Pune: Mitsubishi Electric India (MEI) has begun assembly of inverters for industrial and building applications at Pune. The facility will cater to requirements in India initially, and for export to South-East Asian markets, subsequently.
The company has also set up an India Development Centre to support development of products such as programmable logic controllers, human machine interfaces and servo drivers that will be manufactured at one of three locations globally.
Hideyuki Ohkubu, Executive Officer, Group President, Mitsubishi Electric Corporation, said the company will make India-specific as well as global market products here, and help set up a base for exports.
Mitsubishi has been in India since 1995 and been providing imported low voltage drives from 0.4 kW to 630 kW to industry sectors such as plastic, textile, pharmacy and automobile.
The Pune facility has involved an investment of Rs 15 crore and will make 40,000 units in the first year, and scale it up to 150,000 units in phases over the next two to three years.
The capacity will range from 3.75 kW to 15 kW.
The factory automation business is currently around Rs 250 crore and will treble and garner a market share in India of around 15 per cent by 2015-16, said Sumit Sinha, Strategic Planning, MEI Pvt Ltd.
Success in my Habit
Thursday, February 28, 2013
L&T Construction bags new orders worth Rs 1,504 cr
Coimbatore: Engineering giant Larsen & Toubro has said its construction arm L&T Construction has obtained new orders worth more than Rs 1,504 crore both within and outside the country.
The water and effluent treatment business has secured new orders worth Rs 621 crore including from the Kolkata Metropolitan Development Authority and the Kolkata Municipal Corporation.
Its solar business unit has got an order from Kiran Energy for building solar PV plants in Tamil Nadu valued Rs 413 crore.
In the power transmission and distribution business, L&T Construction has got an order worth Rs 265 crore from TANGEDCO (Tamil Nadu Generation & Distribution Corporation Ltd) for power distribution works across the State and orders worth Rs 205 crore related to ongoing projects in the civil works space.
The water and effluent treatment business has secured new orders worth Rs 621 crore including from the Kolkata Metropolitan Development Authority and the Kolkata Municipal Corporation.
Its solar business unit has got an order from Kiran Energy for building solar PV plants in Tamil Nadu valued Rs 413 crore.
In the power transmission and distribution business, L&T Construction has got an order worth Rs 265 crore from TANGEDCO (Tamil Nadu Generation & Distribution Corporation Ltd) for power distribution works across the State and orders worth Rs 205 crore related to ongoing projects in the civil works space.
Turkish Cargo signs pact with IBS Software for iCargo
Thiruvananthapuram: IBS Software has signed a 10-year, ‘multimillion dollar’ contract with Turkish Airlines for providing software support to its cargo service.
The deal was announced in Istanbul, said Sankalp Saxena, President and Head, Aviation operations services, IBS Software.
iCargo is the flagship product of IBS for the air cargo operations.
iCargo supports requirements of airline freight business providing Web-enabled features that optimise operations, enhance profitability and provide scalability.
iCargo will power Turkish airline’s air cargo movement worldwide and replace the legacy system.
Single Unit
This compares well with an average of three per cent growth for the other European airlines. Under the deal, the airline sales/inventory, terminal operations/handling, ULD (unit load devices) management and revenue accounting systems will be integrated into single solution.
This single suite will improve access to real-time information and actionable intelligence for users at all levels across locations.
Over 20 global airlines have opted for iCargo to manage their mission critical cargo logistics.
Leading Clients
They include All Nippon Airways, British Airways, Qantas, South African Airways, Lufthansa Cargo and Nippon Cargo Airlines.
iCargo will replace the TACTIC system holding the mainframe substructure in use for last 20 years, said Temel Kotil, President and Chief Executive Officer, Turkish Airlines.
Coming close on the heels of the Lufthansa deal, this is another significant step for IBS, said Sankalp Saxena.
The deal was announced in Istanbul, said Sankalp Saxena, President and Head, Aviation operations services, IBS Software.
iCargo is the flagship product of IBS for the air cargo operations.
iCargo supports requirements of airline freight business providing Web-enabled features that optimise operations, enhance profitability and provide scalability.
iCargo will power Turkish airline’s air cargo movement worldwide and replace the legacy system.
Single Unit
This compares well with an average of three per cent growth for the other European airlines. Under the deal, the airline sales/inventory, terminal operations/handling, ULD (unit load devices) management and revenue accounting systems will be integrated into single solution.
This single suite will improve access to real-time information and actionable intelligence for users at all levels across locations.
Over 20 global airlines have opted for iCargo to manage their mission critical cargo logistics.
Leading Clients
They include All Nippon Airways, British Airways, Qantas, South African Airways, Lufthansa Cargo and Nippon Cargo Airlines.
iCargo will replace the TACTIC system holding the mainframe substructure in use for last 20 years, said Temel Kotil, President and Chief Executive Officer, Turkish Airlines.
Coming close on the heels of the Lufthansa deal, this is another significant step for IBS, said Sankalp Saxena.
India's inflation may fall to 6.2-6.6% in March
New Delhi: Inflation is expected to fall in the range of 6.2 to 6.6 per cent in March this year, helped by moderation in non-food manufacturing sector and global commodity prices, according to the Economic Survey 2012-13 released Wednesday.
The core inflation based on the whole price index (WPI) has remained muted in the current financial year and declined to a three year low of 6.62 per cent in January 2013.
"The recent increase in onion prices in January 2012 and revision in diesel prices may put some pressure on headline inflation. However, inflation is expected to continue the moderating trend," said the annual document presented in Parliament by finance minister P Chidambaram.
Addressing a press conference after the release of the annual Economic Survey, chief economic advisor to finance ministry Raghuram Rajan said high food inflation remain a worry for the policymakers.
Unlike last year when the food price inflation was mainly driven by higher protein food items, this year the pressure has been mounting in cereals.
The survey authored by Rajan points out that inflation has eased in almost all major advanced and emerging market economies in the current year.
"The positive effect of continuous policy easing by the major advanced and developing countries could pose a higher risk to inflation expectations. However, in the short run, given weak growth sentiments, the impact of policy easing may not lead to a surge in inflation and inflation expectations may remain anchored around current target inflation rates," the survey said.
As per the World Bank, except for metals, most global commodity prices are expected to decline further in 2013 and 2014.
"The impact of benign inflationary expectations internationally will have a moderating impact on domestic prices," it said.
The core inflation based on the whole price index (WPI) has remained muted in the current financial year and declined to a three year low of 6.62 per cent in January 2013.
"The recent increase in onion prices in January 2012 and revision in diesel prices may put some pressure on headline inflation. However, inflation is expected to continue the moderating trend," said the annual document presented in Parliament by finance minister P Chidambaram.
Addressing a press conference after the release of the annual Economic Survey, chief economic advisor to finance ministry Raghuram Rajan said high food inflation remain a worry for the policymakers.
Unlike last year when the food price inflation was mainly driven by higher protein food items, this year the pressure has been mounting in cereals.
The survey authored by Rajan points out that inflation has eased in almost all major advanced and emerging market economies in the current year.
"The positive effect of continuous policy easing by the major advanced and developing countries could pose a higher risk to inflation expectations. However, in the short run, given weak growth sentiments, the impact of policy easing may not lead to a surge in inflation and inflation expectations may remain anchored around current target inflation rates," the survey said.
As per the World Bank, except for metals, most global commodity prices are expected to decline further in 2013 and 2014.
"The impact of benign inflationary expectations internationally will have a moderating impact on domestic prices," it said.
India has highest increase in share of services in GDP at 8.1%
New Delhi: A comparison of the services performance of the top 15 countries for the 11 year period from 2001 to 2011 shows that the increase in share of services in GDP is the highest for India with 8.1 percentage points. These 15 top countries include major developed countries alongwith Brazil, Russia, India and China. While China’s highest services compound annual growth rate (CAGR) stood at 11.1%, India’s very high CAGR of 9.2% was second highest and also accompanied by highest change in its share. This is a reflection of the fact that India’s growth has been powered mainly by the services sector.
India’s services sector has emerged as a prominent sector in terms of its contribution to national and state incomes, trade flows, FDI inflows and employment. For more than a decade the sector has been pulling up the growth of Indian economy with great stability. The share of services in India’s GDP at factor cost (at current prices) increased from 33.3% (1950-1951) to 56.5% in 2012-13, as per advance estimates. Including construction, this would increase to 64.8%. With 18%, trade, hotels and restaurants are the largest contributors to GDP among the various sub sectors. This is followed by financing, insurance, real estate and business services with 16.6% share. Community, social, and personal services with 14% share stand in the third place. This is followed by construction at fourth place with 8.2% share.
In 2011-12, although the growth of “trade” sub-sector decelerated to 6.5%, its share improved to 16.6%. The share of the sub-sector “transport by other means” was 5.4%, while its growth was 8.6%. Banking and insurance was the most dynamic sector in 2011-12 with growth of 13.2%. “Other services” had a share of 7.9% in 2010-11 and 2011-12. It grew at 6.5% in 2011-12.
India’s services sector has emerged as a prominent sector in terms of its contribution to national and state incomes, trade flows, FDI inflows and employment. For more than a decade the sector has been pulling up the growth of Indian economy with great stability. The share of services in India’s GDP at factor cost (at current prices) increased from 33.3% (1950-1951) to 56.5% in 2012-13, as per advance estimates. Including construction, this would increase to 64.8%. With 18%, trade, hotels and restaurants are the largest contributors to GDP among the various sub sectors. This is followed by financing, insurance, real estate and business services with 16.6% share. Community, social, and personal services with 14% share stand in the third place. This is followed by construction at fourth place with 8.2% share.
In 2011-12, although the growth of “trade” sub-sector decelerated to 6.5%, its share improved to 16.6%. The share of the sub-sector “transport by other means” was 5.4%, while its growth was 8.6%. Banking and insurance was the most dynamic sector in 2011-12 with growth of 13.2%. “Other services” had a share of 7.9% in 2010-11 and 2011-12. It grew at 6.5% in 2011-12.
Wednesday, February 27, 2013
Small and medium Japanese auto-component makers to explore investments in TN
Chennai: After a wave of large Japanese automotive companies, a bunch of small auto component makers from the country are set to make their way into Tamil Nadu.
A delegation of Japanese auto component companies is in Tamil Nadu to explore investment opportunities and scout for partnerships with Indian auto component makers.
The delegation, consisting Medium and Small Enterprises (MSMEs), include 46 companies from the auto component sector and five from other sectors like rubber.
Tamil Nadu houses over 300 Japanese companies and these Tier-1 companies would need support from Tier-2 component makers and other MSME suppliers, so the delegation of MSME companies is here to explore opportunities.
"The objective is to promote networking amongst existing companies and new companies that are proposing to set up shop in Tamil Nadu. There are here to get a better understanding regarding the investment ecosystem in the state," said Souichi Yoshimura, executive vice-president, Japan External Trade Organisation (JETRO).
"MSMEs might not be able to manage investment and might need support from Indian companies, so they might need partnerships with Indian companies," he said.
JETRO will be providing support to the members of the delegation by collating information required by the MSMEs, he said. The MSMEs, for instance, would require information on procurement procedures of the larger companies based on which they could decide their working here, he said.
A delegation of Japanese auto component companies is in Tamil Nadu to explore investment opportunities and scout for partnerships with Indian auto component makers.
The delegation, consisting Medium and Small Enterprises (MSMEs), include 46 companies from the auto component sector and five from other sectors like rubber.
Tamil Nadu houses over 300 Japanese companies and these Tier-1 companies would need support from Tier-2 component makers and other MSME suppliers, so the delegation of MSME companies is here to explore opportunities.
"The objective is to promote networking amongst existing companies and new companies that are proposing to set up shop in Tamil Nadu. There are here to get a better understanding regarding the investment ecosystem in the state," said Souichi Yoshimura, executive vice-president, Japan External Trade Organisation (JETRO).
"MSMEs might not be able to manage investment and might need support from Indian companies, so they might need partnerships with Indian companies," he said.
JETRO will be providing support to the members of the delegation by collating information required by the MSMEs, he said. The MSMEs, for instance, would require information on procurement procedures of the larger companies based on which they could decide their working here, he said.
NTPC signs MoU with CREDA for geothermal project
New Delhi: National Thermal Power Corporation Limited (NTPC) has signed a Memorandum of Understanding (MoU) with Chhattisgarh Renewable Energy Development Agency (CREDA) to explore the potential of geothermal resources and subsequently implement geothermal project at Tatapani in Chhattisgarh.
The MoU was signed by Shri Ajit Kumar, Executive Director (Business Development), NTPC and Shri Shailendra Kumar Shukla, Director, CREDA in the presence of Shri Aman Singh, Secretary (Energy), Government of Chhattisgarh, Shri S. N. Ganguly, Regional Executive Director, NTPC and other dignitaries.
Tattapani Geothermal field is located approximately 100 kms northeast of Ambikapur in Surguja district of Chhattisgarh and is considered to be one of the most promising site in India for developing geothermal based power project.
Geothermal generation is the harnessing of the geothermal energy or the vast reservoir of heat energy stored in the earth's interior for generating power.
The MoU was signed by Shri Ajit Kumar, Executive Director (Business Development), NTPC and Shri Shailendra Kumar Shukla, Director, CREDA in the presence of Shri Aman Singh, Secretary (Energy), Government of Chhattisgarh, Shri S. N. Ganguly, Regional Executive Director, NTPC and other dignitaries.
Tattapani Geothermal field is located approximately 100 kms northeast of Ambikapur in Surguja district of Chhattisgarh and is considered to be one of the most promising site in India for developing geothermal based power project.
Geothermal generation is the harnessing of the geothermal energy or the vast reservoir of heat energy stored in the earth's interior for generating power.
Mylan launches generic capsules for heart disease in US
Mumbai: In a blow to Mumbai-headquartered Lupin, global pharma company Mylan has launched Fenofibrate capsules to tackle coronary heart disease in the US. The capsules are the generic equivalent to Lupin's anti-cholesterol drug Antara, one of its key US brands.
It is estimated that the drug contributed $43 million to Lupin’s FY12 topline. Being a branded drug, the product contributed around 40 per cent to PAT margin.
After acquiring the brand in 2009, Lupin sold the abbreviated new drug application (ANDA) on Antara to Dr Reddy’s, which was the first to file. Other filers include Apotex, Ranbaxy and Paddock. The substance patent on Antara is set to expire in 2020.
The United States Food and Drug Administration (FDA) granted final approval to Mylan's generic version of Antara on January 10. Lupin had tried to delay the launch through an appeal in the Federal Court that granted an injunction over the district court ruling.
Analysts said Mylan has launched the product at risk.
“Given the generic launch of the product, we estimate a loss of $18-20 million, which is 1 per cent of FY14 sales and 2 per cent of FY14 PBT for Lupin,'' said Manoj Garg of Edelweiss Securities.
It is estimated that the drug contributed $43 million to Lupin’s FY12 topline. Being a branded drug, the product contributed around 40 per cent to PAT margin.
After acquiring the brand in 2009, Lupin sold the abbreviated new drug application (ANDA) on Antara to Dr Reddy’s, which was the first to file. Other filers include Apotex, Ranbaxy and Paddock. The substance patent on Antara is set to expire in 2020.
The United States Food and Drug Administration (FDA) granted final approval to Mylan's generic version of Antara on January 10. Lupin had tried to delay the launch through an appeal in the Federal Court that granted an injunction over the district court ruling.
Analysts said Mylan has launched the product at risk.
“Given the generic launch of the product, we estimate a loss of $18-20 million, which is 1 per cent of FY14 sales and 2 per cent of FY14 PBT for Lupin,'' said Manoj Garg of Edelweiss Securities.
Rail Budget lays thrust on safety, consolidation, improving passenger amenities and fiscal discipline
New Delhi: The Railway Budget 2013-14 presented by the Railway Minister Shri Pawan Kumar Bansal in the Parliament lays thrust on safety, consolidation, improving passenger amenities and fiscal discipline.
The budget has absorbed the increase in passenger tariff due to increase in diesel prices but has proposed minor increase in supplementary charges for super fast trains and Tatkal charges etc. It has proposed FAC-linked revision in freight tariff only.
The Budget has proposed working expenses of Rs. 96,500 crore against the Gross Traffic Receipts of Rs. 1,43,742 crore for the year. The Railway Minister has proposed that appropriation to the Pension Fund of Railway Employees to Rs. 22,000 crore while appropriation to Depreciation Reserve Fund to Rs. 7,500 crore. With these proposals Railways expected to close the year 2013-14 with a balance of Rs. 12,506 crore in the Railway Fund.
Shri Pawan Kumar Bansal has proposed highest ever plan outlay of Rs. 63,363 crore for 2013-14 which will be financed through Gross Budgetary Support of Rs. 26,000 crore and internal resources of 14,260 crore. Market borrowing of Rs.15,103 crore, Railways share in Road Safety Fund of Rs.2000 and Rs.6000 crore will also be mobilized through PPP mode to finance operations of Railways during the year.
Due to the financial discipline railways has been able to fully repay its loan of Rs. 3,000 crore and its operating ratio during the 2013-14 is expected to increase to 87.8% as compared to 88.8% in 2011-12.
The budget has proposed number of measures to improve passenger amenities including IT enable services for reservations and new trains.
The Minister informed that the Indian Railways is set to achieve the milestone of entering the select club of railways with over 1 million ton freight loading. At present, only the Chinese, Russian and the US Railways have this distinction. The Indian Railways have joined another select club of railways which run freight trains of more than 10,000 tones load.
Speaking on fares Shri Bansal said that Railways will absorb the impact of additional burden due to increase in the rates of HSD oil of about Rs. 850 crore but announced marginal increase in supplementary charge for superfast trains, reservation fees, cancellation charges and tatkal charges as the charges have not been revised for last several years. However, he proposed to abolish the concept of enhanced reservation fee with a view to simplify the fee structure. Regarding freight tariff, he proposed to implement FAC-linked revision. He also announced that a proposal regarding the setting up of an independent Rail Tariff Authority has been formulated.
