05001499 007 BUP 1.Pdf



ࠗࡦ࠼ડᬺߩࠣࡠ࡯ࡃ࡞ᚢ⇛       ᐕ᦬ᣣ  ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴㧔ࠫࠚ࠻ࡠ㧕 ᶏᄖ⺞ᩏㇱ

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ߪߓ߼ߦ

ㄭᐕࠗࡦ࠼ડᬺߩࠢࡠࠬࡏ࡯࠳࡯M&A ߇ᵴ⊒ൻߒߡ޿߹ߔޕ2007 ᐕߩ࠲࠲࡮ࠬ࠴࡯࡞ ߦࠃࠆࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊ⾈෼ޔ2006 ᐕߩ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ߦࠃࠆࡌ ࡯࠲ࡈࠔ࡯ࡓ⾈෼ߥߤ߇⸥ᙘߦᣂߒ޿ߣߎࠈߢߔޕߎࠇࠄߩࡔࠟ࠺ࠖ࡯࡞એᄖߦ߽ήᢙߩ M&A ߇ⴕࠊࠇߡ߅ࠅޔࠗࡦ࠼ડᬺߪࠣࡠ࡯ࡃ࡞ൻࠍㅴ߼ޔޟࠗࡦ࠼ᄙ࿖☋ડᬺޠߣߥࠅߟ ߟ޽ࠅ߹ߔޕߎࠇࠄࠗࡦ࠼ડᬺߪ᦭ᦸߥࡄ࡯࠻࠽࡯ߦޔ޽ࠆ޿ߪᚻߏࠊ޿┹੎⋧ᚻߦߥࠅ ߃߹ߔޕᧄ⺞ᩏߩ⋡⊛ߪޔߎ߁ߒߚਥⷐࠗࡦ࠼ડᬺߩၮᧄᖱႎ߿ߘߩᶏᄖᚢ⇛ࠍᢛℂߔࠆ ߎߣߢޔᣣᧄડᬺߩෳ⠨ߣߥࠆ⾗ᢱࠍឭଏߔࠆߎߣߦ޽ࠅ߹ߔޕ ߹ߚޔࠫࠚ࠻ࡠߢߪޔ೎ㅜޔ☨࿖ડᬺߩࠗࡦ࠼ะߌࠝࡈ࡚ࠪࠕ࡝ࡦࠣ⺞ᩏࠍታᣉߒߡ޿ ߹ߔޕᧄ⺞ᩏߪޔߎࠇߣ㑐ㅪߒߡޔࠗࡦ࠼߳ߩࠝࡈ࡚ࠪࠕ࡝ࡦࠣޔ․ߦ⍮⼂㓸⚂⊛ߥᬺോ ࠍኻ⽎ߣߔࠆ࠽࡟࠶ࠫ࡮ࡊࡠ࠮ࠬ࡮ࠕ࠙࠻࠰࡯ࠪࡦࠣ㧔KPO㧕ࠍ⥄りߢታ〣ߒޔߘߩ⚿ᨐ ࠍࠝࡈ࡚ࠪࠕ࡝ࡦࠣ⺞ᩏႎ๔ᦠߦᵴ߆ߔࠃ߁ߦ⸘↹ߒߚ߽ߩߢ߽޽ࠅ߹ߔޕౕ૕⊛ߦߪޔ ࠫࠚ࠻ࡠߪ⺞ᩏߩડ↹߅ࠃ߮ࡊࡠࠫࠚࠢ࠻࡮ࡑࡀࠫࡔࡦ࠻ߩߺࠍⴕ޿ޔ⃻࿾ߢߩ⺞ᩏߪో 㕙⊛ߦࠗࡦ࠼ߩ⺞ᩏડᬺࠗࡃ࡝ࡘࠨ࡯ࡉߦࠕ࠙࠻࠰࡯ࠬߒ߹ߒߚޕ

ޟࠗࡦ࠼ડᬺߩᶏᄖᚢ⇛ޠ⺞ᩏࡊࡠࠫࠚࠢ࠻ߩ-21ࡢ࡯ࠢࡈࡠ࡯

ട╩䊶ୃᱜ

ᦨ⚳ႎ๔ᦠ䈱ฃข ᦨ⚳ႎ๔ᦠ䈱⚊౉

ᦨ⚳ ਇ᣿ὐ䈱᣿⏕ൻ ႎ๔ ᦨ⚳⏕⹺

⠡⸶ቢੌ ⋙⸶䇮⸶䈮䈧䈇䈩 ੑ㊀䉼䉢䉾䉪 䊐䉞䊷䊄䊋䉾䉪 ౝኈ䈱᣿⏕ൻ ౝኈ䈱ਇ᣿ὐ䉕⏕⹺ ⠡⸶ ᣣᧄ⺆⠡⸶ ⠡⸶㐿ᆎ䉕ᜰ␜ ⠡⸶䉕㐿ᆎ 㐿ᆎ䉕ᜰ␜

⧷ᢥ䈪䈱 ᦨ⚳ႎ๔ ⧷ᢥਛ㑆ႎ๔ ⧷ᢥ䈪䈱 䈱䊐䉞䊷䊄䊋䉾䉪䇮 ਛ㑆ႎ๔ ਇ᣿ὐ䈱᣿⏕ൻ ⺞ᩏ ታᣉ ⺞ᩏታᣉ

䊒䊨䉳䉢䉪䊃䊶 䊙䊈䊷䉳䊞䊷 ⺞ᩏ⸳⸘วᗧ 䊶⺞ᩏ⸳⸘䈱ឭ᩺ 䉝䊅䊥䉴䊃 䊶ⷐઙቯ⟵䈱⏕⹺ ⸘↹ 䊶䊒䊨䉳䉢䉪䊃䊶䉼䊷䊛 䊶⺞ᩏડ↹┙᩺ 䇭䈱ㆬቯ 䊶ⷐઙቯ⟵ ⠡⸶ᜂᒰ

䉳䉢䊃䊨䋨᧲੩䋩 䉟䊋䊥䊠䉰䊷䊑㩿䊆䊠䊷䊂䊥䊷䋩 䉟䊋䊥䊠䉰䊷䊑䋨਄ᶏ䋩

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ࠝࡈ࡚ࠪࠕ࡝ࡦࠣታ〣ߩᚑᨐߪޔޟࠗࡦ࠼ࠝࡈ࡚ࠪࠕ࡝ࡦࠣޠ㧔ࠫࠚ࠻ࡠೀ㧕ࠍߏⷩߊ ߛߐ޿ޕ߹ߚޔࠫࠚ࠻ࡠߩ࠙ࠚࡉࠨࠗ࠻㧔ർ☨ߩ⺞ᩏ࡟ࡐ࡯࠻㧦 http://www.jetro.go.jp/biz/world/n_america/reports/㧕ߦޔᧄ⺞ᩏߩ⧷⺆ ႎ๔ᦠࠍឝタߒߡ ߅ࠅ߹ߔޕ ᧄᦠߪޔࠗࡃ࡝ࡘࠨ࡯ࡉ␠߆ࠄฃ㗔ߒߚႎ๔ᦠߦޔࠫࠚ࠻ࡠߦߡട╩ୃᱜࠍട߃ߡ߅ࠅ ߹ߔ߇ޔౝኈߩᱜ⏕ᕈߦߟ޿ߡߪޔၮᧄ⊛ߦᆔ⸤ߒߚࠗࡦ࠼ߩ⺞ᩏડᬺࠗࡃ࡝ࡘࠨ࡯ࡉߩ ⺞ᩏ⢻ജߦଐߞߡ޿߹ߔޕ ߹ߚޔᧄᦠࠍߏⷩ޿ߚߛߊߦ޽ߚߞߡߪޔԘᧄᢥਛߢ૶↪ߒߡ޿ࠆ࠺࡯࠲߿੐ታ㑐ଥߪ ା㗬ߢ߈ࠆߣᕁࠊࠇࠆฦ⒳ᖱႎߦၮߠ޿ߡ޿ࠆ߽ߩߩޔߘߩᱜ⏕ᕈޔቢోᕈߦߟ޿ߡޔࠫ ࠚ࠻ࡠޔࠗࡃ࡝ࡘࠨ࡯ࡉߣ߽଻⸽ࠍߔࠆ߽ߩߢߪߥ޿ߎߣޔԙࠫࠚ࠻ࡠߪᧄႎ๔ߩ⺰ᣦߣ ৻⥌ߒߥ޿ઁߩ⾗ᢱࠍ⊒ⴕߒߡ޿ࠆޔ޽ࠆ޿ߪ੹ᓟ⊒ⴕߔࠆ႐ว߽޽ࠆߎߣޔԚᧄႎ๔ߪ ⺒⠪ߩᣇޘ߳ߩᖱႎឭଏࠍ⋡⊛ߣߒߚ߽ߩߢ޽ࠅޔ․ቯߩᛩ⾗್ᢿࠍଦߔ߽ߩߢߪߥߊޔ ႎ๔ᦠߩౝኈࠍෳ⠨ߦߒߡⴕࠊࠇߚ⚻ᷣⴕὑߩ⚿ᨐߦኻߒߡࠫࠚ࠻ࡠ߅ࠃ߮ࠗࡃ࡝ࡘࠨ࡯ ࡉߪ⽿છࠍ⽶ࠊߥ޿ߎߣޔߦߟ޿ߡޔߏੌ⸃߅㗿޿⥌ߒ߹ߔޕ ᧄᦠ߇⥝㓉ߒᆎ߼ߚࠗࡦ࠼ડᬺ߳ߩℂ⸃ࠍᷓ߼ࠃ߁ߣߐࠇࠆࡆࠫࡀࠬ࡮ࡄ࡯ࠬࡦࠍߪߓ ߼ޔߏ㑐ᔃࠍ㗂޿ߚᣇߦޔዋߒߢ߽߅ᓎߦ┙ߡ߫ᐘ޿ߢߔޕ  ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴ ᶏᄖ⺞ᩏㇱ  ࡊࡠࠫࠚࠢ࠻ᜂᒰ⠪৻ⷩ

ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴ ᶏᄖ⺞ᩏㇱ ർ☨⺖㧔ડ↹࡮ో૕⛔᜝㧕

ડ↹࡮✬㓸㧦 ㋈ᧁ⵨᣿ ᣣᧄ஥ࡊࡠࠫࠚࠢ࠻࡮ࡑࡀ࡯ࠫࡖ࡯㧦 ↰ਛિ᣽ ⋙⸶㧦 㒙ㇱᄙᤋሶ

ࠗࡃ࡝ࡘࠨ࡯ࡉ

ࠗࡦ࠼࡮࠴࡯ࡓ㧔⺞ᩏᜂᒰ㧕 ࡊ࡟ࠫࠚࠢ࠻⛔᜝㧦 ࠕࠪࡘࠪࡘ࡮ࠣࡊ࠲㧔Ashish Gupta㧕 ࠗࡦ࠼஥ࡊࡠࠫࠚࠢ࠻࡮ࡑࡀ࡯ࠫࡖ࡯㧦 ࠕࠫࠚࠗ࡮ࡧࠔࠪࡘ࠾࡯㧔Ajay Varshney㧕 ⺞ᩏᜂᒰ㧦 ࠕࡆ࠽ࡉ࡮ࡊࡠࡅ࠻㧔Abhinav Purohit㧕 ⺞ᩏᜂᒰ㧦 ࠕࠞࠪࡘ࡮ࠢࡑ࡯࡞࡮ࠫࠚࠗࡦ㧔Akash Kumar Jain㧕 ⺞ᩏᜂᒰ㧦 ࠕࡒ࠲࡮ࠞ࡞࡜㧔Amita Kalra㧕

ਛ࿖࡮࠴࡯ࡓ 㧔⠡⸶ᜂᒰ㧕 ⠡⸶૞ᬺ⛔᜝㧦ࠛ࠼ࡢ࡯࠼࡮A࡮ࠕ࠳ࡓࠬࠠ࡯㧔Edward A. Adamski㧕 ⠡⸶ᜂᒰ㧦ࠫࠚ࠾࡯࡮࠙࡯㧔Jenny Wu㧕 ⠡⸶ᜂᒰ㧦 ࠠࡖ࡝࡯࡮ࡈ࡝ࠪ࠯ࡦ㧔Carrie Hrysyzen㧕

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ᐨ┨ ...... 7

╙1┨ ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯ 㧔⵾⮎㧕...... 11 1.1. ડᬺ᭎ⷐ ...... 11 1.2. ᩣਥ᭴ᚑ ...... 11 1.3. ᴪ㕟 ...... 12 1.4. ో૕ߩ⊒ዷᚢ⇛,...... 12 1.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 14 1.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 17 1.7. ⷐὐ ...... 18 ╙2┨ ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ 㧔⵾⮎㧕 ...... 19 2.1. ડᬺ᭎ⷐ ...... 19 2.2. ᩣਥ᭴ᚑ ...... 19 2.3. ᴪ㕟 ...... 20 2.4. ో૕ߩ⊒ዷᚢ⇛ ...... 20 2.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 21 2.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 24 2.7. ⷐὐ ...... 25 ╙3┨ ࠙ࠜ࠶ࠢࡂ࡞࠻ 㧔⵾⮎㧕...... 26 3.1. ડᬺ᭎ⷐ ...... 26 3.2. ᩣਥ᭴ᚑ ...... 26 3.3. ᴪ㕟 ...... 27 3.4. ో૕ߩ⊒ዷᚢ⇛ ...... 27 3.5. ⵾ຠ࡜ࠗࡦߣᄁ਄ߍേะ...... 28 3.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 30 3.7. ⷐὐ ...... 31 ╙4┨ ࠲࠲࡮ࠤࡒࠞ࡞ 㧔ൻቇ㧕...... 32 4.1. ડᬺ᭎ⷐ ...... 32 4.2. ᩣਥ᭴ᚑ ...... 32 4.3. ᴪ㕟 ...... 33 4.4. ో૕ߩ⊒ዷᚢ⇛ ...... 33 4.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 35 4.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 37 4.7. ⷐὐ ...... 38 ╙5┨ ࠲࠲࡮ࠬ࠴࡯࡞ 㧔㋕㍑㧕...... 39 5.1. ડᬺ᭎ⷐ ...... 39 5.2. ᩣਥ᭴ᚑ ...... 39 5.3. ᴪ㕟 ...... 40 5.4. ో૕ߩ⊒ዷᚢ⇛ ...... 40 5.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 43 5.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 44 5.7. ⷐὐ ...... 45 ╙6┨ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ 㧔㎊ㅧ㧕...... 47 6.1. ડᬺ᭎ⷐ ...... 47 6.2. ᩣਥ᭴ᚑ ...... 47

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6.3. ᴪ㕟 ...... 48 6.4. ో૕ߩ⊒ዷᚢ⇛ ...... 48 6.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 50 6.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 51 6.7. ⷐὐ ...... 53 ╙7┨ ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ 㧔ࠕ࡞ࡒ♖㍰㧕 ...... 54 7.1. ડᬺ᭎ⷐ ...... 54 7.2. ᩣਥ᭴ᚑ ...... 54 7.3. ᴪ㕟 ...... 55 7.4. ో૕ߩ⊒ዷᚢ⇛ ...... 55 7.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 57 7.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 58 7.7. ⷐὐ ...... 59 ╙8┨ ࠲࠲࡮ࡕ࡯࠲࡯࠭ 㧔⥄േゞ㧕...... 60 8.1. ડᬺ᭎ⷐ ...... 60 8.2. ᩣਥ᭴ᚑ ...... 60 8.3. ᴪ㕟 ...... 61 8.4. ో૕ߩ⊒ዷᚢ⇛ ...... 61 8.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 64 8.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 65 8.7. ⷐὐ ...... 66 ╙9┨ ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜ 㧔⥄േゞ㧕...... 67 9.1. ડᬺ᭎ⷐ ...... 67 9.2. ᩣਥ᭴ᚑ ...... 67 9.3. ᴪ㕟 ...... 68 9.4. ో૕ߩ⊒ዷᚢ⇛ ...... 68 9.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ...... 70 9.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ...... 72 9.7. ⷐὐ ...... 73 ╙10┨ ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ 㧔ᑪ⸳㧕 ...... 74 10.1. ડᬺ᭎ⷐ ...... 74 10.2. ᩣਥ᭴ᚑ ...... 74 10.3. ᴪ㕟...... 75 10.4. ో૕ߩ⊒ዷᚢ⇛...... 75 10.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ ...... 77 10.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛...... 78 10.7. ⷐὐ...... 81 ╙11┨ ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ 㧔ኅ㔚㧕 ...... 82 11.1. ડᬺ᭎ⷐ ...... 82 11.2. ᩣਥ᭴ᚑ ...... 82 11.3. ᴪ㕟...... 83 11.4. ో૕ߩ⊒ዷᚢ⇛...... 83 11.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ ...... 87 11.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛...... 89 11.7. ⷐὐ...... 91

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╙12┨ ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ 㧔ㅢା㧕...... 92 12.1. ડᬺ᭎ⷐ ...... 92 12.2. ᩣਥ᭴ᚑ ...... 92 12.3. ᴪ㕟...... 93 12.4. ో૕ߩ⊒ዷᚢ⇛...... 93 12.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ ...... 95 12.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛...... 96 12.7. ⷐὐ...... 97 ╙13┨ ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ 㧔㔚ജⵝ⟎㧕 ...... 98 13.1. ડᬺ᭎ⷐ ...... 98 13.2. ᩣਥ᭴ᚑ ...... 99 13.3. ᴪ㕟...... 99 13.4. ో૕ߩ⊒ዷᚢ⇛...... 99 13.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ ...... 101 13.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛...... 102 13.7. ⷐὐ...... 103 ╙14┨ ࠲࠲࡮࠹ࠖ࡯ 㧔⵾⨥㧕...... 104 14.1. ડᬺ᭎ⷐ ...... 104 14.2. ᩣਥ᭴ᚑ ...... 104 14.3. ᴪ㕟...... 105 14.4. ో૕ߩ⊒ዷᚢ⇛...... 105 14.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ ...... 107 14.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛...... 108 14.7. ⷐὐ...... 110 ╙15┨ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ 㧔ࡎ࠹࡞㧕...... 111 15.1. ડᬺ᭎ⷐ ...... 111 15.2. ᩣਥ᭴ᚑ ...... 111 15.3. ᴪ㕟...... 112 15.4. ో૕ߩ⊒ዷᚢ⇛...... 112 15.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ ...... 114 15.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛...... 115 15.7. ⷐὐ...... 116 

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ᐨ┨

ㆊ෰ 10 ᐕ㑆ޔࠗࡦ࠼ߩ↥ᬺߪᄢ᏷ߥᚑ㐳ࠍ⛯ߌߡ߈ߚޕࠗࡦ࠼ડᬺߩࠣࡠ࡯ࡃ࡞ൻߦ ߟ޿ߡߪޔIT ↥ᬺ߇‧ᒁᓎࠍᨐߚߒߚޕߒ߆ߒޔ⵾ㅧᬺߢߪޔࠗࡦ࠼ડᬺߪߎࠇ߹ߢ਎⇇ ߩ৻ᵹડᬺߦᄥಷᛂߜߢ߈ߥ߆ߞߚޕߎࠇߪਥߦޔࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩᰳᅤߦࠃࠆ ߽ߩߢ޽ߞߚޕߒ߆ߒޔ⃻࿷ޔࠗࡦ࠼ડᬺߪ⵾ㅧᬺߢ߽ޔࠣࡠ࡯ࡃ࡞ߦ⿷႐ࠍ࿕߼ࠃ߁ߣ ߒߡ߅ࠅޔ⁁ᴫߪᕆㅦߦᄌൻߒߡ޿ࠆޕࠗࡦ࠼ડᬺߪޔ⥄␠੐ᬺߩ⥄ὼߥ᜛ᄢߩߺߢߪߥ ߊว૬⾈෼㧔M&A㧕߽Ⓧᭂ⊛ߦⴕߞߡ޿ࠆޕࠗࡦ࠼ડᬺߦࠃࠆᶏᄖߢߩ M&A ઙᢙߪޔ 2002 ᐕߩ⚂ 40 ઙ߆ࠄ 2006 ᐕߦߪផቯ 180 ઙߦ߹ߢჇടߒߡ޿ࠆ1ޕขᒁߩⷙᮨ߽ޔᓢޘ ߦ᜛ᄢߒߡ޿ࠆޕߎࠇ߹ߢߩޔࠗࡦ࠼ડᬺߦࠃࠆᦨᄢߩࠢࡠࠬࡏ࡯࠳࡯M&A ߪޔ2000 ᐕ ߩ࠲࠲࡮࠹ࠖ࡯ߦࠃࠆ 4 ం 3,000 ਁ࠼࡞ߢߩ⧷࿖ߩ࠹࠻࡝࡯࡮ࠣ࡞࡯ࡊ㧔Tetley Group Limited㧕⾈෼ߢ޽ߞߚ߇ޔ2007 ᐕߦߪޔ࠲࠲࡮ࠬ࠴࡯࡞߇ 113 ం࠼࡞ߢ⧷⯗ડᬺߩࠦ࡯ ࡜ࠬ࡮ࠣ࡞࡯ࡊ㧔Corus Group㧕ࠍ⾈෼ߒߚޕ 1995 ᐕ߆ࠄ 2006 ᐕ 8 ᦬߹ߢߩᦼ㑆ߦߟ޿ߡߺࠆߣޔࠗࡦ࠼ડᬺߪⓍᭂ⊛ߦർ☨ߢߩ M&A ࠍታᣉߒޔർ☨ߢߩ M&A ߪޔో૕ߩ 3 ಽߩ 1 ࠍභ߼ߚ㧔࿑⴫ A㧕ޕർ☨ߦᰴ޿ߢᄙ ߆ߞߚߩ߇ޔ᰷Ꮊߣࠕࠫࠕߢ޽ࠆޕ߹ߚޔ↥ᬺ೎ߢߪޔࠢࡠࠬࡏ࡯࠳࡯M&A ߩ߁ߜޔ߅ࠃ ߘ 4 ಽߩ 1 ߇ᶖ⾌⽷߅ࠃ߮ࠨ࡯ࡆࠬ↥ᬺߢⴕࠊࠇߚ㧔࿑⴫ B㧕ޕ

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ࠗࡦ࠼ડᬺ߇ࠢࡠࠬࡏ࡯࠳࡯M&A ࠍㅢߓߡࠢࡠ࡯ࡃ࡞ൻࠍ⋡ᜰߔࠃ߁ߦߥߞߚℂ↱ߪᄙ ᭽ߢ޽ࠆ߇ޔਥⷐߥ߽ߩߪᰴߩㅢࠅߛ2㧦  1. 㘈ቴၮ⋚ߩ᜛ᄢ – ࠗࡦ࠼ડᬺߪޔࠣࡠ࡯ࡃ࡞Ꮢ႐߳ߩࠕࠢ࠮ࠬࠍᓧࠆߎߣߢ㘈ቴ ၮ⋚ߩ᜛ᄢࠍ⁓ߞߡ޿ࠆޕ଀߃߫ޔ2002ᐕߦߪࡃ࡯࠴ࡖ࡞ࡕࠢࠪࡖ࡮࠹ࠢࡁࡠࠫ࡯ 㧔vMoksha Technologies㧕߇☨࿖ߩ࠴ࡖ࡟ࡦࠫࡖ࡯ࠪࠬ࠹ࡓ࠭㧔Challenger Systems㧕ߣ ࠛࠢࠬࡔ࠺ࠖࠕ㧔X media㧕ࠍ⾈෼ߒޔ☨࿖Ꮢ႐ߢߩࡊ࡟࠯ࡦࠬࠍჇᄢߐߖߚޕ 2. ᛛⴚߩ₪ᓧ – 㜞ᐲᛛⴚߩ౉ᚻ߽ࠢࡠࠬࡏ࡯࠳࡯M&Aߩᄢ߈ߥേᯏઃߌߦߥߞߡ޿ ࠆޕ଀߃߫ޔ2005ᐕߦߪޔࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔Videocon Industries㧕߇੽ߩ ࠻ࡓ࠰ࡦ㧔Thomson 㧕ߩࠞ࡜࡯ฃ௝▤⵾ㅧ੐ᬺࠍ⾈෼ߒޔࠗ࠲࡝ࠕߩࠕ࠾ࡖ࡯࠾ 㧔Agnani㧕ߩ⎇ⓥ㐿⊒ᣉ⸳ࠍᚻߦ౉ߚޕ 3. ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩ᜛ᄢ – ࠗࡦ࠼ડᬺᢙ␠ߪޔ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝ᜛ᄢߩߚ߼ ߦM&A〝✢ࠍขߞߡ޿ࠆޕ଀߃߫ޔ2006ᐕߦߪޔ࠲࠲࡮࠹ࠖ࡯߇☨࿖ߦ߅ߌࠆ⽼ᄁ⵾ຠߩ ࡐ࡯࠻ࡈࠜ࡝ࠝߦࡉ࡜ࡦ࠼⃚℗ࠍขࠅㄟ߻ߚ߼ߦޔ☨࿖ߩࠛࠗ࠻࡮ࠝࠢࡠ࠶ࠢ࡮ࠦ࡯ࡅ࡯ 㧔Eight O' Clock Coffee Company㧕ࠍ⾈෼ߒߚޕ 4. ේ᧚ᢱ߳ߩࠕࠢ࠮ࠬ – ේ᧚ᢱߩ⏕଻߽ࠢࡠࠬࡏ࡯࠳࡯M&Aߩ⁓޿ߛޕ଀߃߫ޔ 2007ᐕߦߪޔ࠲࠲࡮ࠬ࠴࡯࡞߇⽕Ꮊߩ࡝ࡃ࡯ࠬ࠺࡯࡞␠㧔Riversdale Mining Limited㧕ߩ ࡕࠩࡦࡆ࡯ࠢ⍹὇ࡊࡠࠫࠚࠢ࠻㧔Mozambique coal project㧕ߩᩣᑼ35㧑ࠍขᓧߒߚޕ⋡⊛ ߪޔࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊࠍ⾈෼ߒߡᓧߚ⧷࿖ߥߤ᰷Ꮊߩ᜚ὐ߳ߩ⍹὇ଏ⛎ߢ޽ߞߚޕ 5. ⷙᮨߩ⚻ᷣߩ㆐ᚑ – ࠗࡦ࠼ડᬺߪޔⷙᮨߩ⚻ᷣߩ㆐ᚑߦࠃࠆ㐳ᦼ⊛ߥࠦࠬ࠻ఝ૏ ᕈߩ⏕┙ࠍ⁓ߞߡ޿ࠆޕ଀߃߫ޔࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔Bhart Forge㧕ߪޔ᰷Ꮊߥߤ㘈ቴߦ ㄭ޿᜚ὐࠍ᜛లޔૐઃടଔ୯⵾ຠߦߟ޿ߡࠗࡦ࠼ߥߤߩૐࠦࠬ࠻࿾ၞߢ⵾ㅧࠍ㓸⚂ߒߡ޿ ࠆޕ 6. 㜞ᚑ㐳₸ߩ⛽ᜬ – ࠗࡦ࠼ߩ㕖ല₸ߥቭ௥೙ޔ㊀޿⺖⒢⽶ᜂޔᣥᑼߩャㅍ߅ࠃ߮㔚 ജࠗࡦࡈ࡜ߪޔડᬺߩᚑ㐳ߩᅹߍߣߥߞߡ޿ࠆޕࠗࡦ࠼ડᬺߪߘߩᚑ㐳₸ࠍ⛽ᜬߔࠆߚ߼ ߦᶏᄖ߳ߩ੐ᬺዷ㐿ࠍᒝ޿ࠄࠇߡ޿ࠆ㕙߇޽ࠆޕ  ߎߩઁߩⅣႺⷐ࿃ߣߒߡߪޔࠗࡦ࠼⚻ᷣߩᚑ㐳ߦᓥ޿ડᬺ߇⽷ോ૕⾰ࠍᒝൻߒߚὐ߇᜼ ߍࠄࠇࠆޕࠗࡦ࠼⚻ᷣߪㆊ෰ 3 ᐕ㑆ߦᷰߞߡᐕ₸ 8㧑એ਄ߩഀวߢᚑ㐳ߒߡ߈ߚޕࠗࡦ࠼ ડᬺߩ 2006 ᐕߩᐔဋ⚐෼⋉ߪ 2005 ᐕᲧߢ 40㧑Ⴧߣߥߞߚޕㆊ෰ᢙᐕ㑆ߦᷰࠆ㊄೑ᒁਅ ߍ߽ߎߩᚑ㐳ߦ⽸₂ߒߚޕ1998㨪2003 ᐕߩ㑆ߦޔታ⾰㊄೑ߪ 5㧑ࡐࠗࡦ࠻ਅ⪭ߒߚޕߎࠇ ߦࠃߞߡޔࠗࡦ࠼ડᬺߩௌോᡰᛄ⢻ജ߇ะ਄ߒޔ⽶ௌ/⥄Ꮖ⾗ᧄᲧ₸߇ 90㧑߆ࠄ 40㧑ߦૐ ਅߒߚޕ߹ߚޔડᬺߩ✚⾗↥ߦභ߼ࠆ⥄Ꮖ⾗ᧄߩഀว߽ 6㧑߆ࠄ 12㧑ߦჇടߒޔડᬺߩ⾗ ᧄ⺞㆐ജ߇ᄢ᏷ߦะ਄ߒߚޕ

 ฦ␠⾗ᢱޔฦ⒳ႎ㆏ࠃࠅࠗࡃ࡝ࡘࠨ࡯ࡉ␠ขࠅ߹ߣ߼

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ࠗࡦ࠼ߩ㐿᡼⊛ߥኻᄖᛩ⾗᡽╷߽ޔࠗࡦ࠼ડᬺߩࠣࡠ࡯ࡃ࡞Ꮢ႐߳ߩෳ౉ࠍᓟ᛼ߒߒߡ ޿ࠆޕࠗࡦ࠼᡽ᐭߪޔኻᄖ⋥ធᛩ⾗㧔FDI㧕ࠍᅑബߔࠆߚ߼ቯᦼ⊛ߦኻᄖᛩ⾗ߩ⥄↱ൻ᜛ ᄢࠍⴕߞߡ޿ࠆޕ଀߃߫ޔ2003㨪2004 ᐕߩ㑆ߩⷙ೙ᄌᦝߢߪޔ࿖ౝડᬺߦࠃࠆኻᄖᛩ⾗ 㗵ߩᦨᄢ㒢ᐲࠍޔ1 ం࠼࡞߆ࠄડᬺߩ⚐⾗↥ߩ 2 ୚߹ߢᒁ߈਄ߍߚ3ޕ ࠗࡦ࠼ડᬺ߇․ߦ☨࿖ડᬺ߆ࠄߩࠝࡈ࡚ࠪࠕ࡝ࡦࠣ⋧ᚻవߣߥߞߚߎߣ߽ M&A ߇Ⴧട ߒߚ㑆ធ⊛ߥⷐ࿃ߛޕࠝࡈ࡚ࠪࠕ࡝ࡦࠣߪޔࠗࡦ࠼ડᬺߦᶏᄖߩ⚻༡ᚻᴺࠍขࠅㄟ߻ᯏળ ࠍឭଏߒߚޕ߹ߚޔࠣࡠ࡯ࡃ࡞࡮ࡆࠫࡀࠬߦ߅ߌࠆ౒ㅢ⸒⺆ߢ޽ࠆ⧷⺆ߪߔߢߦࠗࡦ࠼ߦ ᩮઃ޿ߡ޿ࠆ4ޕߎ߁ߒߚⶄᢙߩⷐ࿃߇ⶄว⊛ߦ⛊ߺ޽ߞߡޔࠗࡦ࠼ડᬺߩࠣࡠ࡯ࡃ࡞ൻࠍ ଦㅴߔࠆࡆࠫࡀࠬⅣႺ߇૞ࠄࠇߡ߈ߚޕ ߶߷ߔߴߡߩ↥ᬺ߇ࠢࡠࠬࡏ࡯࠳࡯M&A ߩ⥰บߦ┙ߞߡ߅ࠅޔㄭᐕߢߪ⵾⮎ޔ㋕㍑ޔ⥄ േゞߥߤߩ↥ᬺ߇‧ᒁᓎࠍᜂߞߡ޿ࠆޕߎߩ௑ะߪޔߒ߫ࠄߊ⛮⛯ߔࠆߣ⷗ㄟ߹ࠇࠆޕ 2000 ᐕએ᧪ޔࠗࡦ࠼ߩ⵾⮎ડᬺߪ਎⇇ߢ 60 એ਄ߩ⾈෼ࠍⴕߞߡ߈ߚޕߎࠇߦࠃߞߡޔߚ ߛߩૐࠦࠬ࠻ߩක⮎ຠේ⮎㧔API㧕ଏ⛎⠪ߦߔ߉ߥ߆ߞߚࠗࡦ࠼⵾⮎ડᬺߪޔࠣࡠ࡯ࡃ࡞ ߦዷ㐿ߔࠆ⚵❱ߦᄌࠊߞߡ߈ߚޕࠗࡦ࠼⵾⮎ડᬺߩ⾈෼᡹൓ߪޔᄢᚻડᬺߩߺߥࠄߕਛዊ ડᬺ߽ⴕߞߡ޿ࠆޕߎࠇࠄડᬺߪޔࠗࡦ࠼ߩૐࠦࠬ࠻⵾ㅧ᜚ὐߣ⾈෼ߢᓧࠆߥߤߒߚవㅴ ߩ⎇ⓥ㐿⊒ᣉ⸳ࠍᵴ↪ߒޔ਎⇇ߩਥⷐᏒ႐ߢఝ૏ᕈࠍ⏕┙ߒࠃ߁ߣߒߡ޿ࠆޕหᤨߦޔ M&A ߪޔࠗࡦ࠼ડᬺ߇ᶏᄖߦ⃻࿾ߩᴺ೙ᐲߦḰ᜚ߒߚ⵾ㅧᣉ⸳ࠍᜬߟߎߣ߽ኈᤃߦߒߚޕ 2006 ᐕߩࠗࡦ࠼ߩࠝ࡯ࡠࡆࡦ࠼࡮ࡈࠔ࡯ࡑ㧔Aurobindo Pharma㧕ߦࠃࠆ⧷࿖ߩࡒ࡞ࡈࠔ ࡯ࡓ㧔Milpharm Limited㧕⾈෼߇ߎߩౖဳߛ5ޕ ㄭᐕߩઍ⴫⊛ߥ⾈෼ߦߪޔ2006 ᐕߦⴕࠊࠇߚ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯࠭࡮࡜ࡏ࡜࠻࡝࡯࠭ 㧔DRL㧕ߦࠃࠆޔ࠼ࠗ࠷╙ 4 ૏ߩࠫࠚࡀ࡝࠶ࠢ⵾⮎ડᬺࡌ࡯࠲ࡈࠔ࡯ࡓ㧔Betapharm Arzneimittel (betapharm)㧕ߩ⾈෼߇޽ࠆޕ4 ం 8,000 ਁ࡙࡯ࡠ⋧ᒰߩห⾈෼ߦࠃࠅޔ࠼ࠢ ࠲࡯࡮࡟࠺ࠖ࡯࠭࡮࡜ࡏ࡜࠻࡝࡯࠭ߪޔ਎⇇╙ 2 ૏ߩࠫࠚࡀ࡝࠶ࠢක⮎ຠᏒ႐ߢ޽ࠆ࠼ࠗ ࠷ߦᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ⏕┙ߔࠆߎߣ߇ߢ߈ߚ6ޕࡌ࡯࠲ࡈࠔ࡯ࡓߪ 270 ం࡙࡯ࡠߩᄁ਄ ߍࠍ⹶ࠆ࠼ࠗ࠷ක⮎ຠᏒ႐ߦ߅޿ߡ 3.5㧑ߩࠪࠚࠕࠍ₪ᓧߒߡ޿ࠆޕߎߩ⾈෼ߩ⋡⊛ߪޔ ਥⷐᏒ႐߳ߩ⿷႐ࠍ࿕߼ޔ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯࠭࡮࡜ࡏ࡜࠻࡝࡯࠭ࠍࠣࡠ࡯ࡃ࡞ߦዷ㐿ߔ ࠆਛⷙᮨડᬺߦᚑ㐳ߐߖࠆߎߣߢ޽ߞߚ7ޕ ࠢࡠࠬࡏ࡯࠳࡯M&A ߩ⥰บߢ㊀ⷐߥᓎഀࠍᜂߞߡ߈ߚ߽߁৻ߟߩ↥ᬺ߇㋕㍑↥ᬺߛޕ㋕ ㍑↥ᬺߢߪޔ਎⇇⊛ߦ⛔ᑄวߩᵹࠇ߇ㅴࠎߢ޿ࠆޕᦨߚࠆ଀߇ޔ2006 ᐕߩࠗࡦ࠼಴りߩ࡜ ࠢࠪࡘࡒ࡮ࡒ࠲࡞᳁߇ഃᬺߒߚࡒ࠲࡞ࠬ࠴࡯࡞㧔Mittal Steelޔᧄ␠ࠝ࡜ࡦ࠳㧕ߦࠃࠆ࡞ࠢ ࠮ࡦࡉ࡞ࠢߩࠕ࡞࠮ࡠ࡯࡞㧔ArcelorsSA㧕ߩ 260 ం࡙࡯ࡠߩ⾈෼ߛޕߎߩ⚿ᨐޔࠕ࡞࠮ࡠ ࡯࡞࡮ࡒ࠶࠲࡞㧔AccelorMittalޔᧄ␠࡞ࠢ࠮ࡦࡉ࡞ࠢ㧕ߣ޿߁਎⇇ࠪࠚࠕ 10㧑ߩ਎⇇ᦨᄢ ߩ㋕㍑ડᬺ߇⺀↢ߒߚޕ

 ࠗࡦ࠼᡽ᐭࡎ࡯ࡓࡍ࡯ࠫ 6KOG/CIC\KPG㧔ᐕ᦬ᣣઃ㧕-PQYNGFIG"9JCTVQP1PNKPG$WUKPGUU,QWTPCN㧔ᐕ᦬ᣣઃ㧕 (GFGTCVKQPQH+PFKCP%JCODGTUQH%QOOGTUCPF+PFWUVT[ (+%%+ #WTQDKPFQ2JCTOC␠࠙ࠚࡉࠨࠗ࠻ +%/4㧔%GPVGTHQT/CPCIGOGPV4GUGCTEJ㧕 *KPFW$WUKPGUU.KPG㧔ᐕ᦬ᣣઃ㧕

 9 

2007 ᐕߦߪޔ࠲࠲࡮ࠬ࠴࡯࡞㧔Tata Steel Limited㧕߇⧷⯗ߩ㋕㍑ડᬺࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ ࡊ㧔Corus Group Plc㧕ࠍ 113 ం࠼࡞ߢ⾈෼ޔࠗࡦ࠼ડᬺߦࠃࠆㆊ෰ᦨᄢߩขᒁߣߥߞߚޕ ࠲࠲࡮ࠬ࠴࡯࡞ߪ⷏᰷ߩ㋕㍑Ꮢ႐߳ߩࠕࠢ࠮ࠬߣ᰷Ꮊߩ઀਄ߍᎿ႐ߩ৻⟲ࠍ₪ᓧߒޔ┹੎ ജࠍᒝൻߒߚޕ࠲࠲࡮ࠬ࠴࡯࡞ߪ 45 ࠞ࿖ߢᠲᬺߔࠆޔᄁ਄ߍ਎⇇╙ 5 ૏ߩ㋕㍑ડᬺߣߥ ߞߚޕห␠ߩ 2007 ᐕߩ㍑㋕↢↥⢻ജߪ 2,700 ਁ࠻ࡦߣߥߞߚޕ ࠗࡦ࠼㋕㍑ડᬺߪᢙᐕ೨߆ࠄࠢࡠࠬࡏ࡯࠳࡯M&A ߦടࠊߞߡ߈ߚޕࠗࡦ࠼ߩ㋕㍑↥ᬺߢ ࠢࡠࠬࡏ࡯࠳࡯M&A ߇ᵴ⊒ߦߥߞߚℂ↱ߩ߭ߣߟߦߪޔ᡽ᐭߦࠃࠆ㋕㍑ߩ㑐⒢ᒁ߈ਅߍ߇ ޽ࠆޕߎࠇߦࠃࠅ࿖ౝ↥ᬺߪᶏᄖߩડᬺߣߩ┹੎ߦᤴߐࠇࠆࠃ߁ߦߥߞߚޕડᬺߪ↢߈ᱷ ࠅߩߚ߼ߦޔ೑⋉₸ߩ㜞޿ࠣࡠ࡯ࡃ࡞Ꮢ႐ߩ㐿ᜏࠍᒝ޿ࠄࠇߚޕߎ߁ߒߚേ߈ߩౕ૕଀ߣ ߒߡߪޔ2004 ᐕߦࠗࡦ࠼ߩࠫࡦ࠳࡞␠㧔Jindal Stainless Limited㧕ߦࠃࠆࠗࡦ࠼ࡀࠪࠕߩ ಄㑆࿶ᑧડᬺࡑࡊࠪࠝࡦ࡮ࠬ࠹ࡦ࡟ࠬ࡮ࠬ࠴࡯࡞㧔Mapsion Stainless Steel PT㧕ߩ 2,500 ਁ࠼࡞ߩ⾈෼߇޽ࠆޕ ࠗࡦ࠼ߩ⥄േゞ࡮⥄േゞㇱຠ↥ᬺ߽ࠢࡠࠬࡏ࡯࠳࡯M&A ࠍ‧ᒁߒߡ޿ࠆޕࠗࡦ࠼ߩ⥄േ ゞ↥ᬺߪߔߢߦޔఝࠇߚᛛⴚജࠍ᦭ߔࠆૐࠦࠬ࠻↢↥᜚ὐߣߒߡ࿾૏ࠍ⏕┙ߒߡ޿ࠆޕ GMޔ࠻࡛࠲ޔࡎࡦ࠳ޔBMWޔᣣ↥ߥߤߩࠣࡠ࡯ࡃ࡞ડᬺ߿ᄢᚻ⥄േゞㇱຠડᬺ߇ࠗࡦ࠼ ߢߩ੐ᬺ⸳┙ߦ⥝๧ࠍᜬߜߪߓ߼ޔࠗࡦ࠼ߪޔ⥄േゞ߅ࠃ߮⥄േゞㇱຠߩャ಴᜚ὐ߳ߣ⊒ ዷߒߟߟ޽ࠆޕࠗࡦ࠼߆ࠄߩਸ਼↪ゞャ಴ߪޔ2010 ᐕ߹ߢߦ 100 ਁบߦዯߊߣ⷗ㄟ߹ࠇߡ ޿ࠆޕ ࠗࡦ࠼⥄േゞ࡮⥄േゞㇱຠડᬺߦࠃࠆࠢࡠࠬࡏ࡯࠳࡯M&A ߪޔਥߦ⥄␠ࠍᄢⷙᮨߥૐࠦ ࠬ࠻↢↥ડᬺߦォ឵ߔࠆߎߣࠍ⋡⊛ߣߒߡ޿ࠆޕ߹ߚޔM&A ߦࠃࠅޔࠃࠅ㜞ᐲߥᛛⴚߩ₪ ᓧߣᣂᏒ႐ߩ㐿ᜏࠍ⁓ߞߡ޿ࠆޕM&A ࠍᵴ⊒ߦⴕߞߡ޿ࠆડᬺߦߪޔࠗࡦ࠼ߩࠕࡓ࠹࠶ ࠢ࡮ࠝ࡯࠻(Amtek Auto)ޔ࠲࠲࡮ࡕ࡯࠲࡯࠭(Tata Motors Limited)ޔࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫߥ ߤ߇޽ࠆ8ޕ 2006 ᐕߦࠕࡓ࠹࠶ࠢ࡮ࠝ࡯࠻߇࠲࡯ࡏ࠴ࡖ࡯ࠫࡖ࡯࡮ࡂ࠙ࠫࡦࠣ⵾ㅧડᬺߢ਎⇇ 3 ૏ߩ ࠼ࠗ࠷ߩ࠷ࠚ࡞࠲࡯㧔Zelter GmbH㧕ߩᩣᑼ 70㧑ࠍขᓧߒߚޕ2,800 ਁ࡙࡯ࡠߩหขᒁߦ ࠃߞߡޔࠕࡓ࠹࠶ࠢ࡮ࠝ࡯࠻ߪ᰷Ꮊߦᒝ࿕ߥ⿷႐ࠍ▽ߊߎߣ߇ߢ߈ߚޕ2004 ᐕೋ㗡ߦߪޔ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ߇࠼ࠗ࠷ᦨᄢߩ㎊ㅧળ␠ߩ߭ߣߟߢ޽ࠆࠞ࡯࡞࡮࠳ࡦ࡮ߵ࠺ࠖࡦࠣࡂ ࠙ࠬ㧔Carl Dan Peddinghaus GmbH㧕ࠍ 2,900 ਁ࡙࡯ࡠߢ⾈෼ߒޔࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫߪ ਎⇇╙ 2 ૏ߩ㎊ㅧડᬺߣߥߞߚޕ ੹ᓟޔࠢࡠࠬࡏ࡯࠳࡯M&A ߩ‧ᒁᓎߣߥࠆߣ⷗ㄟ߹ࠇࠆߘߩઁߩ↥ᬺߣߒߡߪޔ㔚᳇ㅢ ାޔᶖ⾌⽷ޔIT࡮ࠕ࠙࠻࠰࡯ࠪࡦࠣޔࠛࡀ࡞ࠡ࡯ߥߤ߇޽ࠆޕߎ߁ߒߚ↥ᬺߢࠢࡠࠬࡏ࡯ ࠳࡯M&A ߇ᵴ⊒ൻߔࠇ߫ޔߘࠇߙࠇߩડᬺ߇ M&A ߦࠃࠆᕲᕺࠍฃߌࠆߛߌߢߥߊޔࠗࡦ ࠼↥ᬺో૕ߩ࿖㓙┹੎ജะ਄ߦ߽❬߇ࠆޕ߹ߚޔࠗࡦ࠼ડᬺߦࠃࠆࠢࡠࠬࡏ࡯࠳࡯M&A ᵴ ⊒ൻߪޔ੹ᓟޔࠗࡦ࠼ડᬺ߇ࠣࡠ࡯ࡃ࡞࡮ࡆࠫࡀࠬߦ߅޿ߡޔ߹ߔ߹ߔ㊀ⷐߥᓎഀࠍᜂߞ ߡ޿ߊߎߣࠍ␜ໂߔࠆ߽ߩߛޕ

 5VGGTKPI+PFKCP#WVQOQDKNG+PFWUVT[̄5EKGPEG6GEJ̄#RTKN

 10 

╙┨࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯ 㧔⵾⮎㧕

ડᬺ᭎ⷐ ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯࠭࡮࡜ࡏ࡜࠻࡝࡯࠭㧔DRL㧕ߪ 1984 ᐕߦࠕࡦࠫ࡮࡟࠺ࠖ࡯ඳ჻ 㧔Dr. K. Anji Reddy㧕ߦࠃߞߡ⸳┙ߐࠇߚޕห␠ߪޔࠗࡦ࠼╙ 2 ૏ߩ⵾⮎ડᬺ㧔2005 ᐕᐲ ⃻࿷㧕ߢޔ100 ࠞ࿖ࠍ⿥߃ࠆᏒ႐ߦዷ㐿ߒߡ޿ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯㧔ㅪ⚿㧕

ડᬺฬ ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯㧔Dr. Reddy’s Laboratories Limited: DRL㧕 ᚲ࿷࿾ 7-1-27, Ameerpet, Hyderabad, Andhra Pradesh, India – 500 016 㔚⹤⇟ภ +91-40-2373-1946 ࡈࠔ࠶ࠢࠬ⇟ภ +91-40-2373-1955 URL http://www.drreddys.com ળ㐳 Dr. K. Anji Reddy ⸳┙ᐕ 1984 9 ⾗ᧄ✚㗵 4ం6,881ਁ࠼࡞ ⾗↥✚㗵 14ం3,431ਁ࠼࡞ ᓥᬺຬ ⚂6,120ੱ ಴ᚲ㧦&4.࠙ࠚࡉࠨࠗ࠻&4.ᐕᐲᐕᰴႎ๔ᦠ

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ

ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗⠪   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ὑᦧ࡟࡯࠻㧦+04 ࠼࡞ ᐕ᦬ᣣ ޕએਅޔ․ߦᢿࠅ߇ߥߌࠇ߫หߓޕ

 11 

ᴪ㕟

࿑⴫㧦  ᴪ㕟࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯

ᐕ  1984 ࠕࡦࠫ࡮࡟࠺ࠖ࡯ඳ჻߇DRLࠍഃ┙ 1986 ᶏᄖᏒ႐ߦೋㅴ಴ 1987 ⵾೷੐ᬺࠍ㐿ᆎ 1987 ☨࿖㘩ຠක⮎ຠዪ㧔FDA㧕ߦࠃࠆࠗࡉࡊࡠࡈࠚࡦේ⮎㧔API㧕⵾ㅧᛚ⹺ࠍᓧࠆ ⎇ⓥ⽷࿅ࠍ⸳┙ 1993 ഃ⮎ࡊࡠࠣ࡜ࡓࠍ㐿ᆎ ࠗࡦ࠼⵾⮎ડᬺߣߒߡೋߩൻว‛ዉ಴ࠍⴕ߁ޕ࠺ࡦࡑ࡯ࠢߩࡁࡏ ࡁ࡞࠺ࠖࠬࠢࡈࠔ࡯ࡑ 1997 㧔Novo Nordisk㧕ߦ♧ዩ∛⮎DRF2593㧔ࡃ࡜ࠣ࡝࠲࠱ࡦ(Balaglitazone)㧕ࠍዉ಴ ࡁࡏࡁ࡞࠺ࠖࠬࠢࡈࠔ࡯ࡑߦ♧ዩ∛⮎ DRF2725㧔࡜ࠟࠣ࡝࠲ࠩ࡯࡞(Ragaglitazar)㧕ࠍ 1998 ዉ಴ 1999 ࠗࡦ࠼ߩ⵾⮎ડᬺࠕࡔ࡝ࠞࡦ࡟ࡔ࠺ࠖ࡯࠭㧔American Remedies Limited㧕ࠍ⾈෼ 2000 ࠤࡒࡁ࡯࡞࡮࠼࡜࠶ࠣࠬ㧔Cheminor Drugs Limited㧕ߣว૬ 2001 ห␠ೋߩࠫࠚࡀ࡝࠶ࠢක⮎ຠ࡜࠾࠴࠳ࠗࡦ㧔Ranitidine㧕ࠍ☨࿖Ꮢ႐ߢ⽼ᄁ 2001 ࠾ࡘ࡯࡛࡯ࠢ⸽೛ขᒁᚲ㧔NYSE㧕ߦ਄႐ ࠗࡦ࠼ߩ⵾⮎ડᬺߣߒߡೋ߼ߡޔ☨࿖Ꮢ႐ߢߩࠫࠚࡀ࡝࠶ࠢක⮎ຠߩ180ᣣ㑆ߩ⁛භ 2001 ࡑ࡯ࠤ࠹ࠖࡦࠣᮭࠍ₪ᓧ 2005 ✚วක⮎ຠ㐿⊒ડᬺߢ޽ࠆࡍ࡞࡟ࠞࡦࡈࠔ࡯ࡑ㧔Perlecan Pharma㧕ࠍ⸳┙ 2006 ☨࿖Ꮢ႐ߢ╙2࿁⋡ߣߥࠆࠫࠚࡀ࡝࠶ࠢක⮎ຠߩ180ᣣ㑆ߩ⁛භࡑ࡯ࠤ࠹ࠖࡦࠣᮭࠍ₪ᓧ ಴ᚲ㧦&4.࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ DRL ߩࠗࡦ࠼࿖ౝߩ⵾ㅧᣉ⸳ߪޔࡅࡑ࡯࠴ࡖ࡞࡮ࡊ࡜࠺࡯ࠪࡘᎺ㧔Himachal Pradesh㧕 ߩࡃ࠺ࠖ㧔Baddi㧕ޔࡂࠗ࠺࡜ࡃ࡯࠼㧔Hyderabad㧕ߩࠕࡒ࡯࡞ࡍ࠶࠻㧔Ameerpet㧕ޔࠕ ࡯ࡦ࠼࡜࡮ࡊ࡜࠺࡯ࠪࡘᎺ㧔Andhra Pradesh㧕ߩࠪࡘ࡝࡯ࠞ࡯ࠢ࡜ࡓ㧔Srikakulam District㧕ߦ޽ࠆޕห␠ߪ㔛ⷐ᜛ᄢࠍฃߌߡޔ2005 ᐕᐲޔࠫࠚࡀ࡝࠶ࠢ⵾ຠ߅ࠃ߮ࠞࠬ࠲ ࡓක⮎ຠࠨ࡯ࡆࠬ㧔CPS㧕㧔⎇ⓥ㐿⊒߆ࠄ⵾ㅧ߹ߢߩోߡ߹ߚߪ৻ㇱߩഃ⮎ࡊࡠ࠮ࠬߩࠨ ࡯ࡆࠬឭଏ㧕ߩឭଏജࠍ᜛ᄢߐߖߚޕ߹ߚޔห␠ߪක⮎ຠේ⮎㧔API㧕߅ࠃ߮ක⮎ຠ⵾೷ ߩ↢↥⢻ജࠍߐࠄߦ㜞߼ࠆ⸘↹ߛޕ DRL ߪޔࡃ࡝ࡘ࡯㨯࠴ࠚ࡯ࡦ਄ߢૐઃടଔ୯ߥක⮎ຠේ⮎߿ක⮎ਛ㑆૕੐ᬺߥߤ߆ࠄ⣕ ළߒޔࠃࠅ㜞ઃടଔ୯ߥ⎇ⓥ㐿⊒ਥዉဳ੐ᬺ㧔ࠬࡍࠪࡖ࡝࠹ࠖ࡯࡮࠼࡜࠶ࠣ㧔ࠝ࡯ࡈࠔ ࡦ࡮࠼࡜࠶ࠣߥߤߩ․ᱶߥක⮎ຠ㧕෸߮ഃ⮎㧕߳ᵈജߔࠆᚢ⇛ࠍߣߞߡ߈ߚޕ଀߃߫ޔห ␠ߪ 2004 ᐕޔ☨࿖ߢࠬࡍࠪࡖ࡝࠹ࠖ࡯࡮࠼࡜࠶ࠣ੐ᬺ㧔⊹⤏⑼㗔ၞ㧕ࠍⴕ߁࠻࡝ࠫࠚࡀ ࠪࠬ࡮࠮࡜ࡇࡘ࡯࠹ࠖ࠶ࠢࠬ㧔Trigenesis Therapeutics Inc㧕ࠍ⾈෼ߒߚޕߎࠇߦࠃࠅ DRL ߪⶄᢙߩ⵾ຠ߅ࠃ߮ DDS㧔⮎‛ㅍ㆐ࠪࠬ࠹ࡓ㧕ᛛⴚၮ⋚ࠍ₪ᓧߒߚޕߎߩ⾈෼ߪޔ☨࿖ߩ ⊹⤏ಣᣇ⮎Ꮢ႐߇ 2004 ᐕߦ 60 ం࠼࡞ߣ਎⇇Ꮢ႐ߩᄢㇱಽࠍභ߼ߡ޿ࠆ12ߎߣ߆ࠄ߽㊀ⷐ ߛޕห␠ߩ߽߁৻ߟߩ㊀ὐ㗔ၞߪ↢‛⵾೷ಽ㊁ߢ޽ࠆޕห␠ߪࡃࠗࠝࠫࠚࡀ࡝࠶ࠢ㧔ࡃࠗ

 &4.ᐕᐲᐕᰴႎ๔ᦠ &4.ᐕᐲᐕᰴႎ๔ᦠ %QNNC)GPGZ2JCTOCEGWVKECNŪᐕᐲᐕᰴႎ๔ᦠ

 12 

ࠝක⮎ຠᓟ⊒ຠ, ᓟ⊒↢‛⵾೷㧕⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍ᭴▽ߒࠃ߁ߣߒߡ߅ࠅޔߔߢߦࠗ ࡦ࠼ߢࠣ࡜ࡈࠖ࡯࡞㧔Grafeel㧕ߣ޿߁ࡃࠗࠝࠫࠚࡀ࡝࠶ࠢක⮎ຠࠍ㐿⊒ߒߡ޿ࠆޕ DRL ߪ 2004 ᐕᐲߦߪ✚෼౉ߩ 14㧑ࠍ⎇ⓥ㐿⊒ߦᛩߓߚ߇ޔ2005 ᐕᐲߩ⎇ⓥ㐿⊒⾌ߪ ✚෼౉ߩ 9㧑ߣߥߞߚޕ⵾⮎ડᬺߩ⎇ⓥ㐿⊒ࠦࠬ࠻ߪ㜞ߊޔDRL ߪઁߩ⵾⮎ળ␠ޔ㐿⊒ᬺ ോฃ⸤ᯏ㑐㧔CRO㧕ޔࡌࡦ࠴ࡖ࡯ࠠࡖࡇ࠲࡞㧔JV㧕ߣ᦭ᗧߥࠕ࡜ࠗࠕࡦࠬࠍ⚵ߺޔ⎇ⓥ㐿 ⊒⾌↪ߩ࡝ࠬࠢࠍૐᷫߔࠆߎߣࠍᦸࠎߢ޿ࠆޕ଀߃߫ޔDRL ߪ 2005 ᐕߦࠗࡦ࠼ߩ ICICI ࡌࡦ࠴ࡖ࡯ࡈࠔࡦ࠼ࡑࡀ࡯ࠫࡔࡦ࠻㧔ICICI Venture Funds Management Co.㧕ߣ☨࿖ߩ◲ ᤃൻᣂ⮎ᛚ⹺↳⺧㧔Abbreviated New Drug Application㧦ANDA㧕(ࠫࠚࡀ࡝࠶ࠢක⮎ຠ඙ ಽ)ߦ㑐ߔࠆᄾ⚂ࠍ⚿ࠎߛޕICIC Venture ߪ 2004㨪2006 ᐕߩ㑆ߦ಴㗿ߐࠇࠆක⮎ຠߩ㐿⊒ޔ ⊓㍳ޔ⸷⸩ߥߤߩࠦࠬ࠻ࠍ⽶ᜂޕDRL ߪ ICIC Venture ߦኻߒߡޔ໡ຠൻߦᚑഞߒߚࠫࠚࡀ ࡝࠶ࠢක⮎ຠߩᄁ਄ߍ߆ࠄࡠࠗࡗ࡝࠹ࠖࠍᡰᛄ߁ߎߣߦߥߞߚޕ

ᒝߺޔᒙߺ

 ᒝߺ x ࡃ࡝ࡘ࡯࡮࠴ࠚ࡯ࡦࠍ✂⟜ߔࠆ੐ᬺߣᒝ࿕ߥ࿖㓙ࡊ࡟࠯ࡦࠬ – DRLߪࠫࠚࡀ࡝࠶ࠢක⮎ ຠޔAPIޔ⵾೷ޔCPSޔ⎇ⓥ㐿⊒ߣޔ⵾⮎↥ᬺߩࡃ࡝ࡘ࡯࡮࠴ࠚ࡯ࡦࠍ✂⟜ߒߡ޿ࠆޕ ߹ߚޔห␠ߪޔ100એ਄ߩᏒ႐ߦㅴ಴ߒߡ޿ࠆޕߎ߁ߒߚ⁁ᴫߦࠃࠅޔห␠ߪޔ┹วડ ᬺߩჇടߥߤߦࠃࠆ࡝ࠬࠢߩᓇ㗀ࠍૐᷫߔࠆߎߣ߇ߢ߈ࠆޕ଀߃߫ޔ☨࿖ߩࠫࠚࡀ࡝࠶ ࠢᏒ႐ߢߪ┹วჇടߩ⚿ᨐޔଔᩰ┹੎࿶ജ߇Ⴧᄢߒߚޕߒ߆ߒDRLߪޔࡠࠪࠕޔCISޔ ࠗࡦ࠼ߦ߅ߌࠆࡉ࡜ࡦ࠼⵾ຠߩᄁ਄ߍჇޔ᰷ᎺᏒ႐ߦ߅ߌࠆࠫࠚࡀ࡝࠶ࠢක⮎ຠߩ80㧑 ࠍ⿥߃ࠆᄁ਄ߍჇߥߤߦࠃߞߡޔ☨࿖ߢߩ⧰Ⴚࠍ⋧Ვߢ߈ߡ޿ࠆޕ x ᒝ࿕ߥഃ⮎ࡄࠗࡊ࡜ࠗࡦ – DRLߪ߅ࠃߘ9ߟߩᣂ⮎୥⵬ൻว‛ࠍ㐿⊒ਛߢ޽ࠅޔߘࠇߙ ࠇ⇣ߥࠆ㐿⊒Ბ㓏ߦ޽ࠆޕߎࠇࠄߩᣂ⮎୥⵬ൻว‛ߪޔࠕ࠹ࡠ࡯ࡓᕈേ⣂⎬ൻޔ♧ዩ∛ޔ 㜞⢽ⴊ∝ޔ⢈ḩ∝ޔ࿕ဳ⣲≌ߥߤߩᴦ≮⮎ߣߒߡ㐿⊒ߐࠇߡ޿ࠆ 14ޕ

 ᒙߺ x APIޔࡉ࡜ࡦ࠼ක⮎ຠޔࠫࠚࡀ࡝࠶ࠢ੐ᬺ߳ߩଐሽᐲߩ㜞ߐ – ߎࠇࠄ3ߟߩ੐ᬺߪޔ⃻ ࿷DRLߩ✚෼౉ߩ߶߷90㧑ࠍභ߼ࠆޕࠬࡍࠪࡖ࡝࠹ࠖ࡯࡮࠼࡜࠶ࠣ㧔ࠝ࡯ࡈࠔࡦ࡮࠼࡜ ࠶ࠣߥߤߩ․ᱶߥක⮎ຠ㧕߿CPSߥߤߘߩઁߩ੐ᬺߪ⊒ዷᲑ㓏ߦ޽ࠆޕߎ߁ߒߚᒙߺߪޔ 2004ᐕᐲߦห␠ߩ෼౉߇ડᬺഃ┙એ㒠ೋ߼ߡ೨ᐕᐲᲧ3㧑ᷫߣߥߞߚὐߦ߽⴫ࠇߡ޿ࠆ ߣߺࠄࠇࠆޕ

 ߎߎߢߪޟᯏળޠޔޟ⢿ᆭޠߦ㑐ߔࠆಽᨆߪⴕߞߡ޿ߥ޿ޕ &4.࠙ࠚࡉࠨࠗ࠻

 13 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ &4.ߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߪޔએਅߩࠃ߁ߦ᭴ᚑߐࠇߡ޿ࠆޕ x ක⮎ຠේ⮎㧔API㧕 – DRLߪ100ࠍ⿥߃ࠆAPI߅ࠃ߮ᄙᢙߩක⮎ਛ㑆૕ࠍ଻᦭ߔࠆޕ x ࠫࠚࡀ࡝࠶ࠢක⮎ຠ15 – DRLߪ☨࿖ߢޟ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯ޠߩࡉ࡜ࡦ࠼ߢ10⵾ຠࠍ⽼ ᄁߒߡ޿ࠆޕห␠ߪ2006ᐕ߹ߢޔ⧷࿖ߥߤEUᏒ႐ߢߪ30ࠍ⿥߃ࠆ⵾ຠࠍ⽼ᄁߒߡ޿ߚޕ 2006ᐕߦ࠼ࠗ࠷ߩࠫࠚࡀ࡝࠶ࠢડᬺࡌ࡯࠲ࡈࠔ࡯ࡓ㧔betapharm㧕ࠍ⾈෼ߒޔޟࡌ࡯࠲ 㧔beta㧕ޠࡉ࡜ࡦ࠼ߢ߅ࠃߘ140⒳ߩක⮎ຠࠍឥ߃ࠆࠃ߁ߦߥߞߚޕ x ↢‛⵾೷ – ⚵ߺ឵߃࠲ࡦࡄࠢ⾰ߢ޽ࠆࠣ࡜ࡈࠖ࡯࡞㧔GRAFEEL㧕ߪޔൻቇ≮ᴺ⺃⊒ᕈ ߩᅢਛ⃿ᷫዋ∝ߦ⧰ߒ߻ࠟࡦᖚ⠪ߩᴦ≮ߦ↪޿ࠄࠇߡ޿ࠆޕ x ࡉ࡜ࡦ࠼ක⮎ຠ – ో਎⇇ߢ150એ਄ߩࡉ࡜ࡦ࠼ࠍᛴ߃ࠆޕߎߩಽ㊁ߦ߅ߌࠆห␠ߩਥⷐ ߥ࿖㓙ࡉ࡜ࡦ࠼ߦߪޔࠝࡔࡊ࡜࠱࡯࡞㧔Omez㧔Omeprazole㧕㧕ޔ࠾ࡔࠬ࡝࠼㧔Nise 㧔Nimesulide㧕㧕ޔࠪࡊࡠࡊࡠࠨࠠࠪࡦ㧔Ciprolet㧔Ciprofloxacin㧕㧕ޔࠛ࠽࡜ࡊ࡝࡞ 㧔Enam㧔Enalapril㧕㧕ޔࠤ࠻ࡠ࡯࡞㧔Ketorol㧔Keterolac Tromethamine㧕ߥߤ߇޽ࠆޕ

&4.߇㐿⊒ਛߩᣂ⮎୥⵬ൻว‛ߪએਅߩㅢࠅޕ

࿑⴫㧦  㐿⊒ਛߩᣂ⮎୥⵬ൻว‛࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯

ᣂ⮎୥⵬ൻว‛ ∔ᖚ 㐿⊒Ბ㓏 RUS 3108 ࠕ࠹ࡠ࡯ࡓᕈേ⣂⎬ൻ ࡈࠚ࡯࠭I 16 DRL 16805 ࠕ࠹ࡠ࡯ࡓᕈേ⣂⎬ൻ GLP Tox DRF 2593 ♧ዩ∛ ࡈࠚ࡯࠭II DRL 16536 ♧ዩ∛ GLP Tox DRF 10945 㜞⢽ⴊ∝ ࡈࠚ࡯࠭II DRL 12424 㜞⢽ⴊ∝ GLP Tox DRL 11605 ⢈ḩ ࡈࠚ࡯࠭I DRL 15725 ᘟᕈ㑐▵࡝࠙ࡑ࠴ GLP Tox DRF 1042 ࿕ဳ⣲≌ ࡈࠚ࡯࠭II ಴ᚲ㧦&4.࠙ࠚࡉࠨࠗ࠻

ਥⷐ⽷ോᜰᮡ ห␠ߩ੐ᬺಽ㊁ߏߣߩㅪ⚿ᄁ਄ߍࠍ␜ߔޕห␠ߪ 2005 ᐕᐲߦ೨ᐕᲧ 24㧑Ⴧߩ 5 ం 4,989 ਁ࠼࡞ߩ෼౉ࠍᓧߚޕ

 &4.࠙ࠚࡉࠨࠗ࠻̄⵾ຠ᩺ౝ ).26QZ).26QZߪޔ㕖⥃ᐥᲥᕈ⹜㛎ߢޔࡈࠚ࡯࠭+ߩ⥃ᐥ⹜㛎ߩ೨ߦⴕࠊࠇࠆޕ).2ߣߪޔක⮎ຠߩ቟ోᕈ⹜㛎 ߩታᣉߦ㑐ߔࠆၮḰߩߎߣߢ޽ࠆޕ

 14 

࿑⴫㧦  ੐ᬺಽ㊁ߏߣߩㅪ⚿ᄁ਄ߍ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯

㪉㪇㪇㪋ᐕᐲ 2.70%

1.72% 䊑䊤䊮䊄ක⮎ຠ 1.60%

API

18.30% 䉳䉢䊈䊥䉾䉪ක⮎ຠ 40.08% CPS

ᢇ๮ᢇᕆ䈍䉋䈶䊋䉟䉥䊁䉾䉪

䈠䈱ઁ 35.60%

㪉㪇㪇㪌ᐕᐲ 䊑䊤䊮䊄ක⮎ຠ 2.85% 5.50% 0.10% API

16.70% 䉳䉢䊈䊥䉾䉪ක⮎ຠ

CPS

ᢇ๮ᢇᕆ䈍䉋䈶䊋䉟䉥䊁䉾䉪 40.90% 䈠䈱ઁ 33.95%

 ಴ᚲ㧦&4.ᐕᐲᐕᰴႎ๔ᦠ

 15 

ห␠ߩ࿾ၞ೎ߩㅪ⚿ᄁ਄ߍࠍ␜ߔޕ

࿑⴫㧦  ࿾ၞ೎ߩㅪ⚿ᄁ਄ߍ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯   㪉㪇㪇㪋ᐕᐲ 11% 䉟䊮䊄 34% ർ☨ 15% 䈠䈱ઁ

