NEW DELHI, JAN 25:
As a fallout of the controversial Antrix-Devas deal, the Government has barred former ISRO chief, Mr G. Madhavan Nair, and three other space scientists from holding any Government jobs.
The action comes in the wake of the controversial deal in which Bangalore-based Devas got into an exclusive deal with Antrix, which in effect gave the private firm control over a large chunk of valuable S-band spectrum. The deal was annulled after an expose by Business Line. The contract with Devas was signed during the tenure of Mr Nair as the Chairman of ISRO.
'Unfair decision'
Reacting to the Government’s move, Mr Nair said that the decision was unfair as he had not been given a hearing on the issue. The Prime Minister had on May 31, last year, constituted a five-member high-level team under the chairmanship of former Central Vigilance Commissioner, Mr Pratyush Sinha, to examine the aspects of the agreement between Antrix and Devas.
Business Line had a series of stories on this deal on how crucial information about the deal was withheld by the Department of Space.
Cabinet note
According to a note prepared for the Cabinet Committee on Security (CCS), the Department withheld from the Space Commission as well as the Government vital information that the two satellites, GSAT-6 and GSAT-6A, were being built for Devas.
“Though the GSAT-6 and GSAT-6A satellites were being built by ISRO to meet the requirements of PS-1 and PS-2 specified in the Antrix-Devas Agreement,” the note said, “the proposals from the Department for approval...did not reflect the conclusion of such an arrangement in January 2005 itself.”
While Antrix signed the agreement on January 28, 2005, it was not until July 2, 2010 — weeks after Business Line revealed the nature of the deal to build the two S-band satellites and lease capacity from them to Devas — that the Space Commission was briefed on the agreement.
“Taking note of the fact that Government policies with regard to allocation of spectrum have undergone a change in the last few years and there has been an increased demand for allocation of spectrum for national needs, including for the needs of defence, paramilitary forces, railways and other public utility services as well as for societal needs, and having regard to the needs of the country’s strategic requirements, the Government will not be able to provide orbit slot in S-band to Antrix for commercial activities, including for those which are the subject matter of existing contractual obligations for S-band,” the note added.
Keywords: Antrix-Devas deal, ex-ISRO chief, scientists, government jobs, S band spectrum allocation
Success in my Habit
Wednesday, January 25, 2012
'Investor-friendly' Sebi to launch ad campaign next month
Mumbai: After a series of investor-friendly measures, the Securities and Exchange Board of India (Sebi), the capital market regulator, plans to back it up with a first-of-its-kind advertising campaign, expected to be launched next month. The primary objective will be spreading investor awareness and increasing penetration.
Sebi plans to do so by trying to demystify the securities market and highlighting some recent initiatives, such as the toll-free helpline. The campaign will be in various languages and across platforms like print, radio and television.
“We intend to launch the media campaign within a month,” said a senior Sebi official, without specifying the date.
The regulator has earmarked about Rs 12 crore for the media campaign and investor awareness programmes for 2011-12.
In the past, the Reserve Bank of India has regularly used the print and electronic media to alert the public about various fictitious schemes and fake currencies.
“The level of retail investor participation in the Indian market is far less than what we aspire. Despite some downsides, our economy and market have been growing, but the benefits are not reaching households,” Sebi Chairman U K Sinha had said earlier this month. “The level of financial literacy and market awareness in this country are the major drawbacks.”
The Sebi boss intends to increase awareness and education among investors and simplify investing to improve investor experience. The media campaign is part of this agenda.
The regulator introduced several initiatives in the new year to make investors’ lives easier. It has set up a 14-language toll-free helpline to assist investors on various market-related issues and complaints. To make switching trading accounts hassle-free, it has introduced one-time know your client (KYC) rules, which enable investors to change their brokerages without having to go through the KYC process. To curb listing-day volatility, it has introduced circuit filters for IPOs and relisted stocks on the first day.
Sebi plans to do so by trying to demystify the securities market and highlighting some recent initiatives, such as the toll-free helpline. The campaign will be in various languages and across platforms like print, radio and television.
