• Tata Group Develops Human Development Index
• Bhel Eyes Overseas Market
• BHEL: (Em)powering India
• Forbes List
• Global Majors to set up SEZ in Kumaon
• SBI to Hit Overseas Market with $1bn Medium-Term Note Issue
• 'Made in India': The Next Big Hit
• India, China set to Drive Global Life Cover Growth
• India to Top in Car Volumes by 2050
• 'India is US' Biggest Business Partner
• Kazakhstan Beckons Indian Investment
• Indian Wages Growing Faster than China's
• Exports of Gold Touch $1bn, Rise of 141%
• M&As Worth $6.2 bn Struck in 2004
• Tea Exports Increase; Production Declines in Line with Global Trend
• Starbucks to Source Tata Coffee Beans
• India No. 1 in Filing DMFs
• CSIR on Top in Biotech with 202 Patent Applications
• Tatas Sign $2 Billion Deal with Bangladesh
• TCS Revenues Crosses $1 Billion Mark

• Indians take Big Steps in Kazakh Steel Town
• Tata Chemicals Enters Bangladesh
• TCS Bags Quality Award
• US & European Firms Court India's Software Talent
• Kinetic Launches India's Most Expensive Bike
• Mahindra Launches Scorpio, Bolero in South Africa
• India set for Leap in Manufacturing Exports: Study
• Tetley to Spread Out in CIS, East Europe
• Indian Bikes Now 'Think' Out of the Box
• ONGC Videsh: Growth Unlimited
• 'India could Overtake China in 15 yrs'
• Microsoft to Fuel Indian Tech Start-Ups
• SBI, TCS Tie up to Implement Core Banking Solution
• Why Pharma Can Match IT Success
• Exide to Power Afghanistan with its Wind, Solar Energy
• French Co. to Manufacture Planes in India
• Take Solutions Buys U.S. Firm
• Small IT Firms M-Cap Rises by up to 200% in 6 Months
• Indian Handicrafts - No Longer a Cottage Industry
• Rs 39,000 cr IPOs in the Works
• Indian Tractor Industry Shows Growth
• Global Firms Optimistic on India's Market Potential

The irony is unavoidable and virtually everyone you meet - Kazakh, Russian or Indian - in this gritty, crumbling town in the heart of Kazakhstan's Karaganda region will mention it at least once with a smile: Here, in a place that was once a key blast furnace of the U.S.S.R. which first helped India make steel in the 1950s, an Indian company staffed by a small band of desi expats has helped convert this former Soviet republic's ageing steel plant from a rust heap on the verge of closure to a dynamic enterprise with a bright future. Set up in 1958, Karmet - short for Karaganda Mettalurgical works - churned out 6 million tonnes of liquid steel in its heyday. In November 1995, Karmet was acquired by NRI and British resident Lakshmi Niwas Mittal for $400 million and renamed Ispat Karmet (Earlier this week, the parent concern, LNM, was rechristened the Mittal Steel Co.) A further $600 million was invested, and another $600m is now being pumped in. Today, Ispat-Karmet is thriving and Karaganda's leaders are thrilled by the turnaround. "The company runs our tramway on which Karmet workers travel free, is revamping the town's central heating system, and helps finance the local hospital, university, stadium and cultural centre," says Oral Bitybaev, deputy mayor in the Akimat, or town council, of Timertau. Ispat Karmet produces 5.2 million tonnes, a little less than the Soviet peak because the open-hearth plant was shut down for environmental reasons, say company officials. "But we will hit 6 again, and then 7 million," says S. Balasubramanian, director of modernisation. A tall man with extensive PSU experience in India, `Balu' wears vibhuti on his forehead and speaks fluent Russian.

Courtesy: The Hindu, October 31, 2004

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THE Tata group in association with the United Nations Development Programme (UNDP) has developed an index for sustainable human development. The Chairman of the Tata Council of Community Initiatives (TCCI) and Managing Director of Tata Industries, Mr Kishore Chaukar, told newspersons on Friday that this index helps enhance the human achievement in a particular initiative. Mr Chaukar said 10 major Tata group companies have deployed this index. He said the TCCI has put together a structured programme to address the areas of social development. He said nearly 20 group companies have spent more than Rs 200 crore for various corporate social responsibility initiatives (CSR) during the last six to eight years. The Tata Council is a nodal agency for Tata group concerning all issues on CSR, social development and environmental activities, bio-diversity restoration and volunteering. There are around 10,400 volunteers across the group companies involved with these activities. PricewaterhouseCoopers has already stated that the Tata index can be dovetailed into the sustainability reporting process adding value not just to Tata companies and but also provide a model for inclusion in guidelines of the UN global reporting initiatives. In India, 90 companies have enrolled for the Compact out of a total of over 1,500 corporations in the world. Out of these 27 are Tata companies, which have signed the Compact the first year. Mr Chaukar said that Tata group's software arm TCS has been working with the South African Government in the country's adult literacy programme, by providing a software that aids tribesman to become literate. Titan Industries recently at the request of the South African Government is conducting a six-month training in jewellery manufacturing skills to a batch of rural South African women workers at their Hosur plant. These trained workers will then return to their native land to start independent activities putting into use what they learnt from Titan.

