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Kingfisher gets tough on non-performing employees
Vijay Mallya-promoted Kingfisher Airlines is understood to have come down heavily on non-performing employees, even as a large number of its pilots are leaving the airline to join low-cost carrier Indigo and other rivals.

FM's pre-Budget meeting with states on January 13
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13. Recommendations of the 13th Finance Commission on devolution of funds, the Goods and Services Tax (GST) regime, continuation of stimulus packages and allocation for the Centre’s flagship schemes such as National Rural Health Mission and Sarva Shiksha Abhiyan are expected to dominate the deliberations. A government official told Business Standard today that the states will make a strong pitch to continue the fiscal stimulus package.

News of the day

Karnataka BJP crisis resolved
The week-long political crisis that paralysed the BJP government in Karnataka blew over today following a compromise between the warring sides under which a coordination committee will be formed, a woman minister may be removed and the Speaker inducted into the Cabinet.
Corporate

Panasonic India to invest $300 mn in 3 years

Consumer durable maker Panasonic India today said it will invest around Rs 1,400 crore in the next three years to gain about 17 per cent share in 27 lakh domestic air conditioner market. - PE companies resort to salary freeze as investments tank - ABC Paper shelves plan to set up new plant - Reaction from double top - GVK Power buys L&T"s 17 per cent BIAL stake - L&T, EADS may send revised JV proposal to FIPB - CIL to seek legal opinion on reserving stocks for employees "Currently, we have around 5 per cent share in the domestic air conditioner market and by 2012, we are eyeing for 17 per cent share in the domestic market," Panasonic India Director (operations and planning) Arjun Balakrishnan told reporters here. The company plans to put an investment of around $300 million in the next three years to achieve the target. The company also announced that it has roped in Katrina Kaif as brand ambassador for its home appliance range. It has also announced that it will be introducing a complete new range of air conditioners (ACs) from early next year. Panasonic is targeting a sale of around 80,000 to 1 lakh units of ACs in the current financial year and it intend to double the sale of ACs every year to achieve a target of 17 per cent market share by 2012. "We are also looking at setting up a new manufacturing unit in India for producing home appliances particularly air conditioners," Balakrishnan said. However, the decision would depend upon the sales, he said. "Before setting up a unit in India, we must achieve the target of selling around 4.5 lakh units in the country." Speaking about the company"s plan in India, Balakrishnan said the company would invest around 5 per cent of its total turnover of Rs 4,500 crore in marketing and promotions. In terms of manpower, he said the company has a marketing team of 210 person which it would double the next year. Panasonic is also setting a large showroom in Gurgaon as "Panasoni Experience Centre" to showcase the upcoming high- tech products from its portfolio. "We plan to set up similar experience centre in all metro cities in the country and second would come up in Gurgaon," he said.


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