“We intend to launch the media campaign within a month,” said a senior Sebi official, without specifying the date.
The regulator has earmarked about Rs 12 crore for the media campaign and investor awareness programmes for 2011-12.
In the past, the Reserve Bank of India has regularly used the print and electronic media to alert the public about various fictitious schemes and fake currencies.
“The level of retail investor participation in the Indian market is far less than what we aspire. Despite some downsides, our economy and market have been growing, but the benefits are not reaching households,” Sebi Chairman U K Sinha had said earlier this month. “The level of financial literacy and market awareness in this country are the major drawbacks.”
The Sebi boss intends to increase awareness and education among investors and simplify investing to improve investor experience. The media campaign is part of this agenda.
The regulator introduced several initiatives in the new year to make investors’ lives easier. It has set up a 14-language toll-free helpline to assist investors on various market-related issues and complaints. To make switching trading accounts hassle-free, it has introduced one-time know your client (KYC) rules, which enable investors to change their brokerages without having to go through the KYC process. To curb listing-day volatility, it has introduced circuit filters for IPOs and relisted stocks on the first day.
Smartphone shipments cross 10-mn mark in 2011
Mumbai: Smartphone shipments touched 10 million units in the first eleven months of the calendar year 2011, estimates CyberMedia Research (CMR). In its report titled 'India Monthly Mobile Handsets Market Review', CMR claims that November last year was the third consecutive month when smartphone shipments in India crossed one million units and saw the launch of 23 smartphone models.
"The launch of dual-SIM smartphones is a new trend," said Tarun Pathak, telecom analyst (Monthly Mobile Phones Market Review Program), CMR.
For November last year, CMR estimates that Indian mobile handsets' market recorded sales of 15.4 million units. Nokia retained leadership position in the overall mobile handsets' market, with 28 per cent share, followed by Samsung (12 per cent) and Micromax (four per cent), in November.
CMR's lead analyst (telecoms practice), Naveen Mishra, says as the device side of the data services ecosystem, signified by the growth in shipments of smartphones and 3G-enabled handsets, reaches a critical mass, telcos in India will need to beef up networks and tie with publishing companies and content developers. "It is important for the three-part ecosystem of device vendors, content companies and telecom service providers to invest in attractive and relevant content packages for the growing segment of 3G-device and smartphone users. This will help grow data consumption and lead to improvement in telco ARPUs," Mishra said.
Total 3G phone shipments touched 15.5 million in the first eleven months of CY 2011, according to CMR analysts, with close to 224 models launched by 26 vendors.
Multi-SIM mobile handset shipments accounted for 54 per cent of the total India mobile handsets market in November 2011. Nokia, a late entrant to the multi-SIM device category, made up by having as many as seven models on offer by November 2011 and now leads the category with 19 per cent market share, followed by Micromax with 7.1 per cent and Karbonn with 6.9 per cent.
"The launch of dual-SIM smartphones is a new trend," said Tarun Pathak, telecom analyst (Monthly Mobile Phones Market Review Program), CMR.
For November last year, CMR estimates that Indian mobile handsets' market recorded sales of 15.4 million units. Nokia retained leadership position in the overall mobile handsets' market, with 28 per cent share, followed by Samsung (12 per cent) and Micromax (four per cent), in November.
CMR's lead analyst (telecoms practice), Naveen Mishra, says as the device side of the data services ecosystem, signified by the growth in shipments of smartphones and 3G-enabled handsets, reaches a critical mass, telcos in India will need to beef up networks and tie with publishing companies and content developers. "It is important for the three-part ecosystem of device vendors, content companies and telecom service providers to invest in attractive and relevant content packages for the growing segment of 3G-device and smartphone users. This will help grow data consumption and lead to improvement in telco ARPUs," Mishra said.
Total 3G phone shipments touched 15.5 million in the first eleven months of CY 2011, according to CMR analysts, with close to 224 models launched by 26 vendors.
