Pune: German luxury car maker Mercedes-Benz India on Tuesday rolled out its 50,000th car in the form of C-Class Grand Edition from its Chakan plant. The auto major assembles C-Class, ML-Class, GL-Class and E-Class and is ready to assemble new S-Class in April this year from the plant.
Eberhard Kern, managing director and chief executive officer, Mercedes-Benz India, said, “In 2014, we are planning to launch 10 new models in India. As a part of our India expansion plan, new eight cylinder S-500 will be assembled from the Chakan plant in April. The demand for S-Class is quite high. We are committed to the India story and the market potential, and will continue to increase our investments in our facility and infrastructure.”
He added, “The current capacity will be doubled by end of March 2014 and we will soon commence local assembly of newer models, making the company future ready. The C-Class remains one of Mercedes-Benz’s best-sellers in the competitive entry level luxury sedan segment with more than 19,000 units sold till date.”
Price of C-Class (C 200 GE petrol) models starts from Rs 36.81 lakh, while a C-200 CDI diesel variant costs Rs 39.16 lakh.
In the upcoming Auto Expo at Delhi, Mercedes will unveil two new cars — CLA 45 AMG and high protection GLA Concept SUV. In 2013, Mercedes-Benz had introduced eight new products in the country and will launch 10 new models in the year 2014.
Company's periodic investments of Rs 850 crore in India are in line with scheduled ramp-up plans. Mercedes Benz is producing 10,000 units per annum currently. The capacity expansion is already in the process and shall be completed in a months time. The company has step up the localisation to 85 per cent in the production though it varies with the car model.
Eberhard Kern also expressed his condolence over the sudden death of Karl Slym, managing director, Tata Motors.
Success in my Habit
Friday, January 31, 2014
ClearPath ties up with dental majors to expand in India
Mumbai: ClearPath Orthodontics, an American company specialising in teeth aligners, is expanding in India through tie-ups with leading corporate dental giants across the country. ClearPath entered the Indian market in early 2012.
To provide the standardised experience of unique proprietary, patented and convenient 3D solutions for irregular and crooked teeth, ClearPath has tied up with Axiss Dental (30 centres), Vasan Dental Care Clinics (30 centres), Apollo White Dental (20 centres), MyDentist (65 centres), Narayana Hrudalaya (30 centers), Dentys (10 centres), Dentistree(10 centres), Dentzz (10 centres), Signature Smiles (15 centres), DrSmilez (12 centres) to name a few.
In these 235 outlets across the country, ClearPath is offered as the most preferred mode of aesthetic orthodontic treatment. More than 500 doctors prescribe ClearPath in Delhi, Gurgaon, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Ahmedabad, and Kolkata.
ClearPath is the only company supplying Clear Aligners in India, and already has 100 per cent market share. Out of monopoly, they have seen 200 per cent growth year-on-year in the last few years.
To provide the standardised experience of unique proprietary, patented and convenient 3D solutions for irregular and crooked teeth, ClearPath has tied up with Axiss Dental (30 centres), Vasan Dental Care Clinics (30 centres), Apollo White Dental (20 centres), MyDentist (65 centres), Narayana Hrudalaya (30 centers), Dentys (10 centres), Dentistree(10 centres), Dentzz (10 centres), Signature Smiles (15 centres), DrSmilez (12 centres) to name a few.
In these 235 outlets across the country, ClearPath is offered as the most preferred mode of aesthetic orthodontic treatment. More than 500 doctors prescribe ClearPath in Delhi, Gurgaon, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Ahmedabad, and Kolkata.
ClearPath is the only company supplying Clear Aligners in India, and already has 100 per cent market share. Out of monopoly, they have seen 200 per cent growth year-on-year in the last few years.
IIT-Madras partners with GE to develop affordable healthcare solutions
Chennai:GE Healthcare, the $18-billion healthcare business of General Electric Company, and Healthcare Technology Innovation Centre (HTIC), a multi-disciplinary R&D centre at IIT-Madras, have come together to develop a range of affordable healthcare solutions.
The three-year collaborative research and development initiative would address the needs in the areas of mother and child health, cardiology and cancer, a statement from GE Healthcare said.
GE will provide a grant of Rs 75 lakh to HTIC towards research and development of these solutions for emerging markets. "The collaboration will encourage open innovation and leverage co-creation of solutions with the involvement of multiple stakeholders such as academia, startups, governments, NGOs and clinicians to achieve these goals," the statement said.
"Accelerating innovation for affordable healthcare requires an ecosystem of partners and collaborative efforts by all stakeholders. We firmly believe that the ideas and innovations developed by the next generation of researchers will be an added benefit to the healthcare ecosystem. This collaboration between HTIC and GE Healthcare will bring together start-up dynamism and corporate scalability to healthcare innovations while putting the unserved customer at the centre of healthcare innovation," Terri Bresenham, president & CEO, GE Healthcare, South Asia, said.
"We believe that a collaborative ecosystem is essential for innovative and disruptive solutions for affordable and accessible healthcare. HTIC today anchors a dynamic med-tech innovation ecosystem of healthcare institutions, industry and government agencies in pursuit of delivering high impact healthcare technologies. We are pleased to join hands with GE Healthcare," Mohanasankar Sivaprakasam, head, Healthcare Technology Innovation Centre, IIT-Madras, said.
The three-year collaborative research and development initiative would address the needs in the areas of mother and child health, cardiology and cancer, a statement from GE Healthcare said.
GE will provide a grant of Rs 75 lakh to HTIC towards research and development of these solutions for emerging markets. "The collaboration will encourage open innovation and leverage co-creation of solutions with the involvement of multiple stakeholders such as academia, startups, governments, NGOs and clinicians to achieve these goals," the statement said.
"Accelerating innovation for affordable healthcare requires an ecosystem of partners and collaborative efforts by all stakeholders. We firmly believe that the ideas and innovations developed by the next generation of researchers will be an added benefit to the healthcare ecosystem. This collaboration between HTIC and GE Healthcare will bring together start-up dynamism and corporate scalability to healthcare innovations while putting the unserved customer at the centre of healthcare innovation," Terri Bresenham, president & CEO, GE Healthcare, South Asia, said.
"We believe that a collaborative ecosystem is essential for innovative and disruptive solutions for affordable and accessible healthcare. HTIC today anchors a dynamic med-tech innovation ecosystem of healthcare institutions, industry and government agencies in pursuit of delivering high impact healthcare technologies. We are pleased to join hands with GE Healthcare," Mohanasankar Sivaprakasam, head, Healthcare Technology Innovation Centre, IIT-Madras, said.
HPCL unit buys stake in Australian fields
Mumbai: Prize Petroleum, a wholly-owned subsidiary of Hindustan Petroleum Corporation Ltd (HPCL), has acquired stakes in two Australian hydrocarbon fields for 85 million Australian dollars.
The company said in a statement that it has entered into an agreement with Sydney-based AWE Ltd to acquire 11.25 per cent stake in T/L1 area and 9.75 per cent interest in T/18P area.
The T/L1 field includes Yolla producing field and BassGas infrastructure and T/18P has Trefoil development field. Both the fields are located in shallow water in Bass basin between mainland Australia and Tasmanian offshore area.
In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147-km sub-sea pipeline. Production from Yolla mainly comprises natural gas, LPG and condensate (a low-density mixture of hydrocarbon liquids).
The fields are operated by Origin Energy and held by a consortium in which Origin, AWE and Toyota Tsusho are the major partners.
The company said in a statement that it has entered into an agreement with Sydney-based AWE Ltd to acquire 11.25 per cent stake in T/L1 area and 9.75 per cent interest in T/18P area.
The T/L1 field includes Yolla producing field and BassGas infrastructure and T/18P has Trefoil development field. Both the fields are located in shallow water in Bass basin between mainland Australia and Tasmanian offshore area.
In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147-km sub-sea pipeline. Production from Yolla mainly comprises natural gas, LPG and condensate (a low-density mixture of hydrocarbon liquids).
The fields are operated by Origin Energy and held by a consortium in which Origin, AWE and Toyota Tsusho are the major partners.
Anand Sharma meets his counterparts from Zimbabwe and Namibia
New Delhi: The Union Minister of Commerce and Industry Shri Anand Sharma met Mr. M.C. Bimha, Minister of Industry and Commerce, Zimbabwe on the sidelines of the Partnership Summit 2014 in Bengaluru today. Both the sides noted that the present levels of bilateral trade and investment are much below the potential, and that there was a need for revival of Zimbabwe’s manufacturing sector, and greater value addition and beneficiation of natural resources, for Zimbabwe to increase the value of its exports. Shri Sharma put forward his views on cooperation in agro/food processing sector, gems and jewellery, Lines of Credit and various capacity building programmes.
Shri Sharma was also briefed about the current status of USD 750 million iron ore deal between Essar and the Government of Zimbabwe. “Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe,” said Shri Sharma. Mr. conveyed that in the last two months, most of the issues have been addressed and conveyed the commitment to help Indian investors.
Shri Sharma will be visiting Zimbabwe in first week of February. He said that both the sides will finalise long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.
Both the leaders also reviewed the status of Line of Credit projects in Zimbabwe. India, in September 2012, approved a Line of Credit (LOC) worth USD 28.6 million for up-gradation of Deka Pumping Station and the River Water Intake System in Zimbabwe. The agreement was signed between Exim Bank and Zimbabwean authorities in June 2013 to implement the LOC. Water and Power Consultancy Services (WAPCOS), a Government of India PSU was appointed as Project Implementation Consultant for the project in November 2013. With these significant developments already in place, Shri Sharma expressed the hope that the LOC will be implemented expeditiously.
Shri Sharma asked for a proposal from Zimbabwe for Indian Institute of Foreign Trade’s offer to conduct an Executive Development Programme on International Business in Zimbabwe.
Shri Sharma also met Mr. Carl H G Schlettwein, Minister of Trade & Industry, Namibia and reviewed the progress of bilateral ties.
Shri Sharma was also briefed about the current status of USD 750 million iron ore deal between Essar and the Government of Zimbabwe. “Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe,” said Shri Sharma. Mr. conveyed that in the last two months, most of the issues have been addressed and conveyed the commitment to help Indian investors.
Shri Sharma will be visiting Zimbabwe in first week of February. He said that both the sides will finalise long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.
Both the leaders also reviewed the status of Line of Credit projects in Zimbabwe. India, in September 2012, approved a Line of Credit (LOC) worth USD 28.6 million for up-gradation of Deka Pumping Station and the River Water Intake System in Zimbabwe. The agreement was signed between Exim Bank and Zimbabwean authorities in June 2013 to implement the LOC. Water and Power Consultancy Services (WAPCOS), a Government of India PSU was appointed as Project Implementation Consultant for the project in November 2013. With these significant developments already in place, Shri Sharma expressed the hope that the LOC will be implemented expeditiously.
Shri Sharma asked for a proposal from Zimbabwe for Indian Institute of Foreign Trade’s offer to conduct an Executive Development Programme on International Business in Zimbabwe.
Shri Sharma also met Mr. Carl H G Schlettwein, Minister of Trade & Industry, Namibia and reviewed the progress of bilateral ties.
Indian CEOs to see 10% salary rise in 2014: Report
Mumbai: Indian chief executive officers and managing directors in India can expect a 10% salary hike in 2014, according to a report by global management consultancy, Hay Group. The annual Top Executive Compensation Report 2013-14 said that median salary for the MD / CEO expected to increase by 10 cent in 2014, up from 9% last year.
The report said that the CEO's top team is also expecting a double-digit pay rise of 10.4%. It added that a large part of CEO compensation mix in India skewed towards guaranteed pay. The firm in its report also said that gaps in succession planning are leading to dearth of internal talent pool for the top job.
Sridhar Ganesan, Country Head for Hay Group India said, "This year, we see a return to double-digit pay increases for CEOs and their top teams, after a dip last year. Despite a very conservative economic outlook, organizations believe that this year's general elections will give a spurt to their business prospects."
The study found that CEO salaries are 2.9 times those of Business Core roles, and 2.8 times those of Business Enabler roles. Further, it said that that CEOs in India are earning 78 times the salary of an entry-level professional, a ratio that has consistently been on the rise. Contiguous to this is the trend of companies preferring to recruit external CEOs rather than hiring internally from the senior management pool.
Sridhar explained that external recruitment of CEOs has grown in both number and intensity. He informed that spotlight falls on the need for robustness in the senior team's succession management processes, to make the internal talent pool relevant for leadership succession.
With respect to the CEO compensation mix, the study said that Indian CEO pay lags behind in its correlation to performance, with a large part skewed towards guaranteed pay. The mature markets, such as USA and Europe, lead the way, in terms of a greater focus on alignment of CEO pay to business performance and shareholders. Hence, total remuneration is heavily biased towards variable pay in the form of long-term incentives and short-term incentives.
Hay Group's Top Executive Compensation Report 2013-2014 aims to provide an analysis of compensation practices for top executives in Indian organizations. This year's report features insights based on the analysis of 2,524 jobs across 176 organizations. All information analyzed is of December 1, 2013.
The report said that the CEO's top team is also expecting a double-digit pay rise of 10.4%. It added that a large part of CEO compensation mix in India skewed towards guaranteed pay. The firm in its report also said that gaps in succession planning are leading to dearth of internal talent pool for the top job.
Sridhar Ganesan, Country Head for Hay Group India said, "This year, we see a return to double-digit pay increases for CEOs and their top teams, after a dip last year. Despite a very conservative economic outlook, organizations believe that this year's general elections will give a spurt to their business prospects."
The study found that CEO salaries are 2.9 times those of Business Core roles, and 2.8 times those of Business Enabler roles. Further, it said that that CEOs in India are earning 78 times the salary of an entry-level professional, a ratio that has consistently been on the rise. Contiguous to this is the trend of companies preferring to recruit external CEOs rather than hiring internally from the senior management pool.
Sridhar explained that external recruitment of CEOs has grown in both number and intensity. He informed that spotlight falls on the need for robustness in the senior team's succession management processes, to make the internal talent pool relevant for leadership succession.
With respect to the CEO compensation mix, the study said that Indian CEO pay lags behind in its correlation to performance, with a large part skewed towards guaranteed pay. The mature markets, such as USA and Europe, lead the way, in terms of a greater focus on alignment of CEO pay to business performance and shareholders. Hence, total remuneration is heavily biased towards variable pay in the form of long-term incentives and short-term incentives.
Hay Group's Top Executive Compensation Report 2013-2014 aims to provide an analysis of compensation practices for top executives in Indian organizations. This year's report features insights based on the analysis of 2,524 jobs across 176 organizations. All information analyzed is of December 1, 2013.
Deakin University ties up with IIT Madras
Chennai: Deakin University, Australia, has broadened its research link in India through a new partnership with Indian Institute of Technology Madras (IITM).
Ten students undertaking higher degrees by research will collaborate on materials, engineering and manufacturing projects under a memorandum of understanding signed by Deakin Vice-Chancellor Jane den Hollander and IIT Madras Director Bhaskar Ramamurthi.
Under the MoU, five students from each institution will be enrolled in the joint PhD supervision programme. All the ten students will be based at IIT Madras.
The Deakin-enrolled students will be eligible for a three-year fee waiver, an opportunity to study in Australia for three to six months and financial assistance with international conference presentations.
Similarly, IITM-enrolled students will receive scholarships and benefits to be determined by the institution, says a joint press release.
Ten students undertaking higher degrees by research will collaborate on materials, engineering and manufacturing projects under a memorandum of understanding signed by Deakin Vice-Chancellor Jane den Hollander and IIT Madras Director Bhaskar Ramamurthi.
Under the MoU, five students from each institution will be enrolled in the joint PhD supervision programme. All the ten students will be based at IIT Madras.
The Deakin-enrolled students will be eligible for a three-year fee waiver, an opportunity to study in Australia for three to six months and financial assistance with international conference presentations.
Similarly, IITM-enrolled students will receive scholarships and benefits to be determined by the institution, says a joint press release.
Indian retail market set to touch $865 billion by 2023
Mumbai: Foreign direct investment (FDI) by multinational food processing companies has shot up to $2.14 billion in the country between April and October 2013, and continues to increase significantly.
The Indian retail market, currently estimated at $490 billion, is project to grow at a compounded annual growth rate of 6 per cent to reach $865 billion by 2023.
The opportunities in food and grocery retail in India are immense, given that it constitutes about 69 per cent of India’s total retail market, according to panel members at the seventh Food and Grocery Forum India.
Head honchos of top food and grocery brands spoke on the opportunities that lay ahead for the growth of modern retail. In a session anchored by Shivnath Thukhral, Group President of Essar Group, retail CEOs, experts and consultants shared their insights on the business of food production in the country and some consumption patterns.
The Government on FDI in food processing:
Union Ministry for Food Processing Joint Secretary J.P. Meena said the food processing sector is growing annually at 7.2 per cent compared with 3.9 per cent in agriculture for the last five years, ending 2013.
Growing at a faster rate than the agriculture sector, more and more agriculture produce is getting processed, he said, adding that investment in the food processing sector has been increasing annually at 21.66 per cent.
Foreign direct investment has also been increasing significantly at the rate of average inflow of $117 million for 11 years ending 2011-12. In 2012-13, it was $401 million, the Minister said. He added that exports were increasing at the rate of 20.4 per cent per annum.
Heads of various food and grocery brands:
“Consumers shopping at modern trade have grown from 54 per cent last year to the current 68 per cent, driven by increasing consumption, comfortable shopping experience, new categories, wide variety of brands under a single roof and attractive prices”, said Devendra Chawla, CEO of Food Bazaar.
He noted that a whopping 55 per cent of the modern trade shoppers actively seek promotional deals, 35 per cent of them make bulk purchases, of which 30 per cent are male customers.
Jamshed Daboo, CEO of Trent Hypermarkets, added that the country is moving at a fairly fast pace and that consumers are creating their own opportunities and are becoming exposed to information. The challenge, he noted, lies in serving this change.
While Mark Ashman, CEO of Hypercity, added that consumer demand had seen the growth of Hypercity to the current 15 hypermarkets pan India, since operations started in 2006.
Ajay Kaul, CEO of Domino’s added that a good 50 per cent of the market continued to sit on the sidelines, and that there was a huge opportunity in the migration of traditional to modern trade.
Nestle’s Vice President, Sales of Organised Trade, A.S. Chadha, said mass media has a big role in bringing the rural market to the center-stage, which is setting the actual consumer aspiration. “The key element to be focused on is the supply chain and infrastructure in the Tier-II cities. The potential of these cities can be tapped only by facilitating supply chain and logistics,” he added.
Sharing Chadha’s view, Sumit Chanda, Chief Merchandising Officer of Aditya Birla Retail, said, “Before we talk about consumer engagement, we need to measure consumer’s adaptability and spending power in the Tier II cities. Around 5-6 years ago, television soaps captured the lifestyle of the metros, whereas today all the soaps are showcasing Tier-II and Tier-III cities. This proves that there is a huge aspiration level among the people in these cities which the retailer has yet to tap.”
