Kozhikode: JMR Infotech, banking software services and solutions provider, has opened a subsidiary in Nigeria.
The company, an Oracle partner for FLEXCUBE services, already services a number of clients in the African continent.
The Nigerian subsidiary will allow it to increase its reach and logistics flexibility across West African region, according to Mr Jayafar Moidu, Chief Executive Officer.
The company sees steady growth in West African economy.
This will prompt the banking and financial institutions in the region to look for banking software service providers to support the rapid growth and launch of innovative products and services.
Success in my Habit
Friday, March 30, 2012
Hinduja Energy ties up with Germany's Steag
Mumbai: Hinduja Energy India has formed a joint venture with Steag Energy Services (India) for operation and maintenance of power projects.
Hinduja Energy is part of the Hinduja Group. Steag Energy is a subsidiary of German energy major Steag GmbH and is the fifth largest electricity producer in Germany.
It operates 11 power plants. Its total installed capacity is about 9,400 MW worldwide, including 7,700 MW in Germany. In 2010, Steag's sales revenue totalled €2.8 billion.
A statement from the Hindujas said the joint venture will operate the Visakhapatnam plant of Hinduja National Power Corporation Ltd (HNPCL).
The 1040-MW coal-based plant is expected to be commissioned in 2013.
Huge Investment
The venture will also take up operation and maintenance of new power projects.
Mr A. K. Puri, Managing Director, HNPCL, said the joint venture for O&M will have a major role ahead, given the projected double-digit growth in aggregate power generation in the country.
The Hinduja Group plans to build 10,000 MW of generating assets over 7-8 years at an investment of $12-14 billion.
Steag has also acquired a five per cent stake in HNPCL through Steag Energy for an undisclosed premium with an option to invest in the future power projects of the group.
Mr Ashok P. Hinduja, Chairman, HNPCL, said: “I anticipate an enduring and successful partnership with Steag, further cemented by the five per cent stake in HNPCL.”
Mr Joachim Rumstadt, Chairman of the Executive Board at Steag said, “Through the cooperation with our Indian partner, we are expanding our commitment to the international power plant business.”
Hinduja Energy is part of the Hinduja Group. Steag Energy is a subsidiary of German energy major Steag GmbH and is the fifth largest electricity producer in Germany.
It operates 11 power plants. Its total installed capacity is about 9,400 MW worldwide, including 7,700 MW in Germany. In 2010, Steag's sales revenue totalled €2.8 billion.
A statement from the Hindujas said the joint venture will operate the Visakhapatnam plant of Hinduja National Power Corporation Ltd (HNPCL).
The 1040-MW coal-based plant is expected to be commissioned in 2013.
Huge Investment
The venture will also take up operation and maintenance of new power projects.
Mr A. K. Puri, Managing Director, HNPCL, said the joint venture for O&M will have a major role ahead, given the projected double-digit growth in aggregate power generation in the country.
The Hinduja Group plans to build 10,000 MW of generating assets over 7-8 years at an investment of $12-14 billion.
Steag has also acquired a five per cent stake in HNPCL through Steag Energy for an undisclosed premium with an option to invest in the future power projects of the group.
Mr Ashok P. Hinduja, Chairman, HNPCL, said: “I anticipate an enduring and successful partnership with Steag, further cemented by the five per cent stake in HNPCL.”
Mr Joachim Rumstadt, Chairman of the Executive Board at Steag said, “Through the cooperation with our Indian partner, we are expanding our commitment to the international power plant business.”
HCL Tech, Cisco set up centre of excellence in Johannesburg
New Delhi: IT services provider HCL Technologies Ltd has strategically aligned with Cisco to announce the opening of a South Africa Glocal Centre of Excellence (GCoE) in Johannesburg.
This will serve as a local support centre for HCL and Cisco's South African clients. It will also train local engineers on advanced Cisco technologies to support clients across Africa, especially in South Africa.
HCL had earlier established a Global Cisco Hub in India. The new GCoE, to be operated by HCL, will be aligned with the India hub to address the skills shortage for advanced technologies in both regions.
HCL has already trained an initial batch of 26 local engineers who are already deployed on key projects in five regional hubs across South Africa, with plans to train 100 engineers at the centre over next 12 months.
The GCoE will serve customers through HCL's partner network throughout Africa. It will also service clients by developing ICT skill sets, creating trained local personnel to deploy and manage advanced solutions.
The centre will support a number of vertical sectors, including telecom service providers, banking and financial services, public sector and the retail and mining industry.
Mr Ashish Gupta, Senior Vice-President and Head - EMEA, HCL Infrastructure Services Division, HCL Technologies, said, “As more and more companies in the West look for new avenues of growth, we are seeing a large demand for leading edge IT solutions coming in from emerging markets like Africa.”
Mr Stefano Mattiello, Director, Channels for Cisco South Africa, said “The centres of excellence we operate help us provide a global reach through technology use.”
This will serve as a local support centre for HCL and Cisco's South African clients. It will also train local engineers on advanced Cisco technologies to support clients across Africa, especially in South Africa.
HCL had earlier established a Global Cisco Hub in India. The new GCoE, to be operated by HCL, will be aligned with the India hub to address the skills shortage for advanced technologies in both regions.
HCL has already trained an initial batch of 26 local engineers who are already deployed on key projects in five regional hubs across South Africa, with plans to train 100 engineers at the centre over next 12 months.
The GCoE will serve customers through HCL's partner network throughout Africa. It will also service clients by developing ICT skill sets, creating trained local personnel to deploy and manage advanced solutions.
The centre will support a number of vertical sectors, including telecom service providers, banking and financial services, public sector and the retail and mining industry.
Mr Ashish Gupta, Senior Vice-President and Head - EMEA, HCL Infrastructure Services Division, HCL Technologies, said, “As more and more companies in the West look for new avenues of growth, we are seeing a large demand for leading edge IT solutions coming in from emerging markets like Africa.”
Mr Stefano Mattiello, Director, Channels for Cisco South Africa, said “The centres of excellence we operate help us provide a global reach through technology use.”
RBI allows cross border remittances through mobiles
Mumbai: The RBI has permitted banks to enable cross border remittance between bank accounts through the medium of mobile, subject to clearance from the local regulator.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
BRICS signs pact to extend credit in local currencies
New Delhi: To reduce transaction costs of intra-BRICS trade, the five-member emerging economies' group on Thursday inked a pact to extend credit in respective local currencies.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The grouping also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter's bank or importer's bank.
The Prime Minister, Dr Manmohan Singh, also called for greater interaction amongst business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
Development Bank
Addressing the Summit, Dr Singh said, a suggestion had been made to set up a BRICS Development Bank. “We have directed our Finance Ministers to examine the proposal and report back at the next Summit,” he said. The BRICS Finance Ministers will study the feasibility and viability of the initiative and set up a joint working group for the study.
The proposal on the BRICS Development Bank formed part of the Summit's Delhi Declaration.
The proposed development bank will be for mobilising resources for infrastructure and sustainable projects in BRICS and other emerging economies and developing countries. The proposed bank's resources are to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.
IMF, World Bank Reform
Significantly, the BRICS countries called for reforming the International Monetary Fund and World Bank by increasing representation from developing countries.
They agreed to support a developing country candidate for the post of World Bank President.
Taking serious note of the impact of the Euro Zone crisis on the world economy, the grouping said “The immediate priority is to restore market confidence and get global growth back on track.”
Referring to the risks of large and volatile cross-border capital flows being faced by emerging economies, they said, “We call for further international financial regulatory oversight and reform, strengthening policy coordination, financial regulation, supervision cooperation, and promoting the sound development of global financial markets and banking systems.”
The BRICS countries also called for closer co-operation to revive the stalled Doha Round talks for a deal on further liberalising global trade.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The grouping also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter's bank or importer's bank.
The Prime Minister, Dr Manmohan Singh, also called for greater interaction amongst business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
Development Bank
Addressing the Summit, Dr Singh said, a suggestion had been made to set up a BRICS Development Bank. “We have directed our Finance Ministers to examine the proposal and report back at the next Summit,” he said. The BRICS Finance Ministers will study the feasibility and viability of the initiative and set up a joint working group for the study.
The proposal on the BRICS Development Bank formed part of the Summit's Delhi Declaration.
The proposed development bank will be for mobilising resources for infrastructure and sustainable projects in BRICS and other emerging economies and developing countries. The proposed bank's resources are to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.
IMF, World Bank Reform
Significantly, the BRICS countries called for reforming the International Monetary Fund and World Bank by increasing representation from developing countries.
They agreed to support a developing country candidate for the post of World Bank President.
Taking serious note of the impact of the Euro Zone crisis on the world economy, the grouping said “The immediate priority is to restore market confidence and get global growth back on track.”
Referring to the risks of large and volatile cross-border capital flows being faced by emerging economies, they said, “We call for further international financial regulatory oversight and reform, strengthening policy coordination, financial regulation, supervision cooperation, and promoting the sound development of global financial markets and banking systems.”
The BRICS countries also called for closer co-operation to revive the stalled Doha Round talks for a deal on further liberalising global trade.
Thursday, March 29, 2012
Central Bank, Angel Broking launch three-in-one online trading platform
Mumbai: Central Bank of India and Angel Broking have tied-up for the launch of a three-in-one online share trading facility. The facility will only be available to the bank's customers, said the broking firm at a press meet on Monday. Customers will be given a three-in-one account which will include a savings, a demat and a trading account. “The central theme of the solution is to make it easy for Central Bank of India customers to trade online, and manage all the three accounts i.e. deposit, demat and trading with a single online interface on a real-time basis,” said a release from the firm.
The platform will enable customers to mark funds from their deposit account towards the angel trading account. The customer can opt for trading in equities, futures and options, exchange traded currency derivatives among other segments. Within a month's time, customers will be able to make IPO bids on the platform as well, said Mr Vinay Agrawal, Executive Director, Angel Broking.
Kerala plans nation's first telecom tech incubator
Thiruvananthapuram: Startup Village, purported to be the country's first technology business incubator in telecom, is preparing to take off in Kerala.
Also the first public-private partnership incubator, it will go on stream in Kochi in early April with a projected investment of Rs 100 crore.
At least 1,000 student startups are expected to set up base here, Chief Minister, Mr Oommen Chandy, announced in New Delhi.
National Science and Technology Entrepreneurship Development Board (NSTEDB) and Kerala Government-run Technopark are the promoters.
MobME Wireless, a student start-up and has grown to become one of the country's top-10 emerging companies, will be the private partner.
The project will seek to transform the State into a ‘Silicon Coast,' an official spokesman quoted Mr Chandy as saying.
Among those present with him were Dr Kiran Karnik, former president of Nasscom; Dr H. K. Mittal of the Department of Science and Technology; Mr Rajan Mathews, Director-General, Cellular Operators Association of India; Mr Abhishek Goyal, Chief Executive Officer, UrbanTouch.com; and Mr Sanjay Vijayakumar, Chairman of the Board of Governors, Startup Village.
First Steps
Technopark took its first steps into incubation when MobME Wireless, promoted by then engineering students, was launched in 2006.
The Technopark incubator quickly rose in six years to become one of the most prominent national technology incubators.
It also won the President's award for best technology business incubator in the country for 2008.
There are now 125 companies here employing 3,000 people and generating Rs 100 crore in annual revenue, Mr Chandy said.
Mr Kris Gopalakrishnan, Co-Founder of Infosys, would be the Chief Mentor for the startups at the Village.
The telecom and information technology industry has extended support to this venture, the official spokesman said.
Among those likely to join as mentors or investors are: Dr Kiran Karnik; Mr Abhishek Goyal; Mr Sharad Sharma, former CEO, Yahoo India R& D; Mr Ganesh Lakshminarayan, Managing Director, Dell India; Mr K. K. Natarajan of Mindtree; Mr Arun Kumar, Global Board Member of KPMG; Dr Ravi Pillai, the biggest employer of Indians in West Asia ; and Mr K. Nanda Kumar, CEO and President, SunTec Business Solutions.
Also the first public-private partnership incubator, it will go on stream in Kochi in early April with a projected investment of Rs 100 crore.
At least 1,000 student startups are expected to set up base here, Chief Minister, Mr Oommen Chandy, announced in New Delhi.
National Science and Technology Entrepreneurship Development Board (NSTEDB) and Kerala Government-run Technopark are the promoters.
MobME Wireless, a student start-up and has grown to become one of the country's top-10 emerging companies, will be the private partner.
The project will seek to transform the State into a ‘Silicon Coast,' an official spokesman quoted Mr Chandy as saying.
Among those present with him were Dr Kiran Karnik, former president of Nasscom; Dr H. K. Mittal of the Department of Science and Technology; Mr Rajan Mathews, Director-General, Cellular Operators Association of India; Mr Abhishek Goyal, Chief Executive Officer, UrbanTouch.com; and Mr Sanjay Vijayakumar, Chairman of the Board of Governors, Startup Village.
First Steps
Technopark took its first steps into incubation when MobME Wireless, promoted by then engineering students, was launched in 2006.
The Technopark incubator quickly rose in six years to become one of the most prominent national technology incubators.
It also won the President's award for best technology business incubator in the country for 2008.
There are now 125 companies here employing 3,000 people and generating Rs 100 crore in annual revenue, Mr Chandy said.
Mr Kris Gopalakrishnan, Co-Founder of Infosys, would be the Chief Mentor for the startups at the Village.
The telecom and information technology industry has extended support to this venture, the official spokesman said.
Among those likely to join as mentors or investors are: Dr Kiran Karnik; Mr Abhishek Goyal; Mr Sharad Sharma, former CEO, Yahoo India R& D; Mr Ganesh Lakshminarayan, Managing Director, Dell India; Mr K. K. Natarajan of Mindtree; Mr Arun Kumar, Global Board Member of KPMG; Dr Ravi Pillai, the biggest employer of Indians in West Asia ; and Mr K. Nanda Kumar, CEO and President, SunTec Business Solutions.
BSE Institute ties up with German school of finance
New Delhi: Giving a thrust to cross-border understanding of capital markets, BSE Institute, a subsidiary of the Bombay Stock Exchange, on Wednesday signed a Memorandum of Understanding (MoU) with the Frankfurt School of Finance & Management.
Under the MoU, students of the two institutes would get greater insights into global markets through exchange programmes and joint courses, a company release said. The programmes will start in the academic year 2012-13.
The institutes are also planning joint programmes for senior executives.
“With the global integration of financial markets and the challenges that the world economy has faced in the recent past, there is an urgent need to come together to develop finance professionals who can steer through turbulent waters,” said Mr Ambarish Datta, Managing Director and Chief Executive Officer, BSE Institute.
DRL launches anti-depression generic in US
Hyderabad: Pharma major Dr Reddy's Laboratories has launched Quetiapine fumarate tablets in the US market.
A bioequivalent generic version of Seroquel tablets, it is indicated for the treatment of schizophrenia and other depression-related disorders.
The Hyderabad-based company has launched the drug in the US market from March 27, according to a release issued here on Wednesday.
The Seroquel brand had US sales of approximately $4.6 billion for the most recent 12 months ending December 2011, according to IMS Health, the release said.
The launch of Quetiapine was part of Dr Reddy's strategy to focus on limited competition products in the US market.
According to the information shared by the company in the after the announcement of third quarter results, it had lined up a ‘good' number of launches in the US market which is expected to drive revenue growth in the next financial year.
Dr Reddy's stock climbed 1.11 per cent on Bombay Stock Exchange on Wednesday to end at Rs 1,698.65.
A bioequivalent generic version of Seroquel tablets, it is indicated for the treatment of schizophrenia and other depression-related disorders.
The Hyderabad-based company has launched the drug in the US market from March 27, according to a release issued here on Wednesday.
The Seroquel brand had US sales of approximately $4.6 billion for the most recent 12 months ending December 2011, according to IMS Health, the release said.
The launch of Quetiapine was part of Dr Reddy's strategy to focus on limited competition products in the US market.
According to the information shared by the company in the after the announcement of third quarter results, it had lined up a ‘good' number of launches in the US market which is expected to drive revenue growth in the next financial year.
Dr Reddy's stock climbed 1.11 per cent on Bombay Stock Exchange on Wednesday to end at Rs 1,698.65.
Foreign direct investment norms for Indians relaxed
Mumbai: The Reserve Bank of India (RBI) on Wednesday announced a slew of revisions aimed at liberalising the norms for direct investment abroad by Indian residents. These include liberalisation in regulations on qualification shares, professional services rendered and Esop (employee stock option plan) schemes.
The central bank has removed the cap of one per cent on resident individuals acquiring qualification shares for holding the post of a director in a foreign company. “Accordingly, remittance shall be allowed from resident individuals for acquiring the qualification shares for holding the post of a director in a foreign company to the extent prescribed in the law of the host country where it is located,” said the RBI notification.
It has also decided to grant general permission to resident individuals to acquire shares of a foreign entity in part or full consideration for professional services rendered to the foreign company or in lieu of a director’s remuneration.
And, Indian resident employees or directors have been permitted to accept shares offered under an Esop scheme globally, on a uniform basis, in a foreign company irrespective of the percentage of the direct or indirect equity stake. Earlier, the facility was subject to equity holding of not less than 51 per cent.
However, shares under the Esop scheme should be offered by the issuing company globally on a uniform basis and the annual return filed by the Indian company to RBI through the authorised dealer category- I bank, giving details of remittances and beneficiaries.
RBI also announced several modifications to ease the process of direct investments abroad. “It has been decided that issuance of personal guarantee by the promoters of the Indian party as presently allowed under the general permission shall also be extended to the indirect resident individual promoters of the Indian party, with the same stipulations as in the case of personal guarantee by the direct promoters,” it said.
