USIBC recently appointed former Cisco CEO John Chamber as Chairman.
IANS
The US-India Business Council (USIBC) has named Punit Renjen, CEO of Deloitte Touche Tohmatsu Limited (Deloitte Global),and Edward Monser, President of Emerson, as USIBC Vice Chairs to further build on US-India relationship.
The leading business advocacy organization comprised of 350 top-tier US and Indian companies advancing US-India commercial ties recently appointed former Cisco CEO John Chamber as USIBC Chairman.
Chambers, immediate past USIBC Chairman and CEO of MasterCard Ajay Banga, and Edward Monser, will embark on the USIBC Chairman’s Executive Mission to India in mid-February, and also participate in the inaugural Make in India week.
I believe that there are tremendous opportunities this year to build on the US-India relationship,” said Monser. “With India’s push for advancement across industries, and initiatives like Make in India gaining momentum, I see several channels for collaboration, exchange of ideas, and exchange of technology between the two countries.”
“I am optimistic about the continued trajectory of US-India relations and the positive impact this will have, not only for our two countries, but indeed for the world,” said Punit Renjen.
“In growing the exchange of talent between our two countries and further opening channels for increased trade and investment, we will be able to deepen innovation, create high-quality jobs and fuel our industries’ global competitiveness for the 21st century.”
Congratulating the “two great business leaders,” USIBC President Mukesh Aghi said: “Together, with our combined experience, we can tackle some of the most difficult challenges on both sides.
“We have already seen the expansion of FDI into the media and entertainment, single brand retail, and defense sectors. Indian states are also actively reaching out to investors here in the US, showcasing the power of competitive federalism.
High on the priority list this year includes the passage of the Goods and Services Tax and land acquisition reform in India, as well as growing the manufacturing sector in order to consolidate India’s presence as a key player in the global economy.”
Chambers said the two new appointees “have done great work in promoting trade between our two countries” and “Our job for this year is to build on this momentum and shape and further the Council’s priorities.”
“We still have challenges ahead and there are areas we must discuss, however, I am positive we can do so in a way that befits our community and our leaders’ ambitions.”
1 Comment
What exactly was Dr Aghi’s (President USIBC) last date/month as one of the joint CEOs of L&T Infotech? How about Dr Aghi’s well-studied target of taking LnT Infotech to $1 billion revenue club by 2013 end and $3 billion in next 2-3 years i.e. 2015-16? LnT Infotech is expecting to be in $1 billion revenue club by mid-2016. Should we expect some credibility from business leaders like Dr Aghi. Where he has taken Steria India and LnT Infotech (services cluster) headcount and revenues as CEO? His exits from both the firms were quite shrouded. Did not reach out to media to discuss about his tenure/exit at LnT Infotech and why he failed to achieve the set target? Should we expect some transparency, accountability and credibility from business leaders? What are Dr Aghi’s significant achievements as CEO of Steria India and LnT Infotech (Services Cluster) that has catapulted him to President-USIBC, a very important position with a substantial bearing on India-US trade potential of $500 billion?————————————————–Larsen & Toubro stock touched 22 month low of 1145 (Jan 11 2016) from peak of 1879 (July 10 2015), down 39 pc in 6 months. Three L&T executives are in Top-10 (2015) highest paid professional executives of India Inc. Junior Engineer turned Executive Chairman Mr Naik (aged 73) leading at 27 cr, up 28% was pegged at 21 cr in 2014. Hike in salary is proportional to slump in stocks. L&T brasses were on selling spree, leading the pack Chairman Mr Naik sold his L&T shares worth 70 cr in 20 days, March 2014. L&T net debt as on Sep 2015 -98 k cr. M-Cap as on 11 Jan 2016 -1 lakh 8k cr. High and dry investor plump as cherry top brasses.Would L&T stock hit 3 year low of 722 is a no-brainer. Chairman Mr Naik (aged 73) is highly valued employee with L&T for last 50 years. Who owns L&T? Exit from L&T Stocks and IIM-A Board Chairman is good ,Chairman Mr Naik should exit from L&T as well.