Indo - Japan Trade & Investment Bulletin- January 2014 published by Japan Desk of Corporate Professionals Highlights: • India to buy Japan-made Military Aircraft • NTPC Signs Loan Agreement with JBIC and SMBC • Suzuki to Manufacture Exclusively for Maruti • DoCoMo’s arm, OLM to enter Virtual Retail Market of India • India’s ONGC Signs Exploration Cooperation Agreement with Mitsui of Japan • Japan's Chubu Electric & India's GAIL to sign MOU on LNG Procurement • Japan and India Sign Energy and Telecommunications Agreements • India Extends Incentives to Japan for Investment in FAB Industry • India’s Cadila to Exit from Japanese Pharma Business • Japan Plans JV Firm to Finance Bullet Train Projects in India • India based Moser Baer Sells 100 Crore worth Solar PV Modules in Japan • Toshiba to buy 26% Stake in UEM India from Existing Shareholders • Japan’s Yamaha to develop its Products Entirely in India • India based Comstar in talks with Japan’s Mitsubishi to Sell Company • Japanese Investors Eye Indian e-Commerce Segment • Japans' Arkray to Acquire IVD Business in India • India’s 3F Industries forms JV with Japanese firm Fuji Oil

1. Indo-Japan Trade & Investment
Bulletin
January Issue
Japan Desk, Corporate Professionals
2014

2. INDEX
Indo-Japan Trade & Investment Highlights
India to buy Japan-made Military Aircraft
NTPC Signs Loan Agreement with JBIC and SMBC
Suzuki to Manufacture Exclusively for Maruti
DoCoMo’s arm, OLM to enter Virtual Retail Market of India
India’s ONGC Signs Exploration Cooperation Agreement with Mitsui of Japan
Japan's Chubu Electric & India's GAIL to sign MOU on LNG Procurement
Japan and India Sign Energy and Telecommunications Agreements
India Extends Incentives to Japan for Investment in FAB Industry
India’s Cadila to Exit from Japanese Pharma Business
Japan Plans JV Firm to Finance Bullet Train Projects in India
India based Moser Baer Sells 100 Crore worth Solar PV Modules in Japan
Toshiba to buy 26% Stake in UEM India from Existing Shareholders
Japan’s Yamaha to develop its Products Entirely in India
India based Comstar in talks with Japan’s Mitsubishi to Sell Company
Japanese Investors Eye Indian e-Commerce Segment
Japans' Arkray to Acquire IVD Business in India
India’s 3F Industries forms JV with Japanese firm Fuji Oil
Knowledge Centre
Leaves & Holidays under Indian Labour & Employment Laws

3. Indo-Japan Trade & Investment Highlights
India to buy Japan-made Military Aircraft
India is set to become the first country since World War II to buy a military aircraft from Japan.
This move will help the Japanese Prime Minister, Shinzo Abe to end a ban on weapons exports
which has kept Japan's defense contractors out of foreign markets for a long time. India and
Japan are in extensive agreement on a deal for the ShinMaywa Industries amphibious aircraft,
which could amount to $1.65 billion. However, several details needs to be worked out and
negotiations will recommence in March, 2014 on joint production of the aircraft in India. It is a
strategic imperative for both countries and issues regarding assembling of the aircraft in India are
being discussed already. Further, the governments of both countries have set up a joint working
group that will meet in March to consider plans for setting up the plant in India under license by
an Indian state manufacturer. The deal lays the ground for an extensive Japanese drive into India.
Gautam Bambawalle, an Indian foreign ministry official responsible for North Asia, said “There
is a whole amount of defense-related cooperation, between India and Japan. We want Japanese
technology; we want Japanese capital investment into India”. The Japanese Prime Minister
discussed the deal with his Indian counter-part during his recent visit to New Delhi as ties swiftly
warm between the two countries at a time when both nations are entangled in territorial disputes
with China. Also, the Indian navy has shown interest in Japanese patrol vessels and electronic
warfare equipment, post easing of ban on military exports by Tokyo.
NTPC Signs Loan Agreement with JBIC and SMBC
NTPC, India‟s largest power company has recently entered into loan agreement with two
Japanese banks for financing its thermal power projects. NTPC has presence in the entire value
chain of power generation business with 75% stake held by the Government of India (GOI). The
share price of NTPC rose sharply on BSE after the company made a public announcement of
entering into two foreign currency loan agreements with the Japan Bank for International
Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) for financing its Kudgi
and Auraiya thermal power projects. NTPC said it entered into a term loan facility with JBIC and

