EY Stock Based Incentive Survey 2014

EY Stock Based
Incentive Survey 2014
The results

EY Stock Based Incentive Survey 2014 | The results
Executive
summary
Contents
Foreword
Executive summary 4
Need for stock-
based incentive
plans
6
Plan design features 9
Accounting 18
Plan effectiveness 19
Methodology 21
Glossary 22

Foreword
We are pleased to launch the first edition of EY Stock Based
Incentive Survey conducted by EY India. The objective of the
EY Stock Based Incentive Survey 2014 was to gather data
on how organizations operate their employee stock-based
incentive plans in India and across the globe. We believe that the
results will help you understand the current trends and practices
in stock-based compensation and will provide good data for
developing stock-based compensation policies.
This report is a compilation of the results of our EY Stock Based
Incentive Survey 2014. Our survey results manifest interesting
insight into today’s employer mindset. It brings to fore how
organizations view stock-based compensation as a tool to retain
and attract talent as well as create wealth for the employees.
Nowadays, the philosophy of “all employees” coverage has been
replaced by “selective employee” coverage. The results reiterate
that Indian companies still prefer the conventional employee
stock option plans.
Interestingly, majority of the companies surveyed already have a
stock-based incentive plan in place. We found that the companies
adopt a careful strategy to understand the requirements of the
business, assess market conditions and thereafter, design the
stock-based incentive plan keeping in mind the overall objective,
both from employer and employee perspective.
I am confident that the trends and best practices showcased by
EY Stock Based Incentive Survey 2014 will help companies
formulate and re-engineer their existing incentive compensation
policies.
I would like to thank all the respondents who have taken the time
to share their thoughts with us.
We hope to continue to engage with you on the stock-based
incentive plan agenda for your organization as you strategize
and tailor it to your needs.
Sonu Iyer
Partner and National Leader
Human Capital Global Mobility, EY

4 EY Stock Based Incentive Survey 2014 | The results
Executive summary
1
4
2
3
Companies with stock-based incentive plan in place
71% Yes
29% No
57%
use ESOPs
17% use
mix of all plans
12% use ESPP
Top sectors for stock-based incentive plans
37%
Technology Media
and Telecom (TMT)
20%
Manufacturing and
Consumer Goods
14%
Health Care and Life
Sciences
11%
Financial Services
5%
Energy, Resources,
Infrastructure and
Government
Capital commitment to stock-based incentive plans
Paid up capital committed by companies
Indian companies MNCs
Upto 3% 47% 31%
More than 3% upto 5% 27% 22%
More than 15% 0% 9%
4
Source: EY’s Stock Based Incentive Survey 2014 (total respondents: 110)

5EY Stock Based Incentive Survey 2014 | The results
5
6
7
9
8
47% have a vesting period
of more than 3 years upto
5 years
40% have exercise period
of more than 1 year up to
5 years
60% have no lock-in period
post allotment of shares
Stock-based incentive plan design
Stock-based incentive plan coverage
Exit strategy
Accounting
Review of the stock-based incentive plan
87% offer stock-based incentive plans to
selective employees only
60% unlisted companies
use promoter buy back
as an exit strategy
77% have a positive
feedback from
employees on stock-
based incentive
plans
38% companies
review their stock-
based incentive plan
annually
71% use fair value method
for accounting of stock
expense
5

Need for stock-based incentive plans
Key findings
Of the respondents have stock-based incentive plans in
place
71%
Of the respondents state that both employer and
employee factors (retention, talent attraction, motivation,
reward performance, wealth creation) are reasons for
implementing stock-based incentive plan
50%
Of the respondents propose to implement a stock-based
incentive plan
7%
Of the respondents have said that retention is the key
objective for implementing stock-based incentive plan
16%