Stating that safety is a necessary mandate for running trains, the Railway Minister said that recommendations of Kakodkar and Sam Pitroda Committee for improving safety are under active consideration of his Ministry. Railway will soon prepare a Corporate Safety Plan for ten years, 2014-2024, with a view to provide long term perspective and focused attention to safety. About 10797 level crossings will be eliminated during 12th Plan, Train Protection Warning System on Automatic Signal System will be introduced and provision of comprehensive fire and smoke detection systems will be introduced in trains. Regarding the safety of women passengers he said, four companies of women RPF have been set up and another eight will be set up soon, and in recruitment of RPF 10% vacancies will be reserved for women.
Reiterating Government’s commitment to bring about a marked change in the level of passenger amenities, the Minister said that 104 important stations will be identified for immediate attention to all aspects related to cleanliness. Progressive extension of bio-toilets on trains will be taken up and an ‘Anubhuti’ coach in select trains will be arranged to provide excellent ambience and latest facilities and services. In order to ensure quality food for passengers the Minister also proposed third party audit system for food testing and setting up of ISO certified state-of-art kitchens.
The Railway Minister proposed to introduce Wi-Fi facilities on several trains to cater to increasing aspirations and requirement of youth and other passengers. Another 60 stations will be upgraded as Adarsh Stations and voluntary organizations will be involved for providing first aid services at railway stations during the year.
To make railway services people-sensitive and more efficient, the Railway Minister said that several IT initiatives will be introduced in near future which include extension of internet ticketing from 0030 hours to 2330 hours, e-ticketing through mobile phones, SMS alerts to passengers providing updates on reservation status and Next-Generation e-ticketing system will be rolled out which will be capable of handling 7200 tickets per minute against 2000 now.
Announcing the new railway projects to be taken up during 2013-14 the Railway Minister announced introduction of 67 new express trains, 26 new passengers services and extension of 57 trains besides increase in frequency of 24 trains. For the first time an AC EMU rake will be introduced on Mumbai suburban network and rake length will be increased from 9 cars to 12 cars in 80 services in Kolkata and 30 services in Chennai. The Minister proposed a target to complete 500 km of new lines and to convert 450 km lines to broad gauge during 2013-14. He also proposed new lines from Rama Mandi to Maur Mandi via Talwandi Sabo and issuing ‘Yatra Parchis’ for Mata Vaishno Devi Shrine at the time of Railway ticket booking to facilitate pilgrims.
As a token of Railway’s contribution for promotion of sports in the country, the Railway Minister proposed that all the Rajiv Gandhi Khel Ratna and Dhyan Chand Awardees will be provided Complimentary Passes for traveling by 1st Class/2nd AC. Complimentary Passes will be provided to Olympic Medalists and Dronacharya Awardees for travel in Rajdhani/Shatabadi Express. Passes for freedom fighters will now be renewed once in three years instead of every year.
Announcing staff welfare measures, the Railway Minister enhanced fund allocation for staff quarters to Rs. 300 crore and setting up of hostels for single women railway employees at all divisional headquarters. He said that this year 1.52 lakh vacancies will be filled up, out of which 47000 will be for weaker sections and the physically challenged. A multi-disciplinary training institute will set up at Nagpur for training in rail related electronics technologies.
The budget has absorbed the increase in passenger tariff due to increase in diesel prices but has proposed minor increase in supplementary charges for super fast trains and Tatkal charges etc. It has proposed FAC-linked revision in freight tariff only.
The Budget has proposed working expenses of Rs. 96,500 crore against the Gross Traffic Receipts of Rs. 1,43,742 crore for the year. The Railway Minister has proposed that appropriation to the Pension Fund of Railway Employees to Rs. 22,000 crore while appropriation to Depreciation Reserve Fund to Rs. 7,500 crore. With these proposals Railways expected to close the year 2013-14 with a balance of Rs. 12,506 crore in the Railway Fund.
Shri Pawan Kumar Bansal has proposed highest ever plan outlay of Rs. 63,363 crore for 2013-14 which will be financed through Gross Budgetary Support of Rs. 26,000 crore and internal resources of 14,260 crore. Market borrowing of Rs.15,103 crore, Railways share in Road Safety Fund of Rs.2000 and Rs.6000 crore will also be mobilized through PPP mode to finance operations of Railways during the year.
Due to the financial discipline railways has been able to fully repay its loan of Rs. 3,000 crore and its operating ratio during the 2013-14 is expected to increase to 87.8% as compared to 88.8% in 2011-12.
The budget has proposed number of measures to improve passenger amenities including IT enable services for reservations and new trains.
The Minister informed that the Indian Railways is set to achieve the milestone of entering the select club of railways with over 1 million ton freight loading. At present, only the Chinese, Russian and the US Railways have this distinction. The Indian Railways have joined another select club of railways which run freight trains of more than 10,000 tones load.
Speaking on fares Shri Bansal said that Railways will absorb the impact of additional burden due to increase in the rates of HSD oil of about Rs. 850 crore but announced marginal increase in supplementary charge for superfast trains, reservation fees, cancellation charges and tatkal charges as the charges have not been revised for last several years. However, he proposed to abolish the concept of enhanced reservation fee with a view to simplify the fee structure. Regarding freight tariff, he proposed to implement FAC-linked revision. He also announced that a proposal regarding the setting up of an independent Rail Tariff Authority has been formulated.
Stating that safety is a necessary mandate for running trains, the Railway Minister said that recommendations of Kakodkar and Sam Pitroda Committee for improving safety are under active consideration of his Ministry. Railway will soon prepare a Corporate Safety Plan for ten years, 2014-2024, with a view to provide long term perspective and focused attention to safety. About 10797 level crossings will be eliminated during 12th Plan, Train Protection Warning System on Automatic Signal System will be introduced and provision of comprehensive fire and smoke detection systems will be introduced in trains. Regarding the safety of women passengers he said, four companies of women RPF have been set up and another eight will be set up soon, and in recruitment of RPF 10% vacancies will be reserved for women.
Reiterating Government’s commitment to bring about a marked change in the level of passenger amenities, the Minister said that 104 important stations will be identified for immediate attention to all aspects related to cleanliness. Progressive extension of bio-toilets on trains will be taken up and an ‘Anubhuti’ coach in select trains will be arranged to provide excellent ambience and latest facilities and services. In order to ensure quality food for passengers the Minister also proposed third party audit system for food testing and setting up of ISO certified state-of-art kitchens.
The Railway Minister proposed to introduce Wi-Fi facilities on several trains to cater to increasing aspirations and requirement of youth and other passengers. Another 60 stations will be upgraded as Adarsh Stations and voluntary organizations will be involved for providing first aid services at railway stations during the year.
To make railway services people-sensitive and more efficient, the Railway Minister said that several IT initiatives will be introduced in near future which include extension of internet ticketing from 0030 hours to 2330 hours, e-ticketing through mobile phones, SMS alerts to passengers providing updates on reservation status and Next-Generation e-ticketing system will be rolled out which will be capable of handling 7200 tickets per minute against 2000 now.
Announcing the new railway projects to be taken up during 2013-14 the Railway Minister announced introduction of 67 new express trains, 26 new passengers services and extension of 57 trains besides increase in frequency of 24 trains. For the first time an AC EMU rake will be introduced on Mumbai suburban network and rake length will be increased from 9 cars to 12 cars in 80 services in Kolkata and 30 services in Chennai. The Minister proposed a target to complete 500 km of new lines and to convert 450 km lines to broad gauge during 2013-14. He also proposed new lines from Rama Mandi to Maur Mandi via Talwandi Sabo and issuing ‘Yatra Parchis’ for Mata Vaishno Devi Shrine at the time of Railway ticket booking to facilitate pilgrims.
As a token of Railway’s contribution for promotion of sports in the country, the Railway Minister proposed that all the Rajiv Gandhi Khel Ratna and Dhyan Chand Awardees will be provided Complimentary Passes for traveling by 1st Class/2nd AC. Complimentary Passes will be provided to Olympic Medalists and Dronacharya Awardees for travel in Rajdhani/Shatabadi Express. Passes for freedom fighters will now be renewed once in three years instead of every year.
Announcing staff welfare measures, the Railway Minister enhanced fund allocation for staff quarters to Rs. 300 crore and setting up of hostels for single women railway employees at all divisional headquarters. He said that this year 1.52 lakh vacancies will be filled up, out of which 47000 will be for weaker sections and the physically challenged. A multi-disciplinary training institute will set up at Nagpur for training in rail related electronics technologies.
India Canada to strengthen cooperation in tourism sector
New Delhi: Mr.Maxime Bernier, Minister of Tourism, Canada called on Union Tourism Minister Shri K Chiranjeevi here today. Both sides resolved to strengthen cooperation in tourism sector. It was also decided that both the countries will identify areas for working together and explore new opportunities in tourism sector especially in the field of human resource development, exchange of tour operators, investment in the tourism sector and exchange of information related to tourism sector. The possibility of signing an agreement/MoU between India and Canada was also discussed. It was also agreed that Tour Operators and Travel Agents of both the countries will interact with each other in order to promote two way tourism between India and Canada. The possibilities of promoting more package tours in either of the countries could also be explored by the travel trade of two countries. Both sides also explored the possibilities of promoting joint venture investment in the field of hotel industry and tourism infrastructural sector. Now that Hotels and Tourism sector has been opened for Foreign direct investment up to 100% on automatic routes, Canadian investment in tourism infrastructure in India could be one of the major areas of cooperation.
Canada is one of India’s primary source markets. Foreign tourist arrivals from Canada to India have increased considerably over the past few years. Numbers of Canadian tourist visiting India during the last five years were:
Year 2007 2008 2009 2010 2011
No. of tourists 208214 222364 224069 242372 259017
Ministry of Tourism has hosted a total of 16 journalists, photographers, travel agents, travel writers etc. from Canada during the year 2011-12 under its hospitality scheme. 14 guests have visited India from Canada during 2012-13(till date).
'India Tourism Office in Toronto takes care of promotion and marketing of India in Canada. India Tourism Office participates in Tourism Fair, organize workshops and seminars to showcase India’s tourism destinations and products to the tour operators and consumers of Canada. Some of the travel fairs in which India Tourism Office participates in Canada are: Travel & Vacation Show, World Culinary Show, Addison Travel Shows, International Travel & Tourism show and Maritime Show. The Ministry of Tourism organised India Tourism Road Shows in Vancouver in Sept, 2012.
Both India and Canada can benefit greatly by sharing experience and know-how in destination management & management of heritage sites. India could benefit from the initiatives undertaken by Canada in the field of Adventure Tourism.
Canada is one of India’s primary source markets. Foreign tourist arrivals from Canada to India have increased considerably over the past few years. Numbers of Canadian tourist visiting India during the last five years were:
Year 2007 2008 2009 2010 2011
No. of tourists 208214 222364 224069 242372 259017
Ministry of Tourism has hosted a total of 16 journalists, photographers, travel agents, travel writers etc. from Canada during the year 2011-12 under its hospitality scheme. 14 guests have visited India from Canada during 2012-13(till date).
'India Tourism Office in Toronto takes care of promotion and marketing of India in Canada. India Tourism Office participates in Tourism Fair, organize workshops and seminars to showcase India’s tourism destinations and products to the tour operators and consumers of Canada. Some of the travel fairs in which India Tourism Office participates in Canada are: Travel & Vacation Show, World Culinary Show, Addison Travel Shows, International Travel & Tourism show and Maritime Show. The Ministry of Tourism organised India Tourism Road Shows in Vancouver in Sept, 2012.
Both India and Canada can benefit greatly by sharing experience and know-how in destination management & management of heritage sites. India could benefit from the initiatives undertaken by Canada in the field of Adventure Tourism.
Tuesday, February 26, 2013
ISRO plans 9 more launches this year
Sriharikota (AP): The 102 {+n} {+d} space mission of the Indian Space Research Organisation (ISRO) was a grand success. It was yet another ‘flawless’ launch on an auspicious full-moon day, giving a major boost to ISRO’s plans of another nine launches this year, including one to Mars. To thunderous applause from the assembled gathering, the PSLV C-20 blasted off at 6.01 pm from the first launch pad of the Satish Dhawan Space Centre in Sriharikota carrying the satellites. The launch was also witnessed by President Pranab Mukherjee from the mission control room along with Andhra Pradesh Governor E.S.L. Narasimhan and Chief Minister Kiran Kumar Reddy.
Delay
The launch was delayed by five minutes due to the presence of space debris in the flight path. ISRO’s trusted workhorse, the Polar Satellite Launch Vehicle (PSLV), launched the Indo-French satellite Saral along with six commercial payloads from Austria, Britain, Canada and Denmark into a 785-km polar sun-synchronous orbit.
Within seconds, the rocket roared into the dark blue sky leaving behind thick orange-coloured smoke. The rocket followed its exact flight sequence, with separation of the propulsion and satellite at various stages. As the rocket went into the space, a bright full moon popped up to give a visual treat to hundreds of mediapersons assembled on the terrace of the media centre, 5 km from the launch pad.
It was the 23 {+r} {+d} mission of PSLV, which has an impeccable record of 21 consecutive successful flights. This is the ninth time ISRO is using the ‘core alone’ variant of the rocket. Congratulating ISRO for successfully executing this mission, President Mukherjee said that PSLV had become a household name in the country. The entire nation, he said, is eagerly looking forward to the successful flight of the Geo-Synchronous Satellite Launch Vehicle (GSLV).
The planned experimental mission of GSLV Mark 3 is a huge step forward in the development of heavy-lift space-transport system in the country.
“Our Chandrayaan-1 mission made the country proud. I am also confident of the first Indian inter-planetary venture, The Mars Orbiter Mission, targeted for this year, to be successful and to place India into the ranks of the few nations that have attempted such a feat,” he said. PSLV-C20 is a dawn-dusk sun-synchronous polar orbit mission carrying Saral (Satellite with ARgos and Altika), an ISRO and French space agency CNES joint venture, as the primary satellite and six auxiliary satellites. The Saral mission results from the common interest of both ISRO and CNES in studying the ocean from space. For instance, it can provide information on seasonal forecasting, study on animal migration, locating ‘buoys’ and fishing vessels, collecting environmental data such as ocean temperature profiles and currents.
Besides Saral, the PSLV-C20 has put into orbit two micro-satellites UniBRITE and BRITE (both from Austria), AAUSAT3 from Denmark and STRaND from UK. It also carried one micro-satellite (NEOSSat) and one mini-satellite (SAPPHIRE) from Canada.
With a lift-off mass of 407 kg, Saral is the 56 {+t} {+h} satellite to be launched by PSLV. The six commercial payloads from abroad together have a lift-off mass of 259.5 km. PSLV-C20 is the ninth PSLV in ‘core alone’ configuration (without solid strap-on motors).
Delay
The launch was delayed by five minutes due to the presence of space debris in the flight path. ISRO’s trusted workhorse, the Polar Satellite Launch Vehicle (PSLV), launched the Indo-French satellite Saral along with six commercial payloads from Austria, Britain, Canada and Denmark into a 785-km polar sun-synchronous orbit.
Within seconds, the rocket roared into the dark blue sky leaving behind thick orange-coloured smoke. The rocket followed its exact flight sequence, with separation of the propulsion and satellite at various stages. As the rocket went into the space, a bright full moon popped up to give a visual treat to hundreds of mediapersons assembled on the terrace of the media centre, 5 km from the launch pad.
It was the 23 {+r} {+d} mission of PSLV, which has an impeccable record of 21 consecutive successful flights. This is the ninth time ISRO is using the ‘core alone’ variant of the rocket. Congratulating ISRO for successfully executing this mission, President Mukherjee said that PSLV had become a household name in the country. The entire nation, he said, is eagerly looking forward to the successful flight of the Geo-Synchronous Satellite Launch Vehicle (GSLV).
The planned experimental mission of GSLV Mark 3 is a huge step forward in the development of heavy-lift space-transport system in the country.
“Our Chandrayaan-1 mission made the country proud. I am also confident of the first Indian inter-planetary venture, The Mars Orbiter Mission, targeted for this year, to be successful and to place India into the ranks of the few nations that have attempted such a feat,” he said. PSLV-C20 is a dawn-dusk sun-synchronous polar orbit mission carrying Saral (Satellite with ARgos and Altika), an ISRO and French space agency CNES joint venture, as the primary satellite and six auxiliary satellites. The Saral mission results from the common interest of both ISRO and CNES in studying the ocean from space. For instance, it can provide information on seasonal forecasting, study on animal migration, locating ‘buoys’ and fishing vessels, collecting environmental data such as ocean temperature profiles and currents.
Besides Saral, the PSLV-C20 has put into orbit two micro-satellites UniBRITE and BRITE (both from Austria), AAUSAT3 from Denmark and STRaND from UK. It also carried one micro-satellite (NEOSSat) and one mini-satellite (SAPPHIRE) from Canada.
With a lift-off mass of 407 kg, Saral is the 56 {+t} {+h} satellite to be launched by PSLV. The six commercial payloads from abroad together have a lift-off mass of 259.5 km. PSLV-C20 is the ninth PSLV in ‘core alone’ configuration (without solid strap-on motors).
State attracts proposals worth Rs 14,650 cr at investors' meet
Mumbai: The Maharashtra Government has managed to garner Rs 14,653 crore worth of investments at the Advantage Vidarbha investor meet on Monday. The two-day event was aimed at attracting industry into the region.
A press statement issued by the Maharashtra Chief Minister said that the industries department entered into 16 Memoranda of Understanding (MoU) with leading companies, while Maharashtra Industrial Development Corporation signed up another nine at Nagpur.
The prominent companies who have entered the MoU are power plant equipment manufacture BHEL with an investment of Rs 2,500 crore, and Ambuja Cement with an investment of Rs 3,300 crore; Manikgarh Cements would be investing Rs 1,500 crore and Bhushan Steel would be investing Rs 1,350 crore, it said.
