Neeraj Bhargava Resigns as CEO of WNS

Bhargava will remain in his current role until the board of directors has identified a successor. The board will conduct a global executive search to select the chief executive who will take WNS to the next stage of its development.


"I have been with WNS since its inception and have spent the last five years as the CEO. I have worked closely with the board of directors, employees, clients, advisors and partners to achieve tremendous growth during this time. However, at this point, I am ready to take on a less intensive role, transitioning from an operating executive to an advisor," said Bhargava


Starting his career with WNS as co-founder, president and CFO in 2002, Bhargava was appointed group chief executive in December 2003.

Source CXOtoday

Explosive Details: Raju's Dark Side Known Since 2002

Hidden under layers of dust and grime at a non-descript income tax office in Hyderabad, a can of worms in the Satyam saga is waiting to explode. A six-year old report, buried in a labyrinth of files, maps out an intricate web of companies and ‘benami’ — or anonymous — bank accounts allegedly used by Satyam’s former chairman Ramalinga Raju and his relatives to move money around and carry out trading in Satyam shares.


In 2002, the I-T department stumbled upon a complex layer of transactions when its Hyderabad office noticed a number of “Form 15H” filings, a category of I-T returns used by senior citizens where exemption is sought for not deducting tax at source.


These forms were associated with accounts created without proper documentation. “Except for the name and signature, nothing was obtained in the name of documentation,” the report said.


The tax sleuths initially focused their probe on a transfer of Rs 19.5 crore by Satyam promoters to various family members. These included Ramalinga Raju’s father, the late B Satyanarayana Raju, his mother B Appalanarasamma, two brothers and their wives, sons B Pritam Teja and B Rama Raju, and other relatives.
The report, put together by Hyderabad’s I-T department in 2002 but on which no action was taken, says the Raju clan essentially carried out two kinds of transactions.


First, advances were made by the Satyam promoters to a category of individuals and proprietary firms which the report describes as “end-depositors.” These entities and individuals then used the funds to open fixed deposits. These fund transfers were carried out through a layer of intermediaries.


Source Google

Italian Company’s Indian Subsidiary to Invest Rs 125 Crore in Plant

Italian Fomas group's Indian subsidiary Bay Forge is bullish on scaling up its Indian business of open die forgings and seamless rolled rings for critical applications in sectors such as aerospace, thermal and nuclear power generation, Oil and Gas and defence.

In 2008, globally, Fomas clocked revenue of Euro 650 million with almost equal share from open die forgings and rings, its two main divisions. Of this, Bay Forge generated Euro 22 million. As part of its strategy to focus on key markets such as India, Fomas has chalked out an investment an investment plan of Euro 250 million between 2008 and 2012.

Bay Forge, based in Chennai, clocked revenue of 140 crore in 2008 and it plans to invest Rs 125 crore till 2012. As part of expansion, on Friday it inaugurated at its plant in Kanchipuram district a 2000 tonne forging press. It will augment capacity for open die forgings. The plant is also equipped with a 3500 tonne press used for making larger forgings and rings. Speaking to ET, Fomas Group CEO, Jascopo Guzzoni said, "We entered India in 1996 during difficult times. But, we continued to pour investments as we saw huge opportunities. Bay Forge has grown to become an undisputed leader in the realm of open die forgings and large seemless rings in India".

"We are in a niche forging segment and are a pioneer in large-volume critical forgings and ring-rolling in India. We focus on very high levels of quality, high integrity of products and on-time delivery as critical parameters. We consider India and China as two big markets, where we want to expand through Bay Forge," he said.

Mr Guzzini said Bay Forge serves clients like VSSC, BARC, BHEL and Siemens, Alstom power, Vatech,Triveni, Toshiba, DRDL, ASL, RCI and HAL. Its in-house laboratory facilitates quality control tests on samples and test coupons, helping it to meet stringent international quality norms. A ring rolling mill is able to roll out rings of 5.5 m in dia and 20 tonne in weight, one among the most powerful in the world.

