2. Index
Contents
Index
President’s Message...............................................................................................................................4
From the Secretary General’s Desk .........................................................................................................6
Happenings at IACC.................................................................................................................................7
US investments in India ........................................................................................................................54
Kalyan Jewellers raises Rs 1,200 crore from PE major Warburg Pincus.........................................................................54
Goldman Sachs to invest Rs 1,200 crore in Bangalore....................................................................................................54
Indo-US MIM Tec to invest Rs 1000 crore ......................................................................................................................55
Warburg Pincus invests Rs 550 cr in Laurus Labs to acquire stake.................................................................................55
Minnesota based Cargill sets up Rs500 crore corn milling plant near Bangalore ..........................................................56
Abbott's new Gujarat factory to be inaugurated with an investment of Rs 450 crore ..................................................57
India’s Investments in U.S......................................................................................................................58
Kellton acquires Virginia-based recruitment services firm Vivos ...................................................................................58
Indo-US Corporate News ......................................................................................................................59
Burger King to open 12 outlets in India over three months...........................................................................................59
US FDA fast-tracks approval for Wockhardt drugs .........................................................................................................59
'Customers preferred Ebay, Flipkart for Diwali online shopping'...................................................................................60
Headquartered in Mumbai Tata Power signs deal with Phoenix based Honeywell to build defence navigator in India61
Microsoft to set up 3 data centers in India by 2015.......................................................................................................61
Infosys to hire over 2,100 people in US to boost business.............................................................................................62
Twitter plans to do part of MIT Media Lab’s LSM research in India...............................................................................62
Harley-Davidson launches three new bikes in India, prices start at Rs 16.28 lakh.........................................................63
Mumbai based TCS & Palo Alto headquartered VMware to jointly open data centres in US and India........................64
Microsoft CEO Satya Nadella gets $84 million pay package...........................................................................................65
Starbucks opens outlet in Hyderabad.............................................................................................................................65
In the News: .........................................................................................................................................66
Remarks with Vice President Joe Biden and Indian Prime Minister Narendra Modi .....................................................66
Its official, US is now partner country for Vibrant Gujarat 2015 ....................................................................................70
Joint Statement during the visit of Prime Minister Narendra Modi to USA...................................................................71
Six Indo-American-Led Firms among 100 Fastest-Growing Biz in U.S.: Fortune ............................................................77
Headquartered in Belmont, California Sun Edison LLCto set up 5000 MW solar projects in Rajasthan ........................77
Fundraising for Congresswoman Tulsi Gabbard.............................................................................................................78
Kerry Describes India as a Country of Enormous Energy, Power....................................................................................79
Pune gets Maharashtra's first American Business Corner..............................................................................................79

3. Intensive Follow up Meetings Scheduled Post Modi-Obama Summit............................................................................80
Consulate Serves American Citizens in Ahmedabad.......................................................................................................81
Indo-US relationship is absolutely transformational for the 21st
century: Deborah Smith............................................81
India, US joint forum on investment here in the works..................................................................................................83
Narendra Modi has India talking about toilets, says Microsoft co-founder Bill Gates...................................................84
Can’t Match Modi’s ‘Rock Star Reception’ in New York: John Kerry..............................................................................85
US approves two technology transfer licenses to India..................................................................................................86
Indian-American educator to help India with hospital management (Health Feature).................................................86
‘FOR INDIA & US BUSINESS TIES, TIME IS TO LEVERAGE THE BUSINESS POTENTIAL AND OPPORTUNITIES’.................87
Calendar of IACC Events for 2014...........................................................................................................89
Indo-US Trade Statistics ........................................................................................................................92
2014: U.S. trade in goods with India...............................................................................................................................92
2013: U.S. trade in goods with India...............................................................................................................................92
India – US Trade Analysis ......................................................................................................................93
International Buyer Program, 2014 Trade shows....................................................................................94
How to reach us:...................................................................................................................................95

4. President’s Message
Dear Member,
A silent e-revolution is sweeping across India. Gradual evolution of the fourth generation of mobile telecommunications
technology, popularly known as 4G, is scripting changes in every facet of Indian society. Bereft of its technological
underpinning, 4G wireless internet service, will make the IT eco system faster and swifter making data transfer quicker.
Digitizing India, a project launched by the government presupposes higher broadband penetration in India. For this, the
backhaul (connectivity between intermediate links with the core network) should be strengthened. Given that we have
over six lakhs villages yet to be digitally connected, the task remains gigantic, to say the least.
This is an area where there can be strategic partnership between India and the US. Though the US ranks only 11 in
terms of internet speed (27.1Mbps), its geographical spread is similar to that of India. The top ranking countries in
terms of internet speed, such as Hong Kong, South Korea, Japan, Romania etc. are smaller countries, where the number
of users and spatial spread of the network are limited. India ranks 116 in terms of broadband connectivity with an
internet speed of 6.9 Mbps.
At the same time, the growth of the telecom sector in India in the last few years has been spectacular. From over a
million mobile telephony subscribers in 1999 with a teledensity of 3 per cent, in March 2014, the number swelled to
whopping 900 million. Our discerning subscribers want multi-services, which can be provided only through application
of faster internet and broadband services. That is why we have to grow at a higher pace and velocity. That is possible
only when we ride on the back of 4G.
Interestingly, a lot of debate is taking place in both countries to discern the modalities for tapping the 4G potentials,
which to a great extent will depend on investment and innovation. Also, there is a distinct focus on technologies and
infrastructure need for rolling out the 4G network, which will be an improvisation of the existing network. India’s
priories are well set in this regard. To implement some of the programs set, such as financial inclusion, healthcare,
empowerment, village development etc. the government has to depend on the reach and scope of 4G. At the same
time, the US has to invest heavily on the spectrum innovation to maintain its lead as a technology provider of the
world. There is scope for a shared approach in creating infrastructure, developing newer products and strengthening
infrastructure. The handholding can be more meaningful and rewarding in the present context.
Importantly, the Indian government has recently further liberalized the construction sector with a view to accelerate
the flow of FDI into the cash starved sector. Relaxations on the quantum of investment, floor area, investment in
townships and smart cities etc., are properly calibrated and to make investment more easy and paying. The US
exposure in the infrastructure sector and more particularly in the construction, is insignificant, to say the least. This
newer relaxations can provide a boost for channelizing more investment in the sector. Equally significant is the need for
greater transparency in the sector to woo the foreign investment. We have to establish a strong regulator to monitor
and oversee the construction activities. That will shore up the confidence of the discerning investors.

5. Happily, a number of decisions are taken by the new government to kick start the economy. Many more are in the
pipeline. I am confident that these positive developments will have a telling effect on the economy in the coming days.
The recent World Bank report is bullish about the Indian growth story. The newly rolled out plans such as Make in India
and Digitizing India have captured the imagination of India Inc. We have to have similar programs to tap the potentials
in agriculture and to become self-sufficient at least in certain areas like food grain production and pulses. Equally
significant is making credit cheaper to induce higher off take by Indian businesses. Significantly, Finance Minister also
supported a low interest regime to catalyze the growth process. We can legitimately expect RBI taking some measures
in this regard at the earliest, which has been a long pending demand of the corporate sector.
Asoke K. Laha
National President, IACC

6. From the Secretary General’s Desk
Dear Members,
The recent statement by the Union Finance Minister that it is time to reduce the interest rate is a welcome step and
signals that growth is slowly getting back on track. Yet, there is no denying that the signals are very fragile and the steps
contemplated should be cautious and well calibrated. The final call on interest rate will be taken by the RBI sooner or
later.
The Finance Minister’s statement is borne out of the fact that the slew of reforms taken by the government can bear
results only by creating an investment climate. The high interest regime forced the investors to put their investment
plans in a limbo in view of the high cost and a slackening demand profile. One only hopes for a normal demand push,
particularly for the industrial and consumer goods, which can translate into higher overall growth. Yet, there are still a
lot of uncertainties that must be addressed. Price line, particularly in food items, is not put under a tight leash.
Vegetable prices still ruling high in many mandis despite the onset of winter. Crops have been destroyed in
Seemandhara and Telegana region on account of the natural calamities like Hud Hud. Preparedness is the best way to
ward off the possible consequences. We have to identify crops and items that will be in shortage and take proactive
steps for importing them well in time to ward off the impact on the price line.
A stable government, economists say, is a critical factor that can fuel growth. The predictions of rating agencies, to a
large extent, depend on policy stability and good governance. We do have stability all round and it is time to capitalize
and consolidate on that. We have to have incremental reforms along with policies that will safeguard the interest of the
common man. The government has a long list of such programs. Some of them like financial inclusion program, village
adoption, Swach Bharath etc. have already been announced. Programs related to health, employment, interconnectivity
and cleaning up of rivers and water bodies etc. are on the anvil. Implementation of these projects needs huge resources.
It is important to find new avenues for mobilization of resources. We should not depend on the conventional approach
that the resources should come from taxing people. That will be unproductive particularly when the economy has not
yet recovered fully. The government will have to come out with schemes that lay emphasis on mobilization of resources
from other sources. Disinvestment of PSUs is one route. We can rope in large resources from this and at the same time
make their functions more corporatized.
In September we hosted our 45th
Annual General Meeting in Mumbai. We were privileged to have with us Chief Guest
Dr. Gurdial Singh Sandhu, I.A.S., Secretary – Financial Services, Ministry of Finance, Government of India, who delivered
an address on “Financial Inclusion”. In his address, Dr. Sandhu discussed the different elements of the financial inclusion
program; elements which will not only mobilize our economy by roping in previously ignored masses, but will also help
generate large monies for purposes of investment in infrastructure, manufacturing, services, and training.
We also held our 10th
Indo-US Economic Summit in New Delhi this past month, which explored avenues for mutual
cooperation in sectors such as aviation and defense, cyber security, education & skill development, hospitality and
tourism, ecommerce, media & entertainment, international trade, and laid a special emphasis on the Services sector.
This year’s theme “Convergence and Connectivity in Indo-US Economic Relations” was fashioned to identify spaces
where India and the US can work collaboratively towards achieving some of the goals forged jointly by the Governments
of both countries. For more information, I invite you to read this issue of our newsletter. The latest in Indo-US Business
and trade news and a list of our forthcoming events are also covered in this issue.
With regards, Atul Vyas,
Acting Secretary General

