India's fifth largest state-owned bank, Bank of India (BoI), will buy 51% stake in the mutual fund joint venture between telecom major Bharti Enterprises and AXA Investment Managers, a statement from the bank said.
This paves the way for Bank of India's re-entry into the 41-member-strong local mutual fund (MF) industry. BoI had shut its MF business in 2004.
BoI will buy Bharti's 25% stake and AXA's 26% stake in the in the asset management company. The deal brings down the Paris-headquartered AXA's stake in Bharti AXA Investment Managers to 49%.
Financial details of transaction wasn't disclosed, but an official familiar with the deal said BoI could have paid about 3% of Bharti AXA Investment's total assets under management of Rs 176 crore as on September 30. Total AUMs of the mutual fund industry was Rs 7.12 lakh crore as on September 30.
This values the deal at about Rs 5.3 crore. BoI will exclusively sell Bharti AXA Investment's products through its branch network, the person said, asking not to be named.
Bharti has been scouting for a buyer for its stake in the mutual fund venture for the past two years. The hunt for a prospective partner has largely been confined to banks, mainly state-owned, because their reach across the country would help the fund sell its schemes better.
Since the ban on entry load, or the fee that mutual funds used to charge investors to pay distributors, in August 2009, which have made distributors disinclined to market mutual fund schemes, banks have been in demand as partners for funds. In particular, small funds, which lack the network to market their equity schemes, are keen to tie up with banks.
Currently, most state-owned banks such as State Bank of India, Bank of Baroda and Canara Bank, which hold stakes in mutual fund ventures, own at least 49% in them.
Mutual fund industry officials said AMCs in emerging markets are usually valued at 4-6% of their assets. 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.
Success in my Habit
Sunday, December 4, 2011
TVS Motors, India Yamaha log sales growth in November
CHENNAI: Two-wheeler majors TVS Motor Company and India Yamaha Motor closed November with increased sales as compared to November last year.
TVS Motor Company closed the month with a sales growth of 12 per cent, selling 175,535 units compared to 157,041 units in the same month of the previous year.
The company's cumulative sales for the April-November, 2011, period grew by 12 per cent with sales of 1,499,612 units against 1,341,106 units recorded in the previous comparable period.
In its statement, the company Thursday said in view of the overall slowdown in economic growth, high inflation, increase in fuel prices and interest rates, there will be some moderation in the sales growth in two-wheelers over the next 3-6 months.
The company sold 172,829 two-wheelers last month in comparison with 153,882 units recorded in November 2010.
The company shipped out 24,271 units last month, logging 53 per cent growth over 15,850 units sold in November 2010.
However, in the three-wheeler segment, the company logged lower sales at 2,706 units last month as compared to 3,159 units sold in November 2010.
Cumulative TVS three-wheeler sales for the period of April-November 2011 grew by 21 per cent with sales of 29,524 units compared to 24,363 units registered during the same period of the previous year.
On the other hand, Japanese two-wheeler maker India Yamaha Motor Pvt Ltd closed November selling 39,162 units, up by 29 per cent as compared to November 2010 sales of 30,130 units.
Jun Nakata, director, sales and marketing, India Yamaha Motor, said: "We are very happy with the consistent sales growth that we've been witnessing this year. The new YZF-R15 version 2.0 along with FZ and SZ series is driving our sales in both domestic and export markets."
He said the company is planning to expand its sales and service network in tier II and III cities.
TVS Motor Company closed the month with a sales growth of 12 per cent, selling 175,535 units compared to 157,041 units in the same month of the previous year.
The company's cumulative sales for the April-November, 2011, period grew by 12 per cent with sales of 1,499,612 units against 1,341,106 units recorded in the previous comparable period.
In its statement, the company Thursday said in view of the overall slowdown in economic growth, high inflation, increase in fuel prices and interest rates, there will be some moderation in the sales growth in two-wheelers over the next 3-6 months.
The company sold 172,829 two-wheelers last month in comparison with 153,882 units recorded in November 2010.
