Press release from Business Wire India
Source: Fairfax County Economic Development Authority (FCEDA)
Friday, May 14, 2010 03:17 PM IST (09:47 AM GMT)
Editors: General: Economy; Business: Business services, Defence & security, Information technology, Media & entertainment, Telecommunications; Technology
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Grintex, Newgen Software and Vasu Exports set up their Fairfax County Operations
Indo-US Alliance event draws more than 150 executives to hear US opportunities in ICT, Defence and Homeland Security
Bangalore, Karnataka, India, Friday, May 14, 2010 -- (Business Wire India) -- More than 150 business leaders today attended a forum designed to help Indian companies explore options for expansion into the United States. At the event, titled "Indo-US Alliance: US Business Opportunities for Indian Companies in ICT, Defence and Homeland Security," executives heard from representatives of two Indian companies - Grintex and Rolta International - that are using Fairfax County, Virginia, as a US touchdown point and base for further global expansion.
The Governor of Karnataka, Sri H.R. Bhardwaj, was the Chief Guest and addressed the event at the Lalit Ashok Hotel about Indian-US business relationships. Ms. Rebecca A. Seweryn, the US Vice Consul General, addressed bilateral trade and business issues.
The Fairfax County Economic Development Authority (FCEDA) in Virginia and its Bangalore office organized the event. Partners were Grintex, the US law firm of Patton Boggs LLP, Tata Communications, HSBC Global Banking and Markets, and the Grant Thornton consultancy. The Indo- American Chamber of Commerce, Bangalore Chamber of Industry and Commerce and the Services Export Promotion Council created by the Government of India supported the event.
It was announced that Newgen Software, a leading provider of BPM, ECM and DMS solutions, Grintex which provides technical solutions, infrastructure support and logistical services in defence, aerospace and satellite technology markets & Vasu Exports, a company that specializes in supplying Furniture worldwide are setting up their operations in Fairfax County.
Describing how his company decided to expand overseas and why they chose the Fairfax County area for a US location, Mr. H. Gautam, Director, Grintex India Ltd. He said: "Grintex views a strategic location in Fairfax County as a very important step for being close to the US customers and exploring the market. Setting up Grintex in Fairfax County was a well considered decision for us due to its vast concentration of companies with high end technology solutions and the business prospects in the federal, provincial and local government agencies."
The conference also included a Panel Discussion on "The business opportunities in the US market-ICT, Defense, Aerospace, Homeland Security" participated by Mr. MKHH Jeelani, CEO, Winconsulting, Channel Partner - HSBC Commercial Banking, Mr. Klaas Oskam, Associate Director - Transaction Advisory Services, E&Y, Mr. Rajesh Sharma, Director General, SEPC- Govt.of India and Brig. (Retd.) Ashok Gakhar, Rolta India Ltd. Mr. Anurag Verma of US based Patton Boggs LLP was the moderator for this discussion which discussed how to take advantage of the US business opportunities and role of various agencies, eco-system and the process involved.
"Our mission was to pack this event with substance and vision from beginning to end, so that the leaders of Indian technology companies wanting to spread their wings in the US, particularly in the Washington DC region, will walk away, informed and inspired," said Mr Narendra Sarawgi, Director of the FCEDA India office and Founder Director of Innoversant Solutions. He added "This was a unique opportunity for Indian companies with global ambitions to gain insights into what the Fairfax County in the US has to offer and particularly the oft ignored opportunities of doing direct or indirect business with the US federal government, world's largest buyer of products & services with annual purchase in excess of USD 500 billion."
Ms. Srividya CG, Partner, Grant Thornton, delivered a presentation on the Strategic Acquisitions and Partnerships between India and US. Speaking on the occasion, she said "Indian businesses have been able to leverage their associations in the US to not only create an additional line of growth, but also to get a prominent global footprint in the international markets. US has been among the largest contributors to both strategic and financial investments into India. From a strategic M&A perspective, the largest volume of transactions can be attributed to US, for both inbound and outbound deals with Indian companies over the last 6 years. The inbound as well as outbound acquisitions between India and US are bound to grow in the near future. We expect to see the quantum of Indo-US businesses only increase in future and we hope to see several more Indian businesses capitalise on the synergies that the combination of the two economies offer."
Rolta, which provides geospatial, GIS and engineering services, was the featured company in a panel discussion that described market-entry strategies surrounding international expansion. Panelists from HSBC, SEPC, and Ernst & Young discussed the legal, financial, operational and taxation issues involved in expansion in the US.