䊨䉲䉝䈍䉋䈶䈠䈱ઁ䈱ᣥ䉸䊎䉣 䊃ㅪ㇌⻉࿖ ᰷Ꮊ 18% 22%

  㩷㪉㪇㪇㪌ᐕᐲ

11% 䉟䊮䊄 34% ർ☨ 18% 䈠䈱ઁ

䊨䉲䉝䈍䉋䈶䈠䈱ઁ䈱ᣥ䉸䊎䉣 䊃ㅪ㇌⻉࿖ ᰷Ꮊ

21% 16%

  ಴ᚲ㧦&4.ᐕᐲᐕᰴႎ๔ᦠ  

 16 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯

ᐕ  1986 ࡔ࠴࡞࠼࡯ࡄ㧔Methyldopa㧕ߩャ಴ߦࠃߞߡࠣࡠ࡯ࡃ࡞Ꮢ႐ߦㅴ಴ ᰷Ꮊ߅ࠃ߮ᭂ᧲߳ߩࡁ࡞ࡈࡠࠠࠨࠪࡦ㧔Norfloxacin 㧕ߣࠪࡊࡠࡈࡠࠠࠨࠪࡦ 1990 㧔Ciprofloxacin㧕ߩャ಴㊂ߢࠗࡦ࠼╙㧝૏ߣߥࠆ 1991 ࡠࠪࠕ߳ߩ⵾೷ャ಴ࠍ㐿ᆎ 1995 ࡠࠪࠕߦวᑯડᬺࠍ⸳┙ ☨࿖ࠕ࠻࡜ࡦ࠲Ꮊߦቢోሶળ␠ߩ࡟࠺ࠖ࡯US࠮࡜ࡇࡘ࡯࠹ࠖ࠶ࠢࠬ㧔Reddy US 2000 Therapeutics㧕ࠍ⸳┙ ⧷࿖ߩBMS ࡜ࡏ࡜࠻࡝࡯࠭㧔BMS Laboratories Limited㧕ߣࡔ࡝࠺ࠖࠕࡦࡋ࡞ࠬࠤࠕ࡯ 2002 㧔Meridian Healthcare㧕ࠍ⾈෼ ☨࿖ߦ᜚ὐࠍ⟎ߊ⊹⤏⑼㗔ၞ⵾⮎ડᬺߩ࠻࡝ࠫࠚࡀࠪࠬ࡮࠮࡜ࡇࡘ࡯࠹ࠖ࠶ࠢࠬ 2004 㧔Trigenesis Therapeutics Inc㧕ࠍ⾈෼ 2005 ࡠࠪࡘ㧔Roche㧕ߩAPI੐ᬺߣࡔࠠࠪࠦߩ⵾ㅧ᜚ὐࠍ⾈෼ 2006 ࠼ࠗ࠷╙4૏ߩࠫࠚࡀ࡝࠶ࠢ⵾⮎ડᬺߢ޽ࠆࡌ࡯࠲ࡈࠔ࡯ࡓ㧔betapharm㧕ࠍ⾈෼ ࡊࡠࠬࠞ࡯㧔Proscar㧕߅ࠃ߮࠱ࠦ࡯࡞㧔Zocor㧕ߩࠫࠚࡀ࡝࠶ࠢක⮎ຠߩ☨࿖ߢߩ⽼ᄁߦ 2006 ߟ޿ߡ☨࿖ߩࡔ࡞ࠢ␠㧔Merck㧕ߩ⹺ቯࡄ࡯࠻࠽࡯ߣߥࠆ ಴ᚲ㧦&4.࠙ࠚࡉࠨࠗ࠻  DRL ߪሶળ␠ޔวᑯડᬺޔઍℂᐫߥߤࠍㅢߓޔ਎⇇Ꮢ႐ߢᄢ߈ߥࡊ࡟࠯ࡦࠬࠍ⏕┙ߒߚޕ ห␠ߪࠗࡦ࠼࿖ᄖߢߪޔࡔࠠࠪࠦߩࡕ࡟ࡠࠬ㧔Morelos㧕Ꮊࡅ࠙࠹ࡍ࠶ࠢ㧔Jiutepec㧕ߣਛ ࿖ߩ᣸᣿Ꮢ㧔Kunshan City㧕ߦ᜚ὐࠍᜬߟޕਛ࿖᜚ὐߪวᑯડᬺߢ޽ࠅޔࡄ࡯࠻࠽࡯ߪޔ ࡠ࡯࠲ࡓ࡮ࠣ࡞࡯ࡊ࡮ࠝࡉ࡮ࠞ࠽࠳㧔Rotam Group of Canada㧕߿ਛ࿖ߩࠢࡦࠪࡖࡦ࡮࠳ ࡉ࡞࡮ࠢ࡟࡯ࡦ࡮ࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠞ࡞㧔Kunshan Double Crane Pharmaceutical Co., Ltd㧕ߛޕDRL ߪߎߩวᑯડᬺࠍㅢߓߡޔਛ࿖Ꮢ႐ߩ⊹⤏⑼㗔ၞޔᶖൻེ∛ޔౝಽᴲ∔ᖚ ಽ㊁ߢߢࡊ࡟࠯ࡦࠬࠍᜬߞߡ޿ࠆޕ߹ߚޔหวᑯડᬺߪ⮎ℂቇޔᲥᕈቇ⎇ⓥޔ⵾ຠ㐿⊒⎇ ⓥߩಽ㊁ߦ߅޿ߡ߽㕖ᏱߦⓍᭂ⊛ߛޕ⵾ຠ㐿⊒ߦߪᓴⅣེ∛߿⊹⤏⑼㗔ၞߩᴦ≮⮎߽฽߹ ࠇࠆޕDRL ߪޔධࠕࡈ࡝ࠞߦ╙ 2 ߩวᑯડᬺࠍᜬߞߡ޿ࠆޕDRL ߪޔ਎⇇ฦ࿖ߦᢙᄙߊߩ ઍℂᐫࠍᜬߞߡ޿ࠆޕ᰷Ꮊߦߪว⸘ 5 ߟߩሶળ␠ࠍᜬߜޔർ☨ޔਛධ☨ޔࡠࠪࠕޔࠕࠫࠕ ߦߪ 7 ߟߩሶળ␠ࠍᜬߟޕDRL ߩ 5 ੐ᬺಽ㊁ߩ߁ߜޕർ☨ߣ EU Ꮢ႐ߢߪࡉ࡜ࡦ࠼ක⮎ຠޔ ᛫߇ࠎ೷ޔ↢‛⵾೷ಽ㊁߇ߥߊޔ৻ᣇޔઁߩᏒ႐ߢߪࠫࠚࡀ࡝࠶ࠢක⮎ຠಽ㊁߇ߥ޿ޕ DRL ߪ 2004 ᐕᐲޔ෼౉ߩ 66㧑ࠍࠣࡠ࡯ࡃ࡞Ꮢ႐߆ࠄᓧߚޕ਎⇇ᦨᄢߩ⵾⮎Ꮢ႐ߢ޽ࠆ ☨࿖Ꮢ႐ߪห␠ߩ㊀ὐ࿾ၞߛޕห␠ߪޔ☨࿖Ꮢ႐ෳ౉ᒰೋߪޔઁ␠ߣߩ⵾ຠឭ៤ࠍㅴ߼ߚ ߇ޔ⃻࿷ߢߪޟ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯ޠߩࡉ࡜ࡦ࠼ߢ⵾ຠ⽼ᄁߒߡ޿ࠆޕᒰೋ 6 ฬߩߺߛߞ ߚ☨࿖ߩᓥᬺຬᢙߪ 60 ฬߦჇടߒߚޕ ⽼〝ࠍᐢߍࠆߚ߼ޔDRL ߪ⵾ຠ㐿⊒߅ࠃ߮ࡑ࡯ࠤ࠹ࠖࡦࠣߩ࿖㓙ឭ៤ࠍ᳞߼ߡ޿ࠆޕ଀ ߃߫ޔห␠ߪޔࠢࡠࠕ࠴ࠕߩ⵾⮎ડᬺࡊ࡝ࡃ㧔Pliva㧕ߣ᰷ᎺᏒ႐ߢߩ᛫߇ࠎ೷ಽ㊁⵾ຠߩ 㐿⊒࡮ࡑ࡯ࠤ࠹ࠖࡦࠣߩឭ៤ࠍ⚿ࠎߛޕࡊ࡝ࡃߪ᰷ᎺᏒ႐ߢᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ▽޿ߡ޿ ࠆޕDRL ߪ 2006 ᐕߦޔ࠺ࡦࡑ࡯ࠢߩ࡝ࠝࠨࠗࠛࡦࠬ㧔Rheoscience A/S㧕ߣࡃ࡜ࠣ࡝࠲ ࠱ࡦ㧔balaglitazone㧕㧔DRF 2593㧕ߩ㐿⊒ߦߟ޿ߡឭ៤ࠍ⚿ࠎߛޕห␠ߪห㐿⊒߇ࡈࠚ࡯ ࠭Υߩ⥃ᐥ⹜㛎ߦㅴ߻ߣᦼᓙߒߡ޿ࠆޕ

 17 

DRL ߪޔࠣࡠ࡯ࡃ࡞᜛ᄢᚢ⇛ߩ৻Ⅳߣߒߡᄢⷙᮨߥࠢࡠࠬࡏ࡯࠳࡯M&A ࠍⴕߞߚޕห ␠ߪ 2005 ᐕޔࠬࠗࠬߩࡠࠪࡘ㧔Roche㧕ߩ API ੐ᬺࠍࡔࠠࠪࠦߩࡕ࡟ࡠࠬᎺࠢࠛ࡞࠽ࡃ ࠞ㧔Cuernavaca㧕ߦ޽ࠆ⵾ㅧᣉ⸳ߣߣ߽ߦߦ⾈෼ߒߚޕDRL ߪߎߩ⾈෼ߦࠃߞߡ CPS ಽ ㊁ߦ߅ߌࠆ࿾૏ᒝൻࠍ⁓ߞߡ߅ࠅޔ⵾⮎ಽ㊁ߢߩޟᦨ㜞ߩࡄ࡯࠻࠽࡯ޠߦߥࠈ߁ߣߒߡ޿ ࠆޕ߹ߚห␠ߪ 2006 ᐕޔ࠼ࠗ࠷╙ 4 ૏ߩࠫࠚࡀ࡝࠶ࠢක⮎ຠડᬺߢ޽ࠆࡌ࡯࠲ࡈࠔ࡯ࡓ ࠍ⾈෼ߒޔࡌ࡯࠲ࡈࠔ࡯ࡓ߇ᜬߟ߅ࠃߘ 140 ߩ⼾ንߥ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍᓧߚޕ

ⷐὐ x DRLߪߎࠇ߹ߢޔࠢࡠࠬࡏ࡯࠳࡯M&Aޔߘߩઁߩឭ៤ࠍᵴ↪ߒޔਥⷐᏒ႐ߦ߅ߌࠆࡊ ࡟࠯ࡦࠬࠍᒝൻߒߡ߈ߚޕ x APIޔࡉ࡜ࡦ࠼ක⮎ຠޔࠫࠚࡀ࡝࠶ࠢක⮎ຠ߇ห␠ߩ෼⋉ߩ߅ࠃߘ90㧑ࠍභ߼ࠆ߇ޔ DRLߪࠬࡍࠪࡖ࡝࠹ࠖ࡯࡮࠼࡜࠶ࠣ㧔ࠝ࡯ࡈࠔࡦ࡮࠼࡜࠶ࠣߥߤߩ․ᱶߥක⮎ຠ߅ࠃ߮ ഃ⮎ߩಽ㊁ࠍᒝൻߒࠃ߁ߣߒߡ޿ࠆޕห␠ߪߔߢߦᄙߊߩᣂ⮎୥⵬ൻว‛ࠍ㐿⊒ਛߢ޽ ࠆޕ

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╙┨࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ 㧔⵾⮎㧕

ડᬺ᭎ⷐ ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭㧔Ranbaxy Laboratories Limited㧕ߪޔࠗࡦ࠼ߦᧄ␠ࠍ⟎ ߊࠣࡠ࡯ࡃ࡞⵾⮎ડᬺߢ޽ࠆޕห␠ߪ 1961 ᐕߦഃ┙ߐࠇߚޕห␠ߩ⵾ㅧᎿ႐ߪ 9 ࠞ࿖ߦ ޽ࠅޔߘߩ⵾ຠߪ 125 ࠞ࿖ߢ⽼ᄁߐࠇߡ޿ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭㧔ㅪ⚿㧕

ડᬺฬ ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭㧔Ranbaxy Laboratories Limited㧕 ᚲ࿷࿾ Plot 90, Sector 32, Gurgaon – 122001, Haryana, India 㔚⹤⇟ภ +91-124-4135000 ࡈࠔ࠶ࠢࠬ⇟ภ +91-124-4135001 ࡎ࡯ࡓࡍ࡯ࠫ http://www.ranbaxy.com/ CEO Mr. Malvinder Mohan Singh ⸳┙ᐕ 1961 ⾗ᧄ✚㗵 5ం5,462ਁ࠼࡞ ⾗↥✚㗵 14ం1,415ਁ࠼࡞ ᓥᬺຬ NA ಴ᚲ㧦࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭࠙ࠚࡉࠨࠗ࠻ᐕᐲᐕᰴႎ๔ᦠ

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ㅢ⽻឵▚࡟࡯࠻+04 ࠼࡞ ᐕᐲ 

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ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭

ᐕ  1961 ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭㧔Lannbaxy Laboratories Limited㧕߇ഃ⸳ ౏㐿ડᬺߣߥࠆ 1973 ࠗࡦ࠼ߦක⮎ຠේ⮎㧔API㧕⵾ㅧߩߚ߼ߩᄙ⋡⊛ൻቇᎿ႐ࠍ⸳⟎ 1983 ࠗࡦ࠼ߩࡑ࠺ࠖࠕ࡮ࡊ࡜࠺࡯ࠪࡘᎺ㧔Madhya Pradesh㧕ߦ⵾ㅧᣉ⸳ࠍ⸳┙ 1985 ࡜ࡦࡃࠢࠪ࡯⎇ⓥ⽷࿅ࠍ⸳┙ 1987 ࠗࡦ࠼ߩࡄࡦࠫࡖࡉᎺ㧔Punjab㧕ߩAPI⵾ㅧᣉ⸳ߢ↢↥ࠍ㐿ᆎ 1991 ࠮ࡈࠔࡠࠬࡐ࡝ࡦ㧔Cephalosporins㧕⵾ㅧߩߚ߼ߩᣉ⸳ࠍࠗࡦ࠼ߩࡕࡂ࡯࡝Ꮊ㧔Mohali㧕ߦ⸳⟎ ☨࿖ߩࠗ࡯࡜ࠗ࡮࡝࡝࡯㧔Eli Lilly and Co㧕ߣޔࠗࡦ࠼ߦ߅ߌࠆ․ቯߩ࡝࡝࡯㧔Lilly㧕⵾ຠࠍ⽼ᄁߔࠆߚ 1992 ߼ߩวᑯડᬺࠍ⸳┙ 1994 ࠣ࡞ࠟࠝࡦ㧔Gurgaon㧕ߩ⎇ⓥ࠮ࡦ࠲࡯߇ቢోߦⒿേ ࠗࡦ࠼ක⮎ຠ▤ℂዪ㧔Drug and Controller General of India㧕㧔DCGI㧕ߦࡈࠚ࡯࠭I⥃ᐥ⹜㛎ታᣉߩߚ߼ 1998 ߩ⹺น↳⺧ࠍⴕ߁ 2000 ༎ᕷ⮎ൻว‛RBx-7796ߩ ᛚ⹺↳⺧㧔IND㧕ࠍⴕ߁ ᛫⩶ൻว‛RBx 7644 ߩINDࠍⴕ߁ 2002 DCGI߆ࠄޔ༎ᕷ⮎ൻว‛RBx 7796ߩࡈࠚ࡯࠭I⥃ᐥ⹜㛎ታᣉߩ⹺นࠍฃߌࠆ ⧷࿖ߩࠣ࡜ࠢ࠰࡮ࠬࡒࠬࠢ࡜ࠗࡦ㧔Glaxo SmithKline Plc 㧔GSK㧕㧕ߣഃ⮎ߩߚ߼ߩࠣࡠ࡯ࡃ࡞࡮ࠕ࡜ 2003 ࠗࠕࡦࠬࠍ⚿߱ RBx 7796ߩࡈࠚ࡯࠭I⥃ᐥ⹜㛎߇ᚑഞ ☨࿖ߩᄢ⛔㗔ࠛࠗ࠭ᢇᷣ✕ᕆ⸘↹㧔PEPFAR㧕ߦ߅޿ߡ☨࿖㘩ຠක⮎ຠዪ㧔FDA㧕߆ࠄ᛫࡟࠻ࡠ࠙ࠖ࡞ ࠬ⮎೷ߩ⹺นࠍฃߌࠆ 2005 ࡜ࡦࡃࠢࠪ࡯ߩᣣᧄวᑯડᬺߢ޽ࠆᣣᧄ⮎ຠᎿᬺ㧔Nihon Pharmaceutical Industry Limited㧕߇♧ዩ∛ᴦ ≮⮎ࡏࠣࠪ࡯࡞㧔Vogseal㧕ࠍ⊒⴫ ࠯ࡁ࡯࠹࠶ࠢ㧔Zenotech㧕ߣޔ਎⇇ਛߢ࠯ࡁ࡯࠹࠶ࠢߩ᛫߇ࠎ೷⵾ຠࠍ࡜ࡦࡃࠢࠪ࡯໡ᮡߢ⽼ᄁߔࠆߚ 2006 ߼ߩ⽼ᄁࠕ࡜ࠗࠕࡦࠬࠍ⚿߱ ಴ᚲ㧦࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛

⎇ⓥ㐿⊒ജᒝൻ߳ߩᵈജ ߘߩ߶߆ߩ⵾⮎ᄢᚻߣหߓߊޔ࡜ࡦࡃࠢࠪ࡯ߪ⎇ⓥ㐿⊒ࠍ㊀ⷐⷞߒߡ޿ࠆޕห␠ߪޔએ ਅߩಽ㊁ߦᵈജߒߡ޿ࠆ㧦 x ᣂഃ⮎⎇ⓥ㧔NDDR㧕 x ᣂⷙDDS㧔⮎‛ㅍ㆐ࠪࠬ࠹ࡓ㧕㧔NDDS㧕⎇ⓥ x ⮎೷⎇ⓥ x ൻቇ߅ࠃ߮⵾೷⎇ⓥ  ࡜ࡦࡃࠢࠪ࡯ߩ⎇ⓥ㐿⊒⾌ߪޔห␠ߩ 2005 ᐕߩᄁ਄ߍߩ 9.8㧑ߦ਄ࠆޕห␠ߪ 2005 ᐕޔ ࠗࡦ࠼࿖ౝߢ 185 ߩ․⸵↳⺧ࠍⴕ޿ޔᣂഃ⮎࠮ࡦ࠲࡯߽㐿⸳ߒߚޕ 2005 ᐕߦߪޔ࡜ࡦࡃࠢࠪ࡯ߪ 10 ߩഃ⮎ࡊࡠࠣ࡜ࡓࠍหᤨㅴⴕߐߖޔᒝജߥᣂⷙൻว‛ 㧔NCE㧕ߩࡄࠗࡊ࡜ࠗࡦࠍᒻᚑߒߚޕߎࠇࠄࡊࡠࠣ࡜ࡓߩਛߦߪޔ଀߃߫ޔࠫࡘࡀ࡯ࡉߩ ࡔ࠺ࠖࠪࡦ࠭࡮ࡈࠜ࡯࡮ࡑ࡜࡝ࠕ࡮ࡌࡦ࠴ࡖ࡯㧔Medicines for Malaria Venture㧕ߣ౒หߢ ⴕߞߡ޿ࠆࡑ࡜࡝ࠕᴦ≮⮎୥⵬ൻว‛ߩ㐿⊒߇޽ࠆޕห␠ߪޔ2005 ᐕߦߎߩߎߩ୥⵬ൻว ‛ߩ POC ⥃ᐥ⹜㛎ࡈࠚ࡯࠭Τa ࠍቢੌߒߚޕߘߩ߶߆ߩഃ⮎ࡊࡠࠣ࡜ࡓߪޔ2 ဳ♧ዩ∛ߥ

 20 

ߤߩઍ⻢∔ᖚ߿ޔᘟᕈ㐽Ⴇᕈ⢖∔ᖚ㧔COPD㧕߅ࠃ߮༎ᕷߩࠃ߁ߥἻ∝ᕈ࡮๭ๆེ♽∔ᖚ ߦ㑐ߔࠆ߽ߩߛޕ ห␠ߪޔᰴߩ 2 ߟߩ⎇ⓥࡊࡠࠣ࡜ࡓߦߟ޿ߡࠣ࡜ࠢ࠰࡮ࠬࡒࠬࠢ࡜ࠗࡦߣឭ៤ࠍ⚿ࠎߢ ޿ࠆޕ৻ߟߪޔ๭ๆེ♽∔ᖚߦ㑐ߔࠆ⎇ⓥࠍࠣ࡜ࠢ࠰࡮ࠬࡒࠬࠢ࡜ࠗࡦߣ࠽࡚ࠪ࠽࡞࡮ࠗ ࡦࠬ࠹ࠖ࠹ࡘ࡯࠻࡮ࠝࡉ࡮ࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠞ࡞࡮ࠛ࠺ࡘࠤ࡯࡚ࠪࡦ࡮ࠕࡦ࠼࡮࡝ࠨ࡯࠴ 㧔National Institute of Pharmaceutical Education and Research㧕ߣⴕߞߡ߅ࠅޔ߽߁৻ߟ ߪἻ∝ᕈ∔ᖚߦ㑐ߔࠆ⎇ⓥࠍࠣ࡜ࠢ࠰࡮ࠬࡒࠬࠢ࡜ࠗࡦߣ࿖┙ൻቇ⎇ⓥᚲ㧔National Chemical Laboratories㧕ߣⴕߞߡ޿ࠆޕ ห␠ߪ 2005 ᐕߦޔNDDS ⎇ⓥࡊࡠࠣ࡜ࡓߦ߅ߌࠆ㐿⊒ࡄࠗࡊ࡜ࠗࡦߢޔᄙߊߩ᡼಴೙ ᓮဳ⚻ญ೷⵾ຠࠍ㐿⊒ߒߚޕߐࠄߦห␠ߪޔߎߩࠞ࠹ࠧ࡝࡯ߦዻߔࠆ⵾ຠࠍ 4 ߟ⊒⴫ߒߡ ޿ࠆޕ࡜ࡦࡃࠢࠪ࡯ߪ 2005 ᐕߦ NDDS ߦၮߠ޿ߚ 7 ߟߩ⇛ᑼᣂ⮎ᛚ⹺↳⺧ࠍⴕ޿ޔ߁ߜ 3 ߟࠍ☨࿖㘩ຠක⮎ຠዪ㧔FDA㧕ޔᱷࠅߩ 4 ߟࠍ᰷Ꮊߩ⻉⋙〈ᯏ㑐ߦ↳⺧ߒߚޕ ห␠ߪ 2005 ᐕޔ49 ߩᣂ⵾ຠ⊒⴫ߣࠗࡦ࠼ߦ߅ߌࠆ⵾ຠ࡜ࠗࡦ᜛ᄢߦࠃߞߡޔߘߩ⵾⮎ ⎇ⓥ㐿⊒ജࠍ␜ߒߚޕߎࠇߦട߃ߡޔห␠ߪ FDA ߦ 36 ߩ◲ᤃൻᣂ⮎ᛚ⹺↳⺧㧔ANDA㧕 ࠍⴕ޿ޔߘߩ߁ߜ 19 ߇⹺นߐࠇߚޕ ห␠ߪ 2005 ᐕޔዊఽ↪ߩᄤὼ↞๧೷ߣ㘩᰼Ⴧㅴ೷ߣ޿߁⮎⨲ࠞ࠹ࠧ࡝࡯ߩ 2 ⵾ຠࠍޔ ࡑ࡟࡯ࠪࠕߣ࡞࡯ࡑ࠾ࠕߢ⊒⴫ߒߚޕ߹ߚห␠ߪหᐕޔ৻⥸↪ක⮎ຠ㧔OTC㧕ߩ㐿⊒ࡄࠗ ࡊ࡜ࠗࡦ߆ࠄᄙߊߩ࠾࠶࠴⵾ຠࠍ↢ߺ಴ߒߡ޿ࠆޕ ࡜ࡦࡃࠢࠪ࡯ߪޔࡑ࡜࡝ࠕߣࠛࠗ࠭ߩ⎇ⓥߦ․ߦജὐࠍ⟎޿ߡ޿ࠆޕห␠ߪ㐿⊒ㅜ਄࿖ ߩᗵᨴ⠪ߦ߽ᚻ߇ዯ߈߿ߔ޿⮎ߩឭଏࠍ⋡ᜰߒߡ߅ࠅޔห␠ߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߦߪߔ ߢߦ HIV/AIDS ᖚ⠪ะߌߩ᛫࡟࠻ࡠ࠙ࠖ࡞ࠬ㧔ARV㧕೷㧔ARV㧕߇ሽ࿷ߔࠆޕ 2007 ᐕߦߪޔGSK ߣ⎇ⓥ㐿⊒ࠕ࡜ࠗࠕࡦࠬࠍᒝൻߒޔഃ⮎ࡊࡠ࠮ࠬߢࠃࠅᄢ߈ߥᮭ㒢 ࠍ࡜ࡦࡃࠢࠪ࡯߇ᓧࠆߎߣߣߥߞߚޕ2003 ᐕߦ⚿ࠎߛᒰೋᄾ⚂ߢߪޔ࡜ࡦࡃࠢࠪ࡯ߩᓎഀ ߪ೨⥃ᐥ⎇ⓥߥߤߦ㒢ቯߐࠇߡ߅ࠅޔGSK ߇ߘߩઁߩ㐿⊒ࡊࡠ࠮ࠬߩ▤ℂࠍⴕߞߡ޿ߚ18ޕ

⵾⮎੐ᬺ߳ߩᵈജ ࡜ࡦࡃࠢࠪ࡯ߪ 2005 ᐕޔක⮎ຠ੐ᬺ߳ߩ㓸ਛൻ⸘↹ࠍ᣿ࠄ߆ߦߒޔࡈࠔࠗࡦࠤࡒࠞ࡞ ੐ᬺޔേ‛ࡋ࡞ࠬࠤࠕ੐ᬺޔ⸻ᢿ⮎੐ᬺߥߤߩㇱ㐷ࠍᄁළߒߚޕ

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ ࡜ࡦࡃࠢࠪ࡯ߪޔࠫࠚࡀ࡝࠶ࠢක⮎ຠޔ㜞ઃടଔ୯ࠫࠚࡀ࡝࠶ࠢක⮎ຠޔࡉ࡜ࡦ࠼ක⮎ ຠޔAPIޔක⮎ਛ㑆૕ߩ⵾ㅧ⽼ᄁࠍⴕߞߡ޿ࠆޕห␠ߪޔ25 ߩࠣࡠ࡯ࡃ࡞࡮ࡉ࡜ࡦ࠼ක⮎ ຠࠍ଻᦭ߒߡ޿ࠆޕ2005 ᐕߩ਎⇇Ꮢ႐ߦ߅ߌࠆห␠ᄁ਄㜞਄૏ 10 ૏ߩක⮎ຠൻว‛ࠍ␜ ߔޕߎࠇࠄߩ਄૏ 10 ૏ߩൻว‛ߪޔ2005 ᐕߩห␠⵾ຠᄁ਄ߍߩ 35㧑ㄭߊࠍ߽ߚࠄߒߚޕ

 6JG*KPFW4CPDCZ[KP4&VKGWRYKVJ)NCZQ

 21 

࿑⴫㧦  ਄૏૏ක⮎ຠൻว‛㧙࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭

਄૏૏ක⮎ຠൻว‛ ᄁ਄㜞㧔ਁ࠼࡞㧕 ࠕࡕࠠࠪࠪ࡝ࡦ-ࠢ࡜ࡉ࡜ࡦ㉄㧔Co-amoxiclav㧕  ࠕࡕࠠࠪ࡝ࠪࡦ㧔Amoxicillin㧕  ࠪࡊࡠࡈࡠࠠࠨࠪࡦ㧔Ciprofloxacin㧕  ࠮ࡈࠔ࡟ࠠࠪࡦ㧔Cephalexin㧕  ࠪࡦࡃࠬ࠲࠴ࡦ㧔Simvastatin㧕  ࠗ࠰࠻࡟࠴ࡁࠗࡦ㧔Isotretinoin㧕  ࠮ࡈࠔࠢࡠ࡯࡞㧔Cefaclor㧕  ࠢ࡜࡝ࠬࡠࡑࠗࠪࡦ㧔Clarithromycin㧕  ࠮ࡈࡐ࠼ࠠࠪࡓ ࡊࡠࠠ࠮࠴࡞㧔Cefpodoxime Proxetil㧕  ࠤ࠻ࡠ࡜ࠢ࠻ࡠࡔ࠲ࡒࡦ㧔Ketorolac Tromethamine㧕  

ਥⷐ⽷ോᜰᮡ ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ߩਥⷐ⽷ോᜰᮡࠍ␜ߔޕ

࿑⴫㧦  ⽷ോ 㧙 ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ 㧔ᐕᐲ㧕

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉  

2004 ᐕ߅ࠃ߮ 2005 ᐕߩห␠ߩᄁ਄ߍࠍ࿾ၞ೎ߦ␜ߔޕർ☨ߪᒁ߈⛯߈࡜ࡦࡃࠢࠪ࡯ߦ ߣߞߡᦨᄢᏒ႐ߣߥߞߡ޿ࠆޕߚߛߒޔ2005 ᐕߦߪ᰷Ꮊ߇ࠗࡦ࠼ࠍᛮ޿ߡห␠ߩ╙ 2 Ꮢ႐ ߣߥߞߚޕ

 ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ᐕᐲᐕᰴႎ๔ᦠ ㅪ⚿᳿▚ߩ୯

 22 

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧙࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭߅ࠃ߮ߘߩሶળ␠

ᄁ਄䈕㩷䋨㪉㪇㪇㪌ᐕ䋩㪑㩷㪈㪃㪈㪎㪇㩷䋨㪈㪇㪇ਁ䊄䊦䋩

10% 29% ർ☨

᰷Ꮊ 16%

䉟䊮䊄

䈠䈱ઁ

䉝䉳䉝ᄥᐔᵗ 22% 23%

     ᄁ਄䈕㩷䋨㪉㪇㪇㪋ᐕ䋩㪑㩷㪈㪃㪈㪏㪈㩷䋨㪈㪇㪇ਁ䊄䊦䋩

7% 15% ർ☨ 37% 䉟䊮䊄

᰷Ꮊ

䈠䈱ઁ

20% 䉝䉳䉝ᄥᐔᵗ 21%

 ಴ᚲ㧦ᐕᐲᐕᰴႎ๔ᦠ

 ㅢ⽻឵▚࡟࡯࠻+04 ࠼࡞ ᐕᐲ 

 23 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭

ᐕ  1977 ࠽ࠗࠫࠚ࡝ࠕߩ࡜ࠧࠬ㧔Lagos㧕ߦᦨೋߩวᑯડᬺࠍ⸳┙ 1990 ޟ࠼ࠠࠪࠨࠗࠢ࡝ࡦ㧔Doxycycline㧕ޠߩ☨࿖․⸵ࠍขᓧ 1991 ޟ࠮ࡈࠔࡠࠬࡐ࡝ࡦ㧔Cephalosporins㧕ޠߩ☨࿖․⸵ࠍขᓧ ࠣࠕࡦ࠱࡯࡮࠴ࠕࠝࠣࠕࡦࠣ࡮ࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠞ࡞㧔Guangzhou Qiaoguang 1993 Pharmaceutical Co. Ltd㧕߅ࠃ߮HK࠾ࡘ࡯ࠤࡒࠦ㧔HK New Chemic Ltd㧕ߣਛ࿖ߢߩ วᑯ੐ᬺᄾ⚂ࠍ⚿߱ 1994 ⧷࿖ߩࡠࡦ࠼ࡦޔ☨࿖ߩࡠ࡯࡝࡯ߦ࿾ၞᧄㇱࠍ⸳⟎ 1995 ☨࿖ߩOHM࡜ࡏ࡜࠻࡝࡯࠭㧔OHM Laboratories㧕ߩ⵾ㅧᣉ⸳ࠍ⾈෼ 1998 ☨࿖Ꮢ႐ߦㅴ಴ߒ⥄␠ࡉ࡜ࡦ࠼ߢ⵾ຠࠍ⊒⴫ ࠼ࠗ࠷ߩࡃࠗࠛ࡞㧔Bayer AG, Germany㧕ߣᄾ⚂ࠍ⚿߮ޔࠪࡊࡠࡈࡠࠠࠨࠪࡦ 1999 㧔Ciprofloxacin㧕ߩ⁛භ⊛㐿⊒߅ࠃ߮਎⇇ਛߢߩ⽼ᄁᮭࠍࡃࠗࠛ࡞ߦઃਈ ࡃࠗࠛ࡞ߩࠫࠚࡀ࡝࠶ࠢ੐ᬺࠍ⾈෼ߒ࠼ࠗ࠷Ꮢ႐ߦㅴ಴ 2000 ࡉ࡜ࠫ࡞Ꮢ႐ߦㅴ಴ 2001 1,000ਁ࠼࡞ࠍᛩߓߡࡌ࠻࠽ࡓߦᣂߒ޿⵾ㅧᣉ⸳ࠍ⸳┙ ☨࿖㘩ຠක⮎ຠዪ㧔FDA㧕ߩ⹺นࠍฃߌߡ࠮ࡈࡠࠠࠪࡓ ࠕࠠ࠮࠴࡞㧔Cefuroxime 2002 Axetil㧕㧔125 mgޔ250 mgޔ500 mgߩ㍤೷㧕ࠍ⊒⴫ ࡜ࡦࡃࠢࠪ࡯߇㐿⊒ߒߚᛛⴚࠍ↪޿ߡࡃࠗࠛ࡞߇☨࿖ߢࠪࡊࡠ㧔Cipro㧕 XR 500 2003 mg/1 gࠍ⊒⴫ 2004 ࡈ࡜ࡦࠬߢࠫࠚࡀ࡝࠶ࠢ⵾⮎ડᬺRPG (ࠕࡌࡦ࠹ࠖࠬ)㧔RPG (Aventis)㧕ࠍ⾈෼ ࠞ࠽࠳ߢߩ੐ᬺࠍ⊒⿷ ࡜ࡦࡃࠢࠪ࡯ߩᣣᧄวᑯડᬺߢ޽ࠆᣣᧄ⮎ຠᎿᬺ㧔Nihon Pharmaceutical Industry Limited㧕߇♧ዩ∛ᴦ≮⮎ࡏࠣࠪ࡯࡞㧔Vogseal㧕ࠍ⊒⴫ 2005 ࠬࡍࠗࡦߩࠛࡈࠔ࡞ࡔࠬ㧔EFARMES㧕ߩࠫࠚࡀ࡝࠶ࠢක⮎ຠ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍ ⾈޿ขࠆ ☨࿖ߩᄢ⛔㗔ࠛࠗ࠭ᢇᷣ✕ᕆ⸘↹㧔PEPFAR㧕ߦ߅޿ߡFDA߆ࠄ᛫࡟࠻ࡠ࠙ࠖ࡞ࠬ ⮎೷ߩ⹺นࠍฃߌࠆ FDA߆ࠄࠪࡦࡃࠬ࠲࠴ࡦ㧔Simvastatin㧕80 mg㍤ߩ180ᣣ㑆⁛භ⽼ᄁߩ⹺นࠍฃߌࠆ ࠗ࠲࡝ࠕ߅ࠃ߮ࠬࡍࠗࡦߩGSKࠃࠅࠫࠚࡀ࡝࠶ࠢ੐ᬺࠍ⾈෼ 2006 ࡞࡯ࡑ࠾ࠕߩ⵾⮎ડᬺ࠹࡜ࡇࠕ␠㧔Terapia㧕ࠍ3ం2,400ਁ࠼࡞ߢ⾈෼ ࠯ࡁ࡯࠹࠶ࠢ㧔Zenotech㧕ߣᚢ⇛⊛ࠕ࡜ࠗࠕࡦࠬࠍ⚿߱ޕ࡜ࡦࡃࠢࠪ࡯ߩ⥄␠ࡉ࡜ ࡦ࠼ߣߒߡ࠯ࡁ࡯࠹࠶ࠢߩ᛫߇ࠎ೷⵾ຠࠍⶄᢙߩ࿖ߢ⽼ᄁߔࠆᮭ೑ࠍ₪ᓧ ࡆ࡯࠲ࡉ␠㧔Be-Tabs Pharmaceuticals㧕ࠍ⾈෼ 2007 ☨࿖ߢ13ߩ⊹⤏⑼㗔ၞක⮎ຠߩࡉ࡜ࡦ࠼ࠍ₪ᓧ ಴ᚲ㧦࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭࠙ࠚࡉࠨࠗ࠻ ࡜ࡦࡃࠢࠪ࡯ߪޔ৻⽾ߒߡർ☨Ꮢ႐ߦ߅ߌࠆࡊ࡟࠯ࡦࠬᒝൻࠍ⹜ߺߡ޿ࠆޕㄭᐕޔห␠ ߪ☨࿖ߦ߅ߌࠆ 13 ࡉ࡜ࡦ࠼ߩ⵾ㅧ⽼ᄁᮭࠍ₪ᓧߒߚޕߎࠇࠄߩࡉ࡜ࡦ࠼ߪ⊹⤏⑼㗔ၞߩ ߽ߩߢޔߘߩᄁ਄ߍߪวࠊߖߡ⚂ 1,500 ਁ࠼࡞ߦ਄ߞߚޕ⃻࿷☨࿖ߦ߅ߌࠆ⊹⤏⑼㗔ၞක ⮎ຠᏒ႐ߪᐕ 10㧑Ⴧߩᚑ㐳゠㆏ߦ޽ࠆޕ

ࠫࠚࡀ࡝࠶ࠢ੐ᬺ߳ߩᵈജ ࠫࠚࡀ࡝࠶ࠢක⮎ຠߪޔᒁ߈⛯߈࡜ࡦࡃࠢࠪ࡯ߩ㊀ὐಽ㊁ߣߥࠆޕห␠ߪหಽ㊁߆ࠄᄢ ߈ߥ෼⋉ࠍᓧߡ޿ࠆޕ੹ᓟޔᄙߊߩࡉ࡜ࡦ࠼⵾ຠߩ․⸵߇ಾࠇߡ޿ߊߎߣ߆ࠄޔหಽ㊁߆ ࠄߩ෼౉ߪჇടߔࠆߣ⠨߃ࠄࠇࠆޕ߹ߚห␠ߪޔ⾈෼ߦࠃߞߡ࿖㓙⊛ߥࠫࠚࡀ࡝࠶ࠢ੐ᬺ ࠍᒝൻߔࠆ〝✢ࠍขߞߡ޿ࠆޕㄭᐕߢߪޔห␠ߪ 2004 ᐕߦ RPG ࠕࡌࡦ࠹ࠖࠬ㧔RPG  +%/4㧔%GPVGTHQT/CPCIGOGPV4GUGCTEJ㧕

 24 

Aventis㧕߅ࠃ߮ߘߩቢోሶળ␠ߢ޽ࠆ OPIH ࠍ⾈෼ߒࡈ࡜ࡦࠬߩࠫࠚࡀ࡝࠶ࠢᏒ႐ߦㅴ಴ ߒߚޕ2005 ᐕߦߪޔࠬࡍࠗࡦߩ⵾⮎ડᬺߩᮭ೑⾈ขߦࠃߞߡޔ࡜ࡦࡃࠢࠪ࡯ߪ⥄␠ߩ⵾ຠ ࡐ࡯࠻ࡈࠜ࡝ࠝߦ 18 ߩࠫࠚࡀ࡝࠶ࠢක⮎ຠࠍട߃ߚޕ2006 ᐕೋ㗡ߦߪޔ࡜ࡦࡃࠢࠪ࡯ߪ ࡞࡯ࡑ࠾ࠕߩࠫࠚࡀ࡝࠶ࠢ⵾⮎ડᬺ࠹࡜ࡇࠕ␠㧔Terapia㧕ߣࡌ࡞ࠡ࡯ߦᧄ␠ࠍ⟎ߊࠫࠚࡀ ࡝࠶ࠢ⵾⮎ડᬺߢ޽ࠆࠛࠪࡔ࠼㧔Ethimed㧕ࠍ⾈෼ߒߚޕ2007 ᐕߦߪޔධࠕࡈ࡝ࠞߩࠫࠚ ࡀ࡝࠶ࠢ⵾⮎ડᬺࡆ࡯࠲ࡉ␠㧔Be-Tabs Pharmaceuticals㧕ࠍ⾈෼ߒߚޕߎߩ⾈෼ߪ࡜ࡦࡃ ࠢࠪ࡯ࠍධࠕࡈ࡝ࠞ╙ 5 ૏ߩࠫࠚࡀ࡝࠶ࠢ⵾⮎ડᬺߦ᛼ߒ਄ߍߚߛߌߢߪߥߊޔߎࠇߦࠃ ߞߡධࠕࡈ࡝ࠞߩ⵾ㅧ᜚ὐࠍᚻߦ౉ࠇࠆߎߣ߇ߢ߈ߚޕ࡜ࡦࡃࠢࠪ࡯ߪ߹ߚޔ᡽ᐭ߇ක≮ ⾌↪೥ᷫߦขࠅ⚵ࠎߢ޿ࠆߘߩઁ᰷Ꮊߢ߽ޔࠫࠚࡀ࡝࠶ࠢක⮎ຠᏒ႐ߩ㜞ᚑ㐳߇⷗ㄟ߹ࠇ ࠆߣ⠨߃ߡ޿ࠆޕ

↢↥⢻ജ᜛ᄢ߅ࠃ߮ㄭઍൻ߳ߩᵈജ ࡜ࡦࡃࠢࠪ࡯ߪޔჇᄢߔࠆ㔛ⷐ߳ߩኻᔕߣ෩ߒ޿ຠ⾰ၮḰ߳ߩㆡวߩߚ߼ޔ↢↥⢻ജߩ ᜛ᄢߣ೚ᣂߦᵈജߒߡ޿ࠆޕ2005 ᐕߦߪޔ࡜ࡦࡃࠢࠪ࡯ߪએਅߩ᜛ᄢ࡮೚ᣂࡊࡠࠫࠚࠢ࠻ ࠍታᣉߒߚޕ x หᤨߦⶄᢙߩࠬࠤ࡯࡞ࠕ࠶ࡊ߅ࠃ߮ࠛࠠࠪࡆ࠶࠻ࡃ࠶࠴ࠍᛒ߁ߎߣߩߢ߈ࠆ2ߟߩᣉ⸳ 㧔ࠗࡦ࠼ߩࡅࡑ࡯࠴ࡖ࡞࡮ࡊ࡜࠺࡯ࠪࡘᎺߣࡄࡦࠫࡖࡉᎺ㧔Punjab㧕㧕ࠍⒿേߐߖߚޕ x ࠗࡦ࠼ߩࡑ࠺ࠖࠕ࡮ࡊ࡜࠺࡯ࠪࡘߩࡄࠝࡦ࠲࡮ࠨࡅࡉ㧔Paonta Sahib㧕߅ࠃ߮࠺ࡢࠬ 㧔Dewas㧕᜚ὐߩ↢↥⢻ജࠍ᜛ᄢޕ x ࠾ࡘ࡯ࠫࡖ࡯ࠫ࡯㧔New Jersey㧕ߩ࠾ࡘ࡯ࡃ࡯ࡦ࠭࠙ࠖ࠶ࠢ㧔New Brunswick㧕ߩ↢ ↥࡮ࡄ࠶ࠤ࡯ࠫࡦࠣ⢻ജࠍᒝൻޕ x cGMP㧔Current Good Manufacturing Practice㧦☨࿖FDAߩක⮎ຠ⵾ㅧ▤ℂ࡮ຠ⾰▤ℂ ߦ㑐ߔࠆၮḰ㧕Ḱ᜚ߩߚ߼ߦਛ࿖ߩ㍤೷⵾೷ᣉ⸳ߩ೚ᣂޕ x ࡑ࡟࡯ࠪࠕߩ㍤೷⵾೷ᣉ⸳ࠍⒿേޕ x ࠕࠗ࡞࡜ࡦ࠼ߢ✚วࡄ࠶ࠤ࡯ࠫࡦࠣ࡜ࠗࡦࠍⒿേޕ x ࠽ࠗࠫࠚ࡝ࠕߩࡏ࠻࡝ࡦࠣᎿ႐ࠍⒿേޕ

ⷐὐ x ࡜ࡦࡃࠢࠪ࡯ߪޔࠣࡠ࡯ࡃ࡞ߥࠫࠚࡀ࡝࠶ࠢᏒ႐ߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍᒝൻߔࠆߚ߼ߦ ㆊ෰ᢙᐕߦᄙߊߩ⾈෼ࠍⴕߞߡ߈ߚޕ x ห␠ߦߣߞߡޔർ☨߅ࠃ᰷߮Ꮊߪ㎛ߣߥࠆᏒ႐ޕ⾈෼ᵴേ߽ห࿾ၞߦ㓸ਛߒߡ߈ߚޕ x ห␠ߪޔ⎇ⓥ㐿⊒ࠍ㊀ⷞߒߡ޿ࠆޕห␠ߪޔഃ⮎ޔක⮎࡮⮎⨲⵾ຠޔNDDSޔAPIߩൻ ቇ⵾ㅧࡊࡠ࠮ࠬ࡮ࡃࠗࠝࡊࡠ࠮ࠬߥߤߩ㗔ၞߦᵈജߒߡ޿ࠆޕ x ห␠ߪޔGSKߥߤߩࠣࡠ࡯ࡃ࡞ડᬺޔฦ⒳ᯏ㑐ޔ⎇ⓥᚲߣ౒ห⎇ⓥ㐿⊒ࠍⴕߞߡ޿ࠆޕ

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╙┨࠙ࠜ࠶ࠢࡂ࡞࠻ 㧔⵾⮎㧕

ડᬺ᭎ⷐ ࠙ࠜ࠶ࠢࡂ࡞࠻㧔Wockhardt Limited㧕ߪޔ⵾೷ޔᩕ㙃೷ޔࡢࠢ࠴ࡦޔක⮎ຠේ⮎ 㧔API㧕ޔ↢‛⮎೷ߥߤࠍឭଏߔࠆࠣࡠ࡯ࡃ࡞ߥ⵾⮎࡮ࡃࠗࠝ࠹ࠢࡁࡠࠫ࡯ડᬺߢ޽ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࠙ࠜ࠶ࠢࡂ࡞࠻㧔ㅪ⚿㧕

ડᬺฬ ࠙ࠜ࠶ࠢࡂ࡞࠻㧔Wockhardt Limited㧕 ᚲ࿷࿾ Wockhardt Towers, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 0051, Maharashtra 㔚⹤⇟ภ +91-22-26534444 ࡈࠔ࠶ࠢࠬ⇟ภ +91-22-26534242 ࡎ࡯ࡓࡍ࡯ࠫ http://www.wockhardt.com ળ㐳 Habil Khorakiwala ⸳┙ᐕ 1959 ⾗ᧄ✚㗵 2ం4,162ਁ࠼࡞ ⾗↥✚㗵 8ం4,164ਁ࠼࡞ ᓥᬺຬ ⚂4,000ੱ ಴ᚲ㧦࠙ࠜ࠶ࠢࡂ࡞࠻࠙ࠚࡉࠨࠗ࠻ ⾉୫ኻᾖ⴫

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ㧙࠙ࠜ࠶ࠢࡂ࡞࠻㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

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ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࠙ࠜ࠶ࠢࡂ࡞࠻

ᐕ  1959 ࠦ࡜ࠠࡢ࡜㧔Khorakiwala㧕৻ኅ߇࠙ࠜ࡯࡝࡮ࠤࡒࠞ࡞㧔Worli Chemicals㧕ࠍ⸳┙ 1973 ࠙ࠜ࠶ࠢࡂ࡞࠻᦭㒢ળ␠㧔Wockhardt Private Limited㧕ࠍ⸳┙ 1984 ⵬ቢᕈߩ㜞޿2ߟߩડᬺ㧔ࡃࠬࠢ⵾೷ࡔ࡯ࠞ࡯ߣᴦ≮㘩ຠࡔ࡯ࠞ࡯㧕ߣว૬ 1985 ᩣᑼࠍ౏㐿 1998 ࠲࠲࡮ࠣ࡞࡯ࡊ㧔Tata Group㧕߆ࠄࡔ࡝ࡦ࠼␠㧔Merind Limited㧕ࠍ⾈෼ ࠙ࠜ࠶ࠢࡂ࡞࠻ߣ࠙ࠜ࠶ࠢࡂ࡞࠻࡮࡜ࠗࡈ࡮ࠨࠗࠛࡦࠬ␠㧔Wockhardt Life Sciences 2000 Limited㧕ߩ2␠ߦಽഀ ☨࿖㘩ຠක⮎ຠዪ(FDA)߇࠙ࠜ࠶ࠢࡂ࡞࠻ߩࠗࡦ࠼࿖ౝߩ3ࠞᚲߦ޽ࠆή⩶ᵈ኿೷ߣ 2004 ࡃ࡞ࠢේ⮎ߩ⵾ㅧᣉ⸳ࠍ⹺น 6ߟߩኾ↪⵾ㅧᣉ⸳ߩ޽ࠆ࠙ࠜ࠶ࠢࡂ࡞࠻࡮ࡃࠗࠝ࠹࠶ࠢ࡮ࡄ࡯ࠢ㧔Wockhardt Biotech 2004 Park㧕ࠍࠝ࡯࡜ࡦࠟࡃ࡯࠻㧔Aurangabad㧕ߦ㐿⸳ 2005 ࠗࡦ࠼ೋߩ⥄േࠗࡦࠬ࡝ࡦᛩਈⵝ⟎ࠍ㐿⊒ ࠗࡦ࠼ߩࡅࡑ࡯࠴ࡖ࡞࡮ࡊ࡜࠺࡯ࠪࡘᎺ㧔Himachal Pradesh 㧕ߩࡃࡠ࠴ࡢ࡜ 2005 㧔Barotiwala㧕ߦࡂࠗ࠹ࠢ⵾೷Ꮏ႐ࠍ⸳┙ ࠝ࡜ࡦ࠳ߩࡠࠗࡗ࡞࡮࠿ࡒࠦ␠㧔Royal Numico NV㧕߆ࠄDumex India Private Limitedߣ ߘߩ2ߟߩ⵾ຠ㧔ࡊࡠ࠹ࠖࡀ࠶ࠢࠬ㧔Protinex㧕ߣࡈࠚ࡟࠶ࠢࠬ㧔Farex㧕㧕ࠍ⾈෼ 2006 ⊹⤏⑼㗔ၞߦ․ൻߒߚ⧷࿖ડᬺLSIߣޔࡆ࠹ࠖ࠶ࠢࠬ㧔Vitix㧕ߩ⽼ᄁ࡜ࠗ࠮ࡦࠬᄾ⚂ࠍ ⚿߱ ⧷࿖ߩࠢ࡜࠙ࡈࠜ࡯࠼࡮ࡋ࡞ࠬࠤࠕ㧔Crawford Healthcare㧕ߣޔࠗࡦ࠼ߢߩViticolorߩ 2007 ⽼ᄁ࡜ࠗ࠮ࡦࠬᄾ⚂ࠍ⚿߱ ಴ᚲ㧦࠙ࠜ࠶ࠢࡂ࡞࠻࠙ࠚࡉࠨࠗ࠻ޔ2JCTOCDK\ 

ో૕ߩ⊒ዷᚢ⇛ ห␠ߪ 1959 ᐕߦࡂࡆ࡞࡮ࠦ࡜ࠠࡢ࡜㧔Habil Khorakiwala㧕᳁ߦࠃߞߡ⸳┙ߐࠇߚޕᒰ ೋߪ࠙ࠜ࡯࡝࡮ࠤࡒࠞ࡞㧔Worli Chemicals㧕ߣߒߡޔ⵾೷⽼ᄁࠍⴕߞߡ޿ߚޕ1973 ᐕߦ ࠙ࠜ࠶ࠢࡂ࡞࠻ߦ␠ฬࠍᄌᦝޕ1998 ᐕߦ࠲࠲࡮ࠣ࡞࡯ࡊࠃࠅࡔ࡝ࡦ࠼㧔Merind㧕ࠍ⾈෼ ߒޔࠗࡦ࠼࿖ౝᏒ႐ߢ⿷႐ࠍ࿕߼ߚޕ ක⮎ຠ࡮ࡃࠗࠝ࠹ࠢࡁࡠࠫ࡯ߦ․ߦᵈജߔࠆߚ߼ߦޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ 2000 ᐕ 1 ᦬ߦ ੐ᬺౣ✬ࠍⴕ޿ޔ⵾⮎੐ᬺߣࡃ࡞ࠢේ⮎੐ᬺࠍⴕ߁࠙ࠜ࠶ࠢࡂ࡞࠻ߣޔ∛㒮੐ᬺ߅ࠃ߮㕖 ⵾⮎੐ᬺࠍⴕ߁࠙ࠜ࠶ࠢࡂ࡞࠻࡮࡜ࠗࡈ࡮ࠨࠗࠛࡦࠪ࠭㧔Wockhardt Life Sciences Limited㧕ߩ 2 ␠ߦડᬺࠍಽഀߒߚޕ ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔ11 ߩ⵾ㅧᣉ⸳ࠍᜬߟ㧔ࠗࡦ࠼࿖ౝ 9ޔ⧷࿖ 1ޔࠕࠗ࡞࡜ࡦ࠼ 1 ᜚ ὐ㧕ޕᦨೋߩ⵾ㅧᣉ⸳ߪ 1976 ᐕߦࠝ࡯࡜ࡦࠟࡃ࡯࠻ߩ࠴ࠞ࡞ࠨ࡯࠽㧔Chikalthana㧕ߦᑪ ⸳ߐࠇߚޕห␠ߪ 2004 ᐕޔࠝ࡯࡜ࡦࠟࡃ࡯࠻ߦ 6 ߟߩ⵾ㅧᎿ႐ࠍᜬߟࡃࠗࠝක⮎ߩⶄว ᣉ⸳࠙ࠜ࠶ࠢࡂ࡞࠻࡮ࡃࠗࠝ࠹࠶ࠢ࡮ࡄ࡯ࠢ㧔Wockhardt Biotech Park㧕ࠍ⊒⿷ߐߖߚޕ ࠝ࡯࡜ࡦࠟࡃ࡯࠻ߦߪޔ8 ߟߩ⵾ㅧᎿ႐ߣ⎇ⓥ࠮ࡦ࠲࡯߇޽ࠅ㧔࠴ࠞ࡞ࠨ࡯࠽߅ࠃ߮ࡢ࡝ ࡘ㧔Waluj㧕ߦ 1 ߟߕߟ޽ࠆߩߦട߃ߡޔࡄ࡯ࠢౝߦ 6 ߟ㧕ޔหᏒߪ࠙ࠜ࠶ࠢࡂ࡞࠻ߩ⎇ ⓥ࡮↢↥ᵴേߩਛᔃ࿾ߣߒߡ⊒ዷߒߡ߈ߚޕห␠ߪ 2005 ᐕޔࡅࡑ࡯࠴ࡖ࡞࡮ࡊ࡜࠺࡯ࠪ  2JCTOCDK\EQO㧔ࠗࡦ࠼⵾⮎↥ᬺᖱႎߩࡐ࡯࠲࡞ࠨࠗ࠻㧕

 27 

ࡘᎺߩࡃࡠ࠴ࡢ࡜㧔Barotiwala㧕ߦߐࠄߦࡂࠗ࠹ࠢ⵾೷Ꮏ႐ࠍ⸳⟎ߒߚޕ ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ 2006 ᐕޔ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩలታࠍߪ߆ࠆߚ߼ޔ⧷࿖ߩ࡜ࠗࡈ࡮ ࠨࠗࠛࡦࠪ࠭࡮ࠗࡦࡧࠚࠬ࠻ࡔࡦ࠷㧔Life Sciences Investments Limited㧦LSI㧕ߣࡆ࠹ࠖ ࠶ࠢࠬ㧔Vitix㧕㧔⦡⚛ᴉ⌕⇣Ᏹᴦ≮⮎ߩ․⸵ขᓧ⵾ຠ㧕ߩ⽼ᄁ࡜ࠗ࠮ࡦࠬᄾ⚂ࠍ⚿ࠎߛޕ หᐕޔห␠ߪㅘᨆᖚ⠪ޔICU㧔㓸ਛᴦ≮㧕ᖚ⠪ޔ♧ዩ∛ᖚ⠪ะߌߩ∔ᖚ೎ᩕ㙃⵬ഥ㘩ຠࠍ ⊒ᄁߔࠆߚ߼ߦޔ࠙ࠜ࠶ࠢࡂ࡞࠻࡮ࠬࡍࠪࡖ࡝࠹ࠖ࡮࠾ࡘ࡯࠻࡝࡚ࠪࡦ㧔Wockhardt Specialty Nutrition㧕ߣ๭߫ࠇࠆᣂㇱ㐷ࠍዉ౉ߒߚޕߎࠇߦ⛯߈ޔࠝ࡜ࡦ࠳ߩࡠࠗࡗ࡞࡮࠿ ࡒࠦ㧔Royal Numico NV㧕߆ࠄ࠺ࡘ࡯ࡔ࠶ࠢࠬ࡮ࠗࡦ࠺ࠖࠕ㧔Dumex India Private Limited㧕ߩ⾈෼ࠍⴕߞߚޕห␠ߪߎߩ⾈෼ߦࠃߞߡࡊࡠ࠹ࠖࡀ࠶ࠢࠬ㧔Protinex㧕߅ࠃ߮ ࡈࠚ࡟࠶ࠢࠬ㧔Farex㧕ࡉ࡜ࡦ࠼ࠍ₪ᓧߒޔᩕ㙃೷ߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍᒝൻߒߚޕ

⎇ⓥ㐿⊒ ਎⇇ߩක⮎ຠᏒ႐ߦ߅޿ߡ㐳ᦼ⊛ߥࡊ࡟࠯ࡦࠬࠍ⏕଻ߔࠆߚ߼ߦޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ⎇ ⓥ㐿⊒ജߩᒝൻߦᵈജߒߡ޿ࠆޕห␠ߪࠗࡦ࠼ߩࡑࡂ࡜ࠪࡘ࠻࡜Ꮊߢ 2 ߟߩ⎇ⓥ㐿⊒࠮ࡦ ࠲࡯ࠍㆇ༡ߒߡ޿ࠆޕᦨᣂߩ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ߢߪ⚻㛎⼾ንߥ 400 ฬߩ⑼ቇ⠪߆ࠄߥࠆ࠴ ࡯ࡓ߇௛޿ߡ޿ࠆޕߎߩ߁ߜ 100 ฬߪඳ჻ภߩขᓧ⠪ߢޔක⮎ຠ㐿⊒ᛛⴚޔࡃࠗࠝ࠹ࠢࡁ ࡠࠫ࡯ޔࠫࠚࡀ࡝࠶ࠢක⮎ຠޔᣂⷙක⮎ຠൻว‛㧔NCE㧕ޔഃ⮎ߩಽ㊁ߢ⎇ⓥࠍⴕߞߡ޿ ࠆޕ

 ౕ૕⊛ߥ⎇ⓥ㐿⊒ಽ㊁ ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔࡃࠗࠝ࠹ࠢࡁࡠࠫ࡯ޔᣂ⮎㐿⊒ޔᣂⷙ DDS㧔⮎‛ㅍ㆐ࠪࠬ࠹ࡓ㧕ޔ ․⸵ޔᛛⴚ㐿⊒ߥߤߩ㗔ၞߦᵈജߒߡ޿ࠆޕ   ⎇ⓥ㐿⊒ߦࠃߞߡ߽ߚࠄߐࠇߚࡔ࡝࠶࠻ ห␠ߩ⎇ⓥ㐿⊒߳ߩขࠅ⚵ߺߪޔᣂ⮎㐿⊒߅ࠃ߮⵾ຠߩຠ⾰ะ਄ޔᛛⴚㅴᱠߣ޿߁ᒻߢ ⚿ታߒߡ޿ࠆޕ

 ዁᧪⊛ߥⴕേ⸘↹ ห␠ߪޔ↢⮎ಽ㊁ߦ߅ߌࠆ⎇ⓥ㐿⊒ࠍᒝൻߔࠆߎߣࠍ⸘↹ߒߡ޿ࠆޕߎࠇߦࠃࠅޔㅒ∝ ≮ᴺߩߥ޿∛᳇ߩᴦ≮ߦޔ⮎⨲ߦࠃࠆࠕ࡙࡞ࡌ࡯࠳ᴦ≮㧔ࠗࡦ࠼ߩવ⛔ක≮㧕ࠍⴕ߁ߎߣ ߇ߢ߈ࠆࠃ߁ߦߥࠆޕ

⵾ຠ࡜ࠗࡦߣᄁ਄ߍേะ

ਥⷐ੐ᬺಽ㊁ ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔක⮎ຠ↥ᬺߦ߅ߌࠆએਅߩಽ㊁ߢᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ⏕଻ߒߡ޿ࠆޕ x ⵾೷ x ࡃࠗࠝක⮎ x ᩕ㙃೷ x ࡢࠢ࠴ࡦ

 28 

x ක⮎ຠේ⮎㧔API㧕

ࠗࡦ࠼ߦ߅ߌࠆห␠ߩࡉ࡜ࡦ࠼ ห␠ߩਥⷐࡉ࡜ࡦ࠼ߪએਅߩㅢࠅޕ

࿑⴫㧦  ਥⷐࡉ࡜ࡦ࠼ 㧙 ࠙ࠜ࠶ࠢࡂ࡞࠻

ಽ㊁ ࡉ࡜ࡦ࠼ ࠙ࠜࠬ࡝ࡦ㧔Wosulin 㧔 Recombinant Insulin 㧕㧕ޔࡕࡄ࠺ࠗ㧔Mopaday 㧔 Oral ♧ዩ∛⮎ Antidiabetic㧕㧕ޔࠣ࡝ࡑ࠺ࠗ㧔Glimaday 㧔Oral Antidiabetic㧕㧕 −∩▤ℂ ࡊࡠࠠࠪࡏࡦ㧔Proxyvon㧕ޔࠬࡄࠬࡕࡊࡠࠠࠪࡏࡦ㧔Spasmo-Proxyvon㧕 ␹⚻♖␹∛⮎ ࡝ࡏ࠻࡝࠶ࡊ㧔Libotryp㧕ޔ࠻࡝ࡊ࠻ࡔ࡯࡞㧔Tryptomer㧕 ⣢⤳∛⮎ ࠙ࠚࡐ࠶ࠢࠬ㧔Wepox 㧔Recombinant Erythropoietin㧕㧕 ᩕ㙃 ࡔ࠴ࠦࡃ࡯࡞㧔Methycobal㧕ޔ࠺ࠢ࠰࡜࠶ࠢ㧔Dexolac㧕ޔ࠺ࠢ࠳ࡦ㧔Decdan㧕 ㎾ຕ⮎ ࠯࠺࠶ࠢࠬ㧔Zedex㧕ޔࡉࡠ࠯࠺࠶ࠢࠬ㧔Bro-Zedex㧕ޔࡆࠬࠦ࠳ࠗࡦ㧔Viscodyne㧕 ಴ᚲ㧦࠙ࠜ࠶ࠢࡂ࡞࠻࠙ࠚࡉࠨࠗ࠻

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ㧙࠙ࠜ࠶ࠢࡂ࡞࠻㧔ᐕᐲ㧕

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦࠙ࠜ࠶ࠢࡂ࡞࠻ᐕᐕᰴႎ๔ᦠ

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧙࠙ࠜ࠶ࠢࡂ࡞࠻㧔ᐕᐲ㧕

࿾ၞ ਁ࠼࡞ ࠗࡦ࠼  ☨࿖/⷏᰷  ߘߩઁ  ಴ᚲ㧦࠙ࠜ࠶ࠢࡂ࡞࠻ᐕᐕᰴႎ๔ᦠ

 29 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࠙ࠜ࠶ࠢࡂ࡞࠻

ᐕ  1998 ⧷࿖ߩ࠙ࠜ࡝ࠬ࡮࡜ࡏ࡜࠻࡝࡯㧔Wallis Laboratory㧕ࠍ⾈෼ޕೋߩࠢࡠࠬࡏ࡯࠳࡯M&A ⧷࿖ߩCPࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠞ࡞࠭㧔CP Pharmaceuticals㧕ࠍ⾈෼ޕ࠙ࠜ࡝ࠬ࡮࡜ࡏ࡜࠻ 2003 ࡝࡯㧔Wallis Laboratory㧕ߣ⛔วߒ࠙ࠜ࠶ࠢࡂ࡞࠻UK 㧔Wockhardt UK Limited㧕ࠍ⸳┙ ࠛࠬࡄ࡞ࡑ㧔Esparma GmbH㧕ߩ⾈෼ߦࠃߞߡ᰷Ꮊᦨᄢߩࠫࠚࡀ࡝࠶ࠢᏒ႐ߢ޽ࠆ࠼ࠗ࠷ 2004 ߦㅴ಴ ☨࿖ߢޔ༡ᬺ⽼ᄁડᬺ࠙ࠜ࠶ࠢࡂ࡞࠻USA 㧔Wockhardt USA Inc㧕ࠍ⸳┙ ࡟ࡊ࡝࠯ࡦ࠲ࠪࠝࡦ࡮ࠛ࡮ࠗࡦࡌࠬ࠴ࠟࠪࠝࡦ㧔Representaciones E Investigaciones Medicas, S.A. de C.V.㧕ߣ࠙ࠜ࠶ࠢࡂ࡞࠻ࡔࠠࠪࠦ㧔Wockhardt Mexico S.A. de C.V.㧕ߩ ߚ߼ߩวᑯᄾ⚂ࠍ⚿߱ޕหวᑯડᬺߩ51㧑ࠍ࠙ࠜ࠶ࠢࡂ࡞࠻߇଻᦭ߒ49㧑ࠍ࿾రડᬺ߇ ଻᦭ޕᒰೋߪ࠙ࠜ࠶ࠢࡂ࡞࠻⵾ߩࠗࡦࠬ࡝ࡦ⵾೷ߩో೷ᒻࠍ⽼ᄁߔࠆ⸘↹ 2005 ࠙ࠜ࠶ࠢࡂ࡞࠻ߣࡈࠔ࡯ࡑ࡮࠳ࠗ࠽ࡒ࠶ࠢࠬ࡮ࠝࡉ࡮ࠨ࠙ࠬ࡮ࠕࡈ࡝ࠞ㧔Pharma Dynamics of South Africa㧕߇51㧦49ߢวᑯડᬺ࠙ࠜ࠶ࠢࡂ࡞࠻ධࠕࡈ࡝ࠞ㧔Wockhardt South Africa Pty Limited㧕ࠍ⸳┙ ⵾೷⵾ຠ⽼ᄁߩߚ߼ߩ༡ᬺ⽼ᄁሶળ␠࠙ࠜ࠶ࠢࡂ࡞࠻࡮ࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠕ࡮࠼࡮ࡉ࡜ࠫ ࡞㧔Wockhardt Farmaceutica do Brasil Limited㧕ࠍࡉ࡜ࠫ࡞ߦ⸳┙ 2006 ࠕࠗ࡞࡜ࡦ࠼ߩࡄࠗࡦ࠙࠶࠼࡮࡜ࡏ࡜࠻࡝࡯࠭㧔Pinewood Laboratories Limited 㧕ࠍ⾈෼ 2007 ࡈ࡜ࡦࠬߩࡀࠣࡑ␠㧔Negma Laboratories㧕ߩ⾈෼ࠍ⊒⴫ ಴ᚲ㧦࠙ࠜ࠶ࠢࡂ࡞࠻࠙ࠚࡉࠨࠗ࠻ ࠙ࠜ࠶ࠢࡂ࡞࠻ߩࠣࡠ࡯ࡃ࡞ᚑ㐳ᚢ⇛ߪޔක≮↥ᬺߦ߅ߌࠆⶄᢙߩᛛⴚࠍᛒ߁⢻ജࠍᒝ ൻߔࠆߎߣࠍ⋡⊛ߣߒߡ޿ࠆޕห␠ߪࡃࠗࠝᛛⴚޔක⮎ຠޔᩕ㙃⵬ഥ㘩ຠߣ޿ߞߚಽ㊁ߦ ߅޿ߡ┹੎ജߩ㜞޿ડᬺߣߥߞߡ޿ࠆޕ ห␠ߪޔߐ߹ߑ߹ߥᏒ႐ߦ߅ߌࠆᯏળߣേะࠍ⷗ቯ߼ࠆߎߣߢޔਛ㨪ᄢⷙᮨߥ⾈෼⋧ᚻ ࠍㆬቯߒߡ޿ࠆޕ଀߃߫ޔ1998 ᐕߦߪޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ᰷Ꮊߩࠫࠚࡀ࡝࠶ࠢᏒ႐ߩᯏળ ࠍኤ⍮ߒޔ⧷࿖ߩ࠙ࠜ࡝ࠬ࡮࡜ࡏ࡜࠻࡝࡯㧔Wallis Laboratory㧕ࠍ⾈෼ߒߚޕߎࠇߦ⛯޿ ߡ 2003 ᐕߦߪ⧷࿖ߩ CP ࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠞ࡞࠭㧔CP Pharmaceuticals㧕ࠍ⾈෼ߒޔ࠙ ࠜ࡝ࠬ࡮࡜ࡏ࡜࠻࡝࡯ߣ CP ࡈࠔ࡯ࡑࠬ࡯࠹ࠖࠞ࡞࠭ࠍ⛔วߒߡ࠙ࠜ࠶ࠢࡂ࡞࠻ UK(Wockhardt UK Limited)ࠍ⸳┙ߒߚޕ࠙ࠜ࠶ࠢࡂ࡞࠻ UK ߪޔ⧷࿖ߦ߅ߌࠆࠫࠚࡀ࡝࠶ ࠢ⵾⮎ડᬺ਄૏ 10 ␠ߦ౉ࠆડᬺߣߥࠅ᰷ᎺᏒ႐߳ߩᯅ㗡ႆߣߥߞߚ24ޕ࠙ࠜ࠶ࠢࡂ࡞࠻ UK ߪޔࠫࠚࡀ࡝࠶ࠢක⮎ຠޔ⥄␠ࡉ࡜ࡦ࠼ GSL/OTC ⮎ຠޔᱤ⑼ᴦ≮⮎㧔౉ࠇᱤᵞᵺ㍤೷ޔ ࡄ࠙࠳࡯ޔ࿕ቯ೷ࠢ࡝࡯ࡓ㧕ߩಽ㊁ߦ߅޿ߡࡊ࡟࠯ࡦࠬࠍ⏕┙ߒߚޕߥ߅ޔ࠙ࠜ࠶ࠢࡂ࡞ ࠻ UK ߪޔࠕࡒ࡝ࡦ␠㧔Amylin Inc㧕ߣࠛࠢ࠮࠽࠲ࠗ࠼㧔Exenatide㧕ߩ⵾ຠ㐿⊒߅ࠃ߮ᆔ ⸤⵾ㅧ㑐ଥࠍ⚿ࠎߢ޿ࠆޕ Ꮢ႐ࠍ㊀ⷞߒߚ⾈෼ᣇ㊎ߦࠃࠅޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ 2004 ᐕߦࠛࠬࡄ࡞ࡑ㧔Esparma GmbH㧕ߩක⮎ຠ੐ᬺߣ⽼ᄁࠗࡦࡈ࡜ࠍ⾈෼ߒߚޕߎߩ⾈෼ߦࠃߞߡޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ ᰷Ꮊᦨᄢߩࠫࠚࡀ࡝࠶ࠢᏒ႐ߢ޽ࠆ࠼ࠗ࠷Ꮢ႐߳ߩෳ౉ࠍ㆐ᚑߒߚޕ2006 ᐕߦߪޔ࠙ࠜ࠶ ࠢࡂ࡞࠻ߪࠕࠗ࡞࡜ࡦ࠼ߩࡄࠗࡦ࠙࠶࠼࡮࡜ࡏ࡜࠻࡝࡯࠭㧔Pinewood Laboratories Limited㧕ࠍ⾈෼ߒߚޕߎ߁ߒߚേ߈ߦࠃࠅޔห␠ߪޔ᰷ᎺᏒ႐ߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍࠃࠅ

