Mumbai: Telecommunications equipment provider ZTE India has won a contract to deploy 4G LTE network for Aircel, a move that would help in boosting the mobile operator’s enterprise and retail businesses. The financial details of the contract were not revealed.
“We believe that data are the growth engine of the future and a cutting edge technology such as 4G LTE has the ability to empower consumers like never before,” said Aircel Chief Marketing Officer Anupam Vasudev.
Rising demand
“The huge demand for Internet-enabled devices such as smartphones and tablets among the largely young population, along with increase in consumption of data on Internet and rising demand for content are some of the factors fuelling the exponential growth in data,” Vasudev added.
The deployment of 4G LTE (fourth generation mobile services) will be initiated in Chennai, Rest of Tamil Nadu (RoTN) and a few other business critical circles. The details of other circles were also not divulged.
ZTE India will design, supply and deploy LTE ecosystem for Aircel.
“In the initial phase of our rollout, we aim to offer our customers some of the highest data speeds in the country – in excess of 65 MBPS,” said Xu Dejun, CEO, ZTE India.
Key vendor
ZTE India has also completed migrating Aircel’s data services to ZTE’s 4G LTE evolved packet core for Chennai and RoTN circles. The Chinese telecom equipment major had been working with Aircel since 2008, supporting rollout of 2G and 3G services in three circles of the north zone.
It has also been the key vendor for Aircel in Next Generation Networks across India, and had provided Aircel with high capacity and capability solutions for 2G, 3G and 4G LTE services
Success in my Habit
Tuesday, December 31, 2013
Solar plant commissioned in West Godavari district
Hyderabad: A roof top, solar photovoltaic power plant has been commissioned at the Sri Vishnu Educational Society, Bhimavaram Campus in West Godavari district.
The Vice-Chairman and Managing Director of the New and Renewable Energy Development Corporation of Andhra Pradesh, M. Kamalakar Babu commissioned the plant on Saturday, which has an installed capacity to generate around 3 lakh units per year.
The 200 kWp grid-tied unit has the capacity to produce 820 units per day average. However, in summer, the peak capacity of 1000 units can be generated while during rainy season, the minimum units produced would be around 600 per day. K.V. Vishnu Raju, Chairman of the Educational Society, said the installed project will meet about 10 per cent of the campus power requirement in base case i.e. 10 per cent of energy shall be off settled in the power imported from the grid and diesel generator.
The total project cost is Rs 2.6 crore. Of this, 30 per cent was obtained as grant from the Ministry of New & Renewable Energy as capital subsidy.
The remaining has been funded by the Vishnu Educational Society, he said in a press release.
The break even for the project is four-five years.
The power plant has been designed, supplied, installed and commissioned by Varshini Power Projects, Hyderabad. It is the biggest solar power plant in the district as well as the biggest roof top project under APEPDCL, the release said. Recently, the educational society also installed a solar PV plant on the rooftop of its engineering college in Narsapur, Medak district near Hyderabad.
The Vice-Chairman and Managing Director of the New and Renewable Energy Development Corporation of Andhra Pradesh, M. Kamalakar Babu commissioned the plant on Saturday, which has an installed capacity to generate around 3 lakh units per year.
The 200 kWp grid-tied unit has the capacity to produce 820 units per day average. However, in summer, the peak capacity of 1000 units can be generated while during rainy season, the minimum units produced would be around 600 per day. K.V. Vishnu Raju, Chairman of the Educational Society, said the installed project will meet about 10 per cent of the campus power requirement in base case i.e. 10 per cent of energy shall be off settled in the power imported from the grid and diesel generator.
The total project cost is Rs 2.6 crore. Of this, 30 per cent was obtained as grant from the Ministry of New & Renewable Energy as capital subsidy.
The remaining has been funded by the Vishnu Educational Society, he said in a press release.
The break even for the project is four-five years.
The power plant has been designed, supplied, installed and commissioned by Varshini Power Projects, Hyderabad. It is the biggest solar power plant in the district as well as the biggest roof top project under APEPDCL, the release said. Recently, the educational society also installed a solar PV plant on the rooftop of its engineering college in Narsapur, Medak district near Hyderabad.
FIPB gives go-ahead to Tesco, Vodafone investment proposals
New Delhi: The Foreign Investment Promotion Board (FIPB) on Monday approved two major investment proposals: the UK-based Tesco’s plan to enter the Indian multi-brand retail segment with an initial outlay of $110 million (Rs 680 crore) and Vodafone Plc’s bid to raise its stake to 100 per cent in the Indian venture paying over Rs 10,000 crore.
British retailer Tesco’s proposal to set up a joint venture with Tata group company Trent Hypermarket is probably the fastest ever to be processed and cleared by the FIPB. The proposal was filed with the Department of Industrial Policy and Promotions on December 17, after which it was processed and sent for inter-ministerial consultations. It came before the FIPB last week and brought up for consideration by a committee chaired by Economic Affairs Secretary Arvind Mayaram.
Tesco will invest $55 million (around Rs 340 crore) in three years to develop back-end infrastructure. Tesco and Trent will have 50 per cent equity each in the joint venture. The Government opened multi-brand retail to foreign investment in September 2012, but with an equity cap of 51 per cent.
Since the Centre’s FDI policy on retail is an enabling one, the proposed venture will have to take approval from State governments and local authorities before opening stores. Foreign retailers can set up shop in 12 States and Union Territories. The joint venture is expected to open its shop first in Maharashtra and Karnataka, and operate under Star Bazaar, Star Daily, Star Market or Star Extra brand names.
At its meeting on Monday, the FIPB cleared the way for the Cabinet Committee on Economic Affairs (CCEA) to consider a proposal allowing Vodafone to raise its stake to 100 per cent with an investment of over Rs 10,000 crore. Any foreign investment proposal of or over Rs 1,200 crore needs CCEA approval after FIPB clearance.
Vodafone now holds 64.38 per cent equity stake in the Indian venture, while the remaining is with Piramal Enterprises and Analjit Singh. Piramal will get Rs 1,241 crore for selling 10.97 per cent share, while Analjit Singh will pocket Rs 8,900 crore for parting with 24.65 per cent holding. The shares will be bought by CGP India Investment associated with Vodafone Plc.
British retailer Tesco’s proposal to set up a joint venture with Tata group company Trent Hypermarket is probably the fastest ever to be processed and cleared by the FIPB. The proposal was filed with the Department of Industrial Policy and Promotions on December 17, after which it was processed and sent for inter-ministerial consultations. It came before the FIPB last week and brought up for consideration by a committee chaired by Economic Affairs Secretary Arvind Mayaram.
Tesco will invest $55 million (around Rs 340 crore) in three years to develop back-end infrastructure. Tesco and Trent will have 50 per cent equity each in the joint venture. The Government opened multi-brand retail to foreign investment in September 2012, but with an equity cap of 51 per cent.
Since the Centre’s FDI policy on retail is an enabling one, the proposed venture will have to take approval from State governments and local authorities before opening stores. Foreign retailers can set up shop in 12 States and Union Territories. The joint venture is expected to open its shop first in Maharashtra and Karnataka, and operate under Star Bazaar, Star Daily, Star Market or Star Extra brand names.
At its meeting on Monday, the FIPB cleared the way for the Cabinet Committee on Economic Affairs (CCEA) to consider a proposal allowing Vodafone to raise its stake to 100 per cent with an investment of over Rs 10,000 crore. Any foreign investment proposal of or over Rs 1,200 crore needs CCEA approval after FIPB clearance.
Vodafone now holds 64.38 per cent equity stake in the Indian venture, while the remaining is with Piramal Enterprises and Analjit Singh. Piramal will get Rs 1,241 crore for selling 10.97 per cent share, while Analjit Singh will pocket Rs 8,900 crore for parting with 24.65 per cent holding. The shares will be bought by CGP India Investment associated with Vodafone Plc.
Central Government approves ten water supply projects for Chennai city
New Delhi: The Central Government has approved a proposal for 10 new projects for providing comprehensive water supply to various areas of Chennai city. These projects were approved at the meeting of the Central Sanctioning and Monitoring Committee (CSMC) of the Union Ministry of Urban Development in New Delhi recently. These projects include water supply scheme for Pallikarani, Chinnasekkadu, Puzhal, Surapattu, Puthagaram, Kathirvedu, Vadaperumabakkam, Theeyambakkam, Edayanchavadi, Sadayankuppam, Kadapakkam, Palavakkam, Mugalivakkam, Manali, Kotivakkam, and Perungudi. These projects have been sanctioned at an approved cost of Rs. 27114.11 lakhs. The Central Government will contribute 35% towards the total cost.
The highest amount of Rs. 6959.90 lakhs has been sanctioned to Puzhal, Surapattu, Puthagaram, and Kathirvedu.
Borewells is the primary source of water in many of these areas. At other places, majority of the existing distribution systems in these areas are very old and not sufficient to carry the required water to the population. Water connections are also not metered. Also, there is prevalence of high water loss in the distribution network. The projects aim to improve the quality and quantity of service, water metering, reduction in leakages and energy consumption and enhancement in customer satisfaction and revenues to water supply organizations.
The projects will also ensure that the distribution pipeline network reaches out to the maximum population. Also, since the population for these areas is increasing there is a demand for an increased supply of water, which is aimed to be provided through these new water supply projects sanctioned by the Ministry of Urban Development.
The highest amount of Rs. 6959.90 lakhs has been sanctioned to Puzhal, Surapattu, Puthagaram, and Kathirvedu.
Borewells is the primary source of water in many of these areas. At other places, majority of the existing distribution systems in these areas are very old and not sufficient to carry the required water to the population. Water connections are also not metered. Also, there is prevalence of high water loss in the distribution network. The projects aim to improve the quality and quantity of service, water metering, reduction in leakages and energy consumption and enhancement in customer satisfaction and revenues to water supply organizations.
The projects will also ensure that the distribution pipeline network reaches out to the maximum population. Also, since the population for these areas is increasing there is a demand for an increased supply of water, which is aimed to be provided through these new water supply projects sanctioned by the Ministry of Urban Development.
Isro clears launch of GSLV-D5
“Things are progressing well,” said Isro Chairman K Radhakrishnan. Clearance by MRR and LAB came on Saturday, with the launch time fixed at 16:18 hours (IST) on January 5, 2014. The vehicle was moved from the vehicle assembly building to the umbilical tower (the launch pad) in the morning of December 28.
It is after three continuous failures that GSLV (geosynchronous satellite launch vehicle) is getting ready for its new mission. Isro, which has successfully concluded the crucial stages of Mars Orbiter Mission, is confident the GSLV launch will be successful.
GSLV-D5’s mission would be to carry the advanced communication satellite GSAT-14 in orbit. The GSAT-14 will be used for telecasting and telecommunication purposes. Its mission life is 12 years.
The vehicle carries Indigenous cryogenic engine, which will be used for the second time in the GSLV. It was developed by Isro’s Liquid Propulsion Systems Centre (LPSC) at Mahendragiri near Nagercoil in Tamil Nadu. The first flight which used Indian-made cryogenic stage had failed in April 2010.
This would be the eighth flight of GSLV and the second flight of GSLV with indigenous cryogenic upper stage (CUS) developed by the LPSC.
It may be noted that the GSLV-D5 was scheduled for launch at 16.50 hrs on August 19, 2013 from Satish Dhawan Space Centre at Sriharikota. However, it was called off at the last minute after a leak was found, during the pre-launch pressurisation process, in the fuel system.
The GSLV was first launched with GSAT-1 on April 18, 2001, which was a successful mission.
Out of the seven GSLV launches earlier, three were unsuccessful. The GSLV-F02 launched with INSAT-4C on July 10, 2006; GSLV-D3 launched with GSAT-4 on April 15, 2010; and, GSLV-F06 launched with GSAT-5P on December 25, 2010 were unsuccessful, according to the Isro website.
In the first mission, the GSLV-D1, using a Russian cryo engine, underperformed and in 2007, in the GSLV-F04 mission, one strap-on control failed though both the missions were successful.
Tesco proposal to invest in Trent Hypermarket gets DIPP nod
"We have recommended the Tesco application for clearance," a senior DIPP official told ET. The DIPP vets all foreign investment proposals in the retail sector before they are sent to FIPB, the inter-ministerial body that clears foreign direct investment in sectors where government permission is required.
The DIPP approval means that it has found the proposal to be compliant with India's foreign investment policy for retail.
