MUMBAI: RBI’s central board is set to see a total revamp with a host of members completing their four-year term. Industrialist Sunil Mittal of the Bharti group and GM Rao of GMR are likely to be the new faces in the reconstituted board. According to sources, the two businessmen have been sounded out for their consent for being considered for nomination.
The government had last reconstituted the central bank’s board in June 2006. At that time, Wipro chairman Azim Premji, Aditya Birla Group of Companies chairman Kumar Mangalam Birla, Ambuja Cement chairman Suresh Kumar Neotia and Sanjay Labroo of Asahi Glass were inducted as members in place of Ratan Tata, NR Narayana Murthy and KP Singh, who had retired.
Besides the industrialists, there will be other retirements as well although it is not clear whether any member will be reappointed. In 2006, Chartered Accountant YH Malegam, Supreme Court Advocate HP Ranina and Ashok S Ganguly, member, Investment Commission and Knowledge Commission, were reappointed.
Sources said there is a likelihood that the entire board may change, in which case the central bank will lose some long-standing experts like Mr Malegam, who have outlasted several governors and has been the most active member on the board of the central bank.
The government has the powers to nominate 10 directors on the RBI board as per section 8(1)C of the RBI Act, 1934. According to the RBI Act, the central board shall include the governor and at the most four deputy governors, four directors nominated from RBI local boards, 10 directors nominated by the government and one bureaucrat also to be nominated by the government. Most of the industrialists and experts are nominated by the government under Section 8(1)C of the Act, which provides for the appointment of 10 nominees.
While the board does not have any role in monetary policy, it is the ultimate body that governs the working of RBI. The central bank’s HR policies and employee benefits are determined by the board.
Success in my Habit
Saturday, August 28, 2010
IDBI best public sector bank for SME financing: D&B
MUMBAI: IDBI Bank has received the best public sector bank award for financing small and medium enterprises (SMEs) from global business information provider Dun and Bradstreet.
"IDBI Bank has developed a special business model to serve the SMEs in the country that has enabled the bank to develop a quality SME portfolio through a dedicated streamlined credit decision process," said T. R. Bajalia, executive director and head (SME Group), IDBI Bank.
The award was presented to IDBI Bank at the "Dun & Bradstreet - Polaris Software Banking Awards 2010" here.
"The bank's focus is on service quality and consequently, utmost importance is being accorded to the building of an efficient SME sales network, effective client management mechanism besides borrower friendly, easy to understand and competitive products," he added.
IDBI Bank's operations during the quarter ended June 30, 2010, resulted in a net profit of Rs.251 crore.
D&B India developed a proprietary quantitative model based on various parameters for identifying the top banks across the spectrum. The model is based on the twin premise of recognising the size and growth of the banks.
For this purpose, D&B India identified a number of crucial parameters related to business, profitability, network, priority sector lending, asset quality, global business etc relevant to each award category.
The final ranking of the banks was arrived at using a composite score of these weighted parameters. The information has been collated from Reserve Bank of India (RBI) documents and annual reports of the banks.
"IDBI Bank has developed a special business model to serve the SMEs in the country that has enabled the bank to develop a quality SME portfolio through a dedicated streamlined credit decision process," said T. R. Bajalia, executive director and head (SME Group), IDBI Bank.
The award was presented to IDBI Bank at the "Dun & Bradstreet - Polaris Software Banking Awards 2010" here.
"The bank's focus is on service quality and consequently, utmost importance is being accorded to the building of an efficient SME sales network, effective client management mechanism besides borrower friendly, easy to understand and competitive products," he added.
IDBI Bank's operations during the quarter ended June 30, 2010, resulted in a net profit of Rs.251 crore.
D&B India developed a proprietary quantitative model based on various parameters for identifying the top banks across the spectrum. The model is based on the twin premise of recognising the size and growth of the banks.
For this purpose, D&B India identified a number of crucial parameters related to business, profitability, network, priority sector lending, asset quality, global business etc relevant to each award category.
The final ranking of the banks was arrived at using a composite score of these weighted parameters. The information has been collated from Reserve Bank of India (RBI) documents and annual reports of the banks.
Apollo Tyres to invest rs 1100 crore this year in its plants
KOCHI: Tyre major Apollo Tyres ltd, will be investing rs 1100 crore this year in its 9 plants in India and abroad and was looking at Asia for expansion, a top official of the company said.