The company shipped out 24,271 units last month, logging 53 per cent growth over 15,850 units sold in November 2010.
However, in the three-wheeler segment, the company logged lower sales at 2,706 units last month as compared to 3,159 units sold in November 2010.
Cumulative TVS three-wheeler sales for the period of April-November 2011 grew by 21 per cent with sales of 29,524 units compared to 24,363 units registered during the same period of the previous year.
On the other hand, Japanese two-wheeler maker India Yamaha Motor Pvt Ltd closed November selling 39,162 units, up by 29 per cent as compared to November 2010 sales of 30,130 units.
Jun Nakata, director, sales and marketing, India Yamaha Motor, said: "We are very happy with the consistent sales growth that we've been witnessing this year. The new YZF-R15 version 2.0 along with FZ and SZ series is driving our sales in both domestic and export markets."
He said the company is planning to expand its sales and service network in tier II and III cities.
Hero MotoCorp sales up 27.4 per cent in November
NEW DELHI: Two-wheeler major Hero MotoCorp Thursday reported a sales growth of 27.4 per cent in November which stood at 536,772 units as against 421,366 units sold in the like period of 2010.
"Our sales continue to set new benchmarks in the industry. We have been maintaining five-lakh-plus sales since August 2011 when we had launched our new brand identity," Anil Dua, senior vice-president for marketing and sales, Hero MotoCorp said in a statement.
According to Dua, the 27 per cent increase in sales for the month under-review assumes more significance as it was achieved post-festive period.
"This 27 per cent growth in the post-festive month of November is significant as it comes after our record retail sales in the month of October," Dua said.
The company's cumulative sales for the period April-November grew by 19.6 per cent at 41,22,902 units from 34,46,602 units sold in the corresponding period of last year.
The company added that it will continue its strategy of new product offerings and network expansion.
"We plan to continue with our strategy of regular new launches, continuous network expansion and focused communication," Dua said.
"Our sales continue to set new benchmarks in the industry. We have been maintaining five-lakh-plus sales since August 2011 when we had launched our new brand identity," Anil Dua, senior vice-president for marketing and sales, Hero MotoCorp said in a statement.
According to Dua, the 27 per cent increase in sales for the month under-review assumes more significance as it was achieved post-festive period.
"This 27 per cent growth in the post-festive month of November is significant as it comes after our record retail sales in the month of October," Dua said.
The company's cumulative sales for the period April-November grew by 19.6 per cent at 41,22,902 units from 34,46,602 units sold in the corresponding period of last year.
The company added that it will continue its strategy of new product offerings and network expansion.
"We plan to continue with our strategy of regular new launches, continuous network expansion and focused communication," Dua said.
HMSI sales up 54 pc in November
NEW DELHI: Two-wheeler manufacturer Honda Motorcycle & Scooter India (HMSI) today reported 53.64 per cent growth in its total sales for November at 1,99,154 units.
The company's total sales stood at 1,29,627 units in the corresponding month of the previous year, HMSI said in a statement.
Motorcycle sales jumped 32.82 per cent to 79,724 units in November this year, against 60,025 units in November 2010, it added.
The company reported an increase of 71.59 per cent in scooter sales to 1,19,430 units compared to 69,601 units in November 2010.
The company's total sales stood at 1,29,627 units in the corresponding month of the previous year, HMSI said in a statement.
Motorcycle sales jumped 32.82 per cent to 79,724 units in November this year, against 60,025 units in November 2010, it added.
The company reported an increase of 71.59 per cent in scooter sales to 1,19,430 units compared to 69,601 units in November 2010.
Ashok Leyland sales up 53% in November
NEW DELHI: Hinduja Group flagship company Ashok Leyland today reported 53.36 per cent jump in commercial vehicle sales at 7,878 units in November.
The company had sold 5,137 units in the same month of 2010.
Domestic sales were 6,477 units in November, as against 3,885 units in the same month of the previous year, up 66.72 per cent, Ashok Leyland said in a statement.
