Investing

U S I N D I A BusinessCouncil

inAmericaThe IndIAn STory

Report prepared by the U.S.-India Business Council

Copyright 2008 by the U.S.-India Business Council

Library of Congress Cataloging in Publications DataMain entry under title:

Investing in America: The Indian Story

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Investing inAmerica

The IndIAn STory

Essar Group ............................................ 4Essel-Propack ......................................... 7HCL Technologies ................................... 10ITC Kitchens of India ............................... 13Jet Airways ........................................... 16Mahindra USA, INC. ................................. 19

Ranbaxy .............................................. 22Satyam ................................................ 25The Tata Group ...................................... 28Thermax ............................................... 32Wipro .................................................. 35Wockhardt USA ...................................... 38

Table of Contents

The new, rising, confident India is bringing great things to the American market—excellent products and world-class management practices. Indian investments in the US are in many cases contributing to the development and rentention of good jobs in America.

To that end, the US India Business Council, in partnership with the Federation of Indian Chambers of Commerce and Industry, is pleased to showcase in this booklet the positive contributions of Indian companies operating in America. These compelling stories were first introduced to the American public in early 2008, in the presence of Ambassador Susan Schwab, the US Trade Representative, and India’s Union Minister of Commerce & Industry, the Honorable Kamal Nath, at a launch event in Chicago.

Across all business sectors in the U.S., Indian companies are Investing in America—from pharmaceuticals and healthcare, to travel, to information technology and engineering services, to luxury hotels, to gourmet foods and beverages, to the manufacturing of steel, auto parts, tractors and heating and cooling systems.

Indian-born companies’ economic impact in the U.S. is impressive:

Companies of Indian origin operate offices and factories across the U.S., in urban and rural areas, and have contributed to the creation and retention of more than 30,000 good American jobs.

Indian employers and their American workers contribute billions of dollars to federal, state and local coffers via wages, corporate taxes, payroll taxes and income taxes. The ripple effects of these jobs and investments stimulate and enrich local economies nationwide. From the renovation or erection of factories, to the millions paid to landlords, law firms, ad agencies and other professional services firms, to the dollars Indian companies’ employees spend at the restaurants, dry cleaners and day care centers near their offices, it’s no wonder American companies of Indian origins infused billions of dollars into the U.S. economy.

Like any newcomer to America, Indian companies have encountered misperceptions. Thankfully, the companies profiled in these case studies have assimilated into the U.S. market with tremendous generosity and grace. The consensus among managers at Indian-born companies seems to be that America doesn’t necessarily owe these companies respect

All eyes are on India these days.

With its robust democracy, globally-oriented and ambitious youth, blazing stock market, and emerging middle class, the country is on an astonishing—and inspiring—upward trajectory.

Her economic development is due in large measure to the emergence of some of the world’s best managed, most successful companies. Well known across Asia for decades, many of these great companies are assuming a more prominent position on the global stage.

And many of them are coming to America.

Introduction

upon arrival; it must be earned.

The misperception that has most bedeviled Indian companies operating in the U.S. is that Indian companies are about one things and only one thing: Low Cost.

To be sure, Indian managers revere cost-cutting and are excellent at rationalizing costs. Essar’s North American head, the overseer of a $110 million business operation with 7,000-plus employees, gleefully reported that managers at his office facilities cut their telecom expenses from 6¢ a minute to 3¢. But the famous Indian parsimoniousness isn’t about corner-cutting to keep costs down; it’s about paying attention to every penny that’s spent. Indeed, the Indian managers interviewed for this case study were justifiably baffled that business acumen and fiscal discipline could become a source of criticism.

Still, Indian companies are patiently, methodically reversing “low price” and “commodity player” misperceptions by delivering outstanding quality at a fair price. Value-creation is the objective of American companies of Indian origin, and value is being delivered in several ways:

First, Indian companies operating in the USA are increasingly selling brains. When Americans discover that HCL’s engineers are being trusted to develop landing navigation equipment and design mid-air collision prevention software for Boeing’s new 787 Dreamliner jet aircraft, or that Satyam is working with major appliance companies to completely revamp product lines from R&D through parts fabrication and supply chain to retail, it shatters forever the notion that Indian talent is only about “cheap labor.”

A second misperception being reversed is related to the first: That because an Indian company can make a product more cheaply, ergo, it’s cheap. Misperceptions about quality are being reversed by companies such as Tata and Sons, which is operating luxury hotels in New York, San Francisco and Boston, and will soon launch in the USA high-end jewelry boutiques to rival the product offerings at Tiffany’s. Likewise, Jet Airways is fanatical about the dispensation of Indian-style hospitality on its aircraft. ITC Kitchens of India’s gourmet food offerings are dazzling epicureans at fancy food shows coast to coast. Thermax’s energy-efficient heating and cooling systems deliver 20% more energy efficiency than the competition’s at the same price, and are becoming the darling of environmentally-conscious commercial builders.

Another factor for Indian corporate success in the U.S.: Indian companies are extraordinarily well managed. The Indian- and U.S.-born management talent leading the companies profiled in this report rival the top talent at America’s most prestigious corporations.

The blending of Indian and U.S. management practices is delivering an

From the renovation or erection of factories, to the millions paid to landlords, law firms, ad agencies and other professional services firms, to the dollars Indian companies’ employees spend at the restaurants, dry cleaners and day care centers near their offices, it’s no wonder American companies of Indian origins infused have infused billions of dollars into the U.S. economy.

2 | Introduction

outstanding return on investment for all parties. Tractor- and auto-maker Mahindra + Mahindra’s Indian-born North American head summarized the phenomenon eloquently:

“Indians are by nature analytical and deliberative. This is good because we see things from a 360 degree perspective. But it’s bad because we’ll deliberate forever if you let us. Americans, on the other hand, are incredibly action-oriented. But decisions are sometimes made too hastily. At our company, we married the two sensibilities and got excellent results: The ‘planful’ Indian sensibility is forced into action and there’s no turning back!”

This management sensibility enables Indian-born companies to boldly enter business sectors others dismissed as unprofitable.

Manufacturing is supposed to be dead in America, but that’s news to Essar, which is buying steel plants in Minnesota, and drug-makers such as Wockhardt, which recently bought Morton Grove pharmaceuticals in Chicago, and Ranbaxy, which now manufactures six out of every ten products it sells in America in New York, New Jersey and Florida.

Why are Indian companies enjoying such success in America? The answer is as old as America herself: As the world’s melting pot, ours is a country built on the notion of exchanging best practices, and every new entrant to America, whether a citizen or corporation, enriches the stew. And the introduction into America of the heartfelt values that make India the great nation she is—from an unrelenting work ethic, to a fixation on problem solving, to long-term vision and an unwavering patience—are welcome spices in the melting pot.

Many of the most innovative, quality-conscious, well-managed corporations in the world are Indian-born, and their investment in America is great for American business, the American economy, and American workers.

Introduction | 3

Indian-born companies operating in the U.S. are Investing across America.

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4 | Essar Group

Essar Group

rust Belt?What rust Belt?

Manufacturing, as everyone knows, is dead in America.

That’s news to Madhu Vuppuluri, Executive Director of the Essar Group and head of its U.S. operations.

His company bought Minnesota Steel Industries, in Hibbing, Minnesota, investing a staggering $1.6 billion in plant upgrades. Using local contractors to build out the plant, this renaissance in steel will create or protect well-paying American jobs.

Before Essar’s purchase of the company, Minnesota’s steel industry faced an uphill battle. Prior owners of the company had attempted to secure funding for modernization only to have their proposal rejected by Wall Street bankers, who saw no promise in American steel.

The Essar Group, however, saw potential; steel can be produced efficiently in the USA, and there is a market for it.

Essar is helping re-vitalize the steel industry in the USA.

Essar Group | 5

In fact, the demand for steel in the U.S. has exceeded supply for years. “The steel business was lukewarm for much of the 1990s, but we knew it would get hot,” says Vuppuluri. Sure enough, it did.

When Essar bought the factory, some feared the company’s motives. Would the company operate like private equity investors who buy a company, dismantle it, and sell off the parts piecemeal? “It was a real hurdle for us,” says Vuppuluri. Firms like Essar were not viewed by some Americans as acquirers. Bankers were not convinced the company had the money. Others feared Essar for no other reason than its founders were from the opposite side of the world. “I understand why people were apprehensive,” Vuppuluri says. “After all, people had never seen us in action.”

They have now. And they like what they see.

Skeptics of America’s manufacturing sector cite wage inflation as the primary obstacle to a flourishing manufacturing sector. But Vuppuluri believes that how a business is run has more bearing on a company’s success than how much its workers are paid. “We’re able to achieve cost reductions without slashing manpower. It’s about lowering operating costs and thinking and delivering big,” says Vuppuluri.

Enter Essar, whose management team operates by the principle that low cost and high quality are not mutually exclusive concepts at the company’s plants. Essar’s managers have a world-renowned track record at project management. Cost-overruns don’t occur on Vuppuluri’s watch. And innovative new ways of getting the job done include bringing pre-fabricated parts to the worksite to save time.

To be sure, Indian managers revere cost-cutting, from negotiating better deals with insurance companies to squeezing cost out of IT expenses. Parsimoniousness is deeply ingrained in the Indian psyche. “When you come from a place where resources are limited, you’re forced to live within your means,” says Vuppuluri. Essar’s U.S.-based managers—whether from India or homegrown in the USA—are excellent at rationalizing costs. Vuppuluri, overseer of a $110 million business operation, boasts that managers at his call centers have cut their telecom expenses from 6¢ a minute to 3¢.

Still, one of the most persistent myths that bedevil managers like Vuppuluri is the assumption that managers working for India-based companies are only good at cost-cutting. The truth is the management practices inculcated at India’s top business schools and corporations such as Essar are as modern as anything being taught in the premier American business schools. “It takes more than cutting costs to revitalize industries,” Vuppuluri says. “It takes innovation, imagination, a fresh look at a problem others thought insoluble.”

Knowing a picture is worth a thousand words, Vuppuluri and his colleagues invited the Minnesota management team to India to tour an Essar steel factory and see for themselves innovation and imagination at work.

“Essar came here with the aim of getting deeply embedded into the American scene.”

6 | Essar Group

Misperceptions are a stubborn thing, so it didn’t surprise the Essar folks when, on the flight to India, their new American colleagues said they expected to tour a rusty old factory 50 years behind the times. But after one U.S.-born steel executive toured the state-of-the-art facility, he described the facility as a “dream factory.” And he couldn’t wait to get back to Minnesota where many of these practices would come to life in his factory.

The Essar Group—which in addition to its presence in the steel sector also runs power, shipping, oil and gas, telecom, Business Process Outsourcing (BPO) and industrial construction and engineering businesses—operates sales and marketing offices and manufacturing facilities across the U.S. Its maritime shipping business hauls for major oil companies including Shell, Exxon Mobil, Chevron, Statoil, Ultramar Inc., BP Amoco and Texaco. In fact, the company has even received the U.S.-Coast Guard’s AMVER award for high maritime safety standards.

With more than $2.2 billion in sales globally, Essar skyrocketed from zero employees in 2000 to 7,200 today and expects to swell to 8,500 by 2009. Fewer than 30 of its employees in the USA are Indian nationals; its U.S. team is born and raised in the USA.

With a presence in nearly a dozen states, from Texas to Colorado, Arizona, Missouri, West Virginia, Florida, New York, and New Jersey, Essar’s American operations generated more than $110 million in revenues last year.

