Bangladesh has told India's Tata Group that it does not have gas to spare for the steel and fertiliser plants that form part of its $3 billion investment proposals. Instead, Tata should await the coal policy that is on the anvil.
Allen Roseling, executive director of Tata Sons, responded by saying Sunday: "If there is no gas, we cannot go ahead with our steel plant."
The situation would be the same for the fertiliser project that was to be fuelled by the gas, analysts noted, viewing the five-hour talks as a dampener on the biggest foreign investment proposals that Bangladesh has ever received.
The talks, which resumed after two years, produced "no answer", New Age newspaper said Monday.
The Indian conglomerate will review and study the resources situation in Bangladesh before making the final decision on investment, said Roseling.
The government side informed the Tata officials about the the country's depleting energy resources and said it was not possible now to supply 200 million cubic feet of gas daily as asked by the Indian conglomerate for its planned plants.
"We told them about the resource situation, gas scenario and coal policy (in the making), which would form the basis for our discussion," said Board of Investment (BOI) chief Kemal Odin Ahmed, who led the Bangladesh side at the talks.
Roseling, too, admitted that the country's gas reserve situation was not in a state that "the investor wanted it to be in", the report said.
The Tata group will now look at the planned coal policy that will determine the mining method - either underground or open-pit - and see whether enough coal would be made available for its proposed power plant.
Neither BoI chief nor the Tata executive confirmed when the next stage of negotiations would take place.
The Tata proposals worth $1.8 billion were first made in 2003 when its chief Ratan Tata visited Bangladesh.
They were hiked to $3 billion later with more projects envisaged as part of a larger effort to utilise Bangladesh's resources to speed up industrial development.
Indo-Asian News Service
Monday, May 12, 2008
This roadside eatery gets 7,000 foodies every day
US President George W. Bush's remark of the Indian middle class consuming more than ever before certainly seems to hold true at a busy highway eatery on the outskirts of Jalandhar city that attracts over 300 people an hour - or 7,000 every day!
Clients savour everything Indian, from makki di roti and sarson-da-saag to dal tadka to sleep-inducing lassi at Haveli, a private enterprise offering five-star comforts that has changed the way people look at roadside dhaba culture.
What's more, in a state where butter chicken and tandoori chicken find undisputed favour, the eatery has succeeded by serving only vegetarian food cooked in desi ghee.
It took Haveli owner Satish Jain, 39, just a bit of enterprise and a calculated risk in 2002 to tickle the Punjabi palate and create a brand name even as thousands of dhabas line up the highways and roads.
Haveli, which means a big, traditional bungalow, is not about 24x7 food alone. Located on one of the busiest roads in Punjab - the Ludhiana-Jalandhar-Amritsar national highway (NH) 1 - it is an example of the rich and even flamboyant Punjabi tradition and culture.
Right from the actual Tata truck parked inside the air-conditioned expanse of the restaurant here to traditional household items, agricultural tools and other simple things found in villages - the décor of Haveli takes people on a virtual tour through the heart of Punjab.
As if that is not enough, another section of the sprawling 23-acre complex, Rangla Punjab, is an even better depiction of the state's rich culture and tradition.
This section is a mini-village in itself with small shops offering drinking water to 'jyotshi' (astrologer) services, a wooden wheel, a chaupal, a stage for an evening show and even a bio-scope to attract visitors.
All buildings in the Haveli complex are built from the traditional "nanakshahi" bricks (small tiled bricks which are linked to the first Sikh guru, Nanak Dev), which were accumulated by Jain and his team from villages across Punjab. Some of the bricks used here are said to be nearly 100 years old.
It is not only the traditional ambience of the place but the distinct cleanliness and discipline that make it an attraction for motorists along the highway.
"We take proper care of every need of our customers. From the kitchen to the eating areas and even the toilets - everything is nothing less than a five-star facility. At the same time, we want people to get a feel of Punjab's rich heritage and good food. Our focus is on the quality of food and cleanliness," Haveli group's general manager Khalid Siddiqi told IANS here.
The restaurant is a mix and match of regular chairs and the more comfortable 'manjas' (rope cots) with round pillows. There are 'pidis' (small stools) as well. The walls and corners of the restaurant are adorned with traditional kites and colourful 'dors', 'pankhis' (hand-held fans), swords, shields, phulkari wall hangings and 'chulhas' (earthen stoves).
Food is served in traditional plates called 'thalis' while lassi comes in big brass glasses.
"We have been sending our staff to villages across Punjab to select and purchase traditional things from there," said Siddiqi.
