SectorSnippets Issue18:TP4 WhitePaper A4.QXD - KPMG India

15
Sectoral Snippets India Industry Information Issue 18 - April 2008 KPMG IN INDIA

Transcript of SectorSnippets Issue18:TP4 WhitePaper A4.QXD - KPMG India

Sectoral SnippetsIndia Industry Information

Issue 18 - April 2008

KPMG IN INDIA

Page 2 of 15

Sectoral Snippets

About Sectoral Snippets

Sectoral Snippets is an India-focused, monthly, freely-distributable newsletter brought out by

KPMG in India. This newsletter provides an overview of the Indian economy in the form of

news-briefs from across key sectors.

Contact [email protected] if you are interested in receiving this newsletter on a

regular basis, or wish to unsubscribe.

Table of Contents

1. Indian Economy 3

2. Auto and Auto Components 4

3. Banking and Insurance 5

4. Consumer Markets and Retail 6

5. IT / ITeS 7

6. Media 8

7. Oil and Gas 9

8. Pharma 10

9. Power 11

10.Real Estate and SEZs 12

11.Telecom 13

12.Transport and Logistics 14

Sectoral Snippets, Issue 18

Faced�with�a�fiscal�deficit�of�5.6�percent�in�theyear�2007-08,�rising�inflation�at�7�percent,continuing�high�oil�prices�and�soaring�foodprices,�the�Indian�economy�has�to�gear�up�toface�the�gamut�of�challenges�that�lie�ahead.Nonetheless,�many�expect�that�India�should�beable�to�maintain�a�healthy�momentum�despitethe�global�economic�downturn,�on�the�back�ofhealthy�domestic�demand,�considerable�foreignexchange�reserves�(USD�300�billion)�and�intra-regional�trade.

In�other�developments,�Queensland�(Australia)Premier�Anna�Bligh’s�recent�visit�to�India�isexpected�to�cement�bilateral�trade,�particularly�interms�of�climate�change�research�andtechnology.

We�hope�you�find�this�edition�of�SectoralSnippets�useful.

Regards,

Russell

Russell Parera

Chief Executive Officer

KPMG in India

©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

The�month�of�March�saw�the�key�Emerging�Markets�in�a�state�of�panic,�including

India.�After�two�to�three�years�of�sharp�gains�the�Indian�stock�market�has�fallen

by�over�20�percent.�The�sentiments�across�global�markets�have�been�extremely

weak�and�bearish.�A�potential�recession�in�the�U.S.�and�a�probable�decline�in�the

domestic�GDP�growth�have�been�the�main�contributors�to�the�uncertain

scenario.�

The�release�of�the�economic�data�indicates�a�decline�in�all�important�production

estimates.�The�industrial�growth�was�at�5.3�percent�this�January�as�compared�to

11.6�percent�same�time�last�year.�Manufacturing�industries�grew�at�5.9�percent

as�compared�to�12.35�percent�last�year.�Manufacturing�industries�account�for�80

percent�of�the�Index�of�Industrial�Production.�

Inflation�too�has�spiralled�to�7.00�percent,�much�beyond�the�Reserve�Bank�of

India's�(RBI)�comfort�level�of�5�percent.�The�sudden�spurt�in�inflation�has�been

attributed�to�a�surge�in�prices,�mainly�of�food,�fuel�and�metals.�To�contain�prices,

the�government�last�month�cut�import�duties�on�edible�oils�for�the�fifth�time�in

15�months,�and�banned�exports�of�wheat,�sugar,�rice�and�edible�oils.

Although,�India�now�has�added�domestic�concerns�in�addition�to�the�global

woes,�it�is�highly�doubtful�that�India�will�face�a�sustained�slowdown.�The�USD

906�billion�economy,�Asia’s�third-biggest,�is�expected�to�grow�around�8�percent�in

the�next�12�months,�the�weakest�since�2005.�The�nation,�therefore,�needs�to�be

ready�with�a�plan�to�face�any�uncertainties.�The�crucial�question�is�how�much�the

Indian�economy�will�be�impacted�by�the�impending�U.S.�recession,�which�only

time�will�tell.

Indian EconomyPage 3 of 15

Analyst: Asmita Deshmukh©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"RBI is confident (on economicgrowth). In terms of growth andstability, India will continue to beone of the best-performingeconomies in the world in themonths ahead."Y. V. Reddy, Governor, RBI.(Source: March 31, 2008, The Times of India)

• Hinduja Group plans 51 percent stake in Valeo, a French auto part

manufacturer

The�Hinduja�Group,�which�owns�one�of�India’s�largest�bus�and�truck�brand

Ashok�Leyland,�are�reportedly�in�talks�with�French�auto�part�maker�Valeo�SA�for

a�51�percent�controlling�stake.�The�deal�size�is�expected�to�be�around�USD�1.6

billion.�Valeo�is�Europe’s�third�largest�auto�component�manufacturer.�

• Maruti Suzuki launched Swift sedan

Maruti�Suzuki�India�Limited�launched�its�Swift�Dzire�as�a�sedan�version�of�its

existing�hatchback�Swift.�Dzire�an�A3�segment�car�will�replace�the�discontinued

Esteem�model.�It�will�be�available�in�various�petrol�and�diesel�variants.�Prices

are�estimated�to�range�between�USD�11,250�for�the�base�model�rising�up�to

USD�16,800�for�the�top�end�diesel�version.�Dzire�will�roll�out�from�Maruti’s

existing�Manesar�plant.�Also�in�the�pipeline,�is�the�launch�of�A-Star,�a�concept

based�model�in�the�A2�segment�which�is�expected�to�be�in�October.

• Tata Motors signs a deal with Ford Motors to buy luxury brands

Jaguar and Land Rover

After�much�speculation,�Tata�Motors�has�finally�signed�a�deal�with�Ford�Motors

to�buy�its�luxury�brands�Jaguar�and�Land�Rover.�The�deal�was�blocked�at�USD

2.3�billion.�The�deal�is�not�likely�to�bring�any�significant�changes�to�the

employees'�terms�of�employment.�Ford�is�expected�to�contribute

approximately�USD�600�million�to�the�employee’s�pension�plans.

