Strategy of Tata Corus Acquisition - Free Essay Example

On April 2, 2007, Tata Steel Ltd. (Tata Steel) completed its acquisition of the Corus Group (Corus) for US$ 12. 1 billion. The combined company went on to become the fifth largest steel producer in the world and had a crude steel production of 27 million tonnes in 2007. 1 The acquisition was driven by the need to gain access to better technology and to new markets. The synergy arising out of the acquisition was valued at US$76 million for the financial year 2007-08. Further, joint integration teams were formed for key areas and this team identified synergies worth US$ 450 million to be realized by the year 2010. | Analysts felt that the acquisition of Corus would lead to cross fertilization of the research and development capabilities in the automotive, packaging, and construction sectors and technology transfers from Europe to India. Tata Steel was also expected to gain from the best practices and expertise of senior Corus management. The combination of Tata Steels low cost upstream production in India with the high end downstream processing facilities of Corus was likely to improve the competitiveness in the European operations, analysts said. Tata Steel was expected to retain access to low cost raw materials and exposure to high growth in emerging markets, and to achieve price stability in developed markets. As a result of large scale consolidation, synergies were expected in joint procurement. Economies of scale were likely to result during raw material purchase negotiations and also while implementing product price changes. These synergies were expected to increase the merged entitys profitability. After the acquisition, the top management team of Corus was retained as Tata Steel believed that a high degree of cultural compatibility existed between the two companies. This was expected to facilitate an effective integration of business over a period of time, according to analysts. Tata Steels manufacturing strategy was to produce slabs/ primary steel in low cost countries and produce high end products close to the client base both in Europe and in India. It also intended to sell low profit Corus assets and aimed to increase its return on invested capital to 30 percent. 3 Some analysts, however, criticized the Corus deal on account of the likely outcome and effects on Tata Steels performance. CorusEBITDA (Earnings before Interest, Tax, Depreciation, and Amortization) was 8 percent, which was much lower than Tata Steels 30 percent in the financial year 2006-07. 4 Some financial analysts were of the opinion that Corus was overvalued at approximately 7. 7 times the EV (enterprise value) to EBITDA. 5 Analysts expressed concerns that the Corus acquisition would result in significant equity dilution of Tata Steel. The company would also become highly leveraged due to the significant increase in debt in its capital structure. The US$ 6. 14 billion debt6 that was raised to finance the acquisition had been secured by the assets of C orus and would be serviced by the cash flows generated by Corus. Financial experts pointed to the risk taken by Tata Steel as it passed the debt burden on to Corus. | There was danger that if the business performance of Corus declined, the company’s cash inflows would reduce, leading to a default on the loan taken. Q1) What in your opinion, were the advantages accruing to Tata Steel through the acquisition of the Corus Group? Q2) What are the risks or limitations associated with the acquisition of the Corus Group by Tata Steel? - Abstract: On January 31, 2007, Tata Steel Limited (Tata Steel), one of the leading steel producers in India, acquired the Anglo Dutch steel producer Corus Group Plc (Corus) for US$ 12. 11 billion (â‚ ¬ 8. 5 billion). The process of acquisition concluded only after nine rounds of bidding against the other bidder for Corus the Brazil based Companhia Siderurgica Nacional (CSN). This acquisition was the biggest overseas acquisition by an Indian c ompany. Tata Steel emerged as the fifth largest steel producer in the world after the acquisition. The acquisition gave Tata Steel access to Corus strong distribution network in Europe. | | Corus expertise in making the grades of steel used in automobiles and in aerospace could be used to boost Tata Steels supplies to the Indian automobile market. Corus in turn was expected to benefit from Tata Steels expertise in low cost manufacturing of steel. However, some financial experts claimed that the price paid by Tata Steel (608 pence per share of Corus) for the acquisition was too high. Corus had been facing tough times and had reported a substantial decline in profit after tax in the year 2006. Analysts asked whether the deal would really bring any substantial benefits to Tata Steel. Moreover, since the acquisition was done through an all cash deal, analysts said that the acquisition would be a financial burden for Tata Steel. - Issues:  » Gain an in-depth knowledge about vario us corporate valuation techniques.  » Critically examine the rationale behind the acquisition of Corus by Tata Steel. Understand the advantages and disadvantages of cross-border acquisitions.  » Understand the need for growth through acquisitions in foreign countries.  » Study the regulations governing mergers acquisitions in the case of a cross-border acquisition.  » Get insights into the consolidation trends in the Indian and global steel industries. - Contents: | Page No. | Introduction| 1| Background Note| 2| Tata Steel Vs CSN: The Bidding War| 4| Financing the Acquisition| 5| The Integration Efforts| 7| The Synergies| 8| The Pitfalls| 9| The Road Ahead| 10| Exhibits| 12| - Keywords: Tata Steel, Corus, Companhia Siderurgica Nacional, Mergers and Acquisitions, Global consolidation, Special Purpose Vehicle, All cash deal, Share Swap, Integration, Synergies, Takeover Regulations, EBITDA The financials for this deal [require] high performance levels, perfect post-deal ex ecution and sustained high steel prices. It is a risky game and will be okay for Tata as long as the economy is growing and no major bumps occur. If [these bumps] do occur, they can become a challenge, and I am reminded of the high leverage days of the mid-1980s. 1 Vivek Gupta, Managing Director, AT Kearney (India), in February 2007. Indian steel companies are on a consolidation mode. The Tata-Corus deal has set many records. So far, the only $1 billion-plus deal was done by ONGC, and its the first milestone for India Inc, with the Tata deal crossing $10 billion mark. Its a landmark deal since an Indian company has taken over an international company three times its size. 2 S. Mukherji, Managing Director, ICICI Securities, in February 2007. - Introduction On January 31, 2007, India based Tata Steel Limited (Tata Steel) acquired the Anglo Dutch steel company, Corus Group Plc (Corus) for US$ 13. 70 billion3. The merged entity, Tata-Corus, employed 84,000 people across 45 count ries in the world. It had the capacity to produce 27 million tons of steel per annum, making it the fifth largest steel producer in the world as of early 2007 (Refer Exhibit I for the top ten players in the steel industry after the merger). Commenting on the acquisition, Ratan Tata, Chairman, Tata Sons, said, Together, we are a well balanced company, strategically well placed to compete at the leading edge of a rapidly changing global steel industry. 4| | Tata Steel outbid the Brazilian steelmaker Companhia Siderurgica Nacionals (CSN) final offer of 603 pence per share by offering 608 pence per share to acquire Corus. | Tata Steel had first offered to pay 455 pence per share of Corus, to close the deal at US$ 7. 6 billion on October 17, 2006. CSN then offered 475 pence per share of Corus on November 17, 2006. Finally, an auction5 was initiated on January 31, 2007, and after nine rounds of bidding, Steel could finally clinch the deal with its final bid 608 pence per share, alm ost 34% higher than the first bid of 455 pence per share of Corus. Many analysts and industry experts felt that the acquisition deal was rather expensive for Tata Steel and this move would overvalue the steel industry world over. | Commenting on the deal, Sajjan Jindal, Managing Director, Jindal South West Steel said, The price paid is expensive all steel companies may get re-rated now but its a good deal for the industry. 6 Despite the worries of the deal being expensive for Tata Steel, industry experts were optimistic that the deal would enhance Indias position in the global steel industry with the worlds largest7 and fifth largest steel producers having roots in the country. Stressing on the synergies that could arise from this acquisition, Phanish Puram, Professor of Strategic and International Management, London Business School said, The Tata-Corus deal is different because it links low-cost Indian production and raw materials and growth markets to high-margin markets and high technology in the West. | The cost advantage of operating from India can be leveraged in Western markets, and differentiation based on better technology from Corus can work in the Asian markets. 8 | - Background NoteTata Steel Tata Steel is a part of the Tata Group, one of the largest diversified business conglomerates in India. Tata Group companies generated revenues of Rs. 967,229 million in the financial year 2005-06. The groups market capitalization was US$ 63 billion as of July 2007 (only 28 of the 96 Tata Group companies were publicly listed). In 1907, Jamshedji Tata established Tata Steel at Sakchi in West Bengal. The site had a good supply of iron ore and water | - Tata Steel Vs CSN: The Bidding War There was a heavy speculation surrounding Tata Steels proposed takeover of Corus ever since Ratan Tata had met Leng in Dubai, in July 2006. On October 17, 2006, Tata Steel made an offer of 455 pence a share in cash valuing the acquisition deal at US$ 7. 