Cotton hub
A business session during the meet ensured that delegates had a peek at the opportunities in Vidharbha’s textile sector , as the region produces about 66 per cent of the State’s cotton . The presentation showed how locally-grown cotton could be used to bring in additional efficiencies in the supply chain.
A session was also held on the opportunities in the automobile sector in the region. Nagpur, the principal city of the region, holds a lot of potential due to its centralised location and strong educational infrastructure which will fulfil the requirement of skilled labour. Opportunities were also discussed for tapping industrial zones of Butibori and Mihan, for developing auto ancillary units.
A press statement issued by the Maharashtra Chief Minister said that the industries department entered into 16 Memoranda of Understanding (MoU) with leading companies, while Maharashtra Industrial Development Corporation signed up another nine at Nagpur.
The prominent companies who have entered the MoU are power plant equipment manufacture BHEL with an investment of Rs 2,500 crore, and Ambuja Cement with an investment of Rs 3,300 crore; Manikgarh Cements would be investing Rs 1,500 crore and Bhushan Steel would be investing Rs 1,350 crore, it said.
Cotton hub
A business session during the meet ensured that delegates had a peek at the opportunities in Vidharbha’s textile sector , as the region produces about 66 per cent of the State’s cotton . The presentation showed how locally-grown cotton could be used to bring in additional efficiencies in the supply chain.
A session was also held on the opportunities in the automobile sector in the region. Nagpur, the principal city of the region, holds a lot of potential due to its centralised location and strong educational infrastructure which will fulfil the requirement of skilled labour. Opportunities were also discussed for tapping industrial zones of Butibori and Mihan, for developing auto ancillary units.
India poised to emerge key growth engine for Renault
Mumbai: It was precisely two years ago that Carlos Ghosn targeted India as Renault’s 11th largest market by end-2013. The French automaker’s Chairman and CEO had outlined a strategic plan, ‘Drive the Change’, in which he reiterated that Brazil and Russia, along with India, would be the growth engines of the future.
Last week, Ghosn announced that Renault had, for the first time, generated 50 per cent of its sales, totalling over 2.5 million vehicles, outside Europe. What was even more interesting was that Brazil, Russia and Argentina were among its top five markets.
There was no direct reference to India though it has been in 10th position for some months now, a slot higher than what was envisioned two years ago.
Focus shift
Clearly, Renault will increasingly look at emerging markets, with Europe still seeing a free fall. Its 2012 numbers in France were down 13 per cent while Italy’s fall was a lot sharper at 21 per cent and Spain as alarming, at 15 per cent.
In contrast, Russia was up 11 per cent while India was equally impressive with nine per cent growth. Brazil and Mexico grew six and nine per cent each while Japan surged 27 per cent.
Ghosn had also indicated that this year would see Renault focusing on expansion in Brazil and Russia while working on a revival plan in Korea. China, he said, was the ‘new frontier’ and India would capitalise on its remarkable turnaround momentum.
While there was no specific reference to Europe, auto industry observers believe it will be unpredictable, which means Renault’s sales in the region could fall below 50 per cent globally.
The Duster has been the best thing that happened to the company in India, with the order backlog estimated at over 30,000 potential customers. In 2011, Renault had just parted ways with Mahindra & Mahindra for the Logan project and started operations in Chennai with global ally, Nissan.
It launched the Fluence and Koleos, followed quickly by the Pulse before the Duster caught the eye of the market and gave the company a huge boost.
Compact car
Will India’s ranking climb further in the Renault roadmap? The next big thing, due towards 2015, is the global compact car, which will be part of the premium hatchback segment. This is a project spearheaded by Gerard Detourbet, referred to as the father of the company’s entry-car programmes.
If everything goes according to plan, India will be a critical global hub for the car along with Brazil, Russia and, perhaps, another country in the Asean region. In the process, it could perhaps end up being one of Renault’s top five markets by 2015-16.
Last week, Ghosn announced that Renault had, for the first time, generated 50 per cent of its sales, totalling over 2.5 million vehicles, outside Europe. What was even more interesting was that Brazil, Russia and Argentina were among its top five markets.
There was no direct reference to India though it has been in 10th position for some months now, a slot higher than what was envisioned two years ago.
Focus shift
Clearly, Renault will increasingly look at emerging markets, with Europe still seeing a free fall. Its 2012 numbers in France were down 13 per cent while Italy’s fall was a lot sharper at 21 per cent and Spain as alarming, at 15 per cent.
In contrast, Russia was up 11 per cent while India was equally impressive with nine per cent growth. Brazil and Mexico grew six and nine per cent each while Japan surged 27 per cent.
Ghosn had also indicated that this year would see Renault focusing on expansion in Brazil and Russia while working on a revival plan in Korea. China, he said, was the ‘new frontier’ and India would capitalise on its remarkable turnaround momentum.
While there was no specific reference to Europe, auto industry observers believe it will be unpredictable, which means Renault’s sales in the region could fall below 50 per cent globally.
The Duster has been the best thing that happened to the company in India, with the order backlog estimated at over 30,000 potential customers. In 2011, Renault had just parted ways with Mahindra & Mahindra for the Logan project and started operations in Chennai with global ally, Nissan.
It launched the Fluence and Koleos, followed quickly by the Pulse before the Duster caught the eye of the market and gave the company a huge boost.
Compact car
Will India’s ranking climb further in the Renault roadmap? The next big thing, due towards 2015, is the global compact car, which will be part of the premium hatchback segment. This is a project spearheaded by Gerard Detourbet, referred to as the father of the company’s entry-car programmes.
If everything goes according to plan, India will be a critical global hub for the car along with Brazil, Russia and, perhaps, another country in the Asean region. In the process, it could perhaps end up being one of Renault’s top five markets by 2015-16.
Indian Railways and BHEL Sign MOU for setting up of Memu Coaches Manufacturing facility at Bhilwara
New Delhi: In the presence of the Minister of Railways Shri Pawan Kumar Bansal and the Minister for Heavy Industries & Public Enterprises Shri Praful a Memorandum of Understanding (MoU) was signed here today between Indian Railways and Bharat Heavy Electricals Ltd (BHEL) for setting up of Greenfield MEMU coaches manufacturing facility by BHEL at Bhilwara in Rajasthan. The signatories to the MOU were Shri Kul Bhushan, Member Electrical Railway Board, and Shri B. P. Rao, CMD, BHEL.
Main Line Electric Multiple Unit Trains, popularly known as MEMU trains were first introduced in Indian Railways in the Year 1994-95, as a mode of rapid transit system, to cater to non-suburban passengers, residing in small towns and villages surrounding urban and industrial centres. MEMU trains have higher passenger carrying capacity and higher average speed as compared to conventional loco hauled passenger trains due to faster acceleration and braking characteristics. These rakes are now being manufactured with toilet facilities to take care of passenger needs. MEMU trains increase the line capacity utilisation, and therefore are more suitable for running on high traffic density routes.
These MEMU trains have gained rapid popularity over the years. Currently, there are about 160 MEMU services running. There are demands coming from all over the country for running more and more MEMU trains. The demand for these coaches will further increase as Indian Railways have plans to Electrify approximately 15000 route kilometre during the next 10 years, in addition to the existing 22000 route kilometre of electrified track. There was a shortfall in acquisition of 800 MEMU coaches during XIth Plan Period due to capacity constraints at Rail Coach Factory, Kapurthala, where these MEMU coaches are produced. Overall it is expected that the requirement of MEMU coaches will grow to nearly 9000 coaches during the next 10 year period. Setting up of factory for conventional MEMU coaches will go a long way in meeting this demand.
Bharat Heavy Electricals Limited (BHEL) is a Maharatna Central Public Sector Unit (CPSU) company, which is a partner of Indian Railways for a period spanning more than 40 years. It has been manufacturing and supplying electric rolling stock including EMUs and MEMUs; as well as sub-assembly and equipment for rolling stock being manufactured at IR’s own production units.
The proposed facility for production of MEMU coaches will be set up by Bharat Heavy Electricals Limited (BHEL) at Bhilwara in the State of Rajasthan. The entire cost will be borne by BHEL. Government of Rajasthan will provide land to Railways, for setting up the project. In order to make the project viable, Ministry of Railways will give Assured Off- Take orders to BHEL.
Main Line Electric Multiple Unit Trains, popularly known as MEMU trains were first introduced in Indian Railways in the Year 1994-95, as a mode of rapid transit system, to cater to non-suburban passengers, residing in small towns and villages surrounding urban and industrial centres. MEMU trains have higher passenger carrying capacity and higher average speed as compared to conventional loco hauled passenger trains due to faster acceleration and braking characteristics. These rakes are now being manufactured with toilet facilities to take care of passenger needs. MEMU trains increase the line capacity utilisation, and therefore are more suitable for running on high traffic density routes.
These MEMU trains have gained rapid popularity over the years. Currently, there are about 160 MEMU services running. There are demands coming from all over the country for running more and more MEMU trains. The demand for these coaches will further increase as Indian Railways have plans to Electrify approximately 15000 route kilometre during the next 10 years, in addition to the existing 22000 route kilometre of electrified track. There was a shortfall in acquisition of 800 MEMU coaches during XIth Plan Period due to capacity constraints at Rail Coach Factory, Kapurthala, where these MEMU coaches are produced. Overall it is expected that the requirement of MEMU coaches will grow to nearly 9000 coaches during the next 10 year period. Setting up of factory for conventional MEMU coaches will go a long way in meeting this demand.
Bharat Heavy Electricals Limited (BHEL) is a Maharatna Central Public Sector Unit (CPSU) company, which is a partner of Indian Railways for a period spanning more than 40 years. It has been manufacturing and supplying electric rolling stock including EMUs and MEMUs; as well as sub-assembly and equipment for rolling stock being manufactured at IR’s own production units.
The proposed facility for production of MEMU coaches will be set up by Bharat Heavy Electricals Limited (BHEL) at Bhilwara in the State of Rajasthan. The entire cost will be borne by BHEL. Government of Rajasthan will provide land to Railways, for setting up the project. In order to make the project viable, Ministry of Railways will give Assured Off- Take orders to BHEL.
India second most economically confident country: Ipsos study
Mumbai: A declining inflation rate for the fourth consecutive month has boosted India's economic confidence.
Besides the decline in inflation rate, which stood at 6.62% in January, positive investor confidence was another factor that stoked the country's economic confidence, according to a report by global research firm Ipsos.
According to the "Ipsos economic pulse of the world" survey, India's economic confidence shot up by 8 points to 68% in the month of January 2013 compared to the month of December 2012, making it the second most economically confident country in the world after Saudi Arabia.
"Shedding its 9-month long hawkish monetary policy stance, the Reserve Bank of India slashed its key interest rates by 0.25% taking cognisance of the moderation in demand side pressures to inflation and greater than anticipated slowdown in growth. Easing of policy rates will bring in additional liquidity into the system to perk up growth through reduced cost of borrowing," said Mick Gordon, CEO of Ipsos in India.
Ipsos is an independent market research company controlled and managed by research professionals.
"The year 2013 is likely to see revival in the industrial activity and modest recovery in the services sector which would support recovery in growth levels. The pace of economic reforms that has been initiated must continue uninhibited and it needs to be effectively implemented so that it translates into tangible investment decisions," said Gordon.
As per the study, 45% of Indian citizens believe their local economy which impacts their personal finance is good, a marginal rise of 1 point and an optimistic 53% people expect that the economy in their local area will be stronger in next six months.
The online Ipsos economic pulse of the world survey was conducted in December 2012 among 18,008 people in 24 countries.
Besides the decline in inflation rate, which stood at 6.62% in January, positive investor confidence was another factor that stoked the country's economic confidence, according to a report by global research firm Ipsos.
According to the "Ipsos economic pulse of the world" survey, India's economic confidence shot up by 8 points to 68% in the month of January 2013 compared to the month of December 2012, making it the second most economically confident country in the world after Saudi Arabia.
"Shedding its 9-month long hawkish monetary policy stance, the Reserve Bank of India slashed its key interest rates by 0.25% taking cognisance of the moderation in demand side pressures to inflation and greater than anticipated slowdown in growth. Easing of policy rates will bring in additional liquidity into the system to perk up growth through reduced cost of borrowing," said Mick Gordon, CEO of Ipsos in India.
Ipsos is an independent market research company controlled and managed by research professionals.
"The year 2013 is likely to see revival in the industrial activity and modest recovery in the services sector which would support recovery in growth levels. The pace of economic reforms that has been initiated must continue uninhibited and it needs to be effectively implemented so that it translates into tangible investment decisions," said Gordon.
As per the study, 45% of Indian citizens believe their local economy which impacts their personal finance is good, a marginal rise of 1 point and an optimistic 53% people expect that the economy in their local area will be stronger in next six months.
The online Ipsos economic pulse of the world survey was conducted in December 2012 among 18,008 people in 24 countries.
Monday, February 25, 2013
Toyota Kirloskar expands auto parts ops
Bengaluru: Toyota Kirloskar Auto Parts has announced it has commenced production at a new engine and transmission plant for the Etios range of sedans and hatchback cars in India. Toyota Kirloskar Auto Parts is a joint venture between Toyota Motor Corporation and and Toyota Industries Corporation, both from Japan, and Bangalore’s Kirloskar Systems.
Production at the new plant involves an investment of about Rs 500 crore. At the new plant, the annual capacity for engines is 1,08,000 units, while that for transmissions is 2,40,000 units. Toyota Kirloskar Auto Parts also produces R-type manual transmissions that are exported to Thailand and Argentina, along with transmissions for Fortuner models manufactured in India.
The company also produces axles and propeller shafts for the Innova models manufactured in India.
Vikram Kirloskar, vice-chairman, said, “With the commencement of Toyota Kirloskar Auto Parts’ engine and transmission plant, localisation of gasoline engines and transmissions has marked a milestone in the growth of Toyota in India.”
The local production of the engine and transmissions for Etios raises the localisation ratio to over 90 per cent.”
Production at the new plant involves an investment of about Rs 500 crore. At the new plant, the annual capacity for engines is 1,08,000 units, while that for transmissions is 2,40,000 units. Toyota Kirloskar Auto Parts also produces R-type manual transmissions that are exported to Thailand and Argentina, along with transmissions for Fortuner models manufactured in India.
The company also produces axles and propeller shafts for the Innova models manufactured in India.
Vikram Kirloskar, vice-chairman, said, “With the commencement of Toyota Kirloskar Auto Parts’ engine and transmission plant, localisation of gasoline engines and transmissions has marked a milestone in the growth of Toyota in India.”
The local production of the engine and transmissions for Etios raises the localisation ratio to over 90 per cent.”
Indorama arm signs $800-million finance pact to fund Nigeria project
New Delhi: Indorama Eleme Fertiliser & Chemicals Ltd, part of the Indorama Group, has signed a $800-million long-term financing agreement with 16 global financial institutions to fund its $1.2-billion fertiliser project in Port Harcourt, Nigeria.
The greenfield project will produce 1.4 million tonnes of granulated urea a year using natural gas as feedstock from early 2016, the company said in a statement. Indorama Corporation, Singapore – the holding company of Indorama Group and Indorama Eleme Petrochemicals Ltd, Nigeria, will invest $400 million in the project.
“We continue to see significant growth prospects in Africa and West Asia . After investing more than $500 million over the past several years, Indorama is setting the foundation to create Africa’s largest petrochemical hub in Nigeria,” said Amit Lohia, Group Managing Director, Indorama, in a statement.
The greenfield project will produce 1.4 million tonnes of granulated urea a year using natural gas as feedstock from early 2016, the company said in a statement. Indorama Corporation, Singapore – the holding company of Indorama Group and Indorama Eleme Petrochemicals Ltd, Nigeria, will invest $400 million in the project.
“We continue to see significant growth prospects in Africa and West Asia . After investing more than $500 million over the past several years, Indorama is setting the foundation to create Africa’s largest petrochemical hub in Nigeria,” said Amit Lohia, Group Managing Director, Indorama, in a statement.
Daimler to add 800 people in Indian R&D centre
Bengaluru: The Euro 114.3-billion Daimler AG, owner of brands such as Mercedes-Benz cars and Daimler Trucks, has established a new R&D facility in Bangalore that will consolidate its existing operations and add fresh capacity. The facility is its biggest outside the one at its headquarters in Germany.
Mercedes-Benz Research and Development India (MBRDI), which has been in operation since 1996, has set up a 20,000 square meter R&D centre in the city's IT hub of Whitefield, with a capacity to seat 1,800 people. At present the Bangalore facility has 1,060 people. MBRDI operates a smaller satellite facility in Pune, which employs 140 people.
Starting out seventeen years ago with just 10 people, MBRDI has been involved in many areas of Daimler's global R&D work across cars, trucks, buses and vans. These include: component development of parts and modules for the new generation cars; design, development, and modelling of subsystems such as chassis, power train, suspension, interior and exterior components; prototyping, regionalization, and localization; embedded software design, and simulation. MBRDI also overlooks the group's IT engineering, SAP delivery, global and local IT infrastructure and operation services.
"As a global development centre the contribution of MBRDI can be envisaged from the fact that in 2012 alone, the organization filed over 50 patents for innovations in automotive development," said Thomas Weber, member of the board of management, Daimler AG, and head of group research, Mercedes-Benz Cars Development. He added that India was a high potential market for Mercedes-Benz and MBRDI would ensure its development initiatives were in cognizance with the needs of upcoming markets. In 2012, Mercedes- Benz India sold approximately 7,200 units.
Weber added that over the next two years MBRDI would hire 800 people taking the total R&D operations headcount to 2,000. "We are looking forward to a period of robust growth in India and as such, Indian talent pool will continue to play an even more dominant role in the years ahead," said Jens Cattarius, MD and CEO of MBRDI.
MBRDI has taken the leadership role in developing the human body modelling system (HBM), a simulation technology that considers every possible combination of accident variables from biomechanics and the physical properties of human tissues to accident statistics and the physics of crash situations.
