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Startups
& Tech
PAGES6, 7, 9

Cognizants Digital
Makeover Plan

The New Selling Plan:

Chai Pe Ecommerce

Startups Design Tech

in Local Languages

With tech budgets directed more to newage digital projects, Cognizant is sprucing
up this platform to stay ahead of rivals

Hyper-local strategies like offering free

tea to sellers and retailers, are becoming
central to online marketplaces in India

Ecommerce websites are translating their

platforms to make them accessible to
users residing in tier-2 or tier-3 cities

IN EXIT MODE Japanese drugmaker gets ready to sell its entire 9% stake in

TIGHTENING SCREWS

Sun Pharma for `. 18,000 crore, appoints Goldman Sachs to execute sale

Sayonara! Daiichi Set to Bid

Adieu to India via Block Deal
Our Bureau

Mumbai: Japanese drugmaker Daiichi Sankyo will exit from Sun Pharma by selling its 9% stake in Indias
largest drugmaker by market value
for roughly `. 18,000 crore in block
trades in the stock market, two people with direct knowledge of the development said. Daiichi, which sold
Ranbaxy Laboratories to Sun Pharma for $3.2 billion in April 2014, has
appointed Goldman Sachs to execute
the sale on Tuesday.
The sale will bring the curtains
down on a harrowing chapter for
the Japanese drugmaker which began when it purchased Ranbaxy in
2008. It suffered a series of jolts
when the US FDA pulled up Ranbaxy for technical deficiencies and
accused the firm of faking test results to obtain clearances for its
products. Daiichi was forced to pay

$500 million in settlement. Ranbaxys value dropped steeply due to the

disputes, so much so that its shares
were trading at `. 460 at the time of
the Sun purchase last year. Daiichis
purchase price from Ranbaxy shareholders was `. 737 in 2008 though the
Delhi-based firms
shares never touched
that level, having
The shares
peaked out at `. 660.
will be sold
Last years purat a discount
chase of Ranbaxy by
to Suns
Sun gave Daiichi a
closing price
9% stake in Indias
of `. 1,044 a
biggest and most
piece on
profitable pharma
Monday
company by market
cap. Huge appreciation of Sun Pharma shares since the announcement
of merger of Ranbaxy with Sun
Pharma could be the reason for the
Japanese drugmakers exit.

The Story So Far

June 2008
Daiichi Sankyo
buys controlling
stake in
Ranbaxy Lab for

$4.6 BILLION
April 2014
Sun Pharma
buys Ranbaxy
for

$3.2 BILLION
in a share-swap
deal

IB alleges financial
irregularities in letter
to revenue secretary

Ranbaxy
market value
halves in four
years as FDA
clamps down
on its Indian
plants
June 2014
Sun Pharma
announces
decision
to MERGE
WITH
RANBAXY

Trouble Ahead?

IB writes to revenue dept on

alleged violations by NGO
Income-tax dept
could cancel its
registration

Joins Madison Media, OOH as chief executive; to own stake in firms

READY FOR A NEW ROLE

Kolkata: Sam Balsaras Madison

World has roped in Vikram Sakhuja,
global strategic development officer
at GroupM, as the chief executive officer and board member of Madison
Media and Madison OOH, a person
close to the development told ET.
Sakhuja will also own a low singledigit minority stake in Madison
Media and Madison OOH, which
will go up over some years to low
double-digit stake, the person said.
This is the first time that Balsara,
who owns Madison World along
with his daughter Lara Balsara, is
getting into an equity partnership.

VIKRAM SAKHUJA
ALUMNUS OF IIT-DELHI
& IIM-CALCUTTA

1984 Management
trainee at
DCM Ltd

1988 Associate

Manager at
Procter &
Gamble

1996 Marketing
ManagerBrands
at The
Coca-Cola
Company

2000 EVP, Star TV

2013 Worldwide CEO, Maxus

2002 MD, MindShare

2014 Global Strategic

2006 CEO, GroupM

South Asia

India will for the first time clearly define online

taxi-hailing companies like Uber and Ola in the
road safety Bill that is in the works.
Startups & Tech6

New Delhi: Surrounded, almost like a protection team, by

a handful of the not-so-many
Congress MPs, Rahul Gandhi
delivered his maiden performance in Lok Sabha since the
2014 polls, charging the Modi
government with abandoning
farmers to favour corporates.
Yeh suit-boot ki sarkar hai
aapki sarkar bade logon ki sarkar hai, he said while taking
a dig at Transport Minister Nitin Gadkari on his reportedly
honest comments that the
farmer should not depend on
Bhagwan or sarkar.

