CII Communique July 2011

eportnations showing the largest absolute gains in wealthin 2010.India-US Bilateral Investments: India and the UnitedStates have agreed to ‘fast-track’ technical negotiationsfor an early conclusion of the bilateral investmentagreement they are negotiating.Cut in Import Duty on American Pistachios: Indiahas agreed to slash duty on import of Americanpistachio from 30 % to 10 %, according to the UStrade office.Corporate WatchGE India to invest Rs 700 cr: GE India, the subsidiaryof US-based industrial giant General Electric, willinvest around Rs 700 crore to set up a multi-productmanufacturing facility at Chakan near Pune.Amul to spread wings: The cradle of India’s WhiteRevolution, the Kaira District Cooperative Milk Producers’Union Ltd, or Amul Dairy, plans to enter the US andEuropean markets, by setting up manufacturing basesoutside India.Momentive R&D centre in Bangalore: US-basedMomentive Performance Materials Holdings LLC (formerlyGE Bayer Silicone), a specialty chemicals and materialscompany, will open a new regional business headquartersand a global R & D centre in Bangalore.Aditya Birla - Columbian Chemicals deal: The AdityaBirla Group has acquired the Atlanta-based ColumbianChemicals Company. The acquisition, which catapultsthe Aditya Birla Group to the world’s top carbon blackproducer, was made at Rs 3937 crore.NBRI’s Global Aliance: The Lucknow-based NationalBotanical Research Institute has entered into a globalalliance with the Indian subsidiary of US-based ProterraInternational for developing bio-fertilizers from organicwaste.Moser Baer Solar Ltd: Moser Baer Solar Ltd has signedan agreement with Munro Solar for the distribution of itssolar photovoltaic modules in the United States.Aecom Buys Green Building Firm in India: AecomTechnology Corp., a US-based technical and supportservicescompany, has acquired Spectral ServicesConsultants for an undisclosed sum. Spectral is aDelhi-based mechanical, electrical and plumbinggreen-building consultant; its projects include DelhiInternational Airport and the TCS office complex inAhmedabad.Mindlance opens Chennai Office: Mindlance, a NewJersey-based IT infrastructure service provider, is settingup an office at Chennai, as a part of its ongoingexpansion in India.PE Investment: The investment of $500 million in Indiansteel pipe manufacturer Welspun group, by US-basedApollo Global Management, clearly indicates that Indiais an unavoidable destination for global private equitymajors.Carlyle invests in Visen Industries: International assetmanager, The Carlyle Group, has invested $25 millionin emulsion manufacturer Visen Industries through anaffiliate.Foreign investments in Indian MFs: India has allowedforeign investors other than FIIs and NRIs to invest upto $10 billion in equity schemes of Indian mutual funds.The $10-billion investment ceiling is meant for a newcategory of qualified foreign investors or QFIs. Thesecover individuals, companies and pension funds thatare neither Non-Resident Indians (NRIs) nor ForeignInstitutional Investors (FIIs) and their sub-accountsregistered with SEBI.Zydus acquires US pharma co: Ahmedabad-basedZydus Cadila is acquiring a US-based generic pharmacompany for $60 million, which also includes purchaseof two generic drugs – Micro-K and Potassium ChlorideER capsule products.Mahindra Aerospace: Mahindra Aerospace Pvt. Ltdis scouting for a technology partner to make aircraftcomponents at its proposed plant in Bangalore. Theirfocus is on an expedited certification process, equityas well as technical collaboration.IBF Members In The NewsDr Reddy’s Labs: Dr Reddy’s Laboratories has launchedthree generic drugs in the US market. The drugs areused to treat central nervous system disorders andwere all approved by the US drug regulator recently.Jubilant drug discovery pact: Jubilant DiscoveryServices Inc., a US based subsidiary of Jubilant LifeSciences Co, has entered into a drug discovery alliancewith Janssen Pharmaceutica N.V. to deliver preclinicalcandidates to Janssen. The alliance is set to span aninitial period of 3 years and will focus on multiple targetsin neuroscience.TCS to Boost US Staff: Tata Consultancy ServicesLtd. expects to hire more than 1,200 Americans thisfiscal year through March 2012 to diversify its talentpool as well as counter anti-outsourcing sentiment inthe US. Tata Consultancy, India’s largest outsourcingcompany by sales, has nearly 1,900 local employeesin the United States.Communiqué July 2011 | 67