4. SMBC for $350 million to finance the supplies and services for the Kudgi Super Thermal Power
Project from India as well as Japan. The company also entered into a fixed interest rate facility
with the JBIC and SMBC for 8021 million yen to finance the renovation and modernization of
gas turbines.
Suzuki to Manufacture Exclusively for Maruti
Suzuki Motor Corporation (SMC) announced setting up of its proposed manufacturing plant in
Gujarat by forming a subsidiary company by the name of Suzuki Motor Gujarat Private Ltd
(SMGPL) for exclusively manufacturing and selling vehicles to Maruti Suzuki India Limited
(MSIL). The company purchased land in Mehsana, Gujarat, for further expansion of
manufacturing facilities. MSIL would enter into a contract with SMGPL under which all
production in SMGPL would be as per the requirements of MSIL. Regarding this, MSIL said
“the price of vehicles sold to MSIL would include only the cost of production actually incurred
by the subsidiary plus just adequate cash (net of all tax) to cover incremental capital expenditure
requirements (that is depreciation costs)”. Further, Chairman of MSIL, RC Bhargava explained
how this move will be beneficial for both the companies, he said in a statement “Suzuki has
considerable cash reserves but the interest on capital in Japan is very low. By investing in the
Gujarat facility, SMC would stand to gain from the profits realized through increased sales of
vehicles made by the Indian subsidiary”.
DoCoMo’s arm, OLM to enter Virtual Retail Market of India
Japanese telecom company NTT DoCoMo‟s subsidiary - Oak Lawn Marketing („OLM‟) is all set
to enter Indian virtual retail market segment through a tie-up with TVC Skyshop. India has the
virtual retailing market of close to Rs. 2,000 crore. Post the tie-up, Skyshop will sell two flagship
products of OLM i.e. Magic Mattress and Leg Magic. In this regard, Devangshu Dutta of
marketing and consultancy firm Third Eyesight said “Payment through cards remains a major
challenge for the online or virtual retailing industry. Companies like OLM do not have expertise
in managing cash on delivery and reverse logistics. Hence, the tie-up will help the company
avoid some painful and expensive learning curve that other companies have faced.”

5. India’s ONGC Signs Exploration Cooperation Agreement with Mitsui of Japan
ONGC has signed an agreement with Japan‟s Mitsui & Co. for cooperation in oil and gas
exploration on January 24th, 2014. This is the third pact signed between the two firms since 2012.
In August, 2012 ONGC and Mitsui had signed MoU for cooperation in gas and liquefied natural
gas (LNG) business. Then later in March 2013, Mitsui had entered into another MoU with
ONGC, Bharat Petroleum Corp and New Mangalore Port Trust to set up a 5 million ton LNG
import terminal in India (Karnataka). ONGC and Mitsui are also partners in a giant Mozambique
gas field. Mitsui is one of the main stakeholders in the Rovuma-1 field in the waters off the
African nation holding gas reserves, which are intended to be converted into liquid gas (LNG)
for the purpose of export to nations such as India.
Japan's Chubu Electric & India's GAIL to sign MOU on LNG Procurement
Japan's Chubu Electric Power and India's GAIL are most likely to sign a memorandum of
understanding for jointly procuring LNG within two weeks. India and Japan feel that LNG sold
to the Asian countries is priced higher than that supplied to consumers in Europe and the US.
Therefore, the two countries intend to address such higher prices and are willing to work together
for developing such a market environment that would enable effective and stable LNG
procurement. The agreement will be for cooperation in natural gas sector - from LNG sourcing to
shipping and supply. A spokesman for Chubu Electric said forming an alliance with GAIL would
provide economies of scale along with other benefits to the company.
Japan and India Sign Energy and Telecommunications Agreements
India and Japan have signed agreements on cooperation in areas including energy and
telecommunications. In a recent statement, the Indian Prime Minister said that India is taking
steps to facilitate Japan‟s links with the growing economy of India and is working toward
increasing cooperation with Japan in the area of advanced technologies. Mr. Shinzo Abe arrived
in India on a three-day visit for attending India‟s Republic Day celebrations as the chief guest.
Japan is willing to increase exports of atomic technology to help revive its economy. Under the
agreements between the two countries, Japan has agreed on providing loan to India for
increasing power generation in the country and also for the New Delhi-Mumbai industrial