The central bank has removed the cap of one per cent on resident individuals acquiring qualification shares for holding the post of a director in a foreign company. “Accordingly, remittance shall be allowed from resident individuals for acquiring the qualification shares for holding the post of a director in a foreign company to the extent prescribed in the law of the host country where it is located,” said the RBI notification.
It has also decided to grant general permission to resident individuals to acquire shares of a foreign entity in part or full consideration for professional services rendered to the foreign company or in lieu of a director’s remuneration.
And, Indian resident employees or directors have been permitted to accept shares offered under an Esop scheme globally, on a uniform basis, in a foreign company irrespective of the percentage of the direct or indirect equity stake. Earlier, the facility was subject to equity holding of not less than 51 per cent.
However, shares under the Esop scheme should be offered by the issuing company globally on a uniform basis and the annual return filed by the Indian company to RBI through the authorised dealer category- I bank, giving details of remittances and beneficiaries.
RBI also announced several modifications to ease the process of direct investments abroad. “It has been decided that issuance of personal guarantee by the promoters of the Indian party as presently allowed under the general permission shall also be extended to the indirect resident individual promoters of the Indian party, with the same stipulations as in the case of personal guarantee by the direct promoters,” it said.
Elecon Engineering commissions new manufacturing plant to double gear making capacity
Ahmedabad: Anand based material handling equipments and transmission products maker Elecon Engineering Company Limited announced commissioning of new manufacturing plant as an expansion of the Elecon Gear Division.
The new plant will produce internal components of the helical gear box and has a capacity of manufacturing 1000 gear boxes per month.
Located near Prayas Engineering, this engineering plant has been built to double the gear box manufacturing capacity using world class quality and to ensure on-time delivery within a short span of time, read a media statement issued by Elecon. Commenting on the development, Elecon Engineering CMD Prayasvin Patel said
"The construction of this modern facility is another step towards our motto 'always a step ahead in technology'. The new shed is designed to be an icon and will represent the image of the Elecon Group of companies. With this enhanced facility we aim to increase our turnover by 33% within the period of one year."
Different types of lean tools like 5 S, 7 waste, SMED, TPM, KANBAN, KAIZEN will be implemented at the new facility.
The overall efficiency and condition of the equipment as well as the selection of work holding devices, tool management, swarf management, coolant management and work handling systems will be optimal, thus minimising labour fatigue, claimed Elecon. The components will be produced in a dust-free & eco-friendly environment.
Elecon has gear division in place since its inception in 1951 and it is considered pioneer inintroducing the modular design concept, case hardened and ground gear technology in India. The division caters to core sectors such as power, sugar, cement, chemicals, fertilizers, steel, plastic extrusion and rubber.
The new plant will produce internal components of the helical gear box and has a capacity of manufacturing 1000 gear boxes per month.
Located near Prayas Engineering, this engineering plant has been built to double the gear box manufacturing capacity using world class quality and to ensure on-time delivery within a short span of time, read a media statement issued by Elecon. Commenting on the development, Elecon Engineering CMD Prayasvin Patel said
"The construction of this modern facility is another step towards our motto 'always a step ahead in technology'. The new shed is designed to be an icon and will represent the image of the Elecon Group of companies. With this enhanced facility we aim to increase our turnover by 33% within the period of one year."
Different types of lean tools like 5 S, 7 waste, SMED, TPM, KANBAN, KAIZEN will be implemented at the new facility.
The overall efficiency and condition of the equipment as well as the selection of work holding devices, tool management, swarf management, coolant management and work handling systems will be optimal, thus minimising labour fatigue, claimed Elecon. The components will be produced in a dust-free & eco-friendly environment.
Elecon has gear division in place since its inception in 1951 and it is considered pioneer inintroducing the modular design concept, case hardened and ground gear technology in India. The division caters to core sectors such as power, sugar, cement, chemicals, fertilizers, steel, plastic extrusion and rubber.
Mitsubishi Pencil buys 13.5% in Linc Pen & Plastics for Rs 20 cr
Kolkata: Japan's Mitsubishi Pencil has picked up a 13.5% stake in Linc Pen & Plastics, one of the country's top three writing instrument makers, for around 20 crore.
The Japanese firm now plans to manufacture pens out of India for its global market in the facilities of Linc, which has been distributing Mitsubishi's 'Uni-ball' range of pens in India for the past 20 years. Mitsubishi may also launch its office stationary products in India.
"Mitsubishi wanted to invest in one of the writing instruments company in India and since we already had a marketing arrangement, Linc became their first choice," Linc Pen MD Deepak Jalan told ET.
In a notice issued to BSE, Linc Pen said Mitsubishi will subscribe to 2 million equity shares of the company at 100 per share, comprising 13.53% of the enhanced capital of Linc on a preferential allotment basis. Linc intends to increase its equity share capital from the present 13 crore to 15 crore.
The Kolkata-based Jalan family, which had more than 70% in Linc Pens, will now be left with 60% stake. The Mitsubishi range contributes nearly 15% to Linc's 250-crore revenue, which the company expects will now grow substantially.
Last year, Japanese writing instrument firm Kokuyo Co announced plans to acquire more than 50% stake in Camlin for some 365 crore. French stationary firm BIC Group plans to buy a sizeable stake in market leader Cello Pens.
The Japanese firm now plans to manufacture pens out of India for its global market in the facilities of Linc, which has been distributing Mitsubishi's 'Uni-ball' range of pens in India for the past 20 years. Mitsubishi may also launch its office stationary products in India.
"Mitsubishi wanted to invest in one of the writing instruments company in India and since we already had a marketing arrangement, Linc became their first choice," Linc Pen MD Deepak Jalan told ET.
In a notice issued to BSE, Linc Pen said Mitsubishi will subscribe to 2 million equity shares of the company at 100 per share, comprising 13.53% of the enhanced capital of Linc on a preferential allotment basis. Linc intends to increase its equity share capital from the present 13 crore to 15 crore.
The Kolkata-based Jalan family, which had more than 70% in Linc Pens, will now be left with 60% stake. The Mitsubishi range contributes nearly 15% to Linc's 250-crore revenue, which the company expects will now grow substantially.
Last year, Japanese writing instrument firm Kokuyo Co announced plans to acquire more than 50% stake in Camlin for some 365 crore. French stationary firm BIC Group plans to buy a sizeable stake in market leader Cello Pens.
Globals ITeS inks cloud deal in Zimbabwe
Bangalore: Globals ITeS has signed a pilot project to implement cloud computing in 30 schools in Zimbabwe.
As a part of this project, Globals ITeS, a subsidiary of Globals Inc, will implement an outbound Interactive Voice Response System (IVRS) solution along with an education management information system that will be delivered through the cloud.
Initially, through this system, all teachers and other school members will get an automated call on their mobile phones through which they will be required to enter the requisite data pertaining to number of students attending schools or status of initiatives adopted by the school.
Growing issues with regard to transparency such as staff absenteeism prompted the school to adopt a solution like this. “Mobile phone penetration in Zimbabwe is high. Couple this with inconsistent power supply and Internet connectivity issues in Zimbabwe, this kind of a solution will help in addressing the challenges that the government faces in their education sector,” Mr Suhas Gopinath, CEO & President of Globals Inc.
This pilot will be implemented for six months after which based on the impact study; it will be rolled out in another 400 schools. According to Mr Gopinath, this kind of solution can be extended to government schemes in India, which, through the cloud can monitor subsidies granted to farmers or mid-day meal schemes.
As a part of this project, Globals ITeS, a subsidiary of Globals Inc, will implement an outbound Interactive Voice Response System (IVRS) solution along with an education management information system that will be delivered through the cloud.
Initially, through this system, all teachers and other school members will get an automated call on their mobile phones through which they will be required to enter the requisite data pertaining to number of students attending schools or status of initiatives adopted by the school.
Growing issues with regard to transparency such as staff absenteeism prompted the school to adopt a solution like this. “Mobile phone penetration in Zimbabwe is high. Couple this with inconsistent power supply and Internet connectivity issues in Zimbabwe, this kind of a solution will help in addressing the challenges that the government faces in their education sector,” Mr Suhas Gopinath, CEO & President of Globals Inc.
This pilot will be implemented for six months after which based on the impact study; it will be rolled out in another 400 schools. According to Mr Gopinath, this kind of solution can be extended to government schemes in India, which, through the cloud can monitor subsidies granted to farmers or mid-day meal schemes.
TVS Group acquires UK auto component wholesale firm
Chennai: The TVS Group on Tuesday announced the acquisition of a majority stake in UK-based Universal Components for Rs 100 crore, as part of its expansion plans. It has also re-branded Multipart, its existing supply chain solutions brand in Europe, into TVS Supply Chain Solutions.
The group has acquired 90 per cent of Universal Components through a special purpose vehicle, TVS Europe Distribution UK, formed by group companies, Srichakra Tyres and Associated Autoparts, said TVS Logistics Services MD R Dinesh.
The acquisition was funded by internal accruals, he added. “We would utilise Universal Components’ marketing expertise and best practices in our businesses in India and other Asian markets. It would also help us to have wider coverage of parts to distribute in the after-market,” said Dinesh.
Universal Components is a wholesale distributor of commercial vehicle parts and accessories in Europe.
The group has acquired 90 per cent of Universal Components through a special purpose vehicle, TVS Europe Distribution UK, formed by group companies, Srichakra Tyres and Associated Autoparts, said TVS Logistics Services MD R Dinesh.
The acquisition was funded by internal accruals, he added. “We would utilise Universal Components’ marketing expertise and best practices in our businesses in India and other Asian markets. It would also help us to have wider coverage of parts to distribute in the after-market,” said Dinesh.
Universal Components is a wholesale distributor of commercial vehicle parts and accessories in Europe.
India proposes joint venture to make 500 drugs in Russia
New Delhi: India has proposed joint ventures with Russian pharmaceutical companies to manufacture 500 drugs in Russia and supply them to markets in Russia, Belarus and Kazakhstan.
Responding “positively” to the suggestion by the Indian Commerce, Industry and Textiles Minister, Mr Anand Sharma, during a bilateral meeting, the Russian Minister of Economic Development, Ms Elvira Nabiullina, said, “ joint ventures are good idea. Pharma sector is a good example where we can cooperate.”
Russia will soon “provide a list of 500 drugs (mostly generic and strategic).” Of these, 75 per cent is currently imported by Russia. Russia has also agreed to give information on the volume of production required in respect of 57 strategically identified medicines, official sources said.
Russia, Belarus and Kazakhstan have recently formed a new customs union pact. If the proposal for joint ventures becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all the three countries, they said.
Diamond Supply
Mr Sharma also asked Ms Nabiullina to help in early conclusion of a pact for long-term supply of rough diamonds from the Russian diamond major Alrosa and its precious minerals repository Gokhran to India's Hindustan Diamond Co and MMTC.
India also wants Gokhran to invite MMTC and Hindustan Diamond Co to take part in their sales. The Russian Minister said she would look into the matter, the sources said.
Responding “positively” to the suggestion by the Indian Commerce, Industry and Textiles Minister, Mr Anand Sharma, during a bilateral meeting, the Russian Minister of Economic Development, Ms Elvira Nabiullina, said, “ joint ventures are good idea. Pharma sector is a good example where we can cooperate.”
Russia will soon “provide a list of 500 drugs (mostly generic and strategic).” Of these, 75 per cent is currently imported by Russia. Russia has also agreed to give information on the volume of production required in respect of 57 strategically identified medicines, official sources said.
Russia, Belarus and Kazakhstan have recently formed a new customs union pact. If the proposal for joint ventures becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all the three countries, they said.
Diamond Supply
Mr Sharma also asked Ms Nabiullina to help in early conclusion of a pact for long-term supply of rough diamonds from the Russian diamond major Alrosa and its precious minerals repository Gokhran to India's Hindustan Diamond Co and MMTC.
India also wants Gokhran to invite MMTC and Hindustan Diamond Co to take part in their sales. The Russian Minister said she would look into the matter, the sources said.
'Made in India' chopper cabin ready to take off
Chennai: The first ‘made in India' helicopter cabin is ready to take off in the global skies. Manufactured by the Tata group in Hyderabad, the cabins have been fitted in the helicopters manufactured by the US-based Sikorsky.
“We need to just add cockpit and tail to the cabin, and the helicopter is ready to fly,” said Air Vice-Marshal (Retd) Arvind Walia, Regional Executive, India & South Asia, Sikorsky. The company is part of United Technologies.
The helicopter with cabin from India has been fitted into the S-92 helicopter of Sikorsky. It is to be delivered in the next few days to a global customer. “I do not know who the customer is,” he said.
Sikorsky operates two manufacturing facilities in Hyderabad. The Tata Advanced Systems is a helicopter cabin making venture with the Tata Group. In this, it owns 26 per cent stake.
The other company is Tara Aerospace Systems, which manufactures helicopters components. Around 5,000 components manufactured by Tara are fitted into the cabins, he said.
Expansion
Mr Walia said that company has asked the Tatas to increase production to three cabins a month in 2013 from the present two.
In India, Sikorsky has so far supplied six ‘executive transport' category helicopters to some of the commercial establishments in Mumbai. It has also supplied a helicopter to the Maharashtra Government. It is in talks with large offshore drilling companies, he said.
The company has also evinced interest in co-production of 200 helicopters along with the Hindustan Aeronautical Ltd. If selected, the next stage will be Request for Proposal, he said.
“We need to just add cockpit and tail to the cabin, and the helicopter is ready to fly,” said Air Vice-Marshal (Retd) Arvind Walia, Regional Executive, India & South Asia, Sikorsky. The company is part of United Technologies.
The helicopter with cabin from India has been fitted into the S-92 helicopter of Sikorsky. It is to be delivered in the next few days to a global customer. “I do not know who the customer is,” he said.
Sikorsky operates two manufacturing facilities in Hyderabad. The Tata Advanced Systems is a helicopter cabin making venture with the Tata Group. In this, it owns 26 per cent stake.
The other company is Tara Aerospace Systems, which manufactures helicopters components. Around 5,000 components manufactured by Tara are fitted into the cabins, he said.
Expansion
Mr Walia said that company has asked the Tatas to increase production to three cabins a month in 2013 from the present two.
In India, Sikorsky has so far supplied six ‘executive transport' category helicopters to some of the commercial establishments in Mumbai. It has also supplied a helicopter to the Maharashtra Government. It is in talks with large offshore drilling companies, he said.
The company has also evinced interest in co-production of 200 helicopters along with the Hindustan Aeronautical Ltd. If selected, the next stage will be Request for Proposal, he said.
Haryana transmission project commissioned
Kolkata: KT Transco Pvt Ltd (JKTPL), a 51:49 joint venture between Kalpataru Power Transmission Ltd and Techno Electric and Engineering Co Ltd, has commissioned a 400KV intra-State power transmission project in Haryana.
According to Kolkata-based Techno Electric, the project was ready a fortnight ago in a record 16 months from the financial closure.
The project, a public-private partnership initiative of the Haryana government, is the first ever transmission project to get viability gap funding support from the Central government.
JKTPL was awarded the project in May 2010 by Haryana Vidyut Prasaran Nigam Limited (HVPNL) on a DBFOT basis for a concession period of 25 years, extendable by another 10 years.
JKTPL will receive terminal value equivalent to 60 months revenue at the end of 25th year of concession period, in case the concession period does not get extended to 35 years.
HVPNL is the first State utility to promote this kind of a PPP in power transmission.
The Rs 444-crore project has been financed through a mix of debt and equity -- debt at Rs 276 crore and the equity of Rs 76 crore. The grant of Rs 92 crore has been extended by the Central Government. The project will ensure a sustainable income flow of Rs 4.5 crore to the company as a unitary charge payable per month.
The 400 KV Transmission System comprises of double circuit quad moose line extending from Jharli to Kabulpur, Rohtak (35 km) and Kabulpur to Dipalpur, Sonepat (64 km) with two sub-stations of 400/220 KV each at Rohtak and Sonepat.
The transmission network is designed to facilitate evacuation of 2,400 MW of power and will initially transmit 1,320 MW (2 x 660 MW) of power from Jhajjar Power Plant in Haryana.
According to Kolkata-based Techno Electric, the project was ready a fortnight ago in a record 16 months from the financial closure.
The project, a public-private partnership initiative of the Haryana government, is the first ever transmission project to get viability gap funding support from the Central government.
JKTPL was awarded the project in May 2010 by Haryana Vidyut Prasaran Nigam Limited (HVPNL) on a DBFOT basis for a concession period of 25 years, extendable by another 10 years.
JKTPL will receive terminal value equivalent to 60 months revenue at the end of 25th year of concession period, in case the concession period does not get extended to 35 years.
HVPNL is the first State utility to promote this kind of a PPP in power transmission.
The Rs 444-crore project has been financed through a mix of debt and equity -- debt at Rs 276 crore and the equity of Rs 76 crore. The grant of Rs 92 crore has been extended by the Central Government. The project will ensure a sustainable income flow of Rs 4.5 crore to the company as a unitary charge payable per month.
The 400 KV Transmission System comprises of double circuit quad moose line extending from Jharli to Kabulpur, Rohtak (35 km) and Kabulpur to Dipalpur, Sonepat (64 km) with two sub-stations of 400/220 KV each at Rohtak and Sonepat.
The transmission network is designed to facilitate evacuation of 2,400 MW of power and will initially transmit 1,320 MW (2 x 660 MW) of power from Jhajjar Power Plant in Haryana.
Applexus Technologies sets up office in Sharjah
Thiruvananthapuram: Applexus Technologies, a leading provider of IT services and solutions, has opened an office in the West Asia.
Applexus specialises in next-generation SAP, .NET, JAVA and mobility services.