'We will be looking at several countries for expansion.. we are looking at Asia, where we see lot of growth potential', Apollo Chairman, Onkar S Kanwar, told reporters here. Without naming the country, he said depending on raw material availablity and expansion of market, a decision would be taken.
During the current fiscal the total capacity of the Indian plants will touch 1450 tonnes, while 200 tonnes each would be added to the South African and European plants.
With regard to its investments this year, Kanwar said rs 900 crore investments would be made in Apollo's five plants in India.
The company would be investing rs 300 crore in its Green field Chennai plant this year, to make it the most efficient, modern and productive tyre plant across Asia. The plant is already producing truck-bus radial and passenger car tyres and four months ago since production commenced, dispatch of consignments to OEMs has also started, he said.
At the Chennai plant, where the total investment till the end of this year would be rs 2300 crore, only Diploma Engineers had been employed as the IT driven machinery requires technical know how and advanced skills. By the end of this year, the plant will produce 16,000 passenger car and 6000 truck-bus radial tyres every day, he said.
Apollo will be investing rs 200 crore in its Baroda plant and also has plans to invest rs 200 crore in Peramabra unit in kerala, which is under lock out since the past two months. It will be investing 30 million dollars at its South Africa plant and 6 million euros for Europe plant, he said.
Describing the Perambra plant as his 'personal baby' kanwar said it pains to see that the unit has been closed since the last two months due to labour problems causing a production loss of 300 tonnes of tyres a day. So far the loss to the company is to the tune of rs 300 crore. The daily loss works out to rs 5 crore, he said. There is heavy absenteeism and the company should be allowed to take secondary labourers, he said. Competition was harsh and there was hardly any margins.
He said workers should resume jobs, 'We want to be fair, but firm', he said adding among all its indian plants, Perambra plant was low on productivity
'We will be looking at several countries for expansion.. we are looking at Asia, where we see lot of growth potential', Apollo Chairman, Onkar S Kanwar, told reporters here. Without naming the country, he said depending on raw material availablity and expansion of market, a decision would be taken.
During the current fiscal the total capacity of the Indian plants will touch 1450 tonnes, while 200 tonnes each would be added to the South African and European plants.
With regard to its investments this year, Kanwar said rs 900 crore investments would be made in Apollo's five plants in India.
The company would be investing rs 300 crore in its Green field Chennai plant this year, to make it the most efficient, modern and productive tyre plant across Asia. The plant is already producing truck-bus radial and passenger car tyres and four months ago since production commenced, dispatch of consignments to OEMs has also started, he said.
At the Chennai plant, where the total investment till the end of this year would be rs 2300 crore, only Diploma Engineers had been employed as the IT driven machinery requires technical know how and advanced skills. By the end of this year, the plant will produce 16,000 passenger car and 6000 truck-bus radial tyres every day, he said.
Apollo will be investing rs 200 crore in its Baroda plant and also has plans to invest rs 200 crore in Peramabra unit in kerala, which is under lock out since the past two months. It will be investing 30 million dollars at its South Africa plant and 6 million euros for Europe plant, he said.
Describing the Perambra plant as his 'personal baby' kanwar said it pains to see that the unit has been closed since the last two months due to labour problems causing a production loss of 300 tonnes of tyres a day. So far the loss to the company is to the tune of rs 300 crore. The daily loss works out to rs 5 crore, he said. There is heavy absenteeism and the company should be allowed to take secondary labourers, he said. Competition was harsh and there was hardly any margins.
He said workers should resume jobs, 'We want to be fair, but firm', he said adding among all its indian plants, Perambra plant was low on productivity
TVS Motor to invest Rs 200 cr on capacity expansion
NEW DELHI: Motorcycle maker TVS Motor Company on Thursday said it will invest Rs 200 crore by April next year to increase its production capacity to 28 lakh units.
The company also said it will set up a design centre in Indonesia where it has a manufacturing facility.
"There is an increasing demand and to meet that we are increasing our production capacity to 28 lakh units from the existing 21 lakh units per annum. It will entail an investment Rs 200 crore by April 2011," TVS Motor Company Chairman Venu Srinivasan told reporters on the sidelines of the SIAM summit here.
He said the company expects to sell 18 lakh of two wheelers in the domestic market and export 2.5 lakh units this year.
