Never say no

Despite scams and industrial scandals, Maharashtra strides India’s economic horizon as a colossus. Chandran Iyer reports

Maharashtra, once a preferred destination for freedom fighters, is also India’s financial hub. The state, an economic and industrial powerhouse, has witnessed gigantic stock-market scams, industrial scandals and political upheavals. But despite the jolts, it has continued to grow at a blistering economic pace. It is the wealthiest state in India, contributing nearly 15 percent to the country's industrial output.

India’s largest stock exchange, the Bombay Stock Exchange located on Mumbai’s Dalal Street, has witnessed a spate of economic tremors triggered by mega-scamsters but somehow or the other, they have not dampened the sentiments of investors who still feel that this market remains the biggest short-cut to become Mr. Richie Rich.

In 1995-96, the Enron scam rocked the country for all the wrong reasons. The way in which the Dabhol power plant in Maharashtra was awarded to the global energy giant raised questions about kickbacks to politicians to clear infrastructural projects and to the media for planting slanted stories without keeping national considerations in mind. Maharashtra today is the second largest exporter of software products with annual exports of 18,000 crore (US$ 3.3 billion) and accounts for more than 30 percent of the country's software exports, with over 1,200 units based in the state. The head offices of all major financial institutions of India, viz., banks, insurance companies and mutual funds, are situated in Mumbai. The head office of the biggest financial institute of the Indian economy, the Reserve Bank of India, is also located in Maharashtra’s capital city.

Says Director General of Mahratta Chamber of Commerce Industries and Agriculture (MCCIA) Anant Sardeshukh, "Maharashtra all along has been a leading industrial state in the country and today it contributes 15 percent GDP of the nation. This state is also attracting  a great deal of Foreign Direct Investments (FDI). However, it has to take a cue from Gujarat and remove bureaucratic hurdles in industrialisation. If that is done, it will considerably boost up the state’s economy,” he says adding that Maharashtra has a lower attrition rate than Gujarat.

The state is also an ideal  business destination for  foreign companies looking to invest in India. Recently the British Prime Minister David Cameron visited Mumbai with the biggest ever business delegation from UK to enhance economic tie ups with India, especially Maharashtra.

Points out Arun Bharadwaj, CEO and Executive Director of Global Imaging Technologies and Vice-Chairman of British Business Group, Pune, "Maharashtra has been  one of the largest business attractions for UK companies  for a long time. This is because there are business opportunities specially in automobile, IT, manufacturing and quite recently, the education sector."

A number of ancillary units for the automobile sector are being setup even after the TATA-JLR deal. There are several IT companies from UK based out of Maharashtra. Naturally, for those looking to invest in the state, the capital city offers the best opportunities. What is attractive for investors is Mumbai's clout as the financial capital of India. The IT sector has also marked its presence along with many service providers to UK companies. The reason; the presence of a large number of sound professional and technical colleges in and around the state are ideal picking ground for young graduates. This provides opportunities to the student community which is readily available to join the work force or train according to the industry-specific requirements.

Another sterling feather in Maharashtra’s cap is Mumbai’s Bollywood industry, which is also the world’s largest film industry. Indian cinema has a history of nearly 100 years and is an integral part of Indian society and culture. Now even Hollywood is courting Indian film producers: Disney, Viacom, News Corporation and Sony Pictures have all done deals with Bollywood companies in the past few years.

Says Raju Phulkar, a Marathi film writer, producer and director, "Bollywood is a bigger money spinner than any other film industry in India. It is the land of magical dreams where every wannabe actor wants to make a mark. Most end up shattered, some manage to get a foot-hold while only a very few manage to make a name for themselves in the tinsel world."

Phulkar, who also runs a film academy teaching students the basics of editing, script writing and acting, says, "Bollywood is a mesmerising world and it contributes a big chunk to Maharashtra’s economy."

Though Bangalore may be the IT capital of India, it was Maharashtra which put the United States to its place when it refused to grant Super Computing technology to India. Stung by the US snub, the then Prime Minister Rajiv Gandhi asked a Maharashtrian IT expert Vijay Bhatkar whether India had the capability to make super computers as the US had refused to transfer technology to India. Bhatkar, a simple but a brilliant IT man heading the Centre for Advance Computing (CDAC ) based in Pune, agreed to take up the challenge.

Along with his team, Bhatkar managed to create an indigenous supercomputer of Cray capability, then in gigaflops range which was named PARAM. In fact, C-DAC was launched in 1988 as India’s answer to US denial. When the PARAM super computer was launched, Wall Street Journal took caustic notice of it with front page headline “Angry India does IT”.

Read more.....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles

IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman

ExecutiveMBA

Is the telecom sector ready for the next wave?