7. Happenings at IACC
Head Office
45th
Annual General Meeting held on September 29, 2014 at Taj Mahal Palace & Tower, Mumbai
Opening the 45th
Annual General Meeting held in Mumbai, Mr. Chella K. Srinivasan, IACC National President, talked
about IACC’s engagements that helped promote bilateral trade, facilitate investment and technology transfer, business
collaborations and joint ventures between the business communities of India and the United States of America in the
past year. IACC has continued to play an effective role as the only bilateral Chamber of Commerce for India and the US,
and has laid out an intensive roadmap for the year to come under the new leadership of IACC.
To coincide with this program, IACC hosted an address on ‘Financial Inclusion’. The Chief Guest Dr. Gurdial Singh Sandhu,
I.A.S., Secretary – Financial Services, Ministry of Finance, Government of India, addressed a group of over 100 people
including IACC members, senior management from non-member organizations, and members of the press. “Of the few
major schemes that Honorable Prime Minister Mr. Narendra Modi has launched since taking office, the Jan Dhan Yojana
for financial inclusion is the most promising”, said Mr. Srinivasan. He said that the business community certainly has a
huge stake in this process as a financially empowered community helps create a surplus and generates demand for
industrial and consumer goods. It also provides an environment for all segments of industry to grow and prosper.
In his address, Dr. Sandhu pointed out that the Govt. has set a target to open 7.5 crore accounts by January 26, 2015 for
those households in India that have not yet opened up a bank account. As of 25th
September 2014, over 5 crore
accounts have been opened under the Jan Dhan Yojana and over Rs 3,500 crore have been collected in deposits. The
deposits in bank accounts make available large monies for investment in infrastructure, manufacturing, services, etc.
and can be deployed for programs on skill development and entrepreneurship. He further called for involvement of the
business fraternity as well as NGOs, to fill in the gaps where banks will not be able to reach. It is vital that the financial
inclusion scheme is kept alive and executed as planned by the Government.
Dr. Sandhu went on to discuss in detail the different elements within the financial inclusion scheme which the
government plans on taking up over time. One of the issues he talked about was the Government’s conscious effort in
converting our cash economy into a digital economy - a safer and more convenient alternative. He also talked about
provision for overdraft facility, social security and pension under this financial inclusion scheme.
The Guest of Honour Ms. Deanna H. Abdeen, Consular Section Chief, U.S. Consulate General Mumbai, touched upon the
key drivers of the Indo-US partnership and highlighted the sectors of focus for both, the Modi and Obama Governments.
She said that Prime Minister Modi’s recent trip to the U.S. was very successful and a number of joint concerns have been
raised, and future initiatives have been laid out. Aviation and Defence, Education & Skill Development, Health, Science &
Technology, Space, Energy, Climate Change are some of the sectors of mutual interest for both countries in the next few
years. Ms. Abdeen said that a new dynamism is evident in the relationship between India and the US, and one can look
forward to a promising future for our strategic partnership and achieving our National and joint goals.
Mr. Asoke Laha took over as the National President of IACC, and Mr. Vikram Swarup and Dr. Lalit Kanodia took over as
the Executive Vice Presidents immediately after the AGM at the first Executive Council Meeting for 2014-2015.

8. (L-R) Mr. Jimmy Panthaky, Director-Operations, Mr. Vikram Swarup, Executive Vice President, IACC, Mr. Chella K. Srinivasan, National President,
IACC, Mr. Asoke K. Laha, Executive Vice President, IACC, and Mr. Atul Vyas, Acting Secretary General, IACC during the Annual General Meeting
Mr. Chella K. Srinivasan, National President, IACC, presenting the welcome address
Chief Guest Dr. Gurdial Singh Sandhu, IAS, Secretary – Financial Services, Ministry of Finance, Government of India, addressing the audience

9. Guest of Honour, Ms. Deanna Abdeen, Consular Section Chief, U.S. Consulate General Mumbai, addressing the audience
Audience at the 45
th
AGM
Mr. Chella K. Srinivasan, National President, IACC presenting a memento to Chief Guest Dr. Sandhu

10. Dr. Sandhu presenting the “Pradhanmantri Jan-Dhan Yojana” book to Mr. Srinivasan
Mr. Asoke K. Laha, Executive Vice President, IACC, presenting a memento to Guest of Honour Ms. Abdeen
Mr. Laha presenting the Vote of Thanks

11. Mr. Chella K. Srinivasan (right), outgoing National President,
IACC, presenting a welcome bouquet to Mr. Asoke K Laha
(left), incoming National President, IACC, for the year 2014-
2015 during the 1
st
Executive Council Meeting for 2014-2015
Mr. Asoke K. Laha (left), National President, IACC (2014-2015)
welcoming Dr. Lalit Kanodia as the 2
nd
Executive Vice President for
the year 2014-2015 during the 1
st
Executive Council Meeting for
2014-2015
(L-R) Mr. Atul Vyas, Acting Secretary General, IACC, Mr. Asoke K. Laha, Executive Vice President, IACC, Dr. Gurdial Singh Sandhu, IAS,
Secretary – Financial Services, Ministry of Finance, Govt. of India, Mr. Chella K. Srinivasan, National President, IACC, Ms. Deanna
Abdeen, Consular Section Chief, U.S. Consulate General Mumbai, and Mr. Vikram Swarup, Executive Vice President, IACC

12. IACC supported Deftronics (electronica India 2014 and productronica India 2014) on 23rd
- 25th
September,
2014, Bangalore
The Indo-American Chamber of Commerce (IACC) Aerospace & Defence (A&D) Forum was a supporting partner for the
Deftronics (electronica India 2014 and productronica India 2014). Organized by the MMI India, this event was held from
23rd – 25th September, 2014 at Bangalore International Exhibition Center (BIEC), Bangalore.
The theme of the Deftronics conference was “Impact INDIA: Indian ESDM ecosystem in Defense, Internal Security &
Aerospace – Challenges & Solutions”
Electronica India is India’s and South Asia’s leading trade fair for electronic components, systems and applications.
Electronica India is a specialized fair for products ranging from semiconductors, sensors, relays, switched and
interconnection technology to passive components, motors/drives, cables, ED/EDA, assemblies and subsystems to test
and measurement technology, Displays and power supplies. Electronica India, is the platform for the entire value-add
chain of the electronics Industry. Productronica India is an innovative platform for production technologies covering as
wide a range as packaging, material processing, component manufacturing, manufacturing equipment and logistics for
PCBs and other circuit carries, technologies in cable processing, soldering
One of the highlights of the trade fairs was the DEFTRONICS conference on India’s Defense and Aerospace sector, was
graced by the presence of the Karnataka Minister of IT, BT and S&T, Shri. S. R. Patil who said, “India spent roughly $30
billion on imports of electronic products and components which will significantly go up if we do not encourage domestic
ESDM ecosystem”.
IACC Stall at Deftronics 2014
Participants at the Deftronics 2014 Conference

13. IACC supports IMS 2014 – India Manufacturing Show on September 11- 13, 2014 in Bangalore
The Indo-American Chamber of Commerce (IACC) Aerospace & Defence (A&D) Forum was a supporting partner for the
India Manufacturing Show, 2014 (IMS 2014) and the conjointly held show EMMA EXPO INDIA 2014. Organized by the
IMS Foundation and Laghu Udyog Bharati Karnataka, this event was held from 11th
to 13th
September 2014 at Bangalore
International Exhibition Center (BIEC), Bangalore.
The objectives of this biennial manufacturing trade fair were to promote Micro, Small & Medium Enterprises, and to
provide a platform for them to network with Large Public Sector Industries, Private Sector Industries, industrialists,
business leaders, customers from India and abroad, for an overall development of the Industrial sector in India. IMS
2014 represents the largest exclusive business-to-business exhibition for the manufacturing and engineering industries
across the globe. This is a platform for stakeholders to interact and network with international and national audiences
including global manufacturers, investors, diplomats, Govt. officials and industry stalwarts and understand investment
opportunities in Technology, Quality systems and Applications development.
This three-day exhibition was inaugurated by the Chief Guest Shri. Ananth Kumar, Union Minister for Chemicals &
Fertilizers, Shri. Kalraj Mishra, Union Minister for MSME, Shri. Madhav Lal, Secretary MSME, Shri. Ravindra Nath, CMD-
NSIC, Mr. Walter Yeh, EVP, Taipei WTC, and Ambassador Chung Kwang Tien, Rep Taipei Eco & Cultural Centre.
Mr. M. Maheshwar Rao, IAS, Commissioner for Industrial Development and Director of Industries and Commerce, addressing the
audience at IMS 2014

14. West India Council
Knowledge Sharing Meeting on “Logistics in Emerging Markets - The Indo-American Business Dream” by Mr.
Shankar Chatterjee
IACC organized a Knowledge Sharing Meeting on the topic: “Logistics in Emerging Markets - The Indo-American Business
Dream” by Mr. Shankar Chatterjee, Chairman & Managing Director of S CUBE Trans Continental Group on September 26,
2014 (Friday), from 5.00 p.m. to 6.30 p.m. in Auditorium ‘SOTA’, Nishith Desai Associates office, Mumbai.
Mr. Chatterjee educated the participants on different business opportunities that exist between India and the United
States. Mr. Chatterjee mentioned that according to trends, 58 per cent of the business growth in USA has been from
Asia and 28 per cent from Latin America. Hence the logistics sector in India needs to be geared and prepared enough to
handle the growing business opportunities of the emerging markets. The Union Budget 2014-15 has heralded a renewed
vision and plan for this sector by the Government of India in terms of commitment towards improvement of the
infrastructure within the country to facilitate better cargo movement both inbound and outbound. Mr. Chatterjee
emphasized on the key focus areas of logistics planning and execution as India is growing from one phase to another.
Mr. Chatterjee appealed to the participants to spread the info that he shared with them, to more and more people so
that people realize the importance and potential of this sector and be open to investment in this sector.
The session was phenomenal and was very well attended.
Mr. Shankar Chatterjee while giving a presentation to the participants
Mr. Chatterjee interacting with the participants during Q&A Ms. Rajyalakshmi Rao, Vice-President, IACC-WIC presenting a
momento of appreciation from IACC to Mr. Chatterjee

