Sectoral Snippets Issue36

8/8/2019 Sectoral Snippets Issue36

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Sectoral SnippetsIndia Industry Information

Issue 36 - October 2009

KPMG IN INDIA


2/19

Page 2 of 19

Sectoral Snippets

About Sectoral Snippets

Sectoral Snippets is an India-focused, monthly, freely-distributable newsletter brought out by

KPMG in India. This newsletter provides an overview of the Indian economy in the form of

news-briefs from across key sectors.

Contact [email protected] if you are interested in receiving this newsletter on a

regular basis, or wish to unsubscribe.

Table of Contents

1. Indian Economy 3

2. Auto and Auto Components 4

3. Banking and Financial Services 5

4. Consumer Markets and Retail 6

5. Hospitality 7

6. IT / ITeS 8

7. Media 9

8. Oil and Gas 10

9. Pharma 11

10. Power 12

11. Real Estate and SEZs 13

12. Telecom 14

13. Transport and Logistics 15

ectoral Snippets, Issue 36diancompanieshavestartedpostingtheircondquarterresultsandsofar,amajorityofecompaniesresultsarebetterthanthelasturquarters,supportedbylowerinterestratesdwages,andadipinthecostofrawaterials.Thefirst50companiestoannounceeirresultshaveindicatedamarkedriseinmand,reportinghighernetsalesfollowingnsistentdeclineinrevenuesduringtheevioustwoquarters.

additiontothis,industrialoutputforthe

onthofAugustrose10.4percentfromlastar,itsquickestpaceinthelast22months.Asesecondquarterresultscontinuetobenounced,thehigherindustrialoutputandluxofFIIfundshasstrengthenedtheIndianpee,causingittoappreciateinthelasttnight.

opeyoufindthiseditionofthesnippetserestingandinformative.

gards,

ssell

Russell Parera

Chief Executive Officer

KPMG in India

2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms

affiliatedwithKPMGInternational,aSwisscooperative.Allrightsreserved.


3/19

Despiteslowingfromthehighsofaround9percentgrowthwitnessedinthepast

fewofyears,India'seconomyisexpectedtogrowcloseto6percentin2009-101.

Amidthedomesticandgloballiquiditycrunch;largedomesticsavings,lowexport

dependenceandalargeconsumptionbaseislikelytohelpsustaingrowth.

TherehasbeenanimprovementinindustrialactivitywiththeIndexofIndustrial

Production(IIP)expandingat6.8percentinyear-on-year(Y-o-Y)termsinJuly

2009.AftercontinuedlowtonegativegrowthsinceOctoberlastyear,therobust

numberswitnessedinthelasttwoconsecutivemonthsindicatethelikely

inceptionofindustrialrecoveryinIndia2.Moreover,adoubledigitgrowthin

consumerdurablessegmentforthefourthconsecutivemonthindicates

improvingdemandconditionswhichaugurwellfortheindustrialsector.

Ontheotherhand,Indiasstockmarket(BSESensex)hasrisenbyover70

percentfromitspreviouslowsearlierthisyear3 indicatingsoaringinvestor

confidence.

WhiletheIndianGovernmenthastargetedagrowthof10percentin2010-11,

someofthechallengeswhichremainaheadareasfollows:

Keepinginflationundercontrol

Ensuringinclusivegrowth

Dealingwithfutureglobalshocks,whicharelikelytoimpactcapitalflowsand

exports

Whilealleconomieshavebeenimpactedbythecrisisinsomeway,a

combinationofexpansionaryfiscalandmonetarypoliciesandstrong

fundamentalsislikelytoenableIndiatoperformbetterastheglobalrecovery

continues.

Indian Economy

Page 3 of 19

Analyst: Asmita Deshmukh2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


1ReserveBankofIndia,September11,20092 MinistryofStatisticsandProgrammeImplementation,September11,20093 BloombergasofSeptember30,2009

6

6

6.3

6.4

5 5.5 6 6.5 7

ADB

RBI

Planning

Commission

IMF

GDP Estimates for 2009

Source:Businessworld,IMFforecasts2010India

GDPat6.4%


4/19

GM, Reva sign pact to launch electric car; Reva to unveil two new

models in India by 2011

GeneralMotorsIndia(GMI)andRevaElectricCarCompany(RECC)havereportedlyinkedanagreementtolaunchanelectriccar,ChevroletSpark,inIndia

in2010.TheelectriccarisexpectedtobemanufacturedatoneofGMIs

facilitiesatHalolorTalegaon.

Revaisreportedlyalsoplanningtolaunchtwomodels,NXR(NeXtRevaand

NXG(NeXtGeneration),inIndiabyearly2010and2011respectively.Both

modelsareexpectedtobemanufacturedatRevasnewgreenmanufacturing

facilityinBangalorewhichhasamaximumannualcapacityof30,000unitsand

islikelytobeoperationalbythefirstquarterofthenextfiscalyear.Thecompany

planstoexportabout50percentofitsproduction.

M&M to up stake in Swaraj Engines

IndianautomobilemanufacturerMahindraandMahindraLimited(M&M)is

reportedlyinplanstoincreaseitsstakeinSwarajEnginesbybuyingout

KirloskarOilEngines(KOE)stakeinthesame.Thecompanyisbelievedtobe

consolidatingitsstakeinSwarajenginesinabidtoexpanditsdieselengine

business.ThroughitsacquisitionofPunjabTractorsin2007,M&Mhelda33.2

percentstakeinSwarajEnginesanda14percentstakeinSwarajMazda.M&M

iscurrentlyinnegotiationswithKOEwhichreportedlyholdsa17.39percent

stakeinSwarajEngines.

Toyota buys stake in Tube Investments of IndiaIthasbeenreportedthatJapan-basedToyotaGrouphaspurchaseda1.5percent

stakeinTubeInvestmentsofIndia(TII)throughitsmemberfirmToyotaTsusho

Corporation.TheflagshipcompanyoftheUSD3billionMurugappaGroup,TII

manufacturesprecisionsteeltubesandstrips,cardoorframes,automotiveand

industrialchainsandbicyclesandisreportedtobeasuppliertoToyotasvendors

inIndiaandtheirdealersoverseas.

Ford India invests an additional USD 500 million for Chennai facility

FordIndiahasreportedlyformalizedanagreementtoinvestanadditionalUSD

500millioninitsmanufacturingfacilityatMaraimalainagar,nearChennai,by

signingaMemorandumofUnderstandingwiththeGovernmentofTamilNadu.

