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Pvt equity pours money into primary healthcare
Obama cuts short holiday in last push to avert ‘fiscal cliff’
Ratan Tata hangs up his boots today after 21 years at the top
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India ranks a low 40th among 50 most dynamic economies
IKEA insists on cabinet approval for its entire range of products
Voda bets big on data services in Punjab
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Pvt equity pours money into primary healthcare
Mumbai, December 27 Goldman Sachs Group Inc, Warburg Pincus LLC, Sequoia Capital and the Government of Singapore Investment Corp are among investors that pumped US $520 million into India's basic healthcare industry this year, compared with $137 million in 2011, according to Thomson Reuters data. Some analysts predict investment will surpass $1 bn in 2013. Organized healthcare providers including Apollo Hospitals Enterprise Ltd and Fortis Healthcare Ltd are betting that growing numbers of patients will be willing to pay two or three times more for better-equipped clinics - all under a model that can be replicated fast and offers investors the potential for quick returns. "The family doctor concept is slowly phasing out as migrants in cities look out for a brand rather than visiting a general physician next door," said Santanu Chattopadhyay, CEO of NationWide Primary Healthcare Services, in which US-based Norwest Venture Partners has invested $4.6 million. The opportunity is vast: The unorganized primary healthcare system is worth $30 bn and is growing at least 25% a year. The challenge will be convincing the sick to give up their trusted family doctors. The country's primary healthcare sector will draw at least $1 bn annually in private equity investment over the next couple of years, said Shantanu Deb Mookerjea, executive director at Mumbai-based advisory firm LSI Financial Services. "Single-speciality chains and diagnostic laboratories will be the game changer," he said, adding that they are easy to set up and expand to suit demand. Another attraction is that primary healthcare providers such as outpatient clinics and diagnostic centres are not capital-intensive, so investors don't have to write out big cheques. Also, unlike many restrictive Indian industries, from insurance to real estate and telecoms, there are no limits on foreign ownership in healthcare. — Reuters |
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Obama cuts short holiday in last push to avert ‘fiscal cliff’
Washington, D.C., Dec 27 Markets around the world awaited action in Washington to prevent tax hikes on nearly all Americans and the deep automatic government spending cuts due to kick in at the beginning of next month that could push the US economy back into recession. Such action, however, remained far from certain, with Republicans and Democrats each insisting the other side move first amid continuing partisan gridlock. The US Senate was scheduled to meet later on Thursday but on matters unrelated to the "fiscal cliff." — Reuters |
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Ratan Tata hangs up his boots today after 21 years at the top
Mumbai, December 27 Marking a generational change, Tata, who turns 75 tomorrow, will hand over the reins of the group to 44-year-old Cyrus Mistry, who was chosen his successor last year and formally appointed chairman earlier this month. Tata is hanging up his boots after steering the group for 21 years as its chairman, when he succeeded the legendary JRD Tata. While JRD made Tata the chairman out of the blue in 1991, Mistry of the Shapoorji Pallonji group and whose family owns 18 per cent stake in Tata Sons, was chosen by a five-member selection committee. During Tata's tenure, the group's revenues grew manifold, totalling $100.09 billion (around Rs 475,721 crore) in 2011-12 from a turnover of a mere Rs 10,000 crore in 1991. His vision to transform the group into a multinational giant resulted in high profile acquisitions such as Tata Tea's takeover of UK brand Tetley for $450 million in 2000. But Ratan Tata set new standards for the Indian corporates in the current era of globalization when Tata Steel acquired Anglo-Dutch rival Corus for £6.2 billion beating CSN of Brazil in 2007. A year later, the group's automotive firm Tata Motors lapped up British luxury vehicle maker Jaguar Land Rover for $2.3 billion from Ford Motor Co. Even as Tata was concentrating on activities abroad, he came up with the idea of producing the world's cheapest car when he conceived the 'Rs one lakh' small car Nano. The Tata group underwent moments of high tension in executing the Nano project when it got into problems on acquisition of land in Singur in West Bengal. Under Tata, the group also made great strides when it capitalized on the sunrise industry of information technology in the 1990’s. With revenues of over $10 billion in 2011-12, TCS is today India's largest IT company. For all his achievements, Tata describes his half-a-century with the group modestly as "a journey of great learning". — PTI