 ࠙ࠜ࠶ࠢࡂ࡞࠻࠙ࠚࡉࠨࠗ࠻

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ᒝ࿕ߦߒߚޕ ᦨㄭߢߪ 2007 ᐕ 5 ᦬ߦޔห␠ߪࡈ࡜ࡦࠬߩࡀࠣࡑ␠㧔Negma Laboratories㧕ߩ⾈෼ࠍ ⊒⴫ߒߚޕ172 ߩ․⸵ࡐ࡯࠻ࡈࠜ࡝ࠝࠍᜬߟࡀࠣࡑ␠ߩ⾈෼ߪޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߦߣߞߡ ࡈ࡜ࡦࠬߩࠫࠚࡀ࡝࠶ࠢᏒ႐ෳ౉߳ߩ⿷߇߆ࠅߣߥࠆߛߌߢߪߥߊޔࡀࠣࡑߩ․⸵ࡐ࡯࠻ ࡈࠜ࡝ࠝࠍ₪ᓧߔࠆᯏળߣߥࠆ߽ߩߛޕ ਎⇇ᦨᄢᏒ႐ߢ޽ࠆ☨࿖Ꮢ႐ߢࡊ࡟࠯ࡦࠬࠍ᜛ᄢߔࠆߚ߼ߦޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ 2004 ᐕߦ⁛⥄ߩ༡ᬺ⽼ᄁ⚵❱ߣߒߡ࠙ࠜ࠶ࠢࡂ࡞࠻ USA㧔Wockhardt USA Inc㧕ࠍ⸳┙ߒߚޕ ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔ࠙ࠜ࠶ࠢࡂ࡞࠻ USA ࠍ੺ߒߡ☨࿖ߢ⚂ 20 ߩ⵾ຠࠍ⽼ᄁߒߡ޿ࠆޕ߹ ߚޔ⃻࿷ 50 એ਄ߩ⵾ຠ߇㐿⊒Ბ㓏ߦ޽ࠆޕ ߹ߚޔ࠙ࠜ࠶ࠢࡂ࡞࠻ߪ☨࿖ߦ߅޿ߡⶄᢙߩਥⷐ⵾ຠߩᏒ႐ࠪࠚࠕࠍ᜛ᄢߐߖߚޕ଀߃ ߫ޔߴࠨࡀࠦ࡯࡞㧔Bethanechol㧕ߪޔ2004 ᐕߦߪ 40㧑ߩᏒ႐ࠪࠚࠕߛߞߚ߇ޔ2005 ᐕ ߦߪ 44㧑ߣߥߞߚޕߐࠄߦ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔ2005 ᐕߦ☨࿖ߩ৻⥸↪ක⮎ຠ㧔OTC㧕ಽ ㊁ߦ߽ㅴ಴ߒߚޕห␠ߩ⵾ຠߪ⃻࿷ޔ࠙ࠜ࡞ࡑ࡯࠻㧔Wal-Mart㧕ߩࠃ߁ߥਥⷐዊᄁᐫߢ⾼ ౉ߔࠆߎߣ߇ߢ߈ࠆޕ

਎⇇ߩᵴേ᜚ὐ ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔࡠࠪࠕޔ࠙ࠢ࡜ࠗ࠽ޔࠞࠩࡈࠬ࠲ࡦޔࡔࠠࠪࠦޔࡉ࡜ࠫ࡞ޔධࠕࡈ ࡝ࠞޔࡌ࠻࠽ࡓޔࡒࡖࡦࡑ࡯ޔࠬ࡝࡜ࡦࠞޔࠤ࠾ࠕޔࠟ࡯࠽ޔ࠽ࠗࠫࠚ࡝ࠕޔ࠲ࡦࠩ࠾ࠕ ߦ߽ᵴേ᜚ὐࠍᜬߞߡ޿ࠆޕ

ⷐὐ x ࠙ࠜ࠶ࠢࡂ࡞࠻ߪޔࠗࡦ࠼ޔࠕࠗ࡞࡜ࡦ࠼ޔ⧷࿖ߩ3ࠞ࿖ߦ⵾ㅧ᜚ὐࠍᜬߞߡ޿ࠆޕߎ ࠇߦࠃߞߡห␠ߪޔࠗࡦ࠼࿖ౝᏒ႐ߣߪ೎ߦ᰷ᎺᏒ႐߳ߩ⿷႐ࠍᜬߟޕ x ห␠ߪޔ࿖㓙⊛ߥක≮↥ᬺߢߩਥዉ⊛ߥ┙႐ࠍᓧࠆߚ߼ޔ․ߦࡃࠗࠝᛛⴚޔක⮎ຠߥߤ ߦ߅ߌࠆ⢻ജะ਄ߦᵈജߒߡ޿ࠆޕ x ห␠ߪޔㄭᐕ☨࿖ߩOTCಽ㊁ߦㅴ಴ߒߡ޿ࠆޕ࠙ࠜ࡞ࡑ࡯࠻ߥߤߩਥⷐߥዊᄁᐫߢ⾼౉ ߢ߈ࠆ⵾ຠ࡜ࠗࡦࠍᜬߟห␠ߪޔߎߩಽ㊁ߦ߅޿ߡ߽ᕆㅦߦᏒ႐ࠪࠚࠕࠍ᜛ᄢߒߡ޿ࠆޕ 

 ࠙ࠜ࠶ࠢࡂ࡞࠻࠙ࠚࡉࠨࠗ࠻

 31 

╙┨࠲࠲࡮ࠤࡒࠞ࡞ 㧔ൻቇ㧕

ડᬺ᭎ⷐ ࠲࠲࡮ࠤࡒࠞ࡞㧔TCL㧕ߪޔήᯏൻቇຠޔൻቇ⢈ᢱޔ㘩ຠᷝട‛ߩࡔ࡯ࠞ࡯ߢ޽ࠆޕห ␠ߩ࡛࠙⚛ᷝടႮߩޟ࠲࠲࡮࠰࡞࠻㧔Tata Salt㧕ޠߪޔࠗࡦ࠼ߢߪ࠻࠶ࡊࡉ࡜ࡦ࠼ߢ޽ࠅޔ Ꮢ႐ࠪࠚࠕߩ߅ࠃߘ 40㧑ࠍභ߼ࠆ26ޕߐࠄߦޔห␠ߩ⢈ᢱࡉ࡜ࡦ࠼ޟࡄ࡜ࠬ㧔Paras㧕ޠ ߪޔࠗࡦ࠼ߩ⷏ࡌࡦࠟ࡞㧔West Bengal㧕ޔࡆࡂ࡯࡞Ꮊ㧔Bihar㧕ޔࠫࡖ࡯࡞ࠟࡦ࠼Ꮊ 㧔Jharkhand㧕ߩฦᎺߩᏒ႐ߢᄢ߈ߥࠪࠚࠕࠍᜬߞߡ޿ࠆޕ

࿑⴫㧦  ࠲࠲࡮ࠤࡒࠞ࡞㧙ડᬺ᭎ⷐ㧔ㅪ⚿㧕

ડᬺฬ ࠲࠲࡮ࠤࡒࠞ࡞㧔TCL㧕 ᚲ࿷࿾ Bombay House, 24 Homi Mody Street, Fort, Mumbai – 400 001, India 㔚⹤⇟ภ +91 22 6665 8282 ࡈࠔ࠶ࠢࠬ⇟ภ +91 22 6665 8143 ࡎ࡯ࡓࡍ࡯ࠫ http://www.tatachemicals.com/ ળ㐳 Ratan N. Tata ⸳┙ᐕ 1939 ⾗ᧄ✚㗵 5ం290ਁ࠼࡞ ⾗↥✚㗵 13ం5,689ਁ࠼࡞ ᓥᬺຬ NA

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࠲࠲࡮ࠤࡒࠞ࡞㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ

ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ࠲࠲࡮ࠤࡒࠞ࡞ᐕᐲᐕᰴႎ๔ᦠ

 32 

ᴪ㕟

࿑⴫㧦  ࠲࠲࡮ࠤࡒࠞ࡞㧙ᴪ㕟

ᐕ  1939 TCL߇ഃ┙ߐࠇࠆ 1943 ⧦ᕈ࠰࡯࠳ޔႮൻ᳓⚛㉄ޔႮൻ੝㋦ޔṫ⊕೷ޔᶧൻႮ⚛ߩ↢↥ࠍ㐿ᆎ 1944 ࠰࡯࠳Ἧߩ↢↥ࠍ㐿ᆎ 1949 ㊀὇㉄࠽࠻࡝࠙ࡓߩ↢↥ࠍ㐿ᆎ 1961-62 ㊀࠰࡯࠳Ἧߩ↢↥ࠍ㐿ᆎ 1969 ࠰࡯࠳Ἧ↢↥⢻ജࠍ᜛ᄢ 1983 ࠗࡦ࠼ೋߩ࡛࠙⚛ᷝട࡮⌀ⓨ⫳⌕Ⴎߢ޽ࠆޟ࠲࠲࡮࠰࡞࠻㧔Tata Salt㧕ޠࠍ⊒⴫ 1993 ࡒࠨࡊ࡯࡞㧔Mithapur㧕ߢᣂߒ޿࠮ࡔࡦ࠻Ꮏ႐ࠍⒿേ 1996 ISO 9001⹺⸽ࠍขᓧ 2003 ࡃࡉ࡜࡜㧔Babrala㧕ߩൻቇ⢈ᢱᎿ႐߇⧷࿖቟ో⹏⼏ળߦ⊓㍳ߐࠇࠆ 2003 ൻቇ⢈ᢱᎿ႐߇ISO-14001߅ࠃ߮OHSAS-18001ߩ⹺⸽ࠍขᓧ 2004 ࡅࡦ࠼࡮࡟ࡃ࡯࡮ࠤࡒࠞ࡞࠭㧔Hind Lever Chemicals㧕ࠍๆ෼ว૬ ಴ᚲ㧦6%.࠙ࠚࡉࠨࠗ࠻̄࠾ࡘ࡯࠭࡝࡝࡯ࠬ

ో૕ߩ⊒ዷᚢ⇛

ࡊࡠ࠮ࠬᦨㆡൻ TCL ߩਥⷐᣇ㊎ߩ৻ߟߦޔࠛࡀ࡞ࠡ࡯ᶖ⾌ߩᦨㆡൻߦࠃࠆ↢↥ࠦࠬ࠻೥ᷫ߇޽ࠆޕห␠ ߪޔ2005 ᐕߩ㑆ߦ৻ㅪߩኻ╷ࠍታᣉߒޔ㔚ജޔ⫳᳇ߩᶖ⾌ᛥ೙ߦᚑഞߒߚޕ⌀ⓨ⫳⌕Ⴎޔ ㊀὇㉄࠽࠻࡝࠙ࡓޔዩ⚛ޔࠕࡦࡕ࠾ࠕޔ⫳⌕⧦ᕈ࠰࡯࠳ޔNPK ࠦࡦࡊ࡟࠶ࠢࠬߥߤߩ↢↥ ߢߩᶖ⾌㊂ࠍᛥ߃ࠆߦ޽ߚࠅޔ↢⍹Ἧ↢ᚑ㊍ߩടᎿࡄ࡜ࡔ࡯࠲೙ᓮ⸳஻ߩዉ౉߿ޔࠕࡦࡕ ࠾ࠕᎿ႐ߩ㜞ᐲ೙ᓮࠪࠬ࠹ࡓߩ⸳⟎ޔ࠰࡯࠳ἯᎿ႐ߩ⥄േൻߥߤࠍⴕߞߚޕ߹ߚห␠ߪޔ ⎬᳓エൻᎿ႐߅ࠃ߮⥇⚛Ꮏ႐ߦ߅ߌࠆࠟ࡜ࠬ࠲ࡢ࡯ᬺോߩ⥄േൻޔዩ⚛Ꮏ႐߳ߩ㜞ᐲࡊࡠ ࠮ࠬ೙ᓮᯏ⸳⟎߽⸘↹ߒߡ޿ࠆޕߎࠇࠄߩኻ╷ߪޔߐࠄߥࠆࡊࡠ࠮ࠬᦨㆡൻߦߟߥ߇ࠆ߽ ߩߣᕁࠊࠇࠆޕ

⎇ⓥ㐿⊒ߩᒝൻ ⎇ⓥ㐿⊒ߪޔTCL ߩᚑ㐳ߩਥߥផㅴജߩ৻ߟߢ޽ࠆޕห␠ߩ⎇ⓥ㐿⊒⾌ߪ✚ขᒁ㜞ߩ 0.05㧑㨪0.06㧑ߦㆊ߉ߥ޿߇ޔห␠ߪ 2005 ᐕᐲߦ⵾ຠ㐿⊒߅ࠃ߮⵾ㅧᛛⴚߩ㐿⊒ߦᵈജ ߔߴߊޟࠗࡁࡌ࡯࡚ࠪࡦ࡮࠮ࡦ࠲࡯ޠࠍ⸳⟎ߒߡ޿ࠆޕห␠ߪޔ࠽ࡁ࡮ࡈࠖ࡞࠻࡟࡯࡚ࠪ ࡦ㧔ࠈㆊ㧕ᛛⴚ߿ේ᧚ᢱߩᵴ↪ޔ᳓ߩ▵⚂ޔ⵾ຠຠ⾰ߩᒝൻߥߤߩ․ቯ㗔ၞߦ㑐ߔࠆ⎇ⓥ ࠍⓍᭂ⊛ߦታᣉߒߡ޿ࠆޕߎࠇࠄߔߴߡߩ⎇ⓥ㗔ၞߪޔห␠ߩᚑ㐳ߦ߅޿ߡ㊀ⷐߥᓎഀࠍ ᜂ߁ߎߣߦߥࠆߣ⠨߃ࠄࠇࠆޕ଀߃߫ޔTCL ߪ࠽ࡁ࡮ࡈࠖ࡞࠻࡟࡯࡚ࠪࡦᛛⴚࠍ↪޿ߚᶏ ᳓ಣℂߦߟ޿ߡߩ੍஻⎇ⓥࠍⴕߞߡ߅ࠅޔ࠽ࡁ㨯ࡈࠖ࡞࠻࡟࡯࡚ࠪࡦࠍ↪޿ࠆߎߣߢᵺ᳓ ߩߚ߼ߦᶖ⾌ߐࠇࠆ࠰࡯࠳Ἧ㊂ߩᷫዋޔ಄㑆ᑄᶧߩ 70㧑ᷫዋޔࠕࡦࡕ࠾ࠕ࡮ࠬ࠴࡞ߩኼ๮ ᑧ㐳ߥߤࠍ⏕⹺ߒߚޕߒߚ߇ߞߡޔหᛛⴚ߇ቢోߦታ↪ൻߐࠇࠇ߫ޔห␠ߪ↢↥ࠦࠬ࠻ࠍ ᄢ᏷ߦ೥ᷫߢ߈ࠆޕ

 33 

5916ಽᨆ

 ᒝߺ x ࿖ౝᏒ႐ߦ߅ߌࠆᒝ࿕ߥࡊ࡟࠯ࡦࠬ – TCLߪࠗࡦ࠼ߩ࠰࡯࠳Ἧ߅ࠃ߮ࡉ࡜ࡦ࠼Ⴎಽ㊁ߦ ߅ߌࠆᦨᄢᚻߢ޽ࠆޕߐࠄߦޔࠗࡦ࠼ߩᑪ▽↥ᬺߩ㜞ᚑ㐳ߪޔห␠ߩ࠮ࡔࡦ࠻੐ᬺߩᚑ 㐳ߦᄢ߈ߊነਈߒߡ޿ࠆޕ࿖ౝߩ࠰࡯࠳Ἧߦኻߔࠆ㔛ⷐჇ߽߹ߚޔห␠ߩၷ⺞ߥᚑ㐳ߩ ৻࿃ߣߥߞߡ޿ࠆޕᑪ▽߅ࠃ߮⥄േゞ↥ᬺ߆ࠄߩࠟ࡜ࠬ㔛ⷐ߇Ⴧᄢߒߡ޿ࠆߎߣ߇⢛᥊ ߦ޽ࠆޕ x Ꮏ⒟ߩߐࠄߥࠆᦨㆡൻ – TCLߪޔ2005ᐕᐲߦታᣉߒߚኻ╷ࠍ᜛ᄢߔࠆߎߣߢޔߐࠄߦ ↢↥ࠦࠬ࠻ࠍ೥ᷫߔࠆߎߣ߇ߢ߈ࠆޕ

 ᒙߺ x ⎇ⓥ㐿⊒⾌ߩૐߐ – TCLߩ⎇ⓥ㐿⊒⾌ߪ✚ขᒁ㜞ߩࠊߕ߆0.05㨪0.06㧑ߢޔߎࠇߪᬺ⇇ ᳓ḰߣᲧセߒߡ㕖Ᏹߦૐ޿ޕ

 ᯏળ x ᧂ㐿ᜏᏒ႐߳ߩㅴ಴ – TCLߪޔャ಴ޔ⾈෼ޔᶏᄖડᬺߣߩឭ៤ޔᶏᄖ߳ߩᣂᣉ⸳⸳⟎ߥ ߤߦࠃߞߡᣂߒ޿Ꮢ႐ࠍ㐿ᜏߔࠆߎߣ߇น⢻ߛޕߎࠇߦࠃࠅޔ޽ࠆ⒟ᐲߩ࡝ࠬࠢಽᢔ߇ น⢻ߣߥࠆޕ

 ⢿ᆭ x ᶏᄖᏒ႐ߢߩࡊ࡟࠯ࡦࠬߩᒙߐ – TCLߩ㘈ቴၮ⋚ߪޔ࠰࡯࠳Ἧࠍ㒰ߊߣޔਥߦࠗࡦ࠼࿖ ౝᏒ႐ߦߣߤ߹ߞߡ޿ࠆޕห␠ߩࠣࡠ࡯ࡃ࡞Ꮢ႐߆ࠄߩ෼౉ߪో૕ߩࠊߕ߆10㧑⒟ᐲߛޕ TCLߦߪ࡝ࠬࠢࠍᛥ߃ࠆߚ߼ߦ߽ࠣࡠ࡯ࡃ࡞᜛ᒛ⸘↹ࠍㅴ߼ࠆᔅⷐ߇޽ࠆޕ 

 ࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 34 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ TCL ߩਥⷐ⵾ຠࠍᰴ߉ߦ␜ߔޕ

࿑⴫㧦  ਥⷐ⵾ຠ㧙࠲࠲࡮ࠤࡒࠞ࡞

⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝ

ൻቇ⵾ຠ ൻቇ⢈ᢱ 㘩ຠᷝട‛ ߘߩઁ

࠰࡯࠳Ἧ ዩ⚛ Ⴎ ⍹⤉

࠮ࡔࡦ࠻ ⚿᥏Ⴎ ⥇ൻ᳓⚛㉄

⧦ᕈ࠰࡯࠳ ㊀὇㉄࠽࠻࡝࠙ࡓ Ⴎ㉄

ࡉࡠࡒࡦ ⫳⸃࠰࡯࠳ ᶧ૕ࡉࡠࡒࡦ

⍹⤉ ᶧൻႮ⚛

⥇ൻ࠽࠻࡝࠙ࡓ  ಴ᚲ㧦6%.࠙ࠚࡉࠨࠗ࠻

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ㧙࠲࠲࡮ࠤࡒࠞ࡞ ᐕᐲ   ⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦࠲࠲࡮ࠤࡒࠞ࡞ᐕᐲᐕᰴႎ๔ᦠ࠲࠲࡮ࠤࡒࠞ࡞ᐕᐲᐕᰴႎ๔ᦠ  ห␠ߩ࿾ၞ೎ᄁ਄ߍࠍ␜ߔޕTCL ߪޔࠗࡦ࠼Ꮢ႐ߦଐሽߒߡ߅ࠅᶏᄖᏒ႐ะߌߪ 10㧑⒟ ᐲߢ޽ࠆޕ․ߦޔർ☨࡮ਛධ☨ߦߪࡊ࡟࠯ࡦࠬࠍ⏕┙ߢ߈ߡ޿ߥ޿ޕ



 35 

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧔ㅪ⚿㧕㧙ᐕᐲ

ᄁ਄䈕㪑㩷㪐㪉㪌㪅㪊㪊㩷䋨㪈㪇㪇ਁ䊄䊦䋩

2.7% 0.8% 䉟䊮䊄 7.2% ᰷Ꮊ

䉝䉳䉝䋨䉟䊮䊄એ ᄖ䋩 䉝䊐䊥䉦 89.4%

 ಴ᚲ㧦࠲࠲࡮ࠤࡒࠞ࡞ᐕᐲᐕᰴႎ๔ᦠ  ੐ᬺಽ㊁೎ߩᄁ਄ߍಽᏓࠍ␜ߔޕዩ⚛ޔ࡝ࡦ㉄⢈ᢱޔߘߩઁߩㄘᬺ↪ᷝട‛߆ࠄᚑࠆൻ ቇ⢈ᢱಽ㊁ߪޔ✚෼౉ߩ 58㧑ࠍභ߼ࠆޕήᯏൻቇຠಽ㊁ߪޔ࠰࡯࠳ἯޔႮޔᶏ↥ൻቇຠޔ ⧦ᕈ࠰࡯࠳ޔ࠮ࡔࡦ࠻ޔࡃ࡞ࠢൻቇຠ߇฽߹ࠇࠆޕ

࿑⴫㧦  ੐ᬺಽ㊁೎ߩᄁ਄ߍ㧔ㅪ⚿㧕㧙ᐕᐲ

ᄁ਄䈕㪑㩷㪐㪉㪌㪅㪊㪊㩷䋨㪈㪇㪇ਁ䊄䊦䋩

42.0% ൻቇ⢈ᢱ

58.0% ήᯏൻቇຠ



಴ᚲ㧦࠲࠲࡮ࠤࡒࠞ࡞ᐕᐲᐕᰴႎ๔ᦠ   න૕ߢߩ⵾ຠࠞ࠹ࠧ࡝࡯೎ߩᄁ਄ߍಽᏓࠍ␜ߔޕ࡝ࡦ㉄⢈ᢱޔዩ⚛ޔ࠰࡯࠳Ἧ߇ TCL ߩ ਥⷐ⵾ຠߣߥߞߡ޿ࠆޕ     

 36 



࿑⴫㧦  ⵾ຠࠞ࠹ࠧ࡝࡯೎ߩᄁ਄ߍ㧔න૕㧕㧙ᐕᐲ

ᄁ਄䈕㪑㩷㪏㪈㪊㪅㪌㪌㩷䋨㪈㪇㪇ਁ䊄䊦䋩

4.0% 2.1% 5.5% 䊥䊮㉄⢈ᢱ ዩ⚛

39.8% 8.8% 䉸䊷䉻Ἧ Ⴎ

䈠䈱ઁ 䉶䊜䊮䊃

19.8% STPP 20.0%  ಴ᚲ㧦࠲࠲࡮ࠤࡒࠞ࡞ᐕᐲᐕᰴႎ๔ᦠ 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࠲࠲࡮ࠤࡒࠞ࡞

ᐕ  2004 ࠦ࡯ࡀ࡞ᄢቇ㧔Cornell University㧕ߣ౒ห⎇ⓥߩߚ߼ߩ5ࠞᐕߩวᗧᢥᦠ㧔MoU㧕ࠍ⚿߱ ࡒࠨࡊ࡯࡞㧔Mithapur㧕Ꮏ႐ߩഭ௛ⅣႺߩ቟ోᕈߦኻߒߡޔ⧷࿖቟ో⹏⼏ળ߆ࠄ5ߟᤊߩ 2004 ⹏ଔࠍฃߌࠆ 2005 ⧷࿖ߩࡉ࡜ࡦ࠽࡯࡮ࡕࡦ࠼࡮ࠣ࡞࡯ࡊߩㆊඨᢙᩣᑼࠍ₪ᓧ ࡕࡠ࠶ࠦߦ᜚ὐࠍ⟎ߊ࡝ࡦ㉄⵾ㅧࡔ࡯ࠞ࡯ޔࠗࡦ࠼࡮ࡑࡠ࠶ࠢ࡮ࡈࠜࠬࡈࠜࠕ㧔Indo 2005 Maroc Phosphore S.A.㧕ߩᩣᑼࠍ33.33㧑₪ᓧ 2005 ਛ᧲Ꮢ႐ะߌߦޟ࠻࠶ࡊ࡮࠰࡞࠻㧔TOPP Salt㧕ޠࠍ⊒⴫ ࿖ౝߩ↢㞲㘩ຠߩᵹㅢߦขࠅ⚵߻ߩߚ߼ߩวᑯડᬺࠍ࠻࡯࠲࡞࡮ࡊࡠ࠺ࡘ࡯ࠬ㧔Total 2007 Produce Plc㧕ߣ⸳┙ ಴ᚲ㧦6%.࠙ࠚࡉࠨࠗ࠻̄࠾ࡘ࡯࠭࡝࡝࡯ࠬ  TCL ߪ 2005 ᐕೋ㗡ࠃࠅޔᓥ᧪߆ࠄขᒁࠍߒߡ޿ߚᏒ႐߆ࠄߘߩઁߩ࿾ၞߦ㊀ὐࠍ⒖ߘ ߁ߣߒߡ߈ߚޕห␠ߪ 2005 ᐕޔ⧷࿖ߩࡉ࡜ࡦ࠽࡯࡮ࡕࡦ࠼࡮ࠣ࡞࡯ࡊ㧔Brunner Mond Group Limited㧕ࠍߘߩሶળ␠ࡑࠟ࠺ࠖ࡮࠰࡯࠳㧔Magadi Soda Company Limited㧕ޔࡉ࡜ ࡦ࠽࡯࡮ࡕࡦ࠼㧔Brunner Mond BV㧕ߏߣ⾈෼ߒߚޕߎࠇߦࠃߞߡޔTCL ߪᐕ㑆 300 ਁ࠻ ࡦߩ↢↥⢻ജࠍ᦭ߔࠆ਎⇇╙ 3 ૏ߩ࠰࡯࠳Ἧࡔ࡯ࠞ࡯ߣߥߞߚޕTCL ߪ⃻࿷ޔ࠰࡯࠳Ἧಽ ㊁ߦ߅޿ߡߪࠕࠫࠕޔ᰷Ꮊޔࠕࡈ࡝ࠞߦ⵾ㅧᣉ⸳ࠍᜬߟߥߤࠣࡠ࡯ࡃ࡞ߥ⿷႐ࠍ▽߈ߟߟ ޽ࠆޕ߹ߚࡉ࡜ࡦ࠽࡯࡮ࡕࡦ࠼࡮ࠣ࡞࡯ࡊߩ⾈෼ߦࠃࠅޔTCL ߪޔ޽ࠄߚߦ 1,500 ␠ߩ㘈 ቴࠍ₪ᓧߒޔห␠ߪ᰷Ꮊ߅ࠃ߮ࠕࠫࠕߩᄢᏒ႐߳ߩࠕࠢ࠮ࠬࠍᓧߚޕ ߹ߚ TCL ߪޔࡕࡠ࠶ࠦߦ᜚ὐࠍ⟎ߊ࡝ࡦ㉄⵾ㅧࡔ࡯ࠞ࡯ߢ޽ࠆࠗࡦ࠼࡮ࡑࡠ࠶ࠢ࡮ࡈࠜ ࠬࡈࠜࠕ㧔Indo Maroc Phosphore㧕ߩᩣᑼߩ 33.33㧑ࠍ₪ᓧߒߡ޿ࠆޕ࡝ࡦ㉄ߪ TCL ߩࡂ ࡞࠺ࠖࠕ㧔Haldia㧕ߩᣉ⸳ߦߣߞߡ㊀ⷐߥේ᧚ᢱߢޔห⾈෼ߦࠃߞߡห␠ߪ቟ቯߒߚଏ⛎

 37 

Ḯࠍ⏕଻ߔࠆߎߣ߇ߢ߈ߚޕ߹ߚߎࠇߦࠃߞߡޔࠕࡈ࡝ࠞᏒ႐ߦ߅ߌࠆห␠ߩ⿷႐࿕߼߅ ࠃ߮ᣂߚߥᚑ㐳〝✢ߩ㐿ᜏ߇น⢻ߣߥࠆߎߣ߽ᦼᓙߐࠇࠆޕ

ⷐὐ x TCLߪࠗࡦ࠼ߦ߅ߌࠆᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍᜬߞߡ߅ࠅޔߘߩ෼౉ߩ90㧑ߪ࿖ౝᏒ႐߆ࠄ ߩ߽ߩߢ޽ࠆޕ ߹ߚห␠ߪޔࠗࡦ࠼ߦ߅ߌࠆ࠰࡯࠳Ἧ߅ࠃ߮ࡉ࡜ࡦ࠼Ⴎಽ㊁ߩᦨᄢᚻ ߢ߽޽ࠆޕ x ห␠ߪޔࡊࡠ࠮ࠬᦨㆡൻߦࠃߞߡ↢↥ࠦࠬ࠻ߩ೥ᷫߦᵈജߒߡ޿ࠆޕ x ห␠ߪ2005ᐕߦࡕࡠ࠶ࠦߦ᜚ὐࠍᜬߟડᬺߦ಴⾗ߒߚࠅޔ⧷࿖ߩࡉ࡜ࡦ࠽࡯࡮ࡕࡦ ࠼࡮ࠣ࡞࡯ࡊࠍ⾈෼ߒߚࠅߒߡ޿ࠆ߇ޔଐὼޔ࿖㓙⊛ࡊ࡟࠯ࡦࠬߪᒝߊߥ޿ޕ

 38 

╙┨࠲࠲࡮ࠬ࠴࡯࡞ 㧔㋕㍑㧕

ડᬺ᭎ⷐ ࠲࠲࡮ࠬ࠴࡯࡞㧔Tata Steel Limited㧕ߪࠗࡦ࠼ᦨᄢߩ✚ว㋕㍑ડᬺߢ޽ࠆޕ࠲࠲࡮ࠬ࠴ ࡯࡞ߪޔࠗࡦ࠼ޔ☨࿖ޔ⧷࿖ޔਛ࿖ޔ࠲ࠗޔࠬ࡝࡜ࡦࠞߥߤ਎⇇ฦ࿖ߢᠲᬺߒߡ޿ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࠲࠲࡮ࠬ࠴࡯࡞㧔ㅪ⚿㧕

ડᬺฬ ࠲࠲࡮ࠬ࠴࡯࡞ 㧔Tata Steel Limited㧕 ᚲ࿷࿾ Bombay House, 24 Homi Mody Street, Mumbai – 400 001 㔚⹤⇟ภ +91-22-66658282 ࡈࠔ࠶ࠢࠬ +91-22-66658113 / 66657725 ࡎ࡯ࡓࡍ࡯ࠫ ઍ⴫ข✦ᓎ␠㐳 B. Muthuraman ⸳┙ᐕ 1907 28 ⾗ᧄ✚㗵 23ం2,986ਁ࠼࡞ ⾗↥✚㗵 46ం5,551ਁ࠼࡞ ᓥᬺຬ 38,182ੱ㧔2005ᐕᐲ㧕 ಴ᚲ㧦࠲࠲࡮ࠬ࠴࡯࡞࠙ࠚࡉࠨࠗ࠻

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࠲࠲࡮ࠬ࠴࡯࡞㧔ᐕ᦬ᣣ⃻࿷㧕

 ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ  ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ࠲࠲࡮ࠬ࠴࡯࡞ᐕᐲᐕᰴႎ๔ᦠ

 39 

ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࠲࠲࡮ࠬ࠴࡯࡞

ᐕ  1907 J࡮N࡮࠲࠲ߦࠃߞߡ࠲࠲⵾㋕␠㧔TISCO㧕⸳┙ 1912 ࠫࡖࡓࠪࠚ࡯࠼ࡊ࡞㧔Jamshedpur㧕⵾㋕Ꮏ႐ߢ↢↥ࠍ㐿ᆎ 1935 㜞ᒛജ㍑ߩ↢↥ࠍ㐿ᆎ 1937 ╙1ภߩޟ⎇ⓥ▤ℂ⎇ⓥᚲޠࠍ㐿⸳ 1958 㒽ᚑ㋕ࡑࡦࠟࡦᎿ႐ߩᠲᬺ㐿ᆎ 1962 ☨࿖ߩࡅࡘ࡯ࠗ࠶࠻࡮ࡠࡆࡦࠬ㧔Hewitt-Robins Inc.㧕߅ࠃ߮⧷࿖ߩࡈ࡟࡯ࠩ࡯࡮ࠕࡦ ࠼࡮ࠞ࡞ࡑ࡯࠭㧔Frazer & Chalmers Engineering Works of GEC㧕ߣ౒หߢ࠲࠲࡮ࡠࡆࡦ ࠬ࡮ࡈ࡟࡯ࠩ࡯㧔Tata-Robins-Frazer㧕ࠍ⚿ᚑ 1976 ࠙ࠚࠬ࠻࡮ࡏࠞࡠ㧔West Bokaro Limited㧕ߣTISCOߩ὇ဒㇱ㐷߇ว૬ 2000 2000ᐕ8᦬ߦ಄㑆࿶ᑧࡒ࡞ⶄวᣉ⸳ߩᠲᬺࠍ㐿ᆎ 2002 ᐕ㑆↢↥100ਁ࠻ࡦߩടᾲ㊄ዻ↢↥ജ⢻ജࠍ஻߃ߚޟFޠṁ㋶Ἱߩᠲᬺ㐿ᆎ หᐕޔห␠ߪᣣᧄߩᣂᣣᧄ⵾㐅ߣ᰷Ꮊߩࠕ࡞࠮ࡠ࡯࡞㧔Arcelor㧕ߣޔ⥄േゞ↪㍑᧼ߩ ౒หᛛⴚ㐿⊒ߩߚ߼ߩᛛⴚදജදቯࠍ✦⚿ 2003 ಄㑆࿶ᑧ㍑ߩ╙৻ࡉ࡜ࡦ࠼ޟ࠲࠲࡮ࠬ࠴࡯࡝ࠕࡓ㧔Tata Steelium㧕ޠࠍ⊒⴫ 2005 ␠ฬࠍ࠲࠲࡮ࠬ࠴࡯࡞ߦᄌᦝ ࠲࠲࡮ࠬ࠴࡯࡞߇ࠪࡦࠟࡐ࡯࡞ߦ᜚ὐࠍ⟎ߊ⵾㋕ળ␠࠽࠶࠻ࠬ࠹ࠖ࡯࡞࡮ࠕࠫࠕ 㧔NatSteel Asia㧕ࠍ⾈෼ 2007 ࠲࠲࡮ࠬ࠴࡯࡞߇⧷⯗㋕㍑ડᬺࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊࠍ⾈෼ ಴ᚲ㧦࠲࠲࡮ࠬ࠴࡯࡞࠙ࠚࡉࠨࠗ࠻&CVCOQPKVQT

ో૕ߩ⊒ዷᚢ⇛ ࠲࠲࡮ࠬ࠴࡯࡞ߪࠗࡦ࠼ߩ⚻ᷣ⊒ዷߦ⾗ߔࠆ⵾㋕Ꮏ႐ࠍ૞ࠆߣ޿߁ℂᔨߩ߽ߣޔJ࡮N࡮ ࠲࠲ߦࠃߞߡഃ⸳ߐࠇߚޕห␠ߪޔᢙޘߩሶળ␠ࠍㅢߒߡ㍑㋕߅ࠃ߮ߘߩઁߩ㑐ㅪ⵾ຠߩ ⵾ㅧޔ⽼ᄁࠍⴕߞߡ޿ࠆޕ

ᚢ⇛ ห␠ߪᄙ᭽ߥ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍ଻᦭ߒޔⶄᢙࡉ࡜ࡦ࠼ࠍ㚟૶ߒߡ᭽ޘߥ㘈ቴጀࠍ₪ ᓧߒߡ޿ࠆޕห␠ߪ↢↥⢻ജߩ᜛ᄢߦࠃࠆ㐳ᦼ⊛ߥ⊒ዷࠍ࿑ߞߡ޿ࠆޕ

 ⵾ຠᄙ᭽ൻ 1907 ᐕߦ࠲࠲⵾㐅ߣߒߡ⸳┙ߐࠇߚห␠ߪޔࠕࠫࠕೋߩ᳃㑆㋕㍑ડᬺߢ޽ࠆޕ╙ 1 ภߩ ⵾㋕Ꮏ႐ߪࠫࡖࡓࠪࠚ࡯࠼ࡊ࡞ߦ⸳┙ߐࠇޔ1912 ᐕߦ↢↥߇㐿ᆎߐࠇߚޕ1923 ᐕߦޔ࠲ ࠲࡮ࠬ࠴࡯࡞ߩ㑐ㅪડᬺࠗࡦ࠼࠹ࠖࡦࡊ࡟࡯࠻㧔Tinplate Company of India Limited㧕߇㍯ ⊹⤑߅ࠃ߮ή㍯ߩ㍑᧼ߩ⵾ㅧࠍ㐿ᆎߒߚޕ1958 ᐕߦߪޔ㒽ᚑ㋕ࡑࡦࠟࡦᎿ႐ߩᠲᬺࠍ㐿ᆎ ߒߚޕߘߩᓟ߽ޔ⵾ຠߩᢙࠍჇടߐߖߡ޿ߞߚޕ

 ห␠ߩࡉ࡜ࡦ࠼ ห␠ߪޔࠗࡦ࠼Ꮢ႐ߦ߅޿ߡ㍑㋕⵾ຠߩᏅ೎ൻࠍ࿑ࠆߚ߼ޔ࠲࠲࡮ࠬ࠴࡯࡝ࠕࡓ㧔Tata Steelium㧕ޔ࠲࠲࡮ࠪࡖࠢ࠹ࠖ㧔Tata Shaktee㧕ޔ࠲࠲࡮࠹ࠖࠬࠦࡦ㧔Tata Tiscon㧕ޔ࠲

 ࠲࠲࡮ࠬ࠴࡯࡞࠙ࠚࡉࠨࠗ࠻ ࠲࠲࡮ࠬ࠴࡯࡞࠙ࠚࡉࠨࠗ࠻

 40 

࠲࡮ࡌࠕ࡝ࡦࠣࠬ㧔Tata Bearings㧕ޔ࠲࠲࡮ࠕࠣ࡝ࠦ㧔Tata Agrico 㧕ޔ࠲࠲࡮ࡢࠗࡠࡦ 㧔 Tata Wiron 㧕ޔ࠲࠲࡮ࡄࠗࡊࠬ㧔Tata Pipes 㧕ޔ࠲࠲࡮ࠬ࠻࡜ࠢ࠴ࡘ࡜㧔Tata Structura㧕߿ࠬ࠴࡯࡞࡮ࠫࡖࡦ࡚ࠢࠪࡦ㧔Steeljunction㧕ߥߤߩࡉ࡜ࡦ࠼ࠍ૶޿ಽߌߡ޿ ࠆޕ

 ࠗࡦ࠼࿖ౝߢߩ᜛ᄢߦะߌߚ㐳ᦼ⊛ᚢ⇛ ห␠ߪޔࠗࡦ࠼࿖ౝߦ߅ߌࠆၮ⋚ࠍ࿕߼ࠆߚ߼ߩ㐳ᦼ⊛ᚢ⇛ࠍขߞߡ߈ߚޕ2005 ᐕߦࠫ ࡖࡓࠪࠚ࡯࠼ࡊ࡞㧔Jamshedpur㧕Ꮏ႐ߩ᜛ᒛࠍ㐿ᆎߒߚޕ߹ߚޔ੹ᓟ 10 ᐕ㑆ߢޔࠝ࡝࠶ ࠨ㧔Orissa㧕ޔ࠴ࡖ࠹ࠖ࡯ࠬࠟ࡞㧔Chhattisgarh㧕ߣࠫࡖ࡯࡞ࠟࡦ࠼Ꮊ㧔Jharkhand㧕ߦᣂ ߒ޿Ꮏ႐ࠍᑪ⸳੍ቯߛޕห␠ߪޔᣂߚߥ⵾㋕Ꮏ႐ᑪ⸳ߦߟ޿ߡޔ࠴ࡖ࠹ࠖ࡯ࠬࠟ࡞Ꮊ᡽ᐭ ߣၮᧄวᗧᦠࠍ੤ࠊߒߚ߶߆ޔࠫࡖ࡯࡞ࠟࡦ࠼Ꮊ᡽ᐭߣ߽⵾㋕Ꮏ႐ߩᑪ⸳ߦߟ޿ߡၮᧄว ᗧᦠࠍ੤ࠊߒߡ޿ࠆޕ

⎇ⓥ㐿⊒ ࠲࠲࡮ࠬ࠴࡯࡞ߪޔ1937 ᐕߦޟ⎇ⓥ▤ℂ⎇ⓥᚲޠࠍ⸳┙ߒߚޕ2005 ᐕᐲߩ⎇ⓥ㐿⊒⾌ ߪ 5,700 ਁ࠼࡞ߢޔߎࠇߪห␠ߩ✚ᄁ਄ߍߩ 1.7㧑ߦᒰߚࠆޕ࠲࠲࡮ࠬ࠴࡯࡞ߩ⎇ⓥ㐿⊒ ߩኻ⽎ಽ㊁ߪਥߦᰴߩ 3 ߟ㧦 x ↢↥Ꮏ⒟⎇ⓥ x ⵾ຠ⎇ⓥ x ․⸵ߥߤ

 ౕ૕⊛ߥ⎇ⓥ㐿⊒ಽ㊁ 2005㨪2006 ᐕߩ㑆ߦߪޔ㋕㋶ޔ⍹὇ޔࠦ࡯ࠢࠬޔࡈࠚࡠࠢࡠࡓޔ࠴࠲࠾ࠕߥߤߩේ᧚ ᢱߦߟ޿ߡߩ⎇ⓥ߇ⴕࠊࠇߚޕ὾⚿㋶ຠ⾰߅ࠃ߮ṁ㋶Ἱߩ↢↥ᕈޔࠛࡀ࡞ࠡ࡯೑↪ല₸ޔ ⋭ࠛࡀ࡞ࠡ࡯ޔᑄ᧚⾗Ḯൻޔ⵾ຠ㐿⊒ޔࡊࡠ࠮ࠬᡷༀߥߤߩಽ㊁ߦߟ޿ߡ߽⎇ⓥ߇ⴕࠊࠇ ߡ޿ࠆޕ

 ⎇ⓥ㐿⊒ߦࠃߞߡ߽ߚࠄߐࠇߚࡔ࡝࠶࠻ ⎇ⓥ㐿⊒ߪᣂߒ޿ᛛⴚ߅ࠃ߮ࡊࡠ࠮ࠬߩ㐿⊒ߦߟߥ߇ߞߡ߅ࠅޔߎࠇߦࠃߞߡ↢↥ᕈߩ ะ਄ޔല₸ൻޔࠦࠬ࠻೥ᷫޔ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩᒝൻޔ⵾ຠߩຠ⾰ะ਄ߥߤߩലᨐ߇ᓧ ࠄࠇߡ޿ࠆޕ

 ዁᧪⊛ߥ⸘↹ ห␠ߩ⃻࿷ߩ⎇ⓥ㐿⊒⸘↹ߦߪޔ⵾㋕ࡊࡠ࠮ࠬౝߢߩ 7 ⓣ࡜ࡦࠬ૶↪ߦࠃࠆ⣕࡝ࡦຠ⾰ ߩะ਄ޔṁ㋶Ἱߩ↢↥ᕈะ਄ߩߚ߼ߩἹߩࠬ࡜ࠣ㊂೥ᷫޔἯ฽᦭㊂߇ 8㧑એਅߩ♖὇ߩ↢ ↥ޔ⥄േゞ↪ߩ㜞ᒝᐲ࡮㜞ᑧᕈߩ㍑ߩ↢↥ߥߤ߇޽ࠆޕ

 ࠲࠲࡮ࠬ࠴࡯࡞ᐕᐲᐕᰴႎ๔ᦠ

 41 

5916ಽᨆ

 ᒝߺ x ⼾ንߥ⵾ຠ᭴ᚑ – ࠲࠲࡮ࠬ࠴࡯࡞ߪޔᏱߦ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩలታߦᵈജߒߡ߅ࠅޔ ⼾ንߥ⵾ຠ᭴ᚑߦࠃߞߡޔ෼⋉ᕈࠍ㜞߼ߡ޿ࠆޕ⥄േゞޔኅ㔚⵾ຠޔᑪ▽ޔశቇಽ㊁ߥ ߤߩ㘈ቴ߇᳞߼ࠆ㜞޿ຠ⾰ၮḰߦᔕ߃ࠆߚ߼ޔห␠ߪ⥄േ᧚⒳಄㑆࿶ᑧ㍑߿੝㋦ࡔ࠶ࠠ ㍑ߥߤߩ㜞ઃടଔ୯⊛ಽ㊁ߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍ᜛ᄢߒߡ޿ࠆޕ x ᒝ࿕ߥࡉ࡜ࡦ࠼ࠗࡔ࡯ࠫ – ࠲࠲࡮ࠬ࠴࡯࡞ߪޔ᏷ᐢ޿ડᬺࠍᛴ߃ࠆ࠲࠲࡮ࠣ࡞࡯ࡊߩ৻ ㇱߢ޽ࠅޔߘߩᒝ࿕ߥࡉ࡜ࡦ࠼ࠗࡔ࡯ࠫߩᕲᕺࠍ੨ฃߒߡ޿ࠆޕ࠲࠲ߩࡉ࡜ࡦ࠼ߪ࿖ౝ Ꮢ႐ߢߩ࿾૏⏕┙ߣޔ਎⇇Ꮢ႐߳ߩ੐ᬺ᜛ᄢߦᓎ┙ߞߡ޿ࠆޕ x ේ᧚ᢱߩ⏕଻ – ࠲࠲࡮ࠬ࠴࡯࡞ߪ⁛⥄ߩ㋕㋶ណជᣉ⸳ࠍ଻᦭ߔࠆޕᄙߊߩේ᧚ᢱࠍ⥄⛎ ߢ߈ࠆห␠ߪޔේ᧚ᢱࠍᄖㇱߦଐሽߒߡ޿ࠆ┹วડᬺߦኻߒߡఝ૏ߦ┙ߟߎߣ߇น⢻ߣ ߥߞߡ޿ࠆޕ

 ᒙߺ x ਎⇇Ꮢ႐ߢߩᒙߐ – ห␠ߪ਎⇇Ꮢ႐ߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍ᜛ᄢߒߟߟ޽ࠆޕߒ߆ߒޔ 2005ᐕߦ߅ߌࠆห␠ߩ✚ᄁ਄ߍߩ߁ߜޔࠗࡦ࠼ࠍ㒰޿ߚ਎⇇Ꮢ႐߇භ߼ࠆഀวߪޔࠊ ߕ߆21㧑ߢ޽ߞߚޕ਎⇇Ꮢ႐ߦ߅ߌࠆ⚻㛎ߩᵻߐ߇ޔห␠ߩᒙߺߣߥߞߡ޿ࠆޕ x ャ౉ଐሽᐲ – ห␠ߪޔࠦ࡯ࠢࠬ↪὇ߦߟ޿ߡߪᔅⷐ㊂ߩᄢㇱಽࠍャ౉ߒߡ޿ࠆޕ

 ᯏળ x ㍑㋕ଔᩰߩ਄᣹ –ࠗࡦ࠼ߦ߅ߌࠆ㍑㋕ߩଔᩰߪޔ2006ᐕߦߪ2୚ߦߥߞߚޕߎߩ㍑㋕ଔ ᩰߩ㜞㛛ߪޔห␠ߩ෼⋉ࠍჇടߐߖࠆޕ x ㍑㋕㔛ⷐߩჇട – ㍑㋕ߦኻߔࠆ㔛ⷐߩჇടߪޔห␠ߩ㍑㋕↢↥⢻ജ᜛ᄢߩᯏળߣߥߞߡ ޿ࠆޕ

 ⢿ᆭ x ㍑㋕↥ᬺߩౣ✬ᚑ – ㄭᐕߩ㍑㋕↥ᬺߢߪޔࡒ࠲࡞ࠬ࠴࡯࡞㧔Mittal Steel㧕ߣࠕ࡞࠮ࡠ࡯ ࡞㧔Arcelor㧕ߥߤߩᄢᚻડᬺ㑆ߩว૬ߦࠃࠆ⛔ᑄว߇ㅴࠎߢ޿ࠆޕߎ߁޿ߞߚ⛔ᑄว ߩ⚿ᨐޔᒝᄢߥ┹วડᬺ߇⺀↢ߒޔ࠲࠲࡮ࠬ࠴࡯࡞ߩᏒ႐ࠪࠚࠕ߅ࠃ߮෼⋉ߦᖡᓇ㗀ࠍ ෸߷ߔߎߣ߇⠨߃ࠄࠇࠆޕ

 ࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 42 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ߅ࠃ߮੐ᬺ૕

࿑⴫㧦  ਥⷐ⵾ຠ߅ࠃ߮੐ᬺ૕㧙࠲࠲࡮ࠬ࠴࡯࡞

੐ᬺ૕ ⵾ຠ࡜ࠗࡦ ᾲ㑆߅ࠃ߮಄㑆࿶ᑧࠦࠗ࡞߅ࠃ߮᧼ޔ੝㋦ࡔ࠶ࠠࠪ࡯࠻ޔ࠴ࡘ࡯ࡉޔ✢᧚ޔᑪ▽↪ ⵾㋕ㇱ㐷 ㋕╭ޔ࡝ࡦࠣޔࡌࠕ࡝ࡦࠣ ࡏ࡯࡞ࡌࠕ࡝ࡦࠣޔⶄ೉⥄േ⺞ᢛࡌࠕ࡝ࡦࠣޔੑベゞ↪ߩࠢ࡜࠶࠴࡝࡝࡯ࠬࡌࠕ࡝ࡦ ࡌࠕ࡝ࡦࠣㇱ㐷 ࠣ߅ࠃ߮࠲࠶ࡊ೙ᓮࡠ࡯࡜࡯ࡌࠕ࡝ࡦࠣޔࡈࠔࡦޔㅍ᳓ࡐࡦࡊ ࡈࠚࡠว㊄߅ࠃ߮㋶‛ㇱ㐷 ࠢࡠࡓណជ႐ߩㆇ༡߅ࠃ߮ࡈࠚࡠࠢࡠࡓ߿㒽ᚑ㋕ࡑࡦࠟࡦߩ⵾ㅧ↪࡙࠾࠶࠻଻ᜬ ⍹ᴤ࡮ᄤὼࠟࠬ ⺞ᩏޔតᩏ߅ࠃ߮ᄤὼࠟࠬଏ⛎ߩ⸘↹ ࡝ࡦࠣ߅ࠃ߮ࠕࠣ࡝ࠦㇱ㐷 ࡌࠕ࡝ࡦࠣ߅ࠃ߮⥄േゞㇱຠ↪ߩ㎊ㅧ߅ࠃ߮࿶ᑧ࡝ࡦࠣ ࠲࠲࡮ࠕࠣ࡝ࠦ Ꮏౕ߅ࠃ߮ㄘᬺ↪ߩౕེ ࠝ࡯ࡃ࡯ࡋ࠶࠼࡮ࠢ࡟࡯ࡦ߆ࠄࠗࡦ࠼ቝቮ㐿⊒ᐡ㧔ISRO㧕↪ߩࡠࠤ࠶࠻⊒኿บ߹ߢࠍ ࠲࠲࡮ࠣࡠ࡯ࠬ࡮࡚ࠪ࠶ࡊ ฽߻㜞♖ᐲ⸳஻ ࠴ࡘ࡯ࡉㇱ㐷 ㍑▤ ࡢࠗࡗ࡯ㇱ㐷 ࠦ࡯࠹ࠖࡦࠣ߅ࠃ߮㕖ࠦ࡯࠹ࠖࡦࠣߩ㍑✢ ಴ᚲ㧦࠲࠲࡮ࠬ࠴࡯࡞࠙ࠚࡉࠨࠗ࠻

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ㧙࠲࠲࡮ࠬ࠴࡯࡞㧔ᐕᐲ㧕

⽷ോᜰᮡ ㊄㗵㧔ం࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦࠲࠲࡮ࠬ࠴࡯࡞ᐕᐲᐕᰴႎ๔ᦠ

 ࠲࠲࡮ࠬ࠴࡯࡞ᐕᐲᐕᰴႎ๔ᦠ

 43 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬ㧔⸘↹ਛߩ߽ߩ߽฽߻㧕

࿖  ࠪࡦࠟࡐ࡯࡞ ࠪࡦࠟࡐ࡯࡞ߩ࠽࠶࠻ࠬ࠴࡯࡞࡮ࠕࠫࠕ㧔NatSteel Asia㧕ࠍ⾈෼ޔ100㧑ሶળ␠ߣߒߚ ࠲ࠗ ࡒ࡟࠾ࠕࡓࠬ࠴࡯࡞࠲ࠗ࡜ࡦ࠼㧔Millennium Steel Thailand㧕ࠍ⾈෼ ࡃࡦࠣ࡜࠺ࠪࡘ㧔Bangladesh㧕⷏ㇱߦ⵾㋕Ꮏ႐ߩ⸳⟎ࠍ⸘↹ਛ ࡃࡦࠣ࡜࠺ࠪࡘߩ࠺ࠖ࠽ࠫࡘࡊ࡯࡞㧔Dinajpur㧕࿾඙ߦ὇ဒߩᑪ⸳߽⸘↹ޕ⵾㋕Ꮏ႐ߢߩ ࡃࡦࠣ࡜࠺ࠪࡘ ᾲ㑆࿶ᑧࠦࠗ࡞ࠍ↢↥ߒޔࡃࡦࠣ࡜࠺ࠪࡘߩ࿖ౝ㔛ⷐߦᔕ߃ࠆޕ߹ߚޔࡃࡦࠣ࡜࠺ࠪࡘ ߪޔ⍹὇ࠍ೑↪ߔࠆߎߣߢޔᄤὼࠟࠬ߳ߩଐሽᐲࠍૐᷫߔࠆߎߣ߇ߢ߈ࠆ ධࠕࡈ࡝ࠞ ධࠕࡈ࡝ࠞߩ࡝࠴ࡖ࡯࠭ࡌࠗ㧔Richards Bay㧕ߢ㜞὇⚛ࡈࠚࡠࠢࡠࡓ⵾ㅧᎿ႐ࠍᑪ⸳ਛ ࠞ࡯ࡏࡠ࠳࠙ࡦ࠭὇㋶ࡊࡠࠫࠚࠢ࠻㧔Carborough Downs coal project㧕ߩᩣᑼࠍ5㧑⾼౉ ࠝ࡯ࠬ࠻࡜࡝ࠕ ߔࠆᄾ⚂ࠍ⚿ࠎߛޕߎߩᄾ⚂ߦၮߠ޿ߡޔ࠲࠲࡮ࠬ࠴࡯࡞ߪหࡊࡠࠫࠚࠢ࠻ߩᦼ㑆ਛߦ ↥಴ߐࠇࠆ⍹὇ߩ20㧑ࠍᓧࠆ ࠟࠬࡌ࡯ࠬߩ⵾㋕Ꮏ႐ߩᑪ⸳ࠍ⸘↹ߒߡ޿ࠆޕߎߩ⵾㋕Ꮏ႐ߪ࠲࠲࡮ࠬ࠴࡯࡞ߩ100㧑 ࠗ࡜ࡦ ሶળ␠ߦࠃߞߡ଻᦭ߐࠇޔ߹ߚޔ100㧑ߩャ಴᜚ὐߣߥࠆޕ ⧷࿖࡮ࠝ࡜ࡦ࠳ 2007ᐕߦࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊࠍ⾈෼ߒޔ᰷Ꮊߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍ᜛ᄢߒߚ  ࠲࠲࡮ࠬ࠴࡯࡞ߩࠣࡠ࡯ࡃ࡞ᚢ⇛ߪޔࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄ߣ޿߁⋡ᮡߦᴪߞ ߡ޿ࠆޕ

ಽᢔဳ↢↥ᚢ⇛  ห␠ߪ᭽ޘߥᚢ⇛⊛⾈෼ࠍㅢߓޟಽᢔဳ↢↥ᚢ⇛ޠࠍⴕߞߡ޿ࠆޕಽᢔဳ↢↥ᚢ⇛ߣߪޔ ଀߃߫ޔࠬ࡜ࡉ߿ࡆ࡟࠶࠻ߥߤߩਛ㑆⵾ຠ޽ࠆ޿ߪඨ⵾ຠߪޔේ᧚ᢱߩ↥࿾ߦ߅޿ߡ↢↥ ߔࠆ৻ᣇޔᦨ⚳⊛ߥ⵾ຠൻߪޔ㘈ቴߦㄭ޿႐ᚲޔ޽ࠆ޿ߪޔ዁᧪⊛ߦᚑ㐳ߩ⷗ㄟ߹ࠇࠆᏒ ႐ߢⴕߞߡ޿ࠆޕߎߩᚢ⇛ߦࠃࠅޔࠗࡦ࠼࿖ౝߢᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ▽߈ޔߐࠄߦޔ੹ᓟ 10 ᐕߩ㑆ߦ࿖㓙⊛ߥᄢᚻડᬺߣ෺⢋ߔࠆ↢↥⢻ജࠍ⏕଻ߔࠆ⸘↹ߛޕ ࠲࠲࡮ࠬ࠴࡯࡞ߪ 2005 ᐕ 2 ᦬ޔࠪࡦࠟࡐ࡯࡞ߩ࠽࠶࠻ࠬ࠴࡯࡞࡮ࠕࠫࠕ㧔NatSteel Asia㧕ࠍ⾈෼ߒߚޕ᧲ධࠕࠫࠕ 6 ࠞ࿖߅ࠃ߮ਛ࿖ߦ߹ߚ߇ࠆ࠽࠶࠻ࠬ࠴࡯࡞࡮ࠕࠫࠕߩ⵾ ㋕Ꮏ႐ࡀ࠶࠻ࡢ࡯ࠢ₪ᓧߦࠃࠆ⋧ਸ਼ലᨐࠍ⁓ߞߚޕห⾈෼ߦࠃࠅޔේ᧚ᢱ߳ߩࠕࠢ࠮߽ࠬ Ⴧടߒޔࠕࠫࠕߦ߅ߌࠆᒝ࿕ߥ⵾ㅧၮ⋚ࠍ࿕߼ࠆߎߣߦᄢ߈ߊ⽸₂ߒߚޕ ห␠ߪ 2005 ᐕ 12 ᦬ޔૐଔᩰߩ㍑㋕⵾ㅧ࿾ၞߢ޽ࠆ࠲ࠗߩࡒ࡟࠾ࠕࡓࠬ࠴࡯࡞ 㧔Millennium Steel㧕ߩᩣᑼߩ 67.11㧑ࠍ₪ᓧߔࠆߣ⊒⴫ޕࡒ࡟࠾ࠕࡓࠬ࠴࡯࡞ߩ 3 ߟߩ੐ ᬺㇱ㐷ߦߪޔᐕ㑆 120 ਁ࠻ࡦߩ㍑߅ࠃ߮ 170 ਁ࠻ࡦߩࡠࡦࠣ࿶ᑧ㍑⵾ຠߩ↢↥⢻ജ߇޽ߞ ߚޕߎߩ⾈෼ߪ࠲࠲࡮ࠬ࠴࡯࡞ߩ↢↥⢻ജߩ᜛ᄢߦᄢ߈ߊ⽸₂ߒޔห␠ߩ᧲ධࠕࠫࠕᏒ႐ ߦ߅ߌࠆ࿾૏ࠍ⪺ߒߊ㜞߼ߚޕ ߐࠄߦห␠ߪ 2007 ᐕޔ⧷⯗ߩ㋕㍑ડᬺࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊࠍ⾈෼ߒߚޕߎߩ⾈෼ߦࠃ ߞߡޔ࠲࠲࡮ࠬ࠴࡯࡞ߪ⷏᰷Ꮢ႐߳ߩࠕࠢ࠮ࠬߣ᰷Ꮊߦ߅ߌࠆᦨ⚳ಣℂᎿ႐ࡀ࠶࠻ࡢ࡯ࠢ ࠍ⏕଻ߒߚޕ࠲࠲ߪޔࠗࡦ࠼ߦᄢ㊂ߩ㍑㋕⵾ㅧ↪㋕㋶࡮⍹὇ࠍ଻᦭ߒߡ߅ࠅޔᄢ㊂ߩඨ઀  ࠲࠲࡮ࠬ࠴࡯࡞ᐕᐲᐕᰴႎ๔ᦠޔ࠲࠲࡮ࠬ࠴࡯࡞࠙ࠚࡉࠨࠗ࠻

 44 

਄ߍ㍑㋕ࠍ↢↥ߒߡ޿ࠆޕߎࠇࠄߩඨ⵾ຠߩᦨ⚳ಣℂࠍ᰷Ꮊߢⴕ߁ߎߣߢޔ᰷Ꮊ᜚ὐߩ┹ ੎ജࠍ㜞߼ࠆߎߣࠍ⸘↹ߒߡ޿ࠆޕߥ߅ޔห⾈෼ߦࠃࠅޔ࠲࠲࡮ࠬ࠴࡯࡞ߪ↢↥㜞ߦ߅޿ ߡ਎⇇╙ 5 ૏ߩ㋕㍑ࡔ࡯ࠞ࡯ߣߥࠅޔㅪ⚿ߢߩ☻㍑↢↥ജߪ 2,350 ਁ࠻ࡦߦ㆐ߒߚޕ ߹ߚޔ࠲࠲࡮ࠬ࠴࡯࡞ߪޔධࠕࡈ࡝ࠞߩ࡝࠴ࡖ࡯࠭ࡌࠗ㧔Richards Bay㧕ߦᣂߒ޿ࡈࠚ ࡠࠢࡠࡓᎿ႐ࠍᑪ⸳ਛߢ޽ࠆޕධࠕࡈ࡝ࠞߪޔ਎⇇ᦨᄢߩࡈࠚࡠࠢࡠࡓ↥಴࿖ߛޕ࠲࠲ߪޔ ࠗࡦ࠼ߢ㜞ຠ⾰ߥ㋶⍹ࠍណជߒޔߎࠇࠍ࡝࠴ࡖ࡯࠭ࡌࠗߦߡࡈࠚࡠࠢࡠࡓߩ↢↥ߦ೑↪ߔ ࠆޕ

ု⋥⛔ว⸘↹ ࿖㓙㋕㍑දળ㧔IISI㧕ߦࠃࠆߣޔේ᧚ᢱ߅ࠃ߮ࠛࡀ࡞ࠡ࡯⾌↪ߪ㍑㋕↥ᬺߦߣߞߡᒁ߈ ⛯߈ᄢ߈ߥ⺖㗴ߣߥߞߡ޿ࠆޕ࠲࠲࡮ࠬ࠴࡯࡞ߪޔේ᧚ᢱ⺞㆐ߦ߅ߌࠆ⥄⛎ജะ਄ߦะߌ ߡޔ޿ߊߟ߆ߩ㊁ᔃ⊛ߥ⸘↹ࠍ⊒᩺ߒߡ޿ࠆޕ଀߃߫ޔห␠ߪޔࠝ࡯ࠬ࠻࡜࡝ࠕߩࠢࠗ࡯ ࡦ࠭࡜ࡦ࠼Ꮊߦ޽ࠆࠞ࡯ࡏࡠ࠳࠙ࡦ࠭὇㋶ࡊࡠࠫࠚࠢ࠻㧔Carborough Downs Coal Project㧕ߩᩣᑼࠍ 5㧑⾼౉ߒޔหࡊࡠࠫࠚࠢ࠻ߩᦼ㑆ਛ㧔߅ࠃߘ 14 ᐕ㑆ߣផቯߐࠇࠆ㧕 ߦ↥಴ߐࠇࠆ⍹὇ߩ 20㧑ࠍ⾈޿ขࠆᄾ⚂ࠍ⚿ࠎߢ޿ࠆޕ

ߘߩઁߩ᜛ᄢ⸘↹ ࠲࠲࡮ࠬ࠴࡯࡞ߪ 2005 ᐕ 11 ᦬ߦޔ㊄ዻ⊹⤑߅ࠃ߮Ⴃⵝ࡙࠾࠶࠻⸳⟎ߩߚ߼ޔࠝ࡯ࠬ࠻ ࡜࡝ࠕߩࡉ࡞࡯ࠬࠦ࡯ࡊ࡮ࠬ࠴࡯࡞␠㧔BlueScope Steel Limited㧕ߣߩวᑯડᬺࠍ┙ߜ਄ ߍߚޕߎߩวᑯડᬺߪޔࠗࡦ࠼߅ࠃ߮᧲ධࠕࠫࠕߦ߅޿ߡޔᣂߒ޿੝㋦/ࠕ࡞ࡒ࠾࠙ࡓ㊄ዻ ⵍ⤑㍑ޔႣⵝ㍑ޔࡠ࡯࡞ᒻ⁁㍑ߩ⵾ㅧޔPEB㧔pre-engineered buildings㧕ߥߤߩ੐ᬺࠍ┙ ߜ਄ߍࠆߎߣࠍ⋡⊛ߣߒߡ޿ࠆޕߎࠇߦࠃࠅޔ࠲࠲࡮ࠬ࠴࡯࡞ߩ㜞ઃടଔ୯⵾ຠߩଏ⛎ജ ߇ᒝൻߐࠇߚޕ

਎⇇ߩ᜚ὐ৻ⷩ ࠲࠲࡮ࠬ࠴࡯࡞ߪޔᰴߩฦ࿖ߦ߅޿ߡᠲᬺࠍⴕߞߡ޿ࠆ – ࠗࡦ࠼ޔ☨࿖ޔਛ࿖ޔࠪࡦࠟ ࡐ࡯࡞ޔࡌ࠻࠽ࡓޔࠝ࡯ࠬ࠻࡜࡝ࠕޔࡑ࡟࡯ࠪࠕޔ࠲ࠗޔࠬ࡝࡜ࡦࠞޔࡈࠖ࡝ࡇࡦޔࠗ࡜ ࡦޔධࠕࡈ࡝ࠞޔࠡ࡝ࠪࡖޔࠬࠗࠬޔ࠼ࠗ࠷ޔࠝ࡜ࡦ࠳ޔࡁ࡞࠙ࠚ࡯ޔ࠺ࡦࡑ࡯ࠢޔ⧷࿖ޔ ࡌࡀ࡞ࠢࠬޔࡈ࡜ࡦࠬޔࠕࠗ࡞࡜ࡦ࠼ޔࡐ࡞࠻ࠟ࡞ޕ

ห␠ߪޔࠗࡦ࠼ޔࠬ࡝࡜ࡦࠞޔࠪࡦࠟࡐ࡯࡞ޔ㚅᷼ޔࡃࡦࠣ࡜࠺ࠪࡘޔࡀࡄ࡯࡞ޔ਄ᶏޔ ࠼ࡃࠗޔ⧷࿖ޔ☨࿖ޔධࠕࡈ࡝ࠞߦ༡ᬺ᜚ὐࠍ⟎޿ߡ޿ࠆޕ

ⷐὐ x ห␠ߪု⋥⛔วဳડᬺߢ޽ࠅޔ⵾ຠߩߺߥࠄߕේ᧚ᢱߩ⺞㆐Ḯߩ▤ℂ߽ⴕߞߡ޿ࠆޕห ␠ߪࡃ࡝ࡘ࡯࡮࠴ࠚ࡯ࡦߩోߡߩᲑ㓏ߦ㑐ਈߒߡ޿ࠆޕ x ห␠ߪޔ࠲࠲ߩࡉ࡜ࡦ࠼ฬࠍᵴ↪ߒޔ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩ᜛ᄢߣ੐ᬺߩᄙⷺൻߦᵈജ ߒߡ޿ࠆޕ

 45 

x ห␠ߪ↢↥ࠍಽᢔߐߖߡ߅ࠅޔߎࠇߦࠃߞߡૐઃടଔ୯⵾ຠ߆ࠄ㜞ઃടଔ୯⵾ຠ߹ߢߩ ోߡߩ⵾ຠߩᦨㆡ࿾↢↥߇น⢻ߣߥߞߡ޿ࠆޕࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊߥߤߦኻߒߡⴕߞߚ ⾈෼ߪޔߎ߁ߒߚᚢ⇛ࠍㅴ߼ࠆࠬ࠹࠶ࡊߣߥߞߚޕ x ห␠ߪ⾈෼ߦࠃߞߡޔ․ߦ᰷Ꮊ߿᧲ධࠕࠫࠕߦ߅޿ߡၮ⋚ࠍ᜛ᄢߐߖߡ޿ࠆޕ

 46 

╙┨ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ 㧔㎊ㅧ㧕

ડᬺ᭎ⷐ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔Bharat Forge Limited㧕㧔BFL㧕ߪਛဳ࡮ᄢဳ໡↪ゞะߌߩ㎊ㅧㇱ ຠࡔ࡯ࠞ࡯ߢ޽ࠆޕ߹ߚ㘈ቴߩ⎇ⓥ㐿⊒ᬺോߩᡰេࠨ࡯ࡆࠬߣߒߡޔᡰេ⸳⸘ޔಽᨆࠨ࡯ ࡆࠬߥߤ߽ឭଏߒߡ޿ࠆޕห␠ߪࠗࡦ࠼ޔਛ࿖ޔࠬ࠙ࠚ࡯࠺ࡦޔ⧷࿖ޔ࠼ࠗ࠷ޔ☨࿖ߩ 6 ࠞ࿖ߦ⸘ 9 ߟߩ⵾ㅧᎿ႐ࠍ଻᦭ߒߡ޿ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ ̄ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔ㅪ⚿㧕

ડᬺฬ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔Bharat Forge Limited㧕 ᚲ࿷࿾ Pune Cantonment, Mundhwa, Pune – 411 036 㔚⹤⇟ภ +91-20-26702777 ࡈࠔ࠶ࠢࠬ +91-20-26822387 ࡎ࡯ࡓࡍ࡯ࠫ http://www.bharatforge.com/ ઍ⴫ข✦ᓎ␠㐳 B. K. Kalyani ⸳┙ᐕ 1961 ⾗ᧄ✚㗵 2ం8,676ਁ࠼࡞ ⾗↥✚㗵 8ం6,586ਁ࠼࡞ ᓥᬺຬ 4,000ੱ㧔2005ᐕᐲ㧕 ಴ᚲ㧦$(.࠙ࠚࡉࠨࠗ࠻$(.ᐕᐲᐕᰴႎ๔ᦠ

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ̄ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ ᐕ᦬ᣣ⃻࿷ 