Mr.Alok Bardiya, Global Head (Strategy & Marketing), Enterprise Segment at Tata Communications, delivered a presentation on the importance of communications services for globalised companies.
Speaking on the occasion, he said, "We are pleased to be a part of this event. Communications is the lifeline of today's globalized world and we, at Tata Communications, continue to enable Indian and international companies doing business with the US. As a global telecom company, we see the United States as an increasingly important market for our enterprise services as well."
Mr. Siddharth Sarawgi, director of Fairfax County EDA in India and CEO of Innoversant Solutions informed "Fairfax County offers USD 22 billion plus opportunity from the US federal government, a major part of which is cornered by the technology companies in ICT, defense & homeland security."
The growing trade relation between India and the US is driving greater opportunities for multinational Indian companies to invest and expand their business in the US. The seminar highlighted Fairfax County, just outside Washington DC, as "ground zero" in areas of defense, homeland security and ITC services where Indian companies can leverage their resources and advantages. More than 20 Indian companies (along with more than 330 companies from other countries) have an office in Fairfax County. The FCEDA's marketing office in Bangalore opened in 2004. The Bangalore based management consultancy firm Innoversant Solutions Pvt. Ltd. represents FCEDA in India.
Many Indian companies are a part of the dynamic, diverse and cosmopolitan business community in Fairfax County, the business and technology centre of the Washington, D.C., area. Some of the Indian companies present are Tata Communications, TCS, HCL Technologies, Infosys, Satyam Computers, TCS, Wipro, etc
In addition to its office in Bangalore, the FCEDA has offices in the important technology centers of Frankfurt, London; Seoul and Tel Aviv.
About the Fairfax County Economic Development Authority (FCEDA)
The FCEDA (www.FairfaxCountyEDA.org) promotes Fairfax County, Virginia, as a business and technology center. The FCEDA offers site location and business development assistance and connections with government agencies to help companies locate and expand in Fairfax County. The FCEDA maintains marketing offices in Bangalore, Frankfurt, London, Seoul and Tel Aviv.
About Tata Communications
Tata Communications (www.tatacommunications.com) is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
About Grant Thornton
Grant Thornton India (www.wcgt.in) is a member firm within Grant Thornton International. It is one of the leading accounting, tax and business advisory firms dedicated to serving the needs of privately held businesses and public interest entities. The firm in India was established in 1935 & it is one of the oldest and most reputed accountancy firms in India. Grant Thornton India is also the leading firm advising business owners and entrepreneurs with international ambitions. It offers a full range of assurance, corporate finance, restructuring and tax services.
About Patton Boggs LLP
For more than 40 years, Patton Boggs (www.pattonboggs.com) has maintained a reputation for cutting-edge advocacy by working closely with the U.S. Congress and regulatory agencies in Washington, D.C., litigating in courts across the country, and negotiating business transactions around the world. Our partners include individuals with a keen understanding of business and finance.
About Grintex
Grintex India Limited (www.grintex.com) is a well-established high-end technology and systems company that provides technical solutions, infrastructure support and logistical services to large organizations in India as well as abroad in defense and homeland security, marine, aviation, space, satellite technology and biometrics.
About the Indo-American Chamber of Commerce
Established in 1968, the Indo-American Chamber of Commerce (IACC, www.iaccindia.com) is a non-government, industry-led and managed organization that plays an active role in India's development process and links the business communities of India and the United States. IACC is the only bilateral chamber of commerce in India.
About the Bangalore Chamber of Industry and Commerce
The Bangalore Chamber of Industry and Commerce (BCIC, www.bcic.org.in) was founded in 1976 to project the views of large and medium industries in Karnataka state. The BCIC's goal has been to create a congenial climate in Karnataka for the development of industry, business, service, infrastructure, internal and external trade.
About the Services Export Promotion Council
Organized in 2007 by the Ministry of Commerce and Industry, Government of India, the Services Export Promotion Council (www.servicesepc.org) gives proper direction, guidance and encouragement to companies in a wide variety of industries that want to export their services.
CONTACT DETAILS
Alan Fogg, Fairfax County Economic Development Authority (FCEDA), +1 703-790-0600 (o) or +1 571-213-5065 (m), afogg@fceda.org
Preeti Gupta, Pragma Communication, +91 9448905196 /+91 9901568510, preeti@pragmacommunication.com
KEYWORDS
ECONOMY, BUSINESS SERVICES, DEFENCE, IT, MEDIA, TELECOMMUNICATIONS, TECHNOLOGY
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