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The Mint Report for 6 January 2010

The Mint Report for 6 January 2010
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First Published: Thu, Jan 07 2010. 12 24 AM IST
Updated: Thu, Jan 07 2010. 12 24 AM IST
One year after India’s biggest accounting fraud, Satyam is trying to regain its position as one of India’s biggest software companies. Its new management has circulated a document among its employees that says 2012 will be Satyam’s “point of arrival”. The document says Satyam plans to become one of India’s top five IT companies by that year.
It has created dedicated teams that will both try to increase the business it gets from existing customers and also win back clients that stopped doing business with it. Tech Mahindra took over Satyam in April last year, just months after Satyam founder B. Ramalinga Raju admitted to an accounting scam.
The days of incentives ad sops may be numbered for Indian industry. Finance secretary Ashok Chawla has hinted the government could withdraw stimulus packages put in place after 2008’s downturn. Chawla said too much of a stimulus could be a bad, especially when things are picking up. His statement came just one day after industry members told finance minister Pranab Mukherjee stimulus measures need to remain in place for at least another six months.
Bangladesh’s telecom regulator says the country will auction licenses to operate 3G mobile services this year. It says the guidelines for the auction will be complete by June. Wednesday’s announcement comes soon after the regulator approved Bharti’s 300 million dollar investment in Bangladesh’s Warid Telecom.
Foreign automakers launched several vehicles for the first time in India on Wednesday, the second day of the Auto Expo in Delhi. Fiat unveiled cars including the Fiat 500 and as well as a version of its Punto. The company also said it’s working on a small car that it’s making especially for the Indian market. Fiat operates in India through a joint venture with Tata Motors.
Mercedes-Benz launched its acclaimed Intercity Luxury Coach in India. The Indian version of the coach will have a chassis made by Mercedes-Benz and a body made by its local partner Sutlej Motors.
But the star attraction on Wednesday was Hyundai’s electric version of its i10 car. And there to add star power was Bollywood actor Shah Rukh Khan. Hyundai’s Indian arm says it will make parts for the electric vehicle, which will be assembled back in Korea. The i10 electric is Hyundai’s first car to run only on batteries.
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First Published: Thu, Jan 07 2010. 12 24 AM IST