After growing at a robust clip over the past decade, the telecom sector ran into a wall of problems – from weak financials of operators to regulatory bottlenecks. As a result, the industry’s buoyancy and energy seems to have dissipated. But data services present new opportunities that could bring life back into the game Anirudh Raheja
 
The telecom sector in India witnessed exponential growth, especially in the wireless segment, in the last few years. The wireless subscriber base in India grew from FY00 through FY10 at a compound annual growth rate of 77.5% to reach 584.3 million subscribers in FY10. This number climbed to 752.19 million subscribers in December 2010. Currently, the number stands over 900 million and is next only to China. Even the bouquet of telecom services has evolved, ranging from basic telephony to voice, video and data services, Wimax, WLAN and VPN, and bandwidth on demand to virtual private networks. The sector is now migrating from pure play voice connectivity to offering a broad bouquet of data services like video calling, mobile TV, and chat. Many other utility services like m-payments and m-commerce are also becoming an integral part of consumers’ lives, transforming the mobile data traffic composition. This evolution is expected to increase mobile data traffic at a CAGR of 126% over the next five years. Sure, the next phase will be data-driven but unlike the first phase – when operators riding on the back of an unprecedented boom of more than 700% in subscriber base from just 1 million subscribers to over 750 million between 1998 and 2010, scorched growth – the new phase comes with challenges. Already, intense competition in the sector over the past few years has dented the profitability of operators. The industry could generate revenues of just Rs. 1131.8 billion in FY12 compared to Rs.1141.3 billion a year ago, dragging it back some 0.83%.

Feeling the heat, most telecom companies have already started raising their tariffs. Given the fact that 3G is still at a nascent stage and VAS growth is also quite muted, tariff hikes will help telcos to earn more and to improve their situation. But while focusing on revenue and profitability is a step in the right direction, income augmentation is possible only if operators also put their shoulders behind enhancing their data services. Unfortunately, the focus on data is largely missing currently as is evidenced from the huge deficit of applications across a spectrum of activities – health, agriculture, education, financial service and the whole electronic commerce platform, from couponing to ticketing. In this context, a faster rollout and spread of 3G services will facilitate introduction of various VAS such as video calling, gaming, high-speed Internet access and other data services. Given that a substantial part (around 60%) of the total VAS revenue goes into the kitty of the service providers, the development of this segment is likely to offer them an opportunity to support their falling revenue. With the implementation of mobile number portability, service providers are expected to constantly develop new VAS.

Abhishek Chauhan, telecom analyst at Frost & Sullivan says, “to experience quality VAS on 3G, quality 3G services are needed. This would definitely take some time, at least 2-3 years.” But with 3G subscribers expected to reach 142 million in 2015, operators who move slowly on this front will likely lose out big time. Thankfully, leading operators are quickly getting on to the game. In a bid to get more users to try the next generation 3G services telecom operators are now offering better cost-effective deals to the masses. Going forward, 3G spectrum is expected to attract major investments and open new growth avenues for the telecom sector. However, the past few months have seen a sharp decrease in capex by operators because more and more monies are now required for various “levies”. According to a report by Crisil Research, investments in telecom have been affected by the lack of policy clarity and, in some cases, stretched financials of companies after the acquisition of 3G / BWA licences.

In fact, the unclarity on major policy issues has spooked the industry like never before. Take, for instance, the issue of refarming and mortgaging of the spectrum. Rajan Mathews, Director General, Cellular Operators Association of India, opines, “Refarming, as proposed by the Government, is largely akin to “redistribution” and it is founded on flimsy grounds. The entire restructuring of an efficient network by ripping off the existing infrastructure, disconnecting the connected and then deploying an infrastructure that is more demanding in terms of capital, space and construction does not make any sense or benefits the industry or consumers.”

Quite a few issues have remained unsolved between the government and service providers. These include matters related to restrictions on interconnects between own systems and networks across service areas, eligibility criteria and tenure of licence period, the USO fund, as well as various spectrum related issues. As a result of this policy muddle, operators have been forced to shut down networks. Recently, Uninor shut down its operations in Mumbai, which left 1.8 million of its users stranded. In Kerala three operators – Aircel, Telenor and Videocon – have shut down their networks. It’s not surprising that investor rating agency Fitch has noted recently that regulatory risks such as such as an one-time charge for excess spectrum, spectrum re-farming and imposition of high spectrum renewal fees are high for the Indian telecom industry compared with other markets in Asia-Pacific.

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Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year

BBA Management Education

Are we doing enough?

There is no inter-agency collaboration nor any direction to tackle this menace head on

I have just returned from Assam after holding the first ever march against child trafficking that traversed over 300 kilometres from Guwahati to Dhubri. There were several cases of child rights violations including trafficking, bonded labour and sexual exploitation that I came across while interacting with the villagers and other ordinary people. To cite an example, when we reached Hajo, a teary-eyed policeman approached us complaining that his seven-year-old kidnapped nephew was untraceable. If this is the condition of a policeman, you can well imagine the plight of a common man. According to National Crime Records Bureau (NCRB) 2,05,028 cases of missing children were recorded during 2009-11, out of which 6,739 were from the North East. Assam alone accounted for 4,019 such cases during the period in reference.