It has its headquarters in the US and global delivery centres in India, including at Technopark here.
Regional HQ
The Sharjah office will serve as the regional headquarters to MENA (Middle East-North Africa), said Mr Nagarajan Anantharaman, Chief Executive Officer.
He will lead efforts to increase awareness and adoption of Applexus services in the region, a company spokesman said.
The focus will be on organisational engagement, strategic partnerships, marketing, sales and general operations.
“There is a huge opportunity in the MENA region,” Mr Nagarajan said.
Applexus looks forward to engaging with enterprises to make them more productive and successful, he added.
Having a presence in the region is vital as the company wants to provide relevant support for growing the customer base.
Mr Nagarajan has been Vice-President and Head of Wipro Arabia, leading and overseeing its growth from inception of the business.
“This will add immense value to Applexus' ventures in the West Asia,” Mr Sam Mathew, Managing Director, said.
Applexus has a growing number of clients in the region across multiple industry verticals, he added.
Applexus specialises in next-generation SAP, .NET, JAVA and mobility services.
It has its headquarters in the US and global delivery centres in India, including at Technopark here.
Regional HQ
The Sharjah office will serve as the regional headquarters to MENA (Middle East-North Africa), said Mr Nagarajan Anantharaman, Chief Executive Officer.
He will lead efforts to increase awareness and adoption of Applexus services in the region, a company spokesman said.
The focus will be on organisational engagement, strategic partnerships, marketing, sales and general operations.
“There is a huge opportunity in the MENA region,” Mr Nagarajan said.
Applexus looks forward to engaging with enterprises to make them more productive and successful, he added.
Having a presence in the region is vital as the company wants to provide relevant support for growing the customer base.
Mr Nagarajan has been Vice-President and Head of Wipro Arabia, leading and overseeing its growth from inception of the business.
“This will add immense value to Applexus' ventures in the West Asia,” Mr Sam Mathew, Managing Director, said.
Applexus has a growing number of clients in the region across multiple industry verticals, he added.
India's Onshore Wind Energy potential is 3000 GW: Study
A study is pegging Indian potential for wind energy at 3,000 GW. It claims that the potential for wind energy utilisation with the prevalent technologies is far in excess of earlier estimates by Center for Wind Energy Technology (CWET). The Centre estimated Indian wind energy potential at 49,000 MW and increased to 100 GW subsequently.
"Scientific and research work carried out by Indian wind industry expert Jami Hossain has inspired scientists at Lawrence Berkley National Laboratory (LBNL) to challenge assessments of the Chennai based government agency CWET, on the potential for wind farms in India. Hossain in his paper, published in the international renewable energy journal Renewable Energy, presented his findings on the assessment for potential for windfarms using Geographical Information System Platform," read a media statement issued by World Wind Energy Association (WWEA).
In the paper, Hossain assessed the potential at around 2000 GW, which has now been confirmed by the LBNL study which sees the total onshore wind potential of India between 2000 and 3000 GW.
Commenting on the development, WWEA secretary general Stefan Gsanger said, ""These findings have significant policy implications for India as every unit of electricity generated from wind not only saves oil and coal but also prevent emissions of CO2 and other environmentally dangerous gases. Unfortunately India is not the only country where the wind potential has been underestimated by far." He added that recent studies and national targets from China, Denmark or Germany - and now from India - have demonstrated that wind could cover the whole electricity demand of these countries.
"Many more countries should update their wind potential assessment, based on real data, in order not any more to underestimate the potential contribution of wind power to the national energy supply," said Gsanger.
Hossain stated that they have tried to further refine and improve figures based on competing uses of land in the country but with the continued improvement in technology, the onshore potential is indeed very high compared to what was assessed earlier. "The gross under estimation by CWET has prevented the policy makers and the planning bodies in the country such as the planning commission and Central Electricity Authority (CEA) in recognising wind energy as a major and possibly mainstream source of wind energy," said Hossain.
"Scientific and research work carried out by Indian wind industry expert Jami Hossain has inspired scientists at Lawrence Berkley National Laboratory (LBNL) to challenge assessments of the Chennai based government agency CWET, on the potential for wind farms in India. Hossain in his paper, published in the international renewable energy journal Renewable Energy, presented his findings on the assessment for potential for windfarms using Geographical Information System Platform," read a media statement issued by World Wind Energy Association (WWEA).
In the paper, Hossain assessed the potential at around 2000 GW, which has now been confirmed by the LBNL study which sees the total onshore wind potential of India between 2000 and 3000 GW.
Commenting on the development, WWEA secretary general Stefan Gsanger said, ""These findings have significant policy implications for India as every unit of electricity generated from wind not only saves oil and coal but also prevent emissions of CO2 and other environmentally dangerous gases. Unfortunately India is not the only country where the wind potential has been underestimated by far." He added that recent studies and national targets from China, Denmark or Germany - and now from India - have demonstrated that wind could cover the whole electricity demand of these countries.
"Many more countries should update their wind potential assessment, based on real data, in order not any more to underestimate the potential contribution of wind power to the national energy supply," said Gsanger.
Hossain stated that they have tried to further refine and improve figures based on competing uses of land in the country but with the continued improvement in technology, the onshore potential is indeed very high compared to what was assessed earlier. "The gross under estimation by CWET has prevented the policy makers and the planning bodies in the country such as the planning commission and Central Electricity Authority (CEA) in recognising wind energy as a major and possibly mainstream source of wind energy," said Hossain.
Tax information exchange pact signed with Argentina
New Delhi: India has signed a tax information exchange agreement with Argentina. This is the tenth such pact in the past three years.
This pact with Argentina would enable Indian tax authorities to obtain specific information, including banking related, on tax evasion cases.
The other such pacts signed by India are with the Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Jersey, Isle of Man, Guernsey, Liberia and Macau.
The tax pacts with Argentina, Jersey, Guernsey, Liberia and Macau have not yet entered into force, the Finance Minister, Mr Pranab Mukherjee told the Lok Sabha in a written reply.
India has also entered into new double taxation avoidance agreements with Colombia, Ethiopia, Lithuania, Uruguay and Estonia. These, too, have not yet entered into force, Mr Mukherjee said.
He said that India had renegotiated double taxation avoidance pacts with Australia, Nepal and Norway, but all these had not come into force.
On information from the French Government regarding accounts in one of the Swiss banks, the Minister said that although the tax had not been assessed or demand raised yet, some persons had paid taxes of Rs 181 crore so far.
Action in accordance with the provisions of direct tax laws, including levy of penalty and initiation of prosecution, is taken in all such cases after the assessments are completed, he added.
German connection
With regard to information from the German Government regarding Indian taxpayers' accounts with LGT Bank in Liechtenstein, Mr Mukherjee said assessments had been made against 18 individual cases, being beneficiaries of the said trusts/entities. Out of these 18 taxpayers, one had passed away. Prosecution has been launched against the other 17 taxpayers.
He said the total assessed income stood at Rs 39.66 crore and a total demand of Rs 24.26 crore was raised in these cases. Penalty proceedings for concealment of income have been separately initiated in all these cases.
This pact with Argentina would enable Indian tax authorities to obtain specific information, including banking related, on tax evasion cases.
The other such pacts signed by India are with the Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Jersey, Isle of Man, Guernsey, Liberia and Macau.
The tax pacts with Argentina, Jersey, Guernsey, Liberia and Macau have not yet entered into force, the Finance Minister, Mr Pranab Mukherjee told the Lok Sabha in a written reply.
India has also entered into new double taxation avoidance agreements with Colombia, Ethiopia, Lithuania, Uruguay and Estonia. These, too, have not yet entered into force, Mr Mukherjee said.
He said that India had renegotiated double taxation avoidance pacts with Australia, Nepal and Norway, but all these had not come into force.
On information from the French Government regarding accounts in one of the Swiss banks, the Minister said that although the tax had not been assessed or demand raised yet, some persons had paid taxes of Rs 181 crore so far.
Action in accordance with the provisions of direct tax laws, including levy of penalty and initiation of prosecution, is taken in all such cases after the assessments are completed, he added.
German connection
With regard to information from the German Government regarding Indian taxpayers' accounts with LGT Bank in Liechtenstein, Mr Mukherjee said assessments had been made against 18 individual cases, being beneficiaries of the said trusts/entities. Out of these 18 taxpayers, one had passed away. Prosecution has been launched against the other 17 taxpayers.
He said the total assessed income stood at Rs 39.66 crore and a total demand of Rs 24.26 crore was raised in these cases. Penalty proceedings for concealment of income have been separately initiated in all these cases.
Monday, March 26, 2012
Gammon Infra wins Rs 935 cr order from NHAI
MUMBAI, MAR 26:
Gammon Infrastructure Projects has bagged a contract from the National Highways Authority of India (NHAI) for four-laning a national highway in Haryana at an estimated cost of Rs 934.93 crore.
“The company has received the letter of award for the four laning of ... Yamunanagar—Saha—Barwala— Panchkula section of NH—73 in Haryana from the NHAI on design, build, finance, operate and transfer (DBFOT) toll basis,” it said in a filing to the BSE.
The concession period of the project is 22 years, including a construction period of 2.5 years.
“The project cost, as estimated by NHAI, is Rs 934.93 crore. The company will receive a grant of Rs 279 crore during the construction period of the project,” the company added.
The company said further that it has signed two concession agreements with the NHAI for two different road construction projects in Bihar and Andhra Pradesh respectively.
The project in Andhra Pradesh is for six-laning of the Vijayawada—Gundugolanu section of NH 5, while the project in Bihar for four laning of Patna—Buxar stretch of NH 30.
Shares of the company ended at Rs 14.90 apiece on the BSE, 9.96 per cent up from the previous close.
Keywords: National Highways Authority of India, stock movement, four-lane road projects,
Gammon Infrastructure Projects has bagged a contract from the National Highways Authority of India (NHAI) for four-laning a national highway in Haryana at an estimated cost of Rs 934.93 crore.
“The company has received the letter of award for the four laning of ... Yamunanagar—Saha—Barwala— Panchkula section of NH—73 in Haryana from the NHAI on design, build, finance, operate and transfer (DBFOT) toll basis,” it said in a filing to the BSE.
The concession period of the project is 22 years, including a construction period of 2.5 years.
“The project cost, as estimated by NHAI, is Rs 934.93 crore. The company will receive a grant of Rs 279 crore during the construction period of the project,” the company added.
The company said further that it has signed two concession agreements with the NHAI for two different road construction projects in Bihar and Andhra Pradesh respectively.
The project in Andhra Pradesh is for six-laning of the Vijayawada—Gundugolanu section of NH 5, while the project in Bihar for four laning of Patna—Buxar stretch of NH 30.
Shares of the company ended at Rs 14.90 apiece on the BSE, 9.96 per cent up from the previous close.
Keywords: National Highways Authority of India, stock movement, four-lane road projects,
Lavasa launches second township
MUMBAI, MARCH 26:
Lavasa Corporation has announced the launch of Mugaon, the second township to be built at Lavasa.
Mr Rajgopal Nogja, Group President, HCC, said, “Dasve and Mugaon, the first two towns are part of the planned Phase 1 development which has been cleared by the Ministry of Environment & Forests. Dasve, the first town is completely sold out and, for Mugaon, we have a long waiting list.”
Lavasa Corporation has resumed construction after the environment clearance was given by the Ministry. Mr Nogja presented the keys of an apartment to the 100th citizen of Lavasa.
The Mugaon development, across 2,400-acre, will comprise residential, education, business and commercial spaces.
Over 2,000 apartments, ranging from 550 sqft to 2,000 sqft will be built over four years. The sqft price varies from Rs 3,550 to Rs 3,950.
Mugaon will also be connected to Lonavala through another approach road and a tunnel is being built for the purpose, the company said.
Lavasa Corporation has announced the launch of Mugaon, the second township to be built at Lavasa.
Mr Rajgopal Nogja, Group President, HCC, said, “Dasve and Mugaon, the first two towns are part of the planned Phase 1 development which has been cleared by the Ministry of Environment & Forests. Dasve, the first town is completely sold out and, for Mugaon, we have a long waiting list.”
Lavasa Corporation has resumed construction after the environment clearance was given by the Ministry. Mr Nogja presented the keys of an apartment to the 100th citizen of Lavasa.
The Mugaon development, across 2,400-acre, will comprise residential, education, business and commercial spaces.
Over 2,000 apartments, ranging from 550 sqft to 2,000 sqft will be built over four years. The sqft price varies from Rs 3,550 to Rs 3,950.
Mugaon will also be connected to Lonavala through another approach road and a tunnel is being built for the purpose, the company said.
SAIL chairman inaugurates newly rebuilt coke oven batteries at Bokaro
Kolkata: The Bokaro Steel Plant (BSL) of Steel Authority of India Limited (SAIL) is poised for quantum growth with the inauguration of two of its rebuilt Coke Oven Batteries (COBs) on Saturday.
The two coke oven batteries were inaugurated by SAIL chairman Mr C S Verma in presence of Director (Personnel) B B Singh, Director (Technical) & BSL CEO SS Mohantyand other senior officers and employees of the plant.
Re-built at a cost of Rs. 500 crores, the two COBs of BSL are completely emission free, with a high level of automation and increased productivity. Part of the 8-battery complex, these two COBs share the same basic dimensions, while improving upon other technical aspects.
Mr Verma also inaugurated the Coil Packaging Line-2 of the new Cold Rolling Mill. It is part of the new 1.2 MTPA Cold Rolling Mill complex, being built at a total cost of Rs. 3,000 crores. This mill is in the final phases of equipment testing and commissioning.
The products of this state-of-the-art mill are expected to meet the expectations of auto-body and premium white goods sectors. The mill capacity will include 0.84 MT of Cold Rolled products and 0.36 MT of coated products.
The CR product basket will include Extra Deep Drawn (EDD) Quality, Deep Drawn Quality (DD), Interstitial-free (IF), High Strength Low Alloy Steel (HSS), Dual-phase (DP), Transformation-induced Plasticity (TRIP), Bake-hardening (BH), in addition to Commercial Quality, with a maximum tensile strength of 680 MPa.
In the current phase of expansion, which started in 2008 January, the Hot Metal capacity of BSL is slated to go up from 4.59 to 5.77 MTPA. This phase of expansion envisages improvement in techno-economic parameters, removal of obsolescence and induction of new technologies through an infusion of Rs. 8625 crores in modernisation, expansion and sustenance schemes.
A number of units have already been commissioned and brought into regular production. With volume enhancement, technological upgradation and provision of a new turbo blower and Coal Dust Injection (total project cost of Rs. 1062 crores), the Blast Furnace-2 will have a productivity of more than 2 tonnes / M3 / day.
Further downstream, the Steel Melting Shop-2 & Continuous Casting Shop complex has been upgraded through the provision of a covered slag yard, computerised process control and a second ladle furnace, resulting in capacity augmentation from 2.85 to 3.35 MTPA.
The two coke oven batteries were inaugurated by SAIL chairman Mr C S Verma in presence of Director (Personnel) B B Singh, Director (Technical) & BSL CEO SS Mohantyand other senior officers and employees of the plant.
Re-built at a cost of Rs. 500 crores, the two COBs of BSL are completely emission free, with a high level of automation and increased productivity. Part of the 8-battery complex, these two COBs share the same basic dimensions, while improving upon other technical aspects.
Mr Verma also inaugurated the Coil Packaging Line-2 of the new Cold Rolling Mill. It is part of the new 1.2 MTPA Cold Rolling Mill complex, being built at a total cost of Rs. 3,000 crores. This mill is in the final phases of equipment testing and commissioning.
The products of this state-of-the-art mill are expected to meet the expectations of auto-body and premium white goods sectors. The mill capacity will include 0.84 MT of Cold Rolled products and 0.36 MT of coated products.
The CR product basket will include Extra Deep Drawn (EDD) Quality, Deep Drawn Quality (DD), Interstitial-free (IF), High Strength Low Alloy Steel (HSS), Dual-phase (DP), Transformation-induced Plasticity (TRIP), Bake-hardening (BH), in addition to Commercial Quality, with a maximum tensile strength of 680 MPa.
In the current phase of expansion, which started in 2008 January, the Hot Metal capacity of BSL is slated to go up from 4.59 to 5.77 MTPA. This phase of expansion envisages improvement in techno-economic parameters, removal of obsolescence and induction of new technologies through an infusion of Rs. 8625 crores in modernisation, expansion and sustenance schemes.
A number of units have already been commissioned and brought into regular production. With volume enhancement, technological upgradation and provision of a new turbo blower and Coal Dust Injection (total project cost of Rs. 1062 crores), the Blast Furnace-2 will have a productivity of more than 2 tonnes / M3 / day.
Further downstream, the Steel Melting Shop-2 & Continuous Casting Shop complex has been upgraded through the provision of a covered slag yard, computerised process control and a second ladle furnace, resulting in capacity augmentation from 2.85 to 3.35 MTPA.
Trident to invest Rs 3,600 cr in M.P. facility
New Delhi: Trident Group has announced setting up an integrated textile complex and expanding its yarn facilities at Budni, Madhya Pradesh. This will entail an investment of Rs 3,600 crore.
Mr Rajinder Gupta, Chairman, Trident Group, said, “The new facilities will be engaged in the manufacturing of terry towels, sheeting, value-added yarns and captive power plant. This expansion is expected to be completed by third quarter of 2013.” It will be one of the largest integrated home textile manufacturing facilities in the world.
Trident Group will also inaugurate its yarn projects at Budni comprising of 1.25 lakh spindles. The expansion project of the yarn spinning facilities is being implemented with an investment of Rs 1,200 crore. Subsequent to the commissioning of this yarn spinning unit, the total yarn spinning capacity has increased to 3.66 lakh spindles and 3,584 rotors.