6 billion. Corus respon ded positively to the offer on October 20, 2006. Agreeing to the takeover, Leng said, This combination with Tata, for Corus shareholders and employees alike, represents the right partner at the right time at the right price and on the right terms. In the first week of November 2006, there were reports in media that Tata was joining hands with Corus to acquire the Brazilian steel giant CSN which was itself keen on acquiring Corus. On November 17, 2006, CSN formally entered the foray for acquiring Corus with a bid of 475 pence per share. In the light of CSNs offer, Corus announced that it would defer its extraordinary meeting of shareholders to December 20, 2006 from December 04, 2006, in order to allow counter offers from Tata Steel and CSN | | - Financing the Acquisition By the first week of April 2007, the final draft of the financing structure of the acquisition was worked out and was presented to the Corus Pension Trusties and the Works Council by the senior management of Tata Steel. The enterprise value of Corus including debt and other costs was estimated at US$ 13. billion (Refer Table I for fund raising mix for the Corus acquisition) | - The Integration EffortsIndustry experts felt that Tata Steel should adopt a light handed integrationapproach, which meant that Ratan Tata should bring in some changes in Corus but not attempt a complete overhaul of Corussystems (Refer Exhibit XI and Exhibit XII for projected financials of Tata-Corus). N Venkiteswaran, Professor, Indian Institute of Management, Ahmedabad said, â€Å"If the target company is managed well, there is no need for a heavy-handed integration. It makes sense for the Tatas to allow the existing management to continue as before | - The Synergies Most experts were of the opinion that the acquisition did make strategic sense for Tata Steel. After successfully acquiring Corus, Tata Steel became the fifth largest producer of steel in the world, up from fifty-sixth position. There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe. Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets | | - The Pitfalls Though the potential benefits of the Corus deal were widely appreciated, some analysts had doubts about the outcome and effects on Tata Steels performance. They pointed out that Corus EBITDA (earnings before interest, tax, depreciation and amortization) at 8 percent was much lower than that of Tata Steel which was at 30 percent in the financial year 2006-07 - The Road AheadBefore the acquisition, the major market for Tata Steel was India. The Indian market accounted for sixty nine percent of the companys total sales. Almost half of Corus production of steel was sold i n Europe (excluding UK). The UK consumed twenty nine percent of its production. After the acquisition, the European market (including UK) would consume 59 percent of the merged entitys total production (Refer Table III for the spread of Tata-Corus markets before and after the acquisition) - The Synergies Most experts were of the opinion that the acquisition did make strategic sense for Tata Steel. After successfully acquiring Corus, Tata Steel became the fifth largest producer of steel in the world, up from fifty-sixth position. There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe. Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets | | - The Pitfalls Though the potential be nefits of the Corus deal were widely appreciated, some analysts had doubts about the outcome and effects on Tata Steels performance. They pointed out that Corus EBITDA (earnings before interest, tax, depreciation and amortization) at 8 percent was much lower than that of Tata Steel which was at 30 percent in the financial year 2006-07 - The Road AheadBefore the acquisition, the major market for Tata Steel was India. The Indian market accounted for sixty nine percent of the companys total sales. Almost half of Corus production of steel was sold in Europe (excluding UK). The UK consumed twenty nine percent of its production. After the acquisition, the European market (including UK) would consume 59 percent of the merged entitys total production (Refer Table III for the spread of Tata-Corus markets before and after the acquisition) |

Metropolitan Museum of Art Essay - 825 Words

Metropolitan Museum of Art (Essay Sample) Content: Name:Tutor:Course:Date:Metropolitan Museum of ArtOver time, the human race has managed to create works of art that exhibit visual features that are particular to the place and period which they originate. Compliant with this assignment, it was a privileged opportunity to visit the Metropolitan Museum of Art, one of the biggest and best art museums in the world. Its collection includes works of art dating back to the Archaic period as well as classical as well as the contemporary works of art. In this paper, we are going to look at the various artists and materials that stood out in the course of our visit in the museum.One of the works of art that stood out was the marble statue of a kore (maiden) dating back to the archaic period. As a matter of fact, the statue follows the scheme and costume as the legendary statues of korai found in Acropolis, Athens. As shown below, she wears a cloak chiton and, and with the left hand (now missing) she pulls