6. corridor project for high-speed rail systems in India. In addition, the two countries signed another
agreement for promoting tourism.
India Extends Incentives to Japan for Investment in FAB Industry
India extended a package of incentives to Japan for supporting investment in Electronic System
Design and Manufacturing (ESDM) in India. India‟s Commerce and Industry Minister Anand
Sharma has said "Government of India has decided to offer a package of incentives to attract
domestic and global investments into ESDM sector within Electronic Manufacturing Clusters
(EMC) Schemes. In addition, the government has recently approved the proposal for setting up
of two Semi-conductor Wafer Fabrication (FAB) manufacturing facilities in the country." The
Government of India has invited all FAB manufacturers in Japan to avail subsidy and other
benefits for establishing FAB facilities in India. Mr. Sharma stressed on strengthening
cooperation with Japan in creative industries ranging from design, apparel, fashion, food,
household goods, music, movies, animation and traditional craft, which would further promote
and intensify the mutual understanding between the two nations.
India’s Cadila to Exit from Japanese Pharma Business
India based Cadila Healthcare Ltd has decided to close its Japanese subsidiary Zydus Pharma
Inc., which was set up by the company in year 2006 to tap the pharmaceutical market of Japan
which is the second-largest pharmaceutical market in the world. Post incorporation, Zydus
Pharma Inc. acquired Nippon Universal Pharmaceutical Ltd in 2007 to strengthen its base in
Japan. Without specifying any reasons for this decision, Cadila Healthcare Ltd. said in a recent
statement -“the company has recently completed portfolio and strategy review of its business and
has decided to exit from its business in Japan, which is through a 100% subsidiary company”.
Cadila Healthcare Ltd initially tried to sell Zydus Pharma Inc. to a buyer from India or to a
Japanese drug manufacturer before deciding to close its operations. In recent years, Cadila is the
fourth Indian drug manufacturer to exit from Japan‟s pharmaceutical market after Ranbaxy
Laboratories Ltd, Dr Reddy‟s Laboratories Ltd and Orchid Chemicals and Pharmaceuticals Ltd.
It appears that Japan‟s copycat drugs market is still considered tough for Indian drug
manufacturers as the quality standards and regulations in Japan are more stringent and often not
very transparent.

7. Japan Plans JV Firm to Finance Bullet Train Projects in India
Japan has offered to set up a joint venture company with India, like the Delhi Metro Rail
Corporation to finance bullet train projects in India. The project has already been approved by
the Planning Commission of India. The officials of Government of India from the Commission
and railway ministry have been to Tokyo recently to complete the details of the project. India has
chosen the Japanese Shinkansen technology over other competing models as these include the
safety of the Japanese technology and cheaper funding that Tokyo has promised to make
available for the project. Although, there were also offers from France and other countries for the
project but the Indian government has decided on Japan like in the case of the DMRC. In the
Indian railway sector this will be the biggest single investment project as each of these projects
are over Rs. 30,000 crore. Such huge project cost is one of the reasons behind why the
Government opted for a joint venture corporation with Japan as it can finance and eventually run
the high speed train corridors.
India based Moser Baer Sells 100 Crore worth Solar PV Modules in Japan
Subsidiary of India based Moser Baer Solar in Japan has sold Rs 100 Crore worth of solar PV
modules in the country. Japan is focusing a great deal on the renewable energy, especially Solar
PV as it had bad experience with its nuclear power plant during the Tsunami hit in year 2011.
Moser Baer said it had installed its first Moser Baer Solar PV Modules in Japan three years ago
and it is performing at constant better levels than estimated by the owners of the Indian
company. "A strong quality focus, and our understanding of Japan market sensitivities in general
and Japan solar PV business in specific has resulted in this significant growth in shipments" said
Vivek Chaturvedi, Chief Marketing Officer, Moser Baer Solar. The company also claims the
solar Elite PV Modules are already very popular among the biggest Solar EPC companies and
Developers in Japan.
Toshiba to buy 26% Stake in UEM India from Existing Shareholders
Toshiba, the electronic giant of Japan, will purchase 26% stake from its existing shareholders,
including private equity investor in UEM India, the unlisted water and waste management
company in India. The deal indicates the consistent interest by Japanese firms to buy companies
in the India with Hitachi Corporation buying out Indian automated teller machine (ATM) maker