“We don’t see the USA as some kind of extension of the Indian market

or just another place to sell Indian products,” says Vuppuluri. “Essar came here with the aim of getting deeply embedded into the American scene. We see our domestic presence as a competitive advantage.”

Aegis Commu-nications: A true Ameri-can success storyEssar has experienced great suc-cess in the tele-services and BPO space, through its ownership of Aegis Communications Inc., pur-chased in 2004. Struggling, like its steel-making cousin in Minnesota, the company overcame daunting obstacles with tenacity and pluck to make it a true American success

story, racking up impressive sales last year and creating more good jobs for American workers.

Under its new management, Aegis reversed the standard BPO business model in America, where an Indian company comes to America, cap-tures back-office business func-tions, then sends the work back to India. Aegis’ US offices are staffed with real, live Americans. The com-pany is adding more American workers every day. “We’re front-end heavy with minimal back office in India,” Vuppuluri proudly reports.

$1.6 billion investment in U.S. … $110 million in sales … 7,200 employees in nearly two dozen states.

Essel-Propack | 7

Essel-Propack

Creating new Jobs in the old dominion

Danville, Virginia , population 45,000, hugs the North Carolina border. This quaint southern town is known throughout the region as the City of Churches —with more houses of worship per square mile than any other city in Virginia.

During its boom years, the tobacco and textiles industries thrived in Danville. In recent years, though, business has slowed down.

But that trend began to reverse itself when, in 2002, Essel-Propack came to town.

Essel-Propack operates two production facilities in Danville, creating nearly 300 jobs for local residents.

8 | Essel-Propack

The largest specialty packaging company in the world, Essel-Propack manufactures the laminated and seamless tubes that fill the medicine chests of every American’s bathroom: tubes for toothpaste and shampoo, tubes for body and hand lotions, cosmetics tubes, and tubes for pharmaceutical products.

In 2002 Essel-Propack was honored to win a sizable contract from Procter & Gamble to manufacture tubes for their best selling toothpaste, Crest. But there was a condition to the deal: If Essel-Propack wanted the business, the company had to manufacture its tubes near P&G’s factory in Brown’s Summit, North Carolina.

Essel happily complied with the request of one of their most valued clients. And soon enough, Essel-Propack’s leadership plant manager was scouting out locations to build a production facility.

At the same time, the city of Danville—about 45 minutes’ drive north of Brown’s Summit—was equally keen to attract new corporate residents to grow jobs and rev up the local economy.

It was a marriage made in heaven.

Soon Essel-Propack opened a laminated tube factory in Danville, manufacturing tubes for P&G and printing on each the iconic Crest logo and the red, blue and silver graphics consumers instantly recognize.

The quality and workmanship coming out of the Danville plant was impressive, and soon P&G was awarding the company even more business. Last year, Essel-Propack and the city of Danville joined forces again and opened a second production facility. Between the two facilities, Essel-Propack has hired 287 Danville-area residents to manufacture 800 million tubes a year, and 500 million caps and closures.

In the City of Churches, all these new jobs were an answer to the residents’ prayers.

Indeed, from its direct operations in Virginia the Essel workforce helped generate sales of $55 million last year, serving customers in an additional six states, Connecticut, New Jersey, North Carolina, Illinois,

California and Ohio. With a 37% market share in the laminated tube industry and ambitious plans for growth, the ripple effects of Essel-Propack’s job creation and investments benefit state and local economies nationwide.

“We’re proving that top quality products can still be made in America,” says Ted Sojourner, Vice President for Essel-Propack’s Tubes and Laminates Business in the Americas. An industry veteran with deep experience in consumer packaging, Sojourner has worked for such notable companies as Nestle, Rubbermaid, P&G and Schering-Plough.

“We’re barely dipping our toe in the water,” Sojourner says. “We’re growing fast. The opportunity here in Danville and across America is virtually limitless.”

Speaking the Same Language

Founded in India in 1984, Essel-Propack has a presence in

12 countries and manufactures more than 4.5 billion tubes a year. It generated $270 million in revenues in 2006.

Here in the U.S., the company plans to expand its toothpaste tube business as well as do more work for hair care customers such as Clairol and skin care maker Neutrogena.

Sojourner attributes his team’s success to quality, proximity to clients, and global leadership best practices.

In Danville, both of Essel-Propack’s plants are working toward coveted I.S.O. certification, which accredits companies that

consistently attain superior quality standards. Moreover, the printing process in Danville is world-class, and Essel’s American operation uses only the finest inks and resins, making the graphics on a tube of Crest crisp and bright. Printing excellence is vital to a brand’s success, causing products to stand out in shopping aisles or “pop” in supermarket parlance.

Being close to the customer offers a big advantage over foreign competitors, says Sojourner. “When the lead times are short, or the customer changes his mind at the last minute, it helps that we are just up the road and all speak the same language.”

Environ-mentally-friendly tubes, caps and closures. Across America, companies of all sizes are finding new ways to reduce their environmental footprint, and Essel-Propack is no exception.

The company is embracing Post Consumer Regrind technology— a process popularized by the bottling industry whereby plastic products are ground down and recycled for future re-use.

Post Consumer Regrind technology, or PCR, will be used to produce more environmentally-friendly tubes, caps and closures.

Additionally, Essel aims to improve the environmental performance of plastic tubes manufactured by Essel containing skin and hair care

products.

Plastic tubes typically contain three layers. At Essel, the immediate goal is to convert two of those three layers to PCR. The middle layer of the tube and exterior layer will be made from PCR resin. The interior lining of the tube—which comes into direct contact with the personal care products—will continue to be made of new, virgin polymer.

Essel is currently working with two PCR suppliers –Envision Plastics of North Carolina and KW Plastics of Alabama—to implement the technology in Essel facilities. So far, Essel and its suppliers have been able to manufacture tubes comprised of about 40% (by weight) recycled plastic.

Essel-Propack | 9

Essel’s management practices have also contributed to high productivity and morale. Sojourner says that as the lead executive in the U.S., he has the best of both worlds. His bosses at corporate headquarters trust him and his team to innovate and satisfy customers, then turn them loose to do their jobs. And when the team in Danville needs resources—from technical advice to R&D support—Sojourner and his team get the help they need.

Laying the Foundation in Danville

Ted Sojourner and the Essel-Propack team, most of them lifetime residents of Danville and its surrounding townships, are getting even further rooted in the community. As Habitat for Humanity volunteers, the team will help build affordable housing for the citizens of their community.

Sojourner has lived in cities and towns across America —from Atlanta to Rochester to Dallas—and has developed a soft spot for his new adopted hometown. “This is a city steeped in tradition, but it’s also resilient and adaptable, and focused on the future. I can’t think of a better place to do business.”

In the City of Churches, all these new jobs were an answer to the residents’ prayers.

Arrived 2002 … 287 new jobs in Virginia … $55 million in U.S. sales generated by American workforce that produced 800 million tubes and 500 million caps and closures.

FlightControlSystem

FlightManagementSystem

StructuresEnviron-mentControl

LandingGearSystem

Communication,Navigation andSurveillance

ElectronicFlightInstrumentSystem

In FlightEntertain-ment

FireProtectionSystem

ElectricalSystem

PowerSystem

It’s a feeling familiar to thousands of American parents – waiting uneasily just on the other side of the red line at the hometown airport, peering anxiously past the security barrier for the first glimpse of their sons and daughters arriving home for the holidays from the first semester away. Though their college kids are eager only for some home cooking and free laundry services, their moms and dads have

been worried about the latest weather report of heavy fog on the runway and storms in the next town over.

But they needn’t worry: HCL Technologies is on the job. HCL is working with The Boeing Company and their partners to ensure safe landings continue for college students, their parents, and millions of fellow travelers.

HCL Technologies:

HCL’s engineers helped develop safety and navigation equipment for Boeing’s new 787 “Dreamliner” jet aircraft.

10 | HCL Technologies

engineering Peace of Mind

Heels, Denim, and Data

Anne Klein and Nine West aren’t names that come to mind when thinking of new information technology ventures. However, in 2002, the owner of those brands, Jones Apparel, set up a joint venture with HCL to create a new IT firm, HCL Jones Technology. The venture combined HCL’s impressive expertise in the IT field with Jones Apparel’s access to the entire retail industry. The new company fit in perfectly with HCL’s desire to be directly involved in the risk and strategy of its clients’ products and services—and it isn’t limited to Jones Apparel. The pioneering initiative has the potential to get involved in every level of the retail

industry, offering implementation, services, and development to both Jones Apparel and other companies in the retail world.

“Given our experience in the retail and wholesale apparel sector and HCL Technologies’ proven expertise and competence in technology, the joint venture is a perfect strategic fit for both companies,” said Jones Apparel CIO Paul Lanham. Putting HCL’s experts on the task of providing IT to its brands would allow Jones Apparel to provide their customers with more efficient, secure, and modern services.

So now, when consumers buy that perfect Nine West shoe or that luxurious cashmere Anne Klein sweater, they’ll be reaping the benefits of this behind-the-scenes partnership.

In 2005, Boeing enlisted the help of HCL Technologies in developing software for its new 787 “Dreamliner” aircraft. The Dreamliner is a harbinger of a new breed of airplane, with 20% better fuel efficiency and a lighter, more composite construction than older models. HCL works with Boeing and their premium business partners on a series of systems focusing on the backbone of the 787, including the electrical and power systems and cockpit displays.

HCL’s software engineers and experts are responsible for ensuring the safe arrival of millions of American travelers to their destinations—from families on vacation to Disney World to business travelers arriving home after a long week on the road. Every time the Dreamliner takes off, it will use HCL’s software to safely come down.

HCL took the responsibility seriously.

“The paradigm for our work with Boeing, and all of our clients, is value, value, value,” says Shami Khorana, president of HCL America. HCL’s singular focus on providing the expertise necessary to carry out such an important project was vital to its work on the Dreamliner, and that same focus—“value-centricity”, as the company calls it—is at the core of HCL’s future development. Boeing trusted HCL to provide creative, skilled experts who could contribute real value to the product. HCL has delivered brilliantly.

“We’ve earned that trust,” says Khorana.

Along with landing navigation, HCL provided mid-air collision prevention software and smoke detection and air management systems on the Dreamliner. The skill of HCL’s engineers is essential for everything from preventing the plane from running into a flock of birds mid-flight to maintaining the proper levels of oxygen for the plane’s passengers.

Like Boeing’s aircraft, HCL spans America. The company’s 21 U.S. locations span towns from Vienna, Virginia, to Seattle, Washington, and all of them were vital to its on-the-ground participation on the airplane.

“We touched every part of the plane,” Khorana says proudly.

This hands-on involvement is a trademark of HCL Technologies.

In 1976, founder and CEO Shiv Nadar created HCL out of his own garage, working with five fellow engineers to build India’s first computer. Within a decade, HCL was the largest information technology company in India, providing computer hardware and software applications to hundreds of customers—and doing it all with a uniquely go-getter approach to taking on new challenges. “We believed you should not be afraid of failure,” says Nadar.

With that maxim as its motivation, HCL America was launched in Sunnyvale, California in 1989, and the company was soon providing local, expert advice to several companies in 200 cities all over the U.S.

Despite its success as an American and global company, after the technology bubble burst in 2001, HCL was lagging behind its

competitors in the software applications field (due to the majority of its revenue coming from the R&D and Product Engineering field, where it continues to be a leader today). In 2005, new president and current CEO Vineet Nayar decided it was time to make a dramatic change. Nayar took HCL’s early daring to heart, and initiated a total overhaul of its business philosophy – starting with the gasp-inducing motto of “Employee First, Customer Second.”