Mr Rajinder Gupta, Chairman, Trident Group, said, “The new facilities will be engaged in the manufacturing of terry towels, sheeting, value-added yarns and captive power plant. This expansion is expected to be completed by third quarter of 2013.” It will be one of the largest integrated home textile manufacturing facilities in the world.
Trident Group will also inaugurate its yarn projects at Budni comprising of 1.25 lakh spindles. The expansion project of the yarn spinning facilities is being implemented with an investment of Rs 1,200 crore. Subsequent to the commissioning of this yarn spinning unit, the total yarn spinning capacity has increased to 3.66 lakh spindles and 3,584 rotors.
Oxford University opens gate to CBSE, ISC students
Kolkata: CBSE and ISC students scoring 90% and above can now seek admission in undergraduate courses at Oxford University. The students will, however, have to appear for admission tests and interviews for securing a seat in this highly prestigious academic institution.
Speaking at Calcutta University on Saturday, Oxford VC Andrew Hamilton detailed out the admission plans of the institution. "We have thrown our gates open to ISC and CBSE students who can seek admission in our undergraduate courses. They will have to score 90%. This is, however, only the application criteria.
The students will have to take tests in particular subjects and appear for an interview. We will test the intellectual capability of students and grant them admissions. However, no quota will exist in undergraduate courses for Indian students. Admissions will open from September 2013. The course fee will be 15,000 pounds a year," said Hamilton.
Addressing brilliant students from financially weak families, he assured, "A few scholarships are available for undergraduate studies. We are holding talks with several individuals and organizations, including Indian industrial houses, to draw more funds to offer scholarships."
Speaking at Calcutta University on Saturday, Oxford VC Andrew Hamilton detailed out the admission plans of the institution. "We have thrown our gates open to ISC and CBSE students who can seek admission in our undergraduate courses. They will have to score 90%. This is, however, only the application criteria.
The students will have to take tests in particular subjects and appear for an interview. We will test the intellectual capability of students and grant them admissions. However, no quota will exist in undergraduate courses for Indian students. Admissions will open from September 2013. The course fee will be 15,000 pounds a year," said Hamilton.
Addressing brilliant students from financially weak families, he assured, "A few scholarships are available for undergraduate studies. We are holding talks with several individuals and organizations, including Indian industrial houses, to draw more funds to offer scholarships."
Exim Bank extends credit to Central African Republic
Mumbai: Export-Import Bank of India has extended two lines of credit (LOCs) of $20 million and $39.69 million to the Government of the Central African Republic (CAR).
Lines of Credit
The LOCs, extended by the bank at the behest of the Government of India, are for development of a mining project ($20 million) and for two hydro-electric projects ($39.69 million) in the CAR, said an Exim Bank statement.
The LOC agreements were signed in New Delhi at the CII-EXIM Bank Conclave on India-Africa Project Partnership recently.
Cement Plant
Previously, Exim Bank had extended a line of credit to the African Republic of $29.50 million for setting up of a modern dry process cement plant and for supply of 100 buses for internal transport.
Lines of Credit
The LOCs, extended by the bank at the behest of the Government of India, are for development of a mining project ($20 million) and for two hydro-electric projects ($39.69 million) in the CAR, said an Exim Bank statement.
The LOC agreements were signed in New Delhi at the CII-EXIM Bank Conclave on India-Africa Project Partnership recently.
Cement Plant
Previously, Exim Bank had extended a line of credit to the African Republic of $29.50 million for setting up of a modern dry process cement plant and for supply of 100 buses for internal transport.
India, South Korea to double bilateral trade by 2015
New Delhi: India and South Korea have decided to expand their political and security cooperation besides improving the already thriving business ties to achieve the bilateral trade target of US$ 40 billion by 2015.
Dr Manmohan Singh, the Indian Prime Minister, noted that bilateral trade had risen 65 per cent over the past two years since the two countries implemented the Comprehensive Economic Partnership Agreement (CEPA).Since the implementation of CEPA from January 1, 2010, bilateral trade crossed US$ 20 billion mark in 2011.
“We have therefore set a new target of $40 billion by 2015. We also agreed to accelerate work in progress to upgrade the agreement and make it more ambitious,” added Dr Manmohan Singh after wide-ranging talks with Lee Myung-bak, President of South Korea.
Responding to Lee Myung-bak’s call, Dr Singh agreed to expand the political and security cooperation between the two countries.
“With this objective in mind, I informed President Lee of India’s decision to position a Defence Attache at our Embassy here in Seoul before the end of the year,” according to Dr Manmohan Singh.
“India has also offered to launch Korean satellites on Indian space launch vehicles,” as per Dr Manmohan Singh.
Dr Manmohan Singh, the Indian Prime Minister, noted that bilateral trade had risen 65 per cent over the past two years since the two countries implemented the Comprehensive Economic Partnership Agreement (CEPA).Since the implementation of CEPA from January 1, 2010, bilateral trade crossed US$ 20 billion mark in 2011.
“We have therefore set a new target of $40 billion by 2015. We also agreed to accelerate work in progress to upgrade the agreement and make it more ambitious,” added Dr Manmohan Singh after wide-ranging talks with Lee Myung-bak, President of South Korea.
Responding to Lee Myung-bak’s call, Dr Singh agreed to expand the political and security cooperation between the two countries.
“With this objective in mind, I informed President Lee of India’s decision to position a Defence Attache at our Embassy here in Seoul before the end of the year,” according to Dr Manmohan Singh.
“India has also offered to launch Korean satellites on Indian space launch vehicles,” as per Dr Manmohan Singh.
Friday, March 23, 2012
Caterpillar, Steelcast in tie-up
Mumbai: The Gujarat-based Steelcast, a castings manufacturer, has entered into an agreement with global major Caterpillar Inc. Under the agreement, Steelcast will set up a dedicated manufacturing facility to make castings conforming to Caterpillar's specifications.
Caterpillar will give an interest free loan of $5 million (Rs 25 crore) to Steelcast. The loan is to be repaid over four years. Caterpillar is a global leader in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Revenues for 2011 total $60 billion.
Mr Chetan Tamboli, Chairman, Steelcast, said, “Through this agreement, we expect sales to Caterpillar to grow multi-fold from around Rs 40 crore in 2010-11 to about Rs 150 crore in 2015.”
Mr Tamboli said that in February a team from the American Association of Rail Road, audited the company's manufacturing facility at Bhavnagar, Gujarat. The team is expected to certify the production facility to enable Steelcast to export castings to the US Railways from June.
Steelcast expects to clock revenues of over Rs 225 crore in 2011-12, with about exports mainly to Germany and the US accounting for about 45 per cent.
Caterpillar will give an interest free loan of $5 million (Rs 25 crore) to Steelcast. The loan is to be repaid over four years. Caterpillar is a global leader in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Revenues for 2011 total $60 billion.
Mr Chetan Tamboli, Chairman, Steelcast, said, “Through this agreement, we expect sales to Caterpillar to grow multi-fold from around Rs 40 crore in 2010-11 to about Rs 150 crore in 2015.”
Mr Tamboli said that in February a team from the American Association of Rail Road, audited the company's manufacturing facility at Bhavnagar, Gujarat. The team is expected to certify the production facility to enable Steelcast to export castings to the US Railways from June.
Steelcast expects to clock revenues of over Rs 225 crore in 2011-12, with about exports mainly to Germany and the US accounting for about 45 per cent.
Indofil forms joint venture with Chinese chemicals co
Gandhinagar: The Rs 5,000-crore K.K. Modi Group company Indofil Industries Ltd on Thursday announced formation of a joint venture with Shanghai Baijin Chemical Group of China. The venture will set up a carbon di-sulphide (CS {-2}) plant at Dahej in Gujarat with an investment of $40 million (nearly Rs 200 crore).
The plant, to be set up by the 51:49 ventre, will be known as Indo Baijin Chemicals Pvt Ltd. It will have an annual capacity to manufacture 50,000 tons of CS {-2} with an eco-friendly green technology, Mr K.K. Modi, Chairman, said here.
It will be the first of its kind plant in India, which currently imports 80 per cent of its CS {-2} requirements as raw material for various industries. Mr Modi told Business Line that his Group has signed agreement with Chinese partners to set up five to six specialty chemicals plants at Dahej in the next few years, as patents of various products start expiring in different countries. The CS {-2} plant is the first of these proposed plants, to be set up with an estimated investment of nearly Rs 5,000 crore.
The zero-waste plant, using natural gas as raw material, will be entitled to 25,000 tonnes of carbon credit a year and save 50,000 tonnes of wood (58 sq km of forests) annually, Mr Modi pointed out.
Indofil has also acquired two more sites at Dahej for a 6,000-tonne agro-chemical synthesis plant and a specialty chemicals plant with an investment of nearly Rs 600 crore.
Indofil had bought out trademarks and businesses of Dow Agrocide in Europe a couple of years ago. The company has set up a Rs 500-crore facility to manufacture these trademarked products at Dahej, which will start production in October.
The plant, to be set up by the 51:49 ventre, will be known as Indo Baijin Chemicals Pvt Ltd. It will have an annual capacity to manufacture 50,000 tons of CS {-2} with an eco-friendly green technology, Mr K.K. Modi, Chairman, said here.
It will be the first of its kind plant in India, which currently imports 80 per cent of its CS {-2} requirements as raw material for various industries. Mr Modi told Business Line that his Group has signed agreement with Chinese partners to set up five to six specialty chemicals plants at Dahej in the next few years, as patents of various products start expiring in different countries. The CS {-2} plant is the first of these proposed plants, to be set up with an estimated investment of nearly Rs 5,000 crore.
The zero-waste plant, using natural gas as raw material, will be entitled to 25,000 tonnes of carbon credit a year and save 50,000 tonnes of wood (58 sq km of forests) annually, Mr Modi pointed out.
Indofil has also acquired two more sites at Dahej for a 6,000-tonne agro-chemical synthesis plant and a specialty chemicals plant with an investment of nearly Rs 600 crore.
Indofil had bought out trademarks and businesses of Dow Agrocide in Europe a couple of years ago. The company has set up a Rs 500-crore facility to manufacture these trademarked products at Dahej, which will start production in October.
Ford lays foundation for $1-billion unit at Sanand
Sanand (Gujarat): Ford India on Thursday said it will commence production of four-wheelers at the new facility in 2014 for manufacturing engines and vehicles at Sanand.
The unit is being set up with an investment of $1 billion (nearly Rs 5,000 crore).
The company is setting up the new plant in 460 acres.
It will have an initial installed capacity to manufacture 2.70 lakh engines and 2.40 lakh vehicles a year, said Mr Michael Boneham, President and Managing Director, Ford India, after laying the foundation stone to mark inauguration of construction work.
The Gujarat Government has allotted another 150 acres to Ford India for suppliers. The company has attracted 19 world-class supplier manufacturers to date, he said.
The Sanand plant, when completed, will generate about 5,000 direct jobs, and indirect employment for many more people.
Figo to 50 nations
Mr Boneham said the company has until now committed investments of $2 billion (Rs 10,000 crore) at the Chennai and Sanand facilities.
Ford India will bring eight new vehicles to India by mid-decade, the first one being the all-new Fiesta, launched in July 2011. The Figo is being currently shipped to more than 33 countries and will eventually be exported to 50 international markets, he added.
Sharing vendors
Ford India will also consider synergies with common vendors supplying to neighbours like Tata Motors and Peugeot at Sanand to bring down the costs.
About the Chennai plant, he said the expansion of the powertrain facility to support sales and exports will be completed in mid-2012.
With this, the engine plant's annual production capacity will increase from 2.50 lakh to 3.40 lakh a year.
The unit is being set up with an investment of $1 billion (nearly Rs 5,000 crore).
The company is setting up the new plant in 460 acres.
It will have an initial installed capacity to manufacture 2.70 lakh engines and 2.40 lakh vehicles a year, said Mr Michael Boneham, President and Managing Director, Ford India, after laying the foundation stone to mark inauguration of construction work.
The Gujarat Government has allotted another 150 acres to Ford India for suppliers. The company has attracted 19 world-class supplier manufacturers to date, he said.
The Sanand plant, when completed, will generate about 5,000 direct jobs, and indirect employment for many more people.
Figo to 50 nations
Mr Boneham said the company has until now committed investments of $2 billion (Rs 10,000 crore) at the Chennai and Sanand facilities.
Ford India will bring eight new vehicles to India by mid-decade, the first one being the all-new Fiesta, launched in July 2011. The Figo is being currently shipped to more than 33 countries and will eventually be exported to 50 international markets, he added.
Sharing vendors
Ford India will also consider synergies with common vendors supplying to neighbours like Tata Motors and Peugeot at Sanand to bring down the costs.
About the Chennai plant, he said the expansion of the powertrain facility to support sales and exports will be completed in mid-2012.
With this, the engine plant's annual production capacity will increase from 2.50 lakh to 3.40 lakh a year.
VRL Logistics among 16 FDI proposals approved
New Delhi: The Government has cleared 16 proposals for foreign direct investment (FDI) worth about Rs 232.67 crore. These include proposals by VRL Logistics, CIIE Initiatives and Softgel Healthcare, Chennai.
The largest FDI proposal (Rs 175 crore) of Karnataka-based VRL Logistics is for transportation of goods and passengers, courier services other than postal services, aircraft charter services, and wind power generation, involving the installation and sale of electricity produced by wind power generators.
The approvals were based on the recommendations of Foreign Investment Promotion Board's meeting held on March 2, a Finance Ministry release said here on Thursday.
A total of 21 proposals were deferred. Among these are Mahindra and Mahindra's proposal to set up a joint venture to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems.
Another deferred proposal is from HSBC Insurance Services Holdings Ltd, London, for infusion of foreign investment into an Indian company that does not have any operations or downstream investments.
The deferred proposals also include Network 18 Media & Investment, YourNest Angel Fund Trust, Domino Printing Sciences Plc, UK, Advent Business Credit Development Company, Pune and Reed Elsevier India Pvt. Ltd.
Among the five proposals that were rejected was Bharti Shipyard's application to undertake additional defence production activity.
The next meeting of the FIPB is scheduled for March 30.
The largest FDI proposal (Rs 175 crore) of Karnataka-based VRL Logistics is for transportation of goods and passengers, courier services other than postal services, aircraft charter services, and wind power generation, involving the installation and sale of electricity produced by wind power generators.
The approvals were based on the recommendations of Foreign Investment Promotion Board's meeting held on March 2, a Finance Ministry release said here on Thursday.
A total of 21 proposals were deferred. Among these are Mahindra and Mahindra's proposal to set up a joint venture to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems.
Another deferred proposal is from HSBC Insurance Services Holdings Ltd, London, for infusion of foreign investment into an Indian company that does not have any operations or downstream investments.
The deferred proposals also include Network 18 Media & Investment, YourNest Angel Fund Trust, Domino Printing Sciences Plc, UK, Advent Business Credit Development Company, Pune and Reed Elsevier India Pvt. Ltd.
Among the five proposals that were rejected was Bharti Shipyard's application to undertake additional defence production activity.
The next meeting of the FIPB is scheduled for March 30.
Eastern Railway's freight traffic at 51.461 million tonnes during April 2011 to February 2012
Kolkata: Eastern Railway carried a total of 51.461 million tonnes of freight traffic during the period April 2011 to February 2012, as against 48.607 million tonnes, up 5.87% over the corresponding period of last year.
Out of the total loading this year, coal alone amounted to 34.092 million tonnes during the first 11 months of the current financial year, compared to 31.915 million tonnes carried during the corresponding period of last year.
Eastern Railway's freight earning went up to Rs 3225.19 crore during the period from April 2011 to February 2012 as against Rs 2876.28 crore during the corresponding period of last year, showing an increase of 12.13%.
Eastern Railway also carried 107.14 crore passengers during the period from April 2011 to February 2012 compared to 101.48 crore passengers , carried during the corresponding period of last year, recording a growth of 5.56%.
Earning from passenger traffic went up 8.97% to Rs. 1412.98 crore during the period from April 2011 to February 2012. T otal earnings went up by 11.31% to Rs. 4857.79 crore during the period from April 2011 to February 2012.
Out of the total loading this year, coal alone amounted to 34.092 million tonnes during the first 11 months of the current financial year, compared to 31.915 million tonnes carried during the corresponding period of last year.
Eastern Railway's freight earning went up to Rs 3225.19 crore during the period from April 2011 to February 2012 as against Rs 2876.28 crore during the corresponding period of last year, showing an increase of 12.13%.
Eastern Railway also carried 107.14 crore passengers during the period from April 2011 to February 2012 compared to 101.48 crore passengers , carried during the corresponding period of last year, recording a growth of 5.56%.
Earning from passenger traffic went up 8.97% to Rs. 1412.98 crore during the period from April 2011 to February 2012. T otal earnings went up by 11.31% to Rs. 4857.79 crore during the period from April 2011 to February 2012.
Nissan works on low-cost cars for Indian market
Mumbai: In a bid to aggressively compete against the top three Indian car makers, Maruti Suzuki, Tata Motors and Hyundai, Nissan is working on a slew of small car projects to be introduced in India under a new brand Datsun, starting 2014.
These low-cost cars from Datsun will fight for space in the price bracket of Rs 2-4 lakh, where the country’s highest selling model, Maruti Suzuki Alto, currently sells. Hyundai’s entry level car, Eon, and Tata Motors' Indica also sell in the space.
Nissan says the company is on course to launch two such models in 2014, and will progressively look at adding products at similar price points later. Datsun products will utilise Nissan and Renault's installed capacity at Chennai.