Buoyed by the success of this enterprise, the Haveli group is setting up two similar ventures along NH-1 at Karnal in Haryana and Rajpura in Punjab.
Besides the main Haveli restaurant and Rangla Punjab, the complex offers a fort-theme based banquet that can accommodate nearly 3,000 people in its covered and open areas.
A Kapurthala town based non-resident Indian (NRI) groom flew into the banquet two years ago in a helicopter to take home his bride after their wedding here.
The nearly 500 staff members include traditional 'maharaj' cooks and waiters dressed in typical Punjabi lungi, kurta and half-jackets. They appear Punjabi but are drawn from all over India and even Nepal. The staff comes from Himachal Pradesh, Haryana, Punjab and even Karnataka.
"I and four others came here five years ago from Karnataka. We love this place," a butler said.
It is not only the variety of vegetarian food available here that attracts people, especially the NRIs, but also the low price of the items.
Clients savour everything Indian, from makki di roti and sarson-da-saag to dal tadka to sleep-inducing lassi at Haveli, a private enterprise offering five-star comforts that has changed the way people look at roadside dhaba culture.
What's more, in a state where butter chicken and tandoori chicken find undisputed favour, the eatery has succeeded by serving only vegetarian food cooked in desi ghee.
It took Haveli owner Satish Jain, 39, just a bit of enterprise and a calculated risk in 2002 to tickle the Punjabi palate and create a brand name even as thousands of dhabas line up the highways and roads.
Haveli, which means a big, traditional bungalow, is not about 24x7 food alone. Located on one of the busiest roads in Punjab - the Ludhiana-Jalandhar-Amritsar national highway (NH) 1 - it is an example of the rich and even flamboyant Punjabi tradition and culture.
Right from the actual Tata truck parked inside the air-conditioned expanse of the restaurant here to traditional household items, agricultural tools and other simple things found in villages - the décor of Haveli takes people on a virtual tour through the heart of Punjab.
As if that is not enough, another section of the sprawling 23-acre complex, Rangla Punjab, is an even better depiction of the state's rich culture and tradition.
This section is a mini-village in itself with small shops offering drinking water to 'jyotshi' (astrologer) services, a wooden wheel, a chaupal, a stage for an evening show and even a bio-scope to attract visitors.
All buildings in the Haveli complex are built from the traditional "nanakshahi" bricks (small tiled bricks which are linked to the first Sikh guru, Nanak Dev), which were accumulated by Jain and his team from villages across Punjab. Some of the bricks used here are said to be nearly 100 years old.
It is not only the traditional ambience of the place but the distinct cleanliness and discipline that make it an attraction for motorists along the highway.
"We take proper care of every need of our customers. From the kitchen to the eating areas and even the toilets - everything is nothing less than a five-star facility. At the same time, we want people to get a feel of Punjab's rich heritage and good food. Our focus is on the quality of food and cleanliness," Haveli group's general manager Khalid Siddiqi told IANS here.
The restaurant is a mix and match of regular chairs and the more comfortable 'manjas' (rope cots) with round pillows. There are 'pidis' (small stools) as well. The walls and corners of the restaurant are adorned with traditional kites and colourful 'dors', 'pankhis' (hand-held fans), swords, shields, phulkari wall hangings and 'chulhas' (earthen stoves).
Food is served in traditional plates called 'thalis' while lassi comes in big brass glasses.
"We have been sending our staff to villages across Punjab to select and purchase traditional things from there," said Siddiqi.
Buoyed by the success of this enterprise, the Haveli group is setting up two similar ventures along NH-1 at Karnal in Haryana and Rajpura in Punjab.
Besides the main Haveli restaurant and Rangla Punjab, the complex offers a fort-theme based banquet that can accommodate nearly 3,000 people in its covered and open areas.
A Kapurthala town based non-resident Indian (NRI) groom flew into the banquet two years ago in a helicopter to take home his bride after their wedding here.
The nearly 500 staff members include traditional 'maharaj' cooks and waiters dressed in typical Punjabi lungi, kurta and half-jackets. They appear Punjabi but are drawn from all over India and even Nepal. The staff comes from Himachal Pradesh, Haryana, Punjab and even Karnataka.
"I and four others came here five years ago from Karnataka. We love this place," a butler said.
It is not only the variety of vegetarian food available here that attracts people, especially the NRIs, but also the low price of the items.