Theinvestmentisexpectedtodoublethecompanysannualproductioncapacity

to200,000cars.Theadditionalfundsarealsoexpectedtobedeployedtosetup

anewplantforthemanufactureof250,000enginesannually.Constructionof

theengineplant,whichislikelytobeoperationalnextyear,isreportedlyin

progress.

Page 4 of 19

Auto and Auto Components

Analyst: Ranjeet Javeri and Kudrat Puri2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


The Indian market is a

emendous market and it offers

ord a chance to leverage all

tellectual capability around the

orld to bring a fabulous small

ar to Indian Mulally, CEO, Ford Motors

urce: The Wall Street Journal, September 29, 2009,

hy fords Small Car is Made in India)


5/19

Sberbank plans to foray into Indian financial services market

Russia-basedSberbank(SavingsBank)isplanningtoentertheIndianfinancial

servicemarketbyopeningbranchinNewDelhi.TheentryintotheIndianfinancialservicemarketispartofthebanksstrategytoexpanditspresencein

theemergingmarkets.IthasreceivedapprovalfromtheReserveBankofIndia

(RBI)toopenafullyoperationalbranch.

SberbankisthelargestcreditinstitutioninRussiaandtheformerSovietspace,

accountingforaboutaquarteroftheaggregateRussianbankingassetsanda

thirdofbankingcapital.ThebankintendstobuildafootholdinIndiaandChinato

generateabout5percentofnetincomeoutsideRussiaby2014.

L&T Finance to acquire DBS Cholamandalam AMC

L&TFinance,thecaptivefinancingarmofL&Tplanstoenterthemutualfundindustrybyacquiring100percentstakeinDBSCholamandalamAsset

ManagementCompany(AMC)forconsiderationofaroundUSD9.2million.The

acquisitionispartofL&TFinancesstrategytohavepresenceacrosstheentire

gamutoffinancialservicesinIndia.

DBSCholamandalamAMCisajointventureunitbetweenChennai-based

MurugappaGroupandDBSBankofSingapore.DBSCholamandalamAMCwas

formedin1996andhasbeenmanagingassetsworthUSD614.8millionwith

over2,00,000customeraccountsattheendofAugust2009.Thecompanyis

presentatover20locationsinthecountry.

World Bank approves loan for Indias PSU banks

WorldBankhasapprovedaloanofUSD4.3billionforIndiainabidtosupport

thegovernmentsmeasurestowardsminimizingtheadverseimpactofthe

globalfinancialcrisisandboostinginfrastructuredevelopment.OftheUSD4.3

billionloanamount,USD2billionmightbedirectedtowardsenhancingthe

capitalofpublicsectorbanks.AccordingtodataontheWorldBankswebsite,

thegovernmenthadidentified19bankswhichtogetherwouldneedacapital

infusionofUSD4.8billionby2011tosupporttheirgrowthandsimultaneously

retainthestateownershipnotbelow51percent.

Credit Suisse plans to launch banking operations in IndiaCreditSuissehasreceivedapprovalfromboththeReserveBankofIndia(RBI)

andSecuritiesandExchangeBoardofIndia(SEBI)tosetupbankingbusinessin

thecountry;however,CreditSuisseiswaitingforafinalapprovalfromthe

financeministry.CreditSuisseisalreadypresentintheIndianfinancialservice

marketthroughCreditSuisseFirstBostonSecuritiesandCreditSuisse

Securities.Thefinalapprovalwillallowthebanktoofferrangeofproductsand

services,includingderivativesandforexservices.

Thefinalclearancefromthefinanceministrywillopenopportunitiesforother

SwissbankstoentertheIndianfinancialservicesmarket.

Page 5 of 19

Banking and Financial Services

Analyst: Kunal Jain and Ruchika Anand2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


2.8

1.41.9 1.8 1.8 2.1

1.0

5.0

1.6

0.30.8

0.2

2.2

0.6 0.4

3.1

0.00

2.00

4.00

6.00

Gross NPA Net NPA

PNE

AxisBa

nk

KotakMah

indraBa

nkSB

Banko

fBar

oda

Banko

fIndia

ICICIB

ank

HDFC

Bank

percen

t

Gross and Net NPAs in Q1 2009 10

Source: CRISIL Research, August 24, 2009


6/19

LG to invest USD 1 billion in the Indian Market

SouthKoreanconsumerdurablesmajorLGplanstoinvestaboutUSD1billion

inIndiaformarketingandresearchoverthenextfiveyears.TheKoreanmajor,whichhasbeeninvestingaround130milliondollarsayearonR&Dand

marketinginIndia,planstoincreasethisspendtoaround200millioneveryyear

topushsalesandexpandresearchactivities.TheR&Dandmarketing

investmentwouldbeapartfromthefundsinvestedtocreatenewcapacities

andexpansion.ThecompanyhasalreadyinvestedaroundUSD245.9millionin

settingupitstwomanufacturingplantsinIndia.

Carrefour plans its foray in India

Oneoftheworldslargestretailchains,Carrefour,islikelytoenterIndiathough

thecashandcarryformatandisexpectedtostrikeanalliancewithoneof

Indiasbiggestretailers,FutureGroup.AlthoughCarrefouriskeenonafood-

sourcingjointventure,afranchiseeagreementlooksmorelikely.FutureGroups

leadingpositionintheIndianretailmarketinthefront-end,sourcing,logistics

anddistributionisexpectedtohelpCarrefourbuildastrongpositionovernightin

India.

Johnson & Johnson expands its Indian portfolio; launches

Neutrogena brand

HealthandskincareproductsmakerJohnson&Johnsonlauncheditsglobal

beautycarebrand'Neutrogena'intheIndianmarket.Thecompanyintroduced

22productsintheskincarecategoryandplanstobringinmoreproductsfromitsglobalportfolioinfuture.Thecompanyaimstobeamongthetopfiveskin

carebrandsinIndiainthenext3-5yearsperiod.Neutrogenaisanoldglobal

brandandoffersover400productsintheinternationalmarkets.

Indian hypermarket chain enters into a licensing agreement with

US retailer

Indianretailcompany,SpencersRetail,hasenteredintoanexclusivelicensing

pactwithaUSfashionandlifestylecompany,MarcEckoEnterprises,tosellits

apparelbrandsinIndia.Aspartofthedeal,Spencersplanstoopenstandalone

MarcEckostoresinthecountryfrom2010.ThiswillbeSpencersthirdsuch

partnershipwithaglobalapparelbrand.Italreadyhasexclusivepartnerships

withtheLadybirdrangeofchildrenswearandwithUScasualwearbrand,

BeverlyHillsPoloClub(BHPC).ThepartnershipwithMarcEckoisinlinewith

Spencersstrategytofocusonspecialtylifestyleretailasafuturegrowtharea.