Nissan, the second largest automotive brand in Japan, is the second such company in India after Volkswagen to have refrained from entering into the low-cost segment using its own brand. Nissan-badged vehicles will sell above the Rs 4 lakh price tag in India.
Besides India, the Japanese company is looking to share the Datsun brand, which was progressively discontinued 25 years back, in emerging markets like Indonesia and Russia. Matured markets like the US, Japan and western European markets are not chosen for launching the Datsun brand.
Products under Datsun will have their unique platforms, besides their own vehicle technology. These products will be market specific, with limited or no scope for exports. Though Nissan officials did not provide details about Datsun's product plans, market reports say that one of the two products could be the one which is under development with a subsidiary of Ashok Leyland.
Ashwani Gupta, programme director, Datsun Business Unit, said, "The Datsun brand will be catering to the affordable segment with modern technology and generous features. These models will be developed locally and have a high local content and engineering.”
Targeting first-time buyers, Datsun's products will be aimed at buyers of used car or motorcycle. Hover Automotive, which handles sales, service and distribution of Nissan-branded cars in India, will also sell the Datsun brand. Thus, both brands will be sold under the same roof. Nissan is targeting about half of its sales to emerge under the Datsun brand. Product line-up and investment details will be disclosed at a later date, informed a Nissan official.
Carlos Ghosn, chief executive, Nissan Motor Company, said, "It's not going to be a global brand with global products; it’s going to be a global brand with very specific products adapted to market needs. We want to bring something much more modern."
Introduced in Japan in 1931, the Datsun brand established a strong foothold for the Japanese car maker in the all-important US market, beginning in the 1960s. But the nameplate was completely discontinued by 1986 globally in favour of the Nissan brand.
With the entry of Datsun, Nissan's entry level car will be Micra (priced at Rs 4.21 lakh, ex-showroom, Delhi). Among other models, Nissan also sells Sunny, Teana, Xtrail and the 370Z in India.
These low-cost cars from Datsun will fight for space in the price bracket of Rs 2-4 lakh, where the country’s highest selling model, Maruti Suzuki Alto, currently sells. Hyundai’s entry level car, Eon, and Tata Motors' Indica also sell in the space.
Nissan says the company is on course to launch two such models in 2014, and will progressively look at adding products at similar price points later. Datsun products will utilise Nissan and Renault's installed capacity at Chennai.
Nissan, the second largest automotive brand in Japan, is the second such company in India after Volkswagen to have refrained from entering into the low-cost segment using its own brand. Nissan-badged vehicles will sell above the Rs 4 lakh price tag in India.
Besides India, the Japanese company is looking to share the Datsun brand, which was progressively discontinued 25 years back, in emerging markets like Indonesia and Russia. Matured markets like the US, Japan and western European markets are not chosen for launching the Datsun brand.
Products under Datsun will have their unique platforms, besides their own vehicle technology. These products will be market specific, with limited or no scope for exports. Though Nissan officials did not provide details about Datsun's product plans, market reports say that one of the two products could be the one which is under development with a subsidiary of Ashok Leyland.
Ashwani Gupta, programme director, Datsun Business Unit, said, "The Datsun brand will be catering to the affordable segment with modern technology and generous features. These models will be developed locally and have a high local content and engineering.”
Targeting first-time buyers, Datsun's products will be aimed at buyers of used car or motorcycle. Hover Automotive, which handles sales, service and distribution of Nissan-branded cars in India, will also sell the Datsun brand. Thus, both brands will be sold under the same roof. Nissan is targeting about half of its sales to emerge under the Datsun brand. Product line-up and investment details will be disclosed at a later date, informed a Nissan official.
Carlos Ghosn, chief executive, Nissan Motor Company, said, "It's not going to be a global brand with global products; it’s going to be a global brand with very specific products adapted to market needs. We want to bring something much more modern."
Introduced in Japan in 1931, the Datsun brand established a strong foothold for the Japanese car maker in the all-important US market, beginning in the 1960s. But the nameplate was completely discontinued by 1986 globally in favour of the Nissan brand.
With the entry of Datsun, Nissan's entry level car will be Micra (priced at Rs 4.21 lakh, ex-showroom, Delhi). Among other models, Nissan also sells Sunny, Teana, Xtrail and the 370Z in India.
Elder Health Care forays into pain management category
New Delhi: Elder Health Care (EHCL), the FMCG arm of the Rs 950 crore plus pharma firm Elder group on Wednesday announced its entry in the pain management category with the launch of its brands, Respite and Elder balm.
The pain management category is estimated at Rs 2,000 crore.
Earlier, EHCL was licensee for Tiger balm, and with its own brands, Elder Healthcare has projected a turnover of Rs 300 crore by year 2013.
Elder Health Care MD Anuj Saxena said: "Pain management is a developing category. Our focus categories within pain management are balm and muscle rub which are growing at 6% and 20% respectively."
He said the company is planning various line extensions for both brands in different formats. "We want to make Elder balm and Respite into power brands," Saxena added.
The market is growing at 16-20%, and players include Amrutanjan and Iodex.
EHCL has a mix of own and in-licensed products in segments like pain management, fairness creams, oral care, lip care, burn categories, personal grooming and skin care.
The pain management category is estimated at Rs 2,000 crore.
Earlier, EHCL was licensee for Tiger balm, and with its own brands, Elder Healthcare has projected a turnover of Rs 300 crore by year 2013.
Elder Health Care MD Anuj Saxena said: "Pain management is a developing category. Our focus categories within pain management are balm and muscle rub which are growing at 6% and 20% respectively."
He said the company is planning various line extensions for both brands in different formats. "We want to make Elder balm and Respite into power brands," Saxena added.
The market is growing at 16-20%, and players include Amrutanjan and Iodex.
EHCL has a mix of own and in-licensed products in segments like pain management, fairness creams, oral care, lip care, burn categories, personal grooming and skin care.
Essar Oil commissions two more units at Vadinar refinery
Ahmedabad: Racing to complete its Rs 8,300-crore ongoing expansion plan as scheduled, Essar Oil Ltd on Wednesday said it has commissioned two more units at the Vadinar Refinery in Jamnagar district of Gujarat.
The two new units commissioned are the vacuum gas oil hydrotreating unit (VGOHDT) and the sulphur recovery unit at Vadinar. The company also commissioned the effluent treatment plant as part of the Phase I expansion project, to be completed by the end of March, the company said here.
Now, only the Delayed Coker Unit remains to be commissioned. The project, when completed, will expand the capacity of the refinery to 18 million tonnes per annum (mtpa) or 3.75 lakh barrels per day, and enhance complexity from the existing 6.1 to 11.8, which is amongst the highest in the world, Mr C Manoharan, Head of Vadinar Refinery, said. With a capacity of 6.5 mtpa, the VGOHDT at Vadinar is among the largest units of its kind. It will help the refinery produce low sulphur, high octane gasoline (petrol). The unit is also capable of producing naphtha, kerosene and gas oil (diesel).
Mr L.K. Gupta, Managing Director and CEO, Essar Oil, said the Vadinar Refinery, will be among the world's most complex refineries capable of producing fuels that meet the world's most stringent emission norms.
The ETP will treat 540 cubic metre of water per hour, which will be reused for cooling tower or for the generation of demineralised water through the RO plant. The treated water can also be used for horticulture.
Alongside the Phase I expansion, an optimisation project is also under way which will further increase the capacity to 20 mtpa (4.05 lakh bpd) by September 2012.
The two new units commissioned are the vacuum gas oil hydrotreating unit (VGOHDT) and the sulphur recovery unit at Vadinar. The company also commissioned the effluent treatment plant as part of the Phase I expansion project, to be completed by the end of March, the company said here.
Now, only the Delayed Coker Unit remains to be commissioned. The project, when completed, will expand the capacity of the refinery to 18 million tonnes per annum (mtpa) or 3.75 lakh barrels per day, and enhance complexity from the existing 6.1 to 11.8, which is amongst the highest in the world, Mr C Manoharan, Head of Vadinar Refinery, said. With a capacity of 6.5 mtpa, the VGOHDT at Vadinar is among the largest units of its kind. It will help the refinery produce low sulphur, high octane gasoline (petrol). The unit is also capable of producing naphtha, kerosene and gas oil (diesel).
Mr L.K. Gupta, Managing Director and CEO, Essar Oil, said the Vadinar Refinery, will be among the world's most complex refineries capable of producing fuels that meet the world's most stringent emission norms.
The ETP will treat 540 cubic metre of water per hour, which will be reused for cooling tower or for the generation of demineralised water through the RO plant. The treated water can also be used for horticulture.
Alongside the Phase I expansion, an optimisation project is also under way which will further increase the capacity to 20 mtpa (4.05 lakh bpd) by September 2012.
$240-m ADB loan to boost infra financing
New Delhi: The Central Government, Asian Development Bank (ADB) and India Infrastructure Finance Company Ltd (IIFCL) on Wednesday signed a $240-million loan agreement. This is the third and final tranche of the second India Infrastructure Project Financing Facility (IIPF).
In 2009, a $700-million multi-tranche financing facility was approved to finance sub-projects under IIFCL's investment programme for financing viable infrastructure projects in transport, urban and power projects.
The tranche-III is expected to support the Government's infrastructure agenda by enabling IIFCL to catalyse over 10 times its own resources from the private sector.
The loan has a 25-year term with a gross period of five years and interest would be determined in accordance with ADB's LIBOR-based lending facility.
The first and the second tranches of $460 million were earmarked to finance sub-projects for improving roads and highways in several States and to partially fund a power project in Kutch district in Gujarat.
This loan will flow to IIFCL on back-to-back basis with sovereign guarantee by the Centre.
In 2009, a $700-million multi-tranche financing facility was approved to finance sub-projects under IIFCL's investment programme for financing viable infrastructure projects in transport, urban and power projects.
The tranche-III is expected to support the Government's infrastructure agenda by enabling IIFCL to catalyse over 10 times its own resources from the private sector.
The loan has a 25-year term with a gross period of five years and interest would be determined in accordance with ADB's LIBOR-based lending facility.
The first and the second tranches of $460 million were earmarked to finance sub-projects for improving roads and highways in several States and to partially fund a power project in Kutch district in Gujarat.
This loan will flow to IIFCL on back-to-back basis with sovereign guarantee by the Centre.
India-US trade vital for global economy, says Godrej
Mumbai: The prospects of trade between India and US will be the trigger for global economic recovery, said Mr Adi Godrej, President-designate, Confederation of Indian Industry in an interaction with US-India business council.
“India's trade with the US has gone up from $5 billion in 1990 to $100 billion now. This has potential to grow further,” he said. To harness the full potential, both the countries should create an environment that is investment friendly for businesses to invest in both the countries, he added.
“Infrastructure remains a mega opportunity for the US companies to engage in India's development plans. From roads, highways and railways to ports and airports, India needs capacity building at every level,” said Mr Godrej.
An investment of $1 trillion has been envisaged for infrastructure development under the 12th Five-Year Plan and about 30 per cent of it is expected to come from the private sector.
“Policy reform in the financing arena, technology transfer and sharing best practices are some avenues through which collaboration among US and Indian SMEs can be accelerated,” Mr Godrej added.
“India's trade with the US has gone up from $5 billion in 1990 to $100 billion now. This has potential to grow further,” he said. To harness the full potential, both the countries should create an environment that is investment friendly for businesses to invest in both the countries, he added.
“Infrastructure remains a mega opportunity for the US companies to engage in India's development plans. From roads, highways and railways to ports and airports, India needs capacity building at every level,” said Mr Godrej.
An investment of $1 trillion has been envisaged for infrastructure development under the 12th Five-Year Plan and about 30 per cent of it is expected to come from the private sector.
“Policy reform in the financing arena, technology transfer and sharing best practices are some avenues through which collaboration among US and Indian SMEs can be accelerated,” Mr Godrej added.
PVR Cinemas partners with Scrabble Entertainment to go 100% Digital
Pune: PVR Cinemas will have all its screens converted to digital projection by the end of this month. It has tied up with Scabble Entertainment, a Mumbai-based digital cinema system supplier, that will convert 73 of PVR's 162 operational screens to digital in the next fortnight.
Digital cinema is a technology by which movies are screened using digital projection unlike the traditional system where a beam of light is passed through physical cellulose prints. It allows greater security and safety for the content, when films are screened digitally. Physical prints are more likely to be stolen and leaked to pirates. Digital cinema is transferred through either satellite downloads or in copy-proof hard disks.
The company supplies 2K digital systems, where 2K refers to images having 2048 pixels of horizontal resolution. The conversion of 73 screens will cost Rs 21 crore and all the future properties will be digital. The size of the entire partnership for digital conversion until December 2012 would be approximately Rs 66 Crore, a company statement said.
Ranjit Thakur, CEO, Scrabble Entertainment Ltd. highlighted "It is extremely encouraging to see the entire foot-print of a leading theatre chain go digital. Being one of the biggest & best theater chains in India, this partnership is a major step for India going completely digital by 2014. It is great to partner with PVR Cinemas as both of us strive at giving our patrons the best movie-viewing experience."
Pramod Arora, Group President & CEO of PVR Cinemas elaborated, " The value, flexibility & quality that 2K digital provides is far beyond the differential cost difference when compared to any other digital platform in the country. The stellar image on screen substantially improves the overall viewing experience of the consumer. At PVR we have taken a conscious decision to always go with the best available technology from time to time "
Kapil Agrawal, Joint Managing Director of UFO Moviez added that leading exhibitors such as PVR Cinemas understand the importance of digital platforms and are planning to adapt to the technology at an initial stage before print goes obsolete by 2014. We hope to see many more exhibitors such as PVR Cinemas taking this initiative." UFO Movies holds a 52% stake in Scrabble Entertainment.
The partnership will be based on a rental model which will include the services of programming, flexibility logs of movies advertising, Theatre Management System and a central library.
Digital cinema is a technology by which movies are screened using digital projection unlike the traditional system where a beam of light is passed through physical cellulose prints. It allows greater security and safety for the content, when films are screened digitally. Physical prints are more likely to be stolen and leaked to pirates. Digital cinema is transferred through either satellite downloads or in copy-proof hard disks.
The company supplies 2K digital systems, where 2K refers to images having 2048 pixels of horizontal resolution. The conversion of 73 screens will cost Rs 21 crore and all the future properties will be digital. The size of the entire partnership for digital conversion until December 2012 would be approximately Rs 66 Crore, a company statement said.
Ranjit Thakur, CEO, Scrabble Entertainment Ltd. highlighted "It is extremely encouraging to see the entire foot-print of a leading theatre chain go digital. Being one of the biggest & best theater chains in India, this partnership is a major step for India going completely digital by 2014. It is great to partner with PVR Cinemas as both of us strive at giving our patrons the best movie-viewing experience."
Pramod Arora, Group President & CEO of PVR Cinemas elaborated, " The value, flexibility & quality that 2K digital provides is far beyond the differential cost difference when compared to any other digital platform in the country. The stellar image on screen substantially improves the overall viewing experience of the consumer. At PVR we have taken a conscious decision to always go with the best available technology from time to time "
Kapil Agrawal, Joint Managing Director of UFO Moviez added that leading exhibitors such as PVR Cinemas understand the importance of digital platforms and are planning to adapt to the technology at an initial stage before print goes obsolete by 2014. We hope to see many more exhibitors such as PVR Cinemas taking this initiative." UFO Movies holds a 52% stake in Scrabble Entertainment.
The partnership will be based on a rental model which will include the services of programming, flexibility logs of movies advertising, Theatre Management System and a central library.
Xilinx opens expanded R&D facility
Hyderabad: Chip-designer Xilinx Inc has inaugurated its expanded facility here.
“The facility, Xilinx's largest research and development centre outside the US, would continue to support all programmable technologies and devices,'' Mr Moshe Gavrielov, President and Chief Executive Officer, Xilinx Inc, told newspersons here on Tuesday.
The US-based company's advanced solutions including 28 nanometre next-generation technology were associated with India development centre.
"We have grown here from 60 professionals four years ago to 400 now. The investments here will be continued," he said.
All these employees in Hyderabad report to Xilinx's programmable platforms development and worldwide technical support groups.
Mr Neeraj Varma, Director Sales – India, Xilinx, said India became a crucial market for his company.
Segments such as telecom and Defence would drive growth in Indian businesses, he added.
Citing industry estimates, Mr Varma said the addressable semi-conductor market in India was estimated at $3.2 billion.
“The facility, Xilinx's largest research and development centre outside the US, would continue to support all programmable technologies and devices,'' Mr Moshe Gavrielov, President and Chief Executive Officer, Xilinx Inc, told newspersons here on Tuesday.
The US-based company's advanced solutions including 28 nanometre next-generation technology were associated with India development centre.
"We have grown here from 60 professionals four years ago to 400 now. The investments here will be continued," he said.
All these employees in Hyderabad report to Xilinx's programmable platforms development and worldwide technical support groups.
Mr Neeraj Varma, Director Sales – India, Xilinx, said India became a crucial market for his company.
Segments such as telecom and Defence would drive growth in Indian businesses, he added.
Citing industry estimates, Mr Varma said the addressable semi-conductor market in India was estimated at $3.2 billion.
Shiv Nadar University in tie-up with Babson College
New Delhi: Noida-based Shiv Nadar University on Tuesday announced its collaboration with Babson College to offer three programs focused on entrepreneurship and establish a Center of Entrepreneurship.
The three programs (under the School of Business) include a four-year undergraduate program in business administration (BBA), a two-year MBA program and a one-year MS program.
All the programs will focus on entrepreneurship and will commence next year onwards. Students pursuing BBA and MBA programs will get an option to study one of the semesters at Babson College, while those pursuing MS will spend the summer semester at Babson College. The course fee ranges from Rs 11.5 lakh to Rs 15.75 lakh, depending on the program.
