New Delhi: Electrical equipment manufacturer Havells India has formed a 50:50 joint venture with China's Shanghai Yaming Lighting Company Ltd to set up a lighting products unit in China.
The venture, named Jiangsu Havells Sylvania Lighting Co, will invest $50 million and target annual revenue of $100 million in next three years, the company said on Monday.
Havells' Joint Managing Director, Mr Anil Gupta, said the plant is slated to begin production by April.
The venture will produce energy-efficient and green lighting products for the Chinese and international markets.
Havells, which gets half its revenue from Germany's SLI Sylvania (acquired in 2007), said in July that it was looking for a joint venture partner in China to boost sales and set up a manufacturing facility.
More viable
“Manufacturing in China is commercially more viable,” Mr Gupta said in explaining the reason for setting up the joint venture. Shanghai Yaming Lighting Co, a unit of Shanghai Feilo Acoustics, makes various types of lamps and lighting products in China, Japan, Belgium and the US.
The joint venture, Havells said in a statement, would facilitate constant innovation and quicker product releases in international markets, including a co-owned, reliable and stable supply source in China. Havells already exports products to China, generating $5-6 million of revenue a year.
The company has 12 plants in India and six overseas. The initial investment will be funded internally, although the joint venture may consider a debt issue in China later as it scales up production, Mr Gupta said.
Success in my Habit
Tuesday, December 27, 2011
NTPC, Sipat, Unit 2
Hyderabad: NTPC Ltd has commissioned yet another Super Critical Unit 2 of 660 MW of NTPC-Sipat Super Thermal Power Project situated in Chhattisgarh, taking its total installed capacity to 36,014 MW.
With this, the total installed capacity of Sipat project has increased to 2,320 MW.
This is the second unit of NTPC as well as Sipat to be commissioned with super critical thermal power technology. Super critical power stations are eco-friendly, run on high efficiency and consume less coal compared to traditional coal-fired units.
The NTPC-Sipat project has two stages with ultimate installed capacity of 2980 MW. Stage -1 consists of three 660 MW super critical technology-based units and Stage- II consists of two 500 MW units based on traditional coal-fired technology.
Stage 2 (1,000 MW) is fully operational and first 660 MW super critical unit is on commercial operation from October 1, 2011. The beneficiary states of NTPC-Sipat are Chhattisgarh, Madhya Pradesh, Maharashtra, Gujarat, Goa, Daman & Diu and Dadra & Nagar Haveli.
According to a statement, NTPC currently has 15 coal-based, seven gas-based and six joint venture power stations and plans to be 1,28,000 MW power company by 2032.
With this, the total installed capacity of Sipat project has increased to 2,320 MW.
This is the second unit of NTPC as well as Sipat to be commissioned with super critical thermal power technology. Super critical power stations are eco-friendly, run on high efficiency and consume less coal compared to traditional coal-fired units.
The NTPC-Sipat project has two stages with ultimate installed capacity of 2980 MW. Stage -1 consists of three 660 MW super critical technology-based units and Stage- II consists of two 500 MW units based on traditional coal-fired technology.
Stage 2 (1,000 MW) is fully operational and first 660 MW super critical unit is on commercial operation from October 1, 2011. The beneficiary states of NTPC-Sipat are Chhattisgarh, Madhya Pradesh, Maharashtra, Gujarat, Goa, Daman & Diu and Dadra & Nagar Haveli.
According to a statement, NTPC currently has 15 coal-based, seven gas-based and six joint venture power stations and plans to be 1,28,000 MW power company by 2032.
Vedanta, Andhra co to source GMDC bauxite
Ahmedabad: Vedanta Resources and Vishakhapattanam-based AnRak Aluminium limited will source 3 lakh tonnes bauxite from Gujarat Mineral Development Corporation's Gadhshisha mines in Kutch district. Both these companies bid highest for GMDC's bauxite. GMDC, majorly owned by the Gujarat government had, earlier, supplied 5 lakh tonne of bauxite to Vedanta.
