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FinXpress : Special Edition 1.0

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December 2012



Dear Readers, Greetings from FinNiche! After 16 months of gruelling lectures, quizzes, examinations, presentations and of course fun, the time has come for the greatest test of all, the Final Placements. Team FinNiche would like to take this opportunity to wish the Second year students all the best for the same. The Final Placement season is associated with opportunities, anxiety and achievement. We bring you this Special Edition of FinXpress to help you along the way by providing elementary information about the various companies like Ernst & Young, Deloitte, Airtel, JP Morgan Chase, Hero MotoCorp, Deutsche Bank and many more. We sincerely hope that the readers will find the content fruitful and engaging. We would appreciate feedback and suggestions for improvement. Looking forward to keep you updated throughout the placement season with further editions, till then, “Enjoy Reading�!

Yours Sincerely, The Editorial Board FinXpress

December 2012



Deloitte Consulting is a part of Deloitte Touche Tohmatsu Limited (DTTL), a limited liability private Company in UK under which exist many independent member firms located in different geographical areas. Deloitte DTTL is considered as a Professional Services Network; a Professional Service Network is a network of independent firms who come together to cost-effectively provide services to clients through an organized framework. DTTL is considered one of the Big Four Professional Services firms along with PricewaterhouseCoopers (PwC), Ernst & Young, and KPMG. DTTL provides services in audit, tax, consulting, enterprise risk and financial advisory services. DTTL by itself does not provide services to its clients. These services are provided by its member firms which are subject to the laws and regulations of the particular country or countries in which they operate. DTTL and each DTTL firm are separate and distinct legal entities which cannot obligate each other and each firm is liable for only their own acts or omissions and not those of each other. The consulting services are provided by Deloitte Consulting. DTTL is the second largest professional services network in the world by revenue and has 193,000 employees in more than 150 countries. In FY2012, Deloitte earned a record $31.3 billion USD in revenues. Its global headquarters is located in New York City, United States. In India, Deloitte is present in the form of Deloitte Touche Tohmatsu India Private Limited and provide services in Audit & Enterprise Risk, Tax, Consulting and Financial Advisory Services across thirteen cities. They provide services to a wide range of industries. The consulting services are provided by Deloitte Consulting India Private Limited which provided consulting services to financial services, leisure, tourism and hospitality, manufacturing, technology and media and transport and infrastructure industries. History of Deloitte: Deloitte was founded in 1845 by William Welch Deloitte who had opened an office in Basinghall Street in London. He was the first person to be appointed as an independent auditor of a public company. In 1880, he opened up an office in New York. Deloitte is considered one of the fathers of the accountancy profession. Haskins & Sells was an accounting firm established in New York in 1896 by Charles Waldo Haskins and Elijah Watt Sells. In 1952, the US firm of Deloitte had merged with Haskins and Sells. Touche Niven was an accounting firm established in New York in 1900 by George Touche and John Ballantine Niven. In 1947, Touche Niven merged with A.R Smart and Bailey to form Touche, Niven, Bailey & Smart. In 1960, they merged with a Canadian firm Ross to become Touche, Ross, Bailey & Smart. In 1968, Nobuzo Tohmatsu formed Tohmatsu Awoki & Co, which merged with the Touche Ross network in 1975. In 1989, Deloitte Haskins & Sells in the USA merged with Touche Ross in the USA to form Deloitte & Touche. However, a small number of member firms rejected the merger with Touche Ross and instead merged with Coopers & Lybrand to form Coopers & Lybrand Deloitte, which subsequently merged with Price Waterhouse to form PricewaterhouseCoopers (PwC).

December 2012


In 1993, the name of Deloitte Touche Tohmatsu was chosen. In 1995, the partners of Deloitte & Touche decided to create Deloitte & Touche Consulting Group, now known as Deloitte Consulting. In 2000, Deloitte acquired Eclipse to add Internet-based design solutions to their consulting. In 2002, it acquired Arthur Anderson’s UK practice firm. In 2009, it acquired BearingPoint (formerly KPMG Consulting). In 2010, it acquired Drivers Jonas, a UK property consulting firm. In 2011, it acquired DOMANI Sustainability Consulting and ClearCarbon Consulting. In Jan 2012, Deloitte announced the acquisition of Übermind, Inc., which is Deloitte's first entrance into the mobile application field. In November, it acquired various offices of Monitor Group, a strategy consulting firm founded by Harvard Business School professor Michael Porter. Services provided: The services Deloitte provides in India are: 1. Audit & Enterprise Risk: where it provides the organization auditing and advisory services, as well as offerings in enterprise risk management, information security and privacy, data quality and integrity, project risk, business continuity management, internal auditing and IT control assurance. 2. Tax: where it helps clients increase their net asset value, undertakes the transfer pricing and international tax activities of multinational companies, minimizes their tax liabilities, implements tax computer systems, and provides advisory of tax implications of various business decisions. 3. Consulting: where it clients by providing services in the areas of

Enterprise applications: where they help clients in implementing and using the enterprise application softwares Infor, Oracle and SAP.

Technology integration: where they help clients in realizing the business value from IT and use it as an enabler for organizational success.

Strategy & Operations: where they help make major strategic decisions and implement business improvements in areas such as business IT strategy, enterprise cost reduction, corporate performance measurements, business process reengineering, customer relationships, mergers & acquisitions, CFO framework and program leadership.

Human capital: where they help their clients address HR-related issues such as organisation culture, change and performance optimization, learning strategies which complement individual corporate strategies.

Business Process Solutions: where it helps clients by assisting in support activities such as accounting, administration of finances and personnel. 4. Financial Advisory Services: where they provide advisory services in corporate finance, transactions, valuations, forensic & dispute resolution and reorganization with a focus on helping the clients increase value.