Exports increased 11.90 per cent to 1,401 units last month from 1,252 units in the year-ago period.
The company had sold 5,137 units in the same month of 2010.
Domestic sales were 6,477 units in November, as against 3,885 units in the same month of the previous year, up 66.72 per cent, Ashok Leyland said in a statement.
Exports increased 11.90 per cent to 1,401 units last month from 1,252 units in the year-ago period.
Nissan Motorsport NISMO keen to enter India
FUJI: Nissan Motor Co's motorsports arm, NISMO will consider entering the Indian market in the long term as it looks to tap increasing popularity of motorsports activity in the country.
Nissan Motorsport International Co (NISMO) said India will be considered when the company decides to enter motorsports race or rally in markets where its parent's automotive business is growing.
"India is very important as a car market but I want to see how motorsports evolves in the future in India. I know F1 was conducted in India...So, probably motorsports activity is going to be more popular," NISMO President Shoichi Miyatani said here.
Currently, NISMO is studying which race or rally it should participate and where, starting with Japan, he added.
"A process has started with the involvement of all kinds of regions and motorsports agencies not only in Japan, but globally. So, I guess India will come up in that kind of process," Miyatani said.
He said the company's approach on motorsports also has to change considering the expansion of automotive business in markets like China, India, Brazil and Latin America.
As far as India is concerned, he said the company is aware of the potential of motorsports but it would have to study in details before thinking about introducing its sports and racing cars or parts.
"How can NISMO enter into motorsports activity with partnership in India? That is something we should consider first and after that we should consider a NISMO version (of sport cars) and NISMO parts," he said.
Miyatani further added: "I think the first point is to give people a credible image of NISMO. Just selling NISMO cars or NISMO parts means nothing."
NISMO, which is present only in Japan, is into design and development of race and rally cars apart from taking part in domestic and international races. It also promotes and manages domestic and international racing promotional activities.
Besides, it is also into planning, development and sales of competition parts for production vehicles and servicing.
In FY10 NISMO had registered gross sales of USD 75.4 million.
In India, Nissan sells cars such as the Micra, Sunny, Teana and SUV Xtrail. It along with alliance partner Renault has a plant in Chennai that has an annual capacity to produce 4 lakh cars set up an investment of Rs 4,500 crore.
Nissan Motorsport International Co (NISMO) said India will be considered when the company decides to enter motorsports race or rally in markets where its parent's automotive business is growing.
"India is very important as a car market but I want to see how motorsports evolves in the future in India. I know F1 was conducted in India...So, probably motorsports activity is going to be more popular," NISMO President Shoichi Miyatani said here.
Currently, NISMO is studying which race or rally it should participate and where, starting with Japan, he added.
"A process has started with the involvement of all kinds of regions and motorsports agencies not only in Japan, but globally. So, I guess India will come up in that kind of process," Miyatani said.
He said the company's approach on motorsports also has to change considering the expansion of automotive business in markets like China, India, Brazil and Latin America.
As far as India is concerned, he said the company is aware of the potential of motorsports but it would have to study in details before thinking about introducing its sports and racing cars or parts.
"How can NISMO enter into motorsports activity with partnership in India? That is something we should consider first and after that we should consider a NISMO version (of sport cars) and NISMO parts," he said.
Miyatani further added: "I think the first point is to give people a credible image of NISMO. Just selling NISMO cars or NISMO parts means nothing."
NISMO, which is present only in Japan, is into design and development of race and rally cars apart from taking part in domestic and international races. It also promotes and manages domestic and international racing promotional activities.
Besides, it is also into planning, development and sales of competition parts for production vehicles and servicing.
In FY10 NISMO had registered gross sales of USD 75.4 million.
In India, Nissan sells cars such as the Micra, Sunny, Teana and SUV Xtrail. It along with alliance partner Renault has a plant in Chennai that has an annual capacity to produce 4 lakh cars set up an investment of Rs 4,500 crore.