Courtesy: www.thehindubusinessline.com, October 30, 2004

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The Rs 2,500 crore-Tata Chemicals, part of the Tata group, will invest over $450 million in its first overseas project - a one million tonne fertiliser plant in Bangladesh. The investment is part of the $2 billion worth of projects that the Tata group plans to implement in the neighbouring country. Tata group chairman Ratan Tata has already signed a memorandum of understanding with the board of investment, Bangladesh, for three projects including a gas-based power plant, an integrated steel factory and a fertiliser unit. "We are working steadily to begin work on our first overseas fertiliser plant early next year, committing investments to the tune of $450 to $500 million. At present feasibility studies are being conducted, which may take three to four months to complete," Tata Chemicals, managing director, Prasad R. Menon, told The Asian Age, adding that the project may be completed within three years of initiating the construction work. He said that the Bangladesh project will be the first of the overseas projects that the company plans to undertake during the next financial year. "We are looking at other nearby markets both in the SAARC region and outside for production of fertilisers and chemicals. However, no deals have been finalised yet," Mr Menon said. Tata Chemicals' one million tonne fertiliser plant in Bangladesh will basically produce ammonia and urea. The location of the project is yet to be finalised. "As per the deal inked by us, about 40 to 60 per cent of the produce from the proposed fertiliser plant will also come to India," informed Mr Menon.

Courtesy: The Asian Age, October 29, 2004

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Having accumulated an order book of over Rs 30,000 crore, power equipment major Bharat Heavy Electricals Ltd (Bhel) has set an ambitious target of trebling its annual export turnover to Rs 3,000 crore in the next five to six years. "We had a minimum exposure in the overseas market till about seven years ago. Our export turnover was just Rs 100 crore during 1997-98 and this year we expect to generate up to Rs 1,000 crore from exports," Bhel CMD A K Puri said. In the last five years, renewed thrust on globalisation has resulted in Bhel accumulating export orders of about Rs 4,000 crore, in diverse product areas, entering new market segments, besides consolidation in existing products and markets, Bhel officials said. As part of its strategy, Bhel is taking government's help in creation of references for large size power plants as this could lead to a quantum jump in project export, they said, adding the company has already established its references in over 60 countries around the world and is ranked among the major power equipment suppliers. Bhel's exports range from individual products to complete power stations ranging from turnkey thermal, hydro and gas-based power projects, substation projects and rehabilitation projects, to operation and maintenance services and specialised after-market services among others.

Courtesy: The Times of India, October 29, 2004

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TCS has been recognised by Bureau of Indian Standards as a winner of Rajiv Gandhi National Quality Award (RGNQA) for 2003. The award recognises Indian manufacturing and service organisations that are at the forefront of the quality movement in India, a TCS release said here. Bureau of Indian Standards assessed three development centres of TCS - Noida Phase 2, SEEPZ and Sholinganallur on the parameters such as leadership, policies, objectives and strategies and human resource management.

Courtesy: www.thehindubusinessline.com, October 29, 2004

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Indian software firms are being courted by American and European companies for research and developing solutions for fourth generation (4G) telecom products designed for deployment across the world, Nasscom President Kiran Karnik said on Wednesday. "There is a lot of interest in 4G telecom solutions. These require lot of applications and they are run on software," Karnik told reporters here on the sidelines of Indo-Swedish business meet organised by Nasscom. He said global companies were looking at Indian independent software vendors (ISV) for joint development of solutions and products, which were high end in nature. Karnik cited the example of a Pune-based telecom solutions firm which had produced software algorithms that enabled TV quality crisp video clips transmitted on a cellular phone. He said the firm had deployed its solution with telecom players in Japan and Korea and was in talks with Swedish firms. Nasscom, Karnik said, was not revising the 30 per cent to 32 per cent growth over the $12.5 billion software exports target for this fiscal. "30 per cent to 32 per cent growth is achievable... the results (half-yearly of software companies) have given us the confidence that we will achieve," he said.