Vedanta is listed on London Stock Exchange (LSE), while GMDC is listed on Bombay Stock Exchange ( BSE). AnRak Aluminium limited is a joint venture between Andhra Pradesh-based Penna group of industries and Ras Al Khaimah Investment Authority.
GMDC invited a bid for six lakh tonnes this time and will deliver 3 lakh tonnes each to both the bidders. Both the companies have to lift this stocks by March 2012 as per the terms. The corporation will generate Rs 40-45 crore of revenue from this sale, said VS Gadhvi, MD of GMDC. Gujarat government announced its bauxite policy in September 2009.
Under the new policy directions, majority of the bauxite produced locally will be available to domestic users. The policy which favoured captive users has restricted exports. GMDC had already earned Rs 40 crore from the bauxite sale in the first round of bidding. Hence it will add Rs 85 crore of aggregate revenue in past one and half year. Vedanta who won earlier bid with a Rs 648 per tonne quote, bid Rs 685 this time. Anrak Aluminium also made the same price bid. GMDC owns 66 million tonne of bauxite reserves capable of supplying raw material to refineries for next 25 years said sources. Jamnagar, with reserves of 60 million tonnes, has the largest reserves of bauxite in Gujarat followed by Porbandar (20 million tonne), Amreli and Sabarkantha.
AnRak Aluminium Limited commenced as a joint venture between Penna group of industries and Ras Al Khaimah Investment Authority with 70: 30 ratio. The project is a result of a memorandum of understanding signed in February 2007 between the Department of Mines under the ministry of industries of the government of Andhra Pradesh and the government of Ras-al-Khaima. As a part of the project, a greenfield Aluminium plant in of 1.5 MTPA and an Aluminium smelter with 250,000 ton capacity per annum will be implemented in phases.
Recently, GMDC entered into a joint venture with Mumbai-based Alumina Refinery Limited for a Rs 30 crore project to manufacture speciality chemicals from bauxite in Kutch.
Vedanta is listed on London Stock Exchange (LSE), while GMDC is listed on Bombay Stock Exchange ( BSE). AnRak Aluminium limited is a joint venture between Andhra Pradesh-based Penna group of industries and Ras Al Khaimah Investment Authority.
GMDC invited a bid for six lakh tonnes this time and will deliver 3 lakh tonnes each to both the bidders. Both the companies have to lift this stocks by March 2012 as per the terms. The corporation will generate Rs 40-45 crore of revenue from this sale, said VS Gadhvi, MD of GMDC. Gujarat government announced its bauxite policy in September 2009.
Under the new policy directions, majority of the bauxite produced locally will be available to domestic users. The policy which favoured captive users has restricted exports. GMDC had already earned Rs 40 crore from the bauxite sale in the first round of bidding. Hence it will add Rs 85 crore of aggregate revenue in past one and half year. Vedanta who won earlier bid with a Rs 648 per tonne quote, bid Rs 685 this time. Anrak Aluminium also made the same price bid. GMDC owns 66 million tonne of bauxite reserves capable of supplying raw material to refineries for next 25 years said sources. Jamnagar, with reserves of 60 million tonnes, has the largest reserves of bauxite in Gujarat followed by Porbandar (20 million tonne), Amreli and Sabarkantha.
AnRak Aluminium Limited commenced as a joint venture between Penna group of industries and Ras Al Khaimah Investment Authority with 70: 30 ratio. The project is a result of a memorandum of understanding signed in February 2007 between the Department of Mines under the ministry of industries of the government of Andhra Pradesh and the government of Ras-al-Khaima. As a part of the project, a greenfield Aluminium plant in of 1.5 MTPA and an Aluminium smelter with 250,000 ton capacity per annum will be implemented in phases.
Recently, GMDC entered into a joint venture with Mumbai-based Alumina Refinery Limited for a Rs 30 crore project to manufacture speciality chemicals from bauxite in Kutch.