Saturday, December 3, 2011
International Days
JANUARY :
1-Jan - New Year
26-Jan - Repulbic Day
27-Jan - International Day of Commemoration in Memory of the Victims of the Holocaust;
FEBRUARY :
4-Feb - World Cancer Day [WHO]
20-Feb - World Day of Social Justice
21-Feb - International Mother Language Day[UNESCO]
MARCH :
8-Mar - International Women's Day
21-Mar - International Day for the Elimination of Racial Discrimination
21-Mar - World Poetry Day [UNESCO]
21-Mar - International Day of Nowruz
22-Mar - World Water Day
23-Mar - World Meteorological Day [WMO]
24-Mar - World Tuberculosis Day [WHO]
24-Mar - International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
25-Mar - International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
25-Mar - International Day of Solidarity with Detained and Missing Staff Members
APRIL:
2-Apr - World Autism Awareness Day
4-Apr - International Day for Mine Awareness and Assistance in Mine Action
7-Apr - Day of Remembrance of the Victims of the Rwanda Genocide
7-Apr - World Health Day [WHO]
12-Apr - International Day of Human Space Flight
22 Apr - International Mother Earth Day
23 April - World Book and Copyright Day[UNESCO]
25 April - World Malaria Day [WHO]
26-Apr - World Intellectual Property Day [WIPO]
28-Apr - World Day for Safety and Health at Work [ILO]
29-Apr - Day of Remembrance for all Victims of Chemical Warfare
MAY :
2nd Sunday - Mother's Day
3-May - World Press Freedom Day
8–9 - May Time of Remembrance and Reconciliation for Those Who Lost Their Lives during the Second World War
14–15 - May World Migratory Bird Day [UNEP]
15-May - International Day of Families
17-May - World Telecommunication and Information Society Day [ITU]
21-May - World Day for Cultural Diversity for Dialogue and Development
22-May - International Day for Biological Diversity
29-May - International Day of UN Peacekeepers
31-May - World No-Tobacco Day [WHO]
JUNE :
4-Jun - International Day of Innocent Children Victims of Aggression
5-Jun - World Environment Day [UNEP]
8-Jun - World Oceans Day
12-Jun - World Day Against Child Labour [ILO]
14-Jun - World Blood Donor Day [WHO]
17-Jun - World Day to Combat Desertification and Drought
3rd Sunday - Father's Day
20-Jun - World Refugee Day
23-Jun - United Nations Public Service Day
23-Jun - International Widow’s Day
25-Jun - Day of the Seafarer [IMO]
26-Jun - International Day against Drug Abuse and Illicit Trafficking
26-Jun - United Nations International Day in Support of Victims of Torture
JULY :
1st Saturday - International Day of Cooperatives
11-Jul - World Population Day
18-Jul - Nelson Mandela International Day
28-Jul - World Hepatitis Day
30-Jul - International Day of Friendship
AUGUST :
1st Sunday - Friendship day
9-Aug - International Day of the World's Indigenous People
12-Aug - International Youth Day
15-Aug - Independence Day
19-Aug - World Humanitarian Day
23-Aug - International Day for the Remembrance of the Slave Trade and Its Abolition[UNESCO]
29-Aug - International Day against Nuclear Tests
30-Aug - International Day of the Victims of Enforced Disappearances
SEPTEMBER :
8-Sep - International Literacy Day [UNESCO]
10-Sep - World Suicide Prevention Day [WHO]
15-Sep - International Day of Democracy
16-Sep - International Day for the Preservation of the Ozone Layer
21-Sep - International Day of Peace
Last Sunday - World Heart Day [WHO]
27-Sep - World Tourism Day [UNWTO]
28-Sep - World Rabies Day [WHO]
Last week - World Maritime Day [IMO]
OCTOBER :
1-Oct - International Day of Older Persons
2-Oct - International Day of Non-Violence
1st Monday - World Habitat Day
5-Oct - World Teachers’ Day [UNESCO]
