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Business Briefs: Follow the Money

Deepak Parekh
  • United States

    *This article was originally published in India West's Feb. 10 issue.

    E&Y Honors HDFC Chairman

    Ernst & Young in India has named HDFC chairman Deepak Parekh the recipient of this year’s “Lifetime Achievement Award” for “exceptional contribution in developing India’s financial services sector.” In addition, E&Y named 14 “Entrepreneur of the Year-India” 2011 finalists from among over 340 self-nominated candidates. Winners will be announced Feb. 23. The finalists are: Max India chairman Analjit Singh, Dabur India chairman Anand Burman, Suguna Poultry chairman B. Soundararajan, Healthcare Global Enterprises chairman/CEO B.S. Ajaikumar, MakeMyTrip (India) CEO Deep Kalra, Lupin chairman Desh Bandhu Gupta, Mu Sigma CEO Dhiraj Rajaram, DHFL chairman/CEO Kapil Wadhawan, FINO CEO Manish Khera, TCS CEO/managing director Natarajan Chandrasekaran, Redington (India) managing director R. Srinivasan, Metropolis Health Services chairman Sushil Shah and Samvardhana Motherson chairman Vivek Chaand Sehgal.

    A seven-member jury led by Maruti Suzuki chairman R.C. Bhargava will pick the winners.

    IMS Health Adds PharmARC

    Danbury, Conn.-based IMS Health, a provider of information and technology to healthcare firms, has acquired Bangalore-based PharmARC, which supplies commercial analytics to life sciences companies. Terms were not disclosed. “We are truly excited to be joining a global healthcare leader like IMS as it expands its services business and leverages one-of-a-kind information, analytics and delivery capabilities to make clients more successful,” said PharmARC CEO Amit Sadana. IMS, which runs analytics hubs in India, China and Bangladesh, processes more than 36 billion healthcare transactions worldwide each year. PharmARC currently serves 15 of the top 20 global pharmaceutical companies.

    NTT Acquires Netmagic

    Tokyo, Japan-based NTT Communications Corp. has agreed to acquire 74 percent of India’s Netmagic Solutions Pvt. Ltd., which provides datacenter services in India. Terms were not disclosed. The deal is subject to regulatory approval in India. Netmagic founder and CEO Sharad Sanghi said the alliance “will help Netmagic to leverage NTT Com’s global network and datacenter footprint for customers.” Netmagic operates seven datacenters in Mumbai, Chennai, Noida and Bangalore and provides managed hosting to more than 1,000 customers. “This acquisition enhances our global status as the ICT partner of choice, including now in India, one of the key areas of our future growth," said NTT senior VP Katsumi Nakata.

    Starwood Expands in India

    Starwood Hotels & Resorts Worldwide will open up to 20 new hotels in India by 2015. The hospitality company now operates 33 hotels in India and claims to be the largest international hotel operator of four- and five-star hotels in the country. “Starwood continues to widen our long-standing lead in India, which is second only to China in terms of our future global growth,” said Starwood vice chairman and CFO Vasant Prabhu. Starwood’s luxury W brand will debut in India in 2015 with the launch of W Mumbai and W Retreat & Spa Goa, followed by W Noida Delhi in 2016.

    India Maori Event Planned

    Rotorua, New Zealand-based Maori Research Institute will lead a Maori delegation to India to the fourth conference of the Elders of Ancient Traditions and Cultures March 3-7 in Haridwar. The meeting is organized by the International Center for Cultural Studies every three years. Previous events were held in Mumbai (2003), Jaipur (2006) and Nagpur (2009). The theme of the conference is “Nourishing the Balance of the Universe.” Dr. Rajiv Chaturvedi and Maori Institute senior scientist Dr. Guna Magesan will attend. “This is an opportunity for Maori business community to start linking with Indian business community at the grass root level,” Magesan said, adding, “This is important in view of the Free Trade Agreement between New Zealand and India in the pipeline.”

    GiftRocket Raises $500K

    San Francisco-based GiftRocket, a provider of digital gift cards redeemable via a mobile application, has raised $500,000 from non-disclosed investors. GiftRocket co-founder Kapil Kale told the San Francisco Chronicle that his company “delivers a fast and convenient way to send anyone a gift that's highly personalized and won’t get lost or expire. Since our digital gift cards are redeemed upfront, senders are ensured their gift won't go unused and recipients have the flexibility to spend their gift at any business. Our new VIP Concierge service will even recommend gift ideas for senders and recipients."

    TMEIC Opens Mumbai Office

    Tokyo, Japan-based Toshiba Mitsubishi-Electric Industrial Systems Corp. has opened a sales and service office in Mumbai led by managing director Hemant Joshi. The office will be part of Hyderabad-based TMEIC Industrial Systems India Pvt. Ltd. The Mumbai facility will support sales and service for automation systems for metals and material handling; motors and electrical equipment for power generation; and oil, gas, wastewater, cement and mining.

    IMAX Expands in India

    IMAX and India’s SPI Cinemas Pvt. Ltd. have agreed to install four digital IMAX theater systems in new SPI complexes in India. The deal brings the total number of commercial IMAX theatres open or contracted to open in India to 13. “We are pleased to expand our relationship with SPI in India," said IMAX CEO Richard L. Gelfond.  

    Cvent Founder Honored

    Reggie Aggarwal (see image - left), founder and CEO of McLean, Va.-based Cvent, a provider of event management and Web survey solutions, has been named one of the 25 most influential people in the meetings industry by Successful Meetings magazine. This is Aggarwal’s second time on the list after being named in 2001 when Cvent was just a 25-person start-up. Today, the company has four product lines, more than 900 employees and over 90,000 users in 50 countries.

    Newport Beach Spine Center

    Spine specialist and neurosurgeon Dr. Amir Vokshoor and orthopedic surgeon and spine specialist Dr. Sanjay Khurana are two of the 14 founding shareholders of DISC Sports & Spine Center’s new facility in Newport Beach, Calif. The center has an outpatient surgical center, a spinal pain management clinic and a soft tissue and rehabilitation center, with plans for a diagnostic imaging center.

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