KV Kamath is Businessman of the year – 2007

kv kamath

ICICI Bank chief executive officer K.V. Kamath has been named Businessman of the Year for 2007 by Forbes Asia, for his steadiness at steering ICICI into one of Asia’s top banks. Under Mr Kamath’s watch since 1996, ICICI Bank’s market capitalisation has risen to $31 billion, placing it among the region’s top 10 banks.“By this measure, it is bigger than Singapore’s DBS Group and Korea’s Kookmin Bank, and has attracted big stakeholders such as Singapore’s Temasek Holdings and CLSA and Merrill Lynch funds,” a press release issued by Forbes said.

Sixty-year-old Kamath’s win puts him in the company of fellow countrymen Nandan Nilekani of Infosys Technologies, last year’s winner, and Ratan Tata, the 2004 businessman of the year. His addition means three Indian executives have won the accolade in the last four years.

Forbes Asia editor Tim Ferguson said: “Kamath’s leadership has been outstanding. His focus on serving India’s growing middle class by providing First World banking service at affordable prices is largely the reason behind the phenomenal growth of ICICI Bank.”

The bank’s assets have grown 40 per cent annually in the last three years to $93 billion, propelled by a boom in Indian consumer credit where ICICI Bank has a dominant one-third market share. Last year, the bank earned $790 million on net revenues of $3.2 billion. By the end of this fiscal year, net revenues will swell to $4.3 billion.

News source: Yahoo

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India business updates

TCS wins $1.2 billion AC Nielsen deal

In the largest outsourcing deal involving an Indian tech services firm, Tata Consultancy Services Ltd or TCS, Asia’s largest software company, has been contracted for 10 years by information and audience measurement major AC Nielsen Co. to manage its networks, finance and human resource functions.

TCS will receive at least $1.2 billion or Rs4,740 crore, which is unevenly spread over the contract period, with a potential upsidedepending on performance. “This deal commits us to a certain amount of spending of $1.2 billion; in some areas, services are on fixed-price
basis, in others, there are incentives,” said Mitchell Habib, executive vice-president, global business, Nielsen, in a phone interview.

Rest of the article here.

Reliance Q2 rises 28% on refining gains

Reliance Industries Ltd (RIL) posted a 28% increase in its second quarter profit (compared with a year ago) on the back of higher earnings from oil refining and chemicals. The Rs3,837 crore net profit bettered the Rs3,300 crore market expectations of seven analysts polled by Bloomberg. Revenues rose 6% to Rs33,402 crore.

In a statement issued on Thursday, RIL said it earned $13.6 (Rs537.20) from processing each barrel of oil into fuels, compared with $9.1 a year ago. Profit from the refining and marketing business rose 56%, from Rs1,486 crore in the second quarter of last year to Rs2,321 crore in the quarter ended 30 September 2007.

Rest of the article here.

Macquarie to buy 50% of Religare wealth management arm

Australia’s biggest securities firm, Macquarie Bank Ltd, will buy 50% of an Indian wealth management firm founded by Religare Enterprises Ltd for an undisclosed sum. The business, Religare Wealth Management Services Ltd, will be renamed Religare Macquarie Wealth Ltd.

The number of Indians with at least $1 million (Rs3.95 crore) in net financial assets grew 21% in 2006, the second fastest in Asia Pacific, according to a Merrill Lynch & Co. and Capgemini report released on Wednesday. Rising incomes and the country’s rallying equity and real estate markets have helped create wealth. India’s high net worth individuals hold a total $350 billion in financial assets, it said.

Rest of the article here.

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