Among the core marchers were two girls and two boys who had gone missing in their early childhood. Jyoti (name changed) disappeared from her village in Assam’s Lakhimpur district when she was four. She was traced by her father after 12 years of relentless efforts. While Jyoti’s father recognised her, the girl had forgotten everything. Similarly Usha (name changed), who was kidnapped from her village in Lakhimpur district aged five remained untraced for eight years. She was sold from one employer to another in Delhi before being rescued by Bachpan Bachao Andolan (BBA) in November 2012. Two boys have been staying at Bachpan Bachao Andolan’s Bal Ashram for almost ten years now, because their parents could not be traced.

No definitive legislation on missing children, coupled with inaction, insensitivity and lack of adequate policing have further exacerbated the problem.

Missing children do not disappear into thin air. There is a definitive and predetermined purpose behind each child that goes missing. There exists an organised nexus between local agents, abductors, placement agencies, brothels, gang masters running rackets of forced beggary, mafias involved in organ trading and supplying young girls as child brides. Children are also abducted for being forced to work as combatants. There is no inter-agency collaboration, systematic information sharing and synchronisation between the law enforcement agencies, administrative bodies and child rights organisations.

Bachpan Bachao Andolan has been actively pursuing the judiciary at district, state and apex level for securing judgements and directions to protect and uphold the rights of children. This activism has yielded results. Taking Delhi as a case in point, FIRs are now being lodged and the rate of recovery of missing children has improved slightly when compared to the last few years. It has been possible only because of the strong intervention by the Delhi High Court. In March 2011, the Delhi High Court had directed the Delhi Government and Police to follow a Standard Operating Procedure (SOP) which included investigation, monitoring, follow-up and regular counselling of parents and the children that have been traced. Regretfully the SOP is not being adhered to in its true spirit and substance. The attitude and track record of state governments and the Central Government is even worse.

In March 2012, the Supreme Court of India issued notices to the Centre and state governments for setting an advanced scientific mechanism to investigate and recover missing children. On three occasions this year, the Apex Court directed the Centre and state governments to apprise them about the steps taken but there has been no response so far.

Despite strong advocacy efforts by the civil society and  action demanded by concerned parliamentarians, the government has not taken any concrete steps to create a centralised database of missing children. Children missing from remote villages in one part of the country often land up as slaves in mines, stone quarries, restaurants, sweatshops and homes in the other parts of the country. Bonded child labourers, forced beggars and inmates at juvenile homes and children staying at shelter homes run by government and NGOs are most often children that have gone missing.

Read more....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles

IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman

ExecutiveMBA

The new buzz word in Motown: Affordable luxury

While growth in the mass passenger car segment has stalled, the luxury segment has been racing ahead. India’s rising numbers of millionaires and well-heeled young professionals are driving this trend even as luxury car makers are creating new segments to generate demand and excitement

The Indian automobile industry is facing one of its toughest periods in over a decade. In the period between April 2012 and February 2013, the industry registered a negative growth of -4.64% in the passenger cars segment. Sales of small and medium automobile segments are slacking off, which is in sharp contrast to the scorching pace of growth witnessed till a couple of years ago. Between 2005-06 and 2010-11, passenger car sales blazed at 15.2% per annum. That fell to 4.7% in 2011-12, before languishing this past financial year.

The only silver lining has been the luxury end of the car market, which has been an exception to this anaemic trend. While the overall passenger vehicle industry has grown at a CAGR of 19.04% in the past four years, and the luxury vehicle segment has grown at a CAGR of 32.02% during the same period. Currently, of total car sales of 2.5 million, the luxury segment contributes only 1.2%. But the segment has been growing steadily over the past couple of years and is expected to contribute 4% of the total car sales in the next eight years. Industry experts believe that demand for luxury cars will rise to at least 50,000 vehicles by 2015, from 25,000 units sold in 2012. India’s rising numbers of millionaires and well-heeled young professionals are driving sales of luxury and super luxury vehicles.

According to a study conducted by CLSA Asia-Pacific Markets, the number of millionaires in India are projected to grow twice their current size to 403,000 by 2015. Among them many would be from highly paid professional classes and these upwardly mobile young executives are more than willing to splurge on aspirational products like luxury cars. “As compared to the mass segment buyers who are most affected by the macroeconomic conditions, the rich and affluent class is not affected by factors such as rise in interest rates, increasing price of fuel and inflation. They are cash-rich and can readily buy the car of thier choice,” says Kumar Kandaswami, Senior Director, Deloitte India.