The FIPB has separately circulated the proposal for comments from departments of economic affairs and revenue within the finance ministry, ministry of consumer affairs and ministry of small and medium enterprises.
A senior finance ministry official said the FIPB will examine the proposal to see if it fulfilled all requirements of the country's policy for the sector, and not go into the structuring of the Tesco investment.
"We need to encourage foreign investment in the country. It's up to foreign investors what structure or route they wish to adopt to meet the policy conditions," the official said.
India had opened the retail sector to foreign investment but waited impatiently for almost 15 months before Tesco became the first foreign company to apply for permission to invest in the country. Industry minister Anand Sharma has already welcomed the proposal and it is unlikely that too many obstacles will be put in its way.
Tesco in its proposal has stated that it wishes to take a 50% stake in Trent Hypermarket, which is currently totally owned by the Tatas. The company plans to initially invest $110 million and will put at least 50% of the first tranche of $100 million in back-end infrastructure, as required by the multi-brand retail policy. It has said it will also use this infrastructure for wholesale activities as well.
The company may be asked by the government to give details of existing back-end infrastructure to ensure proper monitoring of the fresh investment. Tesco has also promised to comply with the 30% local sourcing condition in the FDI policy.
The UK retailer will invest $90 million, of its total $110 million investment, to subscribe to equity shares of Tent Hypermarket Ltd while $20 will be employed to acquire existing equity from Trent. Both Trent and Tesco will hold 50% each in the venture after the induction of foreign equity.
World’s biggest fish satellite-tagged in India
Veraval (Gujarat): As the year comes to an end, India took another small step towards learning more about the world’s biggest fish when a female whale shark was successfully satellite-tagged on Saturday in order to learn more about the movement and preferences of this gentle giant, known as “Vhali” or Gujarat’s Daughter, in the Saurashtra region.
The tagging, second-ever in the country, was done this morning by the Whale Shark Conservation Project team members with the help of the fishing community in Sutrapada, under a project supported by Tata Chemicals Ltd.
A joint initiative of the Gujarat Forest Department and International Fund for Animal Welfare – Wildlife Trust of India (IFAW-WTI), the project works to gather more information on the species to help develop effective conservation strategies.
Whale sharks, an endangered species, usually travel a distance of over 20,000 km from Australia to the Indian coast in Arabian Sea every year in winter. Alka Talwar, Head, Community Development, Tata Chemicals, said, tagging will aid in exploring new facts and data on whale shark’s habitat and provide information on their migratory pattern, breeding, and survival on the Gujarat coast. Aradhana Sahu, Deputy Conservator of Forests, Junagadh, said, “Gujarat has been leading the way in conservation of whale sharks in the country, with the fishing community coming forward to save the species over the past decade.”
B.C. Choudhury, Project Advisor, WTI, added that the project would be tagging more fish in the coming days, applying modified methodology to ensure minimal stress on the fish. The female whale shark tagged this morning was around 18 feet long, said WTI biologist Prem Jothi, who implanted the tag. It was caught in fishing net, and was released post-tagging.
Whale sharks were once brutally hunted in Gujarat for their liver oil used to water proof boats. In 2001, the whale shark became the first fish to be listed in Schedule I of the Indian Wildlife Protection Act, 1972.
Following the successful Whale Shark Campaign launched by the Forest Department, IFAW-WTI and Tata Chemicals, in 2004, the fishing community of Gujarat began releasing whale sharks accidentally caught in their nets.
The tagging, second-ever in the country, was done this morning by the Whale Shark Conservation Project team members with the help of the fishing community in Sutrapada, under a project supported by Tata Chemicals Ltd.
A joint initiative of the Gujarat Forest Department and International Fund for Animal Welfare – Wildlife Trust of India (IFAW-WTI), the project works to gather more information on the species to help develop effective conservation strategies.
Whale sharks, an endangered species, usually travel a distance of over 20,000 km from Australia to the Indian coast in Arabian Sea every year in winter. Alka Talwar, Head, Community Development, Tata Chemicals, said, tagging will aid in exploring new facts and data on whale shark’s habitat and provide information on their migratory pattern, breeding, and survival on the Gujarat coast. Aradhana Sahu, Deputy Conservator of Forests, Junagadh, said, “Gujarat has been leading the way in conservation of whale sharks in the country, with the fishing community coming forward to save the species over the past decade.”
B.C. Choudhury, Project Advisor, WTI, added that the project would be tagging more fish in the coming days, applying modified methodology to ensure minimal stress on the fish. The female whale shark tagged this morning was around 18 feet long, said WTI biologist Prem Jothi, who implanted the tag. It was caught in fishing net, and was released post-tagging.
Whale sharks were once brutally hunted in Gujarat for their liver oil used to water proof boats. In 2001, the whale shark became the first fish to be listed in Schedule I of the Indian Wildlife Protection Act, 1972.
Following the successful Whale Shark Campaign launched by the Forest Department, IFAW-WTI and Tata Chemicals, in 2004, the fishing community of Gujarat began releasing whale sharks accidentally caught in their nets.
Five More Port Projects Appraised
New Delhi: The Public Private Partnership Appraisal Committee (PPPAC-a high level committee of the Government of India) has appraised five proposals in the Port Sector. These projects as listed below will now be recommended for grant of final approval by the Cabinet Committee on Economic Affairs (CCEA). The Ministry of Shipping will submit a Cabinet Note to the Cabinet Committee on Economic Affairs for the purpose.
(i) Development of 4th Container Terminal at Jawaharlal Nehru Port Trust (JNPT) on DBFOT- Design, Build, Finance, Operate and Transfer basis.
(ii) Development of Container Terminal at Ennore Port Limited (EPL) on DBFOT.
(iii) Development of Multipurpose Cargo at Mumbai Port Trust (MPT) on DBFOT.
(iv) Development of Mega Container Terminal at Tuna Tekra at Kandla Port (KPT) on BOT.
(v) Development of Container Terminal at Diamond Harbour at Kolkata Port Trust (KoPT) on BOT.
These projects are proposed to be awarded in the current financial year by various Major Ports for implementation under Public Private Partnership mode. The proposed projects are to create an additional capacity of 150 MMTPA with an investment of about Rs. 17630 Crores.
This year, the Ministry of Shipping has so far conveyed approval for 16 projects against a target of 30 and the Major Ports have already awarded these projects. These already awarded projects include six under PPP and 10 under non-PPP mode and they are expected to add a capacity of 89 MMTPA with an investment of about Rs.4200 Crores.
(i) Development of 4th Container Terminal at Jawaharlal Nehru Port Trust (JNPT) on DBFOT- Design, Build, Finance, Operate and Transfer basis.
(ii) Development of Container Terminal at Ennore Port Limited (EPL) on DBFOT.
(iii) Development of Multipurpose Cargo at Mumbai Port Trust (MPT) on DBFOT.
(iv) Development of Mega Container Terminal at Tuna Tekra at Kandla Port (KPT) on BOT.
(v) Development of Container Terminal at Diamond Harbour at Kolkata Port Trust (KoPT) on BOT.
These projects are proposed to be awarded in the current financial year by various Major Ports for implementation under Public Private Partnership mode. The proposed projects are to create an additional capacity of 150 MMTPA with an investment of about Rs. 17630 Crores.
This year, the Ministry of Shipping has so far conveyed approval for 16 projects against a target of 30 and the Major Ports have already awarded these projects. These already awarded projects include six under PPP and 10 under non-PPP mode and they are expected to add a capacity of 89 MMTPA with an investment of about Rs.4200 Crores.
UK begins to woo students from smaller Indian towns
The campaign follows the recent controversy over the UK visa bond, where visitors were required to cough up £3,000 for a visa. Though it was scrapped later, the issue dented the international image of that country.
Richard Everitt, British Council’s Director Education (India), said the number of Indian student applications to the UK has fallen to 30,000 from 40,000 over the last two-three years. “Fall in the rupee significantly reduced the share of household income spent on education abroad. Rumours about visa and access and increasing awareness about education options in competing countries such as Germany, Australia and Canada have all contributed to the decline,” he said. The UK attracts an average of four lakh international students every year of which 30,000 are from India.
“The idea of the 20-city tour is to raise awareness, reach out to a wider network of students and help bring back the numbers that have declined since the last few years. We want to dispel rumours of the UK having become an unfriendly destination for Indian students. There is no visa issue for them and they are free to work during study and after study based on certain conditions,” he added.
According to Everitt, Indians can work up to 20 hours a week during study and fulltime after study for a period of three years provided it is a high value job earning over £20,000.
“The only change from two years ago is the change in post study work options for Indian students from low value jobs earlier to high value jobs now,” he added.
The British Council plans to increase scholarships for Indian students in the UK. It plans to offer a microsite on UK’s education that can be accessed even from a handheld device, to cater to the tech-intensive generation.
In November, the British Council announced scholarships worth Rs 10 crore for Indian students, covering 260 post-graduate and under-graduate courses across 36 universities in England, Wales, Scotland and Northern Ireland for semesters starting in September 2014 and January 2015.
PM asks industry to invest in education, research
“Today, our universities depend largely on grants for undertaking research. Greater support from industry will not only lead to better research outcomes but also enable industry to utilise these outcomes for meaningful practical application. It may be worthwhile on the part of our university academics to make a detailed study of how this interface works in other countries so that we can replicate the international best practices”, Singh said during the diamond jubilee celebrations of the University Grants Commission (UGC).
Singh’s request for funding comes at a time when a number of bills proposed by the Human Resource and Development Ministry are pending in Parliament including the National Accreditation Regulatory Authority Bill and Foreign Educational Institutions Bill. In addition, proposals to amend the AICTE Act and setting up a regulator for distance education has been pending at various stages.
The Prime Minister also expressed concerns about the lack of quality of education at India’s premier institutes and the shortage of faculty in the country. “This brings me to the related issue of shortage of faculty in our institutes of higher education. This problem is likely to become even more acute with the expansion that is planned in the coming years,” PM added. The government is currently in the midst of rolling out the Rashtriya Uchchatar Shiksha Abhiyan (RUSA) which will create 278 new universities and 388 new colleges in addition to converting 266 colleges to model degree colleges by the end of the 13th Five-Year Plan.
Singh also hinted at the need to create new models of financing for the higher education sector as the funding from the central government has declined in real term over the past years. “Although the demand for higher education has increased enormously over the years, the central and state governments’ financial support to institutions of higher education has declined in real terms. New models of financing higher education, based on well established norms, and improvements in the existing system of funding by the central and state governments, therefore, are critical concerns”, the PM said.
Higher educational institutes in the country had come in the line of fire after none of them could figure themselves amongst the Top 200 institutes in the world.
Saturday, December 28, 2013
Haryana to have nuclear university
AMBALA, DEC 28:
A Nuclear University will be set up in Haryana soon at a cost of Rs 2,200 crore, Chief Minister Bhupinder Singh Hooda announced on Saturday.
Prime Minister Manmohan Singh will lay the foundation for the institution on January 3, Hooda said, while addressing the Platinum Jubilee function of Atmanand Jain (Post-graduate) college here.
Hooda said he would give Rs 21 lakh from his contigency funds for the construction of multipurpose gymnasium hall at the college. He urged people to educate their children.
Referring to the special attention given to education in the state, Hooda said Haryana would become an international hub for education in the next five to seven years.
A Nuclear University will be set up in Haryana soon at a cost of Rs 2,200 crore, Chief Minister Bhupinder Singh Hooda announced on Saturday.
Prime Minister Manmohan Singh will lay the foundation for the institution on January 3, Hooda said, while addressing the Platinum Jubilee function of Atmanand Jain (Post-graduate) college here.
Hooda said he would give Rs 21 lakh from his contigency funds for the construction of multipurpose gymnasium hall at the college. He urged people to educate their children.
Referring to the special attention given to education in the state, Hooda said Haryana would become an international hub for education in the next five to seven years.
ESIC opens medical college in Kerala
KOLLAM, DEC. 22:
Employees State Insurance Corporation will complete all its projects of renovating and constructing modern dispensaries, hospitals and offices in Kerala on a priority basis, Minister of State for Labour Kodikunnil Suresh said here on Saturday.
The ESIC Medical College Hospital was inaugurated at nearby Paripally by Chief Minister Oommen Chandy.