Courtesy: The Economic Times, October 28, 2004

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BHEL is the largest engineering and manufacturing enterprise in India in the energy related/infrastructure sector today. BHEL was established more than 40 years ago when its first plant was set up in Bhopal ushering in the indigenous Heavy Electrical Equipment industry in India, a dream which has been more than realized with a well recognised track record of performance. It has achieved a sales turnover of Rs. 8662.5 crore with a profit before tax of Rs. 1014.8 crore in 2003-2004. BHEL caters to core sectors of the Indian Economy viz., Power Generation & Transmission, Industry, Transportation, Telecommunication, Renewable Energy, Defence, etc. The wide network of BHEL's 14 manufacturing divisions, 4 power sector regional centres, 8 service centres, 18 regional offices and a large number of Project Sites spread all over India and abroad enables the Company to promptly serve its customers and provide them with suitable products, systems and services - efficiently and at competitive prices. BHEL has already attained ISO 9000 and all the major units/divisions of BHEL have been upgraded to the latest ISO- 9001:2000 version quality standard certification for quality management. BHEL has secured ISO 14001 certification for environmental management systems and OHSAS- 18001 certification for occupational health and safety management systems for all its major units/ divisions.

Courtesy: The Economic Times, October 27, 2004

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Leading IT companies i-flex Software and Satyam Computers have made their way to Forbes Global's list of 100 `best under a billion' companies in Asia Pacific. Besides these, Mphasis BFL, Zee Telefilms and pharma companies, Sun Pharma, Cipla, Aurobindo, Nicholas Piramal, IPCA Labs, J B Chemicals and Jubilant Organosys are among the 24 companies which have found a place in the list.

Courtesy: The Hindu, October 27, 2004

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Kinetic Engineering on Tuesday launched the Comet 250, the country's most expensive bike, with a price tag of Rs 1.67 lakh. The company plans to sell only 500 units of the limited edition in select cities, Joint Managing Director Sulajja Firodia Motwani said. She indicated that Comet 250's launch was mainly part of an image-building exercise by the company. Motwani said that if the bike was directly imported, it would cost at least double the present amount. The Comet 250 is from the stable of Hyosung Motors of Korea, the technical collaborator of Kinetic, which is bringing it in Completely Knocked Down (CKD) kits and assembling them at the Ahmednagar plant. The booking for the bike would close on November 20, she said. Kinetic is promoting Comet 250 as the first real sports bike in India.

Courtesy: The Economic Times, October 27, 2004

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Mahindra & Mahindra Ltd on Thursday unveiled its Scorpio and Bolero models in South Africa. The company is positioning Scorpio as a stylish, fully loaded affordable family 4x4 sports utility vehicle and the Bolero as a high-performance value-for-money vehicle that is ideal for business owners, the company said in a release. Commenting on the South Africa launch, vice-chairman and managing director Anand Mahindra said the launch was in keeping with our vision of taking these models to other developed markets internationally. "We have successfully launched our models in Latin America, the Middle-East and select European markets and have placed emphasis on delivering customer satisfaction", he said adding, the models were perfectly suited for the South African lifestyle. Mahindra South Africa has established a strong network of service partners to assure after sale confidence and to meet the high expectations of South African customers, the release said.

Courtesy: Hindustan Times, October 25, 2004

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A consortium comprising majors from Germany, Turkey, Netherlands, and M/S Adani Exports and M/S Vavasi Telegence have proposed to set up an SEZ at Pantnagar, in Kumaon. This will focus on biotechnology, agriculture and food processing industries apart from apparel, gems and diamonds, IT and BPOs. According to Dr. Sanjeev Chopra, secretary of industries, Uttaranchal, Integrated Industrial Estate at Pantnagar has attracted leading names in pharmaceuticals and steel. Britannia, Kirby Building System, Dabur, Haldiram, Parle, Samtel, Torrent, Northan Aromatics, Rathi Super Steel, Global Export, Khandelwal Laboratory and Kanha Vanaspati started construction work.