15. A program on "Open Your Mind & Profit from Opportunity" by Mr. Richard Rothman on September 22, 2014
at Jayant Dalal Conference, IACC Office, Churchgate
IACC organized a program: "Open Your Mind & Profit from Opportunity" by Mr. Richard Rothman, Founder & MD of
Open Mind Opportunity Consultancy, Pvt. Ltd., the first and only opportunity consultancy in the world. The program was
held at Jayant Dalal Conference, IACC Office, Churchgate on September 22, 2014.
In this dynamic program, Mr. Rothman addressed issues that are absolutely crucial to the future success of your
business. He mentioned that businesses and individuals need to open their minds to explore the best opportunities for
sustained, profitable growth (SPG). He explained the consequences of failure to explore new opportunities for SPG
through various case studies of different companies from different industry sectors. Mr. Rothman also highlighted the
most profitable areas to seek opportunities that can strike gold. Mr. Rothman concluded the session by making the
participants fill a survey form which made them realize where they stand in terms of seeking opportunities in their lives
and as to how successful they have been through those experiences. The session was well attended and appreciated.
Mr. Richard Rothman while giving a presentation
Participants filling up the survey form with guidance from Mr. Rothman

16. Gujarat Branch
IACC & VUIA jointly organized a seminar on “Destination USA” on September 19, 2014
On September 19, 2014, Indo American Chamber of Commerce & Vithal Udhyognagar Industries Association (VUIA)
jointly organized a seminar on “Destination USA” at Vithal Udhyognagar Industries Association, Vithal Udhyognagar,
Anand.
Ms. Krishna Bhaya Israni- Branch secretary, IACC Gujarat, gave presentation on IACC Membership for IACC presence in
different cities. She introduced Indo American Chamber of Commerce to the audience, she also explained the benefits as
IACC members & services provide to IACC members.
IACC Gujarat Branch Chairman Mr. Pankaj Bohra gave welcomed speech and introduced Dr. Sudhir Shah to the audience.
Dr. Sudhir Shah discussed in detail about visa status, Visa Myth, Visa Presumption, Pre-conceived and Dual intent to
reside in USA and Non-Immigrant Visas. He also focused on B-1, L-1 & EB-5 Visa. Dr. Shah also briefed the audience
about the procedure to obtain B-1, L-1 & EB-5 visa and their advantages.
The seminar was very well attended by people who were represented by various industries at Anand & Vithal
Udhyognagar. The programme was followed by refreshment.
Dr. Sudhir Shah during the presentation
(L to R) Dr. Sudhir Shah, Mr. Pankaj Bohra- IACC Chairman, Mr. Jadishbhai Patel- VUIA President, Ms. Krishna Bhaya Israni- Branch
Secretary

17. Pune Branch
Guidance Session on Student Visas to U.S. on September 12, 2014 at Marathwada Mitramandal College of
Engineering, Pune
A guidance session on ‘U.S. Student Visas’ was organized by IACC, Pune. Mr. Jesse Walter, Consular officer, was the
speaker from the U.S. Consulate in Mumbai. The session mainly focused on clarifying queries on student visa. A total of
250+ students from MMCOE attended the session. The discussion was open-ended followed by a Q&A round between
the Consul and students.
Overall the session was informative and gave an insight on the current process in the U.S Visas.
Mr. Jesse Walter, Consular officer, US Consulate, Mumbai getting introduced to Mr. Deshpande, Principal, MMCOE, Pune as Prof.
Satyanarayan looks on
Mr. Himanshu Dev, Senior Adviser, United States-India Educational Foundation (USIEF) being felicitated by Mr. Deshpande, Principal,
MMCOE, Pune as Prof. Sathyanarayan

18. Students from MMCOE, Pune
Guidance Session on Business & Work Visas to U.S. on September 13, 2014 at Bajaj Conference Hall. 02,
MCCIA Trade Towers
A guidance session on ‘Business & Work Visas to U.S.’ was organized by IACC, Pune. Mr. Joel Burger, Vice Consul was the
speaker from the U.S. Consulate in Mumbai. The session mainly focused on clarifying business & work visa queries. A
total of 30+ participants from various fields attended the session. The discussion was open-ended followed by a Q&A
round between the Consul and participants.
Overall the session was informative and gave an insight on the current process in the U.S Visas.
Mr. Joel Burger, Vice-Consul, US Consulate, Mumbai in a Q&A session with the participants as Ms. Koyel Sen from US Consulate,
Mumbai looks on.

19. Participants at the session
Post-session Networking

20. North India Council
IACC Organizes Annual Invitational Tennis Tournament on September 14, 2014 at R. K. Khanna Tennis
Stadium, Africa Avenue, New Delhi
Indo-American Chamber of Commerce (IACC-NIC) organized its annual invitational Tennis Tournament on Sunday 14th
September 2014 at the R. K. Khanna Tennis Stadium, Africa Avenue, New Delhi. Ambassador Kathleen Stephens, Chargé
d’ Affaires, a.i. of the Embassy of the United States of America was the Chief Guest and also participated in the
tournament.
Mr S. K Sarkar, Past Regional President, IACC welcomed the Ambassadors and the all the participants. The morning
witnessed highly engaging and competitive rounds of Tennis.
Ambassador Kathleen Stephens did the special honour of giving away the trophies to the winners. The Chamber also had
the gracious presence of Ambassador Georges de La Roche Du Ronzet Plihal of the Embassy of the Republic of
Guatemala & Ambassador Tomasz Lukaszuk of the Embassy of Poland.
Mr. John M. McCaslin, Minister Counselor for Commercial Affairs and other senior officials of US Embassy also played
during the tournament.
There were 32 players which included senior representatives from the Industry and Government.
Mr. Ashish Chandiok, Chairman, NIC Sports Committee presenting memento to the Ambassador Kathleen Stephens, Chargé d’
Affaires, a.i. of the Embassy of the United States of America

21. (L-R) Ms Connie McCaslin, Mr. John McCaslin, Minister Counselor for Commercial Affairs with the Ambassador
Mr. S K Sarkar, Past Regional President, NIC (second from the left) welcoming the members.
(L-R) Ambassador Kathleen Stephens, Mr. S K Sarkar, Ambassador Georges de La Roche Du Ronzet Plihal of the Embassy of the
Republic of Guatemala; Mr. Ashish Chandiok, Mr. R I Singh and Ambassador Tomasz Lukaszuk of the Embassy of Poland.

22. Participants at the Tennis Tournament
Seminar on Financial Inclusion: Empowering the Common Man on September 12, 2014 in New Delhi.
The Indo-American Chamber of Commerce (IACC) organized a Seminar on ‘Financial Inclusion: Empowering the common
man’ on 12th
September, 2014 in New Delhi.
Mr. S K Sarkar, Chairman, Financial Services Committee, IACC delivered the Welcome Remarks followed by Theme
Presentation made by Mr. M K Doogar, Co-Chairman, Financial Services Committee, IACC, NIC.
Ms Rachna Dikshit, General Manager, Reserve Bank of India elaborated how RBI defines Financial Inclusion, and how
developments like Cloud computing, NEFT, RTGS and Banking Correspondents have helped in the implementation of
Financial Inclusion.
Mr. Anurag Jain, IAS, Joint Secretary, Department of Financial Services, Government of India, was the Chief Guest & in
his address, he apprised the audience of various developments in Financial Inclusion and the ‘Pradhan Mantri Jan Dhan
Yojna’. He explained the aspects of the scheme which was being unveiled in two phases and had built into it meaningful
incentives that could ensure empowerment of the poor and help in lifting them from abject poverty.
After the conclusion of his address, he welcomed suggestions and questions from the industry representatives and
professionals.
This was followed by an enriching panel discussion which was moderated by Mr T.K. Arun, Editor (Opinion), The
Economic Times. The other eminent Panelists included Mr S.S. Bhandari, Senior Partner, S S Bhandari & Co.; Mr. Amarjit
Chopra, Ex-President, ICAI; Mr. P.K. Vijay, Managing Director, Corporate Professionals Capital Pvt. Ltd; Mr. Gaurav Batra,
Director Management Consulting, KPMG Advisory Services Pvt. Ltd.and Mr. Saurav Khasera, Partner, Prosperitas Services
LLC.
The programme was attended by around 50 people.

23. Mr. S K Sarkar, Chairman, IACC Financial Services Committee making the presentation
Mr. M K Doogar, Co-Chairman, IACC NIC Financial Services Committee making the Theme Presentation
Ms Rachna Dikshit, General Manager, Reserve Bank of India addressing the participants

24. Mr. Anurag Jain addressing the gathering
Mr. Aseem Chawla, Co-Chairman, IACC NIC Financial Services Committee proposing Vote of Thanks

25. Panelists during the Panel Discussion
(L-R) Mr P K Vijay, Managing Director, Corporate Professionals Capital Pvt Ltd; Mr. Amarjit Chopra, Ex-President, ICAI; Mr. S S
Bhandari, Senior Partner, S S Bhandari& Co.; Mr. T K Arun, Editor (Opinion), The Economic Times; Mr. S K Sarkar; Mr. Saurav Kasera,
Partner, Prosperitas Services LLC and Mr. Gaurav Batra, Director Management Consulting, KPMG Advisory Services Pvt Ltd
Mr. T K Arun, Editor (Opinion), The Economic Times moderating the Panel Discussion
Mr. S S Bhandari, Senior Partner, S S Bhandari& Co.

26. Mr. Saurav Kasera, Partner, Prosperitas Services LLC
Mr. Amarjit Chopra, Ex-President, ICAI
Mr. Gaurav Batra, Director Management Consulting, KPMG Advisory Services Pvt Ltd

27. Mr P K Vijay, Managing Director, Corporate Professionals Capital Pvt Ltd
An evening with Karen Anand and Remy Martin on September 06, 2014
Under the aegis of Luxury & Lifestyle Committee, IACC-NIC, the Chamber organized French Phantom Evening with Karen
Anand at the Hafele Design Centre at Okhla on 6th
September 2014. Hafele, the world leader in architectural hardware,
furniture and kitchen fitting hosted the evening with fine cognacs and delectable food and live French music.
Mademoiselle Noemie Levieus, Louis XIII, Remy Martin’s Brand Ambassador for India graced the occasion.
The evening was attended by around 40 to 50 people.
Mademoiselle Noemie Levieus, Louis XIII, Remy Martin’s Brand Ambassador addressing the gathering

28. Participants at the event
Mrs. Aruna Sethi, Chairperson, NIC Luxury Lifestyle committee with the guests.

29. IACC supports a Seminar on Women Entrepreneurship on September 03, 2014 in New Delhi
The Confederation of Women Entrepreneurs (COWE) organized a seminar on Women Entrepreneurship on 3rd
September 2014 at PHD House, New Delhi. Mrs Parvinder Sohi Behuria, NHRC (Retd. Secretary General) was the Chief
Guest during the occasion.
IACC was the Partnering Chamber for the seminar. Ms Rita Singh, Regional Council Member and Ms Ann Mustard,
Chairperson, IACC, NIC’s Women’s Committee also addressed the Seminar. The Seminar was attended by over 150
people.
Ms. Rita Singh, Managing Director, MESCO and Regional Council Member IACC addressing the gathering
Ms. Ann Mustard, Chairperson, IACC, NIC Women’s Committee addressing the participants