The Indian retail market, currently estimated at $490 billion, is project to grow at a compounded annual growth rate of 6 per cent to reach $865 billion by 2023.
The opportunities in food and grocery retail in India are immense, given that it constitutes about 69 per cent of India’s total retail market, according to panel members at the seventh Food and Grocery Forum India.
Head honchos of top food and grocery brands spoke on the opportunities that lay ahead for the growth of modern retail. In a session anchored by Shivnath Thukhral, Group President of Essar Group, retail CEOs, experts and consultants shared their insights on the business of food production in the country and some consumption patterns.
The Government on FDI in food processing:
Union Ministry for Food Processing Joint Secretary J.P. Meena said the food processing sector is growing annually at 7.2 per cent compared with 3.9 per cent in agriculture for the last five years, ending 2013.
Growing at a faster rate than the agriculture sector, more and more agriculture produce is getting processed, he said, adding that investment in the food processing sector has been increasing annually at 21.66 per cent.
Foreign direct investment has also been increasing significantly at the rate of average inflow of $117 million for 11 years ending 2011-12. In 2012-13, it was $401 million, the Minister said. He added that exports were increasing at the rate of 20.4 per cent per annum.
Heads of various food and grocery brands:
“Consumers shopping at modern trade have grown from 54 per cent last year to the current 68 per cent, driven by increasing consumption, comfortable shopping experience, new categories, wide variety of brands under a single roof and attractive prices”, said Devendra Chawla, CEO of Food Bazaar.
He noted that a whopping 55 per cent of the modern trade shoppers actively seek promotional deals, 35 per cent of them make bulk purchases, of which 30 per cent are male customers.
Jamshed Daboo, CEO of Trent Hypermarkets, added that the country is moving at a fairly fast pace and that consumers are creating their own opportunities and are becoming exposed to information. The challenge, he noted, lies in serving this change.
While Mark Ashman, CEO of Hypercity, added that consumer demand had seen the growth of Hypercity to the current 15 hypermarkets pan India, since operations started in 2006.
Ajay Kaul, CEO of Domino’s added that a good 50 per cent of the market continued to sit on the sidelines, and that there was a huge opportunity in the migration of traditional to modern trade.
Nestle’s Vice President, Sales of Organised Trade, A.S. Chadha, said mass media has a big role in bringing the rural market to the center-stage, which is setting the actual consumer aspiration. “The key element to be focused on is the supply chain and infrastructure in the Tier-II cities. The potential of these cities can be tapped only by facilitating supply chain and logistics,” he added.
Sharing Chadha’s view, Sumit Chanda, Chief Merchandising Officer of Aditya Birla Retail, said, “Before we talk about consumer engagement, we need to measure consumer’s adaptability and spending power in the Tier II cities. Around 5-6 years ago, television soaps captured the lifestyle of the metros, whereas today all the soaps are showcasing Tier-II and Tier-III cities. This proves that there is a huge aspiration level among the people in these cities which the retailer has yet to tap.”
Government launches Rs 500 crore social venture capital fund
New Delhi: The National Innovation Council, in partnership with the Ministry of Micro, Small and Medium Enterprises (MSME), launched the India Inclusive Innovation Fund (IIIF), an impact investment fund that will invest in ventures catering to the country's poor.
The Rs 500-crore fund, which will be registered under market regulator SEBI's Alternative Investment Fund regulations as a Category -I venture capital fund, will invest in social ventures operating in areas such as healthcare, food, nutrition, agriculture, education and skill development, energy, financial inclusion, water, sanitation and employment generation.
"The needs of the people at the base of the economic pyramid are today served by philanthropy and government grants and subsidies which can never be either adequate or scalable," said Sam Pitroda, chairman of the Council.
Pitroda, who is also the advisor to the prime minister on public information, infrastructure and innovation, said that the fund will look to expand its corpus to Rs. 5,000 crores over the next 24 months.
While the ministry of MSME has committed Rs 100 crore, or 20% of the fund's corpus, with the balance raised from banks, insurance companies, and overseas financial and development institutions.
The India Inclusive Innovation Fund will also partner with various incubators, angel networks and public R&D programmes and laboratories, to identify and invest in ventures that are involved in socially relevant technologies and solutions, with a focus on commercialising the same.
"IIIF seeks to leverage the model of venture capital to transform the lives of the less privileged," said Pitroda.
According to a press statement released by the National Innovation Council, the government will not be involved in the day-to-day operations of the fund, which will be entrusted to an asset management company (AMC), set up as a Section 25 not-for-profit venture.
The AMC will appoint a professional management team for this purpose as also an Investment Committee comprising professionals of repute, which will take all decisions, relating to investments and divestments. A Governing Council comprising government nominees as well as eminent persons from the fields of public service, industry, finance and entrepreneurship will provide oversight.
The Rs 500-crore fund, which will be registered under market regulator SEBI's Alternative Investment Fund regulations as a Category -I venture capital fund, will invest in social ventures operating in areas such as healthcare, food, nutrition, agriculture, education and skill development, energy, financial inclusion, water, sanitation and employment generation.
"The needs of the people at the base of the economic pyramid are today served by philanthropy and government grants and subsidies which can never be either adequate or scalable," said Sam Pitroda, chairman of the Council.
Pitroda, who is also the advisor to the prime minister on public information, infrastructure and innovation, said that the fund will look to expand its corpus to Rs. 5,000 crores over the next 24 months.
While the ministry of MSME has committed Rs 100 crore, or 20% of the fund's corpus, with the balance raised from banks, insurance companies, and overseas financial and development institutions.
The India Inclusive Innovation Fund will also partner with various incubators, angel networks and public R&D programmes and laboratories, to identify and invest in ventures that are involved in socially relevant technologies and solutions, with a focus on commercialising the same.
"IIIF seeks to leverage the model of venture capital to transform the lives of the less privileged," said Pitroda.
According to a press statement released by the National Innovation Council, the government will not be involved in the day-to-day operations of the fund, which will be entrusted to an asset management company (AMC), set up as a Section 25 not-for-profit venture.
The AMC will appoint a professional management team for this purpose as also an Investment Committee comprising professionals of repute, which will take all decisions, relating to investments and divestments. A Governing Council comprising government nominees as well as eminent persons from the fields of public service, industry, finance and entrepreneurship will provide oversight.
Civil Aviation Ministry approves operations of Airbus A-380 in India
New Delhi: The Union Minister for Civil Aviation, Shri Ajit Singh has decided to remove restrictions on flights of Airbus A-380 to India. Now, flights of A-380 to India will be allowed to airports which are equipped to handle them. At present only 4 airports, i.e. Delhi, Mumbai, Hyderabad and Bangalore have the required infrastructure for operations of A-380. The decision has been taken after due consultations with the DGCA, Air India and Airports Authority of India.
The operations of A-380 aircraft would be subject to overall traffic entitlements within the bilateral Air Service Agreements (ASAs) with different countries. It has also been decided that wherever the entitlements are not expressed in terms of seats per week, the same should be rationalized and converted into seats per week before allowing A-380 operations to India from these countries. If any Air Service Agreement (ASA) specifically prohibits operation of A-380 to India, the same will also be required to be amended before A380 operations from that country are allowed. The rationalization of traffic rights from services per week to seats per week shall be done through mutual negotiations through Memorandum of Understanding. Before operations of A-380 are allowed, all the airports shall have to get DGCA certification and make adequate preparation in terms of various services required.
The operation of A 380s will help airports to generate more revenue, give more comfortable and luxurious travel to passengers, liberalize the Civil Aviation milieu in India and boost the Iimage of Indian civil aviation in the international market. As per available information, Singapore Airline, Emirates and Lufthansa are interested in operating A-380 aircrafts in India on various international routes.
The operations of A-380 aircraft would be subject to overall traffic entitlements within the bilateral Air Service Agreements (ASAs) with different countries. It has also been decided that wherever the entitlements are not expressed in terms of seats per week, the same should be rationalized and converted into seats per week before allowing A-380 operations to India from these countries. If any Air Service Agreement (ASA) specifically prohibits operation of A-380 to India, the same will also be required to be amended before A380 operations from that country are allowed. The rationalization of traffic rights from services per week to seats per week shall be done through mutual negotiations through Memorandum of Understanding. Before operations of A-380 are allowed, all the airports shall have to get DGCA certification and make adequate preparation in terms of various services required.
The operation of A 380s will help airports to generate more revenue, give more comfortable and luxurious travel to passengers, liberalize the Civil Aviation milieu in India and boost the Iimage of Indian civil aviation in the international market. As per available information, Singapore Airline, Emirates and Lufthansa are interested in operating A-380 aircrafts in India on various international routes.
Biocon to take breast cancer drug to emerging markets
Bangalore: Bangalore-based biotechnology company Biocon Ltd is planning to take its recently launched breast cancer drug to other emerging markets.
CANMAb, jointly developed with US-based drug-maker Mylan Inc, will be launched in Latin America, West Asia and North Africa, where breast cancer cases are on the rise.
“We have to get regulatory approvals, but are keen to get into those markets,” Chairman and Managing Director Kiran Mazumdar-Shaw said.
Biocon’s confidence stems from the fact that CANMAb is 25 per cent cheaper than and equally effective with Swiss drug-maker Roche’s breast cancer drug. Further, the company is confident that it can close 2014 ‘strongly’, and continues to see a healthy order book for its drugs. The company reported a net profit of ₹105 crore for the third quarter, an increase of 14 per cent over the corresponding period last year, driven by sales of drugs such as Basalog and Insupen.
Additionally, it posted Rs 701.16 crore in consolidated net sales for the quarter, 11 per cent higher than the year-ago sales. Also, Biocon has entered into an exclusive licensing agreement for co-development and commercialisation of ADXS-HPV, a novel cancer immunotherapy for cervical cancer in women, for India and other emerging markets.
The company’s licensing income was down to ₹15 crore in the quarter compared with Rs 23 crore last year and R&D expenses were down 53 per cent to Rs 20 crore.
Mazumdar-Shaw said regulations for clinical trials, especially the ones conducted for vaccines, are “ridiculous and impractical” and people with no understanding of clinical trials are making such recommendations.
Recordings of large trials as mandated by authorities involving 10,000 patients and more are extremely difficult, she said.
CANMAb, jointly developed with US-based drug-maker Mylan Inc, will be launched in Latin America, West Asia and North Africa, where breast cancer cases are on the rise.
“We have to get regulatory approvals, but are keen to get into those markets,” Chairman and Managing Director Kiran Mazumdar-Shaw said.
Biocon’s confidence stems from the fact that CANMAb is 25 per cent cheaper than and equally effective with Swiss drug-maker Roche’s breast cancer drug. Further, the company is confident that it can close 2014 ‘strongly’, and continues to see a healthy order book for its drugs. The company reported a net profit of ₹105 crore for the third quarter, an increase of 14 per cent over the corresponding period last year, driven by sales of drugs such as Basalog and Insupen.
Additionally, it posted Rs 701.16 crore in consolidated net sales for the quarter, 11 per cent higher than the year-ago sales. Also, Biocon has entered into an exclusive licensing agreement for co-development and commercialisation of ADXS-HPV, a novel cancer immunotherapy for cervical cancer in women, for India and other emerging markets.
The company’s licensing income was down to ₹15 crore in the quarter compared with Rs 23 crore last year and R&D expenses were down 53 per cent to Rs 20 crore.
Mazumdar-Shaw said regulations for clinical trials, especially the ones conducted for vaccines, are “ridiculous and impractical” and people with no understanding of clinical trials are making such recommendations.
Recordings of large trials as mandated by authorities involving 10,000 patients and more are extremely difficult, she said.
Tamil Nadu clears Rs 854 crore worth water projects
Chennai: The Tamil Nadu Government has sanctioned Rs 853.96 crore for water supply and sewerage projects in small towns and cities, according to an official press release.
The projects under Urban Infrastructure Development Scheme for Small and Medium Towns comprise Rs 441.46 crore for providing underground sewerage systems in six towns – Periyakulam, Sattur, Mettur, Arakkonam, Tirupattur and Chidambaram.
Drinking water supply projects totalling Rs 412.50 crore are planned in Arni, Periyakulam, Thiruvettipuram and Tindivanam.
The State Government has also approved a Rs 230-crore drinking water project for Tirunelveli Corporation with Rs 11.10 crore a year operation and maintenance cost. The project will be funded by the German Development Bank.
To strengthen the drinking water supply to Chennai, the reservoir at Thervoy Kandigai in Thiruvallur district to the North of Chennai will be linked to Poondi Reservoir through the Kandaleru-Poondi canal at a cost of Rs 93.77 crore under the Tamil Nadu Investment Promotion Programme. The project will be implemented by the Chennai Metropolitan Water Supply and Sewerage Board, the release said.
The projects under Urban Infrastructure Development Scheme for Small and Medium Towns comprise Rs 441.46 crore for providing underground sewerage systems in six towns – Periyakulam, Sattur, Mettur, Arakkonam, Tirupattur and Chidambaram.
Drinking water supply projects totalling Rs 412.50 crore are planned in Arni, Periyakulam, Thiruvettipuram and Tindivanam.
The State Government has also approved a Rs 230-crore drinking water project for Tirunelveli Corporation with Rs 11.10 crore a year operation and maintenance cost. The project will be funded by the German Development Bank.
To strengthen the drinking water supply to Chennai, the reservoir at Thervoy Kandigai in Thiruvallur district to the North of Chennai will be linked to Poondi Reservoir through the Kandaleru-Poondi canal at a cost of Rs 93.77 crore under the Tamil Nadu Investment Promotion Programme. The project will be implemented by the Chennai Metropolitan Water Supply and Sewerage Board, the release said.
Czech company sets up plant in Pune
Pune: Czech Group Gearspect has set up a plant in Pune to manufacture gear measuring equipments and gear cutting machines for the auto, aeronautics, heavy engineering, construction equipment and defence sectors.
Jiri Horacek, CMD, Gearspect Group a. s., said that this will be the only company to manufacture Gear Lead Profile Pitch Inspection Equipment in India. It also plans to assemble gear cutting machines in two years and later manufacture them. The facility involves an initial investment of Rs 6.5 crore.
Jiri Horacek, CMD, Gearspect Group a. s., said that this will be the only company to manufacture Gear Lead Profile Pitch Inspection Equipment in India. It also plans to assemble gear cutting machines in two years and later manufacture them. The facility involves an initial investment of Rs 6.5 crore.
Coffee sector likely to get Rs 950 crore, a boost for R&D
Bangalore: The Union ministry of commerce is hopeful of approval from the cabinet by the middle of February for the 12th five-year plan (2012-17) allocations for the coffee sector.
It has approval from the planning commission for a 60 per cent increase in allocation to the sector over the 11th plan, at Rs 950 crore, a top ministry official said.
"The Expenditure Finance Commission has also given its approval for the detailed packages for several schemes. However, it requires cabinet approval. We have circulated a note and are waiting for comments from the finance ministry," J S Deepak, additional secretary, ministry of commerce, told Business Standard on the sidelines of the India International Coffee Festival here on Friday.
He said the ministry had approved continuation of all major schemes such as the one on rejuvenation and replanting, mechanisation, export promotion and research and development (R&D).
"The major focus of the 12th plan would be on R&D. We have enhanced the allocation to R&D by 60 per cent to Rs 140 crore. There are no constraints on spending money here&D. Our thrust area is to find a solution for the White Stem Borer pest attack on Arabica gardens, which is destroying the crop in major growing regions and affecting productivity. We hope to find a solution during this plan period," he said.
Adding: "We have told the Coffee Board to bring the best minds in the scientific world to launch a combined effort to fight this pest and find a solution in the next few years. We want them to partner with the Indian Council of Agricultural Research and the horticulture research institute to find a solution."
He noted Coffee Research Institute scientists had found a solution for leaf rust disease.
Growers in Karnataka, where 72 per cent of India's output comes, had sought a subsidy package of Rs 300 crore from the central government for mechanisation during the 12th plan. During the 11th plan, the government had allocated Rs 50 crore in the fifth year, of which only Rs 22 crore was released to the beneficiaries.
It has approval from the planning commission for a 60 per cent increase in allocation to the sector over the 11th plan, at Rs 950 crore, a top ministry official said.
"The Expenditure Finance Commission has also given its approval for the detailed packages for several schemes. However, it requires cabinet approval. We have circulated a note and are waiting for comments from the finance ministry," J S Deepak, additional secretary, ministry of commerce, told Business Standard on the sidelines of the India International Coffee Festival here on Friday.
He said the ministry had approved continuation of all major schemes such as the one on rejuvenation and replanting, mechanisation, export promotion and research and development (R&D).
"The major focus of the 12th plan would be on R&D. We have enhanced the allocation to R&D by 60 per cent to Rs 140 crore. There are no constraints on spending money here&D. Our thrust area is to find a solution for the White Stem Borer pest attack on Arabica gardens, which is destroying the crop in major growing regions and affecting productivity. We hope to find a solution during this plan period," he said.
Adding: "We have told the Coffee Board to bring the best minds in the scientific world to launch a combined effort to fight this pest and find a solution in the next few years. We want them to partner with the Indian Council of Agricultural Research and the horticulture research institute to find a solution."
He noted Coffee Research Institute scientists had found a solution for leaf rust disease.
Growers in Karnataka, where 72 per cent of India's output comes, had sought a subsidy package of Rs 300 crore from the central government for mechanisation during the 12th plan. During the 11th plan, the government had allocated Rs 50 crore in the fifth year, of which only Rs 22 crore was released to the beneficiaries.
India seeks more Japanese investments: PM
New Delhi: The Prime Minister Manmohan Singh has sought increased Japanese investment in India even as both the countries have agreed to explore the idea of concrete cooperation in manufacturing and research and development in the electronic sector as well as in energy efficient and energy saving technologies.
"I believe there is enormous untapped potential in our business ties," Singh said after the annual summit level meeting between India and Japan adding that the presence of Japanese companies in India increased 16 per cent last year. The Japanese Prime Minister, Shinzo Abe, is currently in India for the annual summit meeting. Abe will also be the chief guest for the Republic Day celebrations to be held here on Sunday.
"Japan is at the heart of India's 'Look East Policy'. It is also a key partner in our economic development and in our quest for a peaceful, stable and prosperous Asia and the world. Anchored in our shared values and interests, the partnership between a strong and economically resurgent Japan and a transforming and rapidly growing India can be an effective force of good for the region," Prime Minister Singh said.
Commenting on the growing ties between the two countries, Singh said the bilateral maritime exercises have now been established on an annual basis and India has welcomed Japan's participation in the Malabar exercise this year.