Babson College will help the School of Business at the University with curriculum design, selection and admissions, faculty training and student exchanges.
According to Nikhil Sinha, founding vice chancellor, Shiv Nadar University, India will have about 100 million young people looking for jobs in the next 10 years, but it may not be possible for the existing corporates to grow and create jobs in such large numbers.
"Our country needs new entrepreneurs to create the adequate number of jobs in the future," he said. "While individuals and business families in India have displayed sharp business acumen and have established global recognition, there is a need for structured and formal intervention through education to nurture and promote leadership in entrepreneurship," he added.
The University will also work towards providing financial support to entrepreneurs to launch their start-ups. However, the university is yet to decide on the student intake.. "We are looking to attract working executives who want to become entrepreneurs, as well as those who will handle their family businesses in the coming years," Sinha said.
Len Schlesinger, president, Babson College, said they will help develop the Centre of Entrepreneurship, which will serve as a center for excellence for entrepreneurship in India, focusing on research, incubation programs, outreach programs and case studies.
"We believe that entrepreneurship can be taught and how it is taught can make all the difference in the way businesses can be a success," he added.
The three programs (under the School of Business) include a four-year undergraduate program in business administration (BBA), a two-year MBA program and a one-year MS program.
All the programs will focus on entrepreneurship and will commence next year onwards. Students pursuing BBA and MBA programs will get an option to study one of the semesters at Babson College, while those pursuing MS will spend the summer semester at Babson College. The course fee ranges from Rs 11.5 lakh to Rs 15.75 lakh, depending on the program.
Babson College will help the School of Business at the University with curriculum design, selection and admissions, faculty training and student exchanges.
According to Nikhil Sinha, founding vice chancellor, Shiv Nadar University, India will have about 100 million young people looking for jobs in the next 10 years, but it may not be possible for the existing corporates to grow and create jobs in such large numbers.
"Our country needs new entrepreneurs to create the adequate number of jobs in the future," he said. "While individuals and business families in India have displayed sharp business acumen and have established global recognition, there is a need for structured and formal intervention through education to nurture and promote leadership in entrepreneurship," he added.
The University will also work towards providing financial support to entrepreneurs to launch their start-ups. However, the university is yet to decide on the student intake.. "We are looking to attract working executives who want to become entrepreneurs, as well as those who will handle their family businesses in the coming years," Sinha said.
Len Schlesinger, president, Babson College, said they will help develop the Centre of Entrepreneurship, which will serve as a center for excellence for entrepreneurship in India, focusing on research, incubation programs, outreach programs and case studies.
"We believe that entrepreneurship can be taught and how it is taught can make all the difference in the way businesses can be a success," he added.
11% rise in E. Rly revenue in April-Feb
Kolkata: The Eastern Railway (ER) has posted an over 11 per cent increase in revenue of nearly Rs 4,858 crore for the period between April 2011 and February 2012, as compared to the Rs 4,364 crore that it posted over the same period last year.
ER during the period carried nearly 52 mt of freight, a six per cent growth over the 49 million tonnes carried between April 2010 to February 2011.
In February 2012, freight went up by nearly 25 per cent to over 5 mt as compared to 4 mt in the same month last year. Meanwhile, ER recorded a nearly six per cent increase with over 107 crore passengers.
ER during the period carried nearly 52 mt of freight, a six per cent growth over the 49 million tonnes carried between April 2010 to February 2011.
In February 2012, freight went up by nearly 25 per cent to over 5 mt as compared to 4 mt in the same month last year. Meanwhile, ER recorded a nearly six per cent increase with over 107 crore passengers.
FDI inflows up 92% in January
New Delhi: India received $2 billion foreign direct investment in January 2012, registering a 92 per cent rise, compared to $1.04 billion a year ago. The cumulative inflows for the April 2011-January 2012 period stood at $26.19 billion, according to an official release. Sectors which received FDI inflows during the 10-month period this fiscal are: services ($4.83 billion), pharmaceuticals ($3.20 billion), telecommunication ($1.99 billion), construction ($2.23 billion), power ($1.56 billion) and metallurgical industries ($1.65 billion). Mauritius remain the top source of inflows ($8.91 billion), followed by Singapore ($4.30 billion), Japan ($2.75 billion), UK ($2.75 billion), Germany ($1.46 billion), the Netherlands ($1.16 billion) and Cyprus ($1.31 billion). FDI inflows into India totalled $19.42 billion in 2010-11 financial year, down from $25.83 billion in 2009-10.
Tuesday, March 20, 2012
Gujarat plans LNG terminal at Pipavav port
New Delhi: Gujarat plans to set up its fourth liquefied natural gas (LNG) terminal at the Pipavav port soon besides commissioning the 5-MT capacity greenfield LNG terminal at Mundra by 2015-16, the state's principal secretary for energy, DJ Pandian, said.
"We want one more LNG terminal at Pipavav port, which will have 2.5 MT to 5 MT capacity. Many companies have expressed interest in the project," Pandian told ET. The state already has terminals at Dahej and Hazira and a third one is coming up in Mundra.
"Companies like Torrent, BPCL and HPCL are interested in Pipavav project. The project would be launched soon," Pandian said.
He said many companies were interested in picking up 25% equity stake in Rs 3,500 crore Mundra LNG terminal project. "A strategic partner would be inducted by 2013," he said.
GSPC, owned by Gujarat government, wants to develop the project before inducting a new partner, a company official said. "We will invest Rs 60-100 crore in next 6-12 months before inducting a new partner," said the official who did not wish to be named. GSPC has 50% equity stake in the terminal and Adani group holds 25%. Essar group, which initially held 25% stake in the project, exited the venture.
The company plans to source gas from Australia and Egypt for the Mundra terminal. Pandian said Gujarat had emerged as LNG hub of the country and has appetite for new capacities.
Hazira and Dahej terminals have combine capacity of over 13 MT and there is a scope for two more terminals, he said.
The Saumitra Chaudhuri committee report estimates that the domestic gas output would reach to 199 million metric standard cubic meters per day (mmscmd) by 2016-17, but demand would outstrip supply.
"We want one more LNG terminal at Pipavav port, which will have 2.5 MT to 5 MT capacity. Many companies have expressed interest in the project," Pandian told ET. The state already has terminals at Dahej and Hazira and a third one is coming up in Mundra.
"Companies like Torrent, BPCL and HPCL are interested in Pipavav project. The project would be launched soon," Pandian said.
He said many companies were interested in picking up 25% equity stake in Rs 3,500 crore Mundra LNG terminal project. "A strategic partner would be inducted by 2013," he said.
GSPC, owned by Gujarat government, wants to develop the project before inducting a new partner, a company official said. "We will invest Rs 60-100 crore in next 6-12 months before inducting a new partner," said the official who did not wish to be named. GSPC has 50% equity stake in the terminal and Adani group holds 25%. Essar group, which initially held 25% stake in the project, exited the venture.
The company plans to source gas from Australia and Egypt for the Mundra terminal. Pandian said Gujarat had emerged as LNG hub of the country and has appetite for new capacities.
Hazira and Dahej terminals have combine capacity of over 13 MT and there is a scope for two more terminals, he said.
The Saumitra Chaudhuri committee report estimates that the domestic gas output would reach to 199 million metric standard cubic meters per day (mmscmd) by 2016-17, but demand would outstrip supply.
Tata Power is largest private power producer
Mumbai: Tata Power on Monday synchronised the second unit of its Maithon power project in Jharkhand. With this 525 megawatt (Mw) unit, the company has a total power generation capacity of 5,297 Mw, making it the country’s largest private sector power generating firm.
The Maithon project's first unit was commissioned in September 2011. It is a 74:26 joint venture between Tata Power and Damodar Valley Corporation. “The synchronisation of Maithon unit-2 today is a significant milestone. This development reaffirmed Tata Power's contribution as the largest integrated power company in India,” said Anil Sardana, managing director, Tata Power in a statement.
Ten days earlier, the company commissioned the first unit of India’s first ultra mega power project in Mundra, Gujarat.
The 800-Mw unit was synchronised in mid-January and achieved full load in late February. With Mundra and Maithon, Tata Power has a gross thermal power generating capacity of 4,447 Mw, and a clean generation capacity of 850 Mw from renewable sources. The company’s stock went down by three per cent in Monday’s trade, to close at around Rs 102 per share.
The company added 1,300 Mw in gross capacity this quarter. Lanco Infratech comes second in terms of capacity with private power sector companies, and has an operational capacity of 4,388 Mw and Adani Power has 3,330 Mw of capacity. Reliance Power which has plans to add 24,000 Mw of capacity, plans to bring their capacity to 5,000 Mw, by December this year.
The Maithon project's first unit was commissioned in September 2011. It is a 74:26 joint venture between Tata Power and Damodar Valley Corporation. “The synchronisation of Maithon unit-2 today is a significant milestone. This development reaffirmed Tata Power's contribution as the largest integrated power company in India,” said Anil Sardana, managing director, Tata Power in a statement.
Ten days earlier, the company commissioned the first unit of India’s first ultra mega power project in Mundra, Gujarat.
The 800-Mw unit was synchronised in mid-January and achieved full load in late February. With Mundra and Maithon, Tata Power has a gross thermal power generating capacity of 4,447 Mw, and a clean generation capacity of 850 Mw from renewable sources. The company’s stock went down by three per cent in Monday’s trade, to close at around Rs 102 per share.
The company added 1,300 Mw in gross capacity this quarter. Lanco Infratech comes second in terms of capacity with private power sector companies, and has an operational capacity of 4,388 Mw and Adani Power has 3,330 Mw of capacity. Reliance Power which has plans to add 24,000 Mw of capacity, plans to bring their capacity to 5,000 Mw, by December this year.
India's web economy to touch Rs 11L cr by 2016: Study
Mumbai: The Indian internet economy is projected to touch Rs 10.8 trillion by 2016, according to a report in the The Boston Consulting Group’s Connected World Series study.
Indian internet economy that contributed Rs 3.2 trillion to the overall economy in 2010 represents 4.1 per cent of the gross domestic product.
The report ‘The $4.2 trillion Opportunity: The Internet Economy in G-20’, further notes that if the internet were a sector, it would be the eighth largest in India.
It is driven especially by exports of information technology services — net exports make up 59 per cent of the Indian Internet economy, while consumption is only 20 per cent.
“Consumption is the principal driver of internet GDP in most countries, typically representing more than 50 per cent of the total in 2010. It will remain the largest single driver through 2016. China and India stand out for their enormous internet related exports — China in goods, India in services — which propel their internet-economy rankings toward the top of the chart,” said Arvind Subramanian, a Mumbai-based BCG partner.
He said, “In emerging countries like India, social media is fast becoming the internet medium and mobile the access medium of choice.
India’s internet economy growth rate of 23 per cent makes it the second fastest across the G-20 countries and ahead of many other developing nations in the G-20, which are growing at an average of 17.8 per cent. Projected growth rates elsewhere are: 24.3 per cent in Argentina, 18.3 per cent in Russia and 15.6 per cent in Mexico. In 2010, developed markets contributed 76 per cent of the G-20's internet economy; by 2016 that will fall to 66 per cent.
In 2010, the share of online retail out of the overall retail in India was only 0.9 per cent. It is projected to reach 4.5 per cent by 2016. What's more, the internet influences only an additional 0.8 per cent of total retail from connected consumers researching online and purchasing offline ('ROPO'). These numbers compare to 3.1 per cent for online sales and 4 per cent for ROPO in Brazil, 1.7 per cent and 4.8 per cent in Russia, and 5 per cent and 9.6 per cent in the US.
The report also highlights how internet has become an integral part of consumers’ everyday life. When the report asked the surveyed base how much they would have to be paid to live without internet access, Indian respondents said an average of Rs 21,436 per year, or 2.8 times what they pay for access and services. When asked whether they would forgo to take showers for a year in order to keep internet access, 36 per cent of Indian online consumers said they would; 64 per cent said they would forgo chocolate; 63 per cent coffee; and 70 per cent would give up alcohol.
The report further stated that the internet economy in developed markets of the G-20 will grow at an annual rate of 8 per cent over the next five years, far outpacing just about every traditional economic sector, producing both wealth and jobs. The contribution to GDP will rise to 5.7 per cent in the EU and 5.3 per cent for the G-20. Growth rates will be more than twice as fast — an average annual rate of 18 per cent — in developing markets, some of which are banking on digital future with big investments in broadband infrastructure. The economy by 2016 will also employ 32 million more people than it does today.
In 2010, the internet economy in the UK accounted for the highest percentage of national GDP, followed by South Korea (7.3 per cent) and China (5.5 per cent). In each of these three countries, the internet economy would rank among the top six industry sectors. At 4.7 per cent, the 2010 share of US GDP contributed by the internet was about the same as the share contributed by the federal government — and ranked slightly ahead of the developed markets' average share of 4.3 per cent.
Indian internet economy that contributed Rs 3.2 trillion to the overall economy in 2010 represents 4.1 per cent of the gross domestic product.
The report ‘The $4.2 trillion Opportunity: The Internet Economy in G-20’, further notes that if the internet were a sector, it would be the eighth largest in India.
It is driven especially by exports of information technology services — net exports make up 59 per cent of the Indian Internet economy, while consumption is only 20 per cent.
“Consumption is the principal driver of internet GDP in most countries, typically representing more than 50 per cent of the total in 2010. It will remain the largest single driver through 2016. China and India stand out for their enormous internet related exports — China in goods, India in services — which propel their internet-economy rankings toward the top of the chart,” said Arvind Subramanian, a Mumbai-based BCG partner.
He said, “In emerging countries like India, social media is fast becoming the internet medium and mobile the access medium of choice.
India’s internet economy growth rate of 23 per cent makes it the second fastest across the G-20 countries and ahead of many other developing nations in the G-20, which are growing at an average of 17.8 per cent. Projected growth rates elsewhere are: 24.3 per cent in Argentina, 18.3 per cent in Russia and 15.6 per cent in Mexico. In 2010, developed markets contributed 76 per cent of the G-20's internet economy; by 2016 that will fall to 66 per cent.
In 2010, the share of online retail out of the overall retail in India was only 0.9 per cent. It is projected to reach 4.5 per cent by 2016. What's more, the internet influences only an additional 0.8 per cent of total retail from connected consumers researching online and purchasing offline ('ROPO'). These numbers compare to 3.1 per cent for online sales and 4 per cent for ROPO in Brazil, 1.7 per cent and 4.8 per cent in Russia, and 5 per cent and 9.6 per cent in the US.
The report also highlights how internet has become an integral part of consumers’ everyday life. When the report asked the surveyed base how much they would have to be paid to live without internet access, Indian respondents said an average of Rs 21,436 per year, or 2.8 times what they pay for access and services. When asked whether they would forgo to take showers for a year in order to keep internet access, 36 per cent of Indian online consumers said they would; 64 per cent said they would forgo chocolate; 63 per cent coffee; and 70 per cent would give up alcohol.
The report further stated that the internet economy in developed markets of the G-20 will grow at an annual rate of 8 per cent over the next five years, far outpacing just about every traditional economic sector, producing both wealth and jobs. The contribution to GDP will rise to 5.7 per cent in the EU and 5.3 per cent for the G-20. Growth rates will be more than twice as fast — an average annual rate of 18 per cent — in developing markets, some of which are banking on digital future with big investments in broadband infrastructure. The economy by 2016 will also employ 32 million more people than it does today.
In 2010, the internet economy in the UK accounted for the highest percentage of national GDP, followed by South Korea (7.3 per cent) and China (5.5 per cent). In each of these three countries, the internet economy would rank among the top six industry sectors. At 4.7 per cent, the 2010 share of US GDP contributed by the internet was about the same as the share contributed by the federal government — and ranked slightly ahead of the developed markets' average share of 4.3 per cent.
Turkey to double flights from India
Hyderabad: Turkey seeks to double flights from India, besides opening four more connecting points. The other destinations it is looking at are Hyderabad, Chennai, Kolkata and Bangalore. At present, Turkish Airlines operates daily flights from Mumbai and New Delhi to Istanbul.
“We have sought permissions from the Indian Government to double this number and expand to other destinations,” Dr Burak Akcapar, Turkish Ambassador to India, said.
Free Trade Agreement
Referred to as the ‘sick man of Europe', Turkey has now emerged as the 16th largest economy in the world. After signing Free Trade Agreements (FTAs) with 21 countries, Turkey now wants to sign one with India.
“Last year, the bilateral trade volume was just about $7 billion. This is nowhere near the full potential. We expect it to grow to $20 billion in the next few years,” Dr Akcapar said.
India's share was put at $5.9 billion in the bilateral trade.
“The basket is very small,vis-à-visits potential. We can expand the scope to textile equipment, chemicals, electronics, electrical appliances and kitchenware. There is scope for increase in trade from both sides,” he said.
The Ambassador was here to attend a road show by TUSCON (Confederation of Businessmen and Industrialists of Turkey) to promote the upcoming Turkey World Trade Bridge in June.
“India and Turkey have completed a joint study on the FTA. We are yet to sign it. This will pave way for signing the FTA. We are awaiting the Indian side's time for signing the study. Businessmen from both sides are eagerly waiting to tap the potential,” he said.
Consulates
Turkey would open a Consulate in Hyderabad soon. “We have received permission to open consulates in Chennai and Hyderabad. But before establishing consulates, we will appoint honorary consuls,” the Ambassador said.
“We have sought permissions from the Indian Government to double this number and expand to other destinations,” Dr Burak Akcapar, Turkish Ambassador to India, said.
