New Delhi: Banks with a large network of automated teller machines (ATM) will now be able to generate additional revenue by advertising financial products offered by other institutions.
With an eye on financial inclusion and to incentivise banks for opening ATMs in remote areas, the finance ministry has allowed bank-owned as well as outsourced ATMs to display advertisements of other financial products. RBI will soon issue guidelines in this regard.
There are about 80,000 ATMs in the country today and the State Bank of India, which has the largest share in these ATMs, is likely to benefit most. Among private players, Axis Bank and HDFC could also gain. Banks with a small ATM network would benefit by getting more visibility for their products at large bank ATMs.
These products carry the approval of various regulators like the Reserve Bank of India, Securities & Exchange Board of India, Pension Fund Regulatory Development Authority and the Insurance Regulatory Development Authority.
A finance ministry official said it had been a long standing demand of the industry to allow outside vendors to advertise financial products of other banks and financial institutions apart from the products of the sponsoring bank for a fee. The official added that the advertising revenue would enable banks to reduce transaction costs of ATMs.
Currently, banks work on a outsourced model based on per transaction basis for ATM deployment. The cost of setting up of an ATM is about Rs 5-6 lakh. Advertising revenues can offset a part of this cost and make the proposition more viable for banks.
Success in my Habit
Tuesday, February 14, 2012
Iraq, a new market for India's basmati exports
New Delhi: Iraq is emerging as a new market for Indian basmati as exports of the aromatic rice have picked up in the post-Saddam era. Exporters are bullish on the prospects and hope to double shipments to about 2.5 lakh tonnes in the current financial year.
“People are shifting to quality products due to the openness in the system in the post-dictatorial era. This is resulting in increased demand for the quality Indian rice,” said Mr Vijay Sethia, President of the All-India Rice Exporters Association.
Basmati exports to Iraq in 2010-11 were around 1.25 lakh tonnes, estimates Mr Sethia. Of this, direct exports were about 31,239 tonnes, while the rest was shipped indirectly through Dubai. “Now the direct exports have picked up and we hope to do a total of around 2.5 lakh tonnes this year,” he said.
Iraq accounts for a fraction of the country's total basmati consignments. Neighbouring Iran is the largest buyer of Indian aromatic rice and shipments stood at close a million tonnes last year. However, the recent instances of payment defaults from Iran could possibly hamper the volumes this year even though exporters have welcomed the Government's recent move to allow opening of letter of credits in rupee terms.
Mr Sethia said the recent reduction of minimum export price (MEP) on basmati to $700 from $900 per tonne should aid the shipments. In the current fiscal, the Indian basmati exports could touch 2.5 million tonnes, up from 2.18 mt in the previous year, he said.
The reduction in MEP will also aid the shipments of par-boiled and unpolished basmati rice, which are relatively less priced, Mr Sethia said. Europe mainly prefers the unpolished rice, while the par-boiled or semi-processed rice is exported to Saudi Arabia.
“People are shifting to quality products due to the openness in the system in the post-dictatorial era. This is resulting in increased demand for the quality Indian rice,” said Mr Vijay Sethia, President of the All-India Rice Exporters Association.
Basmati exports to Iraq in 2010-11 were around 1.25 lakh tonnes, estimates Mr Sethia. Of this, direct exports were about 31,239 tonnes, while the rest was shipped indirectly through Dubai. “Now the direct exports have picked up and we hope to do a total of around 2.5 lakh tonnes this year,” he said.
Iraq accounts for a fraction of the country's total basmati consignments. Neighbouring Iran is the largest buyer of Indian aromatic rice and shipments stood at close a million tonnes last year. However, the recent instances of payment defaults from Iran could possibly hamper the volumes this year even though exporters have welcomed the Government's recent move to allow opening of letter of credits in rupee terms.