In an industry where the universally accepted standard had been “the customer is always right”, this new message was remarkable and, many believed, foolhardy. The reforms Nayar instituted were radical for such a large company: upper-level management posted their reviews publicly online, and all employees had access to an online ticket system where they could register complaints about anything from a broken desk chair to a mean boss. Despite the naysayers, Khorana and HCL America’s 3,000 employees were thrilled and inspired by the changes. Their enthusiasm was understandable. HCL’s new philosophy espoused some of America’s most revered and fundamental ideals: equality, integrity, and democracy.

As an alternative to the highly undemocratic “command-and-control dictatorships” that had been the model of companies in the past, HCL’s new “workplace democracy” was lauded as a major step forward for modern American businesses. Harvard Business School published a case study on HCL’s success, and began teaching the new management style to future executives in its classrooms. USA Today, The New York Times, and Fortune magazine all congratulated HCL for its daring and chutzpah.

HCL Technologies | 11

The public praise for HCL was certainly nice, but the responses that mattered would come from clients—and their enthusiasm for the idea has been apparent in the results. For the first nine months of fiscal 2007, HCL Technologies reported nearly $1 billion in revenues and $200 million in profits—doubling its market capitalization in just two years. HCL America brought in 55% of that revenue, with earnings of $781 million in 2007. Its third quarter earnings were up 38% from 2006. All that growth is good for the American economy.

The future looks even brighter for HCL America—with its new, employee-friendly business model, HCL America receives hundreds of applications from students from top U.S. schools such as the University of Michigan and Duke University. And college students aren’t the only ones who want to be a part of HCL’s innovation.

HCL’s first big ally in its new undertaking was American network giant Cisco. Already partners in development for ten years, HCL approached Cisco in 2005 with an interesting proposition: to accept the risk for one of Cisco’s products. Nearly 200 HCL engineers had worked with Cisco “CiscoWorks LAN Management Solutions”, and HCL wanted to participate directly in the product’s success—or its failure. Rather than be paid its usual flat fee, HCL asked to be pulled in as a full partner.

“It’s not often that a vendor puts some skin in the game,” says Nayar. Cisco was more than willing to agree to the ground-breaking proposal.

“We told the engineers, ‘You own this product,’” recalls Cliff Meltzer, senior vice president at Cisco. It was exactly the kind of personal involvement that HCL was looking for. Instead of coming in on a project, performing set work, and leaving, HCL employees had a lasting, vested interest in the success of the product itself. Quality, rather than price, became the motivating factor behind HCL employees’ work.

An eagerness to accept risks, an innovative and democratic new management style, and a firm belief in the importance of providing quality workmanship—with these American ideals at its core, it’s clear that HCL America has come in for a safe landing in the United States.

And for parents of college students all over America, that’s definitely a good thing.

The future looks even brighter for HCL America—with its new, employee-friendly business model, HCL America receives hundreds of applications from students from top U.S. schools such as the University of Michigan and Duke University.

12 | HCL Technolgies

In America since 1989 … 3,000 employees in 21 U.S. locations … Serving clients in 200 U.S. cities

ITC Kitchens of India | 13

ITC Kitchens of India

“GourmetIndian, anyone?”

Pizza is the foundation of the American college experience. Late nights at the library would not be bearable without a 12:30 a.m. visit from the pizza-delivery guy. And pizza’s even better cold on Sunday morning after a late night out.

But look out, Domino’s: Dal Bukhara may just replace the ubiquitous pepperoni pizza on college campuses across America, if Kitchens of India has anything to say about it.

Kitchens of India’s mouth-watering Dal Bukhara.

14 | ITC Kitchens of India

Dal Bukhara, a signature curry from Kitchens of India, is a staple of the Indian diet. It is comprised of whole black lentils drowning in thick tomato gravy, which simmers in the open air for hours until it becomes as creamy and rich as melting butter. And it’s making the mouths of fleece-clad college kids water. Kitchens of India’s Dal Bukhara is an affordable luxury – premium quality gourmet food that’s also healthy, natural, and most importantly, ready-to-eat. Between classes, studying, sports and clubs, and, of course, a busy social life, college students don’t have time to think about their next meal. Kitchens of India products are beautifully packaged, too, attracting students’ attention as they cruise the aisles of the local supermarket. They sure beat boring Ramen noodles and processed Easy Mac; it’s no surprise that college towns are Kitchens of India’s hottest market in the U.S., with sales increasing at a rate of 80% annually.

Dal Bukhara is just one in a line of Kitchens of India’s delicious, authentic dishes being enjoyed across the country, from busy moms in St. Louis to twenty-something singles in Atlanta. Sold in grocery stores, Whole Foods Markets, and Indian specialty food stores, demand is doubling annually for dishes such as Mirch Ka Salan, a mild chilli curry offering. Kitchens of India is most popular in the Midwest region, and also has a strong following in California, New York and the Southeast. From Sweet Sliced Mango Chutney to Palak Paneer – that’s spinach with cottage cheese and sauce–Kitchens of India’s dishes are being introduced to millions of Americans who, a generation ago, might have considered eating Indian food a daring novelty.

Kitchens of India’s products were the talk of the town among critics and foodies at the notoriously finicky fancy food shows in New York and San Francisco, where they premiered in 2003. After getting rave reviews, Kitchens of India began offering its line in the U.S. in the mainstream grocery stores. Today there isn’t a major grocery chain that doesn’t carry the products in at least some part of the country.

The New Jersey-based company is doing more than stimulating appetites; it’s stimulating the economy, too. With U.S. sales of $5 million and a presence in 29 states, this $25 million food category is creating an economic ripple effect. Kitchens of India products are on the shelves of over 4,000 retail outlets, including in household names like Giant, Safeway, Albertsons, Kroger, Harris Teeter, and Whole Foods. The product has two dozen “boots on the street” at their main U.S. business partner, Liberty Richter division of World Finer Foods. Fifty U.S. distributors ensure the products are properly placed in the retail sites, to work to get these placements. Bringing a new food product to market requires a lot of behind the scenes work – from marketing and public relations support to website design. That’s more jobs for even more American workers with Kitchens of India contributing an estimated $2 million in total to U.S. payrolls.

Surprisingly, American eaters are driving many of the company’s new product offerings. Kitchens of India uses its marketing firms

The New Jersey-based company is doing more than stimulating appetites; it’s stimulating the economy, too. With a presence in 29 states, this $25 million food category is creating an economic ripple effect.

ITC Kitchens of India | 15

to administer taste tests to determine which dishes appeal most to American consumers’ tastes. The ready-to-eat line has done so well that Kitchens of India will be introducing a line of frozen dishes in April of this year. These products will include more ready-to-eat options, as well as frozen snacks and breads. The Food Institute Report predicts that Indian food will be mainstream by 2020; and if Kitchens of India’s success is any indicator, this prediction is right on target.

Kitchens of India is part of the ITC family. “ITC has a great gourmet story to offer in the Ready to Eat Indian segment with its Master Chefs and cuisine drawn from its signature restaurants,” says John Affel, Director of Liberty Richter, which partners with ITC Limited in gaining distribution for KOI in the U.S. The ITC Group is one of the leading companies in India. The company has diverse business interests including in premium hotels, personal care products, greeting cards, apparel, food business, agri business, paper and packaging, and an IT company called ITC Infotech.

According to John, getting a new food product out on the grocer’s shelf is never easy, but with consumer trends on their side, KOI’s launch was somewhat easier. It helped when sales prospects tasted the food, too.Kitchens of India was launched in late 2004 and has shown impressive growth in just a few years.

Bhavani Parameswar of ITC’s consumer products subsidiary in the U.S. says, “Working in America has made me a sharper, savvier

businessperson. In America, what you see is what you get and what you get is what you see. This level of professionalism and transparency is refreshing.”

Like most people of Indian origin in the U.S., her favorite food: “Pizza, by far!” Like many immigrants, she blends some of the old world with the best of the new: she and her husband, both vegetarian, go meatless on the pizza toppings.

Maybe they will keep the pizza companies in business when the college students have fully converted to Dal Bukhara, and have taken their friends and family with them.

Frozen Fresh!Kitchens of India’s frozen offerings hit U.S. shelves in the Spring of 2008. In this frozen line, Kitchens of India uses Quick Freeze technology to trap the authentic essence, aroma, and flavor of every dish, so consumers can relish it whenever they’re ready. The product offerings will include complete meals, snacks, and breads that can be savored anytime, anywhere. The complete meals have been crafted by ITC Hotel Master Chefs and offer Americans traditional Indian recipes that have taken ages to evolve. Dishes such as “Mutter Paneer (a green pea and cottage cheese curry) served with Basmati Rice, Naan

(bread) and Pindi Chana (a chick pea curry) are a treat. Snack selections include Samosas – golden crispy pastries filled with potatoes, green peas, and spices – and are the perfect treat for sudden cravings. Prepared according to the time-honored Indian techniques of dough preparation and leavening and then baked to perfection before freezing, the breads are a can’t miss staple. These frozen products will join the other Kitchens of India favorites in grocery stores nationwide this summer.

Arrived 2004 … $5 million in sales …Presence in 29 states … $2 million total U.S. payroll.

16 | Jet Airways

Jet Airways

Bringing Backthe Golden Ageof Air Travel

Even thrill-seeking, adrenaline junkies rarely have the stomach for the airline business. Most would rather parachute from an airplane than run one of the toughest businesses out there. But, once upon a time in the U.S., the airline business was profitable and air travel was glamorous. Airline passengers were served hot meals and were waited on hand and foot. They sat in comfortable seats and even had room to stretch their legs. Travelers dressed in their finest attire to honor the occasion of

traveling on an airplane. Times have changed. With strict regulations, surly passengers, and increasingly rigid security protocol, the airline business is not as pleasant as it once was in the U.S. Nor is it as profitable.

Jet Airways begs to differ. This global airline has disproved the conventional wisdom and is making flying once again luxurious, affordable and profitable—and creating American jobs in the process.

Jet Airways’ American-made fleet will soon number more than 70 Boeing jet aircrafts.

Jet Airways | 17

Taking-off in the U.S.

The fifteen-year-old airline came to the United States in August 2007 when it began flying out of Newark, New Jersey. Two months later it began flying out of New York’s JFK airport, as well. Next on the board: San Francisco in the spring of 2008.

Just three months after Jet Airways began flying out of Newark, its planes were 80 percent full and just two months after it began flying out of JFK, occupancy rates reached 60 percent. This type of success is unheard of in the airline business—especially for a carrier previously unknown in the U.S. How was this new carrier able to fly two flights daily out of each airport after only being in business a few months?

Peter Luethi, Vice President for Eastern and Midwest USA & Canada, explains their quick success: “We have an excellent U.S. operations team; we have a relentless focus on flight reliability; and, we have a fanatical commitment to hospitality.”

Restoring Comfort and Reliability

Thanks to what Luethi calls “the best U.S. maintenance teams in the business,” Jet Airways has received one of the industry’s best on-time ratings. They scored a 99% technical reliability according to the prestigious Boeing Awards.

“It’s not easy in this day and age to accomplish such a high reliability rating,” says Luethi. “We are up against a lot of obstacles, but Jet Airways makes it a priority and invests heavily in maintaining our fleet—and the extended line maintenance takes place on the ground here in the U.S.”

Luethi knows well what airlines are up against. Having spent thirty years in the airline business, Luethi has become a guru in the complex science of airline operations.