On the three-wheeler front, the company expects sales of 50,000 units.
Commenting on the overseas operation, Srinivasan said TVS expects its Indonesian arm to break even by next year. "By next year we should have a design center there," he said.
He also said TVS plans to make Brazil, where it has an assembly unit, to be the hub for the Latin American market.
"We have a capacity of assembling 50,000 units in Brazil per year. We want this to be the hub of Latin America and supply to countries like Columbia, which is an interesting market," Srinivasan said.
The company assembles its motor cycle 'Apache' in Brazil right now. He also said the company is looking to increase export to Sri Lanka, Bangladesh and ASEAN countries.
TVS Motor reported a rise of 14.80 per cent in its total two-wheeler sales at 15,21,912 units in the last fiscal year.
The company also said it will set up a design centre in Indonesia where it has a manufacturing facility.
"There is an increasing demand and to meet that we are increasing our production capacity to 28 lakh units from the existing 21 lakh units per annum. It will entail an investment Rs 200 crore by April 2011," TVS Motor Company Chairman Venu Srinivasan told reporters on the sidelines of the SIAM summit here.
He said the company expects to sell 18 lakh of two wheelers in the domestic market and export 2.5 lakh units this year.
On the three-wheeler front, the company expects sales of 50,000 units.
Commenting on the overseas operation, Srinivasan said TVS expects its Indonesian arm to break even by next year. "By next year we should have a design center there," he said.
He also said TVS plans to make Brazil, where it has an assembly unit, to be the hub for the Latin American market.
"We have a capacity of assembling 50,000 units in Brazil per year. We want this to be the hub of Latin America and supply to countries like Columbia, which is an interesting market," Srinivasan said.
The company assembles its motor cycle 'Apache' in Brazil right now. He also said the company is looking to increase export to Sri Lanka, Bangladesh and ASEAN countries.
TVS Motor reported a rise of 14.80 per cent in its total two-wheeler sales at 15,21,912 units in the last fiscal year.
Auto component sector to see 4-fold growth by 2020
NEW DELHI: The Indian auto component industry expects to grow by over four-fold to $113 billion by 2020 as there have been projections of a similar jump in car manufacturing in the country in the next decade, said Automotive Component Manufacturers’ Association.
The total passenger car production in the country will jump four times to reach 9 million cars in the next ten years, the industry body said in its forecast report on Friday. Although a major chunk of this will come from the fast growing domestic market, exports are likely to form around 35% of the total market by 2020.
“India would be among the top-five vehicle producing countries in the world by 2020,” said ACMA executive director Vinnie Mehta.
Indian component industry is expected to clock a total revenue of $25 billion in the current fiscal. Given high growth projections, the local component industry is looking to invest $35 billion over the next decade.
Production of two-wheelers and three-wheelers are expected to double to 2.2 crore units by 2015 and reach three crore units by 2020 driven by current low penetration levels, expanding rural sales and growth in exports. Commercial vehicles production is forecast to cross the 22 lakh-units mark in the same period.
ACMA also said the local component industry would create an additional employment for over 10 lakh people in the next decade. To meet the increased requirement of skilled hands the government has decided to set up a dedicated skill development body for the auto industry to train 25 million people in the next decade. The Automobile Skill Development Council — under the umbrella of the National Skill Development Council (NSDC) — is expected to be established soon, a government official said on Friday.
To maintain competitiveness of the domestic component makers, ACMA has sought safeguard measures from the government against cheap imports of finished parts, primarily those coming from China. “Imports from many countries particularly from China and Thailand have risen significantly. There has been virtual dumping of certain spares from China and we have asked the government to take preventive measures,” said ACMA president Jayant Davar.
The total passenger car production in the country will jump four times to reach 9 million cars in the next ten years, the industry body said in its forecast report on Friday. Although a major chunk of this will come from the fast growing domestic market, exports are likely to form around 35% of the total market by 2020.
“India would be among the top-five vehicle producing countries in the world by 2020,” said ACMA executive director Vinnie Mehta.
Indian component industry is expected to clock a total revenue of $25 billion in the current fiscal. Given high growth projections, the local component industry is looking to invest $35 billion over the next decade.