9-Oct - World Post Day [UPU]
10-Oct - World Mental Health Day [WHO]
13-Oct - International Day for Disaster Reduction
2nd Thursday - World Sight Day [WHO]
15-Oct - International Day of Rural Women
16-Oct - World Food Day [FAO]
17-Oct - International Day for the Eradication of Poverty
24-Oct - United Nations Day
24-Oct - World Development Information Day
27-Oct - World Day for Audiovisual Heritage[UNESCO]
NOVEMBER :
6-Nov - International Day for Preventing the Exploitation of the Environment in War and Armed Conflict
10-Nov - World Science Day for Peace and Development [UNESCO]
14-Nov - World Diabetes Day [WHO]
14-Nov - Chindren's Day
16-Nov - International Day for Tolerance
17-Nov - World Chronic Obstructive Pulmonary Disease Day [WHO]
3rd Thursday - World Philosophy Day [UNESCO]
20-Nov - Universal Children’s Day
20-Nov - Africa Industrialization Day
3rd Sunday - World Day of Remembrance for Road Traffic Victims [WHO]
21-Nov - World Television Day
4th Thursday - Thanksgiving day
25-Nov - International Day for the Elimination of Violence against Women
29-Nov - International Day of Solidarity with the Palestinian People
DECEMBER :
1-Dec - World AIDS Day
2-Dec - International Day for the Abolition of Slavery
3-Dec - International Day of Persons with Disabilities
5-Dec - International Volunteer Day for Economic and Social Development
7-Dec - International Civil Aviation Day [ICAO]
9-Dec - International Anti-Corruption Day
10-Dec - Human Rights Day
11-Dec - International Mountain Day
18-Dec - International Migrants Day
19-Dec - United Nations Day for South-South Cooperation
20-Dec - International Human Solidarity Day
25-Dec - Christmas
1-Jan - New Year
26-Jan - Repulbic Day
27-Jan - International Day of Commemoration in Memory of the Victims of the Holocaust;
FEBRUARY :
4-Feb - World Cancer Day [WHO]
20-Feb - World Day of Social Justice
21-Feb - International Mother Language Day[UNESCO]
MARCH :
8-Mar - International Women's Day
21-Mar - International Day for the Elimination of Racial Discrimination
21-Mar - World Poetry Day [UNESCO]
21-Mar - International Day of Nowruz
22-Mar - World Water Day
23-Mar - World Meteorological Day [WMO]
24-Mar - World Tuberculosis Day [WHO]
24-Mar - International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
25-Mar - International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
25-Mar - International Day of Solidarity with Detained and Missing Staff Members
APRIL:
2-Apr - World Autism Awareness Day
4-Apr - International Day for Mine Awareness and Assistance in Mine Action
7-Apr - Day of Remembrance of the Victims of the Rwanda Genocide
7-Apr - World Health Day [WHO]
12-Apr - International Day of Human Space Flight
22 Apr - International Mother Earth Day
23 April - World Book and Copyright Day[UNESCO]
25 April - World Malaria Day [WHO]
26-Apr - World Intellectual Property Day [WIPO]
28-Apr - World Day for Safety and Health at Work [ILO]
29-Apr - Day of Remembrance for all Victims of Chemical Warfare
MAY :
2nd Sunday - Mother's Day
3-May - World Press Freedom Day
8–9 - May Time of Remembrance and Reconciliation for Those Who Lost Their Lives during the Second World War
14–15 - May World Migratory Bird Day [UNEP]
15-May - International Day of Families
17-May - World Telecommunication and Information Society Day [ITU]
21-May - World Day for Cultural Diversity for Dialogue and Development
22-May - International Day for Biological Diversity
29-May - International Day of UN Peacekeepers
31-May - World No-Tobacco Day [WHO]
JUNE :
4-Jun - International Day of Innocent Children Victims of Aggression
5-Jun - World Environment Day [UNEP]
8-Jun - World Oceans Day