Gautam Bhandari, the former top Morgan Stanley

fund manager who quit in
2012 with nine colleagues to set up PE
firm I Squared Capital, on Monday
closed a $3-billion (.`18,768 crore)
fund that will invest in both Indian
and global infrastructure assets, report Sneha Shah & Baiju Kalesh.8

Rahul Back in the Picture12

llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

Expected Tax Rate Surge on GST

Rollout may be Reined in
The Centre and the states want to rein in surge in
service tax when GST is rolled out, perhaps by
taxing only a part of the service.
Economy 13

Special Feature
Eight lakh emails arguing for a free Internet hit Trai, Flipkart walked out of a
deal with Airtel, Mark Zuckerberg had
to step up and defend Internet.org.
Romit Guha unravels the fierce debate
around zero-rating, where a website
pays a telecom company to ensure it
can be accessed free by users.16

Do you agree with the govt's recent

crackdown on some NGOs?

12%
NO

5%

CANT SAY

TODAYS QUESTION

Is the sell-off in the markets indicative

of deeper economic problems?
www.economictimes.com

Yours is a govt
of suited-booted people, who
do not understand that the
real power of
the country lies
with its farmers
and labourers,
and not with
the corporates

ARINDAM

The government plans to use former PM

Jawahar Lal Nehru and Indira Gandhis statements on rehabilitation to counter Congress
attack over the land Bill, reports Nistula Hebbar.2

Online Grocers Use Carts

of Cash to Lure Customers
Cos join ad bandwagon,
a la Flipkart & Snapdeal
Shambhavi Anand & Evelyn Fok

War over Zero Rating

Vice-President,
Congress

BJP Fishes Out Nehru Quote

Centre Proposes to Change Rules

of Benami Property Ownership
The government could sharply restrict the relatives in whose names property can be acquired
to spouses and unmarried daughters.
Economy 13

RAHUL GANDHI

Our Political Bureau

Bhandari Closes
$3-Billion Fund

YES

Errant NGOs in Line of Fire12

Gandhi is a Blockbuster

New Road Safety Bill Seeks to

Define Taxi-hailing Apps

83%

Development Officer,
GroupM

New Delhi: More trouble seems

to be brewing for Greenpeace with
the Intelligence Bureau asking
the finance ministry to withdraw
the environmental lobby groups
income-tax exemption citing alleged financial irregularities.
IB has written to Revenue Secretary Shaktikanta Das, giving detailed account of the alleged violation of the provisions of
Foreign Contribution (Regulation) Act as also some of its activities that ran counter to its stated
objectives, two persons privy to
the matter said.
The move drew a scathing response from Greenpeace India.
We are not surprised the government is using institutional
power to orchestrate an attack on
Greenpeace... This is yet another
action that we will contest and assert our legitimate status as a
non-profit charity involved in environmental protection, Executive Director Samit Aich told ET.

Rahul: Naam to Suna hi Hoga!

Inside story

New Delhi | Bengaluru: Online grocery and vegetable retailers are burning
cash in advertisements to get more shoppers, just like Flipkart and Snapdeal
have been doing for more than a year, as
investors have put `. 250 crore in three
funding deals within a week this month.
Specialised players such as LocalBanya, BigBasket and Mera Grocer are advertising heavily while ecommerce giants such as Snapdeal, Amazon and
Paytm too plan to focus on a market seen
as having huge potential. After all, food
and grocery make up for almost 70% of
Indias overall retail market, plus a huge
number of Indian consumers is already
used to mobile and Internet shopping.
Grocery forms a very large sector for
any household and the local kirana
players have not been able to give services which a modern customer would
like to get, said Mayank Khanduja,
vice-president at SAIF Partners.
Short Purchase Cycle12