Multi-SIM mobile handset shipments accounted for 54 per cent of the total India mobile handsets market in November 2011. Nokia, a late entrant to the multi-SIM device category, made up by having as many as seven models on offer by November 2011 and now leads the category with 19 per cent market share, followed by Micromax with 7.1 per cent and Karbonn with 6.9 per cent.
Strides sells Australia, SE Asia business to Watson Pharma
Bangalore: As part of a larger plan to focus on high-margin injectables, mid-tier pharmaceutical company Strides Arcolab has begun to exit branded generics. The publicly held company on Tuesday announced the sale of its subsidiary, Ascent Pharmahealth Ltd, with operations in Australia and Southeast Asia, to Australia-based Watson Pharmaceuticals for A$375 million (Rs 1,965 crore, approx). Through 2008-10, Strides invested close to $113 million in the asset, with a top line of close to Rs 750 crore, and is exiting at a phenomenal valuation of nearly 2.5 times its top line and 20 times its Ebitda.
The Strides stock gained as much as 17.5 per cent to close at Rs 478.30 a share on the Bombay Stock Exchange after touching a 52-week high of Rs 488 a share in intra-day trading.
Ascent is among the top five generic pharma companies in Australia and is present across several countries in Southeast Asia, including Singapore where it has a manufacturing unit. The unit employs a little over 300 people, has 116 products, mostly in the over-the-counter segment. Watson is an integrated global speciality pharma company engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and branded products focused on urology and women’s health. Strides Arcolab will use the proceeds of this sale to pare its debt of $500 million in half by the end of 2012, including FCCBs of $117 million due by June 2012.
Commenting on the transaction, Arun Kumar, Executive Vice-chairman and Group CEO of Strides Arcolab, said, “The sale of Ascent is a value-enhancing and forward-looking initiative. We have been clear about our intention to focus on our highly attractive steriles segment, which we expect to be our growth engine going forward. The transaction further facilitates the execution of this strategy and unlocks significant value. Further, the proceeds from the transaction considerably strengthen our balance sheet.”
Paul Bisaro, President and CEO of Watson, said, “The acquisition provides Watson a commercial structure in both Australia and Southeast Asia and a broader pipeline of products to support continued growth.” Jefferies International Ltd was the sole financial advisor to Strides Arcolab. Middletons, Herbert Smith LLP and DSK Legal acted as legal counsel.
The Strides stock gained as much as 17.5 per cent to close at Rs 478.30 a share on the Bombay Stock Exchange after touching a 52-week high of Rs 488 a share in intra-day trading.
Ascent is among the top five generic pharma companies in Australia and is present across several countries in Southeast Asia, including Singapore where it has a manufacturing unit. The unit employs a little over 300 people, has 116 products, mostly in the over-the-counter segment. Watson is an integrated global speciality pharma company engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and branded products focused on urology and women’s health. Strides Arcolab will use the proceeds of this sale to pare its debt of $500 million in half by the end of 2012, including FCCBs of $117 million due by June 2012.
Commenting on the transaction, Arun Kumar, Executive Vice-chairman and Group CEO of Strides Arcolab, said, “The sale of Ascent is a value-enhancing and forward-looking initiative. We have been clear about our intention to focus on our highly attractive steriles segment, which we expect to be our growth engine going forward. The transaction further facilitates the execution of this strategy and unlocks significant value. Further, the proceeds from the transaction considerably strengthen our balance sheet.”
Paul Bisaro, President and CEO of Watson, said, “The acquisition provides Watson a commercial structure in both Australia and Southeast Asia and a broader pipeline of products to support continued growth.” Jefferies International Ltd was the sole financial advisor to Strides Arcolab. Middletons, Herbert Smith LLP and DSK Legal acted as legal counsel.
12th Plan to see Rs 1 lakh-cr rise in private investment
New Delhi: In what could mean a big investment opportunity for the construction industry in the years to come, the road transport ministry plans to more than double private participation in highway construction during the 12th Five Year Plan starting April 2012.
The overall investment in the sector will also double to Rs 323,000 crore, but the share of private sector is expected to increase by 10 percentage points.