30. Varanasi Branch
IACC & Ramnagar Industrial Association Organised an Interactive Meeting with Hon’ble Shri Kalraj Mishra Ji,
Union Minister of Micro, Small and Medium Enterprises on September 01, 2014 at Hotel Surya,
Cantonment, Varanasi.
Indo-American Chamber of Commerce, (U.P. Branch), Varanasi and Ramnagar Industrial Association, Ram nagar,
Varanasi Honb’le Shri Kalraj Mishra, Minister of Micro, Small and Medium Enterprises, Government of India on 1st
September, 2014 at Hotel Surya, Cantonment, in Varanasi.
Mr. R.K. Chaudhary, Patron, Ramnagar Industrial Association, Mr. Sheshpal Garg, President, Ramnagar Industrial
Association, Mr. D.S. Mishra, General Secretary, Ramnagar Industrial Association, Mr. Shri Shrinarain Khemka,
President, Varanasi Nagar Udyog Vyapar Mandal, Mr. Ravi Patodia, Past President, All India Carpet Manufacturers’
Association, Bhadohi, Mr. Rajesh Bhatia, President, U.P. Corrugated Box Manufacturers’ Association, Varanasi, Mr. Rajiv
Agrawal, Past President, Eastern U.P. Exporters’ Association, Mr. Rajan Bahal, Secretary, Banarsi Vastra Udyog Sangh
were the main participants in expressing their plans and problems. A Memorandum was also submitted to the hon’ble
Minister for his kind perusal and sorting out problems. Mr. Arun Kumar Agrawal, Chairman, IACC, Varanasi welcomed
hon’ble Minister, participants and media personals.
The gist of the views expressed by the entrepreneurs of this region was that this region generates foreign exchange
worth Rs. 7,000 crores for the country and also create job opportunity for more than 2 million people directly and/or
indirectly. Newly formed central government has also expressed its willingness to support and develop scope of micro-,
small and medium scale industries. Prime Minister Narendra Modi has also recently into an agreement with Japan
government to develop Varanasi as a smart city like Kyoto, Japan. Exporters, industrialists along with the common man
of this region resolve to extend its whole hearted support and contribution in this ambitious mission.
Responding to the wishes and demands of participants, hon’ble Minister assured that due and positive consideration will
be taken to sort out genuine problems of exporters. There is a vast potential of development, promotion and extension
of micro-, small and medium scale industries in terms of earning foreign exchange and also generating substantial
number of job opportunities.
There are sufficient funds as well as schemes to develop and improve MSMEs. Stadiums of international standards shall
be constructed in major cities of country and exhibitions of products shall be organized on regular basis. Special
emphasis will be given to improve basic infra – structure such as roads, power, connectivity etc. Hon’ble Minister said
that every individual possesses some unique skill. The Government is committed to give due opportunity and support to
develop this skill for the betterment of society and country.
After address of the minister, Mr. Dinanath Jhunjhunwala, prominent industrialist of Varanasi addressed the
participants. A brief and lively question-answer session followed the proceedings. CA Mukul Kumar Shah, Past
Chairman, IACC, Varanasi was the programme coordinator and he also proposed vote of thanks.
Mr. D.K. Tomar, Dy. Director General of Foreign Trade, Varanasi, Mr. Umesh Kumar Singh, G.M., DIC, Varanasi, Mr.
Sanjay Kumar Verma, A.G.M., Bank of Baroda, Varanasi and large members of Ram Nagar Industrial Association, Eastern
U.P. Exporters’ Association, All India Carpet Manufacturers’ Association, The Small Industries Association and Banarsi
Vastra Udyog Sangh also participated in this meeting.
Members of Indo-American Chamber of Commerce, Varanasi Mr. Subrato Paul, Mr. L.R. Maurya, Mr. Bharat Kumar
Agrawal, Mrs. Anita Dey, Mr. Adarsh Jhunjhunwala, Mr. Chandra Mani Maurya, Mr. Ashwani Kumar, Mrs. Sudeshana
Basu, Mr. Vinay Shukla, Mr. Alok Kumar Baranwal, Mr. Rajesh Kumar Tiwary, CA Brajesh Jaiswal, CA Kamlesh Kumar
Agrawal, Mr. Sanjive Khanna, Mr. Ravi Patodia, Mr. Maniessh Maheshwari took active part in the proceedings. Large
number of prominent citizen of Varanasi also participated.

31. (R-L) Mr. Arun Kumar Agrawal, Chairman, IACC, Varanasi, Honb’le Shri Kalraj Mishra, Minister of Micro, Small and Medium
Enterprises, Government of India
Address by Mr. Arun Kumar Agrawal, Chairman, IACC, Varanasi

32. (R-L) Mr. Shri Shrinarain Khemka, President, Varanasi Nagar Udyog Vyapar Mandal, Varanasi, Mr. Sheshpal Garg, President,
Ramnagar Industrial Association, Ramnagar, Varanasi, Mr. Arun Kumar Agrawal, Chairman, IACC, Varanasi, Honb’le Shri Kalraj
Mishra, Minister of Micro, Small and Medium Enterprises, Government of India, Mr. Dinanath Jhunjhunwala, prominent industrialist
of Varanasi, Mr. R.K. Chaudhary, Patron, Ramnagar Industrial Association, Ramnagar, Varanasi
Address by Honb’le Shri Kalraj Mishra, Minister of Micro, Small and Medium Enterprises, Government of India
Participants of programme

33. East India Council
IACC in association with ICC organized a programme on ‘Non-Financial Reporting’ on September 22, 2014
The Indo American Chamber of Commerce (IACC) organized a programme in association with Indian Chamber of
Commerce on `Non-Financial Reporting’ on Monday, September 22, 2014 at the auditorium of Indian Chamber of
Commerce. Tata Power& Steel, Global Reporting Initiative & Ernst & Young was knowledge partner for the event.
On this occasion Mr. Matthew Hilgendorf, Principal Commercial Officer, FCS was welcomed and facilitate by the
members of Indo American Chamber of Commerce and Indian Chamber of Commerce. Mr. Hilgendorf gave his opening
address assuring his health & assistance to the Chamber towards its objective to promote Indo-US trade.
The Panel was included eminent experts in the country like Dr. Y K Saxena, Chief Sustainability Officer of Tata Power, Dr.
Aditi Haldar, Country Head of Global Reporting Initiative, Mr. Shubhenjit Chaudhury, Chief Sustainability Officer of Tata
Steel and Mr. Sudipta Das, Partner of Ernst & Young. The special Programme was organized, keeping in view, the
significant rise in the level of interest from stakeholders in corporate environmental, social and ethical performance over
recent years. Further the concept of Non-financial Reporting or Sustainability Reporting offers significant benefits to
organisations in terms of stakeholder engagement and reputation, the objective was to focus on its benefit to enable
businesses to be transparent in communicating
The Concept Papers from Tata Steel & Power, Global Reporting Initiative & Ernst & Young was circulated to the
participants at the meeting.
Mr Sudipta Das, Regional President IACC presenting IACC memento to Mr Matthew Hilgendorf, Principal Commercial Officer, FCS
(L-R) Mr Shubhenjit Chaudhury, Chief Sustainability Officer of Tata Steel; Dr Aditi Haldar, Country Head of Global Reporting Initiative;
Mr Matthew Hilgendorf, Principal Commercial Officer, FCS; Dr Y K Saxena, Chief Sustainability Officer of Tata Power; Mr Rajeev
Singh, Director General of Indian Chamber of Commerce; Mr Sudipta Das, Partner of Ernst & Young & Regional President of IACC
interacting with the audience

34. South India Council
Tamil Nadu Branch
Program on Select USA at Tirupur with Ambassador Mr. Vinai Thummalapally on September 22, 2014
Ambassador Mr. Vinai Thummalapally, Executive Officer, Select USA, U.S. Department of Commerce with IACC office bearers and
members based at Coimbatore.
Ambassador Mr. Vinai Thummalapally, answering the queries from the participants.

35. Ambassador Mr. Vinai Thummalapally with Mr. Sakthivel, President, Tirupur Exports Association (TEA), Mr. Suresh Reddy, Chairman,
IACC(TN) and other senior officials from U.S. department of Commerce.
National Conclave – The Indian Food Processing Sector September 18, 2014 at Hotel Hyatt Regency, Chennai
The National Conclave on the Indian Food Processing sector was organized by Indo- American Chamber of Commerce,
on September 18, 2014, at Hotel Hyatt Regency, Chennai.
Mr. C Suresh Reddy, Chairman – Tamil Nadu, IACC, welcomed the Hon. Union Minister, Smt. Harsimrat Kaur Badal, Dr. U.
Venkateswarulu, Joint Secretary to the Ministry and the delegates to the National Conclave conference. In his welcome
address the Chairman mentioned the contribution of food industry to the country’s GDP and the importance of food
processing sector in the India. With immense potential for further growth, both in the domestic and export markets, he
suggested the immediate need for the stakeholders to come together in taking the industry to the next level. He
thanked the Ministry of Food Processing Industry (MOFPI), APEDA, MPEDA and the Government of India for supporting
IACC in organizing this conference.
The National President, IACC, Mr. Chella K. Srinivasan appreciated the new Government initiatives and expected that it
will change the food processing industry scenario in the near future and the proposed Prime Minister’s visit to the US is
expected to increase the bilateral relationship between the two countries.
Mr. Shanker Gopalkrishnan, Chairman, National Conclave, IACC gave an overview of the programme and mentioned that
the conference is planned to address the key issues of the various stakeholders of the food processing industry.
The conference was inaugurated by the Honorable Union Minister for Food Processing Industries, Govt. of India Smt.
Harsimrat Kaur Badal. In her keynote address the minister mentioned that with increase in population, food
consumption in the country has increased multi-fold and with land area for agriculture shrinking, the need to grow more
in lesser land has been a big challenge to the industry. Some of the key issues that need immediate attention is poor
infrastructure bottleneck, resulting in higher wastage of perishable food products and in turn is adding to the inflation.
The Minister mentioned that the Food Processing Ministry is working towards making food available at affordable prices
to all strata of the Indian population. Uplifting farmers, skill development, keeping inflation under control are some of
the key focus areas of the food processing Ministry.
The Government has allocated Rs. 2000 crore for the food processing industry and loans are being provided at
subsidized rates through NABARD. For instance, the duty has been reduced from 10% to 6% for importing machinery for
the food processing sector.

