There are big news and variety of achievements appearing almost daily in media. India is on go. We pray this Diwali that it continues.
‘The Nasdaq is all lit up in New York. The world’s most cited market index is celebrating Diwali by lighting up its building in Indian colours amid the razzle-dazzle of Times Square, part of the increasing attention towards India and its economic and cultural advance in this part of the world.’
On a single day, October 18, 2006, many things happened.
In the biggest overseas acquisition attempt by an Indian company, Tata Steel offered $7.64 billion (around Rs 34,500 crore) in cash for buying Corus, the UK’s largest steel company with a production capacity of 18 million tonnes a year. If the acquisition materialises, Tata Steel can become the world’s sixth largest steel company from its existing ranking of 56.
The Videocon led-consortium agreed to pay Daewoo’s creditors $700 million (around Rs 3,220 crore) for the ailing company. RHJ International is the holding company of the US buyout fund Ripplewood. Daewoo has access to high-end technology for LCD and plasma televisions, which are fast replacing cathode-tube televisions in most countries. Daewoo operates six plants in South Korea and 18 overseas units. Its assets totalled 1.65 trillion won ($1.7 billion) at the end of 2005.
Glenmark Pharmaceuticals licensed the German major Merck to develop a diabetes drug. The deal earns ¤190 million (Rs 1,077.5 crore. More than the earning, the deal is a significant milestone of India’s pharmaceutical sector. Is it not an achievement of the R&D capability of the Indian company?
Nokia, convinced of the huge telecom market of India may soon have a second manufacturing facility in Kolkata after thee first one in production in Chennai. Nokia Siemens Networks, a 50:50 joint venture between Finnish multinational Nokia Corporation and diversified conglomerate Siemens of Germany will set up the facility and invest close to Rs 1,600 crore in stepping up all operations in Kolkata.
National Knowledge Commission (NKC) proposed to connect 5,000 entities -universities, academic institutes, research and development labs and libraries, under the project, titled ‘Knowledge Network’.
And finally a news item from US heartens me, as it symbolizes the grit of Indians who can excel in all odds.
Gujaratis, mainly Patels, own 21,000 of the 53,000 hotels and motels (more popularly known as Potels) in the US. It makes for a staggering 42% of the US hospitality market, with a combined worth of $40 billion. Asian American Hotel Owners Association, which has 9,000 members and 90% of whom are Gujaratis, says Indian-American hoteliers pay $700 million in taxes every year and create a million jobs.
Corus Board proposes Tatas’ takeover offer
DUBAI, OCTOBER 19: Indians are among the top property investors among non-Arabs in Dubai following the British nationals who top the list.
Unit of India’s IFGL Refractories buys Goricon
Jindals set to aquire Thai steel major
Indian Steel Maker Is Ready to Acquire Much Larger British Rival
Tatas to pay $1 bn cash, Corus backs bid