New Delhi: US-based Indian origin researcher Shuvo Roy has created the world's first implantable artificial kidney. What's sensational about Roy's creation is that the organ, no larger than a coffee cup, will be able to mimic the kidney's most vital functions like filtering toxins out of the bloodstream, regulate blood pressure and produce the all- important vitamin D.
The artificial kidney has been tested successfully on a small number of animals. Large-scale trials on animals and humans are expected over the next five years. Once available, and if affordable, this creation by the Roy-led team at University of California will do away with the need for kidney dialysis.
This will be a boon for all patients with chronic kidney disease (CKD). At present in India, of the 1.5 lakh new patients who suffer from end-stage renal failure annually, only 3,500 get kidney transplants and 6,000-10,000 undergo dialysis. The rest perish due to an acute shortage of dialysis centres and nephrologists to man them.
CKD is rising at a rapid pace in India and the majority of those who perish are either unable to find a suitable organ for transplantation or are unable to pay for the high dialysis costs.
According to Roy, the device has a filtration section to remove toxins from the blood, alongside a compartment with renal cells to conduct other functions of a kidney. He believes the artificial kidney could last for decades and require no pumps or batteries. Patients wouldn't require anti-rejection drugs (as is required after transplants) either because there would be no exposed natural tissues for the immune system to attack.
The University of California team is awaiting approval to conduct larger scale animal and human trials. Already, it has successfully tested the implant in a few rats and pigs.
"The payoff to the patient community is tremendous," said Roy. "It could have a transformative impact on their lives...With the right financial support, I think we could reach clinical trials in five years. But it's hard to say how long after that it becomes commercially available due to the uncertainties of the FDA and commercialization prospects.''
So what would this artificial kidney mean for India? ''It will be a real boon,'' said Dr S C Tiwari, director of nephrology and renal transplantation medicine at Fortis health care. He added: ''The biggest problem with CKD patients in India is that majority of them are diagnosed in the final stages where they would either require constant dialysis or a transplant. They would require dialysis three times week. However, of the two lakh CKD patients requiring dialysis, only 10,000 get it, mainly because they can't afford it. Maybe only 1,000 such patients get it for free or at a subsidized rate in government hospitals. The artificial kidney, when available and if affordable, will be a miracle.'' Dr Madan Bahadur, nephrologist with Mumbai's Jaslok Hospital added, ''Work on creating tubular cells (that perform the biochemical work of the kidney) began a decade back. But bio-chemical engineering has so far not managed to replicate the kidney.''
According to Dr Jitendra Kumar, head of nephrology at Asian Institute of Medical Sciences, the main reason why this artificial kidney will be a real breakthrough is because it will be able to mimic the vital functions of a kidney like regulate BP and produce vitamin D — things a dialysis can't do.
Success in my Habit
Tuesday, December 14, 2010
ACME inks supply pact with First Solar for Gujarat plant
Mumbai/ Ahmedabad: Delhi-based ACME Tele Power Ltd (ATPL) and First Solar Inc have inked a module supply agreement, which covers the supply of First Solar’s advanced thin-film modules for a 15 Mw (DC) solar power plant in the state of Gujarat.
A statement issued today informed that the agreement entails building a 15 Mw power generation project in the state of Gujarat. The delivery of thin-film modules is expected to take place by March 2011 to fulfill the Gujarat government’s expectations, the statement said. Manoj Kumar Upadhyay, chairman and managing director, ATPL commented, "This agreement is in line with our endeavour of pioneering turnkey solar technologies in India. We are enthusiastic about working with First Solar to make this ambitious project a success and deliver larger benefits to the country."
Commenting on the signing, T K Kallenbach, executive vice-president of marketing and product management, First Solar, said, "We see India as a land of immense opportunity and potential. We are pleased to collaborate with a leader like ACME and contribute through the development of clean, affordable, sustainable solar electricity utilising our advanced technology and unparalleled experience in large-scale solar PV systems."
A statement issued today informed that the agreement entails building a 15 Mw power generation project in the state of Gujarat. The delivery of thin-film modules is expected to take place by March 2011 to fulfill the Gujarat government’s expectations, the statement said. Manoj Kumar Upadhyay, chairman and managing director, ATPL commented, "This agreement is in line with our endeavour of pioneering turnkey solar technologies in India. We are enthusiastic about working with First Solar to make this ambitious project a success and deliver larger benefits to the country."