 ᜬᩣᢙ ᭴ᚑᲧ ᩣਥࠞ࠹ࠧ࡝࡯

ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 47 

ᴪ㕟

࿑⴫㧦  ᴪ㕟̄ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ   ᐕ  1961 ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔BFL㧕ഃ┙ 1966 ዊⷙᮨߢ↢↥ࠍ㐿ᆎ 1972 ೋߩ⵾ຠャ಴㧔ࠡ࡝ࠪࡖ㧕 1984 ᣣᧄߩ᧲੩࠼ࡠ࠶ࡊࡈࠜ࡯ࠫ㧔Tokyo Drop Forge㧕ߣᛛⴚឭ៤ 1993 ISO 9002 ⹺⸽ࠍขᓧ 1999 QS 9000 ⹺⸽ࠍขᓧ ᰷Ꮊ߅ࠃ߮☨࿖ߦߡਅ⸥ࠍ฽߻ડᬺࠍ⾈෼: ࠞ࡯࡞࡮࠳ࡦ࡮ߵ࠺ࠖࡦࠣࡂ࠙ࠬ㧔Carl Dan Peddinghaus GmbH & Co. KG㧕㧔࠼ࠗ࠷㧕 2004-05 ࡈࠚ࠺࡜࡞࡮ࡈࠜ࡯ࠫ㧔Federal Forge㧕 㧔⃻࿷ߪ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ࡮ࠕࡔ࡝ࠞ (Bharat Forge America Inc.)㧕㧔☨࿖㧕 ಴ᚲ㧦$(.࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ BFL ߪޔࠗࡦ࠼ߦ᜚ὐࠍ⟎ߊࠞ࡞ࡗ࠾࡮ࠣ࡞࡯ࡊ㧔Kalyani Group㧕ߩਛᩭࠍߥߔડᬺߢ ޽ࠅޔ⥄േゞㇱຠߩ⵾ㅧߣ㑐ㅪࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕࠞ࡞ࡗ࠾࡮ࠣ࡞࡯ࡊߪޔ50 ం࠼ ࡞એ਄ߩᤨଔ✚㗵ߣ 15 ం࠼࡞ࠍ⿥߃ࠆᄁ਄ߍࠍ⹶ࠅޔో਎⇇ߢ 1 ਁੱએ਄ߩᓥᬺຬࠍᛴ ߃ࠆޕ 1966 ᐕߦ↢↥ࠍ㐿ᆎߒߚ BFL ߪޔ਎⇇ⷙᮨߩડᬺߦᚑ㐳ߒߚޕBFL ߪ਎⇇ 6 ࠞ࿖ߦ 9 ߟߩ↢↥Ꮏ႐ࠍ଻᦭ߒߡ޿ࠆ㧔࠼ࠗ࠷㧦3 ᜚ὐޔࠗࡦ࠼㧦2 ᜚ὐޔࠬ࠙ࠚ࡯࠺ࡦޔ⧷࿖ޔ ☨࿖ޔਛ࿖㧦ฦ 1 ᜚ὐ㧕ޕ ห␠ߩਥߥ੐ᬺಽ㊁ߪޔ⥄↱㎊ㅧߣဳ㎊ㅧߩੑಽ㊁ߢ޽ࠆޕဳ㎊ㅧಽ㊁ߢߪዊဳਸ਼↪ゞ ↪ㇱຠ߆ࠄᄢဳ໡↪ゞ↪ㇱຠ߹ߢߩ᏷ᐢ޿⵾ຠࠍ⵾ㅧߒߡ޿ࠆޕ⥄↱㎊ㅧಽ㊁ߢߪᄙ᭽ߥ ↥ᬺࠍ㘈ቴߣߒޔ᭽ޘߥ⥄↱㎊ㅧ⵾ຠࠍ⵾ㅧߒߡ޿ࠆޕ

ࡈ࡞ࠨ࡯ࡆࠬࠨࡊ࡜ࠗ⢻ജ BFL ߪޔᒰೋߪනߥࠆ⥄േゞㇱຠࠨࡊ࡜ࠗࡗ࡯ߢߒ߆ߥ߆ߞߚޕߒ߆ߒޔ⃻࿷ߢߪޔᎿ ቇᛛⴚߩ㜞ߐࠍᱞེߦޔ㘈ቴߩ⎇ⓥ㐿⊒ࡄ࡯࠻࠽࡯ߣ޿߁ሽ࿷ߦ߹ߢᚑ㐳ߒߚޕ㘈ቴ߇ᛴ ߃ࠆ᭽ޘߥ໧㗴ߦᔕߓߚࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕ ห␠ߪޔ⵾ຠߩࠦࡦ࠮ࡊ࠻૞ᚑ߆ࠄ⹜㛎࡮ᬌ⸽߹ߢߩࡈ࡞ࠨ࡯ࡆࠬࠍឭଏߔࠆ⢻ജߩะ ਄ߦദ߼ޔฦࠨ࡯ࡆࠬߦ߅ߌࠆઃടଔ୯ะ਄ߦ㊀ὐࠍ⟎޿ߡ޿ࠆޕ 

 $(.࠙ࠚࡉࠨࠗ࠻

 48 

ਥⷐ㘈ቴ BFL ߪ࿖ౝᄖߩᄙߊߩ㘈ቴ߆ࠄޔఝࠇߚㇱຠࠨࡊ࡜ࠗࡗ࡯ߣߒߡߩ⹏ଔࠍ⏕┙ߒߡ߅ࠅޔ ขᒁవડᬺߪᄙጘߦᷰࠆޕ

࿑⴫㧦  ࿖ౝᄖߩਥⷐ㘈ቴ̄ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ 

࿖ౝߩਥⷐ㘈ቴ ࿖ᄖߩਥⷐ㘈ቴ ࠕ࡚ࠪࠢ࡮࡟ࠗ࡜ࡦ࠼ ࠲࠲࡮ࡕ࡯࠲࡯࠭ ࡞ࡁ࡯ BMW AG 㧔Ashok Leyland Limited㧕 㧔Tata Motors㧕 㧔Renault SA㧕 ࠠ࡞ࡠࠬࠞ࡮ࡉ࡜ࠩ࡯࠭ ࡈࠜ࡯࠼࡮ࡕ࡯࠲࡯࡮ࠞࡦ ࡑ࡞࠴࡮࠙࠼࡛ࠣ ࠨ࡯ࡉ 㧔 Kirloskar Brothers ࡄ࠾࡯ 㧔Maruti Udyog Limited㧕 㧔Saab AB㧕 Limited㧕 㧔Ford Motor Company㧕 ࡃ࡜࡯࠻㊀㔚␠ ࡃࠫࡖ࡯ࠫ࡮ࠝ࡯࠻ ࡏ࡞ࡏ࡮ࠣ࡞࡯ࡊ ࠕ࠙࠺ࠖ 㧔 Bharat Heavy 㧔Bajaj Auto Limited㧕 㧔Volvo Group㧕 㧔Audi AG㧕 Electricals Limited 㧕 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉ ࠯ࡀ࡜࡞࡮ࡕ࡯࠲࡯࠭ ࠛࠬࠦ࡯࠷ ࡈࠜ࡞ࠢࠬࡢ࡯ࠥࡦ ࡠ㧔Larsen & Toubro 㧔 General Motors 㧔Escorts Limited㧕 㧔Volkswagen AG㧕 Limited 㧔L&T㧕㧕 Corporation㧕 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅ ࠲࠲࡮ࠞࡒࡦࠬ ࡎࡦ࠳ ࡦ࠼࡜ ࠠࡖ࠲ࡇ࡜࡯ 㧔 Tata Cummins 㧔 Honda Motor Co., 㧔 Mahindra and Mahindra 㧔Caterpillar, Inc.㧕 Limited㧕 Limited㧕 Limited㧕 ಴ᚲ㧦$(.࠙ࠚࡉࠨࠗ࠻ 



5916ಽᨆ

 ᒝߺ x ࡈ࡞ࠨ࡯ࡆࠬߩឭଏ– BFLߪޔ໡ຠ㐿⊒߆ࠄ⵾ㅧ߹ߢޔ൮᜝⊛ߥࠨ࡯ࡆࠬࠍឭଏߔࠆޕ x ࠣࡠ࡯ࡃ࡞᜚ὐ– BFLߪࠣࡠ࡯ࡃ࡞ߦዷ㐿ߒߡ޿ࠆޕࠗࡦ࠼ߥߤߦૐࠦࠬ࠻ߩ↢↥᜚ὐ ࠍ⛽ᜬߔࠆ৻ᣇߢޔਥⷐ㘈ቴߩㄭߊߦᛛⴚജߩ㜞޿᜚ὐࠍ⸳⟎ߒߡ޿ࠆޕ

 ᒙߺ x ࠣࡠ࡯ࡃ࡞᜛ᒛ⸘↹ߦ߅ߌࠆ࡝ࠬࠢ– BFLߪޔ੐ᬺⷙᮨࠍ᜛ᄢߔࠆߚ߼ߦࠢࡠࠬࡏ࡯࠳ ࡯M&Aࠍផㅴߒߡ޿ࠆޕߎࠇߦࠃߞߡޔ޽ࠆ⒟ᐲߩ࿾᡽ቇ⊛࡝ࠬࠢ߇⊒↢ߒߡ޿ࠆޕ ߹ߚޔM&AߩታⴕᲑ㓏ߦ߅޿ߡ૗ࠄ߆ߩ໧㗴ߦ⋥㕙ߔࠆน⢻ᕈ߽޽ࠆޕ

 ᯏળ x ⥄േゞㇱຠࠕ࠙࠻࠰࡯ࠪࡦࠣᏒ႐ߩ᜛ᄢ–⥄േゞㇱຠ↥ᬺߦ߅ߌࠆࠕ࠙࠻࠰࡯ࠪࡦࠣߪ Ⴧട௑ะߦ޽ࠆޕห␠ߪޔߎߩᯏળࠍ߁߹ߊឞ߻ߎߣߢޔᜬ⛯น⢻ߥ㜞ᐲᚑ㐳ࠍ㆐ᚑߢ ߈ࠆน⢻ᕈ߇޽ࠆޕ

 $(.࠙ࠚࡉࠨࠗ࠻ ࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 49 

 ⢿ᆭ x ේ᧚ᢱߩଔᩰ਄᣹–⃻࿷ޔේ᧚ᢱ㧔․ߦ㊄ዻ㧕ߩଔᩰ߇਄᣹ߒߡ޿ࠆޕߎࠇߦ઻޿ޔ BFLߩ೑᏷߇ᷫዋߔࠆᕟࠇ߇޽ࠆޕ x ὑᦧᄌേ– BFLߩャ಴ߪᕆㅦߦ᜛ᄢߒߡ߈ߚޕห␠ߩ⚻༡ߪὑᦧᄌേߦᓇ㗀ߐࠇ߿ߔߊ ߥߞߡ޿ࠆޕ x ਇ೑ߥ᡽ᐭⷙ೙–㎊ㅧ↥ᬺߪⅣႺߦኂࠍਈ߃ߡ޿ࠆߣߩ⹺⼂߇਎⇇ਛߢᐢ߹ࠅߟߟ޽ࠆޕ ․ߦవㅴ࿖ߢߪߎ߁޿ߞߚ⠨߃߇ᒝߊߥࠅޔⅣႺⷙೣ߇ࠃࠅ෩ߒߊߥߞߡ߈ߡ޿ࠆޕߎ ߩ௑ะߪBFLߩࠣࡠ࡯ࡃ࡞ᚢ⇛ߩ⺖㗴ߦߥࠅᓧࠆޕ

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ ห␠߇ขࠅᛒߞߡ޿ࠆਥߥ⵾ຠߪޔဳ㎊ㅧߣ⥄↱㎊ㅧߩੑಽ㊁ߦಽ㘃ߢ߈ࠆޕ  x ဳ㎊ㅧߩਥߥ⵾ຠ: x ࠢ࡜ࡦࠢࠪࡖࡈ࠻ –シ㊂↪ߩࠪ࡝ࡦ࠳࡯ࠢ࡜ࡦࠢࠪࡖࡈ࠻߆ࠄ㊀㊂↪ߩᄢဳ12ࠪ࡝ࡦ࠳ ࡯ࠢ࡜ࡦࠢࠪࡖࡈ࠻߹ߢޔ᭽ޘߥࠢ࡜ࡦࠢࠪࡖࡈ࠻ࠍ↢↥ޕ2㨪2,500Kgߩޔ500ਁ୘ߩ ㎊ㅧࠢ࡜ࡦࠢࠪࡖࡈ࠻ߣ65ਁ୘ߩᯏ᪾ടᎿࠢ࡜ࡦࠢࠪࡖࡈ࠻ࠍ↢↥ޕ x ࡈࡠࡦ࠻࡮ࠕࠢ࠮࡞࡮ࡆ࡯ࡓ– BFLߪ਎⇇ᦨᄢߩࠕࠢ࠮࡞ࡆ࡯ࡓࡔ࡯ࠞ࡯ޕ50Kg㨪 200Kgߩ70ਁᧄߩ㎊ㅧࠕࠢ࠮࡞ࡆ࡯ࡓߣ50ਁᧄߩᯏ᪾ടᎿࠕࠢ࠮࡞ࡆ࡯ࡓࠍ↢↥ޕ x ࠬ࠹ࠕ࡝ࡦࠣ࡮࠽࠶ࠢ࡞–ᄙ᭽ߥᯏ᪾ടᎿࠬ࠹ࠕ࡝ࡦࠣ࡮࠽࠶ࠢ࡞ࠍ↢↥ޕ2㨪50Kgߩ 100ਁߩ㎊ㅧࠬ࠹ࠕ࡝ࡦࠣ࡮࠽࠶ࠢ࡞ߣ75ਁߩᯏ᪾ടᎿࠬ࠹ࠕ࡝ࡦࠣ࡮࠽࠶ࠢ࡞ޕ x ࠦࡀࠢ࠹ࠖࡦࠣࡠ࠶࠼–⥄േゞ߿࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦޔ߹ߚ⊒㔚↥ᬺࠍኻ⽎ߣߒߚࠦࡀ ࠢ࠹ࠖࡦࠣࡠ࠶࠼ޕ2㨪400Kgߩ200ਁߩ㎊ㅧࠦࡀࠢ࠹ࠖࡦࠣࡠ࠶࠼ࠍ↢↥ޕ x ࡠ࠶ࠞ࡯࡮ࠕ࡯ࡓ–3Kg߹ߢߩ᭽ޘߥ࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦ↪ࡠ࠶ࠞ࡯࡮ࠕ࡯ࡓࠍ↢↥ޕ x ᄌㅦᯏ↪ㇱຠ㧔࠻࡜ࡦࠬࡒ࠶࡚ࠪࡦㇱຠ㧕–0.5 Kg㨪10Kgߩࠗࡦࡊ࠶࠻࡮ࠪࡖࡈ࠻ޔࠡ ࡗޔࠬ࡝࡯ࡉ࠻࡜ࡦࠬࡒ࠶࡚ࠪࡦࠞ࠙ࡦ࠲ࠪࡖࡈ࠻ޔࠕ࠙࠻ࡊ࠶࠻࡮ࠪࡖࡈ࠻ߥߤޔਸ਼ ↪ゞߣࠬࡐ࡯࠷࠲ࠗࡊゞ↪࠻࡜ࡦࠬࡒ࠶࡚ࠪࡦㇱຠࠍ↢↥ޕ x ࡂࡉ – BFLߪ1㨪50Kgߩ⥄േゞ↪ࡂࡉࠍ↢↥ޕ x ⍹ᴤߣࠟࠬ – BFL ߪ⍹ᴤߣࠟࠬ↥ᬺߦ߅ߌࠆ㜞࿶↪ㅜࠍኻ⽎ߦޔ15㨪500Kgߩࡃ࡞ࡉޔ ࠴࡚࡯ࠢޔࠤ࡯ࠪࡦࠣ࡮ࡋ࠶࠼ޔࠪࠚ࡞ߥߤࠍ↢↥ޕ x BFLߪޔ1,600T࠳ࡉ࡞ࠦ࡜ࡓࡊ࡞࠳࠙ࡦ࠲ࠗࡊߩ࿶៦ᯏޔේᢱャㅍޔᾲಣℂޔᯏ᪾ടᎿ ᣉ⸳ࠍ᦭ߔࠆޕ⥄↱㎊ㅧಽ㊁ߢߪޔߎࠇࠄߩ⸳஻ࠍ↪޿ߡޔਅ⸥ߩ↥ᬺߢ૶↪ߐࠇࠆ⵾ ຠࠍ↢↥ߒߡ޿ࠆ:

 $(.࠙ࠚࡉࠨࠗ࠻

 50 

 ࡮⍾♧ ࡮Ꮏౕ߅ࠃ߮ࡊ࡜ࠬ࠴࠶ࠢ኿಴ ࡮㎊ㅧ ࡮⵾㋕ᚲ ࡮ࠪ࡯ࡓ࡟ࠬ࠴ࡘ࡯ࡉ ࡮㘑ജ⊒㔚 ࡮ណ㋶ ࡮࠮ࡔࡦ࠻ ࡮ࠡࠕ⵾ㅧ ࡮ࡈࠔࡦߣࡐࡦࡊ ࡮ᶏㆇ ࡮⍹ᴤߣࠟࠬ

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ̄$(.㧔ᐕᐲ㧕

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸   ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦$(.ᐕᐲᐕᰴႎ๔ᦠ

ࠣࡠ࡯ࡃ࡞ᚢ⇛

ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿̄$(. 

ᐕ  1972 ࠡ࡝ࠪࡖ߆ࠄBFLೋߩャ಴ᵈᢥ 1985 ࠪࡖ࡯ࠪㇱຠߩᄢဳᄾ⚂ࠍ⚿߮ޔᣥ࠰ㅪᏒ႐ߦㅴ಴ ᣣᧄޔ☨࿖ޔ⧷࿖Ꮢ႐ߦ߅޿ߡޔ♖ኒࠨࠬࡍࡦ࡚ࠪࡦޔࡈࡠࡦ࠻࡮ࠕࠢ࠮࡞࡮ࡆ࡯ࡓޔ 1990-91 ടᎿࠢ࡜ࡦࠢࠪࡖࡈ࠻ߥߤߩᄁࠅㄟߺߦᚑഞ ࠼ࠗ࠷ᦨᄢߩ㎊ㅧડᬺߩ৻ߟࠞ࡯࡞࡮࠳ࡦ࡮ߵ࠺ࠖࡦࠣࡂ࠙ࠬ㧔Carl Dan Peddinghaus GmbH & Co. KG㧕ࠍޔࠛ࠽ࡍ࠲࡞㧔Ennepetal㧕ߣ࠳࠙ࡦ㧔Daun㧕ߦ޽ࠆ⵾ㅧᎿ႐ߣ ߣ߽ߦ⾈෼ 2004 ⃻࿷ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ࡮ࠕ࡞ࡒ࠾࠙ࡓ࠹ࠢ࠾ࠢ㧔Bharat Forge Aluminiumtechnik㧕ߣߒ ߡ⍮ࠄࠇߡ޿ࠆCDPࠕ࡞ࡒ࠾࠙ࡓ࠹ࠢ࠾ࠢ㧔CDP Aluminiumtechnik㧕ࠍ⾈෼ޕߎࠇࠍ ߈ߞ߆ߌߦޔࡂࠗࠛࡦ࠼߆ߟᕆᚑ㐳ߩࠕ࡞ࡒ࠾࠙ࡓㇱຠ੐ᬺߦㅴ಴ ⃻࿷ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ࡮ࠕࡔ࡝ࠞ㧔Bharat Forge America Inc㧕ߣߒߡ⍮ࠄࠇߡ޿ࠆ ࡈࠚ࠺࡜࡞࡮ࡈࠜ࡯ࠫࠍ⾈෼ޕߘߩ⚿ᨐޔ☨࿖Ꮢ႐ߢߩ↢↥߇น⢻ߣߥࠆޕ ࠬ࠙ࠚ࡯࠺ࡦߩࠗࡑ࠻࡜ࠠ࡞ࠬ࠲㧔Imatra Kilsta㧕ޔ߅ࠃ߮ߘߩሶળ␠ߢ޽ࠆࠬࠦ࠶࠻ 2005 ࡜ࡦ࠼ߩࠬࠦ࠹ࠖ࠶ࠪࡘ࡮ࠬ࠲ࡦࡇࡦࠣࠬ㧔Scottish Stampings㧕ࠍ⾈෼ ਛ࿖ᦨᄢߩ⥄േゞࠣ࡞࡯ࡊ╙৻ᴁゞߣวᑯ੐ᬺFAWࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔FAW Bharat Forge㧕ࠍ⸳┙ ಴ᚲ㧦$(.࠙ࠚࡉࠨࠗ࠻ BFL ߪࠣࡠ࡯ࡃ࡞ડᬺߣߥࠆߎߣࠍ⋡ᜰߒޔM&A ࠍㅢߒ⵾ㅧၮ⋚ࠍᐢߍߡ߈ߚޕ2005 ᐕߦߪޔࡈࠚ࠺࡜࡞࡮ࡈࠜ࡯ࠫ㧔Federal Forge㧕ޔࠗࡑ࠻࡜࡮ࡈࠜ࡯ࠫࡦࠣ࡮ࠣ࡞࡯ࡊ 㧔The Imatra Forging Group㧕߅ࠃ߮ߘߩቢోሶળ␠ߢ޽ࠆࠬࠦ࠶࠹ࠖ࠶ࠪࡘ࡮ࠬ࠲ࡦࡇ ࡦࠣࠬ㧔Scottish Stampings㧕ࠍ⾈෼ߒߚޕ ߎߩࠃ߁ߥ⾈෼ࠍㅢߒߡޔBFL ߪ⺞㆐ޔ⵾ㅧޔടᎿ߿ᛛⴚ㐿⊒ߥߤߦ߅ߌࠆࡌࠬ࠻࡮ࡊ ࡜ࠢ࠹ࠖࠬ߿ࡌࡦ࠴ࡑ࡯ࠠࡦࠣᚻᴺߩో␠⊛ߥ౒᦭ࠍ⋡ᜰߒߡ޿ࠆޕ߹ߚޔ✚ว⊛ߥ੐ᬺ ࠦࠬ࠻ߩᛥ೙ޔࠃࠅല₸⊛ߥ⚻༡ޔᣂᛛⴚߩ₪ᓧ߽ M&A ߩ⋡⊛ߣߒߡ޿ࠆޕ

 $JCTCV(QTIG.KOKVGF3(;'CTPKPIU7RFCVG

 51 

ⶄᢙߩਥⷐㇱຠ⵾ㅧᣉ⸳ ਅ⸥ߪ BFL ߩޟ࠺ࡘࠕ࡞࡮࡚ࠪࠕޠࡕ࠺࡞ߩਥⷐ㗄⋡ߢ޽ࠆ: x ࠺ࡘࠕ࡞࡮࡚ࠪࠕ⸳⸘⢻ജ x ࠺ࡘࠕ࡞࡮࡚ࠪࠕ㎊ㅧ↢↥⢻ജ x ࠺ࡘࠕ࡞࡮࡚ࠪࠕടᎿ⢻ജ

ห␠ߪޔࠣࡠ࡯ࡃ࡞ߦⶄᢙߩ⵾ㅧᣉ⸳ࠍ⸳┙ߒߡ޿ࠆޕޟ࠺ࡘࠕ࡞࡮࡚ࠪࠕޠߣߪޔ᜚ ὐߩ৻ߟࠍ㘈ቴߩㄭߊߦ⸳⟎ߒޔ߽߁৻ߟࠍૐࠦࠬ࠻࿾ၞ㧔ࠗࡦ࠼ߥߤ㧕ߦ⸳⟎ߔࠆߎߣ ࠍᗧ๧ߔࠆޕߎߩࡕ࠺࡞ߦࠃߞߡ㘈ቴ߳ߩല₸⊛ߥㇱຠଏ⛎߇น⢻ߣߥࠅޔ߆ߟ㐳ᦼ⊛ߥ ࠦࠬ࠻ࡔ࡝࠶࠻߽੨ฃߢ߈ࠆޕBFL ߪߎߩࡕ࠺࡞ߦࠃߞߡޔ⸳⸘ޔ㎊ㅧ߅ࠃ߮ടᎿ⢻ജࠍ 㜞߼ߡ߈ߚޕ

ᰴߩ⴫ߪ BFL ߇࠺ࡘࠕ࡞࡮࡚ࠪࠕࡕ࠺࡞ࠍᵴ↪ߒߡ޿ࠆࠣࡠ࡯ࡃ࡞᜚ὐࠍ⴫ߔޕ

࿑⴫㧦  ࠺ࡘࠕ࡞࡮࡚ࠪࠕ↢↥ࠍᵴ↪ߒߡ޿ࠆࠣࡠ࡯ࡃ࡞᜚ὐ̄$(. 

ࠬ࠙ࠚ ⵾ຠ ㇱຠ ࠗࡦ࠼ ࠼ࠗ࠷ ☨࿖ ⧷࿖ ਛ࿖ ࡯࠺ࡦ ࠛࡦࠫࡦ٤٤٤٤˜٤ ਸ਼↪ゞ ࠪࡖ࡯ࠪ٤٤٤٤˜٤ ࠛࡦࠫࡦ٤˜˜٤٤٤ ਛဳ߅ࠃ߮ᄢဳ໡↪ゞ ࠪࡖ࡯ࠪ٤˜˜٤٤٤ ࠛࡦࠫࡦ٤٤٤٤٤٤ ࡜ࠗ࠻࠻࡜࠶ࠢㇱຠ ࠪࡖ࡯ࠪ٤٤٤٤٤٤ ˜٤ٌٌ ٤ ٤ ⸳⸘߅ࠃ߮ࠛࡦࠫ࠾ࠕ࡝ࡦࠣࠨ࡯ࡆࠬ ޕߪ⸳⟎ਛٌޕሽ࿷ߒߥ޿ޔߪ˜ޕ᜚ὐ߇ሽ࿷ߔࠆߎߣࠍᗧ๧ߔࠆޔ㧔ᵈ㧕٤ߪ

಴ᚲ㧦$(.࠙ࠚࡉࠨࠗ࠻   x ਄⴫ߩߔߴߡߩ᜚ὐߦ↢↥᜚ὐ߇޽ࠆޕBFLߪ⃻࿷ޔ☨࿖ߣ⧷࿖ߦޔ⸳⸘߅ࠃ߮ࠛࡦࠫ ࠾ࠕ࡝ࡦࠣࠨ࡯ࡆࠬ᜚ὐࠍ⸳⟎ਛߛޕ x ਛ࿖᜚ὐߪޔ╙৻ᴁゞ㧔First Auto Works 㧔FAW㧕㧕ߣ2005ᐕߦ⸳┙ߒߚวᑯડᬺߩ FAW ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ㧔FAW Bharat Forge㧕߇ㆇ༡ߒߡ޿ࠆޕ  BFL ߪࠣࡠ࡯ࡃ࡞ડᬺߣߒߡࡆࠫࡀࠬዷ㐿ࠍⴕ߁ߚ߼ޔᚢ⇛⊛ࠗ࠾ࠪࠕ࠴ࡉࠍߣߞߡ޿ ࠆޕ⃻࿷ߩᚢ⇛ࠗ࠾ࠪࠕ࠴ࡉߩ৻ㇱࠍᰴߦ␜ߔޕ

 $(.࠙ࠚࡉࠨࠗ࠻

 52 

࿑⴫㧦  ᚢ⇛⊛ࠗ࠾ࠪࠕ࠴ࡉ̄$(. 

ᚢ⇛ࠗ࠾ࠪࠕ࠴ࡉ ౝኈ ⺞㆐ᚢ⇛ ૐଔᩰޔ߆ߟޔ㜞ຠ⾰ߥේᢱࠍ⺞㆐ߔࠆࠣࡠ࡯ࡃ࡞⺞㆐ࠍ᜛ᄢ 㘈ቴ㑐ଥ▤ℂ ߔߴߡߩ㘈ቴߦኻߒޔ৻ฬߩኾዻㅪ⛊ᜂᒰ⠪ࠍ㈩⟎ ߔߴߡߩ⵾ㅧᣉ⸳ߦ߅ߌࠆ↢↥ࠪ࠽ࠫ࡯ࠍଦㅴߐߖࠆߚ߼ޔޟ࠺ࡘࠕ࡞࡮࡚ࠪࠕޠࡕ࠺ ↢↥᜚ὐߩࠪ࠽ࠫ࡯ ࡞ࠍዉ౉ ࠦࠬ࠻೥ᷫ ✚ว⊛ߥࠦࠬ࠻೥ᷫߩߚ߼ߦޔࡌࠬ࠻࡮ࡊ࡜ࠢ࠹ࠖࠬߣࡌࡦ࠴ࡑ࡯ࠠࡦࠣࠍ౒᦭ ಴ᚲ㧦$JCTCV(QTIG.KOKVGF3(;'CTPKPIU7RFCVG  ߹ߚޔห␠߇ߎࠇ߹ߢⴕߞߡ߈ߚࠣࡠ࡯ࡃ࡞ᚢ⇛⊛ࠗ࠾ࠪࠕ࠴ࡉߣߘߩᚑᨐࠍᰴߦ␜ߔޕ

࿑⴫㧦  ߎࠇ߹ߢߩᚢ⇛⊛ࠗ࠾ࠪࠕ࠴ࡉߩᚑᨐ̄$(.

ᚢ⇛ ታᣉߣᓇ㗀 ࿖ౝ✚↢↥⢻ജ240,000࠻ࡦ ࠺ࡘࠕ࡞࡮࡚ࠪࠕࡕ࠺࡞ ਎⇇6ࠞ࿖ߦ޽ࠆ⸘9▎ᚲߩ᜚ὐߩ✚ว↢↥⢻ജ 360,000࠻ࡦ ࠼ࠗ࠷ߣࠗࡦ࠼ߦ⎇ⓥ᜚ὐࠍ⸳┙ޔ⃻࿷☨࿖ߦ߽⸳┙ਛ ࡈ࡞ࠨ࡯ࡆࠬឭଏ⢻ജߩะ਄ ߶ߣࠎߤߩ᜚ὐߦߡ⵾ຠ⹜㛎࡮ᬌ⸽߇น⢻ ਎⇇ਛߩ35એ਄ߩ㘈ቴߣ⺞㆐ឭ៤㑐ଥࠍ✦⚿ 㘈ቴߣߩࡄ࡯࠻࠽࡯ࠪ࠶ࡊᒝൻ ਥⷐߥ㘈ቴߣߩ㑐ଥߪ⎇ⓥ㐿⊒ࡈࠚ࡯࠭ߩឭ៤ߦ߹ߢ⊒ዷ ࡝ࠬࠢᷫዋߩߚ߼ߩ⵾ຠޔ㘈ቴޔ ✚෼౉ߩ⚂4ಽߩ3ߪᶏᄖߩ㘈ቴ߆ࠄ ߅ࠃ߮Ꮏᬺ┙࿾ߩᄙ᭽ൻ ෼⋉ߪ᭽ޘߥ⵾ຠ߿࿾ၞ߆ࠄᓧߡ޿ࠆ ಴ᚲ㧦$(.3(;'CTPKPIU7RFCVG  㘈ቴߣߩ㐳ᦼ⊛ߥᄾ⚂ߩ✦⚿ߪ BFL ߩࠣࡠ࡯ࡃ࡞ዷ㐿ߦߣߞߡ㊀ⷐߥࠬ࠹࠶ࡊߢ޽ࠆޕ ห␠ߪޔਸ਼↪ゞ߿ਛဳ࡮ᄢဳ࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦㇱຠߩࠣࡠ࡯ࡃ࡞ㇱຠߩ⵾ㅧડᬺߣ㐳ᦼ ᄾ⚂ࠍ⚿ࠎߢ޿ࠆޕ

ⷐὐ x ห␠ߪ⥄േゞㇱຠ↥ᬺߦ߅޿ߡ൮᜝⊛ߥࠨ࡯ࡆࠬࠍዷ㐿ߒߡ޿ࠆޕ⃻࿷ࡈ࡞ࠨ࡯ࡆࠬឭ ଏ⢻ജࠍᒝൻਛߢޔ㘈ቴߦ⵾ຠߩࠦࡦ࠮ࡊ࠻૞ᚑ߆ࠄ⹜㛎ޔᬌ⸽߹ߢߩࡈ࡞ࠨ࡯ࡆࠬࠍ ଏ⛎ߒߡ޿ࠆޕ x ห␠ߪޔޟ࠺ࡘࠕ࡞࡮࡚ࠪࠕޠࡕ࠺࡞ࠍዉ౉ޔ᜚ὐߩ৻ߟࠍ㘈ቴߩㄭߊߦ⸳⟎ߒޔ߽߁ ৻ߟࠍૐࠦࠬ࠻࿾ၞ㧔ࠗࡦ࠼ߥߤ㧕ߦ⸳⟎ޕߎࠇߦࠃࠅ㘈ቴ߳ߩല₸⊛ߥㇱຠଏ⛎߇น ⢻ߣߥࠅޔ߆ߟ㐳ᦼ⊛ߥࠦࠬ࠻ࡔ࡝࠶࠻߽੨ฃߢ߈ࠆࠃ߁ߦߥߞߚޕ x ห␠ߪߔߴߡߩ㘈ቴߦኻߒ1ฬߩኾዻㅪ⛊ᜂᒰ⠪ࠍ㈩⟎ߒߡ޿ࠆޕ  

 53 

╙┨ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ 㧔ࠕ࡞ࡒ♖㍰㧕

ડᬺ᭎ⷐ ࡅࡦ࠳࡞ࠦ㧔Hindalco Industries Limited㧕ߪ৻ᰴࠕ࡞ࡒ࠾࠙ࡓޔ㌃ޔ߅ࠃ߮࿶ᑧ㍑᧼߿ ว㊄ࡎࠗ࡯࡞ߥߤߩ㑐ㅪ⵾ຠߩ⵾ㅧડᬺߢ޽ࠆޕห␠ߪࠗࡦ࠼ߢߪޔ৻ᰴࠕ࡞ࡒ࠾࠙ࡓᏒ ႐ߩ 42㧑ߩࠪࠚࠕࠍីࠆޕࠕ࡞ࡒ࠽ൻቇ‛⾰߅ࠃ߮࿶ᑧ⵾ຠಽ㊁ߢߪޔߘࠇߙࠇ 90㧑ޔ 63㧑ߩᏒ႐ࠪࠚࠕࠍභ߼ࠆᦨᄢᚻડᬺߢ޽ࠆޕ

࿑⴫㧦  ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧙ડᬺ᭎ⷐ㧔ㅪ⚿㧕

ડᬺฬ ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔Hindalco Industries Limited㧕 ᚲ࿷࿾ Century Bhavan, 3rd floor, Dr. Annie Besant Road, Worli, Mumbai – 400 030, India 㔚⹤⇟ภ +91-22-5662 6666 ࡈࠔ࠶ࠢࠬ⇟ภ +91-22-2436 2516 ࡎ࡯ࡓࡍ࡯ࠫ http://www.hindalco.net/ ળ㐳 Kumar Mangalam Birla ⸳┙ᐕ 1958 ⾗ᧄ✚㗵 21ం2,680ਁ࠼࡞ ⾗↥✚㗵 47ం4,352ਁ࠼࡞ ᓥᬺຬ 19,593ੱ㧔2005ᐕᐲ㧕 ಴ᚲ㧦ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭࠙ࠚࡉࠨࠗ࠻ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ᐕᐲᐕᰴႎ๔ᦠ

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ

ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 54 

ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭

ᐕ  1958 ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭߇ഃ┙ߐࠇࠆ ࠙࠶࠲࡞࡮ࡊ࡜࠺࡯ࠪࡘᎺ㧔Uttar Pradesh㧕ߩ࡟࠿ࠢ࡯࠻㧔Renukoot㧕ߩ⥄␠Ꮏ႐ߦߡ 1962 ࠕ࡞ࡒ࠾࠙ࡓ㊄ዻ߅ࠃ߮ࠕ࡞ࡒ࠽ߩ↢↥ࠍ㐿ᆎ 1967 ࠙࠶࠲࡞࡮ࡊ࡜࠺࡯ࠪࡘᎺߩ࡟࠿ࠨࠟ࡯࡞㧔Renusagar㧕ߦߡ⥄ኅ⊒㔚Ꮏ႐ࠍⒿേ 1998 ISO 14001 EMS⹺⸽ࠍขᓧ 1998 ࠪ࡞ࡃ࠶ࠨ㧔Silvassa㧕ߩࡈࠜࠗ࡞↢↥Ꮏ႐߇Ⓙേ 1999 ࠪ࡞ࡃ࠶ࠨߦߡࠕ࡞ࡒว㊄ࡎࠗ࡯࡞ߩ↢↥ࠍ㐿ᆎ 2000 ࠗࡦ࠳࡞㧔Indian Aluminum Company, Limited 㧔Indal㧕㧕ߩᩣᑼ74.6㧑ࠍขᓧ 2003 ࠗࡦ࠼࡮ࠟ࡞ࡈ㧔Indo-Gulf㧕ߩ㌃੐ᬺࠍ⾈෼ 2006 ࠽ࠣࡊ࡯࡞㧔Nagpur㧕ߦሽ࿷ߔࠆࠕ࡞ࡒ࿶ᑧᎿ႐߅ࠃ߮✢᧚⵾ㅧᣉ⸳ࠍ⾈෼ ࡑ࠺ࠖࠕ࡮ࡊ࡜࠺࡯ࠪࡘ㧔Madhya Pradesh㧕ߩࡑࡂࡦ㧔Mahan㧕ߢߩ὇㋶㐿⊒ߩߚ߼ޔ 2006 ࠛ࠶ࠨ࡯㧔Essar Power (M.P.) Ltd㧕ߣ50:50ߩวᑯડᬺࡑࡂࡦ࡮ࠦ࡯࡞㧔Mahan Coal Company㧕ࠍ⸳┙ ಴ᚲ㧦ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ ࡅࡦ࠳࡞ࠦߪޔࠣ࡝࡯ࡦࡈࠖ࡯࡞࠼ᛩ⾗߅ࠃ߮ᣢሽᣉ⸳ߩ⢻ജ᜛ᒛߦࠃߞߡࠕ࡞ࡒ߅ࠃ ߮㌃ߩ↢↥⢻ജࠍ᜛ᄢߒߡ߈ߚޕ଀߃߫ห␠ߪ 2005 ᐕߦߪޔࠣࠫࡖ࡜࡯࠻ߩᣉ⸳ߦ߅ߌ ࠆ⵾㌃࡮♖㍰⢻ജࠍᐕ㑆 50 ਁ࠻ࡦߦᒝൻߒߚޕߐࠄߦޔห␠ߩࠝ࡝࠶ࠨߢߩࠣ࡝࡯ࡦࡈ ࠖ࡯࡞࠼ᛩ⾗ޔࠕ࠺ࠖ࠲࡮ࠕ࡞ࡒ࠾࠙ࡓ㧔Aditya Aluminum㧕♖㍰ᚲࡊࡠࠫࠚࠢ࠻߽⌕ታߦ ೨ㅴߒߡ޿ࠆޕห♖㍰ᚲߪ⚻ᷣ․඙㧔SEZ㧕ߣߒߡ⹺߼ࠄࠇߡ޿ࠆޕ߹ߚޔࡉࡃࡀࠪࡘࡢ ࡞㧔Bhubaneswar㧕ߩࠗࡦ࠼㋶ጊዪ߆ࠄࡏ࡯ࠠࠨࠗ࠻ណជߦᔅⷐߥ⹺นࠍฃߌߡ޿ࠆޕࡊ ࡠࠫࠚࠢ࠻߇ᆎേߔࠇ߫ޔห♖㍰ᚲߪᐕ㑆 150 ਁ࠻ࡦߩࠕ࡞ࡒ࠽♖㍰⢻ജ߅ࠃ߮ᐕ㑆 32 ਁ 5,000 ࠻ࡦߩࠕ࡞ࡒ࠾࠙ࡓ⵾㍰⢻ജࠍ᦭ߔࠆߎߣߦߥࠆޕ ߹ߚࡅࡦ࠳࡞ࠦߪࡑ࠺ࠖࠕ࡮ࡊ࡜࠺࡯ࠪࡘᎺ߳ߩᐕ㑆 32 ਁ 5,000 ࠻ࡦߩࠕ࡞ࡒ࠾࠙ࡓ ⵾㍰Ꮏ႐⸳┙ߦߟ޿ߡหᎺ᡽ᐭߣวᗧᢥᦠ㧔MoU㧕ࠍ੤ࠊߒߚޕ߹ߚޔࡅ࡜ࠢ࠼ 㧔Hirakud㧕ߦሽ࿷ߔࠆᎿ႐ߦߟ޿ߡߪޔࠕ࡞ࡒ࠾࠙ࡓ⵾㍰⢻ജࠍޔ⃻࿷ߩᐕ㑆 6 ਁ 5,000 ࠻ࡦ߆ࠄ 2007 ᐕ߹ߢߦᐕ㑆 14 ਁ 6,000 ࠻ࡦߦᒝൻߔࠆ⸘↹ߛޕ ห␠ߪޔ৻ᰴ㊄ዻߦᲧߴߡࠃࠅઃടଔ୯ߩ㜞޿⵾ຠಽ㊁ߩᒝൻࠍ⹜ߺߡ޿ࠆޕห␠ߪ 2007 ᐕޔ☨࿖ߩࡁࡌ࡝ࠬ␠㧔Novelis Inc㧕ߩ⾈෼ߦࠃߞߡ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍᐢߍߚޕ 2006 ᐕߦߪࡕ࠙࠳㧔Mouda㧕㧔ࡑࡂ࡜ࠪࡘ࠻࡜Ꮊ㧕ߦሽ࿷ߔࠆ࿶ᑧᎿ႐ߥߤࠍ⾈෼ߒߚޕ ߎࠇߦࠃߞߡޔห␠ߪ࿶ᑧ⵾ຠ↢↥⢻ജࠍᐕ㑆 20 ਁ 5,000 ࠻ࡦߦ᜛ᄢߒߚޕ߹ߚห␠ߪޔ 2005 ᐕᐲߦ㜞ઃടଔ୯⵾ຠߩ࠺ࠖ࡯࡜࡯߅ࠃ߮઀౉ࠇᬺ⠪ߩᢙࠍ 10 Ⴧ߿ߒߚޕߐࠄߦޔ ࡅࡦ࠳࡞ࠦߪ⥄േゞ↥ᬺ↪ⓨ⺞ࠪࠬ࠹ࡓㇱຠߥߤߩᣂ⵾ຠߩ㐿⊒߽ⴕߞߡ޿ࠆޕ ࡅࡦ࠳࡞ࠦߪޔේ᧚ᢱଔᩰߩ㜞㛛ߦࠃࠆ༡ᬺ⾌↪Ⴧᄢࠍᛥ೙ߔࠆߎߣߦᵈജߒߡ޿ࠆޕ ㆇ↪ࠦࠬ࠻೥ᷫߦะߌߚਥⷐᣉ╷ߦߪޔࡊࡠ࠮ࠬᦨㆡൻߣฦ⒳ߩ㓚ኂ㒰෰ߦࠃࠆⒿേ࡟ࡌ ࡞ߩะ਄ࠍ࿑ࠅߟߟޔࡅ࡜ࠢ࠼ߩ⥄ኅ⊒㔚⢻ജࠍ 100MW Ⴧടߔࠆߎߣ߿ޔࠣࠫࡖ࡜࡯࠻ Ꮊߩ࠳ࡋࠫ㧔Dahej㧕ߦࡈ࠶ൻࠕ࡞ࡒ࠾࠙ࡓᣉ⸳ࠍ⸳⟎ߔࠆߎߣߥߤ߇฽߹ࠇߡ޿ࠆޕ

 55 

5916ಽᨆ

 ᒝߺ x ࠕ࡞ࡒ࠾࠙ࡓ੐ᬺߩࡃ࡝ࡘ࡯࡮࠴ࠚ࡯ࡦో૕ߩ▤ℂ – ࡁࡌ࡝ࠬ⾈෼ᓟࡅࡦ࠳࡞ࠦߪ࿶ᑧ ࠕ࡞ࡒ࠾࠙ࡓ↢↥߅ࠃ߮ࠕ࡞ࡒ➧࡝ࠨࠗࠢ࡞ߦ߅ߌࠆ਎⇇ᦨᄢᚻߣߥߞߚޕ߹ߚห␠ߪޔ ৻ᰴࠕ࡞ࡒ࠾࠙ࡓ߅ࠃ߮ࠕ࡞ࡒ࠽ߩ↢↥ߢ߽ࠕࠫࠕᦨᄢᚻߣߥߞߚޕߎߩࠃ߁ߦߒߡޔ ห␠ߪࡃ࡝ࡘ࡯࡮࠴ࠚ࡯ࡦߩోߡߦ߅޿ߡࡊ࡟࠯ࡦࠬࠍᜬߟࠃ߁ߦߥߞߚޕଔᩰᄌേ࡝ ࠬࠢߩૐ޿㜞ઃടଔ୯⵾ຠ߽ᚻ߇ߌࠆࠃ߁ߦߥߞߚߎߣߢޔห␠ߪ࡝ࠬࠢ⠴ᕈࠍᒝൻߒ ߡ޿ࠆޕ x ᒝ࿕ߥࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬ –ߎࠇ߹ߢߩࡅࡦ࠳࡞ࠦߩࠕ࡞ࡒ࠽߅ࠃ߮৻ᰴࠕ࡞ࡒ࠾ ࠙ࡓߩ↢↥ᣉ⸳ߪਥߦࠗࡦ࠼࿖ౝߦሽ࿷ߔࠆޕࡅࡦ࠳࡞ࠦߩሶળ␠ߣߥߞߚࡁࡌ࡝ࠬߪޔ ධ☨࡮ർ☨ޔ᰷Ꮊޔࠕࠫࠕߩฦ࿾ߦޔ৻ᰴ㊄ዻ߅ࠃ߮ࠦ࡯ࠢࠬߩ↢↥ޔ࿶ᑧࠕ࡞ࡒ࠾࠙ ࡓ⵾ຠߩ⵾ㅧޔࠕ࡞ࡒ࠾࠙ࡓߩ࡝ࠨࠗࠢ࡞ߩߚ߼ߩᣉ⸳ࠍ30એ਄଻᦭ߒߡ޿ࠆޕࡁࡌ࡝ ࠬߩ⾈෼ߦࠃࠅޔࡅࡦ࠳࡞ࠦߪޔࠕ࡞ࡒ࠾࠙ࡓ↢↥ߦ߅ߌࠆࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬࠍ ₪ᓧߒߚޕ

 ᒙߺ x ⎇ⓥ㐿⊒⾌ߩૐߐ – ࡅࡦ࠳࡞ࠦߪ৻ㇱߩ․ቯಽ㊁ߢߩ⎇ⓥࠍⴕߞߡߪ޿ࠆ߇ޔ⎇ⓥ㐿⊒ ⾌ߪ2005ᐕᐲߩ✚ᄁ਄ߍߩࠊߕ߆0.09㧑ߢ޽ࠆޕห␠ߩ⎇ⓥ㐿⊒⾌ߪޔᬺ⇇᳓ḰߣᲧ セߒߡ⪺ߒߊૐ޿ޕࡅࡦ࠳࡞ࠦߪޔᣂߒ޿ฦ⒳ࡊࡠ࠮ࠬߩะ਄ࠍⴕ޿ޔࠣࡠ࡯ࡃ࡞Ꮢ႐ ߦ߅ߌࠆ┹੎ജࠍ଻ߟߚ߼ߦޔ⎇ⓥ㐿⊒⾌ࠍჇടߔߴ߈ߢ޽ࠈ߁ޕ

 ᯏળ x ࠕ࡞ࡒ࠾࠙ࡓ㔛ⷐߩၷ⺞ߥિ߮ – ਛ࿖ޔࠗࡦ࠼ߩ⵾ㅧᬺߩ㜞ᚑ㐳ߦട߃ޔ⥄േゞ↥ᬺߩ ਎⇇⊛ߥિ߮ߪޔࡅࡦ࠳࡞ࠦߩᚑ㐳ᯏળߣߥߞߡ޿ࠆޕ

 ⢿ᆭ x ଔᩰᄌേ – ৻ᰴ㊄ዻߩଔᩰߪ㕖Ᏹߦਇ቟ቯߢ޽ࠆޕ଀߃߫ޔ2005ᐕᐲߦߪޔࡠࡦ࠼ࡦ ㊄ዻขᒁᚲߩࠕ࡞ࡒ࠾࠙ࡓߩଔᩰߪ1࠻ࡦߦߟ߈1,675࠼࡞߆ࠄ2,634࠼࡞ߩ㑆ߢᄌേߒ ߚޕଔᩰ߇㐳ᦼߦࠊߚߞߡૐㅅߒߚ႐วޔห␠ߩ෼⋉ߦᄢ߈ߥ࠳ࡔ࡯ࠫࠍਈ߃ࠆޕ߹ߚ ේ᧚ᢱଔᩰ߇㐳ᦼߦࠊߚࠅ㜞ᱛ߹ࠅߔࠇ߫ห␠ߩ෼⋉ࠍ⢿߆ߔޕ x ⵾ㅧᎿ⒟ߦᓇ㗀ࠍਈ߃ࠆᄖㇱⷐ࿃ – 㔎߿ࡔࡦ࠹࠽ࡦࠬߦࠃࠆ৻ᤨᠲᬺ஗ᱛߥߤߪޔࠝࡍ ࡟࡯࡚ࠪࡦߩᄢ߈ߥ⢿ᆭߦߥࠅ߁ࠆޕ଀߃߫2005ᐕߦߪޔ࠳߳ࠫߦ૞ࠄࠇߚห␠ߩᣂ ߒ޿㌃⵾㍰႐߇ޔ㊄ዻṳ಴ߩ໧㗴ߦࠃࠅ19ᣣ㑆ߦࠊߚߞߡᵴേ஗ᱛࠍ૛௾ߥߊߐࠇߚޕ ઁߦ߽ޔ⽕㔎ߦࠃࠅࠣࠫࡖ࡜࡯࠻ߩᎿ႐߇ᶐ᳓ߒޔ㌃↢↥߇ભᱛߒߚߎߣ߇޽ࠆޕ

 56 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ ࡅࡦ࠳࡞ࠦߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩਥߥ߽ߩߪޔએਅߩㅢࠅ㧦 x ࠕ࡞ࡒ࠽ൻቇ‛⾰㧦 ㋶‛㧔ࡏ࡯ࠠࠨࠗ࠻ޔ࡜࠹࡜ࠗ࠻㧕ޔ․ᱶࠕ࡞ࡒ࠽ޔࡂࠗ࠼࡟࡯ ࠻ߥߤ x ৻ᰴࠕ࡞ࡒ࠾࠙ࡓ㧦 ࠗࡦࠧ࠶࠻ޔࡆ࡟࠶࠻ޔ✢᧚ߥߤ x ࠕ࡞ࡒ࠾࠙ࡓ㧦 ᛼ߒ಴ߒဳ᧚ޔว㊄ࡎࠗ࡯࡞ޔ㍑᧼ޔࡈࠜࠗ࡞߅ࠃ߮࿶ᑧ⵾ຠߥߤ x ㌃⵾ຠ㧦 㒶ᭂޔㅪ㍌㌃ࡠ࠶࠼ޔDAP߅ࠃ߮NPKࠦࡦࡊ࡟࠶ࠢࠬޔ⾆㊄ዻߥߤ

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ㧙ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ(Operating Revenuesࠍ฽߻)   ⚐೑⋉    ห␠ߩࠕ࡞ࡒ࠾࠙ࡓ߅ࠃ߮㌃੐ᬺߪޔ2005 ᐕᐲߩᄁ਄ߍߦߘࠇߙࠇ߶߷ห⒟ᐲ⽸₂ߒߚޕ ߘࠇߙࠇࠕ࡞ࡒ࠾࠙ࡓߣ㌃੐ᬺߩᄁ਄ߍߩౝ⸶ࠍ␜ߔޕ 

࿑⴫㧦  ⵾ຠࠞ࠹ࠧ࡝࡯ߏߣߩᄁ਄ߍ㧙ࠕ࡞ࡒ࠾࠙ࡓ੐ᬺ㧔ᐕᐲ㧕

ᄁ਄䈕䋨䉝䊦䊚䊆䉡䊛੐ᬺ䋩㪑㩷㪈㪃㪊㪌㪋㪅㪈㪌㩷䋨㪈㪇㪇ਁ䊄䊦䋩

8% 11% 30% ࿶ᑧ⵾ຠ

䉝䊦䊚䊆䉡䊛䊶䉟䊮䉯䉾䊃䈍䉋䈶䊎䊧䉾䊃

13% 䊊䉟䊄䊧䊷䊃䈍䉋䈶䉝䊦䊚䊅䋨ᮡḰ䈍䉋䈶․ᱶ䋩

䉝䊦䊚▗䇮ว㊄䊖䉟䊷䊦䇮䈠䈱ઁ

13% 䉮䊮䉻䉪䉺䊨䉾䊄

25% ᛼䈚಴䈚ဳ᧚

     

 57 



࿑⴫㧦  ⵾ຠࠞ࠹ࠧ࡝࡯ߏߣߩᄁ਄ߍ㧙㌃੐ᬺ㧔ᐕᐲ㧕

ᄁ਄䈕䋨㌃੐ᬺ䋩㪑㩷㪈㪃㪉㪇㪇㪅㪏㪌㩷䋨㪈㪇㪇ਁ䊄䊦䋩

21% ㌃㒶ᭂ 45%

ㅪ㍌㌃䊨䉾䊄

SAP䇮DAP & 䉮䊮䊒䊧䉾䉪 䉴䇮⾆㊄ዻ䇮䈠䈱ઁ 34%

 ಴ᚲ㧦ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ᐕᐲᐕᰴႎ๔ᦠ 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭

ᐕ  ࠗࡦ࠼ߩࠝ࡝࠶ࠨ㧔Orissa㧕ߦᣂߒ޿ࡏ࡯ࠠࠨࠗ࠻㋶ጊ߅ࠃ߮ࠕ࡞ࡒ࠽♖㍰ᚲࠍ㐿⊒ߔࠆ 1992 ߚ߼ޔࠕ࡞ࠠࡖࡦ㧔Alcan Inc㧕ߣߩวᑯડᬺޔ࠙࠶࠲࡞࡮ࠕ࡞ࡒ࠽࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽ ࡞㧔Utkal Alumina International Limited 㧔Utkal㧕㧕ࠍ⸳┙ ࠝ࡯ࠬ࠻࡜࡝ࠕߩࡑ࠙ࡦ࠻ࠧ࡯࠼ࡦ㧔Mount Gordon㧕㌃ጊߣ࠾ࡈ࠹ࠖ࡯㧔Nifty㧕㌃ጊߩ 2003 2ߟߩ㌃ጊࠍ⾈෼ 2006 ሶળ␠ߩࠕ࠺ࠖ࠹ࠖࠕ࡮ࡃ࡯࡜࡮ࡒࡀ࡜࡞߇ࠝ࡯ࠬ࠻࡜࡝ࠕ⸽೛ขᒁᚲߦ਄႐ 2007 ࡁࡌ࡝ࠬ㧔Novelis Inc㧕ࠍ60ం࠼࡞ߢ⾈෼ ಴ᚲ㧦ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭࠙ࠚࡉࠨࠗ࠻ ਎⇇ߢߩ⿷࿕߼ࠍⴕ߁ߚ߼ޔࡅࡦ࠳࡞ࠦߪࠢࡠࠬࡏ࡯࠳࡯M&A ࠍⓍᭂ⊛ߦᵴ↪ߒߡ߈ߚޕ 2007 ᐕߩࡁࡌ࡝ࠬ⾈෼ߪߎߩᅢ଀ߛޕห⾈෼ߪޔએਅߩὐߦ߅޿ߡਔ␠ߦߣߞߡ᦭⋉ߥ߽ ߩߛޕ x ࡅࡦ࠳࡞ࠦߩࠕ࡞ࡒ࠽⵾㍰߅ࠃ߮৻ᰴࠕ࡞ࡒ࠾࠙ࡓ⵾ㅧ੐ᬺߪޔࡁࡌ࡝ࠬߩ㜞ઃടଔ୯ ⵾ຠ੐ᬺࠍ⵬ቢߔࠆ߽ߩߛޕࡁࡌ࡝ࠬߪࡅࡦ࠳࡞ࠦ⵾ߩ቟ଔߥࠕ࡞ࡒ࠾࠙ࡓࠍ೑↪ߔࠆ ߎߣ߇ߢ߈ࠆޕ৻ᣇߢࡅࡦ࠳࡞ࠦߪޔ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩ᜛లߣޔᣢሽᎿ႐ߩ㜞޿Ⓙ ௛₸ࠍ㆐ᚑߔࠆߎߣ߇ߢ߈ࠆޕ x ࡅࡦ࠳࡞ࠦߪޔ᰷Ꮊޔർ☨࡮ධ☨ߩᏒ႐ࠍ฽߻਎⇇Ꮢ႐߳ߩࠕࠢ࠮ࠬࠍᓧߚޕห␠ߪ⃻ ࿷ޔ࿶ᑧ⵾ຠಽ㊁ߢ19㧑ߩ਎⇇ࠪࠚࠕࠍ଻᦭ߔࠆ਎⇇ᦨᄢᚻડᬺߣߥߞߚޕ  6JG(KPCPEKCN'ZRTGUŪ*KPFCNEQ0QXGNKUCUWKVCDNGDQPFKPI㧔ᐕ᦬ᣣઃ㧕

 58 

x ࡅࡦ࠳࡞ࠦߪᣂߚߥ㘈ቴࠍ₪ᓧߒߚޕઍ⴫⊛ߥડᬺߪᰴ߉ߩㅢࠅޕࠦࠞࠦ࡯࡜㧔Coca- Cola㧕ޔࠢ࡜࠙ࡦ࡮ࠦ࡞ࠢ࡮ࠕࡦ࠼࡮ࠪ࡯࡞㧔Crown Cork & Seal㧕ޔࡈࠜ࡯࠼ 㧔Ford㧕ޔ࠯ࡀ࡜࡞࡮ࡕ࡯࠲࡯࠭㧔General Motors㧕ޔࠦ࠳࠶ࠢ㧔Kodak㧕ޔ☨࿖ߩࡄ ࠢ࠹ࠖࡉ␠㧔Pactiv㧕ޔ⧷࿖ߩ࡟ࠢࠨࡓ␠㧔Rexam㧕ޔࠬ࠙ࠚ࡯࠺ࡦߩ࠹࠻࡜ࡄ࠶ࠢ␠ 㧔Tetra Pak㧕ޔ࠼ࠗ࠷ߩࠕࠣࡈࠕ࡮ࠥࡃ࡞࠻㧔Agfa-Gevaert㧕ߥߤޕ  ࡁࡃ࡝ࠬߩ⾈෼ߦవ┙ߜޔࡅࡦ࠳࡞ࠦߪ 2003 ᐕߦޔሶળ␠ߩࠕ࠺ࠖ࠹ࠖࠕ࡮ࡃ࡯࡜࡮ ࡒࡀ࡜࡞࠭㧔Aditya Birla Minerals Limited㧕ࠍ੺ߒߡࠝ࡯ࠬ࠻࡜࡝ࠕߩࡑ࠙ࡦ࠻ࠧ࡯࠼ࡦ 㧔Mount Gordon㧕㌃ጊߣ࠾ࡈ࠹ࠖ࡯㧔Nifty㧕㌃ጊߩ 2 ߟߩ㌃ጊࠍ⾈෼ߒߚޕห␠ߪ㌃ጊߢ ណជߣടᎿࠍታᣉߒߡ޿ࠆޕ࠾ࡈ࠹ࠖ࡯㋶ጊߢ↥಴ߐࠇࠆ♖㋶ߪޔࠗࡦ࠼ߩ࠳߳ࠫߦ޽ࠆ ࡅࡦ࠳࡞ࠦߩ⵾㍰࡮♖㍰ᣉ⸳ߦㅍࠄࠇࠆޕ߹ߚޔࡅࡦ࠳࡞ࠦߪ࠾ࡈ࠹ࠖ࡯߅ࠃ߮ࡑ࠙ࡦ࠻ ࠧ࡯࠼ࡦ㋶ጊ๟ㄝ࿾ၞߩ὇㋶តᩏᮭ߽଻᦭ߒߡ޿ࠆޕߎࠇ߹ߢߩߣߎࠈห␠ߪޔห࿾ၞߩ តᩏࠍᵴ⊒ߦߪⴕߞߡ޿ߥ޿߇ޔ዁᧪⊛ߦߪតᩏࠍⴕ߁߽ߩߣ⷗ㄟ߹ࠇࠆޕ

ⷐὐ x ࡅࡦ࠳࡞ࠦߩࠕ࡞ࡒ࠽♖㍰ޔࠕ࡞ࡒ࠾࠙ࡓ߅ࠃ߮㌃ߩ↢↥ᬺോߪޔਥߦࠗࡦ࠼ߢⴕࠊࠇ ߡ޿ࠆޕห␠ߪࠣ࡝࡯ࡦࡈࠖ࡯࡞࠼ࡊࡠࠫࠚࠢ࠻߅ࠃ߮ᣢሽᣉ⸳ߩ᜛ᄢߦࠃߞߡ↢↥⢻ ജߩᒝൻࠍⴕߞߡ޿ࠆޕ x ࡅࡦ࠳࡞ࠦߪޔ㜞ઃടଔ୯⵾ຠಽ㊁ߦ߅ߌࠆࡊ࡟࠯ࡦࠬ᜛ᄢߦᵈജߒߡ޿ࠆޕࡁࡌ࡝ࠬ ߩ⾈෼ߦࠃߞߡޔࡅࡦ࠳࡞ࠦߪࠕ࡞ࡒ࠾࠙ࡓ੐ᬺߦ߅ߌࠆࡃ࡝ࡘ࡯࡮࠴ࠚ࡯ࡦో૕ߦ㑐 ࠊࠆߎߣ߇น⢻ߣߥߞߚޕ߹ߚห⾈෼ߦࠃࠅޔห␠ߪࠕ࡞ࡒ࿶ᑧߩ਎⇇ᦨᄢᚻߣߥߞߚޕ x ࡅࡦ࠳࡞ࠦߪޔࡁࡌ࡝ࠬߩ⾈෼ߦࠃࠅޔ᰷Ꮊޔർ☨࡮ධ☨ߥߤߩᏒ႐߳ߩࠕࠢ࠮ࠬࠍᓧ ߚޕ   

 59 

╙┨࠲࠲࡮ࡕ࡯࠲࡯࠭ 㧔⥄േゞ㧕

ડᬺ᭎ⷐ ࠲࠲࡮ࡕ࡯࠲࡯࠭㧔Tata Motors Limited㧕ߪ⚂ 55 ం࠼࡞㧔2005 ᐕᐲ㧕ߩᄁ਄ߍࠍ਄ߍ ߡ޿ࠆᄢᚻ⥄േゞࡔ࡯ࠞ࡯ߢ޽ࠆޕห␠ߪޔࠗࡦ࠼ޔࡄࠠࠬ࠲ࡦޔ⧷࿖ޔ㖧࿖ޔ࠲ࠗߥߤ ߦ᜚ὐࠍᜬߟޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࠲࠲࡮ࡕ࡯࠲࡯࠭㧔ㅪ⚿㧕

ડᬺฬ ࠲࠲࡮ࡕ࡯࠲࡯࠭㧔Tata Motors Limited㧕 ᚲ࿷࿾ Bombay House, 24 Homi Mody Street, Mumbai, India ㇷଢ⇟ภ 400 001 㔚⹤⇟ภ  ࡈࠔ࠶ࠢࠬ⇟ภ NA URL http://www.tatamotors.com ઍ⴫ข✦ᓎ␠㐳 Ravi Kant ⸳┙ᐕ 1945 ⾗ᧄ✚㗵 13ం8,939ਁ࠼࡞ ⾗↥✚㗵 41ం5,895ਁ࠼࡞ ᓥᬺຬ 22,000ੱ ಴ᚲ㧦࠲࠲࡮ࡕ࡯࠲࡯࠭࠙ࠚࡉࠨࠗ࠻࠲࠲࡮ࡕ࡯࠲࡯࠭ᐕᐲᐕᰴႎ๔ᦠ

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࠲࠲࡮ࡕ࡯࠲࡯࠭㧔ᐕ᦬ᣣ⃻࿷㧕

 ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ  ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅᛩ⾗⠪   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 60 

ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࠲࠲࡮ࡕ࡯࠲࡯࠭

ᐕ  1945 ࠲࠲࡮ࠛࡦࠫ࠾ࠕ࡝ࡦࠣ&ࡠࠦࡕ㧙࠹ࠖࡉ㧔Tata Engineering and Locomotive Co. Ltd㧕 ߣߒߡഃ┙ 1954 ࠳ࠗࡓ࡜࡯࡮ࡌࡦ࠷ߣวᑯᄾ⚂ࠍ⚿߮ゞਔ↢↥ࠍ᜛ᄢ 1959 ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ࠍࠫࡖࡓࠪࠚ࡯࠼ࡊ࡞㧔Jamshedpur㧕ߦ⸳⟎ 1961 ࠬ࡝࡜ࡦࠞߦೋ߼ߡ࠻࡜࠶ࠢࠍャ಴ 1966 Ꮏቇ⎇ⓥ࠮ࡦ࠲࡯㧔ERC㧕ࠍࡊࡀ㧔Pune㧕ߦ⸳⟎ 1983 ᄢဳ໡↪ゞ㧔HCV㧕ࠍ⵾ㅧ㐿ᆎ 1986 ⃻࿾ߢ⸳⸘ߐࠇߚೋ߼ߡߩዊဳ໡↪ゞ㧔LCV㧕ߩ↢↥ࠍ㐿ᆎ 1993 ☨ߩࠞࡒࡦ࠭㧔Cummins Engine Co. Inc.㧕ߣ㜞㚍ജ࡮ૐឃ಴ࠟࠬߩ࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦ ⵾ㅧߦߟ޿ߡߩᄾ⚂ࠍ⚿߱ 1994 ࠗࡦ࠼ߢߩࡔ࡞࠮࠺ࠬࡌࡦ࠷㧔Mercedes Benz㧕ਸ਼↪ゞ⵾ㅧߦߟ޿ߡ࠳ࠗࡓ࡜࡯࡮ࡌࡦ࠷ /ࡔ࡞࠮࠺ࠬࡌࡦ࠷㧔Daimler Benz/Mercedes-Benz㧕ߣߩวᑯ੐ᬺᄾ⚂ࠍ⚿߱ 1994 ࠞࡒࡦ࠭ࠛࡦࠫࡦ਄ߢ૶↪ߐࠇࠆ࠲࡯ࡏ࠴ࡖ࡯ࠫࡖ࡯ߩ⵾ㅧߦߟ޿ߡ⧷ߩࡎ࡞࠮࠶࠻␠ 㧔Tata Holset Ltd.㧕ߣߩวᑯ੐ᬺᄾ⚂ࠍ⚿߱ 1998 200ਁบߩゞਔ↢↥ࠍ㆐ᚑ 1998 ࠗࡦ࠼ೋߩ࿖↥ਸ਼↪ゞࠗࡦ࠺ࠖࠞ㧔Indica㧕ࠍ⊒⴫ 2001 ࠳ࠗࡓ࡜࡯ࠢ࡜ࠗࠬ࡜࡯㧔Daimler Chrysler㧕ߣߩวᑯ੐ᬺࠍ⸃ᶖ 2002 ࠲࠲࡮ࡕ࡯࠲࡯࠭߇⧷࿖ߩMGࡠ࡯ࡃ࡯␠MG Roverߣ↢↥ᄾ⚂ࠍ⚿߱ 2003 300ਁบߩゞਔ↢↥ࠍ㆐ᚑ 2004 ᄢቝ໡↪ゞ㧔Daewoo Commercial Vehicle Company㧕ࠍ⾈෼ 2004 ࠾ࡘ࡯࡛࡯ࠢ⸽೛ขᒁᚲ㧔NYSE㧕ߦ਄႐ 2005 100ਁบߩਸ਼↪ゞ⽼ᄁࠍ㆐ᚑ 2006 400ਁบߩゞਔ↢↥ࠍ㆐ᚑ ಴ᚲ㧦࠲࠲࡮ࡕ࡯࠲࡯࠭࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪ 1945 ᐕޔ⫳᳇ᯏ㑐ゞ⵾ㅧડᬺߣߒߡ⸳┙ߐࠇߚޕห␠ߪ 1954 ᐕߦޔ ࠼ࠗ࠷ߩ࠳ࠗࡓ࡜࡯࡮ࡌࡦ࠷␠㧔Daimler Benz㧕ߣวᑯᄾ⚂ࠍ⚿߮ޔ15 ᐕ㑆ޔ໡↪ゞߩ⵾ ㅧߦ᜸ᚢߒߚޕߘߩᓟޔ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪᄢဳ໡↪ゞ㧔HCV㧕㧔ࡃࠬߥߤ㧕߅ࠃ߮ਸ਼↪ ゞߩಽ㊁ߦㅴ಴ߒߚޕ2006 ᐕߦߪޔ400 ਁบߩゞਔ↢↥ࠍ㆐ᚑߒߚޕห␠ߪ⃻࿷ޔᑪ▽ᯏ ེ੐ᬺޔᎿቇ߅ࠃ߮⸳⸘ࠨ࡯ࡆࠬ੐ᬺޔゞਔࡠ࡯ࡦ੐ᬺߥߤᄙ᭽ߥ੐ᬺࠍㆇ༡ߒߡ޿ࠆޕ ᰴߦ࠲࠲࡮ࡕ࡯࠲࡯࠭ߩ㑐ㅪડᬺ࡮ሶળ␠ࠍ⸥タߔࠆޕ 