• Daimler gets approval for JV with Hero Group

Daimler�and�Hero�Group�Joint�Venture�(JV)�got�the�green�signal�from�the

government's�Foreign�Investment�Promotion�Board�(FIPB)�and�the�Cabinet

Committee�on�Economic�Affairs�(CCEA).�The�JV�is�expected�to�be�established

by�the�end�of�April�and�will�manufacture�light,�medium�and�heavy�commercial

vehicles�for�the�Indian�market.�The�vehicles�will�be�from�Daimler�Truck’s�existing

product�portfolio�which�will�be�tailored�to�suit�the�Indian�market.

• Volvo India to launch six car models

Swedish�auto�maker�Volvo�is�planning�to�launch�six�cars�in�India�in�phases.

Volvo�plans�to�launch�C30�hatchback,�V50�and�V70�station�wagons�(estates),

XC60�and�XC70�CUVs,�and�the�C70�convertible�models.�The�company�expects

to�sell�500�cars�in�2008.�Volvo�currently�has�dealers�in�Mumbai,�Delhi�and

Chandigarh�and�is�looking�to�appoint�dealers�in�major�cities�like�Ahmedabad,

Bangalore,�Chennai,�Jaipur,�Hyderabad,�Kochi,�Kolkata,�and�Jaipur.

• Piaggio launches two new cargo vehicles

Piaggio�Vehicles�Private�Limited�(PVPL),�a�wholly�owned�subsidiary�of�Piaggio

of�Italy,�has�announced�the�launch�of�two�new�three-wheeler�cargo�variants�—

Ape�Xtra�and�Ape�Xtra-LD�in�the�0.50�tonne�category�in�Chennai.�Ape�Xtra�is

priced�at�USD�3,300�(ex-showroom�Chennai)�while�the�Ape�Xtra-LD�will�cost

USD�3,400.�The�vehicles�will�be�manufactured�in�the�company’s�existing�plant

in�Pune�with�most�modern�facilities�with�a�modular�concept.�This�year,�the

company�hopes�to�sell�about�30,000�units�of�the�new�vehicles.

Page 4 of 15

Auto and Auto Components

Analyst: Rajiv Somani©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

Company PlantAdded

Capacity

Investment

(USD Mn)

Mahindra�&MahindraLtd

Chakan,Maharashtra 300000 1002.2

Tata�MotorsLtd Pune 600000 1503.3

GeneralMotors�India Talegaon 140000 300.0

MarutiSuzukiIndia�Ltd�

Manesar,Haryana� 200000 626.4

EicherMotors� Pithampur 60000 250.5

Fiat�IndiaAutomobilesLtd�

Ranjangaon 100000 586.5

Ford�India Chennai 150000 500.0

Cummins 3�plants�inPhaltan NA 212.9

BMW�India Chennai 1300 0.8

Capacity additions and Investment plans

announced in the month of March 2008

Source:�Compiled�from�various�media�reports

• Singapore's DBS to expand in India

Singapore-based�DBS�has�received�permission�from�the�Reserve�Bank�of�Indiato�set�up�eight�new�branches�and�expand�its�presence�in�the�India.�DBS,�whichcurrently�operates�two�branches�in�India,�is�active�in�Small�and�MediumEnterprises�(SMEs),�consumer,�corporate,�treasury�and�transaction�portfolios.DBS�has�plans�to�enter�into�areas�of�wholesale�banking,�corporate�lending,investment�advisory�and�wealth�management�services�in�India.�DBS’�move�toexpand�in�India�comes�from�the�recently�concluded�agreement�onComprehensive�Economic�Cooperation�Agreement�(CECA)�between�India�andSingapore.�In�a�reciprocal�gesture,�the�Singapore�government�has�given�theapproval�to�state-owned�State�Bank�of�India�to�open�branches�in�that�country.�

• IDFC buys Standard Chartered’s asset management business

London-headquartered�Standard�Chartered�Plc,�has�agreed�to�sell�its�Indianasset�management�arm�to�Infrastructure�Development�Finance�Company(IDFC)�for�a�cash�consideration�of�approximately�USD�205�million.�IDFC,�withoperations�in�the�project�financing�and�private�equity�space,�this�acquisition�isaimed�to�boost�its�fee�income�and�gives�them�headway�in�the�retail�financialmarket�space.�The�deal�between�IDFC�and�Standard�Chartered�is�subject�toregulatory�approvals.�There�has�been�a�huge�interest�among�internationalplayers�to�get�into�the�asset�management�business�in�India.

• Reliance Money to launch operations in Oman

Reliance�Money,�India’s�leading�broking�and�financial�products�distribution�firm,became�the�first�Indian�company�in-principle�to�receive�approval�for�setting�up�abranch�and�offering�investment�advice�in�Oman.�This�venture�will�help�thecompany�tap�a�large�number�of�Non�Resident�Indians�(NRIs)�and�Persons�ofIndian�origin�(PIOs)�residing�in�the�Middle�East.�Reliance�Money�will�initiallylaunch�its�broking�and�mutual�fund�distribution�services.�Reliance�Money�alsoplans�to�offer�portfolio�management�services�at�an�entry�level�of�as�low�as�USD50,000.�The�company�also�has�plans�to�enter�other�Gulf�countries�like�Bahrain,Kuwait�and�Qatar�in�the�next�6-12�months.

