Tata Communications would be working with local research and development institutes of Singapore universities to further develop products for the communication sector
Tata Communications has launched its regional headquarters in Singapore, committing a fresh investment of 440 million Singapore dollars over the next four years.
The incentive-based IHQ status, awarded by Singapore’s state investment agency Economic Development Board, would also see Tata Communication increasing its Singapore workforce by 60% to 200 over the next four years.
“The official accreditation of international headquarter status by the Singapore government has come on the back of our long-term commitment and continued investment in the region,” Tata Communications MD and CEO Vinod Kumar said.
“One of the many benefits of placing our international headquarters in Singapore is the access to its world-class technical and business expertise,” he said.
“We want to play a continued role in encouraging local innovation by employing the best local talent available, at all levels of the business,” Kumar said, referring to developing Singapore-based resources and manpower.
Elaborating, Tata Communications Chairman Subodh Bhargava said the regional award status would give his company opportunities to participate in Singapore economy with access to local facilities.
Tata Communications would be working with local research and development institutes of Singapore universities to further develop products for the communication sector.
Bhargava backed the drive for expansion overseas, saying 75% of Tata Communications revenue was coming from international businesses now compared to just 2% in 2002.
Speaking at the launch of the headquarter, Singapore Senior Minister of State of Trade and Industry, S Iswaran acknowledged Tata Communications leadership in the sector.
“As part of its international headquarters, Tata Communications has located its global managed services control tower in Singapore. For this alone, it has a team of more than 100 highly skilled professionals and has set up a 66,000 sq ft Asia Pacific data centre and telecoms facility here,” he said.
Further to its services control tower, Tata Communications has also picked Singapore as a hub for its cloud computing initiatives.
Earlier this year, Singapore was selected for the first launch of its cloud service offering outside India.
“Our easy access to skilled infocomms talent, excellent connectivity as well as our reputation as a trusted location for data hosting, are attributes that have prompted companies such as Tata Communications, IBM and salesforce.Com to select Singapore as their regional cloud computing hub to leverage on this growth in demand,” said Iswaran.
Citing industry data, Iswaran pointed out that 24% of all companies in Asia use some form of cloud computing in 2010, up from 11% in 2009.
Tata Communications is part of the 11 Tata Group of Companies with close to 2,000 employees in Singapore.
In the late afternoon, Tata Communications was trading at around Rs222.80 per share on the Bombay Stock Exchange, 0.32% up from the previous close.
Venus Remedies will launch its new drug, ‘Trois’, for treatment of arthritis in June or July to tackle what is predicted to become the “biggest epidemic” in India by 2013
Pharma major Venus Remedies said it will commercially launch its new drug, ‘Trois’, for treatment of arthritis in June or July to tackle what is predicted to become the “biggest epidemic” in India by 2013 with a $672 million market for rheumatoid arthritis drugs.
It also said that it was carrying out research on developing innovative drugs for treating viral diseases and immune system enhancing medicines. “We will launch ‘Trois’ in the month of June or July,” the company’s joint managing director-cum-director research Manu Chaudhary said today.
“This nano technology-based product, Trois, has many advantages, as it has got 178% faster penetration that leads to quick onset of action resulting in enhanced bioavailability, reduction in pain and inflammation associated with arthritis,” Mr Chaudhary said.
This technology is fully developed and the patent for this technology has already been filed and grants are expected soon, she said.
According to a survey, nearly 70% of people above 65 years of age are suffering from arthritis in India and it would become the biggest epidemic of the country by 2013.
The rheumatoid arthritis drug market in India will be more than double by 2013, growing from $296 million in 2008 to $672 million in 2013.
About 1% of the world’s population has rheumatoid arthritis. Its market is expected to exceed $23.12 billion by 2015.
Arthritis is one of the most chronic health problems in the world and one of the USA’s most common causes of disability. An estimated 46 million adults in the United States that have arthritis and related conditions could benefit from ‘Trois’.
The Panchkula-based company has also been awarded a Gold Medal under DST-Lockheed Martin India’s Innovation Growth Program-2011 for integrated medicinal research product ‘Trois’.
In the late afternoon, Venus Remedies was trading at around Rs204.50 per share on the Bombay Stock Exchange, 0.07% down from the previous close.
Law minister says other petitions still pending on punishment to accused and compensation to those affected
New Delhi: The government today said it will abide by the decision of the Supreme Court which dismissed the CBI's curative petition against an earlier judgement of the Court that diluted charges against the accused in the Bhopal gas disaster case.
"We will go by the decision of the Supreme Court," law minister Veerappa Moily told journalists. "After this matter came up, the group of ministers in its due wisdom decided to go for the curative petition. After obtaining the opinion from the learned attorney general of India, we had filed the curative petition and the Supreme Court in its wisdom has dismissed it. We will abide by the decision."
Asked about the compensation component as well as punishment to the accused, the minister said he still has to go through the judgement and he pointed out that there are other petitions also which are yet to be disposed, PTI reports.
Mr Moily, however, made it clear that the compensation component was not linked with the curative petition and was a separate issue. He said that the compensation issue was still open. "We have given more compensation. We have released more money from the Government of India," the minister said.
The CBI and the Madhya Pradesh government filed the curative petitions after a public outcry over what was considered as a mild punishment for the gas tragedy in December 1984 that claimed over 15,000 lives and left several thousands maimed.