Commenting on the signing, T K Kallenbach, executive vice-president of marketing and product management, First Solar, said, "We see India as a land of immense opportunity and potential. We are pleased to collaborate with a leader like ACME and contribute through the development of clean, affordable, sustainable solar electricity utilising our advanced technology and unparalleled experience in large-scale solar PV systems."
Opto Circuits buys 76% of US firm
Chennai/ Bangalore: Bangalore-based healthcare equipment company Opto Circuits (India) Ltd has acquired around 76 per cent of the outstanding common shares of US-based Cardiac Science Corporation as part of its acquisition plans. Earlier, the company had agreed to acquire Cardiac Science Corporation for $64 million.
The company also plans to exercise its top-up option under the terms of the merger agreement, which is expected to occur in the next few days, the company release said.
Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits. Cardiac Science specialises in many healthcare equipment in cardiology space including electro-cardiograph devices, cardiac stress treadmills and systems, vital sign monitors among others.
As per the merger deal with Cardiac Science, Opto Circuits has agreed to acquire all the outstanding shares of Cardiac Science for $2.30 per share.
The company has recently acquired two companies to further its business growth both in domestic and international market.
While the company acquired the US-based Unetixs Vascular Inc at $9.7 million in July, it acquired a domestic company, NS Remedies for $1.50 million in April of this year.
Unetixs’ products like vascular diagnostic systems and accessories will be marketed in countries like Europe and West Asia among others.
As per analysts, Unetixs’ that holds 14 patents world wide in peripheral arterial disease (PAD) space, will help Opto to grab a substantial market share in near future.
Similarly, NS Remedies had been acquired by Opto in April this year at an investment of $1.50 million and is expected to provide a cost saving of 20 per cent in stent manufacturing to the company.
The company, presently, sources stent, a critical component of cardiac surgery, from its Germany based Eurocor Gmbh facility.
Opto specialises in range of products like pulse oximeters, pulse oximeter sensors, fluid warmers, cholesterol monitors and stents.
The company also plans to exercise its top-up option under the terms of the merger agreement, which is expected to occur in the next few days, the company release said.
Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits. Cardiac Science specialises in many healthcare equipment in cardiology space including electro-cardiograph devices, cardiac stress treadmills and systems, vital sign monitors among others.
As per the merger deal with Cardiac Science, Opto Circuits has agreed to acquire all the outstanding shares of Cardiac Science for $2.30 per share.
The company has recently acquired two companies to further its business growth both in domestic and international market.
While the company acquired the US-based Unetixs Vascular Inc at $9.7 million in July, it acquired a domestic company, NS Remedies for $1.50 million in April of this year.
Unetixs’ products like vascular diagnostic systems and accessories will be marketed in countries like Europe and West Asia among others.
As per analysts, Unetixs’ that holds 14 patents world wide in peripheral arterial disease (PAD) space, will help Opto to grab a substantial market share in near future.
Similarly, NS Remedies had been acquired by Opto in April this year at an investment of $1.50 million and is expected to provide a cost saving of 20 per cent in stent manufacturing to the company.
The company, presently, sources stent, a critical component of cardiac surgery, from its Germany based Eurocor Gmbh facility.
Opto specialises in range of products like pulse oximeters, pulse oximeter sensors, fluid warmers, cholesterol monitors and stents.
Religare buys US PE co Landmark for Rs 770 cr
Mumbai: Religare Enterprises is buying Landmark Partners , a US-based private equity and real estate investment firm with assets under management worth $8.5 billion.
The New Delhi-based financial services group will buy about 55% in Landmark for roughly $170 million, or Rs 770 crore, valuing the American asset manager at over 3.6% of its total assets, said two people familiar with the matter.
Shachindra Nath, group chief executive officer of Religare Enterprises, confirmed the development, but declined to comment on the deal size. “This acquisition is part of our inorganic growth strategy. We have a chest of $1 billion and will use it to buy asset managers worldwide over the next couple of years,” he said. Landmark executives could not be reached for comment.
Earlier this year, Religare bought Northgare Capital, a US-based fund-of-funds manager, but did not disclose the size of the deal.
The company, majority owned by brothers Malvinder and Shivinder Singh, who sold their stake in generic drugs maker Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for roughly $2 billion, has been in talks to buy asset managers in the US in the last two years.
It was one of the top contenders for the fund management unit of US-based troubled insurance giant AIG last year. Religare was rumoured to be in talks with a couple of domestic mutual funds to buy out their business.