• Indian non-life insurance industry records 12 percent growth in FY

2008

The�Indian�general�(non-life)�insurance�industry�grew�12�percent�till�February�in2007-08�given�the�healthy�performance�by�private�players�including�RelianceGeneral,�which�continues�to�be�the�fastest�growing�insurer.�The�13�non-lifeinsurers�collected�USD�6.4�billion�in�premium�till�February�in�FY’08.�Inpercentage�terms,�9�private�sector�players�clocked�premium�growth�of�28percent,�while�the�public�sector�managed�to�increase�their�premiums�by�just�4percent.�Private�sector�players’�market�share�has�grown�to�about�40�percent�inFY’08�so�far�as�compared�to�the�public�sector’s�60�percent�share.

• RBI issues fresh norms for Basel-II

The�Reserve�Bank�of�India�has�come�out�with�fresh�guidelines�for�theSupervisory�Review�Process�(SRP)�and�Internal�Capital�Adequacy�AssessmentProcess�(ICAAP),�which�form�the�second�pillar�of�the�Basel-II�capital�adequacyframework.�Both�pertain�to�quantifying�capital�requirement�and�putting�in�placesound�risk�assessment�and�management�systems.�Foreign�banks�operating�inIndia�and�Indian�banks�with�international�presence�have�to�be�Basel-II-compliantby�March�2008�and�are�required�to�submit�their�ICAAP�plans�in�June�2008.�

Page 5 of 15

Banking and Insurance

Analyst: Kunal Jain©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"Having successfully launched ouroperations in the UAE, we nowplan to offer cost-effective, qualityfinancial products and services toour clients in the Sultanate ofOman. This is a part of ourendeavour to reach out to thelarge NRIs and PIOs in the MiddleEast". Sudip Bandyopadhyay, Director and CEO,Reliance Money.(Source: Economic Times, 27 March 2008)

• Chinese firm Aokang Group forays into Indian footwear market

Leading�Chinese�firm�Aokang�Group�announced�its�foray�into�the�rapidly-growing�Indian�footwear�market.�Aokang�Group�will�invest�USD�75�million�toset�up�a�manufacturing�facility�and�launch�up�to�100�exclusive�stores�over�thenext�5�years.�Aokang�plans�to�make�India�one�of�its�manufacturing�hubs�toexport�to�Europe�and�U.S.�The�company�has�also�developed�plans�to�set�up�anR&D�centre�in�India.�The�Company�is�currently�looking�for�land�to�set�up�itsmanufacturing�unit�and�is�in�talks�with�various�state�governments.�

• Illycaffe enters Indian market to set up cafe chain

Premium�coffee�brand�Illycaffe�announced�the�launch�of�its�luxury�cafe�chainin�India.�The�company�has�partnered�with�the�Narang�Group,�a�distributor�ofhigh�end�beverages,�as�master�franchisee�for�this�venture.�The�cafes�willcarry�the�‘Espressamente�illy’�brand�name.�The�company�has�opened�over175�such�cafes�in�over�30�countries.�It�has�plans�to�open�its�firstEspressamente�illy�at�Bangalore�airport�followed�by�its�first�flagship�outlet�inMumbai�within�the�next�four�months.�Illycaffe�is�an�Italy-based�company,engaged�in�the�production�and�marketing�of�a�unique�blend�of�espressocoffee�globally.

• Franklin Templeton Investments picks up stake in Cafe Coffee Day

The�private�equity�arm�of�Franklin�Templeton�Investments,�Darby�OverseasInvestments�has�picked�up�an�undisclosed�stake�in�coffee�chain�Cafe�CoffeeDay�for�USD�25�million.�The�deal�was�through�Darby's�Asia�Mezzanine�Fund�II,which�invested�in�Bangalore-based�Amalgamated�Bean�Coffee�Trading�CompanyLtd.,�the�owners�of�Coffee�Day.�Coffee�Day�is�one�of�the�largest�integratedcoffee�players�in�India,�with�operations�across�the�coffee�value�chain,�fromprocurement�and�processing�to�retailing.�The�company�plans�to�deploy�funds�inexpanding�Coffee�Day's�presence�across�India�and�in�parts�of�Europe.

• Gucci plans to increase India presence

Leading�luxury�goods�maker�Gucci�is�looking�to�increase�its�presence�in�Indiaby�2010.�Gucci�plans�to�make�India�as�its�key�global�market�and�will�increase�itsnumber�of�stores�to�four�by�end�of�2008�and�eight�stores�by�end�of�2010.Besides�the�two�existing�outlets—one�each�in�Mumbai�and�Delhi—�thecompany�in�partnership�with�the�Mumbai-based�Murjani�Group�will�open�itsthird�store�in�Delhi�and�the�fourth�one�in�Bangalore�this�year.�Gucci’s�stores�inIndia�house�men's�and�women's�apparels,�handbags,�shoes,�watches,sunglasses,�jewellery,�small�leather�goods�and�gift�items�amongst�others.

• Luxury brands Canali, Brioni plan India expansion

Premium�Italian�menswear�brands�Brioni�and�Canali�are�firming�up�plans�tostrengthen�their�presence�in�India.�Brioni,�which�opened�its�first�store�inMumbai�in�2007�in�partnership�with�its�franchisee�Badasaab�Designs,�is�all�setto�launch�two�new�stores�in�2008.�On�similar�lines,�Canali,�which�currently�hastwo�franchise�outlets�with�Genesis�Colours,�plans�to�have�eight�by�2010.�TheIndian�luxury�market�is�expected�to�reach�USD�30�billion�by�2015.