Suresh said such medical colleges would begin functioning from this academic year in Chennai, Gulbarga in Karnataka and Kolkata. The modernisation is part of the ESI’s ambitious Rs 480-crore programme to upgrade its hospitals, dispensaries and offices nationwide to adapt to the changing health delivery scenario.
Chandy applauded ESIC’s efforts for its services to the working classes of the State and promised the government’s full support to the Corporation.
Official sources said ESIC Medical College Hospital at Paripally would initially have 300 beds and later be upgraded to 500 beds with modern facilities.
Employees State Insurance Corporation will complete all its projects of renovating and constructing modern dispensaries, hospitals and offices in Kerala on a priority basis, Minister of State for Labour Kodikunnil Suresh said here on Saturday.
The ESIC Medical College Hospital was inaugurated at nearby Paripally by Chief Minister Oommen Chandy.
Suresh said such medical colleges would begin functioning from this academic year in Chennai, Gulbarga in Karnataka and Kolkata. The modernisation is part of the ESI’s ambitious Rs 480-crore programme to upgrade its hospitals, dispensaries and offices nationwide to adapt to the changing health delivery scenario.
Chandy applauded ESIC’s efforts for its services to the working classes of the State and promised the government’s full support to the Corporation.
Official sources said ESIC Medical College Hospital at Paripally would initially have 300 beds and later be upgraded to 500 beds with modern facilities.
AirAsia India set to begin with 5 aircraft, in first quarter
Compared to the Tatas’ other aviation venture, Tata-SIA, this budget airline, which will operate point-to-point flights mainly from Tier-II Indian cities, has been slower on the takeoff. “But the moment the clearances come, we have done all the background work and will be ready to take off immediately.”
This budget airline, he says, should be ready to operate flights by the “first quarter of 2014, or even by February or March if the clearance comes”. The airline is yet to get the operating permit from the DGCA.
Asked if the Tata ethos of not paying speed money had slowed down the venture, he said, “Let it slow down; the moment the approval comes, we’ll take off. In the first year, we will operate five aircraft.”
The main objective of this airline, said Ramadorai, is to make air travel affordable to people… families, particularly first-time (air) travellers.”
Asked if it is possible to be low-cost and profitable he said, “Yes, our hubs will be there only in smaller cities as bigger cities are more expensive. And we are already in talks with various State Governments and have requested them to consider certain things.”
These include lower fuel taxes, “a State subject, and certain other facilities at the airports from where we’ll operate.”
On the likely numbers the fledgling airline will handle in the first year of operations, Ramadorai said: “Our goal is clear, we want to provide affordable air travel, bring in first-time travellers and we want families to travel by our airline. How or what this scales up to, we’re not worried about.”
The point to point flight will be relatively short haul “60-90 minutes, max”, he added.
On why the Tatas would choose an IT man (he retired as TCS CEO in 2009 after a stint of 37 years in the company and continues to be its Vice-Chairman), Ramadorai said: “As in everything else, they wanted somebody they can trust… somebody who would be suitable, not necessarily somebody who knows the business. That, you can pick up anyway, but somebody who could be counted upon for ethical conduct…to present the right face and a clean image.”
L&T Metro to take up trial runs by July next
The rail coaches from the Hyundai Rotem consortium are expected to arrive in Hyderabad by May next and the trial runs for the first phase of 8-km stretch between Nagole and Uppal of the 72 km metro project will be taken up by July. While the trials will go on for few months, the phase one will be ready for commercial operations by March 2015, N.V.S.Reddy, Managing Director, Hyderabad Metro Rail Limited, said.
Reddy said that the progress of the project has been thus far very encouraging in spite of facing several hardships on course. So far, the concessionaire L&T and Hyderabad Metro have invested about Rs 4,000 crore. This includes Rs 3,100 crore by L&T and Rs 900 crore by Hyderabad Metro.
The project has gathered momentum and more than a third of the piers have been erected. The pace is expected to go up next year as various elements of the project have now come together. The right of way issues too have been addressed, he said.
Referring to the land acquisition for the project, he said of the 269 acres of land assured to be handed over to L&T, 267 acres of land has been handed over so far. Only two acres of land is held up due to a court case and we expect that this would also be resolved shortly. The land acquisition in terms of providing ‘right of way,’ that is providing access for project development, is also being addressed in couple of busy areas.
TREE PLANTATION
“So far more than 1800 trees have been translocated with 98 per cent survival rate. We have also taken up massive tree plantation drive involving colleges and students. All these will ensure that there is good greenery for the project,” he explained.
Referring to the possibility of issuing smart cards to passengers, which will potentially double up as multipurpose cards, Reddy said several banks have evinced interest in taking part of this initiative. At least two banks will be chosen at the appropriate time, he hinted.
No shortage of life insurance products from January 1: IRDA
HYDERABAD, DEC. 27:
There will be no shortage of life insurance products from January 1 when new norms come into effect, according to T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).
“Every life insurer has a minimum 10 to 15 products ready to be launched or already launched. We have cleared about 500 products so far,” Vijayan told newspersons on the sidelines of an interactive session organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Friday.
Life insurers have been barred from hawking old products starting next month. They can only sell products that are compliant with the new product design norms brought in by the insurance regulator early this year.
“As all products have gone to the shelves of the insurers (from IRDA after approval), their exact launch would depend on their market strategies,” he added.
SERVICE TAX
Earlier, while addressing participants at the meeting, the IRDA chief said the imposition of service tax or its removal was not in the purview of the insurance regulator.
The premium on life insurance products, especially those by the Life Insurance Corporation, is likely to go up from January 1 as the market leader would collect service tax separately. Several private insurers have already started doing so.
BANCASSURANCE
Referring to the permission being given to banks to act as insurance brokers , Vijayan said: “Banks should represent the customers. We want banks to sell the best policies of 24 life insurance companies. We are pushing for it.”
The Finance Ministry had issued a circular last week asking banks to turn into brokers of multiple insurance companies.
As of now, banks are only permitted to act as corporate agents of insurers
There will be no shortage of life insurance products from January 1 when new norms come into effect, according to T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).
“Every life insurer has a minimum 10 to 15 products ready to be launched or already launched. We have cleared about 500 products so far,” Vijayan told newspersons on the sidelines of an interactive session organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Friday.
Life insurers have been barred from hawking old products starting next month. They can only sell products that are compliant with the new product design norms brought in by the insurance regulator early this year.
“As all products have gone to the shelves of the insurers (from IRDA after approval), their exact launch would depend on their market strategies,” he added.
SERVICE TAX
Earlier, while addressing participants at the meeting, the IRDA chief said the imposition of service tax or its removal was not in the purview of the insurance regulator.
The premium on life insurance products, especially those by the Life Insurance Corporation, is likely to go up from January 1 as the market leader would collect service tax separately. Several private insurers have already started doing so.
BANCASSURANCE
Referring to the permission being given to banks to act as insurance brokers , Vijayan said: “Banks should represent the customers. We want banks to sell the best policies of 24 life insurance companies. We are pushing for it.”
The Finance Ministry had issued a circular last week asking banks to turn into brokers of multiple insurance companies.
As of now, banks are only permitted to act as corporate agents of insurers
Vineet Nayar retires from HCL Technologies’ Board
NEW DELHI, DEC 27:
HCL Technologies (HCLT) on Friday said Vineet Nayar, Director of the company since 2008, has decided to retire from the Board. However, he will be a Senior Advisor to HCLT and HCL Corporation, it said in statement.
The company said Nayar has decided to devote more time to his Foundation.
“Vineet has been a friend and a colleague for over two decades now. His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of him. I look forward to his continued association with HCL as a Senior Advisor,” Shiv Nadar, Chief Strategy Officer and Chairman, HCLT said.
As a Senior Advisor, Nayar will advise HCL Corporation on key strategic issues and also work with the Board of HCLT on initiatives such as driving a high performance culture amongst senior managers and new strategies for growth, the company said.
“As I pursue my dream, of creating a ‘Million Smiles’ through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning. I also hope to continue to add value to both HCLT and HCL Corporation through my continued association,” Nayar said.
HCLT’s shares closed at Rs 1,256.20 on the BSE on Friday, up 0.80 per cent from the previous close
HCL Technologies (HCLT) on Friday said Vineet Nayar, Director of the company since 2008, has decided to retire from the Board. However, he will be a Senior Advisor to HCLT and HCL Corporation, it said in statement.
The company said Nayar has decided to devote more time to his Foundation.
“Vineet has been a friend and a colleague for over two decades now. His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of him. I look forward to his continued association with HCL as a Senior Advisor,” Shiv Nadar, Chief Strategy Officer and Chairman, HCLT said.
As a Senior Advisor, Nayar will advise HCL Corporation on key strategic issues and also work with the Board of HCLT on initiatives such as driving a high performance culture amongst senior managers and new strategies for growth, the company said.
“As I pursue my dream, of creating a ‘Million Smiles’ through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning. I also hope to continue to add value to both HCLT and HCL Corporation through my continued association,” Nayar said.
HCLT’s shares closed at Rs 1,256.20 on the BSE on Friday, up 0.80 per cent from the previous close
Kejriwal takes charge, promises to change Delhi
Thousands gathered at the historic Ramlila Maidan here on Saturday to witness the swearing-in of Aam Aadmi Party leader Arvind Kejriwal, the new Chief Minister of Delhi.
Reiterating that his Government is not taking oath to assume power but to serve the people, Kejriwal urged other parties in the Delhi Assembly to work together with his team and set aside their political opposition.
Manish Sisodia, Girish Soni, Rakhi Birla, Satyendra Jain, Saurabh Bharadwaj and Somnath Bharti also took oath along with him. A meeting of the Cabinet, which was held soon after the swearing-in ceremony, decided the portfolio of the Ministers.
Ministers' portfolio
Kejriwal will take charge of Home, Finance, Vigilance, Power, Planning and Services departments. Power price in the State was a major political issue raised by the AAP during the elections. The party has promised that charges will be reduced by 50 per cent immediately.
His first lieutenant Manish Sisodia will be the new Education Minister. He will also keep the PWD, Urban Development, Local Bodies and Land and Building departments.
An IIT graduate, Somnath Bharti, was given the charge of Administrative Reforms, Law, Tourism and Culture.
Rakhi Birla, the lone woman in the seven-member Cabinet, got Social Welfare and Women and Child Development departments.
Girish Soni, a along-time associate of Kejriwal, will handle Labour and SC, ST departments and Satyendra Jain will have Health and Industries departments.
Primary healthcare facilities
AAP has promised to improve the primary healthcare facilities in the city State. Saurabh Bhardwaj was given the charge of Transport, Food and Civil Supplies and Environment. He will have to soon take a decision on increasing the auto fares in the State as the Centre has hiked the CNG prices recently.
Thunderous applauses
Emotions run high as every word of Kejriwal was welcomed with thunderous applauses by the enthusiastic crowd.
“The whole fight is not to make Arvind Kejriwal a Chief Minister but it is for a change of governance in Delhi,” Kejriwal said in a brief speech.
Action against corrupt public servants
He promised that action will be taken against corrupt public servants. “I don’t claim to have a magic wand or remedies for all the ills but if the 1.5 crore people of Delhi join him, there is no reason why all the problems can’t be solved,” the Chief Minister said.
'No arrogance'
He said that he and his team will show no arrogance and will work for the people with service as the goal.
Kejriwal said that AAP is not born to come to power but to remove the arrogance of other parties. Asking his party men to serve the people, he said people should not have to think of another party to correct AAP in the future.
Vote of confidence
He added that he does not mind about the result of the vote of confidence scheduled for next week. He said even if his party does not manage majority, people will vote it back to power with a thumping majority.
People, who participated in the function, hoped that Kejriwal will work to fulfil their aspirations.
Aam Aadmi Party's ideals
“He has given a clear message. Implementation of AAP’s ideals is now just a matter of time. He has silently worked so far for the benefit of people and we hope that he will continue to do so and bring changes in Delhi,” said Sanjay Kumar, who has come from Dwaraka to attend the function.
Swati, a housewife from Model Town, said she was attracted by the AAP’s ideals after it took an initiative to hold protests on the increasing violence against women. “I hope that public transport will be more secured in Delhi now,” she said.
A Delhi Government servant, who wanted anonymity, said things in Delhi will change on its own now.