36. Within the food processing sector, fruits and vegetables are of prime focus as the export market for these is immense
and USA has been the key destination for several years now. The Minister added that the Government of India has a
scheme for setting up Mega Food Parks and invited entrepreneurs from Tamil Nadu to take advantage of the same.
The minister welcomed views and ideas for promoting the food processing industry from the various stakeholders of the
supply chain.
In his vote of thanks, A. Sekhar, Vice-Chairman, IACC, Tamil Nadu, thanked the Minster for her encouraging words and
assured that the Minister’s suggestion will be discussed with various stakeholders.
The inaugural of the National Conclave on ‘The Indian Food Processing Sector’ was followed by Session I & II, during
which eight eminent speakers from the industry spoke on various aspects of the food processing sector.
Session I: Indian Processed Food Sector & Export Prospects
Mr. Shanker Gopalkrishnan, President, Madras Consultancy Group, Chennai, made a detailed presentation on the ‘Food
processing sector in India’. Mr. Gopalkrishnan spoke in detail on the current food & processed food market scenario,
potential areas of growth, constraints faced by the industry and future prospects. India is the second largest producer of
food in the world and the food processing sector is one of the largest in terms of production, consumption and export.
Growing at around 7.5% per annum, market for food processing sector was valued at around US$ 150 billion in 2013, at
retail prices. However, contribution to the country’s GDP by the food processing sector is small at 1.5% (2012-13),
indicating huge opportunities for further growth.
Mr. Gopalkrishnan explained about the market developments over the last decade and significant increase in the
number of companies entering the processed food sector as also the number of product variations in the ready-to-eat
and ready-to-cook segment. He also indicated a noticeable increase in the Indian processed food companies foraying
into international markets. However, the country’s share in the international trade of processed foods is currently low
and the Government of India has set ambitious targets. Further, he added that the usage of imported products is now
well established amongst certain sections of the urban populace and retail outlets in most urban cities sell imported
food products.
Mr. Gopalkrishnan concluded his presentation through an optimistic note that the processed food industry in India
offers immense potential for growth and is set to deliver benefits across the entire value chain. Increased investments
are required in food processing, distribution, integrated cold chains, organized food retailing & mega food parks and
contract manufacturing.
Dr. Tarun Bajaj, General Manager, Agricultural Processed food products Export Development Authority (APEDA) made a
presentation on ‘Export of Processed Foods from India’. Dr. Bajaj spoke about APEDA’s activities and assistance provided
for food and food processing companies in terms of financing, infrastructure development, quality development and
market expansion.
His presentation explained that India is one of the major producers of agro products in the world and is amongst the top
10 countries in the trade of agro products. The country ranks first in the production of several agriculture and
horticulture products. However due to bottlenecks in infrastructure & storage facilities and poor co-ordination amongst
the stake holders in upgrading and adapting to international quality standards, the industry is yet to reach its maximum
potential in the export market.
Explaining about international quality standards, Dr. Bajaj gave an example of APEDA’s intervention in helping grapes
exporters when they faced set-back due to stringent international quality standards. During this period, the entire
supply chain from grape yard to the end customer was modernized and streamlined so as to efficiently monitor and
record details online.

37. Dr. Bajaj strongly felt that contract manufacturing is one of the best options for Indian agricultural sector which brings in
an inclusive growth wherein farmer also will equally get benefitted. He spoke of the success story of gherkins, wherein
large exporters have provided all the required facilities including hybrid seeds, fertilisers and know-how to the farmers.
Dr. Bajaj concluded by indicating the huge demand existing for Indian food and processed products in the export market.
Further, he mentioned about the increasing demand for organic food both in the domestic and export markets.
Dr. O K Sindu, Technical Officer, The Marine Products Export Development Authority (MPEDA) made a presentation on
the ‘Export prospects for Marine Products’.
Dr. Sindhu gave an overview of the Indian marine sector which has a long coast line of 8,129 kms and has the potential
to produce 3.9 million tonnes of marine fish and 4.5 million tonnes of inland fish. The country has 66 fishing harbors and
3,288 marine fishing villages. India houses around 1,084 registered seafood exporters and 465 seafood processing
establishments, of which 288 are approved by the European Union.
In the global seafood production estimated at 178.3 million tonnes in 2013-14, Dr. Sindhu indicated India’s small
contribution of around 5%. In the global seafood exports, India ranks 8th and accounts for 2.1% share in world seafood
exports. Further, contribution of Fisheries to the National GDP is small at 0.79% and export of marine products has
grown from US $ 1.4 billion in 2002-03 to US $ 5 billion in 2013-14. Fresh shrimp and fresh fish are the major products of
export.
Dr. Sindhu explained some of the challenges faced by the Indian seafood exporters such as meeting stringent
international quality standards, heavy duties imposed by importing countries, stiff competition, increase in reefer base
rates, exorbitant terminal handling charges, poor infrastructural facilities and lack of interest amongst exporters to
upgrade to modern technology.
In summary, Dr. Sindhu explained about the tremendous export potential that exists for branded seafood products in
the form of Ready to Eat (RTE) and Ready to Cook (RTC) seafood’s. Further, she added that introduction of wide range of
product varieties as well as entering new geographies will boost the export market for Indian seafood. Dr. Sindhu briefly
talked about MPEDA’s activities in regulating and promoting the export of marine products.
Dr. Sanjay Kr. Chattopadhyay, Additional Director and Head-R & D Division, Indian Institute of Packaging presented
paper on the ‘Importance of Packaging Standards for Export Market’.
Apart from explaining the vital role played by the packaging in the food sector, Dr. Chattopadhyaya discussed about the
specifications of packaging required for the export market and international standards laid out across different materials
and types of packaging as well as labels. In general, materials used for food packaging must be of food grade, non-toxic,
odorless and bio-degradable. The food packaging structure must be strong, easy to open & close, attractive and must be
economical.
Further, Dr. Chattopadhyaya spoke on the laws and regulations for food packaging as set by the Indian Statutory
Regulatory Body under the Ministry of Health & Family Welfare. He concluded by stressing that Apex bodies such as
APEDA, MPEDA, IIP and other key members need to come together in educating and disseminating information
regarding technology changes in packaging, market impulse and response to changes in packaging and market
intelligence to various stake holders in the value chain.
Session II: Technology, Infrastrucutre, Food Regulation & Challenges
Dr. C. Anandharamakrishnan Principal Scientist, Central Food Technological Research Institute presented paper on
‘Emerging Technologies for food Processing’
Dr. Anandharamakrishnan made a detailed presentation on the emerging technologies in the food processing sector
including nano technology, cold plasma, high pressure processing and computational modeling (tool). He discussed
about the global market for nano foods which is forecast to increase from US $ 400 billion in 2012 to US $ 1000 billion by

38. 2015. Some of the global major food processing companies researching on nano technology include Nestle, Kraft,
Unilever, Heinz, ConAgra Foods, Sara Lee, Hershey’s, General Mills and Pepsico. Dr. Anandharamakrishnan gave a few
examples of the nano technology based food products that are available in the global market, such as ‘Tip-Top Up’ -
Omega 3 Bread, from Tip Top Bakery, Australia and Canola Active Oil, from Shemen Industries, Israel.
Dr. Anandharamakrishnan concluded by indicating the importance of innovation, introduction of new technologies &
modeling techniques in the food and packaging industries and that it is very essential for the Indian processed food
manufacturers and exporters to keep themselves updated on the current developments in these sectors.
Mr. Sourav Kumar Mohanty, AGM – Corporate Strategy, Danfoss India, presented paper on ‘Sustainable Cold Chain
Infrastructure –Stepping forward together to overcome the challenges’
Mr. Mohanty talked in detail on cold chain infrastructure, its importance, current situation in the Indian scenario and
making it viable to the Indian environment. Even though India is the major producer of many agro products, due to poor
cold chain infrastructure facilities the country incurs huge loses every year. Over the last decade, Indian food and
processed food industry has taken a big leap and is striving to accommodate the unprecedented changes in
demographic and economic profile of the country. In addition, he highlighted that the agricultural land is fast declining
and erratic monsoon resulting in poor yield, thereby increasing the need for modernized cold storage facilities to protect
the agro produce and reduce the wastage.
India being an energy deficient country Mr. Mohanty spelled out the importance of energy efficient solutions such as
adoption of renewable energy (solar and wind) for cold chains in order to bring down the costs and make it suitable for
the Indian conditions.
Dr. Joseph Lewis, Chairman –Regulatory Affairs, Protein Foods Association of India Food Regulations presented paper on
‘Managing Safety with Diversity’
Dr. Lewis made his presentation detailing on the importance of food safety and standards in the food processing
industry. He also stressed on the complexity involved in developing and enforcing food safety and standard act across
wide variety of processed food products in the Indian environment. In 2002, Indian Government set up a Group of
Ministers (GOM) to propose legislative and other changes for preparing “a modern integrated food law and related
regulations”. Subsequently, the Food safety and standards Act 2006 (FSSA 2006) was conceptualized by MOFPI in 2002,
passed by the parliament in 2006 and was enforced into effect in 2011.
Dr. Murali Kallummal, Associate Professor, Centre for WTO Studies, IIFT presented paper on ‘Challenges faced by Indian
Exporters in developed countries’
India being one of the major exporters of agro and food products in the world, Dr. Kallummal talked about the
challenges faced by the country while exporting to the developed Nations such as USA and the countries in the
European Union. The EU SPS standards have affected the export of Indian agricultural products noticeably in the recent
years.
To overcome these challenges, Dr. Kallummal indicated some steps such as checking the WTO compatibility of the NTMs
that are applied on India’s Exports; send notification to WTO, economic intelligence and surveillance of domestic sale,
adopting sectoral approach to drugs, spices, etc., inspection of the product for export compatibility and identification of
domestic firms who are constant violators. Further, he added that the States can set their own standards in consultation
with the WTO’s Nodal Agency on SPS and TBT.
Session III: Funding the Food Processing Sector