Read more....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

 

For More IIPM Info, Visit below mentioned IIPM articles

 

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year

BBA Management Education

International

Apple Vs Samsung: Patents war

Locked in legal wrangles over patents

The battle between Samsung and Apple over copyright and patents ownership reached a climax this year in August with a California jury ordering Samsung to pay $1.051 billion in damages to Apple. The Apple-Samsung trial came after each side filed a blizzard of legal motions and refused advisories by US district judge Lucy Koh to settle the dispute out of court. In April 2011, Apple had filed a patent infringement lawsuit to demand $2.5 billion from its smartphone competitor. In response Samsung, which has overtaken Apple as the world’s leading smartphone maker, had fired back with its own lawsuit seeking $399 million. After the trial, the jury found that several Samsung products illegally used such Apple creations as the “bounce-back” feature when a user scrolls to an end image, and the ability to zoom text with a finger tap. Samsung lawyers insisted that several other companies and inventors had previously developed much of the Apple technology at issue and argued that many of Apple’s claims of innovation were either obvious concepts or ideas stolen from Sony Corp and others. But even after the US court verdict, the battle between the two is far from over. Earlier this month, the two companies squared off once again in the same US court that gave the jury award in favour of Apple. In the hearings that have taken place so far, the iPhone maker has been going all out to convince judge Koh to ban sales of a number of the Korean company’s devices, besides defending its $1.05 billion jury award. Other than the US, Apple and Samsung have filed similar lawsuits in eight other countries, including South Korea, Germany, Japan, Italy, the Netherlands, Britain, France and Australia. In one such suit in South Korea, judges in Seoul ruled that Samsung didn’t copy the look and feel of the iPhone; instead it’s Apple that has infringed on Samsung’s wireless technology.

Hewlett Packard: troubled times

Can Whitman turn around HP’s fortunes?

For Hewlett Packard, the No.1 personal computer maker, things have been going pretty downhill for quite sometime. In the third quarter of this fiscal, HP suffered a $8.9 billion quarterly loss as personal computer sales shrank and it had to swallow a huge write-down linked to its $13.9 billion purchase of Electronic Data Systems Corp. It marked HP’s fourth consecutive year-over-year quarterly decrease in revenue, which sank 5% from last year to $29.7 billion. Worse was to follow as HP disclosed in November that it will take a $8.8 billion write off on the Autonomy deal for which it had paid $11 billion last year. This year alone HP has lost close to a quarter of its market value, and its shares are down about 15% from when Meg Whitman was appointed to the helm last year. Whitman has been shaking things up at HP by reorganizing divisions, ushering in new managers and slashing costs through the job cuts. To cope with the upheaval, HP has been expanding into technology consulting, computer software, data storage and high-end servers made for companies and government agencies. But HP hasn’t been evolving rapidly enough to avoid an alarming deterioration in its financial health.

Read more....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

 

For More IIPM Info, Visit below mentioned IIPM articles

 

IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman

ExecutiveMBA

“Europe now offers great opportunities for M&As”

Danny A. Davis, Consulting Partner of DD Consulting, a London-based M&A consultancy, talks about how companies entering into M&A deals should work out their strategy and planning in advance to enjoy the fruits of synergy and integration

As a Programme Director at Henley Business School for M&A, Davis is always in demand as guest speaker at international seminars on strategy and M&A. He has also recently written a book – M&A Integration: How To Do It. Planning and Delivering M&A Integration For Business Success – easily available on Amazon. What are the stages of a successful integration? How do you achieve the announced synergies? When do you start planning the programme? Who needs to be involved and when? Davis’s book not only offers solutions to these questions but also covers new ground as well. It’s a very practical and useful book from a man who has helped plan and run some of the largest mergers and separations in the world, including the European side of the BP-Castrol merger, which had 180 projects across 30 countries.

In an exclusive interview with Business & Economy, Davis expounds on the dynamics that shape M&A deals in today’s world and the tools and techniques for ensuring their eventual success. He says integration issues should be thought through and planned well before the deal is agreed. But even a well-intentioned acquisition can go awry if the management fails to work around the challenges needed to successfully deliver integration projects and bring about transformative change. As a strategy consultant who has been involved with integration for two decades, Davis says that apart from strategy and planning corporate functions such as HR, finance, IT, sales and marketing, supply chain, etc. also play an important role in determining the outcome of M&As. Edited excerpts from an interview:

B&E: How do you think the global M&A market is doing at present?

Danny A. Davis (DAD): The global market is doing well, and picking up. The types of deals have changed over the last few years. Deals are now smaller and will continue to be remain small in comparison to the big acquisitions we saw in the past.

B&E: What is your outlook for the future of M&As?

DAD: M&As will continue to improve and increase. We will see them happen more often and in different geographies unlike in the past when they took place mostly in the West and Europe.

B&E: Do you think the current plight of Europe could help catalyse more M&As in the days ahead?

DAD: Yes. A downturn in an area leads to opportunities. There are many companies in Europe, which have a good underlying base, management and product. However, for various reasons, they are struggling. The purchase of struggling companies or assets will prove very profitable in the long term. The issue is about deciding which companies are good and will stay afloat and which are poorly managed and will go under after the purchase. Clearly, some good due diligence will be needed. Also prospective buyers need to have a very strong integration plan to ensure that a currently failing business is turned around. I recently managed a turnaround deal for a FTSE 100 client. The trick is to move rapidly and deliver substantially faster than is normally done during integrations.