Mercedes-Benz races on Indian roads
Luxury car manufacturer Mercedes-Benz India Private Ltd is confident that sales will hit an all-time record in India this year. The company has already sold more than 50 percent of its 2007 sales during the first four months of 2008.
"Between January-April 2008 we have sold 1,330 units - both locally made and imported - against 2,491 units sold in all of 2007," company managing director Wilfried Aulbur told IANS.
Bulk of the sales increase during the current year is attributed to the new C class model, of which the company sold 681 units against 779 units sold in all of 2007.
According to Aulbur, Mercedes-Benz has sold 221 S-Class models, 371 E-Class, 681 C-Class and 57 CBU in January-April 2008.
Last year, the company sold 411 S-Class models, 1,104 E-Class, 779 C-Class, 197 CBU, totalling 2,491 units, a growth of 18 percent over 2006.
"Our current year's target is to sell 3,000 cars," he added.
Aulbur added that there was a rising trend of young entrepreneurs, software professionals and successful businessmen opting for Mercedes-Benz.
"We have come up with attractive finance schemes for them so that they can afford to drive home a Mercedes-Benz," he said.
With demand for luxury cars set to pick up, Mercedes-Benz is setting up a new 5,000 units per annum plant in Chakan near Pune in Maharashtra. The capacity of its existing unit at Chikhali, near Pune is 4,000 units.
The new plant is expected to commence commercial production in 2009.
The company has discarded its old name DaimlerChrysler India and boosted its marketing strategies with the new name.
This was the first time the company registered four digit sales figures in a single quarter of a calendar year in Indian market.
In the January-March quarter, Mercedes Benz sold a total number of 1,094 units. The quarter also saw the company selling more than 100 S class vehicles.
On April 9, Mercedes-Benz rolled out the 20,000th locally produced car.
The size of the luxury car segment in India is put at 5,000 units a year. However, it is expected to grow with other players like BMW, Volvo and Audi joining the race.
Volvo Car India managing director Paul de Voijis said the company expected the luxury car market size to double by the end of this calendar year.
According to him, the company's target for the year is 500 units and it will increase its model line-up and the distribution network.
BMW, which expanded its Chennai plant's capacity by 1,300 units to 3,000 per year in 2007, is targeting sales of 2,000 units in 2008 against 1,387 units in the previous year.
Indo-Asian News Service
"Between January-April 2008 we have sold 1,330 units - both locally made and imported - against 2,491 units sold in all of 2007," company managing director Wilfried Aulbur told IANS.
Bulk of the sales increase during the current year is attributed to the new C class model, of which the company sold 681 units against 779 units sold in all of 2007.
According to Aulbur, Mercedes-Benz has sold 221 S-Class models, 371 E-Class, 681 C-Class and 57 CBU in January-April 2008.
Last year, the company sold 411 S-Class models, 1,104 E-Class, 779 C-Class, 197 CBU, totalling 2,491 units, a growth of 18 percent over 2006.
"Our current year's target is to sell 3,000 cars," he added.
Aulbur added that there was a rising trend of young entrepreneurs, software professionals and successful businessmen opting for Mercedes-Benz.
"We have come up with attractive finance schemes for them so that they can afford to drive home a Mercedes-Benz," he said.
With demand for luxury cars set to pick up, Mercedes-Benz is setting up a new 5,000 units per annum plant in Chakan near Pune in Maharashtra. The capacity of its existing unit at Chikhali, near Pune is 4,000 units.
The new plant is expected to commence commercial production in 2009.
The company has discarded its old name DaimlerChrysler India and boosted its marketing strategies with the new name.
This was the first time the company registered four digit sales figures in a single quarter of a calendar year in Indian market.
In the January-March quarter, Mercedes Benz sold a total number of 1,094 units. The quarter also saw the company selling more than 100 S class vehicles.
On April 9, Mercedes-Benz rolled out the 20,000th locally produced car.
The size of the luxury car segment in India is put at 5,000 units a year. However, it is expected to grow with other players like BMW, Volvo and Audi joining the race.
Volvo Car India managing director Paul de Voijis said the company expected the luxury car market size to double by the end of this calendar year.
According to him, the company's target for the year is 500 units and it will increase its model line-up and the distribution network.
BMW, which expanded its Chennai plant's capacity by 1,300 units to 3,000 per year in 2007, is targeting sales of 2,000 units in 2008 against 1,387 units in the previous year.
Indo-Asian News Service
Diageo to revamp historic Guinness site in Dublin
For two-and-a-half centuries St. James's Gate has been the home of Guinness. Diageo, the famed Irish stout's British-based parent company and the world's largest producer of alcoholic drinks, brews a billion pints a year of the "black Stuff".