December 2012



JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets. It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is the world's second largest public company based on a composite ranking. The hedge fund unit of JPMorgan Chase is one of the largest hedge funds in the United States. It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co. The J.P. Morgan brand is used by the investment banking as well as the asset management, private banking, private wealth management and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank. The Chase brand is used for credit card services in the United States and Canada. JPMorgan Chase is one of the Big Four banks of the United States with Bank of America, Citigroup and Wells Fargo. According to Bloomberg, as of October 2011 JPMorgan Chase surpassed Bank of America as the largest U.S. bank by assets. Recent Acquisitions: In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance. In April 2006, JPMorgan Chase announced it would swap its corporate trust unit for The Bank of New York Co.'s retail and small business banking network. The swap valued The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Connecticut. In March 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare. In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove Group, for GBP1 billion. Structure: JPMorgan Chase & Co. owns five bank subsidiaries in the United States namely JPMorgan Chase Bank, National Association; Chase Bank USA, National Association; Custodial Trust Company; JPMorgan Chase Bank, Dearborn; and J.P. Morgan Bank and Trust Company, National Association. JPMorgan Chase's activities are organized, for management reporting purposes, into six business segments investment banking, card services and consumer lending, commercial banking; personal and business banking, home lending, treasury & securities services, asset management, corporate; including private equity and treasury and corporate functions. The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry teams include consumer health care and retail, diversified industries and transportation, natural resources, financial institutions, metals and mining, real estate and technology, media and telecommunications.

December 2012


JP Morgan Chase in India: India is an important focus for J.P. Morgan’s expansion in the Asia Pacific region. The lines of business include the Investment Bank, the Global Corporate Bank, Private Equity, Asset Management and Treasury and Securities Ser-vices. J.P. Morgan offers clients an integrated range of services that combine specialist local knowledge with leader-ship positions across these lines of business. Additionally, J.P. Morgan has a large Global Service Centre in India that is rapidly expanding in scope and size. The service centre has delivered process innovations that benefit our lines of business and support operations across the world. The firm's roots in India date back to 1922, when J.P. Morgan & Co. in New York and Morgan Grenfell, its affiliated partnership in London, took an ownership interest in the Calcutta merchant banking firm of Andrew Yule & Co. Ltd.

Financial analysis of JP Morgan Chase: Revenue has increased in last ended quarter of the year. Revenue in last quarter was $7.01 billion which is 0.08 percent greater as compared to quarter ended as on September 30, 2010. According to the data shown, it appears that JPMorgan illustrated mix performance and its greatest revenue was in the second quarter of the year which stands at $7.10 billion. The revenue in the first and third quarters was $4.53 billion and $6.20 billion respectively. The JPMorgan engendered net income of $4.83 billion in last quarter which is better than previous quarter’s net income of $4.41 billion. Moreover, net income has increased which led to increase EPS for the current quarter.

December 2012



Abbott Laboratories is an American pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries. The company headquarters are in North Chicago, USA. It was founded by Chicago physician, Dr. Wallace Calvin Abbott in 1888. The company produces drugs like Humira, a drug for rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's disease, moderate to severe chronic psoriasis and juvenile idiopathic arthritis; Norvir, a treatment for HIV; Depakote, an anticonvulsant drug; and Synthroid, a synthetic thyroid hormone. Abbott also has a broad range of medical devices, diagnostics and immunoassay (a specific type of biochemical test that measures the presence or concentration of a substance in a solution) products as well as nutritional products, including Ensure, a line of well known meal replacement shakes, and EAS, the largest producer of performance based nutritional supplements. Abbott's in vitro diagnostics business is a world leader in immunoassays and blood screening. Abbott's broad range of medical tests and diagnostic instrument systems are used worldwide by hospitals, laboratories, blood banks, and physician offices to diagnose and monitor diseases such as HIV, hepatitis, cancer, heart failure and metabolic disorders, as well as assess other important indicators of general health. In India, perhaps their most recognized brand would be Digene. Some of their other brands are Cremaffin, Epilex, Zolfresh, Survanta and Obimet plus, other brands which they have brought to India are Brufen, Prothiaden, Ganaton, Sevorane, Thyronorm and Leptos to Indian consumers. Abbott India has a network of 18 distribution points, which cater to 11,000 stockists and 70,000 retailers. The company has over 1000 employees and a formulation plant at Verna in Goa. In 2011, Abbott earned over $38 billion in revenue and a net income of $4.78 billion.

December 2012


Business Units of Abbott in India: 1. Primary Care The Primary Care Business Unit in India markets products in the areas of Pain Management, Gastroenterology, with brands like Brufen (an analgesic and anti-inflammatory medicine with the generic name of Ibuprofen), Digene (the largest selling antacid in the country) and Cremaffin (leading laxative in the country).

2. Specialty Care – Metaboloics & Urology This business unit provides solutions in the areas of Thyroid, Obesity, Diabetes and Benign Prostratic Hyperplasia.

3. Specialty Care – Neuroscience This business unit provides specialty products in the Neurology and Psychiatric segments.

4. Hospital Care This Business Unit offers products in the field of anesthesiology and neonatology namely Forane and Sevorane which are inhalation anaesthetics and Survanta, a drug which is used for prevention and treatment of Respiratory Distress Syndrome in premature infants.

December 2012



Bharti Airtel Ltd is one of the world's leading providers of telecommunication services with presence in 19 countries including India & South Asia and Africa. The company is the largest wireless service provider in India, based on the number of customers. The company offers an integrated suite of telecom solutions to its enterprise customers, in addition to providing long distance connectivity both nationally and internationally. The Company also offers Digital TV and IPTV Services. All these services are rendered under a unified brand 'airtel' either directly or through subsidiary companies. The company operates in four strategic business units, namely Mobile, Telemedia, Enterprise and Digital TV. The mobile business offers services in India, Sri Lanka and Bangladesh. The Telemedia business provides broadband, IPTV and telephone services in 95 Indian cities. The Digital TV business provides Direct-to-Home TV services across India. The Enterprise business provides end-to-end telecom solutions to corporate customers and national and international long distance services to telcos. The company also deploys, owns and manages passive infrastructure pertaining to telecom operations under their subsidiary Bharti Infratel Ltd. Bharti Infratel Ltd own 42% of Indus Towers Ltd. Bharti Infratel Ltd and Indus Towers Ltd are the largest passive infrastructure service providers for telecom services in India. History Sunil Bharti Mittal founded the Bharti Group. In 1983, Mittal was in an agreement with Germany's Siemens to manufacture push-button telephone models for the Indian market. In 1986, Mittal incorporated Bharti Telecom Limited (BTL), and his company became the first in India to offer push-button telephones, establishing the basis of Bharti Enterprises. By the early 1990s, Sunil Mittal had also launched the country's first fax machines and its first cordless telephones. In 1992, Mittal won a bid to build a cellular phone network in Delhi. In 1995, Mittal incorporated the cellular operations as Bharti Tele-Ventures and launched service in Delhi. In 1996, cellular service was extended to Himachal Pradesh. In 1999, Bharti Enterprises acquired control of JT Holdings, and extended cellular operations to Karnataka and Andhra Pradesh. In 2000, Bharti acquired control of Skycell Communications, in Chennai. In 2001, the company acquired control of Spice Cell in Calcutta. Bharti Enterprises went public in 2002, and the company was listed on Bombay Stock Exchange and National Stock Exchange of India. In 2003, the cellular phone operations were rebranded under the single Airtel brand. In 2004, Bharti acquired control of Hexacom and entered Rajasthan. In 2005, Bharti extended its network to Andaman and Nicobar. This expansion allowed it to offer voice services all across India. In 2009, Airtel launched its first international mobile network in Sri Lanka. In 2010, Airtel acquired the African operations of the Kuwait based ZainTelecom.In March 2012, Airtel launched a mobile operation in Rwanda. Today, Airtel is the largest cellular service provider in India and the third largest in the world.