Read more....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

 

For More IIPM Info, Visit below mentioned IIPM articles

 

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year

BBA Management Education

Keep him beyond harm!

The Centre needs to immediately provide high level security for Arvind Kejriwal and team

Considering that India Against Corruption (IAC) – led by political activist Arvind Kejriwal – is taking some of India’s most powerful people head on, the possibility of retribution cannot be ruled out. There is reason enough for the government to provide high level security cover for Kejriwal. The activist can hardly boast of friends in political circles. He has taken on Robert Vadra, DLF, Salman Khurshid and even BJP President Nitin Gadkari on the issue of corrupt practices. It’s not that taking on these heavyweights equates to upping the risk on one’s life – it’s just that there is no dearth of eccentric followers of the tainted individuals, who might take it up themselves to simplistically ‘teach’ a lesson to the activist and his friends. Kejriwal’s team member, Prashant Bhushan has been attacked physically in the past, by the so-called members of Shri Ram Sena and Bhagat Singh Kranti Sena. And so have many of his lower level team members during various meetings. Kejriwal might perchance assume that rejecting government provided security would be akin to taking the higher path – unfortunately, such a thought would be quite dangerous, to say the least. For the man who brought the RTI Act to life in India, a high level of security is imperative to ensure that the current velocity of anti-corruption activities is continued without a break. However cliched this might sound, it is true that the nation needs Kejriwal now more than ever. With experience, Kejriwal’s public responses are becoming more mature and tempered.

Read more.....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

 

For More IIPM Info, Visit below mentioned IIPM articles

IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face

BBA Institute

Awaiting the sunrise

Moser Baer’s bet on solar power gaining traction in the long term is not exactly off the mark. But the company has to tackle environmental challenges as well as its weak financial position

It can never be an easy decision to invest Rs.8 billion in a business, which you have to start from scratch. Seven years back in October, that decision was taken by the board of Moser Baer led by Chairman Deepak Puri. And their bet, which was on the business of solar energy, got off the ground largely due to the conviction of Ratul Puri, son of Deepak Puri & Executive Director, Moser Baer.

Actually, being on the edge with business diversifications has been more of a norm for Moser Baer. The company started with floppy discs and had to rejig is portfolio every few years as storage technology continued to advance at a menacing pace While Moser Baer did script an excellent ‘blue ocean’ story with its CDs and DVDs (where it brought down price points drastically, sold volumes on an FMCG model & also acquired a huge portfolio of titles), the company was sorely missing that one long term growth business. Ratul is extremely buoyant about the prospects of the solar energy space and the synergy between solar panel and CD/DVD manufacturing.

However, Moser Baer is still a long way off from the fruits of its labour and enterprise. Look at its net losses in the current financial year – Rs.959.1 million for the quarter ending December 2011, Rs.620.6 million for the quarter ending September 2011 and Rs.922.1 million for the quarter ending June 2011. The December quarter is the seventh consecutive quarter where the company has posted losses. The problems are rampant across storage media, which contributes 60.66% of its revenue and photovoltaic cells, which accounts for 32.6% of its revenues (external revenues for FY 2010-11). Global demand for solar energy hasn’t been according to the company’s expectations, and rising input costs over the recent quarters have only made matters worse. When you look at the nine months ended December 2011, the company still faces a huge interest burden of Rs.1.85 billion, which is actually a growth of 27.84% yoy.

However, all this short term risk will be remembered as astute business strategy if the company’s solar bet pays off. Serious questions were raised on the viability of solar panels and solar energy when a large part of the manufacturing done around the last 7-8 years ended up as excess capacity in the midst of the global economic downturn (something similar happened with Suzlon Energy, which suffered post the expensive acquisition of REpower). But the sector also got a boost in sentiment last year when the Fukushima nuclear power plant disaster led to a rise in sentiment in favour of solar.

However, the question that is relevant to Moser Baer’s fortunes is that beyond these short term volatile cycles, what is the future of solar energy in India and globally? The most critical hurdle that solar has to cross is to achieve grid parity with other conventional means of electricity generation. Different calculations are being made in different countries regarding the time line for the same. It depends on an array of factors, right from electricity rates in markets, potential of solar energy in particular areas and also the competence of players. In India, the government is projecting a grid parity by 2017 and targets generation of 20,000 MW by 2022. At present, given the high prices and low efficiency rates of conversion for solar cells (10-20%), their introduction into the grid raises electricity prices by 5-6 times. Under the reverse auctioning done by the National Solar Mission, price discovery for levelized tariff was Rs.10.49-12.24 /kWh for solar-thermal and Rs.10.95-12.76/kWh for solar PV projects (KPMG report). This compares unfavourably to Rs.4/kWh for conventional energy sources on a levelised tariff basis after accounting for inter-regional transmission charges and losses. KPMG predicts grid parity in India by 2017-18 in the aggressive case and 2019-20 in the base case.