"Our negotiations towards an Agreement for Cooperation in the Peaceful Uses of Nuclear Energy have gained momentum in the last few months. Our Joint Working Group on US-2 amphibian aircraft has met to explore the modalities of cooperation on its use and co-production in India," Singh said.
A joint statement issued after the talks, states that the two leaders welcomed the expansion of the bilateral currency swap arrangement to $50 billion from $15 billion and signing of the contract for its entry into force in January this year. The two Prime Ministers expressed their expectation that this expansion will further strengthen financial cooperation and contribute to the stability of global financial markets including emerging economies, the statement adds.
The two leaders also welcomed the signing of the Exchange of Notes for yen (¥) loan totalling ¥11.390 billion for the "Uttarakhand Forest Resource Management Project" which will help in the reconstruction efforts in the wake of devastating floods that hit the state in June last year, as well as the signing of the Exchange of Notes for grant aid totalling ¥1,495 billion for a "Project for Improvement of the Institute of Child Health and Hospital for Children" in Chennai.
Recognising the importance of development in the Chennai-Bengaluru areas, they underlined their commitment to enhancing cooperation between the two countries on the Chennai-Bengaluru Industrial Corridor (CBIC).
"I believe there is enormous untapped potential in our business ties," Singh said after the annual summit level meeting between India and Japan adding that the presence of Japanese companies in India increased 16 per cent last year. The Japanese Prime Minister, Shinzo Abe, is currently in India for the annual summit meeting. Abe will also be the chief guest for the Republic Day celebrations to be held here on Sunday.
"Japan is at the heart of India's 'Look East Policy'. It is also a key partner in our economic development and in our quest for a peaceful, stable and prosperous Asia and the world. Anchored in our shared values and interests, the partnership between a strong and economically resurgent Japan and a transforming and rapidly growing India can be an effective force of good for the region," Prime Minister Singh said.
Commenting on the growing ties between the two countries, Singh said the bilateral maritime exercises have now been established on an annual basis and India has welcomed Japan's participation in the Malabar exercise this year.
"Our negotiations towards an Agreement for Cooperation in the Peaceful Uses of Nuclear Energy have gained momentum in the last few months. Our Joint Working Group on US-2 amphibian aircraft has met to explore the modalities of cooperation on its use and co-production in India," Singh said.
A joint statement issued after the talks, states that the two leaders welcomed the expansion of the bilateral currency swap arrangement to $50 billion from $15 billion and signing of the contract for its entry into force in January this year. The two Prime Ministers expressed their expectation that this expansion will further strengthen financial cooperation and contribute to the stability of global financial markets including emerging economies, the statement adds.
The two leaders also welcomed the signing of the Exchange of Notes for yen (¥) loan totalling ¥11.390 billion for the "Uttarakhand Forest Resource Management Project" which will help in the reconstruction efforts in the wake of devastating floods that hit the state in June last year, as well as the signing of the Exchange of Notes for grant aid totalling ¥1,495 billion for a "Project for Improvement of the Institute of Child Health and Hospital for Children" in Chennai.
Recognising the importance of development in the Chennai-Bengaluru areas, they underlined their commitment to enhancing cooperation between the two countries on the Chennai-Bengaluru Industrial Corridor (CBIC).
Saturday, January 25, 2014
Supertech to set up university; to invest Rs 750 crore
New Delhi: Real estate developer Supertech is all set to foray into higher education with Supertech University. It will be set up with an investment of Rs 750 crore in Udham Singh Nagar district of Uttarakhand, around 237 km from Delhi. It will be spread across 47 acres and will have state-of-the-art infrastructure and a fully residential campus.
“In 2006 we entered Uttarakhand and realised a big gap existed in the society in terms of quality higher education; we plan to fill that gap with this university,” said RK Arora, Chairman and Managing Director of Supertech Ltd during the press conference. “We and plan to expand up to 100 acres.”
The university will be funded by the Supertech Foundation, a trust of Supertech Ltd.
“The university's operations will start by end of this year and we plan to offer MDPs and skill development programmes starting from December,” said VPS Arora, Vice-Chancellor of Supertech University.
The academic session will be launched next year with graduate and postgraduate programmes. The university plans to admit 500 to 1,000 students in its first year, and will take this number up to 5,000 to 6,000 in the next five years after the launch. As per the UGC requirements 25 per cent of the students at university should hail from Uttarakhand.
Programmes OFFERED
The university will offer programmes in the domains of architecture and planning, earth, environment and space studies, engineering and technology, fashion and design, hospitality and tourism, languages and communication, law and governance, liberal arts, humanities and social sciences, management studies, medical and health sciences, natural and applied sciences and public policy.
The university also plans to create a Directorate of Skill Development to enhance the employability of its students.
“In 2006 we entered Uttarakhand and realised a big gap existed in the society in terms of quality higher education; we plan to fill that gap with this university,” said RK Arora, Chairman and Managing Director of Supertech Ltd during the press conference. “We and plan to expand up to 100 acres.”
The university will be funded by the Supertech Foundation, a trust of Supertech Ltd.
“The university's operations will start by end of this year and we plan to offer MDPs and skill development programmes starting from December,” said VPS Arora, Vice-Chancellor of Supertech University.
The academic session will be launched next year with graduate and postgraduate programmes. The university plans to admit 500 to 1,000 students in its first year, and will take this number up to 5,000 to 6,000 in the next five years after the launch. As per the UGC requirements 25 per cent of the students at university should hail from Uttarakhand.
Programmes OFFERED
The university will offer programmes in the domains of architecture and planning, earth, environment and space studies, engineering and technology, fashion and design, hospitality and tourism, languages and communication, law and governance, liberal arts, humanities and social sciences, management studies, medical and health sciences, natural and applied sciences and public policy.
The university also plans to create a Directorate of Skill Development to enhance the employability of its students.
Kirloskar Brothers installs world’s largest water pumping system
Pune: Fluid management company Kirloskar Brothers Ltd (KBL) has collaborated with Tata Power to install the world’s largest circulating water pumping system for the latter’s Ultra Modern Power Plant (UMPP) at Mundra.
Coastal Gujarat Power Ltd, Tata Power’s wholly-owned subsidiary, which has implemented the 4,000 MW UMPP, requires massive amounts of water to condense the heat generated while producing power. Around 10.5 million litres of water is circulated by the pump sets per minute.
Ravindra Ulangwar, AVP & Head, Power Sector, KBL, said, “The Mundra UMPP is India’s first and most energy efficient coal-based thermal power plant using supercritical technology to create lower greenhouse gas emissions and its main power generation equipment is sourced from Japan and Korea.”
The pumping system is designed to take care of fluctuations in the sea water level due to tidal variations.
The Mundra UMPP will meet 2 per cent of India’s power needs and 16 million domestic, industrial and agricultural consumers in Gujarat, Rajasthan, Maharashtra, Haryana and Punjab will benefit from this project.
Coastal Gujarat Power Ltd, Tata Power’s wholly-owned subsidiary, which has implemented the 4,000 MW UMPP, requires massive amounts of water to condense the heat generated while producing power. Around 10.5 million litres of water is circulated by the pump sets per minute.
Ravindra Ulangwar, AVP & Head, Power Sector, KBL, said, “The Mundra UMPP is India’s first and most energy efficient coal-based thermal power plant using supercritical technology to create lower greenhouse gas emissions and its main power generation equipment is sourced from Japan and Korea.”
The pumping system is designed to take care of fluctuations in the sea water level due to tidal variations.
The Mundra UMPP will meet 2 per cent of India’s power needs and 16 million domestic, industrial and agricultural consumers in Gujarat, Rajasthan, Maharashtra, Haryana and Punjab will benefit from this project.
Aurobindo gets USFDA nod for diabetes drug
Hyderabad: Aurobindo Pharma Ld has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Repaglinide tablets. The product is ready for launch.
The tablets are the generic equivalent of Novo Nordisk Inc’s Prandin tablets and are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.
The market size of the product is estimated to be $274 million for the 12 months ended November 30, 2013, according to IMS.
The Hyderabad-based company now has a total of 189 Abbreviated New Drug Approvals (ANDA) approvals (164 final approvals, including seven from Aurolife Pharma LLC and 25 tentative approvals) from the US regulator, according to a release.
The tablets are the generic equivalent of Novo Nordisk Inc’s Prandin tablets and are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.
The market size of the product is estimated to be $274 million for the 12 months ended November 30, 2013, according to IMS.
The Hyderabad-based company now has a total of 189 Abbreviated New Drug Approvals (ANDA) approvals (164 final approvals, including seven from Aurolife Pharma LLC and 25 tentative approvals) from the US regulator, according to a release.
PPP panel clears projects worth Rs 1280.65 crore
Pune: The Public-Private Partnership Appraisal Committee (PPPAC) in its 62nd Meeting recommended Public-Private Partnership (PPP) projects worth Rs 7595.19 crore while the Empowered Committee (EC) in its 19th Meeting approved Viability Gap Funding (VGF) of Rs 1280.65 crore for PPP projects.
The 62nd PPPAC meeting and 19th Meeting of the Empowered Committee (EC), both chaired by secretary, department of economic Affairs, ministry of finance met recently in New Delhi. The Public-Private Partnership Appraisal Committee (PPPAC) granted approval to five (5) projects of ministry of road transport & highways.
The list of projects is given below. The estimated project cost of the approved projects is Rs. 7595.19 crore. Since its constitution in January 2006, the Public-Private Partnership Appraisal Committee (PPPAC) has approved 272 central sector projects with TPC of Rs 296579.6 crore. These include NHs (223 proposals), ports (32 proposals), airports (2 proposals), tourism infrastructure (1 proposal), housing (8 proposals) and sports stadia (5 proposals). In this year, till date, a total of 19 projects with total cost of Rs. 43903.30 crore have been approved by the PPPAC.
The 19th meeting of the Empowered Committee (EC) chaired by secretary, department of economic affairs which also met here on Wednesday, accorded in-principle approval to four (4) projects including two (2) projects from government of Maharashtra and two (2) projects of government of Uttar Pradesh for Viability Gap Funding of Rs 695.20 and final approval to two (2) projects from Uttar Pradesh For Viability Gap Funding of Rs 585.45.
The 62nd PPPAC meeting and 19th Meeting of the Empowered Committee (EC), both chaired by secretary, department of economic Affairs, ministry of finance met recently in New Delhi. The Public-Private Partnership Appraisal Committee (PPPAC) granted approval to five (5) projects of ministry of road transport & highways.
The list of projects is given below. The estimated project cost of the approved projects is Rs. 7595.19 crore. Since its constitution in January 2006, the Public-Private Partnership Appraisal Committee (PPPAC) has approved 272 central sector projects with TPC of Rs 296579.6 crore. These include NHs (223 proposals), ports (32 proposals), airports (2 proposals), tourism infrastructure (1 proposal), housing (8 proposals) and sports stadia (5 proposals). In this year, till date, a total of 19 projects with total cost of Rs. 43903.30 crore have been approved by the PPPAC.
The 19th meeting of the Empowered Committee (EC) chaired by secretary, department of economic affairs which also met here on Wednesday, accorded in-principle approval to four (4) projects including two (2) projects from government of Maharashtra and two (2) projects of government of Uttar Pradesh for Viability Gap Funding of Rs 695.20 and final approval to two (2) projects from Uttar Pradesh For Viability Gap Funding of Rs 585.45.
Innovation Hub at National Science Centre, Delhi launched
New Delhi: The Union government has taken yet another step to promote innovation through science and technology by establishing innovation hubs across the country. Shri Sam Pitroda, Chairman, National Innovation Council & Adviser to the Prime Minister on Public Information Infrastructure and Innovations inaugurated an ‘Innovation Hub’ at the National Science Centre, New Delhi today. It provides a unique opportunity for children of various age groups to work at the facility during the week-ends to develop their ideas on various aspects of Science & Technology. Membership is available for interested students for long-term hands-on and minds-on engagement in creative activities in science & technology. Over 40 students have already sought membership of the new facility and it will be functional from this weekend.
The Innovation hub has been equipped with components namely, Hall of Fame with stories of Inventions and Inventors; Innovation Resource Centre with online access to innovation-centric resources; Innovative Laboratory to carry out activities, experiments and projects; Tech Lab for Robotics & Microprocessor Programming; Tod-Phod-Jod (Break & Remake) for students to open gadgets and reassemble them on their own; Kabad Se Jugad (Build from Scrap) for students to develop things from scrap and low-cost materials and an Idea Box for children to propose ideas and create an idea bank. The best ideas will be chosen for experimentation, model making and project work. In addition, children are encouraged to identify real life problem/investigatory projects and work on for solutions under the guidance of experts/mentors.
While delivering the keynote address, Shri Sam Pitroda announced that the National Innovation Council along with the Ministry of Culture and the Planning Commission is working on the scheme to launch 100 such innovation hubs across the country. Similar hubs have been launched at the Bangalore and Kolkata Science centres under the Council of Science Museums, an autonomous body under Ministry of Culture. The basic idea is to encourage children to imagine and explore. He suggested that all Science centres must engage with the local community and create local ecosystems to own, support and nurture these innovation hubs. He also suggested that every science centre must have members of the local community including businessmen, scientists, professionals, academicians, and members of the civil society in its governing board.
The Innovation hub has been equipped with components namely, Hall of Fame with stories of Inventions and Inventors; Innovation Resource Centre with online access to innovation-centric resources; Innovative Laboratory to carry out activities, experiments and projects; Tech Lab for Robotics & Microprocessor Programming; Tod-Phod-Jod (Break & Remake) for students to open gadgets and reassemble them on their own; Kabad Se Jugad (Build from Scrap) for students to develop things from scrap and low-cost materials and an Idea Box for children to propose ideas and create an idea bank. The best ideas will be chosen for experimentation, model making and project work. In addition, children are encouraged to identify real life problem/investigatory projects and work on for solutions under the guidance of experts/mentors.
While delivering the keynote address, Shri Sam Pitroda announced that the National Innovation Council along with the Ministry of Culture and the Planning Commission is working on the scheme to launch 100 such innovation hubs across the country. Similar hubs have been launched at the Bangalore and Kolkata Science centres under the Council of Science Museums, an autonomous body under Ministry of Culture. The basic idea is to encourage children to imagine and explore. He suggested that all Science centres must engage with the local community and create local ecosystems to own, support and nurture these innovation hubs. He also suggested that every science centre must have members of the local community including businessmen, scientists, professionals, academicians, and members of the civil society in its governing board.
Amul launches India’s first ‘milk ATM’
Ahmedabad: Automatic teller machines not only dispense money, ATM-like machines also vend other products such as chocolates and soft drinks. But Amul has gone a step further: it will now sell milk through “Any Time Milk” vending machines.
The pilot project of this 24x7 ATM began with the installation of a vending machine at the gate of Amul Dairy in Anand town of Gujarat on Sunday.
“To start with, we plan to set up these ATMs at each of the 1,100 ‘mandalis’ (village-level milk collection centres) in Kheda and Anand districts where we market Amul, Ramsinh Parmar, Chairman, Kheda District Milk Producers’ Union, popularly known as Amul Dairy, told Business Line on Tuesday.
In Anand and Kheda towns, these ATMs will be installed at different public places to enable the consumers to buy milk whenever needed.
He said Amul Dairy is in talks with the Kheda District Cooperative Bank to work out financial aspects of the project.
For a Rs 10-currency note, which this machine will read through a sensor, the ATM would dispense a 300 ml pouch of Amul Taaza milk. The ATM, fitted with refrigeration facility, has a capacity to hold 150 pouches at a time.
While Kheda Union, which owns the Amul brand, markets milk in Anand and Kheda district, it is marketed by the Gujarat Cooperative Milk Marketing Federation (GCMMF) elsewhere.
GCMMF is also likely to follow suit after a review of the project.
The pilot project of this 24x7 ATM began with the installation of a vending machine at the gate of Amul Dairy in Anand town of Gujarat on Sunday.
“To start with, we plan to set up these ATMs at each of the 1,100 ‘mandalis’ (village-level milk collection centres) in Kheda and Anand districts where we market Amul, Ramsinh Parmar, Chairman, Kheda District Milk Producers’ Union, popularly known as Amul Dairy, told Business Line on Tuesday.
In Anand and Kheda towns, these ATMs will be installed at different public places to enable the consumers to buy milk whenever needed.
He said Amul Dairy is in talks with the Kheda District Cooperative Bank to work out financial aspects of the project.
For a Rs 10-currency note, which this machine will read through a sensor, the ATM would dispense a 300 ml pouch of Amul Taaza milk. The ATM, fitted with refrigeration facility, has a capacity to hold 150 pouches at a time.
While Kheda Union, which owns the Amul brand, markets milk in Anand and Kheda district, it is marketed by the Gujarat Cooperative Milk Marketing Federation (GCMMF) elsewhere.
GCMMF is also likely to follow suit after a review of the project.
After Facebook, Google buys startup with Indian link
Bengaluru: After Facebook's acquisition of Bangalore-based Little Eye Labs earlier this month, it's Google that has now bought a three-year-old startup that had two Indians — Vish Ramarao and Naveen Jamal — as co-founders and offices in Bangalore and California. The startup, Impermium, had a third co-founder Mark Risher.
Jamal was based in Bangalore and looked after the office here, while Ramarao and Risher were based in California. All three had previously worked together in Yahoo and came out of it in 2010 to found Impermium. The startup focused on building security products for websites.
Impermium's website now has just a note from Risher, who was the CEO, with the headline 'Impermium is joining Google'. It goes on to say: "By joining Google, our team will merge with some of the best abuse fighters in the world. With our combined talents we'll be able to further our mission and help make the internet a safer place. We're excited about the possibilities."
Impermium had received $9 million in funding from a host of venture firms including Accel Partners, AOL Ventures, Charles River Ventures and Highland Capital Partners. Google has not disclosed the terms of its deal with Impermium.
Acquisitions of India-based startups by the likes of Google and Facebook are expected to provide a big boost to the startup ecosystem. Not too many India-based startups have had great exits yet, but the latest instances look to be changing that trend. Software product startup associations like iSpirt are actively engaged in trying to marry Indian startups with global ones.
Jamal is originally from Thanjavur in Tamil Nadu, went to the US to study, worked as a software engineer in a small US company and then joined Yahoo in 1998. He moved to Bangalore around the time Impermium was being founded and established the office here. Ramarao is from Bangalore, went to the US for higher studies, and has since been there.
Prior to Impermium, all three co-founders were in Yahoo Mail, where they dealt with problems of spam, web security and fraudulent account creation. In an interview to TOI early last year, Risher said they realized that the problems they dealt with weren't an issue with just Yahoo's services but rather a problem with every website on the internet, and that encouraged them to found Impermium.
Risher said the company had built a number of services that worked as a risk-determination system, which could help identify when an account had been compromised. The system calculates the risk from parameters like where you accessed the account from, the device software and historical usage pattern of the links you're posting.