IthasalreadysetupfourstandaloneBHPCstoresintheNationalCapitalRegion

(NCR)andissellingtheLadybirdrange,ownedbyBritishhigh-streetretailer

Woolworths,throughitschainofhypermarkets.

Page 6 of 19

Consumer Markets and Retail



Analyst: Sonia Topiwala

Going forward, we are going to

crease it (investment in R&D) to

round 200 million dollars every

ear (in India). India is the fastest

rowing market for us and is the

cus area. The Indian operations

ave been averaging a growth of

0 percent annuallyon Bum Shin, MD, LG Electronics India

urce: Livemint, September 24, 2009, LG to invest

D 1bn in India on marketing and R&D)


7/19

Huge expansion plans of Marriott in Asias growth markets

MarriotthashugeexpansionplansinAsiasgrowingmarkets.Thecompany

considersAsiaasadynamicmarketandcontinuestofocusonthemarket.Itisexpectedtoaddabout16,000roomstoMarriott'sAsia-Pacificportfolio.The21

newlyannouncedhotelsincludesevenCourtyardhotelsinIndia,Chinaand

Cambodia,twoluxuryJWMarriotthotelsinChina,10MarriotthotelsinChina,

thePhilippinesandThailandandtwoRenaissanceHotelsinChina.Thecompany

alreadyhas37hotelsunderconstructionacrosstheregionandindicatesthatit

isexpectingtobuild58newhotelsby2013.

Interglobe plans 14 hotels in India in next three years

InterglobeHotels,aJVbetweenInterglobeEnterprisesandFrenchhospitality

companyAccor,planstosetup14hotelsinIndia.Thehotelsarereportedly

beingbrandedasIbis.Thecompanyplanstoexpanditsfootprintsin10Indian

citieslikeMumbai,Chennai,Bangalore,Hyderabad,Ahmedabad,Jaipurand

Nashikoverthenextthreeyears.ItislikelytoopenitssecondpropertyinPune

inOctoberthisyearwhichisexpectedtobefollowedbyanotherpropertyin

Mumbai.

Royal Orchid plans to aggressively expand in mid-market hotel

category

RoyalOrchidHotelsplanstoadd3000hotelroomsacrossIndiawithan

investmentofUSD125-208million.Theexpansionstrategyaimsatincreasing

thepresenceoftheRoyalOrchidCentralbrand.Furtherinvestmentisexpectedtobedecideduponthebusinessmodel-ownershipormanagedproperties.The

brandRoyalOrchidCentralisa4-starcontemporary,businesshotelbrand,

whichisalsoclassifiedasaneconomyhotel.Currently,thecompanys

propertiesundervariousbrandsarepresentinPune,Bangalore,Jaipur,Mysore

andGoa.MorepropertiesareexpectedtocomeupinHyderabad,NewDelhi,

Shimla,NaviMumbaiandAhmedabad.Thecompanyislookingtoexpand

throughmanagementcontractsandisintalkswithanumberofdevelopers.

Pride Hotels plans to fund its expansion through IPO and PE

PrideGroupofHotelsisplanningtofinanceitsexpansionplansthroughIPOand

PEfunding.Thecompanyislikelytoinvest~USD165milliontosetup30hotels

by2015.ItplanstotaketheIPOroutetoraiseUSD41.2millioninJanuary2010.

ItisnowlookingtoraiseUSD9.3millionthroughsecondroundofPEfunding

fromKotakRealtyFundandaMauritius-basedfund.Ithasalreadygenerated

USD51.4millionfrominternalaccruals.IthasalreadyexpendedUSD15.6

millionforitsBangalorehotelwhichisalsoapartofthis~USD165million

expansionplan.Remainingfundsareexpectedtoberaisedthroughbankterm

loansandotherfinancialinstitutions.

Page 7 of 19

Analyst: Pallavi Phatak

Hospitality



Most hotels in the country are

xpected to maintain the room

tes at the last year's levels, as

e market is still to recover

ompletely and any further

crease will just worsen mattersJain, Pride Hotels Chairman and President of the

el and Restaurant Association of Western India

urce: Financial Express, September 18, 2009, No

e in hotel prices this festive season)


8/19

TCS opens new delivery center in Argentina

India-basedTataConsultancyServices(TCS)hasopenedanewdeliverycenter

inBuenosAireswithaviewtoexpanditsofferingsinLatinAmerica.Thecompanyplanstoemployabout250professionalsinthiscenter.Thenew

centeristoprovideconsulting,advancedITsolutions,BusinessProcess

Outsourcing(BPO)servicesandITproductimplementationsbesidesbeingthe

company'sfirstregionalSAPcenter.Thisistheeighthglobaldeliverycenterof

TCSinLatinAmerica.

Mindtree acquires Kyocera Wireless India

Mumbai-basedMindtreehasacquiredKyoceraWirelessIndia(KWI)with

immediatepaymentofUSD6million.Furtherpaymentwouldbeasperits

revenueinFY11andFY12.Mindtreeexpectstheacquisitiontocontributeabout

USD9millioninrevenuesfortheperiodOctober2009toMarch2010,with

profitaftertaxintherangeof13-15percent.KWI,aunitofSan-Diegobased

KyoceraWireless,developscustomwirelesshandsetsforIndianservice

providersandhasabout600employeesinIndia.

HCL signs a five year engagement with Energy Future Holdings

HCLTechnologiesLtd.(HCL),oneoftheIndiasleadingITservicesproviders,

hasenteredintoafiveyeartransformationalITinfrastructuremanagement

contractwithTexas-basedEnergyFutureHoldingsCorp(EFH).Aspertheterms

ofthecontract,HCLwouldmanageEFH'sITInfrastructurelandscape

comprisingofDataCenter(DC),VoiceandDataNetworksandEndUserComputingServices.HCL'sServiceDeskwouldprovidesupporttoEFHend

users,includingdesk-sidesupport,incompletecompliancewithvarious

regulatoryframeworks.EFHisaprivately-heldenergycompanywithaportfolio

ofcompetitiveandregulatedenergysubsidiaries.

Dell acquires Perot in USD 3.9 billion cash deal

DellhasacquiredtechnologyservicesproviderPerotSystemsinatransaction

valuedatapproximatelyUSD3.9billion.TheacquisitionwouldenableDell

diversifybeyondhardwarearea,whichhasbecomeacommoditybusinesswith

lowsingle-digitmargins.ThedealwouldalsoenableDelltocompetebetternot

onlywithIBM,Accenture,HewlettPackardbutalsowithIndiantechnologyservicesplayerssuchasTCS,InfosysandWipro.Thisacquisitionwouldalso

enlargeDellsfootprintsinIndia.PerotSystemshasabout8,300employees

whileDellhascloseto12,000peopleinIndia.