December 2012


Mobile Services Airtel operates in all telecom circles of India. Its network is present in 5,121 census towns and 457,053 non -census towns and villages, covering approximately 86.6% of the country’s population as of September 2012. Airtel is the 6th most valued brand according to an annual survey conducted by Brand Finance and The Economic Times in 2010. 3G On May 18, 2010, 3G spectrum auction was completed and Airtel will have to pay the Indian government 122.95 billion (US$2.24 billion) for spectrum in 13 circles, the most amount spent by an operator in this auction. Airtel won 3G licences in 13 telecom circles of India: Delhi, Mumbai, Andhra Pradesh, Karnataka, Tamil Nadu, Uttar Pradesh (East), Rajasthan, West Bengal, Himachal Pradesh, Bihar, Assam, North East, and Jammu & Kashmir. Airtel also operates 3G services in Maharashtra, Goa, Kanpur and Kolkata through an agreement with Vodafone and in Gujarat through an agreement with Idea. This gives Airtel a 3G presence in 15 out of 22 circles in India. On September 20, 2010, Bharti Airtel said that it has given contracts to Ericsson India, Nokia Siemens Networks (NSN) and Huawei Technologies to set up infrastructure for providing 3G services in the country. These vendors will plan, design, deploy and maintain 3G–HSPA (third generation, high speed packet access) networks in 13 telecom circles where the company has won 3G licences. While Bharti Airtel has awarded network contracts for seven 3G circles to Ericsson India, NSN would manage networks in three circles. Chinese telecom equipment vendor Huawei Technologies has been introduced as the third partner for three circles. On January 24, 2011, Airtel launched 3G services in Bangalore, Karnataka—its largest circle by revenue. With this launch, Airtel became the third private operator (fifth overall) to launch its 3G services in the country following Reliance Communications and Tata Docomo. On January 27, 2011, Airtel launched 3G in Chennai and Coimbatore. On July 27, 2011 Airtel launched 3G in three major cities in Kerala (Trivandrum, Cochin and Calicut). Airtel 3G services are available in 200 cities through its network and in 500 cities through intra-circle roaming arrangements with other operators. Airtel has about 5.4 million 3G customers of which 4 million are 3G data customers as of September 2012. 4G On 19 May 2010, the broadband wireless access (BWA) or 4G spectrum auction in India ended. Airtel paid 33.1436 billion for spectrum in 4 circles: Maharashtra, Karnataka, Punjab and Kolkata. The company was allocated 20 MHz of BWA spectrum in 2.3 GHz frequency band. Airtel's TD-LTE network is built and operated by ZTE in Kolkata, Huawei in Karnataka, Ericsson in Punjab and Nokia Siemens Networks in Maharashtra. On 10 April 2012, Airtel launched 4G services using TD-LTE technology in Kolkata, becoming the first company in India to offer 4G services. The Kolkata launch was followed launches in Bangalore (7 May 2012) and Pune (18 October 2012). It will launch services next in Chandigarh. On 24 May 2012, Airtel announced an agreement to acquire a 49% stake in Qualcomm Asia Pacific (India). Qualcomm holds 4G spectrum and licenses in Delhi, Haryana, Kerala and Mumbai. As per the agreement, by the end of 2014, Airtel will assume full ownership and financial responsibility for 4G operations in these 4 circles.

December 2012


Airtel Money Airtel has started a new mCommerce platform called Airtel Money with collaboration with Infosys and SmartTrust (now Giesecke & Devrient). It was launched on April 5, 2012, in Infosys Campus of Bangalore. With the help of Airtel Money, users can transfer money, pay bills and other financial transactions using mobile phone. SmartDrive SmartDrive is navigation app exclusive to Airtel customers. The app features voice-based turn by turn navigation, real time information update on traffic, approximate time of the travel on the basis of the traffic situation on the various routes and also lets users see their location on the map and plan the journey accordingly. It also suggests the subscriber an alternate route in case of traffic congestion on the normal route. According to Airtel, SmartDrive calculates the traffic on the basis of the number of GPS devices used on a particular road, their average speed, as well as historical trends of traffic on that route. SmartDrive also allows users to search for points of interest like restaurants, theatres and shopping malls. The app also allows users to keep a record of all trips they make when using voice navigation for later reference through the 'Trip Recorder' feature, Wikipedia information of places for which information is available and the ability to add frequently visited locations to favourites, in addition to weather information about the place. Airtel will offer navigation at 10 per day or 99 per month. Live traffic will be cost 3 per day or 49 per month. Search and map viewer are available for free. The costs do not include data charges. Airtel states in SmartDrive's FAQ that data is only used when the user performs searches or calculates routes. The app is developed by Wisepilot, a mobile navigation solutions provider and uses Navteq Maps for location and traffic info. It was launched on 12 September 2012. At the time of launch, it was available only in Bangalore, Mumbai and NCR. Services are currently available in Chennai. Service will be expanded to Pune and Hyderabad by December 2012. Network Experience Centre Airtel has a Network Experience Centre (NEC) which observes end to end customer experience, in near real time, along with the standard network elements on Airtel's operations. The NEC is located in in Manesar, Haryana and went live on 31 October 2012. It is the first such facility in India and will be able to monitor Airtel's network performance across mobile, fixed line, broadband, DTH, M-Commerce, enterprise services, International Cable Systems and internet peering points from a single location. It will monitor all Airtel and partner NOCs. In case of an emergency, the NEC will enable the operator to prioritize actions to restore normalcy and reduce resolution time. The NEC houses a video wall with 3600 square feet of solid state LED screen to monitor Airtel's telecom network. The clear span of the roof is 49 m x 18 m and the beams, which are fireproof and about 8 feet deep, have been specially designed to hold the structure without columns. The NEC was designed specifically to be used as a command centre in case of national emergencies and natural catastrophes. The facility is earthquake proof and also provides for a single control of command and a fully redundant technology layout.

