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same year, T Rowe Price Global Investment Services Ltd picked up a 26% stake in UTI Asset Management
Co. Ltd for $142.4 million, valuing the latter at about 3.25% of its average AUM then. In 2009, L&T
Investment Management Ltd paid Rs.450 crore to buy out DBS Cholamandalam Asset Management—
1.6% of the value of the latter’s assets. HDFC MF bought Zurich AMC in 2003.
Of the 39 asset management companies that declared their earnings last year, 16 recorded a total profit
of around Rs.1, 100 crore and 23 booked losses that added up to some Rs.550 crore.
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M&M wins arbitration award, class action suit in US
The International Arbitration Panel (IAP) has rejected claims of damages by Global Vehicles USA Inc. for
alleged violation of distribution agreement by Mahindra & Mahindra, as the panel found no violation of
state or federal rules by the global vehicle manufacturer.
The sports-utility vehicle maker also won a class action suit filed by a group of dealers in the United
States district court for the eastern district of Missouri against the company and its proposed US
distributor, Global Vehicles.The arbitrators while rejecting the claims of Global Vehicles for damages
have also awarded M&M the costs of arbitration, including legal fees and expenses, the company said in
a filing with the Bombay Stock Exchange. The arbitrators held that the distribution agreement with
Global Vehicles had terminated according to its own terms and M&M did not violate the agreement or
any laws in the US in its dealings with Global Vehicles. The arbitrators, while rejecting the claims of
Global Vehicles for damages, awarded to M&M costs of arbitration, including M&M's legal fee and
expenses, the company said in its filings with the Bombay Stock Exchange.
Rejecting the class action suit by a group of dealers against M&M, the arbitration panel said its dealings
with potential dealers, Global Vehicles was not the agent of M&M and, therefore, it could not be liable
for any actions of Global Vehicles.
M&M did not quantify the value of claims made by the US Company or the cost of arbitration, including
the legal fee and expenses that the panel awarded to M&M. Mahindra had, in 2010, announced plans to
sell a compact 2.2 liter four-cylinder pick-up truck and a version of its Scorpio and a new SUV with a gaselectric
hybrid option in the US. But the plans were held up after the Georgia-based dealer Global
Vehicles moved the US district court in Atlanta in June accusing Mahindra of violating an agreement to
make Global Vehicles its exclusive distributor in the US
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Walmart looks to source more farm items from India
The world's largest retailer Walmart is looking to source more farm produce from India for international
operations through its Indian joint venture apart from expanding product basket.
The company's 50:50 joint ventures with Bharti Enterprises -- Bharti Walmart Pvt Ltd is looking to
engage 25,000 farmers in India by 2015 up from the present 4,000.
"We are leveraging our association with ASDA Walmart UK and providing export market access to Indian
farmers," said a Bharti Walmart spokesperson. ASDA Walmart is a chain of 500 stores that sell food,
grocery and other essential items across UK. He said there are opportunities to export a range of items
from India like musk melon, pomegranate and rice.
As a pilot, the company has started sourcing grapes from farmers in Maharashtra for supplying to ASDA
Walmart. "Last year we had sent 80 containers and looking to double this year," he added.
Commenting on the farmer engagement in India, the official said Bharti Walmart currently works with
around 4,000 farmers in India in states like Punjab, UP, Delhi, Maharashtra and Karnataka. "Certainly we