Page 8 of 19

Analyst: Parnika Patil

IT / ITeS



ndia offers tremendous

pportunities in innovation and

arket potential. EMC's

ommitment of USD 1.5 billion

ver the next five years illustrates

e important role India will play

the company's long-term

rategic Asia Pacific JapanPJ) and global growth plans

vid Goulden, Executive Vice President and Chief

ancial Office, EMC

urce: EMC Press Release, September 9, 2009, EMC

ncrease India Investment by USD 1.5 Billion)


9/19

Sanara Media enters in a joint venture with US animation company

SanaraMediahasenteredintoa51:49jointventurewithUS-basedWorld

StudioGrouptoset-upSanaraWSGFilms.ThejointventurecompanywillbeheadquarteredinCaliforniaandproducefamilyentertainmentfilmsand

animationprojects.ThejointventureprovidesSanaraMediaanentryintheUS

animatedfilmsmarket.SanaraMediaisexpectedtoinvestUSD10millionover

aperiodofthreeyearsintheventure.

UTVi strikes alliance with Bloomberg

GlobalbusinessnewsandinformationcompanyBloomberghasenteredinan

agreementwithUTVSoftwareCommunicationsUTViforaco-brandedbusiness

channel.BeginningOctober,thechannelisexpectedtobere-brandedas

Bloomberg-UTV.Withthealliance,UTViwouldgainaccesstotheglobalfeed

fromBloombergTelevision,the145bureausthatBloombergNewshasacross

theworld,inadditiontoitsinternationalprogrammingelements.

Den Networks raised USD 20 million in pre IPO placement

IndiancableoperatorDenNetworks,planningtoraiseUSD104millionthrough

ainitialpublicoffering(IPO),hasraisedUSD20millioninapre-IPOplacement

ofitsshareswithaMauritius-basedfund.EMSAFMauritiushasacquired

approximately4millionsharesamountingto3.9percentinthecompanyfor

USD20.8million.ThedealvaluesthecompanyatapproximatelyUSD510

million.ThetotalcablehouseholdsinIndiaareexpectedtorisefrom90million

in2009to130millionby2013.

ESPN Star Sports to launch Sports News channel in India

ESPNStarSports(ESS)isplanningtolauncha24*7sportsnewschannel

ESPNewsinIndiaandisseekingGovernmentapprovaltodownlinkthe

proposedchannel.ESS,hasalsore-launcheditschannelsacrossallAsian

countrieswithnewlogos,presentationsandgraphicandishopingthere-launch

wouldenhanceitsbrands.ESSholdsexclusivebroadcastrightstoT20

ChampionsLeague,ChampionsTrophy,FIFAWorldCupandtheT20WorldCup.

ESSisa50:50jointventurebetweenTheWaltDisneyCo-ownedESPNand

NewsCorp-ownedSTARTV.TheIndianarmcontributesapproximately45-55

percentofESStotalrevenues.

Big Cinemas plans to add 100 more screens by 2010

BigCinemaspartoftheAdlabsFilms,planstoaddaround100morescreensto

itsexistingnetworkofover200screenacross66citesinIndiaby2010.The

grouphasalsoannouncedre-organizationsonBigCinemasoperationsto

expanditsregionalmarketpenetrationandtosupportthegrowthmomentum.

TusharDhingra,COO,BigCinemaswouldhandleoperationinNorth,Eastand

CentralIndiawhileAshishSaksenaisexpectedtobeCOOoftheWestand

Southregion.AdlabsFilmsoperatesmultiplexesunderthebrandnameBig

Cinemas,hasaglobalfootprintof459screensinIndia,US,Malaysiaand

Netherlands.

Page 9 of 19

Media

Analyst: Mehul Desai2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


The addition of 14-15m TV sets

very year and a rapid change in

reference of premium channels

ill drive viewership of business

ews in India. This is where our

ssociation with Bloomberg will

eate impact for the Indian

arketnnie Screwvala, Chairman, UTV News

urce: BBC News, September 11, 2009, Indian

dia firm, Bloomberg, to share business news

tent)


10/19

ONGC to invest USD 10 billion in E&P

State-run,Oil&NaturalGasCorporation(ONGC)isexpectedtopumpinaround

USD10billioninordertodevelopnewoilandgasfieldsandincreaseoutputfromitsexistingfields.ThecompanyislikelytospendaboutUSD3.2billionto

increaseoilproductionfromitsnewfields.ONGCalsohasplanstointensifyits

domesticexplorationandaggressivelypursueoverseasacquisitions.

Total SA withdraws from Vizag project

Frenchoilmajor,TotalSA,haswithdrawnfromtheplannedUSD10billion

refinery-cum-petrochemicalprojectatVizaginAndhraPradesh.Theglobal

economicdownturnhasreversedfortunesforrefinersandhasresultedinTotal

puttingtheirparticipationonhold.EarliertheMittalGrouphadbackedoutfrom

theproject,meaningthattheprojectnowfacesanuncertainfuture.

State-run firms shell out USD 440 Million for Oil India stake

State-runfirmsIndianOilCorporation(IOC),BharatPetroleumCorporation

Limited.(BPCL)andHindustanPetroleumCorporationLimited(HPCL)have

purchaseda10percentstakeinPublicSectorUnit(PSU)explorerOilIndiaLtd.

(OIL)forapproximatelyUSD440million.WhileOILoffered11percentfresh

equitytothepublicthroughitsInitialPublicOffering(IPO),theState-runrefiners

pickeduptheGovernment'sstakeinOILaspartofadivestmentplan.

Petronet to establish power plants

IndiaslargestLiquefiedNaturalGas(LNG)importer,PetronetLNGLimited

(PLL),issettodiversifydownstreamandsetuptwopowerplantsinthe

country.ThecompanyhasalsoplannedaUSD400millionrightsissuetopartly

fundtheprojectandtheremainingamountwouldberaisedintheformofdebt.

PLLisexpectedtosetuptwopowerplantswithacapacityof1,200MWeach,

nexttoitstwoLNGterminalsinDahejandKochi.

IOC drops EoU status for Paradip Refinery

IOChasdecidednottoaskforanexportorientedunit(EoU)statusforits

upcomingrefineryprojectinParadip,Orissa.Thisismainlybecausethelocal

demandforpetroleumproductsislikelytocontinuetobemorethanthatfromglobalusers.IOChasproposedtocompleteitsrefineryby2012inorderto

makeiteligiblefora7yeartaxholiday.