Bay Forge has a 19-year sole supplier contract with its most prestigious client Vikram Sarabhai Space Centre. "We have supplied over 1,000 rings for the Chandrayaan space programme. Every space shuttle has our component," said Bay Forge MD Nicola Boletta. Since 2005, it would have executed orders worth Rs 21 crore to VSSC. Bay Forge has built a land bank of 65 acres at Palayanoor on Vedanthangal road by acquiring an additional 50 acres. This could be a flagship investment by an Italian company in the metro. "We are here on a long-term basis. We intend reaching an overall capacity of 14,000 tonnes for the year with plans to almost double up open die forging and rings capacities," he added.

The Chennai plant, employing 250 plus people, is also emerging an export hub with the company expecting to double earnings this year to 20%, Mr Boletta said, estimating an overall growth of 45% for Bay Forge.

Though financial crisis has impacted all markets world-wide, the group is confident that focus on quality, innovation and technology would assist it to stay ahead. "Worldwide the necessity for energy and power generation is still ever demanding, particularly in India, which is a fast-growing market," said Bay Forge deputy MD Nandan Mehta. He pegged the Indian market for open die forgings to be in excess of 80,000 tonnes.

Source Economic Times

Voltas' Burj Tower Project to be Completed on September 2009

Voltas Q3 net sales were up 30% at Rs 870.13 crore versus Rs 664.76 crore on YoY basis. Its OPM was at 6% versus 8% on YoY basis. Its PAT was up 6.2% at Rs 42.41 crore versus Rs 39.9 crore.

Commenting on the company's results, MM Miyajiwala, Executive Vice President and CFO, Voltas, said the company’s expenses have gone up substantially YoY and also in the nine months, primarily because of substantial order book in West Asia." Also, material cost has gone up, he said, as many projects are under execution. "Our Burj Tower project in Dubai slated for inauguration on September 9 is nearing completion.”

Here is a verbatim transcript of the exclusive interview with MM Miyajiwala on CNBC-TV18. Also watch the accompanying video.

Q: Would you attribute the higher raw material cost this time around which has gone up by about almost 63% year-on-year (YoY) to have impacted your margins?

A: You will see that most of our expenses have gone up very substantially as compared to the previous year’s quarter and also in the nine months and this is primarily because we have a very substantial order book in Middle East. It stands at about Rs 4,300 crore now.

Q: What is your total order book?

A: Total order book is about Rs 5,300 crore, out of which about 1,100 crore would be in India and balance is international. Because of this large number of projects under execution, relatively the material cost has gone up. So, if you compare it with the kind of projects we are executing, it is not really high.

Q: You have announced a bit of news yesterday that you are indeed transferring your chemical trading business to unit of Zurich’s DKSH holding for a sum of about Rs 20 crore, have you exited that business completely?

A: We are in the process of exiting that business. We have chemicals business in other segment and it doesn’t form part of our main segments of electromechanical engineering and consumer products. It was a small business; it has tremendous potential going forward. But because it did not fit in with engineering background of the company, we thought it is better that it goes to a better parent who can develop and grow that business. So, we have transferred that business.

Q: So the performance of that business was good?

A: In relation to overall company performance, it was very small business. It is about a percent of the total turnover of the company.

Q: By when will this entire transfer and you exiting the business be complete?

A: We have to go in for the postal ballots with the shareholders as per the requirements of law. So, that process may take about two months time. The moment we have the shareholders’ approval, it will go through.

Q: This is for a sum of Rs 20 crore?

A: That is right.

Q: How would you utilize this sum?

A: We have various plans of our own for further growth, subject to economic conditions and also bad economic times are very good times for further investments, so we will look at various opportunities available.

Q: Could you tell us about the projects that you have currently the Bahrain City center, INOX Leisure in Pune, can you give us a status check on these projects and when will these be completed?

A: As far as the Bahrain project is concerned, it was a very good project. It has almost been completed. We have got an extension order, which is rather small compared to the overall size of the main Bahrain project and that is under execution but it is relatively small.

