China based research firm Hurun’s Global Rich List report which was published recently says that since demonetisation, India has lost 11 billionaires. Mukesh Ambani, Chairman of Reliance Industries Ltd (global rank: 28) continues to be at the top the list with his fortune of Rs. 175, 400 crore. S P Hinduja, the Chairman of Hinduja group (global rank: 74) is at second position with a net worth of Rs. 101,000 crore, followed by Dilip Shanghvi, founder of Sun Pharmaceuticals (global rank: 74). The list shows 22% drop in Shangvi‘s Rs. 99, 000 crore wealth following 18% drop in Sun Pharma shares. Construction giant and largest individual shareholder in Tata Sons Ltd Pallonji Mistry (global rank: 97) stands at the fourth position in India with his Rs. 82,700 crore and Lakshmi N Mittal, chairman of Arcelor Mittal is at fifth position with Rs. 81,800 crore (global rank: 97). Industrialist cum philanthropist Shiv Nadar, (global rank: 97) is at sixth number with a net worth of Rs. 81, 200 crore, followed by vaccine billionaire Cyrus S Poonawalla (global rank: 106) with his personal fortune of Rs. 75,400 crore. The Rs. 66,300 crore wealth of Wipro’s Azim Premji (global rank: 134) who is at the eightth position in India shows 26 per cent increase from the last year. He is followed by Uday Kotak (global rank: 134), the only individual from the banking sector in the list.
With 132 individuals from the Hurun India Global List 2017, Mumbai is the capital for India’s super rich with 42 billionaires, followed by Delhi (21) and Ahmedabad (9). Hurun’s Global Rich List for 2016 has ranked a total of 2,188 billionaires from 68 countries, adding 99 to last year’s list.
Kanisha Raina has become the new Talent leader for IBM India and South Asia. The HR veteran with 10 years of rich experience in IT and Finance industries will be exploring new areas of talent management and engagement that the company needs in her new role. Kanisha has previously held varied eminent positions in IBM including Global Talent Partner – Research and the position of communication and learning specialist. She has been on the list of “Top 100 HR Influencers to be followed on Twitter worldwide” and “Top 100 HR Professionals on Social in India”.
India has the capability to develop a space station, provided a long-term approach and an ambitious planning is done, said Indian Space Research Organisation (ISRO) chairman A S Kiran Kumar. His comment follows ISRO’s display of technological prowess recently, when they launched 104 satellites in a single mission. “We have all the capabilities to set up a space station. The day the country takes the decision, we will ‘ok’ the project. Just draw a policy and provide us necessary funds and time,” Kumar said while speaking on the foundation day ceremony of the Raja Ramanna Centre for Advanced Technology (RRCAT), in Indore recently. “We still talk about what would be the immediate benefits of a manned space mission. That is why the country hasn’t made up its mind about when to invest in a space station,” he said. Kumar said ISRO was also mulling tying up with the industry to enhance the country’s satellite launching capability.
Two experienced and corporate leaders Rattan Chugh and Vivek Pandey will strengthen the leadership of Times Internet. With over 25 years of experience, Chugh, who held the role of Executive Vice President & Head of Global HR Shared Services at Standard Chartered Bank will now be at the forefront of people strategy at Times Internet. The former country head for Fidelity Investments in India also founded Cornerstone Portfolio Services. He held the position of executive vice president–head of Global HR Shared Services at Standard Chartered Bank for over two years before joining Times Internet, where he was responsible for providing leadership and strategic direction to the multi-location teams in Chennai, Bengaluru and Tianjin. “At this critical juncture in our trajectory, where we are set out to make Times Internet stronger than ever before. I am pleased to welcome Rattan and Vivek into the leadership team,” said Gautam Sinha, CEO, Times Internet.
