Mumbai: SEBI has loosened the advertising code for the mutual fund industry making it more ‘principle-based, rather than rule-based'.
The rationale behind the change in the advertising code was that the existing regulations were rule-based and imposed a lot of restrictions. AMCs had difficulty in complying with the many prescriptive norms on advertisements (such as mandatory disclosures in standard warnings, font sizes, time for audio visual display).
With respect to the amendment, SEBI has mandated that the advertising, which would include all forms of communication, should avoid extensive use of technical or legal terminology'. It should also be devoid of any extensive details which “may detract the investors”.
Information contained in the advertisement should be timely and consistent with the disclosures made in the documents, such as the scheme information document, statement of additional information and key information memorandum. The standard warning in print form is required to be in legible fonts. In the audio-visual format, the advertisement is required to be in 14 words running for at least 5 seconds. This may be considered as clear and understandable.
Success in my Habit
Thursday, February 23, 2012
M&M to enter Korea with Ssangyong
New Delhi: In a move to increasingly synergise operations with subsidiary Ssangyong Motor Company (SMC), homegrown auto major, Mahindra & Mahindra (M&M), is looking at commencing production and sales of its products in Korea.
Pawan Goenka, president (automotive and farm equipment divisions), M&M, said, “We are integrating operations with SMC, we have decided to develop all new platforms jointly with our Korean subsidiary. A new product based on a new platform will not be out till 2015. In the meantime, we have decided to bring Rexton to India and are now looking at assembling XUV500 in Korea.”
While Ssangyong products would be retailed under the Korean brand in India, the company is yet to decide on branding Mahindra products in Korea. The first product from the Sangyong portfolio, premium sports utility vehicle Rexton, would hit Indian roads towards the end of this year. The Korando C is expected to follow suit in 2013. M&M is investing close to Rs 100 crore for setting up a body shop to produce the Rexton at its plant in Chakan, Maharashtra.
“We want to synergise our operations with that of Ssangyong in sourcing, manufacturing and distributing products to better profitability from resulting economies of scale. The purchase head at SMC is an expat from India and two-three resourcing deals are already underway,” added Goenka.
Mahindra & Mahindra, which currently straddles the UV segment in the country with Bolero, Xylo, Scorpio and the newly launched XUV500, is looking at leveraging SMC’s strong research and development capabilities to develop products to expand its portfolio for global markets.
The company, which had acquired 70 per cent stake in SMC in November last year, is jointly developing two new platforms with the Korean utility vehicle maker – one each in India and Korea. The acquisition made for Rs 2,100 crore was the largest outbound deal recorded in the domestic automotive industry.
While M&M has no plans immediately to enter the United States by leveraging SMC’s distribution network in the country, the company has initiated talks with Sangyong’s distributor in Russia Solaris to assemble Mahindra products.
Goenka informed, “Russia is the second largest market for Ssangyong after Korea. As many as 600,000 SUVs are sold there annually. We are in talks with our partner to decide on what product platforms make sense for the market. If the negotiations materialise, we will start assembling Mahindra products in Russia from completely knocked down kits in two years.”
SMC, which posted a volume growth of 40 per cent, sold between 1,13,000-1,140,000 units in 2011. The company has fallen short of sales target of 1,20,000 units, due to the slowdown in its largest market Europe. SMC is now looking at boosting volumes in emerging markets of India, Russia and China to more than double sales to 300,000 units by 2015-16.
The Korean car maker, at present, has 1,300-strong dealer network in 98 countries. SMC’s line-up comprises a luxury sedan, four SUVs and a multipurpose vehicle.
Pawan Goenka, president (automotive and farm equipment divisions), M&M, said, “We are integrating operations with SMC, we have decided to develop all new platforms jointly with our Korean subsidiary. A new product based on a new platform will not be out till 2015. In the meantime, we have decided to bring Rexton to India and are now looking at assembling XUV500 in Korea.”
While Ssangyong products would be retailed under the Korean brand in India, the company is yet to decide on branding Mahindra products in Korea. The first product from the Sangyong portfolio, premium sports utility vehicle Rexton, would hit Indian roads towards the end of this year. The Korando C is expected to follow suit in 2013. M&M is investing close to Rs 100 crore for setting up a body shop to produce the Rexton at its plant in Chakan, Maharashtra.
“We want to synergise our operations with that of Ssangyong in sourcing, manufacturing and distributing products to better profitability from resulting economies of scale. The purchase head at SMC is an expat from India and two-three resourcing deals are already underway,” added Goenka.