Courtesy: The Times of India, October 25, 2004

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`Made in India' is all set to become the next big manufacturing export story after services, according to a Confederation of Indian Industry (CII)-McKinsey study on manufacturing. It highlights India's potential to increase manufacturing exports from $ 40 billion to about $ 300 billion by 2015, implying an annual growth of 17 per cent, compared to the historical growth of 11 per cent. The study says that the global trend to manufacture and source products in low-cost countries (LCCs) is likely to gather steam over the next 10 years, particularly in the skill-intensive industries, where India has a significant competitive advantage. If India has to take advantage of this particular trend, manufacturing exports from India could increase from $ 40 billion in 2002 to $ 300 billion by 2015, leading to a share of about 3.5% in world manufacturing trade. The aspiration, though ambitious, is attainable. India has several advantages in skill-intensive industries, such as auto components and pharmaceuticals, where the next set of off-shoring opportunities will arise. Apart from low wages, these advantages include engineering skills (process, product and capital engineering), established raw material bases, a mature supply base and a growing domestic demand. The study has also found that out of the $ 300 billion of total manufacturing exports, $ 7 billion to $ 90 billion could be captured from just four sectors - apparel, auto components, speciality chemicals and electrical and electronic products.

Courtesy: The Hindu, October 25, 2004

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After ICICI Bank, the country's largest commercial bank, the State Bank of India (SBI), is set to hit the overseas market. SBI is in the process of finalising a medium-term note (MTN) issuance programme of around $1bn. The MTN programme is similar to the umbrella prospectus filed in the domestic markets. The issue is likely to be filed from Singapore and the proceeds will be used to expand SBI's overseas operations. The UK branch of the bank is likely to raise the first tranche of $500m by next month. SBI chairman AK Purwar told ET, "We are tapping the international market for an MTN issue of $1bn. SBI is eyeing the Asian and European markets. We may not focus on the US market, except for offshore US citizens." He added that the entire amount may not be raised at one go. The first issue will be raised by mid-November. Sources said that in case of a delay, the issue will get postponed to the new year. The issue is likely to be listed on the Singapore Stock Exchange, though SBI was earlier looking at the Luxembourg exchange. SBI had raised $250m for a one-year term at Libor plus 32 basis points in May. Subsequently, it raised $250m for one year and three years through two tranches. The bank has more than 52 overseas offices in 31 countries and plans to increase its operations to 35 countries. Analysts feel that SBI is likely to get a fine pricing as it is perceived as a quasi-government entity in the international market. The proposed MTN may be priced at less than 80 bps above Libor. The lead arrangers to the issue are Citigroup, Deutsche Bank and HSBC. SBI's $500m issuance will be the largest single issuance by an Indian entity in the bond market till date. Vedanta Resources, the diversified metals and mining group, also has plans to raise $500m through Euro bonds early next month. Vedanta is listed on the LSE.

Courtesy: The Economic Times, October 25, 2004

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Tetley Tea Limited (TTL), the UK-based subsidiary of Tata Tea Limited, is planning to expand its presence in Commmonwealth of Independent States (CIS) and eastern Europe markets as part of its growth agenda for developing countries. It is also devising new product ranges of special tea for developed nations. "Given that developing markets account for 80 per cent of the global tea market and consumption of mainstream black tea in mature markets is declining or is stagnant, our progess in establishing the Tetley brand into new developing markets assumes importance," said TTL managing director (developing markets),Vijay Singh. TTL, which at present primarily sells premium range teas in developed countries, had launched operations in Asian countries only last year. As part of its plan to penetrate developed markets, TTL is also working to develop new product ranges in the main growth areas in tea, fruit and herbal and speciality tea. The tea major is hopeful that its previous experience in countries like Russia, Bangladesh and Pakistan would prove useful in its expansion plan in CIS and eastern Europe. Tetley brand was launched in Bangladesh in March, 2003 followed by a launch in Russia in October and Pakistan in January, 2004. The company subsequently set up two JVs in Pakistan and Bangladesh and set up a strategic alliance with a distribution company in Russia since then.

Courtesy: Hindustan Times, October 25, 2004

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'Made in India' is expected to become the next big manufacturing export story after services, according to a Confederation of Indian Industry-McKinsey study on manufacturing. The study highlights the fact that India has the potential to increase manufacturing exports from $40 billion to approximately $300 billion by 2015. This amounts to an annual growth of 17 per cent, as compared to the historical growth of 11 per cent. The study observes that the global trend to manufacture and source products in low-cost countries or LCCs is likely to gather steam over the next ten years, particularly in the skill intensive industries, where India has a significant competitive advantage. In addition, it will also create 25 to 30 million jobs in the manufacturing sector by 2015 and two to three times this number in the allied sectors due to the multiplier effect.

