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VOLUME X NO. 12 Rs 35 JUNE 2015 AN AMAZING DECADE 2005-2015

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CONTENTS YOUR GATEWAY TO INDIA INC. JUNE 2015, Rs 35 EDITOR AMIT BRAHMABHATT ASSISTANT EDITOR SHRIVATSA JOSHI GENERAL MANAGER (Marketing) C S RAJARAMAN ADVERTISING MANAGER WILLIAM RUMAO GRAPHIC DESIGNER RENUKA SAWANT ADVISORY PANEL SHASHIKANT PATEL JITENDRA SANGHVI REGISTERED OFFICE 102, RAJASTHAN TECHNICAL CENTRE, PATANWALA ESTATE, GHATKOPAR (W), MUMBAI 400 086. INDIA PHONE: 6703 0250/6703 0251 FAX: +91 22 6703 0251 EMAIL: mail@ibj.in BUREAU CHIEFS AHMEDABAD: B D RAWAL CHENNAI: G JACINTH DELHI: RANJANA ARORA KOLKATA: DIPANKAR SEN COVER STORY: AN AMAZING DECADE 2005-2015 A walk through the bygone decade's path-breaking changes as IBJ celebrates its 10th anniversary ...............................24 ECONOMY Dramatic Developments...........26 COMMUNICATION Digital Deluge ............................36 REFORMS Staying The Course ..................28 AUTOMOBILE Racing To The Top ......................38 FINANCE RETAIL A Brave New World ...................30 Shopping For Shoppers ............40 INFRASTRUCTURE Wild Swings ................................32 SOLAR POWER Saffron Revolution ................... 42 TRANSPORTATION Printed and published by Amit Brahmabhatt for Issues Analysis and Research Pvt Ltd and published from 102, Rajasthan Technical Centre, Patanwala Estate, Ghatkopar (W), Mumbai 400 086 and printed at Graphtone (India) Pvt. Ltd., A1/319, Shah & Nahar Indl. Estate, Lower Parel, Mumbai 400 013 Processed at Graphtone (India) Editor: Amit Brahmabhatt Volume X, No 12 Issue date June 1-30, 2015 Released on June 1, 2015 EDITORIAL ASSOCIATE On A Roll .....................................34 POLITICS Paradigm Shift ............................44 Viewpoint ..........6 Modi government's maiden year News Round-Up A brief on news, tie-ups, appointments and awards ...........8 Management Mantra ..........48 People Are Key To Success: S Ganesh, CEO, Dun & Bradstreet Technologies and Data Services Global Wrap-Up ..........50 A quick round-up of news and current affairs across the world Readers' Lounge ..........52 Catch up with new book launches - Alibaba's World - The Rich - Super Economies Face To Face ..........18 Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas Corporate Reports Making A Splash: Manpasand Beverages tapping high-potential semi-urban and rural markets ........20 Wired To Win: A widely-diversified product portfolio has placed cable manufacturer Finolex ahead of competition. .......22 4 JUNE 2015 Press Trust of India MARKETING ASSOCIATE Milage ads & events SUBSCRIPTION RATES India Rs 420/- for 1 year (12 issues) Overseas Rs 1,860/- or US$32 for 1 year (12 issues) Add Rs 50/- for outstation cheques www.indiabusinessjournalonline.com Star Talk ..........54 Forecast by Bejan Daruwalla Knowledge Zone ..........56 - K V Kamath, President, BRICS Bank - Commodities Supercycle - Spiritual Corner: Worries Hot Seat ..........58 Shweta Sastri, Executive Director, Canadian International School INDIA BUSINESS JOURNAL

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VIEWPOINT A Good Beginning, But A Long Way To Go L PM Modi: Time to convert hopes into reality A major visible development over the past year has been the resurrection of the India story within and outside the country. The government has invested a lot of efforts in addressing negative perceptions. However, it is weighed down by sky-high expectations that Mr Modi had raised before assuming power. 6 JUNE 2015 ate last month, Prime Minister Narendra Modi's government completed a year in office. The maiden year, after the first 100 days, has become an important milestone to judge a government's performance. The Modi government's first year in office has to its credit a few laudable achievements and a few disappointments. More importantly, it has generated a lot of hopes for the next four years. A major visible development over the past year has been the resurrection of the India story within and outside the country. By the end of the UPA-II regime, a bleak picture had been painted. The economy was on shaky ground, corruption charges had piled up, and bureaucrats appeared reluctant to take decisions. Since Mr Modi took charge, he and his government have invested a lot of efforts in addressing these negative perceptions. The big macroeconomic picture is not too disappointing. The current account deficit has improved. The