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The Indian Economy (Page 20)

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Posted: 17 September 2008 at 4:10pm | IP Logged

Metals Magnate Laxmi Mittal
"We Are Not Just Going To Spend Millions."
A 58-year-old billionaire is one of the world's best-known business people. Indeed, since Mittal Steel's protracted takeover of the Luxembourg steelmaker Arcelor in 2006 ' one of the biggest corporate spats in Europe in memory ' even the smallest pronouncement from Mittal has become front page news, while in India he is lionised for showing the rest of the world what its inhabitants are capable of.
He is the world's fourth-richest man, according to Forbes magazine, with a fortune estimated at $45bn. Most of this is derived from his 44 per cent shareholding in his company, of which he is also chairman and chief executive. Mittal has built up this company which is three times bigger than its closest rival from virtually nothing over 30 years. Even a decade ago, considered by most commentators a business graveyard, makes the scale of his corporate rise unparalleled.And though this week it emerged that he was sitting on paper losses of more thatn $100 million on the struglling hedge fund RAB Capital, even these will not make much of a dent.
His family includes his wife Usha, his son Aditya and daughter Vanisha, and their spouses. Aditya, in his early 30s, is Mittal's main confidante in the company as chief financial officer. And Mittal rarely takes action without the approval of Usha, whom some regard as having almost as big a behind-the-scenes influence on ArcelorMittal as her husband.
Describing the late 1960s: 'What we had then', Mittal recalls, 'was far from Formula One. We had old-style cars ' modified Ambassadors ' which myself and my friends used to race around a deserted airstrip. I still have some of the trophies from those days.' His father Mohan ran a small steel business. Inspired by this but splitting away completely in a business sense from his father in the mid 1970s. He developed from a small plant in Indonesia, before moving into Europe in the 1980s, central Asia in the mid 1990s and the US in 1998 through the acquisition of Inland Steel. Today, Arcelor-Mittal has plants on six continents and more than 300,000 employees.
India itself is a place of so many cultures and so many different languages and classes. From north to south you can see a big difference in terms of education, standard of living, that definitely helped. You become much more open to working with different cultures. In ArcelorMittal it was very important to convey that there no taboos of nationalities or culture, talent and skills are respected.
It turns out Mittal is famous for buying his Kensington Palace Gardens house in 2004 for '57m. how Mittal looks back at his remarkable rise. The biggest happiness he felt in his life was the day in 1980 when he had his first $1m in the bank, a result of the Indonesian business.

 


 



Edited by jagdu - 17 September 2008 at 4:10pm

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Posted: 18 September 2008 at 12:53pm | IP Logged

Tata Executives to Discuss Alternative Factory Site
Tata Motors Ltd. led by MD Ravi Kant are coming to Karnataka on Wednesday, and on Thursday a meeting is scheduled with the chief minister, per state officials.
ArcelorMittal to Reduce Output
The world's largest steelmaker by output, is ready to cut production by 15% or more in response to weaker demand. Aditya Mittal, CFO, believes this cutback is temporary. This will occur during the 4th quarter and he expects to normalize production levels at the begining of 2009. He says the first thing you do when you do a production cut is try to reduce the level of exports. He expects the credit crisis might propmpt customers to cancel orders. AM is prepared to extend credit, but none of the customers availed of it. From a customer point of view, the steel company does not feel a credit crunch.
Why the nuclear deal is good for India: Bush administration worked with the IAEA to include language in its agreement affirming fuel supplies to India that would be unemcumbered and unimpeded. And at the same time, the Bush administration worked with the NSG to ensure that there would not be an automatic cutoff in the event of a resumption of Indian nuclear testing. Instead, the Bush administration convinced the NSG only to convene to discuss what to do in the event of a resumption of Indian nuclear testing. The government of India has been very clear in saying that the suspension of fuel supplies at its power plants would be grounds for removing Indian facilities from the IAEA safeguards agreement.
Congress will approve the deal and reaffirm the conditions that it has already set to try to control downside risks relating to proliferation, but considerable damage has already been done in undermining legislative intent in the IAEA and the NSG, so Congress is now in between a rock and a hard place. The Bush administration did not follow through as the Congress had wanted, A lot of damage has already been done.
General Electric is now the only U.S.-owned company that makes nuclear power plants. General Electric would be constrained from building power plants in India unless the Indian government passes liability waivers to cover the huge expense of a nuclear accident, and this is not easy for the government of India to do because of the terrible industrial accident in the city of Bhopal in India in 1984, at a Union Carbide insecticide plant, in which perhaps 20,000 Indians died.
U.S.-India Business Council, when it was pushing hard for this deal, claimed that there would be 27,000 new jobs created annually in the nuclear industry in the United States, which is pure fantasy. There's only one U.S.-owned company that builds power plants, and it's likely to be shut out of the Indian market unless the government of India passes liability waivers in the event of nuclear accidents.