the cloak tight across her thighs which gives the statue a more realistic feel. As well the right arm held out an offering as it is bent at the elbow. In order to understand the art work, it is very essential to first understand the meaning of the name, period as well as the place of origin. Actually, the term kore refers to statues of female figures of a young age which were created during the archaic period.As shown, the human anatomy is acknowledged under the clothes but then it is not emphasized. On the contrary, the lines of the drapery form a smooth shape that flows with ease creating a serene, which is duly complemented by the peaceful facial expression and the relative motionless body. Additionally, the variation in layers and texture animates the surface of the statue that clearly was once radiantly painted. It is evident that the artist took great pleasure crafting the metrical motifs with the cloak as it draped over the female anatomy beneath. In addition, the carved marble reveals the ornate quality of the edges of the garment which was once painted and carved with the chisel.457200-5207000485775420370Gift of John Marshall, 1907 Marble statue of a kore (105.4 cm), Metropolitan Museum of Art00Gift of John Marshall, 1907 Marble statue of a kore (105.4 cm), Metropolitan Museum of Art1162050315277500As shown above, the statue was once painted so as to emphasize the life image of the statue by applying a pigment to distinguish between surfaces, as well as ornate reasons. In fact, the artist applied a more naturalistic style in addition to using abstract, geometric subjects and motifs as well. As such, the color was applied to the surface of the stone using the encaustic technique, the material used to carve the statue was selected for its high quality in workmanship and resilience, and less for its color and translucently. Actually, the kore of the archaic period provide clues to a culture which was prepared to start examining and explaining the physical world with curiosity which led to various innovations which laid the foundation of the western civilization.19050516255Bequest of Walter C. Baker, 1971 the Veiled and Masked (8.9 ÃÆ' 11.4 cm, 4.1 lb.) Metropolitan Museum of Art00Bequest of Walter C. Baker, 1971 the Veiled and Masked (8.9 ÃÆ' 11.4 cm, 4.1 lb.) Metropolitan Museum of ArtAs painters produce art using paint, canvas and brushes, sculptors create statuettes with their bodies and space around them. During the visit to the museum, the Veiled and Masked Dancer dating back to the Hellenistic period stood out amid other works of art. As shown above, this stylish dancer performs a dance wearing a cloaked costume that i...

Java Expressions Introduced

Expressions are essential building blocks of any Java program, usually created to produce a new value, although sometimes an expression assigns a value to a variable. Expressions are built using values, variables, operators and method calls. Difference Between Java Statements and Expressions In terms of the syntax of the Java language, an expression is akin to a  clause in the English language  which portrays a specific meaning. With the right punctuation, it can sometimes stand on its own, although it can also be a part of a sentence. Some expressions equate to statements by themselves (by adding a semicolon at the end), but more commonly, they  comprise part of a statement. For example,(a * 2) is an expression. b   (a * 2); is a statement.  You could say that the expression is a clause, and the statement is the complete sentence since it forms the complete unit of execution. A statement doesnt have to include multiple expressions, however. You can turn a simple expression into a statement by adding a semi-colon:  (a * 2);   Types of Expressions While an expression frequently produces a result, it doesnt always. There are three types of expressions in Java: Those that produce a value, i.e., the result of (1 1)Those that assign a variable, for example (v 10)Those that have no result but might have a side effect because an expression can include a wide range of elements such as method invocations or increment operators that modify the state (i.e., memory) of a program.   Examples of Expressions Here are some examples of various types of expressions. Expressions that Produce a Value Expressions that produce a value use a wide range of Java arithmetic, comparison or conditional operators. For example, arithmetic operators include  , *, /, , , and %. Some  conditional operators  are ?, ||, and the comparison operators are , and .  