Mr Sethia said the recent reduction of minimum export price (MEP) on basmati to $700 from $900 per tonne should aid the shipments. In the current fiscal, the Indian basmati exports could touch 2.5 million tonnes, up from 2.18 mt in the previous year, he said.
The reduction in MEP will also aid the shipments of par-boiled and unpolished basmati rice, which are relatively less priced, Mr Sethia said. Europe mainly prefers the unpolished rice, while the par-boiled or semi-processed rice is exported to Saudi Arabia.
Thursday, February 9, 2012
TCS in JV with Mitsubishi for Japan mkt
Mumbai: Tata Consultancy Services, India’s largest information technology services provider, on Wednesday announced a joint venture (JV) with Mitsubishi Corporation, to increase penetration in Japan, the world’s second largest IT market.
With an initial investment of $5 million (Rs 24.5 crore) from TCS, the company will have 60 per cent holding in the JV, to be named Nippon TCS Solution Centre. It will also establish a nearshore delivery centre in Japan and have 1,500 employees.
For TCS, the JV is part of a strategy to increase presence in that market. At present revenue from Japan is less than $100 million for the firm. With this JV, it expects revenue to touch $500 million in the next four to five years.
“This is part of TCS strategy, to focus on markets like Germany and Japan. We think the partnership with Mitsubishi will significantly accelerate our presence in Japan. The new joint venture will provide strong local market knowhow and deep domain knowledge, as well as bring in best practices to help Japanese corporations effectively respond to their global IT needs. Mitsubishi is also a large industrial house and will give TCS opportunity to look at a business opportunity,” said N Chandrasekaran, managing director and chief executive officer of TCS.
Nippon TCS Solution Center will offer a full-service suite of IT, business process outsourcing and infrastructure services to Japanese corporations.
This is only the second time that TCS has opted for a JV route to enter a new market. TCS had presence in China since 2002 and chose the JV route with the government there in in 2007, as it started to expand into the domestic Chinese market. TCS has had presence in the Japan market for close to 20 years.
Several other companies have been trying to enter the Japanese IT services market but none have met great success. For Infosys, Wipro and others, revenue from Japan as a proportion of the total is still in single digits.
When asked if Japanese clients were now much more open to work with Indian service providers, Chandrasekaran said: “We have seen much more traction from Japanese enterprise in the last few years for services from players like us. The entry also validates two developments — one, Japanese clients and markets are much more open to partner with players like us and, two, TCS has also become a scale player. Which gives us the ability to make serious investment in new markets.”
The JV comes against the backdrop of a strong yen, the globalisation of supply chains and a growing trend toward mergers and acquisitions abroad, all a catalyst for the increasing globalisation of Japanese companies. This has brought heightened interest in the role of ‘global IT services’ to link domestic and foreign operations.
In recent times, Japanese IT service companies have also become aggressive in increasing their presence in India. NTT Corporation is an instance.
Last year, NTT Data Corp, the IT services company of the group, had acquired Hyderabad-based Intelligroup Inc for $200 million. It had also acquired US-based Keane International, that has significant presence in India, for $1.2 billion. The Fujitsu Group, another leader in the Japanese market, has been increasing its presence in the Indian market, both as a service provider and a delivery point.
With an initial investment of $5 million (Rs 24.5 crore) from TCS, the company will have 60 per cent holding in the JV, to be named Nippon TCS Solution Centre. It will also establish a nearshore delivery centre in Japan and have 1,500 employees.
For TCS, the JV is part of a strategy to increase presence in that market. At present revenue from Japan is less than $100 million for the firm. With this JV, it expects revenue to touch $500 million in the next four to five years.
“This is part of TCS strategy, to focus on markets like Germany and Japan. We think the partnership with Mitsubishi will significantly accelerate our presence in Japan. The new joint venture will provide strong local market knowhow and deep domain knowledge, as well as bring in best practices to help Japanese corporations effectively respond to their global IT needs. Mitsubishi is also a large industrial house and will give TCS opportunity to look at a business opportunity,” said N Chandrasekaran, managing director and chief executive officer of TCS.
