1812 IST, Tuesday, May 12, 2015 
Business/Industry
South Africa keen to host BRICS Development Bank
South Africa is keen to host the proposed BRICS (Brazil, Russia, India, China, South Africa) Development Bank and is lobbying for it with other members of the grouping, South Africa's envoy said in New Delhi. |
French companies to continue investing around $1 bn in IndiaBy Rohit Vaid
Expressing confidence in the Indian economy, French companies that are engaged in India will continue to annually invest nearly $1 billion here as they see long-term future in the country's growth potential, a top diplomat has said.
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India, South Africa trade up 31% at $7.6 bBusiness Line
Bilateral trade between India and South Africa grew 31 per cent to $7.6 billion in the just ended financial year (April-March 2013-14), against $5.8 billion in the same period last fiscal. |
Expansion on mind, GIC Re poised to buy South Africa's SaxumBy Shilpy Sinha/ The Economic Times
GIC Re, the sole Indian reinsurer, is set to acquire South Africa's Saxum Re as it aims to expand into one of the most promising growth regions in the world and diversify its risk as the state-owned company got hit by some of the recent global accidents, including claims from Malaysian Airlines for its missing aircraft. |
TCS joins top 10 global IT services cos clubBy Shilpa Phadnis/ The Times of India
This is a landmark for Indian IT. The country's largest IT services provider, Tata Consultancy Services (TCS), has broken into the league of top 10 global IT services companies, moving from the 13th position in 2012 to the 10th spot in 2013. Twelve years ago, when TCS' revenues were about $1 billion, then CEO S Ramadorai had laid out a vision to be among the top 10 by 2010. It's taken a little longer, partly because of the global financial slump of 2008-09, but the company has now got there, and considering the pace at which it is growing compared to its global counterparts, the ranking could get better fairly quickly in the years to come. |
TCS, Mitsubishi to form $600m JVBy Reeba Zachariah/ The Times of India
Top Indian IT outsourcer Tata Consultancy Services (TCS) is consolidating its operations in Japan, the world's second largest software services market, with local conglomerate Mitsubishi. Both are bringing their IT services operations under a single unit, creating a $600-million enterprise in which TCS will have a controlling interest. |
'India's GDP quadrupled in 10 years under UPA'
India created a world record of quadrupling its GDP in the past 10 years under the two UPA governments, Union Commerce Minister Anand Sharma said in Mumbai. |
Water startups see rise in capital flowsBy Payal Ganguly/ The Economic Times
As growing consumption stokes fears of acute water scarcity, the demand for technology to purify and reuse waste-water is creating opportunity for several startups that focus on the area. |
Germany's Miele to expand in tier-2 Indian cities
Germany-based high-end domestic appliances maker Miele would invest around Rs.100 crore on expanding its presence in India, mostly in tier-2 cities like Raipur, Indore and Coimbatore, a top company official said. |
Oil India eyes $2 bn Shell blocks in NigeriaThe Times of India / Bloomberg
Oil India Ltd, the nation's second-biggest state-run explorer, is studying an acquisition of Nigerian oil and gas assets owned by Royal Dutch Shell Plc, according to people familiar with the matter.
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India has been one of the fastest growing free-market democracies in the world even in the wake of one of the worst economic crises in six decades. Its $1.2 trillion economy is expected to have grown 6-7 percent during the fiscal year ended March 31, 2009. This growth has come on the back of nearly 9 percent expansion over the past four years. 