WPI-based inflation has plunged into the negative zone - this could be an area of concern if the same trend continues. The government has certainly been lucky as a collapse of global commodity prices, especially crude oil, has made it easy for the government to tame inflation, slash subsidies and contain the fiscal deficit. Absence of big-bang reforms has brought criticism to the government. However, Mr Modi's gradualist approach is pragmatic and possibly more effective in the long run in altering an economy of India's size. Natural resources like coal or spectrum have been auctioned through a transparent system. There has been an attempt to alter the dynamics of Centre-State relations. The NDA government has done well to retain the previous government's schemes on pension, health insurance, life insurance, financial inclusion, skill development and universal broadband and expand them with added political commitment and visibility. It has been astute in building on UPA platforms, like Aadhaar, and combining Aadhaar with its own version of Jan Dhan Yojana and direct transfer of cash into bank accounts to eliminate waste and corruption and usher in targeted subsidies. The Modi government's foreign policy appears to be more vigorous and innovative. With a whirlwind tour of 16 countries in the past 11 months - this has earned him the Opposition's gibes - the prime minister has gone beyond mere photo-ops and diplomatese and built personal chemistries with his global counterparts. But for all its achievements, the Modi government is weighed down by skyhigh expectations it had raised before assuming power. The mismatch between expectations and reality has returned to haunt the government. Millions of jobs that India's youth were hoping for have not been created. Distress across the farmland has only worsened. Big projects continue to be stalled, and new private investments are not forthcoming, thanks to a highly indebted India Inc. The notorious tax terrorism that was labelled at the previous government seems to have stuck on to this government too. Consider the case of MAT notices that spooked foreign investors recently. Mr Modi's leadership and governance style have also invited sharp criticism. Too much seems to ride on him and him alone. The all-powerful PMO may establish a clear line of command, but it ends up burdened with all and sundry and runs the risk of paralysing the administration. The government, undoubtedly, has turned the sentiment across the country positive. The Modi government must now get down to business in the next four years to ignite the engines of growth. INDIA BUSINESS JOURNAL

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NEWS ROUND-UP MISCELLANEOUS ment has empowered the Foreign Investment Promotion Board (FIPB) to clear foreign investments worth up to Rs 3,000 crore. Earlier, FIPB could approve foreign investment up to Rs 1,200 crore in accordance with the FDI Policy of 2014. The higher ceiling is aimed at boosting FDI inflows in the country. The move will also help in clearing many stalled proposals speedily. According to the earlier policy, all investment proposals above Rs 1,200 crore had to be referred to the Cabinet Committee on Economic Affairs. FIPB can clear FDI worth Rs 3,000 cr The govern- for development. Of these, it has so far completed work at 49 airports. StanChart gets nod to offer services overseas Textile export target for FY16 higher by 14% The government has set textile and clothing export target at $47.5 billion for the current financial year. The export target is almost 14 per cent higher than the actual outbound shipment in 2014-15. The country's overall textile and garment exports grew by roughly 5 per cent in the last financial year to $41.4 billion from a year before. However, the shipments fell short of the official target of $45 billion for 2014-15. With demand from China remaining tepid and the government withdrawing certain export incentives to the sector, the shipment target for the current year would be hard to achieve, feel exporters. Greet Service (Swagat Seva), art gallery, wi-fi facility, baggage-wrapping facility and food and beverage with general retail services are taking shape at its various airports. AAI has identified 35 non-metro airports initially and 28 more nonmetro airports subsequently AAI unveils customerfriendly airports Airports Authority of India (AAI) has undertaken many new initiatives in the past few months to make its airports more customer-friendly and