"HBM is a key pillar supporting Daimler's vision of accident free driving," said Cattarius. MBRDI has also led the development of seats in Mercedes-Benz's newly launched A-Class and CLA-Class.
Mercedes-Benz Research and Development India (MBRDI), which has been in operation since 1996, has set up a 20,000 square meter R&D centre in the city's IT hub of Whitefield, with a capacity to seat 1,800 people. At present the Bangalore facility has 1,060 people. MBRDI operates a smaller satellite facility in Pune, which employs 140 people.
Starting out seventeen years ago with just 10 people, MBRDI has been involved in many areas of Daimler's global R&D work across cars, trucks, buses and vans. These include: component development of parts and modules for the new generation cars; design, development, and modelling of subsystems such as chassis, power train, suspension, interior and exterior components; prototyping, regionalization, and localization; embedded software design, and simulation. MBRDI also overlooks the group's IT engineering, SAP delivery, global and local IT infrastructure and operation services.
"As a global development centre the contribution of MBRDI can be envisaged from the fact that in 2012 alone, the organization filed over 50 patents for innovations in automotive development," said Thomas Weber, member of the board of management, Daimler AG, and head of group research, Mercedes-Benz Cars Development. He added that India was a high potential market for Mercedes-Benz and MBRDI would ensure its development initiatives were in cognizance with the needs of upcoming markets. In 2012, Mercedes- Benz India sold approximately 7,200 units.
Weber added that over the next two years MBRDI would hire 800 people taking the total R&D operations headcount to 2,000. "We are looking forward to a period of robust growth in India and as such, Indian talent pool will continue to play an even more dominant role in the years ahead," said Jens Cattarius, MD and CEO of MBRDI.
MBRDI has taken the leadership role in developing the human body modelling system (HBM), a simulation technology that considers every possible combination of accident variables from biomechanics and the physical properties of human tissues to accident statistics and the physics of crash situations.
"HBM is a key pillar supporting Daimler's vision of accident free driving," said Cattarius. MBRDI has also led the development of seats in Mercedes-Benz's newly launched A-Class and CLA-Class.
Swedish firms in India plan to step up investments
New Delhi: Swedish companies in India are upbeat about business prospects in the country with more than half wanting to step up investments in the current fiscal, a survey carried out by the Swedish Chamber of Commerce has highlighted.
With Swedish retailers such as IKEA and H&M planning to set up stores in India in 2013, things are set to get even better this year.
However, red-tape, including the procedure for obtaining licences and clearances, restrictions on business structures, a complex taxation structure, lack of skilled workforce, rising operational costs and complicated import rules, are acting as major hindrances to growth, the Business Confidence Survey 2012 points out.
Major Swedish companies in India include transport major Volvo, bio-pharma company Astra Zeneca, telecom provider Ericsson and industrial equipment makers Atlas Copco, Sandvik and SKF.
Increasing interest
“Even though we are facing an economic slowdown in India and the rest of the world and the business climate has hardened during 2012, there is an increase in Swedish companies in the Indian market,” the Survey pointed out.
Interestingly, Swedish companies in retail and IT have experienced highest growth while engineering and medical equipment are the only to sectors where the market has shrunk.
The number of Swedish companies in India has increased 14.5 per cent to 158 in 2012, compared with 153 the previous year, and the number is likely to go up this year. The survey, that was carried out through questionnaires circulated to 153 Swedish companies in India, also brings to light the confidence Swedish firms have in the India story.
Higher market share
More than half the companies surveyed confirmed that their investments would go up by more than 10 per cent in the current year.
Half the companies said they had increased their market share in 2012 over the previous year.
As many as 45 per cent of the respondents said their revenue forecast is 20 per cent higher than in 2011.
On the downside, as many as three-fourths of the respondents complained about rising operational costs, while 89 per cent expect their costs to go up in the future.
A very large number of respondents also believe that non-transparency in Government and bureaucratic hurdles were major obstacles.
With Swedish retailers such as IKEA and H&M planning to set up stores in India in 2013, things are set to get even better this year.
However, red-tape, including the procedure for obtaining licences and clearances, restrictions on business structures, a complex taxation structure, lack of skilled workforce, rising operational costs and complicated import rules, are acting as major hindrances to growth, the Business Confidence Survey 2012 points out.
Major Swedish companies in India include transport major Volvo, bio-pharma company Astra Zeneca, telecom provider Ericsson and industrial equipment makers Atlas Copco, Sandvik and SKF.
Increasing interest
“Even though we are facing an economic slowdown in India and the rest of the world and the business climate has hardened during 2012, there is an increase in Swedish companies in the Indian market,” the Survey pointed out.
Interestingly, Swedish companies in retail and IT have experienced highest growth while engineering and medical equipment are the only to sectors where the market has shrunk.
The number of Swedish companies in India has increased 14.5 per cent to 158 in 2012, compared with 153 the previous year, and the number is likely to go up this year. The survey, that was carried out through questionnaires circulated to 153 Swedish companies in India, also brings to light the confidence Swedish firms have in the India story.
Higher market share
More than half the companies surveyed confirmed that their investments would go up by more than 10 per cent in the current year.
Half the companies said they had increased their market share in 2012 over the previous year.
As many as 45 per cent of the respondents said their revenue forecast is 20 per cent higher than in 2011.
On the downside, as many as three-fourths of the respondents complained about rising operational costs, while 89 per cent expect their costs to go up in the future.
A very large number of respondents also believe that non-transparency in Government and bureaucratic hurdles were major obstacles.
Stage set for PSLV C20 launch today
Bengaluru: Indian Space Research Organisation’s (Isro) 23rd Polar Satellite Launch Vehicle (PSLV) mission, the PSLV-C20, is set to launch the 4,089-kg Indo-French satellite Saral along with six commercial payloads — six foreign mini and micro satellites — on Monday at 5.56 pm from the Satish Dhawan Space Centre at Sriharikota, Andhra Pradesh.
This will be the second highest number of satellites to be flown on a PSLV. In April 2008, it had put in orbit 10 satellites, including the national Cartosat-2A, on the PSLV-C9 rocket.
The Isro-built Saral is a 410-kg satellite with payloads — Argos and Altika — from French space agency Centre National d'Etudes Spatiales (CNES) for study of ocean parameters.
Saral stands for 'Satellite with ARgos and ALtiKa.
CNES has provided the two primary devices and ISRO is responsible for building and launching the spacecraft according to an agreement signed in February 2007 between the two governments. “The countdown is going on smoothly and the launch should be on schedule,” official ISRO spokesperson D P Karnik told Business Standard on Sunday evening.
The indigenous PSLV has been configured in a ‘core-alone’ or bare-bones format without the solid strap-on motors. “This will be the ninth core-alone flight of a PSLV,” said ISRO in a release.
Of the six small experimental payloads it will fly for a fee, two each are from universities in Canada and Austria and one each from the UK and Denmark.
The PSLV has an impeccable record of 21 consecutive successful flights. The 668.5-kg, 44.4-metre rocket will have a lift off mass of 229.7 tonnes.
ISRO had initially planned to launch Saral on December 12, 2012, but postponed it to carry out additional tests at Bangalore and in Sriharikota to “address technical issues to ensure reliability”.
President Mukherjee is expected to witness the event. The 59-hour countdown for the launch, which commenced at 6.56 am yesterday, was progressing normally, said ISRO sources.
The mission is a result of the common interest of both ISRO and CNES to study the ocean using altimetry (measurement of height or altitude) system and in promoting use of the Argos data collecting system, according to Isro.
This will be the second highest number of satellites to be flown on a PSLV. In April 2008, it had put in orbit 10 satellites, including the national Cartosat-2A, on the PSLV-C9 rocket.
The Isro-built Saral is a 410-kg satellite with payloads — Argos and Altika — from French space agency Centre National d'Etudes Spatiales (CNES) for study of ocean parameters.
Saral stands for 'Satellite with ARgos and ALtiKa.
CNES has provided the two primary devices and ISRO is responsible for building and launching the spacecraft according to an agreement signed in February 2007 between the two governments. “The countdown is going on smoothly and the launch should be on schedule,” official ISRO spokesperson D P Karnik told Business Standard on Sunday evening.
The indigenous PSLV has been configured in a ‘core-alone’ or bare-bones format without the solid strap-on motors. “This will be the ninth core-alone flight of a PSLV,” said ISRO in a release.
Of the six small experimental payloads it will fly for a fee, two each are from universities in Canada and Austria and one each from the UK and Denmark.
The PSLV has an impeccable record of 21 consecutive successful flights. The 668.5-kg, 44.4-metre rocket will have a lift off mass of 229.7 tonnes.
ISRO had initially planned to launch Saral on December 12, 2012, but postponed it to carry out additional tests at Bangalore and in Sriharikota to “address technical issues to ensure reliability”.
President Mukherjee is expected to witness the event. The 59-hour countdown for the launch, which commenced at 6.56 am yesterday, was progressing normally, said ISRO sources.
The mission is a result of the common interest of both ISRO and CNES to study the ocean using altimetry (measurement of height or altitude) system and in promoting use of the Argos data collecting system, according to Isro.
Saturday, February 23, 2013
Elecon Engg bags Rs 197-cr orders
Ahmedabad: Elecon Engineering Company Ltd has procured two orders of Rs 183 crore and Rs 14.42 crore.
While the Rs 183-crore order is from NCC Ltd (formerly Nagarjuna Construction Company Ltd) for design-to-commissioning of coal handling pipe conveyor system, that of Rs 14.42 crore is from Monnet Ispat & Energy Ltd for supply of stacker reclaimers, Prayasvin Patel, Chairman and Managing Director, Elecon, said here.
Established in 1951, Elecon Engineering, based at Vallabh Vidyanagar, near Anand in Gujarat, pioneered the manufacture of material handling equipment. It has designed and implemented several landmark projects in India and abroad in core sectors such as fertilizer, cement, coal, power generation, chemical, steel plant and port mechanisation.
While the Rs 183-crore order is from NCC Ltd (formerly Nagarjuna Construction Company Ltd) for design-to-commissioning of coal handling pipe conveyor system, that of Rs 14.42 crore is from Monnet Ispat & Energy Ltd for supply of stacker reclaimers, Prayasvin Patel, Chairman and Managing Director, Elecon, said here.
Established in 1951, Elecon Engineering, based at Vallabh Vidyanagar, near Anand in Gujarat, pioneered the manufacture of material handling equipment. It has designed and implemented several landmark projects in India and abroad in core sectors such as fertilizer, cement, coal, power generation, chemical, steel plant and port mechanisation.
TVS Logistics buys 85% stake in UK firm Rico for Rs 100 cr
Chennai: TVS Logistics has acquired an 85 per cent stake in the UK-based Rico Logistics for Rs 100 crore.
The acquisition will ‘significantly’ help TVS Logistics move towards becoming a $1-billion company by 2015, according to its Managing Director R. Dinesh. The acquisition was partly funded through funds raised from KKR, which had last year invested Rs 265 crore in TVS Logistics, and from internal accruals.
Last-Mile Capabilities
The stake buy will add service capabilities such as ‘last mile rapid response’ and new service verticals such as information technology, telecom and medical.
The deal was done through the holding company (TVS Logistics, UK), which will retain Rico’s 450 employees, he said.
This is the third acquisition by TVS Logistics in the UK, after CJ Components in 2004 and Multipart Holdings in 2009. These two companies now function under one brand — TVS Supply Chain Solutions.
With the acquisition of Rico, the employee strength of TVS Logistics in Europe will exceed 2,000 (direct and indirect).
Dinesh said the company would announce smaller acquisitions before March. Both organic and inorganic business will contribute equally to the target of achieving $1-billion revenue. “We have been growing 10-15 per cent in a market which is growing less than 5 per cent. The company is likely to end with revenue of around Rs 2,500 crore this year. This will not be as high as we hoped it to be,” he said.
Rico was formed in 1988 as a ‘same-day’ courier company and has grown to be a pan-European logistics service provider. With a turnover of Rs 380 crore, its clients include companies such as Dell, said Rico’s Managing Director, Sanjive Sharma. He will continue to oversee this company, says the press release.
Same-Day Response
The stake buy will give TVS Logistics technical value-add too.
For example, if an ATM fails in the UK, and an engineer needs a spare part to replace the damaged parts, Rico drops this spare in the engineer’s car boot at 3 a.m. and the engineer is at the site to repair the machine at 7 a.m. The same applies to the medical and telecom sectors, said Dinesh.
The acquisition will ‘significantly’ help TVS Logistics move towards becoming a $1-billion company by 2015, according to its Managing Director R. Dinesh. The acquisition was partly funded through funds raised from KKR, which had last year invested Rs 265 crore in TVS Logistics, and from internal accruals.
Last-Mile Capabilities
The stake buy will add service capabilities such as ‘last mile rapid response’ and new service verticals such as information technology, telecom and medical.
The deal was done through the holding company (TVS Logistics, UK), which will retain Rico’s 450 employees, he said.
This is the third acquisition by TVS Logistics in the UK, after CJ Components in 2004 and Multipart Holdings in 2009. These two companies now function under one brand — TVS Supply Chain Solutions.
With the acquisition of Rico, the employee strength of TVS Logistics in Europe will exceed 2,000 (direct and indirect).
Dinesh said the company would announce smaller acquisitions before March. Both organic and inorganic business will contribute equally to the target of achieving $1-billion revenue. “We have been growing 10-15 per cent in a market which is growing less than 5 per cent. The company is likely to end with revenue of around Rs 2,500 crore this year. This will not be as high as we hoped it to be,” he said.
Rico was formed in 1988 as a ‘same-day’ courier company and has grown to be a pan-European logistics service provider. With a turnover of Rs 380 crore, its clients include companies such as Dell, said Rico’s Managing Director, Sanjive Sharma. He will continue to oversee this company, says the press release.
Same-Day Response
The stake buy will give TVS Logistics technical value-add too.
For example, if an ATM fails in the UK, and an engineer needs a spare part to replace the damaged parts, Rico drops this spare in the engineer’s car boot at 3 a.m. and the engineer is at the site to repair the machine at 7 a.m. The same applies to the medical and telecom sectors, said Dinesh.
Gems, jewellery body ties up with UK body for sharing skills
Mumbai: The Gem and Jewellery Skill Council of India (GJSCI), part of the Government’s National Skill Development Corporation, has signed a memorandum of understanding with UK-based Creative and Cultural Skills. The MoU will enable sharing of best practice, staff exchange and development of new models to increase employer engagement and investment in skills. The partnership was announced in association with the UK Prime Minister David Cameron’s state visit to India. Catherine Large, Joint CEO, Creative and Cultural Skills, said the partnership will work on measures to set up industry recognised standards and providing fair access for young people.
Indian healthcare providers to spend Rs 5,700 crore on IT: Gartner
Mumbai: Healthcare providers in India will spend Rs 5,700 crore on IT products and services in 2013, a 7 per cent rise over 2012 revenues of Rs 5,300 crore.
They include spending by healthcare providers (hospitals and hospital systems, as well as ambulatory services and physicians' practices) on internal IT (including personnel), hardware, software, external IT services and telecommunications.
“Rising demand from the growing middle-class in India’s large cities is fuelling growth in private sector healthcare. Large national and State Government programmes will spur growth along the primary (and secondary) care sector and public health domain,” said Anurag Gupta, research director at Gartner.
“Hospital information systems, picture archiving and communications systems, electronic health records and mobile technologies will be high on the agenda. We expect to see providers benefit by offering cost-effective business models which show quick returns on capital by improving patient coverage and improving quality of care. Health insurance growth will also catalyse technology adoption in healthcare provider segments,” Gupta added.
Telecommunications, which includes telecommunications and networking equipment and services, will remain the largest overall spending category throughout the forecast period within the healthcare providers sector, according to a forecast by research and analysis firm Gartner.
It is expected to grow to 3.9 per cent in 2013 to reach Rs 1,720 crore in 2013, up from Rs 1,660 crore in 2012, with most of this growth coming from enterprise communication equipment.
Internal services (salaries and benefits paid to information services staff) will achieve the highest growth rate amongst the spending categories — forecast to be 18 per cent in 2013.
IT services will achieve the next highest growth rate amongst the spending categories — forecast to grow 9.7 per cent in 2013 to reach Rs 1,450 crore in 2013, up from Rs 1,320 crore in 2012 led by growth in process management and consulting.
They include spending by healthcare providers (hospitals and hospital systems, as well as ambulatory services and physicians' practices) on internal IT (including personnel), hardware, software, external IT services and telecommunications.
“Rising demand from the growing middle-class in India’s large cities is fuelling growth in private sector healthcare. Large national and State Government programmes will spur growth along the primary (and secondary) care sector and public health domain,” said Anurag Gupta, research director at Gartner.
“Hospital information systems, picture archiving and communications systems, electronic health records and mobile technologies will be high on the agenda. We expect to see providers benefit by offering cost-effective business models which show quick returns on capital by improving patient coverage and improving quality of care. Health insurance growth will also catalyse technology adoption in healthcare provider segments,” Gupta added.
Telecommunications, which includes telecommunications and networking equipment and services, will remain the largest overall spending category throughout the forecast period within the healthcare providers sector, according to a forecast by research and analysis firm Gartner.
It is expected to grow to 3.9 per cent in 2013 to reach Rs 1,720 crore in 2013, up from Rs 1,660 crore in 2012, with most of this growth coming from enterprise communication equipment.
Internal services (salaries and benefits paid to information services staff) will achieve the highest growth rate amongst the spending categories — forecast to be 18 per cent in 2013.
IT services will achieve the next highest growth rate amongst the spending categories — forecast to grow 9.7 per cent in 2013 to reach Rs 1,450 crore in 2013, up from Rs 1,320 crore in 2012 led by growth in process management and consulting.