Nippon TCS Solution Center will offer a full-service suite of IT, business process outsourcing and infrastructure services to Japanese corporations.
This is only the second time that TCS has opted for a JV route to enter a new market. TCS had presence in China since 2002 and chose the JV route with the government there in in 2007, as it started to expand into the domestic Chinese market. TCS has had presence in the Japan market for close to 20 years.
Several other companies have been trying to enter the Japanese IT services market but none have met great success. For Infosys, Wipro and others, revenue from Japan as a proportion of the total is still in single digits.
When asked if Japanese clients were now much more open to work with Indian service providers, Chandrasekaran said: “We have seen much more traction from Japanese enterprise in the last few years for services from players like us. The entry also validates two developments — one, Japanese clients and markets are much more open to partner with players like us and, two, TCS has also become a scale player. Which gives us the ability to make serious investment in new markets.”
The JV comes against the backdrop of a strong yen, the globalisation of supply chains and a growing trend toward mergers and acquisitions abroad, all a catalyst for the increasing globalisation of Japanese companies. This has brought heightened interest in the role of ‘global IT services’ to link domestic and foreign operations.
In recent times, Japanese IT service companies have also become aggressive in increasing their presence in India. NTT Corporation is an instance.
Last year, NTT Data Corp, the IT services company of the group, had acquired Hyderabad-based Intelligroup Inc for $200 million. It had also acquired US-based Keane International, that has significant presence in India, for $1.2 billion. The Fujitsu Group, another leader in the Japanese market, has been increasing its presence in the Indian market, both as a service provider and a delivery point.
Jindal steel to spend $300 million to develop new, existing mines in Africa
Johannesburg: Jindal Steel and Power, India's biggest producer of the alloy by market value, plans to spend $300 million in developing new and existing mines in Africa.
The move is part of the company's strategy to source coal assets abroad to meet raw material demand of its steel and power plants at home. Jindal Africa, the company's Africa subsidiary, would invest $250 million in developing a coalmine in Mozambique's coal-rich Moatize region, Ashish Kumar, CEO of Jindal Africa, told ET on the sidelines of an international mining meet.
He said the remaining funds would be used to expand the capacity of its mine in Piet Retief in South Africa's Mpumalanga province. Kumar said the Mozambique mine is expected to start operations this year, producing 1 million tonne of coal.
He said the company would raise its capacity to 10 mt over the next few years. The capacity of the South Africa mine would be raised from 0.8 mt to 1.3 mt by fiscal 2013, he said. The steel and power producer is expanding its footprint in Africa, a continent known for its rich and largely untapped mineral wealth.
Jindal Africa has so far acquired 30 prospecting licenses for coal, manganese , iron ore and diamonds in Tanzania, Zambia, Madagascar, Mozambique and South Africa. The group is also constructing rail and port infrastructure in Mozambique and has agreed to build a 2,600 MW thermal power plant in the country.
"We came into Africa only in 2008 and since then we have been investing in the projects," Kumar told Mining Indaba, a conference of mining companies from across the world. "It is only of late that we have decided to build our corporate brand presence across the continent ."
Jindal Africa was the first foreign company to secure a mining license in Mozambique. It was also the first to get into the difficult terrain south of Zambezi river. "Our presence there has opened up doors for many other investors to come into the region," said Manoj Gupta, country head of Jindal Africa.
"While we have made reasonable progress in Mozambique and South Africa, we are at an exploratory stage in Tanzania, Zambia and Madagascar. It will take us 2 to 3 years to take up mining there."
The move is part of the company's strategy to source coal assets abroad to meet raw material demand of its steel and power plants at home. Jindal Africa, the company's Africa subsidiary, would invest $250 million in developing a coalmine in Mozambique's coal-rich Moatize region, Ashish Kumar, CEO of Jindal Africa, told ET on the sidelines of an international mining meet.