“80 per cent of the public servants are good. Now they will be empowered as our Chief Minister is an honest man. We are sure that good officers will get more authority in decision-making. There will be pressure on the 20 per cent corrupt officers to change. At least 15 per cent of them will change on their own now. Five per cent will remain unchanged, but they will be in no position to influence the system,” the senior officer said.
Lok Sabha elections
There were slogans that the next aim of AAP is the Prime Minister's chair and Kejriwal will be able to reach that position in the next Lok Sabha elections.
Earlier, Kejriwal took the Delhi Metro from his house at Kausambi to reach the venue. Kejriwal said that all his party’s promises will be implemented in a time-bound manner.
Friday, December 27, 2013
Google expands Chromebook school programme in India
The internet search company that makes the world's most popular software for smartphones and tablets will initially make available 25 Chromebooks to each school and train the teachers and instructors in the use of the required software applications.
"The school instructors will teach core subjects using applications and software. We believe with interactive learning, the student will understand better and will take interest in the subjects," Ponnala Lakshmaiah, the state's minister for information technology, said.
Chromebooks require an internet connection to use, and most of the data, such as files that users work on, are stored on Google's storage network connected to the internet. Earlier this month, Samsung released a Chromebook model specifically for the Indian market. Schools are among the most popular market segments for the Chromebooks.
Google is running this programme in some 3,000 schools in the US, Singapore and Malaysia, a Google executive with direct knowledge of the plan to expand it to India told ET. The executive requested not to be named as Google was yet to announce the plan.
"Google aims to increase access to information and knowledge for all students, and encourages tools that support effective teaching and learning in the classroom, but we have nothing to announce at this time," a company spokeswoman said in an emailed statement.
The pilot project, in collaboration with Andhra Pradesh department of information technology, will start next month, a senior government official said. It will be launched in three government schools and one private school in Jangaon in Warangal district.
After the pilot, which benefits students of grades nine and 10, discussions are on to expand the programme statewide, the government official said.
The state's IT department will provide the schools with Wi-Fi internet connectivity with 1 Mbps speed and power backups for unhindered use. Each school will be assigned dedicated mentors who would train the teachers and instructors, the official said.
Training will include using the Google Apps Training Center, an online learning environment that offers six modules including Google Apps Education Edition, Apps Mail, Calendar, Docs, Sites, and other tools
Morgan Stanley to open Bangalore centre to service US parent
This new centre will be opened in 2014 and will complement Morgan Stanley’s GICs in Mumbai, the company said in a statement.
Commenting on the firm’s plans to grow its GIC capabilities and footprint in India, Bill Strong, Morgan Stanley’s Co-CEO Asia Pacific, said the company had reviewed global options for building a new GIC that can provide a mass of employees to support its global functions and saw value-add in expanding further our on-the-ground teams in India.
While this is a new investment, the company did not quantify the exact amount of investments.
However, it added that this new site in Bangalore is aligned with its continued focus on leveraging India’s skilled and diverse talent pool for the company.
Morgan Stanley has been present in India since 1993 and the back-office provides investment banking, asset management and research, capital markets-related research and sales and trading advisory services to its global clients that include high net worth individuals from 1,200 offices across 43 countries.
The firm will continue to grow its existing Mumbai-based centres, in addition to the new Bangalore centre, officials added.
Establishment of National Cancer Institute (NCI) at Jhajjar campus of AIIMS, New Delhi in Haryana state
This is a landmark step in the arena of cancer research in the country and shall lessen the deficit of tertiary cancer care in the Northern region. Cancer is emerging as a major public health concern in India, where every year 11 lakhs new cases are diagnosed, with a mortality rate of 5.5 lakhs per year. There has been a lag of cancer treatment facilities in India, compared to WHO standard; which requires one radiotherapy machine per million population. India at present has 0.41 machines per million population. Hence, setting up of this institute will herald a new chapter in the government initiative against cancer.
NCI will operate on the lines of NCI, USA and DKFZ, Germany as a nodal center for indigenous research, promotive, preventive and curative aspects of care and human resource development. This institute is aimed to plan, conduct and coordinate research on cancers which are more specific to India; like tobacco related cancers, cancer of the uterine cervix, gall bladder cancer and liver cancers. The focus will be on understanding, analyzing the cause and genesis of the above cancers. This will further translate the knowledge gained to develop feasible strategies to improve cancer care services by improvement in detection, diagnosis, treatment and quality of life of patients.
The proposed institute will broadly have clinical division, research divisions, and disease management groups (DMGs). These DMGs will go in to the details of all issues pertaining to management of various cancers, site wise, besides other facilities. NCI will have 710 beds for different facilities viz. Surgical Oncology, Radiation Oncology, Medical Oncology, Anesthesia and palliative care, Nuclear Medicine etc. It will have a Tissue Repository which is the first of its kind in India.
HSCC (India) Ltd, a public sector enterprise under the administrative control of the Health & Family Welfare Ministry has been appointed as Project Consultant by AIIMS New Delhi. The Project Consultant is responsible for concept, detailed design & engineering, contracting, project management and medical equipment procurement, installations and commissioning.
CCEA approves road projects worth Rs 2,000 crore in Gujarat and Bihar
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved two road projects worth Rs 2,000 crore, to be undertaken in Bihar and Gujarat. The project in Bihar is expected to cost Rs 1,408 crore, while the project in Gujarat is expected to cost Rs 503 crore.
“The CCEA has approved the project for the development of four laning of the (approximately) 93 km-Gaya-Hisua-Rajgir-Nalanda-Bihar Sharif section on the National Highway-82 in Bihar. The total project cost is estimated at Rs 1,409 crore, including Rs 1,216 crore as civil construction and supervision works and Rs 193 crore as the cost of land acquisition, rehabilitation and pre-construction activities. The project will be completed within three years of signing of the contract agreement,” a statement from the roads ministry said.
The Japan International Cooperation Agency (JICA) will provide loan assistance for the project in Bihar. JICA had earlier sanctioned loans worth Rs 1,300 crore for undertaking road projects in Bihar this year.
CCEA’s decision to award more road projects comes at a time when the road ministry has been struggling to award projects during the current financial year. So far, the ministry has awarded projects worth 500 km, while it had set itself a target of 9,000 km at the beginning of the financial year. The inability to fast-track the awarding of road projects during a crucial election year also had the prime minister allowing the road ministry to award more projects under the government-funded mode as against the public private partnership or PPP mode.
The ministry is now looking at awarding 2,000 km of road projects before the end of the financial year through the government-funded mode, after the private sector decided to stay away from undertaking infrastructure projects. The National Highways Authority of India (NHAI) has also been allowed to tap the bond market to raise Rs 3,500 crore through a bond issue, while the government will invest the remaining Rs 12,000 crore to construct 2,000 km of roads during the year.
OTHER DECISIONS
Proposal to amalgamate State Farms Corporation of India with National Seeds Corporation cleared, both wholly owned public sector undertakings
Pension proposal cleared for 43,000 employees of Mahanagar Telephone Nigam who joined the public sector company from the department of telecom, which would the government an estimated Rs 500 crore
Proposal for non-Plan budgetary support of Rs 116.9 crore for liquidation of statutory dues and pay from April 1 to August 31 this year for 11 central PSUs which are financially ailing cleared
Proposals to establish a National Cancer Institute at a cost of Rs 2,035 crore on the Jhajjar (Haryana) campus of the All India Institute of Medical Sciences and a Rs 640-crore welfare scheme for fisherfolk cleared
Proposal for the sale of Air India’s five long-haul Boeing 777 aircraft to Etihad Airways cleared
Industry experts have often slammed the government for the lack of a single window clearance policy for the mess in the road sector after private sector participation hit a record bottom in the past year. In addition, private companies have also been requesting the government to restructure their premium payments, due to NHAI over the next 20 years to relieve their financial burden as the economy goes through a slowdown. A policy allowing private developers to exit projects is also being considered currently.
The roads ministry is looking to award road projects worth Rs 5.8 lakh crore during the 12th Five-Year Plan and the setting up of a road regulator to address issues concerning dispute resolutions. Earlier this year, the NHAI had to scrap projects worth Rs 3,000 crore due to land acquisition troubles in Kerala and Goa.
Govt clears Rs 3-lakh cr investments in public enterprises
To drive growth
“This has been done in several of rounds of the Cabinet Committee on Investment. The total pending projects of PSEs involve about Rs 30 lakh crore,’’ Rawat told newspersons on the sidelines of Golden Jubilee Celebrations at Institute of Public Enterprise (IPE) here on Thursday.
Pointing out that this was expected to drive growth in public sector, the official said the business figures of the first six months of the current financial year ended September 30, 2013 showed positive growth though the performance of PSEs was not up to the mark during 2012-13.
Going by the present trend, it was expected that public sector enterprises could grow by 15 per cent this year, he added. When asked on the performance of Bharat Heavy Electricals Ltd (BHEL), he said it was making losses due to pending projects and building up of huge inventory before receiving actual orders.
AUTONOMY
To improve the performance of public sector enterprises, the Government is considering allowing Maharatna and Navaratna companies to take independent decision involving investments up to Rs 10,000 crore, Rawat said. At present Rs 5,000 crore is the upper cap in this regard.
More funds needs
Earlier, addressing the gathering, P. Rama Rao, President, Board of Governors, IPE, said there was a need for greater investments in education, research and development. “The only group of companies which can show the way forward in this regard are public sector enterprises,’’ he said.
Thursday, December 26, 2013
Mytrah Energy adds 150 MW wind power capacity
The wind power generation company, based in Hyderabad and listed on the Alternative Investment Market of (AIM) of the London Stock Exchange, is implementing wind farms with total capacity of 238.2 MW at three locations — Burugula (37.4 MW) in Andhra Pradesh, Savalsang (100.3 MW) in Karnataka and Vagrarai (100.5 MW) in Tamil Nadu.
It has commissioned additional capacity at these sites. All the three projects are being commissioned on a rolling basis with the stabilisation process conducted throughout the first quarter of 2014.
Burugula and Savalsang are Mytrah’s first two self-development projects constructed on the company’s land with Gamesa. This provides the company with diversification when combined with its turnkey agreement with Suzlon.
India Cements gets Centre’s nod for capacity expansion
Chennai: An expert appraisal committee under the ministry of environment has given its nod to India Cements to double its capacity and set up a 40-Mw power plant at one of its facilities in Tamil Nadu. The proposed expansion project will come up at Dalavoi in Ariyalur district. According to a senior official of the company, the capacity addition would cater to Tamil Nadu and Kerala markets. "It will be a significant expansion in the two markets, where not much of the capacity additions expected in the future,” said the official.
It is expected to take about two years to complete the work. Current capacity for clinker production in this facility is 1.24 million tonnes per annum and the company plans to add 1.53 million tonnes taking total clinker production capacity to 2.77 million tonnes per annum. Cement (OPC/PPC) production capacity is 2.16 million tonnes and the company plans to add 2.55 million tonnes taking the total cement production capacity to 4.71 million tonnes.
The proposed expansion will be carried out in an area of 25.09 hectares. The estimated cost of the project is Rs 810 crore, including Rs 39.6 crore and Rs 5.71 crore earmarked for the capital cost and recurring cost per annum towards the environmental pollution control measures. India Cements, country's one of the largest cement manufacturers, currently has a total capacity of 15.5 million tonnes. It has seven plants in Tamil Nadu and Andhra Pradesh and one in Rajasthan. The company is also planning to add 2X20 Mw power plant in the facility.
The captive power plant will use coal/pet coke as fuel. The power requirement for the facility would be 41.4 Mw, which will be met from the captive power plant and the Tamil Nadu Electricity Board, according to the company's disclosure to the ministry.
SDF to shift some tractor engine lines from Italy to India
The company plans to invest Rs 300 crore over the next one year in expanding the tractor engine production capacity, said Bhanu Sharma, Managing Director and CEO of SDF India Pvt Ltd.
Two new lines
“We are planning to shift production of tractor engines with three and four cylinders, that will have a horse power range of 80-110,” Sharma said. Two new tractor engine production lines will be added at its existing facility in Ranipet.
Shifting of production lines will help the company introduce newer range of tractors with higher horsepower in the Indian market by 2015, where the demand for higher capacity tractors is seen going up, Sharma said.
key factors
The shortage of manpower, rising labour costs and consolidation of land holdings are the key factors that are driving the tractor sales, he added.
