| Bharat
Forge launches first China JV |
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| Bharat Forge
Limited (BFL) recently entered into a joint venture
with Chinese auto giant FAW Corporation for manufacturing
a range of forged automotive products, marking its
foray into China.
The new company, FAW Bharat Forge
(Changchun) Co Ltd. is based in Changchun, in northeast
China's Jilin Province, well-known for its auto
industry.
With 52% controlling equity, Pune-based
BFL hopes that the JV will open up growth prospects
for the company which aims to be the world's top
forging company by 2008.
While BFL is the second largest
forging company in the world, FAW is the largest
automotive group in China, with a leading position
in both passenger car and commercial vehicle sectors.
The JV with FAW, will also make BFL the largest
forging company in China
The manufacturing facility, both
old and a new one, at Changchun, will be engaged
in the manufacture of forged auto components for
commercial vehicles, buses, light trucks, and passenger
car industry in China.
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| Adobe
to invest US$ 200 million in India over 5 years |
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Global software major, Adobe
Systems recently announced a slew of new initiatives
for India, along with an investment of $ 200 mn
over the next five years.
The company will also ramp
up its India headcount to 900, up from the current
650, by the end of the year. India already accounts
for 12% of Adobe’s total global employee
strength, and almost a fourth of its global engineering
strength.
Adobe Systems was one of the
first global majors to recognise India’s
R&D potential when it set shop here in 1998.
India is the second largest R&D centre after
the US for Adobe Systems. The Noida centre, under
Mr. Gupta, has already filed 30 patents and got
approval for nine out of them
Besides being a favourite with
creative pros, Adobe is also keen on partnering
a host of government bodies, globally. One such
venture is its e-governance project, in partnership
with India’s biggest software company Tata
Consultancy Services, for the Registrar of Companies.
India has also emerged as a
global strategic business unit for Print &
Classic Publishing solutions for the Company,
the only one of its kind outside the US. While
its Noida centre looks after a whole gamut of
activities relating to R&D, business development,
sales & marketing for this SBU, the Bangalore
centre is being touted as the hub for Macromedia
in India.
With the acquisition of US$
3.4 bn Macromedia, Adobe Systems has become the
fifth largest software company in the world.
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| Integreon
makes headway into LPO |
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Mumbai-based Integreon recently
acquired a part of the legal processing business
of BPO major Bowne, a New York-based company providing
financial and digital printing. With the $5-7
mn acquisition, back-end processing work from
Bowne to Integreon will also involve the company
acquiring 20 clients, including law firms, insurance
and pharma companies.
This is Integreon's third acquisition,
the first being in April 03 when it acquired Contentscape,
a company specialising in web content design and
development. This was followed by Brahmy Solutions,
a UK-based high-end analytics company in July
05.
Integreon is keen on broadening
its services to support lawyer’s electronic
data and document management discovery demand.
It also announced the opening of a new solutions
centre in Manhattan as part of its continued expansion
of onshore services.
While it currently provides
offshore document production and knowledge services
to some global law firms, the current acquisition
will enable the BPO to provide project consulting
and management and data analysis services locally
in New York, Chicago and Los Angeles.
The new acquisition is clearly
in keeping with Integreon‘s aim to carve
out a place for itself in the $61 mn legal process
outsourcing market in India.
Looking at legal process
outsourcing (LPO) globally, it is clear that India
has an immense advantage in terms of wage rates
as compared the US and UK.
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| Temasek
buys 80% in Chennai NBFC |
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| Temasek Holdings,
the Singapore government’s investment arm
and one of the key investors in India, recently
made a major headway into the country’s financial
services space, by acquiring Dove Finance- a Chennai-based
NBFC (Non Banking Financial Company).
Temasek bought
over 80% of the Company’s shares through Asia
Financial Holdings, one of its wholly-owned subsidiaries,
under the automatic route allowed for FDI in finance
firms.
Dove has a presence
in the two-wheeler and used-car finance segment,
and is already registered with RBI. According to
banking circles, had Temasek planned a new company,
it may have been several months before it obtained
the necessary clearance from the central bank.
Several banks,
private as well as a few of the large foreign players,
are waiting for RBI approval to set up an NBF, enabling
them to overcome several restrictions that apply
to a bank. For instance, banks have to get a branch
licence from RBI, while NBFCs can go in for unbridled
expansion. Also, unlike banks, NBFCs don’t
have strict exposure norms.
Further, banks
can’t adopt a route similar to the one Temasek
has taken as banks can’t own more than 30%
in any company. Besides, if the company is a financial
services firm, even a small equity purchase would
require prior RBI approval.
Temasek,
through its affiliate Fullerton Fund Management,
has also joined hands with Sabre Capital to launch
an AMC and has already received SEBI’s approval
for the venture.
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