He said the remaining funds would be used to expand the capacity of its mine in Piet Retief in South Africa's Mpumalanga province. Kumar said the Mozambique mine is expected to start operations this year, producing 1 million tonne of coal.
He said the company would raise its capacity to 10 mt over the next few years. The capacity of the South Africa mine would be raised from 0.8 mt to 1.3 mt by fiscal 2013, he said. The steel and power producer is expanding its footprint in Africa, a continent known for its rich and largely untapped mineral wealth.
Jindal Africa has so far acquired 30 prospecting licenses for coal, manganese , iron ore and diamonds in Tanzania, Zambia, Madagascar, Mozambique and South Africa. The group is also constructing rail and port infrastructure in Mozambique and has agreed to build a 2,600 MW thermal power plant in the country.
"We came into Africa only in 2008 and since then we have been investing in the projects," Kumar told Mining Indaba, a conference of mining companies from across the world. "It is only of late that we have decided to build our corporate brand presence across the continent ."
Jindal Africa was the first foreign company to secure a mining license in Mozambique. It was also the first to get into the difficult terrain south of Zambezi river. "Our presence there has opened up doors for many other investors to come into the region," said Manoj Gupta, country head of Jindal Africa.
"While we have made reasonable progress in Mozambique and South Africa, we are at an exploratory stage in Tanzania, Zambia and Madagascar. It will take us 2 to 3 years to take up mining there."
Indo-Norwegian research initiative on solar modules
Hyderabad: A project funded by the Research Council of Norway, involving a major R&D company from Norway, Elkem Labs, Titan Energy Systems Ltd, based in Hyderabad, and Dr B.V. Raju Institute of Technology, an engineering college located in Medak district of Andhra Pradesh, is seeking to test the feasibility of a cost effective solar grade silicon for use in solar modules.
“The use of solar grade silicon, with lower purities compared to polysilicon used in manufacture of silicon chips, wafers etc., will bring down the cost of deploying solar modules by about 25-30 per cent. This has been researched by us in Norway and we are seeking to test this through this association,” said Dr Jan Vedde, Product Development of Elkem Solar AS, Research, based in Norway.
The agreement by Elkem with Titan Energy and later with the institute is part of the protocol for co-operation in clean energy technologies entered into between the Governments of India and Norway.
The Vice-Chairman of Sri Vishnu Educational Society, Mr Ravichandran Rajagopal, said that this would entail a research assistance of one million Kroners a year over the next five years. Under this various forms of solar modules would be tested for their efficiencies through a specially created lab under the guidance of experts.
Mr Vedde said that the special features of Elkem Solar's silicon technology includes less energy consumption during production, lower carbon dioxide emission during manufacture and lower production cost. All these lead to significant savings. The Managing Director of Titan Energy, Mr Rao Y.S. Chodagam, said, “Titan Energy and BVRIT were chosen to take up this innovative research project. We expect that this will play a role in the long-term, once its efficiencies are compared with polysilicon modules etc.”
“The use of solar grade silicon, with lower purities compared to polysilicon used in manufacture of silicon chips, wafers etc., will bring down the cost of deploying solar modules by about 25-30 per cent. This has been researched by us in Norway and we are seeking to test this through this association,” said Dr Jan Vedde, Product Development of Elkem Solar AS, Research, based in Norway.
The agreement by Elkem with Titan Energy and later with the institute is part of the protocol for co-operation in clean energy technologies entered into between the Governments of India and Norway.
The Vice-Chairman of Sri Vishnu Educational Society, Mr Ravichandran Rajagopal, said that this would entail a research assistance of one million Kroners a year over the next five years. Under this various forms of solar modules would be tested for their efficiencies through a specially created lab under the guidance of experts.