 



Edited by jagdu - 18 September 2008 at 1:37pm
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Posted: 19 September 2008 at 11:19am | IP Logged
Indian police battled suspected Islamic militants holed up in a house in the country's capital Friday, killing two and arresting one before the others escaped, police said. The gunbattle in a southern part of sprawling New Delhi put the city back on edge days after five coordinated bombings in the capital's markets killed 21 people, attacks credited to homegrown Islamic militants.
%5bBystanders%20fumble%20and%20fall%20as%20they%20try%20to%20run%20away%20from%20the%20site%20of%20the%20gunbattle.%5d Bystanders fumble and fall as they try to run away from the site of the gunbattle. A senior New Delhi police officer, Karnal Singh, told reporters at the scene of Friday's firefight in the Jamia Nagar neighborhood that there were five gunmen. Two were killed, one was arrested and two escaped, he said. Police spokesman Rajan Bhagat said two policemen were wounded in the fighting. Soon after the gunbattle broke out around noon Friday, scores of police officers, many in riot gear, could be seen fanning out through Jamia Nagar, a leafy lower middle-class neighborhood. The scene was chaotic with authorities trying to get civilians out of harm's way while subduing the militants.

A group calling itself the Indian Mujahideen has claimed responsibility for the New Delhi attacks. India has routinely blamed Pakistan or Bangladesh-based militant groups for dozens of attacks in the last three years. But as the death toll has mounted this year, evidence has pointed to the involvement of Indian Muslims, raising difficult questions for the government about growing anger among India's large Muslim minority.

On Wednesday, Prime Minister Manmohan Singh made a rare acknowledgment that Indians and not foreign Islamic groups may have been behind the New Delhi attacks, but cautioned the country's security services were facing "vast" intelligence gaps.

Several alleged SIMI activists have been rounded up in recent months, but police have made little apparent headway in finding those behind the attacks. Authorities believe the Islamic militants aim to spread fear among ordinary Indians and provoke violence between the country's Hindu majority and Muslim minority. Relations between Hindus, who make up more than 80% of India's population, and Muslims, who account for about 130 million of India's 1.1 billion people, have been relatively peaceful since the bloody partition of the subcontinent into India and Muslim Pakistan at independence from Britain in 1947.



Edited by jagdu - 19 September 2008 at 11:21am
kalki2007 Coolbie
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Posted: 23 September 2008 at 7:25am | IP Logged

thanks for the info

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Posted: 23 September 2008 at 1:30pm | IP Logged
Spielberg, India's Reliance to Form Studio
The principals of Dreamworks SKG have completed a long-anticipated deal with one of India's largest entertainment conglomerates to set up a new $1.2 billion film company. Mumbai based Reliance ADA Group will invest $500 million in equity and provide another $700 million in debt through JP Morgan Chase & Co. to begin a marraige between some of Hollywood's biggest names and an Indian conglomerate.
As India's Election Nears, Anti-Christian Violence Picks Up
Anti-Christian violence that started in a remote corner of Eastern India last month is now in Karnataka state that is home to India's high technology capital of Bangalore where 17 attacks have been reported. Christians who make up roughly 2% of India's population expect the number of attacks to escalate.
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Posted: 24 September 2008 at 1:13pm | IP Logged

MUMBAI, India -- Harry Potter, make way for Hari Puttar.