 61 

࿑⴫㧦  ࠲࠲࡮ࡕ࡯࠲࡯࠭ߩ㑐ㅪડᬺ࡮ሶળ␠

ડᬺฬ ᒻᘒ ੐ᬺౝኈ ࠲࠲࡮࠹ࠢࡁࡠࠫ࡯࠭ ࠛࡦࠫ࠾ࠕ࡝ࡦࠣ߅ࠃ߮ ห␠ᩣᑼߩ84.87㧑ࠍ଻᦭ 㧔Tata Technologies Ltd.㧕 ⸳⸘ࠨ࡯ࡆࠬ ࠹࡟ࠦࡓ วᑯડᬺ ᑪ▽ᯏེ⵾ㅧ 㧔Telcon㧕 㧔ห␠ᩣᑼߩ60㧑ࠍ଻᦭㧕 HVࠕࠢ࡟ࠬ ᄢ࡮ਛဳ໡↪ゞ㧔HCVޔMCV㧕↪ ቢోሶળ␠ 㧔HV Axles Ltd.㧕 ߩゞゲ⵾ㅧ HV ࠻࡜ࡦࠬࡒ࠶࡚ࠪࡦ࠭ HCVޔMCV↪ߩࠡࠕࡏ࠶ࠢࠬ⵾ㅧ ቢోሶળ␠ 㧔HV Transmissions Ltd.㧕 TAL ࡑ࠾ࡘࡈࠔࠢ࠴ࡖ࡝ࡦࠣ࡮࠰࡝ࡘ࡯࡚ࠪࡦ࠭ Ꮏ႐⥄േൻ࠰࡝ࡘ࡯࡚ࠪࡦ߅ࠃ߮ ቢోሶળ␠ 㧔TAL Manufacturing Solutions Ltd.㧕 ⸳⸘ޔᎿ૞ᯏ᪾ߩ⵾ㅧ ࠪࠚࡃ࡮ࡊࡠࡄ࠹ࠖ࡯࠭ ᛩⲢ⾗ ቢోሶળ␠ 㧔Sheba Properties Ltd.㧕 ࠦࡦࠦ࡞࠼࡮ࡕ࡯࠲࡯࠭ ࠲࠲࡮ࡕ࡯࠲࡯࠭⵾ਸ਼↪ゞߩ ቢోሶળ␠ 㧔Concorde Motors (India) Ltd.㧕 ࠕࡈ࠲࡯ࠨ࡯ࡆࠬ ᄢቝ⥄േゞ ᄢဳゞਔߩ⵾ㅧ 㧔 Tata Daewoo Commercial Vehicle Company ቢోሶળ␠ Ltd.㧕 ࠲࠲࡮ࡕ࡯࠲࡯ࠬ࡮࡛࡯ࡠࡇࠕࡦ࡮࠹ࠢ࠾ࠞ࡞࡮ ⸳⸘Ꮏቇ߅ࠃ߮⵾ຠ㐿⊒ ࠮ࡦ࠲࡯ ቢోሶળ␠ 㧔Tata Motors European Technical Centre plc㧕 ࠲࠲࡮ࠞࡒࡦࠬ ࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦߩ⵾ㅧ วᑯડᬺ 㧔Tata Cummins Limited㧕 ࠲࠲࡮ࡎ࡞࠮࠶࠻ Holset࠲࡯ࡏ࠴ࡖ࡯ࠫࡖ࡯ߩ⵾ㅧ วᑯડᬺ 㧔Tata Holset㧕 ࠲࠲࡮ࡊ࡟࡚ࠪࠫࠪࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ ♖ኒടᎿ߅ࠃ߮ࡊ࡜ࠬ࠴࠶ࠢᚑᒻ วᑯડᬺ 㧔Tata Precision Industries㧕 ߩ⵾ㅧ TML ࡈࠖ࠽ࡦࠪࡖ࡞࡮ࠨ࡯ࡆࠬ ゞਔࡠ࡯ࡦ ቢోሶળ␠ 㧔TML Financial Services㧕 ࠾࠲࡮ࠞࡦࡄ࠾࡯ ࠲࠲⵾ゞਔߩ⚵┙ - 㧔Nita Company㧕 ಴ᚲ㧦࠲࠲࡮ࠣ࡞࡯ࡊ࠲࠲࡮ࡕ࡯࠲࡯࠭  ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪࠗࡦ࠼ߦ 3 ߟߩ⵾ㅧ᜚ὐࠍ᭴߃ߡ޿ࠆ㧔ࠫࡖࡓࠪࠚ࡯࠼ࡊ࡞ 㧔Jamshedpur㧕ޔࡊࡀ㧔Pune㧕ޔ࡜ࠢ࠽࠙㧔Lucknow㧕ߦߘࠇߙࠇ 1 ߟߕߟ㧕ޕࠫࡖࡓ ࠪࠚ࡯࠼ࡊ࡞Ꮏ႐ߪޔISO ߩክᩏ⹺⸽ᯏ㑐㧔Bureau Veritas Certification㧕ࠃࠅ QS9000 ߅ ࠃ߮ ISO9002 ߩ⹺⸽ࠍฃߌߡ޿ࠆޕหᎿ႐ߪޔᣣᧄડᬺ⵾ߩࡊ࡟ࠬᯏࠍ↪޿ߚඨ⥄േൻ㎊ ㅧ࡜ࠗࡦ߽஻߃ߡ޿ࠆޕ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔ⎇ⓥ㐿⊒㧔R&D㧕ࠍᭂ߼ߡᵴ⊒ߦⴕߞߡ߅ࠅޔࠗࡦ࠼ߩࠫࡖࡓࠪ ࠚ࡯࠼ࡊ࡞߅ࠃ߮ࡊࡀߦ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ࠍᜬߟޕห␠ߩ R&D ࠮ࡦ࠲࡯ߢߪޔㇱຠߩᕈ ⢻ะ਄ޔࠛࡦࠫࡦᕈ⢻⹜㛎߅ࠃ߮ឃ಴⹜㛎ޔゞਔ⠴ਭᕈ⹜㛎ޔⴣ⓭⹜㛎ޔ⸳⸘߅ࠃ߮ࠬ࠲ ࠗ࡝ࡦࠣߥߤࠍⴕߞߡ޿ࠆޕห␠ߪߎ߁ߒߚ R&D ᵴേߦࠃࠅޔቯᦼ⊛ߥᣂ⵾ຠߩ⊒⴫ࠍ น⢻ߦߒߡ޿ࠆޕ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔૐଔᩰߩࠗࡦ࠼࿖↥ゞߩ㐿⊒ࠍ㐳ᐕߩ⋡⊛ߣߒޔߎࠇ߹ߢޔೋߩ ࠗࡦ࠼࿖ౝ⸳⸘ߩዊဳ໡↪ゞ㧔LCV㧕㧔Tata 407㧕ޔೋߩ⚐࿖↥ਸ਼↪ゞࠗࡦ࠺ࠖࠞ 㧔Indica㧕ߥߤࠍ⊒⴫ߒߡ߈ߚޕ․ߦࠗࡦ࠺ࠖࠞߪޟࠦࠬ࠻ࡄࡈࠜ࡯ࡑࡦࠬޠ߇㜞ߊޔ⥄ േゞᬺ⇇⚕ߩޟࠝ࡯࠻࡮ࠗࡦ࠺ࠖࠕޠ⚕㧔Auto India㧕߆ࠄࡌࠬ࠻࡮ࡈࠔࡒ࡝࡯ࠞ࡯⾨ࠍ ฃߌࠆߥߤޔࠗࡦ࠼࿖ౝᄖߩᄙߊߩ⾨ࠍฃ⾨ߒߚޕหゞߩᚑഞⷐ࿃ߩ৻ߟߪޔหゞ߇࠺ࠖ

 62 

࡯࠯࡞ゞߢ޽ࠅޔᶖ⾌⠪ߦΆᢱ⾌ߩ቟ߐࠍ⸷߃ࠆߎߣ߇ߢ߈ߚὐ߇޽ߞߚޕ߹ߚࠗࡦ࠺ࠖ ࠞߩትવߦޔ࠹࡟ࡆࠃࠅ߽ᣂ⡞ᐢ๔ߦ㊀ὐࠍ⟎ߊࡊࡠࡕ࡯࡚ࠪࡦᚢ⇛߽ᄼഞߒߚޕᣂ⡞ߩ ో㕙ᐢ๔ߦੱ⋡ࠍᒁߊࠠࡖ࠶࠴࡮ࠦࡇ࡯ࠍ↪޿ޔ⺒⠪ߩᗐ௝ജࠍ༐⿠ߔࠆߎߣߦᚑഞߒߚޕ ࠗࡦ࠺ࠖࠞߪޔ⊒ᄁ߆ࠄ 18 ࠞ᦬ߢ 10 ਁบ߇⽼ᄁߐࠇߚޕ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔᐼ᳃ߩゞࠍ㊂↥ߔࠆᣇ㊎ࠍㅴ߼ޔห␠ߪ⃻࿷ 10 ਁ࡞ࡇ࡯㧔⚂ 2,300 ࠼࡞㧕ߩਸ਼↪ゞߩ㐿⊒ࠍⴕߞߡ޿ࠆޕ2008 ᐕ߹ߢߦ㐿⊒ࠍቢੌߐߖࠆ⷗ㄟߺߛޕห ␠ߪޔหਸ਼↪ゞࠍޔ⃻࿷ਥߦੑベゞࠍ೑↪ߒߡ޿ࠆࠗࡦ࠼ߩਛ↥㓏⚖ߦะߌߡ⽼ᄁߔࠆޕ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔ੍ቯㅢࠅߩଔᩰߢหゞࠍ⽼ᄁߢ߈ࠇ߫ޔੑベゞ߆ࠄ྾ベ⠪߳ߩ⤘ᄢ ߥਸ਼ࠅ឵߃㔛ⷐࠍขࠅㄟߺޔᄢ߈ߊࠪࠚࠕࠍિ߫ߔน⢻ᕈ߇޽ࠆޕ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߩ߽߁৻ߟߩ㊀ⷐߥᚢ⇛ߪޔᩭߣߥࠆ⥄േゞ੐ᬺࠍ⵬ቢߔࠆ੐ᬺࠍᢙ ᄙߊ┙ߜ਄ߍߡ߈ߚߎߣߛޕਥⷐ੐ᬺࠍ⵬ቢߔࠆડᬺߣߒߡߪޔ଀߃߫ޔᄢဳ໡↪ゞ 㧔HCV㧕߅ࠃ߮ਛဳ໡↪ゞ㧔MCV㧕ะߌߩゞゲࡔ࡯ࠞ࡯ߢ޽ࠆ HV ࠕࠢࠬ࡞㧔HV Axles Ltd㧕ޔHCVޔMCV ะߌߩࠡࠕࡏ࠶ࠢࠬࡔ࡯ࠞ࡯ߢ޽ࠆ HV ࠻࡜ࡦࠬࡒ࠶࡚ࠪࡦ㧔HV Transmissions Ltd㧕ޔ࠲࠲ゞ✚ว࠺ࠖ࡯࡜࡯ࡀ࠶࠻ࡢ࡯ࠢࠍᠩߒޔࠕࡈ࠲࡯ࠨ࡯ࡆࠬࠍⴕ ߁ࠦࡦࠦ࡞࠼࡮ࡕ࡯࠲࡯࠭㧔Concorde Motors㧔India㧕Ltd㧕ߥߤ߇޽ࠆޕ

5916ಽᨆ

 ᒝߺ x ੐ᬺߩᄙ᭽ᕈ – ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔਸ਼↪ゞ߆ࠄዊဳ໡↪ゞ㧔LCV㧕ޔਛဳ໡↪ゞ 㧔MCV㧕ޔᄢဳ໡↪ゞ㧔HCV㧕߹ߢ᭽ޘߥಽ㊁ߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍ⏕┙ߒߡ޿ࠆޕ ߹ߚห␠ߪޔࠛࡦࠫ࠾ࠕ࡝ࡦࠣޔ⸳⸘ޔ⵾ຠ࡜ࠗࡈࠨࠗࠢ࡞▤ℂߥߤߩࠨ࡯ࡆࠬࠍฦᬺ ⇇ߩࡔ࡯ࠞ࡯ߦឭଏߒߡ޿ࠆޕ x ໡↪ゞᏒ႐ߩ࡝࡯࠳࡯ – ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߦ130એ਄ߩࡕ࠺࡞ ࠍᛴ߃ߡ߅ࠅޔࠗࡦ࠼ߦ߅ߌࠆዊဳޔਛဳޔᄢဳߩฦ໡↪ゞᏒ႐ߩ࡝࡯࠳࡯ߢ޽ࠆޕ߹ ߚޔ࠺ࠖ࡯࠯࡞ゞߦ߅ߌࠆᒝߺࠍ↢߆ߒޔਸ਼↪ゞᏒ႐ߢ߽╙2૏ߦߟߌߡ޿ࠆ42ޕ

 ᒙߺ x ࠗࡦ࠼Ꮢ႐߳ߩଐሽ – ห␠ߪࠗࡦ࠼࿖ᄖ߆ࠄߪᄁ਄ߍߩࠊߕ߆16㧑ߒ߆ᓧߡ߅ࠄߕޔ ࠗࡦ࠼Ꮢ႐߳ߩଐሽᐲߩ㜞ߐࠍ␜ߒߡ޿ࠆޕ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔ੐ᬺ࡝ࠬࠢࠍૐᷫߔ ࠆߚ߼ᶏᄖᏒ႐ࠍ㐿ᜏߔࠆᔅⷐ߇޽ࠆޕ

 ᯏળ x ࠗࡦ࠼ߦ߅ߌࠆゞߩᶐㅘᐲߩૐߐ – ࠗࡦ࠼ߩゞᚲ᦭₸ߪ1,000ੱߦߟ߈߅ࠃߘ7ੱߣૐ ޿ޕߒ߆ߒޔᚻขࠅᚲᓧߩჇടޔ৻⥸࡮㜞ㅦ㆏〝ߩᢛ஻ߥߤࠗࡦࡈ࡜ߩะ਄ޔ㊄Ⲣࠨ࡯ ࡆࠬߩ᜛లߥߤޔࠗࡦ࠼⥄േゞᏒ႐ࠍᎼࠆⅣႺߪ਄ะ޿ߡ޿ࠆޕਛ↥㓏⚖ߩบ㗡߽⪺ߒ ߊޔ⥄േゞᏒ႐߇ᚑ㐳ߔࠆ⷗ㄟߺߪᄢ߈޿43ޕ

 ࠲࠲࡮ࠣ࡞࡯ࡊ ࠲࠲࡮ࡕ࡯࠲࡯࠭

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x 㕖⥄േゞ੐ᬺߩᚑ㐳 – ࠲࠲࡮ࡕ࡯࠲࡯࠭ߦߪޔ⥄േゞ੐ᬺએᄖ߆ࠄߩᄁ਄ߍ߽޽ࠆޕ଀ ߃߫ޔห␠ߩᑪ▽ᯏེ੐ᬺࠍⴕ߁࠹࡟ࠦࡦ␠ߪޔߔߢߦၳ೥ᯏಽ㊁ߦ߅޿ߡ50㧑એ਄ߩ ࠪࠚࠕࠍᜬߞߡ޿ࠆޕࠗࡦ࠼ߢߪޔၳ೥ᯏᏒ႐ߪᐕ₸25㧑㨪30㧑Ⴧߢᚑ㐳ߒߡ޿ࠆ44ޕ

 ⢿ᆭ x ࠺ࠖ࡯࠯࡞ゞಽ㊁ߦ߅ߌࠆ┹੎᜛ᄢ – ࠗࡦ࠼ਸ਼↪ゞᏒ႐ߢ╙1૏54㧑ߩࠪࠚࠕࠍᜬߟࡑ ࡞࠴߇ޔޟࠬࠗࡈ࠻࠺ࠖ࡯࠯࡞㧔Swift Diesel㧕ޠࠍ⊒⴫ߒ࠺ࠖ࡯࠯࡞ゞಽ㊁ߦㅴ಴ߒ ߡ߈ߡ޿ࠆ45 ޕࠬ࠭ࠠߣߩวᑯ੐ᬺߦࠃߞߡޔࡑ࡞࠴ߪࠗࡦ࠼ߩࡑࡀࠨ࡯࡞ 㧔Manesar㧕ߦޔ10ਁบߩೋᦼ↢↥⢻ജࠍ᦭ߔࠆ࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦ⵾ㅧᣉ⸳ࠍ⸳⟎ߒ ߚޕߎࠇࠄߩࠛࡦࠫࡦߩ⵾ㅧᛛⴚߪޔࡈࠖࠕ࠶࠻㧔Fiat㧕ߣࠝࡍ࡞㧔Opel㧕߆ࠄߩ࡜ࠗ ࠮ࡦࠬࠍฃߌߡ޿ࠆޕห␠ߪޔ2010ᐕ߹ߢߦหᣉ⸳ߩ↢↥ജࠍ30ਁบ߹ߢᒁ߈਄ߍࠆ ߎߣࠍ⸘↹ߒߡ޿ࠆޕ߹ߚޔ⃻ઍ⥄േゞ㧔Hyundai㧕߽࠺ࠖ࡯࠯࡞ᑼࠦࡦࡄࠢ࠻ࠞ࡯ࠍ ⊒⴫ߒޔ┹੎ࠍ઀ដߌߡ߈ߡ޿ࠆޕ

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ⵾ຠ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߦߪޔએਅߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝ߇޽ࠆ㧦 x ਸ਼↪ゞ – ࠗࡦ࠺ࠖࠞ㧔Indica㧕ޔࠗࡦ࠺ࠖࠧ㧔Indigo㧕ޔࡈࠖࠕ࠶࠻㧔Fiat㧕ゞ x ታ↪ゞਔ㧔SUV㧕 – ࠨࡈࠔ࡝࡮࠺ࠖࠦ࡯࡞㧔Safari Dicor㧕߅ࠃ߮ࠬࡕ㧔Sumo㧕 x ࠻࡜࠶ࠢ – ዊဳޔਛဳޔᄢဳ໡↪ゞਔ㧔LCVޔMCVޔHCV㧕࠲࠲࡮ࡁࡃࠬ㧔Tata Novus㧕ޔTL 4x4 x ࡃࠬ – ࠬ࠲࡯ࡃࠬ㧔Starbus㧕߅ࠃ߮ࠣࡠ࡯ࡃࠬ㧔Globus㧕 x 㒐ⴡゞਔ

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ㧙࠲࠲࡮ࡕ࡯࠲࡯࠭ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦࠲࠲࡮ࡕ࡯࠲࡯࠭ᐕᐲᐕᰴႎ๔ᦠ 

 6JG*KPFW$WUKPGUU.KPG6GNEQPCKOUVQDGCDKNNKQPFQNNCTEQORCP[D[㧔ᐕ᦬ᣣઃ㧕 6JG*KPFW/CTWVKNCWPEJGUFKGUGN5YKHV㧔ᐕ᦬ᣣઃ㧕 ࠲࠲࡮ࡕ࡯࠲࡯࠭

 64 

੐ᬺಽ㊁ߏߣߩᄁ਄ߍಽᏓࠍ␜ߔޕ

࿑⴫㧦  ੐ᬺಽ㊁ߏߣߩᄁ਄ߍ ᐕᐲ 

9%

16% ࿖ౝ⥄േゞ੐ᬺ

ᶏᄖ⥄േゞ੐ᬺ

⥄േゞએᄖ䈱䈠䈱ઁ੐ᬺ

75%  ಴ᚲ㧦࠲࠲࡮ࡕ࡯࠲࡯࠭⾗ᢱ̄ᐕ᦬

ࠣࡠ࡯ࡃ࡞ᚢ⇛

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࠲࠲࡮ࡕ࡯࠲࡯࠭

ᐕ ᭎ⷐ MGࡠ࡯ࡃ࡯␠ࠣ࡞࡯ࡊߣᄾ⚂ࠍ⚿߱ޕ࠲࠲࡮ࠛࡦࠫ࠾ࠕ࡝ࡦࠣ㧔Tata Engineering㧕 2002 ߪޔࡊࡀ㧔Pune㧕Ꮏ႐ߢห␠ߩ᳞߼ࠆ઀᭽ߩࠗࡦ࠺ࠖࠞ㧔Indica㧕ࠍ↢↥ߒޔ⧷࿖ߥߤ ᰷ᎺߩMGࡠ࡯ࡃ࡯␠ߩᵹㅢࡀ࠶࠻ࡢ࡯ࠢࠍㅢߓߡ⽼ᄁߔࠆ ⧷࿖ߩࡈࠚ࠾࠶ࠢࠬ␠㧔Phoenix Venture Holdings Ltd㧕ߣᄾ⚂ࠍ⚿߱ޕࡈࠚ࠾࠶ࠢࠬߩ 2003 ᵹㅢࡀ࠶࠻ࡢ࡯ࠢࠍㅢߓߡ⧷࿖ޔࠕࠗ࡞࡜ࡦ࠼Ꮢ႐ߦࠨࡈࠔ࡝㧔Safari㧕ࠝࡈࡠ࡯࠼߅ࠃ ߮ࡠ࡯࠼ࡌ࡯࠲㧔Loadbeta㧕ࡇ࠶ࠢࠕ࠶ࡊ࠻࡜࠶ࠢࠍଏ⛎ߔࠆ ᄢቝ໡↪ゞ㧔Daewoo Commercial Vehicle Company Limited㧕ࠍ⾈෼ޕߎߩ⾈෼ߦࠃߞ 2004 ߡޔ2ਁบߩਛ࡮ᄢဳゞਔ↢↥⢻ജࠍ஻߃ࠆ⟲ጊ㧔Gunsan㧕ߩㄭઍᎿ႐ߥߤࠍ฽߻⵾ㅧ ᣉ⸳ࠍᚻߦߔࠆ ࠬࡍࠗࡦߩࠗࠬࡄࡁ࡮ࠞ࡞࠮࡜㧔Hispano Carrocera SA㧕ߩᩣᑼߩ21㧑ࠍ⾈޿ขࠅޔ 2005 ᛛⴚ߅ࠃ߮ࡉ࡜ࡦ࠼ࠍ₪ᓧ ࠕࡈࠩ࡞ࡕ࡯࠲࡯࠭㧔Afzal Motors Pvt. Limited㧕ߣᛛⴚදജߩߚ߼ߩᄾ⚂ࠍ⚿߱ޕห␠ߩ 2005 ᣂ⸳ᣉ⸳ࠍ೑↪ߔࠆߎߣߢゞਔࠍࡄࠠࠬ࠲ࡦߢ⚵┙ߡࠆߎߣ߇ኈᤃߦߥߞߚ ಴ᚲ㧦࠲࠲࡮ࡕ࡯࠲࡯࠭࠙ࠚࡉࠨࠗ࠻  ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔਛ᧲ޔࠕࡈ࡝ࠞޔධ☨ޔࠝ࡯ࠬ࠻࡜࡝ࠕߥߤࠍ฽߻ฦ࿾ၞߦ⥄േ ゞࠍャ಴ߒߡ޿ࠆޕห␠ߪޔࠗࡦ࠼ߩ 2 ߟߩ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ߦട߃ޔᶏᄖᏒ႐ߩ㔛ⷐߦ ኻᔕߔࠆߚ߼㖧࿖ޔࠬࡍࠗࡦޔ⧷࿖ߦ߽⎇ⓥ㐿⊒࠮ࡦ࠲࡯ࠍ᭴߃ߡ޿ࠆޕ߹ߚޔห␠ߪࡃ ࡦࠣ࡜࠺ࠪࡘ߅ࠃ߮ࡑ࡟࡯ࠪࠕߦ⚵┙Ꮏ႐ࠍᜬߞߡ޿ࠆޕ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪࠕ࡜ࠗࠕࡦ ࠬ߅ࠃ߮ࠢࡠࠬࡏ࡯࠳࡯M&A ࠍ㚟૶ߒޔᶏᄖᏒ႐ࠍ㐿ᜏߒߟߟ޽ࠆޕ ห␠ߪޔർ᧲ࠕࠫࠕߢߪޔ㖧࿖Ꮢ႐ߦෳ౉ߔࠆߚ߼ޔ2004 ᐕߦᄢቝߩ໡↪ゞㇱ㐷ޔߔߥ ࠊߜᄢቝ໡↪ゞ㧔Daewoo 㧔 Daewoo Commercial Vehicle Company Limited 㧕 㧔DWCV㧕㧕ࠍ⾈෼ߒߚޕ㖧࿖ߩ MCV Ꮢ႐߳ߩෳ౉ࠍᨐߚߒߚ੹ޔ2008 ᐕߦߪ㖧࿖ߩ LCV Ꮢ႐ߦ㘩޿ㄟ߻⸘↹ߛޕߥ߅ޔ㖧࿖ߢߪޔ㖧࿖ࠟࠬ౏␠㧔Korean Gas㧕ߣ౒หߢ LNG േജߩ࠻࡜࠶ࠢ㐿⊒߽ⴕߞߡ޿ࠆޕ᧲ධࠕࠫࠕߢߪޔ࠲ࠗߩ࠻ࡦࡉ࡝࡯㧔Thonburi㧕 ߣ࠲ࠗᏒ႐ะߌߩࡇ࠶ࠢࠕ࠶ࡊ࠻࡜࠶ࠢߩ⵾ㅧ࡮⚵┙ߩߚ߼ߩวᑯડᬺࠍ┙ߜ਄ߍߚޕ࠲ ࠗߪ਎⇇╙ 2 ૏ߩࡇ࠶ࠢࠕ࠶ࡊ࠻࡜࠶ࠢᏒ႐ߢ޽ࠆޕ

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ධࠕࠫࠕߢߪޔࡄࠠࠬ࠲ࡦߩࠕࡈࠩ࡞ࡕ࡯࠲࡯࠭㧔Afzal Motors㧕ߣޔ࠻࡜࠶ࠢߥߤ HCV ߩඨ⵾ຠࠍࡄࠠࠬ࠲ࡦ߳ャ಴ߒޔ⃻࿾ߢ⚵┙ߡࠆᄾ⚂ࠍ⚿ࠎߛޕਛ᧲ߢߪ 2005 ᐕޔ ࠻࡞ࠦߢࠗࡦ࠺ࠖࠞࠍ⊒⴫ߒ࠻࡞ࠦߩਸ਼↪ゞᏒ႐ߦෳ౉ߒߚޕ ᰷ᎺߢߪޔMG ࡠ࡯ࡃ࡯␠ߣឭ៤ߒޔห␠ߩᵹㅢࡀ࠶࠻ࡢ࡯ࠢࠍᵴ↪ߒߡࠗࡦ࠺ࠖࠞࠍ ⽼ᄁޕ⧷࿖Ꮢ႐ߢ⽼ᄁᢙࠍિ߫ߒߡ޿ࠆޕ߹ߚޔห␠ߪ 2006 ᐕޔᣣ↥⥄േゞ߆ࠄධࠕࡈ ࡝ࠞߩ⵾ㅧᣉ⸳ࠍ⾈޿ขߞߚޕߎࠇߪޔධࠕࡈ࡝ࠞᏒ႐߳ߩଏ⛎ࠍน⢻ߦߔࠆߩߺߥࠄߕޔ EU࡮ධࠕࡈ࡝ࠞ FTA ࠍ೑↪ߔࠆߎߣߢ᰷ᎺᏒ႐߳ߩ⿷߇߆ࠅߦ߽ߥࠆ47ޕ ࠲࠲࡮ࡕ࡯࠲࡯࠭ߣࡈࠖࠕ࠶࠻ߪޔਛධ☨Ꮢ႐߅ࠃ߮․ቯߩ᰷ᎺᏒ႐ߢߩදജ㑐ଥࠍ⚿ ࠎߛޕࡈࠖࠕ࠶࠻ߪ࠲࠲߆ࠄߩ࡜ࠗ࠮ࡦࠬࠍฃߌޔࠕ࡞࠯ࡦ࠴ࡦߢࡇ࠶ࠢࠕ࠶ࡊゞਔࠍ⵾ ㅧߔࠆޕ߹ߚޔ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪޔࡈࠖࠕ࠶࠻࡮ࠣ࡞࡯ࡊߩࠗࡧࠚࠦ␠㧔Iveco㧕ߣ߽໡ ↪ゞਔߦ߅ߌࠆදജ▸࿐ࠍቯ߼ࠆวᗧ㧔MOU㧕ࠍ⚿ࠎߛޕ ੹ᓟߩേ߈ߣߒߡߪޔห␠ߪޔਛ࿖߅ࠃ߮࠙ࠢ࡜ࠗ࠽ߥߤߩ CIS ⻉࿖߳ߩෳ౉ᯏળࠍ߁ ߆߇ߞߡ޿ࠆ߽ߩߣ⠨߃ࠄࠇࠆޕ

ⷐὐ x ࠲࠲࡮ࡕ࡯࠲࡯࠭ߪᄙߊߩ੐ᬺࠍ┙ߜ਄ߍߡ߅ࠅޔߎࠇࠄ߇ᩭߣߥࠆ⥄േゞ੐ᬺࠍ⵬ቢ ߒߡ޿ࠆޕ x ห␠ߪޔ⎇ⓥ㐿⊒ࠍⓍᭂ⊛ߦⴕߞߡ޿ࠆޕࠗࡦ࠼࿖ౝߦ޽ࠆ2ߟߩ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ߩ ઁޔ㖧࿖ޔࠬࡍࠗࡦޔ⧷࿖ߦ߽⎇ⓥ㐿⊒࠮ࡦ࠲࡯ࠍ଻᦭ߔࠆޕ x ห␠ߪᛛⴚឭ៤ޔᵹㅢදജߦ㑐ߔࠆᄾ⚂ޔวᑯડᬺ⸳┙ޔࠢࡠࠬࡏ࡯࠳࡯M&Aߦࠃߞ ߡ਎⇇ߢߩሽ࿷ᗵࠍჇߒߡ߈ߚޕ x ห␠ߦߣߞߡਥⷐߥᶏᄖᏒ႐ߪ᰷Ꮊޔ㖧࿖ޔධࠕࡈ࡝ࠞߥߤޕ੹ᓟߪޔਛ࿖߅ࠃ߮࠙ࠢ ࡜ࠗ࠽ߥߤߩCIS⻉࿖߳ߩෳ౉ᯏળࠍ߁߆߇ߞߡ޿ࠆޕ

 6JG*KPFW$WUKPGUU.KPG㧔ᐕ᦬ᣣઃ㧕

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╙┨ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜ 㧔⥄േゞ㧕

ડᬺ᭎ⷐ ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜㧔M&M㧕ߪޔࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖゞਔ߿࠻࡜ࠢ࠲ ࡯ߥߤࠍ⵾ㅧߔࠆ⥄േゞડᬺߢޔࡑࡅࡦ࠼࡜࡮ࠣ࡞࡯ࡊߩਛᩭડᬺߢ޽ࠆޕห␠ߪᄙߊߩ ᄖ࿖ડᬺߣߩࠕ࡜ࠗࠕࡦࠬࠍ೑↪ߒߡޔ࿖ౝߦߣߤ߹ࠄߕࠣࡠ࡯ࡃ࡞Ꮢ႐ߦㅴ಴ߒߡ޿ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜㧔ㅪ⚿㧕

ડᬺฬ ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜㧔Mahindra & Mahindra Limited㧕 ᚲ࿷࿾ Mahindra Towers, G.M. Bhosale Marg, Worli, Mumbai – 400 018 㔚⹤⇟ภ +91-22-24905407 ࡈࠔ࠶ࠢࠬ⇟ภ +91-22-24961649 ࡎ࡯ࡓࡍ࡯ࠫ http://www.mahindra.com/index.asp ળ㐳 Keshub Mahindra ⸳┙ᐕ 1945 ⾗ᧄ✚㗵 8ం4,332ਁ࠼࡞ ⾗↥✚㗵 30ం6,868ਁ࠼࡞ 48 ᓥᬺຬ 34,000ੱ㧔2007㧕 ಴ᚲ㧦//ᐕᐲᐕᰴႎ๔ᦠ//࠙ࠚࡉࠨࠗ࠻

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ᓥᬺຬᢙߪ//ࠣ࡞࡯ࡊో૕ߩ߽ߩ

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ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜

ᐕ  1945 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡕࡂࡔ࠶࠼㧔Mahindra & Mohammed㧕 ߇⸳┙ߐࠇࠆ 1948 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡕࡂࡔ࠶࠼߇ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜㧔M&M㧕ߦ␠ฬᄌᦝ 1950 ਃ⪉໡੐ߣᬺോឭ៤ࠍ⚿߱ 1955 ᩣᑼࠍ౏㐿 1969 ታ↪ゞਔ߅ࠃ߮ࠬࡍࠕࡄ࡯࠷ߩャ಴ࠍ㐿ᆎ 1983 ࠗࡦ࠼ߩ࠻࡜ࠢ࠲࡯Ꮢ႐ߩᦨᄢᚻߣߥࠆ 2001 ࡞ࡁ࡯㧔Renault㧕ߣࠟ࠰࡝ࡦࠛࡦࠫࡦ⵾ㅧᄾ⚂ࠍ⚿߱ 2003 ✚วຠ⾰▤ℂߦఝࠇߚડᬺߦ⿅ࠄࠇࠆ࠺ࡒࡦࠣ⾨ࠍޔ਎⇇ߢೋߩ࠻࡜ࠢ࠲࡯ડᬺߣߒߡฃ⾨ 2004 ࠻࡜ࠢ࠲࡯100ਁบࠍᄁࠅ਄ߍߚࠗࡦ࠼ೋߩડᬺߣߥࠆ 2005 ࡑࡅࡦ࠼࡜࡮࡞ࡁ࡯߇⸳┙ߐࠇࠆ 2007 ࠗࡦ࠼ߩᐕ㑆࠻࠶ࡊડᬺ⺞ᩏߢ22૏ߦㆬ߫ࠇࠆ ಴ᚲ㧦//࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ M&M ߪޔ1945 ᐕߦޔ☨࿖ߩ࠙ࠖ࡝ࠬ࡮ࠝ࡯ࡃ࡯࡜ࡦ࠼␠㧔Willys Overland Corporation㧕ߩࠫ࡯ࡊ⚵┙ࡈ࡜ࡦ࠴ࡖࠗ࠭ડᬺߣߒߡࡑࡅࡦ࠼࡜&ࡕࡂࡔ࠶࠼㧔Mahindra & Mohammad㧕ߩฬߢ⸳┙ߐࠇߚޕ1947 ᐕߩࠗࡦ࠼⁛┙ᓟޔห␠ߪࡑࡅࡦ࠼࡜࡮ࠕࡦ ࠼࡮ࡑࡅࡦ࠼࡜ߦ␠ฬࠍᄌᦝޕห␠ߪޔߘߩᓟᢙචᐕ㑆ᚑ㐳ࠍ⛯ߌޔ⃻࿷߅ࠃߘ 300 ం࠼ ࡞ߩᄁ਄ߍࠍ⹶ࠆ49ޕ

᭎ⷐ ࠗࡦ࠼ߩ⥄േゞᏒ႐ߪޔ਎⇇ߢᦨ߽ᕆᚑ㐳ߒߡ޿ࠆᏒ႐ߩ߭ߣߟߢ޽ࠆޕ2004 ᐕޔ਎⇇ ߩ⥄േゞᏒ႐ߩᚑ㐳₸߇ࠊߕ߆ 6㧑ߛߞߚߩߦᲧߴޔࠗࡦ࠼Ꮢ႐ߪ 30㧑ᚑ㐳ߒߚޕߐࠄߦޔ ࠗࡦ࠼ߪ਎⇇╙ 1 ૏ߩਃベゞ߅ࠃ߮࠻࡜ࠢ࠲࡯Ꮢ႐ߢ޽ࠆޕ ࿖ౝ⥄േゞㇱ㐷ߢታ❣ߩ޽ࠆ M&M ߪޔห␠߇੐ᬺࠍⴕߞߡ޿ࠆ߶ߣࠎߤߩㇱ㐷ߢၷታ ߦᅢᬺ❣ࠍᱷߒߡ߈ߚޕ2005㨪2006 ᐕߦߪޔࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖゞਔಽ㊁߅ࠃ߮໡ ↪ゞಽ㊁ߩห␠ߩࠗࡦ࠼Ꮢ႐ࠪࠚࠕߪޔߘࠇߙࠇ 47.6㧑ߣ 16.3㧑ߢ޽ߞߚޕ߹ߚޔห␠ߪ ࠗࡦ࠼ߩ࠻࡜ࠢ࠲࡯Ꮢ႐ߦ߅޿ߡ߽ 29.7㧑ߩࠪࠚࠕࠍ₪ᓧߒᦨᄢᚻߣߥߞߡ޿ࠆޕ

ਥⷐߥࠗࡦ࠼࿖ౝߩࠕ࡜ࠗࠕࡦࠬ M&M ߩᦨ߽ᄢ߈ߥᚑഞⷐ࿃ߩ߭ߣߟߦޔᄢᚻᄖ࿖ડᬺߣߩᚢ⇛ឭ៤߇޽ࠆޕM&M ߪ৻ ⽾ߒߡޔᛛⴚ࡮⵾ㅧᄾ⚂ߦࠃߞߡᶏᄖߩឭ៤వߣ౒หߒߚᚢ⇛ࠍขߞߡ߈ߚޕߎࠇߪޔ 1945 ᐕߩ☨࿖ߩ࠙ࠖ࡝ࠬ࡮ࠝ࡯ࡃ࡯࡜ࡦ࠼␠ߣߩࡈ࡜ࡦ࠴ࡖࠗ࠭ᄾ⚂߿ޔㄭᐕߩࡈ࡜ࡦࠬ ߩ࡞ࡁ࡯ߣߩวᑯ੐ᬺߦ߽ߘߩ଀ࠍ⷗ࠆߎߣ߇ߢ߈ࠆޕߎࠇࠄߩឭ៤ߪޔห␠ߩ┹੎ജߩ ߺߥࠄߕᏒ႐⹏ଔࠍ㜞߼ࠆߎߣߦ߽⽸₂ߒߡ߈ߚޕวᑯડᬺࡑࡅࡦ࠼࡜࡮࡞ࡁ࡯ߦࠃࠆ  //࠙ࠚࡉࠨࠗ࠻ //ᐕᐲᐕᰴႎ๔ᦠ

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2007 ᐕ 4 ᦬ߩ࡞ࡁ࡯࡮ࡠࠟࡦ㧔Renault Logan㧕ߩ⊒⴫߇ᦨㄭߩ଀ߛޕ࡞ࡁ࡯࡮ࡠࠟࡦߦ ࠃࠅޔM&M ߪࠗࡦ࠼ߩ C࡮࠮ࠣࡔࡦ࠻ਸ਼↪ゞᏒ႐ߦㅴ಴ޔ੹ᓟߩዊဳゞ⊒ᄁ߳ߩ㆏╭ࠍ ߟߌߚޕ

M&M ߩࠗࡦ࠼Ꮢ႐ะߌߩਥߥᶏᄖࠕ࡜ࠗࠕࡦࠬࠍ␜ߔޕ

࿑⴫㧦  ࠗࡦ࠼ߦ߅ߌࠆᶏᄖࠕ࡜ࠗࠕࡦࠬ 㧙 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜

ᐕ ࠕ࡜ࠗࠕࡦࠬ 1945 ☨࿖ߩ࠙ࠖ࡝ࠬ࡮ࠝ࡯ࡃ࡯࡜ࡦ࠼㧔Willys Overland Corporation㧕ߩࠫ࡯ࡊ⚵┙ࡈ࡜ࡦ࠴ࡖࠗ࠭ ߣߒߡ⸳┙ 1948 ⧷࿖ߩࠨࡊ࡜ࠗࡗ࡯ߣ㍑㋕ߩขᒁࠍ㐿ᆎ 1956 ࠼ࠗ࠷ߩ࠼ࠢ࠲࡯࡮ࡌ࠶ࠢ㧔Dr. Beck & Company㧕ߣวᑯડᬺDr. Beck & Co (ࠗࡦ࠼)ࠍ⸳┙ 1957 ⧷࿖ߩ࡜ࡃ࡝࡯࡮ࠝ࡯࠙ࠚࡦ㧔Rubery Owen & Company Limited㧕ߣวᑯડᬺࡑࡅࡦ࠼࡜࡮ ࠝ࡯࠙ࠚࡦ㧔Mahindra Owen Limited㧕ࠍ⸳┙ 1960 ⧷࿖ߩGKN ࠣ࡞࡯ࡊߣวᑯડᬺࡑࡅࡦ࠼࡜࡮ࠪࡦ࠲࡯࠼࡮ࡊࡠ࠳ࠢ࠷㧔Mahindra Sintered Products Limited㧕ࠍ⸳┙ 1962 ࡈ࡜ࡦࠬߩ࡙࡯ࠫࡦ࡮ࠢ࡯࡞ࡑࡦ㧔Ugine Kuhlmann㧕ߣวᑯડᬺࡑࡅࡦ࠼࡜࡮࡙࡯ࠫࡦ࡮ ࠬ࠴࡯࡞㧔Mahindra Ugine Steel Company Limited㧕ࠍ⸳┙ 1963 ☨࿖ߩࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞ࡂ࡯ࡌࠬ࠻␠㧔International Harvester Company㧕ߣวᑯડᬺࠗࡦ࠲࡯ ࠽࡚ࠪ࠽࡞࠻࡜ࠢ࠲࡯㧔International Tractor Company㧕ࠍ⸳┙ 1965 ☨࿖ߩࠬࡍ࡝࡯࡜ࡦ࠼␠㧔Sperry Rand Corporation㧕ߣߩวᑯડᬺࡆ࠶ࠞ࡯࠭࡮ࠬࡍ࡝࡯ 㧔Vickers Sperry of India Limited㧕ࠍ⸳┙ 1979 ࡈ࡜ࡦࠬߩࡊ࡚ࠫ࡯߆ࠄ࠺ࠖ࡯࠯࡞ࠛࡦࠫࡦ⵾ㅧߩ࡜ࠗ࠮ࡦࠬࠍฃߌࠆ 1986 ⧷࿖ߩࡉ࡝࠹ࠖ࠶ࠪࡘ࡮࠹࡟ࠦࡒࡘ࠾ࠤ࡯࡚ࠪࡦߣߩวᑯડᬺࡑࡅࡦ࠼࡜࡮ࡉ࡝࠹ࠖ࠶ࠪࡘ࠹࡟ ࠦࡓ㧔Mahindra British Telecom㧕ࠍ⸳┙ 1993 ਃ⪉໡੐߅ࠃ߮ᣣ໡ጤ੗ߣวᑯડᬺࡑࡅࡦ࠼࡜࡮ࠬ࠴࡯࡞࡮ࠨ࡯ࡆࠬ࠮ࡦ࠲࡯㧔Mahindra Steel Service Centre Limited㧕ࠍ⸳┙ ࠞ࠽࠳ߩࠕࠢ࡟ࠬ࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞㧔Acres International Limited㧕ߣวᑯડᬺޔࡑࡅࡦ࠼࡜࡮ ࠕࠢ࡟ࠬ㧔Mahindra Acres Consulting Engineers Limited㧕ࠍ⸳┙ 1994 ࠺ࡦࡑ࡯ࠢߩࠗ࡯ࠬ࠻࡮ࠕࠫࠕ࠴࠶ࠢ࡮ࠞࡦࡄ࠾࡯㧔East Asiatic Company Limited A/S㧕ߣวᑯ ડᬺޔEACࠣ࡜ࡈࠖ࠶ࠢࠬ㧔EAC Graphics (India) Limited㧕ࠍ⸳┙ 1995 ᣣᧄߩਃ⪉໡੐ߣਃ⪉L300㧔Mitsubishi L300㧕ߩ⵾ㅧᄾ⚂ࠍ⚿߱ 1996 ☨࿖ߩࡈࠜ࡯࠼ߣวᑯડᬺࡑࡅࡦ࠼࡜ࡈࠜ࡯࠼㧔Mahindra Ford India Limited㧕ࠍ⸳┙ 2001 ࡈ࡜ࡦࠬߩ࡞ࡁ࡯ߣࠟ࠰࡝ࡦࠛࡦࠫࡦ⵾ㅧᄾ⚂ࠍ⚿߱ 2003 ⧷࿖ߩࡠ࠶ࠠ࡯࠼࡮ࡑ࡯࠴ࡦ࡮ࠗࡦࡈࠜ࡯ࡔ࡯࡚ࠪࡦ࡮ࠪࠬ࠹ࡓ࠭㧔Lockheed Martin Information Systems㧕ߣ㒐ⴡ⵾ຠߩ⵾ㅧᄾ⚂ࠍ⚿߱ 2005 ࡈ࡜ࡦࠬߩ࡞ࡁ࡯ߣวᑯડᬺࡑࡅࡦ࠼࡜࡮࡞ࡁ࡯㧔Mahindra Renault Limited㧕ࠍ⸳┙ ☨࿖ߩࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞࡮࠻࡜࠶ࠢ࡮ࠕࡦ࠼࡮ࠛࡦࠫࡦ␠㧔International Truck and Engine Corporation㧕ߣߩวᑯડᬺࡑࡅࡦ࠼࡜࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞㧔Mahindra International Limited㧕 ࠍ⸳┙ 2007 ࡞ࡁ࡯߅ࠃ߮ᣣ↥⥄േゞߣวᑯ੐ᬺࠍ┙ߜ਄ߍޔࠗࡦ࠼ߩ࠴ࠚࡦ࠽ࠗ㧔Chennai㧕ߦゞਔ⵾ㅧᎿ႐ ࠍ⸳⟎ ಴ᚲ㧦//࠙ࠚࡉࠨࠗ࠻

5916ಽᨆ

 ᒝߺ x ᄢ߈ߥᏒ႐ࠪࠚࠕ – M&Mߪࠗࡦ࠼ߩ࠻࡜ࠢ࠲࡯࡮⥄േゞᏒ႐ߢᄢ߈ߥࠪࠚࠕࠍභ߼ߡ ޿ࠆޕ⃻࿷ߩࠗࡦ࠼⚻ᷣߢߪࠗࡦࡈ࡟ߣ㊄೑ߩ਄᣹߇⿠ߎߞߡ߅ࠅޔ⥄േゞ↥ᬺߢߩዊ

 ࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 69 

ⷙᮨડᬺߩᚑ㐳ߪ࿎㔍ߦߥߞߡ޿ࠆޕߘࠇࠁ߃ߦޔห␠ߩᏒ႐ࠪࠚࠕ߇ㄭ޿዁᧪ߦᄢ߈ ߊᄌൻߔࠆߎߣߪ⠨߃ߦߊ޿ޕ x ఝࠇߚ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝ – M&Mߪ┹วડᬺߦᲧߴᒝജߥ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍ᦭ߔ ࠆޕ࠻࡜ࠢ࠲࡯ߩⓍタ㊂ߪ0.75࠻ࡦߣᄢ߈ߊޔ┹วઁ␠ߩ⵾ຠࠃࠅ߽ఝࠇߡ޿ࠆޕ x ࠣࡠ࡯ࡃ࡞ડᬺߣߩឭ៤ – ㆊ෰ᢙᐕ㑆ߦࠊߚߞߡޔM&Mߪⶄᢙߩࠣࡠ࡯ࡃ࡞ડᬺߣឭ ៤㑐ଥࠍ⚿ࠎߢ߈ߚޕߎࠇߦࠃߞߡห␠ߪޔߘߩࡐ࡯࠻ࡈࠜ࡝ࠝࠍ᜛ᄢߒࡑ࡞࠴࡮࡙࡯ ࠹ࠖ࡝࠹ࠖゞਔಽ㊁ߦ߽ㅴ಴ߔࠆߎߣ߇ߢ߈ߚޕM&Mߪ⃻࿷ޔࠬࠦ࡯ࡇࠝ㧔Scorpio㧕 ߿ࡏ࡟ࡠ㧔Bolero㧕ߥߤߩࡕ࠺࡞ࠍᠩߒޔࠗࡦ࠼ߩࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖゞਔಽ㊁ߩ ᦨᄢᚻߣߥߞߚޕࠬࠦ࡯ࡇࠝߩ㊂↥ߦ㓙ߒޔM&Mߪߔߴߡߩਥⷐߥࠪࠬ࠹ࡓߦߟ޿ߡ ᄖㇱࠨࡊ࡜ࠗࡗ࡯㧔࿖ౝ࡮ᶏᄖߣ߽㧕ߩࠨ࡯ࡆࠬࠍ೑↪ߒߚޕ⸳⸘߅ࠃ߮ࠛࡦࠫ࠾ࠕ࡝ ࡦࠣ߆ࠄ⹜㛎ޔᬌ⸽ޔ᧚ᢱㆬቯߦ޿ߚࠆ߹ߢߩߔߴߡ߇M&Mߩᄖㇱࠨࡊ࡜ࠗࡗ࡯ߦࠃ ߞߡⴕࠊࠇߚޕM&Mߪޔࠬࠦ࡯ࡇࠝߢᚑഞߒߚࠨࡊ࡜ࠗࡗ࡯ࠍᵴ↪ߔࠆᚻᴺࠍ↪޿ߡ ࠃࠅఝࠇߚゞߩ↢↥߇น⢻ߢ޽ࠆޕ

 ᒙߺ x ᬺോ⛔ว࡝ࠬࠢ – M&Mޔ࡞ࡁ࡯ޔᣣ↥ߪ2007ᐕߦวᑯ੐ᬺࠍ┙ߜ਄ߍޔࠗࡦ࠼ߩ࠴ࠚ ࡦ࠽ࠗ㧔Chennai㧕ߦゞਔ⵾ㅧᣉ⸳ࠍ⸳⟎ߒߚޕᬺോ⛔ว࡝ࠬࠢ߇ẜ࿷⊛ߦ޽ࠆޕ

 ᯏળ x ࠃࠅఝࠇߚᛛⴚ߳ߩࠕࠢ࠮ࠬ – M&Mߪࠗࡦ࠼Ꮢ႐ߦ߅޿ߡᄢ߈ߥࠪࠚࠕࠍᜬߞߡ߅ࠅޔ ߘߩૐࠦࠬ࠻⵾ㅧၮ⋚ࠍ೑↪ߔࠆߎߣ߇ߢ߈ࠆޕห␠ߪߎߩᒝߺࠍ↢߆ߒޔᶏᄖߩឭ៤ వ߆ࠄࠃࠅఝࠇߚ↢↥ᛛⴚࠍᓧࠆߎߣ߇ߢ߈ࠆޕ

 ⢿ᆭ x ࡕࡦࠬ࡯ࡦߦࠃࠆᓇ㗀 – M&Mߦߣߞߡޔ࠻࡜ࠢ࠲࡯ㇱ㐷ߪਥജಽ㊁ߢ޽ࠆޕ࠻࡜ࠢ࠲ ࡯ㇱ㐷ߩᬺ❣ߪޔᄤ୥࡝ࠬࠢࠍᛴ߃ߡ޿ࠆޕࡕࡦࠬ࡯ࡦߩ㒠᳓㊂߇ዋߥ޿ޔ޽ࠆ޿ߪࡕ ࡦࠬ࡯ࡦ߇ㆃᑧߒߚ႐วߪޔ㔛ⷐ߇ᷫࠅޔ෼⋉ߦᖡᓇ㗀߇෸߱ޕ

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

ਥⷐ੐ᬺಽ㊁ //ߪએਅߩਥⷐ੐ᬺಽ㊁ߢᵴേࠍⴕߞߡ޿ࠆޕ x ⥄േゞಽ㊁ – ߎߩಽ㊁ߢߪޔࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖゞਔޔਃベゞࠍ฽߻⥄േゞߩ⵾ ㅧ࡮⽼ᄁࠍⴕߞߡ޿ࠆޕ

 ᒰ࠮࡚ࠢࠪࡦߩࠨ࡯ࡆࠬ࡜ࠗࡦ߅ࠃ߮ਥⷐ⽷ോᜰᮡߪࡑࡅࡦ࠼࡜࡮ࠣ࡞࡯ࡊ࡮ࠝࡉ࡮ࠞࡦࡄ࠾࡯࠭㧔/CJKPFTC /CJKPFTC)TQWRQH%QORCPKGU㧕ߩ߽ߩޕ//ߪหࠣ࡞࡯ࡊߩሶળ␠ߦߥࠆޕ //ᐕᐲᐕᰴႎ๔ᦠޔ//࠙ࠚࡉࠨࠗ࠻

 70 

x ㄘᬺᯏེಽ㊁ – ߎߩಽ㊁ߢߪਥߦޔ਎⇇ߩ࠻࠶ࡊ5ࡉ࡜ࡦ࠼ߦ౉ࠆ࠻࡜ࠢ࠲࡯ࠍ↢↥ߒ ߡ޿ࠆޕห␠ߪᐕ㑆15ਁบߩ࠻࡜ࠢ࠲࡯ߩ↢↥⢻ജࠍ᦭ߒߡ߅ࠅޔࠗࡦ࠼ޔ☨࿖ޔਛ࿖ޔ ࠝ࡯ࠬ࠻࡜࡝ࠕߦ↢↥᜚ὐࠍ᦭ߔࠆޕ x ㊄Ⲣࠨ࡯ࡆࠬ – M&Mߩ㊄Ⲣࠨ࡯ࡆࠬㇱ㐷ߪޔࠗࡦ࠼ᦨᄢߩ㕖㌁ⴕ♽㊄Ⲣᯏ㑐ߩ৻ߟߢ ޽ࠅޔ․ߦ㇠ᄖ߅ࠃ߮Ḱ㇠ᄖࠛ࡝ࠕࠍਛᔃߣߒߡో࿖ߦ350એ਄ߩᡰᐫࠍㆇ༡ߒߡ޿ࠆޕ x ITࠨ࡯ࡆࠬ – ห␠ߩITಽ㊁ߪ1986ᐕߦ⊒⿷ߒޔ⃻࿷ߢߪ࿖ౝ╙8૏ߩ࠰ࡈ࠻࠙ࠚࠕャ಴ ડᬺߣߥߞߡ޿ࠆޕ㔚᳇ㅢା߿ߘߩઁߩࠨ࡯ࡆࠬ↥ᬺ߳ߩ࠰࡝ࡘ࡯࡚ࠪࡦࠍឭଏߒߡ޿ ࠆޕ

ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ㧙ࡑࡅࡦ࠼࡜࡮ࠣ࡞࡯ࡊ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ం࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦//ᐕᐲᐕᰴႎ๔ᦠ   ㇱ㐷࡮࿾ၞ೎࠺࡯࠲

࿑⴫㧦  ੐ᬺಽ㊁ߏߣߩᄁ਄ߍ㧙ࡑࡅࡦ࠼࡜࡮ࠣ࡞࡯ࡊ ᐕᐲ 

⽷ോᜰᮡ ⥄േゞಽ㊁ ㄘᬺᯏེಽ㊁ ㊄Ⲣࠨ࡯ࡆࠬ +6ࠨ࡯ࡆࠬ ߘߩઁߩಽ㊁ ᄁ਄ߍ㧔10ం࠼࡞㧕      Ⴧട₸㧔㧑㧕      ಴ᚲ㧦//ᐕᐲᐕᰴႎ๔ᦠ 

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧙ࡑࡅࡦ࠼࡜࡮ࠣ࡞࡯ࡊ ᐕᐲ 

⽷ോᜰᮡ ࿖ౝ ᶏᄖ ᄁ਄ߍ㧔㊄㗵㧦10ం࠼࡞㧕   Ⴧട₸㧔㧑㧕   ಴ᚲ㧦//ᐕᐲᐕᰴႎ๔ᦠ

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ࠣࡠ࡯ࡃ࡞ᚢ⇛

ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࡑࡅࡦ࠼࡜࡮ࠕࡦ࠼࡮ࡑࡅࡦ࠼࡜

ᐕ  1969 ࠣࡠ࡯ࡃ࡞Ꮢ႐ߦะߌߡࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖ࡯ゞਔ߅ࠃ߮ߘߩㇱຠߩャ಴ࠍ㐿ᆎ ᰷Ꮊߢߩࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖ࡯ゞਔߩ⚵┙࡮⽼ᄁߩߚ߼ߦࠡ࡝ࠪࡖߦࡑࡅࡦ࠼࡜࡮ 1984 ࡋ࡟࠾࠶ࠢ࡮ࠝ࡯࠻㧔Mahindra Hellenic Auto Industries SA㧕ࠍ⸳┙ 1994 ࠻࡜ࠢ࠲࡯⽼ᄁߩߚ߼☨࿖ߦࡑࡅࡦ࠼࡜USA㧔Mahindra USA Incorporated㧕ࠍ⸳┙ ᶏᄖᏒ႐ะߌߦࡑࡅࡦ࠼࡜ࡢ࡯࡞࠼࠻࡜ࠢ࠲࡯㧔Mahindra World Tractor㧕ࠍ⊒⴫ 2004 ਛධ☨ޔਛ᧲ޔධࠕࡈ࡝ࠞᏒ႐ะߌߦࡏ࡟ࡠ㧔Bolero㧕߅ࠃ߮ࠬࠦ࡯ࡇࠝ㧔Scorpio㧕 ࠍ⊒⴫ ਛ࿖ߩᳯ㋈ᴁゞ㧔Jiangling Motor Company Group 㧕ߩሶળ␠ߢ޽ࠆᳯ㋈⥄േゞ 2005 㧔 Jiangling Tractor Company 㧕ߣߩวᑯડᬺߣߒߡࡑࡅࡦ࠼࡜⥄േゞ㧔Mahindra 㧔China㧕Tractor Company㧕ࠍ⸳┙ ⧷࿖ᦨᄢߩ⥄േゞ㎊ㅧડᬺࠬ࠻࡯ࠢࠬ࡮ࠣ࡞࡯ࡊ㧔Stokes Group㧕ࠍ⾈෼ ࠬࠦ࡯ࡇࠝ࡮ࡇ࠶ࠢࠕ࠶ࡊ㧔Scorpio Pik-Up㧕ࠍ⊒⴫㧔⊒⴫ߪධࠕࡈ࡝ࠞߢⴕࠊࠇߚ㧕 ࠤ࠾ࠕߢࡏ࡟ࡠ߅ࠃ߮ࠬࠦ࡯ࡇࠝࠍ⊒⴫ 2006 ࠼ࠗ࠷ߩࠫࠚࠦ࡯㧔Jeco Holding AG㧕ߩᩣᑼ67.9㧑ࠍ₪ᓧ ࠣࡠ࡯ࡃ࡞ࡆ࡯ࠢ࡞USA㧔Global Vehicles USA Inc㧕ߣޔ☨࿖ߦ߅ߌࠆࡑࡅࡦ࠼࡜ߩ ⥄േゞޔㇱຠޔࠕࠢ࠮ࠨ࡝࡯ߩャ౉⽼ᄁߦ㑐ߔࠆᄾ⚂ࠍ⚿߱ ࡕ࡯࡝ࠪࡖࠬߦ᜚ὐࠍ⟎ߊࡑࡅࡦ࠼࡜࡮ࡈࠜ࡯ࠫࡦࠣࠬ㧔Mahindra Forgings Global 2007 Limited㧕߇࠼ࠗ࠷ߩ࡚ࠪ࡯ࡀࡢࠗࠬ㧔Schoneweiss & Co. GmbH㧕ߩᩣᑼ90.5㧑ࠍ₪ᓧ ಴ᚲ㧦//࠙ࠚࡉࠨࠗ࠻  ㆊ෰ᢙᐕ㑆ߦࠊߚߞߡޔM&M ߪߘߩ࿖㓙੐ᬺࠍ᜛ᄢߒߡ߈ߚޕห␠ߪޔ࠻࡜ࠢ࠲࡯߿ ࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖゞਔߢ᰷Ꮊޔධ☨ߥߤ޿ߊߟ߆ߩਥⷐᏒ႐ߦෳ౉ߒߚޕ

⥄േゞ M&M ߪޔ⥄േゞಽ㊁ߢߪ࿖㓙Ꮢ႐ߩਛߢ߽࠾࠶࠴Ꮢ႐ߩ․ቯߦᵈജߒߡ߈ߚޕห␠ߪ ․ߦޔࠗࡦ࠼ߦૃߚ༡ᬺޔᵹㅢޔ⽼ᄁ᧦ઙࠍᜬߟᣂ⥝࿖Ꮢ႐ߦᵈ⋡ߒߡ޿ࠆޕ2004 ᐕߦߪޔ M&M ߪ⥄േゞ⵾ຠࠍ᰷Ꮊޔਛ᧲ޔධ☨ޔ᧲ධࠕࠫࠕޔࠕࡈ࡝ࠞߢ⊒ᄁߒߚ54ޕ ห␠ߩ᰷Ꮊ੐ᬺߪޔࠗ࠲࡝ࠕߦ᜚ὐࠍ⟎ߊሶળ␠ߩࡑࡅࡦ࠼࡜࡮࡛࡯ࡠ࠶ࡄ㧔Mahindra Europe Srl 㧔MESRL㧕㧕߇ㆇ༡ߒߡ޿ࠆޕ2005 ᐕߦ⸳┙ߐࠇߚ MESRL ߪޔࠗࡦ࠼߆ࠄ ゞਔࠍャ౉ߒ᰷Ꮊߢ⽼ᄁߒߡ޿ࠆޕห␠ߩࡐ࡯࠻ࡈࠜ࡝ࠝߦߪޔࡑࡅࡦ࠼࡜࡮ࠬࠦ࡯ࡇࠝ 㧔Mahindra Scorpio㧕㧔ࡑࡅࡦ࠼࡜࡮ࠧࠕ㧔Mahindra Goa㧕ߣߒߡ⽼ᄁ㧕ޔࡑࡅࡦ࠼࡜࡮ ࡏ࡟ࡠ㧔Mahindra Bolero㧕ޔࡑࡅࡦ࠼࡜࡮ࠢ࡜ࠪ࠶ࠢ㧔Mahindra Classic㧕㧔ࡑࡅࡦ࠼ ࡜࡮࠲࡯࡞㧔Mahindra Thar㧕ߣߒߡ⽼ᄁ㧕ߥߤ߇޽ࠆޕߎࠇࠄߩ⥄േゞߪޔࠗ࠲࡝ࠕޔࡈ ࡜ࡦࠬޔࠬࡍࠗࡦޔࡌ࡞ࠡ࡯ޔ࠺ࡦࡑ࡯ࠢޔ࠼ࠗ࠷ޔࡈࠖࡦ࡜ࡦ࠼ޔࡃ࡞ࠞࡦ࿾ၞߢߔߢ ߦ⽼ᄁޔ߽ߒߊߪ੹ᓟ⽼ᄁ߇੍ቯߐࠇߡ޿ࠆޕ ห␠ߪ 2004 ᐕߦߪޔM&M ߪධ☨Ꮢ႐ߦෳ౉ߔࠆߚ߼ޔ࠙࡞ࠣࠕࠗߩࡕࡦ࠹ࡆ࠺ࠝ 㧔Montevideo㧕ߦ⚵┙Ꮏ႐ࠍ⸳⟎ߒߚޕࡏ࡟ࡠ㧔࠙࡞ࠣࠕࠗߢߪࡑࡅࡦ࠼࡜࡮ࠪࡑࡠࡦ  //ᐕᐲᐕᰴႎ๔ᦠ

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㧔Mahindra Cimmaron㧕ߣߒߡ⽼ᄁ㧕ߪޔ2005 ᐕߩ࠙࡞ࠣࠕࠗᄢ⛔㗔ዞછᑼߩᄢ⛔㗔ኾ ↪ゞߦㆬ߫ࠇߚ55ޕ  ห␠ߪ 2005 ᐕߦߪޔਛ᧲߅ࠃ߮ࡑ࡟࡯ࠪࠕߢࡑࡅࡦ࠼࡜࡮ࠬࠦ࡯ࡇࠝ㧔ࠟ࠰࡝ࡦ ゞ㧕ߩᛩ౉ߦᚑഞߒߚޕ2006 ᐕೋ㗡ߦߪޔࡑ࡟࡯ࠪࠕߢหゞߩ࠺ࠖ࡯࠯࡞ゞࠍ⊒ᄁߒߚޕ ߹ߚห␠ߪޔ2004 ᐕߦࡑࡅࡦ࠼࡜ධࠕࡈ࡝ࠞ㧔Mahindra & Mahindra South Africa 㧔Proprietary㧕 Limited㧕ࠍ⸳┙ߒޔධࠕࡈ࡝ࠞᏒ႐ෳ౉ߩ㆏ࠍᢛ߃ߚޕ

ㄘᬺᯏེ ☨࿖ޔਛ࿖ޔࠗࡦ࠼ߪޔ਎⇇ߩ 3 ᄢ࠻࡜ࠢ࠲࡯Ꮢ႐ߢ޽ࠆޕM&M ߪޔㄘᬺᯏེಽ㊁ߢ ߪޔߎࠇࠄ 3 Ꮢ႐ࠍࠣࡠ࡯ࡃ࡞ᚢ⇛ߩⷐߩ⎏ߣ⠨߃ߡ޿ࠆޕ  M&M ߪࠗࡦ࠼ߩ࠻࡜ࠢ࠲࡯Ꮢ႐ߢߪᦨᄢᚻߢ޽ࠆޕ߹ߚห␠ߪޔ1994 ᐕߦቢోሶળ ␠ࡑࡅࡦ࠼࡜ USA㧔Mahindra USA Incorporated㧕ࠍ⸳┙ߒޔߎࠇࠍ੺ߒߡ☨࿖ߢ߽ᄢ߈ ߥࡊ࡟࠯ࡦࠬࠍ⏕଻ߒߡ޿ࠆޕ2005 ᐕޔ☨࿖ߩ࠻࡜ࠢ࠲࡯Ꮢ႐ߪ 2.5㧑❗ዊߒߚ߇ޔห␠ ߩᄁ਄ߍߪ 24㧑Ⴧടߒߚޕห␠ߪ☨࿖Ꮢ႐ߢߐࠄߦᣂⷙ㘈ቴࠍជࠅ⿠ߎߔߴߊޔ޿ߊߟ߆ ߩᣂࡕ࠺࡞ߩᛩ౉ࠍ⸘↹ߒߡ޿ࠆޕ  2005 ᐕߦߪޔM&M ߪਛ࿖ߦࡑࡅࡦ࠼࡜࡮࠻࡜ࠢ࠲࡯࡮ࠞࡦࡄ࠾࡯㧔Mahindra 㧔China㧕Tractor Company Limited 㧔MCTCL㧕㧕ࠍ⸳┙ߒߚޕMCTCL ߪޔM&M ߩቢో ሶળ␠ߢ޽ࠆࡑࡅࡦ࠼࡜࡮ࠝ࡯ࡃ࡯ࠪ࡯࠭࡮ࠗࡦࡌࠬ࠻ࡔࡦ࠻㧔Mahindra Overseas Investment Company(Mauritius)Limited㧕㧔80㧑㧕ߣਛ࿖ߩᳯ㋈ᴁゞ⢆ࡈࠚࡦ᦭㒢౏ม㧔ᳯ ㋈ᴁゞ㧕㧔Jiangling Motor Company Group㧕ߩሶળ␠ޔᳯ㋈⥄േゞ㧔Jiangling Tractor Company㧕㧔20㧑㧕ߩ㑆ߩวᑯડᬺߢ޽ࠆޕߎߩวᑯડᬺߪޔ18㨪33 㚍ജߩ࠻࡜ࠢ࠲࡯ ࠍᐕ㑆 1 ਁ 2,000 บ↢↥ߔࠆ⢻ജࠍ᦭ߒߡ޿ࠆޕ ߎࠇࠄߩ࿖ޘߣߪ೎ߦޔࡑࡅࡦ࠼࡜࡮ࡉ࡜ࡦ࠼ߩ࠻࡜ࠢ࠲࡯ߪࠝ࡯ࠬ࠻࡜࡝ࠕޔࡀࡄ࡯ ࡞ޔࡃࡦࠣ࡜࠺ࠪࡘޔࠬ࡝࡜ࡦࠞޔ࠴ࡖ࠼ޔ࠽ࠗࠫࠚ࡝ࠕޔධࠕࡈ࡝ࠞߥߤߢ߽⽼ᄁߐࠇ ߡ޿ࠆޕ2005 ᐕߦߪޔห␠ߪ࠮࡞ࡆࠕߢ 39㨪50 㚍ജߩ࠻࡜ࠢ࠲࡯ࠍ⊒⴫ߒޔ᧲᰷Ꮢ႐ߦ ෳ౉ߒߚޕ

ⷐὐ x ห␠ߪޔ࿖ౝᏒ႐ߩᄙߊߩㇱ㐷ߢޔᦨᄢᚻߣߒߡߩ࿾૏ࠍ࿕߼ߡ޿ࠆޕߎࠇߪޔᢙᄙߊ ߩᶏᄖࠕ࡜ࠗࠕࡦࠬߦࠃࠆା㗬ߩะ਄ߦࠃࠆ߽ߩߢ޽ࠆޕ x ห␠ߪޔ᰷Ꮊޔࠕࠫࠕޔධ☨ߩਥⷐᏒ႐ߢࡑ࡞࠴࡮࡙࡯࠹ࠖ࡝࠹ࠖゞਔࠍ⊒ᄁߔࠆߥߤޔ ࠣࡠ࡯ࡃ࡞ൻࠍᨐߚߒߡ߈ߚޕ2004ᐕએᓟޔM&MߪߎࠇࠄߩᏒ႐ߦ߅޿ߡޔࠬࠦ࡯ࡇ ࠝޔࡏ࡟ࡠޔࠢ࡜ࠪ࠶ࠢ㧔Classic㧕ߥߤߩゞਔߩᛩ౉ߦᚑഞߒߡ߈ߚޕ 

 //ᐕᐲᐕᰴႎ๔ᦠޔ(QTVWPG㧔ᐕ᦬ᣣઃ㧕 //ᐕᐲᐕᰴႎ๔ᦠޔ*KPFW$WUKPGUU.KPG㧔ᐕ᦬ᣣઃ㧕

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╙┨ ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ 㧔ᑪ⸳㧕

ડᬺ᭎ⷐ ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔L&T㧕ߪޔࡋ࠾ࡦࠣ࡮࡜࡯࠮ࡦߣ࠰࡯࡟ࡦ࡮࠻࠙ࡉࡠߣ ޿߁ 2 ੱߩ࠺ࡦࡑ࡯ࠢੱࠛࡦࠫ࠾ࠕߦࠃߞߡ 1938 ᐕߦࡓࡦࡃࠗߢ⸳┙ߐࠇߚޕห␠ߪޔ ࡓࡦࡃࠗߩዊߐߥ੐ോᚲߢ࠺ࡦࡑ࡯ࠢߩ㈼ㄘᯏེࠍャ౉⽼ᄁߔࠆߎߣ߆ࠄᆎ߹ߞߚޕએ㒠ޔ ห␠ߪࠗࡦ࠼ᦨᄢߩᑪ⸳ડᬺߦᚑ㐳ߒߚޕL&T ߩ༡ᬺ࿾ၞߪ 50 ࠞ࿖એ਄ߦ਄ࠆ57ޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔ㅪ⚿㧕

ડᬺฬ ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔Larsen & Toubro Limited㧕 ᚲ࿷࿾ L&T House, Ballard Estate, Mumbai – 400 001 㔚⹤⇟ภ +91-22-67525656 ࡈࠔ࠶ࠢࠬ⇟ภ +91-22-67525858 ࡎ࡯ࡓࡍ࡯ࠫ http://www.larsentoubro.com/ ળ㐳౗ข✦ᓎ␠㐳 A. M. Naik ⸳┙ᐕ 1938 ⾗ᧄ✚㗵 11ం2,495ਁ࠼࡞ ⾗↥✚㗵 37ం2,656ਁ࠼࡞ 58 ᓥᬺຬ 20,000ੱ㧔2007㧕 ಴ᚲ㧦.6࠙ࠚࡉࠨࠗ࠻

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔ᐕ᦬ᣣ⃻࿷㧕

 ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ  ഃᬺ⠪ߩᜬߜᩣߩว⸘ ̄  㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 .6࠙ࠚࡉࠨࠗ࠻ޔᐕᐲᐕᰴႎ๔ᦠ 4KI\QPGEQO㧔ࠛࡀ࡞ࠡ࡯↥ᬺᖱႎߩࡐ࡯࠲࡞ࠨࠗ࠻㧕