Mr Vedde said that the special features of Elkem Solar's silicon technology includes less energy consumption during production, lower carbon dioxide emission during manufacture and lower production cost. All these lead to significant savings. The Managing Director of Titan Energy, Mr Rao Y.S. Chodagam, said, “Titan Energy and BVRIT were chosen to take up this innovative research project. We expect that this will play a role in the long-term, once its efficiencies are compared with polysilicon modules etc.”
Railways revenue earnings up by 10.41 per cent during April 2011- January 2012
New Delhi: Indian Railways have generated earnings of Rs 84,155 crore during the period from April 2011 to January 2012 as compared to Rs. 76,223 crore during the same period last year, registering an increase of 10.41 per cent.
The total goods earnings have gone up from Rs 50,916 crore during the period April 2010 - 31 stJanuary 2011 to Rs. 56,247 crore during the same period of the current fiscal, registering an increase of 10.47 per cent.
The total passenger revenue earnings during first ten months of the financial year 2011-12 were Rs. 23,345 crore compared to Rs. 21,337 crore during the same period last year, registering an increase of 9.41 per cent.
Revenue earnings from other coaching amounted to Rs. 2,354 crore during April 2011 - January 2012 compared to Rs. 2,094 crore during the same period last year, an increase of 12.42 per cent.
The total approximate numbers of passengers booked during April 2011 - January 2012 were 6912 million compared to 6577 million during the same period last year, showing an increase of 5 per cent.
In the suburban and non-suburban sectors, the numbers of passengers booked during April 2011- January 2012 were 3652 million and 3260 million compared to 3525 million and 3052 million during the same period last year, showing an increase of 3.60 per cent and 6.80 per cent respectively.
The total goods earnings have gone up from Rs 50,916 crore during the period April 2010 - 31 stJanuary 2011 to Rs. 56,247 crore during the same period of the current fiscal, registering an increase of 10.47 per cent.
The total passenger revenue earnings during first ten months of the financial year 2011-12 were Rs. 23,345 crore compared to Rs. 21,337 crore during the same period last year, registering an increase of 9.41 per cent.
Revenue earnings from other coaching amounted to Rs. 2,354 crore during April 2011 - January 2012 compared to Rs. 2,094 crore during the same period last year, an increase of 12.42 per cent.
The total approximate numbers of passengers booked during April 2011 - January 2012 were 6912 million compared to 6577 million during the same period last year, showing an increase of 5 per cent.
In the suburban and non-suburban sectors, the numbers of passengers booked during April 2011- January 2012 were 3652 million and 3260 million compared to 3525 million and 3052 million during the same period last year, showing an increase of 3.60 per cent and 6.80 per cent respectively.
Australia-India bilateral trade poised to reach Rs 2 lakh crore in three years
Australia-India bilateral trade poised to reach Rs 2 lakh crore in three years
The Economic Times: February 09, 2012
Australia-India bilateral trade is poised to reach Rs 2 lakh crore (A$40 billion) in the next three years. Growth in two-way trade reached Rs 1.1 lakh crore (A$22 billion) in 2010-11. Australia is an important source for India's gold, chickpea, coal, copper ores, lead and wool requirements, as well as education and skills based training. It is also a collaboration partner in research and innovation in the automotive, manufacturing and agricultural sectors.
The country is an international investment destination for Indian businesses. Indian investment in Australia has now reached an estimated Rs 50,000 crore (A$10 billion). Indian investments in Australia are concentrated around mining and resources, information technology, infrastructure and the financial services sector. Over the past 3 years, there has also been a growing interest from Indian investors to invest in renewable energy, tourism infrastructure and advanced manufacturing, and to carry out cutting edge research and development in Australia. The relationship between the two countries has also strengthened with growth of trade and investment in tourism, films, sports, architectural and design services. India is Australia's 4th largest trading partner.