Stock-based incentive plans serve
multiple and diverse objectives
Stock-based incentives create an
entrepreneurial spirit
A win-win situation for both employers and employees
Retention Attract talent Motivation Reward
performance
Wealth creation
for employees
How the company beneﬁts How the employee beneﬁts
Objective of introducing the stock-based incentive plan
16%
All the factors
50%
Source: EY’s Stock Based Incentive Survey 2014 (respondents: 78)
9% 9% 9%
7%
Stock-based incentive plans aim to serve the dual purpose
of promoting corporate performance and creating value for
the employees. Half of the respondents have stated that both
employer and employee-related factors are the key reasons for
implementing stock-based incentive plans. This indicates a clear
shift in perspective from early 2000s when talent attraction and
retention were the only key objectives. Nevertheless, stock-
based incentive plans continue to serve as an important tool for
retaining employees, as confirmed by 16% of the respondents
(the highest in individual category of objectives).
Moreover our “Global Mobility Effectiveness Survey 2013,”
indicated that 58% of the global companies have a global talent
management agenda in place, highlighting the growing need
of managing and attracting talent. 9% of the respondents from
our survey show that stock-based incentive plans will help them
fulfill their objective of attracting talent.
Stock-based incentive plans for wealth creation in India, though
small, are evolving rapidly. 7% respondents have opined that
the objective of introducing stock-based incentive plans is for
the wealth creation for employees. Corporate India is also
focusing on linking rewards with performance. The combination
of ownership and participative management is a powerful
competitive tool. Employees are more participatory and assume
accountability when treated as business owners — they adopt
innovative models to create wealth for the organization and for
themselves.
The objective of the stock-based incentive plan may also vary
depending on the size and growth cycle of an organization.
An established multinational company rolls out stock-based
incentive plan with different objectives. Small and new
companies, on the other hand, adopt stock-based incentive plan
to attract talent by linking ownership and wealth creation.

Are companies offering stock-
based incentive plans?
Technology, media and telecom
leads in rolling out stock-based
incentive plans; manufacturing
gearing up
Does your organization have an employee stock based incentive plan - Respondents
who said no (32) were asked whether they plan to roll out such a plan in future?
Does your organization have an
employee stock-based incentive plan?
Is your organization proposing
to roll out an employee stock-
based incentive plan
29%
71%
NoYes
No,
77%
Yes,
23%
More than 70% of the respondents already have stock-based
incentive plans in place. In addition, with the recovery of the
stock market after 2010, the practice has gained further
momentum. Of the organizations that do not have such stock-
based incentive plans in place currently, 23% propose to
introduce them in the near future.
Around 22% of the total respondents are reluctant to introduce
such plans in the future.
Information Technology (IT) companies pioneered stock-based
incentive plans in India and still continue to lead. According to
our survey of the companies that have a stock-based incentive
plan in place, 37% are from the technology, media and telecom
sector.
Several companies in other sectors such as manufacturing
and consumer goods, life sciences, and banking and financial
services are rolling out stock-based incentive plans for their
employees. One-fifth of the respondents who have a stock based
incentive plan are from the manufacturing and consumer goods
sectors.
5%
1%
3%
4%
5%
11%
14%
20%
37%
Others
Education
Professional Services
Real Estate and Construction
Energy, Resources, Infrastructure
and Government
Financial Services
Health Care and Life Sciences
Manufacturing and Consumer Goods
Technology Media and Telecom
Though technology, media and telecom companies continue to
lead the market when it comes to stock-based incentive plans
but a common theme of “hiring and retention of critical talent”
has ensured that successful and growing organizations across
all sectors need a compensation strategy married to stock-based
incentive plans.

Plan design features
Key findings
Of the respondents prefer Employee Stock Option Plan
(ESOP) over other stock-based incentive plans
57%
Of the Indian companies that have stock-based incentive
plans have committed up to 5% of the paid up share capital
toward such plans
74%
Of the respondents offer stock-based incentive plans to
selective employees only
87%
Of the respondents offer shares at market price as on the
date of grant of stock options
51%
Of the unlisted companies use “promoter buy back” as an
exit strategy
60%

Plan design features
What?
For Whom?
How much?
When?
At what price?
Select the plan
Select the employee
Decide the capital
Select the discount
Decide the tenure
Designing a stock-based incentive plan
Questions for employers? Choose it “right”
Vesting
Period
Exercise
Period
Lock-in
Period
Employee Stock
Option Plan
Employee Stock
Purchase Plan
Stock Appreciation
Rights
All Employees
Selective
Employees
% of capital allocated
toward each plan
At market
price/comparable
Below market
price/comparable
Alignitwithobjective
Regulatoryconsiderations
or or
or
or
How? Decide the exit plan
Sale over stock
exchange
Promoter buy
back
or Sale to the
trustor
Source: EY analysis
How often? Decide the frequency Annual/Quarterly/Monthly Random/One time
Meaningful and appropriate design features of stock-based
incentive plan are most important for the success of the plan.
Organizations need to carefully design the stock-based incentive
plans to ensure that all the objectives for which such plans are
rolled out, are met.