And Risher then had this to say about his new employer: "Security is always a balance between convenience and safety. And a complete overhaul (of the password system) becomes difficult. Google talked about an RFID ring that you would wear and which would transfer a secure certificate. Yes it would work but it would be a hassle and everybody would have to buy a reader. It's not going to happen overnight."
Impermium has said it has 300,000 clients, including Tumblr, Pinterest, CNN, ESPN, Typepad and Washington Post.
Jamal was based in Bangalore and looked after the office here, while Ramarao and Risher were based in California. All three had previously worked together in Yahoo and came out of it in 2010 to found Impermium. The startup focused on building security products for websites.
Impermium's website now has just a note from Risher, who was the CEO, with the headline 'Impermium is joining Google'. It goes on to say: "By joining Google, our team will merge with some of the best abuse fighters in the world. With our combined talents we'll be able to further our mission and help make the internet a safer place. We're excited about the possibilities."
Impermium had received $9 million in funding from a host of venture firms including Accel Partners, AOL Ventures, Charles River Ventures and Highland Capital Partners. Google has not disclosed the terms of its deal with Impermium.
Acquisitions of India-based startups by the likes of Google and Facebook are expected to provide a big boost to the startup ecosystem. Not too many India-based startups have had great exits yet, but the latest instances look to be changing that trend. Software product startup associations like iSpirt are actively engaged in trying to marry Indian startups with global ones.
Jamal is originally from Thanjavur in Tamil Nadu, went to the US to study, worked as a software engineer in a small US company and then joined Yahoo in 1998. He moved to Bangalore around the time Impermium was being founded and established the office here. Ramarao is from Bangalore, went to the US for higher studies, and has since been there.
Prior to Impermium, all three co-founders were in Yahoo Mail, where they dealt with problems of spam, web security and fraudulent account creation. In an interview to TOI early last year, Risher said they realized that the problems they dealt with weren't an issue with just Yahoo's services but rather a problem with every website on the internet, and that encouraged them to found Impermium.
Risher said the company had built a number of services that worked as a risk-determination system, which could help identify when an account had been compromised. The system calculates the risk from parameters like where you accessed the account from, the device software and historical usage pattern of the links you're posting.
And Risher then had this to say about his new employer: "Security is always a balance between convenience and safety. And a complete overhaul (of the password system) becomes difficult. Google talked about an RFID ring that you would wear and which would transfer a secure certificate. Yes it would work but it would be a hassle and everybody would have to buy a reader. It's not going to happen overnight."
Impermium has said it has 300,000 clients, including Tumblr, Pinterest, CNN, ESPN, Typepad and Washington Post.
Cadila Health gets USFDA nod for anti-depressant drug Bupropion
Ahmedabad: Cadila Healthcare Ltd (Zydus Cadila) on Tuesday said it has received final approval from the USFDA for Bupropion Hydrochloride Extended-release Tablets USP (XL) in the strength of 300 mg.
The drug falls in the anti-depressant segment, according to a company release here.
The estimated sales in 2013, as per IMS, for this product was $255.9 million. The total market for Bupropion was estimated at $526.7 million.
The group now has 87 approvals and has so far filed 216 ANDAs since the start of filing process in FY 2003-04.
The drug falls in the anti-depressant segment, according to a company release here.
The estimated sales in 2013, as per IMS, for this product was $255.9 million. The total market for Bupropion was estimated at $526.7 million.
The group now has 87 approvals and has so far filed 216 ANDAs since the start of filing process in FY 2003-04.
Agreement between Ennore Port and Ford India Pvt Limited to boost auto exports
New Delhi: Ennore Port Limited (EPL), Chennai and Ford India Private Limited have signed an agreement for export of Ford cars though the Ennore port for a period of 10 years. Speaking on the occasion the Union Minister for Shipping Shri G.K. Vasan said that this is a part of series of initiatives by the UPA government for attracting investments in the infrastructure sector, particularly in ports and automobile sectors.
The agreement provides for various volume based discounts on wharfage by EPL ranging from 5% to 30% to encourage more exports through EPL. Ford India Private Limited has set up a modern integrated manufacturing facility at Maraimalai Nagar, near Chennai, for export of their automobile products. In the last few years, Chennai has emerged as the hub of automobile manufacturing sector with all global auto majors having their manufacturing plants in the city. Besides, Chennai has also emerged as a major centre for export of automobiles. Ennore Port has played a key role in facilitating these exports.
Between September 2010 and December 2013 about 4,49,720 automobile units have been exported from Ennore Port, including those of manufacturers like Nissan, Ford & Ashok Leyland from Chennai, Toyota from Bangalore and Honda from Delhi. Ennore Port has developed a General Cargo-cum-Car Terminal at a cost of Rs.140 crore, which includes a car parking yard of 35 acres for parking of 10000 cars at a time, the biggest amongst the Major Ports.
Giving details of the future projects of the port, the minister said that the Ennore Port has planned to set up an LNG storage and re-gasification terminal with IOCL for import of LNG at an estimated investment of Rs.4500 crores having capacity of 5 Million Metric Tonnes Per Annum. The IOCL plans to commission the project by 2016-17. The Port has also commenced pre-project activities for the construction of the third coal berth to handle additional 9 million tonnes of coal required by Tamil Nadu Generation and Distribution Corporation (TANGEDCO). In keeping with the global trend of containerised transportation of cargo, Ennore Port has also come up with a proposal to develop a container terminal at an estimated cost of Rs. 1,270 crore with a capacity of 1.4 million TEUs. This project is targeted for award during 2013-14 along with Multi Cargo Terminal.
The Port is expected to handle 24 MMT during 2013-14 as against 17.89 MMT during 2012-13. During the 12th five year plan, Ennore port has plans to increase the Port capacity from present 30 MTPA to 66.8 MTPA. All these measures are expected to generate more employment opportunities, promote the growth of Indian exports as well as boost the domestic economy.
The agreement provides for various volume based discounts on wharfage by EPL ranging from 5% to 30% to encourage more exports through EPL. Ford India Private Limited has set up a modern integrated manufacturing facility at Maraimalai Nagar, near Chennai, for export of their automobile products. In the last few years, Chennai has emerged as the hub of automobile manufacturing sector with all global auto majors having their manufacturing plants in the city. Besides, Chennai has also emerged as a major centre for export of automobiles. Ennore Port has played a key role in facilitating these exports.
Between September 2010 and December 2013 about 4,49,720 automobile units have been exported from Ennore Port, including those of manufacturers like Nissan, Ford & Ashok Leyland from Chennai, Toyota from Bangalore and Honda from Delhi. Ennore Port has developed a General Cargo-cum-Car Terminal at a cost of Rs.140 crore, which includes a car parking yard of 35 acres for parking of 10000 cars at a time, the biggest amongst the Major Ports.
Giving details of the future projects of the port, the minister said that the Ennore Port has planned to set up an LNG storage and re-gasification terminal with IOCL for import of LNG at an estimated investment of Rs.4500 crores having capacity of 5 Million Metric Tonnes Per Annum. The IOCL plans to commission the project by 2016-17. The Port has also commenced pre-project activities for the construction of the third coal berth to handle additional 9 million tonnes of coal required by Tamil Nadu Generation and Distribution Corporation (TANGEDCO). In keeping with the global trend of containerised transportation of cargo, Ennore Port has also come up with a proposal to develop a container terminal at an estimated cost of Rs. 1,270 crore with a capacity of 1.4 million TEUs. This project is targeted for award during 2013-14 along with Multi Cargo Terminal.
The Port is expected to handle 24 MMT during 2013-14 as against 17.89 MMT during 2012-13. During the 12th five year plan, Ennore port has plans to increase the Port capacity from present 30 MTPA to 66.8 MTPA. All these measures are expected to generate more employment opportunities, promote the growth of Indian exports as well as boost the domestic economy.
Rs 5-lakh-crore investments: PM wants solar energy target advanced
New Delhi: Prime Minister Manmohan Singh has instructed advancing the planned commissioning of 100,00 Megawatt (Mw) of solar power generation capacity to 2027, against the originally envisaged target of 2031. The long-term target for the ambitious solar mission will be made public soon.
The government, on Tuesday, received bids from 68 companies, including Tata Power, Moser Baer, Welspun, Azure Power, Jakson Power and KSK Energy, for setting up 2,170 Mw capacity projects for the second phase of the mission. This is three times the proposed 750 Mw to be supplied at a fixed tariff of Rs 5.5 per unit. The highest bidders included Azure Power (200 Mw), Welspun (160 Mw) and ILF&S Energy (100 Mw).
The PM’s Office has asked the largest power equipment manufacturer, Bharat Heavy Electricals Ltd (BHEL) and the Ministry of New and Renewable Energy (MNRE) to give next week presentations on the blueprint of the strategies to implement the plan that could attract investment in excess of Rs 5-6 lakh crore.
“PM’s Principal Secretary Pulok Chatterjee is guiding the entire initiative. MNRE had earlier worked out the 2031 plan and the PM has now asked for an aggressive target of 2027. This is now possible as we believe the grid-parity for solar power is expected to be achieved by 2018,” an executive involved in the discussions told Business Standard.
As part of the plan, BHEL is setting up integrated facilities to manufacture equipment across the value chain, from polysilicon wafers to photovoltaic cells and modules that capture sunlight light for conversion into electricity. The first 500-Mw capacity factory is under construction and will start producing in 18 months.
The PSU will also take up the role of a producer by utilising its surplus resources to take up minority equity stakes in the solar power generation projects that will be set up under the initiative. BHEL had a cash balance of Rs 6,221 crore at the end of September quarter. The company is currently building a 4,000-Mw solar power plant 75 km from Jaipur in Rajasthan.
Singh had launched the National Solar Mission, as one of the seven schemes under the National Action Plan on Climate Change (NAPCC), in January 2010. The scheme targeted setting up 20,000 Mw of solar power capacity by 2022 in three phases. Since then, over 2,000 Mw of such capacity has been commissioned in the first phase (2010-13).
The success of the first phase was owed to the mechanism of bundling expensive solar power with electricity from the unallocated quota of the centre’s thermal power stations, which is relatively cheaper. Also, a reverse-bidding mechanism was followed that enabled qualified bidders to benefit from declining global prices for solar components, thereby reducing purchase prices of solar PV equipment.
In reverse bidding, developers quote the amount of investment needed to construct a project to qualify for viability gap funding (VGF) rather than quoting the electricity tariff.
Prices were pulled down due to a slump in demand for solar components in key economies.
The government, on Tuesday, received bids from 68 companies, including Tata Power, Moser Baer, Welspun, Azure Power, Jakson Power and KSK Energy, for setting up 2,170 Mw capacity projects for the second phase of the mission. This is three times the proposed 750 Mw to be supplied at a fixed tariff of Rs 5.5 per unit. The highest bidders included Azure Power (200 Mw), Welspun (160 Mw) and ILF&S Energy (100 Mw).
The PM’s Office has asked the largest power equipment manufacturer, Bharat Heavy Electricals Ltd (BHEL) and the Ministry of New and Renewable Energy (MNRE) to give next week presentations on the blueprint of the strategies to implement the plan that could attract investment in excess of Rs 5-6 lakh crore.
“PM’s Principal Secretary Pulok Chatterjee is guiding the entire initiative. MNRE had earlier worked out the 2031 plan and the PM has now asked for an aggressive target of 2027. This is now possible as we believe the grid-parity for solar power is expected to be achieved by 2018,” an executive involved in the discussions told Business Standard.
As part of the plan, BHEL is setting up integrated facilities to manufacture equipment across the value chain, from polysilicon wafers to photovoltaic cells and modules that capture sunlight light for conversion into electricity. The first 500-Mw capacity factory is under construction and will start producing in 18 months.
The PSU will also take up the role of a producer by utilising its surplus resources to take up minority equity stakes in the solar power generation projects that will be set up under the initiative. BHEL had a cash balance of Rs 6,221 crore at the end of September quarter. The company is currently building a 4,000-Mw solar power plant 75 km from Jaipur in Rajasthan.
Singh had launched the National Solar Mission, as one of the seven schemes under the National Action Plan on Climate Change (NAPCC), in January 2010. The scheme targeted setting up 20,000 Mw of solar power capacity by 2022 in three phases. Since then, over 2,000 Mw of such capacity has been commissioned in the first phase (2010-13).
The success of the first phase was owed to the mechanism of bundling expensive solar power with electricity from the unallocated quota of the centre’s thermal power stations, which is relatively cheaper. Also, a reverse-bidding mechanism was followed that enabled qualified bidders to benefit from declining global prices for solar components, thereby reducing purchase prices of solar PV equipment.
In reverse bidding, developers quote the amount of investment needed to construct a project to qualify for viability gap funding (VGF) rather than quoting the electricity tariff.
Prices were pulled down due to a slump in demand for solar components in key economies.
Monday, January 20, 2014
Aurobindo to acquire Actavis' operations in seven European countries
Hyderabad: Expanding its European footprint, city-based pharma player Aurobindo Pharma Limited on Saturday informed the bourses that it will be acquiring NYSE-Listed Actavis Plc's commercial operations in seven western European countries. However, the closing of the transaction was conditional and based on certain antitrust approvals and completion of employee consultation processes, it said.
Without disclosing the deal size, the company said, "Aurobindo expects to acquire personnel, commercial infrastructure, products, marketing authorizations and dossier license rights in seven European countries. Actavis and Aurobindo will be entering into a long-term commercial and supply arrangement in order to support the ongoing growth plans of these businesses."
According to the company, the acquisition would expand Aurobindo's front-end operations into five segments -- generics, prescription products, over-the-counter products, hospital products and generics tenders, with approximately 1,200 products and an additional pipeline of over 200 products.
Aurobindo said it estimated the net sales for the acquired businesses to be around 320 million euros in 2013 with a growth rate of over 10% year-on-year. "Although these businesses are currently loss-making, Aurobindo expects them to return to profitability in combination with its vertically integrated platform and existing commercial infrastructure," it said.
Commenting on the development, Aurobindo senior vice-president (European operations) V Muralidharan said, "We have been clear about our intention to focus on growth initiatives in Europe and international markets, which together are expected to be key drivers for future growth. This transaction will complement our strategy of pursuing organic growth along with value-creating acquisitions within our served markets and adding complimentary growth platforms to provide scale and revenue diversity."
Without disclosing the deal size, the company said, "Aurobindo expects to acquire personnel, commercial infrastructure, products, marketing authorizations and dossier license rights in seven European countries. Actavis and Aurobindo will be entering into a long-term commercial and supply arrangement in order to support the ongoing growth plans of these businesses."
According to the company, the acquisition would expand Aurobindo's front-end operations into five segments -- generics, prescription products, over-the-counter products, hospital products and generics tenders, with approximately 1,200 products and an additional pipeline of over 200 products.
Aurobindo said it estimated the net sales for the acquired businesses to be around 320 million euros in 2013 with a growth rate of over 10% year-on-year. "Although these businesses are currently loss-making, Aurobindo expects them to return to profitability in combination with its vertically integrated platform and existing commercial infrastructure," it said.
Commenting on the development, Aurobindo senior vice-president (European operations) V Muralidharan said, "We have been clear about our intention to focus on growth initiatives in Europe and international markets, which together are expected to be key drivers for future growth. This transaction will complement our strategy of pursuing organic growth along with value-creating acquisitions within our served markets and adding complimentary growth platforms to provide scale and revenue diversity."
PPPAC recommends projects worth Rs 7,595 cr
The length of all these projects, sponsored by the Ministry of Road Transport & Highways, is 626 kilometers
New Delhi: A government panel has recommended five road transport and highway projects worth Rs 7,595 crore in the public-private partnership (PPP) mode.
The Public-Private Partnership Appraisal Committee (PPPAC), headed by Economic Affairs Secretary Arvind Mayaram, recommended these projects in its meeting on Friday.
The projects, involving two and four laning of roads and highways, are in Karnataka (Rs 693 crore), Kerala (Rs 577 crore), Madhya Pradesh (Rs 922 crore) and Haryana (Rs 878 crore). The fifth project is Eastern Peripheral Expressway, which is pegged at Rs 4,524 crore. The length of all these projects, sponsored by the Ministry of Road Transport & Highways, is 626 kilometers.
An Empowered Committee (EC), also headed by Mayaram, approved Viability Gap Funding (VGF) of Rs 1,280 crore for PPP projects in its 19th meeting on Friday.
It accorded in-principle approval to four projects, including two from Maharashtra and two Uttar Pradesh for VGF of Rs 695, and final approval to two projects from Uttar Pradesh for VGF of Rs 585, the finance ministry said in a statement on Saturday.
Since its constitution in January 2006, PPPAC has approved 272 central sector projects worth Rs 2,96,579 crore. These include national highways (223 proposals), ports (32 proposals), airports (two proposals) and tourism infrastructure (one proposal), housing (eight proposals) and sports (five proposals). This year 19 projects worth Rs 43,903 crore have been approved.
New Delhi: A government panel has recommended five road transport and highway projects worth Rs 7,595 crore in the public-private partnership (PPP) mode.
The Public-Private Partnership Appraisal Committee (PPPAC), headed by Economic Affairs Secretary Arvind Mayaram, recommended these projects in its meeting on Friday.
The projects, involving two and four laning of roads and highways, are in Karnataka (Rs 693 crore), Kerala (Rs 577 crore), Madhya Pradesh (Rs 922 crore) and Haryana (Rs 878 crore). The fifth project is Eastern Peripheral Expressway, which is pegged at Rs 4,524 crore. The length of all these projects, sponsored by the Ministry of Road Transport & Highways, is 626 kilometers.
An Empowered Committee (EC), also headed by Mayaram, approved Viability Gap Funding (VGF) of Rs 1,280 crore for PPP projects in its 19th meeting on Friday.
It accorded in-principle approval to four projects, including two from Maharashtra and two Uttar Pradesh for VGF of Rs 695, and final approval to two projects from Uttar Pradesh for VGF of Rs 585, the finance ministry said in a statement on Saturday.
Since its constitution in January 2006, PPPAC has approved 272 central sector projects worth Rs 2,96,579 crore. These include national highways (223 proposals), ports (32 proposals), airports (two proposals) and tourism infrastructure (one proposal), housing (eight proposals) and sports (five proposals). This year 19 projects worth Rs 43,903 crore have been approved.
Korean power firm signs pact for Rs 3,450-crore project in Maharashtra
The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016
New Delhi: Korean South-East Power Company (KOSEP), a subsidiary of Korean state-owned power generator Korea Electric Power Corporation, on Friday signed an initial agreement with Mumbai-based Jinbhuvish Group for technical support for its Rs 3,450-crore project in Maharashtra.
The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds 40 per cent equity stake in the coal-based project.
Lenders for the venture include Rural Electrification Corp and Power Finance Corp and PTC India Financial Services.