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India ranks a low 40th among 50 most dynamic economies
New Delhi, December 27 According to Grant Thornton's Global Dynamism Index (GDI), India was ranked 40th among 50 economies, which were analysed on 22 indicators of dynamism. They were done across five categories: business operating environment, economics & growth, science & technology, labour & human capital and financing environment. The GDI Index defines dynamism as the changes to the economy which have enabled recovery from the 2008-09 economic recession and are likely to lead to a fast rate of future growth. Singapore has emerged as the most dynamic economy in the world, followed by Finland in the list, Sweden was ranked third, Israel (fourth), Austria (fifth), Australia (sixth), Switzerland (seventh), South Korea (eighth), Germany (ninth) and the United States (10th). However, in terms of economics and growth, India was ranked as high as fifth, behind Argentina, China, Uruguay and Chile. "Despite recent signs of a slowdown, emerging markets look set to dictate the pace at which the global economy will expand, at least in the medium term. Considering the magnitude of economic growth and development in the recent years, the strength of India's economy has become increasingly important to the health of the global economy," Grant Thornton in India national managing partner Vishesh Chandiok said. In terms of other parameters, India fared badly. Out of 50 countries, India was ranked 46 for its business operating environment and sits at number 43 when it comes to financing environment. In terms of labour and human capital, India emerged as the 33rd best economy in the world, while in terms of science and technology, it was placed 37th on this measure of dynamism. The GDI Index model was developed by the Economist Intelligence Unit (EIU). Chandiok added: "The recent reform steps taken by India — opening up of FDI in the organized retail, aviation and broadcast sectors, and announcement of a new manufacturing policy being the major ones — are expected to shore up the momentum of growth in the near term...." — Reuters |
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IKEA insists on cabinet approval for its entire range of products
New Delhi, December 27 "The IKEA Group must have the ability to retail its entire range of products in India as is being done globally in every country, where IKEA stores are located. This is as per the IKEA concept," a company spokeswoman said. She said the IKEA Group has clarified to the Indian government on the categories of products that it can sell here based on its global concept and range. "It is not the intention of IKEA Group to seek a general or broad approval for a wide variety of products. We are true to our application that we submitted in June 2012 and we have not submitted a fresh proposal," the spokeswoman added. In that application the company had proposed to invest Rs 10,500 crore over a period of time by set up 10 furnishing and homeware stores as well as allied infrastructure over 10 years in India. Subsequently, it plans to open 15 more stores. The FIPB had, however, in its November 20 meeting cleared investment of only Rs 4,200 crore by IKEA and forwarded the proposal to Cabinet Committee on Economic Affairs (CCEA) for consideration as proposals of FDI over Rs 1,200 crore requires CCEA nod. "The IKEA Group is confident that the Indian government will support IKEA's application as per the IKEA concept and IKEA respects the Indian government's efforts in this process," she said, adding the group is now waiting for the approval from the CCEA. — PTI |
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Voda bets big on data services in Punjab
Chandigarh, December 27 Called Vodafone ROTO stores, this first-of-its-kind retail initiative in the telecom sector will provide the visitors an experience of the high speed data download offered by the cellular operator. These stores will go beyond being service centres by offering an engaging experience of its data services on smartphones installed there. The first of these Roto stores will be set up in Ludhiana, Chandigarh and Amritsar, of the total 10 stores to be set up across the country. Asit Shekhar, business head for Punjab,Jammu & Kashmir and Himachal Pradesh circles, Vodafone India, said the idea was to increase the share of revenue coming from data services. As of now 6.3% of total revenues in the Punjab circle comes from data for Vodafone. “We plan to increase this substantially during the coming year. Almost 26% of our 4.45 million subscriber base, use data services and the number of mobile data users are increasing five times that of voice users. By offering high speed on data, we intend increasing our revenue. As against the general speed of 80-90 kbps on a 2G network, we are offering a speed of 140 kbps,” he said. Vodafone is now the third largest cellphone operator in the state and its revenue share from the Punjab circle is increasing. It will be adding more sites to its existing 4,300 sites across the state. |
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