December 2012



Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. It is headquartered in Teaneck, Bergen County, New Jersey, USA. Cognizant is included in the NASDAQ-100 and the S&P 500 indices. With over 50 delivery centres worldwide and 130,000 employees as of September 30, 2011, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Originally founded as an in-house technology unit of Dun & Bradstreet in 1994, Cognizant started serving external clients in 1996. Cognizant's IPO was launched in 1998, after a series of corporate splits and restructures of its parent companies. During the dot com bust, it grew by accepting the application maintenance work that the bigger players were unwilling to perform. Gradually, it ventured into application development, complex systems integration and consulting work. Business Model Like many other IT services firms, Cognizant follows a global delivery model based on offshore software R&D and offshore outsourcing. The company has a number of offshore development centres outside the United States, mainly in India. In its early years, Cognizant gained business from a number of American and European companies with the help of the D&B brand. The company's senior executives envisaged it as a firm which provided high-end customer services on-par with the six contemporary major system integrators (Accenture, BearingPoint, Capgemini, E&Y, Deloitte and IBM), but at lower prices. In order to deal with the fierce competition from the Indian IT service companies and the major American system integrators, Cognizant decided to focus more on developing deeper relationships with existing customers than on acquiring new customers. The company resorted to what it calls a "two-in-a-box" engagement model: its US and Europe-based leaders (often from consulting backgrounds) manage the customer relationships, while the India-based managers oversee offshore delivery services. The managers who were geographically closest to the customers were given more power and responsibility. However, the time zone differences forced the customer-facing managers to work late in nights in order to resolve issues with the India-based teams. In order to solve this problem, the company instituted another scheme, in which the responsibility was divided equally between the onsite and the offshore managers. In the late 2000s, the company started experimenting with what it calls the "three-in-a-box" model, which adds a business consulting layer to its "two-in-a-box" model (as opposed to a separate concern).

December 2012


Compared to other major IT services firms, Cognizant has a heavy focus on a few verticals. Cognizant is organized into several verticals and horizontal units. The vertical units focus on specific industries such as Banking & Financial Services, Healthcare, Manufacturing and Retail. The horizontals focus on specific technologies or process areas such as Analytics, BPO and Testing. The horizontal and the vertical units are often further sub-divided into sub-units. Both horizontal and vertical units have business consultants, which together form the organization-wide Cognizant Business Consulting (CBC) team. The CBC members are also involved in business development and business analysis for the IT services projects. Besides these, there are several other corporate teams such as Finance, Immigration, Legal and Marketing. By geography, the most of the revenue is derived from North America (77.2%) and Europe (19.2%). Financial Services: During the year ended December 31, 2011, the Company’s Financial Services business segment represented approximately 41.1% of its total revenues. Its Financial Services segment provides services to its customers operating in the industries, such as banking and insurance. The Company focuses on traditional retail and commercial banks, and diversified financial enterprises. The Company assists these clients in areas, such as consumer lending, cards and payments, wholesale banking, risk management, investment banking and brokerage, asset and wealth management, corporate services and retail banking. It also focuses on the needs of broker / dealers, asset management firms, depositories, clearing organizations and exchanges. The areas where the Company assists these clients include front office, middle office, back office, sales and brokerage, research, exchange operations and prime brokerage solutions. Cognizant assists with the needs of property and casualty insurers, life insurers, reinsurance firms and insurance brokers. It focuses on areas, such as business acquisition, policy administration, claims processing, management reporting, regulatory compliance and reinsurance. Healthcare: During 2011, the Company’s Healthcare business segment represented approximately 26.5% of its total revenues. Its Healthcare segment provides services to its customers operating in the healthcare and life sciences industries. The Company works with a range of healthcare organizations, including healthcare organizations in the United States. Its Healthcare service segment focuses on the industry solutions, such as broker compensation, sales and underwriting systems, provider management, plan sponsor administration, electronic enrolment, membership, billing, claims processing, medical management and pharmacy benefit management. Cognizant works with a range of pharmaceutical and biotechnology companies and medical device companies. It assists these companies in dealing with consolidation, data integration, time to market, safety, globalization and regulations. Some of its Life Sciences solutions include prescriber behaviour analysis and insight, longitudinal prescription data management systems, sales force compensation systems, sales data and claims data management systems, clinical trial solutions, 21CFR11 assessment and computer systems validation, data mining and business intelligence solutions, e-Business and data portals, and Enterprise Resource Planning (ERP) implementation, upgrade, and maintenance services.

December 2012


Manufacturing/Retail/Logistics: During 2011, the Company’s Manufacturing, Retail and Logistics business segment represented approximately 19.6% of its total revenues. Its Manufacturing, Retail and Logistics business segment services customers in the industry groups, such as Manufacturing and Logistics; Retail, Travel and Hospitality, and Consumer Goods. Some of its Manufacturing and Logistics solutions include supply chain management, warehouse and yard management, waste management, transportation management, optimization, portals and ERP solutions. The Company serves a range of retailers and distributors, including supermarkets, specialty retailers, department stores and mass-merchandise discounters. It also serves the travel and hospitality industry including airlines, hotels and restaurants, as well as online and retail travel, global distribution systems and intermediaries and real estate companies. It also provides BPO services to restaurants, hotels and airlines. The Company also works with consumer goods manufacturers. Other: During 2011, the Company’s Other business segment represented approximately 12.8% of its total revenues. Its Communications industry practice serves a range of communications service providers, equipment vendors and software vendors. It has an array of solutions, which includes operational support systems/business support systems (OSS/BSS), implementation, network management services, mobile applications, conformance testing, product lifecycle management, product implementation, portals, business activity monitoring, mobile systems integration, broadband evolution services and billing quality assurance. It offers consulting and outsourcing services to media and entertainment companies. The Company’s solutions include Supply chain management solutions, from pre-press to material procurement, circulation, logistics, and vendor management; Business solutions covering advertising management, online media, and e-business; Workflow automation covering the product development process for broadcasters; Spot ad buying systems covering agency of record, traffic management, post-buy analysis, and financial management; Digital Asset Management (DAM) and Digital Rights Management (DRM), and Operational systems, including ad sales, studio management, outsourcing billing and payments, along with content management and delivery. The Company serves a range of independent software vendors (ISVs) and online service providers.