“The Yavatmal venture is one of the few thermal projects in India being set up in a JV (joint venture) with foreign investment. All major clearances have been received and construction activities will commence soon,” Jinbhuvish Group Chairman, Manish Mehta, said.
Seoul-headquartered KOSEP owns and operates thermal projects with a combined capacity of 8,396 Megawatt, around 12 per cent of total electricity sales in Korea.
New Delhi: Korean South-East Power Company (KOSEP), a subsidiary of Korean state-owned power generator Korea Electric Power Corporation, on Friday signed an initial agreement with Mumbai-based Jinbhuvish Group for technical support for its Rs 3,450-crore project in Maharashtra.
The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds 40 per cent equity stake in the coal-based project.
Lenders for the venture include Rural Electrification Corp and Power Finance Corp and PTC India Financial Services.
“The Yavatmal venture is one of the few thermal projects in India being set up in a JV (joint venture) with foreign investment. All major clearances have been received and construction activities will commence soon,” Jinbhuvish Group Chairman, Manish Mehta, said.
Seoul-headquartered KOSEP owns and operates thermal projects with a combined capacity of 8,396 Megawatt, around 12 per cent of total electricity sales in Korea.
World's 1st biosimilar drug for breast cancer
Bengaluru: Bangalore-based bio-pharmaceutical company Biocon on Saturday launched the world’s first biosimilar (developed in an organism) Trastuzumab injection for the treatment of breast cancer here. This is the first drug developed by Biocon in partnership with US-based generic drug maker Mylan. The new drug, CANMAb, will be used to treat HER2-positive advanced breast cancer.
Kiran Mazumdar-Shaw, chairperson and managing director, Biocon, said the company would also launch the injection in other emerging markets. The CANMab injection will compete with Roche’s Herceptin. Herceptin’s global sales were $6.4 billion in 2012 and Indian $21 million.
The drug has been jointly developed out of five molecules with Mylan, since a partnership was signed in 2009. Mylan will also launch CANMab under a different brand in India.
The injection is available in 150mg and 440mg doses at Rs 19,500 and Rs 57,500, respectively. The 440mg dose costs a fourth less than competing drugs, Mazumdar-Shaw said.
Biocon has set up a factory in Bangalore to make the new injection for itself as well as Mylan. Mylan will source its requirements from Biocon for both Indian and developed markets, a senior company official said.
Biocon entered into partnership with Mylan for joint development of a series of drugs for the treatment of various cancers in 2009. At present, four other drugs are under development, of which will begin clinical trials later this year, said Abhijit Barve, president (research and development), Biocon.
Mazumdar-Shaw said breast cancer was the most prevalent cancer among Indians and CANMAb would offer a cheaper option. About 150,000 new patients are diagnosed with breast cancer every year in India, of which nearly a fourth of the cases are HER2-positive and eligible for treatment with CANMAb. Lack of cheap treatment has limited the extent of HER2 testing and it is believed that the proportion of HER2-positive patients is probably higher, she said.
“Biocon intends to make a significant difference in the treatment paradigm for HER2-positive breast cancer in India by enhancing access to more affordable treatment with CANMAb, which offers the same level of safety and efficacy as the reference product. The launch of CANMAb in India is an important milestone for our biosimilars programme and demonstrates our ability to deliver on our promise of affordable innovation with a high quality, world- class product,” the Biocon chief said.
Biocon aims to capture about 15 per cent of the market for anti-breast cancer drugs in India in a year. The market is estimated at Rs 130 crore a year, set to double in 2014.
JOINT EFFORT
CANMAb, developed jointly by Biocon & Mylan, to treat advanced breast cancer
Competing drug Roche’s Herceptin (pictured) global sales $6.4 billion in 2012 and Indian $21 million
Mylan to launch CANMab under a different brand in India
The injection in 150mg and 440mg doses to come for Rs 19,500 and Rs 57,500, respectively
Biocon’s factory in Bangalore to make the new injection for itself as well as Mylan
Kiran Mazumdar-Shaw, chairperson and managing director, Biocon, said the company would also launch the injection in other emerging markets. The CANMab injection will compete with Roche’s Herceptin. Herceptin’s global sales were $6.4 billion in 2012 and Indian $21 million.
The drug has been jointly developed out of five molecules with Mylan, since a partnership was signed in 2009. Mylan will also launch CANMab under a different brand in India.
The injection is available in 150mg and 440mg doses at Rs 19,500 and Rs 57,500, respectively. The 440mg dose costs a fourth less than competing drugs, Mazumdar-Shaw said.
Biocon has set up a factory in Bangalore to make the new injection for itself as well as Mylan. Mylan will source its requirements from Biocon for both Indian and developed markets, a senior company official said.
Biocon entered into partnership with Mylan for joint development of a series of drugs for the treatment of various cancers in 2009. At present, four other drugs are under development, of which will begin clinical trials later this year, said Abhijit Barve, president (research and development), Biocon.
Mazumdar-Shaw said breast cancer was the most prevalent cancer among Indians and CANMAb would offer a cheaper option. About 150,000 new patients are diagnosed with breast cancer every year in India, of which nearly a fourth of the cases are HER2-positive and eligible for treatment with CANMAb. Lack of cheap treatment has limited the extent of HER2 testing and it is believed that the proportion of HER2-positive patients is probably higher, she said.
“Biocon intends to make a significant difference in the treatment paradigm for HER2-positive breast cancer in India by enhancing access to more affordable treatment with CANMAb, which offers the same level of safety and efficacy as the reference product. The launch of CANMAb in India is an important milestone for our biosimilars programme and demonstrates our ability to deliver on our promise of affordable innovation with a high quality, world- class product,” the Biocon chief said.
Biocon aims to capture about 15 per cent of the market for anti-breast cancer drugs in India in a year. The market is estimated at Rs 130 crore a year, set to double in 2014.
JOINT EFFORT
CANMAb, developed jointly by Biocon & Mylan, to treat advanced breast cancer
Competing drug Roche’s Herceptin (pictured) global sales $6.4 billion in 2012 and Indian $21 million
Mylan to launch CANMab under a different brand in India
The injection in 150mg and 440mg doses to come for Rs 19,500 and Rs 57,500, respectively
Biocon’s factory in Bangalore to make the new injection for itself as well as Mylan
India and UAE agree to promote cooperation in renewable energy
New Delhi: India and UAE have agreed to promote cooperation in renewable energy, especially in the areas of solar energy and wind power. A Memorandum of Understanding (MoU) to this effect was signed in Abu Dhabi on Saturday,18th of January. The MoU was signed by Dr. Farooq Abdullah, Minister of New and Renewable Energy of India and Dr Sultan Ahmed Al Jaber, Minister ofState of UAE.
Both the countries also agreed to form a Joint Working Group for better coordination through joint research on subjects of mutual interest, exchange and training of scientific and technical personnel, exchange of available scientific and technologies information and data, organization of workshops, seminars and working groups, transfer of know-how, technology and equipment, on non-commercial basis etc.
Dr. Farooq Abdullah briefed the UAE Minister on the progress made by India in renewable energy with special reference to the National Solar Mission launched in 2010 under the National Action Plan on Climate Change. He also briefed the Minister on India’s efforts in promoting energy for remote and un-electrified areas.He congratulated the UAE for warm hospitality extended during the 4th Assembly session of IRENA.
Both the countries also agreed to form a Joint Working Group for better coordination through joint research on subjects of mutual interest, exchange and training of scientific and technical personnel, exchange of available scientific and technologies information and data, organization of workshops, seminars and working groups, transfer of know-how, technology and equipment, on non-commercial basis etc.
Dr. Farooq Abdullah briefed the UAE Minister on the progress made by India in renewable energy with special reference to the National Solar Mission launched in 2010 under the National Action Plan on Climate Change. He also briefed the Minister on India’s efforts in promoting energy for remote and un-electrified areas.He congratulated the UAE for warm hospitality extended during the 4th Assembly session of IRENA.
Saturday, January 18, 2014
Delhi airport emerging hub for global flyers
New Delhi: The Delhi airport, with the share of its transit passengers in total annual traffic nearly doubling in three years to about 18 per cent, appears to be transforming itself into an international hub.
Delhi International Airport Ltd (DIAL) has estimated the number of transit passengers for the airport to hit 6.59 million by the end of March, 17.77 per cent of its projected 37.08 million annual traffic.
Buoyed by Air India’s Star Alliance induction, expected to add scale to the airline’s global flight plans, DIAL expects transit passengers’ share in total to increase to 25-26 per cent by 2015-16. That would put Delhi in the league of global airport hubs like Chicago and Hong Kong (where transit passengers account for 26 per cent of total) and Bangkok (around 40 per cent). Airports like Singapore and Dubai, which hardly have any domestic business, have more than 50 per cent of their business coming from transit passengers.
DIAL, the GMR Infra-led consortium that operates the Delhi airport, also expects full-service carriers like Tata-Singapore Airlines to start long-haul flights using Delhi as a hub, especially with the government planning to remove the restrictions — such as five years of operational experience and a fleet of at least 20 aircraft — on domestic carriers flying abroad.
“The number of transit passengers at Delhi’s T3 (Terminal 3) has gone up substantially in the past three years. With Air India moving into Star Alliance, we expect a lot of partner airlines to make India the hub. We expect transit traffic to account for 25-26 per cent of passengers by 2015-16,” said Kiran Jain, head of airline marketing and route development at DIAL.
According to data available with International Air Transport Association (IATA), transit passengers constituted 16 per cent of the Delhi airport’s total passenger traffic last financial year, compared with 12.74 per cent in 2011-12. In 2012-13, DIAL saw 5.47 million transit passengers using the airport — the growth in transit passengers came even as total passenger throughput declined around seven per cent to 34.39 million.
“The share of transit passengers in the total traffic is around 19.6 per cent. Most of these passengers come from neighbouring countries like Nepal, Bangladesh and Sri Lanka. But, with Air India starting direct flights to Birmingham, Sydney and Melbourne, we see passengers from Europe transiting in Delhi before travelling to Australia. At least 12 per cent of the passengers on Air India-Birmingham flights will transit at Delhi to go to Australia every day. Also, many will come from Birmingham and transit to domestic destinations and neighbouring countries. The total transit passengers on this route is 75 per cent,” said Pradeep Panicker, chief commercial officer (aero), DIAL.
In 2013-14, DIAL expects a transit traffic of 6,598,268 - an increase of 20.6 per cent from the previous year.
Air India accounts for a little over 41 per cent of transit passengers at the Delhi airport. The state-run carrier, which feeds traffic at the airport from Indian cities and regional international destinations going to Europe, US and Australia, is followed by Jet Airways and IndiGo. Also, China Airlines flies from Taipei to Rome, transiting from Delhi and Ethiopian Airlines flies from Adis Ababa to Beijing via Delhi.
Industry experts expect the proportion of transit passenger in the total to go up substantially after Tata-SIA starts operations. "SIA could use New Delhi to launch new flights to North and South America, alongside its Indian subsidiary, while picking up domestic feed traffic, thereby remedying SIA's network deficiencies," said Hong Kong-based aviation analyst Daniel Tsang.
According to Centre for Asia Pacific Aviation (Capa), about 40 per cent of international traffic out of India travels to its final destination through an intermediate offshore airport. As much as half of such traffic is captured by hubs in West Asia. With Tata-SIA starting domestic operations, the Delhi airport is likely to get a boost in realising its potential.
"Delhi airport's position as a global hub will get a boost with both Air India and Tata-SIA using it as a hub for long-haul flights," said Amber Dubey, partner & head (aerospace and defence), KPMG
Delhi International Airport Ltd (DIAL) has estimated the number of transit passengers for the airport to hit 6.59 million by the end of March, 17.77 per cent of its projected 37.08 million annual traffic.
Buoyed by Air India’s Star Alliance induction, expected to add scale to the airline’s global flight plans, DIAL expects transit passengers’ share in total to increase to 25-26 per cent by 2015-16. That would put Delhi in the league of global airport hubs like Chicago and Hong Kong (where transit passengers account for 26 per cent of total) and Bangkok (around 40 per cent). Airports like Singapore and Dubai, which hardly have any domestic business, have more than 50 per cent of their business coming from transit passengers.
DIAL, the GMR Infra-led consortium that operates the Delhi airport, also expects full-service carriers like Tata-Singapore Airlines to start long-haul flights using Delhi as a hub, especially with the government planning to remove the restrictions — such as five years of operational experience and a fleet of at least 20 aircraft — on domestic carriers flying abroad.
“The number of transit passengers at Delhi’s T3 (Terminal 3) has gone up substantially in the past three years. With Air India moving into Star Alliance, we expect a lot of partner airlines to make India the hub. We expect transit traffic to account for 25-26 per cent of passengers by 2015-16,” said Kiran Jain, head of airline marketing and route development at DIAL.
According to data available with International Air Transport Association (IATA), transit passengers constituted 16 per cent of the Delhi airport’s total passenger traffic last financial year, compared with 12.74 per cent in 2011-12. In 2012-13, DIAL saw 5.47 million transit passengers using the airport — the growth in transit passengers came even as total passenger throughput declined around seven per cent to 34.39 million.
“The share of transit passengers in the total traffic is around 19.6 per cent. Most of these passengers come from neighbouring countries like Nepal, Bangladesh and Sri Lanka. But, with Air India starting direct flights to Birmingham, Sydney and Melbourne, we see passengers from Europe transiting in Delhi before travelling to Australia. At least 12 per cent of the passengers on Air India-Birmingham flights will transit at Delhi to go to Australia every day. Also, many will come from Birmingham and transit to domestic destinations and neighbouring countries. The total transit passengers on this route is 75 per cent,” said Pradeep Panicker, chief commercial officer (aero), DIAL.
In 2013-14, DIAL expects a transit traffic of 6,598,268 - an increase of 20.6 per cent from the previous year.
Air India accounts for a little over 41 per cent of transit passengers at the Delhi airport. The state-run carrier, which feeds traffic at the airport from Indian cities and regional international destinations going to Europe, US and Australia, is followed by Jet Airways and IndiGo. Also, China Airlines flies from Taipei to Rome, transiting from Delhi and Ethiopian Airlines flies from Adis Ababa to Beijing via Delhi.
Industry experts expect the proportion of transit passenger in the total to go up substantially after Tata-SIA starts operations. "SIA could use New Delhi to launch new flights to North and South America, alongside its Indian subsidiary, while picking up domestic feed traffic, thereby remedying SIA's network deficiencies," said Hong Kong-based aviation analyst Daniel Tsang.
According to Centre for Asia Pacific Aviation (Capa), about 40 per cent of international traffic out of India travels to its final destination through an intermediate offshore airport. As much as half of such traffic is captured by hubs in West Asia. With Tata-SIA starting domestic operations, the Delhi airport is likely to get a boost in realising its potential.
"Delhi airport's position as a global hub will get a boost with both Air India and Tata-SIA using it as a hub for long-haul flights," said Amber Dubey, partner & head (aerospace and defence), KPMG
Shopping malls to grow in size, numbers in 2014: Report
New Delhi: Net addition to mall space in Chennai, Delhi, Bangalore, Mumbai, Kolkata, Hyderabad and Pune is set to more than double to 11.6 million square feet in 2014. This will take up the mall stock across India’s metropolitan cities to 87.7 million sq feet by the end of the year, according to a new report by real estate consultancy firm Jones Lang LaSalle.
At the end of 2013, the built-up mall area across these seven cities stood at 76 million sq feet. It is estimated this will cross the 100 million sq feet mark in 2016, touching 107.8 million sq feet in 2017.
City statistics
Among the cities, Delhi and Mumbai lead the rest of the country in terms of the highest concentration of shopping malls, accounting for 62 per cent of pan-India mall stock. They are followed by Chennai and Bangalore, which together constitute around 20 per cent of built-up mall space in the country. In 2013, net addition of approximately 5.2 million sq feet of mall space was registered, translating into a 22 per cent in crease in comparison to the previous year. Chennai led with creation of nearly 2 million sq feet of fresh supply, followed by Mumbai and Pune. But in 2014, Delhi is expected to be the driver for net addition of shopping malls in the metros.
Design trends
The report suggests that the average size of malls is likely to increase in the coming years as developers are focusing on project sizes that allow for a critical mass in terms of various formats and categories under one roof. In 2014, the average size of malls is estimated at around 3.8 lakh square feet, which is expected to increase to 4.7 lakh square feet in 2015 and further to 6.6 lakh square feet in 2017.
There is also an increasing trend among upcoming malls to adopt a structured approach in planning, execution and launch, Jones Lang LaSalle says. The importance of formulating an optimal tenant mix to ensure maximum utilisation of retail space is now recognised and accepted by major mall developers. This will enable them to cash in on retailer interest in upcoming projects that offer not just a good location, but have been optimised in terms of design and their trade and tenant mix.
At the end of 2013, the built-up mall area across these seven cities stood at 76 million sq feet. It is estimated this will cross the 100 million sq feet mark in 2016, touching 107.8 million sq feet in 2017.
City statistics
Among the cities, Delhi and Mumbai lead the rest of the country in terms of the highest concentration of shopping malls, accounting for 62 per cent of pan-India mall stock. They are followed by Chennai and Bangalore, which together constitute around 20 per cent of built-up mall space in the country. In 2013, net addition of approximately 5.2 million sq feet of mall space was registered, translating into a 22 per cent in crease in comparison to the previous year. Chennai led with creation of nearly 2 million sq feet of fresh supply, followed by Mumbai and Pune. But in 2014, Delhi is expected to be the driver for net addition of shopping malls in the metros.
Design trends
The report suggests that the average size of malls is likely to increase in the coming years as developers are focusing on project sizes that allow for a critical mass in terms of various formats and categories under one roof. In 2014, the average size of malls is estimated at around 3.8 lakh square feet, which is expected to increase to 4.7 lakh square feet in 2015 and further to 6.6 lakh square feet in 2017.
There is also an increasing trend among upcoming malls to adopt a structured approach in planning, execution and launch, Jones Lang LaSalle says. The importance of formulating an optimal tenant mix to ensure maximum utilisation of retail space is now recognised and accepted by major mall developers. This will enable them to cash in on retailer interest in upcoming projects that offer not just a good location, but have been optimised in terms of design and their trade and tenant mix.
India awarded 20 projects worth Rs. 6000 cr; 100 mn MMT of port capacity in 9-mth
Mumbai: India awarded 20 projects worth Rs. 6000 crore, creating100 million metric tonnes (MMT) of port capacity in the first 9 months of this financial year, Vishwapati Trivedi, Secretary, Ministry of Shipping said at an industry conference in Mumbai.
"We have already awarded 20 projects which have a capacity of a little over 100 MMT as against the target 30 projects which will boost the capacity by 250 MMT," he said.
Another 150 million metric tonnes of capacity will be created in the next 3 months of this financial year. Jawaharlal Nehru Port Trust's (JNPT) upcoming fourth container terminal will contribute 64 million metric tonnes to this, he added.