Mahindra & Mahindra, which currently straddles the UV segment in the country with Bolero, Xylo, Scorpio and the newly launched XUV500, is looking at leveraging SMC’s strong research and development capabilities to develop products to expand its portfolio for global markets.
The company, which had acquired 70 per cent stake in SMC in November last year, is jointly developing two new platforms with the Korean utility vehicle maker – one each in India and Korea. The acquisition made for Rs 2,100 crore was the largest outbound deal recorded in the domestic automotive industry.
While M&M has no plans immediately to enter the United States by leveraging SMC’s distribution network in the country, the company has initiated talks with Sangyong’s distributor in Russia Solaris to assemble Mahindra products.
Goenka informed, “Russia is the second largest market for Ssangyong after Korea. As many as 600,000 SUVs are sold there annually. We are in talks with our partner to decide on what product platforms make sense for the market. If the negotiations materialise, we will start assembling Mahindra products in Russia from completely knocked down kits in two years.”
SMC, which posted a volume growth of 40 per cent, sold between 1,13,000-1,140,000 units in 2011. The company has fallen short of sales target of 1,20,000 units, due to the slowdown in its largest market Europe. SMC is now looking at boosting volumes in emerging markets of India, Russia and China to more than double sales to 300,000 units by 2015-16.
The Korean car maker, at present, has 1,300-strong dealer network in 98 countries. SMC’s line-up comprises a luxury sedan, four SUVs and a multipurpose vehicle.
Ranbaxy launches cholesterol drug in Australia
New Delhi: Ranbaxy Laboratories Ltd has launched blockbuster drug Atorvastatin in the Australian market. The company has introduced the product under the brand name, ‘Trovas' and the drug will be available in bottles and blister packs, through retail pharmacy chains.
Atorvastatin, a cholesterol reducing drug, is the most prescribed statin in Australia and represents the largest patent expiry opportunity ever in the Australian pharmaceutical market with a current market size of approximately $680 million.
The drug company had earlier launched the drug in the US in direct competition to Pfizer's largest selling drug Lipitor.
Commenting on the development, Mr Alex Evans, Managing Director, Ranbaxy Australia said, “Ranbaxy is privileged to be the first generic company in Australia to introduce Atorvastatin. We remain committed to offering the product at an affordable price that will be beneficial to both the Australian healthcare system, and most importantly, to patients in Australia.”
The continent is an important strategic market for Ranbaxy, which entered the Australian market in November 2006.
Atorvastatin, a cholesterol reducing drug, is the most prescribed statin in Australia and represents the largest patent expiry opportunity ever in the Australian pharmaceutical market with a current market size of approximately $680 million.
The drug company had earlier launched the drug in the US in direct competition to Pfizer's largest selling drug Lipitor.
Commenting on the development, Mr Alex Evans, Managing Director, Ranbaxy Australia said, “Ranbaxy is privileged to be the first generic company in Australia to introduce Atorvastatin. We remain committed to offering the product at an affordable price that will be beneficial to both the Australian healthcare system, and most importantly, to patients in Australia.”
The continent is an important strategic market for Ranbaxy, which entered the Australian market in November 2006.
Reliance Industries Ltd finalises $450-M JV with Russian rubber giant Sibur
Mumbai: Reliance Industries (RIL) and Russian rubber giant Sibur, Eastern Europe's largest maker of petrochemicals, on Tuesday announced the formation of a joint venture company called Reliance Sibur Elastomers that aims to become the fourth largest supplier of butyl rubber - an input for tyres - in the world.
"In the first year of production the company could target a turnover of 2,500 crore," said Nikhil Meswani, executive director, RIL.
The company will produce 100,000 tons of butyl rubber per year at a new plant located in the industrial complex in Jamnagar, Gujarat that also contains the world's largest greenfield refinery. The JV will be the first manufacturer of butyl rubber in India, and will cater to the demand for synthetic rubber from the Indian automotive industry.
That demand, a little more than 75,000 tonnes per year, is currently satisfied by imports.
"Our product will be significantly cheaper than the $4,000-5,000 per tonne cost of imported butyl rubber as it will be manufactured locally and our refinery feedstock will be used," added Meswani
Reliance will own 74.9% of the joint venture company with Sibur accounting for the rest. The JV will invest $450 million to construct the facility, which is expected to be commissioned by mid-2014.