KSIDC, GAIL in pact for gas pipeline infrastructure

TheKeralaStateIndustrialDevelopmentCorporation(KSIDC)hastiedupwith

theGasAuthorityofIndiaLimited(GAIL)fordevelopinggaspipeline

infrastructure.Thenaturalgasistobesuppliedforvariousapplications,suchas

powergeneration,manufactureoffertilizersandcitygasdistribution(CGD)for

domestic,automobileandcommercialendusers,etc.Theseprojectsarelikely

tohaveapositiveeffectontheindustrialdevelopmentofthestate.

Page 10 of 19

Oil and Gas

nalyst: Sidharth Balakrishna and Suman Lala2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


t does not make sense to be an

oU, when you get incentives

om the government for selling in

e local marketthak Behuria, Chairman, Indian Oil Corporation Ltd.

urce: The Economic Times, September 16, 2009,

C sheds EoU tag for Paradip refinery)


11/19

Orchid receives FDA approval for its Piperacillin-Tazobactam ANDAs

along with 180-day exclusivity

OrchidChemicals&PharmaceuticalsLimited,anIndianpharmaceuticalcompany,hasreceivedapprovalsfromtheUSFoodandDrugAdministration

(FDA)foritsAbbreviatedNewDrugApplications(ANDAs)forPiperacillinand

Tazobactamininjectibleform.TheapprovalscoverOrchidsgenericequivalents

in2.25g,3.375gand4.5gvialaswellas40.5g(PharmacyBulkPackage)dosage

formsandstrengths.Thecompanyhasbeengranteda180-daygenericdrug

exclusivityasithasbeendeterminedasthefirstapplicantfortheproducts.

Orchidisexpectedtolaunchtheseproductsinmarketinganddistribution

partnershipwithApotexintheUS.

UN awards contract to Shantha Biotechnics for supplying its

pentavalent vaccine SHAN5

Hyderabad-basedShanthaBiotechnics,anIndianbiotechnologycompany,has

receivedacontractworthUSD340millionfromtheUnitedNations(UN)forthe

supplyofitspentavalentvaccineSHAN5,whichisacombinationvaccineof

Diphtheria,Pertussis,Tetanus,HaemophilusinfluenzaBandHepatitisB.Thecover

periodforthecontractis201012.Thecompanyhasalsoreceivedpre-qualifications

bytheWorldHealthOrganization(WHO)forsupplyingitsothervaccines

SHANVAC-B,SHANTETRAandSHANTTtoUNagenciesglobally.Shantha

BiotechnicswasrecentlyacquiredbySanofiAventisthroughitsvaccinedivision

SanofiPasteur.

Lupin buys US rights of cholesterol lowering drug Antara

LupinLimited,oneofIndiasleadingpharmaceuticalcompanies,announcedthe

acquisitionofUSrightsforproductandrelatedassetsinclusiveofinventoryfor

cholesterolloweringdrugAntara.Thecompanyclinchedthedealwiththe

bankruptOscientPharmafor~USD39millionundertheproceduresoftheU.S.

BankruptcyCourt.AntarareportedlygeneratedsalesofUSD70millionin2008.

TheacquisitionisinlinewiththecompanysUSstrategytoincreasethesales

ofbrandeddrugswhichgenerallyhavehighermarginsthangenericdrugs.

Biocon partners with Amylin for diabetes drug

BioconLimited,oneofIndiasleadingbiotechnologycompanies,announcedanexclusiveagreementwithUS-basedAmylinPharmaceuticalsforthe

collaborativedevelopment,manufactureandcommercializationofapeptide

therapeuticforthepotentialtreatmentofdiabetes.Theagreementoffersthe

scopetoachievesynergiesbyutilizingthecapabilitiesofboththecompanies.

Bioconisexpectedtoconductresearch,trialsandmanufacturethepotential

drugbasedonAmylinsphybridtechnology,whichcombinesthe

pharmacologicaleffectsoftwopeptidehormonesintoasinglemolecularentity.

Page 11 of 19

Pharma

Analyst: Nandita Kudchadkar and Parnika Dayal



The Indian medical tourism

dustry is at a nascent stage, but

as an enormous potential for

ture growth and development.

his sector has the highest growth

otential after IT and BPO and will

racket India among the world's

ite healthcare providersex India, a medical referrals agency

urce: The Economic Times, September 21, 2009,

ter IT, BPO, medical tourism emerge as fastest

wing sector)


12/19

Tata Power scouting for coal assets overseas

PrivatepowercompanyTataPowerisbelievedtobescoutingforcoalmines

abroad,includingAustraliaandMozambique,tomeetdemandforitsupcomingprojects.Thecompanycurrentlyhas30percentownershipinablockin

Indonesiathroughwhichitisabletomeet50percentofitscoalrequirement.

Tatapowerhasaninstalledcapacityof2,768mwandhassetatargetof

becominga12,000mwcompanyby2014.This12,000mwcapacityincludes

thecompany'sprojectswhichareatvariousstagesofimplementation.

BHEL bags USD 75.8 million order for 700 MWe nuclear power

project

EngineeringgiantBharatHeavyElectricalsLimited(BHEL)hasbaggedaUSD

75.8millionorderfromtheNuclearPowerCorporationofIndiaLimited(NCPIL)

forsupplyoffoursteamgeneratorsforIndia'ssecond700MWenuclearpower

station,beingsetupatRajasthanAtomicPowerProject,Kota.

BHELisexpectedtodesign,manufactureandsupplythesesteamgenerators.

Thecompanyhassofarsupplied32nuclearsteamgeneratorsforeight220

MWenuclearpowerstationsatNarora(UP),Kaiga(Karnataka)andRAPP

(Rajasthan).IthasalsosuppliedfournuclearsteamgeneratorsforIndia'sfirst

500MWenuclearpowerstationatTarapurAtomicPowerProject(Maharashtra).

NTPC signs pact with RIL for buying part of K-G D6 gas for USD

4.2/ mmbtu

Thestate-runNationalThermalPowerCorporation(NTPC),recentlysigneda

pactwithMukeshAmbani-ledRelianceIndustriestobuyapartofnaturalgas

allocatedtoitfromK-GD6fieldsatarateofUSD4.2permmBtu.

NTPCisexpectedtobuy0.61millionmetricstandardcubicmetersofgasaday

foritsplantinAntainRajasthan.Thevolumesareonlyafractionoftheone-

fourthofthe2.67mmscmdgastheGovernmenthadallocatedtoNTPC.