The working group for the Twelfth Plan has recommended the government to increase private investment in the road sector to Rs 166,738 crore from Rs 62,630 crore in the ongoing 11th five year plan.
This projected increase in private investment will raise the percentage of private-sector contribution in the highway sector to 51 from the present 41. The expenditure in road sector in the 12th Plan will double from Rs 152,201 crore to Rs 323,000 crore.
Recently, the National Highways Authority of India has seen increased interest for road projects, and has been able to award 21 out of 33 projects on a premium. The premium income from these 21 projects would come in between Rs 2,500 crore and Rs 3,000 crore per year — and will increase by five per cent every year till the concession period ends..
A company offering a premium means it is committing to an annual payment to the government over a period of time, instead of seeking a grant for building a road.
A substantial increase in premium income has slashed NHAI’s borrowing requirement by half. The B K Chaturvedi committee had said the highway authority would need to raise Rs 191,000 crore by 2030-31, but now the requirement stands reduced by Rs 1 lakh crore to Rs 83,000 crore.
Industry executives also feel that it will not be difficult for the government to achieve the target of increased private participation. “We (the private sector) are ready to invest money in highway projects because they are least risky,” said a senior executive of a Mumbai-based infrastructure company. “Also, other sectors are neither offering much, and they have lot of policy issues. I think the government’s target of 51 per cent from us is easily achievable.”
India has a highway length of 71,772 km. Of the total length, 24 per cent is of 4-lane and above standard, 52 per cent is of 2-lane standard and 24 per cent length of single and intermediate standard.
The government has also proposed an increase in the existing highway network of 71,772 km to about 85,000 km in the 12th Plan period.
The overall investment in the sector will also double to Rs 323,000 crore, but the share of private sector is expected to increase by 10 percentage points.
The working group for the Twelfth Plan has recommended the government to increase private investment in the road sector to Rs 166,738 crore from Rs 62,630 crore in the ongoing 11th five year plan.
This projected increase in private investment will raise the percentage of private-sector contribution in the highway sector to 51 from the present 41. The expenditure in road sector in the 12th Plan will double from Rs 152,201 crore to Rs 323,000 crore.
Recently, the National Highways Authority of India has seen increased interest for road projects, and has been able to award 21 out of 33 projects on a premium. The premium income from these 21 projects would come in between Rs 2,500 crore and Rs 3,000 crore per year — and will increase by five per cent every year till the concession period ends..
A company offering a premium means it is committing to an annual payment to the government over a period of time, instead of seeking a grant for building a road.
A substantial increase in premium income has slashed NHAI’s borrowing requirement by half. The B K Chaturvedi committee had said the highway authority would need to raise Rs 191,000 crore by 2030-31, but now the requirement stands reduced by Rs 1 lakh crore to Rs 83,000 crore.
Industry executives also feel that it will not be difficult for the government to achieve the target of increased private participation. “We (the private sector) are ready to invest money in highway projects because they are least risky,” said a senior executive of a Mumbai-based infrastructure company. “Also, other sectors are neither offering much, and they have lot of policy issues. I think the government’s target of 51 per cent from us is easily achievable.”
India has a highway length of 71,772 km. Of the total length, 24 per cent is of 4-lane and above standard, 52 per cent is of 2-lane standard and 24 per cent length of single and intermediate standard.
The government has also proposed an increase in the existing highway network of 71,772 km to about 85,000 km in the 12th Plan period.
6 stations in Delhi Airport Metro Express route made WiFi enabled
Reliance Infrastructure, which manages Delhi Airport Metro Express route, has partnered YOU Broadband & Cable India Limited to introduce WiFi services at all stations along the Express Route.
As an inaugural offer, the WiFi service operational since January 13, 2012, is free of charge and will be available across 6 stations along the Express Route including New Delhi Railway Station, Shivaji Stadium, Dhaula Kuan, Delhi Aero City, Indira Gandhi International Airport and Dwarka Sector 21 stations. Going forward WiFi service will be available inside the metro rail coaches providing a never before connectivity experience for travellers.