The Landmark acquisition will catapult Religare’s assets under management, including the money managed by Northgate and its Indian mutual fund, to almost $15 billion, Nath said. Reliance Mutual Fund , India’s largest asset management company, had assets worth Rs 1.07 lakh crore or $23 billion on September 30.
Domestic mutual fund industry officials, on condition of anonymity, said the deal is not cheap by valuation standards in developed markets.
“The acquisition is certainly not cheap. Asset management companies in the US and Europe normally would not get more than 2-3% of their assets,” said a top executive of a bank-owned mutual fund. “However, given that there is lot of cheap capital available, Religare can use its expertise in Indian markets to channel it well,” he said.
Asset management companies in emerging markets, including India, are usually valued at 4-6% of their assets because of their growth potential. Recently, L&T Finance, the financial services arm of engineering major Larsen and Toubro, bought DBS Cholamandalam Asset Management for Rs 45 crore, valuing DBS at 1.55% of its total assets under management.
In June last year, Japan’s Nomura bought a stake in LIC Mutual Fund for about 2.5% of fund’s assets. In 2009, IDFC bought Standard Chartered Bank’s asset management business for close to 5.7% of its assets.
The New Delhi-based financial services group will buy about 55% in Landmark for roughly $170 million, or Rs 770 crore, valuing the American asset manager at over 3.6% of its total assets, said two people familiar with the matter.
Shachindra Nath, group chief executive officer of Religare Enterprises, confirmed the development, but declined to comment on the deal size. “This acquisition is part of our inorganic growth strategy. We have a chest of $1 billion and will use it to buy asset managers worldwide over the next couple of years,” he said. Landmark executives could not be reached for comment.
Earlier this year, Religare bought Northgare Capital, a US-based fund-of-funds manager, but did not disclose the size of the deal.
The company, majority owned by brothers Malvinder and Shivinder Singh, who sold their stake in generic drugs maker Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for roughly $2 billion, has been in talks to buy asset managers in the US in the last two years.
It was one of the top contenders for the fund management unit of US-based troubled insurance giant AIG last year. Religare was rumoured to be in talks with a couple of domestic mutual funds to buy out their business.
The Landmark acquisition will catapult Religare’s assets under management, including the money managed by Northgate and its Indian mutual fund, to almost $15 billion, Nath said. Reliance Mutual Fund , India’s largest asset management company, had assets worth Rs 1.07 lakh crore or $23 billion on September 30.
Domestic mutual fund industry officials, on condition of anonymity, said the deal is not cheap by valuation standards in developed markets.
“The acquisition is certainly not cheap. Asset management companies in the US and Europe normally would not get more than 2-3% of their assets,” said a top executive of a bank-owned mutual fund. “However, given that there is lot of cheap capital available, Religare can use its expertise in Indian markets to channel it well,” he said.
Asset management companies in emerging markets, including India, are usually valued at 4-6% of their assets because of their growth potential. Recently, L&T Finance, the financial services arm of engineering major Larsen and Toubro, bought DBS Cholamandalam Asset Management for Rs 45 crore, valuing DBS at 1.55% of its total assets under management.
In June last year, Japan’s Nomura bought a stake in LIC Mutual Fund for about 2.5% of fund’s assets. In 2009, IDFC bought Standard Chartered Bank’s asset management business for close to 5.7% of its assets.
L&T Infotech in strategic partnership with IBM
Mumbai: L&T Infotech today announced a strategic partnership with IBM in the Business Process Management (BPM) space, using IBM's WebSphere Lombardi Suite of products. This partnership will be let L&T Infotech and IBM to offer BPM solutions such as business process modeling, implementation, integration solutions and services to its clientele. Further, L&T Infotech is launching customisable BPM solutions in the areas of Banking & Financial Services like corporate loans, know your customer, credit card issuance, accounts payable and insurance (claims processing, underwriter workflow) by leveraging Lombardi.
Commenting on the partnership, Abhay Chitnis, VP and head-technology, L&T Infotech, said: “With rapid evolution of IT in recent years, enterprise IT landscape has become increasingly complex. All organisations are striving to improve agility and scalability of the intra and inter-enterprise eco-systems. Our IBM partnership is in line with our constant endeavor to provide added value to our clients. The leadership position enjoyed by IBM Lombardi in the BPM space coupled with L&T Infotech’s domain knowledge and modeling accelerators, provides a unique value proposition to our clients, especially in banking and financial services sector.”