December 2012



The term Deutsche Bank literally means “German Bank”. Deutsche Bank AG is a German global banking and financial services company with its headquarters in the Frankfurt, Germany. It employs more than 78,000 people in over 70 countries, has a large presence in Europe and is growing in North America, Asia and key emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. In India, Deutsche Bank offers services of on-shore investment banking, institutional equities broking, asset and private wealth management, retail banking and business processes outsourcing. Deutsche Bank is listed on both the Frankfurt (FWB) and New York stock exchanges (NYSE). Over the last decade, Deutsche Bank has been transformed, moving from a German-centric organisation that was renowned for its retail and commercial presence to a global investment bank that is less reliant on its traditional markets for its profitability. In 2011, it earned revenue of €33.2 billion and a net income of €4.3 billion. Deutsche Bank was one of the major drivers of the collateralized debt obligation (CDO) market during the housing credit bubble from 2004–2008, creating approximately $32 billion worth. 2008 was Deutsche Bank’s first loss-making year since five decades, though a lot of their losses were covered due to their insurance arrangements with AIG. Deutsche Bank has a negligible exposure to Greece however Spain and Italy account for a tenth of its European private and corporate banking business. History of Deutsche Bank: Deutsche Bank was founded in Berlin in 1870 as a specialist bank for foreign trade. It was founded by G. Siemens , whose father’s cousin had founded Siemens and Halske (the company which is Siemens AG now), and L. Bamberger. Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon English and French banking institutions in the world markets—a serious handicap in that German bills were almost unknown in international commerce, generally disliked and subject to a higher rate of discount than English or French bills. The bank’s first overseas branches were Shanghai (1872), London (1873) and South America (1874-1886). Deutsche Bank was instrumental in introducing the chemical company Bayer to the Berlin stock market and played a significant role in the merger of Daimler and Benz. During Hitler’s Third Reich in Germany during 1933-1945, Deutsche Bank took part in aryanization of Jewish-owned businesses, provided banking facilities for the Gestapo and loaned the funds used to build the Auschwitz camp and IG Farben facilities. In December 1999, Deutsche Bank contributed to a US$5.2 billion compensation fund following lawsuits brought by Holocaust survivors.

December 2012


The company’s world-renowned blue logo “Slash in a square� was designed in 1972 by the German graphic designer Anton Stankowski and is meant to represent growth within a risk-controlled framework. Structure of Deutsche Bank: Deutsche Bank consists of these business divisions: 1) Private & Business Clients The Private & Business Clients division provides branch banking and financial services to private customers, self-employed clients as well as small and medium-sized businesses. In Personal Banking, they provide services of Fixed Deposits, Savings Account, Payroll Account, Online Banking, Loans, Mutual Funds, Portfolio Management Services, Bonds, Online Trading, Insurance (both life and non-life) and Debit and Travel Cards. They have a service called as Advantage Banking which provides an easier balance requirement, family banking facilities and group accounts, financial planning services and exclusive offers. In Business Banking, Deutsche Bank provides Current Account, Current Account Trade, Magnus (a Working Capital lending product), Trade Services and Forex, Cash Management Services, Fixed Deposits and Online Banking for Corporates and Firms. In Private Banking, they provide their customers advice through a dedicated relationship manager. Services provided in Private Banking are Financial Planning, Investment Research, Estate and Succession Planning and other premium products and privileges. 2) Markets The Markets Business Division combines the sales, trading and structuring of financial market products like bonds, equities and equity-linked products, exchange-traded and over-the-counter derivatives, foreign exchange, money market instruments, securitized instruments and commodities. Coverage of institutional clients is provided by the Institutional Client Group, while Research provides analysis of markets, products and trading strategies. 3) Corporate Finance Basically, it is the investment banking division of Deutsche Bank. It provides services like mergers and acquisitions (M&A), advisory, debt and equity issuance and capital markets coverage of large and medium-sized corporations. 4) Global Transaction Banking The Global Transaction Banking Corporate Division provides commercial banking products and services for both corporates and financial institutions worldwide, including domestic and cross-border payments, risk mitigation and international trade finance as well as trust, agency, depositary, custody and related services. Business units include Cash Management, Trade Finance and Trust & Securities Services. 5) Asset & Wealth Management The Asset and Wealth Management Corporate Division is made up of two Business Divisions: Asset Management and Private Wealth Management. While Private Wealth Management serves the banking needs of wealthy individuals and families across the globe, Asset Management provides investment solutions to individual and institutional investors worldwide.

December 2012



Ernst & Young is one of the largest professional service firms in the world and one of the "Big Four" accounting firms. It is a global organization of member firms in more than 140 countries, headquartered in London, England. It was ranked by Forbes magazine as the eighth-largest private company in the United States in 2011. History Ernst & Young is the result of a series of mergers of ancestor organizations. The oldest originating partnership was founded in 1849 in England as Harding & Pullein. In that year the firm was joined by Frederick Whinney. He was made a partner in 1859 and with his sons in the business it was renamed Whinney Smith & Whinney in 1894. In 1903, the firm of Ernst & Ernst was established in Cleveland by Alwin C. Ernst and his brother Theodore and in 1906 Arthur Young & Co. was set up by the Scotsman Arthur Young in Chicago. As early as 1924 these American firms allied with prominent British firms, Young with Broads Paterson & Co. and Ernst with Whinney Smith & Whinney. In 1979 this led to the formation of Anglo-American Ernst & Whinney, creating the fourth largest accountancy firm in the world. Also in 1979, the European offices of Arthur Young merged with several large local European firms, which became member firms of Arthur Young International. In 1989, the number four firm Ernst & Whinney merged with the then number five, Arthur Young, on a global basis to create Ernst & Young. In October 1997, EY announced plans to merge its global practices with KPMG to create the largest professional services organization in the world, coming on the heels of another merger plan announced in September 1997 by Price Waterhouse and Coopers & Lybrand. The merger plans were abandoned in February 1998 due to client opposition, antitrust issues, cost problems and difficulty of merging the two diverse companies and cultures. EY had built up its consultancy arm heavily during the 1980s and 1990s. The U.S. Securities and Exchange Commission and members of the investment community began to raise concerns about potential conflicts of interest between the consulting and auditing work amongst the Big Five and in May 2000, EY was the first of the firms to formally and fully separate its consulting practices via a sale to the French IT services company Cap Gemini for $11 billion, largely in stock, creating the new company of Cap Gemini Ernst & Young, which was later renamed Capgemini.