12-Jun - World Day Against Child Labour [ILO]
14-Jun - World Blood Donor Day [WHO]
17-Jun - World Day to Combat Desertification and Drought
3rd Sunday - Father's Day
20-Jun - World Refugee Day
23-Jun - United Nations Public Service Day
23-Jun - International Widow’s Day
25-Jun - Day of the Seafarer [IMO]
26-Jun - International Day against Drug Abuse and Illicit Trafficking
26-Jun - United Nations International Day in Support of Victims of Torture
JULY :
1st Saturday - International Day of Cooperatives
11-Jul - World Population Day
18-Jul - Nelson Mandela International Day
28-Jul - World Hepatitis Day
30-Jul - International Day of Friendship
AUGUST :
1st Sunday - Friendship day
9-Aug - International Day of the World's Indigenous People
12-Aug - International Youth Day
15-Aug - Independence Day
19-Aug - World Humanitarian Day
23-Aug - International Day for the Remembrance of the Slave Trade and Its Abolition[UNESCO]
29-Aug - International Day against Nuclear Tests
30-Aug - International Day of the Victims of Enforced Disappearances
SEPTEMBER :
8-Sep - International Literacy Day [UNESCO]
10-Sep - World Suicide Prevention Day [WHO]
15-Sep - International Day of Democracy
16-Sep - International Day for the Preservation of the Ozone Layer
21-Sep - International Day of Peace
Last Sunday - World Heart Day [WHO]
27-Sep - World Tourism Day [UNWTO]
28-Sep - World Rabies Day [WHO]
Last week - World Maritime Day [IMO]
OCTOBER :
1-Oct - International Day of Older Persons
2-Oct - International Day of Non-Violence
1st Monday - World Habitat Day
5-Oct - World Teachers’ Day [UNESCO]
9-Oct - World Post Day [UPU]
10-Oct - World Mental Health Day [WHO]
13-Oct - International Day for Disaster Reduction
2nd Thursday - World Sight Day [WHO]
15-Oct - International Day of Rural Women
16-Oct - World Food Day [FAO]
17-Oct - International Day for the Eradication of Poverty
24-Oct - United Nations Day
24-Oct - World Development Information Day
27-Oct - World Day for Audiovisual Heritage[UNESCO]
NOVEMBER :
6-Nov - International Day for Preventing the Exploitation of the Environment in War and Armed Conflict
10-Nov - World Science Day for Peace and Development [UNESCO]
14-Nov - World Diabetes Day [WHO]
14-Nov - Chindren's Day
16-Nov - International Day for Tolerance
17-Nov - World Chronic Obstructive Pulmonary Disease Day [WHO]
3rd Thursday - World Philosophy Day [UNESCO]
20-Nov - Universal Children’s Day
20-Nov - Africa Industrialization Day
3rd Sunday - World Day of Remembrance for Road Traffic Victims [WHO]
21-Nov - World Television Day
4th Thursday - Thanksgiving day
25-Nov - International Day for the Elimination of Violence against Women
29-Nov - International Day of Solidarity with the Palestinian People
DECEMBER :
1-Dec - World AIDS Day
2-Dec - International Day for the Abolition of Slavery
3-Dec - International Day of Persons with Disabilities
5-Dec - International Volunteer Day for Economic and Social Development
7-Dec - International Civil Aviation Day [ICAO]
9-Dec - International Anti-Corruption Day
10-Dec - Human Rights Day
11-Dec - International Mountain Day
18-Dec - International Migrants Day
19-Dec - United Nations Day for South-South Cooperation
20-Dec - International Human Solidarity Day
25-Dec - Christmas
Thursday, December 1, 2011
It's destination India for global luxury brands
New Delhi: Foreign retail brands are wasting no time to tap into the rapidly growing luxury retail market in India. Barely a week after the government announced the increase in FDI cap in single brand retail to 100% from 51%, an array of retailers have already announced their plans to enter the Indian market.