Pradeep Nair, director - Software Group - IBM India/South Asia, added:, "BPM software and services from IBM help organisations optimise business performance by discovering, documenting, automating, and continuously improving business processes to increase efficiency and reduce costs. We know that the combination of IBM Lombardi’s class-leading BPM technology and L&T Infotech’s depth of industry expertise will deliver superior value and most importantly, near-term return on investment, to our clients.”
Currently, L&T Infotech offers BPM services in several verticals such as banking and financial services, energy and petrochemicals, product engineering services (Telecom), insurance and manufacturing. L&T Infotech’s banking and financial services business unit focuses on providing business solutions to leading banks and financial institutions across the globe. Leveraging IBM Lombardi, L&T Infotech's banking and financial services unit has also developed JukeBox+, a domain-centric solution to allow clients to jumpstart their business processes integration and automation activity.
Commenting on the partnership, Abhay Chitnis, VP and head-technology, L&T Infotech, said: “With rapid evolution of IT in recent years, enterprise IT landscape has become increasingly complex. All organisations are striving to improve agility and scalability of the intra and inter-enterprise eco-systems. Our IBM partnership is in line with our constant endeavor to provide added value to our clients. The leadership position enjoyed by IBM Lombardi in the BPM space coupled with L&T Infotech’s domain knowledge and modeling accelerators, provides a unique value proposition to our clients, especially in banking and financial services sector.”
Pradeep Nair, director - Software Group - IBM India/South Asia, added:, "BPM software and services from IBM help organisations optimise business performance by discovering, documenting, automating, and continuously improving business processes to increase efficiency and reduce costs. We know that the combination of IBM Lombardi’s class-leading BPM technology and L&T Infotech’s depth of industry expertise will deliver superior value and most importantly, near-term return on investment, to our clients.”
Currently, L&T Infotech offers BPM services in several verticals such as banking and financial services, energy and petrochemicals, product engineering services (Telecom), insurance and manufacturing. L&T Infotech’s banking and financial services business unit focuses on providing business solutions to leading banks and financial institutions across the globe. Leveraging IBM Lombardi, L&T Infotech's banking and financial services unit has also developed JukeBox+, a domain-centric solution to allow clients to jumpstart their business processes integration and automation activity.
Consumer durable firms step up investments
Mumbai: Consumer durable companies are stepping up investments in production and distribution to cash in on the demand the industry is witnessing.
According to a recent report by research agency Crisil, the Rs 25,000-crore consumer durable industry is slated to grow at a rate of 17-18 per cent over the next five years, to touch Rs 60,000 crore. Already, the festive period, stretching from July to November, has been a good one for most consumer durable companies. Sales growth was in excess of 30 per cent compared to last year when it was just half of that.
"Naturally,” says Amitabh Tiwari, National Head, Sales, LG Electronics. “Companies are keen to take advantage of this boom.”
According to industry estimates, investment, close to Rs 5,000 crore, will be made in the next few years in production and distribution alone with an objective to meet the growing demand.
Companies at the fore front of this investment exercise include the Korean Chaebols LG and Samsung, Japanese major Panasonic and Indian companies such as Onida, Godrej Appliances, Videocon, Voltas, Blue Star, Bajaj Electricals and Havells.
LG, for instance, will make investments of over Rs 1,300 crore in the next few years, which will involve setting up a new plant, most likely in Chennai, say company officials. The firm, the largest consumer durables manufacturer in the country, already has two plants — in Pune and Nodia. Of the Rs 1,300 crore capex, Rs 350-400 crore will go towards ramping up infrastructure and capacity at existing plants, company officials say.
Another Rs 100 crore will be invested in expanding LG’s network of brand shops from 1,100 to 2,000 by the end of next year. Its regional sales offices will also be increased from the current 38 to 47 respectively, says Tiwari.
The country’s second-largest consumer durables maker Samsung, meanwhile, has just inaugurated a new plant at Chennai at an investment of over Rs 335 crore, says the firm’s deputy managing director, Ravinder Zutshi. The plant will produce 1.2 million refrigerators and increase its in-house capacity to 2.6 million refrigerators. Earlier this year, Samsung invested Rs 45 crore to set up a new split air-conditioner (A/C) production line in Noida. This came soon after a new line for split ACs was set up in Chennai last year for Rs 22 crore. All of this puts the company’s total capital expenditure in the last one year at around Rs 400 crore, says Zutshi.