enrich experience of passengers using its airports. New initiatives, such as Meet & The SEBI has allowed Standard Chartered Bank (StanChart) to offer advisory services on regulated offshore products, like stocks, bonds and mutual funds, in markets outside India. Earlier, the British bank had sought permission from the market regulator to offer overseas services as many of its clients have offshore accounts. Besides, most of these accounts have been funded through remittances done through the liberalised remittance scheme or offshore derivative instrument routes. Besides its presence as a major foreign bank, StanChart is also active in the Indian capital markets, including as an investment advisor. Its Indian depository receipts (IDRs) are also listed in the country. per capita retirement and pension assets as a percentage of its GDP are among the lowest compared to other economies like Germany, the USA and Brazil, according to a survey by Reliance Capital. The survey shows that India has only 15.1 per cent of retirement assets as a percentage of GDP compared with 21 per cent in Germany, 41 per cent in Brazil and 78.9 per cent in the USA. The survey also shows that life insurance, bank deposits and public provident fund remain the most preferred investment options in India. India's pension assets to GDP low at 15% India's FCI supplies procured wheat directly to PDS Food Corporation of India (FCI) has decided to supply wheat being procured from 8 JUNE 2015 INDIA BUSINESS JOURNAL

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Verbatim... farmers to the public distribution system (PDS). FCI has decided against following the practice of first in, first out (FIFO) as the wheat currently being procured cannot be stored for long because of its poor quality as a result of unseasonal rains. Under the FIFO policy, FCI supplies foodgrain, mostly consisting of rice and wheat, to the PDS from the previous stocks, while the new crop being procured is stored. FCI supplies around 22 mt of wheat to the PDS annually. of 107 mines containing limestone, bauxite and manganese ore apart from key steel-making raw material. Minerals extracted under the new lease should be utilised solely for specified use and cannot be sold or transferred. MISCELLANEOUS "Turning protectionist will not help because if trade doesn't grow, the economy would not grow." Arvind Panagariya V-C, NITI AAYOG Lucknow houses highest unemployed men Unem- NSE launches rollover facility in SLB market The National Stock Exchange (NSE) has introduced a rollover facility in the stock lending and borrowing (SLB) market to increase participation in the segment. The SLB mechanism allows shortsellers to borrow securities for making delivery. The rollover facility in the SLB session will be available for a three-month period (original contract plus two rollover contracts). Under the rollover facility, lenders of securities, who are due to receive securities, will be allowed to extend the period of lending. Similarly, a borrower who has to return borrowed securities can extend the period of borrowing. ployment rate for men is the highest in Lucknow among major cities, while Patna tops the chart for women, according to the National Sample Survey. The report is based on employment and unemployment survey conducted in the 68th round of the National Sample Survey between July 2011 and June 2012. The unemployment rate for men was 2.9 per cent in bigger cities, 3.3 per cent in smaller cities and 2.6 per cent in small towns. Similarly, unemployment rate for women was 4.3 per cent in bigger cities, 6.3 per cent in smaller cities and 4.8 per cent in small towns. "There is no danger of any financial crisis, but it may be early to declare that the worst is over on the NPA front." Raghuram Rajan GOVERNOR, RBI "This whole bit about maximising licence fee and expecting lowest tariff is not sustainable, and we need to come to grips with it." Rahul Khullar CHAIRMAN, TRAI allocation of non-coal, mineral-bearing leases is likely to start early this month under the newlynotified rules. The new rules mandate a two-stage bidding process through electronic route where the highest bid above the reserve price wins. Karnataka is ready with 8 iron ore mines to be put under the hammer soon. This will be followed by auction in 13 other States for a total INDIA BUSINESS JOURNAL Non-coal mine auction to start soon Auction for government has relaxed a policy on investment proposals from Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), treating