Production of two-wheelers and three-wheelers are expected to double to 2.2 crore units by 2015 and reach three crore units by 2020 driven by current low penetration levels, expanding rural sales and growth in exports. Commercial vehicles production is forecast to cross the 22 lakh-units mark in the same period.
ACMA also said the local component industry would create an additional employment for over 10 lakh people in the next decade. To meet the increased requirement of skilled hands the government has decided to set up a dedicated skill development body for the auto industry to train 25 million people in the next decade. The Automobile Skill Development Council — under the umbrella of the National Skill Development Council (NSDC) — is expected to be established soon, a government official said on Friday.
To maintain competitiveness of the domestic component makers, ACMA has sought safeguard measures from the government against cheap imports of finished parts, primarily those coming from China. “Imports from many countries particularly from China and Thailand have risen significantly. There has been virtual dumping of certain spares from China and we have asked the government to take preventive measures,” said ACMA president Jayant Davar.
Tata Motors in tie-up with IndusInd Bank
CHENNAI: Automaker Tata Motors has entered into an understanding with IndusInd Bank for financing its range of passenger vehicles .
A MoU was signed in this regard by senior executives of the both companies, Tata Motors said in a statement.
"..IndusInd ranks in the top retail financiers for Tata Motors commercial vehicle segment today and we are happy to extend this partnership for our passenger vehicle business as well, ", Tata Motors Passenger Vehicle Business Unit Vice President R Ramakrishnan said.
"With this tie-up IndusInd Bank would be in a position to cater the financial needs of Tata Motors customers for the entire range of vehicles sold by Tata Motors," IndusInd Bank Consumer Finance Division Executive Vice-President S V Parthasarathy said.
IndusInd Bank currently has over two million customers and a network of 224 branches and 533 ATMs across 28 states, it added.
A MoU was signed in this regard by senior executives of the both companies, Tata Motors said in a statement.
"..IndusInd ranks in the top retail financiers for Tata Motors commercial vehicle segment today and we are happy to extend this partnership for our passenger vehicle business as well, ", Tata Motors Passenger Vehicle Business Unit Vice President R Ramakrishnan said.
"With this tie-up IndusInd Bank would be in a position to cater the financial needs of Tata Motors customers for the entire range of vehicles sold by Tata Motors," IndusInd Bank Consumer Finance Division Executive Vice-President S V Parthasarathy said.
IndusInd Bank currently has over two million customers and a network of 224 branches and 533 ATMs across 28 states, it added.
I am the least-paid Fortune 500 CEO: SBI Chairman
The State Bank of India broke into the Fortune 500 club during Om Prakash Bhatt’s current five-year tenure as chairman — surely something to celebrate. And he is proud of the fact that not only did he get SBI there, but the bank has also been inching up a few notches with every passing year.
However, there is something about that list which bothers him. He points out that he is the lowest-paid CEO on the Fortune 500 list. (The SBI chairman’s compensation in the last financial year was Rs 27 lakh, while on an average a Fortune 500 CEO earns more than $10 million or Rs 47 crore a year).
Maybe Bhatt has something to look forward to when he hangs up his boots as the top boss of the bank in March 2011. Being the head of the country’s largest commercial bank, he would get a red carpet welcome from any financial services company in the private sector, which wants to fortify its position in the country and there would be a willing candidate in Bhatt.
By his own admission , he cannot afford to retire on the pension of SBI. “I need to work to support my family,” he says rather humbly over coffee in his rather spacious 18th floor office in Mumbai’s central business district — Nariman Point.
The building is like a fortress with two sets of checks and a barricade, designed to keep out a moving vehicle without credentials. And why not? It’s the headquarters of the country’s largest bank with a deposit base of over Rs 8 lakh crore and a turnover of Rs 86,000 crore.
His room has a lovely view of the Arabian Sea and parts of Marine Drive and there are at least three sets of room ACs to keep the temperature, of a place where some of the hottest decisions of the banking sector are taken, a little low.
A replica of Krishna and Arjun at the battlefield of Kurukshetra rests on a table, perhaps reminding him of the continuous battle to keep his place under the sun.
There are innumerable trophies which line a cabinet on one side of the room from the various battles won. Besides, there is a hockey stick, which adorns one wall — signed by the Indian hockey team which won the Asia Cup a few years ago.
Dressed in a black suit, looking every inch the proverbial banker, the 59-year-old from Dehradun, answers all the questions in a similar soft tone throughout the course of the two-hour-long chat.