“But this is not all, he says. “In the next five years our investment in Chennai alone will be close to Rs 450 crore (or $100 million).” The firm is also increasing the number of its brand shops by 150 in the next one year. Its current strength is 300.
The third largest manufacturer, Videocon, has earmarked Rs 1,600 crore as capex, which will be utilised to set up a plant in Chennai to manufacture LCDs, say company sources.
As the top three players ramp up investments, Japanese major Panasonic is set to plough in over Rs 1,000 crore in the next three years to set up among others its manufacturing plants in the country, which will come up in Haryana. The company will also set up a state-of-the-art research and development (R&D) centre; something the Korean Chaebols are also doing. Samsung, for instance, has just set up a performance innovation centre in India — the fourth after the US, China and UK — which will design and develop new innovative products.
Rival LG is also upgrading its Indian R&D centre so that it can design and develop both white and brown goods for global markets.
Of the Indian companies, Onida, says the firm’s vice-president, sales, marketing and service, K Sriram has commissioned a new plant at Rourkee in Uttar Pradesh to manufacture washing machines. The initial investment will be Rs 60 crore, he says.
Godrej Appliances is investing Rs 100 crore to set up new lines at its Pune and Mohali factories, while air-conditioning majors such as Voltas and Blue Star will pump in Rs 40 crore and Rs 21 crore, respectively, this year towards capex.
Lighting companies such as Bajaj Electricals and Havells are also ramping up production investing Rs 25 crore and Rs 200 crore, respectively. “Consumer sentiment is good,” said R Ramakrishnan, executive director, Bajaj Electricals. “The mood is positive. This is resulting in capacity expansion because most players anticipate growth to be good in the sector.”
According to a recent report by research agency Crisil, the Rs 25,000-crore consumer durable industry is slated to grow at a rate of 17-18 per cent over the next five years, to touch Rs 60,000 crore. Already, the festive period, stretching from July to November, has been a good one for most consumer durable companies. Sales growth was in excess of 30 per cent compared to last year when it was just half of that.
"Naturally,” says Amitabh Tiwari, National Head, Sales, LG Electronics. “Companies are keen to take advantage of this boom.”
According to industry estimates, investment, close to Rs 5,000 crore, will be made in the next few years in production and distribution alone with an objective to meet the growing demand.
Companies at the fore front of this investment exercise include the Korean Chaebols LG and Samsung, Japanese major Panasonic and Indian companies such as Onida, Godrej Appliances, Videocon, Voltas, Blue Star, Bajaj Electricals and Havells.
LG, for instance, will make investments of over Rs 1,300 crore in the next few years, which will involve setting up a new plant, most likely in Chennai, say company officials. The firm, the largest consumer durables manufacturer in the country, already has two plants — in Pune and Nodia. Of the Rs 1,300 crore capex, Rs 350-400 crore will go towards ramping up infrastructure and capacity at existing plants, company officials say.
Another Rs 100 crore will be invested in expanding LG’s network of brand shops from 1,100 to 2,000 by the end of next year. Its regional sales offices will also be increased from the current 38 to 47 respectively, says Tiwari.
The country’s second-largest consumer durables maker Samsung, meanwhile, has just inaugurated a new plant at Chennai at an investment of over Rs 335 crore, says the firm’s deputy managing director, Ravinder Zutshi. The plant will produce 1.2 million refrigerators and increase its in-house capacity to 2.6 million refrigerators. Earlier this year, Samsung invested Rs 45 crore to set up a new split air-conditioner (A/C) production line in Noida. This came soon after a new line for split ACs was set up in Chennai last year for Rs 22 crore. All of this puts the company’s total capital expenditure in the last one year at around Rs 400 crore, says Zutshi.
“But this is not all, he says. “In the next five years our investment in Chennai alone will be close to Rs 450 crore (or $100 million).” The firm is also increasing the number of its brand shops by 150 in the next one year. Its current strength is 300.
The third largest manufacturer, Videocon, has earmarked Rs 1,600 crore as capex, which will be utilised to set up a plant in Chennai to manufacture LCDs, say company sources.
As the top three players ramp up investments, Japanese major Panasonic is set to plough in over Rs 1,000 crore in the next three years to set up among others its manufacturing plants in the country, which will come up in Haryana. The company will also set up a state-of-the-art research and development (R&D) centre; something the Korean Chaebols are also doing. Samsung, for instance, has just set up a performance innovation centre in India — the fourth after the US, China and UK — which will design and develop new innovative products.
