• Coming Up Soon: India's Largest Mall
• Indian Billionaires on Forbes List
• Lakshmi Mittal Third Wealthiest in World: Forbes
• India Joins $400b M-Cap Club of Asia
• Indian-American Appointed to Florida Board
• World's Second Longest Bridge

• These Women Dare to be Different
• Now, a Phirang Priest in Varanasi
• Britain Salutes India's Biotechnology Prowess
• UK Students Learn Orissa Forest Tactics
• Four NRI Students Recieve Siemens Awards

After building royal palaces, majestic villas, grandiose mosques and posh hotels in the Gulf, a Non-Resident Indian (NRI) has set his sights on India's Silicon Valley to build the country's largest retail mall. PNC Menon, who has lived in Oman for the last three decades, is embarking on his new venture - Sobha Global Mall -- in Bangalore with a cost of Rs.15 billion ($345 million). "As of today, our upcoming mall project will be the largest in India, spread over 17 acres with a built-up area of 2.8 million sq. feet," Menon said. Apart from a shopping complex, an amusement park, 192-room plush hotel, convention centre, multiplex and smart offices, the mall will boast of an Olympic size ice skating rink, the first of its kind in the sub-continent," Menon added. Menon set up the Sobha Group, the Indian subsidiary of Muscat-based Services & Trade Group (S&T), with the aim of introducing international benchmarks and expertise in the Indian construction industry. The group's parent company has presence in Qatar and the UAE. To be jointly developed with Davnam Constructions Ltd, headed by former Karnataka minister DK Shivkumar, the mall will also have parking bays for about 4,500 cars at a time and a discotheque that will accommodate over 1,000 people.

Courtesy: The Times of India, March 18, 2005

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From cleaning toilets to making footwear, these women have come a long way. They are torchbearers of a new generation, which has dared to break traditional barriers. Vijayalakshmi and members of her self-help group are different from any other group. One cannot but marvel at these women, for they have proved that they are made of sterner stuff. Started in 1983, the Madurai Non-formal Education Centre, a voluntary organisation, has been working for the welfare and social development of the downtrodden in urban slums and rural areas of Madurai district. The MNEC has helped the women of Subramaniapuram Harijan Colony here to scale new heights in the socio-economic order. The beam on the face of one of the women, Vijayalakshmi (39), reflects the simple pleasure of finding a purpose in life. Born in the scavenger community, she was once an introvert. "I needed an escort to even go to nearby places. I never mingled with people and felt uncomfortable even in the company of women. But I was born anew at the age of 35, ever since I involved myself in the SHG activities." Now, she has become the `most sought-after' person, for she helps her group members solve problems. Undoubtedly, she is a symbol of what India's poor, downtrodden, scheduled caste women can achieve when provided an opportunity to blossom. She and her group members make slippers with loan from banks and the MNEC, to earn for a decent livelihood. There are six groups with 20 members each. Another woman, Saraswathi, a diploma holder in cooperation, says, " I enjoy being a member of the self-help group." Yet another member, a 39-year-old Solaiammal, says, " I was sinking in a flood of inferiority complex. I've found the SHG a log to cling on and come up in life and help my children." The story of these members also has another side to it. This relates to Rani and Muthalammal. They continue with their "unclean traditional profession" of toilet cleaning and rag picking, as it earns them good and quick money. These two say they do not have money to invest in footwear manufacture, after clearing loans they raised on usurious interest rate from moneylenders. All successful women have a refrain. They face difficulties in marketing their products. They showcase their ware in markets, exhibitions and in MNEC meetings. They need more marketing avenues. Valliammal, another member, says the Khadi Crafts was willing to sell their products but "we are not in a position to oblige because of its payment norms." They not only work for the welfare of their families but also contribute their mite to the development of their colony. They have installed six water tanks, built bathrooms and laid cement roads. D. Manoharan, Executive Director of the MNEC, said the Centre conducted 21-day vocational training in manufacturing slippers, dolls, washing powder, soft drinks, `computer sambrani' etc., coupled with an entrepreneurship development programme before the women ventured into the actual making of several products.

Courtesy: The Hindu, March 18, 2005

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Azim Premji
Rank: 38
Net worth: $9.3 billion

His more than 80% shareholding in software major Wipro makes Premji a sureshot entry in each and every list of Indian billionaires. Although he has moved up 20 spots from his last year's rank, Lakshmi Mittal's strong showing means that for the first time in several years, Premji not the richest Indian.

Mukesh & Anil Ambani
Rank: 60
Net worth: $7 billion

The Ambani brothers are caught in a bitter battle for the control of the $22.6 billion Reliance group founded by their legendary father, Dhirubhai Ambani. If the group is split as seems likely, this may be the last time they figure in the Forbes list together.

Pallonji Mistry
Rank: 170
Net worth: $3.2 billion

The chairman of the privately held Shaporji Pallonji & Co, Mistry was one of the first to take Indian construction overseas when he bid for projects in the Middle East and built the palace of the Sultan of Oman. Reclusive and media shy, Mistry is said to have substantial real estate holdings in Mumbai. Mistry owns an 18.4% stake in Tata Sons, and the TCS IPO is sure to have contributed to his net worth.