Food service retailer Billionsmiles Hospitality opening restaurants in fine dining & QSR format
New Delhi: In a move to change the perception of south Indian food being either 'tiffin' or Udupi, the Bangalore-based Billionsmiles Hospitality Pvt Ltd is rolling out two verticals, fine dining and quick service restaurants.
The fine dining vertical has two variants, a vegetarian and a non-vegetarian, with both serving wines and liquor, while the QSR outlets are taking on the might of multinational QSRs like MacDonalds will have three formats, Vijay Abhimanyu, managing director, Billionsmiles Hospitality, said. The three formats could be in food courts or stand alone restaurants either in malls or on the street.
"We will soon launch fusion cuisine in the quick service restaurants and offer home delivery in both verticals," Abhimanyu said.
The domestic organised food service retail segment is estimated to be worth US $ 20 billion and growing at 40-45% year on year.
The fine dining vertical has two variants, a vegetarian and a non-vegetarian, with both serving wines and liquor, while the QSR outlets are taking on the might of multinational QSRs like MacDonalds will have three formats, Vijay Abhimanyu, managing director, Billionsmiles Hospitality, said. The three formats could be in food courts or stand alone restaurants either in malls or on the street.
"We will soon launch fusion cuisine in the quick service restaurants and offer home delivery in both verticals," Abhimanyu said.
The domestic organised food service retail segment is estimated to be worth US $ 20 billion and growing at 40-45% year on year.
Zydus Cadila buys Biochem
Mumbai: Ahmedabad-based pharma major, Zydus Cadila, has acquired 100 per cent stake in Biochem, a Mumbai-based mid-sized drug company. Biochem has presence in therapeutic areas of antibiotics, cardiovascular, anti-diabetic and oncological segments. Financial details of the deal were not disclosed.
Biochem had reported sales of Rs 264.5 crore for 2010-2011.
Established in 1959, Biochem has strong presence in manufacturing and marketing of antibiotics. The top five brands of the company are Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute 40 per cent of the company’s sales. Three of Biochem’s brands fall in the top 300 pharma brands of India, stated a Cadila release.
India, as one of the fastest growing drug market, lures more local players to strengthen presence through domestic acquisitions.
According to a recent PricewaterhouseCooper report, Indian pharma industry is expected to touch $74 billion (Rs 3.7 lakh crore) sales by 2020 from $11 billion (Rs 55,000 crore) now.
"Aggregate disclosed value of merger & acquisitions (M&A) deals in the pharmaceuticals sector surged from a meagre $1.2 billion (Rs 6,000 crore) in FY10 to $4 billion (Rs 20,000 crore) in FY11, reflecting a jump of more than 230 per cent, says an E&Y report. M&A has emerged as one of the key strategies in the last two to three years to gain a foothold in emerging markets with several big ticket acquisitions, it added.
A few years earlier, Alembic had acquired Dabur's non-oncology business for $35 million (Rs 175 crore).
Zydus Cadila’s Chairman and Managing Director, Pankaj R Patel said, “The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions. Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in the key growth segments.”
On Wednesday, shares of Zydus Cadila went down by 0.98 per cent to close at Rs 701.05 on BSE.
In June, Zydus Pharmaceuticals USA Inc, the US-subsidiary of Zydus had acquired US-based pharmaceutical company Nesher Pharmaceuticals Inc for an undisclosed amount.
Biochem had reported sales of Rs 264.5 crore for 2010-2011.
Established in 1959, Biochem has strong presence in manufacturing and marketing of antibiotics. The top five brands of the company are Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute 40 per cent of the company’s sales. Three of Biochem’s brands fall in the top 300 pharma brands of India, stated a Cadila release.
India, as one of the fastest growing drug market, lures more local players to strengthen presence through domestic acquisitions.
According to a recent PricewaterhouseCooper report, Indian pharma industry is expected to touch $74 billion (Rs 3.7 lakh crore) sales by 2020 from $11 billion (Rs 55,000 crore) now.
