| IOB
looks at Malaysia, China for foreign push |
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Indian Overseas Bank (IOB)
has launched an extensive expansion plan bringing
in Malaysia, China and Canada into its global
network. Already present in five countries, having
recently set up a remittance centre in Singapore,
the nationalized bank is looking at opening representative
offices in China, Malaysia and a full-fledged
branch in Canada.
Setting a target of $13mln
operating profit from its overseas operations
and a 16-17% increase in business back home, IOB
is likely to raise more Tier 2 capital by September
this year. With a capital adequacy of 12.49%,
the bank has no plans to raise equity at present.
The government holding, after IOB’s second
public issue, stands at 61.23%.
IOB’s plans to expand
overseas is, however, subject to approvals of
the Reserve Bank of India (RBI) and the respective
host country. IOB’s operating profits from
its existing five overseas branches were at $10.85mln
in ’03-04.
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| Baxter
may make India outsourcing hub for API |
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| Baxter India,
a wholly-owned subsidiary of US-based Baxter International,
is planning to make its Indian operation a sourcing
hub for its international pharmaceutical business.
The company is
planning to outsource huge quantities of active
pharmaceutical ingredient (API) from Indian pharma
players for its global generic injectible markets.
The API would be outsourced for different therapeutic
segments such as cardiovascular, pain management
and anti infective.
Besides India, the company is also looking at big
Chinese players for its API requirement. These two
markets are being looked by Baxter in order to take
advantage of cost competitiveness and strong manufacturing
skills of these two countries.
For securing
regular supply of API for its US and European operations,
the company is considering various options that
include acquisition of API manufacturing company,
buying out the API manufacturing facility and forging
alliances with Indian companies
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Our Say |
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| The
size of Baxter International is around
$6 bln and it outsources half a billion
dollar worth of its raw material from
other countries. Likewise many global
pharma players have already moved ahead
for sourcing their requirement by way
of contract manufacturing and outlicensed
deals to India.
Considering
the huge potentiality in developed markets
such as the US and Europe, where many
block bluster drugs are going to be
off patent, Indian pharma players have
identified these markets as their growth
drivers and have also started upgrading
their manufacturing and R&D facilities
as per the global standards.
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| Marriott
to focus on India |
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| Emerging markets
seem to be catching the fancy of leading hospitality
majors like Marriott International, which has a
presence in more than 70 countries and which now
plans to shift focus to three new emerging markets
in Asia —- India, China and Middle East —
for future growth. In China, the $9bln group has
41 properties, which by the year end will be scaled
up to 60 and in Middle East. The Group will add
10 more properties in the next six months, which
will take their total properties to 52 in the region.
In the Indian market the hospitality major is looking
at adding more properties in all the major metros.
Marriott has
clearly identified these three regions as growing
faster than any other around the globe when it comes
to new emerging markets. Marriott International
is looking at increasing its presence in India and
for this a clear growth map has been chalked out.
The group wants
to bring in four top brands Marriott, JW Marriott,
Ritz Carlton and Renaissance, out of 13 in its bouquet,
to these new markets. Marriott, meanwhile, already
has JW Marriott, Marriott, Renaissance, Marriott
Executive Apartments and Ramada International in
India. It has also announced plans to set up the
Courtyard lodging brand soon. At present, it has
seven properties and will soon open a 308-room hotel
in Hyderabad.
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