Hero Motor Corp Limited, which is India’s largest two-wheeler maker, is all set to open its first overseas manufacturing unit in Bangladesh through a joint venture.
Hero will be forming a JV with Bangladesh’s Nitol Niloy group in which they will hold a 55 per cent stake and the remaining will be held by Nitol. Both the companies plan to invest $40 million in the next five years.
The unit is expected to be operational by the July to September quarter of 2015 and will have an annual capacity of 150,000 units.
Through its entry in Bangladesh, Hero plans to grow its presence globally, especially in South America and Africa where there is demand for inexpensive motorcycles.
Hero MotoCorp is selling a range of motorcycles in Bangladesh through the initial 50 retail outlets. It aims to have around 20 per cent of market share in Bangladesh in the first year of operation.
Nitol Niloy is a diversified group with interests in various sectors and markets Tata Motors’ vehicles in Bangladesh.
Reliance Industries Limited (RIL) has divested its stake in the Peru oil and gas block in an effort to trim its overseas assets.
RIL, through its wholly owned subsidiary Reliance Exploration and Production (REP) DMCC, has divested its 30 per cent stake in Block 108 to Australia’s Woodside Petroleum and Pluspetrol of Argentina, who are the existing partners in the block.
Dubai-based REP DMCC was founded in 2007 and had steadily acquired 15 conventional oil and gas assets, including four in Peru, three in Yemen (one producing and two exploratory), two each in Oman, Kurdistan and Colombia and one each in East Timor and Australia.
Recently it was awarded two blocks in Myanmar. The company had also acquired interests in three shale gas ventures in the US. It was also looking at investment opportunities in oil and gas fields in Iraq.
RIL has made an exit from nearly a dozen properties during the past couple of years.
India’s largest multinational software services provider, Tata Consultancy Services Ltd (TCS) has entered into an agreement with Japan’s largest integrated business enterprise Mitsubishi Corp to create a Japanese software services provider.
According to the definitive agreement signed, Tata Consultancy Services Japan Ltd, Nippon TCS Solution Center Ltd and IT Frontier Corporation - a wholly owned unit of Mitsubishi - will be merged together to form a single entity.
The merged new entity will be operational from July and TCS will hold 51 per cent stake where as Mitsubishi will hold 49 per cent stake.
TCS has been present in Japan since 1987 and has continued to invest in the country by setting up new facilities. The transaction shows the company’s commitment to the Japanese market.
The Japanese IT services market is estimated to be a little over $125 billion, but Japan accounts for less than 2 per cent of India’s software exports because of language and cultural barriers.
“This strategic transaction signifies our serious commitment to the Japan market. TCS will now have the scale, strong local presence and our full range of global capabilities to serve the Japanese corporations effectively and accelerate our growth in Japan market," said N. Chandrasekaran, CEO and managing director of TCS.
Qatar based Doha Bank has entered into an agreement with HSBC Bank Oman to purchase its banking business in India.
According to the agreement, all the staff of HSBC’s business will also be transferred to the Qatar-based bank. Even though the financial details of the deal were not disclosed, the Doha Bank said that the business comprised of two branches and gross assets worth $58 million as of end of 2013.
The deal is subject to approval from regulatory authorities in Qatar, India, Oman and Jersey.
The deal is seen as a means for the Doha Bank to expand its footprint in the growing Indian market. The bank had recently announced its decision to open its first branch in Mumbai in May and has set a target of $5 billion balance-sheet by the third year of operations in India.
Incorporated in 1978, Doha Bank has branches in Kuwait, Dubai and Abu Dhabi and representative offices in Singapore, Turkey, Japan, China, Britain, Canada, Germany, Australia, Hong Kong, South Korea and Sharjah.
Global software major Microsoft has been voted the “most attractive employer” in India in a survey conducted by human resource firm Randstad.
While Microsoft won the tag in the survey for the fourth consecutive year, the IT, telecom and ITes sector overall also emerged as the most preferred by the workforce.
The survey covered more than 8,000 potential and employed workforce in India and it was found that competitive salary and employee benefits and long-term job security were the most important factors when choosing an employer. Other criterion included the financial health of the company, good work-life balance, pleasant working atmosphere and career progression opportunities.
According to Randstad, Indian responses were in sync with global traits where salary and employee benefit was the top priority followed by job security.
Sony India is the next most attractive employer. According to the survey, Larsen & Toubro is the most attractive employer in the infrastructure industry, State Bank of India in the banking sector, Taj Group in the hospitality and Tata Power in the energy sector.
Gurgaon-based Smile Group, which has holdings in the consumer internet and digital media space, has formed a joint venture with TPG Growth to build businesses across Asia-Pacific, the Middle East and Africa.
According to the agreement, they will build their business under the brand name of Katalyzers. The $100-million joint venture will partner with successful internet companies in the marketplace, classified listings, local commerce, digital media, e-commerce and mobile segments, and help them roll out their businesses across Asia and other emerging markets.
Katalyzers has already set up offices in India, Singapore and San Francisco, and has a presence across China, Africa, the Middle East and Latin America through partner offices of Smile and TPG.
The Smile Group has partnered with entrepreneurs, VCs and global companies to help digital companies expand their operations and increase their footprint by rolling out internationally.