Shiv Nadar
Rank: 272
Net worth: $2.3 billion

A self-made billionaire, Nadar has become a regular on the Forbes' list. An engineer working with DCM, he convinced a handful of colleagues to start HCL in 1976. Since then, there has been no looking back as HCL today has a presence in most segments in the IT space. If anything, things have only got better as he climbed up from the 310 spot last year to 272 this year.

Courtesy: The Economics Times, March 16, 2005

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Perhaps for the first time, an American woman has been ordained a high priest in the Hindu holy city of Varanasi. Saima, renamed Laxmi Devi Chalanda Sarvanandmayi Ma, was declared "Mahant Mahamandleshwar or chief priest, according to a report appearing in a Varanasi Hindi daily. The announcement followed a special ceremony performed by leading sadhus of the Manikarnika ghat on the banks of the river Ganga. The ceremony was presided over by Mahamandaleshwar Vishnuswami Yamunacharya, head of Satua Baba Ashram. Saima's disciples from the US, Australia, France, Italy and Germany flew in to participate in the ceremony. The woman priest then formally converted her disciples to Hinduism and gave them Hindu names.

Courtesy: The Times of India, March 12, 2005

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Indian-born steel tycoon Lakshmi Mittal has become the third richest person in the world, trailing only Microsoft chief Bill Gates and US investment guru Warren Buffett. London-based Mittal boosted his fortune after quadrupling his net worth by $18.8 billion to $25 billion, Forbes Magazine on Thursday said. Mittal climbed 59 steps from last year to number three in 2005. Microsoft chief Bill Gates led the list for the eleventh year in a row with a net worth of $46.5 billion followed by Warren Buffet, who had a net worth of $44 billion. Mexican telecom magnate Carlos Slim Helu came in fourth, up from No 17 in 2004; Saudi Arabian investor Prince Alwaleed Bin Talal Alsaud was ranked No 5 and Ikea founder Ingvar Kamprad of Sweden rose to No 6 from No 13 last year. Microsoft's Paul Allen, German supermarket company owner Karl Albrecht, Oracle's Lawrence Ellison - returning to the top 10 after slipping to No 12 last year - and Wal-Mart Stores Inc's S Robson Walton rounded out the top 10 slots. Software giant Wipro chairman Azim Premji stood at number 38, 20 places up from last year, with net worth of $9.3 billion; Chairman of commodities conglomerate Aditya Birla group Kumar Birla slipped two places from last year to 149 with net worth of $3.7 billion.Telecom entrepreneur Sunil Mittal improved his position to 164 with net worth of $3.3 billion. Last year, Sunil was ranked at 186 while construction baron Pallonji Mistry moved up 61 places to 170 with net worth of $3.2 billion. Godrej group chairman Adi Godrej was pushed to 355 with net worth of $1.9 billion from last year's 277 position.

Courtesy: The Times of India, March 11, 2005

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Seeking to replicate India's success, Britian on Tuesday announced that it would spend £1 billion to develop biotechnology sector in the country over the next three years. "The money will come out of a projected £10 billion to be spent on UK Science over the next three years," trade and industry secretary Patricia Hewitt said. British Prime Minister Tony Blair had said at the annual luncheon of the Labour Friends of India in London last week that he was tremendously influenced by the progress India had achieved in the field of bio-technology. He subsequently asked his colleagues that the future lay in "developing this type of bio-technology industry here (in Britain) and making sure we stay ahead at the game." In her announcement, Ms Hewitt said the funding would cover research on stem cells, with a view to developing new therapies for disease. The government has previously said it is committed to making the UK the best place to do science.In addition to the more than £1 billion for the bio-technology and biological science research council, funding for the Medical Research Council will rise to £1.5 billion, she said. "Science and innovation are central to improving the environment in which we all live, the nation's health and ensuring the success of the UK economy," Ms Hewitt said.

Courtesy: The Economic Times, March 10, 2005

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As Indian investors waited for the Sensex's date with the 7K-mark, a sea change took place in the Asian economic landscape. Silently. Last week, boosted by Chidambaram's Budget proposals, as the value of all the shares listed on the BSE (market capitalisation) jumped to Rs 17.50 lakh crore, India entered the elite club of Asian nations, to have a market cap of over $400 billion. India's journey from $300 billion to $400 billion took just four months, a recent CLSA research report pointed out. During these four months, the market cap of Sensex stocks had gained around 20%, compared to a 42% rise in the market-cap of mid-cap index stocks. Hong Kong with a market cap of $839 billion, Taiwan with $498 billion, South Korea with $496 billion and China with $448 billion are the other members of this $400 billion-club of Asian nations. The brokerage house report said that over the past 18 months, India has added $220 billion, or Rs 8.6 lakh crore to investors' wealth, more than the companies in either Taiwan or Korea did during the same period. One of the main drivers for this surge has been the untiring flow of funds from the foreign institutional investors (FIIs), a large chunk of which has gone into buying mid-and-small-cap stocks, market players said. In the last 18 months, since September 1, 2003, FIIs have pumped in over $15.7 billion (over Rs 71,000 crore) into the Indian market. So far in the current year, India's $2.6 billion net FII inflow compares favourably with $2.2 billion into Korea and $2.1 billion into Thailand, but unfavourably to $4.7 billion into Taiwan. CLSA report also pointed out that average daily turnover on the two bourses - NSE and BSE - is now in excess of $2 billion, a significant milestone that market players said clearly points to increasing liquidity in the market. "The increasing level of market liquidity will also be very comforting for the FIIs who were always worried about the depth of the Indian market," an institutional dealer at a local brokerage said.