Thestate-runpowerutilitysignedaGasSalesandPurchaseAgreement(GSPA)

withRILandaseparateGasTransportationAgreementwithRelianceGas

TransportationInfrastructureLtd.

GE Energy to set up its 1st wind turbine unit in India

PowerGeneratorGEEnergyplanstosetupitsfirstwindturbinegeneratorplant

inthecountry.Theplantisexpectedtocommenceproductioninsecondhalfof

2010.ThefacilitywouldalsoenableGEEnergytocreatealargersourcingbase

fromIndiaforcriticalitems,includingblades,towers,gearboxes,castingsand

forgings.

Page 12 of 19

Power

Analyst: Sidharth Balakrishna and Sonam Gosalia2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


Today India is ranked as the fifth

rgest market globally for wind

ower in terms of installed

apacity and this will only elevate

years to come. This is an

mportant time to be involved with

ind energy and in helping to

hape the future of our nation'snewable energy agenda

T P Chopra, President and CEO, GE India

urce: The Economic Times, September 16, 2009, GE

ergy to set up its 1st wind turbine unit in India)


13/19

Another textile company entering real estate business

AfterCenturyTextilesandBombayDyeing,itisRaymond,theflagshipcompany

oftheSinghaniagroupwhichhasexpresseditsinteresttoenterintotherealestatebusiness.Initiallythecompanyisplanningtodevelopthesurpluslandin

Thanefordevelopingaffordablehousingpropertyusing15-20acresofsurplus

landasapartoffirstphaseofdevelopment.

Indiareit plans USD 103 million realty fund

IndiareitFundAdvisorsPrivateLtd.,promotedbyPiramalEnterprisesisplanning

tosetupsecondrealestatefundwithanoverallcorpusofUSD103million.The

fundislikelytomakeinvestmentsinprojectsinMumbai,NewDelhiandAlibaug

withafocusontheresidentialsegment.Thefundsareexpectedtoberaised

fromHighNetworthIndividuals(HNIs)andinstitutionalinvestors.Thefundwould

lookatinvestmentopportunitieswhereitcanearna20percentreturnon

investment.

Omaxe to invest USD 307 million in four projects

Realestatecompany,Omaxeisexpectedtodevelopfournewhousingprojects

ataninvestmentofUSD307millionovernextthreeyears.Theprojectswould

belocatedatFaridabad,Indore,AllahabadandChandigarhwithatotalof2000

units.ThecompanyisexpectingtohavearevenuerealizationofUSD471

millionoverthenext30months.

Safe home buying with new real estate bill

Adraftbillonrealestateregulatorisexpectedtoprotecttheinterestsof

homebuyersbyensuringtransparency.Accordingtothedraft,adeveloperwill

havetoregisteraprojectwiththeregulatorbeforehecanmarketthe

properties.Forthis,thebuilderwillhavetosubmitadocumentaryproofofland

ownershipandthemandatorylicensestotheregulatorforregistration.Once

verified,theentireinformationabouttheprojectwillbeavailableonthe

regulatorsWebsitethatwillbeaccessibletoeverybody.Theregulatorwillalso

scrutinizetheadvertisementsandnamesofbrokers.

IREO to invest USD 2 billionGlobalinvestmentfundIREOplanstoinvestUSD2billiontodevelopan

integratedtownshipwithapproximately20,000flatsinGurgaoninnextsevento

eightyears.Thetownshipwillbedevelopedwithanupmarketdesignandwould

alsocomprisehotels,educationalinstitutes,medicalfacilitiesandcommercial

spaces.

Page 13 of 19

Real Estate and SEZs

Analyst: Rajiv Parekh2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


Source: Report on Real Estate, 15 September

2009, IIFL

Estimated margins on affordable

housing(INR per sq.ft.)

Saleprice 2,0002,500

FSI-adjustedcostofland 300-400

Costofconstruction 1,000

Overheads 100

Interestonland 54-90

Operatingprofit 550-900

Taxes@30% 165-275

Netprofit 385-625

Netprofitmargin 19-25%


14/19

Page 14 of 19

Telecom

Analyst: Neha Dayal and Rishabh Chadha2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


Bharti and MTN deal called off

Themuch-awaiteddealtocreatethethirdlargestserviceproviderintheworld

hasbeencalledoff.BhartiannouncedthatthetwocompanieswerenotabletoreachcommongroundintermsofthecorporatestructureaspertheIndian

laws.TheSouthAfricangovernmentalongwiththecompanyofficialslobbiedfor

theduallistingofBhartiandMTNinSouthAfricaandIndiasoastohelpthe

companiestoseamlesslymergetheirglobaloperations.TheIndiangovernment,

whilebeinginfavorofthedeal,wasunwillingtochangeormodifythelawsfor

thesame.

Number portability by end of December

TRAIhasannouncedthatMobileNumberPortabilitywillbeimplementedby

December31,2009inallmetrosandcategoryAcircles.Theremainingcirclesin

IndiawillhaveaccesstothisfacilitybyMarch31,2010.TRAIhasissuedthe

guidelinesfortheimplementationofMNP.Thereisnoclarityonthecostofthis

serviceasofnow.

3G auctions on December 07, 2009

Thegovernmentislikelytoholdthe3GauctionsonDecember07,2009andthe

bidswillbeinvitedfromOctober26,2009toNovember13,2009.Itisalso

expectedtoholdtheauctionsforEVDO(CDMAversionof3G)andBroadband

WirelessAccesstwodayslater.Thewinnerswillberequiredtopaytheirbid

depositwithinfivedaysoftheclosureoftheauctionandpaythebalanceafter

15days.

New operators to pay three percent of revenues as 3G spectrum

fee

Datacomsolutions,telecomsubsidiaryofconsumergoodsgiantVideocon,is

believedtohaveenteredintoatowersharingagreementwithTataTeleservices.

Aspertheagreement,TataTeleservicesLimited(TTSL)islikelytoprovidethe

transmissionservicesandWirelessTataTeleInfoservicesLimited(WTTIL),the

jointventurebetweenTTSLandQuippo,willprovidethepassiveinfrastructurein

theformoftowersandshelters.Videoconhaslicensestooperatein14telecom

circlesandplanstoinvestINR10billionontowerswithinthisfiscal.Both

DatacomandTTSLarerollingouttheirGSMservicestogetherandthisagreement

islikelytobeinstrumentalinhelpingthemtosaveonoperatingcosts.

Tata Teleservices takes bill off the pulse

TataTeleserviceshasannouncedthatitwillbechargingitsCDMAcustomersper

callinsteadofthenumberofminutestheymakeacallfor.Ithasannouncedthatit

willbechargingthecustomers2centsforeverylocalcalland6centsforevery

STDcallregardlessoftheminutesofusage.