Free Trade Agreement
Referred to as the ‘sick man of Europe', Turkey has now emerged as the 16th largest economy in the world. After signing Free Trade Agreements (FTAs) with 21 countries, Turkey now wants to sign one with India.
“Last year, the bilateral trade volume was just about $7 billion. This is nowhere near the full potential. We expect it to grow to $20 billion in the next few years,” Dr Akcapar said.
India's share was put at $5.9 billion in the bilateral trade.
“The basket is very small,vis-à-visits potential. We can expand the scope to textile equipment, chemicals, electronics, electrical appliances and kitchenware. There is scope for increase in trade from both sides,” he said.
The Ambassador was here to attend a road show by TUSCON (Confederation of Businessmen and Industrialists of Turkey) to promote the upcoming Turkey World Trade Bridge in June.
“India and Turkey have completed a joint study on the FTA. We are yet to sign it. This will pave way for signing the FTA. We are awaiting the Indian side's time for signing the study. Businessmen from both sides are eagerly waiting to tap the potential,” he said.
Consulates
Turkey would open a Consulate in Hyderabad soon. “We have received permission to open consulates in Chennai and Hyderabad. But before establishing consulates, we will appoint honorary consuls,” the Ambassador said.
Foreign venture capital investors get to dabble in securities via secondary market
Mumbai: Reserve Bank of India has allowed foreign venture capital investors to invest in securities through the secondary market and also through private arrangements or purchase from a third party.
The move is expected to bring several venture capital investors to India's debt and equities market, legal experts said.
"It has been decided to allow foreign venture capital investors (FVCI) to invest in eligible securities (equity, equity-linked instruments, debt and debt instruments, debentures of a domestic venture capital undertaking or VC funds, units of schemes/funds set up by a VC fund) by way of private arrangements or purchase from a third party also," a circular issued by the central bank said.
Till now, there was no clarity on whether registered foreign venture funds could buy securities from the secondary markets using the FVCI route.
While there was no specific restriction under the FVCI Regulations issued by capital markets regulator, the Securities Exchange Board of India, or Sebi, certain custodians did not permit their FVCI clients to purchase shares. The RBI notification has clarified that FVCIs can invest in securities of investee companies "by way of a private arrangement or purchase from a third party".
"FVCI registered entities now have a greater investment horizon as they will be able purchase shares of venture capital undertakings from existing investors, including angel investors, venture capital and private equity funds, under the FVCI route," said Vikram Shroff of law firm Nishith Desai Associates.
The move is expected to bring several venture capital investors to India's debt and equities market, legal experts said.
"It has been decided to allow foreign venture capital investors (FVCI) to invest in eligible securities (equity, equity-linked instruments, debt and debt instruments, debentures of a domestic venture capital undertaking or VC funds, units of schemes/funds set up by a VC fund) by way of private arrangements or purchase from a third party also," a circular issued by the central bank said.
Till now, there was no clarity on whether registered foreign venture funds could buy securities from the secondary markets using the FVCI route.
While there was no specific restriction under the FVCI Regulations issued by capital markets regulator, the Securities Exchange Board of India, or Sebi, certain custodians did not permit their FVCI clients to purchase shares. The RBI notification has clarified that FVCIs can invest in securities of investee companies "by way of a private arrangement or purchase from a third party".
"FVCI registered entities now have a greater investment horizon as they will be able purchase shares of venture capital undertakings from existing investors, including angel investors, venture capital and private equity funds, under the FVCI route," said Vikram Shroff of law firm Nishith Desai Associates.
Union Budget 2012-13
The Union Budget for 2012-13 has been announced by Mr Pranab Mukherjee, the Union Finance Minister, in Parliament on March 16, 2012.
Highlights of Union Budget 2012-13
Overview of the Economy
GDP is estimated to grow by 6.9 per cent in 2011-12
Indian economy is expected to grow at 9 per cent with an outside band of +/- 0.25 per cent in 2011-12
Developments in India's external trade in the first half of current year have been encouraging. Diversification in export and import market achieved
Investment Environment
Efforts to arrive at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent
Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 per cent to new retail investors, who invest upto Rs 50,000 (US$ 995.39) directly in equities and whose annual income is below Rs 1,000,000 (US$ 19,892) to be introduced. The scheme will have a lock-in period of 3 years
Various steps proposed to be taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc.
To protect the financial health of Public Sector Banks and Financial Institutions, Rs 15,888 crore (US$ 3.15 billion) proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination
A central "Know Your Customer" depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep
Agriculture
Plan Outlay for Department of Agriculture and Co-operation increased by 18 per cent
Outlay for Rashtriya Krishi Vikas Yojana (RKVY) increased to Rs 9,217 crore (US$ 1.83 billion) in 2012-13
Education
6,000 schools proposed to be set up at block level as model schools in Twelfth Plan
Rs 3,124 crore (US$ 622 million) provided for Rashtriya Madhyamik Shiksha Abhiyan (RMSA) representing an increase of 29 per cent over BE 2011-12
To ensure better flow of credit to students, a Credit Guarantee Fund proposed to be set up
Health
Allocation for NRHM proposed to be increased from Rs 18,115 crore (US$ 3.61 billion) in 2011-12 to Rs 20,822 crore (US$ 4.15 billion) in 2012-13
National Urban Health Mission is being launched
Housing Sector
Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund etc
Infrastructure and Industry
During Twelfth Plan period, investment in infrastructure to go up to Rs 5,000,000 crore (US$ 996.02 billion) with half of this, expected from private sector
More sectors added as eligible sectors for Viability Gap Funding under the scheme "Support to PPP in infrastructure"
Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode
First Infrastructure Debt Fund with an initial size of Rs 8,000 crore (US$ 1.59 billion) launched earlier this month
National Manufacturing Policy
National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 100 million jobs
Skill Development
Projects approved by National Skill Development Corporation expected to train 62 million persons at the end of 10 years
Rs 1,000 crore (US$ 199.02 million) allocated for National Skill Development Fund in 2012-13
Budget Estimates
Gross Tax Receipts estimated at Rs 1,077,612 crore (US$ 214.66 billion)
Net Tax to Centre estimated at Rs 771,071 crore (US$ 153.60 billion)
Non-tax Revenue Receipts estimated at Rs 1,64,614 crore (US$ 32.79 billion)
Highlights of Union Budget 2012-13
Overview of the Economy
GDP is estimated to grow by 6.9 per cent in 2011-12
Indian economy is expected to grow at 9 per cent with an outside band of +/- 0.25 per cent in 2011-12
Developments in India's external trade in the first half of current year have been encouraging. Diversification in export and import market achieved
Investment Environment
Efforts to arrive at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent
Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 per cent to new retail investors, who invest upto Rs 50,000 (US$ 995.39) directly in equities and whose annual income is below Rs 1,000,000 (US$ 19,892) to be introduced. The scheme will have a lock-in period of 3 years
Various steps proposed to be taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc.
To protect the financial health of Public Sector Banks and Financial Institutions, Rs 15,888 crore (US$ 3.15 billion) proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination
A central "Know Your Customer" depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep
Agriculture
Plan Outlay for Department of Agriculture and Co-operation increased by 18 per cent
Outlay for Rashtriya Krishi Vikas Yojana (RKVY) increased to Rs 9,217 crore (US$ 1.83 billion) in 2012-13
Education
6,000 schools proposed to be set up at block level as model schools in Twelfth Plan
Rs 3,124 crore (US$ 622 million) provided for Rashtriya Madhyamik Shiksha Abhiyan (RMSA) representing an increase of 29 per cent over BE 2011-12
To ensure better flow of credit to students, a Credit Guarantee Fund proposed to be set up
Health
Allocation for NRHM proposed to be increased from Rs 18,115 crore (US$ 3.61 billion) in 2011-12 to Rs 20,822 crore (US$ 4.15 billion) in 2012-13
National Urban Health Mission is being launched
Housing Sector
Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund etc
Infrastructure and Industry
During Twelfth Plan period, investment in infrastructure to go up to Rs 5,000,000 crore (US$ 996.02 billion) with half of this, expected from private sector
More sectors added as eligible sectors for Viability Gap Funding under the scheme "Support to PPP in infrastructure"
Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode
First Infrastructure Debt Fund with an initial size of Rs 8,000 crore (US$ 1.59 billion) launched earlier this month
National Manufacturing Policy
National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 100 million jobs
Skill Development
Projects approved by National Skill Development Corporation expected to train 62 million persons at the end of 10 years
Rs 1,000 crore (US$ 199.02 million) allocated for National Skill Development Fund in 2012-13
Budget Estimates
Gross Tax Receipts estimated at Rs 1,077,612 crore (US$ 214.66 billion)
Net Tax to Centre estimated at Rs 771,071 crore (US$ 153.60 billion)
Non-tax Revenue Receipts estimated at Rs 1,64,614 crore (US$ 32.79 billion)
Tata Steel, Wipro among world's most ethical firms
Mumbai: Tata Steel and Wipro have been named among the world's most ethical companies by an American think tank, Ethisphere Institute.
The Ethisphere Institute's annual World's Most Ethical Companies (WME) list revealed that 145 companies in countries including the US, Great Britain, Japan, Portugal and India stood out for setting high standards of employee behaviour and conduct.
Ethisphere evaluated about 5,000 global companies, including those in Standard & Poor's 500 index on reputation, corporate citizenship, culture and other qualities.
Ethisphere's annual list of the WME recognises companies that truly go beyond making statements and conduct business ethically by translating words into actions.
Mr H.M. Nerurkar, Managing Director, Tata Steel, said ethical business principles and practices have been the key differentiators of Tata Group and Tata Steel since inception.
In 1998, the Tata Group developed its first Code of Conduct, which was articulation of its values and business principles followed by its employees since the inception of the group and the company, Tata Steel said in a press release.
The process for implementation of Tata Code of Conduct in the company involves engagement with different global partners of the company including Corus, NatSteel and other companies. The revised version of the Code, Global Tata Code of Conduct, was launched by the Group's Chairman in 2008, it said.
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability.
The Ethisphere Institute's annual World's Most Ethical Companies (WME) list revealed that 145 companies in countries including the US, Great Britain, Japan, Portugal and India stood out for setting high standards of employee behaviour and conduct.
Ethisphere evaluated about 5,000 global companies, including those in Standard & Poor's 500 index on reputation, corporate citizenship, culture and other qualities.
Ethisphere's annual list of the WME recognises companies that truly go beyond making statements and conduct business ethically by translating words into actions.
Mr H.M. Nerurkar, Managing Director, Tata Steel, said ethical business principles and practices have been the key differentiators of Tata Group and Tata Steel since inception.
In 1998, the Tata Group developed its first Code of Conduct, which was articulation of its values and business principles followed by its employees since the inception of the group and the company, Tata Steel said in a press release.
The process for implementation of Tata Code of Conduct in the company involves engagement with different global partners of the company including Corus, NatSteel and other companies. The revised version of the Code, Global Tata Code of Conduct, was launched by the Group's Chairman in 2008, it said.
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability.
Encyclopaedia Britannica bullish on India plans
Mumbai: After deciding to end the publication of its 32-volume printed encyclopaedia, Chicago-based Encyclopaedia Britannica says it would launch more online learning and knowledge products in India.
The Indian market, in which Encyclopaedia Britannica has been present for 12 years, accounted for about five per cent of the company’s global print sales, as the share of North American and European markets diminished. It has sold around 1,100 of each edition in the country over the past 30 months.
However, Leah Mansoor, senior vice-president (international business), in an email interaction with Business Standard, said the decision to close the print version was unlikely to have an impact on its financials or operations, as print accounted for just one per cent of its global revenue.
The company has a history of 244 years, with the first encyclopaedia sold in 1768.
It has big plans for the Indian market, given the importance given to education in the country, Mansoor said. “Our focus now is on the school market, for which we offer a series of electronic knowledge and instructional services. We recently launched the Indian version of our Britannica School Online service, which aligns to the curriculum in India and includes learning materials for both teachers and students. We are looking forward to adapting and launching some our instructional material in science and math,” Mansoor said.
“This is an ongoing development process that would be aligned with the Indian market needs. Our consumer web strategy is global and India also takes part in it,” he added.
Encyclopaedia Britannica India saw double-digit growth in financial year 2010-11 and expects similar growth over the next two to three years, Mansoor said.
“We launched our first curriculum books in math, social studies, science and general knowledge three years ago and our sales have grown dramatically ever since,” Mansoor said.
Last year, Encyclopaedia Britannica entered into a partnership with telecom player Airtel for providing free access to its volumes to broadband users. “We received some exposure, increased traffic to our web properties and, most importantly, we started to co-host here in India in order to improve the quality of our online services,” Mansoor added.
Encyclopaedia Britannica India has two primary divisions — consumer and institutional. The consumer division handles the sales of books, CDs and online subscriptions to consumers and trade as well as handling B2B relationship with original equipment manufacturers and co-publishers.
The Indian market, in which Encyclopaedia Britannica has been present for 12 years, accounted for about five per cent of the company’s global print sales, as the share of North American and European markets diminished. It has sold around 1,100 of each edition in the country over the past 30 months.
However, Leah Mansoor, senior vice-president (international business), in an email interaction with Business Standard, said the decision to close the print version was unlikely to have an impact on its financials or operations, as print accounted for just one per cent of its global revenue.
The company has a history of 244 years, with the first encyclopaedia sold in 1768.
It has big plans for the Indian market, given the importance given to education in the country, Mansoor said. “Our focus now is on the school market, for which we offer a series of electronic knowledge and instructional services. We recently launched the Indian version of our Britannica School Online service, which aligns to the curriculum in India and includes learning materials for both teachers and students. We are looking forward to adapting and launching some our instructional material in science and math,” Mansoor said.
“This is an ongoing development process that would be aligned with the Indian market needs. Our consumer web strategy is global and India also takes part in it,” he added.
Encyclopaedia Britannica India saw double-digit growth in financial year 2010-11 and expects similar growth over the next two to three years, Mansoor said.
“We launched our first curriculum books in math, social studies, science and general knowledge three years ago and our sales have grown dramatically ever since,” Mansoor said.
Last year, Encyclopaedia Britannica entered into a partnership with telecom player Airtel for providing free access to its volumes to broadband users. “We received some exposure, increased traffic to our web properties and, most importantly, we started to co-host here in India in order to improve the quality of our online services,” Mansoor added.
Encyclopaedia Britannica India has two primary divisions — consumer and institutional. The consumer division handles the sales of books, CDs and online subscriptions to consumers and trade as well as handling B2B relationship with original equipment manufacturers and co-publishers.
Govt to infuse Rs 15,888 cr into banks
The government has earmarked Rs 15,888 crore for capital infusion into banks in the next financial year, considerably higher than what was allotted in the previous Budget. This apart, it’s planning to set up a financial holding company that will raise funds for public sector banks.
“For 2012-13, I propose to provide Rs 15,888 crore for capitalisation of public sector banks, regional rural banks and other financial institutions, including Nabard (National Bank for Agriculture and Rural Development),” Finance Minister Pranab Mukherjee said while presenting the Budget for 2012-13. “We are committed to protecting the financial health of public sector banks and financial institutions.”
Last year, the government had provided Rs 6,000 crore for public sector banks. However, according to the revised estimates, the total outgo would be more than three times of the initial estimate at Rs 19,540 crore.
The provision for higher capital comes after state-run banks gave their capital requirement plans for the next eight-10 years, after taking into account the capital requirement under the new Basel-III framework. The holding company structure, on the other hand, is in line with the government’s plan to maintain a minimum stake of 58 per cent in public sector banks. Otherwise, it may find it difficult to infuse large sums of money, as this would affect the country’s fiscal position.
The capital infusion would enable public sector banks to maintain a minimum Tier-I capital adequacy at eight per cent, and also meet their capital requirements in the coming financial year. The regulatory capital adequacy ratio (CAR) requirement is six per cent, with an overall CAR of nine per cent.
T M Bhasin, chairman and managing director of Indian Bank, said the fund allocated for state-owned banks would help them achieve the target of 18 per cent credit growth next financial year.
In 2011-12, government also roped in Life Insurance Corporation of India (LIC) to infuse capital into mid-size state-run lenders. A dozen state-owned banks like Punjab National Bank, Union Bank of India, Indian Overseas Bank and Bank of Baroda allotted shares to LIC. The largest institutional investor in the country, LIC, infused Rs 7,560 crore by subscribing to those shares. In total, taking LIC into account, Rs 27,100 crore was infused into 13 state-run banks.
According to sources, the funds would be raised by the holding company, which would be an investor in the bank. The government would continue to hold on to its control of the bank’s management, while inducting external capital into the holding company.
The government has 54-56 per cent in large banks like Bank of Baroda, Union Bank of India and Punjab National Bank. It would not be possible for the government to raise additional funds without diluting its stake.
“For 2012-13, I propose to provide Rs 15,888 crore for capitalisation of public sector banks, regional rural banks and other financial institutions, including Nabard (National Bank for Agriculture and Rural Development),” Finance Minister Pranab Mukherjee said while presenting the Budget for 2012-13. “We are committed to protecting the financial health of public sector banks and financial institutions.”
Last year, the government had provided Rs 6,000 crore for public sector banks. However, according to the revised estimates, the total outgo would be more than three times of the initial estimate at Rs 19,540 crore.
The provision for higher capital comes after state-run banks gave their capital requirement plans for the next eight-10 years, after taking into account the capital requirement under the new Basel-III framework. The holding company structure, on the other hand, is in line with the government’s plan to maintain a minimum stake of 58 per cent in public sector banks. Otherwise, it may find it difficult to infuse large sums of money, as this would affect the country’s fiscal position.
The capital infusion would enable public sector banks to maintain a minimum Tier-I capital adequacy at eight per cent, and also meet their capital requirements in the coming financial year. The regulatory capital adequacy ratio (CAR) requirement is six per cent, with an overall CAR of nine per cent.