ESOP is widely used by Indian
companies; multinationals prefer
a mix
Our survey revealed that 57% of the respondents favored ESOP,
while 17% use a combination of ESOP, Employee Stock Purchase
Plan (ESPP) and Stock Appreciation Rights (SAR) plan. However,
multinational companies (MNCs) and Indian companies differ in
their opinion. MNCs, along with ESOP, also use many variants of
stock-based incentive plans such as ESPP and SAR Plan, while
Indian companies largely rely on ESOP.
49%
17%
17%
11%
6%
Multinational companies
Employee Stock
Option Plan
All three
Combination of two
Employee Stock
Purchase Plan
Stock Appreciation
Rights3%
11%
12%
17%
57%
Stock Appreciation Rights
(SAR) Plan
Combination of two
Employee Stock Purchase
Plan (ESOP)
A mix of all plans
Employee Stock Option
Plan (ESPP)
What type of employee stock-based
incentive plan do you have?
88%
6%
6%
Indian companies
Stock-based incentive plan distribution
While selecting a stock-based incentive plan, the organizations
need to ensure that the objective of rolling out such stock-based
incentive plan is met. ESOP is the most popular stock-based
incentive plan and is well understood both by employers and
employees. ESOP and ESPP entail allotment of shares and
hence, result in the dilution of share capital of the company. On
the other hand SAR plans are generally cash settled and hence,
do not result in dilution of share capital of the company.
Since ESOP has a vesting period, such plan is used as a retention
tool, whereas, ESPP is mostly used to reward past performance.
Our survey revealed that ESPP is primarily used by MNCs.
Unlike the ESOP and ESPP, SAR plan does not involve cash
flow from the employees. SAR gives a right to an employee to
receive appreciation in the stock price without paying the price.
It provides an advantage to an organization by not diluting the
equity and, at the same time, offering economic value of equity
to the employees.

Companies adopt an “annual
strategy” to offer stock-based
incentive plans
“Selective” employees only are
eligible for stock-based incentive
plans
Our survey revealed that 57% of the companies offer stock-
based incentive plans on an annualized basis. Another 18%
offer these plans on a random basis. The timing of a stock-
based incentive plan is decided by the underlying objective of
introducing the plan.
2%
5%
18%
18%
57%
Monthly
Quaterly
Random
One time
Annual
Frequency of stock-based incentive plan
87%
13%
Selective employees All employees
Individuals eligible to participate under the stock-based
incentive plan
Of the companies that have stock-based incentive plans in
place, 87% offer these only to “select employees.” These select
employees are critical/key employees of the organization. The
practice has gained dominance after the economic downturn
since companies want to keep their key employees motivated.
An accurate judgment is required to identify the right mix of
people who would get the stock benefits. Determining who
should be the recipient of stock benefit may be decided by
the criticality of an employee’s role to the organization’s core
functions and his/her performance. The qualitative assessment
of the role needs to be balanced with the quantitative benefits
for employees.

MNCs maintain increased capital
commitment to stock-based
incentive plans than Indian
companies
Paid up capital committed by companies
Indian companies MNCs
Upto 3% 47% 31%
More than 15% 0% 9%
Our survey indicates that the majority of Indian companies
allocate a small part, i.e., up to 3%, of their paid up share capital
toward stock-based incentive plans. On the other hand, MNCs
commit a higher proportion of share capital toward stock-based
incentive plans. Of the Indian companies surveyed, 47% have
committed up to 3% of their paid up share capital toward stock-
based incentive plans, while the majority of MNCs (33%) have
committed more than 5% to 10% of the share capital for such
plans.

5%
41%
47%
7%
Upto 1 year
More than 1 year
upto 3 years
More than 3 years
upto 5 years
More than 5 years
Vesting period
18%
40%
30%
12%
Upto 1 year
More than 1 year
upto 5 years
More than 5 years
upto 10 years
More than 10 years
Exercise period
26%
9%
5%
60%
Upto 3 years
More than 3 years
upto 5 years
More than 5 years
Not applicable
Lock-in-period
Earn the right to convert option to shares
Exercise the right to acquire shares
Restrict the sale of shares
One of the most critical design features is the vesting period,
since it often serves as a retention tool — with back-ended
vesting and longer vesting period, there is an increased
possibility that the employee will stay longer with the company.
On the other hand, front-ended vesting may not aid in retention
but may reward past performance of the employee.
Stock-based incentive plan design
Typically, a stock-based incentive plan runs for five to ten years,
during which period an employee earns stock income. Our
survey indicates that 88% of the respondents have a vesting
period of 1 to 5 years during which the stock options vest and to
exercise this right, an employee normally gets 1 to 5 years, as
40% of the respondents revealed.
Our survey also indicated that 60% of the respondents do not
have a lock-in period for shares after the allotment. This allows
flexibility to employees to sell their shares when they want to.
Our survey revealed that companies with stock-based incentive
plans that have a relatively long exercise period, i.e., more than
five years, are largely unlisted/private ones.