Luxury brands like Vertu, Christian Loubotin, Armani Junior and several others will open their exclusive stores at DLF Emporio early next year, while brands like Van Laack and Diesel Black Gold will begin their operations within the next one month itself. "We are excited on the recent move by the government approving 100% FDI in the luxury space. Luxury has always been a sunrise sector with the capacity to grow at the rate of 25-30 % annually and it's clear that people are wanting to experience and taste luxury," said Dinaz Madhukar , V-P , DLF Emporio.
Foreign brands like Zara, Versace, Tommy Hilfiger and several others are already present in India, albeit through franchisees or joint ventures with 51% holdings or less. Enhancement of the FDI cap has come as a deal sweetener for those brands already present, as also a welcome sign to those that have been eyeing the Indian retail market.
Industry experts believe that the move will open the floodgates for several international brands, not interested in a partnership model , to enter the Indian market. Especially with the fast growing luxury market in India, there could not have been a more suitable time for the enhancement of FDI cap in single brand, experts reason.
"With the increase of FDI cap in single brand retail , the options for international brands have increased. Although most brands are already present in the country either by way of joint ventures or franchisees, it opens the options for entry of those who may not have been interested in partnerships. Plus those already present might consider revising their partnerships ," said Saloni Nangia, senior vice president- Retail, Technopak.
Rising disposable incomes of the Indian middle class is another factor, which is expected to buoy luxury spending. A study conducted by Technopak shows that the Indian luxury market, which is growing at 20%, will be nearly two and a half times its current size over the next five years.
Akaash tablets fuels global interests
New Delhi: With the government all set to initiate the process for acquiring 10 lakh more Akaash tablets priced at Rs 2,276 each, there has been an international interest in the low-cost machine.
Panama has approached the Indian Embassy there to buy one lakh units of Akaash. Even Philadelphia - the sixth largest US state in terms of Gross Domestic Product - has shown interest in the product. "We are waiting for a formal request from Philadelphia. Panama's demand has reached us. One more Latin American country has also approached us," a source said. Malaysia had approached the HRD ministry even before Akaash was formally unveiled, but it wanted to produce tablets locally. "We had to decline the request," source said. Thailand has directly approached Datawind, the company that is manufacturing the first one lakh tablets.
Ministry sources do not rule out helping countries, but made it clear that domestic needs are paramount. Sources said production of one lakh tablets is going on as per schedule, but after receiving the initial feedback the manufacturer has been asked to make minor changes like improve the processor. "Many users said the tablet is slow when it is started," a source said, adding that the next lot might have better features like improved screen.
The ministry has written to vice-chancellors of state, private and central universities and state chief secretaries explaining the scheme, especially the fact that with 50% subsidy provided by the Central government, a student has to pay only Rs 1, 138 for a tablet. It has also asked all states to spell out their requirements. States have been told to give their suggestions on technical specifications, subsidy and distribution of tablets.
The Unique Identification Development Authority of India has also approached the ministry to collaborate with Akaash. "We are still working out the details. Aadhar numbers and tablet can be put to creative use for establishing identity of students and their attendance," an official said.
National Bio Energy Mission soon: Farooq
New Delhi: A National Bio Energy Mission is being developed to push sustainable development of the renewable energy sector, Mr Farooq Abdullah, Union Minister for New and Renewable Energy (MNRE), said here on Tuesday. He was addressing the Bio Energy summit organised by Confederation of Indian Industries (CII).
“Grid parity among States is not equal and connectivity to remote locations is a major issue. The Ministry wants industry to bring innovative new technologies that would empower rural areas,” he said.
Mr G.B. Pradhan, Secretary, MNRE, said the most critical aspect in promoting bio energy projects was the associated business model, which should be sustainable. Mr K Krishnan, Chairman, CII Task Force on Bio-Energy, pointed to hybrid solutions that combine bio energy with solar, wind and hydro as promising sustainable solutions.
The CII recommended rationalising the pricing of fuels and tariffs to reflect the economic cost of supply, reduce cross subsidies and flexibility to capture changing fuel prices in a competitive market.
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