Recent weeks were abuzz with press speculation that Diageo would sell the world brand's historic birthplace and build a new brewery outside the city. Irish Guinness drinkers had taken it hard.
"If Guinness pulled out of St. James's Gate, I'd never drink Guinness again - and I have been drinking Guinness for 38 years, with an average of 40 pints a week," said Martin O'Mahony, a 59-year-old engineer in Cork city on Ireland's south coast.
But the speculation has - in part at least - proved wrong. Diageo said it plans to invest 650 million euros (about $1 billion) in the St. James's Gate brewery - and also a new production plant at a location yet to be announced outside Dublin.
"Our ambition is to create a brewing hub which will meet the highest standards of technology, efficiency and environmental management," said Diageo's Chief Executive Paul Walsh.
Guinness brews its distinctive stout not only in Ireland but also at global locations that include Nigeria, which has the company's third best-selling market after Britain and Ireland.
Beside Guinness, Diageo offers many international known brands like Smirnoff vodka, Johnnie Walker whisky, Captain Morgan rum and Baileys liqueur.
Guinness's plans include an investment of 70 million euros in parts of the existing brewing facilities at St. James's Gate, a Diageo spokesman told DPA.
After upgrading, about 50 percent of the existing brewing facilities at St. James's Gate would be sold, the spokesman said.
The new plant would produce Guinness to meet growing export demand, plus other ales and lagers, from 2013 onwards. St. James's would produce Guinness primarily for the Irish and British markets.
Simultaneously, Diageo plans to close down two breweries in smaller towns in Ireland's north, and southwest of Dublin, involving a net reduction of 250 employees in Ireland. The labour union has already announced adamant opposition to any redundancies.
Guinness workers can look back on a long history. The first to brew beer at St. James's Gate was Giles Mee in 1670. The site takes its name from one of the old gates into Dublin.
In 1759, Arthur Guinness begin brewing there. West Indies Porter - a precursor to modern-day Guinness - was first brewed in 1801. In 1886, Guinness was the first major brewery listed on the London Stock Exchange, being the largest brewery in the world with annual production of 1.2 million barrels.
Today, St. James's Gate site is Ireland's biggest tourist attraction with more than 940,000 visitors per year, each paying a 12-euro entrance fee.
The original storehouse, a seven-floor building constructed in 1904, serves as a visitor centre with bars, shops and a training centre.
Originally, beer was stored here in huge vessels of oak and pine, later of aluminium. In the 1960s, the storehouse had an overall capacity of 39,300 barrels.
Under Diageo's current plans, the historic storehouse will continue to develop to accommodate growing visitor numbers, now expected to surpass one million people a year, the company said.
Naturally, the storehouse is not the only thing foreigners are attracted to. "I like Guinness," said Melow Bivona, a 26-year old who works for the American computer company Apple in Ireland.
"If you taste Guinness, it tastes like a bit of Ireland," he said. It's a view shared by locals. "Guinness is Ireland", said 40-pints-a-week O'Mahony.
Recent weeks were abuzz with press speculation that Diageo would sell the world brand's historic birthplace and build a new brewery outside the city. Irish Guinness drinkers had taken it hard.
"If Guinness pulled out of St. James's Gate, I'd never drink Guinness again - and I have been drinking Guinness for 38 years, with an average of 40 pints a week," said Martin O'Mahony, a 59-year-old engineer in Cork city on Ireland's south coast.
But the speculation has - in part at least - proved wrong. Diageo said it plans to invest 650 million euros (about $1 billion) in the St. James's Gate brewery - and also a new production plant at a location yet to be announced outside Dublin.
"Our ambition is to create a brewing hub which will meet the highest standards of technology, efficiency and environmental management," said Diageo's Chief Executive Paul Walsh.
Guinness brews its distinctive stout not only in Ireland but also at global locations that include Nigeria, which has the company's third best-selling market after Britain and Ireland.
Beside Guinness, Diageo offers many international known brands like Smirnoff vodka, Johnnie Walker whisky, Captain Morgan rum and Baileys liqueur.
Guinness's plans include an investment of 70 million euros in parts of the existing brewing facilities at St. James's Gate, a Diageo spokesman told DPA.
After upgrading, about 50 percent of the existing brewing facilities at St. James's Gate would be sold, the spokesman said.
The new plant would produce Guinness to meet growing export demand, plus other ales and lagers, from 2013 onwards. St. James's would produce Guinness primarily for the Irish and British markets.