Page 6 of 15

Consumer Markets and Retail

Analyst: Kunal Jain©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"To become a part of one of thebiggest footwear markets in theworld, we will invest USD 75million to set up 70-100 exclusiveoutlets in India by 2012".Wang Zhentao - Chief Board and President,Aokang Group(Source: Economic Times, 24 March 2008)

• Mastek acquires U.S based Systems Task Group

Mumbai-based�IT�solutions�provider�Mastek�has�acquired�the�U.S.-basedSystems�Task�Group�(STG)�International�for�USD�29�million�in�an�all-cash�deal.As�per�the�terms�of�the�agreement,�Mastek�will�hold�100�percent�stake�in�STGand�expects�to�strengthen�its�presence�in�insurance�with�the�acquisition.�STGhas�about�350�employees�with�significant�property�and�casualty�insurancedomain�specialisation�and�a�robust�customer�base�that�includes�over�35�smalland�mid-sized�American�insurance�carriers.�

• TCS signs deal with ArvinMeritor

Tata�Consultancy�Services�(TCS)�has�signed�a�five-year,�multi-million�dollarcontract�with�U.S.�based�auto�components�maker�ArvinMeritor.�As�a�part�of�theagreement,�TCS�will�support�the�localisation�and�globalisation�efforts�ofArvinMeritor’s�engineering�capabilities�including�product�development�andsupport�for�specific�product�lines�in�the�Asia�Pacific�region.�TCS�plans�to�set�upa�global�engineering�centre�in�Pune�that�will�provide�a�broad�range�of�productengineering�services�to�cater�to�the�global�needs�of�ArvinMeritor�with�aspecific�focus�on�the�Asian�market.�

• Aegis acquires AOL’s India call centre operations

India-based�BPO�service�provider�Aegis,�an�Essar�Group�company,�has�acquiredglobal�web�service�company�American�On-Line’s�(AOL)�call�centre�operations�inBangalore.�Under�the�terms�of�this�agreement,�Aegis�will�provide�customerservice�and�technical�support�to�AOL�customers.�Aegis�expects�to�enhance�itsvoice�and�non-voice�offerings�in�the�technology�support�space�with�thisacquisition.�AOL’s�call�centre�operations�which�include�both�voice�and�non-voiceactivity�will�now�be�serviced�by�Aegis.

• Tech Mahindra bags contract from British Telecom

Pune-based�IT�solutions�provider�Tech�Mahindra�has�signed�USD�350-millionoutsourcing�deal�with�British�Telecom�(BT).�The�five�year�deal�is�to�provide�BTwith�application,�maintenance�and�support�services.�These�services�would�bedelivered�from�the�firm's�facilities�in�India.�Also�a�new�facility�is�being�setup�inthe�U.K.�to�monitor�BT's�core�business�processes.

• IBS buys U.S-based HBSi

India’s�IBS�Software�has�acquired�Hotel�Booking�Solutions�Incorporated�(HBSi)a�Atlanta�based�IT�solutions�provider�to�the�hospitality�industry,�in�all�cash�deal.With�this�acquisition,�IBS�enters�the�hospitality�sector�enhancing�its�existingtravel�and�cruise�line�of�business.�HBSi�has�prestigious�clients�like�Hyatt�Hotels,Fairmont�Hotels,�Elite�Island�Resorts�and�Intrawest.

Page 7 of 15

Analyst: Parnika Patil

IT / ITeS

©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"India is an important market tous, besides launching newproducts, we will also enhanceour retail presence and after salesservice to become the no. 1 PCmaker in the country". Liu Jun, Senior Vice President and President(Consumer Business Group), Lenovo.(Source: The Economic Times, 13 March, 2008)

• Pyramid Saimira signs two international deals

India-based�Pyramid�Saimira�Theatre�Ltd.�(PSTL)�has�completed�twointernational�deals�this�month.�PSTL�has�forayed�into�the�Chinese�market�bysigning�an�agreement�with�The�China�Society�of�Music�Research�Board(CSMRB).�As�per�the�agreement,�PSTL�will�open�a�huge�theatre�chain�network,food�courts,�gaming�parlors�and�offer�other�entertainment�services�in�China.�Inanother�deal,�PSTL�has�entered�into�strategic�partnership�with�Britain-basedSpize�TV,�a�pan�European�Direct-To-Home�(DTH)�TV�platform,�for�offering�Asiancontent�to�viewers�in�Europe.

• UTV in news content pact with Disney-ABC

The�founder�group�of�UTV�Software�Communications�has�tied�up�with�Disney-ABC�International�Television�(Asia-Pacific),�the�international�TV�distribution�armof�Walt�Disney�Co.�to�source�ABC's�news�programming�for�its�business�newschannel�in�India.�UTVi,�the�new�English-language�business�news�channel�is�tobe�launched�this�month.�ABC�will�provide�UTV�with�content�on�the�currentevents�in�the�U.S.,�including�business�and�national�news�coverage,�and�UTVwill�provide�them�with�news�and�analyses�from�South�Asia,�particularly�India.

• 20th Century Fox plans JV with Star

Twentieth�Century�Fox�Film�Corporation,�one�of�the�leading�Hollywood�filmstudios�is�all�set�to�enter�the�Indian�film�industry�in�a�Joint�Venture�(JV)�withStar�India.�It�is�believed�that�20th�Century�Fox�is�reported�to�operate�as�a�full-fledged�film�production�company�and�make�Hindi�films�in�collaboration�withlocal�talent.

• Advertising magazine Adweek to enter India

America's�popular�advertising�industry�magazine�Adweek�may�soon�hit�thenewsstands�in�India.�The�30-year-old�weekly�magazine�that�covers�theadvertising,�marketing�and�media�industries�will�be�launched�through�alicensing�arrangement�with�Essar�Group’s�publishing�venture,�Paprika�Media.Adweek�will�be�the�second�international�magazine�brand�on�the�advertising�andmedia�industries�to�be�launched�in�India.�

• Reliance Entertainment to start its cinema chain in the U.S.

Reliance�Entertainment�plans�to�start�its�cinema�chain�in�the�U.S.�under�thebrand�name�‘Big’.�More�than�200�theatres�in�U.S.�will�screen�Hindi�as�well�asregional�films�from�India.�Over�the�last�one�year,�Reliance�Entertainment�hasacquired�over�200�cinema�halls�in�28�North�American�cities,�including�New�York,Los�Angeles,�Chicago,�Atlanta,�Detroit�and�Washington.�The�company�is�alsoforaying�into�broadcast�arena�in�India�with�launch�of�business�and�newschannels�through�its�companies,�Reliance�Big�TV�Entertainment�and�RelianceBig�TV�News.

