German automotive component and services major ZF Friedrichshafen AG on ZF India Supplier Day, the company said it aims to reach $110 million worth of export from India by 2017. The company makes and sells transmissions, axles and chassis componets for cars and trucks.
“We want to develop India to a global sourcing hub for ZF,” said Wilhelm Rehm, Member of the Board of Management and responsible for Corporate Materials Management. “India has always had an advantage of a good supplier base, technical capability and availability of skilled talent proving it to be a premier destination for sourcing.”
August 28, 2016 No Comments
A financial conglomerate, a bank and a motorcycle manufacturer are three new entrants from India to Forbes Asia’s Fab 50 list:
1. Bajaj Finserv is a company based in Pune, 91 miles east of Mumbai, which holds stakes in: Bajaj Finance, Bajaj Allianz General Insurance, and Bajaj Allianz Life Insurance. With $2.1 billion in revenues, Bajaj Finserv serves 80 million customers across India with a workforce of 26,000.
2. IndusInd Bank, based in Mumbai, the financial hub of India, reported a fiscal 2016 revenue of $2.3 billion, notching a 15% sales growth and 19% in profit growth over the last fiscal.
3. Eicher Motors, based in New Delhi, announced a sales of $1.9 billion, a 57% increase in net profits over its last fiscal. Its iconic, mid-size motorcycle, Royal Enfield sales clocked at 500,000 in the past year. It also makes trucks and buses through a joint venture with Swedish auto major Volvo, reports Forbes.
August 27, 2016 No Comments
At the Gartner Infrastructure, Operations and Data Center Summit, held in Mumbai, the Connecticut research and advisory firm said that India’s IT infrastructure market will total $1.9 billion in 2016, a 1 percent increase from the previous year. This market includes server, storage and enterprise networking equipment, report EMSNow.
“Indian enterprises will continue to focus on optimizing their infrastructure and operations budgets in 2016,” said Naveen Mishra, research director at Gartner. “Optimization is primarily driven with an objective to create next generation data center architecture that can support the ever increasing challenges of digital business. With the emergence of bimodal IT, there are a lot of investments made in Mode 1, and is an increasing focus on building Mode 2 infrastructure.”
Enterprise networking is the biggest segment within the Indian IT infrastructure market with revenue expected to total $848 million in 2016, according to Gartner analysts.
“With a revenue projection of $253 million in 2016, storage investment will witness a decline from last year primarily due to improved price performance,” added Mishra. “Enterprises are increasingly investing in software defined storage, evaluating alternate, cheaper devices, such as flash storage, which is helping them to contain the ever increasing storage costs.”
July 15, 2016 No Comments
A report titled Digital Dynasties: The Rise of Innovation Empires Worldwide by Paris, France-based technology consulting and services firm Capgemini has listed Bangalore, India, as one of the top five most preferred locations for multinational companies that want to set up innovation centers and harness technology talent.
India, which did not figure in the top 10 list in July 2015, took Tokyo’s spot in February 2016 to stand at fifth place. Globally, 56 innovation centers opened in 20 countries over the past year, and 11 more plan to open soon. Capgemini analysts say that there has been a 29 percent rise in the number of innovation centers in Asia as compared to their previous research.
Quoting from the report:
India has been rising in the ranks of favorite destinations to open innovation centers. Our previous research identified eight innovation centers in India in July 2015. India has since seen eight more innovation centers open their doors. Bangalore has been the most favored city with four new innovation centers. Bangalore is home to several billion-dollar Indian startups such as: Flipkart, InMobi and Mu Sigma, and attracts world-class technology talent and investments. Among the new innovation centers opened here are: Airbus’ BizLab, which intends to bring together startups and Airbus’ internal entrepreneurs; and Visa, whose new technology center in Bangalore will house 1000 developers accelerating development of next generation payment solutions. Global firms are showing interest in other Indian cities as well. For instance, TriMas Corporation – a diversified global manufacturer of engineered and applied products – opened an innovation center in Delhi to focus on driving innovation across its range of packaging solutions, while Puratos, a leading global food ingredient company, launched an innovation center in Mumbai.
July 14, 2016 No Comments
New York-based JPMorgan Chase & Co. will open three branches in India, even as global competitors HSBC and UBS are scaling back to cut costs and bolster capital. JPMorgan is witnessing an increasing level of cross-border activity among its clients as they capture more business driven by India’s economic growth, Madhav Kalyan, chief executive of the bank’s Indian unit, said.
India’s central bank, the Reserve Bank of India, granted approval to open the outlets in the capital New Delhi, in Devanahalli, Bangalore where the international airport is located, and in Paranur, near Chennai, where the banks will provide existing products and services including cash management, trade finance and foreign-currency payments, The bank already has one branch in Mumbai, which opened in 1994, reports Blomberg.
“We’ve been very careful in selecting these locations,” given Chennai’s status as a manufacturing hub and Bangalore’s standing as an information-technology center, Muhammad Aurangzeb, Asia-Pacific CEO of JPMorgan’s global corporate bank, said in a phone interview. “We have a number of clients in both locations. The target market in our wholesale business is very clear, which is very different from retail,” Aurangzeb added.
July 2, 2016 No Comments