Speaking at a meet in the city recently, Grayson Perry, Australian Trade and Investment Commissioner, said, "Eastern India is a significant business destination for Australian companies. Australia can provide competitive solutions and expertise both in traditional and emerging sectors for Indian businesses. Sectors for potential Australian involvement in Eastern India include mining; education-based learning and skill development. It also covers food and beverage and agri business. Australia can also participate in boosting infrastructure and, more broadly, building and construction, clean energy solutions for energy generation as well as water and waste management. At the same time, the scope of our involvement embraces sports, health and medical products, services and training. The Australian Trade Commission can also assist Indian companies as they look to invest in Australia."
The workshop, 'Doing Business and Investing with Australia', was fielded by the Australian Trade Commission and was supported by Gujarat NRE and the University of Wollongong's innovation campus.
The Economic Times: February 09, 2012
Australia-India bilateral trade is poised to reach Rs 2 lakh crore (A$40 billion) in the next three years. Growth in two-way trade reached Rs 1.1 lakh crore (A$22 billion) in 2010-11. Australia is an important source for India's gold, chickpea, coal, copper ores, lead and wool requirements, as well as education and skills based training. It is also a collaboration partner in research and innovation in the automotive, manufacturing and agricultural sectors.
The country is an international investment destination for Indian businesses. Indian investment in Australia has now reached an estimated Rs 50,000 crore (A$10 billion). Indian investments in Australia are concentrated around mining and resources, information technology, infrastructure and the financial services sector. Over the past 3 years, there has also been a growing interest from Indian investors to invest in renewable energy, tourism infrastructure and advanced manufacturing, and to carry out cutting edge research and development in Australia. The relationship between the two countries has also strengthened with growth of trade and investment in tourism, films, sports, architectural and design services. India is Australia's 4th largest trading partner.
Speaking at a meet in the city recently, Grayson Perry, Australian Trade and Investment Commissioner, said, "Eastern India is a significant business destination for Australian companies. Australia can provide competitive solutions and expertise both in traditional and emerging sectors for Indian businesses. Sectors for potential Australian involvement in Eastern India include mining; education-based learning and skill development. It also covers food and beverage and agri business. Australia can also participate in boosting infrastructure and, more broadly, building and construction, clean energy solutions for energy generation as well as water and waste management. At the same time, the scope of our involvement embraces sports, health and medical products, services and training. The Australian Trade Commission can also assist Indian companies as they look to invest in Australia."
The workshop, 'Doing Business and Investing with Australia', was fielded by the Australian Trade Commission and was supported by Gujarat NRE and the University of Wollongong's innovation campus.
MS buys stake in 24/7 BPO
Bangalore: Microsoft has merged its interactive selfservice assets with 24/7 Inc (formerly 24/7 Customer) and in return has taken an undisclosed stake in the latter . 24/7 started as a BPO company, with focus on call centre operations, but has increasingly moved towards larger technology solutions, which explains the rechristening . The company, founded by P V Kannan and S Nagarajan , is headquartered in the US but has the bulk of its operations in Bangalore.
Microsoft's assets being merged are a part of its natural user interface initiative, assets that it got when it acquired voice service provider Tellme Networks some four years ago. It allows people to use speech when dealing with interactive voice response (IVR) systems. These assets, combined with 24/7's data and analytics capabilities , are expected to predict what callers to IVR systems want, so that they can be served better. P V Kannan, CEO of 24/7, said, "By combining the technologies into one unified cloud platform, we will deliver solutions and services that truly enable businesses to differentiate through customer service."
With the merger, 24/7 will have about 100 people in the division, and also acquire Microsoft's clients in this space, including Avis Budget Group and United Airlines . Nagarajan said that after the integration, 24/7 would become a $250 million revenue company. It has over 10,000 people globally.
The combined technology called predictive experience (PX) platform will span interactive self-service (across mobile, Web and voice channels), big data analytics, and speech and conversational interfaces. If, say, your flight is cancelled , and the airline IVR system calls to inform you about it, the combined technology will now enable the system to offer more precisely the new options you may want and complete a fresh transaction.