"Aggregate disclosed value of merger & acquisitions (M&A) deals in the pharmaceuticals sector surged from a meagre $1.2 billion (Rs 6,000 crore) in FY10 to $4 billion (Rs 20,000 crore) in FY11, reflecting a jump of more than 230 per cent, says an E&Y report. M&A has emerged as one of the key strategies in the last two to three years to gain a foothold in emerging markets with several big ticket acquisitions, it added.
A few years earlier, Alembic had acquired Dabur's non-oncology business for $35 million (Rs 175 crore).
Zydus Cadila’s Chairman and Managing Director, Pankaj R Patel said, “The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions. Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in the key growth segments.”
On Wednesday, shares of Zydus Cadila went down by 0.98 per cent to close at Rs 701.05 on BSE.
In June, Zydus Pharmaceuticals USA Inc, the US-subsidiary of Zydus had acquired US-based pharmaceutical company Nesher Pharmaceuticals Inc for an undisclosed amount.
Online shopping a big draw in India
Mumbai: ComScore data says 60% of online users in India visited retail sites in November
2011 would probably go down as the year when online shopping came to life in India. Latest comScore data estimates that nearly 60 per cent of online users in India visited a retail site in November 2011. The number of online shoppers increasing 18 per cent in the past year.
comScore has released a report on visitation to the top retail and coupon sites in India based on data from its comScore Media Metrix service and reports that coupon (daily deal) sites are also a part of the e-commerce craze. An estimated 16.5 per cent of the Indian online population visited deal sites such as Snapdeal.com and Mydala.com last month.
“The online channel is playing an increasingly important role in connecting retailers with potential customers in India,” noted Kedar Gavane, comScore director for India.
“The rapid growth of online coupon sites suggests that consumers in India are looking for deals, highlighting the need for online retailers to adopt effective marketing and pricing strategies.”
India consumers continue to turn to the web to shop for and purchase items, and retailers continue to increase their online visibility through active marketing campaigns. Amazon sites led as the top retail destination in India reaching 6.8 million visitors, representing 14.7 per cent of the online population. comScore analysis of the largest retail sub-categories revealed that coupons (deals sites) were the largest with 7.6 million visitors with consumer electronics sites following with 7.1 million visitors.
2011 would probably go down as the year when online shopping came to life in India. Latest comScore data estimates that nearly 60 per cent of online users in India visited a retail site in November 2011. The number of online shoppers increasing 18 per cent in the past year.
comScore has released a report on visitation to the top retail and coupon sites in India based on data from its comScore Media Metrix service and reports that coupon (daily deal) sites are also a part of the e-commerce craze. An estimated 16.5 per cent of the Indian online population visited deal sites such as Snapdeal.com and Mydala.com last month.
“The online channel is playing an increasingly important role in connecting retailers with potential customers in India,” noted Kedar Gavane, comScore director for India.
“The rapid growth of online coupon sites suggests that consumers in India are looking for deals, highlighting the need for online retailers to adopt effective marketing and pricing strategies.”
India consumers continue to turn to the web to shop for and purchase items, and retailers continue to increase their online visibility through active marketing campaigns. Amazon sites led as the top retail destination in India reaching 6.8 million visitors, representing 14.7 per cent of the online population. comScore analysis of the largest retail sub-categories revealed that coupons (deals sites) were the largest with 7.6 million visitors with consumer electronics sites following with 7.1 million visitors.
India overtakes Brazil as sixth largest vehicle maker
New Delhi: With 7 million units, it is projected to overtake Japan, Germany and Korea by 2017; to beat initial estimate of becoming third-largest market globally by 2020.
India has overtaken Brazil as the world’s sixth largest automobile manufacturing country, going by data on the first six months this year, according to the international organisation of motor vehicle manufacturers.
The Organisation Internationale des Constructeurs d’Automobiles also reveals that India is steadily inching its way up on the global charts to make its mark as the third largest automobile market over the next five years, even as high interest rates and fuel prices have put a spanner on automobile sales in the domestic market. In 2009, India had raced past Spain in annual automobile production to become the seventh largest vehicle-manufacturing country in the world. India is now projected to overtake Japan, Germany and Korea to sell seven million units by 2017. This is way ahead of the initial estimate of becoming the third largest market globally by 2020.