Simultaneously, Diageo plans to close down two breweries in smaller towns in Ireland's north, and southwest of Dublin, involving a net reduction of 250 employees in Ireland. The labour union has already announced adamant opposition to any redundancies.
Guinness workers can look back on a long history. The first to brew beer at St. James's Gate was Giles Mee in 1670. The site takes its name from one of the old gates into Dublin.
In 1759, Arthur Guinness begin brewing there. West Indies Porter - a precursor to modern-day Guinness - was first brewed in 1801. In 1886, Guinness was the first major brewery listed on the London Stock Exchange, being the largest brewery in the world with annual production of 1.2 million barrels.
Today, St. James's Gate site is Ireland's biggest tourist attraction with more than 940,000 visitors per year, each paying a 12-euro entrance fee.
The original storehouse, a seven-floor building constructed in 1904, serves as a visitor centre with bars, shops and a training centre.
Originally, beer was stored here in huge vessels of oak and pine, later of aluminium. In the 1960s, the storehouse had an overall capacity of 39,300 barrels.
Under Diageo's current plans, the historic storehouse will continue to develop to accommodate growing visitor numbers, now expected to surpass one million people a year, the company said.
Naturally, the storehouse is not the only thing foreigners are attracted to. "I like Guinness," said Melow Bivona, a 26-year old who works for the American computer company Apple in Ireland.
"If you taste Guinness, it tastes like a bit of Ireland," he said. It's a view shared by locals. "Guinness is Ireland", said 40-pints-a-week O'Mahony.
Insurance firm must pay despite breach of conditions: court
The Supreme Court has ruled that the owner of a vehicle, plying it as a taxi flouting an insurance condition, will still be entitled to 75 percent of the insured sum on its theft or carjacking.
A bench of Justice Tarun Chatterjee and Justice Dalveer Bhandari gave the ruling, upholding a September 2006 verdict of the National Consumer Disputes Redressal Commission.
The bench held that an insurance company was under obligation to indemnify the insurer for the theft of a vehicle, even if there was a breach of conditions of insurance. The ruling was given Thursday but released later.
"In the case of theft of a vehicle, breach of condition is not germane. The insurance company is liable to indemnify the owner of the vehicle when the insurer has obtained comprehensive policy for the loss,” the bench ruled.
The apex court gave the verdict while dismissing an appeal by the National Insurance Company against the consumer court which ordered it to pay 75 percent of the insured amount to Nitin Khandelwal, a resident of Gwalior in Madhya Pradesh.
Khandelwal had lost his vehicle, a Mahindra Scorpio bought in May 2003, in a carjacking incident en route to Jaipur in September.
When he lodged the claim for the insured sum, the insurance company dismissed it, saying he had been using the vehicle as taxi and flouted the conditions of insurance.
Though the Gwalior District Consumer Dispute Redressal Forum upheld the insurance company's contention, the Madhya Pradesh State Consumer Forum on an appeal from Khandelwal directed it to pay 75 percent of the insured amount to the claimant.
Indo-Asian News Service
A bench of Justice Tarun Chatterjee and Justice Dalveer Bhandari gave the ruling, upholding a September 2006 verdict of the National Consumer Disputes Redressal Commission.
The bench held that an insurance company was under obligation to indemnify the insurer for the theft of a vehicle, even if there was a breach of conditions of insurance. The ruling was given Thursday but released later.
"In the case of theft of a vehicle, breach of condition is not germane. The insurance company is liable to indemnify the owner of the vehicle when the insurer has obtained comprehensive policy for the loss,” the bench ruled.
The apex court gave the verdict while dismissing an appeal by the National Insurance Company against the consumer court which ordered it to pay 75 percent of the insured amount to Nitin Khandelwal, a resident of Gwalior in Madhya Pradesh.
Khandelwal had lost his vehicle, a Mahindra Scorpio bought in May 2003, in a carjacking incident en route to Jaipur in September.
When he lodged the claim for the insured sum, the insurance company dismissed it, saying he had been using the vehicle as taxi and flouted the conditions of insurance.
Though the Gwalior District Consumer Dispute Redressal Forum upheld the insurance company's contention, the Madhya Pradesh State Consumer Forum on an appeal from Khandelwal directed it to pay 75 percent of the insured amount to the claimant.
Indo-Asian News Service
Tata in world's biggest business brains list
After being named among the 100 most influential people in the world by Time magazine, head of India's Tata Group Ratan Tata has been included in the list of 73 biggest brains in business for his Rs.100,000 Nano car.