them on a par with Non-Resident Indians (NRIs). NRIs are Indian citizens, while the other two are not. The government has also approved an amendment to Schedule 4 of the Foreign Exchange Management Act Regulations, permitting NRI investments to be deemed as domestic investment made by residents. The two measures are expected to result in increased investments across sectors and greater inflow of foreign exchange remittance. Investment policy for PIOs, OCIs eased The "Being in the early phases of a cyclical recovery is not a reason to postpone structural reforms. It is in fact an opportunity to accelerate them." Mario Draghi PRESIDENT, ECB "For a currency to be internationally traded, what you need most is liquid markets. A deep market means people can get their money out." Ben Bernanke EX-CHAIRMAN, US FED JUNE 2015 9

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NEWS ROUND-UP FINANCE Nod for AXA's Rs 1,290cr FDI in Bharti The government has given approval to French insurance company AXA for raising stake in its life insurance joint venture with the Bharti Group to 49 per cent for Rs 858.6 crore. The French insurer has also been permitted to raise stake in the general insurance joint venture with Bharti. This will entail a capital flow of Rs 431.40 crore. Together, AXA's FDI in the Bharti Group will be worth Rs 1,290 crore. Both the insurance deals are multistructured transactions. will open two more branches in India by early next year, according to a senior executive of the bank. The two branches will be opened in Gurgaon and Bangalore. The bank opened its first branch in India in Mumbai four years ago. ANZ's Bangalore-based operations and technology shared services hub employs more than 6,000 staff supporting the bank's worldwide businesses. Wage pact to cost banks Rs 4,725 crore annually Bank India (BoI) posted a consolidated net profit of Rs 2,012.90 crore for the fourth quarter ended March 2015. However, the Mumbaiheadquartered bank disappointed by incurring a net loss of Rs 56.14 crore on a standalone basis for the quarter under review. The bank’s standalone net profit BoI consolidated Q4 net at Rs 2,012 crore Bank of unions and the Indian Banks' Association (IBA) recently signed the 10th bipartite wage agreement, which will lead to an additional outgo of Rs 4,725 crore every year for the banking sector. The hike will be effective from November 2012 and will benefit 10 lakh employees. The agreement also includes better hospitalisation and medical coverage for employees, who will benefit from 100 per cent reimbursement. Their dependents will be reimbursed 90 per cent of healthcare charges. The agreement also provides bank employees a day off on every second and fourth Saturday of a month. for the whole of 2014-15 rose to Rs 1,709 crore. Gross NPAs made up 5.39 per cent of its loan book in the March quarter compared with 3.15 per cent a year ago, and net NPAs were 3.36 per cent, up from 2 per cent in the same quarter last year. Your voice is password for ICICI transaction ICICI RBI relaxes remittance, ECB norms The RBI has Bank, the country's largest private lender, has launched a service where customers can make transactions using just their voice. The voice recognition service authenticates customers based on their speech patterns and allows them to execute banking transactions through the bank's call centre. The voice recognition technology works on voice prints that comprise about 100 characteristics. APPOINTMENTS Rajnish Kumar, the former MD and CEO of SBI Capital Market, has taken over as State Bank of India's MD in charge of the compliance and risk department. Western Union has renewed its 14-year-old partnership with India Post, enabling nearly 10,000 post offices in the country to continue to serve as Western Union agents. State Bank of India has tied up with Amazon, Snapdeal and PayPal to tap the booming ecommerce market and develop a payment solution for its customers. National Payments Corporation of India has entered into a pact with China UnionPay to enable people from China to use ATMs and make cardbased purchases in India. TIE-UPS Bank of India and MasterCard have jointly launched unique card programmes - Bank of India Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard - to cater to the ever-evolving digital needs of its consumers. announced two measures that will enable higher remittances and also ease the process of raising funds through external commercial borrowings (ECB). The central bank