39. Chaired Mr. R Anand, Partner, Earnst & Young, session III included panel discussion on ‘Funding the Food Processing
Sector’.
Mr. Venkatraman, Partner & Sr. Vice President, Rabo Equity Advisors, gave a broad outlook on some of the potential
areas for investments in the food and agriculture sectors. Shift in the role of women from housewife to homemaker has
changed the food industry resulting in high demand for kitchen products such as ready-to-cook and ready-to-eat foods.
Similarly snack foods, milk & diary, mango pulp and poultry are growing sectors and offer good potential for
investments. Further, demand for ready-to-cook and ready-to-eat foods is significantly growing in smaller towns and this
is another area for investments. With host of specific needs emerging in large supply chains, Mr. Venkatraman felt that it
is more promising to invest in B2B over B2C sectors.
Mr. Venkatraman noted that investing in food sector is not without challenges and convincing small and medium sized
players for private equity fund is a real task. He discussed about different funding models emerging in the farm
equipment sector and one such example included funding import of farm equipment from China and customizing it to
Indian conditions.
Mr. Kalpathi S. Suresh, Chairman & CEO, Kalpathi Investments Pvt. Ltd., briefed about the importance of innovation in
products and technology, which have now become essential criteria for funding in startup companies. The gradual shift
in unorganized sector towards organized sector is opening up a plethora of opportunities for investments in the food
processing sector.
Mr. Nirmal Vishwas, DGM & Regional Head Export Import Bank of India talked about the services offered by EXIM bank
specifically in the food processing sector. EXIM bank offers financing support at subsidized rates across various in
activities including export of products, services and machinery, joint ventures and Line of Credit (LoC). Line of Credit
operates in a unique way and Mr. Vishwas gave an example of the recently signed LoC agreement between India and
Bhutan. EXIM Bank has 8 regional offices across the globe and also offers advisory services to exporters.
Mr. K. Ramakrishnan Executive Director & Head – Investment Banking, Spark Capital, talked about the complexities in
the valuation of investments in the food processing sector.
Mr. R Anand concluded the session by stating that funding in the food processing sector has reached the critical stage.
Central Government has announced an allocation of Rs. 2,000 crore for the development of food processing industry. On
these lines if all the State Governments can come together and contribute, a huge corpus can be created. This Central-
State unison will help in developing, modernizing and branding the Indian food processing industry to the international
standards.
The Q & A session was more focused on Government subsidies and its mis-use and benefits of utilizing private funding.

40. Chief Guest Smt. Harsimrat Kaur Badal, Union Minister of Food Processing addressing the participants.
Mr. Suresh Reddy, Chairman, IACC (TN) presenting the memento to Smt. Harsimrat Kaur Badal, Union Minister of Food Processing.

41. Session on “Export of Processed Food from India” addressed by Dr. Tarun Bajaj, General Manager, Agricultural & Processed Food
Products Export Development Authority (APEDA)
Session on “Food Safety & Standards Act 2006: Prospects & Challenges” addressed by Dr. Joseph Lewis, Chairman-Regulatory Affairs,
Protein Foods Nutrition Development Association of India (PFNDAI)

42. DSC 0386 : Mr. Kalpathi S.Suresh, Chairman & CEO, Kalpathi Investments Pvt. Ltd. addressing the participants in the Panel
Discussion.
Chief Guest Smt. Harsimrat Kaur Badal, Union Minister of Food Processing along with IACC office bearers.

43. Andhra Pradesh Branch
Select USA Investment Opportunities for Indian Companies on September 19, 2014 at Hotel Taj Deccan,
Hyderabad
Backdrop of the Event Select USA Investment Opportunities for Indian Companies
Mr. Ravi Vishnu, Chairman, IACC, TS/AP welcoming Mr. Michael C. Mullins, Consul General, US Consulate
Mr. Ravi Vishnu, Chairman IACC, Welcome the Participants

44. IACC Committee Members and Past Chairmen with Mr. Michael Mullins, Consul General, US Consulate
Thank you Sponsor Board acknowledging the Sponsors

45. Bangalore Branch
Interactive Session on SelectUSA and Investment Fair on September 24, 2014 at Hotel Taj West End,
Bangalore
Indo-American Chamber of Commerce (IACC) - Karnataka Branch organized an Interactive Session on “SelectUSA” an
Investment Promotion event on Wednesday, September 24, 2014 at the Ball Room, Hotel Taj West End, Race Course
Road, Bangalore coinciding with the visit of Ambassador Vinai Thummalapally, Executive Director, SelectUSA, U.S.
Department of Commerce, International Trade Administration. The event was organized in partnership with Bangalore
Chamber of Industry & Commerce (BCIC) and the U.S. Commercial Service.
The Session brought together Senior Government Officials from the U.S. Embassy in New Delhi, U.S. Consulate in
Chennai, India representatives from 10 U.S. States in India and other experts apart from the following members:
- Mr. John McCaslin, Minister Counselor for Commercial Affairs, U.S. Commercial Service, U.S. Embassy, New Delhi
- Mr. John Fleming, Principal Commercial Officer for South India, U.S. Commercial Service, U.S. Consulate, Chennai
- Mr. Paul Frost, Commercial officer, U.S. Commercial Service, U.S. Embassy, New Delhi
- Ms. Tazeem Pasha, Manager, Global Business, SelectUSA, U.S. Department of Commerce, Washington, DC
The objective of the Session was to interact with the US Officials and to learn more about various facilitating
measures/support being extended by the US in expanding and starting a Business in United States of America. The
officials shared with the delegates numerous business opportunities for Indian Companies to explore and identify
several business prospects in USA.
Mr. Rabindra Srikantan, Chairman, IACC Karnataka Branch welcoming the gathering
Mr. Rabindra Srikantan, Chairman, IACC Karnataka Branch welcomed the gathering and introduced Minister
Counselor for Commercial Affairs, John McCaslin.

46. Mr. John McCaslin, Minister Counselor for Commercial Affairs, U.S. Commercial Service, U.S. Embassy, New Delhi
Ambassador Vinai Thummalapally addressing the delegates
The event was a dynamic forum which benefitted the participants. Ambassador Vinai Thummalapally was very open to
hear the concerns and questions of the audience and answering to their each question. The session was very interactive.
The Interactive Session was followed by a first-of-its-kind Investment Fair organized by the U.S. Commercial Service from
which provided an opportunity for one-on-one meetings with India representatives of ten U.S. States to discuss
investment opportunities in the United States. The U.S. State representatives who were present at the event included:
Maryland, Pennsylvania, New Jersey, Ohio, Illinois, South Carolina, Fairfax County – Virginia, Missouri and Washington
States.

47. Roundtable high-tea meeting
The event was concluded with an exclusive roundtable over high-tea of IACC Bearers with Ambassador Vinai
Thummalapally, Executive Director, SelectUSA, U.S. Department of Commerce, Washington, D.C., and John McCaslin,
Minister Counselor for Commercial Affairs, U.S. Embassy, New Delhi.
Introductory & interactive session with Dr. Lawrence J. Mire – Acting Chief of Consular Services on
September 12, 2014
Indo- American Chamber of Commerce organized an Introductory & interactive session with Dr. Lawrence J. Mire –
Acting Chief of Consular Services and Ms. Lindsey L. Rothenberg - Chief of Non-Immigrant Visas. Mr. Sanjeev Gulati, IACC
– Karnataka branch, Committee member introduced and welcomed the guests.
Dr. Lawrence J. Mire – Acting Chief of Consular Services & Ms. Lindsey L. Rothenberg - Chief of Non-Immigrant Visas addressing the
gathering
Dr. Lawrence and Ms. Lindsey were very open to hear the concerns and questions of the delegates and answering to
their each question. The meeting was very interactive. They shared their upcoming plans with respect to trade and visa.
Mr. Raj Rajkumar, National Executive Council member, IACC vote of thanks and presented bouquets to the speakers.

48. IACC- WBC POSH Event on ‘POSH and The Fluid Workplace’ on September 11, 2014
Indo- American Chamber of Commerce- Women’s Business Council, organized its ninth session on Prevention of Sexual
Harassment, on “POSH and the Fluid Workplace” on Thursday, September 11, 2014 at Infinite Computer Solutions
(India) Pvt Ltd, Bangalore. Ms. Priya Chetty Rajagopal, Chairperson, IACC WBC, welcomed and introduced the panelists
of the event - Nisha Millet, Swimmer; Sahana Das, Professor and Head of Communication, Mt. Carmel; Shinie Antony,
Writer and moderator- Shrabonti Bagchi, Sr. Asst. Editor, Times of India.
Moderator- Shrabonti Bagchi, Sr. Asst. Editor, Times of India, Panelists- Nisha Millet, Swimmer; Sahana Das, Professor and Head of
Communication, Mt. Carmel; Shinie Antony, Writer
The moderator, Shrabonti Bagchi, gave a brief intro about her job environment and started the panel by putting her first
question to Sahana Das, that she being an educator, being a role model to lot of young women in her college, what is
her role in preparing those young women for future workplaces or in preparing them for the world outside. Sahana said
that her workplace, i.e. a college is not that fluid but it is more structured but it is better to educate her students in
becoming a self-employed and free to do what they want to do in their life. She said that they have special courses or
seminars like on women laws, women insights or on gender sensitivities or with their regular subjects like literature,
history. We should focus on where is the balance between a courteous friendly mentor and at which point does it
become harassment. These topics are not only being discussed one to one but also on team level like in classrooms.
They discuss that what is the role of a professional women and how could she be both a women and as well as in some
ways a gender neutral professional and between these two roles, Sahana sees herself as an educator.
Next question by Shrabonti was for Shinie that she always being navigating a social mind field, she has to interact with
so many people, like authors, then how does she preserve herself and step back and be a gender neutral person and
have been there any incidences that she sort of faced which would be offensive kind of situation. Shinie informed that
she use to work with a corporate newspaper. She said that there are two important points to think on- one is, who the
harasser, where is he coming from, who is the typical Indian eve- teaser and the second point is when a woman knows
that she is being harassed. She said that when she was young, she was not even knowing what is being harassed but
now when she looks back and thinks that when her boss use to call her “sunshine” instead of Shinie and when once her
boss asked ‘have you ever watched a porn movie’, with a group of her colleagues at lunch, all those incidents were
harassment. It was a harassment when someone asked her ‘what kind of birth control do you use?’, because she was
editing a story on ‘birth control’.
Shrabonti later moved on to Nisha Millet, saying that her workplace is literally very fluid. Shrabonti said that clothing is
armour for women and dress is a protection for people and we dress in a certain way that it projects our image. But in
Nisha’s workplace, people are wearing a bare minimum of clothes. So how people feel about that, when she is touching
somebody, training somebody or somebody is training her so in that situation how did she deal with it, when she was a
young swimmer or how does she deal with it now. Nisha said that it is true that her workplace is very fluid because her
office uniform is swimming costume. When she was 15-16 years old she had to travel to different countries and stay
away from parents. She mentioned that her parents taught her at very early age that if you are uncomfortable with any