Rival LG is also upgrading its Indian R&D centre so that it can design and develop both white and brown goods for global markets.
Of the Indian companies, Onida, says the firm’s vice-president, sales, marketing and service, K Sriram has commissioned a new plant at Rourkee in Uttar Pradesh to manufacture washing machines. The initial investment will be Rs 60 crore, he says.
Godrej Appliances is investing Rs 100 crore to set up new lines at its Pune and Mohali factories, while air-conditioning majors such as Voltas and Blue Star will pump in Rs 40 crore and Rs 21 crore, respectively, this year towards capex.
Lighting companies such as Bajaj Electricals and Havells are also ramping up production investing Rs 25 crore and Rs 200 crore, respectively. “Consumer sentiment is good,” said R Ramakrishnan, executive director, Bajaj Electricals. “The mood is positive. This is resulting in capacity expansion because most players anticipate growth to be good in the sector.”
Passenger car sales grew by 20.79 per cent in November 2010
New Delhi: The domestic passenger car sales grew by 20.79 per cent to 1,61,497 units in November 2010 as compared to 1,33,703 units in the same month in 2009.
The sales of motorcycle in the country during the month grew by 15.61 per cent to 7,10,182 units from 6,14,274 units in the corresponding month in 2009, according to the latest figures released by the Society of Indian Automobile Manufacturers (SIAM).
Similarly, the two-wheeler sales in November 2010 grew by 17.68 per cent to 9,30,370 units from 7,90,613 units in November 2009. Furthermore, the sales of commercial vehicles increased by 18.26 per cent to 48,314 units in November 2010 from 40,855 units in the year-ago period, as per SIAM.
Moreover, the total sale of vehicles across categories has registered a growth of 17.81 per cent to 12,21,981 units in November 2010 as against 10,37,232 units in the same month in 2009, as per SIAM.
The sales of motorcycle in the country during the month grew by 15.61 per cent to 7,10,182 units from 6,14,274 units in the corresponding month in 2009, according to the latest figures released by the Society of Indian Automobile Manufacturers (SIAM).
Similarly, the two-wheeler sales in November 2010 grew by 17.68 per cent to 9,30,370 units from 7,90,613 units in November 2009. Furthermore, the sales of commercial vehicles increased by 18.26 per cent to 48,314 units in November 2010 from 40,855 units in the year-ago period, as per SIAM.
Moreover, the total sale of vehicles across categories has registered a growth of 17.81 per cent to 12,21,981 units in November 2010 as against 10,37,232 units in the same month in 2009, as per SIAM.
Health insurance grows 42% in H1
Mumbai: Aided by government health schemes and correction in rates, insurance for health and personal accidents recorded highest growth in the non-life insurance segment during the first half of the financial year.
According to the data released by the Insurance Regulatory and Development Authority, the health segment grew 42 per cent followed by personal accident that grew 25 per cent. State-sponsored schemes like the Rashtriya Swasthya Bima Yojana (RSBY) forms a large part of the health insurance segment. “These schemes are contributing to the growth of health insurance,” said S L Mohan, secretary, General Insurance Council. The health insurance space is buzzing with activities, with the government launching various schemes. The government has launched RSBY for people below the poverty line, while implementing other plans like the Employee State Insurance Scheme and Balika Samriddhi Yojana.
Two standalone health insurance companies – Max Bupa and Religare –started operation in the current financial year. Old players like ICICI Lombard are also betting on health in a big way. “Both retail and group health insurance are growing. Group has turned profitable now, as there is a correction in price. Awareness about insuring health and medical costs has also gone up,” said Tata AIG General Insurance MD and CEO Gaurav Garg.
Insurance companies collected Rs 4,898 crore from health in the first six months. Motor, along with motor-own damage and third-party, constituted for most of the pie (around Rs 15,000 crore collectively).
“Growth in the motor insurance will depend on sales and manufacturing,” added Mohan. Fire, which was the highest-growing segment for non-life insurance companies, witnessed 19 per cent growth in the first half, while liability insurance grew 16 per cent.
Marine hull and engineering saw a single digit growth, while aviation grew over 11 per cent. Premium rates on aviation have hardened almost 10-15 per cent since January. During the period, the non-life insurance sector grew 23 per cent to Rs 20,679 crore compared to the year-ago period. The industry experts expect the growth to be close to 20 per cent in the current financial year.