Currently, SDF manufactures about 8-9 tractor models in the mid-segment with a horse power range of 40-80 hp, bulk of which are exported to about 54 countries across Asia, Africa, Latin America and Australia.
The company sold about 2,000 Deutz Fahr tractors in the Indian market this year and is planning to double it in 2014.
SDF is eyeing a production to 25,000 tractor engines during 2014, up from the current year’s output of 15,000 engines, Sharma added.
Lamborghini tractors
SDF unveiled its Lamborghini range of tractors in India at an agri-fair in Pune, recently.
The company is in the process of finalising the specifications for the Indian market, based on the customer requirement, and expects to start rolling out Lamborghini tractors in the second half of 2014, he added.
SDF is targeting rich farmers and high profile individuals with farming interests, besides golf courses, cricket stadiums and luxury resorts.
RBI allows foreign retail investments in tax-free rupee bond
Funds raised through these bonds can be invested in infrastructure projects and in fixed deposits with banks. "It has been decided to permit resident entities, companies in India, authorized by the government of India, to issue taxfree, secured, redeemable, non-convertible bonds in rupees to persons resident outside India to use such borrowed funds for on lending, re-lending to the infrastructure sector and keeping in fixed deposits with banks in India pending utilization by them for permissible end-uses," RBI said in a statement.
It said the move will widen the investor base, help in internationalizing the currency and open another window for foreign investors.
At present, foreign institutional investors are not allowed to invest in tax-free infrastructure bonds issued by companies such as Power Finance Corporation, NAHAI, IIFL and Rural Electrification Corporation. Every year, the government allows some public sector companies to issue tax-free bonds.
Global investors have shown interest in rupee-denominated bonds. Recently, International Finance Corporation, the private finance arm of World Bank, had raised Rs 1,000 crore in the US by issuing rupee-linked bonds to global investors. IFC plans to raise a total of $1 billion. In such currency bond, the foreign investor will get proceeds in rupee.
"This will help in increasing the market base by including small and wide ticket size into Indian debt market," said Ashutosh Khajuria, president (treasury) at Federal Bank. "It is one step towards internationalisation of the currency." Since the bonds are rupee-denominated, volatility in the currency will not have an impact on the issuer. To that extent, external debt will be taken care of.
India Inc raises $9 bn via overseas bonds in 2013
Kolkata: India Inc is making a scramble to raise money abroad. Indian private and state-run companies, other than financial institutions, have raised $9.23 billion by selling foreign currency bonds in foreign markets in 2013. This is more than double the money they raised through this route during the last calendar year. In 2012, domestic companies had raised $4.12 billion through foreign currency bonds.
There were 16 foreign bond issuances by private and public sector companies from India in 2013 compared to nine a year earlier. Standard Chartered Bank topped the league table helping corporates raise $1.3 billion this calendar year. It was followed by Deutsche Bank, JPMorgan, Royal Bank of Scotland (RBS) and Citi.
"The overseas issuances were largely driven by volume rather than pricing. Indian companies were able to raise large sums of money through foreign currency bonds. It would have been difficult for them to raise this money in India in the current environment," said a senior banker with a large foreign bank in India.
He added investors' confidence in Indian issuers had improved in recent months, which helped domestic companies in raising money abroad. Apart from the dollar, local companies have also raised funds in other foreign currencies like the Euro, Swiss franc and Singapore dollar.
"Many issuers were of the view that interest rates could go up in the future and, hence, we saw a lot of opportunistic fund-raising as well. Overseas bond markets presented a perfect opportunity to raise large amounts and longer tenor liabilities, compared to the bank loan market," Randhir Singh, head of financing at Deutsche Bank in India, said.
Deutsche Bank managed nine of the 16 deals this year and helped its clients raise $1.29 billion from foreign bond markets.
In most cases, companies decided to use the money abroad — either to expand their business or refinance some of their existing foreign currency liabilities.
Bankers remained confident that this trend of raising money through foreign currency bonds will continue in 2014, at least in the first couple of quarters. The deal pipeline for the first quarter of the 2014 calendar year is estimated to be around $2 billion. "The new year should start on a good note, as the first quarter deal pipeline is quite robust," said a senior banker with a mid-sized foreign bank in India.
India Inc raises $9 bn via overseas bonds in 2013
Kolkata: India Inc is making a scramble to raise money abroad. Indian private and state-run companies, other than financial institutions, have raised $9.23 billion by selling foreign currency bonds in foreign markets in 2013. This is more than double the money they raised through this route during the last calendar year. In 2012, domestic companies had raised $4.12 billion through foreign currency bonds.
There were 16 foreign bond issuances by private and public sector companies from India in 2013 compared to nine a year earlier. Standard Chartered Bank topped the league table helping corporates raise $1.3 billion this calendar year. It was followed by Deutsche Bank, JPMorgan, Royal Bank of Scotland (RBS) and Citi.
"The overseas issuances were largely driven by volume rather than pricing. Indian companies were able to raise large sums of money through foreign currency bonds. It would have been difficult for them to raise this money in India in the current environment," said a senior banker with a large foreign bank in India.
He added investors' confidence in Indian issuers had improved in recent months, which helped domestic companies in raising money abroad. Apart from the dollar, local companies have also raised funds in other foreign currencies like the Euro, Swiss franc and Singapore dollar.
"Many issuers were of the view that interest rates could go up in the future and, hence, we saw a lot of opportunistic fund-raising as well. Overseas bond markets presented a perfect opportunity to raise large amounts and longer tenor liabilities, compared to the bank loan market," Randhir Singh, head of financing at Deutsche Bank in India, said.
Deutsche Bank managed nine of the 16 deals this year and helped its clients raise $1.29 billion from foreign bond markets.
In most cases, companies decided to use the money abroad — either to expand their business or refinance some of their existing foreign currency liabilities.
Bankers remained confident that this trend of raising money through foreign currency bonds will continue in 2014, at least in the first couple of quarters. The deal pipeline for the first quarter of the 2014 calendar year is estimated to be around $2 billion. "The new year should start on a good note, as the first quarter deal pipeline is quite robust," said a senior banker with a mid-sized foreign bank in India.
Tuesday, December 24, 2013
Jet Air in pact with Turkish Airlines
Mumbai: Jet Airways (India) Ltd has entered into a fresh aircraft leasing arrangement with Turkish Airlines for its Airbus 330-200 wide bodied jets.
The Indian company, which is 24 per cent owned by Etihad Airways, will lease out three of its idle A330s to the Turkish carrier for six years, according to sources.
A Jet spokesperson did not comment on the development, and the financial details could not be ascertained.
At the end of the second quarter, Jet said it had grounded five A330s and had initiated discussions with players for both an outright sale and long-term lease arrangements.
If the company is successful in an outright sale of these aircraft, its debt portfolio will shrink by $200 million, the airline's chief financial officer Ravishankar Gopalakrishnan had said then. Debt at the country’s second largest airline was at $1.9 billion as on September 30, 2013.
Indian companies are keen to lease out their idle aircraft to tide over mounting losses. For Q2, Jet Airways had reported a net loss of Rs 891 crore. Of this, Rs 123 crore in losses were related to aircraft on ground.
Earlier, Jet was close to leasing out all five aircraft to Kuwait Airlines, but the deal fell apart with the Kuwait government suspending the flag carrier’s chairman, Sami Al-Nesif.
Turkish Airlines and Jet Airways have a long history of commercial arrangements. News reports suggest that the two airlines have been leasing partners since 2008. In 2010, Turkish Airlines has inked an agreement with Jet to take three Boeing 777s on lease.
Recently, Air India invited bids from leasing companies to sell its Boeing 787 Dreamliner jets and is set to hire them back on monthly rentals as part of its strategy to raise cash.
The Indian company, which is 24 per cent owned by Etihad Airways, will lease out three of its idle A330s to the Turkish carrier for six years, according to sources.
A Jet spokesperson did not comment on the development, and the financial details could not be ascertained.
At the end of the second quarter, Jet said it had grounded five A330s and had initiated discussions with players for both an outright sale and long-term lease arrangements.
If the company is successful in an outright sale of these aircraft, its debt portfolio will shrink by $200 million, the airline's chief financial officer Ravishankar Gopalakrishnan had said then. Debt at the country’s second largest airline was at $1.9 billion as on September 30, 2013.
Indian companies are keen to lease out their idle aircraft to tide over mounting losses. For Q2, Jet Airways had reported a net loss of Rs 891 crore. Of this, Rs 123 crore in losses were related to aircraft on ground.
Earlier, Jet was close to leasing out all five aircraft to Kuwait Airlines, but the deal fell apart with the Kuwait government suspending the flag carrier’s chairman, Sami Al-Nesif.
Turkish Airlines and Jet Airways have a long history of commercial arrangements. News reports suggest that the two airlines have been leasing partners since 2008. In 2010, Turkish Airlines has inked an agreement with Jet to take three Boeing 777s on lease.
Recently, Air India invited bids from leasing companies to sell its Boeing 787 Dreamliner jets and is set to hire them back on monthly rentals as part of its strategy to raise cash.
Frugal innovations to keep India healthy
Mumbai: From a smart medicine pack that keeps a tab on a person taking tuberculosis medicines to technology that identifies the right blood vessel for an intra-venous procedure, innovations are now coming in small packages.
And research competitions are challenging these “Edisons of tomorrow” — students, scientists and entrepreneurs — by encouraging them to think-up novel solutions in healthcare.
Prototype development
Take the ‘Grand Challenges in Tuberculosis Control’ programme for instance. Winners get $30,000 as a grant for six months to develop a prototype. And those who scale this challenge get $100,000 each to integrate the innovation into India’s healthcare system.
The TB-control challenge, an initiative from IKP Knowledge Park, has the US Agency for International Development and the Bill and Melinda Gates Foundation, as partners.
Big innovations are required and will continue, but the idea here is to open opportunities for effective, high-volume and low-cost solutions, says Gopichand Katragadda, Chairman and Managing Director of GE India Technology Centre (GE-ITC). GE’s Edison Challenge gives the winner a Rs 10-lakh grant, and the runner-up, Rs 5 lakh.
Exposure to market
The challenge gives university research an exposure to market needs, as perceived by the industry, he says, adding that GE would be open to absorbing an innovation that “fits the bill.”
Globally, such initiatives are not unknown. In fact, the Breakthrough Prize in Life Sciences, collectively founded by Facebook founder Mark Zuckerberg and Google co-founder Sergey Brin, among others, also looks to russel up the excitement around science and research.
One of the 15 recipients of IKP’s first round of funding for TB-control solutions is Bill Thies, a researcher with Microsoft Research India. His team’s innovation helps ensure that a patient takes the TB medicine regularly and without the direct supervision mandated in the Government-run system.
The innovation involves giving numbers, hidden behind the pills in a strip of TB medicines. On taking the medicine, a four-digit code is revealed to the patient, who has to combine it with a six-digit number printed on the pack and give a missed phone call to that number. And this gets captured at the monitoring end.
TB control falters, since patients default on taking their medicines regularly. Thies’ team’s innovation seeks to plug this gap. The grant money goes to Innovators in Health, a non-profit organisation in Bihar that partners and co-evaluates the initiative, says Thies.
In the GE Edison challenge, this year’s winner was a mobile application to diagnose skin cancer and related abnormalities from IIT (Kharagpur). And last year’s runner-up, Vellore Institute of Technology’s VeinLoc (blood-vessel detector), has taken the innovation a step further, by applying for a patent.
The five-year Edison challenge encourages awardees to continue interacting with mentors at GE — a no mean exposure — since GE’s centre at Bangalore is its largest multidisciplinary research, development and engineering centre outside the US.
Intellectual property
Explaining the academia-industry misfit, Katragadda says universities are flush with funds, but are not tied to deliverables and market insight. Besides, there are trust issues between universities and the industry on matters such as intellectual property.
The Edison challenge looks to bridge the gap, by including interactions with technology resource persons and angel investors, to awaken researchers to market-place realities.
And research competitions are challenging these “Edisons of tomorrow” — students, scientists and entrepreneurs — by encouraging them to think-up novel solutions in healthcare.
Prototype development
Take the ‘Grand Challenges in Tuberculosis Control’ programme for instance. Winners get $30,000 as a grant for six months to develop a prototype. And those who scale this challenge get $100,000 each to integrate the innovation into India’s healthcare system.
The TB-control challenge, an initiative from IKP Knowledge Park, has the US Agency for International Development and the Bill and Melinda Gates Foundation, as partners.