As many as 2.04 million vehicles were produced in India till June this year, 20 per cent higher than the 1.71 million units rolled out in Brazil.
China continued to be the frontrunner with production of 9.16 million units till June, while India’s share in vehicle production, as compared to China, has improved sharply between January and June this year.
While last year, India produced a sixth of the number of vehicles rolled out in China, till June this year the country produced more than a fifth of the number of vehicles manufactured in east Asian nation. India’s market share in global vehicle production moved up marginally to five per cent from the earlier 4.5 per cent during this period.
PricewaterhouseCoopers says India is likely to produce seven million light vehicles of up to five tonnes by 2017. “Though vehicle sales have slowed down this year, the fundamentals remain strong,” notes Abdul Majeed, partner and head of automotive practice in the global professional services firm. “By 2017, India is likely to emerge as the third-largest market in the world after China and the US.”
What is boosting business confidence is that despite the economic uncertainties prevailing in global and domestic markets, India remained among the fastest-growing automobile markets in the world till October this year. While US topped the charts growing by 10.1 per cent to sell 10.54 million vehicles, Germany and India followed close behind growing by around eight per cent (to 2.93 mn units) and 7.8 per cent (to 2.73 mn units), respectively.
Society of Indian Automobile Manufacturers notes that the vehicle penetration in India is one of the lowest in the world — at 10 cars per 1000 people as against 565 cars and 453 cars per 1000 people in Germany and the US respectively. “So,” says Sugato Sen, senior director of the association “ the market will only grow over long term.”
Estimates available with market research firm J D Power show the automobile market in India is set to grow three-fold to sell over 11 million vehicles by 2020.
If we take a closer look at the sales data of the top six vehicle-manufacturing countries in the world currently, the domestic automobile market in India has already overgrown that of Korea at 2.73 million units. Till October, the Korean market had grown by 2.8 per cent to sell 1.23 million units. Vehicles sales in the country have fallen short of Germany (the fourth largest automobile market) by mere 200,000 units.
On the exports front, India stands at around a tenth of the 3.77 mn units exported by Germany till October this year. What is intriguing is that India is fast narrowing the gap with China. Till October this year China (which accounts for 24 per cent of global automobile production) exported only 703,341 units, while Indian exports grew by 17.45 per cent to 489,675 units.
Japan fared the worst in the current year hit by the earthquake and tsunami in March this year. While vehicle production dropped by a whopping 17 per cent to 6.71 million units due to insufficiency in supply of components, domestic sales declined by 20 per cent to 3.47 mn units between Jan and October this year.
India has overtaken Brazil as the world’s sixth largest automobile manufacturing country, going by data on the first six months this year, according to the international organisation of motor vehicle manufacturers.
The Organisation Internationale des Constructeurs d’Automobiles also reveals that India is steadily inching its way up on the global charts to make its mark as the third largest automobile market over the next five years, even as high interest rates and fuel prices have put a spanner on automobile sales in the domestic market. In 2009, India had raced past Spain in annual automobile production to become the seventh largest vehicle-manufacturing country in the world. India is now projected to overtake Japan, Germany and Korea to sell seven million units by 2017. This is way ahead of the initial estimate of becoming the third largest market globally by 2020.
As many as 2.04 million vehicles were produced in India till June this year, 20 per cent higher than the 1.71 million units rolled out in Brazil.
China continued to be the frontrunner with production of 9.16 million units till June, while India’s share in vehicle production, as compared to China, has improved sharply between January and June this year.
While last year, India produced a sixth of the number of vehicles rolled out in China, till June this year the country produced more than a fifth of the number of vehicles manufactured in east Asian nation. India’s market share in global vehicle production moved up marginally to five per cent from the earlier 4.5 per cent during this period.