Most of our projects that we have internationally are located in either Abu Dhabi or Qatar. There are some small businesses of about Rs 200 crore in Singapore, which are high profile projects. But most of these projects that we have are all government supported or government sponsored.

Q: How about the Burj Tower project in Dubai?

A: That project is slated for inauguration on September 9, 2009, so it is nearing completion.

Source CNBC

Bharti Airtel Rural Coverage Crosses 4 Lakh Villages

Bharti Airtel Limited announced its audited US GAAP results for the third quarter and nine months ended December 31, 2008. It has once again maintained its strong growth momentum.

The consolidated total revenues for the quarter ended December 31, 2008 of Rs.9,633 crore grew by 38% and EBITDA of Rs. 3,945 crore grew by 33% on a year on year basis. The net income for the quarter ended December 31, 2008 was Rs. 2,159 crore, a growth of 25% over last year.

Bharti had 8.83 crore subscribers, as on December 31, 2008, an increase in the total subscriber base of 54% over the corresponding period last year and maintained its leadership position through an improved market share of all India wireless subscribers at 24.7% as on December 31, 2008, up from 23.6% corresponding to the same period of last year.

Commenting on the results and performance, Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Limited, said “Bharti Airtel continues to lead the telecom growth story adding customer and revenue market share despite intense competition. Bharti’s strategy of extensive roll out ahead of competition, especially in new villages, has yielded rich dividends. Our launch in Sri Lanka has received a huge response and despite coming in as the 5th operator we hope to be in a leadership position in the coming years. The customer response to the launch of our world class DTH and IPTV services has been encouraging. Bharti Airtel is well placed to capitalize on the huge telecom opportunity that India offers.”

Source Financial Express

Mahindra and Mahindra Enters Retailing with Mom & Me Stores

At a time when most retailers are holding back expansion plans, auto company Mahindra & Mahindra (M&M) has made a quiet foray into the retail sector with the soft launch of its specialty format Mom & Me to sell infantcare and maternity products.

The company, which had announced its plans to enter the retail space more than a year ago, has launched two outlets in Ludhiana and Ahmedabad.

The company has invested close to Rs 100 crore in the venture. An email query to the company seeking details on business plans went unanswered.

Interestingly, Mahindra has been looking at hiring young mothers, as advisors in the stores for a better connect with target customers.

In this segment, Mahindra is likely to have little competition with the only other major player being British brand Mothercare, which entered India in partnership with Shoppers Stop three years ago. Most of the other stores in this segment are part of the unorganised sector.

Mahindra Retail is a part of Mahindra Intertrade, a fully-owned subsidiary of Mahindra and Mahindra.

While announcing its retail foray, the company had said it was a logical extension of its current business, as Mahindra Intertrade had tie ups with Walt Disney, Aqua, Mattel and Lego to market and distribute kids' toys, apparels, accessories in India. Some of the other diversified groups that have entered the retail space include Bharti, Reliance and the Aditya Birla Group.

Source Steelguru

Textile Sector Faces Life or Death Struggle a Mid Downturn

Neeraj Bhasin's basement factory outside New Delhi is dark and dingy, but there's just enough light to see the dust that has accumulated on the order catalogues sitting on his desk.

At one time Bhasin's 22-year-old textile export company, Eastern Connexion Exports, received regular orders for home furnishings from France, Spain and Scandinavia.

But the economic meltdown in the major export markets of Europe and the US has led to a substantial fall in foreign orders and could be the final nail in the coffin for many of India's small- and medium-sized textile houses.

Now the colorful organza curtains, floor cushions and quilt covers that were once produced in bulk sit in boxes and are piled high on tables as the company's profits have steadily shrunk.

The global financial crisis is more grim news for India's second-largest industry, which has already seen 700,000 workers laid off and is set to shed another 500,000 jobs in the next five months, industry and government figures show.

The textile sector employs almost 38 million workers and accounts for 8 per cent of India's GDP.

In 2007-08 it was worth 22 billion dollars, but even before demand in the US and Europe started falling, the high value of the rupee and a spike in the cost of raw materials left textile exports more vulnerable than other sectors.