Big innovations are required and will continue, but the idea here is to open opportunities for effective, high-volume and low-cost solutions, says Gopichand Katragadda, Chairman and Managing Director of GE India Technology Centre (GE-ITC). GE’s Edison Challenge gives the winner a Rs 10-lakh grant, and the runner-up, Rs 5 lakh.
Exposure to market
The challenge gives university research an exposure to market needs, as perceived by the industry, he says, adding that GE would be open to absorbing an innovation that “fits the bill.”
Globally, such initiatives are not unknown. In fact, the Breakthrough Prize in Life Sciences, collectively founded by Facebook founder Mark Zuckerberg and Google co-founder Sergey Brin, among others, also looks to russel up the excitement around science and research.
One of the 15 recipients of IKP’s first round of funding for TB-control solutions is Bill Thies, a researcher with Microsoft Research India. His team’s innovation helps ensure that a patient takes the TB medicine regularly and without the direct supervision mandated in the Government-run system.
The innovation involves giving numbers, hidden behind the pills in a strip of TB medicines. On taking the medicine, a four-digit code is revealed to the patient, who has to combine it with a six-digit number printed on the pack and give a missed phone call to that number. And this gets captured at the monitoring end.
TB control falters, since patients default on taking their medicines regularly. Thies’ team’s innovation seeks to plug this gap. The grant money goes to Innovators in Health, a non-profit organisation in Bihar that partners and co-evaluates the initiative, says Thies.
In the GE Edison challenge, this year’s winner was a mobile application to diagnose skin cancer and related abnormalities from IIT (Kharagpur). And last year’s runner-up, Vellore Institute of Technology’s VeinLoc (blood-vessel detector), has taken the innovation a step further, by applying for a patent.
The five-year Edison challenge encourages awardees to continue interacting with mentors at GE — a no mean exposure — since GE’s centre at Bangalore is its largest multidisciplinary research, development and engineering centre outside the US.
Intellectual property
Explaining the academia-industry misfit, Katragadda says universities are flush with funds, but are not tied to deliverables and market insight. Besides, there are trust issues between universities and the industry on matters such as intellectual property.
The Edison challenge looks to bridge the gap, by including interactions with technology resource persons and angel investors, to awaken researchers to market-place realities.
Centre approves IOC's LNG project
The capacity of the proposed facility, part of Indian Oil's Rs 56,000-cr investment plan during the 12th Plan, will be five mt a year
Chennai: The expert appraisal committee of the ministry of environment and forests has given its nod to Indian Oil Corporation (IOC)'s Rs 4,320-crore liquefied natural gas (LNG) terminal project at Ennore, about 25 km away from Chennai.
The capacity of the proposed facility will be five million tonnes a year. The terminal can be expanded to 10-15 million tonnes a year. This is part of IOC’s Rs 56,000-crore investment plan during the 12th Plan Period (2012-17).
IOC started marketing of re-gasified LNG (RLNG) in 2004. As one of the major off-takers of RLNG from Dahej LNG import terminal of Petronet LNG Limited (PLL- a Joint Venture Company of IOCL, BPCL, GAIL and ONGC). IOC also has a marketing share of 30 per cent of RLNG in the upcoming PLL’s Kochi LNG terminal.
According to the committee, the Ennore port is an all-weather facility. It has all infrastructure facilities in place. The port has already earmarked water front for LNG jetty and land for storage and regasification terminal in their master plan.
After the completion of the project, RLNG would cater to the southern states. RLNG will be supplied to customers such as power plants, fertiliser companies through an extensive pipeline network. LNG would also be supplied by road through cryogenic LNG road tankers.
Chennai: The expert appraisal committee of the ministry of environment and forests has given its nod to Indian Oil Corporation (IOC)'s Rs 4,320-crore liquefied natural gas (LNG) terminal project at Ennore, about 25 km away from Chennai.
The capacity of the proposed facility will be five million tonnes a year. The terminal can be expanded to 10-15 million tonnes a year. This is part of IOC’s Rs 56,000-crore investment plan during the 12th Plan Period (2012-17).
IOC started marketing of re-gasified LNG (RLNG) in 2004. As one of the major off-takers of RLNG from Dahej LNG import terminal of Petronet LNG Limited (PLL- a Joint Venture Company of IOCL, BPCL, GAIL and ONGC). IOC also has a marketing share of 30 per cent of RLNG in the upcoming PLL’s Kochi LNG terminal.
According to the committee, the Ennore port is an all-weather facility. It has all infrastructure facilities in place. The port has already earmarked water front for LNG jetty and land for storage and regasification terminal in their master plan.
After the completion of the project, RLNG would cater to the southern states. RLNG will be supplied to customers such as power plants, fertiliser companies through an extensive pipeline network. LNG would also be supplied by road through cryogenic LNG road tankers.
CCI approves acquisition of cement plants of Jaypee in Gujarat located at Sewagram and Wanakbori by Ultratech
New Delhi: The Competition Commission of India (CCI) has approved the proposed acquisition of cement plants of Jaypee Cement Corporation Limited, comprising an integrated cement unit at Sewagram and grinding unit at Wanakbori in Gujarat by Ultratech Cement Limited (Ultratech). Jaypee Cement Corporation Limited is a wholly owned subsidiary of Jaiprakash Associates Limited (Jaypee).
Both Ultratech and Jaypee are engaged in the manufacture and marketing of different varieties of cement across India. The combined capacity of sewagram and wanakbori plants is 4.8 MTPA.
The Commission vide its order dated 20.12.2013 is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, approved the proposed combination under sub-section (1) of Section 31 of the Act.
Both Ultratech and Jaypee are engaged in the manufacture and marketing of different varieties of cement across India. The combined capacity of sewagram and wanakbori plants is 4.8 MTPA.
The Commission vide its order dated 20.12.2013 is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, approved the proposed combination under sub-section (1) of Section 31 of the Act.
2 more investment zones, chilli park for Karnataka
Bengaluru: Union Commerce Ministry has approved the Karnataka Government’s proposal to set up a chilli park at Haveri.
Addressing reporters after a meeting here to review the pending projects, Union Commerce Minister Anand Sharma said, “We have cleared the proposal. The land for setting up the chilli park will be finalised by the State government. Spices Board and the State government will take it forward.”
The Ministry also cleared the Karnataka Government proposal to include pepper under the National Horticultural Mission (NHM).
“Karnataka is the second largest pepper producer. The State will be brought under NHM. For setting up a pepper park, the State will co-ordinate with the Spices Board,” said Sharma.
Export facilitation
To facilitate export from Karnataka, Commerce Ministry has approved few more projects. Prominent among them are to take up construction of a convention centre. An assistance of Rs 20 crore is being given to Karnataka Trade Promotion Organisation (KTPO) to take up construction of the centre.
In order to increase agri-exports from Karnataka, Agricultural and Processed Food Products Export Development Authority (APEDA) will take up construction of cold storage and warehousing facilities at the new airport (BIAL).
“This will increase State’s share of agri-exports and create additional infrastructure facility at the airport,” said Sharma.
Of the seven mega leather clusters proposed in the country, Karnataka will get one.
The regional sub centre of the National Institute of Design (NID) in Bangalore is will be upgraded to a full-fledged campus.
The Indian Institute of Packaging’s proposal to set up a centre in Bangalore has been cleared.“A proposal was approved some time back but it will be taken up with the State government’s help,” Sharma said.
Addressing reporters after a meeting here to review the pending projects, Union Commerce Minister Anand Sharma said, “We have cleared the proposal. The land for setting up the chilli park will be finalised by the State government. Spices Board and the State government will take it forward.”
The Ministry also cleared the Karnataka Government proposal to include pepper under the National Horticultural Mission (NHM).
“Karnataka is the second largest pepper producer. The State will be brought under NHM. For setting up a pepper park, the State will co-ordinate with the Spices Board,” said Sharma.
Export facilitation
To facilitate export from Karnataka, Commerce Ministry has approved few more projects. Prominent among them are to take up construction of a convention centre. An assistance of Rs 20 crore is being given to Karnataka Trade Promotion Organisation (KTPO) to take up construction of the centre.
In order to increase agri-exports from Karnataka, Agricultural and Processed Food Products Export Development Authority (APEDA) will take up construction of cold storage and warehousing facilities at the new airport (BIAL).
“This will increase State’s share of agri-exports and create additional infrastructure facility at the airport,” said Sharma.
Of the seven mega leather clusters proposed in the country, Karnataka will get one.
The regional sub centre of the National Institute of Design (NID) in Bangalore is will be upgraded to a full-fledged campus.
The Indian Institute of Packaging’s proposal to set up a centre in Bangalore has been cleared.“A proposal was approved some time back but it will be taken up with the State government’s help,” Sharma said.
Monday, December 23, 2013
IMT Ghaziabad ties up with Arizona State University
New Delhi: The Institute of Management and Technology, Ghaziabad (IMTG) has joined hands with Arizona State University (ASU) of the US to strengthen bilateral collaborations in business management education.
Under the tie-up both the institutions will offer dual-degree programmes. In the 2+1 IMTG-ASU programme, students will spend two years at the IMTG and one year at the ASU.
In 1+1 IMTG-ASU programme, aspirants will spend one year at the IMTG followed by one year at the ASU. Both models will have internship engagements built into the programmes. Students at the IMTG will get direct access to some of the Masters programmes in business and decision analytics, sustainable systems, environmental management and resource management domains.
“Our multi-faceted network of international collaborations with some of the best foreign institutions of the world makes IMTG a unique institution for those aspirants who seek to pack in a lifetime of learning in a short span of time,” said Bibek Banerjee, Director of IMTG and Academic Mentor of the IMT Group in a press statement.
“The Arizona State University pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social and cultural vitality of the communities that surround it,” said Ajay Vinze, Earl and Gladys Davis Distinguished Professor of Business and the Associate Dean of International Programmes at W. P. Carey School of Business. Vinze is also the Vice-Provost of Arizona State University.
According to a survey, the ASU was ranked fifth on a list of the top universities favoured by employers by The Wall Street Journal. The W. P. Carey School of Business at ASU houses more than 1,500 graduate students and more than 8,300 undergraduates.
Under the tie-up both the institutions will offer dual-degree programmes. In the 2+1 IMTG-ASU programme, students will spend two years at the IMTG and one year at the ASU.
In 1+1 IMTG-ASU programme, aspirants will spend one year at the IMTG followed by one year at the ASU. Both models will have internship engagements built into the programmes. Students at the IMTG will get direct access to some of the Masters programmes in business and decision analytics, sustainable systems, environmental management and resource management domains.
“Our multi-faceted network of international collaborations with some of the best foreign institutions of the world makes IMTG a unique institution for those aspirants who seek to pack in a lifetime of learning in a short span of time,” said Bibek Banerjee, Director of IMTG and Academic Mentor of the IMT Group in a press statement.
“The Arizona State University pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social and cultural vitality of the communities that surround it,” said Ajay Vinze, Earl and Gladys Davis Distinguished Professor of Business and the Associate Dean of International Programmes at W. P. Carey School of Business. Vinze is also the Vice-Provost of Arizona State University.
According to a survey, the ASU was ranked fifth on a list of the top universities favoured by employers by The Wall Street Journal. The W. P. Carey School of Business at ASU houses more than 1,500 graduate students and more than 8,300 undergraduates.
Vedic Realty to invest Rs 2,500 cr
Kolkata: Kolkata-based Vedic Realty Pvt Ltd plans to invest nearly Rs 2,500 crore for setting up an 18-hole golf course, with an integrated IT township. The investment will be through 25 per cent debt and 75 per cent equity.
To be spread across approximately 1,500 acres at Rajarhat New Town in the north eastern fringes of the city, the project, Greentech City, would be home to the third big golf course in the city. The two others include British-era Royal Calcutta Golf Club and Tollygunge Club.
“We will be investing nearly Rs 2,500 crore to develop the IT township, along with a golf course. The investment will be done over seven to eight years,” Raj K Modi, Chairman and Managing Director, Vedic Realty, told Business Line. Golf tourism is likely to come up as major draw in the coming days here, he said.
Greentech City has a bouquet of varied residential units starting from flats at Rs 17 lakh to a golf villa at Rs 4 crore. So far, nearly 800 units have been booked. Another major project by the company is Vedic Village spread over 150 acres at Rajarhat.