“It’s all about doing what it takes to make our passengers happy. We

provide a lot of the comforts and services no longer offered by many of the traditional airlines,” says Luethi. In an age of overcrowded flights, frequent delays and bare-bones flight accommodations, airline passengers are craving a little more attention.

Jet Airways’ commitment to service is a stark contrast to most airlines that are doing their best to manage customer expectations down to

zero. These days many airlines are upfront about the fact that service is no longer a priority by announcing at the start of the flight that attendants are on board “primarily for your safety.” But coming from the Indian tradition of extreme hospitality—this is, after all the culture of seven-day wedding parties—Jet Airways takes the opposite approach.

While safety is an automatic must, Jet Airways’ crew is trained in the art of making people feel comfortable—and not just the affluent first class passengers, but everybody on board the plane. “It’s clear to anyone that has flown with us that we actually enjoy pampering our passengers,” says Luethi.

In first class, passengers can select from eight gourmet entrees served on gold plates and an extensive list of fine wines poured in crystal glassware. And in coach they don’t sling a bag of pretzels at travelers, but offer a choice between three entrees, all prepared in state-of-the-art kitchens by accomplished chefs.

All of this for about the same price or less than their competitors’.

Revitalizing the traditions of the past, while remaining focused on the innovations of the present, is a winning formula. “We’re bringing back the old-fashioned, 1940s glamour that American air travel was once known for, but at the same time we are moving forward with state-of-the art aircrafts from Boeing” says Luethi. “This is what is allowing us to succeed in such a tough business.”

New Frontiers, New Investments

Founded in India by Naresh Goyal in 1993, Jet Airways began with a modest fleet of four Boeing 737 aircrafts manufactured in Seattle,

Royal Treatment in the SkiesFor international jet setters, comfort is king. Jet Airways, one of the newest entrants into the U.S. airline market, aims to keep its American customers happy by ensuring all of its passengers—from coach to first class—experience old-fashioned service and hospitality, while enjoying the most modern of accommodations.

For the deep-pockets crowd, first class compartments on their 777s are more like first class apartments. Travelers can even close sliding doors to create their own private suite. First class passengers can slip on their Bose noise cancelling headphones and watch the latest Hollywood and Bollywood blockbusters on their 23” touch-screen TVs.

Their private suite also includes a flat bed and a cabinet for coats and bags. American first class travelers might even notice a touch of home in their flights abroad. Custom furniture for the first class cabin is made by BAE Aerospace of Phoenix, Arizona.

But you don’t have to be rich to enjoy Indian hospitality. In coach the airline has removed an entire row of seats to give passengers more space and legroom. Seats jet forward, stretching out like a bed. And no more limping off the plane due to the obstructed blood flow to legs and feet after being crunched into a seat the size of a clamshell. Jet Airways offers an innovative new design feature, a net, to keep the blood circulating—a hammock for the feet.

Coach class passengers also get a 10.6-inch touch-screen television with the same on demand in-flight entertainment enjoyed by First Class passengers, such as the latest interactive video games.

With all of those comforts, it’s a wonder passengers ever de-board the plane when they reach their final destination.

18 | Jet Airways

Washington. Today the airline has a fleet of 52 Boeing 737s. Since they launched in North America last year, the company bought ten more Boeing 777-3000 ERs and have pledged to buy ten more B-787 Dreamliners from Boeing.

Two events spurred Jet Airway’s entrance into the U.S. market: First, the Indian government granted permission to private carriers like Jet Airways to pursue international routes; and second, Open Skies agreements between the USA and India made the world a smaller place by increasing global competition and making it possible for more Americans to visit more places than ever before.

“Tourism between the U.S. and India has really taken off in the past few years. With more and more Indians visiting the U.S., and more American tourists visiting India and business being established in either country, it just made good business sense to begin flying to the U.S.,” says Luethi.

In addition to airports in New York and Newark, Jet Airways flies to 57 destinations throughout India, Asia and Europe.

With major offices in New York, New Jersey and California, plus branch offices in Illinois and Texas, Jet Airways has 120 direct employees in the U.S. The airline also awards contracts to many U.S. service providers employing hundreds of employees including caterers, ground handlers, cargo handlers, ramp handlers and travel agents.

By conservative estimates, Jet Airways contributes each year more than $36 million to the U.S. market in total wages, taxes, and fees to airports—not to mention the purchase of fuel, aircraft, spare parts and technical equipment.

Gaining Ground

Jet Airways was well known to Indian citizens, many of whom flew the carrier when visiting the U.S. By some estimates, Indian tourists spend millions of dollars a year in the U.S. on hotels, restaurants, clothes and gifts.

But Jet Airways was virtually unknown among Americans when it entered the U.S. market in 2007, though the name sounded vaguely familiar to some. “People kept confusing us with Jet Blue, but we’re quite different than a discount carrier,” explains Luethi.

Even without the challenge of brand name confusion, building brand

recognition doesn’t happen overnight. Just six months after its U.S. launch, Jet Airways is somewhat better known, but it is still fighting a perception that it only operates within India. Luethi expects that to change quickly.

“It’s simple: Those that know us love us. Positive, word-of-mouth endorsements continue to help raise awareness for our brand in the U.S. This is the best advertising campaign and marketing strategy a company could hope for,” says Luethi.

With increasing occupancy levels on its U.S. flights, it shouldn’t be long before Jet Airways is a household name in the U.S.

“It’s all about doing what it takes to make our customers happy. We provide a lot of comforts and services no longer offered by many of the traditional airlines.”

Offices in New York, New Jersey and California … Branch offices in Illinois and Texas … 120 direct employees … $36 million to the US market in total wages, taxes, and fees to airports … 72 planes purchased from Seattle-based Boeing.

Mahindra USA, INC

rootedin the heartland

The American Dream is rooted in the quest for, acquisition of, and tending of land. It was that way when in the 18th and 19th centuries men and women piled their kids, dogs and dreams into covered wagons and headed west in search of a plot of land. And it’s still alive today, when the purchase of a house on a plot

of land—no matter how modest—remains the definition of “making it” in America.

The yearning for land is so ingrained in the American psyche that some of us don’t even notice it anymore.

But Mahindra USA did.

Mahindra USA, INC | 19

Nearly one in three parts for Mahindra tractors are made in the USA.

Backhoes:Paladin Light Construction

IOWAKansas Machine Works

KANSAS

Wheels & Tires:Tital Industries

IOWACarlisle Tires & Wheels

SOUTH CAROLINA

Loaders:Kansas Machine Works

KANSASBuhler Engineering

NORTH DAKOTA

Seats:Michigan Seat Co

MICHIGAN

ROPS:FEMCO

KANSAS

Battery:Exide

GEORGIA

Implements:Kodiak Manufacturing

TENNESSEE

When the tractor manufacturer entered the U.S. market in 1995, one of the first things its executives discovered is that America is the land of “The Weekend Farmer”—regular folks who lovingly “farm” two to ten acres.

Weekend Farmers surface on Saturdays and Sundays. They can be seen gliding across their land atop the equivalent of motorized La-Z-Boy recliners, the game piped in through headphones, a favorite cold beverage at the ready. They mow lawns. They till gardens. They clear brush. Mostly, though, they grin.

Only in America do people find working in the yard as fun as lounging in the family room.

Mahindra tapped into this yearning, introducing 14 products for this customer segment in seven years. The company’s prescient advertising tagline: “Cultivate Your Dreams”.

The company quickly won over customers by giving every transaction a deeply personal touch. While the competition was switching over to automated sales and service centers, Mahindra USA manned the phones with live humans, on call 24/7 to assist customers.

Their other strategy was to make themselves irresistible to their key business partners, the tractor dealers. Most tractor manufacturers send their products to dealers unassembled. The dealers in turn must hire workers to uncrate and assemble the products. Mahindra tractors, on the other hand, rolled off trucks and onto showroom floors fully assembled five days after being ordered. Dealers could maintain minimal inventory. And, unlike the competition, Mahindra didn’t put the dealers’ employees to work building tractors; Mahindra simply turned them loose to sell.

For almost a decade, Mahindra USA has been manufacturing and marketing two-wheel drive and four-wheel drive tractors, loaders, and mowers—and has created jobs, wealth, and thousands of delighted customers along the way.

A great product at a great price with no hassles is a recipe for success. And the efforts bore fruit.

A customer satisfaction study called “Customer as Promoter Score” was conducted in 2007. It is perhaps the most stringent measure of all customer satisfaction measures. Customers respond to a single question on a scale of 10 and only responses of 9 and 10 get positive scores. Responses of 7 and 8, usually the largest in number, are not counted. A score of 50% is considered as world class. Mahindra USA’s customers responded to give Mahindra USA a score of 55% and

validated that the actions being taken by Mahindra USA are in the right direction.

Anirban Ghosh, President, Mahindra USA, cites customer satisfaction to be the prime reason to be in business. Simply put, he says, “The satisfaction of our customers is our only reason to be in business. We have an uncomplicated promise - that of offering tractors that push more, pull more and lift more than comparable tractors and very responsive service to help our customers cultivate their dreams.”

Plowing Ahead

From army vehicles to farm tractors to major automobile manufacturing, Mahindra’s relationship with America goes back decades. American GIs who served in India during World War II remember Mahindra USA’s parent company, Mahindra & Mahindra, which in 1945 was

selected to assemble the famous Willys Jeep.

Following Indian independence in 1947, the founders of Mahindra & Mahindra entered the worldwide tractor market.

In 1963, M&M formed a joint venture with International Harvester to manufacture tractors carrying the Mahindra nameplate for the Indian market. Armed with engineering, tooling and manufacturing know-how gained from this relationship, M&M developed its first tractor, the B-275. This successor to International Harvester’s incredibly popular

IH B-414 is still the basis for some current Mahindra models.

Entering the U.S. market was a good way for the Indian company to test its mettle. The American customer is the toughest, most demanding, most quality conscious in the world. If a company can make it here, it can make it anywhere.

So Mahindra USA opened its first plant in Tomball, Texas, in March 1995. That year the company hired six Texans and sold 250 tractors. A year later, sales were so brisk that a second plant was opened in Calhoun, Georgia in October 2003, adding 35 more jobs. And the sales kept climbing: A third facility came on line in Red Bluff, California in 2006. Today, the three facilities provide tractors to more than 300 dealers in 40 states, creating an estimated 2,000 jobs at dealerships and 500 indirect jobs.

From Skeptical to Amazed

But success didn’t come easily for Mahindra; it was earned.

20 | Mahindra USA, INC

Sting of the ScorpioMahindra & Mahindra plans to launch a line of pick-ups and a sport-utility vehicle in the U.S. in Spring 2009. These diesel-powered vehicles are noted for their superior fuel economy, as diesel is emerging as a green technology. Mahindra & Mahindra’s flagship vehicle, the Scorpio, is a rugged, yet stylish compact SUV.

Global Vehicles, headquartered in Alpharetta, Georgia, will distribute the brand in the U.S. and Mahindra pickup trucks, one of which will be called the Appalachian, will be assembled at a Southeast plant Global has chosen.

When Mahindra entered the American market, the company met with plenty of skepticism.

The first hurdle the company faced was convincing customers in the heartland that owning a Mahindra tractor was as patriotic an act as owning one of its competitors. Tractors are as American an icon as baseball, hotdogs and apple pie, and in the early days the most frequently asked question was, “Why should I buy an Indian tractor from you when I can buy a tractor that was made in America?”

And the answer always was, “Did you know that many of the parts inside America’s most iconic tractor are made in India?”