PricewaterhouseCoopers says India is likely to produce seven million light vehicles of up to five tonnes by 2017. “Though vehicle sales have slowed down this year, the fundamentals remain strong,” notes Abdul Majeed, partner and head of automotive practice in the global professional services firm. “By 2017, India is likely to emerge as the third-largest market in the world after China and the US.”
What is boosting business confidence is that despite the economic uncertainties prevailing in global and domestic markets, India remained among the fastest-growing automobile markets in the world till October this year. While US topped the charts growing by 10.1 per cent to sell 10.54 million vehicles, Germany and India followed close behind growing by around eight per cent (to 2.93 mn units) and 7.8 per cent (to 2.73 mn units), respectively.
Society of Indian Automobile Manufacturers notes that the vehicle penetration in India is one of the lowest in the world — at 10 cars per 1000 people as against 565 cars and 453 cars per 1000 people in Germany and the US respectively. “So,” says Sugato Sen, senior director of the association “ the market will only grow over long term.”
Estimates available with market research firm J D Power show the automobile market in India is set to grow three-fold to sell over 11 million vehicles by 2020.
If we take a closer look at the sales data of the top six vehicle-manufacturing countries in the world currently, the domestic automobile market in India has already overgrown that of Korea at 2.73 million units. Till October, the Korean market had grown by 2.8 per cent to sell 1.23 million units. Vehicles sales in the country have fallen short of Germany (the fourth largest automobile market) by mere 200,000 units.
On the exports front, India stands at around a tenth of the 3.77 mn units exported by Germany till October this year. What is intriguing is that India is fast narrowing the gap with China. Till October this year China (which accounts for 24 per cent of global automobile production) exported only 703,341 units, while Indian exports grew by 17.45 per cent to 489,675 units.
Japan fared the worst in the current year hit by the earthquake and tsunami in March this year. While vehicle production dropped by a whopping 17 per cent to 6.71 million units due to insufficiency in supply of components, domestic sales declined by 20 per cent to 3.47 mn units between Jan and October this year.
India to emerge as third largest smart grid market
Hyderabad: The IEEE Standards Association (IEEE-SA), the standards development body of the Institute of Electrical and Electronics Engineers, predicts India would emerge as the world's third largest smart grid market after the United States and China.
“We are collaborating with technical experts in India to ensure that specific and unique inputs necessary for the Indian market are incorporated into smart grid standards. We look forward to collaborating with industry leaders, academia and other standards bodies to create more awareness about smart grid and the role of standards through events and workshops,” Ms Jennie Steinhagen, Global Strategy Manager of IEEE-SA, SIG, said.
The IEEE-SA set up a Standards Interest Group (SIG) recently to increase India's participation in the IEEE standards process in key areas such as smart grid.
“Without proper standards, the realization of smart grid would be difficult. IEEE-SA is investing in creating awareness and bringing multiple stakeholders together to transfer best practices and knowledge from Smart Grid markets and perspectives,” Mr Srikanth Chandrasekaran, Chairperson of IEEE-SA India SIG, said.
“IEEE-SA has taken a lead role in the identification and development of standards for the smart grid.”
The organisation had also been holding smart grid workshops. “We are also participating in large summits and events to increase awareness among key stakeholders and consumers,” Mr Chandrasekaran said.
“We are collaborating with technical experts in India to ensure that specific and unique inputs necessary for the Indian market are incorporated into smart grid standards. We look forward to collaborating with industry leaders, academia and other standards bodies to create more awareness about smart grid and the role of standards through events and workshops,” Ms Jennie Steinhagen, Global Strategy Manager of IEEE-SA, SIG, said.
The IEEE-SA set up a Standards Interest Group (SIG) recently to increase India's participation in the IEEE standards process in key areas such as smart grid.
“Without proper standards, the realization of smart grid would be difficult. IEEE-SA is investing in creating awareness and bringing multiple stakeholders together to transfer best practices and knowledge from Smart Grid markets and perspectives,” Mr Srikanth Chandrasekaran, Chairperson of IEEE-SA India SIG, said.
“IEEE-SA has taken a lead role in the identification and development of standards for the smart grid.”