————————Annus horribilis for L&T – Annus mirabilis for L&T executive, 3 of these failed executives are in 2015 Top-10 Highest Paid pro executives of India Inc. L&T brasses have displayed geriatric trait of biting more than they can chew. Later cry foul policies, political situations etc. Hydrocarbon projects losses of 900 cr, they concede it as error of judgment, underestimating risks, aggressive bidding, and overestimating capabilities. Cost overruns in Hyderabad/Riyadh metro, 5k cr of stagnating investment in defence – they want to build ‘India’s defence capabilities’ – please do BUSINESS of profits. GoI is under no obligation to commit fixed orders. Laxmi Mittal the steel magnet have no time to cry/blame – dead busy expanding his empire from north pole to south pole, no less India lover, still holds Indian Passport, will do business in India at right time. Why L&T is asking for VGF? Do your calculations bear risk – simple. Jeff Bezos – Amazon CEO- “when asked whether doing business was easy in India, he said, ”doing business is not easy anywhere. Every country has its quirks, differences and uniqueness, companies must work around them”.————————————————————————————————————-Even self-confessed Avatar Purush like Chairman A M Naik seems to be failing to manage L&T – Mr Naik’s views on succession – why Mr Naik is slogging at 73 – Quote- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years– There is no such person.– None of us here (at senior level) are working for money -UnQuote. LnT stock touched 18 month low of 1175 (Jan 08, 2016) , from peak of 1879 (July 10 2015). Lost whopping 37 percent in last 6 months. Net debt as on 30 Sep 2015, – 98 thousand crores. Would it hit 3 yr low of 722 in a quarter or two? People who have invested in L&T stock have either lost or gained less than zero risk FD investment in 5-6 years. Only exception are L&T top brasses – LnT top-brasses were on selling spree, Chairman Mr Naik sold his LnT shares worth 70 crores in 20 days – March 2014. Same is applicable to only other listed company of the group L&T Finance, not made any money for investors for last 6 years. No impacts on tenures of top brasses nearly or above 70 yrs. All above age of 60 should be smoked out of L&T, Leave Now ! ——————————————————————————————————————————————————–To quote Mr Naik “there is no bloody owner at L&T”. It is not just Mr Naik L&T is personal fiefdom of a old-men club, it is divided between septuagenarians vertical wise – CEO Mr Vekataramanan (alas hanged boots, Sep 2015), responsible for hydrocarbon business and its heavy losses. Mr Magapu is responsible for stagnating IT business L&T Infotech and L&T Tech services, Mr Deosthali is CEO of L&T Financeholding, LnT Finance not made any money for shareholders in 6-7 yrs,, Mr MV Kotwal man in charge of L&T’s defence forays, 5k crores of futuristic investment in defence is junking. These gentlemen are nearly/above 70. Please GOOGLE – L&T + fraud / forgery / harassment / risk / succession / default / corruption – to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. To quote Mr Naik “CEO and company are two sides of the same coin they represent each other. PM Mr Modi should intervene to restore institutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now!. Career span of 50 years as paid employees in a company where state owned LIC/UTI are biggest stake holders – SCANDALOUS – in a country where millions are job less. PM Mr Modi, should intervene to fix retirement age at LnT from SCANDALOUS 75 to 60 – ASAP!! All and sundry above 60 at L&T, leading the pack Mr Naik (aged 73) Leave Now!!—————————————————————————————————————Please allow me to give you all a glimpse (trailer) of a public sponsored circus – Gymnastics by 70 ton Gorillas and Dinosaurs on-going show at L&T please refer BS articles – L&T: International orders worth Rs 30,000 cr at risk – and – why analysts are angry with L&T. Some excerpts – What has angered analysts the most is that the company did not in any way prepare the market for a Rs 900 crore loss. – L&T calls it an error of judgment, as it underestimated risks and overestimated its own capability- Investors and analysts allege the company frequently changes the financial reporting structure, making year-on-year comparison difficult. Some exotic nonsense by geriatric in chief – why Mr Naik is slogging to find successor – ” you find a man in the world who will kill himself four times a day, has worked for more than a hundred years;–The day you find such a man he is my successor.” – Mr Naik is right, well chronicled life span in modern times is 122 years. On one hand top-brasses are taking their compensation and retirement to the highest level possible, on other hand FIRING young talented employees – Please GOOGLE –“Class Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”.Can employees, investors, analyst TRUST these dinosaurs – All and sundry above 60 Leave Now!!