ALPS Kotak India Growth Fund to Provide U.S. Investors with Exposure to Indian Equities

Ravilochan Pola, CEO and President of Kotak Mahindra Inc., the Group's North American arm based in New York

Kotak Group, one of India's leading diversified financial services providers, continues to build its U.S. presence with the launch of the first U.S. mutual fund from an India-based firm.

The ALPS Kotak India Growth Fund seeks to achieve long-term capital appreciation by investing in large-cap, mid-cap and small-cap Indian companies with high growth potential, and is intended to provide U.S. retail and institutional investors with an opportunity to gain broad exposure across all key sectors of India's large and growing economy. ALPS Advisors Inc., will serve as the Fund's investment advisor while Kotak will act as sub-advisor and will manage the Fund's investment portfolio. "The launch of the ALPS Kotak India Growth Fund is a natural next step in the expansion of Kotak Group's business and presence in North America," said Ravilochan Pola, CEO and President of Kotak Mahindra Inc., the Group's North American arm based in New York. "Launching our first U.S. fund leverages the Groups strong asset management and India equities research capabilities to provide U.S. investors with an opportunity to potentially benefit from the insights and perspective provided by an Indian financial institution with vast fund management experience, deep roots and nationwide presence in India."

Kotak Mahindra (UK) Ltd.'s Nitin Jain will serve as principal Portfolio Manager for the Fund and will oversee a team of fund managers and analysts seeking to identify the most attractive growth companies among India's top listed companies representing all levels of market capitalization and across all sectors. The ALPS Kotak India Growth Fund is distributed by ALPS Distributors, Inc. and is currently available through Oppenheimer & Co., Commonwealth, Credit Suisse, Fidelity, JP Morgan, Pershing, Schwab and TD Ameritrade.

India, US start $50 million fund for clean technology

The United States and India have announced a joint $50 million fund to promote research in clean energy technologies, a step seen as part of efforts to whittle down their differences over how to fight climate change. The fund will help establish the Indo-U.S. Joint Clean Energy Research and Development Centre which will finance academia, institutions and industry from both countries to undertake the research.

"This is the first collaborative research effort of its kind, where Indian and U.S. researchers will be jointly selected," U.S. Ambassador to India Timothy J. Roemer said.

"It elevates the U.S.-India clean energy cooperation to a new level and is a testament to the strength of our continued strategic partnership." In the global fight against climate change, two of the world's most populous democracies sit on the opposite end of the debate, their differences a major hindrance in achieving an international agreement on curbing global warming.

Under existing rules, only rich countries have to meet binding emissions targets and report actions regularly. But developed nations led by the United States, which never ratified Kyoto, want emerging economies such as China and India to take on a greater share of climate actions.

Developing nations now emit more than half of greenhouse gas emissions and that portion is growing quickly. China has already passed the United States as the world's top carbon polluter.

Buffett Lavishes Praise on Potential Successor Ajit Jain

Ajit Jain who runs some of Berkshire Hathaway's insurance operations

Warren Buffett has lavished praise on his reinsurance chief Ajit Jain saying the man many investors hope will succeed Buffett was devoted to Berkshire Hathaway and his work.

Jain has long been seen as one of the few Berkshire executives who might replace the "Oracle of Omaha" when he no longer leads the conglomerate. With the investing scandal around former Buffett lieutenant David Sokol, many large investors now see Jain as the top choice.

"I can't think of any decision Ajit Jain has ever made that I could make better," Buffett told the tens of thousands of shareholders in Omaha for Berkshire's annual meeting. "To an extraordinary degree, he thinks about Berkshire first."

Buffett also compared Jain to his business partner, Berkshire vice chairman Charlie Munger, saying both were highly rational thinkers.

Buffett has never been reserved in his praise for Jain, but shareholders are paying closer attention now that Sokol, once seen as Buffett's heir apparent, is out of the picture. Investors gave Buffett a round of applause when he finished praising Jain.

Asian Indian-Owned Businesses strongly Impact US States

Asian Indian-owned businesses are having a strong economic impact in many states across the US in a wide range of sectors and are the major engine of economic growth, be it computers, hospitality industry and medical/ physician sector, according to a recent survey.

According to the Survey of Business Owners, 2007, released on April 26 by the US Census Bureau, there are an estimated 308,514 Asian Indian-owned businesses in the United States with USD 152 billion in revenue, employing 850,191 people with an annual payroll of USD 26 billion.

"Among minority and immigrant communities, Asian Indian entrepreneurs stand out in both the size of their businesses as well as profitability and business sectors they can be found."

"The survey captures this economic footprint at a very detailed industrial sectoral level," Bruce Corrie, Dean, College of Business and Organizational Leadership at Concordia University, St Paul, Minnesota and a board member of the India Chamber of Commerce, said.

The survey gives a detailed landscape where these businesses are located both geographically as well as in terms of industrial sector. The US Census Bureau conducts the survey every five years.

"The survey paints a vivid portrait of the economic footprint of Indian Americans in the United States. It is the most detailed profile of Indian American entrepreneurship and allows us to see the important job creating and wealth producing engine of economic growth all across the United States," Corrie added. In comparative terms, the receipts of Asian Indian-owned firms are larger than the state NRI TODAY JUNE 2011 29 Ravilochan Pola, CEO and President of Kotak Mahindra Inc., the Group's North American arm based in New York Ajit Jain who runs some of Berkshire Hathaway's insurance operations

GDP of 21 states, including Kentucky and Iowa and almost as large as the GDP of the wealthiest Indian State Maharashtra. In terms of employment, Asian Indianowned firms as a group employ more people than most of the largest Fortune 500 companies. For example, McDonald's employed 385,000 people according to Fortune Magazine, 2010.