Courtesy: Asian Age, October 25, 2004

The mainstay of the Indian commuter community is getting progressively 'smarter'. Indian bikes are increasingly embedded with more electronics than low-end cars in other parts of the world. A bike-to-bike comparison shows that pint-sized Indian bike engines have smarter and more complex electronic application on them than indirect fuel injected cars that use a carburettor. A $700 Indian motorcycle has much more complex electronics embedded in it, compared with cars that were being sold even a few years ago. Most new cars use the more high-end direct fuel injection system. Indian two wheelers have more high-end electronic applications than even high-end bikes in the developed world. The number of tasks that electronic applications in an 100-150cc bike can manage is also much higher than an advanced high-end 1,000-1500cc bike in US, according to industry experts.

Courtesy: The Economic Times, October 25, 2004

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Insurance business in emerging markets is expected to double in the next 10 years driven by growth engines such as India and China, according to a report by Swiss Re. These prospects have resulted in a large number of foreign insures flocking to these markets despite rigid restrictions on foreign ownerships and the modest size. According to the latest Sigma report from Swiss Re, 'Exploiting the growth potential of emerging markets - China and India in the spotlight', emerging markets will be at the forefront of the insurance industry in the 21st century. The study identifies China and India as the most promising insurance markets. Clarence Wong, head of economic research and consulting, Asia, commented: "Among the emerging markets, China and India are very much in the spotlight, on account of their huge populations, growing economic importance and fast liberalising regulatory regimes." Over the past ten years life and non-life insurance premiums in emerging markets have grown by 10.4% and 7.3%, respectively, in real terms annually, compared to an average 3.4% and 2.6% for industrialised nations. Emerging markets, which are home to 86% of the world's population, presently account for only 10% of non-life premiums and 11% of life insurance premiums.

Courtesy: The Economic Times, October 24, 2004

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Indians to buy every 6th car produced in the world. India is projected to have the largest number of cars in the world - 611 million to be precise - by 2050. According to the third Bric (Brazil, Russia, India, China) report from investment banking firm Goldman Sachs, this means every sixth car produced in the world will be sold in India. The third Bric report says passenger car density in India will continue to be a third of China's until 2025. India will overtake its neighbour somewhere in the vicinity of 2050, when the country will have 382 cars per thousand people compared with China's 363 in that year. The report also projected that there will be 14.35 million cars in India by 2010, in line with the industry's projection of adding a million cars a year from next year. It presumes a base of 9.03 million cars in 2005. The three-stage method used for making the projections takes into account historical data to estimate elasticities of per capita use to per capita income. Then these are combined with car firms' forecasts of per capita income to map out the projections of per capita paths of automobiles. Finally, the population projections from the census is used to scale these up into total forecasts.

Courtesy: www.business-standard.com, October 23, 2004

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Three-and-a-half billion dollars and counting. That is the amount that ONGC has invested in oil and gas equity overseas. ONGC Videsh chairman Subir Raha, armed with an open cheque book, is aspiring to buy oil equity abroad but has to battle China National Petroleum Corp and Japan National Oil Corp in his quest to find new sources of crude oil and gas around the world.Sources close to negotiations indicated to the Hindustan Times that ONGC is actively scouting for oil and gas blocks in various pit stops armed with over a billion dollars. East Kashagan in the Caspian Sea area off the coast of Kazakhstan is one of the key areas that ONGC is bidding for. ONGC Videsh is also reported to be in a dialogue in conjunction with Dubai-based Al Thani Group for as many as 15 blocks in Libya where it already owns 49 per cent in two prime blocks - NC 188 and NC 189. Furthermore, other than Ecuador where it is jousting with Chinese and Japanese firms, ONGC is closely looking at three deepwater blocks off the Cuban coast for which it has already forked out $512,000 for the data package. Earlier this year, ONGC Videsh was on the verge of cracking a deal which would have given it an 11% stake in a proven oilfield in Sudan. Even as ONGC waited for cabinet approval, CNPC swooped in with an offer which was 17% higher. A similar thing happened more recently in Angola where the Chinese promised $2 billion in financial aid to snatch the blocks from India.

Courtesy: Hindustan Times, October 23, 2004

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India is in the limelight in the international arena as a destination for foreign investments compared to its counterparts like China in the Asian region. Stating this on Thursday, John Peters, minister counsellor for commercial affairs, US embassy, told FE: "India has emerged the biggest partner country for American business deals vis-a-vis other partner countries world over." He was here to address a session on 'Sourcing from US', convened by the Indo-American Chamber of Commerce. However, the US companies still find India a difficult place for business deals despite the reforms and economic liberalisation process, he added.