8. Prism Payments. Naohiro Noro, vice-president, environmental systems division, Toshiba
Corporation said in a statement "This is a strategic growth area for Toshiba and we will bring our
expertise and global access to the company and learn from UEM's vast experience in delivering
complex, turn-key projects around the world."
UEM India is intending to use the money to enter new geographies and access better
technologies to expand its business for providing water and wastewater collection, treatment, and
disposal facilities in India. According to a report, Japan‟s Toshiba which is a manufacturer of
electrical systems for water supply and sewerage facilities is also contemplating its options to
enter into the Indian market which is stated to more than double in 2030.
Japan’s Yamaha to develop its Products Entirely in India
Japan‟s Yamaha has commenced working on its first ever product to be developed entirely in
India. It is the part of Yamaha‟s global strategy to develop at least 30% of its products outside
Japan. India will be used as a product development and manufacturing hub by Yamaha due to its
low cost reputation, to develop models that will be sold in the domestic market of India as well
as exported to other countries. Roy Kurian from Yamaha Motor India Sales said "India is a good
hub thanks to the huge domestic consumption which helps bring the cost of production down.
That's why we're using India for both production and export to markets in South America and
Asean. We have just established Yamaha Motor Research & Development India (YMRI) in 2013
and so far it has not developed a model from scratch in India. But in two years we will have a
product developed entirely in India. We are already working on it. This product will of course be
sold in India but we're also looking at export options." The company‟s first entirely developed
product in India is expected to roll out in two years.
India based Comstar in talks with Japan’s Mitsubishi to Sell Company
The promoters of Chennai-based component manufacturer, Comstar Automobile Technologies
are in advanced talks with Japan‟s Mitsubishi Group, which operates in the same business line,
to sell the company which is valued at 400-450 crore. The promoters have authorized the Indian
local investment bank, Kotak Mahindra Capital Company to explore buyers for the company.
Comstar was owned by America‟s Ford Motors until 2007. Later, Ford sold its entire global auto
component business to Hong Kong-based funds.

9. Japanese Investors Eye Indian e-Commerce Segment
Japan‟s largest e-commerce corporation Netprice is eyeing investments in the Indian ecommerce space through one of its companies, Beenos which has invested in two Indian startups so far. Two-and-a-half years ago Beenos started to look into emerging markets and last year
it invested in two Indian companies namely ShopClues.com and payment solutions firm Citrus
Pay based in Gurgaon and Mumbai respectively. Beenos invests through the corporate balance
sheet into start-ups and the company will follow the same strategy for India. Teruhide Sato from
Beenos said that India will see more participation from Japanese investors and regarding the
proposed investment, he said- “This is the right time to be in India. The Indian market is exactly
where China was in 2000-2001. I think the Indian market is much more profound in terms of
variety, and business opportunities. It is a much deeper market because of certain traits such as a
huge population, and talent in the engineering segment. With NRIs returning back to India and
wanting to play into the internet space having worked with global firms like Google, Amazon
and others business opportunities are huge. After China and the US, India is the largest internet
population; it also is the region that has the third largest communities on line. Add to this a rising
middle class, this allows for huge opportunities for Internet-based businesses. Add to this there is
a tremendous jump in mobile usage, next big opportunity is mobile business model. Finally, with
the government of the two nations now coming together for collaboration there will a huge push
by firms in Japan to collaborate with Indian firms.”
Japans' Arkray to Acquire IVD Business in India
The healthcare sector in India has recently attracted the Japanese interest after research,
marketing, HR and engineering sectors. Japanese IVD company, Arkray Inc. is acquiring the invitro diagnostic business of India (Surat) based Span Diagnostics through its Indian affiliate
Akray Healthcare. However, the deal which involves transfer of the business on a slump sale
basis awaits shareholders approval. Span Diagnostics is a manufacturer of a wide range of IVD
products and apart from exporting its products to over 60 countries, the company also supplies
HIV and Malaria test kits. The acquisition of Span will enhance the product portfolio and sales
channel of Arkray and will make it an important player in the Indian IVD market which has
grown at a very significant rate over the past few years.

