Israel Aerospace Industries, (IAI) the nation’s largest aerospace and defense firm, signed three cooperation agreements with Indian companies at the Aero India exhibition held last month in Bangalore.
The agreement between IAI and India’s Bangalore-based Dynamatic Technologies Limited calls for the Israeli company to transfer technology and production capabilities to Dynamatic that will enable the production of local mini UAV systems for Indian end-users.
Separately, IAI said its Golan Industries Division, signed a memorandum of understanding with Taneja Aerospace & Aviation Ltd., based in India’s southern state of Tamil Nadu, to cooperate in the development, production, marketing and sale of civil and military aircraft crashworthy-seats.
IAI also signed a memorandum of understanding to set up a joint venture with India’s Pune-based Kalyani Strategic Systems Ltd., the defense arm of Kalyani Group. As part of the accord, IAI and Kalyani will together aim to expand their activities in the Indian defense market and to build, market and manufacture air defense systems and ground-to-ground and ground-to-sea munitions, reports the Times of Israel.
March 25, 2017 No Comments
Flipkart Private Ltd, the Singapore-based holding company of India’s e-commerce marketplace Flipkart, based in Bangalore, closed a $1.4 billion funding round with backing from Chinese Internet giant Tencent, eBay, and Microsoft. Post funding, the valuation of India’s most highly valued startup is now $11.6 billion from a previous high of $15 billion. The investments will give Flipkart a possible entry into the peer-to-peer e-commerce market.
eBay will sell its Indian business to Flipkart in part exchange for an equity stake; however, it will continue to operate as an independent entity. Tencent, a leading provider of internet value-added services, will become a “strategic investor”, bringing experience in linking social networking, and e-commerce reports CNBC.
“This deal reaffirms our resolve to hasten the transformation of commerce in India through technology,” co-founders Sachin Bansal and Binny Bansal said in a press release.
March 23, 2017 No Comments
Even as they downsize their retail operations worldwide, Barclays Plc, Credit Suisse Group AG, Standard Chartered Plc and Citigroup Inc., are among global financial firms looking to add office space in India.
Barclay Technologies Center India Ltd, an offshore unit of the London-based financial services firm, is planning to add 100,000 sq. ft in Pune, 90 miles east of Mumbai, where it currently operates. At Panchshil Realty Ltd’s IT parks in Pune, approximately 35% of the total space is occupied by the captive technology businesses of Deutsche Bank AG, MasterCard Inc. and Credit Suisse, while Swiss bank UBS leased around 400,000 sq. ft at K Raheja Corp.’s IT park at Navi Mumbai.
“Captive banking, financial services and insurance clients, which were outsourcing earlier, prefer to do the work themselves, given the cost optimization. Instead of paying third-party operators, it’s better to have your own offshore unit,” said Gautam Saraf, managing director (Mumbai region), of global property consultant Cushman and Wakefield.
Mike Holland, chief executive officer of Embassy Office Parks, Bangalore said, “The BFSI industry is a strong demand driver, especially in Pune and Bangalore. We are also doing transactions in Chennai and Hyderabad in that segment.”
March 22, 2017 No Comments
Sunnyvale, California-based storage and data management company NetApp opened a Global Center of Excellence in Bangalore. The 12,000-square-foot data center and engineering laboratory on a 15-acre campus incorporates one million square feet of work space. The new facility incorporates the company’s first startup accelerator program called “Escape Velocity” that will foster technology startups and expand the Data Fabric ecosystem.
NetApp CEO George Kurian said, “Our continued investment in India, with its highly skilled talent, collaborative government, and global business partners, strengthens our ability to succeed in the new era of hybrid cloud.”
Deepak Visweswaraiah, managing director of NetApp India and head of NetApp’s worldwide Data Fabric and Manageability Group, stated, “As we evolve our Data Fabric approach, the Escape Velocity program will help to share our technology expertise and business acumen with innovative startups, which will add to the robust cloud data management ecosystem our customers need.”
March 18, 2017 No Comments
March 1, 2017 No Comments