Industry representatives responded coolly to a government stimulus package announced in December, which included a 4 per cent cut in value-added tax aimed at bringing textile prices down.

They said such packages would do little to stem the decline in demand in major export markets caused by the economic slowdown.

"This doesn't really get addressed by any new investment," said Subir Gokarn, chief economist of Standard and Poor's Asia-Pacific division.

New economic packages help companies see through the recession by allowing them to hold on to cash they already have or by injecting short-term liquidity, said Gokarn.

"That's some relief but it's not going to make up for the fact that markets are in very sluggish conditions," he said.

Source Steelguru

Gail May Finally Get to Market Reliance KG Basin Gas

India government owned Gail may get exclusive marketing rights for the distribution of the natural gas produced by Reliance Industries from its D-6 block in the Krishna-Godavari basin. The government may request the Bombay High Court to appoint Gail as the nominee for distributing the gas to fuel starved fertilizer and power units.

An official close to the development, who requested anonymity said that if the court allows, Gail would be asked to sell the gas as per the government approved utilization policy and pricing that is USD 4.20 per million British thermal unit at the land fall. The land fall point for KG gas is at Kakinada. The court said that it could modify the injunction that prevents RIL from selling gas to third parties other than Reliance Natural Resources.

He said that “The gas is a national asset. No individual or company can hold the country to ransom, especially at a time when many fertilizer and power plants are on the verge of closure due to fuel shortage. The India government said that the gas price of USD 4.20 per million British thermal unit at Kakinada will be uniformly applicable to all users. In addition, buyers will have to pay the transmission cost and local taxes.”

The India government hopes that as an interim measure, the court may vacate the injunction that prohibits RIL from selling the gas. He said that “RIL is expected to start gas production from this month and some members in the empowered group of ministers feel the dispute between the contractor and disputed buyers shouldn’t stop production and use of the national asset.”

Another official, who didn’t wish to be identified, said that the India government had held a meeting in this regard with Gail and RIL officials one and a half months ago. He said that “RIL had expressed its reservation on the proposal as this would reduce the company as a mere service provider. However, it had admitted that the government had sovereign rights over the asset.”

Source ET

India Seeks Additional 1 Million Tonne LNG from Qatar

India has sought an additional 1 million tonne of LNG from Qatar to meet its growing energy needs.

Besides, 1 million tonne of short term LNG, New Delhi has made a plea for 2.5 million tonne of LNG on a long term contract for the 2,150 MW Dabhol power plant in Maharashtra. The additional LNG would help ease the fuel deficit faced by power and fertilizer units in the country.

Mr. RS Pandey Petroleum Secretary on the sidelines of Petrotech 2009 conference said that "We have made a request to them but nothing has been concretized as yet."

Mr. Pandey said that Qatar has so far committed 6 cargoes but we want more. It has committed to sell 6 loose LNG cargoes in H1 of current year and it may export an additional 18 cargoes.

He said that Ras Gas of Qatar currently sells 5 million tonne a year of LNG to Petronet LNG under a 25 year contract. An additional 2.5 million tonne would be supplied under the same contract from September this year.

However, Qatar had last year come to the rescue of beleaguered Dabhol power plant agreeing to supply just over 1.25 million tonne to Petronet, which used GAIL pipeline network to transport the gas from its Dahej import terminal in Gujarat to the power plant on the Maharashtra coast.

Qatar which has the world's third largest gas reserves, in the first 5 years to December 2008 had sold LNG to Petronet at USD 2.53 per million British thermal unit.

Source Steel guru

Hyatt to Invest Rs 1k Crore in Setting up Hotels

Hospitality major Global Hyatt Corporation on Friday announce an investment of Rs 1,000 crore in setting up six hotel properties over the next three-four years in joint venture with real estate player Emaar MGF.

"Land has already been acquired by Emaar MGF. The development would be completed in next three-four years," Global Hyatt Corporation Head of Real Estate and Development, Steve Haggerty, told reporters here.