———————————–L&T in melting – devil or the deep blue sea – stake sale or post losses. L&T in melting – devil or the deep blue sea – stake sale or post losses. Complete stake sale at Dhamra Port (Rs 2500 crores) to Adani group saved LnT from posting losses in q1-2014. LnT Inra stake sale to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, scraps Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785 crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD population of septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1270, from peak of 1879 – Total consolidated debt 98 thousand crores – would it hit 3 yr low of 722 in a quarter or two? ———————————————————————————————————————————————————————————– L&T Chairman (aged 73) Mr Naik-s brainchild, LnT Infotech is stunted juvenile. Founded as LnT-IT in late 80s, renamed to LnT Infotech in 1997 claiming to touch $1 billion in revenues since 2010 – still not there. Cognizant founded in 1997 is more than $10 billion in revenues. Sans DNA destruction of work culture and mockery of corporate governance at LnT, LnT Infotech could be what TCS is for TATAgroup companies, a great saviour for old-economy TATA companies. LnT Infotech a proven laggard, in news for failed attempt to bid for Satyam, Patni, Polaris, Hexaware, rumoured sell off to Fujitsu. Perennial entry/exit of lateral CXOs, listing gimmicks – it’s in shambles. Year 1999, Mr Naik appointed CEO of LnT group, Infosys headcount in March 2000 nearly 5k, now nearly 1.7 lakhs and LnT Infotech is nearly 20k. What policy paralysis, RBI rates etc Mr Naik wants to blame for this most dismal performance in IT space? LnT has failed to cut even 1% of IT business pie of $116 billion in India. LnT Infotech in IT space for more than quarter of a century (25 years) and not even $1 billion in revenues, headcount less than 20k! Please GOOGLE – white collar criminal equivalent of rape and murder- “Class Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. All and sundry above 60 at L&T Leave Now!!————————————————————————————————-L&T is an example of brazen disregard for merit and professionalism , a mockery of corporate governance. L&T legacy of true founders Danish engineers Mr Larsen and Mr Toubro is in clutches of despotic geritocracy. Leading the pack of engineers who joined L&T in 60s is Chairman Mr Naaik. State owned LIC and UTI are biggest stakeholders, upto 10 and 17% each. Mr Naik’s views on succession – why Mr Naik is slogging at 73 – QUOTE- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years– There is no such person.– None of us here (at senior level) are working for money -UNQUOTE. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights — private jet of AM Naik left immediately after arriving –. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to restore institutional integrity at L&T and fix retirement age to 60. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. Please GOOGLE – L&T + fraud / forgery /harassment / risk / succession / default to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. PM Mr Modi should intervene to restore institutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now.———————————————————————————————- 3 of the failed executives of sinking ship L&T are in list of 2015 top ten highest paid pro executives of India Inc, leading the pack Chairman Mr Naik 27 crores. Cost of public sponsored circus at L&T – number ofCxOs/MDs at L&T and all its subsidiaries (138)- their CTC? Just CEO (Mr Venkatraman alas retired Sep 2015) and Executive chairmen of L&T pegged at Rs 14 and 27 crores, Mr Dubhashi of L&T Finance 21 crores only. KUMBH-MELA factories of old to very-old CXOs/MDs. L&T top brasses have displayed geriatric trait of biting more than they can chew and digest, than they are putting blame on policies etc. Where they not aware of Telengana movement? Now asking VGF – blackmailing newly formed state, threatened to pull out. How many farmers get Viability Gap Funding before committing suicide? They have implemented international hydrocarbon projects at losses of 900 crores, they concede it as error of judgment, underestimating risks, aggressive bidding, overestimating capabilities. 