EVS Chakravarthy, CEO, YOU Broadband said, “From a strategic point of view, Reliance Metro Airport Express Route WiFi project helps us get ready for future challenges and opportunities. YOU Broadband is confident that this project would be a success, similar on the lines of Mumbai Airport
As an inaugural offer, the WiFi service operational since January 13, 2012, is free of charge and will be available across 6 stations along the Express Route including New Delhi Railway Station, Shivaji Stadium, Dhaula Kuan, Delhi Aero City, Indira Gandhi International Airport and Dwarka Sector 21 stations. Going forward WiFi service will be available inside the metro rail coaches providing a never before connectivity experience for travellers.
EVS Chakravarthy, CEO, YOU Broadband said, “From a strategic point of view, Reliance Metro Airport Express Route WiFi project helps us get ready for future challenges and opportunities. YOU Broadband is confident that this project would be a success, similar on the lines of Mumbai Airport
Wipro, Infosys to create 35,000 jobs in Kolkata by 2015
West Bengal's IT turf is hotting up like never before. Two of the country's software big guns -- Infosys and Wipro Technologies -- are betting big on the state. While Infosys is setting up its maiden sofware campus in Kolkata, Wipro is on expansion mode.
Both companies will collectively pump in close to 2000 crore in IT and BPO projects that will create 35,000 tech jobs over the next three years.
Infosys plans to invest roughly 1000 crore in a software venture that will create 20,000 tech jobs while Azim Premji-controlled Wipro will invest 800 crore in its second software campus that will offer employment to at least 15,000 tech professionals. Infosys co-chairman S Gopalakrishnan recently said the company will make an initial investment of 100 crore in its maiden IT venture in the state.
Both Infosys and Wipro have been alloted 50 acres each in Rajarhat. Both companies have shelled out roughly 1.5 crore per acre. Wipro already has an existing software campus in the city's Salt Lake Electronic Complex where close to 7000 techies work. Infosys plans to make Kolkata its eastern hub for IT and ITeS operations.
The developments come at a time when the Mamata Banerjee-led West Bengal government has appointed noted infrastructure & development finance firm, IL&FS to prepare a detailed project report to transform West Bengal into the IT hub of the East. The move is aimed at expanding IT activity across the state and not confining it to Kolkata alone. Such a scenario is expected to pave the way for creation of IT and ITeS jobs across state districts.
At present, nearly all 250 technology companies in the state which employ some 1.5 lakh knowledge workers are located in Kolkata. The state government has decided to stress on IT as the projects do not require large tracts of land.
Wipro and Infosys are betting big on the state's IT growth potential at a time when software exports from West Bengal are slated to achieve doubl e - digit growth in the current fiscal. In FY11, the state had achieved a 7,000 crore software exports.
Both companies will collectively pump in close to 2000 crore in IT and BPO projects that will create 35,000 tech jobs over the next three years.
Infosys plans to invest roughly 1000 crore in a software venture that will create 20,000 tech jobs while Azim Premji-controlled Wipro will invest 800 crore in its second software campus that will offer employment to at least 15,000 tech professionals. Infosys co-chairman S Gopalakrishnan recently said the company will make an initial investment of 100 crore in its maiden IT venture in the state.
Both Infosys and Wipro have been alloted 50 acres each in Rajarhat. Both companies have shelled out roughly 1.5 crore per acre. Wipro already has an existing software campus in the city's Salt Lake Electronic Complex where close to 7000 techies work. Infosys plans to make Kolkata its eastern hub for IT and ITeS operations.
The developments come at a time when the Mamata Banerjee-led West Bengal government has appointed noted infrastructure & development finance firm, IL&FS to prepare a detailed project report to transform West Bengal into the IT hub of the East. The move is aimed at expanding IT activity across the state and not confining it to Kolkata alone. Such a scenario is expected to pave the way for creation of IT and ITeS jobs across state districts.
At present, nearly all 250 technology companies in the state which employ some 1.5 lakh knowledge workers are located in Kolkata. The state government has decided to stress on IT as the projects do not require large tracts of land.