See the Java specification for a complete list. These expressions produce a value: 3/2 5% 3 pi (10 * 2)   Note the parentheses in the last expression. This directs Java first to compute the value of the expression within the parentheses (just like the arithmetic you learned in school), then complete the rest of the computation. Expressions that Assign a Variable This program here contains plenty of expressions (shown in bold italics) that each assigns a value. int secondsInDay 0;int daysInWeek 7;int hoursInDay 24;int minutesInHour 60;int secondsInMinute 60; boolean calculateWeek true;secondsInDay secondsInMinute * minutesInHour * hoursInDay; //7System.out.println(The number of seconds in a day is: secondsInDay);if (calculateWeek true){  Ã‚  System.out.println(The number of seconds in a week is: secondsInDay * daysInWeek); } The expressions in the first six lines of the code above, all use the assignment operator to assign the value on the right to the variable on the left. The line denoted with //7 is an expression that can stand on its own as a statement. It also shows that expressions can be built up through the use of more than one operator. The final value of the variable secondsInDay is the culmination of evaluating each expression in turn (i.e., secondsInMinute * minutesInHour 3600, followed by 3600 * hoursInDay 86400). Expressions with No Result While some expressions produce no result, they can have a side effect which occurs when an expression changes the value of any of its operands. For example, certain operators are considered to always produce a side effect, such as the assignment, increment and decrement operators. Consider this: int product a * b; The only variable changed in this expression is the product; a and b are not changed. This is called a side effect.

Social Anxiety Disorder ( F40.10 ) - 1893 Words

1. For my primary diagnosis, I have chosen Social Anxiety Disorder 300.23 (F40.10) with a Z code of Social Exclusion or Rejection V62.4 (Z60.4). I have chosen the Z code of Social Exclusion or Rejection because of the case study symptomatology and certain aspects of details of Nadine’s case. Nadine is afraid of being humiliated and is afraid of going to public places, based off of the strong evidence of her past experiences of being bullied at school. Another possible Z code could be Parent -Child Relational Problem V61.20 (Z62.820) given the criteria of feelings of estrangement and hostility expressed by Nadine toward her mother. She expresses that she does not want to â€Å"be anything like her mother†(quoted from case study). 2. I believe that Nadine fits the criteria relative to Social Anxiety Disorder 300.23 (F40.10). According to the DSM-5, Social Anxiety Disorder has ten diagnostic criteria. The first diagnostic criteria, A. is â€Å"marked fear or anxiety about one or more social situations in which the individual is exposed to possible scrutiny by others. Examples include social interactions (e.g., having a conversation, meeting unfamiliar people), being observed (e.g., eating or drinking), and performing in front of others (e.g., giving a speech)† (DSM, p. 202). Nadine demonstrates this diagnostic criteria, because for example, she is afraid to go to a public park and â€Å"had become scared to even read by herself in the local park† (quoted from case study). The secondShow MoreRelatedA Combination Of Therapy Theories1195 Words   |  5 PagesA Combination of Therapy Theories to Treat One Client This paper presents Michael, a 55 year-old divorced male who is receiving services at the mental health clinic for depression, social phobia and his nicotine addiction. Michael’s physician convinced him to receive counseling and made the referral. This paper will attempt to formulate three different approaches, which may be appropriate for Michael’s diagnoses. As well, this paper will provide a detailed discussion of how each approach views the

ethics Essay - 840 Words

Samantha St.Upery Ethics Essay ETH/316 August 7, 2014 Mrs. Mona Ristovv Ethics Essay Utilitarianism ethics accentuates that the activity that should be ethically beneficial to the group. In further terms, the outcome of any moral activity ought to be valuable for all by mass offer. This is a universal fundamental theme for ethics in industrialist economies and business as well as in all governments. Virtue Theory is also known as virtue ethics focal point on the person’s character as opposed to the standards and outcomes of the particular acts. This fundamentally means that the prime focus is endured or not to the person who acting ethically is a person who upholds the high virtues and morals, in expressing the†¦show more content†¦A person who polishes good virtual ethics would call attention to that by helping the individual, doing so would be a magnanimous demonstration and would express great character of the individual supporting the one in need. One who practices utilitarianism would say that by helping the individual, doing so would be useful f or both the individual in need and the individual making a difference. A deontologist would say that by helping, it would be so in agreement to an ethical tenet, for example, karma, or what you do to others will return to you. As the illustration shows, virtue theory concentrates on an individuals ethical morals, and not on any particular conclusion or guideline. Utilitarianism has a stress on more prominent elses benefit, concentrating on an advantageous conclusion for all persons included, where the results of acting are useful to a group. At long last, deontology stresses obligation as the particular activity being carried out in fulfillment of emulating a particular good code, governor charge. In past role as a sales/inventory associate for Centennial wireless. A problem with ethical decisions came up on a daily basis on the job. 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Abolitionist Movements And Social Reforms - 1610 Words