49. situation then get out of it immediately and scream if you feel slightly threaten. In her field women have to be very
much careful and must know how to deal with such situations.
Later, Shrabonti moved on to Sahana again, saying that as she is head of communication in Mt. Carmel College, so if
something happens to one of her students and she comes to her and says that there has been an ugly incident and
someone has harassed me or molested me, then how would she deal with it. On that Sahana said that it has not been an
easy journey and to deal with complaints of being molested and harassed has been intensely frustrating. But the good
thing is they support their girls one hundred percent, including offer them a place to move into but there is a
tremendous resistant to take it further. Nobody wants to take it to the police and it not always cases of rape but will
beating and any inappropriate behaviour. When students come with some complaints then she has to deal with the
psychological impact and tell them that they are not alone and they have friend there.
Shrabonti asked Shinie to throw some light on women who enjoy flirtation and like to hang out with men, like to have
interesting conversation with them, have good connection with them but where should a woman draw line and think
that this is enough and now don’t want to go further but the other person wants to sort of push ahead, so how a woman
should deal with that. Shinie said that that we are very privileged women actually because we have not been brought up
as a helpless lady and we have been getting all facilities and are very much confident in our respective fields. But men
are not very much open and are not able to communicate correctly to women. Men are not comfortable talking to
women so sometimes they cross their lines.
Shrabonti asked Nisha Millet to add few more lines blurring between professional conduct and personal relationships.
Nisha said that she tries and keeps her personal and professional workplace totally separate.
The session was graciously initiated and concluded by the moderator, Shrabonti Das.
IACC team with Host team- Infinite Computer Solutions India Pvt. Ltd
The delegates enjoyed the oversimplified yet very deep- routed panel discussion. Lots of one-to-one question - answer
happened at the session. IACC organized this session to make the participants aware of how to communicate POSH in
their respective organization. The participants were spellbound during the session. Mr. Sanjeev Gulati, Sr. VP of Infinite
Computer Solutions presented bouquets to the panellists and thanked them. Ms. Priya Chetty thanked the host and
presented a certificate of appreciation.
Being a weekday, the numbers were impressive. Knowledge sharing can never be enough! So were our attendees,
knowledge hungry! The program was very well received and attended by participants of known organizations like-

50. Walmart Asia, Ernst & Young, Volvo India Pvt Ltd, Intuit, Wipro Ltd, Titan, Synopsys, Manhattan Associates, Convergys,
etc. to name a few.
The Future of Corporate Education on September 05, 2014 at Hotel Matthan, Bangalore
Venture capital investments into Educational Technology firms have crossed the US$ 1Bln mark for two years in a row,
with over US$150 million being invested in high-profile start-ups like Coursera, Udacity & EdX. An estimated 10 million
learners have enrolled themselves on various MOOC programs thus far! There are a slew of start-ups and giants battling
it out there to bring innovations to the classrooms & the way we learn; and the future definitely looks interesting! To get
experts views about these trends, debate ideas and provide a peek into a future that is fast-changing, Indo American
Chamber of Commerce organized its annual education event, “The Future of Corporate Education” on Friday, September
05, 2014 at Hotel Matthan, Bangalore. The event was organized on the occasion of ‘Teachers Day’. The objective of the
event was to give answers of questions to the audience, such as Will MOOCs revolutionize Corporate Learning; How will
Serious Games & Simulations shape the way we learn; What role will technology play in Corporate Education; Will
Analytics help us personalize learning and deliver learning outcomes for every individual.
With a view to bring Corporate Executives, Academics and Entrepreneurs together on a single platform, to enable
interaction and to create networking opportunities, IACC organized this event. The event was equally beneficial for all
the three different fraternities, such as- Corporate Executives gained insights on how to leverage different trends for
building a high-performance organization; Academics got a glimpse into future of Executive Education and
Entrepreneurs saw tremendous possibilities that exists at the intersection of technology & learning.
Mr. Madan Padaki, Committee Member – IACC Karnataka Chapter, welcomed the participants and introduced the
panelists and a moderator.
Mr. Madan Padaki, Committee Member – IACC Karnataka Chapter, welcoming the guests
The event was well received and attended by 200 participants of known organizations and institutions like Infosys,
Mindtree Ltd, Amazon.com, Birla Sun Life Insurance Company Ltd., Coffee Day, ING Vysya Bank, ISBR Business School, L
& T - Valdel Engineering Ltd., R.V.College of Engineering, Tata Hitachi, Times of India, Manipal Global Education Services,
Acharya College, Titan Company Limited, Wipro, Christ University Institute of Management, Hindustan Aeronautics
Limited, etc., to name a few.
As the event was organized on Teachers Day, IACC recognized four transformational teachers & honored them by
presenting bouquets and cash vouchers, sponsored by Azim Premji Foundation. Mr. Balachandar N, Group Director – HR,
Coffee Day Group and VP- NHRD, presented vouchers and bouquets to the recognized teachers.

51. Mr. Ashwin Damera, Co-Founder & Director, Eruditus Executive Education
The event started with Mr. Ashwin Damera, Co-Founder & Director, Eruditus Executive Education’s presentation. His
session focused on ‘Corporate Education – Reimagining Digitally’. His session included topics such as growing fast –
MOOCs and paid courses; digital education is global; audience is younger and implications for corporate education. Mr.
Ashwin presentation also included few points about SPOC (Small Private Online Course). The event then moved on to
the much awaited Panel Discussion, comprising eminent panelists – Mr. Ashwin Damera, Co-Founder & Director,
Eruditus Executive Education; Mr. Mohan Kannegal, Head – Learning Solutions Group, Manipal Education; Mr. Solomon
Thomas, Director, Oracle university –APAC; Mr. Susheel Nagarajan, L&D Head, Accenture and Mr. Vinay Hebbar,
Managing Director, Asia-Pacific, Harvard Business Publishing. Mr. Anand Sudarshan, Founder & Director, Sylvant
Advisors Pvt Ltd, moderated this engaging panel discussion lasting an hour.
Mr. Anand sudarshan, moderator of the panel, initiated the discussion and all the panelists gave their views on the topic
with respect to their experience and their respective organizations.
Moderator- Mr. Anand Sudarshan, Founder & Director, Sylvant Advisors Pvt Ltd; Panelists- Mr. Ashwin Damera, Co-Founder &
Director, Eruditus Executive Education; Mr. Mohan Kannegal, Head – Learning Solutions Group, Manipal Education; Mr. Solomon
Thomas, Director, Oracle university –APAC; Mr. Susheel Nagarajan, L&D Head, Accenture and Mr. Vinay Hebbar, Managing Director,
Asia-Pacific, Harvard Business Publishing

52. The panelists gave their various thoughts on future of corporate education, its opportunities and threaten. Mr. Anand
Sudarshan focused on two major questions like - In the emerging world where corporations are searching for talent just-
in-time, and where individuals are increasingly more prepared to change career-tracks, what is the role of “Corporate”
Education and CLO & Corporate Education – What are the connects & disconnects. Mr. Susheel Nagarajan added few
lines on a fundamental aspect of Education / Training which is “Learning”. He said we should call it “LEARNING TO
LEARN”, after all it’s the individual at the heart of all the corporate training & technology. Mr. Vinay Hebbar threw some
light on - in the world of MOOCs and technology led learning, what can companies do to improve learning outcomes?
(Company’s perspective) and what are some of the best practices in design of technology led leadership programs for
the future?(Service provider’s perspective) Few points were added by Mr. Solomon Thomas i.e. What is the expectations
of Customers (Cost, Quality, Content, Anywhere, Channels of learning); What is the effect of so many B & T Schools in
corporate education; How effective is the Corporate education - is the Participants deployable after learning; What
are the Business drivers for Corporate education and Will Corporate Education shift as Finishing School after MBA and
Engineering.
The event concluded with a short presentation by Mr. Raj Rajkumar, Director, TE Connectivity Ltd. Mr. Raj’s talk was on
‘TE Connectivity Responsibility Advantage – CSR Programs on Education’. He made the delegates aware of different
proposals to support rural schools and proposal for Vocational Training.
Mr. Raj Rajkumar, Director, TE Connectivity delivering the session
The event saw a lot of interaction from the audience, who were quite keen to know the various challenges and benefits
in the future of corporate education. Very dynamic Q&A session between delegates and speaker/panel members took
place.
Mr. V Srinivasan, Former Chairman of IACC Karnataka Branch, Mr. Sarbajit Ghose, Sr. Vice Chairman- IACC, Mr. Sanjeev
Gulati, Branch Committee Member, Mr. Rohan Joshi, Branch Committee Member and Mrs. Priya Chetty, National
Executive Council (NEC) Member of IACC, Mr. Raj Rajkumar, NEC Member presented bouquets and mementoes to the
panelists and a moderator.
The event was sponsored by Eruditus Executive Education, ASM Technologies Ltd, Sylvant Advisors Pvt Ltd and TE
Connectivity Ltd., The event was associated with NHRD- Bangalore Chapter. The event provided a good opportunity for
the IACC members to meet and get informative inputs from the speakers. The guests enjoyed every bit of the event,
and one could visibly see its effect through the networking and discussions that were happening during dinner and
beyond.