“Uniform vesting” is a commonly
adopted practice
Market price forms the basis for
pricing of stock-based incentive
plans
Our survey indicated that 60% of the respondents have a
uniform vesting schedule for stock-based incentive plans, during
which an employee earns the right to exercise the stock option
in equal proportion over the vesting period.
A combination of different types of vesting with different grades
of employees can help companies maintain a balance between
reward and retention.
Our survey indicated that 51% of the respondents offer shares
under a stock-based incentive plan at market price on the date
of grant of stock options and 23% do so at less than the market
price on the date of grant of stock options. Exercise price is
decided by stock price history, future expectation of growth in
stock price and the volatility of the stock market.
2%
5%
19%
23%
51%
Book Value as on March 31st of the year in which the stock options are granted
Fair Market Value certiﬁed by Merchant Banker
Face Value (Par Value)
Less than the Market Price as on the date of grant of stock options
Market Price as on the date of grant of stock options
Exercise Price
The pricing strategy also depends on the growth phase of a
company. Companies should have a compelling rationale before
Vesting types
Performance
based
Uniform vesting Cliff vesting Back ended Front ended
60%
19% 14% 5% 2%
deciding the exercise price and should be ready to manage the
balance in boom and bust cycles.

Exit mechanism varies with type
of companies
A robust exit strategy is necessary for the success of a stock-
based incentive plan, since an employee should be able to
encash his wealth. In case of listed companies, exit is seamless,
since the employees are able to sell the shares on the stock
exchange. Therefore, it becomes critical and necessary for
an unlisted company to provide clear exit mechanism in the
stock-based incentive plan to generate confidence and clarity to
employees.
Unlisted companies may choose from alternatives such as
purchase by the new investor or buy-back by the company/
trust/promoter.
Our survey revealed that 86% of the listed companies use
sale over stock exchange as the exit strategy for stock-based
incentive plans. For unlisted companies, promoter buy back is
the most prominently used method, as mentioned by 60% of the
unlisted companies
Exit mechanism
Listed company Unlisted company
Sale over stock
exchange
86%
Promoter
buy-back
10%
Sale to the
trust
4%
Sale over stock
exchange
Promoter
buy-back
60%
0%
Sale to the
trust
40%

Companies prefer to administer
stock-based incentive plans
directly
Implementation
Plan
administration
Indian
companies %
MNC’s %
Directly by the
company
73% 72%
Through a trust 27% 28%
Clearly, a majority of the respondents prefer to administer
stock-based incentive plan directly, than through a trust. This
phenomenon is consistent for both Indian companies and MNCs.
Plan design is truly critical for the success of a stock-based incentive plan. Adequate time must be invested in pre-plan
brainstorming to align the interest of the employees and the company, taking into consideration industry and market trends,
employee demographics, current and future business projections within the overall employee reward and retention framework.
This is likely to help in articulating the design features best suited for the organization. This, in-turn, would lead to a stock-based
incentive plan tailored to meet the needs of the organization.

Accounting
Key findings
Of the companies that have a stock-based incentive plan
use fair value method for accounting of stock expense
71%
Of the companies that have a stock-based incentive plan
use intrinsic value method for accounting of stock expense
29%
Fair value 71% Intrinsic Value 29%
Accounting of stock based incentive plans
►
►
►
►
►
►
Fair value is determined by
Binomial or Black Scholes
Option Pricing Model.
Price dependent on
external factors such as:
Time value
Interest rate
Volatility
Dividend yield
It is the excess of the
market price of the share
over the exercise price.
►
Our survey revealed that the fair value method is the most
commonly used method for accounting stock-based incentive
plans. Fair value is based on external factors such as volatility,
dividend yield, interest rate and time value of option. On the
other hand, the intrinsic value is calculated as the difference
between the market price of the share and exercise price.