"Hari Puttar" is set to hit Indian cinema screens this week after a court in New Delhi rejected a suit by Time Warner Inc.'s Warner Bros. unit that claimed the name was too close to its Harry Potter series.The court said people who have watched the Harry Potter movies and read the books would know the difference between that and an Indian Punjabi film called "Hari Puttar -- A Comedy of Terrors." 
Despite a legal challenge, the film 'Hari Puttar' will open this week in India.
The producers, Mirchi Movies, said the movie bore no resemblance to the famous boy-wizard franchise. Hari is a common name in India and Hindi for God, while "puttar" is Punjabi for son.The producers, Mirchi Movies, said the movie bore no resemblance to the famous boy-wizard franchise. Hari is a common name in India and Hindi for God, while "puttar" is Punjabi for son.
Despite a legal challenge, the film 'Hari Puttar' will open this week in India.
The producers, Mirchi Movies, said the movie bore no resemblance to the famous boy-wizard franchise. Hari is a common name in India and Hindi for God, while "puttar" is Punjabi for son.They clearly great to have won this case per Munish Purii, Mirchi's chief executive said."Hari Puttar" is not a tale of magic, but the story of an Indian boy and his cousin forgotten at home in Britain where his family has recently moved, in a plot more reminiscent of the film "Home Alone." In the Indian film, 10-year-old Hari Puttar must guard his scientist father's top-security computer chip from bumbling burglars, while his parents are away.


 

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Posted: 26 September 2008 at 11:52am | IP Logged

Honda Seeks to Boost Auto Sales in India
Auto makers have looked to hot markets like India to help pick up the slack and introduced the new model to help lift Honda's India sales above those of last year. In India, auto sales fell in August from a year earlier, marking the second monthly fall in a row. Even in India, they are not immune to the cyclical nature of the economy. Investors have been very nervous about near-term prospects of the Indian automobile market. India's slowdown is temporary. It's sure to bounce back in the next few months. Although Honda dominates the motorcycle market in India, the Japanese company doesn't offer any models in India's small-auto segment, which makes up the vast majority of car sales.

 India relaxes restrictions on foreign media
A significant obstacle to international publishers' investment in India has been lifted with the Congress party-led government saying it would allow foreign current affairs magazines to print local editions in the country.
Curbs on ownership remain, with foreign media companies limited to stakes of no more than 26 per cent in Indian publishing ventures.Though India's media industry, especially broadcasting, is booming, the government has been highly restrictive of foreign participation.The liberalisation, which the ministry of information and broadcasting argued would help Indians better understand global events and make foreign news more affordable, did not extend to newspapers.International media, impatient with the slow pace of reform, have turned to electronic media as an alternative to a print presence in India.

 


Edited by jagdu - 26 September 2008 at 12:33pm
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Posted: 28 September 2008 at 1:05am | IP Logged
NUCLEAR DEAL PASSES US CONGRESS
WASHINGTON -- The House voted overwhelmingly Saturday to approve a landmark pact that would allow the U.S. to provide nuclear materials to India. The deal still faces obstacles in the Senate, making prospects uncertain for passage before President Bush leaves office in January. Senate Majority Leader Harry Reid (D., Nev.), a supporter, promised a Senate vote on the accord in the week ahead, possibly Monday.

Hoping to raise pressure on that chamber, Mr. Bush quickly issued a statement praising House passage and prodding the Senate to do the same thing. "I urge the Senate to quickly take up and pass this important piece of legislation before their October adjournment," the president said. "Signing this bipartisan bill will help strengthen our partnership with India."

The House approved the measure 298-117 without debate in an unusual Saturday session, held as lawmakers try dealing with the financial crisis and wrapping up the year's business. The accord reverses three decades of U.S. policy by shipping atomic fuel to India in return for international inspections of India's civilian reactors. Military reactors would not be subject to examination.

Supporters say it would bring India's atomic program under closer scrutiny. Critics say it would boost India's nuclear arsenal and spark an arms race in South Asia. House Speaker Nancy Pelosi (D., Calif.) said the measure "furthers our countries' strategic relationship while balancing nuclear nonproliferation concerns and India's growing energy needs."

But Rep. Ellen Tauscher (D., Calif.) said in a statement before the vote that the agreement "flies in the face of decades of American leadership to contain the spread of weapons of mass destruction."

The deal enjoys strong support from senior lawmakers in both parties. But it has stalled in the Senate because at least one lawmaker has anonymously blocked it from coming to a vote, according to congressional aides, who spoke on condition of anonymity because they were not authorized to brief reporters. Supporters warn that while Congress argues over the deal, U.S. businesses are losing opportunities as France, Russia and other countries eyed India's multibillion-dollar nuclear market.

India built its bombs outside the Nuclear Non-Proliferation Treaty, which provides civil nuclear trade in exchange for a pledge from nations not to pursue nuclear weapons. India has refused to sign nonproliferation agreements and has faced a nuclear trade ban since its first atomic test in 1974. The agreement with the U.S. has been a top priority for Indian Prime Minister Manmohan Singh.

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