Page 8 of 15

Media

Analyst: Ashwini Kulkarni©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

“Collaborating with UTVi is part ofa global strategy for us. We wantto distribute our news throughnew platforms, newtechnology...and above all to growour audiences internationally.We've been looking at India for awhile".Marcus Wilford, Vice President for InternationalDigital, ABC News Intercontinental Inc.(Source: Reuters News, 02 April, 2008)

• ONGC and Hinduja Group plan to develop gas fields in Iran

Oil�and�Natural�Gas�Corporation�(ONGC)�and�Hinduja�Group�are�reportedly�in

talks�to�develop�two�gas�fields�in�Iran.�The�Joint�Venture�(JV)�will�be�part�of

their�planned�joint�investment�of�USD�20�billion.�The�two�companies�are�also

investing�USD�8�billion�in�developing�onshore�South�Azadegan�oilfield�and

Phase-12�of�the�offshore�South�Pars�gas�field.�Both�the�companies�are�planning

to�rope�in�Naftiran�Intertrade�Co.�(NICO),�a�unit�of�Natural�Iranian�Oil

Corporation�at�an�investment�of�over�USD�10�billion.�The�agreement�is�expected

to�be�finalised�in�April.

• BPCL and GAIL sign a JV to market CNG in Kerala and Karnataka

Bharat�Petroleum�Corporation�(BPCL)�and�Gas�Authority�of�India�Limited�(GAIL)

have�signed�a�Memorandum�of�Understanding�(MoU)�to�market�CNG�in�Kerala

and�Karnataka�for�USD�100�million.�The�jointly�formed�business�will�be

marketed�under�the�name�of�God’s�Own�Gas�Company�(Go�Gas).�GAIL�and

BPCL�will�hold�22.5�percent�whereas�5�percent�will�be�held�by�Kerala

government�and�the�remaining�50�percent�will�be�held�by�strategic�investors,

public�and�financial�institutions.

• Petronas increases stake in Cairns India

Malaysian�state�owned�company�Petronas�has�increased�its�stake�in�Cairns

India�from�9.9�percent�to�12.7�percent.�Cairns�India�also�sold�2.6�percent�stake

to�Singapore-based�Orient�Global�Tamarind�Fund.�The�deals�were�carried

through�private�placement�route�and�were�valued�~�USD�635�million.�The

receipts�from�this�deal�are�planned�to�be�utilised�in�Cairns’�future�investment

plans.�

• CPIL forms a JV with U.S.-based Energtek Inc.

Confidence�Petroleum�India�Limited�(CPIL),�manufacturers�of�LPG�and�CNG

cylinders�has�formed�a�50:50�JV�with�U.S.-based�Energtek�Inc.,�which�is�one�of

the�world�leaders�in�natural�gas�and�absorbed�natural�gas�technology.�In�the

first�phase�of�the�venture,�CPIL�will�invest�USD�25�million�in�Primecyl�LLC�a

subsidiary�of�Energtek;�post�that�Confi�Energtek�Asia�Ltd.�will�be�formed�as�a

fully�owned�subsidiary�of�Primecyl�LLC�to�carry�on�the�business�in�India�and

South�East�Asia.

• ONGC plans to set up a new unit with an investment of USD 3.1

billion

ONGC�has�announced�plans�to�set�up�a�new�dual�cracker�petrochemical

complex�at�Dahej.�The�expected�investment�for�this�arrangement�is

approximately�USD�3.1�billion.�The�proposed�complex�will�have�the�capacity�to

produce�1.1�million�tonnes�of�ethylene�and�360,000�tonnes�of�propylene�per

annum.�The�complex�is�expected�to�be�operational�by�December�2011�or

January�2012.

Page 9 of 15

Oil and Gas

Analyst: Rajiv Parekh©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

“We are keen to get India toAfrica in a big way because wesee Indian technology and qualityas being superior”.Felix Mutati, Minister of Commerce, Trade andindustry, Zambia.(Source: Business Standard, 21 March 2008)

• Aurobindo Pharma acquires an Italian generic company

Aurobindo�Pharma,�an�Indian�pharmaceutical�company,�has�entered�into�astrategic�deal�to�acquire�Intellectual�Property�&�Marketing�Authorizations,�withTAD�Italy,�a�generics�company.�This�acquisition�will�give�Aurobindo�access�to�70products�and�enhance�its�presence�in�the�Italian�generics�market.�Aurobindohas�already�filed�22�products�for�registration�in�Italy.�

As�a�part�of�the�deal,�Aurobindo�has�also�acquired�OTC�brands�-�Mapooro�andCarmiooro�from�TAD.�It�also�plans�to�shift�TAD’s�product�manufacturing�to�itsown�facilities.�This�is�Aurobindo’s�third�acquisition�in�Europe.

• Suven Life Sciences enters into a second drug discovery

collaboration with Eli Lilly

Suven�Life�Sciences,�an�Indian�biopharmaceutical�company,�has�entered�into�itssecond�drug�discovery�pact�with�Eli�Lilly�and�Company,�a�global�pharmaceuticalcompany,�to�collaborate�on�the�pre-clinical�research�of�molecules�in�the�CentralNervous�System�disorders�(CNS)�therapeutic�segment.�Suven�will�conductdiscovery�activities�related�to�the�identification�and�selection�of�clinical�candidatesin�association�with�Eli�Lilly.��

Lilly�will�pay�Suven�a�research�funding�and�potential�discovery�and�developmentmilestone�payments�ranging�from�USD�19-23�million�per�candidate,�as�well�aspotential�royalties�on�net�sales�of�any�products�upon�their�successfulcommercialisation.

