Business Updates the Economic Times Awards for Corporate Excellence 2006-07
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Business Updates The Economic Times Awards For Corporate Excellence 2006-07 Business Leader Businesswoman Company of Business Entrepreneur of the Year of the Year the Year Reformer of the Year K.V. Kamath Shobhana Bhartia Sunil Mittal Praful Patel G.M. Rao ICICI Bank HT Media Bharti Airtel Civil Aviat. Minister GMR Group Policy Change Lifetime Global Corporate Emerging Company Agent Achievement Indian Citizen of the Year M. Damodaran N.R.Narayana Rajat Gupta Sankara Glenmark SEBI Murthy Infosys McKinsey & Co. Nethralaya Pharmaceuticals The Economic Times Awards, one of the country's most prestigious awards presented every year to leading corporates, business leaders and entrepreneurs, were conferred on the outstanding awardees in different categories in a ceremony in Bengaluru on October 4, 2007. Talent Management, expansion on global scale and flawless execution emerged as the leitmotif of the 2006-07 awards for corporate excellence. Sensex touches 20,000-mark supported the Indian bourses to surge Maiden commercial flight of the The Sensex touched the historic and broader markets also participated Airbus A380 figure of 20,000 on October 29, 2007, in the rally. The BSE capital goods in the third biggest single day gain for index gained 7 percent and the BSE The Airbus A380, the world's largest the BSE 30-share index. The rally of Bankex was up by 4 percent, while the commercial jetliner, made history on 1-3 percent in other Asian markets also BSE oil and gas index gained 5 percent. October 25, 2007, with its maiden flight 1 from Singapore to Sydney. The Based on the closing share prices of Abatement rate raised for tour Singapore Airlines flight, which took off various group companies such as RIL, operators’ services from Changi airport in the morning, Reliance Petroleum, IPCL and Reliance landed several hours later in Sydney Industrial Infrastructure, Mr. Ambani was The Centre on August 23, 2007, hiked thereby scripting a new era in the estimated to have held shares worth $ the rate of abatement from 60 percent to history of aviation. On board the flight 50.1 billion (about Rs. 2,00,000 crore) 75 percent for the purpose of calculating were a crew of 30 including four pilots through promoter holdings in these the service tax payable by tour operators and over 450 passengers from 35 companies. on ‘package tour’ services. With the countries. Earlier, tickets for the flight were sold in an online auction which Central Board of Excise and Customs raised $1.3 million for charity. Mr. Julian Four Indian-Americans make it to (CBEC) issuing an amendment Hayward, who paid more than $100,000 Forbes list notification to this effect, tour operators for a pair of first-class suites, was the henceforth will be required to pay service top bidder while Mr. Georg Burdicek, Four Indian-Americans – acoustics tax only on 25 percent instead of the earlier who paid $560 for an economy seat, got pioneer Mr. Amar Bose, Google founder 40 percent of the gross amount charged the cheapest ticket. director Mr. Kavitark Shriram, venture on customers for such package tours. capitalist Mr. Vinod Khosla and Mr. Bharat Desai, CEO of an info-tech outsourcing Taj Hotels Partners Okura of Japan firm – have made it to the Forbes list of richest Americans. In the list released on Taj Hotels Resorts and Palaces and September 21, 2007, Mr. Bose shares the Okura Hotels and Resorts, one of the 271st place with Mr. Shriram with a net largest international hotel groups in Japan, worth of $1.8 billion. Mr. Desai and on September 4, 2007, entered into a Mr. Khosla are ranked 286th and 317th, strategic joint marketing alliance to The inaugural commercial flight of respectively, in the list. develop cross-promotional opportunities the double-decker Airbus A380 has put an for both companies to harness each end to the nearly 37-year hegemony of other’s strengths in their respective the Boeing 747 jumbo jet as the most India signs MoU with Bangladesh markets of dominance. Under the alliance, spacious passenger aircraft. Generally, the Taj Hotels and Okura Hotels have agreed Boeing 747 jumbo jet carries about 400 India has signed a Memorandum of to implement reciprocated points in each passengers whereas the A380 is capable of Understanding (MoU) with Bangladesh carrying as many as 853 passengers in an loyalty programme – the Taj Inner Circle on September 16, 2007 in Dhaka on all-economy class configuration. However, and the Okura Club, wherein both hotel procedural arrangements for importing for its historic first flight, Singapore chains will allow guests to earn and burn Airlines (SIA), regarded as one of the best eight million duty-free apparel articles points at the participating hotels. in the world, preferred a configuration of under South Asian Free Trade Area 471 passengers