December 2012


Services EY has four main service lines (share of revenues in 2011):

Assurance Services (46%): comprises Financial Audit (core assurance), Financial Accounting Advisory Services, Fraud Investigation & Dispute Services, and Climate Change & Sustainability Services.

Tax Services (26%): includes Business Tax Compliance, Human Capital, Customs, Indirect Tax, International Tax Services, Tax Accounting & Risk Advisory Services, Transaction Tax.

Advisory Services (19%): consisting of four subservice lines: Actuarial, IT Risk and Assurance, Risk, and Performance Improvement.

Transaction Advisory Services (TAS) (9%): deals with companies' capital agenda – preserving, optimizing, investing and raising capital.

Global Structure EY is the most globally managed of the Big Four firms. EY Global sets global standards and oversees global policy and consistency of service, with client work being performed by its member firms. Each EY member country is organised as part of one of four areas. This is different from other professional services networks which are more centrally managed. The four areas are:  EMEIA: Europe, Middle East, India and Africa

  

Americas Asia-Pacific Japan

Each area has an identical business structure and one management team that is led by an Area Managing Partner is part of the Global Executive board. The aim of this structure is to effectively cater for an increasingly global clientele, who have multinational interests. Recent Developments In 2002, EY took over many of the ex-Arthur Andersen practices around the world, although not those in the UK, China or the Netherlands. In 2006, EY became the only big four to have two member firms in the United States with the inclusion of Mitchell & Titus, LLP, the largest minority-owned accounting firm in the United States. In 2010, EY acquired Terco, the Brazilian member firm of Grant Thornton.

December 2012



Hero Motocorp Ltd., formerly Hero Honda, is the world’s largest two-wheeler motorcycle company, based in New Delhi. Hero Honda started in 1984 as a joint venture between Hero Cycles of India and Honda of Japan. The company is the largest two wheeler manufacturer in India. The 2006 Forbes 200 Most Respected companies list has Hero Honda Motors ranked at #108. In 2010, when Honda decided to move out of the joint venture, Hero Group bought the shares held by Honda. Subsequently, in August 2011 the company was renamed Hero MotoCorp with a new corporate identity. On June 4, 2012, Hero Motocorp approved a proposal to merge the investment arm of its parent Hero Investment Pvt. Ltd. into the automaker. The decision comes after 18 months of its split from Honda Motors. The Beginning – Hero Honda “Hero” is the brand name used by the Munjal brothers for their flagship company, Hero Cycles Ltd. A joint venture between the Hero Group and Honda Motor Company was established in 1984 as the Hero Honda Motors Limited at Dharuhera. Munjal family and Honda group both owned 26% stake in the Company. During the 1980s, the company introduced motorcycles that were popular in India for their fuel economy and low cost. A popular advertising campaign based on the slogan 'Fill it - Shut it - Forget it' that emphasised the motorcycle's fuel efficiency helped the company grow at a double-digit pace since inception. The technology in the bikes of Hero Honda for almost 26 years (1984–2010) has come from the Japanese counterpart Honda. Termination of Honda Joint Venture In December 2010, the Board of Directors of the Hero Honda Group have decided to terminate the joint venture between Hero Group of India and Honda of Japan in a phased manner. The Hero Group would buy out the 26% stake of the Honda in JV Hero Honda. Under the joint venture Hero Group could not export to international markets (except Sri Lanka) and the termination would mean that Hero Group can now export. Since the beginning, the Hero Group relied on their Japanese partner Honda for the technology in their bikes. So there are concerns that the Hero Group might not be able to sustain the performance of the Joint Venture alone. The Japanese auto major will exit the joint venture through a series of offmarket transactions by giving the Munjal family—that held a 26% stake in the company—an additional 26%. Honda, which also has an independent fully owned two-wheeler subsidiary—Honda Motorcycle and Scooter India (HMSI)—will exit Hero Honda at a discount and get over $1 billion for its stake. The discount will be between 30% and 50% to the current value of Honda's stake as per the price of the stock after the market closed on Wednesday. The rising differences between the two partners gradually emerged as an irritant. Differences had been brewing for a few years before the split over a variety of issues, ranging from Honda's reluctance to fully and freely share technology with Hero (despite a 10-year technology tie-up that expires in 2014) as well as Indian partner's uneasiness over high royalty payouts to the Japanese company. Another major irritant for Honda was the refusal of Hero Honda (mainly managed by the Munjal family) to merge the company's spare parts business with Honda's new fully owned subsidiary Honda Motorcycle and Scooter India (HMSI).

