Washington attracts Indian startups
to set shop
At a time when several Indian technology startups are
struggling due to taxation and fund raising norms in
India, a two-member team from Washington State
Department of Commerce engaged with startups in
Bengaluru February 17 to promote Seattle as an alterna-
tive destination for Indian entrepreneurs.
The state officials highlighted that Washington state
does not have a personal or corporate income tax or taxes
on capital gains.
Washington is the third largest exporter to India among
the US states.
Infosys to buy Panaya
Infosys said February 16 it would buy the California-
based Panaya, which provides automation technology, in
an all-cash deal of $200 million. The company said it was
expecting all the senior management and employees of
Panaya to join. The valuation is six times Panaya’s rev-
enues, Infosys said.
Flipkart may raise $500 million
Flipkart, the poster boy of Indian e-commerce, is in talks
with investors to raise at least $500 million. The Bengal-
uru-based company had raised close to $2 billion in 2014.
Valued at over $12 billion, the company is targeting to
double the gross merchandise value of products it sells to
$8 billion by the end of this year. It is likely to use the
fresh funds for technology to match the scale of the business and market share.
India’s forex reserves at all-time high
The Reserve Bank of India’s foreign exchange reserves
rose to an all-time high of $330.21 billion for the week
ending February 6, according to latest data. The rise in
reserves was $2.12 billion.
The reserves have been rising because the central bank
has been mopping up dollar flows through state-run
banks in a bid to boost its foreign exchange reserves.
Brand TCS grows fastest among
global IT firms
The brand value of Tata Consultancy Services grew to
$8.7 billion in 2015, a growth of 271 percent from $2.3
billion in 2010, making it the fastest growing software
brand in the world over the past five years, according to
Brand Finance. TCS was also recognized as one of the top
four global brands in information technology services
space for the fourth year in a row.
Brand Finance assesses the dollar value of the reputation, image and intellectual property of the world’s leading companies.
Over 1,000 listed companies cheaper
than Yuvraj Singh
There are 1,079 companies listed on Bombay Stock
Exchange which can each be bought entirely for less
money than was bid for Yuvraj Singh at the latest Indian
Premier League cricket auction. Delhi Daredevils bid a
record Rs 160 million ($2.57 million) to get Singh on
their side for the tournament.
Wal-Mart India to set up 15 stores in
Wal-Mart India is planning to open 15 cash-and-carry
stores in Andhra Pradesh in the next five years. The com-
pany currently has three stores in the state. Chief Minister
N Chandrababu Naidu said the company could choose 20
to 30 agriculture commodities, which the state tops in,
and market them through Wal-Mart.
Kejriwal’s boost for small scale
the week that was
industries in Delhi
The Aam Aadmi Party government in New Delhi has
done away with the need to secure crucial permits for set-
ting up small-scale industries in the national capital. Now,
micro, small and medium enterprises will not require a
consent-to-establish certificate from the Delhi Pollution
Control Committee and a trade licence from the
Municipal Corporation of Delhi to obtain an acknowledg-
ment letter under the Micro, Small and Medium
Enterprises Development Act, 2006.
India to drag HSBC Geneva
The Indian Income Tax department is
expected to file a complaint against HSBC,
Geneva, for allegedly ‘abetting’ tax evasion in
India by way of operating accounts of its citi-
zens in its overseas branch without proper
Sources said the complaint against the
global banking giant was expected to be filed
before March 31.
The investigation in the HSBC-Geneva
cases gathered momentum recently after the
revelation of the details of more than
100,000 account holders around the world,
including over 1,000 from India.
An HSBC Bank in Geneva February 18. Geneva’s public prosecutor searched the premises that day and said it had opened a criminal inquiry into allegations of aggravated money laundering. HSBC, Europe’s biggest bank, apologized to customers and investors February 15 for past practices at its Swiss private bank following allegations that it helped hundreds of clients dodge taxes. DENIS BALIBOUSE/REU TERS
Punit Renjen to be
Deloitte Global CEO
Punit Renjen was appointed the next chief executive officer of accounting
giant Deloitte’s global operations, becoming the first Indian-origin person
to head a ‘Big-Four’ audit firm.
Hailing from Rohtak, Haryana, Renjen will assume his new role June 1, succeeding Barry Salzberg.
He joins a growing list of persons of Indian origin like Indira Nooyi, Satya
Nadela and Anshu Jain, who have made to the top posts at multi-billion dollar
global corporations like PepsiCo, Microsoft and Deutsche Bank, respectively. Punit Renjen