The company has so far invested nearly Rs 500 crore to develop the township and one-third of the required land has been acquired so far.
Post a “lull period” in 2009-10 following some trouble over land acquisition, the project is slowly picking up pace, Modi said.
Once the residential units and golf course come up, the company will focus on creating infrastructure for information technology companies.
Vedic Realty, through its joint venture with the West Bengal Electronics Industry Development Corporation Ltd, will provide land for IT firms to set up facilities at Greentech City.
To be spread across approximately 1,500 acres at Rajarhat New Town in the north eastern fringes of the city, the project, Greentech City, would be home to the third big golf course in the city. The two others include British-era Royal Calcutta Golf Club and Tollygunge Club.
“We will be investing nearly Rs 2,500 crore to develop the IT township, along with a golf course. The investment will be done over seven to eight years,” Raj K Modi, Chairman and Managing Director, Vedic Realty, told Business Line. Golf tourism is likely to come up as major draw in the coming days here, he said.
Greentech City has a bouquet of varied residential units starting from flats at Rs 17 lakh to a golf villa at Rs 4 crore. So far, nearly 800 units have been booked. Another major project by the company is Vedic Village spread over 150 acres at Rajarhat.
The company has so far invested nearly Rs 500 crore to develop the township and one-third of the required land has been acquired so far.
Post a “lull period” in 2009-10 following some trouble over land acquisition, the project is slowly picking up pace, Modi said.
Once the residential units and golf course come up, the company will focus on creating infrastructure for information technology companies.
Vedic Realty, through its joint venture with the West Bengal Electronics Industry Development Corporation Ltd, will provide land for IT firms to set up facilities at Greentech City.
World Bank keen to finance solar projects in India
Total fund requirement is worth Rs 80,000 cr to add 9,000 MW
Mumbai: The World Bank has launched consultations with the ministries of finance and new and renewable energy for financing solar projects under phase II of the National Solar Mission.
“The World Bank is really impressed with the performance of phase I of the National Solar Mission wherein, the installed capacity has risen to 2,000 Mw from 30 Mw. The World Bank was engaged with the ministry of new and renewable energy during phase I in working out the policy and putting in place necessary guidelines but had not provided funds. However, during phase II, the World bank is quite keen to finance solar projects,” Ashish Khanna, lead energy specialist told Business Standard. He however, declined to divulge further details in this regard. The total requirement of funds is of the order of Rs 80,000 crore ($13 billion) of which, as high as Rs 54,000 crore ($9 billion) will be debt based on a 70:30 debt equity ratio. The World Bank has expressed that it was keen to partially finance debt requirement.
Khanna said of the total debt requirement of Rs 54,000 crore, much needed to come from the scheduled commercial banks.
“During the first phase, commercial banks had lent $700 million and they need to scale up to the levels envisaged. In order to make investment in solar power more attractive for scheduled commercial banks, the government will need to strategically use scarce public resources to leverage commercial financing, address structural barriers that prevent commercial banks from participating and facilitate appropriate technology deployment,” Khanna added.
Khanna said the role of facilitating public funding in leveraging commercial lending on a sustained basis through risk reducing instruments as well as innovations in financing is significant and imperative for moving solar development to a largely non-recourse financing mode in India. The World Bank in its report titled, “Paving the way for a Transformational Future: Lessons from Jawaharlal Nehru National Solar Mission Phase I”, suggests that the government could offer multiple financial solutions involving viability gap fund, generation-based incentives, credit guarantees, credit lines to banks at a concession to cut interest rates and subordinate public finance to extend the tenor of loans. According to the World Bank, using public financing for extending the tenor of a loan and providing subordinated debt is least expensive among all other options, with the objective of reducing the solar tariff to Rs 5.50 per unit.
Mumbai: The World Bank has launched consultations with the ministries of finance and new and renewable energy for financing solar projects under phase II of the National Solar Mission.
“The World Bank is really impressed with the performance of phase I of the National Solar Mission wherein, the installed capacity has risen to 2,000 Mw from 30 Mw. The World Bank was engaged with the ministry of new and renewable energy during phase I in working out the policy and putting in place necessary guidelines but had not provided funds. However, during phase II, the World bank is quite keen to finance solar projects,” Ashish Khanna, lead energy specialist told Business Standard. He however, declined to divulge further details in this regard. The total requirement of funds is of the order of Rs 80,000 crore ($13 billion) of which, as high as Rs 54,000 crore ($9 billion) will be debt based on a 70:30 debt equity ratio. The World Bank has expressed that it was keen to partially finance debt requirement.
Khanna said of the total debt requirement of Rs 54,000 crore, much needed to come from the scheduled commercial banks.
“During the first phase, commercial banks had lent $700 million and they need to scale up to the levels envisaged. In order to make investment in solar power more attractive for scheduled commercial banks, the government will need to strategically use scarce public resources to leverage commercial financing, address structural barriers that prevent commercial banks from participating and facilitate appropriate technology deployment,” Khanna added.
Khanna said the role of facilitating public funding in leveraging commercial lending on a sustained basis through risk reducing instruments as well as innovations in financing is significant and imperative for moving solar development to a largely non-recourse financing mode in India. The World Bank in its report titled, “Paving the way for a Transformational Future: Lessons from Jawaharlal Nehru National Solar Mission Phase I”, suggests that the government could offer multiple financial solutions involving viability gap fund, generation-based incentives, credit guarantees, credit lines to banks at a concession to cut interest rates and subordinate public finance to extend the tenor of loans. According to the World Bank, using public financing for extending the tenor of a loan and providing subordinated debt is least expensive among all other options, with the objective of reducing the solar tariff to Rs 5.50 per unit.
World Bank keen to finance solar projects in India
Total fund requirement is worth Rs 80,000 cr to add 9,000 MW
Mumbai: The World Bank has launched consultations with the ministries of finance and new and renewable energy for financing solar projects under phase II of the National Solar Mission.
“The World Bank is really impressed with the performance of phase I of the National Solar Mission wherein, the installed capacity has risen to 2,000 Mw from 30 Mw. The World Bank was engaged with the ministry of new and renewable energy during phase I in working out the policy and putting in place necessary guidelines but had not provided funds. However, during phase II, the World bank is quite keen to finance solar projects,” Ashish Khanna, lead energy specialist told Business Standard. He however, declined to divulge further details in this regard. The total requirement of funds is of the order of Rs 80,000 crore ($13 billion) of which, as high as Rs 54,000 crore ($9 billion) will be debt based on a 70:30 debt equity ratio. The World Bank has expressed that it was keen to partially finance debt requirement.
Khanna said of the total debt requirement of Rs 54,000 crore, much needed to come from the scheduled commercial banks.
“During the first phase, commercial banks had lent $700 million and they need to scale up to the levels envisaged. In order to make investment in solar power more attractive for scheduled commercial banks, the government will need to strategically use scarce public resources to leverage commercial financing, address structural barriers that prevent commercial banks from participating and facilitate appropriate technology deployment,” Khanna added.
Khanna said the role of facilitating public funding in leveraging commercial lending on a sustained basis through risk reducing instruments as well as innovations in financing is significant and imperative for moving solar development to a largely non-recourse financing mode in India. The World Bank in its report titled, “Paving the way for a Transformational Future: Lessons from Jawaharlal Nehru National Solar Mission Phase I”, suggests that the government could offer multiple financial solutions involving viability gap fund, generation-based incentives, credit guarantees, credit lines to banks at a concession to cut interest rates and subordinate public finance to extend the tenor of loans. According to the World Bank, using public financing for extending the tenor of a loan and providing subordinated debt is least expensive among all other options, with the objective of reducing the solar tariff to Rs 5.50 per unit.
Mumbai: The World Bank has launched consultations with the ministries of finance and new and renewable energy for financing solar projects under phase II of the National Solar Mission.
“The World Bank is really impressed with the performance of phase I of the National Solar Mission wherein, the installed capacity has risen to 2,000 Mw from 30 Mw. The World Bank was engaged with the ministry of new and renewable energy during phase I in working out the policy and putting in place necessary guidelines but had not provided funds. However, during phase II, the World bank is quite keen to finance solar projects,” Ashish Khanna, lead energy specialist told Business Standard. He however, declined to divulge further details in this regard. The total requirement of funds is of the order of Rs 80,000 crore ($13 billion) of which, as high as Rs 54,000 crore ($9 billion) will be debt based on a 70:30 debt equity ratio. The World Bank has expressed that it was keen to partially finance debt requirement.
Khanna said of the total debt requirement of Rs 54,000 crore, much needed to come from the scheduled commercial banks.
“During the first phase, commercial banks had lent $700 million and they need to scale up to the levels envisaged. In order to make investment in solar power more attractive for scheduled commercial banks, the government will need to strategically use scarce public resources to leverage commercial financing, address structural barriers that prevent commercial banks from participating and facilitate appropriate technology deployment,” Khanna added.
Khanna said the role of facilitating public funding in leveraging commercial lending on a sustained basis through risk reducing instruments as well as innovations in financing is significant and imperative for moving solar development to a largely non-recourse financing mode in India. The World Bank in its report titled, “Paving the way for a Transformational Future: Lessons from Jawaharlal Nehru National Solar Mission Phase I”, suggests that the government could offer multiple financial solutions involving viability gap fund, generation-based incentives, credit guarantees, credit lines to banks at a concession to cut interest rates and subordinate public finance to extend the tenor of loans. According to the World Bank, using public financing for extending the tenor of a loan and providing subordinated debt is least expensive among all other options, with the objective of reducing the solar tariff to Rs 5.50 per unit.
PepsiCo plans largest India plant in Andhra Pradesh
Plans investment of Rs 1,230 cr; Phase I to be ready by next year
Hyderabad: PepsiCo India will set up a new beverage plant, poised to be the largest such factory for the company in India, at Sri City industrial park, close to the Andhra Pradesh-Tamil Nadu border.
Coming up on 80 acres, the first phase of the project entails an investment of Rs 450 crore and would be operational by the third or fourth quarter of the next financial year, according to D Shivakumar, chairman and managing director, who took charge 10 days ago.
This is part of a three-phase investment of Rs 1,230 crore in the factory, with the final phase proposed to be completed by 2018, he said.
Chief minister N Kiran Kumar Reddy formally laid the foundation stone for the plant at a function held here on Saturday.
The new plant is also part of the global beverages player’s recent announcement that it was going to make a new investment of Rs 33,000 crore in the country, with its partners, by 2020.
The plant would produce the full range of beverages — carbonated drinks, fruit-based drinks and sports drinks. Each of the three phases will have a production capacity of around 1.2 million litres a day.
Shivakumar said the plan to set up a much larger plant in Andhra Pradesh signified not just the presence of a strong local market but also the growth at large in the country.
“India is a high priority market for PepsiCo and there are lot of opportunities to expand our food & beverage business in the coming years. This is the physical manifestation of our commitment towards investment in the country,” he said.
The company is also planning to make this location as the national hub for sourcing mango pulp, given the large numbers of mango orchards in Andhra Pradesh. “We plan to increase pulp procurement from Andhra Pradesh for all our plants and the state could become a national hub for mango pulp, thus benefiting around 60,000 farmers across Chittoor, Prakasam and Nellore districts,” Shivakumar said.
PepsiCo already has a beverage plant at Sangareddy near Hyderabad, which supplies to the state and neighbouring Karnataka. The company, which refused to share the revenue or the market share figures, said eight of its brands generate around Rs 1,000 crore each in revenues in India.
Hyderabad: PepsiCo India will set up a new beverage plant, poised to be the largest such factory for the company in India, at Sri City industrial park, close to the Andhra Pradesh-Tamil Nadu border.
Coming up on 80 acres, the first phase of the project entails an investment of Rs 450 crore and would be operational by the third or fourth quarter of the next financial year, according to D Shivakumar, chairman and managing director, who took charge 10 days ago.
This is part of a three-phase investment of Rs 1,230 crore in the factory, with the final phase proposed to be completed by 2018, he said.
Chief minister N Kiran Kumar Reddy formally laid the foundation stone for the plant at a function held here on Saturday.
The new plant is also part of the global beverages player’s recent announcement that it was going to make a new investment of Rs 33,000 crore in the country, with its partners, by 2020.
The plant would produce the full range of beverages — carbonated drinks, fruit-based drinks and sports drinks. Each of the three phases will have a production capacity of around 1.2 million litres a day.