Plan effectiveness
Key findings
Companies have positive feedback on stock-based incentive
plans from employees
77%
Companies review their stock-based incentive plan annually
38%
Feedback of the employees on
stock-based incentive plans
Positive Neutral Negative
77%
23% 0%
When asked about the feedback of the employees on the stock-
based incentive plans, more than three-fourths of the companies
have received a positive feedback from their employees.
Interestingly, there is “zero” negative feedback from employees
on the stock-based incentive plans.

Review and alignment of plans is
a critical step in the lifecycle of a
stock-based incentive plan
Frequency of review of the stock-based incentive plan (from the date of roll out)
Annual
Not applicableIn more than
1 year but
up to 2 years
In more than
2 years but
up to 5 years
In more than
5 years
As required
Awareness
gap
38%
25%
11%
17%
6%
3%
Our survey reveals that 38% of the respondents review the
stock-based incentive plans annually. The stock-based incentive
plans need to be reviewed periodically, given the changes in
share price, tax and regulatory environment. Listed MNCs
primarily undertake an annual review, as confirmed by 60% of
the respondents. This is in contrast with listed Indian entities,
with only 11% respondents signaling an annual review. Indian
companies carry out a review in two to five years (34%) and in
one to two years (33%).
Stock-based incentive plan review frequency
Period Indian company -
Listed
Multinational - Listed
Annual 11%
In more than 2 years
but up to 5 years
In more than 1 year
but up to 2 years
34%
Not applicable
As required
22%
33%
-
60%
13%
7%
7%
13%
Companies must realize that stock-based incentive plans need to
be reviewed periodically to make them effective and practical.
Our survey has revealed that stock-based incentive plans have
a positive impact on employees. The feedback is encouraging.
Therefore, to ensure that the stock-based incentive plan is
effective, appropriate periodic review is required. It may be
advisable to seek the inputs of employees on the features of the
stock-based incentive plans at the time of review to make the
exercise more meaningful and robust.

Methodology
EY’s Stock Based Incentive Survey 2014 is a step toward
identifying the perspective of employers on stock-based
incentive compensation schemes. The survey is aimed at
understanding the broad trends and practices followed by Indian
companies and MNCs operating in India on stock-based incentive
plans. This survey was conducted online and through personal
interviews between December 2013 and January 2014. It
covered a representative panel of 110 senior level respondents,
involved in the decision making of the affairs of the companies.
Profile of companies surveyed
11%
20%
28%
41%
Indian Company - Unlisted
Indian Company - Listed
Multinational - Private
Multinational - Listed
Organization type Job Title
7%
14%
15%
32%
32%
Advisors
C Level Executives
Vice Presidents
Directors
Senior Managers
Sector Proﬁle
3%
2%
2%
3%
9%
11%
11%
24%
35%
Others
Real Estate and Construction
Education
Professional Services
Energy, Resources, Infrastructure and Government
Health Care and Life Sciences
Financial Services
Manufacturing and Consumer Goods
TMT

Glossary
Back-ended vesting means increased vesting in the later years of the vesting period.
Cliff-vesting means full vesting at a specified time during the vesting period.
Date of grant of stock options means the date on which stock options are granted to an employee pursuant to the employee-based
incentive plan.
Employee stock option plan provides a right to an employee to purchase company’s shares at a pre-determined price at a pre-
determined future date.
Employee stock purchase plan provides a right to an employee to purchase company’s shares immediately. Shares acquired under
an employee stock purchase plan may be subject to a lock-in-period.
Exercise means making of an application by the employee to the company for issue/transfer of shares against the vested stock
options.
Exercise period means the maximum time period after vesting within which the employee should exercise the stock option held by
him.
Exercise price means the price at which an employee can purchase shares of the company against the vested stock options.
Front-ended vesting means higher vesting in the initial years of the vesting period.
Lock-in-period means the period post allotment of shares of the company within which the shares cannot be sold or transferred in
any manner.
Stock appreciation rights plan entitles the participant to a payment in cash or shares equal to the appreciation of company’s share
over a specific period.
Stock option means the right granted to an employee to acquire shares of the company at a future date, subject to the terms and
conditions of an employee-based incentive plan.
Uniform vesting is the vesting divided equally over the vesting period.
Vesting means the process by which the employee is given the right to apply for shares of the company against the stock option
granted to him in pursuance of the employee-based incentive plan.
Vesting period means the period during which the vesting of the stock options granted to the employee in pursuance of the
employee-based incentive plan takes place.