Courtesy: The Financial Express: October 22, 2004

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The third Bric (Brazil, Russia, India and China) report by Goldman Sachs, projected that the share of the four nations in world growth could double from 20 per cent in 2003 to 40 per cent, in 2025. In fact, industrialisation in India and China could push the world growth rate to above 4 per cent over the next few years. The report, published a week ago, points out that in the three big areas of market development: energy and oil, cars and market capitalisation, Bric have the potential to be a major source of growth within 10 years and perhaps a dominant one within 20. In the next decade, Bric will have a major impact on the oil and energy markets, which clearly are the pressure points for growth. Bric will emerge as big consumer markets in the next phase to be followed by their prominence in the capital markets, where there could be a lag, the report states. In the next three years itself, the number of people with incomes over $3,000 (middle class) could double and touch 800 million in a decade, which is higher than the combined population of the US, Western Europe and Japan. In India, the middle class is expected to increase 14 times in the next 10 years, compared to 10 times in China. By 2025, Bric could have over 200 million people with incomes of over $15,000. As far as global oil demand is concerned, China's contribution would remain high, but is likely to peak in 5-10 years and would decline steadily thereafter. India's impact will become gradually more important and its contribution to global demand growth could overtake China's in 15 years. Further, India's share of actual oil demand could nearly double and will gradually converge on China's by 2025. China and India together will then account for almost one-third of the global oil demand. Russia's demand too will double by 2025 and is on a path to remaining by far the largest per capita oil consumer amongst Bric.

Pointers to the Future

• Indian middle class is expected to increase 14 times in next 10 years, compared to 10 times in China.
• India's share of actual oil demand could double gradually converging on China's by 2025.
• India's growth in car ownership expected to be slower than China's over next few years.
• In next 10 years, market capitalisation of Bric economies could quadruple to $4 trillion, with China and India accounting for 60 per cent.

Courtesy: The Indian Express, October 22, 2004

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The Kazakhstan President, Nursultan Nazarbayev, has expressed a keen interest in India getting involved in his country's energy, information technology and construction sectors, Indian officials said here on Thursday. Kazakhstan, a country of 16 million people with a landmass equal to 86 per cent of India's area, is the world's 13th largest oil and gas containing region. During a courtesy call he paid on Mr. Nazarbayev, the External Affairs Minister, Natwar Singh, said that India was extremely interested in cooperation in the energy sector.

Courtesy: The Hindu, October 22, 2004

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Microsoft will work closely with leading venture capital firms to arrange funding for domestic software start-up firms. Besides helping to infuse funds in local companies, Microsoft plans to provide guidance to domestic software product companies on IPR issues and marketing. Microsoft's decision to help infuse funds in local companies comes close on the heels of Cisco's launch of its VC arm in India. Companies like Intel are already investing in domestic firms, with nearly 50% of Intel Capital's annual '04 investment corpus tipped to flow into companies outside the US in Intel's fastest growing emerging markets - Mexico, India, China, Russia and Brazil. As the domestic IT market is on a growth path, Microsoft plans to launch a slew of initiatives, besides growing its ecosystem of software developers. The company has recently announced plans of its no-frills, cheaper version of Windows and is also seeing a series of high-profile executives visiting India.

Courtesy: The Economic Times, October 22, 2004

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The State Bank of India or SBI and Tata Consultancy Services or TCS, on Wednesday, announced the implementation of a centralised core banking system at the state-run bank's 250 branches. The TCS implemented IT solution includes BANCS core banking solution from Australia's Financial Network Solutions, Eximbills trade finance solution from China Systems and hardware from Hewlett-Packard. TCS would be the prime systems integrator of the entire project. The peak team size has involved more than 200 highly proficient consultants from TCS and its partners. The 250 branches, which have started the implementation under the first phase, include branches of SBI as well as those of its seven associate banks and a subsidiary. By March 2005, nearly 2,000 branches of SBI would be covered, SBI chairman and managing director A.K. Purwar said, adding that the whole project could be over by the end of 2006. "The group's transaction cost would fall by 15 per cent due to the implementation of this core banking system," Mr Purwar said, adding "In due course the benefits will be much more." The main data centre of the project is located at Belapur in Maharashtra, while a disaster recovery centre has been set up at Chennai.

Courtesy: The Asian Age, October 22, 2004