5000 crores they have invested in defence, again crying foul on name of policies. Biggest shareholders at LnT are state owned LIC/UTI. PM Mr Modi should intervene to fix retirement age at LnT to 60 – ASAP. All and sundry above 60 at L&T Leave Now!!—————————————————————————————————————————————————————-Frank De Souza appointed CEO of Cognizant at 38, HRD Minister Ms Irani 38, Vivek Murthy, Surgeon General – US, is 37. Vishal Sikka, Infosys CEO 46, Cyrus Mistry TATA top-man 44, N Chandrasekaran appointed CEO of TCS at 46, Raghuram Rajan appointed RBI Governor at 50, Indira Nooyi appointed CEO of PEPSI at 50. Rajeev Suri, CEO Nokia 47. Arun Sarin appointed CEO of Vodafone at 50. Staya Nadel, CEO Microsoft 46, Ajaypal Singh Banga appointed CEO Master Card at 50. Tulsi Gabbard, youngest woman in the US to be elected to a state legislature at age of 21. India got its first PM born post independence. Avg age of India in 2020 will be 29. Credit goes to Charcoal Colored Hair (Eyebrows) and White Elephant Syndrome. L&T is plagued with A MaN made leadership crisis. L&T is India Inc’s biggest Geritocracy – (by, for and of Geriatrics), leading the pack Chairman Mr AM Naik, oldest (aged 73, compensation 27 crores) one of the highest paid ‘professional’ honcho in India Inc. Mr Naik’s views on succession – why Mr Naik is slogging at 73 – Quote- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years– There is no such person.– None of us here (at senior level) are working for money -UnQuote. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights — private jet of AM Naik left immediately after arriving –. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to restore institutional integrity at L&T and fix retirement age to 60. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T————————————————————————————————————————Here is the list of lateral CEOs who left L&T, Dr Panda (L&T Tech Services) of scam tainted Satyam is an exception —Its a Catch-22 situation young insiders are not good enough for the top jobs at LnT and its subsidiaries, outsiders (laterals) cant with stand Despotic Gritocracy the old-men club. Top-men-eater Egyptian Mummies. Infotech ex-CEO Mr Banerji, two last joint CEOs Mr Chopra and Dr Aghi – QUIT. Mr Ravi Uppal CEO LnT Power (Mr Naik’s potential successor)–QUIT. CEO LnT General Insurance Mr Joydeep Roy – QUIT. CEO LnT MF Mr Sanjay Sinha – QUIT. Old-men club is singing this bad chorus and opera a distorted version remix of Brayan Adams songs – 18 till I die and Summer off 69 – oh ya!. The band joined LnT some time in 60s. This public sponsored deafening cacophony and distortion should be stopped.—————————————————————– For expansion companies get listed, at L&T its an on-going distress sell across sectors. Geriatric leadership of L&T is all set to sink L&T into Indian Ocean – before they hang boots and Go Home. L&T Infotech IPO scheduled on Dec 2015, delayed due to valuation issues, L&T Valves proposed IPO postponed – again, valuation issues. Total debt ending Sep 2015 – 98k crs, current market cap 1 lakh 12k crs – L&T share has plunged by 37% from high OF 1879 to current low of 1176 in last 6 months. Devil or Deep Blue sea – sell stake or post losses – hell or hard rock. Here is the list of off loads – Dhamra and Kuttapalli port complete stake sold to Adani – more than 4k crs. L&T Infra partial stake sold to Canada Pension fund – 2k crores. L&T Finance 10% stake sold to Bains – 1.3k crs, Citi’s stake raised to 7.6%. L&T Reality Elante Mall sold to Carnival Group. Bains Capital got one board seat at L&T Finance after 10% stake purchase – why no seats at board of L&T for LIC and UTI – at-least 2 and 1 respectively. LIC and UTO holds upto 10 and 17 % stake at L&T. Schizophrenic immortal Egyptian Mummies – L&T top brasses had some Bond-007 international plans of shifting L&T Business HQ to Dubai. PM Mr Modi should intervene to fix retirement age to 60. All above age of 60 should be smoked out of L&T – leading the pack junior engineer turned Chairman Mr Naik aged 73, compensation 27 crs, Paid Employee at L&T for more than 50 yrs.—————————————————Please GOOGLE – L&T + fraud / forgery / harassment / risk / succession / default / corruption – to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. PM Mr Modi should intervene to restore institutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now!