AirAsia to tie up with Tata Sons for new airline in India
Mumbai/ Chennai: This is a big fat wedding in India's turbulent skies. One of the airline industry's most aggressive entrepreneurs and AirAsia founder Tony Fernandes has brought the Tata Group back into the airline industry after 60 years. The India-origin Fernandes has also drawn in the family of Amit Bhatia, son-in-law of steel tycoon Lakshmi Mittal, pulling off a coup in the cash-strapped domestic aviation industry.
Asia's biggest low-cost carrier, the Kuala Lumpur-based AirAsia, is floating a joint venture with Tata Sons, the holding company of India's largest conglomerate, and Telestra Tradeplace, an investment vehicle of the Bhatia family, to launch a new airline in India. AirAsia will have 49% stake, Tatas 30% and Bhatia will hold 21% in the company, which will be headquartered in Chennai.
The JV hopes to start operations in the last quarter of this year under the AirAsia brand, the 48-year-old AirAsia CEO Fernandes said in a late-evening conference call with the media. AirAsia's entry is expected to shake up India's airline sector, which has seen airfares shoot up in recent past. The airline already flies into several south Indian cities, linking them with major Asian hubs at competitive fares.
This is the first foreign direct investment (FDI) after the government relaxed ownership rules, allowing foreign carriers to hold 49% stake in a domestic airline. "We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares," Fernandes said. AirAsia operates multiple joint ventures in Asian markets.
"We hope to have regulatory approvals in place by the fourth quarter of this year. AirAsia typically invests anywhere from $30 million to $50 million to start an airline," he said, adding that Tata Group chairman emeritus Ratan Tata would be representing the Indian side. Fernandes shares a personal rapport with the 75-year-old Tata, a fact that triggered the deal.
The JV marks the Tata Group's return to the aviation business, something which it pioneered in the country as well as Cyrus Mistry's first big move after becoming group chairman in December last year. The group bowed out of aviation when India nationalized Tata Airlines, which is now Air India, in 1953.
The $100 billion group that has its finger in almost every business from outsourcing to steel, luxury cars and salt has always desired to have a presence in the aviation sector. It explored returning to the sector at least twice in the past two decades, when it joined hands with Singapore Airlines, first to float a new airline, and then, to bid for Air India.
But the government's flip-flop policies and political opposition buried the group's desires until Fernandes approached Ratan Tata with a proposal late last year. A Tata executive said that the group's participation in the venture is that of a financial investor and it will not be running the show.
Analysts said India's robust air travel demand was the key to draw AirAsia and other investors to the domestic aviation story. Amit Bhatia is a co-investor with Fernandes in sporting ventures, which include owning European football team Queen Park Rangers. Estimates suggest that the number of domestic air travellers will triple to 159 million by 2021. "Hugely exciting venture involving my family, Tata Sons and the coolest guy around, Tony Fernandes," Bhatia tweeted.
The parties have made an application to the Foreign Investment Promotion Board for approval, after which they require the blessings of the civil aviation ministry. They will then have to approach the airline regulator for an air operator's permit.
Asia's biggest low-cost carrier, the Kuala Lumpur-based AirAsia, is floating a joint venture with Tata Sons, the holding company of India's largest conglomerate, and Telestra Tradeplace, an investment vehicle of the Bhatia family, to launch a new airline in India. AirAsia will have 49% stake, Tatas 30% and Bhatia will hold 21% in the company, which will be headquartered in Chennai.
The JV hopes to start operations in the last quarter of this year under the AirAsia brand, the 48-year-old AirAsia CEO Fernandes said in a late-evening conference call with the media. AirAsia's entry is expected to shake up India's airline sector, which has seen airfares shoot up in recent past. The airline already flies into several south Indian cities, linking them with major Asian hubs at competitive fares.
This is the first foreign direct investment (FDI) after the government relaxed ownership rules, allowing foreign carriers to hold 49% stake in a domestic airline. "We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares," Fernandes said. AirAsia operates multiple joint ventures in Asian markets.
"We hope to have regulatory approvals in place by the fourth quarter of this year. AirAsia typically invests anywhere from $30 million to $50 million to start an airline," he said, adding that Tata Group chairman emeritus Ratan Tata would be representing the Indian side. Fernandes shares a personal rapport with the 75-year-old Tata, a fact that triggered the deal.
The JV marks the Tata Group's return to the aviation business, something which it pioneered in the country as well as Cyrus Mistry's first big move after becoming group chairman in December last year. The group bowed out of aviation when India nationalized Tata Airlines, which is now Air India, in 1953.
The $100 billion group that has its finger in almost every business from outsourcing to steel, luxury cars and salt has always desired to have a presence in the aviation sector. It explored returning to the sector at least twice in the past two decades, when it joined hands with Singapore Airlines, first to float a new airline, and then, to bid for Air India.
But the government's flip-flop policies and political opposition buried the group's desires until Fernandes approached Ratan Tata with a proposal late last year. A Tata executive said that the group's participation in the venture is that of a financial investor and it will not be running the show.
Analysts said India's robust air travel demand was the key to draw AirAsia and other investors to the domestic aviation story. Amit Bhatia is a co-investor with Fernandes in sporting ventures, which include owning European football team Queen Park Rangers. Estimates suggest that the number of domestic air travellers will triple to 159 million by 2021. "Hugely exciting venture involving my family, Tata Sons and the coolest guy around, Tony Fernandes," Bhatia tweeted.
The parties have made an application to the Foreign Investment Promotion Board for approval, after which they require the blessings of the civil aviation ministry. They will then have to approach the airline regulator for an air operator's permit.
Shanghai Hitachi to invest Rs 500 cr to make compressors in Gujarat
Ahmedabad: Shanghai Hitachi Electricity Appliances Company, a joint venture company of China-based Shanghai Highly Group and Hitachi Appliances of Japan, will invest Rs 500 crore in the next two years in Gujarat to manufacture air-conditioning compressors and relevant refrigeration products to focus on India and West Asian markets.
The company has taken 40,000 square meters of land on lease at Changodar, an industrial area on the outskirts of Ahmedabad, for this facility. It will give employment to nearly 1,000 people, and also provide job work to many SMEs.
The venture was facilitated by the India China Economic and Cultural Council (ICEC), Gujarat, and has initiated procedure to register its India entity Highly Electrical Appliances India Private Ltd with the Registrar of Companies, Ahmedabad, said Shen Jian Fang, Chairman of the company, here on Wednesday.
The annual capacity of the plant would be two billion H/L series air-conditioner compressors once the plant becomes fully functional. The Phase I work will be completed by October 2013 and second and last phase is expected to finish at the end of 2014.
According to Fang, the plant would also generate indirect employment opportunities for 10,000 people that include local suppliers and their employees. He said that priority will be given to local workforce in direct employment as well as selection of vendors. The venture would initially assemble the air-conditioner compressors and then outsource certain parts and give job work to local vendors.
The joint venture was formed 20 years ago in 1993 with 75 per cent share of Shanghai Highly Group and 25 per cent stake of Hitachi. The company’s annual turnover is $1 billion. The company has three plants in China.
The joint venture was originally set up to cater the Chinese market only. It later started exporting to 30 countries, including India, the Gulf, Brazil, the Philippines and European countries. More than 8,000 people are working in different parts of the world for the joint venture, which is at present a Rs 6,400-crore company.
The company has taken 40,000 square meters of land on lease at Changodar, an industrial area on the outskirts of Ahmedabad, for this facility. It will give employment to nearly 1,000 people, and also provide job work to many SMEs.
The venture was facilitated by the India China Economic and Cultural Council (ICEC), Gujarat, and has initiated procedure to register its India entity Highly Electrical Appliances India Private Ltd with the Registrar of Companies, Ahmedabad, said Shen Jian Fang, Chairman of the company, here on Wednesday.
The annual capacity of the plant would be two billion H/L series air-conditioner compressors once the plant becomes fully functional. The Phase I work will be completed by October 2013 and second and last phase is expected to finish at the end of 2014.
According to Fang, the plant would also generate indirect employment opportunities for 10,000 people that include local suppliers and their employees. He said that priority will be given to local workforce in direct employment as well as selection of vendors. The venture would initially assemble the air-conditioner compressors and then outsource certain parts and give job work to local vendors.
The joint venture was formed 20 years ago in 1993 with 75 per cent share of Shanghai Highly Group and 25 per cent stake of Hitachi. The company’s annual turnover is $1 billion. The company has three plants in China.
The joint venture was originally set up to cater the Chinese market only. It later started exporting to 30 countries, including India, the Gulf, Brazil, the Philippines and European countries. More than 8,000 people are working in different parts of the world for the joint venture, which is at present a Rs 6,400-crore company.
Escorts inks deal with Italian firm to sell Ferrari tractors
Pune: Tractor manufacturer Escorts Ltd had inked a partnership with Italian company BCS S.p.A to distribute and sell the speciality Ferrari brand of tractors in India. The first product being launched under the partnership is a 26 HP model that has four equal-sized wheels, an all-time 4-wheel drive and oscillating chassis system suited for use in vineyards and orchards. Initially to be available at select dealerships in Maharashtra, the tractor, which comes at an introductory price of Rs 8 lakh, will be extended for sales across the country, Nikhil Nanda, Joint MD, Escorts said.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
Escorts inks deal with Italian firm to sell Ferrari tractors
Pune: Tractor manufacturer Escorts Ltd had inked a partnership with Italian company BCS S.p.A to distribute and sell the speciality Ferrari brand of tractors in India. The first product being launched under the partnership is a 26 HP model that has four equal-sized wheels, an all-time 4-wheel drive and oscillating chassis system suited for use in vineyards and orchards. Initially to be available at select dealerships in Maharashtra, the tractor, which comes at an introductory price of Rs 8 lakh, will be extended for sales across the country, Nikhil Nanda, Joint MD, Escorts said.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
The company today also launched a new product in the Farmtrac executive series of premium range tractors launched in April last year. Escorts will initially import the Ferrari tractors from Italy and marketing them through its distribution channels. “As volumes grow, we will take action to make the machines cost competitive and the level of engagement will change,” Nanda said, adding that assembling them locally could also be undertaken in the future.
Bangalore firm on MIT's 2013 list of 50 innovative companies
Mumbai: Bangalore-based mobile advertising platform and solutions provider InMobi has secured a place in MIT Technology Review’s list of ‘50 Disruptive Companies’ for 2013. It is the only Indian company to have made it to the list.
The list also features Apple, Google, Facebook, General Electric, Square, Pinterest, Safaricom, Audi, etc.
In the ‘50 Disruptive Companies’ list, companies are not based on market performance. The list identifies global companies that are pushing the envelope of current business models to drive innovation and create significant impact in the market. (INNOVATION DRIVERS)
“Over the last 12 months, in their multiple tech fields, the honourees have taken risks to unsettle an existing marketplace or create a new market entirely,” said an MIT Technology Review release.
Only 14 of the 50 companies in this year’s list were featured on the previous list, demonstrating the rapid change and proving a spot on the list was less secure and more valuable than being featured on other industry lists, said a press announcement.
Jason Pontin, publisher and editor-in-chief of MIT Technology Review, said, “The pace at which technology changes is astounding. This issue celebrates organisations at the forefront of radical change, displaying ‘disruptive innovation’ that would prove to surpass competition, transform an industry and change our lives.”
InMobi has customers in 165 countries. About a billion unique users receive advertisements from the company on a monthly basis.
“It validates we are disrupting the space of mobile advertisement. I think over the next 10 years, the cumulative spend on mobile advertisement globally would be about $500 billion, and we want to be part of this growth,” said Naveen Tewari, co-founder and chief executive, InMobi.
Founded in 2007, InMobi employees 800 people and has raised about $215.5 million.
According to the details provided by MIT Technology Review, the company has been challenging Google and Apple in the mobile ads market.
The list also features Apple, Google, Facebook, General Electric, Square, Pinterest, Safaricom, Audi, etc.
In the ‘50 Disruptive Companies’ list, companies are not based on market performance. The list identifies global companies that are pushing the envelope of current business models to drive innovation and create significant impact in the market. (INNOVATION DRIVERS)
“Over the last 12 months, in their multiple tech fields, the honourees have taken risks to unsettle an existing marketplace or create a new market entirely,” said an MIT Technology Review release.
Only 14 of the 50 companies in this year’s list were featured on the previous list, demonstrating the rapid change and proving a spot on the list was less secure and more valuable than being featured on other industry lists, said a press announcement.
Jason Pontin, publisher and editor-in-chief of MIT Technology Review, said, “The pace at which technology changes is astounding. This issue celebrates organisations at the forefront of radical change, displaying ‘disruptive innovation’ that would prove to surpass competition, transform an industry and change our lives.”
InMobi has customers in 165 countries. About a billion unique users receive advertisements from the company on a monthly basis.
“It validates we are disrupting the space of mobile advertisement. I think over the next 10 years, the cumulative spend on mobile advertisement globally would be about $500 billion, and we want to be part of this growth,” said Naveen Tewari, co-founder and chief executive, InMobi.
Founded in 2007, InMobi employees 800 people and has raised about $215.5 million.
According to the details provided by MIT Technology Review, the company has been challenging Google and Apple in the mobile ads market.
Implementation of North Karanpura Super Thermal Power Project by NTPC in Jharkhand
New Delhi: The Cabinet Committee on Investment has cleared the proposal of the Ministry of Power for setting up of the North Karanpura Super Thermal Power Plant (NKSTPP) (3 x 660 MW) by the National Thermal Power Corporation (NTPC) in the vicinity of Tandwa town, district Chatra in Jharkhand. Safeguards according to the recommendation of the Chaturvedi Committee and accepted by the Group of Ministers (GoM) under the chairmanship of Finance Minister will apply.
The Cabinet Committee on Investment also agreed to restore the original coal linkage for the project. The coal supply would be made available in the 13th Plan.
The project to be set up by NTPC will be on a pit-head with environment friendly super-critical technology. The power will be generated by NTPC for about 35 years of plant life.
Execution of the project would lead to generation of 1980 MW of power. This is the first project of NTPC in Jharkhand which will benefit the state and people of Jharkhand where about 26 percent of the population is tribal.
The Cabinet Committee on Investment also agreed to restore the original coal linkage for the project. The coal supply would be made available in the 13th Plan.
The project to be set up by NTPC will be on a pit-head with environment friendly super-critical technology. The power will be generated by NTPC for about 35 years of plant life.
Execution of the project would lead to generation of 1980 MW of power. This is the first project of NTPC in Jharkhand which will benefit the state and people of Jharkhand where about 26 percent of the population is tribal.
Wednesday, February 20, 2013
5 Chennai auto-parts makers forge alliance for solar power
Chennai: Five auto component companies in Chennai are getting together to set up a solar power plant in Tamil Nadu.
The Rane group, MM Forgings, Super Auto Forge, Natesan Industries, and Auto Parts have formed a consortium and are scouting for land in Sivaganga and Tuticorin. The solar farm, with an installed capacity of 7 MW, could entail a total investment of Rs 70 crore.
With Tamil Nadu reeling under a severe power shortage, many companies are increasingly investing on other sources of power to reduce dependence on grid feed. MM Forgings, for instance, has invested in 20 wind mills in Theni and Tirunelveli in southern Tamil Nadu.
“Each company today has to be more power independent, and green power is the best alternative. A common power facility will help bring down individual company costs,” says Vidyashankar Krishnan, Managing Director, MM Forgings.
The annual power generation from the common plant will be 105-125 lakh units. A plant of this nature and size requires around 25 acres.
Each company in the consortium will individually own specific assets, depending on its energy requirement. MM Forgings, for instance, is looking at harnessing 2 MW, while Super Auto is looking at 1 MW.
Keen on More Partners
The consortium is scouting for more partners and suppliers. “If more players join in, we could even look at 10 MW generation,” says Krishnan.
Initially, the consortium had looked at a coal-based power plant. “But that has a three-year gestation period. We also don’t know what the price of coal would be at that point of time. So, we decided to go for solar power,” says Krishnan. The gestation time for a solar power plant is five months; solar panels are also available locally, he adds.
The consortium is set to approach the Tamil Nadu Government for clarity on power pricing and the policy on wheeling power to respective plants, particularly during the load-shedding hours. These are expected to be sorted out by end-March. The plant is expected to be commissioned by September.
The Rane group, MM Forgings, Super Auto Forge, Natesan Industries, and Auto Parts have formed a consortium and are scouting for land in Sivaganga and Tuticorin. The solar farm, with an installed capacity of 7 MW, could entail a total investment of Rs 70 crore.
With Tamil Nadu reeling under a severe power shortage, many companies are increasingly investing on other sources of power to reduce dependence on grid feed. MM Forgings, for instance, has invested in 20 wind mills in Theni and Tirunelveli in southern Tamil Nadu.
“Each company today has to be more power independent, and green power is the best alternative. A common power facility will help bring down individual company costs,” says Vidyashankar Krishnan, Managing Director, MM Forgings.
The annual power generation from the common plant will be 105-125 lakh units. A plant of this nature and size requires around 25 acres.
Each company in the consortium will individually own specific assets, depending on its energy requirement. MM Forgings, for instance, is looking at harnessing 2 MW, while Super Auto is looking at 1 MW.
Keen on More Partners
The consortium is scouting for more partners and suppliers. “If more players join in, we could even look at 10 MW generation,” says Krishnan.
Initially, the consortium had looked at a coal-based power plant. “But that has a three-year gestation period. We also don’t know what the price of coal would be at that point of time. So, we decided to go for solar power,” says Krishnan. The gestation time for a solar power plant is five months; solar panels are also available locally, he adds.
The consortium is set to approach the Tamil Nadu Government for clarity on power pricing and the policy on wheeling power to respective plants, particularly during the load-shedding hours. These are expected to be sorted out by end-March. The plant is expected to be commissioned by September.
Japanese MNC KYB Corporation acquires 50% stake in Conmat Systems
Ahmedabad: Japanese company, KYB Corporation acquired 50% stake in Vadodara-based Conmat Systems Pvt Ltd. KYB which made slightly above Rs 100 crore investments to acquire the stake, is investing for the first in India targeting India's Rs 30,000 crore construction equipments market.