90.6% 90.9% 91.2% 91.4% 91.7% 91.9% 92.2% 92.4%

9.4% 9.1% 8.8% 8.6% 8.3% 8.1% 7.8% 7.6%

34.5%35.7%

37.0%37.9% 38.9%

39.9%41.1%

42.3%

J an ua ry Feb ru ar y Mar ch A pr il May J un e J uly Au gu st

4 00 .1 4 13 .9 4 29 .7 4 41 .4 4 52 .9 4 64 .8 4 79 .1 4 94 .1

Wir eless Wire line Teledensity

Subscriber Base and Teledensity, 2009

(July, 2009)

Source: TRAI, September 23, 2009


15/19

Government not to allow FDI in helicopter services

TheGovernmentofIndiahasdecidednottoairlinestoinvestinlocalhelicopter

serviceproviders.Asperthecurrentguidelineshelicopterservicearerequiredtoprocureonlyanextrapermissionfromtheministryifitintendstoflyairplanes

inIndia.ThecurrentFDIguidelinesforinvestinginairlinesdonotallowaforeign

carriertoinvestinanIndiancarrier.Thefinanceministryandthedepartmentof

industrialpolicyandpromotionhavealsodecidedthatforeignhelicopterservice

providersshouldbeclassifiedasforeignairlines,whicharenotallowedtohave

directorindirectownershipinIndianairlines.

India Nepal sign new Air Service Agreement

IndiaandNepalhaverevisedtheAirServiceAgreement(ASA)toallow

increasedairtrafficbetweenthetwocountries.Asperthisagreementthetwo

countrieshaveagreedtoincreasetheweeklyseatcapacityto30,000fromthe

current6,000.ItisagreedthatNepalairlinescannowoperatetoatotal21

destinationsinIndiaandIndiancarrierscanflytosevennewdestinationsin

Nepal.TheagreementhascomeintoforceandthedesignatedNepaleseairline

wouldbeallowedtooperateupto10,000seatsperweekto/fromMumbaiand

Bangaloreeachandupto15,000seatsperweekto/fromDelhi.Thisrestriction

willbecomenullandvoidfromJanuary1,2011.Thetwocountrieshavealso

allowedthedesignatedairlinesofeachothertooperateanynumberofall-cargo

servicesbetweenthetwocountries.

Aqua Logistics files draft red herring prospectusAquaLogisticsLtd.,anintegratedlogisticssolutionsprovider,issaidtohave

fileditsDraftRedHerringProspectuswithSecuritiesandExchangeBoardof

India(SEBI)foritsplannedinitialpublicoffer(IPO).Thecompanyplanstouse

theproceedsfromtheIPOtofunditspurchaseofspecializedequipments,

expansionandestablishmentofoffices,proposedacquisitions,additional

workingcapitalrequirements,publicissueexpensesandgeneralcorporate

purposes.ThesharesareexpectedtobelistedontheNationalandBombay

StockExchanges(NSEandBSE).SaffronCapitalAdvisorsandCentrumCapital

aretheBookleadmanagersandLinkIntimeIndiaisregistrartotheissue.

Stone India to manufacture freight carsStoneIndiaLtd.,anIndianengineeringcompantmanufacturingrailway

components,throughanewsubsidiaryStoneIntermodalLtdisplanningto

enterthelogisticsbusinessandmanufacturefreightcarscapableofrunning

bothonroadsandonrailwaytracks.Thecompanyissaidtohaveformeda

technicalcollaborationwithRailRunnerNAInc.,US-basedrailproductsand

servicescompany,touseRailRunnerspatentedtechnologytomanufacture

freightcarsinIndia.StoneIndiaisplanningtoinvestaboutUSD31millionin

twophasestobuildthenewmanufacturingfacility.Thecompanyhascurrently

submittedthedesignsofthenewfreightcarstotheUnionrailministryfor

approvalandexpectstostartmanufacturingthemwithinayear.

Page 15 of 19

Transport and Logistics

Analyst: Nitin Dehadraya2009KPMG,anIndianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirms


A strong growth is expected on

e back of favorable regulatory

nvironment, greater thrust on

gistics infrastructure spending

nd the changes which we expect

om organised players gaining a

rger market presence in the

dustrynoj Mohta, Head, Crisil Research

urce: Reuters, September 23, 2009, Logistics sector

sed to grow, high spend a worry-Crisil)


16/19

Page 16 of 19



Reference material for preparing this document was taken

from the following sources:

Note:1USD=48.8INR

Sources

Foreword:

TheEconomicTimes,Top50coslendweighttorebound,October15,2009

TheTimesofIndia,Strengtheningrupeethreatenstherecoveryofexportsector,October20,2009

Reuters,Augustindustrialoutputup10.4pcty/y,Octover12,2009

Economy:

Businessworld,IMFforecasts2010IndiaGDPat6.4%

ReserveBankofIndiawebsite,September11,2009

Reuters,Govt.forecastsIndiasGDPat6%forFY10FM,Sept07,2009

ADBWebsite,September22,2009

Auto

TheFinancialExpress,GMinkspactwithRevaforelectricvariantofSpark,September25,2009

WheelsUnplugged,REVANXRandNXGelectriccarstobelaunchedinIndiaby2010-11,September26,2009

TheBusinessStandard,M&MmaybuyKirloskar'sstakeinSwarajEngines,September25,2009

TheTimesofIndia,ToyotabuysstakeinTubeInvestments,September21,2009

TheHinduBusinessLine,FordtoinvestRs1,500crmoreinChennaifacility,September25,2009

DowJonesInternationalNews,Continental,ModiRubbersignpact,September24,2009

BFSI:

TheEconomicTimes,Russia-basedSberbankplanstoforayintoIndianfinancialservicemarket,September14,

2009

BusinessStandard,L&TFinanceventuresintomutualfundindustry,September26,2009

Livemint,WorldBankapprovesUSD4.3billionloanforIndia,September24,2009

TheEconomicTimes,CreditSuisseplanstolaunchbankingoperationsinIndia,September30,2009

TheEconomicTimes,AxisAMCfocusonnewbusinesssegments,September13,2009

CM:

Livemint,LGtoinvestUSD1bninIndiaonmarketingandR&D,September24,2009

EconomicTimes,FutureGroup,Carrefourtieuplikely,September14,2009

BusinessStandard,Johnson&Johnsonexpandsportfolio;launchesNeutrogenabrands,September03,2009

www.indianretailforum.com,SpencersRetailEntersIntoALicensingPactWithMarcEcko,September14,2009

