• 14th Pravasi Bharatiya Divas, Bengaluru
  • 14th Pravasi Bharatiya Divas, Bengaluru
  • A Coffee Table publication titled, "20 Mission Drive Social Impact Innovations" produced by Economic Diplomacy Division was released by the Hon'ble Prime Minister
  • Hon'ble Prime Minister Sh. Narendra Modi felicitating the 20 innovators selected through the MEA-NITI Aayog National Social Innovation Contest.
  • Global Technology Summit 2016 Click here for details
  • Global Technology Summit 2016 Click here for details
  • Ministry of External Affairs organises India-Latin Americas and the Caribbean (LAC) Conclave in Guadalajara, Mexico to enhance economic cooperation between India and LAC countries.
  • Ministry of External Affairs organises India-Latin Americas and the Caribbean (LAC) Conclave in Guadalajara, Mexico to enhance economic cooperation between India and LAC countries.
  • Global Technology Summit 2016 Click here for details
  • National Contest on Social Innovation, Pravasi Bhartiya Divas 2017
  • The Framework Agreement of the International Solar Alliance was opened for signing on 15 November 2016. On the first day of its opening 16 countries have signed the framework agreement. More countries are expected to sign the framework agreement in the coming days.
  • MEA - ED and BM Divisions along with Cll organized the India- Myanmar Business Roundtable on 19 October 2016 in New Delhi
  • ED Division continues MEAs engagement with Africa by sponsoring the India Africa Health Sciences Meet in New Delhi
  • 18 member multi-sector delegation from Nanjing, China interacting with Shri Nagaraj Naidu, Director & HOD, ED on 16 August 2016
  • Hon'ble Minister for External Affairs chaired Pravasi Bhartiya Diwas Panel-6 on "Edu, S&T & Innovation" on 30 July 2016. The Panel discussed tech solutions for societal problems, edu for tomorrow and Start Ups.
  • Hon'ble Prime Minister inaugurated investment guides for Indian investors who wants to do business with Kenya and Mozambique during his recent tri-nation visit to Africa. The publication was brought by ED Division with support from Indian Missions in Kenya and Mozambique.
  • Indian dignitaries at the inauguration of India pavilion at INNOPROM exhibition in Yekaterinburg Russia
  • ED Division facilitated visit of a Chinese delegation led by Mr Wang Hao, Mayor of Chaoyang district of Beijing Municipality and arranged meetings with officials of Municipal Corporation of Gurgaon and FICCI on 21 June 2016. (Press Release)
  • ED Division facilitates meeting of CEO of the British Columbia Investment Management Corporation Mr Gordon Fyfe and Team with Hon'ble Transport Minister Shri Nitin Gadkari and CEO NITI Aayog Shri Amitabh Kant on 16 June 2016
  • ED Division facilitates meeting of CEO of the British Columbia Investment Management Corporation Mr Gordon Fyfe and Team with Hon'ble Minister of Finance, Shri Arun Jaitley and CEO NITI Aayog Shri Amitabh Kant on 16 June 2016
  • Inter-Ministerial Meeting on Pharmaceuticals and Healthcare Sector in Africa
  • BRICS India 2016
  • Smt. Harsimrat Kaur Badal, Minister of Food Processing & Industry briefing representatives of foreign Embassies on opportunities in food processing sector in India in a meeting facilitated by ED Division on 17 March 2016 at Panchsheel Bhawan, New Delhi.
  • Investment
  • India at a glance
  • Trade
  • Economy

Business News

BPO firm WNS acquires US-based Denali Services for $40 million

Mumbai: Business process management company WNS Global Services on Tuesday announced acquisition of US-based Denali Sourcing Services for $40 million to improve its capabilities in the sourcing and procurement capabilities.

“Denali will play a very complimentary role in our offerings in the finance and accounting space,” WNS chief executive officer Keshav Murugesh told PTI in a telephonic interview.

He said WNS has been working with Denali, which is present in the fastest growing procurement space valued at $3.5 billion a year as a strategic partner for the last two and a half years for rendering various services to the clients.

Stating that the acquisition of the over 10-year-old company is accretive both from a revenue and margins perspective, Murugesh said all the 200 staffers of Denali including the founders will be absorbed into WNS.

The New York Stock Exchange-listed WNS has signed a definitive agreement to acquire Denali and expects to get all the necessary approvals to complete the acquisition by the month-end.

Denali is a profit-making company clocking revenues of up to $18 million annually and it will help WNS’ fourth quarter topline by over $3 million. WNS will be funding the acquisition through debt, Murugesh said.

Denali gets over 95% of its revenue from the US and 90% of it is recurring in nature.

Calling it as a “good strategic and cultural fit”, Denali’s founder and chief executive Alpar Kamber said, “We are confident that WNS’ capabilities, market presence and customer base will allow us to drive deeper client value, expand our reach, and create new offerings.” Murugesh said half of Denali’s employees are based in the country, while the rest is divided between the US and Turkey.

When asked about acquiring a company dependent on the US at a time when the fears of a shift to protectionist policies is high, Murugesh said WNS welcomes the incoming US president Donald Trump and has been helping create jobs in the US.

Source: Press Trust of India

DOING BUSINESS IN INDIA

A study has been done by Ernst and Young India with the intention of providing an overview of the investment climate, taxation, forms of business organisations, and business and accounting practices in India.

To view full Text Click Here