During the eighteenth century, the opposition to slavery prior to forming the United States became increasingly stronger between the Northern and Southern territories. Prior to the 1830s, antislavery societies began to emerge from every corner to challenge the slave system and to help combat slavery. During this time, people had different ideas about how to confront the issue of slavery in the system and how to establish a freedom of oppression. In the eighteenth century, antislavery political activists believed the slave system would able to be changed through peaceful political reforms, while others felt that real change could only be achieved by violence. A radical white abolitionist named John Brown became a historical figure whose beliefs motivated the violent abolitionist crusade. In the 1830s, antislavery underwent an important transformation which led to various abolitionist movements and social reforms. The American Association Organization provided a program which taught information about the gradual emancipation of slaves and exportation of the free to colonies outside the U.S. In January 1831, William Loyd Garrison a successful writer played a vital role in the initiation of the abolitionist crusade after he published the first issue, The Liberator, which brought awareness of the importance of slavery emancipation. The issue not only helped to give awareness to the issue of slavery, but it aided in the motivation of the abolitionist movements. The goal of theShow MoreRelatedThe Antebellum Era: Major Social Reform Movements Essay1104 Words   |  5 Pagesantebellum period was full of social reform movements based on the urge to eradicate evil and improve human conditions in society. Despite the attempt to deal with a wide variety of reforms to provide p ositive changes to society these reform movements were met with varying degrees of success. 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IT Industry in Pakistan Essay Example For Students

IT Industry in Pakistan Essay EXECUTIVE SUMMARYPIM undertook the preparation of this report with the conviction that Information Technology truly holds the potential to act as an enabler of economic revival and growth especially for countries like Pakistan. We are also painfully aware that Pakistan has lagged dangerously behind other regional countries in exploiting Information Technology as a catalyst for economic revival. However we feel that the explosive growth of the Internet and the coming tidal wave of E-Commerce still provide immense possibilities for Pakistan to exploit their potential and use them for accelerating its economic revival. We are also painfully conscious of the fact that the hyper speed of change in the Information Technology domain means that the IT year is equivalent to one month in conventional terms. This fact dictates that any meaningful action or decisions for the IT industry in Pakistan has to be implemented immediately. Pakistan and countries like Pakistan who are hoping to exploit the inherent potential of Information Technology must act immediately and decisively to restructure their domestic Information Technology industries to become effective role players within the global IT scenario. The luxury of long-winded debate and discussions and the formations of commissions, which will submit reports in months, will be counter productive to the spirit of any Information Technology initiatives. From these workshops a powerful feeling has emerged that any meaningful IT initiative in Pakistan will necessarily have to be a partnership between the government and its agencies on one hand and the privat e sector on the other hand. Bold, unconventional and strategically correct decisions are needed. Effective top managers with the right mix of vision and managerial competence are needed. A huge amount of financing is needed in domestic resources and foreign exchange. Above all the will to prevail will be needed, from the government of Pakistan, to chart the right course for our Information technology initiative and then stay the course in spite of the innumerable hurdles which are sure to bedevil the path to success. From PIMs perspective this report provides an insiders view of the IT industry and the problems it faces. Most importantly it also provides the insiders view to some of the major problems facing the industry and their solutions. It is hoped that this report will help the IT decision makers in tackling the problems of the IT industry. The major problems of the IT industry in Pakistan as identified by these two workshops are: Massive Brain DrainSerious shortages of high power programmers and IT professionals in needed