The hotels, to be launched under the brand 'Hyatt Place', would come up in Mysore, Lucknow, Indore, Mangalore, Hyderabad and Gurgaon. Apart from these six properties, the company has already signed deals for 14 hotels for a total of 3,600 rooms to be developed in next three-four years.

Ref ET

Kingfisher Gets Nod to Fly to KL, Bangkok & Singapore

Kingfisher Airlines has received the government approval to fly to Kuala Lumpur, Bangkok and Singapore. The airline, which already operates flights to London, will start daily services on Bangalore Colombo and Chennai-Colombo routes.

“We have granted permission to Kingfisher to operate daily services on three more international sectors including with immediate effect,” said an aviation ministry official who did not wish to be named.

Kingfisher spokesperson said that the airline had received communication from civil aviation ministry for operating services to various foreign destinations. The ministry has asked the airline to conduct a study on traffic on new routes before announcing the launch.

Ref ET

Fidelity India Launches Wealth Builder Fund

Fidelity International's Indian asset management company has launched Fidelity Wealth Builder Fund, an open ended fund of funds scheme. offering asset allocation options with three plans. The NFO will be open from January 14 to February 5, 2009. The fund will open for ongoing purchases and redemptions from March 2, 2009.

According to a company release, the fund manager will use a two-tier investment approach - asset allocation and fund selection - to invest in Fidelity's funds. The fund offers three plans with varying levels of exposure to debt and equity that investors can choose from depending on their risk appetite.

Under Plan A, the fund will invest up to 85% in debt schemes and around 15% in equity schemes. Under Plan B, it will invest around 30% of net assets in equity schemes and the remaining in debt schemes and under Plan C, the fund will invest at least 50% of the net assets of the Plan in debt schemes and 50% of the net assets of the Plan in the equity schemes.

The fund will offer growth and dividend options. A dividend is proposed to be declared, subject to availability of distributable surplus, on a quarterly basis under Plan A and Plan B. Under Plan C, the dividend may be declared by the trustee, at its discretion, from time to time subject to the availability of distributable surplus. The fund will have a custom benchmark for each plan created using the CRISIL Composite Bond Fund Index and the BSE 200 in the proportion of the split between debt and equity for each plan.

The fund has no entry load but an exit load of 1% will be applicable for redemptions within a year from the date of purchase. The minimum initial investment is Rs 5,000. Investors can invest in the fund even through the SIP route with a minimum amount of Rs 500 per instalment with the total of all instalments not being less than Rs 5,000. In addition, the systematic transfer and systematic withdrawal plans are also available.

Ashu Suyash, MD & Country Head - India, Fidelity International, said, "Asset allocation decisions can drive as much as 91.5% of investment returns variability, as studies have shown. In the current market conditions of heightened volatility, a fund like the Fidelity Wealth Builder Fund provides investors a convenient route to benefit from disciplined asset allocation. We are in an environment where attractive returns are likely in the bond market and there is potential for bear-market rallies in equities on the back of increasingly attractive valuations."

Ref. ET

Indian Government Considering Cut in Fuel Prices

It is reported that prices of auto fuels and cooking gas could be reduced by the Government in a fortnight. It is considering reducing the prices of petrol by INR 5 a liter, diesel by INR 3 a liter and INR 25 on every domestic LPG cylinder.

Earlier, the Government had cut prices on December 5th 2008, due to falling international crude prices. Retail selling price of petrol was reduced by INR 5 a liter and diesel by INR 2 a liter.

Mr Murli Deora union petroleum minister addressing a press conference said that “We want to further decrease the prices, give us 10 to 15 days.”

National oil companies can now afford to reduce prices as the crude oil price, which was overheated at USD 147 a barrel in July 2008 has now cooled to about USD 40.

Mr Deora said that from the current quarter, the oil marketing companies could start making profits provided the crude price remains below USD 40 per barrel. If the crude oil price increases beyond $40, then the profits will not happen. He added that there would be no reduction in the prices of kerosene as it is already available at INR 9 a liter, which is the lowest in the world.