Wipro and Infosys are betting big on the state's IT growth potential at a time when software exports from West Bengal are slated to achieve doubl e - digit growth in the current fiscal. In FY11, the state had achieved a 7,000 crore software exports.
Mistubishi Electric Corp acquires Messung Group
Mitsubishi Electric Corporation has announced its acquisition of the Messung Group, a Pune-based manufacturer of programmable logic controllers (PLCs) and human machine interfaces (HMIs), its sales and distribution partner in India, for an unspecified amount.
The acquisition will allow Mitsubishi Electric to accelerate its industrial automation systems business in India and strengthen local sales and solutions.
According to the statement issued here, the Messung Group will be merged with Mitsubishi Electric India Pvt. Ltd, headquartered in Gurgaon. A business transfer agreement signed by Mitsubishi Electric and the Messung Group last month, in December 2011, is expected to be completed by the end of March 2012 to finalise the acquisition.
Operations of the consolidated business will commence in April. Messung was Mitsubishi's sales partner for about 15 years.
The industrial automation market in India is expected to grow by more than 10% annually, driven by increasing demand in the automotive, textile, pharmaceutical and food and beverage industries.
Mitsubishi Electric expects to leverage relationships that the Messung Group has built in these industries by providing technical support and solutions to industrial automation equipment manufacturers.
The Mitusbishi group recorded consolidated revenues of US $43.9 billion in the financial year ended March 31, 2011.
The acquisition will allow Mitsubishi Electric to accelerate its industrial automation systems business in India and strengthen local sales and solutions.
According to the statement issued here, the Messung Group will be merged with Mitsubishi Electric India Pvt. Ltd, headquartered in Gurgaon. A business transfer agreement signed by Mitsubishi Electric and the Messung Group last month, in December 2011, is expected to be completed by the end of March 2012 to finalise the acquisition.
Operations of the consolidated business will commence in April. Messung was Mitsubishi's sales partner for about 15 years.
The industrial automation market in India is expected to grow by more than 10% annually, driven by increasing demand in the automotive, textile, pharmaceutical and food and beverage industries.
Mitsubishi Electric expects to leverage relationships that the Messung Group has built in these industries by providing technical support and solutions to industrial automation equipment manufacturers.
The Mitusbishi group recorded consolidated revenues of US $43.9 billion in the financial year ended March 31, 2011.
Govt gives nod to Oman Investment Fund to buy 5% stake in UCX
New Delhi: The government has given nod to the Oman Investment Fund (OIF), the Sultanate of Oman's sovereign wealth fund, to buy five per cent stake in the UCX, a national level commodity exchange in the country.
"A week back, we received the Foreign Investment Promotion Board's (FIPB) approval to induct QIF's arm, Funderburk 2 Mauritius as a foreign investor in the UCX,"the exchange's promoter Ketan Sheth told PTI. Funderburk 2 Mauritius has bought five per cent stake in the exchange for Rs 13.75 crore, he said.
The government norms allow up to 49 per cent foreign investment - 26 per cent FDI and 23 per cent FII - in commexes subject to a 5 per cent cap per investor. Currently, there are five national and 18 regional commodity exchanges in the country. UCX is the sixth at the national level.
Sheth, who is an IT entrepreneur, said the exchange has met all requirements on technology as well as equity fronts and will soon apply with commodity markets regulator Forward Markets Commission (FMC) for final approval.
UCX promoters had an August 2011 deadline to shore up Rs 100-crore equity capital, a year after receiving the government's in-principle approval to start operations. They sought an extension to comply with the norm till mid-March 2012.
Shareholders include 'IT People' (40 per cent), Rural Electrification Corporation (16 per cent), Indian Farmers Fertiliser Cooperative (15 per cent) and IDBI Bank (10 per cent).
As per the 2010 guidelines issued by the regulator FMC, the new national commodity exchange should have a demutualised structure with minimum authorised capital of Rs 100 crore. A promoter can't hold more than 26 per cent paid up capital of the proposed exchange and institutional investors not less than 20 per cent.