Shivakumar said the plan to set up a much larger plant in Andhra Pradesh signified not just the presence of a strong local market but also the growth at large in the country.
“India is a high priority market for PepsiCo and there are lot of opportunities to expand our food & beverage business in the coming years. This is the physical manifestation of our commitment towards investment in the country,” he said.
The company is also planning to make this location as the national hub for sourcing mango pulp, given the large numbers of mango orchards in Andhra Pradesh. “We plan to increase pulp procurement from Andhra Pradesh for all our plants and the state could become a national hub for mango pulp, thus benefiting around 60,000 farmers across Chittoor, Prakasam and Nellore districts,” Shivakumar said.
PepsiCo already has a beverage plant at Sangareddy near Hyderabad, which supplies to the state and neighbouring Karnataka. The company, which refused to share the revenue or the market share figures, said eight of its brands generate around Rs 1,000 crore each in revenues in India.
Wipro announces $2.8 million fellowship focussed on STEM education in US
Bengaluru: India's third largest software exporter Wipro has announced a $2.8 million grant to nurture excellence in science and mathematics in the United States through a multi-year fellowship programme. The programme, focussed on building leadership in these disciplines, will involve over a hundred school teachers and be conducted jointly with the Michigan State University. It will start with the public school systems of Chicago.
Wipro's announcement follows other recent announcements from Cognizant Technology Solutions and Tata Consultancy Services. Earlier this month, Cognizant announced a three year, $150,000 commitment to support university-sponsored science, technology, engineering and math (STEM) education programs at Texas A&M University in College Station, Texas.
Teachers committed to teaching in urban schools will be identified after a rigorous selection process, the company said. Participants will be elementary or secondary school educators.
Wipro said its initiative is aligned with the US national goal to significantly improve the quality of education in the STEM subjects. "Wipro is committed to being an involved participant in its communities. This initiative seeks to develop and inspire young people to contribute to excellence in STEM education," said TK Kurien, CEO, Wipro.
Successful participants will earn a graduate certificate in STEM Teaching and Leadership and also become part of the STEM Urban Learning & Leadership Community. "There is a critical shortage of excellent math and science teachers nationwide and even more so in urban school districts," said project co-leader Sonya Gunnings-Moton, assistant dean in the College of Education, Michigan State University. "We need leaders among teachers who can build not only their own capacity to improve learning, but also the capacity of their colleagues."
Aarti Dhupelia, Chief Officer of College and Career Success at Chicago Public Schools said, "The cornerstone of providing a high quality STEM education for our students is ensuring we have exceptional math and science teachers leading the way. We are so grateful for this partnership with Wipro and Michigan State University that will have a transformational impact in our classrooms and communities."
This is the second such program that Wipro has kicked off in the past 16 months in the US. In 2012, Wipro and the University of Massachusetts, Boston (UMass Boston) jointly launched a fellowship program across 10 districts of Boston and Newark area in STEM Education, with the aim of fostering excellence. Wipro said it employs more than 10,000 professionals across 48 states in the US
Wipro's announcement follows other recent announcements from Cognizant Technology Solutions and Tata Consultancy Services. Earlier this month, Cognizant announced a three year, $150,000 commitment to support university-sponsored science, technology, engineering and math (STEM) education programs at Texas A&M University in College Station, Texas.
Teachers committed to teaching in urban schools will be identified after a rigorous selection process, the company said. Participants will be elementary or secondary school educators.
Wipro said its initiative is aligned with the US national goal to significantly improve the quality of education in the STEM subjects. "Wipro is committed to being an involved participant in its communities. This initiative seeks to develop and inspire young people to contribute to excellence in STEM education," said TK Kurien, CEO, Wipro.
Successful participants will earn a graduate certificate in STEM Teaching and Leadership and also become part of the STEM Urban Learning & Leadership Community. "There is a critical shortage of excellent math and science teachers nationwide and even more so in urban school districts," said project co-leader Sonya Gunnings-Moton, assistant dean in the College of Education, Michigan State University. "We need leaders among teachers who can build not only their own capacity to improve learning, but also the capacity of their colleagues."
Aarti Dhupelia, Chief Officer of College and Career Success at Chicago Public Schools said, "The cornerstone of providing a high quality STEM education for our students is ensuring we have exceptional math and science teachers leading the way. We are so grateful for this partnership with Wipro and Michigan State University that will have a transformational impact in our classrooms and communities."
This is the second such program that Wipro has kicked off in the past 16 months in the US. In 2012, Wipro and the University of Massachusetts, Boston (UMass Boston) jointly launched a fellowship program across 10 districts of Boston and Newark area in STEM Education, with the aim of fostering excellence. Wipro said it employs more than 10,000 professionals across 48 states in the US
NTPC to set up first 800-Mw hydro project
800 Mw Koldam to be operational next fiscal
New Delhi: State-owned power generator NTPC Ltd on Thursday started filling up the reservoir of its first hydro power project, the 800-Megawatt (Mw) Koldam in Himachal Pradesh. The 163-metre reservoir is likely to be filled over the next 11 months leading to the commissioning of the project next financial year.
“Koldam project, with four units of 200 Mw each, will provide peaking capacity to the Northern Grid and generate 3,054-Gw-hour electricity annually,” the company said in a statement.
The project was planned 12 years ago with an estimated investment of Rs 4,527 crore. However, delays on account of “geological surprises” led to an estimated 20 per cent cost overrun. “Koldam project, with four units of 200 Mw each, will provide peaking capacity to the Northern grid and generate 3,054-Gw-hour electricity annually,” the company said in a statement.
The project is located on Satluj river in Bilaspur district. Around 12 per cent of its power would be supplied to the host state for free. The rest would be transmitted to seven northern states. State-owned transmission utility Power Grid Corporation (PGCIL) is currently laying down the transmission network for the project. Thanks to the high silt content of the Satluj, the life of the reservoir is limited to 30 years.
NTPC is currently constructing 1,500-Mw hydro capacity, including 800-Mw Koldam, 520-Mw Tapovan Vishnugad and 171 Mw-Lata Tapovan in Uttarakhand, apart from an 8-Mw Singrauli hydro project in UP.
The company has installed capacity of 42,454 Mw, around 19 per cent of India’s total capacity. NTPC operates 16 coal-based and seven gas-based projects apart from six power stations in joint ventures
New Delhi: State-owned power generator NTPC Ltd on Thursday started filling up the reservoir of its first hydro power project, the 800-Megawatt (Mw) Koldam in Himachal Pradesh. The 163-metre reservoir is likely to be filled over the next 11 months leading to the commissioning of the project next financial year.
“Koldam project, with four units of 200 Mw each, will provide peaking capacity to the Northern Grid and generate 3,054-Gw-hour electricity annually,” the company said in a statement.
The project was planned 12 years ago with an estimated investment of Rs 4,527 crore. However, delays on account of “geological surprises” led to an estimated 20 per cent cost overrun. “Koldam project, with four units of 200 Mw each, will provide peaking capacity to the Northern grid and generate 3,054-Gw-hour electricity annually,” the company said in a statement.
The project is located on Satluj river in Bilaspur district. Around 12 per cent of its power would be supplied to the host state for free. The rest would be transmitted to seven northern states. State-owned transmission utility Power Grid Corporation (PGCIL) is currently laying down the transmission network for the project. Thanks to the high silt content of the Satluj, the life of the reservoir is limited to 30 years.
NTPC is currently constructing 1,500-Mw hydro capacity, including 800-Mw Koldam, 520-Mw Tapovan Vishnugad and 171 Mw-Lata Tapovan in Uttarakhand, apart from an 8-Mw Singrauli hydro project in UP.
The company has installed capacity of 42,454 Mw, around 19 per cent of India’s total capacity. NTPC operates 16 coal-based and seven gas-based projects apart from six power stations in joint ventures
BlackBerry to set up enterprise solutions centres in India
New Delhi: BlackBerry has chosen India as the third country after the US and UK to set up enterprise solutions centres to educate corporate customers about various BlackBerry Enterprise Service (BES) 10 solutions, as the troubled smartphone maker eyes corporate clients in a market where it has lost a lot of retail share.
The company will set up two enterprise solutions centres in Mumbai and Gurgaon, Black-Berry India MD Sunil Lalvani told ET. Customers will experience BlackBerry's mobility management solutions, hosted and cloud-based options besides the enterprise server solutions at these centres that will also exhibit in-market smartphones, security architecture and ways of improving a company's productivity using these solutions.
"India is one of the fastest growing markets in terms of smartphone and mobile data adoption. This has directly impacted in the way Indian companies are adopting and implementing mobility solutions," Lalvani said. "We are seeing great traction for our enterprise offerings in the India market and are committed to grow our investments to support this."
These centres will also train BlackBerry Enterprise value added resellers and customers on deploying BES 10, and will offer courses to certify IT administrators managing a BES infrastructure or want to enhance their skills on BlackBerry Enterprise Solutions. BlackBerry has seen relatively better success in the enterprise segment while its market share in the consumer smartphone space has been falling drastically.
In an earlier interaction, BlackBerry spokesperson for India and Saarc, Varghese Thomas, had told ET that the company had seen significant uptake of BlackBerry 10 and BES10, particularly among the corporate segment in India.
The company will set up two enterprise solutions centres in Mumbai and Gurgaon, Black-Berry India MD Sunil Lalvani told ET. Customers will experience BlackBerry's mobility management solutions, hosted and cloud-based options besides the enterprise server solutions at these centres that will also exhibit in-market smartphones, security architecture and ways of improving a company's productivity using these solutions.
"India is one of the fastest growing markets in terms of smartphone and mobile data adoption. This has directly impacted in the way Indian companies are adopting and implementing mobility solutions," Lalvani said. "We are seeing great traction for our enterprise offerings in the India market and are committed to grow our investments to support this."
These centres will also train BlackBerry Enterprise value added resellers and customers on deploying BES 10, and will offer courses to certify IT administrators managing a BES infrastructure or want to enhance their skills on BlackBerry Enterprise Solutions. BlackBerry has seen relatively better success in the enterprise segment while its market share in the consumer smartphone space has been falling drastically.
In an earlier interaction, BlackBerry spokesperson for India and Saarc, Varghese Thomas, had told ET that the company had seen significant uptake of BlackBerry 10 and BES10, particularly among the corporate segment in India.
Carlyle Group invests in Global Health
Mumbai: Private equity major The Carlyle Group has made a strategic minority investment in Indian hospital and healthcare provider Global Health Private Ltd. The financial details of the investment were not disclosed.
The investment, which also included acquisition of a significant equity stake held by an affiliate of Avenue Capital Group, was made by Anant Investments. Anant Investments is an affiliate of Carlyle Asia Partners III, the PE firm said in a statement.
Led by cardiac surgeon Dr Naresh Trehan, Global Health operates a 900 bed hospital in the National Capital Region of Delhi. It provides super-specialty care in cardiology, neurology, gastro, liver transplant and orthopedics with prominent doctors in each field.
Global Health owns ‘Medanta-the Medicity’, a super-specialty hospital, in Gurgaon.
“We see high growth potential in the healthcare industry in India driven by improving income profiles leading to higher hospitalisation and treatment frequency. And the National Capital Region of Delhi, where Global Health is operating, has rapidly emerged as a healthcare hub,” said Neeraj Bharadwaj, Managing Director of The Carlyle Group.
Including this transaction, Carlyle has invested and committed about $1.1 billion in India as of September 30, 2013.
The investment, which also included acquisition of a significant equity stake held by an affiliate of Avenue Capital Group, was made by Anant Investments. Anant Investments is an affiliate of Carlyle Asia Partners III, the PE firm said in a statement.
Led by cardiac surgeon Dr Naresh Trehan, Global Health operates a 900 bed hospital in the National Capital Region of Delhi. It provides super-specialty care in cardiology, neurology, gastro, liver transplant and orthopedics with prominent doctors in each field.
Global Health owns ‘Medanta-the Medicity’, a super-specialty hospital, in Gurgaon.
“We see high growth potential in the healthcare industry in India driven by improving income profiles leading to higher hospitalisation and treatment frequency. And the National Capital Region of Delhi, where Global Health is operating, has rapidly emerged as a healthcare hub,” said Neeraj Bharadwaj, Managing Director of The Carlyle Group.
Including this transaction, Carlyle has invested and committed about $1.1 billion in India as of September 30, 2013.
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