Page 31 - IACC Newsletter March-April 2014 Issue 03

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The principal contractors will be the Boeing Company in St Louis, Missouri; and Delex Systems Inc, in Vienna, Virginia.
While a foreign defence contractor is expected to conclude offset agreements with the Indian government in
accordance with the country's defence procurement policy, the agency said, no offset agreement is currently known to
have been proposed in connection with this potential sale. During talks with Senator McCain, the Indian prime minister
is also reported to have conveyed his desire to further deepen and expand the strategic partnership, based on our
shared values and interests, sensitivity to each other`s concerns, and, tangible progress across the full spectrum of
bilateral relations.
The prime minister also observed that success of democratic countries and their cooperation will advance peace,
stability and prosperity in the world. Modi hoped for a forward looking, result-oriented visit to the United States in
September 2014 to take the relationship to a new level. The two also discussed the situation in Iraq and Afghanistan and
the increasing spread of terrorism across countries.
The meeting came amid reports that a US court approved NSA carrying out surveillance on the now-ruling Indian
political party, the Bharatiya Janata Party. India has reacted strongly over the alleged spying by the US and has said that
such acts were unacceptable. The government has sought assurance from the US that this will not happen again.
McCain also conveyed the US' keen desire to work with Modi to boost the India-US strategic partnership. Modi in turn
said that he was keen on his visit to the US in September and would like to work together to strengthen relations.
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Cisco invests $40 million in its Indian arm to fund start-ups in India
The investment arm of global networking products major Cisco recently announced a $40 million (Rs.241 crore) fund for
early-stage firms (start-ups) in
India which are focused on products and technologies relevant to the country and other
emerging markets. "The funds will also be made in firms which work on cost-optimized designs, industry vertical
solutions and applications on cloud computing," the Indian subsidiary of the US global telecom products firm said in a
statement.
The first investment will be in Covacsis, a Mumbai-based real-time analytics platform software provider catering to
manufacturing production floors. "The new venture investment is consistent with our track record of driving IT market
growth through investment in the innovation economies," the statement said. The $48-billion company had earlier
strategically invested in growth stage Indian firms such as Netmagic and Apalya and social innovation funds like
Aavishkaar.
The early stage funding under the India Innovation theme is a part of the $250-million the company had announced
early this year on next generation technologies worldwide, including big data and analytics; the Internet of Things,
connected mobility, storage, silicon and content technology ecosystem. The company also invested in MobStac, a
Bangalore-based start-up, as part of its global connected mobility theme. "Our belief is the innovative application of
technology can have a positive impact on India's competitiveness, diversification of its industry base, its ability to create
jobs and improve quality of life for its citizens," Cisco India president (sales) Dinesh Malkani said on the occasion.
The latest funding also recognises the innovation and potential the India technology market offers. Our objective is to
help catalyse and accelerate that potential into action that will have a positive impact in India and globally," Malkani
noted. As India builds its communications infrastructure, it provides an immense opportunity for local entrepreneurs to
develop new technologies and applications. "By spurring and accelerating innovation, we want to help India evolve as a
global hub for innovation and help us to become a defining player in taking technology investment in the region to the
next level," Cisco Asia Pacific & Japan managing director Joydeep Bose said.
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