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ᴪ㕟

࿑⴫㧦  ᴪ㕟 㧙 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ

ᐕ  1938 ࡋ࠾ࡦࠣ࡮࡜࡯࠮ࡦߣ࠰࡯࡟ࡦ࡮࠻࠙ࡉࡠ߇࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔L&T㧕ࠍഃ┙ ࠛࡦࠫ࠾ࠕ࡝ࡦࠣ࡮ࠦࡦࠬ࠻࡜࡚ࠢࠪࡦ࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ㧔Engineering Construction 1944 Corporation㧔ECC㧕㧕߇⸳┙ߐࠇࠆ ࠗ࡝ࡁࠗᎺࡇࠝ࡝ࠕߩࠠࡖ࠲ࡇ࡜࡯࡮࠻࡜ࠢ࠲࡯㧔Caterpillar Tractor Company㧕ߩ࿾ߥࠄߒᯏߩ 1945 ࠗࡦ࠼ߢߩ⽼ᄁ․⚂ᐫߣߥࠆ 1950 ౏㐿ડᬺߣߥࠆ 1957 ࡠ࠙ࠤ࡜࡮ࠬ࠴࡯࡞࡮ࡊ࡜ࡦ࠻㧔Rourkela Steel Plant㧕߆ࠄᑪ⸳ߩᦨೋߩᄢญᵈᢥࠍฃߌࠆ ࠕ࠻ࡒ࠶ࠢ࡮ࠛࡀ࡞ࠡ࡯࡮ࠛࠬ࠲ࡉ࡝࠶ࠪࡘࡔࡦ࠻㧔Atomic Energy Establishment㧕߅ࠃ߮ࠩ࡮ 1960ᐕઍਛ㗃 ࡃ࡯ࡃ࡯࡮ࠕ࠻ࡒ࠶ࠢ࡮࡝ࠨ࡯࠴࡮࠮ࡦ࠲࡯㧔the Bhabha Atomic Research Centre㧕߇ቢᚑߒޔ ᩭᣉ⸳ᑪ⸳੐ᬺߦෳ౉ 1981-82 5㓲ߩ⽻‛⦁ࠍᠩߒޔᶏㆇᬺߦෳ౉ 2000 ࠗࡦ࠼ೋߩ࿖㓙ᛩ⾗࠙ࠚࡉࠨࠗ࠻ߢ޽ࠆL&T Trade.comࠍ㐿⸳ ಴ᚲ㧦.6࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ L&T ߪࠗࡦ࠼ᦨᄢߩᑪ⸳ડᬺߢޔ⚂ 33 ం࠼࡞ߩᄁ਄ߍࠍ⹶ࠆޕห␠߇⃻࿷ᶏᄖ߆ࠄᓧ ࠆ෼⋉ߪో૕ߩ⚂ 18㧑ߦᱛ߹ࠆ߇ޔ࿖㓙ዷ㐿ߪᚑ㐳〝✢ߦਸ਼ߞߡ޿ࠆޕ

 ਥⷐࡊࡠࠫࠚࠢ࠻߅ࠃ߮ࠕ࡜ࠗࠕࡦࠬ

 ਥⷐࡊࡠࠫࠚࠢ࠻ L&T ߪߎࠇ߹ߢࠗࡦ࠼ߢᄙ᭽ߥⶄวࡊࡠࠫࠚࠢ࠻ࠍᚑഞߐߖߡ߈ߚޕ x ࠗࡦ࠼ߢ⵾ㅧߐࠇਛ࿖ߦャ಴ߐࠇߚ਎⇇ᦨᄢߩ⍹὇ࠟࠬൻἹ x ਎⇇ᦨᄢߩㅪ⛯⸅ᇦౣ↢࡝ࠕࠢ࠲࡯ x ਎⇇ᦨᄢߩᵹ૕ធ⸅ಽ⸃ౣ↢ེ x ਎⇇ᦨ㐳ߩ⵾ຠࠬࡊ࡝࠶࠲࡯ x ࠗࡦ࠼ߩࠦࡦࠞࡦ㋕㆏㧔Konkan Railways㧕↪ߦᑪ⸳ߐࠇߚࠕࠫࠕߢᦨ߽㜞ߐߩ޽ࠆ㜞 ᨞ᯅ x ࠗࡦ࠼ೋߩ࿖↥᳓⚛ಽ⸃࡝ࠕࠢ࠲࡯

 ਥⷐࠕ࡜ࠗࠕࡦࠬ L&T ߪࠗࡦ࠼Ꮢ႐ߦ߅ߌࠆ࿾૏ࠍᒝൻߔࠆߚ߼ޔᶏᄖߩࡄ࡯࠻࠽࡯ߣᢙᄙߊߩࠕ࡜ࠗࠕ ࡦࠬࠍ⚿ࠎߢ߈ߚޕ x L&T-ජઍ↰㧔L&T-Chiyoda Limited㧕 – L&T㧔50㧑㧕ߣᣣᧄߩජઍ↰ൻᎿᑪ⸳㧔50㧑㧕 ߩวᑯડᬺޕ⍹ᴤޔᄤὼࠟࠬޔ⢈ᢱߥߤߩಽ㊁ߢࠛࡦࠫ࠾ࠕ࡝ࡦࠣ࡮࠰࡝ࡘ࡯࡚ࠪࡦࠍ ឭଏߒߡ޿ࠆޕ

 .6࠙ࠚࡉࠨࠗ࠻

 75 

x ࠕ࠙࠼ࠦ࡮ࠗࡦ࠺ࠖࠕ㧔Audco India Limited㧕– L&T㧔50㧑㧕ߣ☨࿖ߩࡈࡠ࡯ࠨ࡯ࡉ␠ 㧔Flowserve Corporation㧕㧔50㧑㧕ߩวᑯડᬺޕࠗࡦ࠼ߦ߅ߌࠆᎿᬺ↪ࡃ࡞ࡉࡔ࡯ࠞ ࡯ᦨᄢᚻߢ޽ࠆޕ x EWAC ࠕࡠࠗࠬ㧔EWAC Alloys Limited㧕̄L&Tߣ࠼ࠗ࠷ߩࡔ࠶ࠨ࡯࡮࡙࡯࠹ࠢ࠹ࠖ࠶ ࠢ࡮ࠞࠬ࠻࡝ࡦ࡮ࠣ࡞࡯ࡊ㧔Messer Eutectic Castolin Group㧕ߩวᑯડᬺޕEWAC ࠕ ࡠࠗࠬߪࡓࡦࡃࠗ㧔Mumbai 㧕㧔ࡑࡂ࡜ࠪࡘ࠻࡜Ꮊ㧕߅ࠃ߮ࠕࡦࠢ࡟ࠪࡘࡢ࡞ 㧔Ankleshwar㧕㧔ࠣࠫࡖ࡜࡯࠻Ꮊ㧕ߩ⵾ㅧ᜚ὐߣࡐࡢࠗ㧔Powai㧕㧔ࡑࡂ࡜ࠪࡘ࠻࡜ Ꮊ㧕ߩ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ࠍㆇ༡ߒߡ޿ࠆޕ x L&T-ࠦࡑ࠷㧔L&T-Komatsu Limited㧕 – L&T㧔50㧑㧕߅ࠃ߮ᣣᧄߩࠦࡑ࠷ߩቢోሶળ␠ ߢ޽ࠆࠪࡦࠟࡐ࡯࡞ߩࠦࡑ࠷࡮ࠕࠫࠕ࡮ࡄࠪࡈࠖ࠶ࠢ㧔Komatsu Asia Pacific Pte Limited㧕ߩวᑯડᬺޕࡃࡦࠟࡠ࡯࡞ߦ⵾ㅧᣉ⸳ࠍᜬߟޕ x L&T- ࡜ࡦࡏ࡞࡮ࠦࡦࠨ࡞࠹ࠖࡦࠣ࡮ࠛࡦࠫ࠾ࠕ࡯࠭㧔L&T-Ramboll Consulting Engineers Limited㧕 – L&T㧔50㧑㧕ߣ࠺ࡦࡑ࡯ࠢߩ࡜ࡦࡏ࡯࡞㧔Ramboll㧕ޔࡂࡦࡀࡑ ࡦ࡮ࠕࡦ࠼࡮ࡎ࡯࡜ࡦ࠼㧔Hannemann & Hojlund㧕㧔26㧑㧕ޔหߓߊ࠺ࡦࡑ࡯ࠢߩࠗ ࡦ࠳ࠬ࠻࡝ࠕ࡜ࠗ࠯࡯࡚ࠪࡦ࡮ࡈࠔࡦ࠼࡮ࡈࠜ࡯࡮࠺ࠖࡌࡠࡇࡦࠣ࡮ࠞࡦ࠻࡝࡯࠭ 㧔Industrialization Fund for Developing Countries㧕㧔24㧑㧕ߩวᑯડᬺߢ޽ࠅޔ࠴ࠚࡦ ࠽ࠗߦ᜚ὐࠍ⟎޿ߡ޿ࠆޕࠗࡦࡈ࡜ᢛ஻ࡊࡠࠫࠚࠢ࠻ߦ㑐ߔࠆᎿቇ࡮ࠦࡦࠨ࡞࠹ࠖࡦࠣ ࠨ࡯ࡆࠬࠍⴕߞߡ޿ࠆޕ

 5916ಽᨆ

 ᒝߺ x ᒝജߥࡉ࡜ࡦ࠼ଔ୯– L&Tߪំࠆ߉ߥ޿ࡉ࡜ࡦ࠼ଔ୯ࠍࠗࡦ࠼Ꮢ႐ߢ⏕┙ߒߡ߈ߚޕ┹ วડᬺߣᲧߴߡఝࠇߚ⚻༡⾗Ḯࠍ᦭ߒߡ߅ࠅޔࠨ࡯ࡆࠬଔᩰߦࡊ࡟ࡒࠕࠍਸ਼ߖࠆߎߣ߇ น⢻ߦߥߞߡ޿ࠆޕ߹ߚޔਛᩭ੐ᬺߦ㑐ㅪߔࠆ↥ᬺಽ㊁ߩߘࠇߙࠇߦ߅޿ߡ߽ᄢ߈ߥࠪ ࠚࠕࠍ₪ᓧߒߡ޿ࠆޕ x ⶄ㔀ߥࡊࡠࠫࠚࠢ࠻ߩㆀⴕ⢻ജ– L&Tߪᭂ߼ߡⶄ㔀ߥౝኈߩࡊࡠࠫࠚࠢ࠻ࠍᚑഞߐߖߡ ߈ߚޕ଀߃߫ޔࠗࡦ࠼ೋߩ࿖↥᳓⚛ಽ⸃࡝ࠕࠢ࠲࡯߿ࠦࡦࠞࡦ㋕㆏ࠃࠅฃᵈߒߚࠕࠫࠕ ߢᦨ߽㜞ߐߩ޽ࠆ㜞᨞ᯅߩᑪ⸳ߥߤޕ

 ᒙߺ x ࿖㓙ࡊࡠࠫࠚࠢ࠻ߦ߅ߌࠆㆃᑧ߅ࠃ߮ࠦࠬ࠻⿥ㆊ – L&Tߩࠛࡦࠫ࠾ࠕ࡝ࡦࠣ߅ࠃ߮ᑪ⸳ ㇱ㐷ߩ༡ᬺ೑⋉₸ߪޔ2004ᐕߩ8.1㧑߆ࠄ2005ᐕߩ7.2㧑߳ߣਅ㒠ߒߚޕ࿖㓙ࡊࡠࠫࠚ ࠢ࠻ߦ߅ߌࠆㆃᑧߣࠦࠬ࠻⿥ㆊ߇ᓇ㗀ߒߚޕห␠ߪ2004ᐕߦߪޔਛ᧲ߢࡊࡠࠫࠚࠢ࠻ ㆃᑧߦࠃࠆᷓೞߥ∩ᚻࠍⵍࠅޔ2,700ਁ࠼࡞ߩ៊ᄬࠍ಴ߒߚޕࡊࡠࠫࠚࠢ࠻߇ᒁ߈⛯߈ ߎߩࠃ߁ߥㆃᑧ߹ߚߪࠦࠬ࠻⿥ㆊߦ⷗⥰ࠊࠇࠇ߫ޔL&Tߪޔߐࠄߥࠆࡉ࡜ࡦ࠼߅ࠃ߮ડ ᬺଔ୯Მ៊ߩෂ㒾ߦᤴߐࠇࠆޕ  ࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 76 

x ࠗࡦ࠼Ꮢ႐߳ߩଐሽᐲߩ㜞ߐ – L&Tߩ෼⋉ߩ߅ࠃߘ82㧑߇࿖ౝᏒ႐߆ࠄߩ߽ߩߣߥߞߡ ޿ࠆޕߒߚ߇ߞߡޔ࿖ౝߢ᥊᳇ᓟㅌ߿㔛ⷐᄌേ߇⿠ߎࠇ߫ห␠ߩ෼⋉ߦᖡᓇ㗀ࠍਈ߃ࠆޕ

 ᯏળ x ਛ᧲ߢߩࠗࡦࡈ࡜ㇱ㐷ߩᛩ⾗᜛ᄢ – ⍹ᴤଔᩰߩᕆ㛛ߦࠃࠅޔਛ᧲ߩࠗࡦࡈ࡜ㇱ㐷߳ߩᛩ ⾗߇Ⴧᄢߒߡ޿ࠆޕห࿾ၞߢߔߢߦታ❣ߩ޽ࠆL&Tߪޔ᦭೑ߥ┙႐ߦ޽ࠆޕ

 ⢿ᆭ x ਇ೑⋉ߥ᡽ᐭⷙ೙ – ᄖ࿖ὑᦧࠍ▤ℂߔࠆ෩ߒ޿ࠗࡦ࠼ߩ࿖ౝⷙ೙ߪޔL&Tߦߣߞߡㅒ㘑 ߣߥࠅᓧࠆޕࠃࠅޔⷙ೙߇✭޿㐿⊒ㅜ਄࿖ߩ┹วડᬺߥߤߣߩ┹੎ߢਇ೑ߦߥࠆޕ x ਛ᧲ߩ᡽ᖱਇ቟ – ਛ᧲ߪL&Tߩ࿖㓙ᚢ⇛ߦߣߞߡ㎛ߣߥࠆ࿾ၞߩ৻ߟߢ޽ࠆޕߚߛߒޔ 㜞߹ࠆ᡽ᖱਇ቟ߦࠃࠅޔห␠ߩ෼⋉߇⢿ᆭߦᤴߐࠇࠆน⢻ᕈ߇޽ࠆޕ

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

 ਥⷐࠨ࡯ࡆࠬ ห␠߇ㆇ༡ߒߡ޿ࠆਥⷐߥ੐ᬺߪએਅߩㅢࠅޕ x ᑪ⸳ޔࠛࡦࠫ࠾ࠕ࡝ࡦࠣ – ᭽ޘߥ↥ᬺߦ߅ߌࠆᑪ⸳ࡊࡠࠫࠚࠢ࠻ࠍᚻ߇ߌࠆޕ߹ߚޔ L&Tߪޔ࿯ᧁᎿቇޔᯏ᪾Ꮏቇޔ㔚᳇Ꮏቇޔ⸘᷹Ꮏቇߦ߅ߌࠆ࠰࡝ࡘ࡯࡚ࠪࡦ࡮ࠨ࡯ࡆࠬ ࠍឭଏߒߡ޿ࠆޕ x 㔚᳇߅ࠃ߮㔚ሶᎿቇᯏེ – ૐ㔚࿶ࠬࠗ࠶࠴ࠡࠕ߅ࠃ߮೙ᓮࠡࠕޔ․ᵈ㔚ሶ⋚ޔ⍹ᴤಽ㈩ ࡐࡦࡊޔ㔚േ㔚ജ⸘ޔ೙ᓮ߅ࠃ߮⥄േൻ⵾ຠޔක≮ᯏེߥߤߩ⵾ㅧ࡮⽼ᄁࠍⴕߞߡ޿ࠆޕ x ߘߩઁ – ↢ࠦࡦࠢ࡝࡯࠻߿ṁធ߅ࠃ߮↥ᬺ↪⵾ຠߩࡑ࡯ࠤ࠹ࠖࡦࠣޔᑪ▽ᯏེߩ⵾ㅧޔ ࠟ࡜ࠬ൮ⵝ੐ᬺߥߤ߽ⴕߞߡ޿ࠆޕ

 ਥⷐ⽷ോᜰᮡ

࿑⴫㧦  ⽷ോ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ం࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦.6ᐕᐲᐕᰴႎ๔ᦠ

 ㇱ㐷࡮࿾ၞ೎࠺࡯࠲

࿑⴫㧦  ੐ᬺㇱ㐷೎ߩᖱႎ 㧙 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ ᐕᐲ 

⽷ോᜰᮡ ᑪ⸳࡮ࠛࡦࠫ࠾ࠕ࡝ࡦࠣ 㔚᳇߅ࠃ߮㔚ሶᎿቇᯏེ ߘߩઁ ᄁ਄ߍ㧔10ం࠼࡞㧕    Ⴧട₸㧔㧑㧕    ಴ᚲ㧦.6ᐕᐲᐕᰴႎ๔ᦠ

 .6ᐕᐲᐕᰴႎ๔ᦠ

 77 

࿑⴫㧦  ࿾ၞ೎ߩᖱႎ 㧙 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ ᐕᐲ 

⽷ോᜰᮡ ࿖ౝ ᶏᄖ ᄁ਄ߍ㧔10ం࠼࡞㧕   Ⴧട₸㧔㧑㧕   ಴ᚲ㧦.6ᐕᐲᐕᰴႎ๔ᦠ

ࠣࡠ࡯ࡃ࡞ᚢ⇛

 ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ

ᐕ  ࠬ࡝࡜ࡦࠞߦࠛࡦࠫ࠾ࠕ࡝ࡦࠣ࡮ࠕࡦ࠼࡮ࠦࡦࠬ࠻࡜࡚ࠢࠪࡦ㧔Engineering and 1953-55 Construction Corporation 㧔ECC㧕㧕߇⸳┙ߐࠇࠆ Larsen & Toubro (Singapore) Pte. Ltd߇⸳┙ޕࠪࡦࠟࡐ࡯࡞㐿⊒㌁ⴕ㧔Development 1981 Bank of Singapore㧕߇⾗ᧄෳടޕหᎿ႐ߪޔ㘶ᢱ߅ࠃ߮⮎ຠ↥ᬺะߌߩࠕ࡞ࡒ▗ࠞࡊ࠮ ࡞߅ࠃ߮ࡠ࡯࡞ࠝࡦᑼ㐿ኽࠃߌࠠࡖ࠶ࡊࠍ⵾ㅧ ࠝࡑ࡯ࡦߩ࠭ࡃࠗ࡞ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ㧔Zubair Enterprises LLC㧕ߣวᑯડᬺL&T (Oman) 1994 LLCࠍ⸳┙ޕ ಴ᚲ㧦.6࠙ࠚࡉࠨࠗ࠻ L&T ߪޔ㐳ᦼ⊛ᚑ㐳ᚢ⇛ߣߒߡࠣࡠ࡯ࡃ࡞Ꮢ႐ߩ㐿ᜏࠍㅴ߼ߡ޿ࠆޕห␠ߪਛ᧲߅ࠃ߮ ਛ࿖ࠍห␠ߩࠣࡠ࡯ࡃ࡞ᚢ⇛ߦ߅ߌࠆ 2 ߟߩ㊀ὐ࿾ၞߦᜰቯߒߚޕ߹ߚޔห␠ߪࠕࡈ࡝ࠞ ߅ࠃ߮᧲ධࠕࠫࠕߦ߽㑐ᔃࠍᜬߞߡ޿ࠆޕ

 ਛ᧲ߢߩᏒ႐᜛ᄢ ਛ᧲⻉࿖ߩ㐿⊒ㅜ਄࿖ߪޔL&T ߩࠃ߁ߥડᬺߦߣߞߡᣂߚߥᯏળߣߥࠆޕห␠ߪห࿾ၞ ౝߢߩ↢↥ജᒝൻߩߚ߼ߩᚢ⇛⊛දቯ߿วᑯડᬺࠍ┙ߜ਄ߍߡ߈ߚޕ x ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔ࠝࡑ࡯ࡦ㧕㧔Larsen & Toubro(Oman)LLC㧕 – L&T 㧔65㧑㧕ߣࡑࠬࠞ࠶࠻࠻࡟࡯࠺ࠖࡦࠣ㧔Muscat Trading Co. LLC㧕㧔35㧑㧕ߩวᑯડᬺޕ ࠲࡯ࡦࠠ࡯࡮ࡊࡠࠫࠚࠢ࠻㧔⸳஻ߩᝪઃ࡮⹜ㆇォ߹ߢࠍᄁࠅᚻ஥߇ᒁ߈ฃߌߡޔ⾈޿ᚻ ߦᒁ߈ᷰߔᄾ⚂㧕ߦ․ൻߒߚ੐ᬺࠍⴕߞߡ޿ࠆޕห␠ߪޔ1994ᐕߦᠲᬺࠍ㐿ᆎߒޔ⃻ ࿷ߪISO9002⹺⸽ࠍขᓧߒߡ޿ࠆ63ޕ x ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔ࠨ࠙ࠫࠕ࡜ࡆࠕ㧕㧔Larsen & Toubro㧔Saudi Arabia㧕 LLC㧕 – L&T㧔49㧑㧕ߣࠨ࠙ࠫߩࠛࡦࠫ࠾ࠕ࡮ࠞ࡟࠼࡮ࡅࠩࡓ࡮ࠕ࡞࠽ࡌ࠻㧔Engineer Khaled Hizam Al-Nabet㧕㧔51㧑㧕ߩวᑯડᬺޕ1999ᐕߦഃ┙ߐࠇޔᄤὼࠟࠬޔ⍹ᴤޔ 㔚᳇ㅢାߥߤߩߐ߹ߑ߹ߥኾ㐷↥ᬺߦኻߒޔ࠲࡯ࡦࠠ࡯ᄾ⚂ߢߩ࠰࡝ࡘ࡯࡚ࠪࡦࠍឭଏ ߒߡ޿ࠆޕ x ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ㧔ࠨ࠙࠺ࠖࠕ㧕㧔Larsen & Toubro ATCO(Saudia)LLC㧕 – L&Tߣࠨ࠙ࠫࠕ࡜ࡆࠕߩࠕ࡮࠲࡯ࠠ࡯࡮ࠦࡦ࠻࡜ࠢ࠹ࠖࡦࠣ࡮ࠕࡦ࠼࡮࠻࡟࡯࠺ࠖࡦࠣ  .6ᐕᐲᐕᰴႎ๔ᦠ .6࠙ࠚࡉࠨࠗ࠻

 78 

㧔A.A. Turki Contracting & Trading Corporation 㧔ATCO㧕㧕ߩวᑯડᬺޕหડᬺߪޔ὇ ൻ᳓⚛߅ࠃ߮㔚ജㇱ㐷ߦὶὐࠍᒰߡߚᑪ▽੐ᬺࠍⴕ߁ߴߊ2007ᐕߦ⸳┙ߐࠇߚޕ x L&T ࡕ࠺ࡘ࡜࡯࡮ࡈࠔࡉ࡝ࠤ࡯࡚ࠪࡦ࡮ࡗ࡯࠼㧔L&T Modular Fabrication Yard LLC㧕 – L&Tߣ࠭ࡃࠗ࡞࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ࡮ࠝࡉ࡮ࠝࡑ࡯ࡦ㧔Zubair Corporation of Oman㧕 ߩวᑯડᬺߢ޽ࠅޔᶏᄖ߅ࠃ߮὇ൻ᳓⚛ㇱ㐷ะߌߩᯏེࠍ⵾ㅧߒߡ޿ࠆޕ

 ਛ࿖ߢߩᏒ႐᜛ᄢ L&T ߪਛ࿖ߢ⿷႐ࠍ࿕߼ࠆߚ߼ߦ㐳ᐕߦࠊߚߞߡਛ࿖↥ᬺ⇇ߣߩ㑐ଥࠍᒝ߼ߡ߈ߚޕห ␠ߪቯᦼ⊛ߦਛ࿖ߩ⢈ᢱޔࡔ࠲ࡁ࡯࡞ޔ⍹὇ᶧൻࡊࡠࠫࠚࠢ࠻ߥߤߦኻߒ⍹὇ࠟࠬൻἹࠍ ଏ⛎ߒߡ߈ߚޕ߹ߚห␠ߪޔਛ࿖ߦ߅ߌࠆᄢⷙᮨ⍹ᴤࡊࡠࠫࠚࠢ࠻ߩߚ߼ߩ࡝ࠕࠢ࠲࡯߽ ଏ⛎ߔࠆ੍ቯߛޕ L&T ߪޔਛ࿖ߢ⸘↹ߐࠇߡ޿ࠆᄙᢙߩ♖⵾ᚲޔᓟಣℂࡊࡠࠫࠚࠢ࠻ߦ㘩޿ㄟ߻ߎߣߢޔ ߐࠄߦਛ࿖ߢߩ੐ᬺࠍ᜛ᄢߔࠆ⷗ㄟߺߛޕߎࠇࠄߩࡊࡠࠫࠚࠢ࠻ߪࡂࠗ࠹ࠢᯏེࠍଏ⛎ߔ ࠆᯏળߣߥࠆޕ L&T ߪޔਛ࿖ᳯ⯃⋭ߩή㍯࿾඙㧔Wuxi New District㧕ߦ㜞ᕈ⢻ࠬࠗ࠶࠴ࠡࠕ↢↥ߩߚ߼ ߩ⵾ㅧᣉ⸳ࠍ⸳⟎ߒߡ޿ࠆޕห␠ߪ⃻࿷ޔ਄ᶏ߅ࠃ߮ർ੩ߦ੐ᬺᚲࠍ᭴߃ߡ޿ࠆޕห␠ߪ ਛ࿖ߦᒝജߥ⵾ㅧၮ⋚ࠍᜬߞߡ߅ࠅޔ੹ᓟޔਛ࿖࿖ౝߢ⺞㆐᜚ὐࠍ⸳┙ߔࠆน⢻ᕈ߇޽ࠆޕ

 ਥⷐ࿖㓙ࡊࡠࠫࠚࠢ࠻ L&T ߇ታᣉߒߚ࿖㓙ࡊࡠࠫࠚࠢ࠻ߩᚲ࿷࿾ߣ㘈ቴߩ଀ࠍ␜ߔޕ

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࿑⴫㧦  ࿖㓙ࡊࡠࠫࠚࠢ࠻ 㧙 ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠ 

࿖ ᚲ࿷࿾ 㘈ቴ ࠕࡉ࠳ࡆ࡮ࠝࠗ࡞࡮࡝ࡈࠔࠗ࠾ࡦࠣ ࡞ࡢࠗࠬ㧔Ruwais㧕⵾ᴤᚲ㧔ࠕࡉ࠳ࡆ㧕 㧔Abu Dhabi Oil Refining Company 㧔Takreer㧕㧕 ࠕࡉ࠳ࡆ࡮ࠟࠬ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ ࡉࡂࠨ㧔Bu Hasa㧕㧔ࠕࡉ࠳ࡆ㧕 㧔Abu Dhabi Gas Industries Limited 㧔GASCO㧕㧕 ࡉࡦ࠼ࠢ࡮ࠞࡦࡄ࠾࡯ ࠕ࡜ࡉ㚂㐳࿖ㅪ㇌ ࡉࡦ࠼ࠢ㧔Bunduq㧕ᴤ↰㧔ࠕࡉ࠳ࡆ㧕 㧔Bunduq Company Ltd.㧕 ࡆ࠽࠾࡮࠮ࡔࡦ࠻ ࠼ࡃࠗ㧔Dubai㧕 㧔Binani Cement L.L.C.㧕 ࡗࡌ࡞࡮ࠕ࡝࡮࠮ࡔࡦ࠻ 䊄䊋䉟 㧔Jabel Ali Cement L.L.C.㧕 䊄䊐䉜䊦䊶䊌䊪䊷 䉰䊤䊷䊤䋨Salalah䋩 䋨Dhofar Power Co. S.A.O.C.䋩 䉥䊙䊷䊮䊶䉟䊮䊂䉞䉝䊶䊐䉜䊷䊁䉞䊤䉟䉱䊷 ࠬ࡯࡞㧔Sur㧕 䋨 Oman India Fertilizer Company S.A.O.C. ࠝࡑ࡯ࡦ (OMIFCO)䋩 䉥䊙䊷䊮䊶䉶䊜䊮䊃 䊦䉰䉟䊦䋨Rusayl䋩 䋨Oman Cement Company䋩 䉥䊙䊷䊮䊶䊥䊐䉜䉟䊅䊥䊷 䉸䊊䊷䊦䋨Sohar䋩 䋨Oman Refinery Company䋩 䉰䉡䉳䊶䊐䉤䊷䊙䊦䊂䊊䉟䊄 䉝䊦䉳䊠䊔䊷䊦䋨Al Jubail䋩 䋨Saudi Formaldehyde Chemical Co. Ltd.䋩 䉰䉡䉳䉝䊤䊎䉝 䉰䊐䊤 䊟䊮䊑䊷䋨Yanbu䋩 䋨Safra Company Limited䋩 䉪䉡䉢䊷䊃䊶䊅䉲䊢䊅䊦䊶䊕䊃䊨䊷䊥䉝䊛 䉲䊠䉝䉟䊋䋨Shuaiba䋩⵾ᴤᚲ 䋨Kuwait National Petroleum Corporation䋩 ࡒ࡯࠽࡮ࠕࡉ࠼࠶࡜࡯㧔Mina Abdulla䋩⵾ 䉪䉡䉢䊷䊃䊶䊅䉲䊢䊅䊦䊶䊕䊃䊨䊷䊥䉝䊛 ࠢ࠙ࠚ࡯࠻ ᴤᚲ 䋨Kuwait National Petroleum Corporation䋩 ࠢ࠙ࠚ࡯࠻࡮ࠝࠗ࡞࡮ࠞࡦࡄ࠾࡯ – 㧔Kuwait Oil Company㧕 䉥䊐䉲䊢䉝䊶ࡑࠗ࠳ࡦ࡮ࡑࡂࠩࡓ 䉦䉺䊷䊦䊶䊕䊃䊨䊥䉝䊛 㧔Offshore Maydam Mahzam䋩 䋨Qatar Petroleum䋩 ࠞ࠲࡯࡞ 䊑䊦䊶䊊䊆䊈䋨Bul Hanine䋩ᴤ↰ 䉦䉺䊷䊦䊶䊐䉜䊷䊁䉞䊤䉟䉱䊷 䉡䊛䉰䉟䊄䋨Umm Said䋩 䋨Qatar Fertilizer Company䋩 AES 䉬䊤䊆䊁䉞䉾䉰 䉴䊥䊤䊮䉦 䉮䊨䊮䊗䋨Colombo䋩 䋨AES Kelanitissa (Pvt.) Limited䋩 ࠰ࡦࠟࠬ ࠲ࡦࠩ࠾ࠕ 㧔Songas Limited㧕 ࠲ࠗ࡮ࠝ࡟ࡈࠖࡦ࠭ 䉺䉟 㧔Thai Olefins Co. Ltd.㧕 䊕䊃䊨䊅䉴䊶䉝䊝䊆䉝 ࡑ࡟࡯ࠪࠕ 䉬䊦䊁䉞䊷䋨Kertih䋩 䋨Petronas Ammonia Sdn Bhd䋩 ࠻ࡠࡠ࡮࠮ࡔࡦ࠻ ࠙ࠟࡦ࠳ 㧔Tororo Cement Limited㧕 䊤䊐䉜䊷䉳䊶䉰䊷䊙䊶䉶䊜䊮䊃 䊋䊮䉫䊤䊂䉲䊠 䉼䊞䉺䉪䋨Chhatak䋩 䋨Lafarge Surma Cement Ltd.䋩 䉦䊤䊷䉺䋨Karratha 䋩䉥䊷䉴䊃䊤䊥䉝⷏ㇱ 䊋䊤䉾䊒䊶䊐䉜䊷䊁䉞䊤䉟䉱䊷 䉥䊷䉴䊃䊤䊥䉝 䋨Western Australia䋩 䋨Burrup Fertilizers䋩 ࠙ࠚ࡞࡮ࠬ࠻࡝࡯ࡓ ⧷࿖ 㧔Well-Stream㧕 䉴䊉䉮 ☨࿖ 䊆䊠䊷䉳䊞䊷䉳䊷䋨New Jersey䋩 䋨Sunoco Inc.䋩 $#䉣䊈䊦䉩䊷 ࠞ࠽࠳ 䉝䊦䊋䊷䉺䋨Alberta䋩 䋨BA Energy䋩 ಴ᚲ㧦.6࠙ࠚࡉࠨࠗ࠻

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 ਎⇇ߩ੐ᬺ࿾৻ⷩ ฦ࿖ߦ߅ߌࠆห␠ߩሶળ␠ߩᚲ࿷࿾ߩ৻ㇱࠍ␜ߔޕ

࿑⴫㧦  ࡜࡯࠮ࡦ࡮ࠕࡦ࠼࡮࠻࠙ࡉࡠߩᶏᄖሶળ␠ߩᚲ࿷࿾

.6ߩᶏᄖሶળ␠ߩᚲ࿷࿾ ࠕ࡜ࡉ㚂㐳࿖ㅪ㇌ޔ࠼ࡃࠗ ࠤ࠾ࠕޔ࠽ࠗࡠࡆ ⧷࿖ޔࡠࡦ࠼ࡦ ࠕ࡜ࡉ㚂㐳࿖ㅪ㇌ޔࠕࡉ࠲ࡆ ࠼ࠗ࠷ޔࡒࡘࡦࡋࡦ ࠺ࡦࡑ࡯ࠢޔࠦࡍࡦࡂ࡯ࠥࡦ ☨࿖ޔ࠹ࠠࠨࠬ ࠗ࠲࡝ࠕޔࡒ࡜ࡁ ࠞ࠽࠳ޔࠝࡦ࠲࡝ࠝ ࡈ࡜ࡦࠬޔࡄ࡝ ಴ᚲ㧦.6࠙ࠚࡉࠨࠗ࠻

ⷐὐ x L&Tߪޔ࿎㔍ߥࡊࡠࠫࠚࠢ࠻ࠍಣℂߔࠆ⢻ജࠍ᦭ߒߚᄢᚻᑪ▽࡮ࠛࡦࠫ࠾ࠕ࡝ࡦࠣ࡮࠰ ࡝ࡘ࡯࡚ࠪࡦឭଏડᬺߣߒߡߩ࿾૏ࠍޔࠗࡦ࠼߅ࠃ߮࿖㓙Ꮢ႐ߢ⏕࿕ߚࠆ߽ߩߣߒߡ޿ ࠆޕ x ห␠ߪޔࠣࡠ࡯ࡃ࡞ᚢ⇛ߩ╷ቯߦ޽ߚࠅ㊀ὐ࿾ၞߩㆬቯߦᵈജߒޔਛ᧲߅ࠃ߮ਛ࿖ࠍ㊀ ὐ࿾ၞߦㆬࠎߛޕ

 81 

╙┨ ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ 㧔ኅ㔚㧕

ડᬺ᭎ⷐ ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔VI㧕ߪޔ㔚᳇⵾ຠޔኅ㔚ޔኅ㔚ㇱຠޔࠝࡈࠖࠬ࡮ࠝ࡯ ࠻ࡔ࡯࡚ࠪࡦ⵾ຠߥߤߩ⵾ㅧ⽼ᄁࠍⴕߞߡ޿ࠆޕ߹ߚޔห␠ߪ⍹ᴤ࡮ࠟࠬតᩏޔ߅ࠃ߮⊒ 㔚ߥߤߩ੐ᬺߢ߽Ⓧᭂ⊛ߥᵴേࠍⴕߞߡ޿ࠆޕห␠ߪޔࡑࡂ࡜ࠪࡘ࠻࡜Ꮊ 㧔Maharashtra㧕ߩࠝ࡯࡜ࡦࠟࡃ࡯࠼㧔Aurangabad㧕ߦᧄ␠ࠍ⟎ߊޕ ࠗࡦ࠼ኅ㔚Ꮢ႐ߢߪޔ㖧࿖ߩ LG ߅ࠃ߮ࠨࡓࠬࡦ㧔Samsung㧕߇޽ࠊߖߡ߅ࠃߘ 40㧑ߩ ࠪࠚࠕࠍභ߼ࠆߣߐࠇࠆޕVI ߪ⸳┙ᒰೋޔㇱຠ⵾ㅧߦᵈജߒᓢޘߦ੐ᬺࠍ᜛ᄢߒߡ޿ߞߚޕ ⃻࿷ߢߪࠗࡦ࠼ኅ㔚Ꮢ႐ߢ 33㧑ࠍභ߼ࠆ߹ߢߦߥߞߚޕ

࿑⴫㧦  ડᬺ᭎ⷐ̄ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔ㅪ⚿㧕

ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔Videocon Industries ડᬺฬ Limited㧕 14 Kms Stone, Aurangabad-Paithan Road, Chitegaon, ᚲ࿷࿾ TQ. Paithan, Dist. Aurangabad – 431 105 㔚⹤⇟ภ + 91-02431-251501/02/ 03/ 04 ࡈࠔ࠶ࠢࠬ + 91-22-22873258/22852966 ࡎ࡯ࡓࡍ࡯ࠫ http://www.videoconworld.com/ ઍ⴫ข✦ᓎ␠㐳 Venugopal Nandlal Dhoot ⸳┙ᐕ 1984 64 ⾗ᧄ✚㗵 14ం5,239ਁ࠼࡞ ⾗↥✚㗵 36ం1,260ਁ࠼࡞ ᓥᬺຬ 10,000ੱ㧔2007㧕 ಴ᚲ㧦8+࠙ࠚࡉࠨࠗ࠻ 

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ̄8+ ᐕ᦬ᣣ⃻࿷ 

 ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ  ഃᬺ⠪ߩᜬᩣߩว⸘   㕖ഃᬺ⠪ߩᜬᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ὑᦧ࡟࡯࠻㧦+04 ࠼࡞㧔ᐕ᦬ᣣ㧕ޔ8+ᐕᐲᐕᰴႎ๔ᦠ

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ᴪ㕟

࿑⴫㧦  ᴪ㕟̄8+

ᐕ  㔚᳇߅ࠃ߮ኅ㔚੐ᬺߦㅴ಴: 1987 ࠞ࡜࡯࠹࡟ࡆ㧔CTV㧕߅ࠃ߮⊕㤥࠹࡟ࡆ (B/W TV) ᵞữᯏ ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߦએਅࠍㅊട: ኅᐸᇅᭉ⸳஻ 1989-1990 㔚േᯏ ࠛࠕࠦࡦ ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߦએਅࠍㅊട: 1991 ಄⬿ᐶ ಄ළེ 1995 ࡉ࡜࠙ࡦ▤(CRT㧕↪ߩࠟ࡜ࠬ▤ߩ⵾ㅧ㐿ᆎ บᚲ↪ຠߩ↢↥ࠍ᜛ᄢ 1996 ࠛࡀ࡞ࠡ࡯ಽ㊁ߦㅴ಴ ㇱຠ੐ᬺߢએਅߩ⵾ຠߩ↢↥ࠍ㐿ᆎ: 1998 ࠦࡦࡊ࡟࠶ࠨ࡯ ࠦࡦࡊ࡟࠶ࠨ࡯ࡕ࡯࠲࡯ 2000 ࡈࠖ࡝࠶ࡊࠬߩࠞ࡜࡯࠹࡟ࡆᎿ႐ࠍ⾈෼ߒޔ⥄␠CTV੐ᬺߩ᜛ᄢߦᚑഞ ⶄᢙߩࠗࡦ࠼࿖ౝᄖߩ੐ᬺࠍ⾈෼㧦 2005 ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬ:ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬ߇ࠗࡦ࠼ߦ଻᦭ߒߡ޿ߚ3ߟߩᎿ႐ࠍ⾈෼ ࠻ࡓ࠰ࡦ: ࠻ࡓ࠰ࡦߩࡉ࡜࠙ࡦ▤੐ᬺࠍ⾈෼ ಴ᚲ㧦8+࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ VI ߪ਎⇇ਛߦవ┵ߩ⵾ㅧ⸳஻ࠍᜬߟޕࠗࡦ࠼࿖ౝߩ 5 ߟߩ↢↥Ꮏ႐ߪోߡࡑࡂ࡜ࠪࡘ࠻ ࡜Ꮊ㧔Maharashtra 㧕ߣࠣࠫࡖ࡜࡯࠻Ꮊ㧔Gujarat 㧕ߦ޽ࠆ㧔ࠕ࠙࡜ࡦࠟ࡯ࡃ࡯࠼ 㧔 Aurangabad 㧕㧦3 ᜚ὐޔࠟࡦ࠺ࠖ࡯࠽ࠟ࡞㧔Gandhinagar 㧕㧦2 ᜚ὐޔࡃ࡞࠴ 㧔Bharuch㧕㧦2 ᜚ὐ㧕65ޕ

 ᄙⷺൻᚢ⇛ VI ߪ 1984 ᐕߩ⸳┙ޕᛛⴚࠍ₪ᓧߔࠆߚ߼ޔVI ߪ᧲⦼ߣឭ៤ߒߚޕVI ߪ 1987 ᐕޔࡑࡂ ࡜ࠪࡘ࠻࡜Ꮊߦ޽ࠆࠕ࠙࡜ࡦࠟ࡯ࡃ࡯࠼Ꮏ႐ߢ⊕㤥࠹࡟ࡆߣࠞ࡜࡯࠹࡟ࡆ㧔CTV㧕ߩ⵾ㅧ ࠍ㐿ᆎߒޔ⥄␠ࡉ࡜ࡦ࠼ߢ⽼ᄁߒߚޕหᐕޔVI ߪᵞữᯏᏒ႐ߦ߽ㅴ಴ߒߚޕ1989 ᐕߦߪޔ ኅᐸะߌᇅᭉ⸳஻߅ࠃ߮ࠛࠕࠦࡦᏒ႐ߦㅴ಴ߒߚޕVI ߪ 1990 ᐕߦߪޔࠗࡦ࠼ߩ CTV Ꮢ႐ ߩ⚂ 30㧑ࠍභ߼ࠆ߹ߢߦߥߞߚޕห␠ߪ 1991 ᐕߦޔ಄⬿ᐶߣ಄ළེ੐ᬺߦ߽ㅴ಴ߒߚޕ VI ߪ੐ᬺߩᄙⷺൻࠍ⋡ᜰߒߡ 1990 ᐕߦਇേ↥੐ᬺߦㅴ಴ߒߚ߽ߩߩޔ⦟ᅢߥ⚿ᨐߪᓧ ࠄࠇߥ߆ߞߚޕ1995 ᐕޔห␠ߪࡉ࡜࠙ࡦ▤⵾ㅧࠍ㐿ᆎߒޔࠣࠫࡖ࡜࡯࠻Ꮊߩࡃ࡞࠴ߦᎿ႐ ࠍ⸳⟎ߒߚޕห␠ߦߣߞߡޔࡉ࡜࠙ࡦ▤੐ᬺߩណ▚ᕈߪૐ߆ߞߚ߇ޔCTV ੐ᬺߩߚ߼ߦߪޔ ห੐ᬺߩ⛮⛯߇ᔅⷐߣ್ᢿߒߚޕ

 8+࠙ࠚࡉࠨࠗ࠻ +%/4㧔%GPVGTHQT/CPCIGOGPV4GUGCTEJ㧕

 83 

ห␠ߪ 1996 ᐕޔࠢ࡝ࠪࡘ࠽ࠧ࠳ࡃ࡝㧔Krishna-Godavari㧕⋆࿾ߦ޽ࠆ࡜࡯ࡃ㧔Rava㧕 ᴤ↰ߦᛩ⾗ߒޔࠛࡀ࡞ࠡ࡯ㇱ㐷ߦㅴ಴ߒߚ㧔VI ߪหᴤ↰ߩᩣᑼߩ 25㧑ࠍ଻᦭ޕߘߩઁߩ ᩣਥߪࠗࡦ࠼ߩ⍹ᴤ࡮ᄤὼࠟࠬ౏␠㧔ONGC㧕ߣ⧷࿖ߩࠤࠕࡦ࡮ࠛ࠽ࠫ࡯␠㧔Cairn Energy㧕㧕ޕߎߩᛩ⾗ߪห␠ߩࠠࡖ࠶ࠪࡘࡈࡠ࡯᜛ᄢߦ⽸₂ߒߚޕ VI ߪ 2005 ᐕޔ࿖ౝߣᶏᄖߢᄢⷙᮨߥ M&A ࠍⴕߞߚޕ଀߃߫ޔ࿖ౝߢߪޔAB ࠛ࡟ࠢ࠻ ࡠ࡜࠶ࠢࠬ㧔AB Electrolux Corporation㧕ߩሶળ␠ߢ޽ࠆࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬ࡮ࠤ࡞ࡆࡀ ࡯࠲࡯㧔Electrolux Kelvinator Limited 㧔EKL㧕㧕ߩᩣᑼࠍ 100㧑ขᓧߒߚޕߎࠇߦࠃࠅޔ VI ߪ 3 ߟߩᎿ႐ࠍ₪ᓧߒޔࠗࡦ࠼ߘߩઁߩධࠕࠫࠕ࿾ၞදജㅪว㧔SAARC㧕࿖ߦ߅ߌࠆ ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬ㧔Electrolux㧕ࡉ࡜ࡦ࠼⵾ຠߩ 5 ᐕ㑆ߩ⽼ᄁᮭߣޔࠤ࡞ࡆࡀ࡯࠲ 㧔Kelvinator㧕ࡉ࡜ࡦ࠼⵾ຠߩήᦼ㒢ߩ⽼ᄁᮭࠍᓧߚޕߎߩઁޔVI ߪ 1998 ᐕߦ EKL ߩࠝ ࡞࠙ࠖࡦ㧔Allwyn㧕ࡉ࡜ࡦ࠼ࠍ⾈෼ߒߚޕ

 ࡑ࡞࠴ࡉ࡜ࡦ࠼ᚢ⇛ VI ߪޔࠗࡦ࠼ߩ⠴ਭᶖ⾌⽷Ꮢ႐ߦ߅ߌࠆỗߒ޿┹੎ߦኻᔕߔࠆߚ߼ޔࡑ࡞࠴ࡉ࡜ࡦ࠼ᚢ ⇛ࠍណ↪ߒߚޕVI ߪޔߎࠇ߹ߢᄢ㊂↢↥⢻ജߣ޿߁ᒝߺࠍ↢߆ߒޔ㜞޿ណ▚ᕈࠍ⹶ߞߡ޿ ߚޕࡑ࡞࠴ࡉ࡜ࡦ࠼ᚢ⇛ߪޔⶄᢙࡉ࡜ࡦ࠼ߩ⛽ᜬߦᄙ㗵ߩࠦࠬ࠻߇߆߆ࠆ߇ޔห␠ߪޔߎ ߩᚢ⇛ࠍታⴕߔࠆߚ߼ߩචಽߥ⚻༡⾗Ḯࠍ⫾߃ߡ߈ߚޕ߹ߚޔห␠ߪޔ㐳ᦼ⊛ߦ⷗ࠇ߫ޔ ࡑ࡞࠴ࡉ࡜ࡦ࠼ᚢ⇛ࠍ⛽ᜬߔࠆߎߣߢ೑⋉ࠍ⏕଻ߢ߈ࠆߣ⷗ㄟࠎߢ޿ࠆޕᬺ⇇ࠕ࠽࡝ࠬ࠻ ߦࠃࠆߣޔVI ߪࡉ࡜ࡦ࠼ߩࡐ࡯࠻ࡈࠜ࡝ࠝࠍ⚵߻ߚ߼ޔઁߩࠗࡦ࠼ߩਥⷐࡉ࡜ࡦ࠼ߣߩឭ ៤߿ડᬺ⾈෼ࠍⴕߞߚޕߘߒߡޔ⇣ߥࠆࡉ࡜ࡦ࠼ࠍ૶޿ಽߌࠆߎߣߢޔ⇣ߥࠆᚲᓧጀ߳ߩ ᄁࠅㄟߺߦᚑഞߒߚޕߎߩࠃ߁ߦߒߡޔVI ߪޔࠗࡦ࠼Ꮢ႐ߢᄢ߈ߥࠪࠚࠕࠍᜬߟ㖧࿖ࡉ࡜ ࡦ࠼㧔LG ߿ࠨࡓࠬࡦߥߤ㧕ߦኻ᛫ߒߡ޿ߞߚޕ

 ࡉ࡜ࡦ࠼࡮ࡐ࡯࠻ࡈࠜ࡝ࠝ ห␠߇ឭ៤⽼ᄁߒߚࡉ࡜ࡦ࠼ࠍ␜ߔޕ

࿑⴫㧦  ਥⷐࡉ࡜ࡦ࠼̄8+

ࡉ࡜ࡦ࠼ VI㧔Videocon㧕᧲⦼㧔Toshiba㧕 ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬ㧔Electrolux㧕 ጊ᳓㧔Sansui㧕 ࠤࡦࠬ࠲࡯㧔Kenstar㧕 ࠤ࡞ࡆࡀ࡯࠲㧔Kelvinator㧕 ⃻ઍ㧔Hyundai㧕 ࠕࠞࠗ㧔Akai㧕 ࠝ࡞࠙ࠖࡦ㧔Allwyn㧕 ࡛࡯ࠢ㧔York㧕 ಴ᚲ㧦8+࠙ࠚࡉࠨࠗ࠻ ห␠ߪฦડᬺߣޔߘࠇߙࠇ⇣ߥࠆ࡜ࠗ࠮ࡦࠬᄾ⚂ࠍ⚿ࠎߛޕห␠ߪࠗࡦ࠼Ꮢ႐ߢ㖧࿖ࡉ ࡜ࡦ࠼ࠍᄁࠅ಴ߔߦ޽ߚࠅޔ⃻ઍ㔚ሶ㧔Hyundai Electronics㧕ߣᄾ⚂ࠍ⚿ࠎߛޕ߹ߚޔᣣ ᧄࡉ࡜ࡦ࠼ߦߟ޿ߡߪޔ᧲⦼ߣጊ᳓ߣᄾ⚂ࠍ੤ࠊߒߚޕ

 +%/4㧔%GPVGTHQT/CPCIGOGPV4GUGCTEJ㧕

 84 

 ⎇ⓥ㐿⊒ VI ߪ࿖ౝߢߪޔࠕ࠙࡜ࡦࠟ࡯ࡃ࡯࠼ߦ⎇ⓥ㐿⊒᜚ὐࠍᜬߟޕ࿖ᄖߢߪޔਛ࿖ߣࠗ࠲࡝ࠕ ߦ⎇ⓥ㐿⊒᜚ὐࠍᜬߟޕߐࠄߦޔห␠ߪឭ៤ડᬺࠍㅢߓߡ࠰࠙࡞ߣ᧲੩ߦ⎇ⓥ㐿⊒࡙࠾࠶ ࠻ࠍ⸳┙ߒߡ޿ࠆ69ޕ

 ․ቯߩ⎇ⓥ㐿⊒ಽ㊁ VI ߪ⎇ⓥ㐿⊒ߦ߅޿ߡޔᣂߒ޿ઃടᯏ⢻ߩ㐿⊒ޔᣢሽߩ⵾ຠ࡜ࠗࡦࠍᵴ↪ߒߚ↢↥ࡊࡠ ࠮ࠬߩല₸ൻޔ⵾ຠߩຠ⾰ะ਄ߥߤߦὶὐࠍᒰߡߡ޿ࠆޕ

 ⎇ⓥ㐿⊒ߦࠃߞߡ߽ߚࠄߐࠇߚࡔ࡝࠶࠻ VI ߪ↢↥ല₸ߩะ਄ޔ↢↥⢻ജߩ᜛ᄢޔຠ⾰ᡷༀޔᣂဳࡕ࠺࡞߿࠺ࠩࠗࡦߩഃㅧޔో૕ ⊛ߥࠦࠬ࠻ߩᒁ߈ਅߍߥߤࠍ㆐ᚑߒߡ޿ࠆޕ

 ዁᧪ߩታⴕ⸘↹ VI ߩ⎇ⓥ㐿⊒ߩ੹ᓟߩ⸘↹ߦߪޔᣂ⥄␠ࡉ࡜ࡦ࠼┙ߜ਄ߍޔో૕⊛ߥຠ⾰ᡷༀޔࡈ࡜࠶ ࠻࡮ࡄࡀ࡞࡮࠹࡟ࡆ↢↥ߦ߅ߌࠆࠦࠬ࠻೥ᷫᛛⴚߩ㐿⊒ޔ⋭㔚ജᛛⴚߩ㐿⊒ߥߤ߇฽߹ࠇ ࠆޕ

 5916ಽᨆ

 ᒝߺ x ⥄␠Ꮏ႐ޔ⚵┙࡜ࠗࡦޔᵹㅢ– VIߪޔࡉ࡜࠙ࡦ▤ޔኅ㔚⵾ຠߥߤߩᄢ㊂↢↥ߦࠃࠅࠦࠬ ࠻ࠍᛥ೙ߒߡ޿ࠆޕห␠ߪࠗࡦ࠼ో࿯ߦ߅޿ߡޔᄙᢙߩୖᐶߥߤߩ‛ᵹࠗࡦࡈ࡜ࠍ᦭ߒ ᄢⷙᮨߥᵹㅢ✂ࠍ᭴▽ߒߡ޿ࠆޕห␠ߩᎿ႐ߪᰴߩࠃ߁ߦᚢ⇛⊛ߦ㈩⟎ߐࠇߡ޿ࠆޕ -࿖ౝᎿ႐㧦Ꮢ႐ࠍ⌮ߺޔᄁ਄⒢఺㒰߇น⢻ߥ႐วߪᏒ႐ߦㄭធߒߚ┙࿾ࠍㆬࠎߢ޿ ࠆޕ߹ߚޔࠨࡊ࡜ࠗ࡮࠴ࠚ࡯ࡦߩ◲⚛ൻߣᵹㅢࠦࠬ࠻೥ᷫࠍᔨ㗡ߦޔᎿ႐ߩ┙࿾ࠍ ㆬᛯߒߡ޿ࠆޕ -ᶏᄖᎿ႐㧦᧲᰷߿ࡠࠪࠕޔਛධ☨ޔਛ࿖ߥߤߩਥⷐߥᣂⷙᚑ㐳Ꮢ႐ߦ߅ߌࠆᵹㅢࠍ ᔨ㗡ߦ┙࿾ㆬᛯߒߡ޿ࠆޕ VIߪޔࠗࡦ࠼ో࿯ߦ12ߩᎿ႐ࠍ଻᦭ߔࠆޕࠗࡦ࠼ડᬺߩࠝ࠾࠳㧔Onida㧕ߪ2Ꮏ႐ߒ߆ ᜬߞߡ޿ߥ޿ޕLG߽ࠗࡦ࠼ߦߪ2Ꮏ႐ߩߺޕࠨࡓࠬࡦߪ1Ꮏ႐ߩߺޕ x ࡑ࡞࠴ࡉ࡜ࡦ࠼– VIߩෘߺߩ޽ࠆࡉ࡜ࡦ࠼࡮ࡐ࡯࠻ࡈࠜ࡝ࠝߪޔ᭽ޘߥᚲᓧጀ߳㘩޿ㄟ ߻ߎߣࠍน⢻ߦߒߚޕ x ࠣࡠ࡯ࡃ࡞ߥࠝࡍ࡟࡯࡚ࠪࡦ– VIߪᶏᄖ੐ᬺ૕ߣߒߡࠗ࡯ࠣ࡞࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ 㧔Eagle Corporation Limited㧕ࠍ଻᦭ߒߡ޿ࠆޕࠗ࡯ࠣ࡞࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦߪ2005ᐕ ߦ࠻ࡓ࠰ࡦ߆ࠄ᭽ޘߥડᬺࠍ⾈෼ߒߚޕVIߪޔࠗ࡯ࠣ࡞࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦࠍㅢߓߡޔ ᣂߚߥᶏᄖᏒ႐ࠍ㐿ᜏߔࠆߣหᤨߦޔᣂᛛⴚ߿ᣂ↢↥ᣇᴺࠍๆ෼ߒߚޕ

 8+ᐕᐲᐕᰴႎ๔ᦠ $WUKPGUU9QTNF 8+ᐕᐲᐕᰴႎ๔ᦠ

 85 

x ࡆࠫࡀࠬߩᄙ᭽ൻ – VIߩ⍹ᴤ࡮ᄤὼࠟࠬ੐ᬺߪޔห␠ߦ⛮⛯⊛ߥ೑⋉ࠍ߽ߚࠄߒߡ޿ࠆޕ ห␠ߩࠛࡀ࡞ࠡ࡯㑐ㅪ⵾ຠߪ㜞ຠ⾰ߢ޽ࠆߚ߼ࡊ࡟ࡒࠕଔᩰࠍઃߌࠆߎߣ߇ߢ߈ࠆޕ

 ᒙߺ x ࡉ࡜ࡦ࠼ߩᒙߐ–VIߪ߹ߛࠣࡠ࡯ࡃ࡞Ꮢ႐ߢࡉ࡜ࡦ࠼ࠍ⏕┙ߢ߈ߡ޿ߥ޿ޕ x 㐳޿ㆇォ⾗㊄࿁෼ᦼ㑆– ห␠ߩㆇォ⾗㊄࿁෼ᦼ㑆ߪޔᬺ⇇ᐔဋߣᲧߴߡ㐳޿ޕ

 ᯏળ x Ꮢ႐ᶐㅘ₸– VIߩ㔚ሶ⵾ຠߣኅ㔚ߪޔࠗࡦ࠼ߩ࿾ᣇߥߤᲧセ⊛ᧂ㐿ᜏߥᏒ႐ߦ߽ᶐㅘߒ ߡ޿ࠆޕߎ߁ߒߚᏒ႐ࠪࠚࠕࠍ⛽ᜬߢ߈ࠇ߫ห␠ߩ੐ᬺߪ᜛ᄢߢ߈ࠆޕߘߒߡޔ㕟ᣂ⊛ ߥ⵾ຠ㧔଀߃߫ޔ⭯ဳ࠹࡟ࡆߥߤ㧕ߩ㐿⊒ߩේേജߦߥࠅᓧࠆޕ x Ꮢ႐㐿ᜏ– VIߪ⃻࿷ޔએਅߩ੐ᬺ߳ߩㅴ಴ࠍ⸘↹ߒߡ޿ࠆޕ ࡈ࡜࠶࠻ࡄࡀ࡞࡮࠺ࠖࠬࡊ࡟ࠗ੐ᬺ ⍹ᴤޔࠟ࡜ࠬ⾗Ḯߩត⚝ ኅᐸ↪㔚ൻ⵾ຠߦ߅ߌࠆࡑ࡞࠴ࡉ࡜ࡦ࠼ᚢ⇛ߩ᜛ᄢ x ೑⋉ะ਄– VIߪޔⷙᮨߩ⚻ᷣࠍ㆐ᚑߒޔ⽼ᄁᐫߢߩࠨ࡯ࡆࠬࠍᡷༀߔࠆߎߣߢޔࠃࠅᄙ ߊߩ೑⋉ࠍ⏕଻ߢ߈ࠆน⢻ᕈ߇޽ࠆޕ

 ⢿ᆭ x ỗߒ޿┹੎ – VIߪỗߒ޿ࠦࠬ࠻೥ᷫ┹੎ߦ⋥㕙ߒߡ߅ࠅޔ೑⋉ߩ࿶❗ߦߟߥ߇ࠅ߆ߨߥ ޿ޕ x ࠦࠬ࠻਄᣹–ࡑ࡯ࠤ࠹ࠖࡦࠣ߿ᐢ๔ߩ⾌↪ޔࠕࡈ࠲࡯ࠨ࡯ࡆࠬߥߤߩࠦࠬ࠻Ⴧടߪᄢ߈ ߥ ᔨ᧚ᢱߣߥߞߡ޿ࠆޕ

 86 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

 ਥⷐ⵾ຠ એਅߦޔห␠ߩਥⷐ੐ᬺࠍ␜ߔޕ

࿑⴫㧦  ਥⷐ੐ᬺ̄ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭

ࡆ࠺ࠝࠦࡦ㧔8KFGQEQP㧕 㔚ሶ⵾ຠ ࠞ࡜࡯࠹࡟ࡆ ⊕㤥࠹࡟ࡆ ࡆ࠺ࠝ࡮࠺࠶ࠠ ࠝ࡯࠺ࠖࠝ࡮ࠪࠬ࠹ࡓ ࠞ࡜࡯ࡕ࠾࠲࡯ ኅᐸ↪㔚ൻ⵾ຠ ಄⬿ᐶ ᵞữᯏ ࠛࠕࠦࡦ 㘩ེᵞᵺᯏ 㔚ሶ࡟ࡦࠫ ࡒࠠࠨ࡯ߥߤ ᵺ᳓ᯏ ㇱຠ 68ޔ8%4ߣ#WFKQߩㇱຠ ⊕㤥࠹࡟ࡆࡉ࡜࠙ࡦ▤ ࡉ࡜࠙ࡦ▤↪ࠟ࡜ࠬࠪࠚ࡞ ࠦࡦࡇࡘ࡯࠲࡯↪ࡕ࠾࠲࡯ ࠦࡦࡊ࡟࠶ࠨ ߘߩઁ 1#㑐ㅪ ࠺ࠫ࠲࡞ᣣ⹹ ሶଏ↪2% ࠺࡯࠲ࡊࡠࠫࠚࠢ࠲࡯ 㔚ജᄌ឵ེ ࠺ࠫ࠲࡞/Rࡊ࡟࡯ࡗ࡯ ࡄ࡯ࡓ࠻࠶ࡊ ࠗࡦ࠲࡯ࡀ࠶࠻ +52ߣࠦࡦ࠹ࡦ࠷ ߣ࠙ࠚ࠶ࡉ ⍹ᴤ ේᴤ㧔ᣣ↥ࡃ࡟࡞㧕 ⊒㔚 /9

಴ᚲ㧦8+࠙ࠚࡉࠨࠗ࠻

 87 

 ਥⷐ⽷ോᜰᮡ 

࿑⴫㧦  ⽷ോ̄8+ ᐕᐲ   ⽷ോᜰᮡ ㊄㗵㧔ం࠼࡞㧕 Ⴧട₸   ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦8+ᐕᐲᐕᰴႎ๔ᦠ

 ㇱ㐷೎࡮࿾ၞ೎ߢߩታ❣

࿑⴫㧦  ㇱ㐷೎⽷ോታ❣̄8+ ᐕᐲ 

ㇱ㐷 ᄁ਄ߍ㧔ం࠼࡞㧕 ኅ㔚⵾ຠ  ⍹ᴤߣࠟࠬ  ಴ᚲ㧦8+ᐕᐲᐕᰴႎ๔ᦠ ⍹ᴤ࡮ᄤὼࠟࠬ੐ᬺߪห␠ߦ቟ቯߒߚ෼౉ࠍ߽ߚࠄߒޔห␠ߩ෼⋉ၮ⋚ߣߥߞߡ޿ࠆޕ ⍹ᴤ࡮ᄤὼࠟࠬ੐ᬺߪ 1996㨪1997 ᐕߩ㑆ߦ⊒⿷ߒߚޕห੐ᬺߪ 2006 ᐕᐲޔ✚ᄁ਄ߍߩ ⚂ 11㧑ޔ೑⋉ߩ 49㧑ࠍභ߼ߚޕߘߩ৻ᣇޔ㔚ሶ⵾ຠߣኅ㔚੐ᬺߪᄁ਄ߍߩ⚂ 89㧑ޔ೑⋉ ߩ 51㧑ࠍභ߼ߡ޿ࠆޕ⍹ᴤࠟࠬ੐ᬺߪ VI ߦẢᴛߥࠠࡖ࠶ࠪࡘࡈࡠ࡯ࠍ߽ߚࠄߒߡ޿ࠆ߽ ߩߩޔห␠ߪޔኅ㔚੐ᬺߦ㊀ὐࠍ⟎޿ߡ޿ࠆޕ ߥ߅ޔVI ߩ✚ᄁ਄ߍߩ 73㧑ߪ࿖ౝ߆ࠄߢޔࠗࡦ࠼એᄖߩ࿾ၞߪ 27㧑ࠍභ߼ࠆޕ

࿑⴫㧦  ࿾ၞ೎⽷ോታ❣̄8+ ᐕᐲ 

࿾ၞ ᄁ਄ߍ㧔ం࠼࡞㧕 ࠗࡦ࠼  ߘߩઁ  ಴ᚲ㧦8+ᐕᐲᐕᰴႎ๔ᦠ 

 ὑᦧ࡟࡯࠻+04 ࠼࡞㧔ᐕ᦬ᣣ㧕 ὑᦧ࡟࡯࠻+04 ࠼࡞㧔ᐕ᦬ᣣ㧕

 88 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

 ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿̄8+

⵾ຠ ᐕ ࡉ࡜ࡦ࠼ឭ៤ߥߤ ឭ៤ߩౝኈ ᧲⦼ࠃࠅᛛⴚᡰេࠍฃߌࠆ 1985 ᧲⦼㧔Toshiba Corp.㧕 ࠗࡦ࠼Ꮢ႐ߢߩ᧲⦼⵾ຠߩ⽼ᄁᡰេ ࠞ࡜࡯࠹࡟ࡆ ⃻ઍߩ⋧ᚻవࡉ࡜ࡦ࠼⸳⸘⵾ㅧᬺ⠪ 2005 ⃻ઍ㧔Hyundai㧕 㧔ODM㧕ߣߥࠆ ࡈ࡜ࠗࡃ࠶ࠢ࠻࡜ࡦࠬࡈࠜ࡯ ࡑ࡯ޔ ࠨࡓࠬࡦ㔚ሶ ࠴ࡘ࡯࠽࡯ NA 㧔SamsungElectronics㧕 ᛛⴚᡰេ 㧔 FlyBackTransformers, Tuners㧕 ᧻ਅ㔚ེ ಄⬿ᐶ NA ࠺ࠩࠗࡦߣ⸳⸘ࠨ࡯ࡆࠬࠍ᧻ਅࠃࠅฃߌࠆ 㧔MatsushitaElectric㧕 1998- ᧻ਅ㔚ེ ࠛࠕࠦࡦ ࠺ࠩࠗࡦߣ⸳⸘ࠨ࡯ࡆࠬࠍ᧻ਅࠃࠅฃߌࠆ 1999 㧔MatsushitaElectric㧕 ᧻ਅ㔚ེ ᵞữᯏ NA ࠺ࠩࠗࡦߣ⸳⸘ࠨ࡯ࡆࠬࠍ᧻ਅࠃࠅฃߌࠆ 㧔MatsushitaElectric㧕 ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬߩ⋧ᚻవࡉ࡜ࡦ࠼⸳⸘ ⵾ㅧᬺ⠪㧔ODM㧕ߣߥࠆ ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬߦㇱຠࠍଏ⛎ ಄⬿ᐶޔ ࠛ࡟ࠢ࠻ࡠ࡜࠶ࠢࠬ 3▎ᚲߩ↢↥᜚ὐࠍ⾈෼: 2005 ࠛࠕࠦࡦߣᵞữᯏ 㧔ElectroluxABSweden㧕 ࠪࡖࠪࡖ࡯ࠫࡖࡂࡦࡊ࡯࡞㧔Shahjahanpur㧕 ࡜࡯ࠫࡖࠬ࠲࡯ࡦᎺ㧔Rajasthan㧕ޔࡢࡠ࡜ 㧔Warora㧕ߣࡉ࠴ࡏ࡝㧔Butibori㧕ࡑࡂ࡜ࠪ ࡘ࠻࡜Ꮊ㧔Maharashtra㧕 ጊ᳓ ጊ᳓ߩ⋧ᚻవࡉ࡜ࡦ࠼⸳⸘⵾ㅧᬺ⠪ 㧔Sansui Electric Co. Ltd㧕 㧔ODM㧕ߣߥࠆ AV⵾ຠߣࠞ࡜࡯࠹࡟ࡆ 2005 ࠕࠞࠗ ࠕࠞࠗߩ⋧ᚻవࡉ࡜ࡦ࠼⸳⸘⵾ㅧᬺ⠪ 㧔Akai㧕 㧔ODM㧕ߣߥࠆ ࠹ࠢࡀࠣ࡜ࠬ ࠟ࡜ࠬ NA ࠹ࠢࡀࠣ࡜ࠬࠃࠅᛛⴚᡰេࠍฃߌࠆ 㧔Techneglas㧕

ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠲࡯࠽ࠪ ࠻ࡓ࠰ࡦ㧔Thomson SA㧕ߩࡉ࡜࠙ࡦ▤੐ᬺ ࡉ࡜࠙ࡦ▤ߣࡉ࡜࠙ࡦ▤↪ࠟ ࡚࠽࡞ ࠍ₪ᓧ 2005 ࡜ࠬ 㧔 VideoconInternational ࠻ࡓ࠰ࡦߩ᰷Ꮊߣਛ࿖ߦ޽ࠆࡉ࡜࠙ࡦ▤㑐ㅪ Limited㧕 ߩోߡߩ㐿⊒⎇ⓥ᜚ὐࠍ₪ᓧ

಴ᚲ㧦%QORCP[2TGUU4GNGCUG8+࠙ࠚࡉࠨࠗ࠻

 ᭎ⷐ VI ߪ੐ᬺߩ᜛ᄢࠍ⛯ߌޔࠣࡠ࡯ࡃ࡞Ꮢ႐ߢ࿾૏ࠍ⏕┙ߒߟߟ޽ࠆޕห␠ߩࠣࡠ࡯ࡃ࡞ᚢ ⇛ߩ╙৻ᱠߪޔ࿖㓙⊛ߥ⵾ㅧࡊ࡜ࡦ࠻ࠍ₪ᓧߒߚ਄ߢޔࠣࡠ࡯ࡃ࡞ߥࠨࡊ࡜ࠗ࡮࠴ࠚ࡯ࡦ ࠍᒻᚑߔࠆߎߣߛޕᰴߦޔࠣࡠ࡯ࡃ࡞Ꮢ႐ߢߩࠪࠚࠕࠍ㜞߼ࠆߚ߼ߦޔ᦭ജࡉ࡜ࡦ࠼ࠍ₪ ᓧߔࠆޕ߹ߚޔߎࠇߣᐔⴕߒߡޔࠕࡈ࡝ࠞޔ᧲ධࠕࠫࠕޔਛධ☨ޔ᧲᰷ߩࠃ߁ߥᣂⷙᚑ㐳

 8+࠙ࠚࡉࠨࠗ࠻

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Ꮢ႐ߦะߌ⵾ຠߩ⋧ᚻవࡉ࡜ࡦ࠼⵾ຠ㧔OEM㧕⵾ㅧડᬺߦߥࠆߎߣ߽⋡ᜰߒߡ޿ࠆ74ޕ