Microsoft's assets being merged are a part of its natural user interface initiative, assets that it got when it acquired voice service provider Tellme Networks some four years ago. It allows people to use speech when dealing with interactive voice response (IVR) systems. These assets, combined with 24/7's data and analytics capabilities , are expected to predict what callers to IVR systems want, so that they can be served better. P V Kannan, CEO of 24/7, said, "By combining the technologies into one unified cloud platform, we will deliver solutions and services that truly enable businesses to differentiate through customer service."
With the merger, 24/7 will have about 100 people in the division, and also acquire Microsoft's clients in this space, including Avis Budget Group and United Airlines . Nagarajan said that after the integration, 24/7 would become a $250 million revenue company. It has over 10,000 people globally.
The combined technology called predictive experience (PX) platform will span interactive self-service (across mobile, Web and voice channels), big data analytics, and speech and conversational interfaces. If, say, your flight is cancelled , and the airline IVR system calls to inform you about it, the combined technology will now enable the system to offer more precisely the new options you may want and complete a fresh transaction.
Avesthagen inks pact with Japan consortium
Bangalore: Avesthagen, a systems biology biotechnology company, has signed a memorandum of understanding with Kutlo-Nitt, a Niigata-based consortium of 11 Japanese universities and two technology licensing organisations.
According to Dr Villoo Morawala-Patell, Founder and CMD of Avesthagen, “Through this MoU, we will gain access to a suite of cutting-edge consortium technologies related to bio-pharmaceuticals and biomarkers for use in cancer and heart disease.”
“At later stage both Avesthagen and Kutlo-Nitt will jointly develop and commercialise the technologies,” she added.
The partnership is expected to bring important diagnostics and therapies to patients throughout the world. Avesthagen continues its commitment to deliver the best therapeutic and diagnostics solutions.
The consortium is represented by Mr Yoji Yuki, Senior Vice-President, Tech-Transfer Specialist, Kutlo-Nitt and Dr. Hiroko Sato, Technology Transfer Specialist.
Ms Villoo Patell said the company's convergence of food, pharma and population genetics leading to predictive preventive and personalised healthcare is progressing well.
“We have partners which include multiple global companies in each of its fields of research. Since its inception we have grown into a leading healthcare biotech companies. Avesthagen has developed clinically validated botanical bioactives and has a strong pipeline of bio-similars,” she added.
According to Dr Villoo Morawala-Patell, Founder and CMD of Avesthagen, “Through this MoU, we will gain access to a suite of cutting-edge consortium technologies related to bio-pharmaceuticals and biomarkers for use in cancer and heart disease.”
“At later stage both Avesthagen and Kutlo-Nitt will jointly develop and commercialise the technologies,” she added.
The partnership is expected to bring important diagnostics and therapies to patients throughout the world. Avesthagen continues its commitment to deliver the best therapeutic and diagnostics solutions.
The consortium is represented by Mr Yoji Yuki, Senior Vice-President, Tech-Transfer Specialist, Kutlo-Nitt and Dr. Hiroko Sato, Technology Transfer Specialist.
Ms Villoo Patell said the company's convergence of food, pharma and population genetics leading to predictive preventive and personalised healthcare is progressing well.
“We have partners which include multiple global companies in each of its fields of research. Since its inception we have grown into a leading healthcare biotech companies. Avesthagen has developed clinically validated botanical bioactives and has a strong pipeline of bio-similars,” she added.
Karnataka biotech body signs pact with US co
Bangalore: The Karnataka Biotechnology and Information Technology Services (KBITS) and the Pennsylvania Biotechnology Association (PABio) have signed a memorandum of understanding to jointly create and promote biotech opportunities both in the US and Karnataka.
Pennsylvania Bio (PABio) is a 518-member trade association for the life sciences in Pennsylvania and has built strengths in biotech, medical device, diagnostic, pharmaceutical, research, and financial services.