How EY can help you
Sonu Iyer
Partner and National Leader - Human Capital Global Mobility, EY
+91 11 4363 3160
sonu.iyer@in.ey.com
Mayur Shah
Executive Director
+91 22 6192 1104
mayur.shah@in.ey.com
Amarpal S. Chadha
Partner
+91 80 6727 5258
amarpal.chadha@in.ey.com
Alok Agrawal
Director
+91 80 6727 5000
alok.agrawal@in.ey.com
Dinesh Agarwal
Partner
+91 33 6615 3470
dinesh.agarwal@in.ey.com
Shalini Jain
Associate Director
+91 11 4363 3166
shalini.jain@in.ey.com
For more information, visit www.ey.com/India
Our team
EY’s Global Equity professionals help companies to effectively
design, implement, communicate and administer equity-based
compensation benefits for their India and global employees.
While analyzing existing plans in each country, EY uses a multi-
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issues across different functional areas including HR, tax,
accounting and compliance.
We make recommendations to help you meet your company’s
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While we use a proven EY methodology to achieve a client’s
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following services to be responsive to and flexible in addressing
each company’s unique business situation:
►► Incentive plan design
►► Feasibility and due diligence
►► Maximization of corporate tax deductibility
►► Review of administrative process
►► Creation and rollout of effective employee communication
messages
►► Support on cross-border tax planning and payroll
►► Compliance check with Securities and Exchange Board of
India (SEBI) guidelines
In addition, we work with our in-house experts to provide the
following services:
►► Industry benchmarks
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Multifunctional
approach
Administration
procedures
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procedures
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program
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expertise
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compensation
expertise
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tax
deductibility
Plan review,
design and
documentation
Cross border
planning and
compliance
Reporting
and
withholding
Equity
plan

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No.24 Vittal Mallya Road
Bengaluru - 560 001
Tel: + 91 80 4027 5000
+ 91 80 6727 5000
Fax: + 91 80 2210 6000 (12th
floor)
Fax: + 91 80 2224 0695 (13th
floor)
1st Floor, Prestige Emerald
No. 4, Madras Bank Road
Lavelle Road Junction
Bengaluru - 560 001
Tel: + 91 80 6727 5000
Fax: + 91 80 2222 4112
Chandigarh
1st
Floor, SCO: 166-167
Sector 9-C, Madhya Marg
Chandigarh - 160 009
Tel: + 91 172 671 7800
Fax: + 91 172 671 7888
Chennai
Tidel Park, 6th
& 7th
Floor
A Block (Module 601,701-702)
No.4, Rajiv Gandhi Salai, Taramani
Chennai - 600113
Tel: + 91 44 6654 8100
Fax: + 91 44 2254 0120
Hyderabad
Oval Office, 18, iLabs Centre
Hitech City, Madhapur
Hyderabad - 500081
Tel: + 91 40 6736 2000
Fax: + 91 40 6736 2200
Kochi
9th
Floor, ABAD Nucleus
NH-49, Maradu PO
Kochi - 682304
Tel: + 91 484 304 4000
Fax: + 91 484 270 5393
Kolkata
22 Camac Street
3rd
floor, Block ‘C’
Kolkata - 700 016
Tel: + 91 33 6615 3400
Fax: + 91 33 2281 7750
Mumbai
14th
Floor, The Ruby
29 Senapati Bapat Marg
Dadar (W), Mumbai - 400028
Tel: + 91 022 6192 0000
Fax: + 91 022 6192 1000
5th
Floor, Block B-2
Nirlon Knowledge Park
Off. Western Express Highway
Goregaon (E)
Mumbai - 400 063
Tel: + 91 22 6192 0000
Fax: + 91 22 6192 3000
NCR
Golf View Corporate Tower B
Near DLF Golf Course
Sector 42
Gurgaon - 122002
Tel: + 91 124 464 4000
Fax: + 91 124 464 4050
6th
floor, HT House
18-20 Kasturba Gandhi Marg
New Delhi - 110 001
Tel: + 91 11 4363 3000
Fax: + 91 11 4363 3200
4th
& 5th
Floor, Plot No 2B, Tower 2,
Sector 126,
NOIDA 201 304
Gautam Budh Nagar, U.P. India
Tel: + 91 120 671 7000
Fax: + 91 120 671 7171
Pune
C-401, 4th
floor
Panchshil Tech Park
Yerwada
(Near Don Bosco School)
Pune - 411 006
Tel: + 91 20 6603 6000
Fax: + 91 20 6601 5900

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