Ref. Steelguru

Delhi International Airport in Modernization Plans

In preparation of the upcoming Commonwealth Games, the Delhi International Airport Limited (DIAL) has initiated plans to modernize and restructure its systems and terminals. This includes work at the new Terminal 3. DIAL is anticipating more than 34 million passengers per year during the 2010 Commonwealth Games

DIAL has roped in Unisys Corporation as the systems integrator for this project. The work will include design, test, and commission of the overall integration of various disparate airport systems that supply information to the airport community. This includes the airlines, ground handlers, and government agencies such as immigration and customs and franchise operators.

Unisys has been awarded two contracts: Systems integration agreement to work with GMR, the infrastructure leader at DIAL, and a subcontracted systems integration agreement with Larsen & Toubro Limited, the prime contractor for the project.

Prabhakararao Indana, CEO-Airport Development, DIAL said, We are happy to be associated with Unisys, which helps us take a step closer to our dream and endeavor of providing world class facilities to our passengers.

Ref.CXOtoday

Ensuring Continuity of Satyam's Business our Priority: Kiran Karnik

Former Nasscom president Kiran Karnik, who has been appointed by the government on the board of Satyam Computer Services, says the new three member board's priorities would be to ensure stability and business continuity at the IT services firm.

Prior to joining Nasscom in 2001, Mr Karnik headed Discovery Networks in India. A Padma Shri recipient, he also worked with the Indian Space Research Organisation for over 20 years.

What is going to be the agenda of the first meeting of the new board?

I have no idea. I need to speak with the other board members. We still need to co-ordinate where and when to meet. The effort will be to meet soon. The main priorities will be to ensure stability and business continuity for the customers and the employees. We need to build confidence and see what needs to be done for that.

We don't know what the status on the ground is at Satyam. So, we will be investigating what the company's position is with regards to cash, employees and the legal cases. We have to let the investigations go on and also ensure that the operations continue and the customers and employees have confidence.

What will be your role in the ongoing investigations?

The Company Law Board and the Serious Frauds Office are carrying on investigations. We will see what we can do to assist them.

What role do you see of the existing management going forward?

We have to determine our position with regards to the existing management We have to see how we work with them and also find out if there are people who were involved in the financial fraud.

When will the other board members be appointed?

It's very early to comment on this. I have not received any communication from the government on this matter.

Ref. ET

Mr. V S Sampath Assumes Charge as Power Secretary

Mr VS Sampath has assumed charge as secretary to the ministry of power of the government of India.

He was earlier secretary, Department of Chemicals and Petro Chemicals in the Ministry of Chemicals and Fertilizers.

Mr Sampath is the Andhra Pradesh cadre officer of the 1973 batch of the Indian Administrative Service. He has held various significant assignments in different sectors in the Government of India and the Government of Andhra Pradesh including energy sector.

Ref. Steelguru

Mr. William R. Jacob Joins Harsco Metals Group (Americas Region)

Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that William R. Jacob is joining the Company to assume the Americas region leadership of the Harsco Metals business group, effective today.


In his role as President-Americas for the Harsco Metals group, Mr. Jacob will assume senior management responsibility for all Harsco Metals group operations and business growth opportunities throughout North and South America. Following an appropriate transition period, Michel Kratz, who has held the position during his assignment to the Americas, will assume new responsibilities at the Metals group headquarters in the U.K. Harsco Metals is the world's leading provider of on-site, outsourced services to the global metals industry, serving leading producers at approximately 170 locations in 35 countries worldwide.

Mr. Jacob brings to his position over 30 years of direct metals industry experience, most recently as president of North Star BlueScope Steel, an Ohio-based joint venture between Cargill Inc. and Australia's BlueScope Steel. Before that, Mr. Jacob served as president of New Zealand Steel, a division of BlueScope Steel focused on integrated steelmaking, iron production and raw material mining. He has also held executive management responsibilities for integrated logistics services to the metals industry and for marketing and business planning within two large U.S. steelmaking organizations. Mr. Jacob is a graduate of Marietta College in Ohio and has undertaken post-graduate work at Baldwin Wallace College and the Wharton Executive Advanced Management Program.