Greenpeace
could lose tax
exemption

Deepshikha.Sikarwar
@timesgroup.com

Sun Pharma market value rises

68% since announcement of
merger with Ranbaxy

Sakhuja is Latest Advertising Star

Pritha.Dasgupta@timesgroup.com

Greenpeace
in Crosshairs;
I-T Break may
be Withdrawn

DAIICHI GETS 9%
STAKE IN SUN
PHARMA

Sun Shares have Gained 68%12

Sakhuja to Run Ops of the 2 Cos12

TUESDAY, 21 APRIL 2015

NEW DELHI | 20 PAGES | .` 3.00 OR .` 7.00 ALONG WITH THE TIMES OF INDIA

Full Spread
Founded

Funding*

Valuation*

Oct-11

60

223.8

LocalBanya May-12

20

NA

Mera Grocer Jan-15

0.5

NA

ZopNow

Sep-11

10

50

Grofers

Dec-13

45.5

115

PepperTap

Nov-14

11.2

NA

GrocerMax

Dec-14

Early-stage funding
from HNIs**

BigBasket

*($ Million) **(Amount not revealed)

According to India Brand

Equity Foundation, food
and grocery made up 69%
of Indias $490-billion retail sector in
2013, followed by apparel at 8%

Amazon Opens Window

for Wholesale Merchants
Amazon India is inviting
wholesale merchants to
transact on a new website to
be launched this week, reports Aditi
Shrivastava from Bengaluru.7

STOCKS ON THE SLIDE

D-St Loses Grip

as a Mountain of
Worries Looms
Concern over dip in
corporate earnings,
Chinese trading curbs
& tax on foreign funds
Our Bureau

Mumbai: Indian stocks dropped on Monday for the fourth

straight day, weighed down by a
heady mix of worries about corporate earnings slowdown, Chinese downturn, escalating debt
worries in Greece and concern
over retrospective taxation of
overseas portfolio investors.
The rupees decline to a
months low against the US dollar also hurt sentiment as foreign
institutional investors
(FIIs) dumped
Of 30 Sensex
shares
worth
stocks, 28 fell
`. 1,500 crore.
while two
Benchmark inrose. RIL,
dices Sensex
which fell
and Nifty fell
4.5%, was
below crucial
the biggest
support levels,
index loser
mirroring the
weakness in rest of Asia, after
Chinas curbs on speculative
trading eclipsed its central
banks move to ease liquidity.
The BSE Sensex dropped 555
points, or 1.95%, to close at
27,886 on Monday, below the
crucial support level of 28,000.
NSEs Nifty index declined 157
points, or 1.83%, to end at 8,448,
below the psychological support level of 8,500. Both indices
have fallen 4% in the past four
trading sessions.
Market Likely to Remain Dull12

Weak Footing
NIFTY GAINERS

COMPANY CMP

179.5

1.07

Lupin

1786.95

0.95

BPCL

803.5

0.71

Sun Pharma 1043.8

0.58

1529.75

0.53

NIFTY LOSERS

COMPANY CMP

-5.09

885.65

-4.45

Hero Moto 2316.35

-3.91

IndusInd Bk 843.75

-3.68

1187.7

-3.01

M&M

AAP Expels
Bhushan
and Yadav

Aam Aadmi Party

has expelled rebels
Yogendra Yadav and
Prashant Bhushan, as
well as two others, for
anti-party activities.

Rajiv, Indira
No More in
Hindi Awards

% CHG

NMDC Ltd 126.75

RIL

PAGES 2, 3, 4

% CHG

BoB

ACC

PURE POLITICS

SECTORAL LOSERS

Sectors

Index Value % Chg

ET Retail
ET Teleservices
ET Realty
ET Power
ET Oil & Gas
ET Sugar
ET Hospitality
ET Media
ET Infotech
ET Fertiliser
ET Metal

1168.67
1930.55
2755.52
3649.24
4965.32
6788.61
6848.06
7227.09
8535.3
8590.97
11341.99

-2.51
-1.95
-2.81
-2.01
-2.59
-1.56
-1.57
-2.07
-2.03
-2.15
-1.11

Names of Indira Gandhi

and Rajiv Gandhi will no
more figure in the annual
awards given by home
ministry on Hindi Diwas
for progressive use of
Hindi in government,
reports Aman Sharma.

Yoga Gurus
Did Give
Aum a Miss

Top Equity MFs to

Play India Story
With the stock market
correcting from record
levels, some investors
are feeling encouraged to dip their
toes in the water. ET speaks to
leading market players for their
insights on the equity MF schemes
that investors can buy into to bet
on Indias growth story.11

Experts roped in for Yoga

Day celebrations confirmed that references to
Aum would be dropped,
contradicting BJP leader
Ram Madhavs claims.