has trebled the limit on tradelinked remittances to Rs 15 lakh from the earlier Rs 5 lakh and said that banks can regularise payments exceeding the limit if they are satisfied with the bonafide of the transaction. In a separate notification, the central bank has allowed overseas banks to enter into swaps with other overseas banks besides domestic banks to facilitate disbursal of rupee loans by overseas lenders. Doha Bank debuts in India via Mumbai Qatar-based ANZ to open 2 more branches next year The Australia New Zealand Banking Group (ANZ Bank) Doha Bank has launched its operations in India by opening a branch in Mumbai. "The huge size of the Indian market, along with its rising per capita income levels and business-friendly policies, renders India an essential and strategic location for Doha Bank," said Doha Bank CEO R Seetharaman, addressing an impressive gathering after inaugurating the branch. Doha Bank happens to be the first Bank from Qatar to establish its full-scale banking operations in India. With its presence in the GCC countries, Doha Bank is set to enhance the niche role it is playing to facilitate trade between GCC nations and India. INDIA BUSINESS JOURNAL 10 JUNE 2015

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NEWS ROUND-UP CORPORATE Amarchand Mangaldas partners settle row The managing partners of Amarchand Mangaldas & Suresh A Shroff & Co - the country's top law firm Shardul Shroff and his brother Cyril Shroff, have submitted a report in the Bombay High Court, stating that a three-member arbitral panel has "successfully mediated and settled" all their disputes. The two brothers have amicably "agreed to split and bifurcate into separate entities, independently carrying on the profession of law", said a statement issued by the panel of mediators, comprising retired Justice B N Srikrishna, advocate Harish Salve and investment banker Nimesh Kampani. Rajasthan Royals add glamour to Lawman Pg3 Future-Bharti merger to take on e-tailers Kishore Biyaniowned Future Retail and the Bharti Group's Bharti Retail will be merged with each other. The merger, aimed at fighting back surge of online retail, will happen in two ways. The retail business of Future Retail will be demerged into Bharti Retail, and the retail infrastructure business of Bharti will be demerged into Future Retail. The first entity, to be known as Future Retail, will host retail operations of both the entities. The second entity, to be known as Future Enterprises, will host infrastructure, investments and assets of both the companies. The combined entity will have over 570 retail stores in 243 cities with operational retail space of over 18.5 million sq ft. interest cover - ratio of operating profit to interest expenses - has gone down considerably, notes a recent report of Standard Chartered Bank. The report adds that in the post-financial crisis period, increase in debt levels has not led to a corresponding hike in asset creation. It points out that India Inc will need to raise $90 billion between FY16 and FY18 to restore the consolidated debtto-equity ratio to 1:2 from the 1:34 currently. international container transshipment terminal (ICTT). Interestingly, Adani Ports was the single bidder for the project. The company had put in its bid in April and had sought Rs 1,635 crore as grant for the PPP project, to be executed in the partnership with the State. After a detailed vetting by the law and purchase departments, the State government had cleared the legal validity of the lone bid. The PPP component of the project will cost Rs 4,089 crore. Vodafone plans Indian arm's IPO next year Lawman Pg3, a premium denim brand of leading apparel manufacturer Kewal Kiran Clothing and principal sponsor of Rajasthan Royals, recently strengthened its bonds with the IPL cricket team by hosting some of its top players at its outlet in Mumbai. The team's top cricketers, along with their mentor Rahul Dravid, graced K-Lounge, the company's highly fashionable outlet in Mumbai. Kewal Kiran, which designs, manufactures and markets branded jeans, and a wide range of apparel products for men and women, has manufacturing facilities in Mumbai, Vapi and Daman. Adani to build Vizhinjam port, ICTT Adani Ports has been selected to set up the Rs 7,525-crore Vizhinjam seaport project in Kerala. Adani will have to build the port superstructure and operate the proposed multipurpose seaport and British telecom major Vodafone is planning to launch IPO of its Indian arm to raise about $4 billion in