Trade relations between Dubai and India have hit a new high with India emerging as a top trading partner of Dubai in the year 2013.
India represented a 10 per cent share in the total foreign trade of the Dubai, with an overall trade volume of $37 billion.
China is a close second with a trade volume of $36.7 billion. The US, Saudi Arabia and the UK followed with trade volumes of $23.4 billion, $23 billion and $15.2 billion respectively.
India is also on the list of top three partners in the category of exports, imports and re-exports with Dubai.
India, Turkey and Switzerland are respectively the leading exports partners of Dubai. China leads the list of top imports partners, followed by the US and India. Saudi Arabia stands at the top for re-exports followed by India and Iraq.
Dubai, which recorded an 8 per cent foreign trade growth, has seen a new high for non-oil foreign trade in 2013.
Mumbai’s investment banking firm Singhi Advisors Private Limited has acquired a stake in UK-based global investment banking network Merger-Alliance.
The Indian firm acquired a 15 per cent stake making it an equal partner in the global alliance along with its five other founding partners. The financial details of the deal have not been disclosed.
Singhi Advisors has been a member of the alliance since 2007 but the new status of equal partner is expected to help the firm drive strategies and expand its global footprint.
Mergers Alliance was initially promoted by four investment banking outfits from Germany, Spain, Britain and Italy but from this year Russia and India became the new partners. It is a major global network of independent investment banking advisors engaged in mid-market deals.
The UK-based alliance secured 16th position in the global M&A league table prepared by Thomson Reuters.
The alliance sees Asia play a major role in the global M&A business and plans to tap into opportunities in Korea, Indonesia and Malaysia and the Middle East.
Our new role underscores the growing importance of Asia in the global M&A business. The alliance plans to tap opportunities in Korea, Indonesia and Malaysia and the Middle East," said Mahesh Singhi, Managing Director, Singhi Advisors.
The AV Birla Group is looking at seeking a partner to foray into the health insurance sector and is reportedly in talks with a South African company.
The group, led by Kumarmangalam Birla, already has a presence in the life insurance segment in India through a joint venture with Canada's Sun Life and sells unit-linked and traditional products. It is now planning to tap into the growing health insurance segment in the country.
The norms prevailing in India allow a foreign partner to hold a maximum of 26 per cent stake in the joint venture. Hence the group is expected to hold a 74 per cent stake in the proposed venture.
The $2 billion domestic health insurance business accounts for about a quarter of the total non-life insurance business in the country. Also, according to World Health Organisation, India spends only around 3.9 per cent of its gross domestic product (GDP) on healthcare. Global players like South Africa's Discovery and US-based Aetna have been scouting for a local partner to enter India's health insurance market.
One of the leading engineering consultancy companies, Engineers India Limited (EIL), has won a consultancy contract from Nigerian company Dangote Group.
Government-owned EIL has bagged a $139-million contract, its largest overseas contract yet. According to the deal, it will provide project management consultancy (PMC) and engineering, procurement and construction management (EPCM) services for a 20 million tonnes refinery and 600,000 tonnes a year polypropylene plant.
Founded in 1965, EIL is a leading engineering consultancy and EPC company with diverse projects across hydrocarbon, petrochemicals, mining and metallurgy, fertiliser, power and infrastructure sectors.
The company has a strong hold in refinery, petrochemicals, pipelines, upstream oil and gas projects and metallurgy and is now looking at diversifying into nuclear energy, water and waste management and solar thermal projects. The company is now planning to focus on overseas markets, particularly the Middle-East, Africa and South-East Asia, targeting 20 per cent revenues from abroad.
German multinational automotive company, Daimler AG, will be setting up a bus manufacturing facility in India to make inroads into the bus segment after consolidating its presence in the truck segment in the country.
The company will be investing around $69.55 million in the bus manufacturing facility, which will be inside its existing truck facility at Oragadam near Chennai. The facility will employ nearly 300 people and the production will commence in the second quarter of 2015.
The plant will manufacture 1,500 buses annually in the initial phase, under both Mercedes Benz and Bharat Benz brands, and the capacity could be expanded to 4,000 buses.
The company has also entered into a supplier arrangement with Wrightbus of Northern Ireland to build the bus body for the Bharat Benz range.
The India plant at Oragadam will be the only Daimler plant worldwide to manufacture three brands – Daimler trucks, Mercedes Benz and Bharat Benz buses, and engines under one roof.