That got customers’ attention.

Customers came to understand that nearly one in three parts on a Mahindra tractor are sourced from American companies: Mahindra USA purchases loaders from Kansas Machine Works of Kansas and Buhler Engineering of North Dakota; backhoes from Paladin Light Construction in Iowa and Kansas Machine Works; wheels and tires from Titan Industries in Iowa and Carlisle Tires and Wheels of South Carolina; seats from the Michigan Seat Company of Michigan; roll bars from Femco, Inc. of Kansas; batteries from Exide Technologies of Georgia; and implements from Kodiak manufacturing in Tennessee.

What mattered most wasn’t where the tractor was made, but what it was made of … and what kind of service backed it up.

Which led to the next source of skepticism from American consumers: Concerns about quality.

The first thing Mahindra USA did was help dealers and customers understand that its tractors were not tough in spite of their Indian origin, but because of it. The average Indian farms 2,000 hours per year on his Mahindra versus 250 hours for his American counterpart. When in 2003 Mahindra + Mahindra became the only tractor company in the world to be awarded the prestigious Deming Quality Award, the company’s excellent reputation was cemented. And in 2007, Mahindra + Mahindra again became the only tractor company worldwide to attain the rare award in Total Quality Management – the Japan Quality Medal.

The Route to Success

Mahindra USA has consistently offered a good product and good service through its dealer network. Recognition for this has come from many sources. One of Mahindra USA’s dealers - Dave’s Tractor from Red Bluff, California, has been recognized as the “2007 Rural Lifestyle Dealer of the Year” by Lessiter Publications. Mahindra USA is proud of the 300 American businessmen like Dave Siemens who have become dealer partners to make a meaningful difference in the

lives of American consumers.

Dave Siemens summarizes his experience with Mahindra Tractors succinctly: “Mahindra is increasingly becoming a part of America. We do not hear the question “Who is Mahindra?” as often as we used to!”

The key to Mahindra USA’s success in the United States has been focus on service and parts availability. James Ramsdail, Head of Service, says, “Our primary goal in the service organization is to build our dealers’ capability to help customers use their equipment without any significant interruption.” To make this happen the Mahindra USA service team travels thousands of miles each year conducting extensive service schools for dealers near their locations. In a recent survey of dealers and customers, parts availability and administration received the highest scores, affirming that Mahindra USA’s service and parts offering is of the highest order.

A Long Road Traversed – Establishing the Mahindra Brand Name

Mahindra USA has come a long way in the dozen years it has been in the United States. Today it is respected as a member of the community of equipment manufacturers in the U.S. and has been invited to join the Board of Directors of the Association of Equipment Manufacturers. In keeping with the organization’s belief that an industry prospers if it develops people and gives them the opportunity to grow, Ghosh has agreed to join the Workforce Development Committee of the AEM.

Mahindra USA currently employs between 100 - 125 employees and sells more than 10,000 tractors, paying a cumulative salary of $5.1 million. The company opened its Parts Warehouse in 2004. Its sales amount to $150 million with an approximate 6% marketshare. Mahindra USA has paid state and local taxes to the tune of $880,000, using materials and supplies with an estimated worth of nearly $61.5 million.

Mike Hilderbrand, Head of Marketing at Mahindra USA, says, “Mahindra USA’s contribution to America has been of a very high order and continues to grow. The Mahindra brand will always stand for rugged, efficient products that help the customer do more and experience the pleasure of doing it. Because of the impact the brand has achieved in the short span of a little over a decade, more than half the target group of consumers instantly recognize the name ‘Mahindra’ today!”

Mahindra USA, INC | 21

What mattered most wasn’t where the tractor was made, but what it was made of...and what kind of service backed it up.

Arrived 1995 … Employs between 100 - 125 employees paying a cumulative salary of $5.1 million … Paid $880,000 in state and local taxes.

22 | Ranbaxy

Ranbaxy

Making prescription drugs available and affordable for all Americans

Beloved grandparents and senior citizens across America depend on their daily medicines to stay healthy and enjoy their lifestyles. They have specially designed days-of-the-week pill cases, and their “meds” have become a staple of mealtime. However, rising insurance costs and expensive co-pays make filling prescriptions a hardship for millions of Americans. Thanks to Ranbaxy USA, one of the best known generic pharmaceutical companies in the nation, Grandma’s and Grandpa’s minds can rest easier.

Ranbaxy produces some 142 generic drugs, such as Enalapril, a heart medication, Metformin HCl, for patients with diabetes, and more recently, a medication for moderate dementia. And a host of new products are in the pipeline.

Many of Ranbaxy’s products are proudly made in the USA at company-owned factories in New York and New Jersey.

Ranbaxy | 23

Established in 1961, Ranbaxy is India’s largest pharmaceutical company. It has a presence on the ground in 49 countries, including the United States, and the company sells its generic medicines in 125 countries. Ranbaxy entered the U.S. market in 1994 and opened its first office in Raleigh, North Carolina in January 1995, subsequently relocating to New Jersey in 1998.

But Chuck Caprariello, Vice President of Corporate Communications and Government Affairs, and his colleagues began working for Ranbaxy in America well before the office opened in the Tar Heel state. Years of planning and preparation were needed to lay the groundwork for a company that would eventually create jobs for more then 600 Americans with a payroll totaling some $35 million. There was plenty of “blood, sweat, and tears” at the beginning, as this group, like any American start up, had to forge new pathways for the company.

The first step in establishing Ranbaxy in America involved explaining the benefits and value of generic drugs. This subject has been a hot topic among U.S.-based generic companies and trade associations since the passage of the Hatch-Waxman legislation in the 1980s. This bill cleared up regulatory FDA requirements, establishing that all generic products were, by definition, identical to branded products – meaning generic drug companies are able to give Americans access to identical medications at an affordable price. Ranbaxy team members met with pharmacy buyers, pharmacists and consumers, as well as policymakers and community leaders to spread this message. Building old-fashioned goodwill was crucial.

Establishing this base of understanding and rapport came with its fair share of struggle. As generic drug companies were sometimes looked at condescendingly, battling the stereotypes and derogatory labels often associated with generic drug formulations became important.

With the national healthcare expenditure in 2005 touching $2 trillion, a growth of 7% over the previous year and representing 16% of the gross domestic product (GDP), generics are becoming important in the U.S. healthcare system, as a means of containing runaway healthcare costs. This is now a priority for the government. It is expected that expenditure on healthcare will balloon in the next decade reaching $4 trillion in 2015, or 20 percent of GDP. In this scenario, Ranbaxy, along with other generic companies, will contribute their might in

mitigating the financial burden of the government.

The hard work behind Ranbaxy’s entrance into the U.S. has been well worth the effort. The company received approvals for thirteen products in its first year. Ranbaxy’s success continues to be rooted in a great American need – access to affordable, quality prescription drugs for everyone. Generic products have become more visible and prominent than ever before in patient care with nearly 65% of all prescriptions filled with generic product formulations. “Through this mission, Ranbaxy contributes both to the physical well-being of Americans and to the economic vitality of the nation,” says Venkat Krishnan, Vice President and Regional Director of Ranbaxy North America.

In Gloversville, New York, located in Central New York State, the arrival of Ranbaxy Laboratories in 2002 meant revitalization for the community, as more dollars began to flow through the city. Ranbaxy has created numerous jobs there and will continue to expand employment as the capacity of this facility increases in response to market demand. This type of success has drawn the attention of the state of Florida, specifically Jacksonville, which lobbied for a Ranbaxy facility in their region to bolster the business economy of the State. Ranbaxy now has a presence in New Jersey, Florida and New York, and keeps growing.

“This focus on community is embedded firmly in the very DNA of Ranbaxy’s management philosophy,” stated Ranbaxy’s

CEO and Managing Director, Malvinder M. Singh. He added further, “America is a business melting pot – not just a social one”.

Speaking to the advantages that a collaborative work environment offers, Malvinder said, “When entering the U.S. market, Ranbaxy hired local Americans in the community with pharmaceutical expertise and experience and looked to them as mentors who knew the markets and were able to provide organizational guidance.”

Ranbaxy’s American employee base has also brought an element of rapport to the company that reinforces a core corporate belief in the value of relationships. Because of the growth and success realized by Ranbaxy in the U.S., the company has continued to grow its number of American employees, which has increased dramatically in the past few years from 150 in 2000 to more then 600 in 2007. At the same time, operating facilities have grown from 40,000 square feet in manufacturing and distribution space to nearly 600,000 square feet in the U.S. alone.

Ranbaxy to the RescueTragic events like Hurricanes Katrina and Rita, the anthrax attacks on America, and September 11th remind America of the importance of being prepared for national emergencies. Federal response efforts to these and other emergencies are made possible by companies like Ranbaxy who provide access to quality drugs during critical times. Through a recent partnership with the Centers for Disease Control and Prevention, Ranbaxy provides the federal government with inventory of key generic pharmaceutical product formulations that are available in

existing inventories on U.S. soil. This allows the CDC to always be informed about the availability of such crucial medicines should an emergency occur. Ranbaxy is central to this effort because of its focus and expertise in anti-infective medications, which would be invaluable in the event of a national pandemic or bioterrorist attack. Ranbaxy’s partnership with the CDC is just one more way the company is providing much needed access to prescription drugs to all Americans – especially in times of need.

24 | Ranbaxy

Ranbaxy USA also transferred some skill sets from its Indian parent company, including an emphasis on precision and technical expertise, as well as intellectual and professional curiosity. They also derived an intense focus on achieving goals and delivering results, which perpetuates the entrepreneurial spirit of the global company. The combination of these strengths has allowed Ranbaxy to have a positive impact on the U.S. healthcare system in a very short period of time – to the benefit of all Americans.

Ranbaxy USA now has more than 142 products approved, and nearly 97 more are awaiting approval by the U.S. FDA, many of which are manufactured in either New Jersey or New York. The manufacturing and sale of these generic drugs in the United States means more and more Americans can access the medicines they need to live a healthy life. When Ranbaxy has pleased all the senior citizens at the local retirement communities, it will move on to the Veteran’s Hospital down the street and continue its efforts to the community at large, so that all patients who need medication can access affordable pharmaceutical products developed and sold under the Ranbaxy label in pharmacies all across the U.S.

This focus on community is embedded firmly in the DNA of Ranbaxy’s management philosophy. America is a business melting pot – not just a social one.

Produces 142 drugs … 600 jobs … $35 million U.S. payroll …600,000 square feet of manufacturing and distribution space.

Satyam | 25

Satyam

A Blueprintfor Success

More often than not, Americans take their consumer durables for granted—until they need new ones. When an old kitchen is finally reno-vated or a new house built, millions of amateur home decorators agonize over their new ap-pliances’ aesthetic details, such as color and style. Still, in the end, even the most particular home designer looks for one thing above all else in an appliance: performance.

That’s why in the late 90s, one of America’s most venerable consumer durable companies hired the technology experts at Satyam. The company was looking for help with a very spe-cific assignment: leverage Satyam’s consider-able talent to design and develop best in class appliances.

Satyam’s engineers so dazzled the client that this product company decided to bring them in for help with reinvigorating its entire product line. Satyam was challenged to identify ways to innovate, get new products out of R&D faster, and reduce costs.

At the outset, problem solvers at Satyam sprang into action. After an in-depth analysis of the client’s business model and product cycles, Satyam uncovered ways to slash the client’s technology costs 40%. Satyam was also given the crucial tasks of re-designing many of the client’s product portfolios, managing its supply chain, identifying parts-vendors, and managing the manufacture of components. Satyam’s experts would touch nearly every part of the products occupying space in kitchens from Buffalo, New York to Santa Fe, New Mexico.