The top three sectors for these businesses were computer systems design and related services, office of physicians and traveler accommodations. However, in terms of aggregate revenue, the largest sector was gasoline stations.

In terms of employment, the largest sectors were traveler accommodations, computer systems design and related services and limited service restaurants.

The top states for Asian Indian-owned businesses were California, New York, Texas, New Jersey, Illinois, Florida, Georgia, Virginia, Pennsylvania and Maryland.

Infosys Hunting for Acquisitions in Europe

Infosys CEO S. Gopalakrishnan

Infosys, India's second-biggest software services exporter, is on the hunt for acquisitions in Europe and Japan in areas including healthcare and public services, its chief executive has said. Speaking to media persons a day after the company announced changes in its top-level management, S. Gopalakrishnan said Infosys could acquire companies with annual revenues of up to $600 million. "Up to $600 million may not pose too much of a risk or burden on the company. But it's a thumb rule or a guideline rather than a hard and fast rule," said Gopalakrishnan, who is set to step down as chief executive in August to become executive co-chairman. Infosys was also seeking acquisitions in new areas like cloud computing, he said. The company had cash and cash equivalents of $3.8 billion as of the end of March.

"Our philosophy has always been that you plan organic growth," Gopalakrishnan said. "(But) you keep your eyes and ears open, you have a dedicated team looking at acquisitions." "We do not want to set a target for acquisition because we are not doing acquisition for growth. We are doing acquisitions for strategic fit and adding capability at this point in time," he said at the company's sprawling headquarters campus on the outskirts of Bangalore, India's information technology hub. Several Indian technology players including Infosys's larger rival Tata Consultancy Services and smaller rival Wipro have been looking for overseas acquisitions to boost growth amid growing competition from global rivals such as IBM and Accenture.

Indian software firms are also looking to reduce a dependency on their U.S. market, which accounts for more than half of the sector's revenue, and want to expand operations in European and Asian markets.

Mahindra & Mahindra Seek Rename Logan Sedan and Drop Renault diamond

Logan which M&M has renamed Verito

MUMBAI: Just over a year after breaking up its joint venture with Renault, Mahindra & Mahindra has announced that it has renamed the 'Logan' sedan as 'Verito,' thus completely dropping the French automaker's badge from the entry level sedan. "We are delighted to announce that the Logan will now be called the Verito."

And yes, the diamond logo of French carmaker Renault SA will be conspicuous by its absence.

"Your favorite Logan will now be called Verito and will sport the Mahindra badge and emblem," company vice-chairman and managing director Anand Mahindra tweeted recently. However, the company did not disclose pricing, sizing and launch strategy. Renault still supplies components for the Logan. Renault also earns a royalty for every Logan sold. Currently 45% of the parts of the car are supplied by Renault, while the rest are sourced locally.

E-hospital Launched for Medical Opinion from Global Experts

At a time when US president Barack Obama has urged his citizens not to opt for "cheap treatment" in India, two Indian doctors have made it possible for anyone in need around the world to consult best global experts from various fields through their e-hospital.

"The new virtual hospital 'MediAngels', provides comprehensive, cost-effective online consultation of health information and consultation and highly specialized medical services to people with health problems all across the world from best doctors from different parts of the world," the founders Dr Arbinder Singal, a paediatric urologist, and Dr Debraj Shome, a facial plastic surgeon, said. "At MediAngels panel we have 300 of the world's most renowned doctors from 85 super specialties (including children specialists) who have come together to bring about a revolution in the healthcare space. Whether you want to consult a super specialist for confirming a diagnosis or the plan for treatment, Mediangels will offer ethical, evidence-based medical advice to the patients directly," they said.

"The practicing physician in any remote corner of the world can also take help so that patients need not undertake unwanted travel for treatment," they said. Fifty per cent of the consulting specialists in the panel are from India and the rest fifty per cent include experts from United States, United Kingdom, Australia, Singapore, Sweden, China, Serbia and Japan, they said. The consulting website www.mediangels.com was launched on January 26 this year and it is committed to make healthcare affordable with a personal touch of a specialist, they said adding that so far 250 online consultations have taken place. When asked about the fee for consultation, they said, "We have kept a very nominal fee of Rs500 for Indians and $100 for those from abroad."

U.S., India PE firms may buy stake in MedPlus-report

U.S. private equity firm Mount Kellett Capital Management and two Indian firms are close to buying 35 percent in pharma retailer MedPlus Health Services for 4.1 billion rupees ($91 million).

A report in several Indian newspapers reported that Mount Kellett will make its first Indian investment, together with TVS Capital and Ajay Piramal group's healthcare fund, the newspaper said, quoting two unnamed sources familiar with the matter. It will buy out existing financial investors in MedPlus.

Mount Kellett will put in 3 billion rupees, while TVS and the Piramal fund will bring in the remainder, it said.

Hyderabad-based MedPlus operates a network of more than 800 pharmacies and diagnostic labs and clinics across five states and competes with Apollo Pharmacy and Guardian Lifecare in India's emerging organized pharma retail sector.

Organized retail chains are estimated to account for 3 percent of India's 450 billion rupees pharmaceutical retail industry. 30 NRI TODAY JUNE 2011 Infosys CEO S. Gopalakrishnan Logan which M&M has renamed Verito [ BY GAURI KUMAR ]