By Vipin Agnihotri
After giving you Top 3 Indian Business Personalities in the News, now it’s time to give you top three Indian business news this week.
Indian BPO industry reeling under US subprime crisis
In my opinion, the tremors caused by the US subprime crisis have hit Indian shores, buffeting sections of the Indian BPO industry. It is worth mentioning in this regard that WNS, a big player in this space, recently announced that one of its clients, First Magnus, a US mortgage firm, had filed for Chapter 11 (bankruptcy protection).
Another BPO player, iGate Global Solutions, which derives 10 per cent of its revenues from GreenPoint mortgage, has also declared itself bankrupt last month. IGate Global Solutions has redeployed 100 employees to other services.
Scooter market in India seeing a revival
After going through a terminal decline, with sales falling to under 600,000 units in 2000-01, the Indian scooter market is seeing a revival, primarily thanks to one company, Honda Motorcycle and Scooter India. In my opinion, leading the charge is the Honda Activa, it’s best selling model.
Point to be noted here is that in the first four months of the current financial year, domestic sales of scooters and scooterettes have increased 17.15 per cent to 344,000 units.
According to sources, Honda Motorcycle and Scooter India is looking to gradually increase capacity to 800,000 units per annum for scooters as well as increase its dealer network from 400 to 600 within three years.
CCI to get more power
It has come into the notice of The India Street that the yet to be functional Competition Commission of India (CCI) is set to get more power. It is worth pointing that the new Competition (Amendment) Bill, 2007, awaiting the Parliament’s nod, makes it mandatory for companies involved in mergers and acquisitions to inform the CCI within month if the combination results in assets of more than Rs 1,000 crore or a turnover of Rs 3,000 crore or higher.
The best part about this Bill is that it proposes a two-way coordination between the number of statutory regulators and the CCI. The bill, if passed, will make CCI a market regulator for preventing anti-competitive practices and will give it statutory powers with the main objective of substituting the Monopolies and Restrictive Trade Practices Commission.
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