The organisation had also been holding smart grid workshops. “We are also participating in large summits and events to increase awareness among key stakeholders and consumers,” Mr Chandrasekaran said.
TN plans to introduce new info-tech, IT-enabled service policy
Chennai: The Tamil Nadu Government proposes to bring out a new information technology and IT-enabled service policy that will engender many avant-garde features. This will catapult Tamil Nadu to the numero uno position, said the Chief Minister, Ms J. Jayalalithaa, without giving any time frame or details of the policy.
“My Government is committed to providing an investor-friendly industrial policy framework to provide a healthy and productive environment. I have a vision or a dream to make Tamil Nadu numero uno in terms of all-round development,” she said at Connect2011, which is the 11th edition of the annual conference to promote the State as a destination for information, communication and technology. Incidentally, in her earlier tenure as Chief Minister, Ms Jayalalithaa had inaugurated the first Connect event in 2001.
Sunshine sector
“We would like to be a State with the right attitude towards investors. Tamil Nadu is a State that delivers and we need partners who can see growth both in the old and the new economy and participate in the generation and creation of wealth,” she said.
The Indian IT sector continues to be one of the sunshine sectors of the Indian economy, showing rapid growth and promise. IT has powered the transformation of Tamil Nadu into a modern economy, clearly making it India's eastern gateway to the world, not just South Asia.
Tamil Nadu has emerged as a global leader in ITeS verticals such as banking, financial services and insurance, health systems management, computer-aided design and computer-aided engineering, she said.
In 2010-11, software exports from STPI units in Tamil Nadu touched Rs 42,100 crore, and if exports from the IT SEZ units are included, the total exports would be above Rs 50,000 crore, she said.
“Tamil Nadu and Chennai have become the destination of choice for IT investments. At present, Tamil Nadu has over 1,800 software and ITeS exporters, including over 210 foreign, wholly-owned subsidiaries and multinational companies in software development, she said.
Ms Jayalalithaa thanked Mr S. Ramadorai, Advisor to the Prime Minister on Skill Development, for his suggestions on improving the industrial climate in the State.
Opportunity to grow
In his keynote address, Mr Ramadorai, who is also Vice-Chairman of Tata Consultancy Services, said with the combination of talent, technology and incentivised policy, the State has all the ingredients to make the leap to becoming a global destination for products and services. Consequently, a city such as Chennai has the opportunity to grow into a global city.
Tamil Nadu has India's brightest minds, a large entrepreneurial force, a vibrant entertainment industry and thriving arts and cultural landscape. Its growth can be powered by sectors such as automotive, textile, manufacturing, biotech, health and pharma, energy, animation and visual effects and IT, in which it has already established leadership, he said.
“My Government is committed to providing an investor-friendly industrial policy framework to provide a healthy and productive environment. I have a vision or a dream to make Tamil Nadu numero uno in terms of all-round development,” she said at Connect2011, which is the 11th edition of the annual conference to promote the State as a destination for information, communication and technology. Incidentally, in her earlier tenure as Chief Minister, Ms Jayalalithaa had inaugurated the first Connect event in 2001.
Sunshine sector
“We would like to be a State with the right attitude towards investors. Tamil Nadu is a State that delivers and we need partners who can see growth both in the old and the new economy and participate in the generation and creation of wealth,” she said.
The Indian IT sector continues to be one of the sunshine sectors of the Indian economy, showing rapid growth and promise. IT has powered the transformation of Tamil Nadu into a modern economy, clearly making it India's eastern gateway to the world, not just South Asia.
Tamil Nadu has emerged as a global leader in ITeS verticals such as banking, financial services and insurance, health systems management, computer-aided design and computer-aided engineering, she said.
In 2010-11, software exports from STPI units in Tamil Nadu touched Rs 42,100 crore, and if exports from the IT SEZ units are included, the total exports would be above Rs 50,000 crore, she said.
“Tamil Nadu and Chennai have become the destination of choice for IT investments. At present, Tamil Nadu has over 1,800 software and ITeS exporters, including over 210 foreign, wholly-owned subsidiaries and multinational companies in software development, she said.