Whereas KBITS is the nodal agency of the Karnataka Government providing incentives and concessions to the biotech sector, under the various schemes and policies of the State Government, including setting up of biotech finishing schools in Karnataka. KBITS is also the implementing agency for the Bangalore Biotech Park and the proposed biotech parks in Tier II cities.
According to Mr Chakravarthi Mohan, Managing Director, KBITS, and Director of Karnataka Department of IT/BT, “Both PABio and KBITS have a mandate to promote biotech activities in their respective regions by creating appropriate opportunities like trade events, conferences, business delegations etc.”
“Both the associations will work together to support the efforts of life sciences companies to establish or grow a presence in the region. And this collaborative project will be known as ‘BioSpan' to reflect the goal of spanning the two regions and the two countries,” he added.
Mr Christopher P. Molineaux, President, Pennsylvania Biotechnology Association, said PABio is the only state-wide trade association for the life sciences in Pennsylvania.
Bio-Venture Fund
Dr V.S. Acharya, Karnataka Minister for IT & BT, said, “The State Government is planning to set up a $10-million Bio-Venture Fund, to cater to certain hi-tech areas with strong social relevance, such as transgenics, stem cell biology, etc.
“The intention of the State Government is quite clear. We would like to see a booming economy led by the knowledge sectors. We believe in realistic, practical and workable policies. Several initiatives announced by us are already under implementation as a result of the practical policies.”
On the issue of shortage of talent in the biotech sector, Dr Acharya said the Government has sanctioned setting-up of 12 Biotech Finishing Schools, recommended by the Selection Committee headed by Prof Padmanaban.
“The one-year course of BT Finishing Schools, started in September last year, is mid-way through and the feedback we have received is to say the least, highly rewarding. All the students undergoing the course at the schools will be absorbed by the industry, in partnership with which the Biotech Finishing School is conducting the course.”
Pennsylvania Bio (PABio) is a 518-member trade association for the life sciences in Pennsylvania and has built strengths in biotech, medical device, diagnostic, pharmaceutical, research, and financial services.
Whereas KBITS is the nodal agency of the Karnataka Government providing incentives and concessions to the biotech sector, under the various schemes and policies of the State Government, including setting up of biotech finishing schools in Karnataka. KBITS is also the implementing agency for the Bangalore Biotech Park and the proposed biotech parks in Tier II cities.
According to Mr Chakravarthi Mohan, Managing Director, KBITS, and Director of Karnataka Department of IT/BT, “Both PABio and KBITS have a mandate to promote biotech activities in their respective regions by creating appropriate opportunities like trade events, conferences, business delegations etc.”
“Both the associations will work together to support the efforts of life sciences companies to establish or grow a presence in the region. And this collaborative project will be known as ‘BioSpan' to reflect the goal of spanning the two regions and the two countries,” he added.
Mr Christopher P. Molineaux, President, Pennsylvania Biotechnology Association, said PABio is the only state-wide trade association for the life sciences in Pennsylvania.
Bio-Venture Fund
Dr V.S. Acharya, Karnataka Minister for IT & BT, said, “The State Government is planning to set up a $10-million Bio-Venture Fund, to cater to certain hi-tech areas with strong social relevance, such as transgenics, stem cell biology, etc.
“The intention of the State Government is quite clear. We would like to see a booming economy led by the knowledge sectors. We believe in realistic, practical and workable policies. Several initiatives announced by us are already under implementation as a result of the practical policies.”
On the issue of shortage of talent in the biotech sector, Dr Acharya said the Government has sanctioned setting-up of 12 Biotech Finishing Schools, recommended by the Selection Committee headed by Prof Padmanaban.
“The one-year course of BT Finishing Schools, started in September last year, is mid-way through and the feedback we have received is to say the least, highly rewarding. All the students undergoing the course at the schools will be absorbed by the industry, in partnership with which the Biotech Finishing School is conducting the course.”
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