Monthly Archives: October 2016

Surat diamond tycoon again presents cars, flats to staff for Diwali

source: Business News / 28-Oct-2016

Surat: Known for his benevolent Diwali gifts to his employees, Surat-based billionaire diamond merchant Savji Dholakia has this year too kept over a thousand cars and 400 flats to his well-performing staffers with the company bearing part of the monthly instalments.

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Dholakia, who owns the Hare Krishna Exports, has gifted 400 flats and 1,260 cars as Diwali bonuses to his employees. However, the company will bear a part, Rs 5,000, of the loan instalments on the flats and the cars for five years.

“We have selected 1,716 employees as the best performers this year. We are arranging for houses for those who already own cars, while those who don’t have a four-wheeler will get one,” Dholakia told IANS.

He said the 400 flats each of 1,100 square feet would be allotted in a housing scheme of the company itself. “The flats would come dirt cheap at Rs 15 lakh and the monthly instalment, which the employee will start paying after five years will be Rs 11,000,” he said.

The bonus, which were announced at an informal meeting of employees, on Tuesday have been an annual ritual at Hare Krishna Exports.

Last year, Dholakia’s company similarly gave 491 cars and 200 flats to its employees. The year before that, it spent Rs 50 crore on performance incentives, Dholakia said.

The diamond merchant, who hails from Dudhala village in Amreli district in Saurashtra region, established and nurtured his business using a loan from his uncle. He had sent his son Dravya to eke out a job in Kerala to learn the ropes.

Tourism can support 46 million jobs in India by 2025: Richard Verma

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Travel and tourism sector in India has the potential to grow much faster and support 46 million jobs by 2025, provided the right investments and policies continue to be implemented, US Ambassador Richard Verma said today.

article source: The Financial Express

Verma also welcomed the recently announced National Civil Aviation Policy and the 100 per cent FDI in the civil aviation sector. (Reuters)


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Travel and tourism sector in India has the potential to grow much faster and support 46 million jobs by 2025, provided the right investments and policies continue to be implemented, US Ambassador Richard Verma said today.According to the World Travel and Tourism Council (WTTC), the travel and tourism sector contributed USD 120 billion or 6.3 per cent to the country’s GDP, which supported approximately 37 million jobs in 2015.

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“If the right investments are made, tourism has the potential to support 46 million jobs in India by…

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Apple eyes India for future growth

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Bengaluru: For tech giant Apple, India is the last bastion of growth, even as its revenues fell for the first time in 13 years in the quarter ended March.

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Globally, its flagship iPhone’s sales fell by 16 per cent during the quarter; but in India, its sales grew by 56 per cent.
On Wednesday, Apple reported a 13 per cent drop in revenues at $50.6 billion, while profits slid by 22 per cent to $10.5 billion for the March quarter.

Growth of iPhone sales in the US and China (the company’s two largest markets) has turned negative, after hitting saturation point. About $50 billion of Apple’s stock value was also wiped away.

Tim Cook, chief executive officer, Apple, brushed away worries that demand for smartphones globally had hit a peak by saying that penetration still stood at only 42 per cent.

He said there was still room for…

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Oppo, Vivo make big call, to invest Rs 2,000 crore each in UP

source: Business News 26-October-2016

New Delhi: Chinese smartphone companies Oppo and VivoBSE 2.01 % plan to invest a combined Rs 4,000 crore in Uttar Pradesh to build separate manufacturing complexes as part of their expansion plans in India.

click on image to buy OPPO
The two companies are keen to set up large-scale campuses, replicating their China models, which will have manufacturing plants, space for suppliers and accommodation for staff.

“Oppo is almost finalised… 200 acres… they will bring Rs 1,000 crore by themselves, while Rs 1,000 crore investment will come through their vendors,” said Sanjiv Saran, information technology secretary of Uttar Pradesh. “Vivo is also asking for 200 acres of land. They have seen the plot, but have some problems with that…we are sorting that out. Their investment will also be to the tune of Rs 2,000 crore,” he added.
 click on image to buy Vivo
Land for the two companies may be allotted by the UP government in Greater Noida.