divided into three classes (SAFTA). The MoU allows India to import Bharti, Wal-Mart form Wholesale including 12 in Singapore Airlines suites, apparel items from Bangladesh without Venture 60 in business class and 399 in economy any conditionality of sourcing of fabric or class. port restrictions. Bharti Enterprises and Wal-Mart The A380 is as tall as a seven-story Stores Inc. announced on August 6, 2007 building with each wing big enough to India & Japan to sign currency hold 70 cars. It is also the most fuel a 50 : 50 joint venture to form Bharti swap pact efficient and quietest passenger jet ever Wal-Mart Private Ltd. for their wholesale built to this date. The plane is powered cash-and-carry and back-end supply chain by four Rolls Royce Trent 900 engines. During his visit to India, Japanese management operations in India. Prime Minister Mr. Shinzo Abe, on August Through the new venture, the company Mukesh Ambani becomes the 22, 2007, proposed to sign a bilateral would serve neighbourhood kirana richest Indian agreement on currency swap that will add stores, fruits and vegetable resellers, to a regional network of such accords restaurants and caterers and other Reliance industries Chairman, designed to provide emergency financial business owners, besides other retailers Mr. Mukesh Ambani has overtaken NRI liquidity to either or both parties in times including Bharti Retail, which would be steel tycoon Mr. Lakshmi Mittal to become of currency market or other turbulence. soon opening its stores in India. The the richest Indian in the world. Mr. Mr. Abe said that his government is new venture would also provide small Ambani's net worth has soared past $50 billion, making him the first Indian and committed to assist India in infrastructure retailers and other business owners a only the fourth person after Mr. Bill Gates, development, particularly the Delhi- wide range of quality products at Mr. Carlos Slim Helu and Mr. Warren Mumbai and Delhi-Kolkata dedicated competitive prices thereby helping them Buffett to have a wealth higher than this freight corridors and Delhi-Mumbai to grow their business and increase amount. Industrial Corridor (DMIC). profitability. 2 Dream launch of 787 Dreamliner monitoring of the performance of Millionaire club swells to over Ahmedabad spot commodity exchange, 100,000 in India the company will launch others in Rajasthan and Maharashtra. The MCX As per a recent study released on is India’s largest commodity exchange. June 29, 2007 by Merrill Lynch and It has appointed Neutron Electronic Capgemini, the number of high net System, a communication technology worth Indians grew the second fastest solutions provider, as its technology in the world in 2006 with a 20.5 percent partner. Such a partnership would rise admist a strong performance by enhance MCX to enhance its video based stocks and property markets. The interactivity programme and also number of High Net Worth Individuals organise the existing and potential (HNWI), with a net asset of atleast $1 stakeholders in the commodities trading million, increased by 20.5 percent to 787 Dreamliner, the new passenger system. This would be possible through 100,015 in India in 2006, second only jet from Boeing Co., made a debut various training programmes. In fact, after 21.2 percent growth in Singapore. display in front of the company’s 15,000 such a move will enhance efficiency and Besides India, countries like Australia, employees at the aircraft manufacturer’s responsiveness. Brazil, Canada, China, Germany, Russia, plant at Everett, near Seattle, USA on the UK, and the US also have more July 8, 2007. The much-hyped mid-sized, L&T to develop an IT Park in than one lakh people with at least one long-range aircraft is built with 50 Tamil Nadu million dollars in net assets, excluding percent carbon composite materials and Larsen & Toubro and Arun Excello their primary residence and 15 percent titanium, making it much have announced that they would develop consumables. The number of Indian lighter and fuel efficient than existing an IT park as part of its proposed millionaires stood at about 83,000 in aircrafts of the same size. The integrated township at Vallancheri in 2005. Dreamliner is Boeing’s first new model Tamil Nadu. This proposed park has in 13 years featuring a speciality of been given the SEZ (Special Economic IBM launches ‘Project Big Green’ lightweightness, whose newly designed Zone) status. It has been named as IT engines are made by General Electric SEZ, ESTANCIA. The total investment Leading information technology Co. and Rolls-Royce Plc that will help in the proposed integrated township company International Business Machine save about 20 percent on fuel costs. would be around Rs. 1,500 crore. This (IBM) has announced ‘Project Big IT township will consist of residential Green’ in India that will help companies ONGC to produce Gas from KG apartments and retail space.