Satyam’s manifold contributions helped the client company stay competitive and sell more products to customers in the U.S. and abroad—which, as far as Satyam is concerned, means mission accomplished.

“We pride ourselves on making our clients’ headaches go away so American companies can do what they do best: innovate,” says New Jersey-based Ram Mynampati, Member of the Board and President,

Commercial and Healthcare Business, for Satyam.

That focus on details, balanced with a consistent attention to the big picture, is a trademark of Satyam Computer Services, Ltd.

Founded in India in 1987, Satyam is a leading global business and information technology company that delivers consulting and integration solutions to clients in over 20 industries.

Satyam’s 5,000 employees in the USA and 49,500 across the globe excel at stepping in and taking care of the essential aspects of a business that can get lost in the shuffle – details like managing the supply chain and ensuring the quality of business processes – as well as the more visible aspects of customer service and client relationships.

Its success is validated by the high-profile companies Satyam counts as valued clients. Of the nearly 600 global companies that use Satyam for their consulting services, almost one in three are Fortune Global 500 and Fortune 500 U.S corporations.

That level of achievement can only come from innovation, daring, expertise—and a willingness to learn.

Satyam was founded by Ramalinga Raju and his brother, B. Rama Raju, as a private family company in 1987. Almost immediately, it gained its first U.S. Fortune 500 client: the American tractor manufacturer John Deere. The fledgling company did so well that when it first went public in 1992, its offering was oversubscribed an incredible 17 times. With such an impressive level of success, it was obvious that Satyam needed to expand to provide its clients with local, expert service.

As a result, in 1998, Satyam opened its first development center in Parsippany, New Jersey, creating over 500 American jobs. The company was officially incorporated in America in 2000; just one year later, Satyam was listed on the New York Stock Exchange. Today, their stock has grown by 500%—from $9 to $49 in just six years.

With U.S. revenues in excess of $800 million, offices in seven U.S.

From Hydera-bad to Harvard YardAs a leader in the business world serving hundreds of U.S. Fortune 500 firms, Satyam has found a natural fit in a partnership with a key leader in the academic world – Harvard Business School.

In April 2006, Satyam Computer Services announced that it had teamed with Harvard Business School Publishing and Universitas 21 Global to create a curriculum to train future business leaders. Participants in the program earn a Certificate of Global Business Leadership, gaining essential global and local management skills from the most prestigious business academic institution in the world.

Harvard Business School Publishing lends its world-renowned expertise and extensive resources to the project, including case studies, leadership development content,

and online leadership modules for Satyam’s managers in the U.S. and abroad.

Satyam’s Ram Mynampati recognizes the importance of such training and the prestige that comes from the association with Harvard.

“We’re keen to identify and cultivate the best management talent we can find in the USA,” he says. “Our partnership with Harvard will help us grow leaders by implementing best practices from global innovators in education and training.”

Satyam had more than 1000 leaders participate in the Harvard program till date and will have more than 1000 additional leaders complete within the next 12 months.

The program emphasizes Satyam’s focus on developing the leadership potential of its own employees, as well as its understanding of the importance of maintaining a close connection with the American perspective on leadership.

And with the quintessential American academic institution as a partner, that connection is as solid as Harvard’s brick walls. Satyam is partnering with Harvard Business School to create a curriculum to

train future business leaders.

26 | Satyam

locations (Illinois, Michigan, California, Georgia, New Jersey, Nebraska, and Ohio), and an impressive 32% annual growth rate, it’s no wonder Ram Mynampati is optimistic about the company’s prospects in the U.S..

Mynampati, a Cal State computer science graduate, says the secret to the brand’s success in the U.S. market is its emphasis on delivering expert services at a fair price. “If you’re cheap without parity, you’re merely cheap; you’re selling junk. And American customers get that. It’s not price we compete on but parity.”

It’s that particularly American focus on quality and positive competition that has helped Satyam to flourish in the U.S.—and to lend a hand to hundreds of fellow American companies along the way.

Satyam’s support is certainly not limited to American corporations; its presence in the U.S. has also provided jobs, wages, and economic support to thousands of American workers. Mynampati estimates that his company paid its American workforce more than $335 million in wages last year, another $57 million for operating expenses including everything from rent to legal fees, and more than $58 million in federal, state and local taxes.

It’s a contribution to a philosophy that Mynampati has enthusiastically embraced.

“This is the land of opportunity in the truest sense of the word,” he says. “You must embrace it or you’re history.”

Luckily for American corporations and homeowners, Satyam’s presence in the land of opportunity won’t be history any time soon.

Satyam | 27

“We pride ourselves on making our clients’ headaches go away so American companies can do what they do best: innovate.”

5,000 employees … Revenues in excess of $800 million … Paid more than $335 million in wages last year … $58 million in federal, state and local taxes.

28 | The Tata Group

The Tata Group

Brewing aStrong Blend

The old saying goes: “It’s as American as apple pie,” but maybe “as American as coffee” would be more fitting. Americans have a love affair with coffee. Its strong taste, aroma and jolt of caffeine help so many people start their day. Business meetings are accompanied by coffee. Social gatherings take place over a cup of coffee. Meals end with a cup of coffee. Coffee is the most frequently served beverage in the U.S.

From airplanes, train stations and hotels to offices, restaurants and convenience stores, one can’t go far in the U.S. without the opportunity for a cup of coffee. In fact, U.S. consumers, who drink one-fifth of the world’s coffee, are the largest consumers of coffee in the world.

As the fourth largest grocery coffee brand in

the U.S.— and the largest provider of whole beans—Eight O’Clock coffee is in a unique position to capture even more of this $21 billion U.S. market. So, just as Americans turn to coffee to kick-start their day, an iconic coffee brand has teamed with the Tata Group to rev-up its sales in the U.S. and globally.

The Tata Group | 29

Eight O’Clock Coffee, headquartered in New Jersey with a manufacturing plant in Maryland, has an impeccable reputation for coffee quality and a loyal following with a history dating back almost 150 years. While Eight O’Clock is available in the majority of retail outlets, an opportunity exists for growth within the U.S. and globally.

In June 2006, the Tata Coffee division acquired the company for $220 million dollars, making Tata the largest seller of whole-bean coffee in the U.S. More importantly, Tata immediately set out to increase its investment in the brand—not only protecting 105 union jobs and nearly 60 management positions, but also infusing the resources for the company to hire additional talent. The name of the game at Eight O’Clock coffee moving forward is innovation. And Tata is investing time and money on long-term growth opportunities.

“With the backing of the Tata group, we will be able to leverage our brand equity to capture new markets and new geographies,” said Barbara Roth, chief executive officer of Eight O’ Clock Coffee.

Blending Strengths

While The Tata Group has operated in the U.S. since the mid-1900s, most Americans have not yet knowingly sipped a Tata beverage, vacationed at a Tata hotel or used Tata technology.

Chances are we soon will.

A globally diverse business group that started as a family business in India in 1868, Tata is organized into seven business sectors, including: information systems and communications; engineering; materials; services; energy; consumer products; and chemicals. With operations in more than 85 countries across six continents, Tata generates more than $30 billion annually in sales.

Tata first came to the U.S. in 1939, when what was then the Tata Iron and Steel Company set up a New York branch. Over the past five years, The Tata Group has invested over $3 billion in the U.S. The company operates 16 businesses here—from luxury hotels and beverages to manufacturing, telecommunications and IT consulting—in nearly a hundred locations around the U.S.

Part of Tata’s U.S. strategy is focused on finding successful U.S. brands, like Eight O’Clock Coffee, where both companies will benefit through

the share of best practices and the blending of strengths.

Such as the case with Good Earth Teas.

After acquiring British tea powerhouse Tetley Tea, Tata was searching for an innovative American tea company with which to blend Tetley’s strengths.

“Tetley had only a very small presence in the U.S. and we wanted to grow that,” explains David Good, Chief Representative, North America, The Tata Group. “We were looking for a company that could produce bottled tea beverages and herbal teas—a growing market in the U.S. that Tetley hadn’t yet tapped.”

Tata zeroed in on California-based Good Earth Teas, which offered a wide range of herbal, fruit-flavored, medicinal and specialty green and black teas. Its teas were sold in grocery, gourmet, and natural food stores across the U.S., with a strong presence in the Western U.S.

Tata purchased Good Earth Teas in October of 2005, and began to work with its management to grow distribution in the U.S. and globally. In addition, Good Earth Teas was tasked with managing all of Tata’s U.S. tea business, under Tetley Tea. This is in addition to Tata Tea’s long-established tea powder plant in Florida that produces instant tea products for large distributors across the United States.

“This was truly an exchange of best business practices. Good Earth had the expertise

in producing a product in high demand in the U.S. and we had the expertise in building efficiencies and expanding distribution. Together, we’ve experienced a lot of success and continue to learn a lot from each other,” says Good.

The teas continue to be blended and packed in Santa Cruz, California. Since teaming up with Tata, Good Earth Teas has expanded its distribution into new segments, with its Organic range , new retail channels , such as Club stores and new countries like the UK and Canada.

It takes more staff to keep up with the increased management responsibilities and amount of tea processed, as well. The number of employees at Good Earth Teas has grown to 70.

Tata Diamonds: Soon to be a Girl’s Best FriendOne venture on Tata’s horizon depends on more than the exchange of best business practices– it requires an exchange between the U.S. and India of cultures, fashions and trends, as well.

Titan Industries, a Tata company, is gearing up to join the ranks of exclusive luxury jeweler Tiffany & Co when later this year it brings Tanishq, India’s largest and fastest growing jewelry brand, to the U.S.—the world’s largest jewelry market.

A “Revitalizer of Tradition,” as its advertising proclaims, the brand promises to “combine the grandeur

of the past with the reality of the present without losing its inherent character and appeal.” Tata plans to introduce Tanishq to the U.S. by opening two upscale stores in areas heavily populated by Indians. Once it takes off, Tata will expand the brand nationwide.

Tata believes that Americans will fall in love with modern jewelry inspired by Indian tradition. “Americans appreciate fine jewelry. We’re confident that Tanishq’s unique Indian designs and quality craftsmanship will appeal to both Indians in the U.S. and mainstream Americans,” said C.K. Venkataraman, Chief Operating Officer of Tanishq.

30 | The Tata Group

Beyond Beverages

Frank Sinatra added a touch of cool and Audrey Hepburn a touch of class, but the Pierre Hotel had plenty of both to hold its own during its heyday. Towering above Fifth Avenue and Central Park, the historic hotel built in the 1930s had been frequented by the most discerning of New York’s guests for decades.

But the majestic Pierre, once the standard of New York luxury with an art-deco lobby boasting gold and crystal chandeliers, had been challenged by its more modern, swanky competitors, and occupancy levels were suffering as well.

In July 2005, Tata’s Taj Hotels purchased the management contract for the hotel from the Four Seasons for $50 million. Today, the new Pierre Hotel, now a flagship member of the Taj Group of Hotels, is gearing up to reclaim its prestige through a carefully orchestrated $100 million renovation. When it reopens in 2009, its 300 employees will tend to 200 luxurious hotel rooms and suites as well as 75 residential co-op apartments their colleagues serviced during the renovations.

It should come as no surprise that Tata is bringing to the U.S. the opulent accommodations, impeccable services and amenities, and legendary hospitality of Indian hotels. After all, it was Tata who a century ago built one of India’s oldest and most famous luxury hotels, The Taj Mahal Palace in Bombay-a symbol of Indian hospitality and luxury to this day.