T M Bhasin, chairman and managing director of Indian Bank, said the fund allocated for state-owned banks would help them achieve the target of 18 per cent credit growth next financial year.
In 2011-12, government also roped in Life Insurance Corporation of India (LIC) to infuse capital into mid-size state-run lenders. A dozen state-owned banks like Punjab National Bank, Union Bank of India, Indian Overseas Bank and Bank of Baroda allotted shares to LIC. The largest institutional investor in the country, LIC, infused Rs 7,560 crore by subscribing to those shares. In total, taking LIC into account, Rs 27,100 crore was infused into 13 state-run banks.
According to sources, the funds would be raised by the holding company, which would be an investor in the bank. The government would continue to hold on to its control of the bank’s management, while inducting external capital into the holding company.
The government has 54-56 per cent in large banks like Bank of Baroda, Union Bank of India and Punjab National Bank. It would not be possible for the government to raise additional funds without diluting its stake.
Infrastructure sector has been given due thrust in budget 2012: CS Verma, Chairman SAIL
C S Verma, chairman, SAIL: "Infrastructure sector has been given due thrust in the budget. Doubling the infrastructure tax-free bond amount to Rs. 60,000 crore, 8800-km highway coverage target, focus on low-cost housing and reaffirming investment of Rs. 50 lakh crore in infrastructure sector in 12th plan are steps that present a scenario conducive for growth of steel industry.
Besides increase in customs duty for flat carbon steel and reduction in import duty for equipment required in mining & minerals sector are all measures which are positive for steel industry.
Overall it is a pragmatic and growth-oriented budget with concrete steps for containing fiscal deficit at a realistic target of 5.1 % for 2012-13, streamlining of direct and indirect tax regime, creating investment-friendly environment and reviving growth in manufacturing. With the measures announced, it is quite conceivable that GDP growth in 2012-13 could be upward of 7.5 %."
Besides increase in customs duty for flat carbon steel and reduction in import duty for equipment required in mining & minerals sector are all measures which are positive for steel industry.
Overall it is a pragmatic and growth-oriented budget with concrete steps for containing fiscal deficit at a realistic target of 5.1 % for 2012-13, streamlining of direct and indirect tax regime, creating investment-friendly environment and reviving growth in manufacturing. With the measures announced, it is quite conceivable that GDP growth in 2012-13 could be upward of 7.5 %."
India, Africa launch business council to further trade ties
New Delhi: India and Africa have agreed to raise their bilateral trade target to $90 billion by 2015 from $70 billion set earlier.
This follows bilateral trade reaching $60 billion last year.
“A 20-fold growth within a decade is indeed an achievement worth applauding. I propose that given the current growth rate, we may agree to revise the trade target to $90 billion by 2015,” said the Union Commerce, Industry and Textiles Minister, Mr Anand Sharma, during the second meeting of the India-Africa Trade Ministers here.
They also launched the India-Africa Business Council (IABC), which will be co-chaired by Mr Sunil Bharti Mittal, Chairman, Bharti Group, from India side and Mr Alhaji Aliko Dangote, President and Chief Executive, Dangote Group, Nigeria, from African side.
The core sectors of co-operation will be agriculture, manufacturing, pharmaceuticals, textiles, mining, petroleum and natural gas, IT/ITeS, gems and jewellery, financial services (including microfinance), energy, roads and railways.
This follows bilateral trade reaching $60 billion last year.
“A 20-fold growth within a decade is indeed an achievement worth applauding. I propose that given the current growth rate, we may agree to revise the trade target to $90 billion by 2015,” said the Union Commerce, Industry and Textiles Minister, Mr Anand Sharma, during the second meeting of the India-Africa Trade Ministers here.
They also launched the India-Africa Business Council (IABC), which will be co-chaired by Mr Sunil Bharti Mittal, Chairman, Bharti Group, from India side and Mr Alhaji Aliko Dangote, President and Chief Executive, Dangote Group, Nigeria, from African side.
The core sectors of co-operation will be agriculture, manufacturing, pharmaceuticals, textiles, mining, petroleum and natural gas, IT/ITeS, gems and jewellery, financial services (including microfinance), energy, roads and railways.
Sunday, March 18, 2012
IIHT, Microsoft launch course in cloud computing
Kochi: IIHT Ltd, a technology-training organisation, along with Microsoft, has announced the launch of a certified cloud expert programme at Kochi Infopark.
Mr Keshava Raju, CEO, IIHT, told reporters here that the programme would help IT professionals and aspirants acquire the necessary skills to develop into cloud professionals by acquiring expertise in multivendor virtualisation solutions, IT infrastructure monitoring and management, along with private cloud designing and deployment skills.
He pointed out that the international research firm, IDC, estimates that cloud computing will generate 14 million new jobs worldwide by 2015. With India getting nearly 20 lakh cloud computing jobs according to the findings of this new study commissioned by Microsoft, the launch of this program will benefit IT aspirants all.
The market for public cloud infrastructure, platforms and applications is growing far more quickly than any other type of IT spending, he added.
IIHT will expand the programme to five more cities in the State in the next two years. To create awareness on cloud computing, the company is also organising an international workshop here on Saturday jointly with Microsoft.
Mr Keshava Raju, CEO, IIHT, told reporters here that the programme would help IT professionals and aspirants acquire the necessary skills to develop into cloud professionals by acquiring expertise in multivendor virtualisation solutions, IT infrastructure monitoring and management, along with private cloud designing and deployment skills.
He pointed out that the international research firm, IDC, estimates that cloud computing will generate 14 million new jobs worldwide by 2015. With India getting nearly 20 lakh cloud computing jobs according to the findings of this new study commissioned by Microsoft, the launch of this program will benefit IT aspirants all.
The market for public cloud infrastructure, platforms and applications is growing far more quickly than any other type of IT spending, he added.
IIHT will expand the programme to five more cities in the State in the next two years. To create awareness on cloud computing, the company is also organising an international workshop here on Saturday jointly with Microsoft.
Wipro Tech unveils NextGen healthcare tool
Bangalore: Eyeing the $24-billion US healthcare market, Wipro Technologies has launched its NextGen Care Management solution.
This solution is aimed at primary care physicians and healthcare providers and is tailored for the US healthcare market. Wipro's NextGen Care Management solution enables physicians to drive patient participation in devising a personalised care plan with defined care goals, treatment plan and health improvement activities.
The built-in collaboration platform in the solution uses tools such as SMS, chat, alerts, reminders, activity workflows and helps in reducing cost by avoiding treatment overlaps, multiple clinical tests or hospitalisation.
The solution built on Salesforce.com's social enterprise platform for employee facing apps is compatible with devices such as smartphones, tablets and integrates with remote patient monitoring. This is delivered on the cloud.
The world's largest economy had its medical care in shambles and in 2009 President MR Barack Obama passed the healthcare bill that increased healthcare coverage to about 30 million Americans who were previously not covered.
Since then, insurance providers have had to manage the huge influx of patients, which, in turn puts a lot of stress on their IT systems and is estimated to increase their investments by $3-$5 billion in a year.
“The concept of patient-centric care management is encouraging healthcare organisations to adapt innovations in managing chronic diseases, treating remotely. Wipro's solution is capable of transforming the current reactive, episodic, fragmented care delivery system into a foundation of partnership between payer, provider and patient to co-manage, monitor and measure delivery of care,” said Mr Mohd Haque, Vice-President, Healthcare Vertical, Wipro Technologies.
This solution is aimed at primary care physicians and healthcare providers and is tailored for the US healthcare market. Wipro's NextGen Care Management solution enables physicians to drive patient participation in devising a personalised care plan with defined care goals, treatment plan and health improvement activities.
The built-in collaboration platform in the solution uses tools such as SMS, chat, alerts, reminders, activity workflows and helps in reducing cost by avoiding treatment overlaps, multiple clinical tests or hospitalisation.
The solution built on Salesforce.com's social enterprise platform for employee facing apps is compatible with devices such as smartphones, tablets and integrates with remote patient monitoring. This is delivered on the cloud.
The world's largest economy had its medical care in shambles and in 2009 President MR Barack Obama passed the healthcare bill that increased healthcare coverage to about 30 million Americans who were previously not covered.
Since then, insurance providers have had to manage the huge influx of patients, which, in turn puts a lot of stress on their IT systems and is estimated to increase their investments by $3-$5 billion in a year.
“The concept of patient-centric care management is encouraging healthcare organisations to adapt innovations in managing chronic diseases, treating remotely. Wipro's solution is capable of transforming the current reactive, episodic, fragmented care delivery system into a foundation of partnership between payer, provider and patient to co-manage, monitor and measure delivery of care,” said Mr Mohd Haque, Vice-President, Healthcare Vertical, Wipro Technologies.
IIM-K signs pact with Leeds University Business School
Kozhikode: The Indian Institute of Management Kozhikode (IIM-K) has signed an agreement of co-operation with Leeds University Business School, UK.
The agreement is another step in the internationalisation efforts of the institute and it will enable both the institutions to carry out activities such as exchange of students, exchange of faculty members and collaborative research on contemporary management issues, according to Dr M.K. Nandakumar, Chairman, International Exchange Programme, IIM-K.
The agreement was signed between Prof. Debashis Chatterjee, Director of IIM-K, and Prof. Mark Smelik, Associate Dean (External Relations) of Leeds University Business School.
Dr Nandakumar said that top class researchers at Leeds University attracted substantial amount of research funding from various international agencies every year. The partnership would provide plenty of opportunities to the researchers at IIM-K to collaborate with the researchers at Leeds University and conduct research in varied areas of management.
The Centre for International Business at Leeds University has run an India-focused research centre, funded by the British Government. Leeds University has plans to enhance this centre and ensure its continuation.
The centre is interested in running research projects in association with IIM-K on inward and outward investments, links with the UK and analysis of economic performance and investment attractiveness of Indian cities.
Prof. Peter Moizer, Dean of Leeds University Business School, and Prof. Mark Smelik were on a visit to IIM-K to discuss various areas of collaboration between the two institutions, Dr. Nandakumar said.
The agreement is another step in the internationalisation efforts of the institute and it will enable both the institutions to carry out activities such as exchange of students, exchange of faculty members and collaborative research on contemporary management issues, according to Dr M.K. Nandakumar, Chairman, International Exchange Programme, IIM-K.
The agreement was signed between Prof. Debashis Chatterjee, Director of IIM-K, and Prof. Mark Smelik, Associate Dean (External Relations) of Leeds University Business School.
Dr Nandakumar said that top class researchers at Leeds University attracted substantial amount of research funding from various international agencies every year. The partnership would provide plenty of opportunities to the researchers at IIM-K to collaborate with the researchers at Leeds University and conduct research in varied areas of management.
The Centre for International Business at Leeds University has run an India-focused research centre, funded by the British Government. Leeds University has plans to enhance this centre and ensure its continuation.
The centre is interested in running research projects in association with IIM-K on inward and outward investments, links with the UK and analysis of economic performance and investment attractiveness of Indian cities.
Prof. Peter Moizer, Dean of Leeds University Business School, and Prof. Mark Smelik were on a visit to IIM-K to discuss various areas of collaboration between the two institutions, Dr. Nandakumar said.
Virgin Atlantic to launch Mumbai-London flights
Mumbai: Richard Branson's Virgin Atlantic is all set to operate again on the Mumbai-London route, nearly after three years after the airline announced withdrawal of flights from Mumbai facing thinning profit margins in a recession hit environment.
The flights that are scheduled to start from October 29 this year will be done on the A330-300 with Upper Class Dreamsuite, a new product line offering from Virgin, the airline said in a statement on Thursday.
The announcement of launch of Virgin's flight comes at a time when some of the bigger international carriers like Qantas and American Airlines have withdrawn flights from the Indian market. Also domestic carriers like Kingfisher have been forced to dump international flights to London both from Delhi and Mumbai due to a financial crisis thereby sucking capacity from the market.
Virgin is not only connecting Mumbai to London but its daily flights will also offer easy connectivity from London Heathrow to US markets of New York, Boston, Chicago and Washington, the airline said. However the Chicago service will be a seasonal service starting only in 2013. The stop over time for US connecting flights will have no more than couple of hours' wait, the airline said.
Virgin flights from New Delhi to London and New York have seen a growth of 20% in 2011 and overall since Virgin stopped operating from Mumbai, over a million passengers have flown this market, the airline said justifying the start of flights again.
"India's phenomenal growth continues to drive travel to the UK and the USA and we know our passengers are going to love the connections the new flights offers," said Sir Richard Branson, president Virgin Atlantic Airways.
The flights that are scheduled to start from October 29 this year will be done on the A330-300 with Upper Class Dreamsuite, a new product line offering from Virgin, the airline said in a statement on Thursday.
The announcement of launch of Virgin's flight comes at a time when some of the bigger international carriers like Qantas and American Airlines have withdrawn flights from the Indian market. Also domestic carriers like Kingfisher have been forced to dump international flights to London both from Delhi and Mumbai due to a financial crisis thereby sucking capacity from the market.
Virgin is not only connecting Mumbai to London but its daily flights will also offer easy connectivity from London Heathrow to US markets of New York, Boston, Chicago and Washington, the airline said. However the Chicago service will be a seasonal service starting only in 2013. The stop over time for US connecting flights will have no more than couple of hours' wait, the airline said.
Virgin flights from New Delhi to London and New York have seen a growth of 20% in 2011 and overall since Virgin stopped operating from Mumbai, over a million passengers have flown this market, the airline said justifying the start of flights again.
"India's phenomenal growth continues to drive travel to the UK and the USA and we know our passengers are going to love the connections the new flights offers," said Sir Richard Branson, president Virgin Atlantic Airways.
South African delegation on Investment and Trade Initiative to visit India
Kolkata: Ms Elizabeth Thabethe, South Africa's deputy minister of trade and industry, will lead a delegation of 45 South African business people on an Investment and Trade Initiative (ITI) to Chennai and Mumbai in India from March 19-23, 2012.
The ITI is part of the Department of Trade and Industry's export and investment promotion strategy that focuses on India, amongst others, as a high growth export market. Both legs of the ITI will include a mini exhibition where South Africa's capabilities in sectors like agro processing, beneficiated metals, mining technology, automotive components, electro-technical and logistics will beshowcased .
"Participation by South African companies in the ITI will provide an excellent platform for identifying trade and investment opportunities in the two countries in the targeted sectors, createawareness of South African value added goods and services, and increase South Africa's exports to India. It will also facilitate increased foreign direct investment into South Africa as well as joint ventures between South African and Indian companies," Thabethe said.
Bilateral trade between South Africa and India has experienced an upward trend between from $2.2 billion to $5.7 billion between 2006 and 2010. The total trade increased by an average of 28% between 2009 and 2010 and the average growth rate over the past 4 years is 30.4%. Trade statistics depict a trade balance in favour of South Africa since 2009.
South Africa's exports to India mainly comprise of raw materials and unprocessed goods (coal, briquettes, solid fuels, manganese ores, copper ores, ferrous waste and scrap metal) and there is a drive to diversify from exporting unprocessed raw materials to value added products and services. Imports from India comprise of petroleum oils, motor cars/vehicles, telephone sets including telephones for cellular networks, equipment and motor vehicles for transporting goods.
Indian multinationals that have entered the South African market include, Tata Steel, Tata Motors, Tata Consultancy Services, Mahindra Group, Cipla, Ranbaxy and Ashok Leyland. Total foreign direct investment from India to South Africa, to date, amounts to approximately $3.8 billion.
South African multinationals have also been active in India with South African Breweries acquiring a majority stake in Mysore Breweries and energy giant Sasol exploring the possibility of setting up a multibillion dollar plant in India. In addition the Airports Company of South Africa, as part of GVK Consortium won a bid for the modernisation of Mumbai Airport.
The ITI is part of the Department of Trade and Industry's export and investment promotion strategy that focuses on India, amongst others, as a high growth export market. Both legs of the ITI will include a mini exhibition where South Africa's capabilities in sectors like agro processing, beneficiated metals, mining technology, automotive components, electro-technical and logistics will beshowcased .
"Participation by South African companies in the ITI will provide an excellent platform for identifying trade and investment opportunities in the two countries in the targeted sectors, createawareness of South African value added goods and services, and increase South Africa's exports to India. It will also facilitate increased foreign direct investment into South Africa as well as joint ventures between South African and Indian companies," Thabethe said.
Bilateral trade between South Africa and India has experienced an upward trend between from $2.2 billion to $5.7 billion between 2006 and 2010. The total trade increased by an average of 28% between 2009 and 2010 and the average growth rate over the past 4 years is 30.4%. Trade statistics depict a trade balance in favour of South Africa since 2009.
South Africa's exports to India mainly comprise of raw materials and unprocessed goods (coal, briquettes, solid fuels, manganese ores, copper ores, ferrous waste and scrap metal) and there is a drive to diversify from exporting unprocessed raw materials to value added products and services. Imports from India comprise of petroleum oils, motor cars/vehicles, telephone sets including telephones for cellular networks, equipment and motor vehicles for transporting goods.
Indian multinationals that have entered the South African market include, Tata Steel, Tata Motors, Tata Consultancy Services, Mahindra Group, Cipla, Ranbaxy and Ashok Leyland. Total foreign direct investment from India to South Africa, to date, amounts to approximately $3.8 billion.
South African multinationals have also been active in India with South African Breweries acquiring a majority stake in Mysore Breweries and energy giant Sasol exploring the possibility of setting up a multibillion dollar plant in India. In addition the Airports Company of South Africa, as part of GVK Consortium won a bid for the modernisation of Mumbai Airport.
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