Talking to ET, Premraj Kashyap, managing director of Conmat Systems, "The Japanese company not only wants to target domestic market, but also make India its global export hub for construction equipments". Conmat Systems has 60% domestic market share in Canal Concrete Machine and holds 15% market share in Ready Mix Concrete Plant in India.
The Japanese company plans to bring in technology of Truck Concrete Mixer in India, which would be manufactured by Conmat's facility in India. According the company, KYB Corporation is one of the largest shock absorber manufacturers in the world. The 94 year old Japanese company is listed on the Tokyo Stock Exchange, has 34 manufacturing units, 26 sales locations and over 12,000 employees worldwide. It has annual turnover of more than Rs 20,000 crore.
KYB is also the largest truck mixer producer in Japan, having 85 % market share, and has entered into this strategic partnership with Conmat to become a major player in the Global Construction Equipment market, says the Conmant official. According to the company, this strategic partnership will also accelerate Conmat's growth in term of market position, brand building and product portfolio, well supported by Japanese technology, quality and production systems. The new Joint Venture will be used as a global sourcing hub for construction equipment.
Talking to ET, Premraj Kashyap, managing director of Conmat Systems, "The Japanese company not only wants to target domestic market, but also make India its global export hub for construction equipments". Conmat Systems has 60% domestic market share in Canal Concrete Machine and holds 15% market share in Ready Mix Concrete Plant in India.
The Japanese company plans to bring in technology of Truck Concrete Mixer in India, which would be manufactured by Conmat's facility in India. According the company, KYB Corporation is one of the largest shock absorber manufacturers in the world. The 94 year old Japanese company is listed on the Tokyo Stock Exchange, has 34 manufacturing units, 26 sales locations and over 12,000 employees worldwide. It has annual turnover of more than Rs 20,000 crore.
KYB is also the largest truck mixer producer in Japan, having 85 % market share, and has entered into this strategic partnership with Conmat to become a major player in the Global Construction Equipment market, says the Conmant official. According to the company, this strategic partnership will also accelerate Conmat's growth in term of market position, brand building and product portfolio, well supported by Japanese technology, quality and production systems. The new Joint Venture will be used as a global sourcing hub for construction equipment.
RIL, BP to invest Rs 27k crore in KG-D6 block
New Delhi: Reliance Industries Ltd (RIL) and two partners, BP and Niko Resources, plan to invest Rs 27,127 crore ($5 billion) over the next three to five years in the KG-D6 block to develop four trillion cubic feet (tcf) of discovered natural gas reserves.
In a joint statement issued after a meeting between BP Group CEO Bob Dudley, RIL’s Chairman and Managing Director Mukesh Ambani and Petroleum Minister M Veerappa Moily in Delhi today, the two companies said they have promised to speed up the projects, provided the necessary clearance from the government is in place.
The investment includes field optimisation through compression and water handling, which will augment production starting 2014. Natural gas production from the block has now touched a low of 30 million standard cubic metres a day (mscmd).
RIL has a running dispute with the Comptroller and Auditor General of India (CAG) on the scope of its audit of investment made by the partners. CAG had earlier recommended that clearances for making investment should not be granted till RIL provides required access to the statutory auditor.
Indicating a positive response from the ministry for the big-ticket investment, the statement quoted Moily promising taking necessary measures "to fast track these projects and help them attain economic viability”. Besides clearances for its investment plan, the companies are looking for higher gas price from the government. The KG-D6 gas price, currently fixed at $4.2 a mBtu, is considered unviable by the private companies for deepwater gas. The price is due for revision in April 2014.
At current international liquefied natural gas (LNG) prices, 4 tcf of natural gas would cost more than $50 billion to import this volume of gas into India, said the statement. “We will bring all our expertise in deep water to explore the prolific gas basins in India and BP looks forward to a rewarding and successful exploration programme in the coming years,” said Dudley in the statement.
Dudley is part of the trade delegation accompanying British Prime Minister David Cameron. “BP is already the largest single British investor in India and the decision to join forces with Reliance Industries to invest $5 billion in the next few years into India’s gas markets reinforces how two of Britain and India’s leading companies can work together to invest in and supply the energy needs of the future, creating jobs and boosting prosperity," the statement quoted Cameron.
In a partnership with RIL, BP in 2011 took a 30 per cent stake in multiple oil and gas blocks in India, including the producing KG D6 block and the formation of a 50:50 joint venture to source and market gas in India – India Gas Solutions Private Limited. According to the companies, by the end of 2012, fields in the KG D6 block had produced 2 tcf of gas and 22 million barrels of oil, which would have cost more than $35 billion to import into India at current imported crude oil and LNG prices.
In a joint statement issued after a meeting between BP Group CEO Bob Dudley, RIL’s Chairman and Managing Director Mukesh Ambani and Petroleum Minister M Veerappa Moily in Delhi today, the two companies said they have promised to speed up the projects, provided the necessary clearance from the government is in place.
The investment includes field optimisation through compression and water handling, which will augment production starting 2014. Natural gas production from the block has now touched a low of 30 million standard cubic metres a day (mscmd).
RIL has a running dispute with the Comptroller and Auditor General of India (CAG) on the scope of its audit of investment made by the partners. CAG had earlier recommended that clearances for making investment should not be granted till RIL provides required access to the statutory auditor.
Indicating a positive response from the ministry for the big-ticket investment, the statement quoted Moily promising taking necessary measures "to fast track these projects and help them attain economic viability”. Besides clearances for its investment plan, the companies are looking for higher gas price from the government. The KG-D6 gas price, currently fixed at $4.2 a mBtu, is considered unviable by the private companies for deepwater gas. The price is due for revision in April 2014.
At current international liquefied natural gas (LNG) prices, 4 tcf of natural gas would cost more than $50 billion to import this volume of gas into India, said the statement. “We will bring all our expertise in deep water to explore the prolific gas basins in India and BP looks forward to a rewarding and successful exploration programme in the coming years,” said Dudley in the statement.
Dudley is part of the trade delegation accompanying British Prime Minister David Cameron. “BP is already the largest single British investor in India and the decision to join forces with Reliance Industries to invest $5 billion in the next few years into India’s gas markets reinforces how two of Britain and India’s leading companies can work together to invest in and supply the energy needs of the future, creating jobs and boosting prosperity," the statement quoted Cameron.
In a partnership with RIL, BP in 2011 took a 30 per cent stake in multiple oil and gas blocks in India, including the producing KG D6 block and the formation of a 50:50 joint venture to source and market gas in India – India Gas Solutions Private Limited. According to the companies, by the end of 2012, fields in the KG D6 block had produced 2 tcf of gas and 22 million barrels of oil, which would have cost more than $35 billion to import into India at current imported crude oil and LNG prices.
BSE ties up with S&P Dow Jones Indices
Mumbai: The BSE and the S&P Dow Jones indices are now partners. Every index on the BSE, including the BSE Sensex, BSE 200 and BSE 100 will be co-branded ‘S&P’.
S&P Dow Jones Indices is a global leader in providing investable and benchmark indices to the financial markets.
With this, S&P can now calculate, disseminate and licence the whole suite of BSE’s indices.
India now becomes S&P Dow Jones Indices’ fourth major operational hub to support clients globally, after Hong Kong, London and New York.
“We expect our partnership with S&P Dow Jones Indices will help BSE to raise the growing global acceptance of the Sensex and other BSE index benchmarks, and to help BSE achieve a leadership position in the index derivatives space,” said Ashish Chauhan, MD and CEO of BSE.
“This partnership fortifies and expands BSE and S&P Dow Jones Indices’ presence in India and in South Asia, while providing a springboard for our efforts in the ASEAN region with an important exchange partner that understands this critical segment of the market,” said Alexander Matturri, Chief Executive Officer of S&P Dow Jones Indices.
S&P Dow Jones Indices is a global leader in providing investable and benchmark indices to the financial markets.
With this, S&P can now calculate, disseminate and licence the whole suite of BSE’s indices.
India now becomes S&P Dow Jones Indices’ fourth major operational hub to support clients globally, after Hong Kong, London and New York.
“We expect our partnership with S&P Dow Jones Indices will help BSE to raise the growing global acceptance of the Sensex and other BSE index benchmarks, and to help BSE achieve a leadership position in the index derivatives space,” said Ashish Chauhan, MD and CEO of BSE.
“This partnership fortifies and expands BSE and S&P Dow Jones Indices’ presence in India and in South Asia, while providing a springboard for our efforts in the ASEAN region with an important exchange partner that understands this critical segment of the market,” said Alexander Matturri, Chief Executive Officer of S&P Dow Jones Indices.
India-UK CEO forum push for tie-ups in education, infra, defence, power
New Delhi: Corporate big-wigs from top companies in India and the UK on Tuesday had a brain storming session on intensifying cooperation between the two countries. The British side identified infrastructure, education, defence, energy and retail as focus areas.
The India-UK CEO’s Forum led by Tata Group Chairman Ratan Tata and Standard Chartered chief Peter Sands met here to take stock of the current business ties and give proposals to the two governments on how they could be strengthened.
“The CEO’s Forum has made focused, specific, and practical recommendations to enhance partnership between India and UK focusing on trade, institutional linkages in education for research and development and also defence. We will be taking forward its recommendations,” Commerce and Industry Minister Anand Sharma has said.
Other British participants in the forum included Simon Collins from KPMG, Ian Taylor from construction company Balfour Beatty and Mark Walport from charity trust Wellcome.
Indian participants included Adi Godrej from Godrej Group, Sunil Mittal from Bharti Enterprises, Y.C. Deveshwar from ITC and Chanda Kochhar from ICICI Bank.
The UK is India’s third largest trading partner within the EU and the sixteenth largest in the world.
“The British side has shown keen interest to work with India for establishing national manufacturing and industrial zones,” Sharma said.
Two of these investment regions will come along the proposed Bangalore-Mumbai Industrial Corridor which will link up with the Delhi-Mumbai Industrial Corridor.
“We hope that the experience in advanced manufacturing and the technologies that Britain has in diverse sectors, including nanotechnology, aerospace, biotechnology, and life sciences, would be used,” the Minister added.
The CEOs also discussed other areas including education, energy, defence and the retail sector.
“One important sector which I did not mention earlier is energy sector. Those are decisions that would be made (in the energy sector),” Sharma said. A number of British companies in the energy sector including British Petroleum, Cairn and Powergen have made investments in India.
On retail, the Minister said that British companies were interested in entering the segment and while the CEO’s Forum was not a forum to make business propositions, he had fruitful meetings during his recent UK visit.
India liberalised foreign direct investment in the retail sector, both single-brand and multi-brand, recently.
“When I was in Davos, and recently in London, the Chairman of Tesco had met me which was followed by a meeting with the CEO. We hope that there would be proposals, but these will be their decisions,” he said.
The UK-India CEO’s Forum was established two years ago and brings together businesses in both countries.
The India-UK CEO’s Forum led by Tata Group Chairman Ratan Tata and Standard Chartered chief Peter Sands met here to take stock of the current business ties and give proposals to the two governments on how they could be strengthened.
“The CEO’s Forum has made focused, specific, and practical recommendations to enhance partnership between India and UK focusing on trade, institutional linkages in education for research and development and also defence. We will be taking forward its recommendations,” Commerce and Industry Minister Anand Sharma has said.
Other British participants in the forum included Simon Collins from KPMG, Ian Taylor from construction company Balfour Beatty and Mark Walport from charity trust Wellcome.
Indian participants included Adi Godrej from Godrej Group, Sunil Mittal from Bharti Enterprises, Y.C. Deveshwar from ITC and Chanda Kochhar from ICICI Bank.
The UK is India’s third largest trading partner within the EU and the sixteenth largest in the world.
“The British side has shown keen interest to work with India for establishing national manufacturing and industrial zones,” Sharma said.
Two of these investment regions will come along the proposed Bangalore-Mumbai Industrial Corridor which will link up with the Delhi-Mumbai Industrial Corridor.
“We hope that the experience in advanced manufacturing and the technologies that Britain has in diverse sectors, including nanotechnology, aerospace, biotechnology, and life sciences, would be used,” the Minister added.
The CEOs also discussed other areas including education, energy, defence and the retail sector.
“One important sector which I did not mention earlier is energy sector. Those are decisions that would be made (in the energy sector),” Sharma said. A number of British companies in the energy sector including British Petroleum, Cairn and Powergen have made investments in India.
On retail, the Minister said that British companies were interested in entering the segment and while the CEO’s Forum was not a forum to make business propositions, he had fruitful meetings during his recent UK visit.
India liberalised foreign direct investment in the retail sector, both single-brand and multi-brand, recently.
“When I was in Davos, and recently in London, the Chairman of Tesco had met me which was followed by a meeting with the CEO. We hope that there would be proposals, but these will be their decisions,” he said.
The UK-India CEO’s Forum was established two years ago and brings together businesses in both countries.
Neyveli Lignite joint venture ties up funds for power project in TN
Chennai: NLC-Tamil Nadu Power Ltd has entered into an Rs 937-crore loan agreement with a Bank of India-led consortium to part fund a 1,000 MW power project, according to a press release from Neyveli Lignite.
The agreement was signed today with the consortium which includes Indian Bank and Central Bank of India.
The NLC-Tamil Nadu Power is a joint venture between Neyveli Lignite Corporation and the Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) for the 2x500 MW power plant in Tuticorin. NLC holds an 89 per cent stake in the project with Tangedco holding the balance 11 per cent.
The Government of India sanctioned the Rs 4,909.54-crore project in May 2008. In 2010, a bank consortium led by Bank of Baroda lent Rs 2,500 crore.
The coal linkage is being tied up with Mahanadhi Coalfields Ltd (MCL), a subsidiary of Coal India Ltd.
Land for the project is taken from VOC Port Trust, Tuticorin, on long-term lease basis.
The power generated from this project will cater to the states in the Southern Region. Power purchase agreements have been signed with Tangedco and other SEBs.
All the major package contracts are awarded and the project under implementation has reached the physical progress of around 70 per cent. The first unit is expected to be commissioned in December 2013, followed by another unit in March 2014.
The agreement was signed today with the consortium which includes Indian Bank and Central Bank of India.
The NLC-Tamil Nadu Power is a joint venture between Neyveli Lignite Corporation and the Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) for the 2x500 MW power plant in Tuticorin. NLC holds an 89 per cent stake in the project with Tangedco holding the balance 11 per cent.
The Government of India sanctioned the Rs 4,909.54-crore project in May 2008. In 2010, a bank consortium led by Bank of Baroda lent Rs 2,500 crore.
The coal linkage is being tied up with Mahanadhi Coalfields Ltd (MCL), a subsidiary of Coal India Ltd.
Land for the project is taken from VOC Port Trust, Tuticorin, on long-term lease basis.
The power generated from this project will cater to the states in the Southern Region. Power purchase agreements have been signed with Tangedco and other SEBs.
All the major package contracts are awarded and the project under implementation has reached the physical progress of around 70 per cent. The first unit is expected to be commissioned in December 2013, followed by another unit in March 2014.
TCS sets up new facility in Liverpool
Mumbai: Tata Consultancy Services, the country’s largest software exporter, has set up a new delivery centre in Liverpool, expanding its operations in the UK.
The new facility, which is dedicated to delivering government services, will be fully operational in July and will house over 300 employees, the Tata group company said in a statement.
TCS plans to use the facility to deliver services to the Home Office, following a multi-million, multi-year contract that was awarded in November 2012, to manage the technology needs and support services of the newly-formed Disclosure and Barring Service.
The new facility will provide a secure applications development and maintenance centre for business applications and operational delivery centre for outsourced business process and IT services.
“Our work in the public sector is focused on improving services for the UK citizens and driving greater value for the UK Government. Our investment in a new, secure delivery centre in Liverpool will allow us to effectively meet the business objectives of DBS to modernise and transform its business while supporting our longer term strategy for increased participation in transformation programmes for the U.K. public sector,” said TCS Country Head (UK and Ireland) Shankar Narayanan.
The two organisations, DBS and TCS, will also collaborate to update the organisation’s business processes to help improve decision making, reduce processing times and improve information gathering between disclosures and barring services.
TCS combines government specific domain expertise with a world-class set of delivery capabilities to enable service transformation for some of its key government clients in the UK, such as, National Employment Savings Trust (NEST), Cardiff City Council, Child Maintenance Group (CMG is a division of DWP) and The Big Lottery Fund, amongst others.
The new facility, which is dedicated to delivering government services, will be fully operational in July and will house over 300 employees, the Tata group company said in a statement.
TCS plans to use the facility to deliver services to the Home Office, following a multi-million, multi-year contract that was awarded in November 2012, to manage the technology needs and support services of the newly-formed Disclosure and Barring Service.
The new facility will provide a secure applications development and maintenance centre for business applications and operational delivery centre for outsourced business process and IT services.
“Our work in the public sector is focused on improving services for the UK citizens and driving greater value for the UK Government. Our investment in a new, secure delivery centre in Liverpool will allow us to effectively meet the business objectives of DBS to modernise and transform its business while supporting our longer term strategy for increased participation in transformation programmes for the U.K. public sector,” said TCS Country Head (UK and Ireland) Shankar Narayanan.
The two organisations, DBS and TCS, will also collaborate to update the organisation’s business processes to help improve decision making, reduce processing times and improve information gathering between disclosures and barring services.
TCS combines government specific domain expertise with a world-class set of delivery capabilities to enable service transformation for some of its key government clients in the UK, such as, National Employment Savings Trust (NEST), Cardiff City Council, Child Maintenance Group (CMG is a division of DWP) and The Big Lottery Fund, amongst others.
Samsung SDS gets Rs 220 crore ticketing contract from L&T Metro
Hyderabad: Korean technology firm Samsung SDS Company secured Rs 220 crore order from L&T Metro Rail (Hyderabad), an arm of infrastructure firm L&T, for setting up automatic fare collection (AFC) system for the Hyderabad metro rail project coming up at Rs 14,132 crore.