.• Dr. Reddy’s signs a drug discovery pact with 7TM Pharma

Dr.�Reddy’s�Laboratories,�one�of�India’s�leading�pharmaceutical�companies,�hasentered�into�a�drug�discovery�agreement�with�7TM�Pharma,�a�biotech�companyfocusing�on�discovery�and�development�of�new�drugs�targeting�7TM�receptors.Both�the�companies�will�collaborate�to�discover�clinical�candidates�for�pre-selected�targets�in�the�metabolic�disorders�segment.�Both�companies�willjointly�develop�these�candidates�from�the�pre-clinical�stage�up�to�Phase�IIa(proof-of-concept).�Beyond�this�stage,�they�may�consider�out-licensing�thecandidate�for�further�development�and�commercialisation�or�co-developing�andcommercialising�it.�

• MedPlus launches Integrated Health Centres in India

MedPlus�Health�Services,�an�Indian�chain�of�pharmacies,�is�launchingIntegrated�Health�Centres�in�India.�In�these�centres,�it�will�integrate�familyclinic,�diagnostic�lab�and�pharmacy�under�one�roof.�It�plans�to�set�up�about�10centres�in�Hyderabad�in�the�first�phase,�followed�by�Bangalore,�Chennai�andPune.�Currently,�MedPlus�has�a�presence�in�four�key�states�and�with�300pharmacy�outlets.

• U.S.-based StemCyte is setting up an Umbilical Cord Blood (UCB)

bank at Ahmedabad

StemCyte,�Inc,�U.S.-based�stem�cell�transplantation�and�therapeutics�companyhas�entered�into�an�agreement�with�Apollo�Hospitals�and�CadilaPharmaceuticals,�to�set�up�a�public�and�private�Umbilical�Cord�Blood�(UCB)bank�at�Ahmedabad�at�an�estimated�investment�of�USD�16�million.�This�UCBbank�will�process�and�store�umbilical�cord�blood�units�that�will�be�used�fortreating�patients�globally.�

Page 10 of 15

Pharma

Analyst: Nandita Kudchadkar©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"We have been impressed withSuven's growth in capabilities andcommitment to our importanteffort. Together we will partner toaccelerate the delivery ofinnovative medicines in thiscomplex field".Dr. William W. Chin, M.D., Vice President ofdiscovery research and clinical investigation, Lilly(commenting on the Suven-Eli Lilly drug discoverycollaboration).(Source: Company Press Release, 12 March, 2008)

• Haryana to invest USD 6 bn in power sector in 11th Plan

The�Haryana�Government�has�prepared�a�mega�proposal�of�USD�6�bn�toaugment�power�generation�and�strengthen�its�distribution�system.�Out�of�this,USD�2.5�bn�would�be�spent�on�power�generation,�while�USD�1.9�bn�isearmarked�for�transmission�and�USD�1.6�bn�for�strengthening�the�distributionsystem.�To�further�strengthen�transmission�and�distribution,�the�state�hasdeveloped�a�detailed�plan�to�construct�255�new�sub-stations,�augmentingexisting�ones�and�construct�associated�transmission�lines�at�an�estimated�costof�USD�1�bn.

• KEC International bags USD 120.73 mn order from Saudi co.

KEC�International�has�entered�into�a�contract�valued�at�USD�120.73�mn�withSaudi�Electric�Company�to�construct�380�KV�transmission�line�on�turnkey�basis.The�scope�of�work�includes�designing,�engineering,�procurement,�supply,delivery,�constructing,�installing,�testing�and�commissioning�a�new�380�KV�D/COHL.�The�total�line�route�length�is�268�kms.

• Indiabulls bags contract to set up 1,600-MW power project

Indiabulls�Power�Services,�a�wholly�owned�subsidiary�of�Indiabulls�Real�Estate,has�bagged�a�contract�to�develop�1,600�MW�coal�based�power�project�inChhattisgarh,�outbidding�close�contenders�GMR�Group�and�Sterlite�Industries.The�company�had�placed�the�lowest�bid�of�81�paise�per�unit,�while�GMR�andSterlite�had�put�in�bids�of�88�paise�and�89�paise�per�unit�respectively.�Of�thetotal�power�to�be�generated�from�the�project,�65�percent�would�be�supplied�tothe�host�state�at�a�tariff�of�81�paise�per�unit.�The�company�is�free�to�sell�thebalance�35�percent�to�private�consumers�and�industries.

• PFC, RITES ink JV for coal import

Power�Finance�Corporation�(PFC)�and�technical�advisory�wing�of�railways�–RITES,�signed�a�memorandum�of�understanding�to�jointly�import�coal�fromcountries,�including�Africa.�The�partnership�will�bring�together�the�financespecialisation�of�PFC�and�engineering,�design�development�and�consultancyexperience�of�RITES�required�for�making�inroads�into�the�coal�business.�As�perthe�tie-up,�RITES,�besides�being�a�technical�partner,�would�identify�countrieswhere�the�possibility�of�owning�coal�mines�exists�and�excavation�andtransportation�of�coal�is�feasible�for�importing�coal�to�India

Page 11 of 15

Power

Analyst: Rajiv Parekh©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

Source:�Central�Electricity�Authority

Programme / Achievement in capacity

addition (MW) during Feb 08

• Shriram Properties to invest in affordable housing

Shriram�Properties�limited,�the�Bangalore�based�real�estate�company,�is

planning�to�invest�about�USD�125�million�(INR�500�crore)�to�develop�affordable

housing�projects�across�India�over�the�next�two�to�three�years.�The�first�project

with�an�investment�of�USD�25�million�(INR�100�crore)�will�be�located�in

Chennai.�The�company�expects�to�sell�apartments�in�the�sub�USD�75,000�(INR

30�lakh)�category.�The�project�would�have�2.2�million�square�feet�development

on�a�35�acre�plot.�There�would�be�1700�residential�units�priced�between�USD

45,000�to�USD�57,500�(INR�18-23�lakh).�The�company�plans�to�use�the�similar

model�across�all�its�projects.�Eighty�percent�of�the�project�cost�would�be�met

through�pre-sales.