December 2012


As per the arrangement, it will be a two-leg deal. In the first part, the Munjal family, led by Brijmohan Lal Munjal group, will form an overseas-incorporated special purpose vehicle (SPV) to buy out Honda's entire stake, which will be backed by bridge loans. This SPV would eventually be thrown open for private equity participation and those in the fray include Warburg Pincus, Kohlberg Kravis Roberts (KKR), TPG, Bain Capital, and Carlyle Group. Honda will continue to provide technology to Hero Honda motorbikes until 2014 for existing as well as future models. Hero MotoCorp Hero MotoCorp has three manufacturing facilities based at Dharuhera, Gurgaon and at Haridwar. These plants together are capable of churning out 3 million bikes per year. Hero MotoCorp has a large sales and service network with over 3,000 dealerships and service points across India. Hero Honda has a customer loyalty program since 2000, called the Hero Honda Passport Program. The company offers a range of bikes starting from CD Dawn, CD Deluxe, Splendor Plus, Splendor NXG, Passion and Passion Pro. The 125 cubic centimetre segment offers Glamour, Super Splendor and Glamour F1. It also has an offering called Achiever in 135 cubic centimetre segment. In the 150 cubic centimetre and above the company offers brands like Hunk, CBZ X-treme, Karizma and the Karizma ZMR. The company has a stated aim of achieving revenues of $10 billion and volumes of 10 million two-wheelers by 2016–17. This in conjunction with new countries where they can now market their two-wheelers following the disengagement from Honda. Hero MotoCorp hopes to achieve 10 per cent of their revenues from international markets, and they expected to launch sales in Nigeria by end-2011 or early-2012. In addition, to cope with the new demand over the coming half decade, the company was going to build their fourth factory in South India and their fifth factory in Western India. The new brand identity and logo of Hero MotoCorp were developed by the British firm Wolff Olins. The logo was revealed on 9 August 2011 in London, the day before the third test match between England and India. Hero MotoCorp can now export to Latin America, Africa and West Asia. Hero is free to use any vendors for its components instead of just Honda-approved vendors. Company Performance During the fiscal year 2008-09, the company sold 3.7 million bikes, a growth of 12% over last year. In the same year, the company had a market share of 57% in the Indian market. Hero Honda sells more two wheelers than the second, third and fourth placed two-wheeler companies put together. Hero Honda's bike Hero Honda Splendor sells more than one million units per year. On 1 June 2012, Hero MotoCorp reported its highest ever monthly sales at 5,56,644 units in May, registering a growth of 11.28%

December 2012



Bloomberg L.P. is an American multinational mass media corporation based in New York City. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.25 billion in 2009. Bloomberg L.P. was founded by Michael Bloomberg with the help of Thomas Secunda, Duncan MacMillan, and Charles Zegar in 1981 and a 30% ownership investment by Merrill Lynch. The company provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organizations around the world through the Bloomberg Terminal (via its Bloomberg Professional Service), its core money-generating product. Many customers use only a small fraction of the machine's 30,146 functions. Bloomberg L.P. has grown to include a global news service, including television, radio, the Internet and printed publications. Its current headquarters are located at the Bloomberg Tower, in Midtown Manhattan, New York City. The building is also known as One Beacon Court for the lighted rectangular beacon that caps the tower and the paved courtyard at the ground level. History Bloomberg L.P. was formed as a Delaware Limited Partnership in 1981 and has been in business since 1983. Michael Bloomberg owns 88% of the partnership. Bloomberg's core business is leasing terminals to subscribers. It also runs Bloomberg Television, a financial Television network, and a business radio station WBBR in New York City at a loss. Bloomberg's revenue for 2009 was estimated at $6.25 billion. Based on that estimate, the new projections would push revenue to nearly $6.9 billion for 2010. There are currently over 300,000 Bloomberg Terminal subscribers worldwide. Its competitors include SNL Financial, Interactive Data Corporation, Thomson Reuters, Capital IQ, Dow Jones Newswires, FactSet Research Systems, Dealogic and smaller companies such as New York Financial Press. In late 1996 Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in his company for $200 million valuing the company at $2 billion. In July 2008, Merrill Lynch agreed to sell its 20% stake in the firm back to Bloomberg, for a reported $4.43 billion, valuing the firm at approximately $22.5 billion. In addition to its financial services offerings, Bloomberg launched its news services division in 1990. Bloomberg Television (originally known as Bloomberg Business News) has over 2,000 employees and 145 bureaus around the world, producing more than 5,000 stories daily. It now provides information to approximately 350 newspapers and magazines worldwide, including The Economist, The New York Times and USA Today.

December 2012


Recent Developments

   

To run for the position of Mayor of New York against Democrat Mark Green in 2001, Mike Bloomberg gave up his position of CEO at Bloomberg and appointed Lex Fenwick as CEO in his stead. Daniel Doctoroff, former deputy mayor in the Bloomberg administration, now serves as president. Peter Grauer is the chairman. In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division. In September 2007, the Equal Employment Opportunity Commission filed a class-action lawsuit on behalf of more than 80 female employees, who argue Bloomberg L.P. engaged in a pattern of discrimination against pregnant women who took maternity leave. The suit alleges that 'Michael Bloomberg is responsible for the creation of the systemic, top-down culture of discrimination' at the company. A Bloomberg L.P. spokeswoman said: 'We are confident that once all the facts come out they will demonstrate that the claims have no merit. On November 7, 2008, Bloomberg L.P. News brought a lawsuit (Bloomberg L.P. v. Board of Governors of the Federal Reserve System) against the Board of Governors of the Federal Reserve System to force the Board to reveal the identities of firms for which it has provided guarantees during the Late-2000s financial crisis. Bloomberg, L.P. won at the trial court and the Fed's appeals were rejected at both the United States Court of Appeals for the Second Circuit and the U.S. Supreme Court. In 2009, Bloomberg acquired BusinessWeek, a consumer oriented business magazine and Web property, from McGraw-Hill; and New Energy Finance, now called Bloomberg New Energy Finance, a data company focused on energy investment and carbon markets research based in the U.K. The same year, The New York Times covered Bloomberg's growth and aspirations in a full-length media section feature. Bloomberg Professional Service and Gerson Lehrman Group issued a press release on July 8, 2010, indicating the former's clients would be given exclusive access to 50,000+ GLG Council Member business experts globally. On September 30, 2011, Bloomberg L.P. completed its acquisition of Bureau of National Affairs for About $990 million. In May 2012, Bloomberg acquired Dublin-based software provider PolarLake and is launching a new enterprise data management (EDM) service to help companies acquire, manage and distribute data across their organizations. Bloomberg New Energy Finance is a specialist provider of financial information and research to the renewable energy technology sector and its investors worldwide.

