New Delhi: The Rs 1 trillion US-based science and technology company E.I. du Pont de Nemours and Co. has chosen Hyderabad to set up its first research centre outside the US.
Being set up with an investment of Rs200 crore, the centre will start its first phase of operations in April.
Talent hunt: DuPont headquarters in Wilmington, Delaware. The firm is setting up a research centre outside the US for the first time.
“India has a top quality science and technology talent. We are looking at leveraging this talent for our next level of growth,” said S.T. Tsay, regional director, Asia-Pacific, human resources, DuPont.
While the centre’s primary focus will be on research in the biotechnology sector, other research work will be focussed on biofuels, renewable energy and life sciences. The company has already signed up 100 engineers, scientists and research associates in disciplines across biotechnology, chemicals and material sciences.
“India is strategic to us in terms of human capital. The Indian education system only produces high quality engineers and scientists. And the fact that these people are fluent in English is an added advantage,” said Tsay. He is overseeing the hiring activity for the knowledge centre.
DuPont has more than 5,000 scientists working for it in different locations across the world. The Indian team will work closely with them. A number of new hires have been sent to the Central Research and Development Center in the US for initial training, said Pallavi Tyagi, general manager, human resources, E.I. DuPont India.
The company is hiring both experienced professionals and fresh graduates from institutes such as the Indian Institutes of Technology, Indian Institute of Science, regional engineering and government engineering colleges. It plans to ramp up the staff strength to over 600 in the next three years.
The company registered a compound annual growth rate of 25% in the past five years and its revenues stood at Rs1,620 crore in 2006.
CEO Halmarick quits Aegis Media Asia South
Mumbai: Richard Halmarick, CEO of Aegis Media Asia South, media company of Aegis Group Plc, the global marketing and communications conglomerate, has resigned. Halmarick told ‘Mint’, “ I am moving on from Aegis sometime in Q1 this year. I informed Patrick (Patrick Stahle, CEO, Aegis Media Asia Pacific) early last year that I would be leaving and it was agreed between us then that I would continue to handle the markets in South Asia through to the first quarter. We are in the process of interviewing for my successor but there is nothing to announce as yet.”
Aegis Group is the global parent company of Aegis Media and Synovate, a market research company. Prior to his Asia role, Richard Halmarick was with Carat Australia steering business growth there and also New Zealand.
In his last visit to India, Halmarick had told Mint that they were in acquisition mode in the area of specialized services.
Parsvnath in MoU with ITC arm to run 50 hotels
New Delhi: Parsvnath Hotels Ltd, a subsidiary of real estate developer Parsvnath Developers Ltd, has signed a memorandum of understanding with Fortune Park Hotels Ltd, a wholly owned subsidiary of ITC Ltd, to manage 50 hotels across the country over the next three to five years. Pasvnath Hotels plans to invest around Rs 2,500 crore in the projects, the company said. Fortune Park will manage 20 five-star hotels, 20 four-star hotels and 10 three-star and budget hotels. While Parsvnath Hotels will own and develop the properties, Fortune Park will manage the hotels under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith.
Tata set to finalize deal for Land Rover, Jaguar
New Delhi: India’s largest auto maker by revenues, Tata Motors Ltd, said on Monday it expected to finalize the deal with Ford Motor Co for buying the latter’s Jaguar and Land Rover units in a few weeks. “Tata Motors is pleased by the progress in the discussions with Ford to date,” Debasis Ray, company spokesman said in an emailed statement.
Tata Motors also said it was not talking with Fiat Motor Co for sharing technologies developed by Jaguar and Land Rover. Tata sells Fiat vehicles through some dealerships and the two companies are building a passenger vehicle factory in Ranjangaon, Pune.
EID Parry withdraws share buyback offer
Mumbai: Ceramic to bio-products and chemicals company EID Parry India Ltd said on Monday its board has decided to withdraw an offer to buy back shares. It had earlier announced a plan to buy back up to 25% of its paid-up capital and free reserves at a maximum price of Rs160 per share. The sugar producer didn’t give a reason
Centre gets time to reply on delimitation status
New Delhi: The Supreme Court on Monday granted the Centre two more weeks to file its response to a petition challenging the delay in implementing the recommendations of the delimitation commission that pertain to the re-adjustment of electoral constituencies across India.