Samsung has implemented similar AFC projects across several countries including three in India at Delhi metro, Bangalore metro and Jaipur metro.
The contract awarded by L&T Metrorail includes setting up of smart card based ticketing system, automatic gates, cash and card based payment system, ticket vending machines, near field communication technology that enables usage of mobile phones as fare media, among others.
BV Gadgil, chief executive and MD of L&T Metrorail, said, ""We have chosen Sansumg Data Systems based on their technical expertise, international presence and most importantly for their experience of working and implementing AFC projects in the Indian environment.""
Samsung has implemented similar AFC projects across several countries including three in India at Delhi metro, Bangalore metro and Jaipur metro.
The contract awarded by L&T Metrorail includes setting up of smart card based ticketing system, automatic gates, cash and card based payment system, ticket vending machines, near field communication technology that enables usage of mobile phones as fare media, among others.
BV Gadgil, chief executive and MD of L&T Metrorail, said, ""We have chosen Sansumg Data Systems based on their technical expertise, international presence and most importantly for their experience of working and implementing AFC projects in the Indian environment.""
MIAL partners Wipro for terminal
Mumbai: Mumbai International Airport Ltd (MIAL), operator of the Chhatrapati Shivaji International Airport (CSIA) here, has entered into a 10-year contract with Wipro Infotech, the India and West Asia IT business unit of Wipro, for the new integrated terminal T2. The financial details of the deal were not disclosed.
Wipro will be responsible for providing managed services across the entire IT landscape at MIAL and deliver high availability and operational efficiency across all critical processes.
Though initially envisaged for T2, Wipro will begin the transition with a takeover of the IT services in the current terminals at CSIA, expected to commence from April 1. As regards to T2, Wipro will assist in the preparation of IT-related standard operating procedures and also work closely with MIAL during the testing and trial phase of the IT systems before managing all the IT services for the iconic new terminal.
MIAL is currently implementing a master plan to build an integrated terminal, T2, designed to cater to 40 million passengers annually. When completed, it will be a state-of-the-art, four-level integrated terminal, with an area of 439,000 sq mt and will include new taxiways and apron areas for aircraft parking.
Rajeev Jain, CEO, MIAL said, “Our vision is to make T2 a global showcase and IT will play the role of a significant business driver. In line with this vision of making CSIA a world-class airport, and T2 an iconic terminal, we plan to invest in best-in-the-class technology and systems and have accordingly decided to partner with an IT company like Wipro to provide the best services.”
IT is a key driver for critical airport operations, including flight and terminal management, ground handling and property management.
The total outsourcing engagement will deliver business IT alignment for T2 by combining airport solutions.
Anand Sankaran, Sr. Vice President - Wipro Infotech and Global Infrastructure Services said, “We are excited that Mumbai International Airport has chosen Wipro as a strategic partner for their IT transformation project. Wipro will leverage its global expertise and strong understanding of the business domain, to deliver a best-in-class experience to MIAL’s stakeholders including customers, employees and airlines. This engagement with MIAL adds strength to our existing Airport and Infrastructure Practice.”
Wipro will be responsible for providing managed services across the entire IT landscape at MIAL and deliver high availability and operational efficiency across all critical processes.
Though initially envisaged for T2, Wipro will begin the transition with a takeover of the IT services in the current terminals at CSIA, expected to commence from April 1. As regards to T2, Wipro will assist in the preparation of IT-related standard operating procedures and also work closely with MIAL during the testing and trial phase of the IT systems before managing all the IT services for the iconic new terminal.
MIAL is currently implementing a master plan to build an integrated terminal, T2, designed to cater to 40 million passengers annually. When completed, it will be a state-of-the-art, four-level integrated terminal, with an area of 439,000 sq mt and will include new taxiways and apron areas for aircraft parking.
Rajeev Jain, CEO, MIAL said, “Our vision is to make T2 a global showcase and IT will play the role of a significant business driver. In line with this vision of making CSIA a world-class airport, and T2 an iconic terminal, we plan to invest in best-in-the-class technology and systems and have accordingly decided to partner with an IT company like Wipro to provide the best services.”
IT is a key driver for critical airport operations, including flight and terminal management, ground handling and property management.
The total outsourcing engagement will deliver business IT alignment for T2 by combining airport solutions.
Anand Sankaran, Sr. Vice President - Wipro Infotech and Global Infrastructure Services said, “We are excited that Mumbai International Airport has chosen Wipro as a strategic partner for their IT transformation project. Wipro will leverage its global expertise and strong understanding of the business domain, to deliver a best-in-class experience to MIAL’s stakeholders including customers, employees and airlines. This engagement with MIAL adds strength to our existing Airport and Infrastructure Practice.”
First meeting of India-UAE high level task force on investments held in Abu Dhabi
New Delhi: The inaugural meeting of the India-UAE High Level Task Force on Investments was held today at the Emirates Palace Hotel in Abu Dhabi. More than 50 government and private sector representatives from India and the UAE were present.
The high-level taskforce, co-chaired by the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma and HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
India and UAE are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting of the India-UAE High Level Task Force on Investments included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD 2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
“Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India,” said HH Sheikh Hamed bin Zayed Al Nahyan.
Shri Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the cooperation in the oil and gas sector of UAE.
The next meeting of the India-UAE High Level Task Force on Investments will be held on a mutually agreed date and location.
The high-level taskforce, co-chaired by the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma and HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
India and UAE are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting of the India-UAE High Level Task Force on Investments included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD 2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
“Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India,” said HH Sheikh Hamed bin Zayed Al Nahyan.
Shri Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the cooperation in the oil and gas sector of UAE.
The next meeting of the India-UAE High Level Task Force on Investments will be held on a mutually agreed date and location.
Monday, February 18, 2013
India to have 18 mt crude stock by 2020
New Delhi: The government is looking to build storage capacity for about 18 million tonnes (mt) of crude by 2020 in a bid to insulate India, which is heavily dependent on imports for its energy needs, from supply disturbances. The first phase of this strategic stockpile--5.33 mt--will be commissioned by April 2014.
Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle owned by the Oil Industry Development Board (OIDB), is now building storages in underground rock caverns at Visakhapatnam (1.33 mt), Mangalore (1.5 mt) and Padur, Kerala (2.5 mt).
While the Visakhapatnam project will be commissioned by December this year, the other two will be on track before April 2014, say people aware of the development. OIDB is a statutory body set up by the government in 1975 to provide financial assistance for the development of the oil industry. The strategic stockpile the government is building excludes the 22.04-mt buffer stock that oil companies are required to keep.
“Once the first phase is commissioned, we will have crude inventory worth about Rs 24,000 crore for 13 days. Almost 90 per cent of the work is completed there. The detailed feasibility report of an additional 12.5 mt is before the Cabinet for clearance,” said a petroleum ministry official, who did not want to be named. As per government estimates, the country will have a total net import of 179 mt by 2019-20. Keeping in mind strategic and buffer stocks for 90 days, India needs a total storage capacity of 44 mt.
At present, India is meeting almost 80 per cent of its energy needs through imports.
“The government wants to take the lead and have a strategic stocks of 17.83 mt, while public sector undertakings and other companies may add more than 4 mt to their buffer stocks of 22.04 mt. This is calculated on the basis of net imports that the country will have,” the official added.
India will also become one of the first countries in Asia to have storage capacity in underground rock caverns. “Our specialty is that we will have underground rock cavern storage like Japan, Sweden and South Korea. Most other nations have salt caverns. The crown of our caverns lies at least 35 metres below the sea level,” said ISPRL chief executive officer Rajan K Pillai.
The total cost of the first phase is around Rs 4,000 crore. OIDB is funding the entire construction cost. The additional storage facilities in the second phase are being considered at locations in Gujarat and Odisha.
Out of the 1.33 mt in Vishakhapatanam, 300,000 tonnes would be under Hindustan Petroleum Corp Ltd’s control, for which the state-run marketing company has paid Rs 234 crore to ISPRL. In all the three locations, Engineers India Ltd is leading the construction works, as per instructions from the government.
Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle owned by the Oil Industry Development Board (OIDB), is now building storages in underground rock caverns at Visakhapatnam (1.33 mt), Mangalore (1.5 mt) and Padur, Kerala (2.5 mt).
While the Visakhapatnam project will be commissioned by December this year, the other two will be on track before April 2014, say people aware of the development. OIDB is a statutory body set up by the government in 1975 to provide financial assistance for the development of the oil industry. The strategic stockpile the government is building excludes the 22.04-mt buffer stock that oil companies are required to keep.
“Once the first phase is commissioned, we will have crude inventory worth about Rs 24,000 crore for 13 days. Almost 90 per cent of the work is completed there. The detailed feasibility report of an additional 12.5 mt is before the Cabinet for clearance,” said a petroleum ministry official, who did not want to be named. As per government estimates, the country will have a total net import of 179 mt by 2019-20. Keeping in mind strategic and buffer stocks for 90 days, India needs a total storage capacity of 44 mt.
At present, India is meeting almost 80 per cent of its energy needs through imports.
“The government wants to take the lead and have a strategic stocks of 17.83 mt, while public sector undertakings and other companies may add more than 4 mt to their buffer stocks of 22.04 mt. This is calculated on the basis of net imports that the country will have,” the official added.
India will also become one of the first countries in Asia to have storage capacity in underground rock caverns. “Our specialty is that we will have underground rock cavern storage like Japan, Sweden and South Korea. Most other nations have salt caverns. The crown of our caverns lies at least 35 metres below the sea level,” said ISPRL chief executive officer Rajan K Pillai.
The total cost of the first phase is around Rs 4,000 crore. OIDB is funding the entire construction cost. The additional storage facilities in the second phase are being considered at locations in Gujarat and Odisha.
Out of the 1.33 mt in Vishakhapatanam, 300,000 tonnes would be under Hindustan Petroleum Corp Ltd’s control, for which the state-run marketing company has paid Rs 234 crore to ISPRL. In all the three locations, Engineers India Ltd is leading the construction works, as per instructions from the government.
Country's first mono rail gets rolling
Mumbai: Mumbaikars currently commuting in heavily crowded suburban trains and Brihanmumbai Electric Supply and Transport Undertaking (BEST) buses will have yet another public mode of transport in the form of air-conditioned mono rail from August.
The city on Saturday saw India’s first mono rail rolling out on a test run with people on it. The first phase of the project, between Wadala and Chembur, which is 8.80-km long, is expected to be thrown open to public in August.
The Mumbai Metropolitan Region Development Authority (MMRDA), a town planning agency and also the nodal agency for the city’s infrastructure projects, on Saturday carried out a test ride amid claps and cheers by onlookers admiring the pink beauty on the beams.
“It’s fast, fun and convenient,” opined state chief secretary Jayant Kumar Banthia.
Gliding above traffic at maximum speed reaching 32 km/hour, Mumbaikars will be able to cover the 8.8 km route in flat 17 minutes for a minimum fare of Rs 8 per trip and a maximum of Rs 20. Each four-compartment train will have a carrying capacity of 480 passengers. Mumbaikars will get a world class travel experience. Nearly one lakh commuters are expected to travel on the Wadala-Chembur track daily. So far, eight trains have arrived from Malaysia and the remaining 13 will follow soon.
Rahul Asthana, the MMRDA commissioner, who accompanied the state chief secretary, told reporters that tests on the first phase would continue regularly to secure a safety certificate. MMRDA has already appointed Singapore Mass Rapid Transit Authority as consultant. Besides, a proposal by the state government to appoint a safety certificate engineer for issuing the safety certificate, as required by the Tramway Act, is also in process. (GETTING ON TRACK)
“We expect to commission the first phase of the project in August,” Asthana said. The second phase, a 10.74-km stretch between Wadala and Sant Gadge Maharaj Chowk (Jacob Circle), is expected to be completed by August 2014. This corridor will have 10 stations.
“The total project cost at fixed rate is pegged at Rs 3,000 crore. L&T is the civil contractor, and Scomi will be appointed for three years to carry out maintenance work,” Asthana said.
Work on the Wadala car depot, spread over 6.5 hectares, is in progress, and it will have a parking capacity of 21 trains.
Once completed, the entire 19.54 km-long corridor, which will be the world’s second longest mono rail corridor, will be able to carry 2.4 lakh commuters daily.
The mono rail world map marks Osaka mono rail corridor (23.8 km) as the longest in the world, followed by Tokyo mono rail (16.9 km), Tama Mono rail (16 km) and Star LRT in Kuala Lumpur (8.6 km).
The city on Saturday saw India’s first mono rail rolling out on a test run with people on it. The first phase of the project, between Wadala and Chembur, which is 8.80-km long, is expected to be thrown open to public in August.
The Mumbai Metropolitan Region Development Authority (MMRDA), a town planning agency and also the nodal agency for the city’s infrastructure projects, on Saturday carried out a test ride amid claps and cheers by onlookers admiring the pink beauty on the beams.
“It’s fast, fun and convenient,” opined state chief secretary Jayant Kumar Banthia.
Gliding above traffic at maximum speed reaching 32 km/hour, Mumbaikars will be able to cover the 8.8 km route in flat 17 minutes for a minimum fare of Rs 8 per trip and a maximum of Rs 20. Each four-compartment train will have a carrying capacity of 480 passengers. Mumbaikars will get a world class travel experience. Nearly one lakh commuters are expected to travel on the Wadala-Chembur track daily. So far, eight trains have arrived from Malaysia and the remaining 13 will follow soon.
Rahul Asthana, the MMRDA commissioner, who accompanied the state chief secretary, told reporters that tests on the first phase would continue regularly to secure a safety certificate. MMRDA has already appointed Singapore Mass Rapid Transit Authority as consultant. Besides, a proposal by the state government to appoint a safety certificate engineer for issuing the safety certificate, as required by the Tramway Act, is also in process. (GETTING ON TRACK)
“We expect to commission the first phase of the project in August,” Asthana said. The second phase, a 10.74-km stretch between Wadala and Sant Gadge Maharaj Chowk (Jacob Circle), is expected to be completed by August 2014. This corridor will have 10 stations.
“The total project cost at fixed rate is pegged at Rs 3,000 crore. L&T is the civil contractor, and Scomi will be appointed for three years to carry out maintenance work,” Asthana said.
Work on the Wadala car depot, spread over 6.5 hectares, is in progress, and it will have a parking capacity of 21 trains.
Once completed, the entire 19.54 km-long corridor, which will be the world’s second longest mono rail corridor, will be able to carry 2.4 lakh commuters daily.
The mono rail world map marks Osaka mono rail corridor (23.8 km) as the longest in the world, followed by Tokyo mono rail (16.9 km), Tama Mono rail (16 km) and Star LRT in Kuala Lumpur (8.6 km).
Sweden, India to sign pact for urban development
Vishakhapatnam: Sweden and India will sign a memorandum of understanding for sustainable urban development sometime in March or April, according to Counsellor, Environment, Climate Change and Energy, Embassy of Sweden, Karl Edberg.
He said here on Friday the agreement would be signed with the Union Ministry of Urban Development. “Once it is signed, it will be open for the entire country. Each city can utilise it to generate energy from waste in a sustainable manner and use the biogas generated for urban transport,” he said.
The Swedish Counsellor was here leading a 15-member delegation that included representatives of Swedish Energy Agency and businessmen to participate in deliberations with officials of Greater Visakhapatnam Municipal Corporation on solid waste management.
He said currently a waste-to-energy project was going on in collaboration with Indraprastha Gas Ltd and it would close this year.
The biogas produced can be upgraded to CNG, he said. “Sweden has a proven technology for it,” he said. Delhi has 34 sewage treatment plants and 16 sites.
The technology can be adopted for solid waste management by any city, he said. The gains of switching over from fossil fuels to CNG could be immense in terms of reducing pollution and bringing down fuel import.
He said here on Friday the agreement would be signed with the Union Ministry of Urban Development. “Once it is signed, it will be open for the entire country. Each city can utilise it to generate energy from waste in a sustainable manner and use the biogas generated for urban transport,” he said.
The Swedish Counsellor was here leading a 15-member delegation that included representatives of Swedish Energy Agency and businessmen to participate in deliberations with officials of Greater Visakhapatnam Municipal Corporation on solid waste management.
He said currently a waste-to-energy project was going on in collaboration with Indraprastha Gas Ltd and it would close this year.
The biogas produced can be upgraded to CNG, he said. “Sweden has a proven technology for it,” he said. Delhi has 34 sewage treatment plants and 16 sites.
The technology can be adopted for solid waste management by any city, he said. The gains of switching over from fossil fuels to CNG could be immense in terms of reducing pollution and bringing down fuel import.
India and France sign MoU to strengthen cooperation in railway sector
New Delhi: A Memorandum of Understanding (MoU) was signed on here on 14.2.2013 between the Ministry of Railways, Government of India and the Société Nationale des Chemins de Fer Français (SNCF), the French National Railways, for Technical cooperation in the field of Railways. The MoU was signed by Shri Vinay Mittal, Chairman, Railway Board, from Indian side and Mr G.Pepy, Chairman and CEO SNCF from the French side. The MoU was signed in the presence of H.E. Francois Hollande, the President of France.
Four areas of cooperation have been identified in the MoU. These are:
1. High speed and semi-high speed rail;
2. Station renovation and operations;
3. Modernisation of current operations and infrastructure;
4. Suburban trains.
Under the High Speed Cooperation Programme, the Parties have decided to carry out jointly an ‘operations and development’ feasibility project on the Mumbai-Ahmedabad High-Speed Rail. This project will be funded by SNCF with a support from the French Ministry of Finance.
The MoU is valid for a period of 5 years and is extendable by 1 year with mutual consent. Specific cooperation projects would be undertaken under the MoU as agreed by both the parties.
The French delegation led by SNCF Chairman Mr G. Pepy is visiting Central Railway and Western Railway installations in Mumbai today i.e. 15.2.2013 and holding meetings with the Railway officials.