According to the data released by the Insurance Regulatory and Development Authority, the health segment grew 42 per cent followed by personal accident that grew 25 per cent. State-sponsored schemes like the Rashtriya Swasthya Bima Yojana (RSBY) forms a large part of the health insurance segment. “These schemes are contributing to the growth of health insurance,” said S L Mohan, secretary, General Insurance Council. The health insurance space is buzzing with activities, with the government launching various schemes. The government has launched RSBY for people below the poverty line, while implementing other plans like the Employee State Insurance Scheme and Balika Samriddhi Yojana.
Two standalone health insurance companies – Max Bupa and Religare –started operation in the current financial year. Old players like ICICI Lombard are also betting on health in a big way. “Both retail and group health insurance are growing. Group has turned profitable now, as there is a correction in price. Awareness about insuring health and medical costs has also gone up,” said Tata AIG General Insurance MD and CEO Gaurav Garg.
Insurance companies collected Rs 4,898 crore from health in the first six months. Motor, along with motor-own damage and third-party, constituted for most of the pie (around Rs 15,000 crore collectively).
“Growth in the motor insurance will depend on sales and manufacturing,” added Mohan. Fire, which was the highest-growing segment for non-life insurance companies, witnessed 19 per cent growth in the first half, while liability insurance grew 16 per cent.
Marine hull and engineering saw a single digit growth, while aviation grew over 11 per cent. Premium rates on aviation have hardened almost 10-15 per cent since January. During the period, the non-life insurance sector grew 23 per cent to Rs 20,679 crore compared to the year-ago period. The industry experts expect the growth to be close to 20 per cent in the current financial year.
India, France aim for euro 12-bn bilateral trade by 2012
New Delhi: India and France have set the target to achieve euro 12 billion worth of bilateral trade by 2012, with the two countries vowing to forge deeper ties across all sectors and boost two-way investment. More than 100 French companies have also committed to putting in euro 10 billion in the next couple of years.
Some big-ticket investment plans were announced by the visiting French business delegation today. These include the setting up of two new nuclear generation power plants, or European Pressurised Reactors (EPRs), in Jaitapur, to be developed by French nuclear giant Areva and the $1-billion investment by Michelin to set up a radial tyre manufacturing unit near Chennai.
“This year, we hope that the bilateral trade would reach $8 billion. The two countries today had delegation-level talks, which turned out to be substantive and meaningful. We also established institutional engagements. Besides cooperation in nuclear energy, we also identified some priority sectors like infrastructure, ICT, pharmaceuticals, agro-processing and food processing,” Commerce and Industry Minister Anand Sharma told reporters after talks with French Minister of Economy and Finance Christine Lagarde, here today.
At present, around 750 French companies are present in India, employing 200,000 people. The French delegation has also assured India of supporting the feasibility study for a project to clean the Ganga.
The delegation is accompanying French President Nicolas Sarkozy.
Highlighting India’s concerns to protect farmers, Lagarde said there was a need to open the multi-brand retail sector. French conglomerate Carrefour has long been planning to enter the Indian retail.
“The euro 10-billion commitment by French companies to invest in India between 2008 and 2012 could be a lot more, if opportunities come up by the opening of insurance and multi-brand retail. French companies would respond in a rigorous manner,” Lagarde said.
Allaying her concerns, Planning Commission Deputy Chairman Montek Singh Ahluwalia said removing foreign direct investment (FDI) cap on insurance and multi-brand retail was very much on the government’s agenda.
“We are looking into it. However, policy formulations must involve all stakeholders,” Sharma said. India and France also signed a memorandum to boost investment flows. The MoU was signed by Invest India, Invest in France Agency and Ubifrance, the French agency for international business development.
Some big-ticket investment plans were announced by the visiting French business delegation today. These include the setting up of two new nuclear generation power plants, or European Pressurised Reactors (EPRs), in Jaitapur, to be developed by French nuclear giant Areva and the $1-billion investment by Michelin to set up a radial tyre manufacturing unit near Chennai.
“This year, we hope that the bilateral trade would reach $8 billion. The two countries today had delegation-level talks, which turned out to be substantive and meaningful. We also established institutional engagements. Besides cooperation in nuclear energy, we also identified some priority sectors like infrastructure, ICT, pharmaceuticals, agro-processing and food processing,” Commerce and Industry Minister Anand Sharma told reporters after talks with French Minister of Economy and Finance Christine Lagarde, here today.
At present, around 750 French companies are present in India, employing 200,000 people. The French delegation has also assured India of supporting the feasibility study for a project to clean the Ganga.