BusinessWeek,Mothercare'sIndiaopsgetDLFpush,September09,2009

Hospitality:

EconomicTimes,Marriottplans21newAsianhotelsamidglobaldownturn,September10,2009

BusinessStandard,Interglobetosetup14hotelsin3yrs,September10,2009

BusinessStandard,RoyalOrchidtoadd3,000hotelrooms,September28,2009

EconomicTimes,PrideGroupofHotelsplansIPOofRs200crore,eyesPEfunding,September14,2009

DNA,Thailand'sAbsoluteHoteltosetupshopinIndia,September01,2009


17/19

Page 17 of 19



IT:

1. TBusinessStandard,TCSopensnewdeliverycentreinArgentina;toemploy250,September16,2009

2. TheEconomicTimesMindtreeacquiresKyoceraWirelessIndia,Sept29,2009

3. HCLPressRelease,HCLSignsafiveyearengagementwithEnergyFutureHoldingsforITInfrastructure

ManagementServices,September17,2009

4. FinancialChronicle,DellacquiresPerotforUSD3.9billioninallcashdeal,September22,2009

5. EMCPressRelease,EMCtoIncreaseIndiaInvestmentbyUSD1.5Billion,September9,2009

Media:

EconomicTimes,SanraaMediainJVwithUSanimationco,September04,2009

EconomicTimes,ESPNStarSportstolaunchsportsnewschannel,September07,2009

Indo-AsianNewsServices,Bigcinemastoadd100morescreensby2010,September10,2009

BBCNews,Indianmediafirm,Bloomberg,tosharebusinessnewscontent,September11,2009

AsiaPulse,India'sDenNetworksraisesUSD20millioninpre-ipoplacement,September21,2009

Oil and Gas:

TheEconomicTimes,ONGCtoinvestINR50,000CroreinE&P,September14,2009

TheEconomicTimes,TotalSApullsoutofUSD10bnrefinery-cum-petrochemprojectinAP,September15,2009

TheEconomicTimes,IOC,BPCL,HPCLshelloutINR2,200Crfor10percentinOilIndia,September15,2009

TheEconomicTimes,Petronettosetuppowerplants,plansrightsissue,September17,2009

TheEconomicTimes,IOCshedsEoUtagforParadiprefinery,September16,2009

TheEconomicTimes,KSIDC,GAILinpactforgaspipelineinfra,September14,2009

Pharma:

CompanyWebsite,OrchidsPiperacillin-TazobactamANDAsreceiveUSFDAnod,September16,2009

CompanyWebsite,ShanthaBiotechnicsAwardedLargeVaccineContractsbyUnitedNationsAgency,September1,

2009

CompanyWebsite,LupinExpandsBrandedPlayAnnouncesAcquisitionofUSRightstoANTARA,September29,

2009

CompanyWebsite,BioconLimitedandAmylinPharmaceuticalsEnteraGlobalDevelopmentandCommercialization

AgreementforaNovelPeptideHybrid,September11,2009

Livemint,PharmaexportcertificatestobeissuedbyCentre,notstates,September6,2009

Pharmabiz,DCGIissuesguidelinesongrantofCoPPbyCDSCOfromOctober1,September25,2009

Power:

1 TheEconomicTimes,TataPowerscoutingforcoalassetsoverseas,September29,2009

2 TheEconomicTimesBHELbagsRs365crorderfor700MWnukepowerproject,September25,2009

3 TheEconomicTimes,NTPCsignspactwithRILforbuyingpartofK-GD6gasforUSD4.20,September23,2009

4 TheEconomicTimes,GEEnergytosetupits1stwindturbineunitinIndia,September16,2009

5 TheEconomicTimes,IOCtoformjointventurewithNPCILfornuclearpowerplants,September2,2009

Real Estate:

BusinessStandard,Raymonddiversifiesintorealestatebusiness,September18,2009

TheEconomicTimes,PiramalsIndiareitplansRs500-crrealtyfun,September17,2009

BusinessStandard,OmaxetoinvestRs1,500crinfourprojects;mullspricehike,September29,2009

TheEconomicTimes,Buyinghometogetsafer,newrealestatebillmooted,September27,2009

BusinessStandard,IREOtopumpinRs10kcrtobuild20,000houses,September25,2009


18/19

Page 18 of 19



Telecom:

TheEconomicTimes,BhartiAirtel-MTNdealcalledoff,October01,2009

TheEconomicTimes,NumberportabilitybyendofDecember,September24,2009

TheEconomicTimes,3GauctionsonDecember07,2009,September14,2009

TheEconomicTimes,Newoperatorstopay3percentofrevenuesas3Gspectrumfee,September09,2009

TheEconomicTimes,TataTeleservicestakesbilloffthepulse,September02,2009

BusinessStandard,Governmenttoannounceuniformtelecomlicensefee,September01,2009

Transport and Logistics:

EconomicTimes,MPplanscountry'slargestintegratedlogisticspark,August24,2009

Alassets,DHFLinjointventurewithrealestateinvestorRedwoodforIndianPEfund,August10,2009

EconomicTimes,LDA,ABGPortsteamuptoofferlogisticsservicestoIndianports,August5,2009

SiliconIndia,GovtmayvestownershipofroadswithNHAI,August26,2009

Reuters,RPT-IndiatoholdroadshowforUSD20.68blnroadprojects,August31,2009

Steelguru,JSWgrouptodevelopportsinIndiaandabroad,September1,2009 FinancialExpress,DCItobuy3dredgersforINR1,722crore,August,21,2009


19/19

in.kpmg.com

2009KPMG,anIndianPartnershipandamemberfirm

oftheKPMGnetworkofindependentmemberfirms

affiliatedwithKPMGInternational,aSwisscooperative.

Allrightsreserved.

KPMGandtheKPMGlogoareregisteredtrademarksof

KPMGInternational,aSwisscooperative.

Theinformationcontainedhereinisofageneralnatureandisnotintendedtoaddressthecircumstancesofanyparticularindividual

orentity.Althoughweendeavourtoprovideaccurateandtimelyinformation,therecanbenoguaranteethatsuchinformationis

accurateasofthedateitisreceivedorthatitwillcontinuetobeaccurateinthefuture.Nooneshouldactonsuchinformation

withoutappropriateprofessionaladviceafterathoroughexaminationoftheparticularsituation.

Contactus:

For further information about this

newsletter, please contact:

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e-Mail: [email protected]

Tel: +91 80 3980 6800

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Tel: +91 22 3983 5301

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Entertainmente-Mail: [email protected]

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