This much delayed container terminal is expected to be awarded in the next one month, Trivedi said. The secretary also said the cash-strapped Dredging Corp of India will borrow Rs. 1000 crore from cash surplus ports such as JNPT in Mumbai, Kandla in Gujarat and Paradip in Odisha. The company's second quarter net profit fell 21.6% to Rs. 9.89 crore.
"We have already awarded 20 projects which have a capacity of a little over 100 MMT as against the target 30 projects which will boost the capacity by 250 MMT," he said.
Another 150 million metric tonnes of capacity will be created in the next 3 months of this financial year. Jawaharlal Nehru Port Trust's (JNPT) upcoming fourth container terminal will contribute 64 million metric tonnes to this, he added.
This much delayed container terminal is expected to be awarded in the next one month, Trivedi said. The secretary also said the cash-strapped Dredging Corp of India will borrow Rs. 1000 crore from cash surplus ports such as JNPT in Mumbai, Kandla in Gujarat and Paradip in Odisha. The company's second quarter net profit fell 21.6% to Rs. 9.89 crore.
India & UK signs MoU to enhance the collaboration within the framework of UKIERI
New Delhi: A Memorandum of Understanding has been signed between Department for Business Innovation and Skills (BIS) and Ministry of Labour & Employment (MoLE) to enhance the collaboration within the framework of UK India Education and Research Initiative (UKIERI) . The signing took pkace here in New Delhi today after a bilateral meeting held between the delegations led by between Minister of State (L&E), Government of India Shri K. Suresh, and Minister Mr. Matthew Hancock, Minister of State for Skills & Enterprise, United Kingdom.
The key points of the memorandum are as fpllows:
Focus of this MOU is to collaborate and build partnership in the area of Skills Development and Employment Services. The MoU will be the guiding document for overall collaboration under which the following activities will be supported:
Institutional capacity building of UK and Indian official and institutes handling skill development and employment services
Sharing of technical expertise, building linkages and identification of gaps in the areas of skill development and employment services, improvement in curriculum, benchmarking of assessment, certification and training methods.
Supporting development of employment services in India on the lines of National Careers Service, UK.
Other beneficial projects, in the area of skill development and employment services, mutually agreed.
As a first step, UKIERI will facilitate partnership of Indian stakeholders with the existing Career Services in the UK. Best practices from the UK will be shared with MoLE and other stakeholders to help develop the Indian model. A workshop in this regard would be jointly organized by MoL&E and UKIERI in February 2014. This initiative will be jointly funded by MoLE and UKIERI. The India cost will be borne by MoLE and the UK cost will be borne by UKIERI.
India and the UK will partner on Mentor Councils in the identified priority sectors in responding to the skills demand in the sector and would cover an entire spectrum viz. restructuring of courses, curriculum development, identification and development of good teaching and learning aids, training of trainers with quality, devising assessment mechanisms, improving on the job training etc.
UKIERI will support in providing UK experts for the Mentor Councils for upto 10 sectors through institutional partnership between the MCs set up by MoLE and the National Skill Academies in the UK. Each partnership will be jointly funded by MoLE and UKIERI. The Indian cost of the partnership will be borne by MoLE and the UK cost of the partnership will be borne by UKIERI.
The key points of the memorandum are as fpllows:
Focus of this MOU is to collaborate and build partnership in the area of Skills Development and Employment Services. The MoU will be the guiding document for overall collaboration under which the following activities will be supported:
Institutional capacity building of UK and Indian official and institutes handling skill development and employment services
Sharing of technical expertise, building linkages and identification of gaps in the areas of skill development and employment services, improvement in curriculum, benchmarking of assessment, certification and training methods.
Supporting development of employment services in India on the lines of National Careers Service, UK.
Other beneficial projects, in the area of skill development and employment services, mutually agreed.
As a first step, UKIERI will facilitate partnership of Indian stakeholders with the existing Career Services in the UK. Best practices from the UK will be shared with MoLE and other stakeholders to help develop the Indian model. A workshop in this regard would be jointly organized by MoL&E and UKIERI in February 2014. This initiative will be jointly funded by MoLE and UKIERI. The India cost will be borne by MoLE and the UK cost will be borne by UKIERI.
India and the UK will partner on Mentor Councils in the identified priority sectors in responding to the skills demand in the sector and would cover an entire spectrum viz. restructuring of courses, curriculum development, identification and development of good teaching and learning aids, training of trainers with quality, devising assessment mechanisms, improving on the job training etc.
UKIERI will support in providing UK experts for the Mentor Councils for upto 10 sectors through institutional partnership between the MCs set up by MoLE and the National Skill Academies in the UK. Each partnership will be jointly funded by MoLE and UKIERI. The Indian cost of the partnership will be borne by MoLE and the UK cost of the partnership will be borne by UKIERI.
India, S. Korea sign five pacts
New Delhi: India and South Korea have signed 5 agreements at the end of delegation level talks between visiting South Korean President and PM Manmohan Singh.
These include an agreement on peaceful use of outer space and on Nalanda University.
Manmohan has said India and South Korea have concluded Double Taxation Avoidance Convention.
Singh also invited more Korean investments.
Both the countries agreed to set up a CEO forum.
India has also agreed to provide visa on arrival to Korean tourists.
These include an agreement on peaceful use of outer space and on Nalanda University.
Manmohan has said India and South Korea have concluded Double Taxation Avoidance Convention.
Singh also invited more Korean investments.
Both the countries agreed to set up a CEO forum.
India has also agreed to provide visa on arrival to Korean tourists.
Tuesday, January 14, 2014
Bajaj Electricals to set up R&D centre, up rural focus
Pune: Bajaj Electricals Ltd plans to establish an integrated R&D centre that will drive innovation and help it create cutting-edge technology across its three business verticals.
The company, which gets nearly half its top-line from the consumer durables and kitchen appliances business, is also increasing its focus on non-urban centres.
It plans to develop appliances specially aimed at the needs of this market, such as mixers and irons.
Citing the example of Bajaj Auto, which has created its own technology for its motorcycles, Shekhar Bajaj, CMD of Bajaj Electricals, said: “The R&D centre will study market needs and make what the
consumer wants.”
While the location is yet to be finalised, it is likely to be around Mumbai, he said.
Anant Bajaj, JMD, said at a press conference here he wants to move away from the mindset of differentiated quality products (appliances) for the export and domestic markets.
“Cutting-edge technology is the only way for products to remain strong,” he said, adding that the product could then be sold across geographies. At present, exports account for a mere 1 per cent of Bajaj Electricals’ sales, and there is a lot of scope on this front, he said. “We may even have some manufacturing and assembly in export free markets to make exports viable,” he added.
As part of a strategy to increase its focus on rural areas, Bajaj Electricals has set up exclusive showrooms that display its entire range of consumer products.
At present, 50 of 68 Bajaj World outlets are in non-urban locations, and the plan is to grow the total number to 100 in the current year.
Turnover target
The company expects to close the current fiscal with 25 per cent growth to a turnover of Rs 4,200 crore, against Rs 3,400 crore last year.
While the consumer durables and lighting businesses will each grow 15 per cent to Rs 2,100 crore and Rs 900 crore, respectively, the projects vertical will see 70 per cent growth to stand at Rs 1,200 crore (Rs 640 crore).
“We want to execute and hand over older projects and close all the gaps by the year-end. Then we can focus on our new order book,” Anant Bajaj said. The company’s projects order book at the end Q3 14 stood at Rs 1,465 crore, and is expected touch Rs 1,500 crore by the end of the fiscal.
“Cutting-edge technology is the only way for products to remain strong.” Anant Bajaj, JMD, Bajaj Electricals
The company, which gets nearly half its top-line from the consumer durables and kitchen appliances business, is also increasing its focus on non-urban centres.
It plans to develop appliances specially aimed at the needs of this market, such as mixers and irons.
Citing the example of Bajaj Auto, which has created its own technology for its motorcycles, Shekhar Bajaj, CMD of Bajaj Electricals, said: “The R&D centre will study market needs and make what the
consumer wants.”
While the location is yet to be finalised, it is likely to be around Mumbai, he said.
Anant Bajaj, JMD, said at a press conference here he wants to move away from the mindset of differentiated quality products (appliances) for the export and domestic markets.
“Cutting-edge technology is the only way for products to remain strong,” he said, adding that the product could then be sold across geographies. At present, exports account for a mere 1 per cent of Bajaj Electricals’ sales, and there is a lot of scope on this front, he said. “We may even have some manufacturing and assembly in export free markets to make exports viable,” he added.
As part of a strategy to increase its focus on rural areas, Bajaj Electricals has set up exclusive showrooms that display its entire range of consumer products.
At present, 50 of 68 Bajaj World outlets are in non-urban locations, and the plan is to grow the total number to 100 in the current year.
Turnover target
The company expects to close the current fiscal with 25 per cent growth to a turnover of Rs 4,200 crore, against Rs 3,400 crore last year.
While the consumer durables and lighting businesses will each grow 15 per cent to Rs 2,100 crore and Rs 900 crore, respectively, the projects vertical will see 70 per cent growth to stand at Rs 1,200 crore (Rs 640 crore).
“We want to execute and hand over older projects and close all the gaps by the year-end. Then we can focus on our new order book,” Anant Bajaj said. The company’s projects order book at the end Q3 14 stood at Rs 1,465 crore, and is expected touch Rs 1,500 crore by the end of the fiscal.
“Cutting-edge technology is the only way for products to remain strong.” Anant Bajaj, JMD, Bajaj Electricals
Dr Reddy's Laboratories launches anti-hypertension drug
Hyderabad: City-based pharma major Dr Reddy's Laboratories (DRL) on Friday launched Optidoz, a drug for the treatment of hypertension, in the Indian market. "Optidoz is a single pill combination of three anti-hypertensive drugs (Amlodipine 2.5 mg, Telmisartan 20mg and Hydrochlorothiazide 6.25mg) with optimal (half of standard) dose of individual drugs," a company official said.
The drug falls under the cardiovascular segment that fetches DRL around Rs 200-250 crore sales in India. Apart from cardiovascular segment, DRL would be focusing on areas such as diabetes, gastroenterology, oncology, urology and nephrology to boost its domestic business, DRL senior vice-president and India business head for generics Alok Sonig said.
"Around 32% of adult Indian population suffers from high blood pressure and we are looking at tapping 50 -70 million of these total 200 million patients. In the next five to ten years, the product could see sales north of Rs 100 crore," Sonig said.
He pointed out that he expects the company's generic business in India to grow by 8-10% this fiscal. The company along with other pharma players in the country has been under pressure due to the Drug Price Control Order (DPCO) and the number of drug launches too have been less this fiscal, he explained. According to him, DPCO had
eroded 5% of DRL's Indian revenue as nearly 15 to 20 products' prices had to be revised.
DPCO is a government's order under the essential commodities act that allows it to fix the prices of essential drugs and their formulations.
The drug falls under the cardiovascular segment that fetches DRL around Rs 200-250 crore sales in India. Apart from cardiovascular segment, DRL would be focusing on areas such as diabetes, gastroenterology, oncology, urology and nephrology to boost its domestic business, DRL senior vice-president and India business head for generics Alok Sonig said.
"Around 32% of adult Indian population suffers from high blood pressure and we are looking at tapping 50 -70 million of these total 200 million patients. In the next five to ten years, the product could see sales north of Rs 100 crore," Sonig said.
He pointed out that he expects the company's generic business in India to grow by 8-10% this fiscal. The company along with other pharma players in the country has been under pressure due to the Drug Price Control Order (DPCO) and the number of drug launches too have been less this fiscal, he explained. According to him, DPCO had
eroded 5% of DRL's Indian revenue as nearly 15 to 20 products' prices had to be revised.
DPCO is a government's order under the essential commodities act that allows it to fix the prices of essential drugs and their formulations.
NRI deposits swell by $13.71 bn in November
The Reserve Bank of India raised around $25 bn under the swap window facility, which was open till November 30
Mumbai: The Reserve Bank of India’s efforts to attract foreign exchange has paid off, with remittances from non-resident Indians (NRIs) touching $13.71 billion in November.
NRI deposits rose in September to $96.25 billion. Under foreign currency non-resident — banks [FCNR(B)] category, they stood at $38.62 billion at end of November, up from $24.70 billion in October, according to RBI data.
Bankers said the swap facility for FCNR(B) deposits did attract money from overseas Indians.
In August and September 2013
, the RBI took many steps to attract NRI deposits.
On September 4, RBI decided to offer banks a window to swap fresh FCNR(B) dollar funds.
Under the window, banks could swap fresh FCNR(B) dollar funds (deposits with a maturity period of at least three years) at a fixed rate of 3.5 per cent a year. The swap window was open till November 30. The RBI raised about $25 billion under this facility in three months.
The other two categories
of NRI deposits — NRE and NRO — saw net outflows in November.
The outstanding NRE deposit base was $ 49.06 billion ($ 49.21 billion in October) and NRO - $ 8.57 billion ($ 8.62 billion in October).
Meanwhile, the central bank sold net $ 10.08 billion in November. It’s outstanding net forward sales at the end of November stood at $ 32.54 billion, up from $ 14.45 billion at end of October.
Mumbai: The Reserve Bank of India’s efforts to attract foreign exchange has paid off, with remittances from non-resident Indians (NRIs) touching $13.71 billion in November.
NRI deposits rose in September to $96.25 billion. Under foreign currency non-resident — banks [FCNR(B)] category, they stood at $38.62 billion at end of November, up from $24.70 billion in October, according to RBI data.
Bankers said the swap facility for FCNR(B) deposits did attract money from overseas Indians.
In August and September 2013
, the RBI took many steps to attract NRI deposits.
On September 4, RBI decided to offer banks a window to swap fresh FCNR(B) dollar funds.
Under the window, banks could swap fresh FCNR(B) dollar funds (deposits with a maturity period of at least three years) at a fixed rate of 3.5 per cent a year. The swap window was open till November 30. The RBI raised about $25 billion under this facility in three months.
The other two categories
of NRI deposits — NRE and NRO — saw net outflows in November.
The outstanding NRE deposit base was $ 49.06 billion ($ 49.21 billion in October) and NRO - $ 8.57 billion ($ 8.62 billion in October).
Meanwhile, the central bank sold net $ 10.08 billion in November. It’s outstanding net forward sales at the end of November stood at $ 32.54 billion, up from $ 14.45 billion at end of October.
FIIs inflows cross Rs 3,500 crore mark in the Indian debt market
New Delhi: The overseas investors invested over Rs 3,500 crore in the Indian debt market so far in January 2014, when the US Federal Reserve is scheduled to start reducing its monthly bond purchases by US$ 10 billion.
Foreign institutional investors (FIIs) invested Rs 545 crore in the equity market. FIIs also bought debt securities worth Rs 8,155 crore and sold bonds worth Rs 4,609 crore till January 10, 2014, resulting in a net inflow of Rs 3,546 crore, as per data provided by Securities and Exchange Board of India (SEBI).
As of January 10, 2014, the number of registered FIIs in the country stood at 1,724 and the total number of sub-accounts was at 6,400. Their total investment in debt and equity was about Rs 4,091 crore. FIIs inflow in debt market is returning on account of some stability observed in foreign exchange and interest rates, according to market experts.
In 2013, overseas investors retrieved a net amount of Rs 50,847 crore from the bond market, while they infused a net Rs 1,130 billion in equities.
Foreign institutional investors (FIIs) invested Rs 545 crore in the equity market. FIIs also bought debt securities worth Rs 8,155 crore and sold bonds worth Rs 4,609 crore till January 10, 2014, resulting in a net inflow of Rs 3,546 crore, as per data provided by Securities and Exchange Board of India (SEBI).
As of January 10, 2014, the number of registered FIIs in the country stood at 1,724 and the total number of sub-accounts was at 6,400. Their total investment in debt and equity was about Rs 4,091 crore. FIIs inflow in debt market is returning on account of some stability observed in foreign exchange and interest rates, according to market experts.
In 2013, overseas investors retrieved a net amount of Rs 50,847 crore from the bond market, while they infused a net Rs 1,130 billion in equities.
Petrotech 2014: India to showcase 46 oil & gas blocks
New Delhi: The Government will unveil 46 oil and gas blocks on Sunday at Petrotech 2014. The blocks are expected to be auctioned soon under the tenth round of the Government’s New Exploration and Licensing Policy (NELP X).
According to the Ministry of Petroleum and Natural Gas, the explorers would get a view of the geological reserves of the block, while the policy governing the auction would follow in few weeks.
Petrotech 2014, the biennial international oil and gas conference scheduled from January 12, will focus on ‘Vision 2030: The Emerging Global Energy Basket.’ It will discuss the 5Ps (planning, politics, partnership, production and policy) of the E&P (exploration and production) business, said Narendra K. Verma, Chairman, organising and programme committee of Petrotech 2014.
“In this conference, all regulators, national oil companies, private operators, services and ancillary firms, form a combined platform to demonstrate India as a E&P destination,” he said.
Nearly 11 energy ministers from across the world are expected to fly down to the four-day event. Companies from more than 15 countries will participate in the event.
Petrotech 2014 is being jointly organised by the Oil and Natural Gas Corporation Ltd and the PETROTECH Society. The Minister of Petroleum and Natural Gas M. Veerappa Moily is its patron-in-chief.
According to the Ministry of Petroleum and Natural Gas, the explorers would get a view of the geological reserves of the block, while the policy governing the auction would follow in few weeks.
Petrotech 2014, the biennial international oil and gas conference scheduled from January 12, will focus on ‘Vision 2030: The Emerging Global Energy Basket.’ It will discuss the 5Ps (planning, politics, partnership, production and policy) of the E&P (exploration and production) business, said Narendra K. Verma, Chairman, organising and programme committee of Petrotech 2014.
“In this conference, all regulators, national oil companies, private operators, services and ancillary firms, form a combined platform to demonstrate India as a E&P destination,” he said.
Nearly 11 energy ministers from across the world are expected to fly down to the four-day event. Companies from more than 15 countries will participate in the event.
Petrotech 2014 is being jointly organised by the Oil and Natural Gas Corporation Ltd and the PETROTECH Society. The Minister of Petroleum and Natural Gas M. Veerappa Moily is its patron-in-chief.
Ranbaxy inks licensing pact with Epirus Switzerland
New Delhi: Drug maker Ranbaxy Laboratories has entered into a licensing agreement with Epirus Switzerland GmbH, the Swiss arm of Boston-based Epirus Biopharmaceuticals Inc, for introducing a biosimilar version (BOW015) of infliximab, a drug currently sold by Johnson & Johnson under brand Remicade for treatment of rheumatoid arthritis.
According to the agreement, the Swiss firm will develop and supply the product, and upon regulatory approval, Ranbaxy will market the same in India and other emerging markets, the Indian drug maker said in a statement on Thursday. Currently, no biosimilar of Infliximab approved in India. Biosimilar is the generic version of a biotechnology-based product.
