Page 55 - IACC Newsletter August-September 2013 Issue 13

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Those in technology constitute the biggest component, and are a reflection of the desire among financial institutions to
develop proprietary technologies that can most efficiently serve their customers and differentiate them from
competition. It also plays to Bangalore's biggest strength. Schroeder declined to speculate on how rapidly the headcount
will grow in future, but indicated that it would depend partly on the company growth. Bohra said the matter of retaining
its existing leased facilities in Bangalore was still under discussion.
The new campus is being developed in collaboration with Kalyani Developers on the Sarjapur Outer Ring Road. Bohra
said it would be designed to the highest standards laid out by the company globally and would be fully ready by 2018.
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Indo-US MIM Tec to invest Rs 1000 crore
Indo-US MIM Tec Pvt Ltd, an entity promoted by a US-based non-resident Indian, and into the metals injection moulding
business, has said that it will invest Rs 1,000 crore in its Bangalore operations over the next five year period.
Indo-US MIM Tec Pvt Ltd Chairman Krishna Chivukula said the company is looking for 20 acres of land in Bangalore to
expand its manufacturing facility. “We are number one in MIM technology. We are also involved in ultra-trace element
analysis, materials research, development, application and testing. Almost 95 per cent of our products are exported,” he
said. “MIM is the latest emerging manufacturing technology. It started off in the 1980s in the US and brings together
plastic injection technology and powder metallurgy to produce small metal components in high volumes,” he said.
“We are improving ourselves and our engineers are working on it to produce durable items in more volumes. We started
off in 2009 and sales have currently reached Rs 1,000 crore,” he said. The company has already invested Rs 700 crore at
its Doddaballapur and Hoskote facilities and currently employs about 2,400 employees. Indo-US MIM Tec Pvt Ltd
designs, manufactures and supplies metal injection molding products for automotive, medical, consumer, aerospace, oil
and gas and industrial sectors worldwide. “Our engineers are not from IITs but from the local engineering colleges and
make them world class engineers and make my company world class. We will hire 2500 more soon,” he said.
The company also owns Shiva Labs, which is into ultra-trace element analysis and materials research with an investment
of Rs 50 crore. “We have 90 people in Bangalore and 20 people in US. We are also planning to invest Rs 20 crore more in
this facility,” he said. Talking about the manufacturing industry in India, he said India has no scale in it. “Indians make
only components. Here, we have achieved scale in automobile industry. The endeavors brought in by Narendra Modi in
this regard are truly encouraging,” he said.
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Warburg Pincus invests Rs 550 cr in Laurus Labs to acquire stake
An affiliate of private equity (PE) firm Warburg Pincus has acquired a minority stake in Laurus Labs, a Visakhapatnam-
based developer of active pharmaceutical ingredients (APIs), for about Rs 550 crore, Laurus said in a statement. With
this, Warburg becomes an investor in the company, along with Fidelity Growth Partners India and Boston-based Fidelity
Biosciences, which led an earlier round of investment in 2012.
Fidelity Growth Partners India and Fidelity Biosciences part-exited in the latest transaction. Although the company did
not share the details of the deal, according to the Competition Commission of India (CCI)’s approval note for the
transaction, the PE firm picked up a 32.29 per cent effective stake. The deal values the company at Rs 1,700 crore ($280
million). Laurus will issue a mix of compulsory convertible preference shares and also purchase of shares from existing
PE investor.
Laurus is a manufacturer of APIs for anti-retroviral (ARV), oncology, cardio-vascular, anti-diabetic therapeutic segments.
Laurus also has a contract manufacturing business. The firm also has a presence in nutraceuticals and several other