 ࠣࡠ࡯ࡃ࡞ߥ᜛ᄢ VI ߩ㐳ᦼᚢ⇛ߩ৻ߟߪޔࡉ࡜࠙ࡦ▤ࠍ↪޿ߚ࠺ࠖࠬࡊ࡟ࠗⵝ⟎ߩ਎⇇ⷙᮨߩု⋥⛔ว↢ ↥⸳஻ࠍᜬߟߎߣߛޕߎ߁ߒߚ⸳஻ߪ⸳┙ࠦࠬ࠻߇ૐ޿႐ᚲߦ⸳ߌޔ߆ߟ࿾᡽ቇ⊛ߦ߽ᄙ ᭽ൻߐߖߥߌࠇ߫ߥࠄߥ޿ޕߎߩ⋡⊛ߩߚ߼ߦޔVI ߪ 2005 ᐕޔ࠻ࡓ࠰ࡦߩࡉ࡜࠙ࡦ▤੐ ᬺߥߤࠍ⾈෼ޔߐࠄߦޔࠗࡦ࠼ߩ BPL ␠߿ JCT ␠ߥߤߣߩឭ៤߽ផㅴߒߚޕߘߩ⚿ᨐޔ ࠗࡦ࠼ߢߩࡉ࡜࠙ࡦ▤ࠟ࡜ࠬ⵾ㅧ⢻ജߪᲤᐕ 2,400 ਁᧄߦ߹ߢ᜛ᄢޔࡉ࡜࠙ࡦ▤ߩ↢↥ߢ ᄢᚻߣߥߞߚޕ VI ߪޔ࠺ࠖࠬࡊ࡟ࠗⵝ⟎੐ᬺࠍ᜛ᄢߔࠆߚ߼ߦޔ࠻ࡓ࠰ࡦ߆ࠄ⚂ 1,770 ਁ࠼࡞ߩ಴⾗ࠍ ฃߌࠆᄾ⚂ࠍ⚿ࠎߛޕട߃ߡޔ࠻ࡓ࠰ࡦߪޔVI ߩ⍹ᴤࠟࠬ੐ᬺߦ 2,659 ਁ࠼࡞ᛩ⾗ߔࠆޕ VI ߪޔࠬ࡯࠳ࡦߣ࡛࡞࠳ࡦߢ⥄␠ߩ⍹ᴤࠟࠬ੐ᬺࠍ᜛ᄢߔࠆ⸘↹ߛޕ VI ߪㆊ෰ 6 ᐕ㑆ޔ᧲ࠕࠫࠕ߿ޔ᰷Ꮊޔਛ᧲ߥߤߢએਅߩࠃ߁ߥ੐ᬺࠍ᜛ᄢߒߡ߈ߚޕ x VIߪਛ࿖ߦ2ߟߩᎿ႐ࠍ᦭ߔࠆޕ৻ߟߪᲤᐕ200ਁᧄߩࡉ࡜࠙ࡦ▤ࠍ↢↥ߒޔ߽߁৻ߟ ߪᲤᐕ300ਁߩࠦࡦࡊ࡟࠶ࠨ࡯ࠍ↢↥ߒߡ޿ࠆޕ x ࠗ࠲࡝ࠕߦ2ߟߩᎿ႐ࠍ᦭ߔࠆޕ৻ߟߪ࠻ࡓ࠰ࡦ߆ࠄ⾈޿ขߞߚࠕ࠾ࡖ࡯࠾ߦ޽ࠆࡉ࡜ ࠙ࡦ▤Ꮏ႐ߢޔᲤᐕ600ਁᧄ↢↥ߔࠆ⢻ജ߇޽ࠆޕ߽߁৻ߟߪ࠾࡯࠴㧔Neechi㧕ࠦࡦࡊ ࡟࠶ࠨ࡯ߣฬߠߌࠄࠇߡޔᲤᐕ60ਁߩࠦࡦࡊ࡟࠶ࠨ࡯ࠍ↢↥ߒߡ޿ࠆޕ x ࡐ࡯࡜ࡦ࠼ߦߪޔ࠻ࡓ࠰ࡦ߆ࠄ₪ᓧߒߚࠟ࡜ࠬ▤Ꮏ႐߇޽ࠅ500ਁᧄߩ↢↥ജࠍᜬߞߡ ޿ࠆޕ x ࡔࠠࠪࠦߦ߽࠻ࡓ࠰ࡦ߆ࠄ₪ᓧߒߚᎿ႐߇޽ࠅ300ਁᧄߩࡉ࡜࠙ࡦ▤ࠍ↢↥ߒߡ޿ࠆޕ

ߎࠇࠄߩ⵾ㅧᎿ႐ߪ਎⇇ฦ࿾ߩ㔛ⷐࠍḩߚߔߎߣࠍ⋡ᜰߒߡ޿ࠆޕਛ࿖Ꮏ႐ߪࠕࠫࠕᏒ ႐ࠍޔࡔࠠࠪࠦᎿ႐ߪർ☨Ꮢ႐ࠍޔࠗ࠲࡝ࠕᎿ႐ߪ᰷ᎺᏒ႐ߩ㔛ⷐߦᔕ߃ࠆߎߣ߇ߢ߈ࠆޕ ߎ߁޿ߞߚᎿ႐⟲ߩ₪ᓧࠍㅢߒߟߟห␠ߪ OEM ડᬺߣߒߡ਎⇇Ꮢ႐ߦㅴ಴ߒߡ޿ߞߚޕ

 VOEPGV㧔ᐕ᦬ᣣઃ㧕 ޟࡆࠫࡀࠬ࡮ࡢ࡯࡞࠼ޠ⹹࠙ࠚࡉࠨࠗ࠻

 90 

 ࠣࡠ࡯ࡃ࡞᜚ὐ

࿑⴫㧦 ࠣࡠ࡯ࡃ࡞᜚ὐ̄8+

ળ␠ ᚲ࿷࿾ ੐ᬺౝኈ ࡆ࠺ࠝࠦࡦ࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞ ᷓ࿿㧔Shenzhen㧕ޔਛ࿖ ⎇ⓥ㐿⊒ 㧔8KFGQEQP+PVGTPCVKQPCN.KOKVGF㧕 ࠻ࡓ࠰ࡦ ࡉࡠ࡯࠾ࡘ㧔Boulogne Cedex㧕, ࠻ࡓ࠰ࡦ߆ࠄ⾈෼ߒߚࡉ࡜࠙ࡦ▤੐ᬺ 㧔6JQOUQP5#㧕 ࡈ࡜ࡦࠬ ࠻ࡓ࠰ࡦ࡮࠺ࠖࠬࡊ࡟ࠗ࠭࡮ࡐ࡞ࠬࠞ ࡇࡖ࠮࠴ࡁ㧔Piaseczno㧕, ࠻ࡓ࠰ࡦ߆ࠄ⾈෼ߒߚ࠺ࠖࠬࡊ࡟ࠗ੐ᬺ 㧔6JQOUQP&KURNC[U2QNUMC5R<11㧕 ࡐ࡯࡜ࡦ࠼ ࠻ࡓ࠰ࡦ࡮࠺ࠖࠬࡊ࡟ࠗ࠭࡮ࠗ࠲࡝࡯ ࠕ࠾ࡖ࡯࠾㧔Anagni㧕,ࠗ࠲࡝ࠕ ࡉ࡜࠙ࡦ▤↢↥ 㧔6JQOUQP&KURNC[U+VCN[㧕 ࠾࡯࠴࡮ࠦࡦࡊ࡟࠶ࠨ࡯ ࠗ࠲࡝ࠕ ࠦࡦࡊ࡟࠶ࠨ࡯↢↥ 㧔0GGEJK%QORTGUUQTU㧕 8+ࠛࠕࠦࡦᎿ႐ ࠝࡑ࡯ࡦ ࠛࠕࠦࡦ↢↥ 㧔8KFGQEQP̄#KTEQPFKVKQPKPI2NCPV㧕 8+ㇱຠ⺞㆐ડᬺ ਛ࿖ ਛ࿖ߣ᧲ධࠕࠫࠕ⻉࿖߆ࠄㇱ᧚ࠍ⾼౉ 㧔8KFGQEQP5QWTEKPI%QORCP[㧕 ಴ᚲ㧦8+࠙ࠚࡉࠨࠗ࠻$WUKPGUU9QTNF#RRNKCPEG/CIC\KPG㧔ᐕ᦬㧕

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x VIߪޔࠗࡦ࠼ߦᏂᄢߥ✚ว↢↥⢻ജࠍᜬߞߡ޿ࠆޕ߹ߚޔࠢࡠࠬࡏ࡯࠳࡯M&Aࠍㅢߒߡ ࡉ࡜࠙ࡦ▤ߣࠟ࡜ࠬߩ⵾ㅧߦ㑐ߒߡޔࠣࡠ࡯ࡃ࡞Ꮢ႐ߢ㊀ⷐߥ࿾૏ࠍ⏕┙ߒߚޕ x ห␠ߪᄙⷺ⊛ߥ੐ᬺࡐ࡯࠻ࡈࠜ࡝ࠝࠍᜬߞߡ߅ࠅޔ․ቯߩ੐ᬺಽ㊁ߩਇᝄߦࠃࠆ࡝ࠬࠢ ࠍᷫዋߢ߈ࠆޕ x ห␠ߪࠗࡦ࠼ߢࡑ࡞࠴ࡉ࡜ࡦ࠼ᚢ⇛ࠍ⛮⛯ߒߡ޿ࠆޕ᭽ޘߥ㘈ቴጀߦᶐㅘߢ߈ࠆߛߌߩ ࡉ࡜ࡦ࠼ᢙࠍ଻᦭ߒߡ޿ࠆޕ x ห␠ߪࠣࡠ࡯ࡃ࡞ߦ᜛ᄢߔࠆߚ߼ߦޔ᰷ᎺᏒ႐ߦ⁓޿ࠍቯ߼ߡ޿ࠆޕ 

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╙┨ ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ 㧔ㅢା㧕

ડᬺ᭎ⷐ ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ㧔VSNL㧕ߪޔࠗࡦ࠼ᦨᄢߩ࿖㓙ㅢା࠰࡝ࡘ࡯࡚ࠪ ࡦ࡮ࡊࡠࡃࠗ࠳࡯ߢ޽ࠆޕห␠ߪ 12 ߩᄢⷙᮨߥ㖸ჿ੤឵࡮વㅍ⸳஻ࠍㆇ༡ߒߡ޿ࠆޕ 1986 ᐕߩഃ┙એ᧪ޔVSNL ߪᶏᄖㅢାࠨ࡯ࡆࠬߩឭଏߦᵈജߒߡ߈ߚޕห␠ߪ࿖㓙㐳〒 㔌ㅢାࠨ࡯ࡆࠬߦ߅ߌࠆࠗࡦ࠼ᦨᄢᚻડᬺߢ޽ࠆޕห␠ߪޔ࿾਄ዪޔ੤឵ᯏޔᶏᐩࠤ࡯ࡉ ࡞ࠪࠬ࠹ࡓࠍㆇ༡ߒߡ߅ࠅޔ៤Ꮺ㔚⹤ޔIP 㔚⹤ޔ㖸ჿࠨ࡯ࡆࠬߥߤߩ࿖㓙㔚᳇ㅢାࠨ࡯ࡆ ࠬࠍឭଏߒߡ޿ࠆޕห␠ߪ TL 9000 ⹺⸽ࠍขᓧߒߚ਎⇇ೋߩㅢାࠨ࡯ࡆࠬࡊࡠࡃࠗ࠳࡯ߢ ߽޽ࠆޕ

࿑⴫㧦  ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ㧙ડᬺ᭎ⷐ㧔ㅪ⚿㧕

ડᬺฬ ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ 㧔Videsh Sanchar Nigam Limited㧕 ᚲ࿷࿾ Videsh Sanchar Bhavan, Mahatma Gandhi Road, Fort, Mumbai – 400 001 㔚⹤⇟ภ +91-22- 66578765 ࡈࠔ࠶ࠢࠬ⇟ภ +91-22- 66395162 ࡎ࡯ࡓࡍ࡯ࠫ http://www.vsnl.in/index.php ળ㐳 Subodh Bhargava ⸳┙ᐕ 1986 ⾗ᧄ✚㗵 12ం2,368ਁ࠼࡞ ⾗↥✚㗵 26ం1,917ਁ࠼࡞ ᓥᬺຬ 2,926ੱ (2006ᐕ3᦬31ᣣ) ಴ᚲ㧦850.ᐕᐲᐕᰴႎ๔ᦠ850.࠙ࠚࡉࠨࠗ࠻

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ

ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ଻▤ੱ߇଻᦭ߒߡ߅ࠅ㗍⸤⸽೛ߣߐࠇߡ޿ࠆᩣ   ว⸘   ಴ᚲ㧦850.࠙ࠚࡉࠨࠗ࠻

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ᴪ㕟

࿑⴫㧦  ᴪ㕟㧙ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ

ᐕ  1986 ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ㧔VSNL㧕߇࿖᦭ડᬺߣߒߡ⸳┙ߐࠇࠆ ࡊࡀ㧔Pune㧕ߩࠕ࡝ࡆ㧔Arivi㧕ߦ࿾਄ዪࠍ㐿ߊ 1991 ࠾ࡘ࡯࠺࡝࡯ߢ⿥ዊဳⴡᤊㅢା࿾਄ዪ㧔VSAT㧕ࠍⒿേ 1993 ࡓࡦࡃࠗޔ࠾ࡘ࡯࠺࡝࡯ޔࠞ࡞ࠞ࠶࠲ޔ࠴ࠚࡦ࠽ࠗߦ߅޿ߡࡆ࠺ࠝળ⼏ࠨ࡯ࡆࠬࠍ㐿ᆎ 1994 ࠣࡠ࡯ࡃ࡞࡮ࡀ࠶࠻ࡢ࡯ࠢ࡮ࠨ࡯ࡆࠬ 㧔GNS㧕ࠍ⊒⴫ 1995 ࠗࡦ࠲࡯ࡀ࠶࠻ࠨ࡯ࡆࠬࠍ㐿ᆎ 2000 ࠗࡦ࠼࿖᦭ડᬺߣߒߡೋ߼ߡ࠾ࡘ࡯࡛࡯ࠢ⸽೛ขᒁᚲ㧔NYSE㧕ߦ਄႐ 2002 VSNL߇᳃༡ൻߐࠇࠆޕ࠲࠲࡮ࠣ࡞࡯ࡊ߇VSNLߩᩣᑼ45㧑ࠍ₪ᓧ 2003 ࠗࡦ࠼ߩㅢାࠨ࡯ࡆࠬᏒ႐ߦ࠲࠲࡮ࠗࡦ࠺ࠖࠦࡓ㧔Tata Indicom㧕ࠍ⊒⴫ 2004 ࠴ࠚࡦ࠽ࠗߦ᜚ὐࠍ⟎ߊ࠺ࠖࠪࡘࡀ࠶࠻DSL㧔DishnetDSL㧕ࠍ⾈෼ ಴ᚲ㧦850.࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ VSNL ߪޔ࿖ౝᦨᄢߩ࿖㓙㐳〒㔌㧔ILD㧕㖸ჿࠨ࡯ࡆࠬࡊࡠࡃࠗ࠳࡯ߢ޽ࠆޕ߹ߚห␠ߪޔ 2001 ᐕ߆ࠄ࠺࡯࠲ㅢା߅ࠃ߮ડᬺะߌࠨ࡯ࡆࠬಽ㊁ߦ߽ㅴ಴ߒߡ߅ࠅޔ࿖㓙ኾ↪࿁✢ 㧔IPLC㧕ޔ࿖ౝኾ↪࿁✢㧔NPLC㧕ޔ઒ᗐ⑳⸳ࡀ࠶࠻ࡢ࡯ࠢ㧔VPN㧕ޔࡈ࡟࡯ࡓ࡝࡟࡯ޔ ߘߩઁߩ㑐ㅪࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕ VSNL ߪ 2003 ᐕ߆ࠄ࿖ౝ㐳〒㔌㧔NLD㧕੐ᬺࠍⴕߞߡ߅ࠅޔᐕ㑆 15 ంಽએ਄ߩ㖸ჿ߅ ࠃ߮࠺࡯࠲ߩㅢାࠍขࠅᛒߞߡ޿ࠆޕ߹ߚห␠ߪޔ࠽ࡠ࡯ࡃࡦ࠼ߩࠗࡦ࠲࡯ࡀ࠶࠻ࠨ࡯ࡆ ࠬߦ 60 ਁੱߩട౉⠪ࠍޔࡉࡠ࡯࠼ࡃࡦ࠼࡮ࠨ࡯ࡆࠬߦ 6 ਁੱߩട౉⠪ࠍᛴ߃ߡ޿ࠆޕ

 ਥⷐ࿖ౝᚢ⇛ VSNL ߪޔ┹੎ജࠍ଻ߜ⛯ߌࠆߚ߼੐ᬺࡕ࠺࡞ࠍㅴൻߐߖߡ߈ߚޕห␠߇ߣߞߚਥⷐߥ ᣉ╷ߩ৻ㇱߪᰴߩㅢࠅޕ

 㖸ჿ߆ࠄ࠺࡯࠲߳ߩォ឵ VSNL ߪޔ㖸ჿ࠻࡜ࡈࠖ࠶ࠢࠃࠅ߽ᄙ㊂ߩ࠺࡯࠲࠻࡜ࡈࠖ࠶ࠢߩㅢାࠍᛒ߁ࠃ߁ߦ੐ᬺ ࡕ࠺࡞ࠍォ឵ߒߡ޿ࠆޕ⃻࿷ VSNL ߩ෼౉ߩ 55㧑ࠍ㖸ჿ੐ᬺ߇භ߼ߡ޿ࠆ߇ޔห੐ᬺߪᕆ ㅦߦᷫㅦߒߡ޿ࠆޕ߹ߚޔ㖸ჿ੐ᬺ߆ࠄ㜞೑᏷ߩ࠺࡯࠲੐ᬺ߳ォ឵ߔࠆߎߣߢޔ೑⋉₸߽ ะ਄ߒߡ޿ࠆޕ⃻࿷ߩห␠ߩ෼౉ߩ 30㧑એ਄ࠍභ߼ࠆ࠺࡯࠲੐ᬺߪޔ੹ᓟ 2 ᐕ㑆ߩ߁ߜߦ ᕆᚑ㐳ߔࠆߎߣ߇⷗ㄟ߹ࠇࠆޕ2007㨪2008 ᐕߩ㑆ߦߪ VSNL ߩ෼౉ߩ⚂ 60㧑ࠍ࠺࡯࠲੐ ᬺ߇භ߼ࠆน⢻ᕈ߇޽ࠆޕ

 ᶏᐩࠤ࡯ࡉ࡞ߩᒝൻ VSNL ߪޔᶏᐩࠤ࡯ࡉ࡞੐ᬺߩᄢᚻડᬺߢ޽ࠆޕࠗࡦ࠼ߦ޽ࠆ 5 ߟߩᶏᐩࠤ࡯ࡉ࡞ߩ߁ ߜ 4 ߟࠍ VSNL ߇ᚲ᦭ߔࠆޕߎߩߚ߼ޔห␠ߪ┹วડᬺߦᲧߴޔᓳᣥ⢻ജ߿ࠗࡦ࠼ߩ޽ࠄ ࠁࠆ࿾ၞߢ࠺࡯࠲ㅢାࠍⴕ߁ᚻᲑࠍឭଏߔࠆߣ޿ߞߚὐߦఝ૏ᕈࠍᜬߞߡ޿ࠆޕVSNL ߪ  850.ᐕᐲᐕᰴႎ๔ᦠޔ%KVKITQWR)NQDCN/CTMGVŪ850.ޔࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 93 

ߐ߹ߑ߹ߥࠦࡦ࠰࡯ࠪࠕࡓߩࡔࡦࡃ࡯ߢ߽޽ࠆߚ߼ޔห␠ߪᢙᄙߊߩ࿾ၞ߳⋥ធធ⛯ߔࠆ ߎߣ߇ߢ߈ࠆޕ

 5916ಽᨆ

 ᒝߺ x ၷ࿕ߥࡀ࠶࠻ࡢ࡯ࠢ࡮ࠗࡦࡈ࡜ – VSNLߪޔࡂࠗࠛࡦ࠼㘈ቴߩ㔛ⷐߦኻᔕߢ߈ࠆᒝ࿕ߥ ࡀ࠶࠻ࡢ࡯ࠢ࡮ࠗࡦࡈ࡜ࠍ଻᦭ߒߡ޿ࠆޕ․ߦEUߢߪⶄᢙߩធ⛯ࠝࡊ࡚ࠪࡦࠍឭଏߒ ߡ޿ࠆޕ x ㅢା੐ᬺߩ࿖㓙ࠕ࡜ࠗࠕࡦࠬ – VSNLߪޔᄙߊߩࠣࡠ࡯ࡃ࡞ડᬺߣࠕ࡜ࠗࠕࡦࠬࠍ⚿ࠎ ߢ޿ࠆޕห␠ߪߎࠇࠍᵴ↪ߒޔ㘈ቴߦ✚ว࠰࡝ࡘ࡯࡚ࠪࡦࠍឭଏߒߡ޿ࠆޕ x ࠲࠲࡮ࠣ࡞࡯ࡊߩᡰេ – VSNLߪ࠲࠲࡮ࠣ࡞࡯ࡊߩ৻ㇱߢ޽ࠆޕห␠ߪ⾈෼࡮᜛ᄢࠍㅴ ߼ࠆ਄ߢ᦭ᗧߥ⽷Ḯࠍᜬߞߡ޿ࠆߣ⸒߃ࠆޕ

 ᒙߺ x ࿖ౝߦ߅ߌࠆ┹੎ߩỗൻ – ࿖ౝߩㅢାᏒ႐ߩ┹੎ߪᕆㅦߦỗൻߒߡ޿ࠆޕᣂߚߥࡊ࡟࠶ ࠪࡖ࡯߇㜞߹ࠆਛޔVSNLߪ࿖ౝߢ߹ߛఝ૏ᕈࠍ⏕┙ߒߡ޿ߥ޿ޕ

 ᯏળ x ࿖ౝߦ߅ߌࠆࡆࠫࡀࠬ࡮ࡊࡠ࠮ࠬ࡮ࠕ࠙࠻࠰࡯ࠪࡦࠣ㧔BPO㧕߅ࠃ߮IT㑐ㅪࠨ࡯ࡆࠬ↥ ᬺ㧔ITES㧕ߩᕆᚑ㐳 – ࠗࡦ࠼ߩBPO߅ࠃ߮ITES↥ᬺߩᕆᚑ㐳ߦࠃߞߡޔ੹ᓟ4ޔ5ᐕߩ ߁ߜߦࠗࡦ࠼߆ࠄ☨࿖߳ߩ10࠹࡜ࡃࠗ࠻ࠍ⿥߃ࠆㅢା㔛ⷐ߇ഃ಴ߐࠇࠆߎߣ߇⠨߃ࠄࠇ ࠆޕߎߩ㔛ⷐߦᔕ߃ࠆߚ߼ޔห␠ߪࠗࡦ࠼࡮᰷Ꮊ㑆ᶏᐩࠤ࡯ࡉ࡞ߩ⸳⟎߳2ం4,846ਁ࡙ ࡯ࡠߩᛩ⾗ࠍ⸘↹ߒߡ޿ࠆޕ x ✚วࡀ࠶࠻ࡢ࡯ࠢࠨ࡯ࡆࠬ߳ߩ㔛ⷐߩ㜞߹ࠅ –✚วࡀ࠶࠻ࡢ࡯ࠢࠨ࡯ࡆࠬ߳ߩ㔛ⷐߩ㜞 ߹ࠅࠍฃߌޔVSNLߪ࠲࠲࡮ࠦࡦࠨ࡞࠲ࡦࠪ࡯࡮ࠨ࡯ࡆࠪ࡯࠭㧔Tata Consultancy Services 㧔TCS㧕㧕ߣߩวᑯડᬺ⸳┙ࠍ᳿ቯߒߚޕߎߩᣂડᬺߪޔ㘈ቴߦធ⛯ࠨ࡯ࡆࠬޔ ✚วࡀ࠶࠻ࡢ࡯ࠢࠨ࡯ࡆࠬޔࡀ࠶࠻ࡢ࡯ࠢ▤ℂࠨ࡯ࡆࠬޔITࠨ࡯ࡆࠬࠍឭଏߔࠆޕ

 ⢿ᆭ x ᡽ᐭⷙ೙ –ࠗࡦ࠼᡽ᐭ߇2002ᐕߦ⌕ᚻߒߚㅢା⥄↱ൻࡊࡠࠣ࡜ࡓߪޔVSNLߦߣߞߡᄢ ߈ߥ⢿ᆭߢ޽ࠆޕ⥄↱ൻ߇ⴕࠊࠇߡએ᧪ޔ࿖㓙㐳〒㔌ㅢ⹤ᢱ㊄ߪ2002㨪2003ᐕߩᲤಽ 48࡞ࡇ࡯߆ࠄ2005㨪2006ᐕߦߪᲤಽ7.2࡞ࡇ࡯߳ߣᒁ߈ਅߍࠄࠇߚޕ

 850.ᐕᐲᐕᰴႎ๔ᦠޔࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ

 94 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

 ਥⷐ੐ᬺಽ㊁ VSNL ߪએਅߩਥⷐ੐ᬺಽ㊁ߢᵴേࠍⴕߞߡ޿ࠆޕ x 㖸ჿ෈ᄁ੐ᬺ – ࿖㓙㐳〒㔌ㅢ⹤߅ࠃ߮࿖ౝ㐳〒㔌ㅢ⹤ࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕ x ડᬺะߌ࡮࠺࡯࠲ㅢା੐ᬺ – ㌁ⴕ߅ࠃ߮㊄Ⲣࠨ࡯ࡆࠬᬺ⠪ޔIT߅ࠃ߮ITESޔ⍹ᴤޔࡔ ࠺ࠖࠕ߅ࠃ߮ࠛࡦ࠲࡯࠹ࠗࡦࡔࡦ࠻ޔߘߩઁߩᬺ⒳ߥߤߦኻᔕߔࠆ࿕᦭ߩ࠰࡝ࡘ࡯࡚ࠪ ࡦࠍឭଏޕߎߩ੐ᬺߪޔዊ࡮ਛ࡮ᄢⷙᮨߣ᭽ޘߥⷙᮨߩડᬺࠍኻ⽎ߣߒߡ޿ࠆޕ x ߘߩઁߩࠨ࡯ࡆࠬ – ߎߩಽ㊁ߢߪޔធ⛯ޔࡔ࠶࠮࡯ࠫㅍାޔIP㔚⹤ࠍ฽߻ᐢ▸ߥࠨ࡯ࡆ ࠬࠍឭଏߒߡ޿ࠆޕߎߩಽ㊁ߦ฽߹ࠇࠆਥߥࠨ࡯ࡆࠬߩ৻ㇱࠍએਅߦ␜ߔޕ ࠳ࠗࡗ࡞ࠕ࠶ࡊ࡮ࠗࡦ࠲࡯ࡀ࠶࠻ࠨ࡯ࡆࠬ ࡉࡠ࡯࠼ࡃࡦ࠼੐ᬺ 9K(K߅ࠃ߮ࠨࠗࡃ࡯ࠞࡈࠚ +2㔚⹤

 ਥⷐ⽷ോᜰᮡ VSNL ߩᄁ਄ߍߪޔ2005 ᐕᐲߦ೨ᐕᲧ 37㧑Ⴧߣߥࠅ 10 ం࠼࡞ߩᄢบߦਸ਼ߖߚޕ

࿑⴫㧦  ⽷ോ㧙ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦850.ᐕᐲᐕᰴႎ๔ᦠ

 ㇱ㐷࡮࿾ၞ೎࠺࡯࠲ 㖸ჿ෈ᄁ੐ᬺߪޔVSNL ߦߣߞߡᦨᄢߩ੐ᬺಽ㊁ߢ޽ࠅޔᄁ਄ߍߩ 57㧑એ਄ࠍභ߼ࠆޕ ߎࠇߦ⛯ߊߩߪޔᄁ਄ߍߩ 32㧑એ਄ࠍභ߼ࠆޔડᬺะߌ࡮࠺࡯࠲ㅢା੐ᬺߛޕ

࿑⴫㧦  ੐ᬺಽ㊁೎ߩᄁ਄ߍ㧙ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ ᐕᐲ 

⽷ോᜰᮡ 㖸ჿ෈ᄁ੐ᬺ ડᬺะߌ࡮࠺࡯࠲ㅢା੐ᬺ ߘߩઁ ᄁ਄ߍ㧔100ਁ࠼࡞㧕    Ⴧട₸㧔㧑㧕    ಴ᚲ㧦850.ᐕᐲᐕᰴႎ๔ᦠ

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧙ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠟࡓ ᐕᐲ 

⽷ോᜰᮡ ࠗࡦ࠼ ☨࿖ ⧷࿖ 7#' ߘߩઁ ᄁ਄ߍ㧔100ਁ࠼࡞㧕      Ⴧട₸㧔㧑㧕   0#  0# ಴ᚲ㧦850.ᐕᐲᐕᰴႎ๔ᦠ

 850.ᐕᐲᐕᰴႎ๔ᦠ

 95 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

 ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࡆ࠺࠶ࠪࡘ࡮ࠨࡦ࠴ࡖ࡯࡮࠾ࠣࡑ

ᐕ  ࿖㓙੐ᬺࠨ࡯ࡆࠬㇱ㐷ࠍ⸳┙ 1987 ࠗࡦ࠼࡮UAE㑆ߦࠤ࡯ࡉ࡞ࠍᢝ⸳ ࠗ࠲࡝ࠕޔ⧷࿖ޔᣣᧄޔࠝ࡜ࡦ࠳ޔࠪࡦࠟࡐ࡯࡞ޔࠬࡍࠗࡦߢޟࡎ࡯ࡓ࡮࠺ࠖ࡟ࠢ࠻ 1990 㧔Home Direct㧕ޠ࠹࡟ࡈࠜࡦࠨ࡯ࡆࠬࠍ㐿ᆎ ࠞ࠽࠳ޔ࠲ࠗޔบḧޔ࠾ࡘ࡯ࠫ࡯࡜ࡦ࠼ޔࠝ࡯ࠬ࠻࡜࡝ࠕޔ㚅᷼ޔࡑ࡟࡯ࠪࠕޔ࠼ࠗ࠷ߢ 1991 ޟࡎ࡯ࡓ࡮࠺ࠖ࡟ࠢ࠻ޠ࠹࡟ࡈࠜࡦࠨ࡯ࡆࠬࠍ㐿ᆎ ࡐ࡞࠻ࠟ࡞߅ࠃ߮ࡈࠖࡦ࡜ࡦ࠼ߢޟࡎ࡯ࡓ࡮࠺ࠖ࡟ࠢ࠻ޠࠍ㐿ᆎ 1993 ࠪࡦࠟࡐ࡯࡞߆ࠄࡈ࡜ࡦࠬ߹ߢߩSEA-ME-WE-3 శ࠺ࠫ࠲࡞ࡂࠗ࠙ࠚࠗࠍ⸳⟎ 1994 ࠴࡝߅ࠃ߮ࠗࠬ࡜ࠛ࡞ߢޟࡎ࡯ࡓ࡮࠺ࠖ࡟ࠢ࠻ޠ࠹࡟ࡈࠜࡦࠨ࡯ࡆࠬࠍ㐿ᆎ 1996 ࠬࠗࠬ߅ࠃ߮ࡌ࡞ࠡ࡯ߢޟࡎ࡯ࡓ࡮࠺ࠖ࡟ࠢ࠻ޠ࠹࡟ࡈࠜࡦࠨ࡯ࡆࠬࠍ㐿ᆎ ࿖㓙ISDNࠍ㐿ᆎ 1997 ࠗࡦ࠼ߩࡓࡦࡃࠗ⚻↱ߢ⧷࿖ߣᣣᧄࠍ❬ߋߥߤޔ਎⇇ਛߦᶏᐩశࡈࠔࠗࡃ࡯࡮ࠤ࡯ࡉ࡞ࠍ ⸳⟎ ࠬ࡝࡜ࡦࠞߢߩ࿖㓙㐳〒㔌ㅢ⹤ࠨ࡯ࡆࠬታᣉߩ࡜ࠗ࠮ࡦࠬࠍขᓧ 2003 ☨࿖ߦቢోሶળ␠ߩVSNLࠕࡔ࡝ࠞ㧔VSNL America Inc㧕ࠍ⸳┙ VSNLᶏᄖ੐ᬺߩᜬߜᩣળ␠߅ࠃ߮VSNLࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞㧔VSNL International㧕ߩ ᧄㇱߣߒߡޔVSNLࠪࡦࠟࡐ࡯࡞㧔VSNL Singapore Pte Limited㧕߇⸳┙ߐࠇࠆ 2004 VSNLࠕࡔ࡝ࠞ߇ޔ☨࿖ߢߩ࿖㓙ㅢାࠨ࡯ࡆࠬㆇ༡⸵นࠍㅪ㇌ㅢାᆔຬળ㧔FCC㧕߆ࠄ ฃߌࠆ 2005 ☨࿖ߩ࠲ࠗࠦ࡮ࠣࡠ࡯ࡃ࡞࡮ࡀ࠶࠻ࡢ࡯ࠢࠍ⾈෼ߒޔ਎⇇ᦨᄢߩᶏᐩࠤ࡯ࡉ࡞ડᬺߣߥࠆ ☨࿖ߩ࠹࡟ࠣࡠ࡯ࡉ㨯ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞࡮ࡎ࡯࡞࠺ࠖࡦࠣࠬ㧔Teleglobe International 2006 Holdings Limited㧕ࠍ⾈෼ ಴ᚲ㧦850.࠙ࠚࡉࠨࠗ࠻

 ࠣࡠ࡯ࡃ࡞੐ᬺߩ᭎ⷐ  VSNL ߪޔ਎⇇ᦨᄢߩ࿖㓙ㅢା੐ᬺ⠪ߢ޽ࠆޕห␠ߩࠣࡠ࡯ࡃ࡞ዷ㐿ߪޔ4 ᄢ㒽 240 ࠞ ࿖એ਄ߦ෸ࠎߢ޿ࠆޕห␠ߪ 21 ࠞ࿖ߦ 52 ߩሶળ␠ࠍ଻᦭ޕ߹ߚޔ415 એ਄ߩ㖸ჿㅢାࡊ ࡠࡃࠗ࠳࡯ߣ⋧੕⵬ቢ㑐ଥࠍ▽޿ߡ޿ࠆޕห␠ߪޔᐕ㑆ߦ 170 ంಽએ਄ߩ࿖㓙㖸ჿㅢାࠍ ขࠅᛒߞߡ޿ࠆޕ߹ߚห␠ߪޔ਎⇇ਛߩ 400 એ਄ߩ៤Ꮺ੐ᬺ⠪ߦ߽ធ⛯ࠍឭଏߒߡ޿ࠆޕ VSNL ߪޔGSM ᣇᑼߦ߅ߌࠆർ☨ߣߩ㑆ߢߩࡠ࡯ࡒࡦࠣࠍน⢻ߦߔࠆࠨ࡯ࡆࠬߩਥⷐࡊࡠ ࡃࠗ࠳࡯ߢ޽ࠆޕ ߹ߚ VSNL ߪޔㅢାᏒ႐ߩ⥄↱ൻࠍㅴ߼ߟߟ޽ࠆ࿖ޘߢࡁ࠙ࡂ࠙ࠍᵴ↪ߒߡࡆࠫࡀࠬࠍ ᜛ᄢߐߖߡ޿ࠆޕห␠ߪߔߢߦޔࡀࡄ࡯࡞ߦㅢାࠨ࡯ࡆࠬឭଏߩߚ߼ߩวᑯડᬺࠍᜬߞߡ ޿ࠆ߶߆ޔࠬ࡝࡜ࡦࠞߦߪᄖㇱࠥ࡯࠻࠙ࠚࠗ࡮ࠝࡍ࡟࡯࠲࡯ߩ࡜ࠗ࠮ࡦࠬࠍᜬߟሶળ␠ࠍ ᜬߞߡ޿ࠆޕ߹ߚ VSNL ߪޔධࠕࡈ࡝ࠞߢㅢାࠨ࡯ࡆࠬࠍⴕ߁࡜ࠗ࠮ࡦࠬࠍ₪ᓧߒߚޕ

 850.ᐕᰴႎ๔ᦠ

 96 

 ⾈෼̄ࠣࡠ࡯ࡃ࡞ߥᚑ㐳ߩផㅴജ VSNL ߪޔࠣࡠ࡯ࡃ࡞੐ᬺࠍ᜛ᄢߔࠆߚ߼Ⓧᭂ⊛ߦࠢࡠࠬࡏ࡯࠳࡯M&A ࠍᵴ↪ߒߡ߈ߚޕ ᦨ߽ᣂߒ޿⾈෼᩺ઙߩ࠹࡟ࠣࡠ࡯ࡉ㧔Teleglobe㧕ߣ࠲ࠗࠦ࡮ࠣࡠ࡯ࡃ࡞㧔Tyco Global㧕 ߩ⾈෼ߪޔߎߩᣇ㊎ߩਅߢⴕࠊࠇߚޕ

 ࠹࡟ࠣࡠ࡯ࡉ㧔6GNGINQDG+PVGTPCVKQPCN*QNFKPIU.KOKVGF㧕 VSNL ߪ 2006 ᐕ 2 ᦬ޔࡃࡒࡘ࡯࠳ߦ᜚ὐࠍ⟎ߊ࠹࡟ࠣࡠ࡯ࡉ㧔Teleglobe International Holdings Limited㧕ࠍ⾈෼ߒߚޕVSNL ߪ⾈෼ᓟޔ࠹࡟ࠣࡠ࡯ࡉߩఝࠇߚࡀ࠶࠻ࡢ࡯ࠢ࡮ࠗ ࡦࡈ࡜ࠍᵴ↪ߒߡ޿ࠆޕ

 ࠲ࠗࠦ㧔6[EQ)NQDCN0GVYQTM㧕 VSNL ߪ 2005 ᐕ 7 ᦬ޔ࠲ࠗࠦ࡮ࠣࡠ࡯ࡃ࡞࡮ࡀ࠶࠻ࡢ࡯ࠢ㧔Tyco Global Network㧕ࠍ ⾈෼ߒߚޕ࠲ࠗࠦߪޔർ☨ޔ᰷Ꮊޔࠕࠫࠕࠍ⚿߱ 6 ਁࠠࡠߦ෸߱ᦨᣂߩᶏᐩࠤ࡯ࡉ࡞ࡀ࠶ ࠻ࡢ࡯ࠢࠍㆇ༡ߒߡ޿ࠆޕ⾈෼ᓟޔVSNL ߪ਎⇇ᦨᄢߩᶏᐩࠤ࡯ࡉ࡞ࠪࠬ࠹ࡓ଻᦭⠪ߦߥ ࠅޔᄢ㒽㑆ߢߩᶏᐩࠤ࡯ࡉ࡞ߦࠃࠆࡉࡠ࡯࠼ࡃࡦ࠼࡮ࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕ 

ⷐὐ x VSNLߪޔࠣࡠ࡯ࡃ࡞ߥ᜛ᄢߩߚ߼ࠢࡠࠬࡏ࡯࠳࡯M&Aࠍᵴ↪ߒߡ޿ࠆޕ x VSNLߪޔ㖸ჿ࠻࡜ࡈࠖ࠶ࠢࠃࠅ߽೑᏷ߩෘ޿࠺࡯࠲ㅢାߦะߌߡ੐ᬺࡕ࠺࡞ࠍォ឵ߒ ߡ޿ࠆޕ x VSNLߪޔᶏᐩࠤ࡯ࡉ࡞ડᬺߣߒߡᦨᄢᚻߢ޽ࠆޕࠗࡦ࠼ߦ޽ࠆ5ߟߩࠤ࡯ࡉ࡞ߩ߁ߜ4 ߟࠍVSNL߇ᚲ↪ߔࠆޕ x ห␠ߪㆊ෰ᢙᐕ㑆ߦ☨࿖ߢⶄᢙߩ⾈෼ࠍⴕߞߡ߈ߚޕ

 97 

╙┨ ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ 㧔㔚ജⵝ⟎㧕

ડᬺ᭎ⷐ ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ㧔CGL㧕ߪޔࠗࡦ࠼ᦨᄢߩ㔚ജ࡮㈩㔚ᄌ࿶ེࡔ࡯ࠞ࡯ߣߒߡ 18㧑ㄭ޿Ꮢ႐ࠪࠚࠕࠍ᦭ߔࠆޕCGL ߪ߹ߚޔࠗࡦ࠼ᦨᄢߩ㐿㐽ⵝ⟎ࡔ࡯ࠞ࡯ߢ߽޽ࠅޔ㜞 ࿶㧔HT㧕㐿㐽ⵝ⟎ߢߪᦨᄢᚻߢޔHT ࡕ࡯࠲࡯ߢߪ࿖ౝ╙ 2 ૏ߛޕߐࠄߦޔห␠ߪૐ࿶ 㧔LT㧕㐿㐽ⵝ⟎ߢ߽㜞޿ࠪࠚࠕࠍ᦭ߔࠆޕ࿖ౝߩ㔚ജᶖ⾌㊂ߪᐕ 3.5㧑Ⴧߩᚑ㐳߇੍ᗐߐ ࠇߡ߅ࠅޔห␠ߩ੐ᬺߪᅢᯏࠍㄫ߃ߡ޿ࠆޕ CGL ߪޔࠗࡦ࠼ߩ࡝࠶࠲࡞㧔Rittal㧕ޔࠢࡢ࡝࠻ࡠ࡞㧔Qualitrol㧕ޔ☨࿖ߩࠪࠬࡊࡠ࠹࠶ ࠢ㧔Sysprotec㧕ࠍ฽߻࿖ౝᄖߩડᬺ߆ࠄޔᄌ࿶ེ⵾ㅧ↪ߩේ᧚ᢱࠍ⺞㆐ߒߡ޿ࠆޕ߹ߚห ␠ߪޔ࿖ౝᄖߦᄙߊߩ㘈ቴࠍᛴ߃ࠆޕᄖ࿖ડᬺߢߪޔGEޔࠪ࡯ࡔࡦࠬ㧔Siemens㧕ޔABBޔ ਃ⪉໡੐ޔࠪࡘ࠽ࠗ࠳࡯࡮ࠣ࡞࡯ࡊޔࠕ࡞ࠬ࠻ࡓޔELIN ߥߤޕ࿖ౝડᬺߢߪޔࠗࡦ࠼࿖ኅ ㅍ㔚౏␠㧔PGCIL㧕ޔࠕ࡯ࡦ࠼࡜࡮ࡊ࡜࠺࡯ࠪࡘᎺㅍ㔚౏␠㧔Andrapradesh Transmission Corporation㧕ޔࠗࡦࡈࠜࠪࠬ࡮࠹ࠢࡁࡠࠫ࡯࠭㧔Infosys Technologies㧕ޔࡃ࡯࡜࠻࡮ࡍ࠻ ࡠ࡝ࠕࡓ㧔Bharat Petroleum Corporation Limited㧕ߥߤޕ

࿑⴫㧦  ડᬺ᭎ⷐ 㧙 ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ㧔ㅪ⚿㧕

ડᬺฬ ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ㧔Crompton Greaves Limited㧕 ᚲ࿷࿾ 6th Floor, CG House, Dr. Annie Besant Road, Worli, Mumbai-400 030, India 㔚⹤⇟ภ +91 022 24237777 ࡈࠔ࠶ࠢࠬ⇟ภ +91 022 24237788 ࡎ࡯ࡓࡍ࡯ࠫ http://www.cglonline.com/ ળ㐳 Gautam Thapar ⸳┙ᐕ 1878 ⾗ᧄ✚㗵 1ం7,797ਁ࠼࡞ ⾗↥✚㗵 6ం2,696ਁ࠼࡞ ᓥᬺຬ NA ಴ᚲ㧦%).࠙ࠚࡉࠨࠗ࠻%).ᐕᐲᐕᰴႎ๔ᦠ

 98 

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

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࿑⴫㧦  ᴪ㕟 㧙 ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ

ᐕ  1878 R.E.B. ࠢࡠࡦࡊ࠻ࡦ᳁߇R.E.B.ࠢࡠࡦࡊ࠻ࡦ࡮ࠕࡦ࠼࡮ࠞࡦࡄ࠾࡯ࠍഃ┙ R.E.B.ࠢࡠࡦࡊ࠻ࡦ࡮ࠕࡦ࠼࡮ࠞࡦࡄ࠾࡯߇F.A ࡄ࡯ࠠࡦ࠰ࡦߣว૬ߒࠢࡠࡦࡊ࠻ࡦ࡮ 1927 ࡄ࡯ࠠࡦ࠰ࡦ㧔Crompton Parkinson Ltd㧕߇⊒⿷ ᓥ᧪ߪޔࠣ࡝࡯ࡉࠬ࡮ࠦ࠶࠻ࡦ࡮ࠕࡦ࠼࡮ࠞࡦࡄ࠾࡯㧔GCC㧕߇ࠗࡦ࠼ߢߩ༡ᬺ࡮⽼ᄁ 1937 ࠍᚻ߇ߌߡ޿ߚ߇ޔࠢࡠࡦࡊ࠻ࡦ࡮ࡄ࡯ࠠࡦ࠰ࡦߪGCCߣวᑯߢ⽼ᄁડᬺޔࠣ࡝࡯ࡉ ࠬ࡮ࠦ࠶࠻ࡦ࡮ࠕࡦ࠼࡮ࠢࡠࡦࡊ࠻ࡦ࡮ࡄ࡯ࠠࡦ࠰ࡦࠍ⸳┙ ࠗࡦ࠼ੱታᬺኅ࡜࡜࡮ࠞ࡜ࡓ࠴ࡖࡦ࠼࡮࠲ࡄ࡯࡞᳁߇ࠢࡠࡦࡊ࠻ࡦ࡮ࡄ࡯ࠠࡦ࠰ࡦࠍ 1947 ⾈෼ޔ⃻␠ฬ㧔ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ㧕ߦᄌᦝ ห␠ߩㅍ㘑ᯏ߅ࠃ߮ᾖ᣿੐ᬺ߇⧷⹹ޟࠬ࡯ࡄ࡯ࡊ࡜ࡦ࠭ޠߢࠗࡦ࠼ߩ᦭ജࡉ࡜ࡦ࠼ߣ⹺ቯ 2004 ߐࠇࠆ ಴ᚲ㧦%).࠙ࠚࡉࠨࠗ࠻ 

ో૕ߩ⊒ዷᚢ⇛

 㜞ᐲߥຠ⾰▤ℂ⢻ജ CGL ߪޔຠ⾰▤ℂࠍ㕖Ᏹߦ㊀ⷞߒޔฦ⒳ߩ⹺⸽ࠍขᓧߒߡ޿ࠆޕਥߥขᓧᷣߺ⹺⸽ߪᰴ ߩㅢࠅޕ x శḮㇱ㐷ߪISO 9000:2000߅ࠃ߮ISO 14001ߩ⹺⸽ࠍขᓧޕ x 㔚ജᄌ࿶ེ߅ࠃ߮㐿㐽ⵝ⟎ߪޔEuro/IEC߅ࠃ߮ANSI/NEMAߩၮḰߦḰ᜚ޕ x ↥ᬺ↪ᄌ࿶ེㇱ㐷ߪޔISO 14001߅ࠃ߮OHSAS 18001ߩ⹺⸽ࠍขᓧޕ x ⵾ㅧᣉ⸳ߩ߁ߜ7ࠞᚲߢISO 14001⹺⸽ࠍขᓧޕ x ⵾ㅧᣉ⸳ߩ߁ߜ4ࠞᚲߢOHSAS 18001⹺⸽ࠍขᓧޕ

 %).ᐕᐲᐕᰴႎ๔ᦠޔ%).ᐕᐲᐕᰴႎ๔ᦠ

 99 

 ࠦࠬ࠻೥ᷫ CGL ߇෼⋉ะ਄ߩߚ߼ߦታᣉߒߡ߈ߚᣉ╷ߩ৻ㇱߪᰴߩㅢࠅޕ x 2005ᐕᐲߦ㜞ࠦࠬ࠻᭴ㅧߣߥߞߡ޿ߚࡓࡦࡃࠗߩᄢဳᯏ᪾ㇱ㐷ࠍ㐽㎮ޕ x e-࠰࡯ࠪࡦࠣࠗ࠾ࠪࠕ࠴ࡉ㧔ITࠍ೑↪ߒߡߩ⾼⾈ᵴേ㧕ߦࠃߞߡේ᧚ᢱࠦࠬ࠻ࠍ೥ᷫޕ ห␠ߪޔ2ᐕ㑆ߢหࠗ࠾ࠪࠕ࠴ࡉߦࠃߞߡ400ਁ࠼࡞ࠍ೥ᷫߒߚޕ߹ߚᣂߒ޿ࠨࡊ࡜ࠗ ࡗ࡯ߩ㐿ᜏߥߤ߇น⢻ߦߥߞߚޕ x ࠪ࠶ࠢࠬ࡮ࠪࠣࡑࠍ⵾ຠ⸳⸘Ꮏ⒟ߦዉ౉ߒ⵾ຠຠ⾰߇ะ਄ޕ x ⵾ຠ࡜ࠗࡈࠨࠗࠢ࡞▤ℂࠍᔀᐩߒޔ⵾ຠ㐿⊒ࠨࠗࠢ࡞ᤨ㑆ࠍ೥ᷫޕ

 ൮᜝⊛࠰࡝ࡘ࡯࡚ࠪࡦ࡮ࠨ࡯ࡆࠬ߳ߩォ឵ CGL ߪో੐ᬺࠍ⛔วߒޔ⵾ຠߩ⵾ㅧߦട߃ޔ᭽ޘߥઃടࠨ࡯ࡆࠬߩឭଏࠍⴕ߅߁ߣߒߡ ޿ࠆޕ⃻࿷ߢߪޔห␠ߪ㘈ቴߦ⵾ຠ㧔ᄌ࿶ེޔ㐿㐽ེޔㆤᢿᯏޔࡕࡃࠗ࡞ਛ⛮ၮ࿾ޔ㔚ജ ․ᕈ㑐ㅪ⵾ຠߥߤ㧕ࠍឭଏߔࠆߛߌߢߪߥߊޔ࠲࡯ࡦࠠ࡯࡮ࡊࡠࠫࠚࠢ࠻㧔⸳஻ߩᝪઃ࡮ ⹜ㆇォ߹ߢࠍᄁࠅᚻ஥߇ᒁ߈ฃߌߡޔ⾈޿ᚻߦᒁ߈ᷰߔᄾ⚂㧕߿㜞ᐲߥࠕࡈ࠲࡯ࠨ࡯ࡆࠬ ߥߤޔ൮᜝⊛ߥ࠰࡝ࡘ࡯࡚ࠪࡦߩឭ᩺ࠍⴕߞߡ޿ࠆޕߎߩࠗ࠾ࠪࠕ࠴ࡉߦࠃߞߡޔCGL ߪ ࠣࡠ࡯ࡃ࡞Ꮢ႐ߦ߅ߌࠆߘߩ࿾૏ࠍᒝൻߒޔ೑⋉₸ࠍะ਄ߐߖߡ޿ࠆޕ

 ⎇ⓥ㐿⊒ CGL ߪޔ⎇ⓥ㐿⊒ࠍ㊀ⷞߒߡ޿ࠆޕห␠ߩ⎇ⓥ㐿⊒᜚ὐߪ ISO 9001 ߅ࠃ߮ ISO 27001 ߩ⹺⸽ࠍขᓧߒߡ޿ࠆޕ⎇ⓥኻ⽎ಽ㊁ߪޔੇᑼᄌ࿶ེޔࡉ࡜ࠪ࡟ࠬ DC ࡕ࡯࠲࡯ޔ⌀ⓨㆤ ᢿᯏޔ㜞ല₸ᾖ᣿ࠪࠬ࠹ࡓޔ⏛᳇ޔ࠮࡜ࡒ࠶ࠢ߅ࠃ߮ࠗࡦࠪࡘ࡟࡯࡚ࠪࡦ᧚ޔ㔚ജ․ᕈᡷ ༀߥߤޕ ห␠ߪޔᄙߊߩ⎇ⓥᯏ㑐߿㑐ㅪᯏ㑐ߣ౒ห⎇ⓥ㐿⊒ߒߡ޿ࠆޕਥߥឭ៤ᯏ㑐ߪޔࡓࡦࡃ ࠗߩࠗࡦ࠼Ꮏ⑼ᄢቇ㧔IIT㧕ޔ࠮ࡦ࠻࡜࡞࡮ࠗࡦࠬ࠹ࠖ࠴ࡘ࡯࠻࡮ࠝࡉ࡮ࡊ࡜ࠬ࠴࠶ࠢ࡮ࠛ ࡦࠫ࠾ࠕ࡝ࡦࠣ࡮ࠕࡦ࠼࡮࠹ࠢࡁࡠࠫ࡯㧔Central Institute of Plastic Engineering and Technology㧕ޔ࠮ࡦ࠻࡜࡞࡮ࠛ࡟ࠢ࠻ࡠ࡮ࠤࡒࠞ࡞࡮࡝ࠨ࡯࠴࡮ࠗࡦࠬ࠹ࠖ࠴ࡘ࡯࠻ 㧔Central Electro Chemical Research Institute㧕ޔ࠮ࡦ࠻࡜࡞࡮ࡄࡢ࡯࡮࡝ࠨ࡯࠴࡮ࠗࡦࠬ ࠹ࠖ࠴ࡘ࡯࠻㧔Central Power Research Institute㧕ޔࡓࡦࡃࠗߩ࡝࡯࡚ࠫ࠽࡞࡮࡝ࠨ࡯ ࠴࡮࡜ࡏ࡜࠻࡝࡯㧔Regional Research Laboratory㧕ޔࡧࠚ࡞ࡑ࠲࡮ࠫࠫࡖࡃࠗ࡮࠹ࠢࡁ ࡠࠫࠞ࡞࡮ࠗࡦࠬ࠹ࠖ࠴ࡘ࡯࠻㧔Veermata Jijabai Technological Institute㧕ߥߤޕ CGL ߪ㕟ᣂ⊛ߥ⵾ຠ߅ࠃ߮⵾ㅧᎿ⒟ߦ㑐ߔࠆ 12 ߩ․⸵ࠍ଻᦭ߒߡ޿ࠆޕ߹ߚޔ⃻࿷ 69 ઙߩ․⸵↳⺧ࠍⴕߞߡ޿ࠆޕ

 100 

 5916ಽᨆ

 ᒝߺ x ࿖ౝᏒ႐ߢߩᒝ࿕ߥ࿾૏ - ࠗࡦ࠼ᦨᄢߩ㔚ജ࡮㈩㔚ᄌ࿶ེࡔ࡯ࠞ࡯ߣߒߡ࿾૏ࠍ⏕┙ߒ ߡ޿ࠆ x ᒝജߥ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝ – CGLߪห␠ߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝࠍ᜛ᄢ࡮⵬ቢߔࠆડᬺ ࠍ⾈෼ߒߡ߈ߚޕ଀߃߫ޔ2005ᐕߩࡌ࡞ࠡ࡯ߩࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊ㧔Pauwels Group㧕⾈෼ߢߪޔห␠ߪ㔚ജࠪࠬ࠹ࡓ㑐ㅪߩᄙߊߩ⵾ຠ㧔ᦨᄢ525ࠠࡠࡏ࡞࠻ߩᄌ࿶ ེ߿36ࠠࡠࡏ࡞࠻ߩන৻ࡈࠚ࡯࠭㈩㔚ᄌ࿶ེߥߤ㧕ࠍ₪ᓧߒߚޕ x ᒝ࿕ߥࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬ –ࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊߩ⾈෼ߦࠃࠅޔCGLߪޔ᰷Ꮊޔ ർ☨ޔਛ᧲ߥߤߩవㅴࠣࡠ࡯ࡃ࡞Ꮢ႐ߩ㘈ቴࠍขࠅㄟ߻ߎߣߦᚑഞߒߚޕ   ᒙߺ x ࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊߩฃᵈᱷ㜞 – ࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊߦߪޔᄢ㊂ߩฃᵈᱷ㜞߇޽ߞ ߚޕCGLߪޔߎࠇࠄߩฃᵈߦㄦㅦߦኻᔕߔࠆ࿎㔍ߦ⋥㕙ߒߡ޿ࠆޕ   ᯏળ x 㔚ജࠪࠬ࠹ࡓ߳ߩ㔛ⷐߩ㜞߹ࠅ –ࠗࡦ࠼߿ਛ࿖ߥߤߩ㐿⊒ㅜ਄࿖ߢߪޔ㔚ജ㔛ⷐ߇਄᣹ ߒߡ޿ࠆޕCGLߪߎߩ㔛ⷐჇടߦኻᔕߔࠆ⢻ജ߇޽ࠆޕ   ⢿ᆭ x ᚑ㐳Ꮢ႐߳ߩෳ౉ߩㆃࠇ –ਛ࿖ߦ߅޿ߡ⏕࿕ߚࠆࡊ࡟࠯ࡦࠬࠍ⏕┙ߢ߈ߡ޿ߥ޿ޕਛ࿖ ߪᕆᚑ㐳Ꮢ႐ߢޔ㔚ജᶖ⾌ߪᐕ4.6㧑Ⴧߩિ߮߇⷗ㄟ߹ࠇߡ޿ࠆޕᄌ࿶ེ߅ࠃ߮㐿㐽ⵝ ⟎ߩ㔛ⷐ߽ห᭽ߦ᜛ᄢߔࠆߪߕߛޕ 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

 ਥⷐ੐ᬺಽ㊁ CGL ߪએਅߩਥⷐ੐ᬺಽ㊁ߢᵴേߒߡ޿ࠆޕ x 㔚ജࠪࠬ࠹ࡓ – ᄌ࿶ེޔ㐿㐽ⵝ⟎ޔ࠲࡯ࡦࠠ࡯࡮ࡊࡠࠫࠚࠢ࠻ x ᶖ⾌⽷ – ㅍ㘑ᯏޔᾖ᣿ౕེޔశḮޔࡐࡦࡊ x ↥ᬺࠪࠬ࠹ࡓ – 㔚᳇ࡕ࡯࠲࡯߅ࠃ߮੤ᵹᯏ x ߘߩઁ – 㔚᳇ㅢାޔᛩ⾗ᵴേޔߘߩઁ

 %).ᐕᐲᐕᰴႎ๔ᦠޔࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ %).ᐕᐲᐕᰴႎ๔ᦠ

 101 

 ਥⷐ⽷ോᜰᮡ CGL ߩᄁ਄ߍߪ 2005 ᐕᐲޔ೨ᐕᲧ 100㧑Ⴧࠍ㆐ᚑߒߚޕ

࿑⴫㧦  ⽷ോ㧙ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦%).ᐕᐲᐕᰴႎ๔ᦠ CGL ߩャ಴㗵ߪࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊ⾈෼ᓟޔ2004 ᐕᐲߩ 7,000 ਁ࠼࡞߆ࠄ 2005 ᐕᐲ ߩ 1 ం 1,200 ਁ࠼࡞ߣ⚂ 60㧑Ⴧടߒߚ83ޕ   ㇱ㐷࡮࿾ၞ೎ߏߣߩᖱႎ 㔚ജࠪࠬ࠹ࡓߪޔห␠ߦߣߞߡᦨᄢߩ੐ᬺಽ㊁ߢ޽ࠅޔᄁ਄ߍߩ߅ࠃߘ 65㧑ࠍ߽ߚࠄߒ ߡ޿ࠆޕߎߩಽ㊁ߩᚑ㐳₸ߪޔ2005 ᐕᐲߦ೨ᐕᲧ 215㧑Ⴧࠍ㆐ᚑߒߚޕ

࿑⴫㧦  ੐ᬺ೎ߏߣߩᄁ਄ߍ㧙ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ ᐕᐲ 

⽷ോᜰᮡ 㔚ജࠪࠬ࠹ࡓ ᶖ⾌⽷ ↥ᬺࠪࠬ࠹ࡓ ߘߩઁ ᄁ਄ߍ㧔100ਁ࠼࡞㧕     Ⴧട₸㧔㧑㧕     ಴ᚲ㧦%).ᐕᐲᐕᰴႎ๔ᦠ

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧙ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ ᐕᐲ 

⽷ോᜰᮡ ࿖ౝ ᶏᄖ ᄁ਄ߍ㧔100ਁ࠼࡞㧕   Ⴧട₸㧔㧑㧕   ಴ᚲ㧦%).ᐕᐲᐕᰴႎ๔ᦠ

ࠣࡠ࡯ࡃ࡞ᚢ⇛

 ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࠢࡠࡦࡊ࠻ࡦ࡮ࠣ࡝࡯ࡉࠬ

ᐕ  2005 ࡌ࡞ࠡ࡯ࠍᧄ᜚࿾ߣߔࠆࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊࠍ⾈෼ 2006 ࡂࡦࠟ࡝࡯ߦ᜚ὐࠍ⟎ߊࠟࡦ࠷ߣTVKࠍ⾈෼ 2007 ࡑࠗࠢࡠ࠰࡞࡮ࡎ࡯࡞࠺ࠖࡦࠣࠬߩ⾈෼⸘↹ࠍ⊒⴫ ಴ᚲ㧦%).࠙ࠚࡉࠨࠗ࠻ޔ$WUKPGUU5VCPFCTF

 ࠢࡠࠬࡏ࡯࠳࡯/#ߩᵴ↪ CGL ߪޔ☨࿖ޔࠞ࠽࠳ޔࠕࠗ࡞࡜ࡦ࠼ޔࡌ࡞ࠡ࡯ޔࠗࡦ࠼ࡀࠪࠕߦᄌ࿶ེ⵾ㅧᣉ⸳ࠍ⸳

 %).࠙ࠚࡉࠨࠗ࠻ 6JG*KPFW$WUKPGUU.KPḠ%TQORVQP)TGCXGU$W[㧔ᐕ᦬ᣣઃ㧕

 102 

⟎ߒޔ⌕ታߦࠣࡠ࡯ࡃ࡞ዷ㐿ࠍⴕߞߡ߈ߚޕห␠ߪޔࠞ࠽࠳ߣࡌ࡞ࠡ࡯ߦฃᵈࠨ࡯ࡆࠬ᜚ ὐࠍ଻᦭ߒߡ޿ࠆޕ߹ߚޔ਎⇇ਛߦᄙᢙߩ༡ᬺㇱ㐷ࠍ⸳⟎ߒߡ޿ࠆޕ2005 ᐕߩࡐ࡯࠙ࠚ ࡞࡮ࠣ࡞࡯ࡊߩ⾈෼ߪޔห␠ߩࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬࠍ᜛ᄢߔࠆߚ߼ߩᄢ߈ߥࠬ࠹࠶ࡊ ߣߥߞߚޕCGL ߪޔࠕࠫࠕޔർ☨ޔ᰷Ꮊߦᢔࠄ߫ࠆࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊߩᄌ࿶ེ⵾ㅧᣉ ⸳ࠍ₪ᓧߒޔᐕ㑆 3 ਁบߩᄌ࿶ེࠍ↢↥ߔࠆ⢻ജࠍᓧߚޕ߹ߚޔ⵾ㅧ⽼ᄁߔࠆᄌ࿶ེߩ࡜ ࠗࡦ࠽࠶ࡊࠍߎࠇ߹ߢߩ 400 ࠠࡠࡏ࡞࠻߆ࠄ 500 ࠠࡠࡏ࡞࠻߹ߢ㜞߼ࠆߎߣ߇ߢ߈ߚޕട ߃ߡห␠ߪޔࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊߩ㜞ᐲߥᛛⴚ߅ࠃ߮㘑ജ⊒㔚ㇱ㐷߽ᚻߦ౉ࠇࠆߎߣ߇ ߢ߈ߚޕห␠ߪ⾈෼ߦࠃࠅޔࠗࡦ࠼ޔർ☨ޔ⷏᰷ߦᄢ߈ߥࡊ࡟࠯ࡦࠬࠍ⏕┙ߢ߈ߚޕ੹ᓟ ߩ⺖㗴ߪޔਛ࿖ߦ߅޿ߡ޿߆ߦࡊ࡟࠯ࡦࠬࠍ⏕┙ߔࠆ߆ߢ޽ࠆޕ CGL ߪ 2006 ᐕޔࡂࡦࠟ࡝࡯ߩࠟࡦ࠷㧔Ganz Transelektro Villamossagi Zrt 㧔Ganz㧕㧕 ߅ࠃ߮࠻࡜ࡦࠬࡧࠔ࡯࠹ࠖࠞࡓ㧔Transverticum Kft 㧔TVK㧕㧕ࠍ⾈෼ߒߚޕߎߩ⾈෼ߦࠃ ࠅޔCGL ߪޔᰴߩࠃ߁ߥ⢻ജߣ⵾ຠࠍ₪ᓧߒߚޕ x ᰷Ꮊޔ․ߦࡂࡦࠟ࡝࡯ߢߩᒝ࿕ߥࡊ࡟࠯ࡦࠬ x ᦨᄢ400ࠠࡠࡏ࡞࠻ߩ㐿㐽ⵝ⟎ઃ߈ਛ⛮ၮ࿾ࠍવㅍ࡮㈩㔚ࠛ࡝ࠕߦ⸳⟎ߔࠆߣ޿ߞߚ࠲ ࡯ࡦࠠ࡯࡮ࡊࡠࠫࠚࠢ࠻ߩታⴕ⢻ജ x ᦨᄢ800ࠠࡠࡏ࡞࠻ߩᐢၞવㅍ࡮㈩㔚ⵝ⟎ x ᦨᄢ300ࠠࡠࡏ࡞࠻ߩࠟࠬ⛘✼㐿㐽ⵝ⟎ x ᦨᄢ8ࡔࠟࡢ࠶࠻ߩ✢〝↪࿁ォ࡮Ꮞ਄ᯏ  CGL ߪ 2007 ᐕޔࠕࠗ࡞࡜ࡦ࠼ߩࡑࠗࠢࡠ࠰࡞࡮ࡎ࡯࡞࠺ࠖࡦࠣࠬ㧔Microsol Holdings㧕ߩ⾈෼⸘↹ࠍ⊒⴫ߒߚޕࡑࠗࠢࡠ࠰࡞ߪޔ㔚ജ↥ᬺߢ⥄േൻ⵾ຠߣ㑐ㅪࠨ࡯ࡆ ࠬࠍឭଏߒߡ޿ࠆޕห␠ߩ⵾ຠ߅ࠃ߮࠰࡝ࡘ࡯࡚ࠪࡦߦߪޔਛ⛮ၮ࿾⥄േൻࡊ࡜࠶࠻ࡈࠜ ࡯ࡓޔ㈩㔚⥄േൻᯏེޔ࠰ࡈ࠻࠙ࠚࠕ࡮࠰࡝ࡘ࡯࡚ࠪࡦߥߤ߇฽߹ࠇߡ޿ࠆޕ 

ⷐὐ x CGLߪޔࠢࡠࠬࡏ࡯࠳࡯M&Aࠍᵴ⊒ߦⴕߞߡ޿ࠆޕ2005ᐕߩࡐ࡯࠙ࠚ࡞࡮ࠣ࡞࡯ࡊޔ 2006ᐕߩࠟࡦ࠷ߥߤߩ⾈෼ߦࠃࠅޔCGLߪർ☨߅ࠃ᰷߮Ꮊߦᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ⏕┙ ߔࠆߎߣ߇ߢ߈ߚޕ x ห␠ߪో੐ᬺࠍ⛔วߒޔ⵾ຠߩ⵾ㅧߦട߃ޔ᭽ޘߥઃടࠨ࡯ࡆࠬߩឭଏࠍⴕ߅߁ߣߒߡ ޿ࠆޕ⃻࿷ߢߪޔห␠ߪ㘈ቴߦ⵾ຠ㧔ᄌ࿶ེޔ㐿㐽ེޔㆤᢿᯏޔࡕࡃࠗ࡞ਛ⛮ၮ࿾ޔ㔚 ജ․ᕈ㑐ㅪ⵾ຠߥߤ㧕ࠍឭଏߔࠆߛߌߢߪߥߊޔ࠲࡯ࡦࠠ࡯࡮ࡊࡠࠫࠚࠢ࠻߿㜞ᐲߥࠕ ࡈ࠲࡯ࠨ࡯ࡆࠬߥߤޔ൮᜝⊛ߥ࠰࡝ࡘ࡯࡚ࠪࡦߩឭ᩺ࠍⴕߞߡ޿ࠆޕ x ห␠ߪޔੇᑼᄌ࿶ེޔ㜞ല₸ᾖ᣿ࠪࠬ࠹ࡓޔ㔚ജ․ᕈᡷༀߥߤߩ⎇ⓥ㐿⊒ߦᄢ߈ߥ㊀ὐ ࠍ⟎޿ߡ޿ࠆޕ 

 103 

╙┨ ࠲࠲࡮࠹ࠖ࡯ 㧔⵾⨥㧕

ડᬺ᭎ⷐ ࠲࠲࡮࠹ࠖ࡯㧔TTL㧕ߪޔ1964 ᐕ߆ࠄ⨥ߩᩱၭ࡮⵾ㅧࠍⴕߞߡ޿ࠆ਎⇇╙ 2 ૏ߩ⵾⨥ડ ᬺߢ࠲࠲㧔Tata 㧕ߩࠣ࡞࡯ࡊડᬺߢ޽ࠆޕห␠ߪߘߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߦ࠹࠻࡝࡯ 㧔Tetley㧕߿ࠕࠣ࠾㧔Agni㧕ߥߤߩ᦭ฬࡉ࡜ࡦ࠼ࠍ᦭ߒޔਥߦࡉ࡜ࡦ࠼⨥੐ᬺߦᓥ੐ߒߡ ޿ࠆޕ߹ߚޔTTL ߪޔࡃ࡞ࠢ⨥ࠍ਎⇇ฦ࿾ߩਥⷐߥ⨥ャ౉రߦޔ․ᵈࡉ࡜ࡦ࠼ฬߢ಴⩄ߒ ߡ޿ࠆޕ TTL ߪ 40 ࠞ࿖ߦㅴ಴ߒߡ޿ࠆޕߥ߆ߢ߽⧷࿖߇ᦨᄢᏒ႐ߢޔ✚෼౉ߩ 40㧑߇⧷࿖Ꮢ႐ ߆ࠄ߽ߚࠄߐࠇߡ޿ࠆޕ