Four areas of cooperation have been identified in the MoU. These are:
1. High speed and semi-high speed rail;
2. Station renovation and operations;
3. Modernisation of current operations and infrastructure;
4. Suburban trains.
Under the High Speed Cooperation Programme, the Parties have decided to carry out jointly an ‘operations and development’ feasibility project on the Mumbai-Ahmedabad High-Speed Rail. This project will be funded by SNCF with a support from the French Ministry of Finance.
The MoU is valid for a period of 5 years and is extendable by 1 year with mutual consent. Specific cooperation projects would be undertaken under the MoU as agreed by both the parties.
The French delegation led by SNCF Chairman Mr G. Pepy is visiting Central Railway and Western Railway installations in Mumbai today i.e. 15.2.2013 and holding meetings with the Railway officials.
Friday, February 15, 2013
Alten to set up automotive testing facility in Chennai
Chennai: Alten, the $1.3-billion French engineering and technology consulting company, will set up an automotive testing facility, at its labs in Chennai.
This will help automobile manufacturers in and around Chennai outsource testing of components such as diesel engines and suspension systems.
The component should be brought to the Alten facility and various parts associated with the component will be attached to a testing hardware.
Through virtual simulation of driving conditions, the component will be tested for its durability and emission standards, said Gerald Attia, Deputy CEO, Alten.
The software and hardware used in engine control systems will also be validated.
With several global auto majors bringing in R&D to India, such a testing facility will come in handy, said Attia.
“We are talking to some of the leading car manufacturers to use our facility,” he told Business Line.
Alten is already working with manufacturers such as Renault and Daimler in Europe, and would like to extend the testing facility to them in Chennai, he said.
Apart from global manufacturers, Alten will also target Indian OEMs and part makers.
Most of the auto companies have their in-house testing facility.
However, it caters only to the existing portfolio of products while the testing facility will cater to future requirements.
For instance, the facility can test hybrid electric vehicles. Most manufacturers may not have the skill-set and equipment for this, said Attia.
Also, in France, Attia says OEMs have seen 30 per cent cost savings by outsourcing testing and validation.
Initially, a couple of officials from Alten’s headquarters will come to Chennai to set up the facility.
At a later stage, ten people will be here to train the customers.
This will help automobile manufacturers in and around Chennai outsource testing of components such as diesel engines and suspension systems.
The component should be brought to the Alten facility and various parts associated with the component will be attached to a testing hardware.
Through virtual simulation of driving conditions, the component will be tested for its durability and emission standards, said Gerald Attia, Deputy CEO, Alten.
The software and hardware used in engine control systems will also be validated.
With several global auto majors bringing in R&D to India, such a testing facility will come in handy, said Attia.
“We are talking to some of the leading car manufacturers to use our facility,” he told Business Line.
Alten is already working with manufacturers such as Renault and Daimler in Europe, and would like to extend the testing facility to them in Chennai, he said.
Apart from global manufacturers, Alten will also target Indian OEMs and part makers.
Most of the auto companies have their in-house testing facility.
However, it caters only to the existing portfolio of products while the testing facility will cater to future requirements.
For instance, the facility can test hybrid electric vehicles. Most manufacturers may not have the skill-set and equipment for this, said Attia.
Also, in France, Attia says OEMs have seen 30 per cent cost savings by outsourcing testing and validation.
Initially, a couple of officials from Alten’s headquarters will come to Chennai to set up the facility.
At a later stage, ten people will be here to train the customers.
Mu Sigma plans to open development centre in the US
Mumbai: Mu Sigma, a decision sciences and analytics solutions company, is to set up a development centre in the US and recruit another 1,000 personnel by December this year.
The company, which is backed by private equity (PE) firms Sequoia Capital and General Atlantic, would set up the centre either in Seattle, Austin or Chicago.
“This would be an extension of our innovation centre in Bangalore, and is being launched as we have been growing,” said Dhiraj C. Rajaram, Chairman and Chief Executive Officer, Mu Sigma, said on the sidelines of the Nasscom summit.
Mu Sigma had posted a 6-9 per cent monthly growth in 2012, and expects a similar growth this year also.
“Data is beginning to explode, and it needs to be collated and analysed,” said Rajaram, who had started the company in 2004 as a start-up. The firm crossed $100 million in revenues last year.
The company is also looking at recruiting about 1,000 personnel this year, adding to its total headcount of 2,300 employees.
The company, which had raised about $150 million in multiple tranches over the past three-year-period from the PE firms, is not immediately looking at raising additional funds.
The company, which is backed by private equity (PE) firms Sequoia Capital and General Atlantic, would set up the centre either in Seattle, Austin or Chicago.
“This would be an extension of our innovation centre in Bangalore, and is being launched as we have been growing,” said Dhiraj C. Rajaram, Chairman and Chief Executive Officer, Mu Sigma, said on the sidelines of the Nasscom summit.
Mu Sigma had posted a 6-9 per cent monthly growth in 2012, and expects a similar growth this year also.
“Data is beginning to explode, and it needs to be collated and analysed,” said Rajaram, who had started the company in 2004 as a start-up. The firm crossed $100 million in revenues last year.
The company is also looking at recruiting about 1,000 personnel this year, adding to its total headcount of 2,300 employees.
The company, which had raised about $150 million in multiple tranches over the past three-year-period from the PE firms, is not immediately looking at raising additional funds.
Biocon ties up with Mylan for insulin marketing
Bengaluru: Global pharmaceutical major Mylan has entered into an agreement with Bangalore-based Biocon for the global development and commercialization of the latter's generic insulin analog products (long lasting insulins), which has a global addressable market of $11.5 billion.
The Rs 1,600-crore Indian biotech player has developed a generic insulin analog Glargine, which retails in India as Basalog with a 85% market share in the vial category, and has two more generic insulin analogs, Lispro and Aspart, that are expected to enter the clinical trial phase soon.
These three generic insulin analogs will be co-developed and exclusively marketed by Mylan in the US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit share arrangement with Biocon. For the rest of the world markets and emerging markets, both companies can pursue their own marketing arrangements.
"There is an upfront licensing fee payable to us by Mylan, a large part of which will be reflected in this quarter," said Kiran Mazumdar-Shaw, CMD, Biocon. Shaw expects the Mylan partnership to yield profits from 2016. Biocon will share the development costs of their analog products in the global markets with Mylan.
Three months ago, in November, Biocon had entered into an agreement with New York headquartered Bristol-Myers Squibb (BMS) for the development of its potentially game-changing novel molecule for the treatment of diabetes, oral insulin IN-105.
These global partnerships had become necessary for Biocon following Pfizer early last year scrapping their $350-million pact entered into in 2010 to market Biocon's insulin portfolio.
Heather Bresch, CEO of the $6.13-billion Mylan, said of the Biocon partnership: "This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential."
Shaw said the generic insulin analog market was the most valuable part of the insulin space and the combined addressable market value of their insulin analogs was approximately $11.5 billion. The innovator product companies in this space include Sanofi, Eli Lilly, and Novo Nordisk.
"Diabetes is a growing global pandemic and insulin therapy is pivotal to the treatment of diabetes," said Shaw.
Biocon already has a working partnership with Mylan, which it entered in to three years ago, under which both the companies are co-developing five monoclonal antibodies for the treatment of autoimmune diseases.
The Rs 1,600-crore Indian biotech player has developed a generic insulin analog Glargine, which retails in India as Basalog with a 85% market share in the vial category, and has two more generic insulin analogs, Lispro and Aspart, that are expected to enter the clinical trial phase soon.
These three generic insulin analogs will be co-developed and exclusively marketed by Mylan in the US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit share arrangement with Biocon. For the rest of the world markets and emerging markets, both companies can pursue their own marketing arrangements.
"There is an upfront licensing fee payable to us by Mylan, a large part of which will be reflected in this quarter," said Kiran Mazumdar-Shaw, CMD, Biocon. Shaw expects the Mylan partnership to yield profits from 2016. Biocon will share the development costs of their analog products in the global markets with Mylan.
Three months ago, in November, Biocon had entered into an agreement with New York headquartered Bristol-Myers Squibb (BMS) for the development of its potentially game-changing novel molecule for the treatment of diabetes, oral insulin IN-105.
These global partnerships had become necessary for Biocon following Pfizer early last year scrapping their $350-million pact entered into in 2010 to market Biocon's insulin portfolio.
Heather Bresch, CEO of the $6.13-billion Mylan, said of the Biocon partnership: "This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential."
Shaw said the generic insulin analog market was the most valuable part of the insulin space and the combined addressable market value of their insulin analogs was approximately $11.5 billion. The innovator product companies in this space include Sanofi, Eli Lilly, and Novo Nordisk.
"Diabetes is a growing global pandemic and insulin therapy is pivotal to the treatment of diabetes," said Shaw.
Biocon already has a working partnership with Mylan, which it entered in to three years ago, under which both the companies are co-developing five monoclonal antibodies for the treatment of autoimmune diseases.
Incube Ventures gets SEBI nod for Rs 200-cr fund
Ahmedabad: The Securities and Exchange Board of India has approved India’s first social venture fund, Incube Connect Fund, which seeks to collect Rs 200 crore for investment in four sectors impacting the life of people.
Registered with the regulator under the SEBI (AIF) Regulations, 2012, the Ahmedabad-based social venture fund has been sponsored by Incube Ventures Pvt Ltd, promoted by Mani Iyer, for primarily incubating, mentoring, providing seed capital and angel investments to nascent business ideas of social ventures, promoting differentiated high social impact technology among others, according to a press release here on Thursday.
Incube Connect, a nine-year, Rs 200-crore sector-agnostic fund will primarily be focused on four sectors: healthcare delivery-product and services, vocational education and skill enhancement, clean energy and eco business and sustainable rural business innovations.
Projects
“Some of the projects that Incube is looking closely at include a geothermal energy project, a project for evolving healthcare delivery ecosystem in one of the most backward districts of the country, a project for fractionation of blood plasma and an innovative financial model for affordable housing for the vulnerable sections of the society,” he said. Incube Ventures was incorporated in 2010 under the Companies Act, 1956.
The current authorised share capital is Rs 1 crore and subscribed and paid-up capital is Rs 97.50 lakh.
Social Cause
S. Sridhar, former Chairman and Managing Director of Central Bank of India, is the chairman of Incube Trustees Co Pvt Ltd.
He will be overseeing statutory compliance of Incube and guide the Fund in statutory and governance aspects. The targeted corpus of Incube will primarily be invested in opportunities presented in the space which contributes to social cause significantly apart from generating reasonable returns for the investors.
“The objective of Incube is to back entrepreneurs typically at the bottom of the pyramid in terms of their ability to raise capital, partner them, and take them into ecosystem to nurture and grow them to be investor-ready,” Iyer added.
Registered with the regulator under the SEBI (AIF) Regulations, 2012, the Ahmedabad-based social venture fund has been sponsored by Incube Ventures Pvt Ltd, promoted by Mani Iyer, for primarily incubating, mentoring, providing seed capital and angel investments to nascent business ideas of social ventures, promoting differentiated high social impact technology among others, according to a press release here on Thursday.
Incube Connect, a nine-year, Rs 200-crore sector-agnostic fund will primarily be focused on four sectors: healthcare delivery-product and services, vocational education and skill enhancement, clean energy and eco business and sustainable rural business innovations.
Projects
“Some of the projects that Incube is looking closely at include a geothermal energy project, a project for evolving healthcare delivery ecosystem in one of the most backward districts of the country, a project for fractionation of blood plasma and an innovative financial model for affordable housing for the vulnerable sections of the society,” he said. Incube Ventures was incorporated in 2010 under the Companies Act, 1956.
The current authorised share capital is Rs 1 crore and subscribed and paid-up capital is Rs 97.50 lakh.
Social Cause
S. Sridhar, former Chairman and Managing Director of Central Bank of India, is the chairman of Incube Trustees Co Pvt Ltd.
He will be overseeing statutory compliance of Incube and guide the Fund in statutory and governance aspects. The targeted corpus of Incube will primarily be invested in opportunities presented in the space which contributes to social cause significantly apart from generating reasonable returns for the investors.
“The objective of Incube is to back entrepreneurs typically at the bottom of the pyramid in terms of their ability to raise capital, partner them, and take them into ecosystem to nurture and grow them to be investor-ready,” Iyer added.
France invites Indian investment
New Delhi: France wants to take “full part” in the economic development here and will also like the Indian business community to look at investment opportunities in that country, visiting French President Francois Hollande said on Thursday.
“We would like both countries to cooperate. India is already the 13th largest investor in France and it can create more investment and employment there. India can also look to access the European Union market,” Hollande said at a press conference.
Asked whether the visiting dignitary could assure India that no middlemen will be involved in the sale of French fighter jets to India, the President said there will be nothing contrary to principles of doing business in concluding the deal.
“The common focus is that trade must be based on the rule of law,” Hollande said.
Meanwhile, India and France have agreed to promote an ambitious and balanced Free Trade Agreement (FTA) between India and the European Union based on reciprocity and mutual benefit to boost bilateral ties.
This has been stated in a joint statement issued at the end of talks between Hollande, and Indian Prime Minister, Manmohan Singh.
The two countries also agreed to encourage closer people-to-people contact through easing mobility and human exchanges, promoting education, science and cultural co-operation as well as expanding trade and investment.
To foster mobility of people, both sides noted the progress in negotiations of a bilateral agreement on people mobility and migration with a view to concluding it as soon as possible.
In the area of space, both leaders agreed to move forward, after the success of Megha-Tropiques satellite launch in October 2011 and the upcoming SARAL satellite launch. Both satellites contribute significantly to environmental and maritime survey purposes, the joint statement added.
Addressing the media after meeting Hollande, Singh said India and France had concluded negotiations on the short range surface-to-air missile, which was approved by the Government, and will be co-developed and co-produced here.
“There is a welcome shift from defence trade to co-development and co-production of advanced defence items here, which will help expand our domestic production base and strengthen the India-France strategic partnership,” the Prime Minister said.
Singh said India and France reviewed progress on the Jaitapur nuclear power project and reiterated “our commitment to its early implementation as soon as the commercial and technical negotiations, which have made good progress, are completed.”
The Prime Minister said he and the visiting President agreed to the need to “reinvigorate” economic engagement by “harnessing the enormous synergies”.
“We would like both countries to cooperate. India is already the 13th largest investor in France and it can create more investment and employment there. India can also look to access the European Union market,” Hollande said at a press conference.
Asked whether the visiting dignitary could assure India that no middlemen will be involved in the sale of French fighter jets to India, the President said there will be nothing contrary to principles of doing business in concluding the deal.
“The common focus is that trade must be based on the rule of law,” Hollande said.
Meanwhile, India and France have agreed to promote an ambitious and balanced Free Trade Agreement (FTA) between India and the European Union based on reciprocity and mutual benefit to boost bilateral ties.
This has been stated in a joint statement issued at the end of talks between Hollande, and Indian Prime Minister, Manmohan Singh.
The two countries also agreed to encourage closer people-to-people contact through easing mobility and human exchanges, promoting education, science and cultural co-operation as well as expanding trade and investment.
To foster mobility of people, both sides noted the progress in negotiations of a bilateral agreement on people mobility and migration with a view to concluding it as soon as possible.
In the area of space, both leaders agreed to move forward, after the success of Megha-Tropiques satellite launch in October 2011 and the upcoming SARAL satellite launch. Both satellites contribute significantly to environmental and maritime survey purposes, the joint statement added.
Addressing the media after meeting Hollande, Singh said India and France had concluded negotiations on the short range surface-to-air missile, which was approved by the Government, and will be co-developed and co-produced here.
“There is a welcome shift from defence trade to co-development and co-production of advanced defence items here, which will help expand our domestic production base and strengthen the India-France strategic partnership,” the Prime Minister said.
Singh said India and France reviewed progress on the Jaitapur nuclear power project and reiterated “our commitment to its early implementation as soon as the commercial and technical negotiations, which have made good progress, are completed.”
The Prime Minister said he and the visiting President agreed to the need to “reinvigorate” economic engagement by “harnessing the enormous synergies”.
Wednesday, February 13, 2013
Wipro ties up with Pingar
Bengaluru: Wipro has partnered New Zealand-based Pingar, a company that provides data management technologies.
With this partnership, India’s third largest software provider gets access to areas such as artificial intelligence and data mining that is used in various verticals, the company said in a statement.
According to this partnership, Wipro will be an original equipment manufacturer (OEM) for Pingar, thereby providing the latter access to a network of clients in a number of regions worldwide, in industries including aerospace, banking, consumer goods, government, manufacturing, medical devices, natural resources, professional services, retail, telecoms and utilities, according to the statement.
Anurag Srivastava, Chief Technology Officer, Wipro Technologies, said: “The ability to integrate Pingar’s API with existing enterprise systems, and extend their capabilities to gain efficiencies and strategic knowledge from unstructured data, represents a rich area of value to Wipro customers.”
Further, this agreement provides Wipro and its clients an increased ability to manage unstructured data to gain efficiency and improve the quality of business processes, collaboration and content management programmes.
With this partnership, India’s third largest software provider gets access to areas such as artificial intelligence and data mining that is used in various verticals, the company said in a statement.
According to this partnership, Wipro will be an original equipment manufacturer (OEM) for Pingar, thereby providing the latter access to a network of clients in a number of regions worldwide, in industries including aerospace, banking, consumer goods, government, manufacturing, medical devices, natural resources, professional services, retail, telecoms and utilities, according to the statement.
Anurag Srivastava, Chief Technology Officer, Wipro Technologies, said: “The ability to integrate Pingar’s API with existing enterprise systems, and extend their capabilities to gain efficiencies and strategic knowledge from unstructured data, represents a rich area of value to Wipro customers.”
Further, this agreement provides Wipro and its clients an increased ability to manage unstructured data to gain efficiency and improve the quality of business processes, collaboration and content management programmes.
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