The delegation is accompanying French President Nicolas Sarkozy.
Highlighting India’s concerns to protect farmers, Lagarde said there was a need to open the multi-brand retail sector. French conglomerate Carrefour has long been planning to enter the Indian retail.
“The euro 10-billion commitment by French companies to invest in India between 2008 and 2012 could be a lot more, if opportunities come up by the opening of insurance and multi-brand retail. French companies would respond in a rigorous manner,” Lagarde said.
Allaying her concerns, Planning Commission Deputy Chairman Montek Singh Ahluwalia said removing foreign direct investment (FDI) cap on insurance and multi-brand retail was very much on the government’s agenda.
“We are looking into it. However, policy formulations must involve all stakeholders,” Sharma said. India and France also signed a memorandum to boost investment flows. The MoU was signed by Invest India, Invest in France Agency and Ubifrance, the French agency for international business development.
Direct tax collections surge 17.85% in April-Nov
New Delhi: A milestone in direct tax revenue receipts has been achieved with net collections up to end November crossing the 50 per cent mark of the targeted Budget Estimate of Rs 4.3-lakh crore for 2010-11.
For the April-November 2010 period, the Centre's net direct tax collections stood at Rs 2.17-lakh crore, reflecting a 17.85 per cent increase over the Rs 1.84-lakh crore collected in the same period last year, official data released on Tuesday showed.
While corporate tax collections during the same period grew 22.30 per cent, personal income-tax collections (including STT and residual FBT/BCTT) grew 10.66 per cent.
In April-November 2009, the Centre's net direct tax collections recorded 3.71 per cent increase on a year-on-year basis while corporate tax collections grew 3.17 per cent, personal income-tax collections went up 4.53 per cent.
Meanwhile, the Centre's net direct tax collections in November grew 18.33 per cent to touch Rs 12,277 crore (Rs 10,375 crore). While corporate tax collections grew 31 per cent to Rs 4,210 crore (Rs 3,214 crore), personal income-tax collections (including STT, residual FBT/BCTT) grew 13.6 per cent to Rs 8,046 crore (Rs 7,083 crore).
In November 2009, the Centre's net direct tax collections had recorded a 0.3 per cent increase to Rs 10,375 crore on a year-on-year basis.
In April-November 2010, the Centre's securities transaction tax (STT) collections recorded a 0.55 per cent increase to Rs 4,373 crore (Rs 4,349 crore). STT collections in November 2010 stood at Rs 771 crore, reflecting a near 60 per cent increase over Rs 484 crore collected in November last year. STT is a tax on stock market trades.
India is looking to bring in a new Direct Taxes Code that is expected to come into force from April 1, 2012.
The Bill for the new Direct Taxes Code has already been introduced in the Lok Sabha and is now being examined by a standing committee of Parliament.
For the April-November 2010 period, the Centre's net direct tax collections stood at Rs 2.17-lakh crore, reflecting a 17.85 per cent increase over the Rs 1.84-lakh crore collected in the same period last year, official data released on Tuesday showed.
While corporate tax collections during the same period grew 22.30 per cent, personal income-tax collections (including STT and residual FBT/BCTT) grew 10.66 per cent.
In April-November 2009, the Centre's net direct tax collections recorded 3.71 per cent increase on a year-on-year basis while corporate tax collections grew 3.17 per cent, personal income-tax collections went up 4.53 per cent.
Meanwhile, the Centre's net direct tax collections in November grew 18.33 per cent to touch Rs 12,277 crore (Rs 10,375 crore). While corporate tax collections grew 31 per cent to Rs 4,210 crore (Rs 3,214 crore), personal income-tax collections (including STT, residual FBT/BCTT) grew 13.6 per cent to Rs 8,046 crore (Rs 7,083 crore).
In November 2009, the Centre's net direct tax collections had recorded a 0.3 per cent increase to Rs 10,375 crore on a year-on-year basis.
In April-November 2010, the Centre's securities transaction tax (STT) collections recorded a 0.55 per cent increase to Rs 4,373 crore (Rs 4,349 crore). STT collections in November 2010 stood at Rs 771 crore, reflecting a near 60 per cent increase over Rs 484 crore collected in November last year. STT is a tax on stock market trades.
India is looking to bring in a new Direct Taxes Code that is expected to come into force from April 1, 2012.
The Bill for the new Direct Taxes Code has already been introduced in the Lok Sabha and is now being examined by a standing committee of Parliament.
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