10. India’s 3F Industries forms JV with Japanese firm Fuji Oil
3F Industries Ltd. has formed a joint venture of 45:55 partnerships with Japanese firm Fuji Oil
Co. for manufacturing and sales of oil and fat processed foods in India. This is the third joint
venture between an Indian agriculture firm and Japanese firms for edible oil business. 3F
Industries Ltd. is an Andhra-Pradesh-based vegetable oil manufacturer and has an extensive sale
network across the country. Fuji Oil is a leading producer of oils, fats, food ingredients and
processed foods, with marketing channels all over the world. The proposed name of JV is 3F Fuji
Foods Pvt. Ltd. and agreed to be based at Burgul near Hyderabad (Andhra Pradesh). In the past,
Mumbai-based Jayant Agro Organics Ltd has also formed a similar JV with Japan‟s Mitsui
Chemicals. The JV will be influence by Fuji Oil‟s product development and production
engineering strengths and 3F Industries‟ sales capability in Indian market.

11. Knowledge Center
Leaves & Holidays under Indian Labour & Employment Laws
Holidays and Leaves of workers in India are governed principally by the Factory Act, 1948 and
state shops & establishment acts.
Weekend Holidays:
In India, the law prescribes maximum number of hours a week a worker may not be employed
beyond. An adult worker1 shall not be employed for more than 48 (forty eight) hours2 in a week3
and not more than 9 (nine) hours in a day4. Weekly holiday is compulsory as per the Factories
Act. First day of the week5 i.e. Sunday shall be a weekly holiday. The employer has to make sure
that no worker works more than 10 days without a rest day of 24 hours. Therefore, if the worker
is asked to work on weekly holiday, he should have full holiday on one of three days
immediately or after the normal day of holiday. Accordingly, the weekly holiday i.e. at least one
full day holiday every week may be changed from Sunday to other days of a week by following
the procedure laid down under section 52 of the Factories Act, 1948, which requires delivery of a
notice to the local labour inspector before making such changes in the weekly holidays.
Similar provisions have been adopted under the shops & establishment acts of various states in
India.6
National Holidays:
Every state government is empowered to declare national, festival and other mandatory holidays
for industrial establishments under their respective Industrial Establishment Acts, e.g. Delhi has
adopted The Punjab Industrial Establishment (National and Festival Holidays and Casual and
Sick Leave) Act, 1965 whereby ever worker shall is entitled to the following mandatory holidays
in each calendar year:
"adult" has been defined in the Factories Act , 1948 as “a person who has completed his fifteenth” year of age;
The Factories Act, 1948, Chapter VI, “Working hours of adults” Section 51
3
"week" has been defined in the Factories Act, 1948 as “a period of seven days beginning at midnight on Saturday night or such other night as
may be approved in writing for a particular area by the Chief Inspector of Factories;”
4
The Factories Act, 1948, Chapter VI, “Working hours of adults” Section 54
5
The Factories Act, 1948, Section 52
6
Shops & Establishment Act governs employment conditions of non-factory workers.
1
2