Courtesy: The Times of India, March 10, 2005

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Indigenous practice of villagers to protect forests in a few nondescript villages of Orissa has entered the realm of Western education. The forest management skills of the villagers have found mention in school textbooks in the United Kingdom. The ancient forest management plan is being studied in Andrews' Endowed Church of England Primary School and Glasllwch Primary School as a geography subject. The topic makes an effort to investigate the extensive indigenous knowledge of people and the practices followed by communities. The practice has scientific validity and can be proved at par with scientific forest management practices as prescribed by the forest department. Often, self-initiated forest protection and management practices have come under severe criticism and debates are also raised on the technical and ecological validity of their practices. However, the practice of forest dwellers to protect forest across some districts of Orissa has attracted management gurus all over the world. Success stories of forest protection have been taken from a number of villages in Angul, Dhenkanal and Nayagarh districts of the state. According to the practice, every evening two batons are left at doors of two adjacent households in village. It implies that one member from each of those households would take the responsibility of patrolling a forest patch for the following day. Even though two villagers watch the forest, villagers are bound to come together to drive away any timber smuggler spotted by the watchman. With batons in their hand, the volunteers ensure that nobody enter the forest with an axe and take away anything from forest.

Courtesy: The Asian Age, March 09, 2005

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The American state of Florida has appointed an Indian-American physician based in St Petersburg to the powerful Board of Governors, which oversees working of universities and other educational institutions. Akshay M Desai was appointed by Governor Jeb Bush, also the brother of President George Bush. The doctor is one of six appointed to the apex body that sets policy and oversees the management of Florida state universities. Prominent among the other appointees are J Stanley Marshall, well-known Florida educationist, and Bill McCollum, former Congressman and Co-Chair of the Congressional Caucus on India.The appointed members will have to be confirmed by the state Senate, and will serve for staggered terms of seven years, during which they will "operate, regulate, control and be fully responsible for the management of the whole university system" that includes 10 universities with a combined budget of $4.2 billion.The doctor, an active member of the Florida Republican Party and a formidable fund-raiser, was an alternate delegate to the party's 2004 national convention. He was an elected delegate to the party's 2000 convention and currently serves on the influential 'Committee of 100' of the state Republican Party. Last year, in recognition of his abilities, both professional and political, President Bush had appointed Desai to the President's Advisory Commission on Asian-Americans and Pacific Islanders, thus giving him the rare distinction of being appointed to distinguished positions by both the Bush brothers.

Courtesy: Hindustan Times, March 07, 2005

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The Mumbai Trans Harbour Link, that found special mention by the Finance Minister, Mr P. Chidambaram, during his Budget speech, is up and running. Six international consortiums are pitted against each other in the RFQ (request for quotation) stage for the first phase implementation of what is billed to become the second longest bridge in the world. Currently, the longest such linkage is the one between Malmo in Sweden and Copenhagen in Denmark. "If there are no further delays, the Government should award the contract to the successful consortium by June-July. Thereafter, it will take up to 40 months to complete the engineering and construction work of the trans harbour sea link. As of now, there is an in-principle decision to name the bridge after JRD Tata," a State Government official told Business Line. The first phase is estimated to cost Rs 4,000 crore and will have a 22.5-km, six-lane sea link connecting Nhava in mainland Mumbai and Sewri in the island city. From Sewri, there will be two `dispersal systems' - essentially overhead bridges across the existing roads. One will be an eight-km bridge connecting Sewri with Colaba and another, a four-km bridge between Sewri and Worli. The Union Government funding is expected to be around Rs 1,000 crore. The project has attracted the interest of Indian majors such as Reliance Energy, L&T, Gammon India, Shapoorji Pallonji, IL&FS. Among the international heavyweights are Hyundai, Bouygues, Italthai and China Harbour. Of the six consortiums that are in the fray, only Hong Kong company has sought to bid on its own.

Courtesy: www.thehindubusinessline.com, March 04, 2005

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Four Indian-American students were among the 24 selected from across the United States for the 2004-2005 Siemens awards for advanced placement. Kirtana Raja of St John's School, Houston, Shrenik Shah of Monta Vista High School, Cupertina, Veena Venkatachalam of Governor Livingston High School, Berkeley Heights, and Ryan Perumpail of Manalapan High School, Englishtown, New Jersey won the award which honours students who score the highest marks on the college board's advanced placement program Science and Math courses. Each student receives a $3,000 scholarship to the college of their choice.

Courtesy: The Indian Express, March 02, 2005

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