According to experts, once Ranbaxy gets an approval and launches the product in India, the drug’s price is expected to come down significantly. The medicine, available in the form of injection, is priced at Rs 82,000 for a single course, sources said.
“We are pleased to partner with Epirus for biosimilar infliximab. We will utilise our strong front-end capabilities in making this product available in India and other parts of the world,” said Sanjeev I Dani, executive vice-president and head (global strategy) at Ranbaxy.
While there have been some domestic companies such as Biocon dedicated towards biotechnology products, recently even pharmaceutical companies such as Cipla, Ranbaxy and Lupin have turned their attention towards the segment.
Recently, Biocon secured approval in India for the first biosimilar version of Roche’s Herceptin, the world’s best-selling breast cancer drug. The biotech company had also jointly developed the product with US-based generic drug maker Mylan Inc.
Experts say some of the recent regulatory developments may have prompted the move. In mid-2012, the Department of Biotechnology along with the Drugs Controller General of India framed the guidelines for biotech products to be developed and marketed in the country. The norms outline data requirements for pre-clinical and clinical trials and also talk about pre-marketing and post-marketing data. Before this, there was no separate set of guidelines for biosimilars in India, and such drugs were approved on the basis of general guidelines.
According to the agreement, the Swiss firm will develop and supply the product, and upon regulatory approval, Ranbaxy will market the same in India and other emerging markets, the Indian drug maker said in a statement on Thursday. Currently, no biosimilar of Infliximab approved in India. Biosimilar is the generic version of a biotechnology-based product.
According to experts, once Ranbaxy gets an approval and launches the product in India, the drug’s price is expected to come down significantly. The medicine, available in the form of injection, is priced at Rs 82,000 for a single course, sources said.
“We are pleased to partner with Epirus for biosimilar infliximab. We will utilise our strong front-end capabilities in making this product available in India and other parts of the world,” said Sanjeev I Dani, executive vice-president and head (global strategy) at Ranbaxy.
While there have been some domestic companies such as Biocon dedicated towards biotechnology products, recently even pharmaceutical companies such as Cipla, Ranbaxy and Lupin have turned their attention towards the segment.
Recently, Biocon secured approval in India for the first biosimilar version of Roche’s Herceptin, the world’s best-selling breast cancer drug. The biotech company had also jointly developed the product with US-based generic drug maker Mylan Inc.
Experts say some of the recent regulatory developments may have prompted the move. In mid-2012, the Department of Biotechnology along with the Drugs Controller General of India framed the guidelines for biotech products to be developed and marketed in the country. The norms outline data requirements for pre-clinical and clinical trials and also talk about pre-marketing and post-marketing data. Before this, there was no separate set of guidelines for biosimilars in India, and such drugs were approved on the basis of general guidelines.
Cold chain logistics biz feasts on quick service restaurants, cos see 15-25% growth: Crisil
Mumbai: A fast-paced lifestyle and changing eating habits are not only fuelling expansion and growth of quick service restaurants (QSRs) across India, but also of the cold chain logistics industry, which helps food reach fast and fresh. With the growing number of QSRs in India, local cold chain companies like Kelvin Cold Chain, Gati, Crystal Logistics and Snowman are seeing their business balloon at a pace of anywhere between 15% and 25%.
"Quick service restaurants are a big opportunity. We have seen a growth of 25-30% in the last few years," said Manish Agarwal, vicepresident at Gati cold chain, which gets 15-20% of its Rs 45.8 crore annual revenue from this segment. It counts Dominos as one of its major clients.
Business coming from these standardised but quality-conscious food chains is expected to fuel tremendous growth in the next two years as Indian and foreign brands expand presence. Cold chain companies distribute and deliver food from centralised kitchens to outlets, where minimal cooking takes place.
Crisil expects the QSR market to double to about Rs 7000 crore in 2015-16 from Rs 3400 crore in 2012-13, driven largely by new store additions in smaller cities. "Expansion is an issue without cold chains. We give a standard experience to everyone across cities, and that is not possible without a strong supply chain network," said K Ramakrishnan, presidentmarketing at Cafe Coffee Day. Restaurateur Anjan Chatterjee, who runs restaurant chains such as Mainland China and Oh! Calcutta, says that cold chain logistics is a backbone of the food industry and is absolute necessity for the expansion of his BSE-listed Speciality Restaurants.
CCD's Ramakrishnan, however, pointed out the availability of good cold chains is limited in smaller towns. The need for cold chains is greater in smaller towns as infrastructure is poorer and maintaining quality is tougher. Currently, metro and mini-metro cities combined form over 90% of the QSR market, according to Technopak. These food chains are penetrating deeper into the country to gain from increasing urbanisation and aspirations of younger generation. Consumer spend on these fast food chains will rise due to rising nuclear families, steady growth in incomes, changing lifestyle and eating patterns.
"New products are being developed. New localised products are coming in. Quick service restaurants are adding more markets and choices for consumers are increasing," said Pankaj Joshi, CEO at Kelvin Cold Chain. The company currently caters to eight clients in the segment, including Papa John's and Baskin Robbins, which contribute to about 40% of the revenue of about Rs 32 crore.
"Quick service restaurants are a big opportunity. We have seen a growth of 25-30% in the last few years," said Manish Agarwal, vicepresident at Gati cold chain, which gets 15-20% of its Rs 45.8 crore annual revenue from this segment. It counts Dominos as one of its major clients.
Business coming from these standardised but quality-conscious food chains is expected to fuel tremendous growth in the next two years as Indian and foreign brands expand presence. Cold chain companies distribute and deliver food from centralised kitchens to outlets, where minimal cooking takes place.
Crisil expects the QSR market to double to about Rs 7000 crore in 2015-16 from Rs 3400 crore in 2012-13, driven largely by new store additions in smaller cities. "Expansion is an issue without cold chains. We give a standard experience to everyone across cities, and that is not possible without a strong supply chain network," said K Ramakrishnan, presidentmarketing at Cafe Coffee Day. Restaurateur Anjan Chatterjee, who runs restaurant chains such as Mainland China and Oh! Calcutta, says that cold chain logistics is a backbone of the food industry and is absolute necessity for the expansion of his BSE-listed Speciality Restaurants.
CCD's Ramakrishnan, however, pointed out the availability of good cold chains is limited in smaller towns. The need for cold chains is greater in smaller towns as infrastructure is poorer and maintaining quality is tougher. Currently, metro and mini-metro cities combined form over 90% of the QSR market, according to Technopak. These food chains are penetrating deeper into the country to gain from increasing urbanisation and aspirations of younger generation. Consumer spend on these fast food chains will rise due to rising nuclear families, steady growth in incomes, changing lifestyle and eating patterns.
"New products are being developed. New localised products are coming in. Quick service restaurants are adding more markets and choices for consumers are increasing," said Pankaj Joshi, CEO at Kelvin Cold Chain. The company currently caters to eight clients in the segment, including Papa John's and Baskin Robbins, which contribute to about 40% of the revenue of about Rs 32 crore.
FY14 marine product exports set to rise 23% to Rs 26,750 crore
Chennai: Export of marine products is expected to touch $4.3 billion (Rs 26,750 crore) in 2013-14, an increase of 23 per cent compared to a year ago. The increase comes despite the US, Canada and Japan’s stringent regulations in recent months. One major contributor to growth is new markets and another value-added products, said an officer at the Marine Products Export Development Authority, under the commerce ministry.
After announcing the 19th edition of the Indian International Seafood Show, January 10-12, in Chennai, Chairman Leena Nair said the Indian seafood sector had grown 20-22 per cent in three years, despite major hurdles. In the last two years, the sector saw the countervailing and anti-dumping duty by the US, as well as quality regulation from Canada and Japan.
N Ramesh, director, marketing, added the $4.3-billion goal during the current financial year was achievable.
Value-added products are gaining momentum, said Nair. These were five per cent of the seafood exports three years ago, but now are 17 per cent. The target is to increase it to 30 per cent and then 50 per cent in three-five years, said Ramesh. Abraham J Tharakan, president, Seafood Exporters Association of India, said over the years the sector had added capacity to export value-added products. India has been exporting these to China and Thailand, where they are converted into ready-to-eat and ready-to-cook products.
Ramesh said in two-three years the sector had entered markets such as Africa, Commonwealth of Independent States and southeast Asia. These form 16 per cent of the export turnover.
After announcing the 19th edition of the Indian International Seafood Show, January 10-12, in Chennai, Chairman Leena Nair said the Indian seafood sector had grown 20-22 per cent in three years, despite major hurdles. In the last two years, the sector saw the countervailing and anti-dumping duty by the US, as well as quality regulation from Canada and Japan.
N Ramesh, director, marketing, added the $4.3-billion goal during the current financial year was achievable.
Value-added products are gaining momentum, said Nair. These were five per cent of the seafood exports three years ago, but now are 17 per cent. The target is to increase it to 30 per cent and then 50 per cent in three-five years, said Ramesh. Abraham J Tharakan, president, Seafood Exporters Association of India, said over the years the sector had added capacity to export value-added products. India has been exporting these to China and Thailand, where they are converted into ready-to-eat and ready-to-cook products.
Ramesh said in two-three years the sector had entered markets such as Africa, Commonwealth of Independent States and southeast Asia. These form 16 per cent of the export turnover.
RBI allows NRIs to operate resident bank a/c on 'either or survivor' basis
An NRI can be a joint holder in more than one account, if she/he is a close relative of all the resident bank account holders
Mumbai: The Reserve Bank of India (RBI) has allowed non-resident Indians (NRIs) to operate resident bank accounts on “either or survivor” basis. According to RBI, banks may include an NRI close relative in existing / new resident bank accounts as joint holder with the resident account holder on “either or survivor” basis, subject to fulfillment of a few conditions.
Such accounts will be treated as resident bank accounts and will be subject to all the regulations applicable to a resident bank account. Cheques, instruments, remittances, cash, card or any other proceeds belonging to the NRI relative shall not be eligible for credit to this account.
Besides, the NRI relative shall operate such account only for and on behalf of the resident for domestic payment and not for creating any beneficial interest for himself. An NRI can be a joint holder in more than one account, if s/he is a close relative of all the resident bank account holders.
If due to any eventuality, the non-resident account holder becomes the survivor of such an account, it shall be categorised as Non-Resident Ordinary Rupee (NRO) account according to the extant regulations, RBI said. The onus will be on the non-resident account holder to keep the bank informed to get the account categorised as NRO account and all such regulations as applicable to NRO account shall be applicable.
According to RBI, the joint account holder facility may be extended to all types of resident accounts including savings bank accounts. While extending this facility, the banks should satisfy itself about the actual need for such a facility and also obtain a declaration, duly signed by the non-resident account holder, said RBI.
Mumbai: The Reserve Bank of India (RBI) has allowed non-resident Indians (NRIs) to operate resident bank accounts on “either or survivor” basis. According to RBI, banks may include an NRI close relative in existing / new resident bank accounts as joint holder with the resident account holder on “either or survivor” basis, subject to fulfillment of a few conditions.
Such accounts will be treated as resident bank accounts and will be subject to all the regulations applicable to a resident bank account. Cheques, instruments, remittances, cash, card or any other proceeds belonging to the NRI relative shall not be eligible for credit to this account.
Besides, the NRI relative shall operate such account only for and on behalf of the resident for domestic payment and not for creating any beneficial interest for himself. An NRI can be a joint holder in more than one account, if s/he is a close relative of all the resident bank account holders.
If due to any eventuality, the non-resident account holder becomes the survivor of such an account, it shall be categorised as Non-Resident Ordinary Rupee (NRO) account according to the extant regulations, RBI said. The onus will be on the non-resident account holder to keep the bank informed to get the account categorised as NRO account and all such regulations as applicable to NRO account shall be applicable.
According to RBI, the joint account holder facility may be extended to all types of resident accounts including savings bank accounts. While extending this facility, the banks should satisfy itself about the actual need for such a facility and also obtain a declaration, duly signed by the non-resident account holder, said RBI.
PM to open Mumbai's T2 terminal on Friday
Mumbai/New Delhi: Prime Minister Manmohan Singh will inaugurate the new T2 Mumbai airport terminal on Friday, but passengers will have to wait for at least three weeks before they are allowed to get a feel of the new terminal.
Mumbai International Airport Ltd (MIAL), a joint venture that manages the airport, confirmed that commercial operations from T2 would start only in February, adding that no date had yet been decided for the launch. MIAL officials, however, declined to get into details of why the delay in commercial operations.
Interestingly, airlines, which will be the main users of the facilities at the terminal, were earlier asked to be ready to start operating from February 15, which was later shifted to February 22. Late on Thursday, they were asked to await a communication shortly on when exactly operations would begin from the new terminal. Sources indicated that once the Prime Minister inaugurates the terminal on Friday, departments, such as immigration, customs, the Central Industrial Security Force (CISF) and airline staffers would conduct dry runs. “The CISF, in particular, wants to avoid a repeat of the chaos that happened in Delhi during the opening of T3 terminal, when many personnel could not find their duty spots, while those completing their duty could not be relieved for hours,” sources said.
Architecture
The architecture and design of the new 4,39,000 square metre terminal has been inspired by a white peacock. Its roof has been embedded with special lenses that move in accordance with the sun’s movement. The terminal also houses a museum with nearly 7,000 artefacts and a 3km-long art wall that features works by over 1,500 artists.
Mumbai International Airport Ltd (MIAL), a joint venture that manages the airport, confirmed that commercial operations from T2 would start only in February, adding that no date had yet been decided for the launch. MIAL officials, however, declined to get into details of why the delay in commercial operations.
Interestingly, airlines, which will be the main users of the facilities at the terminal, were earlier asked to be ready to start operating from February 15, which was later shifted to February 22. Late on Thursday, they were asked to await a communication shortly on when exactly operations would begin from the new terminal. Sources indicated that once the Prime Minister inaugurates the terminal on Friday, departments, such as immigration, customs, the Central Industrial Security Force (CISF) and airline staffers would conduct dry runs. “The CISF, in particular, wants to avoid a repeat of the chaos that happened in Delhi during the opening of T3 terminal, when many personnel could not find their duty spots, while those completing their duty could not be relieved for hours,” sources said.
Architecture
The architecture and design of the new 4,39,000 square metre terminal has been inspired by a white peacock. Its roof has been embedded with special lenses that move in accordance with the sun’s movement. The terminal also houses a museum with nearly 7,000 artefacts and a 3km-long art wall that features works by over 1,500 artists.
France’s Lactalis to buy Tirumala Milk for $300 million
Mumbai: France’s Lactalis, the world’s largest dairy products group, will soon buy out Hyderabad-based Tirumala Milk Products for $275 -300 million, sources said.
Rothschild advised Lactalis on the deal, they said. Shankar Narayan, the managing director of the Indian arm of private equity giant The Carlyle Group, which has a fifth of Tirumala’s shares, confirmed the development on Tuesday. Tirumala’s founders own the remaining 80 per cent in the company. The Carlyle Group bought its shares for about $22 million in 2010.
Lactalis has an annual turnover of about $21 billion (Rs 1.3 lakh crore). Tirumala, established in 1998, had a turnover of Rs 1,424 crore for 2012-13. The Hyderabad company makes a wide range of dairy products, including sweets, flavoured milk, curd, milk powder and ice-cream.
India is the world’s largest milk producer, accounting for nearly a fifth of the world’s produce. Yet, private equity deals in the dairy sector have remained scarce. Among the major ones, Motilal Oswal, IDFC & IFC have put money in Parag Milks and IFC invested $7 million in Modern Dairies in 2008.
A report by the Associated Chambers of Commerce and Industry of India sees the dairy industry in India reaching Rs 5 lakh crore in turnover by 2015. It said production would rise to about 190 million tonnes (mt) in 2015 from 123 mt in 2011.
Rothschild advised Lactalis on the deal, they said. Shankar Narayan, the managing director of the Indian arm of private equity giant The Carlyle Group, which has a fifth of Tirumala’s shares, confirmed the development on Tuesday. Tirumala’s founders own the remaining 80 per cent in the company. The Carlyle Group bought its shares for about $22 million in 2010.
Lactalis has an annual turnover of about $21 billion (Rs 1.3 lakh crore). Tirumala, established in 1998, had a turnover of Rs 1,424 crore for 2012-13. The Hyderabad company makes a wide range of dairy products, including sweets, flavoured milk, curd, milk powder and ice-cream.
India is the world’s largest milk producer, accounting for nearly a fifth of the world’s produce. Yet, private equity deals in the dairy sector have remained scarce. Among the major ones, Motilal Oswal, IDFC & IFC have put money in Parag Milks and IFC invested $7 million in Modern Dairies in 2008.
A report by the Associated Chambers of Commerce and Industry of India sees the dairy industry in India reaching Rs 5 lakh crore in turnover by 2015. It said production would rise to about 190 million tonnes (mt) in 2015 from 123 mt in 2011.
Karnataka IT export earnings put at Rs 1.65 lakh crore
Bengaluru: Karnataka’s IT product export revenue touched the Rs 1.65-lakh-crore mark this this year, said S R Patil, Minister for Planning and Statistics, IT,BT, Science and Technology.
Karnataka accounts for nearly 40 per cent of the country’s IT export and is planning to take the IT export revenues to Rs 4 lakh crore by 2020.
The Minister said the government is is focussing on the growth of IT sector in tier-2 and -3 cities across the State.
To accelerate the growth of the sector, the state has revised and rolled out IT policy.
The new policy facilitates the formation of a single-window agency, which the industry has been demanding for long time.
Incentives
“The State government is planning to offer built-up area or land at a nominal cost in tier-2 and -3 cities. Also, IT industries had been exempted from many of the provisions of labour law,” said Patil.
To a query he said quite a good number of IT industries had shown interest to start their activities in Hubli-Dharwad, Shimoga, Gulburga, Managalore and Belgaum.
Already, the IT giant Infosys Technologies had been allotted an area of 50 acres in Hubli, and they had initiated the process to set up a unit there.
Once commissioned, Patil said, the Infosys unit would provide 10,000 direct jobs and 30,000 indirect jobs.
ITIR project
He said ITIR (Information Technology Investment Region) was another project the ministry is working upon.
It is a joint project for which the Centre will provide Rs 7,000 crore, mainly for creating infrastructure, including roads and communication facilities in the ITIR township.
Karnataka accounts for nearly 40 per cent of the country’s IT export and is planning to take the IT export revenues to Rs 4 lakh crore by 2020.
The Minister said the government is is focussing on the growth of IT sector in tier-2 and -3 cities across the State.
To accelerate the growth of the sector, the state has revised and rolled out IT policy.
The new policy facilitates the formation of a single-window agency, which the industry has been demanding for long time.