December 2012



Company in Brief MakeMyTrip Limited is an Indian online travel agency founded in the year 2000 by Deep Kalra. Created to empower the Indian traveler with instant booking and comprehensive choices, the company began its journey in the US-India travel market. After consolidating its position in the market as a brand recognized for its reliability and transparency, MakeMyTrip followed its success in the US by launching its India operations in 2005.One out of every twelve domestic flights from India was booked through it in 2009. The travel




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domestic hotel reservations, car rentals, international and domestic holiday packages, MICE (Meetings, Incentives, Conferencing, Exhibitions), visa services, B2B services, and more. Founded in April, 2000, has offices in 20 cities across India and 2 international offices in New York and San Francisco, in addition to several franchise locations. MakeMyTrip is the undisputed online leader, with its share of the travel market extending to more than 50% of all online sales, a fact evinced by the trust placed in it by millions of happy customers. In 2010, MakeMyTrip has acquired online bus ticketing platform provider started in 2006. In July 2011, it incorporated Luxury Tours (Malaysia) Sdn Bhd. In August 2011, it acquired 19.9% of Le Travenues Technology Private Limited. On May 9, 2011, it acquired approximately 79% of Luxury Tours & Travel Pte Ltd. In March 2010, it acquired certain assets of Travis Internet Private Limited. Services Air Tickets The Company’s air tickets business is primarily targeted at domestic travel within India and international travel originating in India, and inbound travel to India from the United States and other countries. It provides its customers with a selection of airline tickets for all major domestic full-service and low-cost airlines operating in India, including Air India, Air India Express, Go Air, Indigo Airlines, Jet Airways, Kingfisher Airlines and SpiceJet; and all major international flights that originate from cities in India, including Air India, British Airways, Emirates, Jet Airways, Lufthansa, Malaysia Airlines, Singapore Airlines, Thai Airways and Virgin Atlantic. Its customers are mainly non-resident Indians and persons of Indian origin travelling to India.

December 2012


Hotels and Packages Through the Company’s Websites, customers can search, compare and make reservations at approximately 4,700 hotels in India and a selection of hotels outside India. It procures room inventory from its hotel suppliers through three methods: direct connects, direct allocation and on request. As of June 30, 2011, approximately 1.9% of its hotel suppliers were directly-connected to the booking system. Through these direct connects, its booking systems are integrated with the central reservations systems of the hotels and reservations to be made and confirmed on a real time basis. All its other hotel suppliers have a direct allocation arrangement with the Company whereby they allocate rooms directly to it either by managing their room inventory on an extranet supported by it or through telephone or through on request booking. The Company offers pre-packaged vacations designed by its in-house product specialists, under arrangements with various travel suppliers and its GDS service provider to cater to both individual and group travellers. Its packages also include various travel services, such as travel insurance, visa processing, airport transfer and sightseeing. It offers a range of packages, including escorted tours, honeymoon specials and weekend breakaways, as well as vacation themes, such as beach, adventure, family, pilgrimage, romantic, shopping, cruise and culture. It offers pre-designed independent packages, customized independent vacations, customized group tours and pre-designed escorted tours. The Company’s MICE group offers services to organizations, as well as other groups, including students or families who wish to plan meetings, conferences or other events or organize group trips. Other Services and Products The Company offers railway tickets through passenger reservation system online and enabled the customers to reserve and purchase Indian Railways tickets on a real time basis through its Indian Website. Using a customized search interface, its customers are able to search for train tickets based on their preferred travel dates, destinations and class of travel. Its customized interface allows a customer to compare travel options across various trains, classes, dates and prices. The Company’s bus tickets inventory is obtained through four channels: real time inventory from operators who are directly-connected to its booking system; inventory from aggregators who are directly-connected to its booking system; inventory from operators who manage their inventory on an extranet supported by the Company, and inventory obtained by agreement with operators where a certain number of tickets are pre -allocated to us or sold to it on request. The Company offers its customer’s basic information on the type of bus used on the relevant route and customers are able to select seats, choose from the available boarding points in the relevant city on the routes, as well as obtain information on the location of the chosen boarding point.

December 2012


Ancillary Services and Products As an ancillary service offered to the Company’s customers, it provides its customers with the option to purchase travel insurance from Apollo Munich Health Insurance Company Limited. The Company facilitates access to this travel insurance through its Indian Website, as well as through its call centers and travel stores. On its Indian Website, prior to confirming and proceeding with the reservation of and payment for a flight or hotel, the customers are prompted to purchase such travel insurance. It also provides visa processing services, and sells telephone calling cards to the customers. In addition, it offers travel-related businesses and other third parties the opportunity to advertise on its Websites. Deep Kalra – Founder and Chief Executive Officer Under Deep’s stewardship, MakeMyTrip is today the largest e-commerce business in the country and the largest travel company in India and listed its shares on NASDAQ in August 2010. He is a member of the NASSCOM Executive Council and chairs its Internet Working Group. He also serves as a Board Member of TiE (The Indus Entrepreneurs) Delhi and is an active Angel Investor in the internet space. Deep is a founding member of “I am Gurgaon” - an NGO focused on improving the quality of life in Gurgaon. Deep has been recognized by Ernst & Young as Entrepreneur of the Year - Business Transformation (2011) and was also felicitated as a 'Distinguished Alumni' of IIM-Ahmedabad in December 2011. Prior to his entrepreneurial venture with MakeMyTrip, Deep has had corporate stints with GE Capital, AMF Bowling Inc. and ABN AMRO Bank. Deep holds an MBA (PGDM) degree from Indian Institute of Management, Ahmedabad and a Bachelor's degree in Economics from St. Stephen's College, Delhi. His interests include swimming, yoga, quizzing, adventure sports and, of course, travelling. Recently in News It has acquired majority stake in Thailand-based hotel aggregator and tour company ITC Group for $3.2 million. This acquisition will help further help the company expand its presence in Thailand, a key market for its outbound holiday business, by establishing more direct hotel relationships in the country. Pursuant to the transaction documents signed with the ITC Group and its existing shareholders, MakeMyTrip paid $2.2 million to the existing shareholders for the sale of their shares in the ITC Group and paid $1 million for subscription of new shares. MakeMyTrip will also acquire the remaining shares of the ITC Group from the existing shareholders in cash, payable in four tranches, over an earn-out period ending December 2016, at such price based on valuation linked to the future profitability of the ITC Group. The ITC Group comprises International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd. Thailand is an important outbound travel destination for India and received about one million Indian visitors this year which has also led airlines in India to start many direct flights to the destination from various cities from India.

December 2012



December 2012


FinXpress Special Edition 1.0  

FinXpress Special Edition 1.0