• 'Yoo by Starck' enters India

'Yoo�by�Starck',�a�European�design-focused�real�estate�development�company,

has�entered�India�and�is�developing�its�first�project�in�Pune.�The�company�is

designing�a�residential�condominial�along�with�Panchshil�Realty,�a�Pune-based

real�estate�company��with�an�investment�of�USD�375�million�(INR�1500�crore).

The�project�will�be�developed�on�a�21�acre�plot�and�the�first�phase�will�have�six

30-story-towers�and�will�be�launched�in�October�2008.�Yoo�plans�to�expand�its

operations�in�Gurgaon,�Goa,�Bangalore�and�Mumbai�with�an�investment�of

approximately�USD�450�million�(INR�1800�crore)�in�next�4�to�5�years.�The

company�is�known�for�design�marketing�and�branding�development�and�has

presence�in�21�countries.�Yoo�is�presently�constructing�41projects�around�the

globe�with�an�approximate�cost�of�USD�10�billion�(INR�40,000�crore).

• Vakil Housing forays in Tamil Nadu

Vakil�Housing�Development�Corporation�(VHDC),�a�Bangalore-based�real�estate

company�has�forayed�in�the�Chennai�real�estate�market�by�launching�a�luxury

villa�project�at�Hosur.�The�project�will�be�developed�on�a�28.5�acre�plot�and

would�have�300�villas�on�plots�ranging�from�1500�square�feet�to�3300�square

feet.�The�villas�will�be�priced�between�USD�87,500�to�USD�1,12,500�(INR�33

lakh�to�45�lakh).

• Al Chemist to invest USD 1.25 billion

Al�Chemist�Realty�Ltd.,�a�Mumbai-based�real�estate�company,�is�planning�to

invest�about�USD�1.25�billion�to�develop�its�land�bank�of�10,600�acres,�over�the

next�7-10�years.�The�company�plans�to�develop�integrated�townships,�resorts,

hotels�and�restaurants�on�its�land�bank.�This�land�bank�is�spread�mainly�in�the

northern�states�and�in�other�regions�of�India.

• Primary Real Estate plans USD 500 million fund

Primary�Real�Estate�Advisors�Pvt.�Ltd,�an�Indian�fund�management�company,

is�planning�to�launch�a�USD�500�million�fund�in�the�second�half�of�2008.�The

company�plans�to�invest�in�various�real�estate�projects�in�the�Indian�market.

Page 12 of 15

Real Estate and SEZs

Analyst: Nitin Dehadraya ©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"India and China are probably thebiggest real estate markets in theworld now. As a concept, ’brandedhomes’ is fairly unknown in India.Yoo by Starck finds India as anattractive country to design anddevelop real estate projects".John Hitchcox , Chairman, Yoo By Starck. (Source: Business Standard, 3 March, 2008)

• Virgin Group launches Virgin Mobile in India

Virgin�Group,�a�U.K.-based�diversified�holding�company�has�tied-up�with�TataTeleservices�Ltd.�(TTSL),�an�Indian�telecom�service�provider�company�to�launchVirgin�Mobile�in�India.�In�a�franchisee�agreement,�TTSL�will�sell�the�VirginMobile�brand�and�its�services�and�will�pay�royalty�for�every�customer.�TheVirgin–Tata�alliance�hopes�to�break�even�in�3�years�with�a�customer�base�of�5million.��

• Tech Mahindra signs a deal with British Telecom

Tech�Mahindra,�won�a�5�year�contract�worth�USD�350�million�with�BritishTelecom�Group�to�provide�communication�solutions.�Under�the�terms�andconditions�of�the�contract,�Tech�Mahindra,�will�provide�application�support�andmaintenance�services�for�their�business�software�solutions�and�open�sourcesoftware�platforms.�The�services�would�be�provided�from�India�and�a�new�unitin�U.K.�would�be�setup�to�monitor�the�core�business�processes.�In�December2006,�the�company�had�already�made�a�USD�1�billion�dollar�deal�with�BritishTelecom.�

• Canadian communications company wins USD 100 million

contract from BSNL

Bharat�Sanchar�Nigam�Ltd�(BSNL),�has�awarded�a�contract�to�Canadiancommunications�company�Nortel�Networks,�for�USD�100�million.�BSNL�islooking�at�expanding�its�GSM�network�in�southern�India�and�is�expected�to�becompleted�towards�the�end�of�2008.�The�contract�will�help�BSNL�build�on�itsexisting�network�investment�and�extend�mobile�services�to�new�subscribers.���

• Bubble Motion receives USD 14 million investment

Bubble�Motion�a�voice�SMS�provider,�has�received�USD�14�million�investmentfrom�its�existing�investors�Sequoia�Capital�US,�Sequoia�Capital�India�and�newinvestors�Comcast�Interactive�and�NCD�Investors.�The�company�plans�to�utilisethe�funds�to�expand�the�BubbleTalk�platform�and�secure�new�operatorpartnerships�around�the�world.����

• Tano Capital invests USD 12.45 million in Icomm

Tano�Capital,�an�alternative�asset�management�firm,�invested�USD�12.45�millionin�Icomm�Telecommunications�through�purchase�of�equity�stake�from�existingstakeholders.�Icomm,�is�one�of�the�largest�manufacturer�and�turnkey�solutionprovider�of�telecom�equipment�and�telecom�infrastructure�in�India.�Tano�Capitalmakes�private�equity�investments�in�growing�private�companies�in�India�andChina.