࿑⴫㧦  ࠲࠲࡮࠹ࠖ࡯㧙ડᬺ᭎ⷐ㧔ㅪ⚿㧕

ડᬺฬ ࠲࠲࡮࠹ࠖ࡯㧔Tata Tea Limited㧕 ᚲ࿷࿾ 1 Bishop Lefroy Road, Calcutta – 700 020 㔚⹤⇟ภ +91-33-22813891/ 4747/ 3988/ 3779/ 3709/ 1807/4422 ࡈࠔ࠶ࠢࠬ⇟ภ +91-33-22811199 ࡎ࡯ࡓࡍ࡯ࠫ http://www.tatatea.com/ ળ㐳 R. N. Tata ⸳┙ᐕ 1964 ⾗ᧄ✚㗵 3ం5,563ਁ࠼࡞ ⾗↥✚㗵 9ం7,484ਁ࠼࡞ ᓥᬺຬ 34,596ੱ (2006ᐕ3᦬31ᣣ) ಴ᚲ㧦66.ᐕᐲᐕᰴႎ๔ᦠ66.࠙ࠚࡉࠨࠗ࠻

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑ࠲࠲࡮࠹ࠖ࡯㧔ᐕ᦬ᣣ⃻࿷㧕

ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ଻▤ੱ߇଻᦭ߒߡ߅ࠅ㗍⸤⸽೛ߣߐࠇߡ޿ࠆᩣ   ว⸘   ಴ᚲ㧦66.࠙ࠚࡉࠨࠗ࠻

 104 

ᴪ㕟

࿑⴫㧦  ࠲࠲࡮࠹ࠖ࡯㧙ᴪ㕟

ᐕ  1964 ࠲࠲࡮ࠣ࡞࡯ࡊ㧔Tata Group㧕ߣ⧷࿖ߩࡈࠖࡦ࡟ࠗ໡ળ㧔James Finlay and Company㧕ߩ วᑯડᬺߣߒߡ࠲࠲࡮ࡈࠖࡦ࡟ࠗ㧔Tata Finlay㧕߇⸳┙ߐࠇࠆ 1976 ࠲࠲࡮ࡈࠖࡦ࡟ࠗ߇ࡈࠖࡦ࡟ࠗ໡ળࠃࠅ⨥ߩ↢↥࡮⽼ᄁࠍᒁ߈⛮ߋ 1983 ࠫࠚ࡯ࡓ࠭࡮ࡈࠖࡦ࡟ࠗ㧔James Finlay㧕߆ࠄ࠲࠲࡮ࠣ࡞࡯ࡊ߳ߩᩣᑼ⼑ᷰߦࠃߞߡ࠲࠲࡮ ࠹ࠖ࡯߇⸳┙ߐࠇࠆ ࠦࡦ࠰࡝࠺ࠗ࠹ࠖ࠶࠼࡮ࠦ࡯ࡅ࡯㧔Consolidated Coffee Limited㧕ߩᩣᑼߩ52.5㧑ࠍ₪ᓧߒޔ 1991 ห␠ߩ␠ฬࠍޟ࠲࠲࡮ࠦ࡯ࡅ࡯㧔Tata Coffee Limited㧕ޠߦᄌᦝ 1992-2007 ࠣ࡞࡯ࡊౝߢߩ࿾૏ᒝൻߩߚ߼ߦߐ߹ߑ߹ߥ࿖㓙ࠕ࡜ࠗࠕࡦࠬ߅ࠃ߮ࠢࡠࠬࡏ࡯࠳࡯M&Aࠍ ⴕ߁ ಴ᚲ㧦66.࠙ࠚࡉࠨࠗ࠻

ో૕ߩ⊒ዷᚢ⇛ TTL ߪ 1964 ᐕߦ㜞ઃടଔ୯ߩ⨥ࠍ↢↥ߔࠆߚ߼ߩวᑯડᬺߣߒߡ⸳┙ߐࠇߚޕ1985 ᐕޔ TTL ߪޟࠞ࠽ࡦ࡮࠺ࡧࠔࡦ㧔Kanan Devan㧕ޠߩ⊒⴫ߦࠃߞߡࡉ࡜ࡦ࠼⨥Ꮢ႐ߦㅴ಴ߒߚޕ ห␠ߪࠕ࠶ࠨࡓ㧔Assam㧕ޔ⷏ࡌࡦࠟ࡞㧔West Bengal㧕ޔ࠲ࡒ࡞࠽࠼࠘㧔Tamil Nadu㧕ޔ ࠤ࡜࡜㧔Kerala㧕ߦ 51 ߩ⨥࿦ޔ࠲ࡒ࡞࠽࠼࠘ߦ৻ߟߩ⃚℗ㄘ࿦ࠍ଻᦭ߒߡ޿ࠆޕห␠ߪޔ Ფᐕ߅ࠃߘ 6,000 ਁࠠࡠߩ⚃⨥ࠍ↢↥ߒߡ޿ࠆޕ

 ࿖ౝ੐ᬺߩ᭎ⷐ

 ࿖ౝߩ⨥ࡉ࡜ࡦ࠼ TTL ߩਥⷐ 5 ࡉ࡜ࡦ࠼ߪએਅߩㅢࠅޕ x ࠲࠲࡮࠹ࠖ࡯㧔Tata Tea㧕 x ࠹࠻࡝࡯㧔Tetley㧕 x ࠞ࠽ࡦ࡮࠺ࡧࠔࡦ㧔Kanan Devan㧕 x ࠴ࡖࠢ࡜࡮ࠧ࡯࡞࠼㧔Chakra Gold㧕 x ࠫࠚࡒ࠾㧔Gemini㧕  ࠲࠲࡮࠹ࠖ࡯࡮ࡉ࡜ࡦ࠼ߩਅߦߪޔߐࠄߦ࠲࠲࡮࠹ࠖ࡯࡮ࠧ࡯࡞࠼㧔Tata Tea Gold㧕ޔ ࠲࠲࡮࠹ࠖ࡯࡮ࡊ࡟ࡒࠕࡓ㧔Tata Tea Premium㧕ޔ࠲࠲࡮࠹ࠖ࡯࡮ࠕࠣ࠾㧔Tata Tea Agni㧕㧔ߘࠇߙࠇࡊ࡟ࡒࠕࡓޔࡐࡇࡘ࡜࡯ޔࠛࠦࡁࡒ࡯ߩ࠮ࠣࡔࡦ࠻ߦኻᔕ㧕ߥߤߩࠨ ࡉ࡮ࡉ࡜ࡦ࠼߇޽ࠆޕ

 ࠲࠲࡮ࠣ࡞࡯ࡊ 66.࠙ࠚࡉࠨࠗ࠻

 105 

 ⎇ⓥ㐿⊒ TTL ߪࡉ࡜ࡦ࠼੐ᬺߦ㊀ὐࠍ⟎޿ߚ⎇ⓥ㐿⊒࠮ࡦ࠲࡯ࠍᜬߞߡ޿ࠆޕห␠ߪࠕ࠶ࠨࡓߩ ࠹ࠝࠢ㧔Teok㧕ߦ⎇ⓥ࠮ࡦ࠲࡯ޔࡃࡦࠟࡠ࡯࡞ߦ⵾ຠ㐿⊒࠮ࡦ࠲࡯ࠍᜬߟޕห␠ߪ 1992 ᐕ߆ࠄએਅߩ․⸵ࠍ଻ᜬߒߡ޿ࠆޕ x ⊒㉂⨥߅ࠃ߮㘃ૃຠ↪ߩࡑ࡞࠴ࠬ࠹࡯ࠫኻᵹⓨ᳇ੇ῎ᯏ x ⊒㉂⨥߅ࠃ߮㘃ૃຠ↪ߩࡑ࡞࠴ࠬ࠹࡯ࠫኻᵹᵹേᐥੇ῎ᯏ

 ਥⷐ࿖ౝᚢ⇛ x ࡉ࡜ࡦ࠼⨥߳ߩᵈജ – TTLߪޔ⨥࿦ߩㆇ༡߆ࠄᚻࠍᒁ߈ߟߟޔࡉ࡜ࡦ࠼⨥ߦᵈജߒߡ޿ ࠆޕTTLߩࠣࡠ࡯ࡃ࡞ߥࡉ࡜ࡦ࠼⨥੐ᬺߪޔห␠ߩ✚ᄁ਄ߍߩ88㧑ࠍභ߼ߡ޿ࠆޕห␠ ߪ⨥࿦ߩ▤ℂᬺോ߆ࠄᚻࠍᒁ߈ޔᰴߩડᬺߥߤߦ▤ℂᬺോࠍᆔ⸤ߒߚޕ-ࠞ࠽ࡦ࡮࠺ࡧ ࠔࡦ࡮ࡅ࡞࠭࡮ࡊ࡜ࡦ࠹࡯࡚ࠪࡦ㧔Kanan Devan Hills Plantation Company Private Limited (KDHP)㧕 – KDHPߪࠤ࡜࡜ߩࡓ࠽࡯࡞㧔Munnar㧕ߦ޽ࠆ7ߟߩᩱၭ࿾㧔TTLߪ 18.2㧑ߩᩣᑼࠍ଻᦭㧕ࠍ▤ℂߒߡ޿ࠆ88ޕ-ࠕࡑ࡞ࠟࡔ࡯࠹࠶࠼࡮ࡊ࡜ࡦ࠹࡯࡚ࠪࡦ 㧔Amalgamated Plantations Private Limited 㧔APPL㧕㧕 – APPLߪޔTTLߩⶄᢙߩ⨥࿦ 㧔ࠕ࠶ࠨࡓߦ20ޔ⷏ࡌࡦࠟ࡞ߦ4ߟ㧕ࠍ▤ℂߒߡ޿ࠆ89ޕ x ࠕ࠶ࠨࡓ߅ࠃ߮⷏ࡌࡦࠟ࡞ߩ⨥࿦߳ߩⷰశߩଦㅴ – TTLߪAPPLࠍ੺ߒߡޔࠕ࠶ࠨࡓ߅ ࠃ߮⷏ࡌࡦࠟ࡞ߢߩ⨥࿦ⷰశࠍଦㅴߒߡ޿ࠆޕ

 5916ಽᨆ

 ᒝߺ x ᄙ᭽ߥࡉ࡜ࡦ࠼⨥ߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝ – TTLߪޔᄙ᭽ߥࡉ࡜ࡦ࠼⨥ߩ⵾ຠࡐ࡯࠻ࡈࠜ ࡝ࠝࠍ᦭ߔࠆޕ਎⇇ߢ15એ਄ߩࡉ࡜ࡦ࠼ࠍ᦭ߒޔࠗࡦ࠼ߢߪߘߩౝߩ5ߟࠍዷ㐿ߒߡ޿ ࠆޕห␠ߩࠣࡠ࡯ࡃ࡞ߥࡉ࡜ࡦ࠼⨥੐ᬺߪޔ✚ᄁ਄ߍߩ88㧑ࠍභ߼ߡ޿ࠆޕᱷࠅߩ 12㧑ߪޔࡃ࡞ࠢ⨥ޔ⃚℗ޔߘߩઁߩᛩ⾗߆ࠄߩ෼౉ߢ޽ࠆޕ x ࠲࠲࡮ࠣ࡞࡯ࡊߩᡰេ – TTLߪ࠲࠲࡮ࠣ࡞࡯ࡊߩ৻ㇱߢ޽ࠅޔ⾈෼ߦᔅⷐߥ⽷Ḯࠍᜬߞ ߡ޿ࠆߣ⸒߃ࠆޕ଀߃߫ޔㄭᐕߩࠛ࠽ࠫ࡯࡮ࡉ࡜ࡦ࠭㧔Energy Brands Inc㧕ߩᩣᑼࠍ 30㧑₪ᓧߒߚ㓙ߦߪޔᩣᑼขᓧ⾌↪ߩ6ం7,700ਁ࠼࡞ߩ߁ߜޔ࠲࠲࡮ࠣ࡞࡯ࡊߩᜬߜ ᩣળ␠࠲࠲࡮࠰ࡦ࠭㧔Tata Sons Limited㧕߆ࠄ5,800ਁ࠼࡞ߩ಴⾗ࠍᓧߡ޿ࠆ91ޕ

 ᒙߺ x ੐ᬺ⛔ว࡝ࠬࠢ –ห␠ߪࠢࡠࠬࡏ࡯࠳࡯M&Aߥߤߦࠃࠆ੐ᬺ⛔ว࡝ࠬࠢࠍᏱߦᛴ߃ߡ޿ ࠆޕ

 66.࠙ࠚࡉࠨࠗ࠻ -&*2㧔-CPCP&GXCP*KNNU2NCPVCVKQPU%QORCP[2TKXCVG.KOKVGF㧕࠙ࠚࡉࠨࠗ࠻ 6TKDWPG㧔ᐕ᦬ᣣઃ㧕 66.ᐕᐲᐕᰴႎ๔ᦠޔࠗࡃ࡝ࡘࠨ࡯ࡉಽᨆ *KPFW$WUKPGUU.KPG㧔ᐕ᦬ᣣઃ㧕

 106 

 ᯏળ x 㜞ઃടଔ୯Ꮢ႐߳ߩォ឵ – ᄙߊߩਥⷐᏒ႐߇஗ṛߒߡ޿ࠆ⁁ᴫߢޔTTLߪᕆᚑ㐳ߒߡ޿ ࠆ㜞ઃടଔ୯Ꮢ႐ߦෳ౉ޔ੐ᬺࠍ᜛ᄢߒߡ޿ࠆޕTTLߪㄭᐕޔ㜞ઃടଔ୯✛⨥߿․ᱶߥ ⨥ࠍ฽߻㜞೑᏷ߩᏒ႐ߦ㑐ᔃࠍᜬߞߡ޿ࠆޕห␠ߪޔ2005㨪2006ᐕߩ㑆ߦޔ✛⨥߿ࡂ ࡯ࡉ࠹ࠖ࡯ಽ㊁ߢ50ߩᣂ⵾ຠࠍ⊒⴫ߒߚޕ

 ⢿ᆭ x ૐ⪭Ꮢ႐߳ߩ㜞޿ଐሽᐲ – TTL߇✚෼౉ߩ40㧑ࠍᓧߡ޿ࠆ⧷࿖ߥߤਥⷐᏒ႐߇ਇ⺞ߢ޽ ࠆޕ x ᶏᄖᏒ႐ߩૐㅅߦࠃࠅޔห␠ߩ2005ᐕᐲߩᚑ㐳₸ߪࠊߕ߆2.14㧑Ⴧߦᱛ߹ߞߚޕ x ේᢱଔᩰߩᄌേ – TTLߪᢙࠞ࿖߆ࠄ⨥ࠍ⺞㆐ߒߡ޿ࠆޕߘࠇࠄߩ࿖ߩ᳇⽎᧦ઙ߇ᖡߌࠇ ߫⺞㆐ଔᩰ߇਄߇ࠅޔห␠ߩ਎⇇Ꮢ႐ߦ߅ߌࠆ┹੎ജࠍૐਅߐߖࠆน⢻ᕈ߇޽ࠆޕ

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

 ਥⷐ੐ᬺಽ㊁ TTL ߩਥⷐ੐ᬺಽ㊁ߪᰴߩㅢࠅޕ x ⨥ – ߎߩಽ㊁ߢߪޔ⚃⨥߅ࠃ߮ࠗࡦࠬ࠲ࡦ࠻࡮࠹ࠖ࡯↪ߩ⨥⪲ߩᩱၭ࡮⵾ㅧࠍⴕߞߡ޿ ࠆޕ߹ߚޔ⨥ߩ⾈޿ઃߌޔࡉ࡟ࡦ࠼ޔ⽼ᄁ߽ⴕߞߡ޿ࠆޕ x ߘߩઁ – ⃚℗ߥߤߩᩱၭ࡮⵾ㅧࠍⴕߞߡ޿ࠆޕ

 ਥⷐ⽷ോᜰᮡ TTL ߪޔㆊ෰ 1 ᐕޔિ߮ᖠࠎߢ޿ࠆޕ 

࿑⴫㧦  ⽷ോ㧙࠲࠲࡮࠹ࠖ࡯ ᐕᐲ 

⽷ോᜰᮡ ㊄㗵㧔ਁ࠼࡞㧕 Ⴧട₸㧔㧑㧕 ᄁ਄ߍ   ⚐೑⋉   ಴ᚲ㧦66.ᐕᐲᐕᰴႎ๔ᦠ   ㇱ㐷࡮࿾ၞ೎࠺࡯࠲ ࡉ࡜ࡦ࠼⨥߅ࠃ߮ࡃ࡞ࠢ⨥ߪޔวࠊߖߡห␠ߩ✚෼౉ߩ 94㧑ࠍ߽ߚࠄߒߡ޿ࠆޕ

࿑⴫㧦  ੐ᬺಽ㊁೎ߩᄁ਄ߍ㧙࠲࠲࡮࠹ࠖ࡯ ᐕᐲ 

⽷ോᜰᮡ ⨥ ߘߩઁ ᄁ਄ߍ㧔100ਁ࠼࡞㧕   Ⴧട₸㧔㧑㧕   ಴ᚲ㧦66.ᐕᐲᐕᰴႎ๔ᦠ  66.ᐕᐲᐕᰴႎ๔ᦠ

 107 

࿑⴫㧦  ࿾ၞ೎ߩᄁ਄ߍ㧙࠲࠲࡮࠹ࠖ࡯ ᐕᐲ 

⽷ോᜰᮡ ࠗࡦ࠼ ⧷࿖ ☨࿖߅ࠃ߮ࠞ࠽࠳ ߘߩઁ ᄁ਄ߍ㧔100ਁ࠼࡞㧕     Ⴧട₸㧔㧑㧕     ಴ᚲ㧦66.ᐕᐲᐕᰴႎ๔ᦠ

ࠣࡠ࡯ࡃ࡞ᚢ⇛

 ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࠲࠲࡮࠹ࠖ࡯

ᐕ  1987 ☨࿖ߦቢోሶળ␠ߩ࠲࠲࡮࠹ࠖ࡯㧔Tata Tea Inc㧕ࠍ⸳┙ ࡢ࠲ࡢ࡜㨯ࡊ࡜ࡦ࠹࡯࡚ࠪࡦ㧔Watawala Plantations Limited㧕ࠍㆇ༡ߔࠆߚ߼ޔࠬ࡝࡜ࡦࠞ 1992 ߩࠛࠬ࠹࡯࠻࡮ࡑࡀࠫࡔࡦ࠻࡮ࠨ࡯ࡆࠪ࡯࠭㧔Estate Management Services (Pvt) Ltd㧕ߣ วᑯ੐ᬺࠍ㐿ᆎ ⧷࿖ߩࠕ࡜ࠗ࠼࡮࡜ࠗࠝࡦ࠭㧔Allied Lyons PLC㧕ߣวᑯડᬺࠛࠬ࠹࡯࠻࡮࠲࠲࡮࠹࠻࡝࡯ 1993 㧔Estate Tata Tetley㧕ࠍ⸳┙ 2000 ⧷࿖ߩ࠹࠻࡝࡯࡮ࠣ࡞࡯ࡊ㧔Tetley Group Limited㧕ࠍ⾈෼ 2003 ࡄࠠࠬ࠲ࡦߩ࡜ࠢ࠰ࡦ࡮ࠣ࡞࡯ࡊ㧔Lakson Group㧕ߣ50㧦50ߩวᑯ੐ᬺࠍ㐿ᆎ ࡃࡦࠣ࡜࠺ࠪࡘߩࠕ࠼ࡃࡦࠬ࠼࡮ࠤࡒࠞ࡞࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭㧔Advanced Chemical 2003 Industries (ACI)㧕ߣ50㧦50ߩวᑯ੐ᬺࠍ㐿ᆎ ☨࿖ߩFMALIࡂ࡯ࡉ㧔FMALI Herb Inc㧕߅ࠃ߮ࠣ࠶࠼ࠕ࡯ࠬ࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ㧔Good 2005 Earth Corporation㧕ࠍ⾈෼ ࠴ࠚࠦᏒ႐ᦨᄢᚻJEMCAࠍ⾈෼ ☨࿖ߩࠛࠗ࠻࡮ࠝࠢࡠ࠶ࠢ࡮ࠦ࡯ࡅ࡯㧔Eight O' Clock Coffee Company㧕ࠍ⾈෼ 2006 ☨࿖ߩࠛ࠽ࠫ࡯࡮ࡉ࡜ࡦ࠭㧔Energy Brands Inc㧕ߩᩣᑼ30㧑ࠍ₪ᓧ ධࠕࡈ࡝ࠞߩ࡚ࠫ࡯ࠤ࡞ࠬ࡮࠹ࠖ࡯࡮ࡄ࠶ࠞ࡯࠭㧔Joekels Tea Packers㧕ߩᩣᑼ33㧑ࠍ ₪ᓧ ࡧࠖ࠲࠶ࠢࠬ㧔Vitax㧕߅ࠃ߮ࡈࡠࠨ࠽㧔Flosana㧕ߩ․೎⨥ࡉ࡜ࡦ࠼ࠍࡐ࡯࡜ࡦ࠼ߩࡊ࡟ࡒ ࠕࡓ࡮ࡈ࡯࠭㧔Premium Foods SA㧕߆ࠄ⾈෼ 2007 ਛ࿖ߩ⵾⨥ડᬺ㧔Zhejiang Tea Import and Export㧕ߣޔ✛⨥ޔࠗࡦࠬ࠲ࡦ࠻⨥ޔߘߩઁߩ ᶧ૕Ớ❗⨥ߩ↢↥࡮⵾ㅧߩߚ߼ߩวᑯ੐ᬺࠍ㐿ᆎ ಴ᚲ㧦66.࠙ࠚࡉࠨࠗ࠻+$'(㧔+PFKC$TCPF'SWKV[(QWPFCVKQP㧕*KPFW$WUKPGUU.KPG'EQPQOKE6KOGU  ࡄ࠶ࠤ࡯ࠫ⨥߅ࠃ߮ࠗࡦࠬ࠲ࡦ࠻⨥ߩࠣࡠ࡯ࡃ࡞ዊᄁᏒ႐ߪޔߘࠇߙࠇ 203 ం࠼࡞߅ࠃ ߮ 245 ం࠼࡞ߛޕTTL ߪ਎⇇ 40 ࠞ࿖ߢ⥄␠⵾ຠࠍ⽼ᄁߒߡ޿ࠆޕ

 ࠹࠻࡝࡯࡮ࠣ࡞࡯ࡊߩ⾈෼ TTL ߪ߽ߣ߽ߣޔ☨࿖߿⧷࿖ޔࠬ࡝࡜ࡦࠞߩࠃ߁ߥޔ㔛ⷐߩ㜞޿࿖߳ߩෳ౉ࠍ⋡ᜰߒߚޕ 1987 ᐕߦߪޔTTL ߪቢోሶળ␠ߩ࠲࠲࡮࠹ࠖ࡯㧔Tata Tea, Inc㧕ࠍ੺ߒߡ☨࿖Ꮢ႐ߦㅴ಴ ߒߚޕ1992 ᐕߦߪޔࠬ࡝࡜ࡦࠞߩࠛࠬ࠹࡯࠻࡮ࡑࡀ࡯ࠫࡔࡦ࠻࡮ࠨ࡯ࡆࠪ࡯࠭㧔Estate Management Services 㧔Pvt㧕㧕Ltd㧕ߣࠕ࡜ࠗࠕࡦࠬࠍ⚿߮ࠬ࡝࡜ࡦࠞߢߩ⨥࿦੐ᬺࠍ㐿 ᆎߒߚޕ TTL ߪ 1995 ᐕޔ࿖㓙ࡉ࡜ࡦ࠼ࠍ₪ᓧߔࠆߎߣࠍ⋡⊛ߦޔ⧷࿖ߦ᜚ὐࠍ⟎ߊ࠹࠻࡝࡯࡮

 #PPWCN4GXKGȲޔ66.ᐕᐲᐕᰴႎ๔ᦠ

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ࠣ࡞࡯ࡊ㧔Tetley Group Limited㧕ߩ⾈෼ࠍ⹜ߺߚ߇ᄬᢌߒߚޕ࠹࠻࡝࡯࡮ࠣ࡞࡯ࡊߪ 2 ం 8,000 ਁࡐࡦ࠼ߩᄁ਄ߍࠍ⹶ࠅޔ⵾⨥↥ᬺߦ߅޿ߡ࡙࠾࡝࡯ࡃߦᰴߋ਎⇇╙ 2 ૏ߩડᬺߢ ޽ߞߚޕ TTL ߪ 2000 ᐕߦߥߞߡޔౣᐲ࠹࠻࡝࡯࡮ࠣ࡞࡯ࡊߩ⾈෼ࠍ⹜ߺᚑഞߒߚޕߎߩ⾈෼ߦ ࠃߞߡޔ࠲࠲࡮࠹ࠖ࡯ߪ਎⇇╙ 2 ૏ߩ⵾⨥ડᬺߣߥࠅޔߘߩ⽼ᄁ࿾ၞߪޔࠗࡦ࠼ޔ☨࿖ޔ ࠞ࠽࠳ޔ⷏᰷ޔࠝ࡯ࠬ࠻࡜࡝ࠕޔਛ᧲ޔ⷏ࠕࠫࠕޔࠕࡈ࡝ࠞޔࡐ࡯࡜ࡦ࠼ޔࡠࠪࠕޔࠞࠩ ࡈࠬ࠲ࡦߥߤߦᐢ߇ߞߚޕ

 ࿾ၞߏߣߩ᭎ⷐ̄ᐕᐲ TTL ߪޔࡉ࡜ࡦ࠼⨥ߩࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࡯ࡗ࡯ߣߒߡߩᚑ㐳ࠍ⋡ᜰߒߡ޿ࠆޕห␠ߪ 2005 ᐕᐲߦޔࠣࡠ࡯ࡃ࡞੐ᬺߦ߅޿ߡᢙޘߩ⋡⊛ࠍ㆐ᚑߒߚޕ৻ㇱࠍᰴߦ␜ߔޕ

 ☨࿖ TTL ߪ 2005 ᐕ 10 ᦬ߦ☨࿖ߩࠣ࠶࠼ࠕ࡯ࠬ࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ㧔Good Earth Corporation㧕ࠍޔ2006 ᐕ 6 ᦬ߦࠛࠗ࠻࡮ࠝࠢࡠ࠶ࠢ࡮ࠦ࡯ࡅ࡯ࠍ⾈෼ߒߚޕߎߩ⾈෼ߪ ౒ߦޔ☨࿖Ꮢ႐ߦ߅ߌࠆ TTL ߩ࿾૏ࠍᒝൻߒߚޕࠣ࠶࠼ࠕ࡯ࠬ࡮ࡉ࡜ࡦ࠼ߪޔ․ߦ☨࿖⷏ ᶏጯߢ㗼⪺ߥࡊ࡟࠯ࡦࠬࠍᜬߜޔో☨ߩ․೎⨥Ꮢ႐ߦ߅޿ߡ 3.7㧑ߩࠪࠚࠕࠍ⏕଻ߒߡ޿ ࠆޕࠣ࠶࠼ࠕ࡯ࠬ࡮ࡉ࡜ࡦ࠼ߪޔTTL ߦࡊ࡟ࡒࠕࡓ⵾ຠ⟲ࠍ߽ߚࠄߒߚߣ޿߃ࠆޕ ࠛࠗ࠻࡮ࠝࠢࡠ࠶ࠢ࡮ࠦ࡯ࡅ࡯ߪޔࡉ࡜ࡦ࠼ࡎ࡯࡞ࡆ࡯ࡦ㧔ᝊߊ೨ߩ⼺㧕Ꮢ႐ߩᦨᄢᚻ ߢ޽ࠆޕ߹ߚห␠ߪޔᒝജߥዊᄁᵹㅢࡀ࠶࠻ࡢ࡯ࠢࠍᜬߞߡ޿ࠆޕ

 ⧷࿖ 2000 ᐕߩ࠹࠻࡝࡯࡮ࠣ࡞࡯ࡊ⾈෼એ᧪ޔTTL ߪ⧷࿖Ꮢ႐ߦ߅޿ߡᚑ㐳ߦᰴߋᚑ㐳ࠍㆀߍ ߚޕ2005 ᐕ 4 ᦬ߦᡷ⦟ࡉ࡟ࡦ࠼ߣߣ߽ߦౣ⊒⴫ߒߚޟ࠹࠻࡝࡯࡮࠺ࠖࠞࡈ㧔Tetley decaf㧕ޠߪޔࡁࡦࠞࡈࠚࠗࡦㇱ㐷ߦ߅ߌࠆ࠻࠶ࡊࡉ࡜ࡦ࠼ߦߥࠅޔ32㧑ߩᏒ႐ࠪࠚࠕࠍ ₪ᓧߒߚޕޟ࠹ࠖ࡯࡮࠻࠘࡯࡮࡜ࠗࡈ㧔T of Life㧕ޠ߽߹ߚޔ⧷࿖Ꮢ႐ߢᦨ߽ᕆᚑ㐳ߒߚ ࠕࠗࠬ࠹ࠖ࡯࡮ࡉ࡜ࡦ࠼ߣߥߞߚޕߎࠇࠄߦࠃࠆ⧷࿖ߢߩᏒ႐ࠪࠚࠕߪ 26.2㧑ߦᚑ㐳ߒߚޕ

 ࡐ࡯࡜ࡦ࠼ ࡐ࡯࡜ࡦ࠼ߢߪޔࡈ࡞࡯࠷࠹ࠖ࡯߿ࡂ࡯ࡉ࠹ࠖ࡯ߩᣂ⵾ຠ߇ᅢ⺞ߢ޽ߞߚޕ✛⨥߽߹ߚ ห࿖ߢߪၷ⺞ߢޔ7㧑ߩᏒ႐ࠪࠚࠕࠍ₪ᓧߒߡ޿ࠆޕ߹ߚห࿖ߢߪޔᵹㅢࡀ࠶࠻ࡢ࡯ࠢ߇ ᒝൻߐࠇߚޕ2007 ᐕ 4 ᦬ޔห␠ߪࡆࠖ࠲࠶ࠢࠬ㧔Vitax㧕߅ࠃ߮ࡈࡠࠨ࠽㧔Flosana㧕ߩ․ ೎⨥ࡉ࡜ࡦ࠼ࠍࡐ࡯࡜ࡦ࠼ߩࡊ࡟ࡒࠕࡓ࡮ࡈ࡯࠭㧔Premium Foods SA㧕߆ࠄ⾈෼ߒޔࡐ ࡯࡜ࡦ࠼ߩ⨥Ꮢ႐ߦ߅ߌࠆ╙ 2 ૏ߩડᬺߣߥߞߚޕ

 ࠞ࠽࠳ TTL ߪޔࠞ࠽࠳ߢߩ࠻࠶ࡊࡉ࡜ࡦ࠼ߣߥࠅޔࠝ࡯ࠟ࠾࠶ࠢ࡮ࠕ࡯࡞ࠣ࡟࡯ޔࠝ࡯ࠟ࠾࠶ ࠢ࡮ࠣ࡝࡯ࡦޔࠝ࡯ࠟ࠾࠶ࠢ࡮ࠝ࡟ࡦࠫࡍࠦ࡯ߩ໡ຠࠍ⊒⴫ޔࠝ࡯ࠟ࠾࠶ࠢ࡮࠹ࠖ࡯Ꮢ႐ ߦㅴ಴ߒߚޕߎ߁ߒߚ⵾ຠ⟲ߩᛩ౉ߪޔห࿖ߦ߅ߌࠆࠝ࡯ࠟ࠾࠶ࠢ⵾ຠ㔛ⷐߩ㜞߹ࠅߦ๭

 *KPFW$WUKPGUU.KPG㧔ᐕ᦬ᣣઃ㧕ޔ66.࠙ࠚࡉࠨࠗ࠻

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ᔕߒߚ߽ߩߛޕห␠ߩࠞ࠽࠳ߦ߅ߌࠆ⚃⨥߅ࠃ߮․೎⨥Ꮢ႐ߩࠪࠚࠕߪޔߘࠇߙࠇ 46㧑ߣ 24㧑ߢ޽ࠆޕ

 ࠝ࡯ࠬ࠻࡜࡝ࠕ TTL ߪࠝ࡯ࠬ࠻࡜࡝ࠕߢޟ࠹࠻࡝࡯࡮ࠕࠗࠬ࡮࠹ࠖ࡯㧔Tetley Ice T㧕ޠࠍ 4 ⒳ߩࡈ࡟࡯ ࡃ࡯⊒⴫ߒޔ߹ߚޔห⵾ຠߩߚ߼ߦᒝജߥᵹㅢࡀ࠶࠻ࡢ࡯߽ࠢ㐿ᜏߒߚޕߎࠇߦࠃߞߡห ␠ߩᄁ਄ߍߪ 10㧑ჇടߒޔᏒ႐ࠪࠚࠕߪ 14.9㧑ߣߥߞߚޕ߹ߚห␠ߪޔࠝ࡯ࠬ࠻࡜࡝ࠕ ߩ✛⨥Ꮢ႐ߢ 18.6㧑ߩᏒ႐ࠪࠚࠕࠍභ߼ߡ޿ࠆޕ

 ࠴ࠚࠦ౒๺࿖ TTL ߪ 2006 ᐕޔ࠴ࠚࠦ౒๺࿖Ꮢ႐ߢ 27㧑ߩࠪࠚࠕࠍីࠆ࠻࠶ࡊࡉ࡜ࡦ࠼ߢ޽ࠆ JEMCA ࠍ⾈෼ߒߚޕJEMCA ߪޔ⚃⨥ޔࡈ࡞࡯࠷࠹ࠖ࡯ޔࡂ࡯ࡉ࠹ࠖ࡯ߥߤߩ⵾ຠࠍ᦭ߒޔ ᒝജߥᵹㅢࡀ࠶࠻ࡢ࡯߽ࠢᜬߞߡ޿ߚޕߎߩ JEMCA ߩ⾈෼ߦࠃࠅޔ⾌↪ኻലᨐߩ㜞޿࿖ 㓙⵾ㅧᣉ⸳ࠍ₪ᓧߔࠆߎߣ߇ߢ߈ߚޕ

 ࡄࠠࠬ࠲ࡦ TTL ߪ 2003 ᐕߦࡄࠠࠬ࠲ࡦߦㅴ಴ߒޔ2005 ᐕᐲߪޔᄁ਄ߍ೨ᐕᲧ 43㧑Ⴧࠍ㆐ᚑߒߚޕ ⽼ᄁ㊂ߪޔ200 ਁࠠࡠࠍ⿥߃ޔ࠹࠻࡝࡯ࡉ࡜ࡦ࠼ߦߣߞߡ 5 ⇟⋡ߦᄢ߈ߥᏒ႐ߣߥߞߚޕ ߎࠇߪਥߦޔ㕟ᣂ⊛ߥ⽼ᄁࡊࡠࠣ࡜ࡓߦࠃߞߡ㆐ᚑߐࠇߚ߽ߩߢ޽ߞߚޕ

 ࡃࡦࠣ࡜࠺ࠪࡘ TTL ߪ 2003 ᐕߦࡃࡦࠣ࡜࠺ࠪࡘߦㅴ಴ߒޔ2005 ᐕᐲߦߪᄁ਄ߍߪ೨ᐕ߆ࠄ୚Ⴧߒߚޕ ߎߩ⚿ᨐޔห␠ߪ 5㧑ߩᏒ႐ࠪࠚࠕࠍ₪ᓧߒߚޕ 

ⷐὐ x TTLߪ਎⇇╙2૏ߩ⵾⨥ડᬺߢ޽ࠅ਎⇇40ࠞ࿖ߢ⽼ᄁߒߡ޿ࠆޕ x ห␠ߪޔࠣࡠ࡯ࡃ࡞ߥ⿷႐ࠍᒝൻߔࠆߚ߼ޔⓍᭂ⊛ߦ࿖㓙ࠕ࡜ࠗࠕࡦࠬ߅ࠃ߮ࠢࡠࠬࡏ ࡯࠳࡯M&Aࠍⴕߞߡ޿ࠆޕ x ห␠ߪޔߘߩ⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߦ⃚℗ޔ㘶ᢱ᳓ޔߘߩઁߩ㘶ᢱࠍട߃ࠆߎߣߢᄙⷺൻ ࠍⴕߞߡ߅ࠅޔ⃻࿷ޔ࿖㓙⊛㘶ᢱડᬺߣߒߡบ㗡ߒߟߟ޽ࠆޕ x ☨࿖ޔ⧷࿖ޔࠞ࠽࠳ߪޔห␠ߦߣߞߡ㎛ߣߥࠆᏒ႐ߢ޽ࠆޕ  

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╙┨ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ 㧔ࡎ࠹࡞㧕

ડᬺ᭎ⷐ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪޔ100 ᐕએ਄ߩᱧผࠍᜬߟޔࠗࡦ࠼ߩࠨ࡯ࡆࠬ↥ᬺߩ⠧⥩ߩ ৻ߟߛޕห␠ߪ࠲࠲࡮ࠣ࡞࡯ࡊ㧔Tata Group㧕ߩ৻ㇱߢޔޟ࠲࡯ࠫ࡮ࡎ࠹࡞࡮࡝࠱࡯࠻࡮ ࠕࡦ࠼࡮ࡄ࡟ࠬ㧔Taj Hotels Resorts and Palaces㧕ޠߩࡉ࡜ࡦ࠼ฬߢㆇ༡ߒߡ޿ࠆޕห␠ ߪޔࠗࡦ࠼ޔࡕ࡯࡝ࠪࡖࠬޔࡑ࡟࡯ࠪࠕޔࠝ࡯ࠬ࠻࡜࡝ࠕޔ☨࿖ޔࠬ࡝࡜ࡦࠞޔࠕࡈ࡝ࠞޔ ਛ᧲ࠍ฽߻ᢙᄙߊߩ࿖ߦㅴ಴ߒߡ޿ࠆޕ

࿑⴫㧦  ડᬺ᭎ⷐ㧙ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭㧔ㅪ⚿㧕

ડᬺฬ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ (The Indian Hotels Company Limited) ᚲ࿷࿾ Oxford House, 15/17 N.F. Road, Apollo Bunder, Mumbai – 400 001 㔚⹤⇟ภ +91-22-66651000 ࡈࠔ࠶ࠢࠬ⇟ภ +91-22-22846680 ࡎ࡯ࡓࡍ࡯ࠫ http://www.tajhotels.com/ ળ㐳 Ratan N. Tata ⸳┙ᐕ 1903 95 ⾗ᧄ✚㗵 4ం2,901ਁ࠼࡞ ⾗↥✚㗵 9ం7,385ਁ࠼࡞ ᓥᬺຬ NA ಴ᚲ㧦ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ᐕᐲᐕᰴႎ๔ᦠ

ᩣਥ᭴ᚑ ห␠ߩᩣਥ᭴ᚑࠍ␜ߔޕ

࿑⴫㧦  ᩣਥ᭴ᚑࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭㧔ᐕ᦬ᣣ⃻࿷㧕

 ᩣਥࠞ࠹ࠧ࡝࡯ ᜬᩣᢙ ᭴ᚑᲧ  ഃᬺ⠪ߩᜬߜᩣߩว⸘   㕖ഃᬺ⠪ߩᜬߜᩣ   ᯏ㑐ᛩ⾗ኅ   ߘߩઁ   ว⸘   ಴ᚲ㧦ࡏࡦࡌࠗ⸽೛ขᒁᚲ

 ὑᦧ࡟࡯࠻㧦+04 ࠼࡞ ᐕᐲ 

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ᴪ㕟

࿑⴫㧦  ᴪ㕟㧙ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭

ᐕ  ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭߇ࡓࡦࡃࠗߢ࠲࡯ࠫࡑࡂ࡞࡮ࡄ࡟ࠬ㧒࠲ࡢ࡯㧔Taj Mahal Palace 1903 & Tower㧕ࠍ㐿ᬺ ࡄ࡟ࠬ࡮ࡎ࠹࡞ߩ᭴ᗐࠍឬߊ㧔ߎࠇ߇⃻ታߣߥߞߚߩߪࠫࡖࠗࡊ࡞㧔Jaipur㧕ߩ࡜ࡦࡃ࡯ 1971-72 ࠣ ࡄ࡟ࠬ㧔Rambagh Palace㧕߇ᦨೋ㧕 ࠧࠕ㧔Goa㧕ߦࡈࠜ࡯࠻࡮ࠕࠣࠕ࠳࡮ࡆ࡯࠴࡮࡝࠱࡯࠻㧔Fort Aguada Beach Resort㧕ࠍ 1974 㐿ߊ ࠺࡝࡯ߢ࠲࡯ࠫࡑࡂ࡞ࡎ࠹࡞㧔Taj Mahal Hotel㧕ࠍ㐿ᬺޔߘߩᓟ࠲࡯ࠫࡄ࡟ࠬࡎ࠹࡞ 1978-82 㧔Taj Palace Hotel㧕ߢࡊ࡟࠯ࡦࠬࠍ᜛ᄢ ࠨ࡯ࡆࠬ↥ᬺߩੱ᧚⢒ᚑߩߚ߼ࠝ࡯࡜ࡦࠟࡃ࡯࠻ߦࠗࡦ࠺ࠖࠕࡦ࡮ࠗࡦࠬ࠹ࠖ࠹ࡘ࡯࠻࡮ 1993 ࠝࡉ࡮ࡎ࠹࡞࡮ࡑࡀ࡯ࠫࡔࡦ࠻㧔Indian Institute of Hotel Management㧕ࠍ⸳┙ ࠦࡦࠩߴ࡯࡚ࠪࡦ࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ࡮ࠕࡈ࡝ࠞ࡮ࠕࡦ࠼࡮ࠪࠥࡦ㧔Conservation 2004 Corporation Africa and Cigen Corporation㧕ߣࠗࡦ࠼ߩ⥄ὼⷰశଦㅴߩߚ߼ߩวᑯડᬺࠍ ⸳┙ ಴ᚲ㧦ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭࠙ࠚࡉࠨࠗ࠻࠲࠲࡮ࠣ࡞࡯ࡊ

ో૕ߩ⊒ዷᚢ⇛

 ᣢሽኋᴱᣉ⸳ߩᡷⵝ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪޔᣢሽኋᴱᣉ⸳ߩᡷⵝߦᵈജߒߡ޿ࠆޕ⃻࿷ታᣉߒߡ޿ࠆᡷ ⵝߢߪቴቶߣࡠࡆ࡯ߛߌߢߪߥߊޔ࡟ࠬ࠻࡜ࡦ߿ࡃ࡯ߥߤߩᣉ⸳ߩዉ౉߽วࠊߖߡⴕߞߡ ޿ࠆޕ2004 ᐕߣ 2005 ᐕߦޔห␠ߪ࠲࡯ࠫ࡮࡟ࠗࠢ࡮ࡄ࡟ࠬ㧔Taj Lake Palace㧕ޔ࠲࡯ ࠫ࡮ࡎ࡝࠺ࠗ࡮ࡆ࡟࠶ࠫ㧔Taj Holiday Village㧕ޔ࠲࡯ࠫ࡮࠙ࠛࠬ࠻ࠛࡦ࠼㧔Taj West End㧕ࠍ฽߻ᄙߊߩኋᴱᣉ⸳ߩቴቶߣࠬࠗ࡯࠻ߩᡷⵝࠍⴕߞߚޕ߹ߚห␠ߪޔߎߩᦼ㑆ߦ ᄙߊߩኋᴱᣉ⸳ߦޟࡌ࡜ࡦ࠳㧔Verandah㧕ޠ࡟ࠬ࠻࡜ࡦޔޟࠕࠗࠬ㧔Ice㧕ޠࡃ࡯ޔޟࡆ ࡯࠴ࡂ࠙ࠬ㧔Beachhouse㧕ޠߥߤᄙߊߩ࠹࡯ࡑ೎㘶㘩ᣉ⸳ࠍዉ౉ߒߚޕ

 ࠨ࡯ࡆࠬ࡮ࡐ࡯࠻ࡈࠜ࡝ࠝߩᒝൻ ᣂࠨ࡯ࡆࠬߪޔห␠ߩ߽߁৻ߟߩᵈജಽ㊁ߛޕห␠ߪ 2004 ᐕޔ㘈ቴߦࠗࡦ࠼ߩࠕ࡙࡞ ࡌ࡯࠳㧔ࠗࡦ࠼ߩવ⛔ක≮㧕߿࡛ࠟߦၮߠ޿ߚ߽ߡߥߒࠍឭଏߔࠆߚ߼ߦޔ޿ߊߟ߆ߩࡎ ࠹࡞ߢޟࠫ࡯ࡧࠔ࡮ࠬࡄ㧔Jiva Spa㧕ޠࠍዉ౉ߒߚޕหࠨ࡯ࡆࠬߪ 2005㨪2006 ᐕߩ㑆ߦ ߘߩઁ 8 ߟߩࡎ࠹࡞߅ࠃ߮࡝࠱࡯࠻ߦዉ౉ߐࠇߚޕ߹ߚห␠ߪޔ⥄ὼ૕㛎㧔ࡢࠗ࡞࠼࡜ࠗ ࡈ㧕࡮ࡠ࠶ࠫߩᣂ੐ᬺߦ߽⿷ࠍ〯ߺ౉ࠇߚޕ⥄ὼ૕㛎࡮ࡠ࠶ࠫߣࠥ࡯ࡓⷰᚢߥߤߩࠨ࡯ࡆ ࠬࠍឭଏߒޔࠗࡦ࠼ߩ⥄ὼⷰశࠍଦㅴߔࠆߚ߼ࠦࡦࠩߴ࡯࡚ࠪࡦ࡮ࠦ࡯ࡐ࡟࡯࡚ࠪࡦ࡮ࠕ ࡈ࡝ࠞ࡮ࠕࡦ࠼࡮ࠪࠥࡦ㧔Conservation Corporation Africa and Cigen Corporation㧕ߣว ᑯડᬺࠍ⸳┙ߒߚޕߎߩᑧ㐳ߣߒߡޔห␠ߪ 2005㨪2006 ᐕߩ㑆ߦࠗࡦ࠼ߩࡑ࠺ࠖࠕ࡮ࡊ ࡜࠺࡯ࠪࡘߦ޽ࠆ 2 ߟߩࡠ࠶ࠫࠍ⾈෼ߒߚޕ

 ࠛࠦࡁࡒ࡯ࠢ࡜ࠬ࡮ࡎ࠹࡞ಽ㊁ߦ߅ߌࠆᯏળߩ⊒ជ ห␠ߪᣂߚߥ⊒ዷᚢ⇛ߩ৻ߟߣߒߡޔࠗࡦ࠼࿖ౝߢߩࠛࠦࡁࡒ࡯ࠢ࡜ࠬ࡮ࡎ࠹࡞ߩዉ౉ ࠍ㐿ᆎߒߡ޿ࠆޕห␠ߪ 2004 ᐕߦࡃࡦࠟࡠ࡯࡞ߦߘߩ╙ 1 ภߣߥࠆࡎ࠹࡞ࠍ㐿ᬺߒߚޕ

 112 

ห␠ߪߎߩࡎ࠹࡞ࠍࡊࡠ࠻࠲ࠗࡊߣߒޔ2006 ᐕߦߪ৻ㇱߩࠨ࡯ࡆࠬߦୃᱜࠍട߃ߡࡂ࡝࠼ ࡢ࡯࡞㧔Haridwar㧕ߦ╙ 2 ภᐫࠍ㐿ᬺߒߚޕߎࠇࠄߩࡎ࠹࡞ߪޟࠫࡦࠫࡖ࡯࡮ࡎ࠹࡞࠭ 㧔Ginger Hotels㧕ޠߩࡉ࡜ࡦ࠼ฬߢዷ㐿ߐࠇߡ޿ࠆޕ

 5916ಽᨆ

 ᒝߺ x ၷታߥࡐ࡯࠻ࡈࠜ࡝ࠝ – ห␠ߩࡐ࡯࠻ࡈࠜ࡝ࠝߦߪޔࠗࡦ࠼ޔࡕ࡯࡝ࠪࡖࠬޔࠬ࡝࡜ࡦ ࠞޔࠕࡈ࡝ࠞޔࡕ࡞ࠫࡉޔࠝ࡯ࠬ࠻࡜࡝ࠕޔ⧷࿖ޔ☨࿖ࠍ฽߻ਥⷐⷰశ࿾ߦ9,000ࠍ⿥ ߃ࠆቴቶߣ200એ਄ߩ㘶㘩ࠕ࠙࠻࡟࠶࠻߇޽ࠆޕ x ᒝ࿕ߥࡉ࡜ࡦ࠼ଔ୯ – ޟ࠲࡯ࠫ㧔Taj㧕ޠࡉ࡜ࡦ࠼ߦߪޔޟ㜞ຠ⾰࡮਄⾰ߩࠨ࡯ࡆࠬޠ ߣ޿߁ᒝ࿕ߥࡉ࡜ࡦ࠼ࠗࡔ࡯ࠫ߇޽ࠆޕޟା㗬ߣ㜞ຠ⾰ޠߣ޿ߞߚࠗࡔ࡯ࠫߩ޽ࠆ࠲ ࠲࡮ࠣ࡞࡯ࡊߣߩߟߥ߇ࠅ߽ޔߐࠄߦห␠ߩࡉ࡜ࡦ࠼ଔ୯ࠍ㜞߼ߡ߈ߚޕ

 ᒙߺ x ࿖ౝ੐ᬺ߳ߩଐሽ – ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߩᄁ਄ߍߪޔߘߩᄢㇱಽࠍ࿖ౝ੐ᬺߦଐሽ ߒߡ޿ࠆޕ2004ᐕᐲࠃࠅଐሽᐲߪૐߊߥߞߡ޿ࠆ߇ޔ2005ᐕᐲߦߪห␠ߩᄁ਄ߍߩ⚂ 76㧑߇ࠗࡦ࠼࿖ౝ੐ᬺ߆ࠄߩ߽ߩߢ޽ߞߚޕ࿖ౝ੐ᬺߦኻߔࠆଐሽᐲߩ㜞ߐߪޔห␠ࠍ ৻ቯߩ࿖ౝ⚻ᷣ⊛࡝ࠬࠢߦߐࠄߒߡ޿ࠆޕߐࠄߦޔห␠ߩ࿖ౝ੐ᬺ෼⋉ߩᄢㇱಽ߇ޔ㒢 ቯߐࠇߚᢙߩࡎ࠹࡞߆ࠄߩ߽ߩߢ޽ࠆߎߣ߽࡝ࠬࠢߣߥߞߡ޿ࠆޕ x 㜞⚖ࡎ࠹࡞ಽ㊁߳ߩଐሽᐲ – 㜞⚖ࡎ࠹࡞ㇱ㐷ߪห␠ߩᄁ਄ߍߩ߅ࠃߘ50㧑ㄭߊࠍභ߼ ࠆޕࡆࠫࡀࠬࡎ࠹࡞߿࡟ࠫࡖ࡯ࡎ࠹࡞ㇱ㐷ߪ4㧑㨪6㧑ߦㆊ߉ߥ޿ޕߎࠇߪ᣿ࠄ߆ߦޔห ␠ߩ੐ᬺ߇೑᏷ߩෘ޿㜞⚖ࡎ࠹࡞ㇱ㐷ߦᄢ߈ߊ஍ߞߡ߅ࠅޔߎࠇߦࠃߞߡ੐ᬺ߇৻ቯߩ ⚻ᷣⅣႺߥߤߦᏀฝߐࠇ߿ߔߊߥߞߡ޿ࠆߎߣࠍ␜ߒߡ޿ࠆޕ

 ᯏળ x ࿖㓙੐ᬺ߅ࠃ߮⵾ຠࡐ࡯࠻ࡈࠜ࡝ࠝߩ᜛ᄢ – ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪޔ⾈෼߅ࠃ߮ᣂ ߚߥࡎ࠹࡞࡮࡝࠱࡯࠻ߩᑪ⸳ߦࠃߞߡޔࠗࡦ࠼એᄖߩ㜞ᚑ㐳ⷰశ࿾ߢߩ੐ᬺᯏળࠍ⊒ជ ߔࠆᯏળ߇޽ࠆޕ߹ߚޔࠬࡄ߿⥄ὼ࡝࠱࡯࠻ߥߤߩᒻߢᣂߒ޿ࠨ࡯ࡆࠬࠍឭଏߔࠆߥߤޔ ߘߩઁߩᚑ㐳ᚻᲑࠍ⹜ߺࠆߎߣ߽น⢻ߛޕ

 ⢿ᆭ x ᶏᄖⷰశ࿾ߩੱ᳇਄᣹ – ᧲ධࠕࠫࠕ߿ࠝ࡯ࠬ࠻࡜࡝ࠕߥߤߩⷰశ࿾ߩੱ᳇਄᣹ߦࠃߞߡޔ ࠗࡦ࠼߳ߩᣏⴕቴ߇ᷫࠆน⢻ᕈ߇޽ࠆޕ߹ߚޔᚲᓧჇടߣ⥶ⓨㆇ⾓ߩ୯ਅߍߦࠃߞߡޔ ߎࠇ߹ߢࠃࠅ߽ᄙߊߩࠗࡦ࠼ੱ߇ᶏᄖߩⷰశ࿾ߦᵹࠇࠆߎߣ߇⠨߃ࠄࠇࠆޕࠗࡦ࠺ࠖࠕ ࡦ࡮ࡎ࠹࡞࠭ߪ࿖ౝ੐ᬺ߇ᦨᄢߩ෼౉Ḯߢ޽ࠆߚ߼ޔߎ߁ߒߚേ߈ߩᓇ㗀ࠍฃߌࠆޕ

 113 

⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ

 ਥⷐ⵾ຠ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪએਅߩࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕ x ࡎ࠹࡞ – 㜞⚖ࡎ࠹࡞ޔࡆࠫࡀࠬࡎ࠹࡞ޔ࡟ࠫࡖ࡯ࡎ࠹࡞ x 㜞⚖૑ቛ – ࠼ࡃࠗޔࡓࡦࡃࠗޔࡠࡦ࠼ࡦߩ3ࠞᚲߩ㜞⚖૑ቛ x 㜞⚖ࠫࠚ࠶࠻ᯏ࠴ࡖ࡯࠲࡯ࠨ࡯ࡆࠬ㧔TajAir㧕 – ࡈࠔ࡞ࠦࡦ2000㧔Falcon 2000㧕ࠍ2ᯏ x ⥶ⓨࠤ࡯࠲࡝ࡦࠣ – ࠪࡦࠟࡐ࡯࡞ⓨ᷼࠲࡯ࡒ࠽࡞ࠨ࡯ࡆࠬ㧔Singapore Airport Terminal Services㧕ߣߩวᑯડᬺߢ޽ࠆ࠲࡯ࠫ࡮SATS 㧔TajSATS Air Catering Ltd㧕߇ޔᯏౝࠤ ࡯࠲࡝ࡦࠣޔ࡜࠙ࡦࠫ▤ℂޔⓨ᷼࡟ࠬ࠻࡜ࡦߥߤࠍ฽߻ࠨ࡯ࡆࠬࠍឭଏߒߡ޿ࠆޕ x ᣏⴕࠨ࡯ࡆࠬ – ᣏⴕࠨ࡯ࡆࠬડᬺߩࠗࡦ࠺ࠖ࡯࡮࠻࡜ࡌ࡞㧔Inditravel㧕ࠍ੺ߒߡޔ⥶ ⓨ࡮㋕㆏ᣏ೛ޔࡎ࠹࡞੍⚂ޔ࡟ࡦ࠲ࠞ࡯ޔᣏⴕ଻㒾ߥߤࠍ฽߻ࠨ࡯ࡆࠬࠍⴕߞߡ޿ࠆޕ

 ਥⷐ⽷ോᜰᮡ 2004 ᐕᐲ߅ࠃ߮ 2005 ᐕᐲߦ߅ߌࠆࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߩᄁ਄ߍߩ࿾ၞಽᏓࠍ␜ߔޕ ߎߩ࿑߆ࠄޔᒰ⹥ᦼ㑆ߦ߅޿ߡᶏᄖ੐ᬺ߆ࠄߩࠪࠚࠕ߇ᄢ߈ߊჇടߒߡ޿ࠆߎߣ߇ಽ߆ࠆޕ 

࿑⴫㧦  ᄁ਄ߍߩ࿾ၞಽᏓ㧙ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭

㪉㪇㪇㪌ᐕᐲ 㪉㪇㪇㪋ᐕᐲ 䋨ᄁ਄䈕㪑㩷㪋㪉㪊㩷䋩䋨㪈㪇㪇ਁ䊄䊦䋩 䋨ᄁ਄䈕㪑㩷㪉㪐㪏䋩䋨㪈㪇㪇ਁ䊄䊦䋩

24% 16%

࿖ౝ ࿖ౝ

ᶏᄖ ᶏᄖ

76% 84%

಴ᚲ㧦ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ᐕᐲᐕᰴႎ๔ᦠ 

 ㅢ⽻឵▚࡟࡯࠻㧦+04 ࠼࡞ ᐕᐲ 㧧+04 ࠼࡞ ᐕᐲ 

 114 

2004 ᐕᐲ߅ࠃ߮ 2005 ᐕᐲߦ߅ߌࠆࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߩㇱ㐷೎ߩᄁ਄ߍಽᏓࠍ␜ ߔޕ 

࿑⴫㧦  ੐ᬺㇱ㐷೎ߩᄁ਄ߍ㧙ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭

㪉㪇㪇㪌ᐕᐲ 㪉㪇㪇㪋ᐕᐲ 䋨ᄁ਄䈕㪑㩷㪋㪉㪊䋩䋨㪈㪇㪇ਁ䊄䊦䋩 䋨ᄁ਄䈕㪑㩷㪉㪐㪏䋩䋨㪈㪇㪇ਁ䊄䊦䋩

0.47% 10.30% 0.27% 䊖䊁䊦 12.31% 䊖䊁䊦

⥶ⓨ䉬䊷䉺䊥䊮 ⥶ⓨ䉬䊷䉺䊥䊮䉫 䉫 䈠䈱ઁ 䈠䈱ઁ

89.43% 87.22%

಴ᚲ㧦ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ᐕᰴႎ๔ᦠ 

ࠣࡠ࡯ࡃ࡞ᚢ⇛

 ࠣࡠ࡯ࡃ࡞࡮ࡊ࡟࠯ࡦࠬߩะ਄

࿑⴫㧦  ࠣࡠ࡯ࡃ࡞ዷ㐿 㧙 ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭

ᐕ  ETA ࠬ࠲࡯࡮ࡊࡠࡄ࠹ࠖ࡯㧔ETA Star Property Developers LLC㧕ߣޔ࠼ࡃࠗߢߩ㜞⚖࡝ 2005 ࠱࡯࠻㐿⊒ߩߚ߼ߩࠕ࡜ࠗࠕࡦࠬࠍ⚿߱ޕߎߩ࡝࠱࡯࠻ߪޔੱᎿፉߩࡄ࡯ࡓ࡮ࠕࠗ࡜ࡦ ࠼࡮ࠫࡘࡔࠗ࡜㧔Palm Island Jumeirah㧕ߦ㐿⊒ߐࠇࠆ੍ቯ ࠪ࠼࠾࡯ߩࡉ࡞࡯ࠪ࠼࠾࡯㧔BLUE Sydney㧕ࡎ࠹࡞ߩ⾈෼ߦࠃߞߡޔࠝ࡯ࠬ࠻࡜࡝ࠕߢ 2005 ߩ੐ᬺࠍ᜛ᄢ 㖧࿖ߩᣂ⟜ࡎ࠹࡞㧔Shilla Hotels & Resorts㧕ߣޔ㖧࿖ߢߩ2ࡉ࡜ࡦ࠼ߩࠢࡠࠬࡑ࡯ࠤ࠹ࠖ 2006 ࡦࠣߩߚ߼ߩࠕ࡜ࠗࠕࡦࠬࠍ⚿߱ ධࠕࡈ࡝ࠞߩ࡙࡯ࡠࠤ࡯ࡊ㧔Eurocape㧕ߣឭ៤ࠍ⚿߱ޕ౒หߢࠤ࡯ࡊ࠲࠙ࡦߩࡑࡦ࠺ 2006 ࡜࡮ࡠ࡯࠭࡮ࡊ࡟ࠗࠬ㧔Mandela Rhodes Place㧕ߢⶄวᣉ⸳ߩ㐿⊒ࠍⴕ߁ ࠞ࠲࡯࡞࡮ࠬࡐ࡯࠷࡮ࠗࡦࡌࠬ࠻ࡔࡦ࠻㧔Qatar Sports Investment Company㧕ߣ2009ᐕ 2006 ߹ߢߦ࠼࡯ࡂߦ੖ߟᤊߩࠧ࡞ࡈ㧒ࠬࡄࡎ࠹࡞ࠍᑪ⸳ߔࠆࠕ࡜ࠗࠕࡦࠬࠍ⚿߱ ࡒ࡟࠾ࠕࡓ࡮ࡄ࡯࠻࠽࡯࠭㧔Millennium Partners㧕߆ࠄࡏࠬ࠻ࡦߩ࡝࠶࠷ࠞ࡯࡞࠻ࡦ 2006 㧔Ritz-Carlton㧕ࡎ࠹࡞ࠍ⾈෼ ࠦ࡯࡞ࡎ࠹࡞㧔Kor Hotel Group㧕ߣࠞࡦࡊ࠻ࡦ࡮ࡊ࡟࡯ࠬ㧔Campton Place㧕ࠍ⾈෼ޕ 2007 ߎࠇࠄߩࡎ࠹࡞ߪࠨࡦࡈ࡜ࡦࠪࠬࠦߦ޽ࠅޔ101ߩቴቶߣ9ߟߩࠬࠗ࡯࠻ࠍ஻߃ߡ޿ࠆ ಴ᚲ㧦࠲࠲࡮ࠣ࡞࡯ࡊ     

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 ࠣࡠ࡯ࡃ࡞࡮ࠕ࡜ࠗࠕࡦࠬߩ⚿ᚑ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߩਥⷐߥࠣࡠ࡯ࡃ࡞ᚢ⇛ߩ৻ߟߪޔᶏᄖડᬺߣឭ៤ߒޔ⋧੕ߦ ⥄࿖Ꮢ႐ߢߩࡊࡠࡕ࡯࡚ࠪࡦࠍᜂᒰߔࠆߣ޿߁߽ߩޕߎ߁ߒߚᚢ⇛ߦᴪߞߡ⚿߫ࠇߚᦨೋ ߩࠕ࡜ࠗࠕࡦࠬߪޔ2004 ᐕߩࠪࡦࠟࡐ࡯࡞ߩ࡜࠶ࡈ࡞࠭࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞㧔Raffles International Limited㧕ߣߩ߽ߩߢ޽ࠆޕߎߩឭ៤ߦߪޔኋᴱቴ߳ߩࡠࠗࡗ࡝࠹ࠖ࡮ࡊࡠࠣ ࡜ࡓޔ࠮࡯࡞ࠬ࡮ࠗࡌࡦ࠻ޔ࠻࡟࡯࠼࡮ࡈࠚࠕޔᄙ᭽ߥ࿾ၞߢߩᢱℂߩࡊࡠࡕ࡯࡚ࠪࡦߥ ߤ߇฽߹ࠇߡ޿ࠆޕߎߩࠕ࡜ࠗࠕࡦࠬߩၮᧄ⊛᭴ᗐߪޔฦ࿾ߦ߅ߌࠆࠕ࡜ࠗࠕࡦࠬ࡮ࡄ࡯ ࠻࠽࡯ߩࡊ࡟࠯ࡦࠬࠍ೑↪ߒߡߘࠇߙࠇߩࡉ࡜ࡦ࠼ߩᄁࠅㄟߺࠍⴕ߁ߣ޿߁߽ߩߛޕࠕ࡜ ࠗࠕࡦࠬߩᤨὐߢߪޔࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪࠗࡦ࠼ߦ߅ߌࠆᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ଻ᜬ ߒߡ޿ߚ߇ޔ࡜࠶ࡈ࡞࠭࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞ߪ߹ߛࠗࡦ࠼ߦ߅ߌࠆࡊ࡟࠯ࡦࠬࠍ⏕┙ߒ ߡ޿ߥ߆ߞߚޕ৻ᣇޔ࡜࠶ࡈ࡞࠭࡮ࠗࡦ࠲࡯࠽࡚ࠪ࠽࡞ߪޔ᰷Ꮊޔࠝ࡯ࠬ࠻࡜࡝ࠕޔർ☨ޔ ධ☨ߦ߅޿ߡᒝ࿕ߥ࿾૏ࠍ▽޿ߡ޿ߚ߇ޔᒰ⹥࿾ၞߦ߅ߌࠆࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߩࡊ ࡟࠯ࡦࠬߪᒙ߆ߞߚޕ2006 ᐕߦߪ㖧࿖ߩᣂ⟜ࡎ࠹࡞㧔Shilla Hotels and Resorts㧕ߣ߽ห ᭽ߩࠕ࡜ࠗࠕࡦࠬࠍ⚿ࠎߛޕࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪ੹ᓟ߽ߘߩઁߩ࿾ၞߦ߅޿ߡห᭽ ߩࠕ࡜ࠗࠕࡦࠬࠍ⚿ࠎߢⴕߊ߽ߩߣᕁࠊࠇࠆޕ

 ࿖㓙੐ᬺߩ᜛ᄢ ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪޔࡎ࠹࡞ኋᴱᣉ⸳ߩ⾼౉߅ࠃ߮▤ℂᄾ⚂ߩ✦⚿ߥߤߦࠃߞߡޔ ੐ᬺߩࠣࡠ࡯ࡃ࡞ߥ᜛ᄢࠍ⁓ߞߡ޿ࠆޕ2004 ᐕᐲߦޔࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪࡕ࡯࡝ࠪ ࡖࠬߩ㜞⚖࡝࠱࡯࠻ߣ࠮ࠗࠪࠚ࡞ߩ࠺࠾ࠬ⻉ፉߩࡎ࠹࡞༡ᬺࠍ㐿ᆎߒߚޕߎࠇࠄߪޔ▤ℂ ᬺോࠍฃ⸤ߔࠆߣ޿߁ᄾ⚂ߩਅߢห␠ߦࠃߞߡㆇ༡ߐࠇߡ޿ࠆޕߘߩᓟޔห␠ߪࡉ࡯࠲ࡦޔ ࡑ࡟࡯ࠪࠕޔ࠼ࡃࠗߥߤߩᄙߊߩࡎ࠹࡞ኋᴱᣉ⸳ߩ▤ℂᬺോฃ⸤ᄾ⚂ࠍ⚿ࠎߛޕ߹ߚห␠ ߪޔ2005 ᐕߦࠪ࠼࠾࡯ߩࡉ࡞࡯ ࠪ࠼࠾࡯㧔BLUE Sydney㧕ࡎ࠹࡞ࠍޔ2006 ᐕߦࡏࠬ࠻ࡦ ߩ࡝࠶࠷ࠞ࡯࡞࠻ࡦ㧔Ritz-Carlton㧕ࡎ࠹࡞ࠍ⾈෼ߒߚޕࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪޔਛ࿖ޔ ධࠕࡈ࡝ࠞޔ࠲ࠗߥߤߩᏒ႐ߢ߽ዷ㐿ߒߡ޿ߊ߽ߩߣ⷗ㄟ߹ࠇࠆޕ

ⷐὐ x ࠗࡦ࠺ࠖࠕࡦ࡮ࡎ࠹࡞࠭ߪࠗࡦ࠼࿖ౝᏒ႐ߢᒝ࿕ߥࡊ࡟࠯ࡦࠬࠍ⏕଻ߒߡ߅ࠅޔ⃻࿷ߪ ࡎ࠹࡞ኋᴱᣉ⸳ߩ⾈෼߅ࠃ߮▤ℂᬺോฃ⸤ᄾ⚂ߦࠃࠆ࿖㓙⊛ߥࡊ࡟࠯ࡦࠬߩ⏕┙ߦᵈജ ߒߡ޿ࠆޕ x ห␠ߪਥߦ㜞⚖ㇱ㐷ߦᵈജߒߡ޿ࠆ߇ޔࠛࠦࡁࡒ࡯ࠢ࡜ࠬ࡮ࡎ࠹࡞ㇱ㐷ߦ߅ߌࠆࡊ࡟࠯ ࡦࠬߩᒝൻ߽࿑ߞߡ޿ࠆޕࡎ࠹࡞߅ࠃ߮࡝࠱࡯࠻ߦട߃ޔห␠ߪࠤ࡯࠲࡝ࡦࠣ߿ᣏⴕࠨ ࡯ࡆࠬߥߤߘߩઁߩ੐ᬺߦ߽ㅴ಴ߒߡ޿ࠆޕ x ห␠ߪޔਛ࿖ޔධࠕࡈ࡝ࠞޔ࠲ࠗߥߤߩᏒ႐ߦ߅ߌࠆ࿖㓙⊛ߥዷ㐿ࠍߐࠄߦ᜛ᄢߒߡ޿ ߊ߽ߩߣ⷗ㄟ߹ࠇࠆޕ

એ਄

 116 Ⅸ‒ ⇊∙⇯˖ಅ↝⇖∓∞⇶∑৆ဦ Ⅹ‒ ‒ ⽼ᄁଔᩰ㧦 ౞㧔⒢ㄟ㧕  ✬㓸࡮⊒ⴕ㧦 ᐕ  ᦬  ᣣ ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴㧔ࠫࠚ࠻ࡠ㧕  ౝኈߦ㑐ߔࠆ߅໧޿วࠊߖ ޥ ᧲੩ㇺ᷼඙⿒ဈ  ৼ⋡  ࠕ࡯ࠢ᫪ࡆ࡞  ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴㧔ࠫࠚ࠻ࡠ㧕  ᶏᄖ⺞ᩏㇱ⺞ᩏડ↹⺖㧔಴ 㧕 6'.㧦㧔㧕㧙  㔚ሶࡔ࡯࡞㧦MQWJQW"LGVTQIQLR  ශ೚࡮ࠨ࡯ࡆࠬߥߤߦ㑐ߔࠆ߅໧޿วࠊߖ ޥ ᧲੩ㇺᢥ੩඙㑐ญ  ᧲ቲᳯᚭᎹᯅࡆ࡞㧟㧲 ࠦࡦ࠹ࡦ࠷ࡢ࡯ࠢࠬᩣᑼળ␠ࠞࠬ࠲ࡑ࡯ࠨࡐ࡯࠻ 6'.㧦㧔ᐔᣣ #/㧦㨪2/㧡㧦㧕 㔚ሶࡔ࡯࡞㧦UWRRQTV"DQQMRCTMPGLR  ᧄᦠߩ⵾૞ߪࠝࡦ࠺ࡑࡦ࠼ࡄࡉ࡝࠶ࠪࡦࠣᣇᑼࠍណ↪ߒߡ޿߹ߔޕ ࠺࡯࠲ߪ㔚ሶ⊛ߦ଻ሽߐࠇޔᵈᢥߦᔕߓߡޔߘߩㇺᐲ૞ᚑߒߡ޿߹ߔޕ  Copyright ©,'641 2TKPVGFKP,CRCP ήᢿォタࠍ⑌ߓ߹ߔޕ  ‒