Read more.....

Source : IIPM Editorial, 2013.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles

 

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face

Rational revolutions: Understanding tech stock bubbles

The widespread adoption of new technologies – from the automobile to the Internet – tends to be accompanied by stock market booms and busts. Why do the stock prices of innovative firms tend to exhibit apparent “bubbles” during technological revolutions?

During technological revolutions, stock prices of innovative firms tend to exhibit bubble-like patterns. After an initial surge, stock prices usually fall in the presence of high volatility, as they did during the “biotech revolution” of the early 1980s and the Internet craze of the late 1990s.

While the bubble-like stock price behaviour is commonly attributed to the irrationality of overenthusiastic investors, why would investors make the same mistake over and over again? In our recent study titled “Technological Revolutions and Stock Prices,” we propose the first rational explanation for why stock prices should be expected to exhibit a bubble during a technological revolution – a period concluded by a large-scale adoption of a new technology. Our explanation for the bubbles is that the nature of risk associated with new technologies changes over time.

Uncertainty about productivity gains is a natural feature of innovative technologies. At first this uncertainty, or risk, is mostly “idiosyncratic,” because the new technology is initially developed on a small scale and the probability of large-scale adoption is low. For new technologies that become widely adopted, the uncertainty gradually changes from idiosyncratic to “systematic.” When systematic risk increases, prices decline. These increases in systematic risk can be expected in hindsight, by researchers who look back knowing that the revolutions took place, but they are unexpected by real-time investors who do not know whether the new technology will eventually be adopted on a large scale or not.

The “bubbles” should be most pronounced in revolutions characterised by high uncertainty about, and fast adoption of, the technology – such as the recent Internet revolution.

We developed an economic model to provide a rational explanation for stock price movement during technological revolutions. To test our model, we examined stock prices in 1830–61 and 1992–2005, the respective periods when railroad and Internet technologies spread in the United States. Bubbles are not merely possible in a rational world, but should be expected during technological revolutions.

the changing nature of risk

In order to explain how stock prices should behave during technological revolutions, we developed what economists call a “general equilibrium model.” In the model, investors study the productivity of a new technology, and must decide whether adopting this new technology on a large scale would be worthwhile. Large-scale adoption would constitute a technological revolution. We determine the optimal time for adopting the new technology and show that when the technology is optimally adopted, there should be bubbles in stock prices.

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Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

 

For More IIPM Info, Visit below mentioned IIPM articles

 

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face

B&E Indicators

PE deal momentum continues in 2011
Although Indian PE activity got off to a slow start in 2011 (with only $800 million in recorded deals in the first two months of 2011), it picked up in March. In fact, the first quarter of 2011 ended with more than $1.5 billion in deal value. There were 95 PE deals in Q1 2011 against 64 deals in Q4 2010, representing a 53% growth in deal volume. Even on a y-o-y basis, the deal volume in Q1 2011 was about 50% higher than that in Q1 2010.

Small is beautiful
Fewer large deals (with deal value greater than $50 million) were recorded in the first quarter of 2011 compared to the previous quarters. In fact, only five large deals were announced during the first quarter of 2011 against an average of around eight deals recorded in the previous five quarters. Further, the share of such deals in the total deal volume dropped significantly from 10% in Q4 2010 to nearly 5% in Q1 2011.

Read more....

Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

 

For More IIPM Info, Visit below mentioned IIPM articles

 

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)

“The Murocel Recall Involved only one lot of Products.”

Bausch + Lomb has managed to inspire transformational changes in the eye-care industry worldwide. Rodney W. Unsworth, President – APAC, Bausch + Lomb, talks to B&E’s anirudh raheja on why he is so upbeat on the emerging markets, the recent voluntary recall of Murocel Lubricant Ophthalmic Solution and some other growth and branding initiatives undertaken by his company.

B&E: A recent survey says that 96% of parents are satisfied with “The Daily Score” soft lenses for kids. But how do you plan to promote the usage of soft lens in markets like the Asia-Pacific?
Rodney W. Unsworth (RWU): “The Daily Score” has been a successful promotion in the United States to help drive trial and usage of SofLens Daily Disposables. Understanding that daily disposable lenses represent the fastest growing segment of the contact lens market, we will continue to evaluate the various markets throughout the world to determine promotion opportunities. Bausch + Lomb proactively promotes the usage of soft contact lenses across the Asia-Pacific via direct-to-consumer advertising, trial and promotional programmes and an extensive range of Eyecare Professional education and support activities.

B&E: It has been 40 years since Bausch + Lomb introduced contact lens. How has the journey been so far in the US market?
RWU: Forty years ago, Bausch + Lomb was the first company to bring soft contact lenses to market. This was a major breakthrough for consumers, as it meant another option for contact lens wearers. The lenses made glasses-free vision a reality for many more people. Since then, Bausch + Lomb has remained committed to offering patients around the world innovative contact lenses.