• Bharti to provide mobile services in Guernsey

Airtel,�promoted�by�the�Bharti�Group,�has�launched�its�mobile�services�inGuernsey�in�Europe's�Channel�Islands�through�its�subsidiary�company,Guernsey�Airtel.�The�services�will�be�provided�under�the�brand�name�of�Airtel�–Vodafone.��

Page 13 of 15

Telecom

Analyst: Mehul Desai©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"India represents an enormousopportunity for Nortel in thecarrier space, with its consistentlyhigh growth rates and increasinglymobile population". Richard Lowe, President, Nortel (CarrierNetworks). (Source: Asia Pulse, 26 March, 2008)

• Government plans to develop six multi-modal airport hubs

The�government�is�planning�to�develop�multi-modal�hubs�in�six�metros�thatwould�not�only�cater�to�commercial�airlines�but�will�also�have�cargo�andMaintenance,�Repair�and�Overhaul�(MRO)�facilities.�The�cities�identified�for�theproposed�hubs�are�Amritsar,�Ahmedabad,�Hyderabad,�Thiruvanantapuram,Kolkata�and�Guwahati.�Though�the�ministry�is�yet�to�set�a�time-frame�underwhich�the�proposed�hubs�will�be�developed,�talks�have�been�initiated�for�apublic-private�partnership�for�developing�these�hubs.�These�multi-modal�hubswould�be�similar�to�the�one�at�Nagpur,�which�is�being�developed�as�a�cargo�andMRO�hub;�and�would�act�as�centres�of�growth�and�give�the�aviation�industry�alarger�footprint.

• Jindal Stainless to enter power, logistics sectors

Jindal�Stainless�Ltd,�India's�largest�stainless�steel�producer�is�setting�up�aseparate�firm�to�enter�the�infrastructure�sector.�It�will�reportedly�start�byentering�logistics�sector�with�its�own�fleet�of�trucks�and�then�proceed�to�enterthe�power�sector.�The�new�firm�will�be�known�as�Jindal�Infrastructure�&�UtilityLtd.

• DP World to strengthen its presence in Indian cargo traffic across

Indian Ocean

DP�World�is�strengthening�its�presence�in�India�by�investing�USD�500m�in�twogreenfield�projects�at�Kulpi�in�West�Bengal�and�Vallarpadam�in�Kerala.�DP�Worldis�developing�a�container�terminal�at�Vallarpadam,�within�the�Cochin�Port�Trustadministration,�a�multi-product�special�economic�zone�spread�over�1,040hectares�and�a�greenfield�container�terminal�on�the�east�bank�of�river�Hooghlyin�West�Bengal.

• Gujarat government plans SPV for Alang shipyard

The�Gujarat�government�is�planning�to�set�up�a�Special�Purpose�Vehicle�(SPV)to�develop,�maintain�and�operate�the�Alang�ship�breaking�yard�on�a�public-private�partnership�basis.�The�SPV�would�be�formed�after�IL&FS�Ecomartsubmits�its�report�to�the�Gujarat�government.�IL&FS�Ecomart�has�reportedlysigned�an�agreement�with�the�Gujarat�Maritime�Board�to�prepare�acomprehensive�master�plan�for�Alang�Shipyard.�

IL&FS�would�come�out�with�a�development�plan�that�would�convert�Alang�intoa�commercially�successful�recycling�ship�yard.�Alang�would�be�compliant�withinternational�performance�standards�and�promoted�as�a�green�recycling�facility.�

• ABG to set up third shipyard in Gujarat; to raise USD 200 mn

ABG�Shipyard�will�be�setting�up�a�third�shipyard�in�Gujarat�and�is�exploringoptions�to�raise�USD�200�million�for�capacity�expansion.�The�new�shipyardwould�be�an�integrated�one�that�can�make�ships�up�to�a�maximum�length�of350�metres.�The�proposed�shipyard�would�be�built�over�200�acres,�the�biggestfor�ABG.�The�company's�other�shipyards�are�in�Surat�and�Dahej�in�Gujarat.�Theshipyard�in�Surat�is�spread�over�35�acres�and�would�be�expanded�to�another�20acres.�The�Dahej�shipyard�is�spread�over�150�acres.�

Page 14 of 15

Transport and Logistics

Analyst: Preeti Sitaram©�2008�KPMG,�an�Indian�partnership�and�a�member�firm�of�the�KPMG�network�of�independent�member�firmsaffiliated�with�KPMG�International,�a�Swiss�cooperative.�All�rights�reserved.

"Our third shipyard will come inGujarat. We are exploring variousoptions, including private equity toraise USD 200 million". Dhananjay Datar, CFO, ABG Shipyard. (Source: Economic times, 6 April, 2008)

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The�information�contained�herein�is�of�a�general�nature�and�is�not�intended�to�address�the�circumstances�of�any�particular�individualor�entity.�Although�we�endeavor�to�provide�accurate�and�timely�information,�there�can�be�no�guarantee�that�such�information�isaccurate�as�of�the�date�it�is�received�or�that�it�will�continue�to�be�accurate�in�the�future.�No�one�should�act�on�such�informationwithout�appropriate�professional�advice�after�a�thorough�examination�of�the�particular�situation.

Reference material for preparing this document is

taken from following sources:

Asia Pulse

Business India

Business Standard

Business Today

Central Statistical Organisation (CSO)

Confederation of Indian Industries (CII)

Dow Jones International News

Factiva

Financial Express

Hindustan Times

India Infoline

Indian Brand Equity Foundation (IBEF)

Indian Business Insight

Infraline

India Today

Mergerstat

NASSCOM

Oil Asia Magazine

Petrobazar

Petromin News

Pharma Biz

Press Trust of India

RBI

Reuters News

The Asian Age

The Economic Times

The Financial Times

The Hindu Business Line

The Namibian

The Statesman

Times of India

Voice & Data Magazine

Xinhua News Agency

Antara News

Travers Smith

BangaloreMaruthi Info-Tech Centre11-12/1, Inner Ring RoadKoramangala, Bangalore – 560 071Tel: +91 80 39806000Fax: +91 80 39806999

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Contact us:

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Tel: +91 22 3983 6205

Anish Tripathi

Director - Markets and Chief Knowledge Officer

e-Mail: [email protected]

Tel: +91 22 3983 6222

Research Inputs by KPMG’s India Research Center