Category — Foreign Companies in India

KKR Invests $50 Million in India’s Walchand Nagar Industries

New York City-based private equity firm KKR & Co., will invest $50 million (Rs 300 crore) in Mumbai-based Walchand Nagar Industries, one of India’s oldest business groups.
KKR has so far deployed around $4 billion in structured financing to business groups in India over the past seven years, and has invested approximately $2.5 billion in 12 private equity transactions since 2006. The company’s India strategy has been predominantly into partnership deals and it has developed a niche structured-credit platform, in India.
KKR Logo

The deal will help Walchand retire some of its bank loans, besides providing capital to drive growth. The funds will also be used for expansion of its defense business, reports the Economic TimesWalchand Nagar Industries has a strong presence in India’s defense, aerospace, and nuclear industries, and, according to its website, it works closely with India’s Defense Research and Development Organization, and Space Research Organization.

May 22, 2017   No Comments

GM Makes India an Export Hub

While closing down sales of its automobiles in India, Michigan-based General Motors will continue making vehicles in India, primarily as an export hub for Mexico, Central America and South America. The company also plans to maintain its technical center, R&D facilities, and sourcing components.

“As the industry continues to change, we are transforming our business, establishing GM as a more focused and disciplined company,” GM Chairman and CEO Mary Barra said in a statement. “We are committed to deploying capital to higher return initiatives that will enable us to lead in our core business and in the future of personal mobility.”

GM Logo

In addition to ending sales in India, GM will also pull out entirely from South Africa, and the Chevrolet brand will officially exit India and South Africa by the end of 2017, reports FOXBusiness.

May 22, 2017   No Comments

India to Buy $75 Million in Chemical Warfare Armor from U.S.

The Government of India requested the U.S. Defense Security Cooperation Agency for equipment to protect its soldiers against biological and chemical warfare.

The U.S. government has approved a $75 million foreign military sale of high-tech chemical protective clothing. The Joint Service Lightweight Integrated Suit Technology consists of 38,034 each: suits, pairs of trousers, pairs of gloves, pairs of boots and NBC bags; 854 aprons; 854 alternative aprons; 9,509 Quick Doff Hoods; and 114,102 M61 filters. The entire package also includes 38,034 M50 general purpose masks.

Image of a soldier

NDTV reports that in its notification to the Congress, the Defense Security Cooperation Agency said this proposed sale will contribute to the foreign policy and national security of the United States, by helping to improve the security of a friendly country which has been, and continues to be, an important force for political stability and economic progress in South Asia.

 

May 21, 2017   No Comments

9 U.S. Companies among Top 25 Best Workplaces in India

Based on LinkedIn‘s study of actions, nine American companies are listed among the 25 most desirable companies for employees in India.

Logo of Linked in's Top Companies Where India Wants to Work

At #2 is Amazon: With more than 10,000 employees in India Amazon is rapidly expanding its Prime Video offerings in the country, investing $5 billion in 2016 with plans to double that investment in 2017.

At #3 is KPMG India: This firm operates in 152 countries worldwide. KPMG India has offices in Chandigarh, Gurgaon, Noida, Ahmedabad, Vadodara, Mumbai, Pune, Bangalore, Kochi, Chennai, Hyderabad and Kolkata.

At #7 is Adobe: India is a key innovation hub for Adobe – its biggest R&D location outside of its headquarters. Nearly 30 percent of the company’s research and development is centered in India. “We have probably grown faster in India than anywhere else in the world,” says CEO Shantanu Narayen.

At #8 is Google: The ability to download maps or YouTube clips for offline access, started in India before going global.

At #12 is Accenture: With 140,000 employees in India, Accenture recently opened a new Cyber Center in Bangalore, where clients, Accenture specialists and other industry experts from universities and beyond can uncover the next generation of security solutions and outpace cyber adversaries.

At #13 is Deloitte: In India, Deloitte offers a range of Audit, Risk Advisory, Tax, Consulting and Financial Advisory services across thirteen cities.

At #16 is Cisco: Cisco is moving beyond its core router and switching business into subscription sales and other sources of recurring revenue. These plans require robust hiring.

At #24 is McKinsey & Company: The company’s insights cover many topics from how India’s largest private bank fosters gender equality, to the state of the country’s private equity sector. More than 70 McKinsey India alumni have become CEOs.

At #25 is Oracle: The company has set up nine incubation centers to contribute to India’s booming startup culture and trains 500,000 students every year through the company’s education program.

 

 

May 21, 2017   No Comments

Global Automakers to Invest $8 Billion in India

Over the next four years, automakers will invest $8-10 billion to set up factories in India. Maruti Suzuki, South Korea based Hyundai Motor Company and Kia Motors, Chinese SAIC, Changan and Beiqi Foton, and Italy’s Fiat, are among the companies that plan to expand production in the country.

The Indian subsidiary of SAIC Motor Corp is called MG Motor India and most likely the company will roll out its first vehicle from the country late next year or early 2019, reports ET Auto.

Cars

According to industry body the Society of Indian Automobile Manufacturers, India’s passenger vehicles industry currently has a production capacity of over 5.5 million. The automotive industry, including component manufacturing, is estimated to grow to almost $50 billion in annual sales by 2026 it added.

May 20, 2017   No Comments