the next financial year. The company has appointed NM Rothschild as its consultant to work on a roadmap and the paperwork for the public offer will be completed by the end of ongoing financial year. The company has been planning IPO of its Indian arm for a very long time. Vodafone had acquired a 100 per cent stake in the Indian venture by buying out entire stake from its local partners for Rs 10,141 crore in 2013. APPOINTMENTS Sical Logistics has appointed R Ram Mohan as its chairman with immediate effect. Whirlpool of India has appointed Sunil D'Souza , a former senior PepsiCo executive, as managing director. The SEBI has named Infosys founder N R Narayana Murthy to head its panel - Alternative Investment Policy Advisory Committee which will devise rules for a new funding platform for homegrown start-ups. Over half of businesses okay with bribery A TIE-UPS Reliance Brands, an arm of Reliance Industries, has signed a long-term franchise agreement with 130-yearold Dutch lingerie-maker Hunkemoller International to open 20 Hunkemoller single-brand stores in India. BSE 500 cos' debt rises 10 times in a decade With gross debt of the BSE 500 companies rising more than 10 times since FY02 to Rs 24.3 lakh crore in FY14, India Inc's leverage has risen rapidly. As a result, the whopping 66 per cent of businesses in the country believe that some form of bribery is acceptable in spite of increased regulatory actions and public outcry against corruption. A recent Ernst & Young survey reveals that as many as 80 per cent of respondents believe that corruption is still widespread, with 52 per cent saying offering gifts to win businesses is justifiable to help a business survive, while another 27 per cent justify cash payments. INDIA BUSINESS JOURNAL 12 JUNE 2015

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(Formerly known as Flex Industries Limited) Regd. Office: 305, 3 Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash-I, New Delhi - 110 048 rd UFLEX LIMITED AUDITED CONSOLIDATED FINANCIALRESULTS FOR THE QUARTER & YEAR ENDED 31st MARCH, 2015 (INR in lacs) Quarter Ended 31.03.2015 (Audited) Quarter Ended 31.12.2014 (Unaudited) Quarter Ended 31.03.2014 (Audited) Year Year Ended Ended 31.03.2015 31.03.2014 (Audited) (Audited) Sl. No. Particulars 01. 02. 03. 04. Net sales / Income from operations Other Income Total Income (1+2) Expenditure (a) (Increase)/decrease in stock in trade & WIP (b) Consumption of raw material/traded goods (c) Purchase of traded goods (d) Power & fuel (e) Employees cost (f) Depreciation (g) Other expenditure (h) Total 146110 477 146587 10479 76860 899 6590 11125 6673 24265 136891 3933 5763 (1030) 6793 -6793 92 31 6854 152976 350 153326 (3413) 94023 2239 7831 10870 7060 22895 141505 4619 7202 1525 5677 -5677 51 21 5707 147544 1673 149217 (274) 89108 2366 7850 11133 6418 20584 137185 5959 6073 267 5806 -5806 203 (1) 6010 618034 1661 619695 4309 370756 6924 30481 43276 27940 89128 572814 18691 28190 3086 25104 -25104 445 74 25475 586325 2863 589188 (7762) 357787 18091 32673 38639 26708 78538 544674 23327 21187 1512 19675 -19675 488 (1) 20164 05. 06. 07. 08. 09. 10. 11. 12. 13. Interest Profit(+)/Loss(-) from ordinary activity before tax (3)-(4+5) Tax expenses Net Profit(+)/Loss(-) from ordinary activity after tax (6-7) Extra ordinary items (Net of tax expenses) Net Profit(+)/Loss(-) for the period (8-9) Share of Profit/(Loss) of Associate Minority interest Net Profit(+)/Loss(-) after taxes, minority interest and share of Profit/ (Loss) of associates (10+11-12) EPS Basic Diluted 14. 9.49 9.49 7.90 7.90 8.32 8.32 35.28 35.28 27.92 27.92 (Non-statutory advertisement)

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NEWS ROUND-UP CORPORATE RJio erects India's first camouflaged tower Showing its greener side, Mukesh Ambani-led Reliance Jio Infocomm (RJio) has installed the country's first camouflaged 4G mobile tower in Jamshedpur. The 35-metre tower, a first of its kind in the country in the shape of a palm tree, was set up as a specially-designed imported artificial structure on a trial basis. Unlike ordinary towers, which may heat up due to low signal, the camouflaged tower will not have any such issue. Besides, it can address the problem of call drops efficiently. Car's overall annual production capacity from the current 2.40 lakh units to 3 lakh units, including the 1.20 lakh units capacity of its first plant in Greater Noida. Aditya Birla to merge branded biz, buy Total The Aditya Future Consumer to buy Grasim's business