Billionaire tech pioneer Nilekani takes on Amazon, Walmart in India

 India has become a battlefield for some global retail behemoths that are either shut out of China or are struggling to compete with local rivals there

He co-founded software powerhouse Infosys Ltd., became a billionaire and went on to spearhead a colossal government program to create biometric identification for India’s almost 1.4 billion people. Now 66, Nandan Nilekani has one more ambitious goal. The high-profile mogul is helping Prime Minister Narendra Modi build an open technology network that seeks to level the playing field for small merchants in the country’s fragmented but fast-growing $1 trillion retail market.

Its stated purpose is to create a freely accessible online system where traders and consumers can buy and sell everything from 23-cent detergent bars to $1,800 airline tickets. But its unspoken objective is to eventually curb the powers of Amazon.com Inc. and Walmart Inc.-owned Flipkart, whose online domination has alarmed small merchants and the millions of local mom-and-pop stores, called kirana, that form the nation’s retail backbone…

India has potential for rapid economic growth over next decade: Bill Gates

The positive outlook by Gates for the Indian economy comes at a time when it is reeling under major slowdown amid apprehensions that the cycle may last for a longer period

India has the potential for “very rapid” economic growth over the next decade which will lift people out of poverty and allow the government to invest in health and education priorities in an “exciting way”, billionaire philanthropist and Microsoft co-founder Bill Gates has said.

In an exclusive interview to PTI, Bill Gates, the world’s richest person, specifically complimented India’s Aadhaar identity system and the country’s performance in the financial services and pharma sectors. The positive outlook by Gates for the Indian economy, Asia’s third largest, comes at a time when it is reeling under major slowdown amid apprehensions that the cycle may last for a longer period.

“I don’t have any knowledge about the near term, but I’d say over the next decade, there’s potential for very rapid growth, which will lift people out of poverty and allow the government to invest in health and education priorities in a really exciting way,” he said.

On Friday, 64-year-old Gates, with a net worth of USD 110 billion, regained the position of the world’s richest person surpassing the Amazon Inc’s Jeff Bezos. The Microsoft co-founder has so far donated over USD 35 billion to the Bill and Melinda Gates Foundation for poverty reduction and social development programmes in various countries…

Even God can’t tweak Infosys’ financial numbers, says Nandan Nilekani

“Our goal is to close this (investigation) in the best possible time. I really can’t give any timeline because that will not be fair to the investigators,” Nilekani said.

For the first time since the whistle-blower allegations rocked Infosys, its co-founder and chairman, Nandan Nilekani, on Wednesday came out in full support of the current management in execution of its growth strategy. He also vouched for “strong processes” in place at Infosys, saying that even god can’t tweak the financial numbers at the information technology (IT) services firm.

“Infosys has very strong processes. Even god can’t change (financial) numbers in this company. We have an outstanding finance team with people of highest integrity and they are actually feeling insulted due to these accusations,” Nilekani said at the post-earnings analyst call. “But, again, I don’t want to be biased when the investigation is on. So, let the report come.”

In a letter dated September 20, an anonymous group calling itself ‘Ethical Employees’ alleged that Infosys’ management was taking “unethical” steps to inflate short-term revenue and profit. According to the allegations, while around $50 million of visa cost had been deferred, revenue recognition in large deals was not in compliance with the accounting standards. The audit committee of the company is investigating the matter.

“Our goal is to close this (investigation) in the best possible time. I really can’t give any timeline because that will not be fair to the investigators,” Nilekani said. Despite the distraction created by these whistle-blower allegations, the non-executive chairman of the board said, it was business as usual for the firm and the large deal flow remained robust on the back of strong support from customers.

Infosys to leave turmoil behind as Salil Parekh takes over as CEO today

Salil S Parekh will take over as the chief executive of Infosys on Tuesday

 

Salil S Parekh will take over as the chief executive of Infosys on Tuesday as the information technology (IT) bellwether looks to shed its past year of turmoil and forge ahead with a focus on execution and grow business by engaging clients via digital contracts.

For Parekh, a former Capgemini executive who rose through the ranks to be on its global board after successfully building its offshore base in India, the top job at Infosys will be his first that will put him under public scrutiny. So far, Infosys, listed on the Indian and global stock exchanges, has built its reputation on transparency and good corporate governance.

A lapse in disclosure by former CEO Vishal Sikka, who took charge in August 2014, about offering severance pay 10 times the standard contract to former chief financial officer Rajiv Bansal had escalated into a public spat between the board and the founders led by N R Narayana Murthy. This had resulted in the resignation of Sikka and R Seshasayee, then board chairman, last August, paving the way for co-founder Nandan Nilekani to return at the helm.

Nilekani realises that he has to stay longer at Infosys to ensure a smooth transition for Parekh, who will operate out of its headquarters in Bengaluru. Parekh will also need to fit in a culture of frugality that Murthy and Nilekani built over the past three decades, engage with in-house talent and ensure higher returns to stakeholders.

An operational man, Parekh had led the growth trajectory for Capgemini India as an offshore destination to deliver client projects and help the European firm remain competitive. During his tenure, Capgemini team grew from 800 people to over 85,000 people in India, which included leading the acquisition of iGATE Corp....

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