ED takes over Raju's 4,000-acre property
HYDERABAD: Charging that the property was acquired from the proceeds of the Satyam scam, the Enforcement Directorate (ED) on Friday took possession of 4,000 acres belonging to Satyam founder B Ramalinga Raju and his family members in Loyapalli village near Ibrahimpatnam of Ranga Reddy district.
The ED, which has attached 347 such properties so far, gave some time to the Rajus for handing over these properties to them and when that didn’t happen, it began taking physical possession of the land. The property in Loyapalli is one among the 347 properties that has been attached but is the single largest asset. The ED began the process of physical attachment of the property after its adjudicating authority in Delhi last week confirmed the provisional orders issued by the ED on these properties.
Taking physical possession includes installing a board that carries a warning on it saying that this is now a property of the government and that trespassers will be prosecuted etc. Among the remaining assets which have been attached by the ED but where the physical possession is still to happen are the spacious Jubilee Hills residence of Teja Raju, son of Ramalinga Raju.
Tuesday, August 24, 2010
Blackstone invests Rs 1,350 cr in Moser Baer's energy biz
New Delhi : Largest investment by a single PE investor in power sector.
US-based private equity (PE) fund Blackstone has invested $300 million (Rs 1,350 crore) in Moser Baer Projects Private Ltd (MBPPL), the unlisted energy business of Delhi-based global technology company Moser Baer India.
The investment will fund MBPPL's plans of commissioning 5,000 mega watt (Mw) of power generation capacity — 4,000 Mw of thermal power, 500 Mw of solar power and 500 Mw of hydro power — over the next six years in India and Germany. The group's 1,200-Mw Annuppur Project-1 in Madhya Pradesh, which has achieved financial closure, is the most advanced one.
The largest investment by a single PE investor in the Indian power sector will help MBPPL establish, what it called, "one of the country's leading independent power generation business".
"We have an appetite of investing $1 billion (around Rs 4,500 crore) in the power sector over the next five years, provided we get good deals," said Akhil Gupta, chairman and managing director of Blackstone Advisors India Private Ltd.
MBPPL has a 7.4-Mw operating solar farm asset in Germany and a 5-Mw solar power project under construction in Tamil Nadu. Besides, the company will invest in the country's largest solar power plant, a 45-Mw one, in Gujarat, whose financial closure is expected within a month.
"We have not done anything on the solar thermal front as yet and we will look at coal from Coal India and its subsidiaries. Our power projects will be fuelled from domestic coal," said Deepak Puri, founder of MBPPL. Moreover, Moser Baer doesn't intend to list MBPPL this year, though it is considering listing in a few years.
"We don't need more private equity and we think we will reach grid parity in three years," Puri said.
The PE fund has so far invested $1.25 billion (around Rs 5,600 crore) in 12 Indian companies. It recently secured a 12.5 per cent stake in Monnet Power Company (MPCL) for $60 million (Rs 275 crore). It also has investments in Indian companies like newspaper firm Jagran Prakashan, garment maker Gokaldas Exports, Allcargo Global Logistics, Nagarjuna Construction and Emcure Pharmaceuticals.
"The accelerated development of India's infrastructure industry in general and the power sector in particular is a pre-requisite for unlocking our country's economic potential and availability of growth capital will remain essential to enable this development. We have put together a highly qualified investment banking team to exclusively advise infrastructure companies on capital raising and mergers and acquisitions," said Venkat Ramaswamy, executive director, Edelweiss Group, which acted as the financial advisor to MBPPL.
Blackstone has said that infrastructure development continued to remain one of its key investment themes in India. Moser Baer's shares closed 6.6 per cent higher at Rs 66.45 on the Bombay Stock Exchange.
US-based private equity (PE) fund Blackstone has invested $300 million (Rs 1,350 crore) in Moser Baer Projects Private Ltd (MBPPL), the unlisted energy business of Delhi-based global technology company Moser Baer India.
The investment will fund MBPPL's plans of commissioning 5,000 mega watt (Mw) of power generation capacity — 4,000 Mw of thermal power, 500 Mw of solar power and 500 Mw of hydro power — over the next six years in India and Germany. The group's 1,200-Mw Annuppur Project-1 in Madhya Pradesh, which has achieved financial closure, is the most advanced one.