B&E: Many contact lens users complain about dryness of their lenses. You have introduced “Biotrue” solution to address such problems. But how does B+L promote the usage of lenses to address two other problems that lens users face today – glare and halo?
RWU: Contact lens wearers continue to report dryness as one of the primary problems associated with contact lens wear. Biotrue is a lens-care solution that has helped patients to wear contact lenses for longer periods of time comfortably; in fact, recent research has shown that Biotrue’s breakthrough technology enables safe and comfortable lens wear for up to 20 hours and is easier on the eyes than other contact solutions. We continue to use our research to identify and solve other problems experienced by vision-corrected people. Other problems commonly experienced by contact lens wearers are halo and glare. The product that provides a solution to this problem is PureVision2 lenses with High Definition Optics. These lenses were especially designed to reduce halo and glare and deliver clear, crisp vision. Seventy-five percent of existing contact lens wearers said that PureVision2 with High Definition Optics delivers superior vision and 77% said that they reduce halo and glare in low light.

Read more....

Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)

“There’s Need for a Trust Based Taxation Regime”

Nishith Desai, International Tax & Corporate Lawyer

‘Trust’ seems to have become a rare commodity today. While the developments surrounding the Lok Pal Bill and corruption have created quite a stir nationwide, the Direct Taxes Code (DTC) Bill also provokes one to contemplate on the declining standards of trust in the world’s largest democracy. The DTC, proposed to be implemented from April 1, 2012, is currently being scrutinised by the Parliamentary Standing Committee chaired by Yashwant Sinha. Once enacted by Parliament, it would completely replace India’s existing direct taxes framework.

Before delving into some of the provisions of the proposed DTC, it is necessary to first understand the relevance and importance of trust. Trust is a valuable social asset and forms the basis of democracy. The theory of trusteeship espoused by Mahatma Gandhi has application in all facets of governance, whether in corporate management or the tax administration system. Trust demands respect for the inherent value and rights of a human being. Policy framers and decision makers are regarded as trustees of the power vested upon them by the people and are bound by the strictest norms of transparency and accountability in the exercise of such powers. Such accountability emanates from India’s constitutional fabric which imposes numerous checks and balances on the functioning of the three organs of governance – executive, legislature and the judiciary.

A number of proposals in the DTC are antithetical to a trust based regime. Of these, the proposed General Anti-Avoidance Rules (GAAR) are likely to have the most critical impact on not only the sophisticated taxpayer, but the common man as well. GAAR provides wide discretionary powers to the Commissioner of Income Tax to tax impermissible avoidance arrangements lacking commercial substance. While some developed countries have introduced some form of a GAAR to curb tax evasion, the GAAR framework proposed in the DTC is vague and does not have sufficient checks to check abuse of power. Unfettered discretion may result in harassment of the average taxpayer. In fact, the proposed GAAR regime marks a shift from the long standing principle that taxpayers are allowed to legitimately minimise taxes within the four corners of law.

Contrary to principles of natural justice, the taxpayer is required to bear the primary burden of proving that he has not undertaken an impermissible avoidance arrangement. There seems to be an unfair presumption that a taxpayer is guilty of tax avoidance, which has been equated to evasion. The DTC also does not impose any time limit within which the tax authorities may invoke their sweeping powers under GAAR. The GAAR provisions also override India’s tax treaties, which is against the Government’s constitutional commitments and is not in sync with principles of international law. The application of GAAR is thus bound to give rise to unnecessary litigation and would create high uncertainty and hardship for taxpayers.

The lack of trust is also reflected in the proposed regime for imposition of penalties. Today, a taxpayer may be subject to penalties if he has concealed or filed inaccurate particulars his income. It is an established position that penalties are attracted only if the taxpayer has made a conscious attempt at evading tax. However, in circumstances where the actions of the taxpayer are bonafide or where there was reasonable cause, penalties cannot be imposed. However, the language in the proposed DTC suggests that penalties may be imposed automatically as long as the income assessed by the tax authorities is higher than what is disclosed by the taxpayer. It seems that factors such as the taxpayer’s true intention and bonafides may only have limited relevance.

Read more.....

Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist). For More IIPM Info, Visit below mentioned IIPM articles

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)

Is Chamber’s India bet going to Pay Out?

Even as Low Cost Competitors begin Gnawing at its heels, Cisco is Already taking its Business to Multiple new Directions. But is it going too far, too fast?

Over four years ago, Cisco’s Chairman & CEO John Chambers sent Wim Elfrienk, Chief Globalisation Officer and also Executive VP for Cisco Services to Bangalore. Wim had a very specific agenda in terms of taking Cisco’s India relationship much further.

