have always been fascinated by India and its culture,” Seinfeld said in a statement. “I have great respect for its people and their way of life. It is a great honor for me to be invited to come there and make fun of it in person.”

 

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February 17, 2015   No Comments

India in Top 15 for Sealed Air, Growing Fastest

Fortune 500 company New Jersey headquartered  Sealed Air Corporation says India is its fastest growing geography. “India for us I would call within Sealed Air, a mid-sized country, it’s in the top 15 countries but with the highest growth rate,” Jerome Peribere, president and CEO told  the television network NDTV.

Sealed Air is a packaging company known for its brands – Cryovac food packaging, Bubble Wrap cushioning, and Diversey cleaning and hygiene. It has two units in India – in Mumbai and Bangalore. The company is growing at 3 times India’s GDP growth and expects even more robust growth going forward by creating value addition in industries.

Bubble Wrap - a Sealed Air product

Bubble Wrap – a Sealed Air product

Because of the company’s level of expertise in their laundry business in India where their technology has been able to save 40% both in the usage of water and in energy consumption, Peribere said, “We are going to increase our manpower by 50 per cent, and we are going to make our global laundry labs in India because we have an extraordinary and growing business here in India.”

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January 13, 2015   2 Comments