Kishore Biyani-led Future Consumer Enterprise will acquire Grasim Industry's consumer products business for about Rs 10 crore. Grasim Industries, an Aditya Birla Group company, has signed a business transfer agreement with Future Consumer Enterprise for sale of its consumer products division on a slump-sale basis. The division is engaged in manufacturing, branding and distribution of face-care wipe, baby wipes, skincare products, homecare wet wipes and hand sanitisers under the brands Kara, Puretta, Handys and Prim. The transaction, which was executed advised by Axis Capital, is expected to be completed by June. Birla Group recently announced merger of all its branded apparel businesses into a single entity, Aditya Birla Fashion and Retail (ABFR), through an all-share deal. The combined entity will be the product of merger of Madura Garments, Aditya Birla Nuvo and Pantaloons Fashion and Retail. The new entity will have a combined turnover of Rs 5,290 crore and a retail network of 1,869 exclusive stores, becoming the country's largest pureplay fashion company. Days after announcing the merger plan, Aditya Birla Retail agreed to acquire Total Super Store from Jubilant Agri and Consumer Products for an undisclosed sum in an all-cash deal. The transactions mark a big consolidation underway in the cash-strapped, loss-making organised retail segment. owned retailers. RIL plans to re-commission the entire network of 1,400 outlets by the end of 2015-16. Over 300 outlets were operational as on March 2015. The company had ventured into selling petrol and diesel through a network of nearly 1,400 petrol pumps in 2006 but had to shut operations as it was not getting subsidies extended to State-run operators. passed on unpublished, price-sensitive information pertaining to acquisition of Sabero Organic Gujarat by group entity Coromandel International to some individuals who traded in the shares of Sabero on the basis of that information. The Murugappa Group has, however, denied the charges. Arcolabs will be acquiring South Africa's Aspen Pharmacare's portfolio of branded and generic products in Australia for about Rs 1,910 crore. The deal will facilitate re-entry of Strides in the Australian market. Aspen's Australian generic pharmaceutical assets are seen as a valuable and unique platform for Strides to rebuild its business in Australia. The portfolio of Aspen's 130 products in Australia comprises generic pharmaceutical business together with certain branded pharmaceutical assets. In 2012, Strides Arcolab had sold its entire stake in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals. Strides buys Aspen's Australian unit Strides M&M acquires stake in Mitsubishi's arm Honda Cars lines up Rs 380-cr expansion Vellayan steps down as Murugappa chief RIL to roll out 1,400 fuel outlets by FY16 Reliance Industries (RIL) plans to resume its petrol pump network fully by March next year. RIL's re-entry into fuel retailing comes amid the government ending diesel subsidies, providing private companies a level playing field to compete with State- A Vellayan, the chairman of the Chennai-based Murugappa Group, who was charged with insider trading by the SEBI, has stepped down from chairmanship of the group and its subsidiaries. The market regulator had last month charged Mr Vellayan and three other individuals with insider trading. The regulator had alleged that Mr Vellayan had Honda Cars India has announced an investment of Rs 380 crore in its second plant in Tapukara, Rajasthan, to expand production capacity. The annual production capacity of the plant will be increased to 1.80 lakh units from the current 1.20 lakh units, Honda Cars has said in a statement. The additional capacity is scheduled to be ready by the middle of 2016. The expansion of the second plant will increase Honda Mahindra & Mahindra, the country's largest tractor manufacturer, is buying a 33.33 per cent stake in Japanese tractor manufacturer Mitsubishi Agricultural Machinery (MAM), a subsidiary of Mitsubishi Heavy Industries. M&M will initially invest Rs 159 crore in MAM, for which it will receive a third of the voting rights. The acquisition will take place through an issue of fresh shares, and M&M will also get class 'A' shares. The deal is expected to be completed by October 1. MAM will bring in a lot of value and help it explore markets, like ASEAN and eastern Europe as Mitsubishi is a strong brand there. INDIA BUSINESS JOURNAL 14 JUNE 2015

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