Normally, there are a limited number of oft cited and clichéd ways in which MNCs attempt to do that nowadays, but Wim’s assignment was indeed special. He was to built a second headquarters for Cisco at Bangalore. This centre was supposed to mirror every function of the main corporate office at San Jose including, marketing, HR, R&D, services, finance, et al, and be the platform for its expansion into emerging markets. One particular rationale for choosing Bangalore is interesting. Cisco believes that most of its growth in the future will come from markets in Eastern Europe, far east, South East Asia, India, China and Middle East. And Cisco’s current and potential customers are courteously welcomed to the centre (which is within a 6 hour flight away from all these locations) to witness the newest technology applications that Cisco is bringing in as it strives to leverage its ‘network as a platform’ concept to build solutions with a strong push towards collaboration, data centre virtualisation and video. These are immensely transformative changes for a company that was traditionally just a networking leader, and seeks a new future. To understand the rationale, fine print and likely outcome of these changes, we need to do a brief review of Cisco’s performance.

Miles away in San Jose, Chambers, who took the lead in moving Cisco from being the plumber of the Internet to the platform, has reasons to cheer, as the company is back on the growth path after the recessionary blip. After a fall in revenues by 8.6% yoy to $36.12 billion in the financial year ending July 2009, the company saw a growth of 10.8% yoy in the last fiscal to close with revenues of $40.04 billion. For the quarter ending January 29, 2011, net sales amounted to $10.4 billion, a growth of 6% yoy. On the other hand, there was some disappointment on the margin front, as Cisco reported a fall of 17.9% yoy in non-GAAP income, which was reported at $1.5 billion for the quarter. The consumer business posted a decline of 15% yoy. Besides, it was notable to see a fall of 7% yoy in switch revenue. Although this was said to be related to new product launches taking time to gain traction, backlogs, et al, the company’s performance has been a matter of concern. Post the acquisition of 3Com, HP is giving some trouble to Cisco in this segment when it comes to margins.

Read more....

Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist). For More IIPM Info, Visit below mentioned IIPM articles

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)

 

Bowled Over!

As his last flick Did you hear about the Morgans, failed to impress the critics, Hugh Grant is regretting turning down the role of George VI in The King’s Speech. The British actor, who was recently in China, said he was smitten by the country and particularly the women there. He admitted falling in love four times within 24 hours of his stay! Well, Chinese women have every reason to be proud!

Read more....

Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)

‘‘Indian companies take over foreign companies for very different reasons than do companies in developed” economies

Robert Schipper, Executive Director, Netherlands Foreign Investment Agency talks to deepak ranjan patra about how the Dutch changed the rules of the economic engine

B&E: Despite the economic crisis, foreign investment in the Netherlands increased in 2009...
Robert Schipper (RS): Trade and foreign direct investment have not only driven our economy in the past but have now also proven to be the way out of the financial crisis for the Dutch economy. Foreign companies and international trade take care of an important part of our economic growth: 4% of our companies are foreign-owned, these foreign-owned companies generate 15% of employment in the Netherlands, they generate 24% of the added value and contribute 30% to the total turnover! The slowdown has proven to be a good time for many strategic investments for foreign companies that have maintained steady balance sheets during the crisis by giving them a cost advantage and the opportunity to seize future markets with recovery on the anvil.

B&E: Considering the fact that conditions in Europe have deteriorated further as compared to 2009, do you think it’s a right time for Indian companies to foray into the European market?
RS: While the general investment mood anywhere in the world today is cautious, we have seen a steady rise in the risk appetite of Indian companies towards M&A activity. There has been a distinct change in the outlook of India-based companies that are now truly looking at a global playing field rather than considering the United States as the primary market. With more experience in overseas M&A markets and largely successful attempts to integrate overseas acquisitions into their businesses, Indian companies are more open to exploring Europe this year. The recent announcement by Infosys on realigning their market focus to increase activity in Europe is indicative of this mood. In my view, Indian companies will specifically eye distressed assets and niche technology and design centres in sectors like oil and gas, metals and minerals, technology and telecom. With European markets experiencing further consolidation, Indian companies would have opportunities for strategic acquisitions in EU countries.

B&E: What is your outlook for Europe, especially for the major economies like the UK, France, Germany, Italy and Netherlands?
RS: The countries of northwestern Europe – UK, France, Germany, the Benelux and Scandinavian especially – are completely sound and entering a period of steady economic recovery. As the world market picks up, these nations will naturally benefit from growth in world trade.

B&E: Do you think M&As could play a major role this year in shaping out the global business environment for the days to come?
RS: As the economic recovery continues, companies in many industries will use mergers and acquisitions (M&As) to help drive revenue growth and bottom-line performance. With a rebound in global markets, Indian companies are also back with an appetite to go for ambitious overseas acquisitions. However, Indian companies take over foreign companies for very different reasons from companies in developed economies. It’s not simply about growth and consolidation. Indian companies acquire international companies to gain market access, to access technology and gain new capabilities as part of a global expansion strategy.

Read more....

Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)