“In the U.S. we are searching for centrally located hotels in urban areas that are convenient and luxurious enough for both business and leisure travelers,” says Good.

Since acquiring the Pierre, Taj Hotels has also purchased a celebrated 273-room property overlooking the public garden in Boston, and the boutique-style 110-room Campton Place adjoining Union Square in San Francisco.

But New York, Boston and San Francisco are just the beginning. As a part of its $1 billion worldwide expansion, Taj Hotels will soon be delighting guests-and creating jobs for thousands of hotel workers and vendors-in other American gateway cities as well.

Giving Back

Since its inception, Tata’s culture has been centered on giving back to the community, so much so that Tata Sons, the Group’s holding company, is actually 66 percent owned by the charitable Tata Trusts, with two-thirds of its profit going to philanthropy.

“Giving back is in our DNA,” said Good. “As our U.S. presence grows, our responsibility to the communities we serve grows exponentially.”

Each of the 16 Tata companies operating in the U.S. gives back to their communities through efforts such as fundraisers, pro bono work and financial contributions.

As a part of its $1 billion worldwide expansion, Taj Hotels will soon be delighting guests–and creating jobs for thousands of hotel workers and vendors–in American gateway cities.

The Tata Group | 31

For example, after Hurricane Katrina ravaged the Gulf Coast in 2006, the employees of Tata’s largest U.S. company, Tata Consultancy Services (TCS), volunteered around the clock to help the Mississippi government build a system to ensure residents received their unemployment checks on time. TCS employees working in and around the Gulf Coast area also collected more than $100,000 for the victims, an impressive sum which was matched by the company.

On a national level, Tata has been involved with First Book, a nonprofit organization committed to giving children from low-income families the opportunity to read and own their first new books. Tata Consulting is currently helping the organization to design an IT network which will improve First Book’s outreach out to its local advisory groups and recipient communities and has made contributions which will result in a quarter million dollars worth of donated books presented to needy children around the United States.

This year Tata plans to expand its relationship with First Book and formalize its corporate social responsibility strategy in the U.S.

“Tata is committed to making a difference here,” says Good. “We believe the best way to do that is to help businesses grow by investing in companies with great potential, and to help communities thrive by investing in the tremendous potential of youth.”

Tata’s also giving back to the communities where it operates by creating and protecting jobs—putting cash into the pockets of workers and contributing to the coffers of governments at the local, state and federal level. After adding up the dollars the company spent last year on direct payroll costs, contractors’ salaries, state and federal tax contributions and rent and business supplies, Good estimates that—on the conservative end—that his company may have pumped as much as a billion dollars into the U.S. economy.

• Tata Sons Ltd, the holding company, employs 4.

• Taj Hotels, headquartered in New York with luxury hotels in New York, Boston and San Francisco, employs 836 in the U.S.

• Eight O’Clock Coffee, headquartered in New Jersey with manufacturing and packing facilities in Landover, Maryland, employs 162 in the U.S.

• Tetley/Good Earth Teas, headquartered in California, with offices in New Jersey and production facilities in California and Georgia, employs 70 in the U.S.

• Tata Tea, headquartered in Florida, produces instant tea products for large distributors and employs 27.

• Tata, Inc headquartered in New York City, with offices in Illinois, represents Tata Steel in the U.S., and employs 16.

• Corus Steel’s U.S. headquarters is located in Illinois with manufacturing facilities in Ohio and Pennsylvania. The company employs 570 in the U.S.

• SerWizSol operates call centers in Ohio and Florida, employing 419.

• Tata Communications, a telecommunications company offering next-generation voice, data and value-added services, is headquartered in Virginia with a cable switching facility in New Jersey. The company employs 288.

• Tata Consultancy Services (TCS), which provides IT consulting, is located in more than 50 locations in the country, employing 15,000.

• INCAT (Tata Technologies), a global professional services company engaged in engineering & design services, product lifecycle management, enterprise solutions and plant automation, is headquartered in Michigan. The company employs 708 in the U.S.

• Tata Sons corporate office in Washington, DC represents the Tata Companies to federal and state government officials, U.S. industry and the American people. The office has four employees.

• Tata Auto Components (TACO), headquartered in Michigan, brokers sales of auto parts. The company has four employees in the U.S.

• Tata Johnson Controls, a Fortune 500 company founded in 1885 and headquartered in Milwaukee, is a global market leader in automotive interior systems and facility management and control. The company has 48 employees.

• Tata Interactive Systems, e-learning systems for corporate, education and corporations, employs 22 in several U.S. states.

• Tata Elxsi, which provides animation services, has offices in California, Massachusetts, Michigan, Texas and Colorado, has 28 employees.

• Tata Chemicals, which produces chemicals, fertilizers and consumer products, such as salt and baking soda, produces Soda Ash through mines in Wyoming. The company has about 581 employees.

Generating Jobs Across AmericaTata’s U.S. Companies fan out across most of the U.S., providing good American jobs for nearly 19,000 employees.

Arrived U.S. in 1939 … Invested more than $3 billion in U.S. economy … Bought Eight O’Clock Coffee for $220 million …Operates 16 businesses … Employs nearly 19,000 in U.S.

32 | Thermax

Thermax

Making new yorka Little Greener

Thermax’s energy efficient heating and cooling systems will be showcased at “270 Greenwich Street.”

In the middle of lower Manhattan’s popular TriBeca neighborhood sat a vacant, one-million square-foot potential building site owned by the city of New York that would soon become a symbol of both revitalization and conservation in Lower Manhattan.

In February 2006, New York City Mayor Michael Bloomberg, along with several other city dignitaries, attended the ground breaking ceremony for 270 Greenwich Street—a $560 million development designed to meet both commercial development and community needs. For the first time in New York, retail, luxury condos, market-rate rentals and affordable housing would come together in one unified building. This was the largest retail and residential development Lower Manhattan had seen in decades.

Every contractor in the city wanted a piece of 270 Greenwich Street.

Including Thermax.

“Conserving energy and preserving the environment is the guiding principle that drives our company. We’ve been delighted to discover that doing good by the environment translates into improving our bottom-line.”

“This was a critical project for Mayor Bloomberg, whose administration had pledged to revitalize Lower Manhattan as a round-the-clock, vibrant community,” explains Rajesh Sinha, Director, Business Development, for Thermax. “Because of its high profile, it was the perfect project to showcase our revolutionary, more energy efficient way of heating and cooling buildings.”

The developer’s selective bidding process was highly competitive—particularly when it came to the enormous undertaking of heating and cooling one million square feet of retail spaces and residences. Not only was the developer, working in partnership with Mayor Bloomberg, seeking a cost-effective energy provider, but also an environmentally friendly solution to heating and cooling this innovative development project.

Thermax won the bid. Thanks to the revolutionary way it cools and heats buildings, the company was able to achieve cost parity with its competitors, yet deliver a system that was 20 percent more energy efficient. Thermax’s win generated more than 20 jobs related to the project.

Most heating and cooling systems run on electricity, generating heat that is wasted because it simply “burns off.” “The inefficiencies that exist in typical electrical system affect as much as 65-75 percent of thermal efficiency,” says Sinha.

Thermax, which uses natural gas instead, has found a way to capture expended heat and put it to work. “Instead of wasting electricity, we continuously recycle the heat and use that as our energy source, which saves a tremendous amount of energy and cost,” explains Sinha.

The success of the Greenwich Street project continues to open new doors for Thermax. It’s no wonder—the building is striking and memorable, not only for its vast size, diversity of tenants and innovative use of energy, but for its exterior. The façade of the condo tower has a checkerboard pattern of black granite and glass and is faced with sand-colored, textured granite from none other than India.

Conservation and Preservation

Thermax, based in Michigan, is part of the Thermax Group, a $600 million global company specializing in the generation and conservation of energy and preservation of the environment. The company operates two business units: heating and cooling, and performance chemicals.

“Conserving energy and preserving the environment is the guiding principle that drives our company,” says Sinha. “We’ve been delighted to discover that doing good by the environment translates into improving our bottom-line.”

Rohinton Aga, a charismatic visionary, founded the company more than three decades ago. Ahead of his time, he had a passion for finding sustainable energy solutions to benefit the environment. Through a slow, methodical growth strategy, the company continued to grow

and expand abroad. Thermax products and systems are now in used in more than 40 countries across the world.

Thermax came to the U.S. 25 years ago, first with a representative office and then as an incorporated subsidiary in 2000. Today the company employs 21 in 12 sales and service offices located in six states—Michigan, New Jersey, Pennsylvania, Texas, Florida, and Illinois.

Thanks to Thermax more than 150 business partners and customers in the U.S. have increased profitability and found ways to benefit the environment by maximizing energy efficiency and slashing operating costs.

The State University of New York (SUNY) at Albany counts itself

amongst the widespread Thermax customer base seeking precisely those benefits. The university’s state-of-the-art research facilities—built in the 1960s—may be the darling of post-modern architectural critics, but environmentalists were, until recently, less impressed; the 25-year-old system that warmed and cooled nearly 22,000 students and faculty was far from state-of-the-art.

SUNY Albany turned to Thermax for help. Thermax recommended installing a cooling system that would be almost twice as efficient as the existing one. Rather than electricity, the new system was powered by hot water. The replacement of this cooling system was an environmentally friendly and energy efficient solution, and eliminated the need to make costly utility upgrades or system modifications.

In the end, SUNY Albany saved $3 million dollars annually in operating and maintaining costs and increased their energy efficiency by 35%.

“No Problem”

As a relatively recent newcomer to America, Thermax knows it has to work a little harder than the competition to win over customers. “We are an American company of Indian descent, so like most immigrants finding their way in this country, we face a higher level of scrutiny,” explains Sinha.

Sinha says this scrutiny motivates Thermax to go the extra mile: “We have to earn trust and demonstrate that we are honorable and competent business people, so we find ourselves over-delivering on quality and service, much to the delight of our customers.”

“It’s in our nature to aim to please,” explains Sinha. “When clients make impossible demands it’s our tradition to say ‘no problem’ and then figure out a way to deliver.”

Thermax | 33

Apart from an eagerness to please, Sinha says, Thermax has gained a lot of business insight from its clients, too.

“American business people are effective at building self-sustaining business systems—companies and operations so well run that it’s like guiding a car on cruise control. We continually try to adopt these sorts of practices from our clients, which in turn, helps us better service them,” says Sinha.

This higher standard has translated into a high sales and client retention rate for Thermax. Last year the company did more than $20 million in sales. With a 10% share of the U.S. market and phenomenal opportunities for growth, the company’s prospects are excellent.

No wonder Thermax is so upbeat about the U.S. market. Over the last 25 years, the company has formed partnerships with clients that have not only helped the bottom line of over 100 businesses, but have benefited the environment—an effect which transcends borders.

Since opening operations here, Thermax has seen demand for its services increase by 200%. And as energy supplies deplete, costs continue to rise, and America’s commitment to the environment strengthens, the company expects the demand to grow exponentially.

Thermax’s success translates into economic success for the communities in which it does business. After adding up the dollars the company spent last year on direct payroll costs, contractors’ salaries, state and federal tax contributions, and rent and business supplies, Sinha estimates that, on the conservative end, his company pumped as much as $3.3 million into the U.S. economy.

Sinha says he sees more similarities than differences between the Indian and U.S. cultures. “We share the same language and democratic traditions, value hard work, and strive to make a difference in our world. We also share the same planet and face the same issues affecting our environment.”