The largest investment by a single PE investor in the Indian power sector will help MBPPL establish, what it called, "one of the country's leading independent power generation business".
"We have an appetite of investing $1 billion (around Rs 4,500 crore) in the power sector over the next five years, provided we get good deals," said Akhil Gupta, chairman and managing director of Blackstone Advisors India Private Ltd.
MBPPL has a 7.4-Mw operating solar farm asset in Germany and a 5-Mw solar power project under construction in Tamil Nadu. Besides, the company will invest in the country's largest solar power plant, a 45-Mw one, in Gujarat, whose financial closure is expected within a month.
"We have not done anything on the solar thermal front as yet and we will look at coal from Coal India and its subsidiaries. Our power projects will be fuelled from domestic coal," said Deepak Puri, founder of MBPPL. Moreover, Moser Baer doesn't intend to list MBPPL this year, though it is considering listing in a few years.
"We don't need more private equity and we think we will reach grid parity in three years," Puri said.
The PE fund has so far invested $1.25 billion (around Rs 5,600 crore) in 12 Indian companies. It recently secured a 12.5 per cent stake in Monnet Power Company (MPCL) for $60 million (Rs 275 crore). It also has investments in Indian companies like newspaper firm Jagran Prakashan, garment maker Gokaldas Exports, Allcargo Global Logistics, Nagarjuna Construction and Emcure Pharmaceuticals.
"The accelerated development of India's infrastructure industry in general and the power sector in particular is a pre-requisite for unlocking our country's economic potential and availability of growth capital will remain essential to enable this development. We have put together a highly qualified investment banking team to exclusively advise infrastructure companies on capital raising and mergers and acquisitions," said Venkat Ramaswamy, executive director, Edelweiss Group, which acted as the financial advisor to MBPPL.
Blackstone has said that infrastructure development continued to remain one of its key investment themes in India. Moser Baer's shares closed 6.6 per cent higher at Rs 66.45 on the Bombay Stock Exchange.
Kurl-on to invest Rs 150 cr in Saudi, India plants
Ahmedabad: After diversifying from sleep comfort to providing end-to-end home comfort solutions last year, Kurl-on Ltd will invest around Rs 150 crore in the next couple of years on setting up three mattresses manufacturing plants, one in Saudi Arabia and two more in India.
In Saudi Arabia, the Karnataka-based company, part of the Rs 2,000-crore Manipal Group, is looking to invest around Rs 60 crore, and expects to initially sell nearly 12,000 high-end mattresses a month, Mr T. Sudhakar Pai, Chairman, told Business Line here. Kurl-on is a well-known brand in West Asia.
The company's aggressive plans are aimed at giving its expansion activities a definitive direction. It is repositioning itself as a player in India's Rs 1 lakh crore home comfort industry. Thus, operating on a bigger canvass, it would manufacture a whole range of products for home comfort also.
Furniture business
Kurl-on is also focusing on furniture and furnishing. It has already signed a joint venture agreement with Mr Cesare Giacomuzzo for the manufacture of furniture and is looking for partners across India to manufacture other products.
To fund its expansion and diversification plans, which includes finding partners and franchisees across India for making various home comfort products, Kurl-on may also raise funds from the capital market next year. Based on the current market evaluation of Kurl-on at Rs 1,600 crore, the company could raise up to Rs 400 crore via an IPO and get listed on the bourses. “We have the shareholders' nod. And many a private equity (PE) player have also approached us,” he added.
India plans
In India, where the company currently has five manufacturing units, it will establish two more plants with an investment of around Rs 90 crore, to double its current production capacity.
One of these plants will be in the Jhagadia industrial hub, near Ankaleshwar, in Bharuch district of Gujarat, where the company will invest Rs 60 crore. Last week, the company was allotted 25 acres at Jhagadia for the purpose.
Mr Pai said Kurl-on is also planning to set up a new plant in the North-East, preferably in Assam, with an initial investment of Rs 30 crore. Kurl-on is expecting to increase its turnover from Rs 417 crore in 2009-10 to Rs 1,000 crore in the next two years. With this objective, he said it aims to expand its network to a total of 150 exclusive company-owned flagship showrooms, called “Kurl-on Nests”, on a partnership or franchisee basis, and also 500 other outlets on the shop-in-shop model in the next three years.
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