“While we will maintain a distinct identity between Mahindra and Ssangyong vehicles, there is a potential for sharing platforms,” Pawan Goenka, president incharge of Mahindra’s automobile and tractor business, told reporters at a news conference.

Mahindra was selected as the preferred bidder by Ssangyong’s creditors on Aug. 13 to acquire a majority stake in the Korean firm, which has been under court-led bankruptcy protection since early last year after experiencing a severe cash shortage due to a slump in sales of its mainstay SUVs.

Goenka said synergies between the two companies might help bring down vehicle development costs. He refused to elaborate on the likely deal size or on the stake it plans to buy in the Korean auto maker.

But Goenka said Mahindra may consider introducing in India Ssangyong’s new sport-utility vehicle, Korando C, which goes on sale in South Korea by December.

Ssangyong is likely to sell between 70,000 and 75,000 of its vehicles in its home market this year, more than double of the 35,000 units it sold in 2009, Goenka said.

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Above pictures courtesy: Businessweek & 4theloveofjeeps

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In an innovation increasingly evident, the government has been weaving strategy with hospitality to decide its chief guest for the Republic Day. So in the 60th year of the republic, as it gets ready to host chief guest and South Korean President Lee Myung-bak, New Delhi has given the final environmental clearance to Posco, the South Korean steel giant, to set up a $12-billion steel plant in Orissa. The project is the single biggest foreign investment in the country.

There are other reasons as well for India to extend this year’s honour to Lee. South Korea is an influential player in the Asia Pacific Economic Cooperation forum where India has a growing stake, because of which New Delhi feels the need for a greater engagement with APEC member countries.

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Pictures courtesy: Wikipedia & 26alphabets

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Often referred to as a “sleeping giant” in scientific literature, India seems to be waking out of its slumber, says a recent global research report on “Research and Collaboration in the new Geography of Science” by Thomson Reuters.

As per the report, Chemistry and Pharmacology are fast becoming the most “published” disciplines in India; USA remains its largest research partner even as South Korea is racing ahead of China to partner with India. And Japan’s University of Tokyo collaborates most frequently with Indian researchers.

If the current trajectory continues, the study estimates, India’s productivity would well be on par with that of most G-8 nations within eight years and could even overtake them between 2015-2020.

In a testament to its strength in information technology, computer science accounted for the highest increase in world publications from India between 1999-2003 and 2004-2008, increasing by more than 100%. When it comes to research, India’s strength lies in Chemistry and emerging sectors like pharmacology, microbiology and traditional agricultural sciences.

Between 1993-2003 and 2004-08:

• In Chemistry, India’s research output increased from 21,206 world publications to 33,504

• From a 2.8 per cent share of the world output in pharmacology and toxicology, India’s share is up to 4.25 per cent

• Output in engineering rose from 2.69 per cent to 3.57 per cent

• Microbiology saw publication output rise from 1.62 per cent to 2.79 per cent

Agricultural engineering, Tropical Medicine, Organic Chemistry and Dairy & Animal Science are areas of research where India is picking up well besides Crystallography and Textiles.

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Above picture source: 30yearchallenge

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South Korean Trade Minister Kim Jong-hoon and India’s Minister of Commerce and Industry Anand Sharma signed what the two sides formally called a Comprehensive Economic Partnership Agreement, but which in reality is a free trade deal.

Incheon International Airport, Seoul, South Korea

“This is a historic occasion,” Sharma said at a joint press conference with Kim.

Kim said it was South Korea’s first free trade accord with one of the fast-growing BRIC countries — Brazil, Russia, India and China. Sharma said it was India’s first comprehensive trade agreement with a major economy. Bilateral trade between the two countries reached $15.6 billion dollars last year, according to South Korea, and has been steadily growing. In 2002, it amounted to just $2.6 billion.

“We will be able to have access to one-sixth of the global market,” Kim said, adding the agreement “will open a significant opportunity as well as strengthen our relationship with India into the future.”

Sharma said the economic relationship between the two countries “has enormous potential to grow” and could double over the next 10 years.

“That’s what we will be aiming at,” he said. “This is just the beginning.”