12. (a) three national holidays of one whole day each on the 26th January, 15th August and 2nd
October; and
(b) four other festival holidays.
On the similar note, state governments under their respective shops & establishment acts may
declare mandatory national and other holidays for non-factory workers e.g., Delhi Shops &
Establishment Act, 1954 mandates three national holidays of one whole day each on the 26th
January, 15th August and 2nd October.7
Leaves for Factory Workers
Every worker who has worked in a factory for a period of 240 days or more in a year is entitled
to leaves with wages in the subsequent year at the rate of one (1) leave for every twenty (20)
days of work performed by him during the previous year.8 However, a non-adult person working
is entitled to leaves at the rate of one (1) leave for every 15 days of work performed during the
previous year.9
It has been clarified that the above-mentioned leaves are exclusive of all other holidays whether
occurring during or at end of period of leave.10 Therefore, any holidays occurring during,
immediately before or after the period of leave under section 79(1) shall be excluded while
counting the leaves a worker is entitled to.
A worker who was employed in the factory on the first day of January of a year and has worked
for two third of the total number of days in a year, he shall be entitled to the leaves during the
remainder of the calendar year.11
Leaves for non-factory workers
Provisions similar to that of the Factories Act, 1948 have been adopted under the Shops &
Establishment acts of various states in India. For example, Delhi Shops and Establishments Act,
1954 mandates that every person employed in an establishment is entitled to:
i.
ii.
7
privilege leave for a period of not less than 15 days, after every twelve months of
continuous employment; and
casual or sick leave for a total period of not less than 12 days every year.12
Section 16, Delhi Shops & Establishment Act, 1954
The Factories Act, 1948, Chapter VIII, “Annual Leave with Wages” Section 79 (1)
Ibid.
10
Ibid at Explanation 2
11
Ibid, at Sec 79(2)
12
Section 22 of Delhi Shops & Establishment Act, 1954
8
9

13. An employee becomes entitled to a minimum of 5 days of privilege leave for every four months
of continuous employment and a minimum of 1 day casual leave upon completion of every
month at work.
Procedure for compensation for leaves
A worker who is discharged, dismissed or quits employment is entitled to avail wages in lieu of
the leaves to which he was entitled immediately before such discharge, dismissal or
resignation.13 The Factories Act also lays down strict deadlines for making payment of wages in
lieu of the leaves.14
Similar to the provisions of the Factories Act, an employee entitled to privilege leave is entitled
to leave encashment at the time of leaving the job. However, an employee is not entitled to
encash the casual leaves he is entitled to.15
Carry Forward of Leaves and Annual Encashment
A worker is allowed to carry forward his leaves to the succeeding year in the event the worker
does not avail the whole of the leave allowed to him. However, such carry forwarding of
accumulated holidays is restricted to a maximum of thirty (30) days in case of an adult and forty
(40) days in case of a non-adult worker.16 In some cases, such as where leave was refused to the
worker in accordance with the provisions of the Factories Act, a worker may be allowed to carry
forward his leave without any limit.17 The law does not specifically provide for the option of
leave encashment, however, it does not prohibit a worker from voluntarily choosing the option of
leave encashment. Therefore, in practice, leave encashment policy is either part of the Human
Resource (HR) Policy of an organization or forms part of the employment contract of a worker.
Since the law does not specifically provide for leave encashment mechanism, however, by virtue
of Section 80 of the Factories Act, that entitles a worker for wages at a rate equal to the daily
average of his total full time earnings for the days on which he actually worked during the month
immediately preceding the leave. Such wages shall be exclusive of any overtime wages for the
purpose of calculating the wages for leave period but inclusive of dearness allowance and cash
equivalent of regular advantages such as concessional food or other articles.
Similarly, a non-factory employee is entitled to carry forward his leaves as per the relevant
provisions of the shops & establishment acts of the respective states. In Delhi, an employee may
carry forward his accumulated privilege leave to the succeeding year subject to a maximum of
13
Ibid, at Section 79 (3)
Ibid.
15
Section 22 (2) of Delhi Shops & Establishment Act, 1954
16
Sec 79 (5), The Factories Act, 1948
17
Ibid, at Sec 79 (5)
14

14. three times the period of privilege leave to which he is entitled after every twelve months'
employment. However, casual leaves may not be carried forward.18
DISCLAIMER:
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author or any of its Partner or associates. The entire content of this document has been developed on the basis of
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has made utmost efforts to provide authentic information, however, the material contained in this document does not
constitute/substitute professional advice that may be required before acting on any matter. The author and the firm
expressly disclaim all and any liability to any person who has read this document, or otherwise, in respect of
anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the
contents of this document.
18
Section 22 (1A) of Delhi Shops & Establishment Act, 1954

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