Microsoft and India’s largest e-commerce marketplace Flipkart have come together to battle out with Google, Amazon and IBM for cloud supremacy in the country. Microsoft CEO Satya Nadella said that Flipkart will be adopting Microsoft Azure as its exclusive public cloud platform in an event in Bengaluru. In a statement, Flipkart stated that Microsoft Azure will add a layer of advanced cloud technologies and analytics to its existing data centres. The company also plans to leverage artificial intelligence, machine learning and analytics capabilities in Azure, such as Cortana Intelligence Suite and Power BI, to optimise its data for innovative merchandising, advertising, marketing and customer service. Talking about the venture, Satya Nadella, CEO, Microsoft, said, “At Microsoft, we aim to empower every Indian and every Indian organisation with technology and the key to this is forging strategic partnerships with innovative companies like Flipkart.” While reacting to the move, Binny Bansal, co-founder and group CEO of Flipkart, said, “Given Microsoft’s strong reputation in cloud computing, coupled with scale and reliability, this partnership allows us to leverage our combined strength and knowledge of technology, e-commerce and markets to make online shopping more relevant and enriching for customers. Microsoft had launched its local data centres that offer Azure cloud services in India in September 2015 while IBM is also spending millions to advertise its Softlayer cloud. Rival Amazon, which is the dominant player in the public cloud market, had also set up its first cloud computing data centre in Mumbai in June 2016 and in an interview to ET, Amazon Internet Services India head Bikram Bedi had said India has potential to be one of the largest businesses for Amazon Web Services (AWS) globally.
J S Deepak, Telecom Secretary has been designated as India’s permanent representative to the World Trade Organization (WTO). Deepak will take over his new assignment from June 1, 2017, and till then will be Officer on Special Duty (OSD) in the Department of Commerce in the Ministry of Commerce and Industries with immediate effect. The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi issued the order recently. Deepak, a 1982-batch IAS of UP cadre, was the Additional Secretary in the Ministry of Commerce, handled WTO and other international agencies. The government is expected to name a new secretary for the Telecom as also for other ministries like Tribal Affairs and Tourism, following Deepak’s transfer from the ministry. In another move, the Secretary, Culture, N K Sinha has been given the additional charge of Secretary, Tourism and Secretary, Social Justice and Empowerment, while G Latha Krishna Rao has been given additional charge of Secretary, Tribal Affairs.
Rashi Anand, who has a rich experience in diverse sectors including IT, Manufacturing and Pharma, is the new Director-HR of KPIT. Rashi Anand, who was the Deputy General Manager–HR at Lupin, recently took charge of her new office. In her role as Director-HR, she will be dealing with organisational interventions. During her stint with the Lupin as Deputy General Manager-Human Resources, Rashi Anand was heading Organisation Development and Capability Building along with Business Partner function at Lupin’s Research Park since June 2015. An MBTI Certified Professional and a DDI Certified Professional on Targeted Selection, she was the winner of the “Future HR Leaders - Are You In The List Awards 2013”, hosted by People Matters and DDI. She has worked with Infosys and Morarjee Textiles Ltd too in the past.
Looking at the potential of India and the commitment to the market, Honda Cars India has acquired land in Gujarat to expand its venture in the country. Honda Cars has acquired 380 acres to set up a new assembly line, although its two existing plants are running at half the installed capacity of 2.40 lakh units, as its sales fell over 25 per cent last year. Honda has an assembly line each in Greater Noida near Delhi and Tapukura in Rajasthan with a combined capacity of 2.40 lakh units. But in 2016, its sales plunged to 1,58,658, a steep 25.3 per cent decline from 2015 level when it had sold 2,12,372 units. “We have just completed acquisition of around 400 acres, to be precise 380 acres, at Vithalapur in Gujarat, though we have no immediate plans to set up a plant there. We have bought the land so that as and when we finalise the third plant, we have the land ready,” said CEO Yoichiro Ueno. He said this is done as they are confident of the long-term potential of India and are committed to this market. With GDP clipping at 7 per cent, there isn’t any reason to be otherwise, and they want to participate in this growth story. According to sources, the cost of the land is around Rs. 1000 crore. Honda Cars India Director and Senior Vice-President Raman Kumar Sharma stated that excluding this latest investment, the company has pumped Rs. 8000 crore into the country since its entry in the 1990s. Vithalapur is about 80 km northwest of Ahmedabad, where Honda’s two-wheeler subsidiary Honda Motorcycle and Scooter India runs the world’s largest scooters-only plant with a 1.2 million annual capacity, opened last February.