53. Kerala Branch
Interactive Meeting held with U.S. Consulate Officials on September 05, 2014 in Kochi
U.S. Consulate, Chennai Acting Consul General Dr. Lawrence Mier and other Senior Officials of the Consulate interacted
with the members of Indo-American Chamber of Commerce in Kochi on September 05, 2014.
The Acting Consul General shared his views on Indo-US Relations and various services offered by the Consulate to
business communities to promote business relations with US.
Ms. Kalpana Murthy, Political/Economic Officer and Mr. Finny Jacob, Political Specialist was also present during the
event and they have also interacted with the members.
The members present discussed with the Consulate officials on various issues like getting U S visa to the employees of
their companies for going to the US on business purpose and also expressed their concern over lack of investments in
Kerala from the US compare to other Southern States. The Economic Officer assured the participants that in association
with the Commercial section they could arrange more valuable programs for the benefit of the business communities in
Kerala and also try to bring in more delegations from the US to Kerala.
Dr. Lawrence Mier, Acting Consul General of the U.S. Consulate, Chennai interacting with the members of Indo-American Chamber
of Commerce. On his Right- Mr. Jose Thomas, Incoming Chairman and on his Left – Dr. Prakash Chandran, Chairman of the Chamber

54. US investments in India
Kalyan Jewellers raises Rs 1,200 crore from PE major Warburg Pincus
In one of the largest private equity (PE) deals in the jewellery manufacturing segment, the India arm of US PE major
Warburg Pincus has picked up a minority stake in Kerala-based jewellery maker and retailer Kalyan Jewellers for Rs 1,200
crore. While, Kalyan Jewellers refused to divulge how much stake it sold but industry sources pegged it at 10-12 per
cent.
The jeweller will use the proceeds from the deal to fund its retail and manufacturing expansion plans. T S Kalyanaraman,
chairman and managing director said the firm would open 28 stores - including 12 in overseas. Sixteen stores will come
up before December 2014 and the remaining by another six months, he added.
Kalyan Jewellers plans to scale up its global presence in West Asia by foraying into Kuwait and Qatar markets and in
south-east Asia by launching its footprints in Singapore and Malaysia. Currently, the company has six exclusive outlets in
the United Arab Emirates. The retail expansion is expected to cost Rs 1,000-1,200 crore. The jeweller is also planning to
invest Rs 300-400 crore in enhancing its manufacturing capacity. The investment manufacturing will be funded through
internal resources.
Kalyanaraman added that the company also plans to open about 25 stores every year. 'We look forward to working with
Warburg Pincus as we continue to build on our foundation and move onto our next phase of growth," he noted. The
company has set a target to close the current financial year with a turnover of Rs 10,000 crore, up from last year's Rs
8,000 crore. "In the next three years, our revenue will reach around Rs 25,000 crore," said Kalyanaraman.
He claimed this is the largest PE investment into Kerala so far. To a question on whether the company is planning an
initial public offering, he said: "Currently, we have enough funds; if we feel we need more money, then we will look into
it." Vishal Mahadevia, managing director and co-head (India) at Warburg Pincus, said the PE firm's investment in Kalyan
Jewellers is the largest PE investment into the jewellery segment in India, and is an acknowledgment of the company's
highly-talented team and its pioneering role within the sector.
Founded in 1993 and headquartered at Thrissur in Kerala, Kalyan Jewellers is the part of 100-year-old Kalyan Group,
which started out with textile manufacturing and retailing.
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Goldman Sachs to invest Rs 1,200 crore in Bangalore
Goldman Sachs will invest $200 million (Rs 1,200 crore) to build a new campus in Bangalore that can accommodate
9,000 people. The global investment bank's Bangalore operation, with 5,400 people, is already the largest outside its
New York headquarters, where it has 12,000 employees. The Bangalore office, established 10 years ago, has seen its
headcount rise at a compounded annual growth rate of about 19% over the past five years.
Jeffrey Schroeder, chief administrative officer and member of the management committee of Goldman Sachs, who was
in Bangalore for the ground breaking for the new campus, said the Bangalore growth was a reflection of the quality of
people here, and the quality of the work they do. "Bangalore has exceeded our highest expectations," he said. Many of
the world's biggest financial institutions have major technology, back office and customer support operations in India.
These include Citibank, HSBC, Fidelity, Deutsche Bank, and Standard Chartered.
Bunty Bohra, CEO of Goldman Sachs Services in India, said every function and department of the company was
represented in the Bangalore operations. This includes technology, finance, investment banking, securities, operations,
research, and analytics.

55. Those in technology constitute the biggest component, and are a reflection of the desire among financial institutions to
develop proprietary technologies that can most efficiently serve their customers and differentiate them from
competition. It also plays to Bangalore's biggest strength. Schroeder declined to speculate on how rapidly the headcount
will grow in future, but indicated that it would depend partly on the company growth. Bohra said the matter of retaining
its existing leased facilities in Bangalore was still under discussion.
The new campus is being developed in collaboration with Kalyani Developers on the Sarjapur Outer Ring Road. Bohra
said it would be designed to the highest standards laid out by the company globally and would be fully ready by 2018.
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Indo-US MIM Tec to invest Rs 1000 crore
Indo-US MIM Tec Pvt Ltd, an entity promoted by a US-based non-resident Indian, and into the metals injection moulding
business, has said that it will invest Rs 1,000 crore in its Bangalore operations over the next five year period.
Indo-US MIM Tec Pvt Ltd Chairman Krishna Chivukula said the company is looking for 20 acres of land in Bangalore to
expand its manufacturing facility. “We are number one in MIM technology. We are also involved in ultra-trace element
analysis, materials research, development, application and testing. Almost 95 per cent of our products are exported,” he
said. “MIM is the latest emerging manufacturing technology. It started off in the 1980s in the US and brings together
plastic injection technology and powder metallurgy to produce small metal components in high volumes,” he said.
“We are improving ourselves and our engineers are working on it to produce durable items in more volumes. We started
off in 2009 and sales have currently reached Rs 1,000 crore,” he said. The company has already invested Rs 700 crore at
its Doddaballapur and Hoskote facilities and currently employs about 2,400 employees. Indo-US MIM Tec Pvt Ltd
designs, manufactures and supplies metal injection molding products for automotive, medical, consumer, aerospace, oil
and gas and industrial sectors worldwide. “Our engineers are not from IITs but from the local engineering colleges and
make them world class engineers and make my company world class. We will hire 2500 more soon,” he said.
The company also owns Shiva Labs, which is into ultra-trace element analysis and materials research with an investment
of Rs 50 crore. “We have 90 people in Bangalore and 20 people in US. We are also planning to invest Rs 20 crore more in
this facility,” he said. Talking about the manufacturing industry in India, he said India has no scale in it. “Indians make
only components. Here, we have achieved scale in automobile industry. The endeavors brought in by Narendra Modi in
this regard are truly encouraging,” he said.
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Warburg Pincus invests Rs 550 cr in Laurus Labs to acquire stake
An affiliate of private equity (PE) firm Warburg Pincus has acquired a minority stake in Laurus Labs, a Visakhapatnam-
based developer of active pharmaceutical ingredients (APIs), for about Rs 550 crore, Laurus said in a statement. With
this, Warburg becomes an investor in the company, along with Fidelity Growth Partners India and Boston-based Fidelity
Biosciences, which led an earlier round of investment in 2012.
Fidelity Growth Partners India and Fidelity Biosciences part-exited in the latest transaction. Although the company did
not share the details of the deal, according to the Competition Commission of India (CCI)’s approval note for the
transaction, the PE firm picked up a 32.29 per cent effective stake. The deal values the company at Rs 1,700 crore ($280
million). Laurus will issue a mix of compulsory convertible preference shares and also purchase of shares from existing
PE investor.
Laurus is a manufacturer of APIs for anti-retroviral (ARV), oncology, cardio-vascular, anti-diabetic therapeutic segments.
Laurus also has a contract manufacturing business. The firm also has a presence in nutraceuticals and several other

56. products with a customer base that includes several generic pharmaceutical companies in India and abroad. It also has a
contract manufacturing business catering to several generic and innovation-driven, global pharmaceutical companies.
Laurus is led by its founder and chief executive officer Satyanarayana Chava, a renowned scientist, with a successful
track record in the pharmaceutical sector. He is joined by executive directors Raju S Kalidindi, who has 26 years of
experience in pharmaceutical research and operations. The firm has grown rapidly since its first full year of commercial
operations in 2008, recording revenues of Rs 1,200 crore in FY14.
“Laurus is at an important juncture in its evolution, having built a strong reputation in product development and
manufacturing... We are glad to partner with Warburg Pincus in this phase of our growth,” said Satyanarayana. ‘‘In
addition to securing growth capital, we look forward to leveraging Warburg Pincus’ deep domain expertise and global
network of relationships to help enter new markets and add to our customer base,” he added. Commenting on the
transaction, Niten Malhan, managing director and co-head of Warburg Pincus India, said: “Satya’s focus on innovation
and developing a strong organisation has enabled Laurus to emerge as a global leader in the generic ARV API segment
and well positioned the company to benefit from its initiatives to enter other attractive segments. Warburg Pincus is
excited to be a partner in Laurus’ next phase of growth to become a leading global pharmaceutical company.”
“Through a positive combination of technical depth, relentless execution and highest level of corporate governance, the
team at Laurus Labs has built a market-leading pharmaceutical company in a short span of time. We are excited to
continue our partnership with the company, and welcome Warburg Pincus to join this exciting growth story.”
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Minnesota based Cargill sets up Rs500 crore corn milling plant near Bangalore
Cargill India Pvt. Ltd's biggest investment in India till date, a new corn milling plant worth Rs.500 crore, is being set up
near Bangalore.
It will be ready by the second half of the next calendar year, helping the company to expand its business-to-business
(B2B) and consumer foods portfolio in India, a top official with the company said. The Indian subsidiary of the $134.9
billion-by-revenue American multinational has three edible oil refineries in India-at Paradip in Odisha, Kandla in Gujarat,
and Kurkumbh in Maharashtra. "The plant (in Bangalore) will process corn to produce glucose and other derivatives that
will be used as sweeteners, thickeners and for other purposes in the food and healthcare industry," said Siraj Chaudhry,
chairman of Cargill India, on the sidelines of the Federation of Indian Chambers of Commerce and Industry (Ficci) Food
World event in Mumbai recently.
This is Cargill's first major capacity expansion project in India in 10 years, he said. In the consumer foods category, Cargill
India has edible oil brands such as Leonardo, Sweekar, Gemini and Nature Fresh. The company has also entered the
specialty fats and specialty ingredients business, and is a supplier of edible oil to food companies. In the edible oils
space, Cargill competes with companies such as Adani Wilmar Ltd and Ruchi Soya Industries Ltd.
"We intend to get more into the adjacencies, i.e. businesses that are adjacent to our existing businesses," said Chaudhry,
citing the company's entry into the flour business as an example of a business that's related to its edible oil segment.
Cargill sells wheat flour under the brand Nature Fresh Chakki Atta. In February, Cargill, which has a strong presence in
the olive oil segment worldwide, acquired the Leonardo brand of olive oil from Dalmia Continental Pvt. Ltd. In 2011, it
acquired the refined sunflower oil brand Sweekar from Marico Ltd. Gemini, a sunflower oil brand with a strong presence
in western India, was acquired in 2005 from Parakh Foods, a Pune-based company.
"We continue to look at the edible oil space for acquisitions. If we can fast-track our growth through an acquisition then
we will definitely look at it. Now that we have entered the corn milling space, we will be looking at that too. Of course,
our objective is not to remain a one-plant company in that space," said Chaudhry.
Olive oil is one of the fastest growing segments in the edible oil space. The olive oil market in India has grown rapidly in
the last decade from 1,000 tonnes in 2003 to 12,000 tonnes in 2013, according to the Indian Olive Association. "We have
a 26% market share in olive oil and we expect market to grow at a rate 15%," said Chaudhry.