Oppo and Vivo are already among India’s top 10 smartphone companies by volume market share, although they are relative newcomers. Manufacturing in India will help them bring products to the market faster and offer devices at lower prices.

The two companies have been among the more aggressive smartphone players in the lead up to this festive season, spending Rs 80-100 crore each, double of what they did last year, on marketing. Their plans for India include developing townships on the proposed campuses. Oppo plans to set up accommodation for 30,000 people

“We are in talks with the UP government and will confirm the details at the appropriate time,” said Sky Li, head of India operations at Oppo.

“The state government has been very accommodating to our needs and we are in touch with them for future requirements that will help us in enhancing capacity and in boosting our ability to meet the growing demand for Oppo phones in India,” Li added.

Vivo declined to comment.

Samsung expands service network to touch rural consumers

source: Business news 14-Oct-2016

New Delhi: Samsung India has expanded its service network across the country, reaching out to over 6,000 talukas across 29 states and seven union territories.

The service network expansion includes introducing 535 service vans equipped with engineers, key components, DG sets and key equipment for providing quick response and on-spot resolution, over 250 service points and over 250 resident engineers, Samsung said in a statement Thursday.

The Korean major plans to add more service vans, open new service centres, appoint brand engineers, India’s smartphone market leader and among the top consumer electronics players said.

“It is imperative for corporations to support this trend by establishing quality service network for addressing consumers’ needs regarding after-sales service of products in rural areas,” said.

“It is imperative for corporations to support this trend by establishing quality service network for addressing consumers’ needs regarding after-sales service of products in rural areas,” said

Rural Development Minister Narendra Singh Tomar at an event attended by Minister of State for tourism and culture Mahesh Sharma and HC Hong, president of Samsung Southwest Asi.

Samsung’s rural India pitch comes on the heels of its Note 7 debacle, where the company was forced to first recall and then kill its flagship smartphone following reports of the device overheating, catching fire and in some cases even exploding.

Samsung is struggling to blunt the fallout of its Note 7 troubles, even as it soaks an estimated $2.3 billion hit, in what is being labelled as the costliest product safety failures in tech history not to mention a huge blow to its reputation.

While the Note 7 was withdrawn before it was available in India, a slew of measures are expected to ramp up its image globally, including India.

The initiative to expand its service to rural India seems also aimed at expanding the domestic rural consumer base of Samsung in India by assuring premium after-sales service.

“With the new service initiative, our customers in rural India will enjoy the same level of speedy and high quality services as urban customers”, said Hong. “Our aim is to bridge the urban-rural service gap.”

US apparel retailer Gap Inc to sell online in India on fashion portal NNNow.com

Economic Times October 05, 2016

New Delhi: US apparel retailer Gap Inc

will sell its products online in India exclusively on Arvind Group’s fashion portal NNNow.com. Gap’s online sales in India will commence ahead of Diwali, Kulin Lalbhai, executive director at Arvind, told ET. The company had opened its first store in the country in May last year. The online launch will make Gap products available beyond the metros and tier I cities, giving the company an edge over rivals Zara and H&M, which have no digital presence in India yet.

“The digital launch will be a key growth plank for Gap in India and will increase the revenue by up to 15%, as the brand will now have access to shoppers in tier II and tier III cities also,” Lalbhai said. Zara and H&M are focusing on expanding their offline retail presence. “Online shopping is a natural expansion for our business. At H&M, we see a great potential for future growth in the online space but prefer to focus on retail stores for the moment,” said an H&M spokesperson. Zara did not respond to ET’s email query seeking details of its online plan for India.

“The digital launch will definitely give Gap an edge over Zara and H&M. The self-controlled platform NNNow.com will help us in building the brand and not just sell because of discounting. The prices will be consistent across the site and stores,” said J Suresh, managing director of Arvind Retail, which holds the licence to sell Gap products in India. Gap has refrained from launching on other ecommerce portals to avoid sales on the back of deep discounting, a key feature for these sites.

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