latest technologies Inability of Pakistani firms to tap and penetrate lucrative foreign marketsCommunication infrastructure bottlenecks caused by PTCLs inability to provide the IT industry needed band-width and communication capabilities of international standard at competitive pricesLack of entrepreneurial skills and managerial know-how of IT professionalsLack of actual and practical government policies and support for industry IT industry has serious problems in securing financing and creditUnwillingness of local business managers to pay appropriate prices for locally developed software Lack of incubation and startup companiesLow computerization of the government and its departments X THE NEED FOR THE REPORTPIM developed its strategic plan (2000 2005) in January 2000. This Strategic plan was discu ssed and approved in the 30th meeting of PIMs Board of Governors held on 24th February in Karachi. In its strategic Plan PIM has predicted the explosive and exponential growth of the IT industry in Pakistan and had underscored the fact that IT could be the enabler for stimulating Pakistans economy from its present slump. Chairman PIM Board of Governors, Mr. Abu Shamim Ariff, was particularly interested in the predictions and conclusions of PIM regarding the future state of Pakistani industry and floated the idea that PIM should prepare a generalized report on the IT industry in Pakistan and it should be presented to the IT decision makers in Pakistan. He also emphasized that PIM would do well to concentrate more on the software segment of the IT industry. PIM Board of Governors enthusiastically endorsed the idea. PIM Board of Governors directed PIM to work towards the preparation of this report and to have it ready by the end of April 2000. However Chairman PIM Board of Governors later on extended the deadline to end May 2000. PIMs report on the IT Industry in Pakistan was completed in the first week of June 2000. X A NOTE ON THE METHODOLOGY USEDAfter intensive internal debate regarding the approach to follow for the preparation of this report PIM decide to follow the basic methodology which it had followed for strategic plan; the distillation of industry practitioners knowledge and wisdom. For this purpose it was decided to hold two workshops, one in Karachi and the other in Lahore, and invite IT industry leaders and professionals to participate in a controlled discussion of their industry. PIM decided to use the basic concepts of Strategic Planning and Force Field Analysis for guiding the discussions during the workshops. It was also decided to present the findings of the two workshops as they were without any recommendations from PIM. The response received to the announcements of the two workshops was overwhelming and PIM was swamped by requests for invitations. The Karachi workshop was held on the 22nd of April 2000 in the PC and was attended by 49 participants and the Lahore workshop was held on the 6th of May 2000 was attended by 35 participants. Most of the participants were chief executives or senior executives from Pakistans IT industry. Of the total participants 90% were from the private sector. The discussions were held in a very free and frank manner and it is highly commendable that all participants took a very broad macro view and there was no attempt to exploit the forum for any narrow interests. X INDUSTRY DEFINITIONThe IT industry in Pakistan is in its infancy and is struggling to play catch up with the regional and global industry. The size/turnover of the software segment of the industry is US $ 25 million in the domestic segment and US $ 15 million worth of exportThe software segment of the IT industry has about 500 players/companies. Most of these companies are one-man shows. There are a few medium to large size players who are part of Pakistani business houses. The software industry employs about 5,000 programmers / professionals. The industry is facing a serious shortage of quality technical and marketing professionals due to brain drain of high power professionals and IT trainers in the needed technologiesThe following activities are part of the IT Industry; System analysis and designDesign of hardware softwareSoftware programmingImplementationManufacturing/assembly of hardwareAfter sales serviceSystem maintenance servicesMarketing of hardware and softwareCommunication InfrastructureBand widthSwitchingISPsASPsICPs InternetE-commerceData Ware housingHuman resource managementHuman Resource training and mobilizationINFLUENCES ON IT INDUSTRY IN PAKISTANINDUSTRY MAPOPPORTUNITIES FOR THE IT INDUSTRY IN PAKISTANThe following opportunities were highlighted by the participants of the Workshop:1.Development of packaged software 2.Quality training and development of specialized human resources3.Reengineering and computerization of govt. / public se ctor and private sector organizations4.Installation of networks (LANS, WANS etc.)5.E-info6.Switch over to Urdu as a computer language7.Development of call centers8.Reorganization and growth of communications infrastructure. 