From mega-commercial developments to sprawling university campuses, Thermax is committed to helping make America greener—one building at a time.

A Better Flu VaccineEvery winter, Americans turn out in droves to get their flu shots. And year after year, there are shortages of this coveted vaccine. In a study by the American Cancer Society, the flu epidemic, along with cancer and obesity, was ranked as one of American’s top three health concerns. Thermax’s chemical division specializes in manufacturing chemical boosters used in a wide variety of applications in the U.S—from water treatment and food production to pharmaceutical applications such as vaccines.

The process for developing a flu vaccine is slow and complex, relying on egg cultures in which the viruses have to be individually harvested and purified. But one of Thermax’s customers, SoloHill

Engineering Inc., is developing a new manufacturing process that could significantly speed up the vaccine-making process and avoid massive shortages. By using animal cells to grow the viruses, SoloHill says they will be able to grow the flu viruses on a much larger scale, leading to a faster, more cost-effective approach.

Thermax has developed customized chemicals called base polymers to facilitate Solohill’s cell culture replication. Given the highly specialized nature of Solohill’s product, Thermax instituted very strict quality control norms to ensure the highest level of purity and consistency.

Already in development for several years, this new flu vaccine should be available soon. And there should be plenty to go around, thanks to the invaluable partnership between SoloHill and Thermax.

34 | Thermax

Arrived 25 years ago … Employs 21 in 12 sales and service offices located in six states … pumped more than $3.3 million into US economy.

Wipro | 35

Wipro

From the halls of Montezuma…to office parks across the USA

One of the biggest challenges U.S. military personnel face after a career in the military or a tour of duty abroad is integrating into the civilian economy once their service to their

country is complete. Thankfully, Wipro, one of the world’s leading information technology companies, is making that transition a little easier.

Wipro operates offices in more than a dozen U.S. locations.

36 | Wipro

In spring 2007, the company announced it its plans to hire more than 1,000 people in the U.S. to staff two new software development facilities. Michigan and Georgia—home to military bases and top universities—were selected because of the technical talent pool available in the region.

“The U.S. military provides excellent technical training to their people,” says Sridhar Ramasubbu, Wipro’s chief financial officer in the U.S., “and we’re lucky to have them. Military engineers and scientists are an extremely talented lot, and their discipline and work ethic makes them a welcome addition to our workforce.” That’s good news for the men and women of Michigan and Georgia who served in the Army, Navy, Air Force, Marines, Coast Guard, Reserves and National Guard.

It’s also good news for the talented engineers emerging from the colleges and universities of the Michigan and Georgia. The good citizens of the Peach State have heartily welcomed Wipro. “We are proud that Georgia can offer the top-notch technology, workforce and other business assets Wipro is looking for to grow its presence in the United States,” said Georgia Governor Sonny Perdue. “I’m especially pleased about the partnership between Wipro and the University System of Georgia to train and educate close to 500 employees.”

For the first year, the Atlanta facility will hire more than 200 positions. By its third year of operation, the facility is expected to employ more than 500 employees. Wipro will also set up a training center in Atlanta to provide both technical and soft-skills training to its employees in Georgia, and plans to sponsor higher education degrees for up to 40% of its employees for training and development.

The center will significantly increase the company’s presence and base of local hires in the United States.

Wipro has 12 offices in the United States, and the Atlanta center will strengthen the company’s growing global delivery capabilities.

“Insatiable Demand”

Wipro Technologies, a renowned provider of integrated business, technology and process solutions, has become one of the leading global services providers, helping advance the business goals of its clients. Wipro, with more than $4.2 billion in annual revenues, has more than 55 Centers of Excellence across the globe—“idea labs”—where brilliant engineers create solutions to the most challenging and complex problems industries face. The company arrived in the USA in the early 1990s, initially to help high-tech clients such as Cisco and Microsoft. In the nearly two decades the company has operated in the U.S., it has created more than 8,000 jobs along the way.

“The U.S. military provides excellent technical training to their people, and we’re lucky to have them. Military engineers and scientists are an extremely talented lot, and their discipline and work ethic makes them a welcome addition to our workforce.”

Keeping the trains running on time As one of the world’s leading information technology companies, Wipro Technologies, Inc. provides technology solutions and research and development to dozens of major U.S. companies. With its headquarters in NJ and local experts in offices across the United States, Wipro is uniquely positioned to provide relevant and local services to its clients; just recently, Wipro

helped a major American railroad operator set up an online system to track its cargo delivery across the country more efficiently. And Wipro isn’t only there for everyday business needs; the company also offers disaster recovery planning for businesses across the U.S. In the case of a hurricane like Katrina and Midwest tornado disasters, Wipro is able to provide on-the-ground support for essential businesses so that they can stay online and maintain service to customers—especially those who need it most. Whether it be a hurricane or a hard drive crash, Wipro is uniquely positioned to be on the spot whenever—and wherever—disaster strikes.

Wipro | 37

“The IT revolution has created an insatiable demand by U.S. companies for engineering talent, as many as 40,000 jobs a year” notes Ramasubbu, who says the competition for talent is so fierce that corporate job recruiters have been known to candidate-hunt on Friday nights at movie theatres in Silicon Valley.

The company’s deepening roots in the U.S. market are driven in part by clients’ desire for maximum data security. The heads of many big American companies sleep easier knowing that their most sensitive company information—from payroll details to business strategies and precious intellectual property—are close to home, at one of Wipro’s new Development Centers inside the U.S. And who better to protect a company’s secrets than ex-military personnel and other talented engineers?

The potential for Wipro in the U.S.—and the creation of more American jobs—is awesome. Growing at the cumulative average rate of 37% over the last five years, the company has boldly differentiated itself from many of its competitors by emphasizing innovation rather than process excellence and cost—which are now becoming table stakes for any IT player that expects to compete in the U.S. market.

In America and elsewhere, the company is pursuing what it calls “applied innovation,” wherein Wipro engineers adapt innovating solutions to help clients improve speed to market or product reliability.

The company even has an exclusive applied innovation advisory council, limited to only 10 client company CIOs. The purpose of the counsel is for Wipro to introduce clients to fresh, relevant ideas while at the same time inviting clients to react to Wipro’s innovation strategy and initiatives. The company actually has a target for revenues from innovation, expecting to generate 10% of its revenues from innovation by 2009.

Arrived 1992 … 12 U.S. offices … 8,000 jobs …1,000 new jobs coming to Georgia and Michigan.

38 | Wockhardt USA

Wockhardt USA

A Winningequation

Over two hundred jobs for working men and women. The production of more than 50 affordable prescription drug medications at a 125,000 square foot, state-of-the art manufacturing facility in Morton Grove, Illinois. Annual revenue of $52 million. All this was at risk of being lost before Wockhardt acquired Chicago-based Morton Grove Pharmaceuticals (MGP) in October 2007.

MGP, a great U.S. company and a leading manufacturer and marketer of prescription oral liquid pharmaceuticals such as Nystatin and Phenytoin, was struggling to compete and needed a jumpstart.

Cue Wockhardt , a global health care company devoted to discovery, development, manufacturing and marketing of pharmaceuticals, nutritional and other medical products.

Wockhardt USA | 39

With U.S. headquarters in Bedminster, NJ, Wockhardt manufactures and sells more than 20 FDA-approved products, including Captopril, a hypertension medication, and Famotidine, which treats acid reflux. The company figured out a way to provide Americans with quality, affordable prescription drugs at fair prices—no easy feat in the hyper-competitive drug industry. Last year’s acquisition of Morton Grove for $37 million further enhanced the firm’s capabilities … and protected good American jobs at the same time.

“We’re not here to drive down price and play a commodity game, but instead, to compete on quality and innovation,” says Kurt Orlofski, U.S. President of Wockhardt. This explains why Wockhardt has soared from less than 10 employees in America since the firm’s launch in 2005 to more than 200 today.

Wockhardt USA is a subsidiary of Wockhardt Limited, a pharmaceutical and biotechnology company headquartered in Mumbai, India. Established in 1960, Wockhardt’s annual revenues exceed $700 million. Wockhardt has a presence in 45 countries and has 15 manufacturing facilities in India, UK, Ireland, France and the U.S.

Orlofski is an American, born and raised in New Jersey, who has worked for Croats, Australians, and Norwegians. “I don’t think I’ve ever had a boss in my time zone,” he says with a chuckle. For him, where his parent company is based is a non-issue. It’s about whether he is given the tools he and his American team need to succeed. “I head a company. My boss could be in India, or Oregon, or Argentina. The cooperation and trust between the management team in India and here is strong. I’m trusted to really run this business.”

What does matter for him is the success of his business and the benefits it brings to the local communities. Kurt’s philosophy for Wockhardt USA is to give good people the chance to do good work.

This viewpoint was a perfect match for Morton Grove’s needs. When Wockhardt bought Morton Grove, Orlofski brought a tremendous amount of optimism to the table. Wockhardt didn’t buy Morton Grove to shut them down, but rather, to reinvigorate a company that had amazing promise.

The common misperception in an acquisition like this is that someone comes in and dismantles the company, breaking it up into pieces and selling the parts, as though the acquired company were a stolen car. In this case, Wockhardt was ten feet in front of the company with a machete, clearing the path for Morton Grove’s team to thrive.

Struggling businesses are often managed by and staffed with very smart, dedicated people that have been pulled slightly off course.

Wockhardt approached the situation at Morton Grove with an engineering mindset and was able to squeeze time-wasting processes out of the system and set Morton Grove’s team free to do what they do best: Innovate. “The moral of the story is that with less, you can do more,” Orlofski says.

Orlofski proudly reports that not a single one of Morton Grove’s more than 200 employees was laid off in the deal. In fact, Morton Grove’s employees were crucial to the success of the transition. These American faces and sensibilities are crucial to the company’s operations. Orlofski believes in the business equivalent to Tip O’Neill’s dictum that “All politics is local” – at Wockhardt USA, all business is local, too.

While Orlofski is as American as they come, he has learned from his employers new management strategies and business techniques that have helped his company thrive in the USA. “There’s a popular saying in American business: ‘under-promise, over-deliver.’ The Indian version of this saying is ‘over-promise, over-deliver,’” Kurt explains. “In my business, we put ourselves under constant pressure to catch up with the promises we make.” This philosophy forces the company to set very high standards, innovate to meet them, and execute quickly.

This happy marriage of two great companies and the blending of U.S. and Indian business practices has increased Morton Grove’s employee base, with a payroll totaling nearly $20 million. As for Wockhardt USA – their acquisition of Morton Grove is just one portion of their U.S. business, which continues to grow at a fast rate.

As Wockhardt looks for more partners in the U.S., Orlofski continues to champion his winning equation, “India is masterly at efficiencies. America is masterly at marketing and sniffing out opportunity. This makes 1+1=3.”

And that’s a tough formula to beat.

“India is masterly at efficiencies. America is masterly at marketing and sniffing out opportunity. This makes 1+1=3.”

200 employees … Payroll totaling nearly $20 million … 20 FDA-approved products.

The U.S.-India Business Council (USIBC) is the premier business advocacy organization, established in 1975, comprised of America’s and India’s top-tier companies, whose aim is to deepen two-way trade and strengthen commercial ties.

FICCI is the rallying point for free enterprises in India. It has empowered Indian businesses, in the changing times, to shore up their competitiveness and enhance their global reach

USIBC 1615 H Street, N.W. Washington, D.C. 20062 Phone (202) 463-5679 Fax (202) 463-3173 usibc@uschamber.com