Mukesh Ambani fires up in Tata’s defence

Mukesh Ambani fires up in Tata’s defence 27 Aug, 2008, 1933 hrs IST, PTI

NEW DELHI: Warning that ‘fear psychosis’ was being created to slow down projects of national interest, India’s corporate leader Mukesh Ambani on Wednesday threw his lot behind Tata’s Nano project in Singur saying industry and politicians need to work together. ( Watch ) “A fear psychosis is being created to slow down certain projects of national importance. This will be counter productive for the country’s economic growth, its global image as well as our ability to attract investments from across the world,” the Reliance Industries Chairman said in a statement. Ambani called for the Indian industry and the political leadership to work together to meet aspirations of millions of Indians in urban and rural areas. Ambani’s statement comes in the wake of Tata Motors Chairman Ratan Tata threatening to pull out the Rs 1,500-crore small car project from West Bengal after facing continued political opposition led by Trinamool Congress. Terming the Nano project as “a unique and innovative initiative”, Ambani said it would establish the country’s position as a small car hub. “The Indian industry must be encouraged to make such large investments in order to build the country’s competitiveness as well as support job creation,” he added. Tata had last week threatened to quit the state saying “…if anybody is under the impression that because we have made this large investment of about Rs 1,500 crore… and because we have made this investment, we will not move, they are wrong.” He had, however, reiterated that the Rs one lakh car project would be on track. “I made a major investment here. To move is going to be a great cost to the company and great cost to Tata Motors’ shareholders. And I think it’s going to be a great cost to West Bengal,” he said. Industry chambers CII, Ficci and Assocham had also supported the Tata and have asked the West Bengal Government to resolve the land issue with the Opposition. The three apex chambers, CII, FICCI and Assocham, said West Bengal would be a big loser if the Tatas withdraw from the Singur project out of frustration. Commerce and Industry Minister Kamal Nath also said Tata was a victim of conflict between two political parties in West Bengal and the Centre could play a facilitating role to break the Singur stalemate.

Two young Indian CEOs make $15.7 mn between them

Two young Indian CEOs make $15.7 mn between them 21 Aug, 2008, 2150 hrs IST, IANS

doweshowbellyad = 0; NEW YORK: Two young corporate leaders of Indian origin have been ranked by Forbes magazine among 15 highest-paid chief executives officers in the US below the age of 45, making a cool $15.7 million per annum between them, not counting the millions more in stock options. Meet Shantanu Narayen, 44, the chief executive of Adobe Systems since December 2007, and Francisco D’Souza, 39, chief executive of Cognizant Technology since January last year. “Young chief executives are becoming an endangered species,” Forbes said in the article dedicated to America’s top-paid young chief executive officers in its latest issue. “Since the height of tech boom in 2000, the number of CEOs aged 45 or younger at the helm of the 500 largest publicly-traded US companies has dropped more than half to 28 from 60, and just three haven’t yet reached their 40th birthdays.” Quoting compensation experts, the magazine said proven leadership experience is ultimately what has lead to the mega bucks. “The guys on this list are certainly getting their shot. Better yet, they’re getting paid.” Hyderabad-born Narayen makes $12 million per annum and ranks fifth on the list. Apart from the top-notch salary, he also has stock options that are worth $26.3 million at current rates. Armed with a bachelor’s degree in electronics engineering from the Osmania University in Hyderabad, he started his career with Apple Inc and then served Silicon Graphics. Before joining Adobe in 1998, he was co-founder of Pictra Inc, an early pioneer of digital photo sharing over the Internet. In 2005, he led the $3.4 billion acquisition of Macromedia, to expand Adobe’s software platform and solutions. Narayan also has a master’s degree in computer sciences from the Bowling Green State University and a master’s degree in business administration from the Haas School of Business, Berkeley. A son of an Indian diplomat, D’Souza makes $3.7 million per month and ranks 15th on the Forbes list. He also has stock options worth $23.82 million at current rates. D’Souza was born in Nairobi and holds a bachelor of business administration degree from the University of East Asia in Hong Kong and a master’s in the same stream from Carnegie-Mellon University. He won the Economic Times Entrepreneur Award in 2005 and was a finalist at the Ernst and Young Entrepreneur of the Year award in 2002. Earlier in his career, D’Souza spent four years at various divisions of The Dun and Bradstreet Corp, holding key positions in marketing, strategic planning, and new business development in Germany, the US and India.