The total turnover of the commodity futures market rose by 66 per cent to Rs 137.22 lakh crore till December, in the current fiscal.
"A week back, we received the Foreign Investment Promotion Board's (FIPB) approval to induct QIF's arm, Funderburk 2 Mauritius as a foreign investor in the UCX,"the exchange's promoter Ketan Sheth told PTI. Funderburk 2 Mauritius has bought five per cent stake in the exchange for Rs 13.75 crore, he said.
The government norms allow up to 49 per cent foreign investment - 26 per cent FDI and 23 per cent FII - in commexes subject to a 5 per cent cap per investor. Currently, there are five national and 18 regional commodity exchanges in the country. UCX is the sixth at the national level.
Sheth, who is an IT entrepreneur, said the exchange has met all requirements on technology as well as equity fronts and will soon apply with commodity markets regulator Forward Markets Commission (FMC) for final approval.
UCX promoters had an August 2011 deadline to shore up Rs 100-crore equity capital, a year after receiving the government's in-principle approval to start operations. They sought an extension to comply with the norm till mid-March 2012.
Shareholders include 'IT People' (40 per cent), Rural Electrification Corporation (16 per cent), Indian Farmers Fertiliser Cooperative (15 per cent) and IDBI Bank (10 per cent).
As per the 2010 guidelines issued by the regulator FMC, the new national commodity exchange should have a demutualised structure with minimum authorised capital of Rs 100 crore. A promoter can't hold more than 26 per cent paid up capital of the proposed exchange and institutional investors not less than 20 per cent.
The total turnover of the commodity futures market rose by 66 per cent to Rs 137.22 lakh crore till December, in the current fiscal.
World Bank, AP hold talks for more projects
Hyderabad: The Andhra Pradesh Chief Minister, Mr N.Kiran Kumar Reddy, today held parleys with officials of the World Bank and made a case for more engagement in irrigation, roads, rural schemes and other social sectors.
A delegation of the World Bank headed by Mr. Hubert Nove Josserand, Operations Adviser, World Bank, New Delhi, and Mr Venu Rajamani, Joint Secretary, Department of Economic Affairs (DEA), met the Chief Minister at the secretariat on Monday. The delegation included several sector specialists and economists.
During the discussion, the Chief Minister cited the good track record of the State in implementing several of the World Bank projects and sought its assistance for projects in the irrigation, Tank Reliant Irrigated Area Development project, AP Post Flood Project, support project for Urban SHGs (self-help groups) and for the Health Systems Strengthening Project.
According to a statement from the Chief Minister's Office, the State Government is implementing six World Bank assisted projects with an outlay of Rs 11,230 crore, of which the World Bank share is Rs 6,613 crore and the State Government share Rs 4,617 crore. These include AP Road Sector Project with an outlay of Rs 3,165 crore with a World Bank share of Rs 1,568 crore and the GoAP share of Rs1,597 crore. The project envisages better quality and safe roads in sustainable manner.
The total assistance from the World Bank was Rs 10,696 crore.
A delegation of the World Bank headed by Mr. Hubert Nove Josserand, Operations Adviser, World Bank, New Delhi, and Mr Venu Rajamani, Joint Secretary, Department of Economic Affairs (DEA), met the Chief Minister at the secretariat on Monday. The delegation included several sector specialists and economists.
During the discussion, the Chief Minister cited the good track record of the State in implementing several of the World Bank projects and sought its assistance for projects in the irrigation, Tank Reliant Irrigated Area Development project, AP Post Flood Project, support project for Urban SHGs (self-help groups) and for the Health Systems Strengthening Project.
According to a statement from the Chief Minister's Office, the State Government is implementing six World Bank assisted projects with an outlay of Rs 11,230 crore, of which the World Bank share is Rs 6,613 crore and the State Government share Rs 4,617 crore. These include AP Road Sector Project with an outlay of Rs 3,165 crore with a World Bank share of Rs 1,568 crore and the GoAP share of Rs1,597 crore. The project envisages better quality and safe roads in sustainable manner.
The total assistance from the World Bank was Rs 10,696 crore.
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