"Bill Jacob is a skilled executive with an excellent, first-hand understanding of the metals industry," said Harsco president and Metals group CEO Geoffrey D. H. Butler. "As we look to improve the performance of our Harsco Metals business and build ever-stronger relationships with our key customers, Bill's credentials as a proven team-builder with a track record for delivering results should further enhance our momentum."

Harsco Corporation is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and development, including infrastructure, metals and railways. The Company employs approximately 22,000 people in 50 countries of operation. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.

The Harsco Corporation logo is available at

http://www.globenewswire.com/newsroom/prs/?pkgid=361

CONTACT: Harsco Corporation
Investor Contact
Eugene M. Truett
717.975.5677
etruett@harsco.com
Media Contact
Kenneth D. Julian
717.730.3683
kjulian@harsco.com

Mr. Jonathon Allaway Appointed as Director of South American Iron & Steel

South American Iron & Steel Corporation Limited has appointed Mr Jonathon Allaway as a non executive director with effect from January 7th 2009.

Mr Allaway has experience in business & IT strategic planning, sales force effectiveness improvement, back office rationalization and productivity improvement, mergers & acquisitions, large project planning & program management and enterprise performance management.

He is a director for IntraPower, NetMauritius.com and Saltbush Rural Management. He was a managing partner for banking teams in Singapore, Thailand, India and Mauritius for Accenture.

Mr. Allaway has over 16 years of extensive consulting experience in areas related to Credit, Value Management, Mergers & Acquisitions, Customer Relationship Management and eCommerce. He specializes in managing large scale business and technology change programmes and is often called upon to advise clients on strategic areas related to their business.

Mr. Allaway has held a wide variety of leadership positions and is known as a practical consultant who can translate theories and concepts into effective solutions that work in real life situations.

He is recognized for his ability to help individuals and organizations improve, adapt, and excel. His knowledge runs deep as reflected by his experience. Mr. Allaway graduated with a Bachelor of Economics from Sydney University in 1985.

Ref.Steelguru

Mr Ravi Uppal Joins as CEO of L&T Power Limited

It is reported that Mr Ravi Uppal who was until recently Head of Global Markets and a member of group executive committee of the ABB Group has joined Larsen & Toubro’s top management team as MD & CEO of L&T Power Limited.

Mr Uppal is credited with the accelerated growth and turnaround of ABB’s business in India and the Asia Pacific region, as its Regional President before taking up his role at the group level. He had earlier established Volvo’s operations in India as its founding MD and personally led the introduction of several new transportation concepts including the highly successful intercity coaches of Volvo.

Mr AM Naik CMD of L&T said that “We are indeed very happy to have a global manager of Ravi’s stature and proven competence to join our top management team. I am sure that his presence will give further impetus to our thrust on the power sector.”

Ref. Steelguru

Mr Kirby Adams appointed as new CEO of TATA Corus

The board of TATA Steel has appointed Mr Kirby Adams to succeed Mr Philippe Varin as CEO of Corus and of TATA Steel Europe, the holding company of Tata Steel’s European operations. Mr. Adams will re locate to London and commence working from early March 2009. Mr Adams will report to Mr B Muthuraman MD of TATA Steel.

Mr Adams was formerly CEO of BlueScope Steel, headquartered in Melbourne, Australia. He has also served as Chairman of the International Iron and Steel Institute and has a wealth of international experience in the metal and mining industry. He will join the Boards of TATA Steel Europe and TATA Steel, subject to necessary approvals.

Mr Varin is stepping down on April 6th 2009, after six years in the role during which he led the turnaround of Corus. Post Tata Steel’s acquisition of Corus in 2007, Mr Varin has worked closely and effectively with Mr B Muthuraman, Managing Director of Tata Steel to successfully integrate Corus and Tata Steel. The Company is now well placed to achieve its long term objectives.

Ref. Steelguru