Ms Jayalalithaa thanked Mr S. Ramadorai, Advisor to the Prime Minister on Skill Development, for his suggestions on improving the industrial climate in the State.
Opportunity to grow
In his keynote address, Mr Ramadorai, who is also Vice-Chairman of Tata Consultancy Services, said with the combination of talent, technology and incentivised policy, the State has all the ingredients to make the leap to becoming a global destination for products and services. Consequently, a city such as Chennai has the opportunity to grow into a global city.
Tamil Nadu has India's brightest minds, a large entrepreneurial force, a vibrant entertainment industry and thriving arts and cultural landscape. Its growth can be powered by sectors such as automotive, textile, manufacturing, biotech, health and pharma, energy, animation and visual effects and IT, in which it has already established leadership, he said.
Rates on non-resident deposits freed
Mumbai: To improve inflow of foreign currency, the Reserve Bank of India (RBI) on Friday deregulated the interest rates that banks would pay on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) accounts.
RBI said this would provide greater flexibility to banks in mobilising non-resident deposits in the prevailing market conditions. “Banks are free to determine their interest rates on both savings deposits and term deposits of a maturity of one year and above under NRE deposit accounts and savings deposits under NRO accounts with immediate effect,” it said.
The revised deposit rates will apply only to new deposits and on renewal of those that have matured. However, interest rates offered by banks on NRE and NRO deposits cannot be higher than rates offered on comparable domestic rupee deposits. Also, at any point of time, an individual bank should offer uniform rates at all its branches. Currently, banks offer 3.51 per cent on NRE deposits for two-three years and 3.64 per cent for deposits above three years.
RBI said banks may take prior approval of their respective boards or asset liability committees while fixing the interest rates on such deposits. Also, banks have been asked to closely monitor their external liability arising on account of such deregulation and ensure asset-liability compatibility from a systemic risk point of view.
This step comes three weeks after RBI had raised the cap on interest rates on NRE and Foreign Currency Non Residential Account (B) (FCNR-B) deposits by 100 basis points and 25 bps, respectively. “The deregulation provides a good opportunity for NRIs to get attractive rates. We will soon take a decision on revising the rates to tap this route,” said Alok Misra, chairman and managing director, Bank of India.
Indian banks have a network of branches abroad -- in West Asia, the Asia-Pacific, Britain and North America. RBI data shows the deposits in NRE accounts were $25 billion and in NRO accounts, $11 bn, at the end of October.
RBI said this would provide greater flexibility to banks in mobilising non-resident deposits in the prevailing market conditions. “Banks are free to determine their interest rates on both savings deposits and term deposits of a maturity of one year and above under NRE deposit accounts and savings deposits under NRO accounts with immediate effect,” it said.
The revised deposit rates will apply only to new deposits and on renewal of those that have matured. However, interest rates offered by banks on NRE and NRO deposits cannot be higher than rates offered on comparable domestic rupee deposits. Also, at any point of time, an individual bank should offer uniform rates at all its branches. Currently, banks offer 3.51 per cent on NRE deposits for two-three years and 3.64 per cent for deposits above three years.
RBI said banks may take prior approval of their respective boards or asset liability committees while fixing the interest rates on such deposits. Also, banks have been asked to closely monitor their external liability arising on account of such deregulation and ensure asset-liability compatibility from a systemic risk point of view.
This step comes three weeks after RBI had raised the cap on interest rates on NRE and Foreign Currency Non Residential Account (B) (FCNR-B) deposits by 100 basis points and 25 bps, respectively. “The deregulation provides a good opportunity for NRIs to get attractive rates. We will soon take a decision on revising the rates to tap this route,” said Alok Misra, chairman and managing director, Bank of India.
Indian banks have a network of branches abroad -- in West Asia, the Asia-Pacific, Britain and North America. RBI data shows the deposits in NRE accounts were $25 billion and in NRO accounts, $11 bn, at the end of October.
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