Indian cricket captain Virat Kohli has become the first Indian sportsperson to sign a Rs. 100-crore endorsement deal with a single brand Puma. Kohli struck an eight-year deal with sports lifestyle brand Puma worth about Rs. 100 crore, and in the process, joins the elite group of the likes of Jamaican sprinters Usain Bolt and Asafa Powell, and footballers Thierry Henry and Oliver Giroud, among others, as a global ambassador for the brand. This deal (eight years) with Puma should take care of Kohli’s career as an Indian cricketer, which involves a fixed payment and royalty depending on the brand’s business performance. The cricketer who has a number of records under his belt in the game will work with the German company to launch a signature line of sports lifestyle products with a special logo and brand identity. The bulk of the endorsement deal, estimated between Rs. 12 to Rs. 14 crore annually, is locked up in fixed payout. Sachin Tendulkar and Mahendra Singh Dhoni have been in the Rs. 100-crore club through multi-year contracts with sports and talent management agencies, but for Kohli it is a single brand which brings over Rs. 100 crore.
Sriharsha Achar, Chief People Officer, Apollo Munich Health Insurance has called it quits. He joins Max Bupa Health Insurance as the Director & CHRO, according to sources close to the development. Achar, an engineering graduate, completed his master’s in industrial engineering from Goa University and a PGDBMA in business management from the Goa Institute of Management, post which he pursued a Ph D in human resources management at Canterbury University. His first assignment was with First Ring India as the Director-HR and then worked with America Online for two years before moving to Xchanging in 2006. In July 2008, he joined vKarma as the Chief Human Resources Officer. Achar joined Apollo Munich as the Chief People Officer in 2009 and has played a pivotal role in the growth of the company since then. Recalling his eight-year stint, Achar in an email addressed to his colleagues stated, “After the exciting, challenging and very eventful time at Apollo Munich, I announce my departure from AMHI to you. My almost eight years with AMHI have been more than rewarding and enriching.” With a vast experience across industries, Achar, 52, is a much sought after and seasoned HR professional, who will now make for a great fit for Max Bupa.
The Tata Consultancy Services (TCS) is in the process of boosting its employees as V Ramakrishnan who joined TCS in the year 1999 is now the new Chief Financial Officer (CFO). Ramakrishnan (Ramki, as he is fondly addressed) takes over from Rajesh Gopinathan who has been promoted as the CEO. Before this new role, Ramki served as the Finance Head of TCS North America for seven years. Ramki closely partnered the business in the rapid growth of TCS’ operations in the region. Most recently he has been responsible for the financial controllership of TCS subsidiaries and branches globally and various merger and acquisition integration initiatives. “I am grateful to the TCS Board and humbled by the trust and confidence placed in me. As we pivot to lead in a digital world, the role of finance becomes even more strategic and I look forward to working closely with Rajesh and the TCS team in our journey to sustain and enhance stakeholder value,” said V Ramakrishnan. Ramki, a graduate in commerce from Loyola College Chennai, is a member of the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India.
Ganesh Chandan president and CHRO of Suzlon has taken a break after about 17 months with the company and moved on to the manufacturing sector with Greaves Cotton as CHRO. The engineer turned HR professional is now a part of Greaves Cotton, a major player in automobile and industrial engines, farm equipment and the auxiliary power business. “The company has some ambitious plans and I am excited to be a part of the growth and transformation story as a member of the leadership team,” said the IIT Bombay alumni. Chandan completed his Masters from Tata Institute of Social Sciences (TISS). Post his PG degree, Chandan started his career with Titan Industries. With over 20 years of experience, Chandan has worked across sectors, with a large part of his career-around 10 years-at Oracle in various roles. For five years, he headed HR for Oracle Financial Services, based out of New York. Before joining Suzlon, he was the CHRO & Head-Administration at Avantha ERGO Life Insurance and prior to that he headed HR at the power and infrastructure division of Avantha Group.
by Joe Williams