Conde Nast Portfolio, a US business magazine, in its May issue on all-round brilliance, has identified business' biggest brains including media czar Rupert Murdoch, Microsoft founder Bill Gates, Google co-founders Larry Page and Sergey Brin, and investor Warren Buffet.
"Brilliance comes in many forms, whether it is founding a startup that kicks sand in Microsoft's face or creating an affordable car for the developing world. A small number of innovators influence the rest of the influencers in business," the magazine said.
Profiling Tata, the magazine said: "He believes the future of the auto industry rests in the hands of people who don't yet drive. Besides snapping up Jaguar and Land Rover, his company, the Tata Group, is developing a car that will cost just $2,500".
The model won't be sold in the US, but the magazine said, it has the potential to radically alter the market for manufacturers there.
"Tata-inspired followers are already revving up their engines: Nissan-Renault is partnering with India's Bajaj Auto to develop a car by 2010 that will sell for less than $3,000," the magazine added.
"But except for Ford India, US companies can't produce a model this cheaply. Which means they risk being run over," the magazine predicted.
Tata is considered a 'game changer' by the magazine, other categories in its brilliant list being connectors, taste-makers, rebels and upstarts.
Indo-Asian News Service
Conde Nast Portfolio, a US business magazine, in its May issue on all-round brilliance, has identified business' biggest brains including media czar Rupert Murdoch, Microsoft founder Bill Gates, Google co-founders Larry Page and Sergey Brin, and investor Warren Buffet.
"Brilliance comes in many forms, whether it is founding a startup that kicks sand in Microsoft's face or creating an affordable car for the developing world. A small number of innovators influence the rest of the influencers in business," the magazine said.
Profiling Tata, the magazine said: "He believes the future of the auto industry rests in the hands of people who don't yet drive. Besides snapping up Jaguar and Land Rover, his company, the Tata Group, is developing a car that will cost just $2,500".
The model won't be sold in the US, but the magazine said, it has the potential to radically alter the market for manufacturers there.
"Tata-inspired followers are already revving up their engines: Nissan-Renault is partnering with India's Bajaj Auto to develop a car by 2010 that will sell for less than $3,000," the magazine added.
"But except for Ford India, US companies can't produce a model this cheaply. Which means they risk being run over," the magazine predicted.
Tata is considered a 'game changer' by the magazine, other categories in its brilliant list being connectors, taste-makers, rebels and upstarts.
Indo-Asian News Service
Sunday, May 11, 2008
Satyam reports 100 percent growth in Middle East revenues
Leading Indian software company Satyam Computer Services has registered over 100 percent growth in revenue, pushing it to 102.76 million dirhams ($28 million), from the Middle East in 2007-08.
"In terms of next year's revenues, we expect about 24 to 26 percent growth," the Gulf News quoted Virender Aggarwal, Satyam's director and senior vice-president for Asia-Pacific, Middle East, India and Africa, as saying.
"At this stage, the only thing we can say is that the region will grow faster than the rest of the world," he said.
He added that in the last fiscal, the company posted about 100 percent growth in the Middle East.
"With growth doubling in countries such as Kuwait and Bahrain, Qatar and the UAE (United Arab Emirates) also saw extensive growth. The Middle East, Africa, Asia Pacific and India region contributes 19 percent of global revenues. The Middle East alone contributes 1.5 percent of global revenues," he said.
The expansion in the region, which is fuelled by swelling investments in local markets, has motivated the company to establish a significant presence in Saudi Arabia, Kuwait, Qatar, the UAE, Oman, Jordan, Bahrain and Egypt, according to the report.
"In terms of next year's revenues, we expect about 24 to 26 percent growth," the Gulf News quoted Virender Aggarwal, Satyam's director and senior vice-president for Asia-Pacific, Middle East, India and Africa, as saying.
"At this stage, the only thing we can say is that the region will grow faster than the rest of the world," he said.
He added that in the last fiscal, the company posted about 100 percent growth in the Middle East.
"With growth doubling in countries such as Kuwait and Bahrain, Qatar and the UAE (United Arab Emirates) also saw extensive growth. The Middle East, Africa, Asia Pacific and India region contributes 19 percent of global revenues. The Middle East alone contributes 1.5 percent of global revenues," he said.
The expansion in the region, which is fuelled by swelling investments in local markets, has motivated the company to establish a significant presence in Saudi Arabia, Kuwait, Qatar, the UAE, Oman, Jordan, Bahrain and Egypt, according to the report.
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