9.Foreign Exchange earning potential10 Louis riel Essay Thesis X HOW CAN THE IMPACT OF THE DRIVING FORCES BE INCREASED1.Growth of world wide IT industry a)Hold regular international and national seminars to help disseminate knowledge about Global IT trendsb)Encourage IT industry players to visit foreign fairs and technology exhibitions like Comdex etc. 2.Availability of low cost educated manpowera)Launch massive IT education and training drive to further help the availability of IT professionalsb)Encourage IT education and training in urgently needed newer IT technologiesc)Initiate a system of monitoring IT education and training institutions and ensure that they are following international curriculum and standards 3.India syndrome (if India can do why cant we) is fueling growtha)Study Indian success model in IT and attempt to emulate as far as is possibleb)Encourage IT industry to follow the successful practices and trends of the Indian IT industryc)Encourage Pakistani IT firms to collaborate with Indian firms d)Identify the serious mistakes made by the Indian It industry and make sure that those mistakes are not repeated in Pakistan4.Availability of low cost inputs (pirated software unbranded hardware)a)Govt. should not sign any trade or intellectual property protocols which will make it difficult or prohibitively expensive for IT industry to buy and use IT technology and software from international firmsb)Govt. should step in and negotiate with the large global players for providing IT technology and software to Pakistan on special bulk concessional ratesc)If needed the Govt. should, through the IT Development Fund, buy IT technology and software in bulk and provide the same to the domestic IT industry at subsidized ratesd)Govt. should make serious efforts to lure global hardware and software companies to enter the Pakistani market by offering especially attractive incentives to them5.Growth of Internet E-commercea)Govt. should facilitate the growth of Internet usage and of E-commerce in Pakistan by providing all possible help in terms of infrastructure availability and the recasting of laws and regulations which are inhibiting this growth 6.Perception that industry has explosive potential for growth and profits7.Perception that IT is a high and quick return and low investment industry8.Ambition Driven S trategy of founders of IT firms9.Availability of success Role Models in international IT industry10.Good Pay Back for the right IT idea which clicks in industry11.Attraction/romance of get rich quick success stories in IT12.Low start up cost13.Low Entry barriers into industry for new comers14.Availability of low cost inputsa)Govt. Should negotiate prices of new/latest technology and software directly with global companies b)Massive investments should be made on a war footing to improve supply of IT professionals through upgrading of IT education and training. c)National IT talent hunt schemes should be launched to identify and nurture IT talentd)Institution of a special scholarship scheme for meritorious IT studentse)Launch of a special incentive package for IT professionals which could ensure that they do not automatically prefer to leave the country rather than work in Pakistanf)Reduce social and job problems faced by IT professionals15.Easy access to international market a)Set up an IT Export Board or Corporation in the private sector or allow the private sector to manage itb)Develop a strategy to create a better relations with Non Resident Pakistanis and to motivate them to help Pakistani IT firms gain a foothold in foreign marketsc)Make commercial councilors in all Pakistani missions more IT literate and educate them on how to identify IT business opportunities for Pakistani IT firmsd)Make commercial counselor more effective by improving their relationships with the Pakistani IT industry and its representative organizationse)Develop a strategy to use the capabilities of Pakistani missions for securing IT business for the Pakistani IT industryf)Appoint special IT commercial councilors in foreign countries which are large IT markets like US, Europe etc. g)Develop a marketing and promotional strategy for introducing Pakistan as a reliable IT product and service supplier and launch this drive with adequate fundingh)Identify highly respected and professional NRPs in US and European countries and ask them to become Honorary IT ambassadors for Pakistan. This could be done on a city or regional basis16.Unemployment of engineering professionals is encouraging them to move to ITa)Offer special incentives and training for engineering and science graduates to make the switch to an IT careerb)If needed offer special stipends for such professionals till they can find suitable jobsc)Set up a Web based IT placement bureau to help such graduates find jobs d)Encourage such graduates to play an entrepreneurial role by providing s eed capital and technical know-how e)Encourage IT industry to seriously tap into the potential of using such unemployed graduates 17.Good understanding of English in the society X