The deal calls for abolishing or cutting tariffs for 90 percent of Indian goods in terms of value and 85 percent of South Korean products and increases investment opportunities, Seoul’s Ministry of Strategy and Finance said in a statement. It also allows for greater human resources exchange between the countries, the ministry said, paving the way for Indian computer and software experts as well as English teachers to gain access to the South Korean market.

“India has great competitiveness in terms of its IT professionals and so they will be able to come to Korea to contribute to the growth of the national economy in Korea,” Kim said. “English teachers from India will be able to contribute to the development of education in Korea as well. “

Lotus Temple, New Delhi

Major South Korean corporations such as Samsung Electronics Co., Hyundai Motor Co., LG Electronics Inc. and steelmaker Posco are already active investors in India. Negotiations for the deal began in February 2006.

Though the agreement has been signed, several steps remain on the South Korean side for it to take effect, such as ratification by the National Assembly, according to the ministry. India, however, has completed all necessary procedures for the deal to take effect, the ministry said. The latest deal highlights South Korea’s national strategy of aggressively pursuing free trade agreements.

Seoul signed a free trade deal with the United States in 2007, though it has yet to be ratified by legislatures in both countries amid political sensitivities and suspicions regarding free trade among some lawmakers. Seoul also has a free trade agreement with the Association of Southeast Asian Nations and said last month it has concluded negotiations with the European Union. South Korea’s biggest trading partners include China, the EU, the U.S., ASEAN and Japan.

Above news source: AFP

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• August 2004 – Tata Motors signs a deal to buy the commercial vehicle unit of South Korea’s Daewoo Group for $102 million.

• June 2005 – Tata Steel Ltd buys Singapore’s lone steel miller, NatSteel Ltd, for $286 million.

• July 2005 – Tata Coffee buys US-based Eight O’Clock Coffee Co for $220 million from Gryphon Investors.

• August 2006 – Telecom firm Videsh Sanchar Nigam Ltd buys US-based Teleglobe International Holdings Ltd for $239 million and completes the $130 million purchase of Tyco International’s global undersea fibre optic cable network unit.

• January 2007 – Tata Tea buys 30 per cent of US enhanced water firm Energy Brands Inc for $677 million. It sells the stake less than a year later to Coca-Cola for $1.2 billion.

• March 2007 – Tata Steel acquires Anglo-Dutch steelmaker Corus Group for $13 billion, India’s biggest overseas takeover yet.

• January 2008 – Tata Power buys stakes in Indonesian PT Bumi Resources Tbk’s two coal mines for $1.3 billion.

• February 2008 – Tata Chemicals buys US soda-ash producer General Chemical Industrial Products Inc for $1.01 billion.

Above information courtesy: Economic Times

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ICICI Bank chief executive officer K.V. Kamath has been named Businessman of the Year for 2007 by Forbes Asia, for his steadiness at steering ICICI into one of Asia’s top banks. Under Mr Kamath’s watch since 1996, ICICI Bank’s market capitalisation has risen to $31 billion, placing it among the region’s top 10 banks.“By this measure, it is bigger than Singapore’s DBS Group and Korea’s Kookmin Bank, and has attracted big stakeholders such as Singapore’s Temasek Holdings and CLSA and Merrill Lynch funds,” a press release issued by Forbes said.

Sixty-year-old Kamath’s win puts him in the company of fellow countrymen Nandan Nilekani of Infosys Technologies, last year’s winner, and Ratan Tata, the 2004 businessman of the year. His addition means three Indian executives have won the accolade in the last four years.

Forbes Asia editor Tim Ferguson said: “Kamath’s leadership has been outstanding. His focus on serving India’s growing middle class by providing First World banking service at affordable prices is largely the reason behind the phenomenal growth of ICICI Bank.”

The bank’s assets have grown 40 per cent annually in the last three years to $93 billion, propelled by a boom in Indian consumer credit where ICICI Bank has a dominant one-third market share. Last year, the bank earned $790 million on net revenues of $3.2 billion. By the end of this fiscal year, net revenues will swell to $4.3 billion.

News source: Yahoo

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