On 10 January, the Supreme Court gave the Centre four weeks to respond to the petition. On Monday, a three-judge bench led by Chief Justice K. G. Balakrishnan gave additional solicitor general Gopal Subramanium more time to allow the government to file a response. The petition was filed last year by non-profit organization Delhi Study Group, led by Vijay Jolly, a Bharatiya Janata Party MLA from Delhi, urging the court to direct the Union government to notify the commission’s report. It alleged the government was delaying the process of placing the report before the President for formal approval.
Broadcast rules to be altered to include IPTV
New Delhi: The Union information and broadcasting ministry has decided to amend the existing broadcast guidelines to include the Internet Protocol Television, popularly known as IPTV and the television on mobile phone, called mobile television. The new guidelines may be notified within four months, enabling the service at a large scale by the end of this year.
“By amending the guidelines we would be able to meet the demand of new mobile India. It would also be a big boost to television viewing in India,” said a senior ministry official who didn’t want to be named. The exercise is part of the regime to cover entire India under digital television by 2015.
The ministry recently gave an ”in principle” approval to the Telecom Regulatory Authority of India’s recommendation on IPTV and mobile television. However, TRAI would fix maximum customer satisfaction conditions for the two services, the official said.
The cable operators would be able to provide IPTV service under their existing license under the Cable Television Network (Regulation) Act 1995. The ministry will also amend its downlinking guidelines to allow IPTV service providers to receive signal for all channels from the broadcasters. The IPTV content will be regulated as per the programme code and advertising code notified under the Cable Act.
The telecom ministry has given license for IPTV to Bharati Airtel and Reliance but more players are expected once comprehensive policy is notified. According to IPTV Forum, the business is expected to rise to 20 million connections by 2010.
In case of mobile television, the government has agreed to auction mobile television spectrum and increase Foreign Direct Investment to 74%. “The licence holders would be able to use terrestrial as well as satellite-based routes for the transmission of the content to cover entire country,” a ministry official said. The government will also allow new entrants to provide mobile television along with existing mobile service providers.
-Chetan Chauhan/Hindustan Times
Mint stands by its advertisement
Mumbai: The Advertisement Standards Council of India (ASCI) has upheld a complaint against a press advertisement issued by Mint. The ad had run in a trade magazine and in Mint in November. According to ASCI, the ad’s claim of Mint being the No. 2 business daily in New Delhi and Mumbai, was misleading by ambiguity and unfair to competition as it quoted different sources and dates of readership of those newspapers.
The ASCI has asked Mint to withdraw the ad. Rajan Bhalla, publisher of Mint, said the subscriber numbers on which the ad was issued weren’t in dispute. Bhalla said Mint stands by what it has said in its ad because it has internally audited numbers, as well as figures provided by a renowned research firm, on its subscribers. Mint is published by HT Media Ltd.
Hind Unilever to cut 50 management jobs
New Delhi: The country’s biggest household-products maker Hindustan Unilever Ltd (HUL) said it will cut about 50 management jobs because of “changing business requirements.”
Those affected will be suitably compensated and helped in finding new jobs, the Mumbai-based company said in an emailed statement on Monday, adding other managers will be redeployed. Hindustan Unilever employs more than 1,100 managers in India. The company didn’t provide details about the business areas affected by the jobs cuts. ‘The Economic Times’ reported on Monday HUL may cut as many as 200 management jobs.
Reliance Power to list on bourses on 11 February
New Delhi: Anil Ambani group firm Reliance Power, which had raised Rs11,560 crore in the largest IPO on the Indian capital market, will list on the bourses on 11 February. The company, with about 4.2 million shareholders, would list its shares on the Bombay Stock Exchange and National Stock Exchange on that date, it said in a statement.