ICICI Bank, HUL among world’s best cos for leaders

New York: Indian private sector lender ICICI Bank and global consumer goods giant Unilever’s India-based subsidiary have been named in a list of world’s 10 best companies for leaders.

The list, compiled by business magazine Fortune, is topped by global technology giant IBM. Proctor & Gamble has been ranked second, followed by General Mills and McKinsey at third and fourth position respectively.

Fortune said the list has been compiled by ranking the most successful businesses that are the best at developing employee talent.

With a revenue of $7.4 billion and 36,335 employees, ICICI Bank has been ranked at the fifth position. Hindustan Unilever, the Indian arm of Unilever, has been ranked 10th.

About ICICI Bank the magazine said, “ICICI doesn’t just have recruiters trolling for talent outside of the company; it also has 600 employees who act as talent scouts internally, identifying coworkers with leadership potential.”

The internal recruiters tap 5,000 candidates a year, adding that these trainees are the only employees who get company stock options, the magazine said.

Hindustan Unilever, which has 15,000 employees, likes to think of itself as a talent factory. And with more than 1,000 alumni sitting on boards globally, it can certainly make a strong case for that, the magazine said.

Bureau Report

Yamaha India sales jump 84 percent in June

The Indian arm of Japanese two-wheeler maker Yamaha Wednesday said its sales jumped 84.3 percent in June to 17,878 units as against 9,699 bikes sold in the like period last year.
“We are thrilled with our performance as we notch up increased sales month-on-month this year. Our focus on quality and superior bikes has clearly paid off,” Yukimine Tsuji, chief executive and managing director of India Yamaha Motor Ltd, said in a statement.

The company, which entered the Indian market in 1984, currently offers 10 models in its line-up and has manufacturing facilities in Uttar Pradesh and Haryana.

Anil Ambani-owned Reliance Mobile to launch ‘Wolverine’ game

New Delhi, June 18 (IANS) The Anil Ambani-owned Reliance Mobile will launch Friday a game based on Hollywood movie “Wolverine” on its R-World value-added services platform, the company announced Thursday. Wolverine is a fictional super hero, who appears in comic books published by Marvel Comics.

The new movie will be released in Indian theatres Friday. The role playing game developed by the Indian arm of Electronic Arts (EA), the US-based developer of video games, will enable players to get into the shoes of the protagonist Wolverine and avenge the death of his girlfriend.

Apex court questions bail for murder suspects

New Delhi, May 27 (IANS) The Supreme Court Wednesday sought the Uttar Pradesh government’s response to the grant of bail to the alleged killers a top official of the Indian arm of Italian business firm Graziano Transmissioni.

A vacation bench of Justice Markandey Katju and Justice Deepak Verma issued notice to the Uttar Pradesh government on a lawsuit by the Greater Noida-headquartered firm, challenging the grant of bail to the six accused persons involved in killing the CEO, Lalit Kishore Chaudhary.

Chaudhary had been bludgeoned to death Sep 22 last year by a 200-strong mob of dismissed workers which had barged into the company premises and indulged in large-scale violence.

The violence had resulted in injuries to around 40 executives and workers of the firm. The dismissed workers were demanding they be reinstated.

While seeking the state government’s explanation as to why the bail granted to the six accused persons should not be cancelled, the apex court bench, however, refused to stay the Allahabad High Court order for the bail.

The six accused, who were granted bail May 19, are Kailash Chand, Jaswant Singh, Pankesh Kumar, Jogendra Singh, Rajendra and Komal Singh.

Challenging the grant of bail by the high court to the six, the company contended that bail should not have been granted when the accused have been charged with heinous offences punishable with death or life imprisonment.

Appearing for Graziano, senior counsel Siddharth Luthra argued that the high court had erred in freeing the accused on bail as the seriousness of their offences that included murder cannot be ignored.

He also criticised the high court order, saying that it granted bail despite apprehensions that the accused might tamper with evidence and try to influence witnesses after their release.

Luthra also argued that after their release, the six accused would also instigate other workers of the firm to resort to agitation.

He said the high court had ignored the fact that the accused in order to pressurise the management to concede their demands had taken started rioting and brutally killing the CEO while injuring 40 others.

SBI sanctions Rs 10000 crore loan to Vodafone

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SBI sanctions Rs 10000 crore loan to VodafoneState Bank of India, the country’s top lender, has agreed to lend Rs 10,000 crore to Vodafone-Essar, the Indian arm of UK-based telecom firm Vodafone Group to finance the company’s entry into 3G (third generation) telecom services and expansion of its operations.

According to sources, the five-year loan carries an interest rate of 13.25 per cent for the first two years; thereafter, it will be re-adjusted on the basis of the average prime lending rate.

The company intends to use the funds for network rollout, broadband operations, and to pre-pay part of its previous debt.

Vodafone, which has a pan-india licence, already has Rs 10,040 crore of debt on its books as on March 2008, and the fresh borrowing would take its combined loan exposure to around Rs 20,040 crore.

Vodafone Essar, the second largest mobile player in the country, added 2.85 million users in March, more than 2.81 million new subscribers added by leader Bharti Airtel.

Pfizer offers to boost stake in Indian arm

NEW YORK, April 12 (Reuters) – U.S. drug maker Pfizer Inc (PFE.N) offered on Sunday to pay about $136 million to boost its stake in its Indian arm Pfizer Ltd (PFIZ.BO) to 75 percent.

Pfizer — which announced plans to buy rival Wyeth (WYE.N) for $68 billion earlier this year — said it will launch a tender offer to buy a 33.77 percent stake in the Indian business at a price of 675 rupees per share.

The offer represents a premium of more than 8 percent to the April 9 closing price for Pfizer Ltd.

Pfizer already owns 41.23 percent of the Indian company. It expects the offer, which is subject to regulatory approvals, to open in June. (Reporting by Michael Erman; Editing by Muralikumar Anantharaman)

Novartis To Raise Its Stake In Indian Arm To 90%; Stock Surges 20%

Swiss drug manufacturer Novartis AG made an open offer to purchase an additional equity stake of 39% in its Indian arm Novartis India Ltd. for a total value of up to Rs 440 crore.

The parent company would buy back the shares from public shareholders at INR351 a share.

After the successful completion of this offer, Novartis will hold 90% stake in the Indian arm from the current 50.9%.

Novartis AG made the offer at a premium of 27% to Novartis India’s closing price of Rs 275.6 on March 24.

The offer for these shares is likely to open in May 2009, and is subject to regulatory approvals.

At 1:35 p.m., shares of Novartis India surged 20% to trade at Rs 330.70 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 13,844 at the BSE. Current EPS and P/E ratio stood at 32.73 and 10.10 respectively.

Volvo India takes up rigorous cost cutting measures

Bangalore, Mar.11 (ANI): As growth slows down, Volvo India, the Indian arm of Sweden-based heavy bus and coach manufacturer, has resorted to rigorous cost cutting measures.

“Recession has affected everyone and Volvo buses is no different. High growth rates which were there six months back …more or less disappeared, financing is not available to customers and if it is available it is available at very high interest rates,” Akash Passey, Managing Director of Volvo Bus India Private Limited, said here on Tuesday.

He also said that Volvo was eyeing orders from the public transport undertakings.

“The central and state governments are taking very good measures to change and upgrade…especially the Urban Development Ministry to change urban transport. With that in mind we feel that if that business…to come in we could end up the year with the 20 to 25 percent growth in volume in 2008,” added Passey.

He further added that Volvo Buses India sold 440 buses in 2007-2008, up from 200 a year before. (ANI)