Incentives
“The State government is planning to offer built-up area or land at a nominal cost in tier-2 and -3 cities. Also, IT industries had been exempted from many of the provisions of labour law,” said Patil.
To a query he said quite a good number of IT industries had shown interest to start their activities in Hubli-Dharwad, Shimoga, Gulburga, Managalore and Belgaum.
Already, the IT giant Infosys Technologies had been allotted an area of 50 acres in Hubli, and they had initiated the process to set up a unit there.
Once commissioned, Patil said, the Infosys unit would provide 10,000 direct jobs and 30,000 indirect jobs.
ITIR project
He said ITIR (Information Technology Investment Region) was another project the ministry is working upon.
It is a joint project for which the Centre will provide Rs 7,000 crore, mainly for creating infrastructure, including roads and communication facilities in the ITIR township.
First National Wind Energy Mission to begin by mid-2014
New Delhi: The government will launch its first wind energy mission this year to give a boost to the renewable source and putting it in the same league as the high-profile solar mission. The 'National Wind Energy Mission (NWEM), which would be launched around the middle of the year, would give incentives to invest, east land clearances and regulate tariffs. But unlike the flagship 'National Solar Mission' it would not involve projects for bidding. It would act as a "facilitator", officials said.
"We wish to coordinate separate lines of action in the wind sector and involve all the stakeholders. Wind energy led to the establishment of renewable based power in the country but lately it has been marred by several issues," said Alok Srivastava, joint secretary (wind) in the ministry for new and renewable sources of energy.
Under the proposed action plan, MNRE would strengthen grid infrastructure for wind power, identify high wind power potential zones, ease land clearances for the projects, regulate wind power tariff and incentivise investment in the wind sector.
"The proposed NWEM would be placed in the cabinet soon and we wish to kick start it in the next 6 months," said Srivastava. He also said that all stakeholders in the wind sector, ministry of power, Powergrid corporation, central and state electricity regulators, planning commission, private and public sector project developers would be a part of the mission, with MNRE acting as a key facilitator and moderator amongst all of them. "A national program would uproot the scattered impediments faced by the wind sector and spur it towards the second phase of growth," said Srivastava.
Grid connected wind based power in India has been in existence from almost 20 years now while solar made its debut just 4 years back with the national solar mission. India is the fifth largest wind power producer in the world with an installed capacity of 19 GW.
Caught in the policy net, capacity addition in the wind sector fell to decade low during last & current fiscal. The industry, especially the private sector has also complained about the lack of proper grid infrastructure for evacuation of wind power.
There have been delays in payments by the states to the power developers due to the same. Through this mission, government aims to have a generating capacity of 100 GW of wind power by 2022. The potential of wind based power in the country is estimated to be 300 GW.
MNRE also plans to extend the 'generation based incentive (GBI)' for the project developers for five years. This would amount to a total expenditure of .`18,000 crore. Budgetary allocation for GBI in the current fiscal is .`800 crore.
GBI was notified in the union budget 2013. Under this financial scheme, government would pay wind power developers Rs 0.50 for every unit of power generated from the wind facility.
Till April 2012, wind sector enjoyed two fiscal benefits. Accelerated depreciation (AD) has been in force for the wind industry since 2003 till 2012 when its was withdrawn. GBI, announced in 2011 was discontinued in 2012, only to be reintroduced in 2013 in the union budget.
"We wish to coordinate separate lines of action in the wind sector and involve all the stakeholders. Wind energy led to the establishment of renewable based power in the country but lately it has been marred by several issues," said Alok Srivastava, joint secretary (wind) in the ministry for new and renewable sources of energy.
Under the proposed action plan, MNRE would strengthen grid infrastructure for wind power, identify high wind power potential zones, ease land clearances for the projects, regulate wind power tariff and incentivise investment in the wind sector.
"The proposed NWEM would be placed in the cabinet soon and we wish to kick start it in the next 6 months," said Srivastava. He also said that all stakeholders in the wind sector, ministry of power, Powergrid corporation, central and state electricity regulators, planning commission, private and public sector project developers would be a part of the mission, with MNRE acting as a key facilitator and moderator amongst all of them. "A national program would uproot the scattered impediments faced by the wind sector and spur it towards the second phase of growth," said Srivastava.
Grid connected wind based power in India has been in existence from almost 20 years now while solar made its debut just 4 years back with the national solar mission. India is the fifth largest wind power producer in the world with an installed capacity of 19 GW.
Caught in the policy net, capacity addition in the wind sector fell to decade low during last & current fiscal. The industry, especially the private sector has also complained about the lack of proper grid infrastructure for evacuation of wind power.
There have been delays in payments by the states to the power developers due to the same. Through this mission, government aims to have a generating capacity of 100 GW of wind power by 2022. The potential of wind based power in the country is estimated to be 300 GW.
MNRE also plans to extend the 'generation based incentive (GBI)' for the project developers for five years. This would amount to a total expenditure of .`18,000 crore. Budgetary allocation for GBI in the current fiscal is .`800 crore.
GBI was notified in the union budget 2013. Under this financial scheme, government would pay wind power developers Rs 0.50 for every unit of power generated from the wind facility.
Till April 2012, wind sector enjoyed two fiscal benefits. Accelerated depreciation (AD) has been in force for the wind industry since 2003 till 2012 when its was withdrawn. GBI, announced in 2011 was discontinued in 2012, only to be reintroduced in 2013 in the union budget.
Iran, S Korea stoke oilmeal exports up 7%
Mumbai: Oilmeal exports rose seven per cent during the first nine months of the current financial year due to increased supply to Iran and South Korea, the newly-developed export markets.
Data compiled by the Solvent Extractors’ Association (SEA) showed exports at 3.2 million tonnes during April-December in 2013 compared to three million tonnes a year ago.
Shipments were down 20 per cent in the first quarter due to a drastic fall in the export of soymeal, followed by a 43 per cent surge in the second quarter.
Heavy buying of soymeal from Iran and Europe lifted overall exports of oilmeal in the third quarter as well, with high export of soya bean, rapeseed and castorseed meal.
Rupee depreciation also helped exports. Oilmeal import by South Korea during April-December was 821,811 tonnes, up from 647,331 tonnes a year ago.
Iran imported 923,779 tonnes of oilmeal in the first nine months of FY14, double the 493,669 tonnes it had imported a year ago.
Data compiled by the Solvent Extractors’ Association (SEA) showed exports at 3.2 million tonnes during April-December in 2013 compared to three million tonnes a year ago.
Shipments were down 20 per cent in the first quarter due to a drastic fall in the export of soymeal, followed by a 43 per cent surge in the second quarter.
Heavy buying of soymeal from Iran and Europe lifted overall exports of oilmeal in the third quarter as well, with high export of soya bean, rapeseed and castorseed meal.
Rupee depreciation also helped exports. Oilmeal import by South Korea during April-December was 821,811 tonnes, up from 647,331 tonnes a year ago.
Iran imported 923,779 tonnes of oilmeal in the first nine months of FY14, double the 493,669 tonnes it had imported a year ago.
Thursday, January 9, 2014
L&T bags orders worth Rs 2,962 crore
Mumbai: L&T Construction has bagged orders worth Rs 2,962 crore across its business segments.
The buildings and factories business has got orders worth Rs 1,555 crore.
A large turnkey order is from an IT major for design and construction of two technology centres and augmentation of existing utility buildings in Bangalore.
Another order is from the Odisha Government for infrastructure development in three government medical colleges in Cuttack, Sambalpur and Berhampur.
Each of the colleges will have new laboratories, library, lecture and examination halls, a 1,500-seating capacity auditorium and a student-faculty accommodation building.
L&T has also secured a contract from the Cochin International Airport to build a new international terminal complex at Kochi.
The terminal will have 15 aerobridges and capacity to handle 10 million passengers annually.
In the water and renewable energy businesses, the company has got orders worth Rs 726 crore.
The power transmission and distribution business has secured orders valued at Rs 258 crore.
L&T said it has also received additional orders totalling Rs 423 crore from various ongoing projects in its metallurgical and material handling, heavy civil and transportation infrastructure businesses.
The buildings and factories business has got orders worth Rs 1,555 crore.
A large turnkey order is from an IT major for design and construction of two technology centres and augmentation of existing utility buildings in Bangalore.
Another order is from the Odisha Government for infrastructure development in three government medical colleges in Cuttack, Sambalpur and Berhampur.
Each of the colleges will have new laboratories, library, lecture and examination halls, a 1,500-seating capacity auditorium and a student-faculty accommodation building.
L&T has also secured a contract from the Cochin International Airport to build a new international terminal complex at Kochi.
The terminal will have 15 aerobridges and capacity to handle 10 million passengers annually.
In the water and renewable energy businesses, the company has got orders worth Rs 726 crore.
The power transmission and distribution business has secured orders valued at Rs 258 crore.
L&T said it has also received additional orders totalling Rs 423 crore from various ongoing projects in its metallurgical and material handling, heavy civil and transportation infrastructure businesses.
Honda Cars to use Ennore Port for exports
Chennai: Honda Cars India will use the Ennore Port to export cars to South Africa, according to port officials.
Officials said it will also finalise an agreement with Ford India for the car manufacturer to use the Port as an export base.
At a function to commission a railway siding at the Port, officials said leading original equipment manufacturers (OEMs) such as Nissan, Toyota, Volvo and Ashok Leyland use the Ennore Port to ship out vehicles. Ford and Honda Cars will soon follow. Honda Cars’ spokesperson said the car manufacturer finds it attractive to use the port even if it is away from its production facility in Greater Noida than the ports on the west coast.
Honda mostly ships the Brio and the Amaze to South Africa. The infrastructure for car exports at Ennore Port is attractive and cost effective. Also with other leading OEMs exporting to South Africa, availability of car carriers is also better. During the current year, Honda Cars will export about 6,000 cars to South Africa.
Officials said it will also finalise an agreement with Ford India for the car manufacturer to use the Port as an export base.
At a function to commission a railway siding at the Port, officials said leading original equipment manufacturers (OEMs) such as Nissan, Toyota, Volvo and Ashok Leyland use the Ennore Port to ship out vehicles. Ford and Honda Cars will soon follow. Honda Cars’ spokesperson said the car manufacturer finds it attractive to use the port even if it is away from its production facility in Greater Noida than the ports on the west coast.
Honda mostly ships the Brio and the Amaze to South Africa. The infrastructure for car exports at Ennore Port is attractive and cost effective. Also with other leading OEMs exporting to South Africa, availability of car carriers is also better. During the current year, Honda Cars will export about 6,000 cars to South Africa.
Toshiba to buy 26% stake in UEM India from existing shareholders
Mumbai: Japanese electronic goods giant Toshiba will purchase a 26% stake from its existing shareholders, including private equity investor, India Value Fund, in the unlisted water and waste management company, UEM India, two people with direct knowledge of the development said.
The deal signals the continued interest by Japanese firms to buy companies in the second-largest Asian economy with Hitachi Corporation buying out Indian automated teller machine (ATM) maker Prism Payments, in November. The PE fund will continue to hold UEM with around 51% stake. "This is a strategic growth area for Toshiba and we will bring our expertise and global access to the company and learn from UEM's vast experience in delivering complex, turn-key projects around the world," said Naohiro Noro, vice-president, environmental systems division, Toshiba Corporation.
UEM, founded by Krishnan Kshetry, will use the money to enter newer geographies and access better technologies to expand its business to provide water and wastewater collection, treatment, and disposal facilities. Toshiba, a maker of electrical systems for water supply and sewerage facilities, can enter into the Indian market which is stated to more than double to $3.25 billion in 2030 from $1.19 billion in 2015, according to a report by consultant Ernst & Young. Toshiba will also get a representation on the board
India Value Fund Advisors (IVFA) purchased a 70% stake in UEM in July 2010 for Rs 90 crore.
"IVFA will continue to own a majority stake in the venture and Toshiba's entire investment will be infused into the business to drive future growth," said Vishal Nevatia, managing partner of India Value Fund Advisors. It is the largest India-focused private equity fund, which manages $1.2 billion ( Rs 7,400 crore) with investments in radio taxi Meru Cabs, Radio City, DM Healthcare, Mahindra Hinoday, VKL Seasoning and Manipal Hospitals. "The company has grown four-fold from 2010 helped by better margins with higher technology and higher revenues," he added.
Noida-headquartered UEM, which has executed projects in over 30 countries across India, South East Asia, North America, Central America, and Africa, has annual revenues of around $70 million ( Rs 420 crore.) The company provides single-source services from engineering and design to construction and installation of water, waste-water and domestic waste treatment facilities.
"We believe that this partnership will provide us a bigger canvas to work on. The water sector has tremendous opportunities and we have the right tools and partners to achieve our vision," said Kshetry.
In India, 782 water management and sewerage projects primarily awarded by state governments are under stages of execution until March 31, 2013 with a total investment of Rs 24,700 crore, a Kotak Securities report said.
"The project investment in the sector has been growing at a compound annual growth rate of 5% for the past five years. The public sector is the major contributor in the sector with 99% share, of which the state government's share at around 59%."
There are many challenges for private companies. "Private participation is very low because of the grossly underpriced price of water and waste services, long delays in project clearances, and land acquisition problems result in cost and time overruns and non-availability of funds at reasonable interest rates," the report added.
The deal signals the continued interest by Japanese firms to buy companies in the second-largest Asian economy with Hitachi Corporation buying out Indian automated teller machine (ATM) maker Prism Payments, in November. The PE fund will continue to hold UEM with around 51% stake. "This is a strategic growth area for Toshiba and we will bring our expertise and global access to the company and learn from UEM's vast experience in delivering complex, turn-key projects around the world," said Naohiro Noro, vice-president, environmental systems division, Toshiba Corporation.
UEM, founded by Krishnan Kshetry, will use the money to enter newer geographies and access better technologies to expand its business to provide water and wastewater collection, treatment, and disposal facilities. Toshiba, a maker of electrical systems for water supply and sewerage facilities, can enter into the Indian market which is stated to more than double to $3.25 billion in 2030 from $1.19 billion in 2015, according to a report by consultant Ernst & Young. Toshiba will also get a representation on the board
India Value Fund Advisors (IVFA) purchased a 70% stake in UEM in July 2010 for Rs 90 crore.
"IVFA will continue to own a majority stake in the venture and Toshiba's entire investment will be infused into the business to drive future growth," said Vishal Nevatia, managing partner of India Value Fund Advisors. It is the largest India-focused private equity fund, which manages $1.2 billion ( Rs 7,400 crore) with investments in radio taxi Meru Cabs, Radio City, DM Healthcare, Mahindra Hinoday, VKL Seasoning and Manipal Hospitals. "The company has grown four-fold from 2010 helped by better margins with higher technology and higher revenues," he added.
Noida-headquartered UEM, which has executed projects in over 30 countries across India, South East Asia, North America, Central America, and Africa, has annual revenues of around $70 million ( Rs 420 crore.) The company provides single-source services from engineering and design to construction and installation of water, waste-water and domestic waste treatment facilities.
"We believe that this partnership will provide us a bigger canvas to work on. The water sector has tremendous opportunities and we have the right tools and partners to achieve our vision," said Kshetry.
In India, 782 water management and sewerage projects primarily awarded by state governments are under stages of execution until March 31, 2013 with a total investment of Rs 24,700 crore, a Kotak Securities report said.
"The project investment in the sector has been growing at a compound annual growth rate of 5% for the past five years. The public sector is the major contributor in the sector with 99% share, of which the state government's share at around 59%."
There are many challenges for private companies. "Private participation is very low because of the grossly underpriced price of water and waste services, long delays in project clearances, and land acquisition problems result in cost and time overruns and non-availability of funds at reasonable interest rates," the report added.
Korea eyes better banking footprint in India
New Delhi: South Korea will ask India to help its banks open branches in India when the finance ministers of the two countries meet on Wednesday to discuss cooperation in trade, taxation, banking, fiscal affairs and infrastructure development, among others.
The fourth finance ministerial meeting, to be held here, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
"They are seeking cooperation in the process for obtaining permission to establish branches of Korean commercial banks in India. Bilateral cooperation between supervisory agencies in the financial sector is also on the agenda," a ministry official, who did not wish to be identified, told Business Standard.
Sinhan Bank was the first Korean lender to set up a branch in India, in 1996, at Mumbai. In April 2012, Seoul-based Woori Bank had launched its first branch in India, at Chennai, to assist Korean companies in the country and to serve local clients. Samsung, LG, Hyundai, Daewoo and Posco are among the big Korean companies in India.
Deliberations will be held on revision of the Double Taxation Avoidance Agreement (DTAA), to allow for greater exchange of information and making it more relevant. India has been renegotiating its DTAAs with many countries, to check money being held abroad illegally by Indians.
The discussions will also touch on the macroeconomic situation. The two sides will discuss collaboration under multilateral frameworks, including G-20 and the East Asia Summit.
Cooperation in public service and fiscal management will be another area. It will include improving public procurement systems such as e-procurement.
The talks on cooperation in trade and investment will aim at establishing a map for mid-term and long-term cooperation, a Comprehensive Economic Partnership Agreement, reducing difficulties in Customs clearances, promoting small & medium enterprises' cooperation and providing more investment opportunities.
Other issues include memoranda of understanding between the Export Import Bank of Korea and India Infrastructure Finance Company, for exchanging information on infra development projects in India, and an inter-bank export credit agreement between the Korean Export Import Bank with State Bank of India.
The fourth finance ministerial meeting, to be held here, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
"They are seeking cooperation in the process for obtaining permission to establish branches of Korean commercial banks in India. Bilateral cooperation between supervisory agencies in the financial sector is also on the agenda," a ministry official, who did not wish to be identified, told Business Standard.
Sinhan Bank was the first Korean lender to set up a branch in India, in 1996, at Mumbai. In April 2012, Seoul-based Woori Bank had launched its first branch in India, at Chennai, to assist Korean companies in the country and to serve local clients. Samsung, LG, Hyundai, Daewoo and Posco are among the big Korean companies in India.
Deliberations will be held on revision of the Double Taxation Avoidance Agreement (DTAA), to allow for greater exchange of information and making it more relevant. India has been renegotiating its DTAAs with many countries, to check money being held abroad illegally by Indians.
The discussions will also touch on the macroeconomic situation. The two sides will discuss collaboration under multilateral frameworks, including G-20 and the East Asia Summit.
Cooperation in public service and fiscal management will be another area. It will include improving public procurement systems such as e-procurement.
The talks on cooperation in trade and investment will aim at establishing a map for mid-term and long-term cooperation, a Comprehensive Economic Partnership Agreement, reducing difficulties in Customs clearances, promoting small & medium enterprises' cooperation and providing more investment opportunities.
Other issues include memoranda of understanding between the Export Import Bank of Korea and India Infrastructure Finance Company, for exchanging information on infra development projects in India, and an inter-bank export credit agreement between the Korean Export Import Bank with State Bank of India.
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