The two partners have also signed a technology licensing agreement facilitating the use Sibur's proprietary butyl rubber production technology at the new production facility.
Sibur will develop basic engineering design for the facility and also train the JV's personnel at its production site in Togliatti, Russia.
"We plan to cater to the large domestic demand and will use the existing supply contracts of Sibur," added Meswani. RIL had first announced its intent to form this JV in December 2010 and will now commission the facility in the second half of 2014.
"In the first year of production the company could target a turnover of 2,500 crore," said Nikhil Meswani, executive director, RIL.
The company will produce 100,000 tons of butyl rubber per year at a new plant located in the industrial complex in Jamnagar, Gujarat that also contains the world's largest greenfield refinery. The JV will be the first manufacturer of butyl rubber in India, and will cater to the demand for synthetic rubber from the Indian automotive industry.
That demand, a little more than 75,000 tonnes per year, is currently satisfied by imports.
"Our product will be significantly cheaper than the $4,000-5,000 per tonne cost of imported butyl rubber as it will be manufactured locally and our refinery feedstock will be used," added Meswani
Reliance will own 74.9% of the joint venture company with Sibur accounting for the rest. The JV will invest $450 million to construct the facility, which is expected to be commissioned by mid-2014.
The two partners have also signed a technology licensing agreement facilitating the use Sibur's proprietary butyl rubber production technology at the new production facility.
Sibur will develop basic engineering design for the facility and also train the JV's personnel at its production site in Togliatti, Russia.
"We plan to cater to the large domestic demand and will use the existing supply contracts of Sibur," added Meswani. RIL had first announced its intent to form this JV in December 2010 and will now commission the facility in the second half of 2014.
German firm Steinbach sets up Indian arm
Pune: Steinbach & Partner, the Germany-based global executive search and HR consultancy firm, has entered the Indian market and set up a wholly-owned subsidiary, headquartered in Pune.
“Pune was a natural choice for us to start India operations, since it is home to over 200 German companies and over 1,500 German professionals that are engaged in the auto and engineering businesses,” Mr Sebastian Steinbach, Director and Board Member, Steinbach & Partner, said.
“In the next 2-3 years, we will start our centres in Mumbai, New Delhi and Bangalore, and initially focus on sectors like automotive, engineering and life sciences,” said Mr Ramgopal Rao, President and Country Head, Steinbach and Partner Executive Consultants India Private Ltd.
He added that the company was targeting revenue of €1 million from its Indian subsidiary in the first three years of operations.
Steinbach and Partner uses scientific suitability tools and interviewing techniques such as the Hogan Test and Leadership Versatility Index (LVI) amongst its methods to scrutinize and assess candidates for performance capabilities and culture fit.
The company has a special cell that caters to the needs of start-ups/venture capital-funded companies and has recruited experts for over 100 companies financed with venture capital. The service will also be launched in India in due time.
“Pune was a natural choice for us to start India operations, since it is home to over 200 German companies and over 1,500 German professionals that are engaged in the auto and engineering businesses,” Mr Sebastian Steinbach, Director and Board Member, Steinbach & Partner, said.
“In the next 2-3 years, we will start our centres in Mumbai, New Delhi and Bangalore, and initially focus on sectors like automotive, engineering and life sciences,” said Mr Ramgopal Rao, President and Country Head, Steinbach and Partner Executive Consultants India Private Ltd.
He added that the company was targeting revenue of €1 million from its Indian subsidiary in the first three years of operations.
Steinbach and Partner uses scientific suitability tools and interviewing techniques such as the Hogan Test and Leadership Versatility Index (LVI) amongst its methods to scrutinize and assess candidates for performance capabilities and culture fit.
The company has a special cell that caters to the needs of start-ups/venture capital-funded companies and has recruited experts for over 100 companies financed with venture capital. The service will also be launched in India in due time.
BSE to launch green index from today
New Delhi: To promote firms working on sustainable business practices, the BSE is expected to launch its second thematic index, the BSE-GREENEX, on Wednesday.
A pick of 20 companies from the BSE 100, the index gives equal weightage to both energy efficiency and profitability — together indicating a long-term sustainable strategy. The Union Corporate Affairs Minister, Mr Veerappa Moily, is expected to inaugurate the new initiative at Mumbai.
25th index
“Though there are other such indices globally focussing on green credentials, this is the first which is based on actual performance in the energy efficiency front, rather than stated future plans,” a source close to the development toldBusiness Line.
The 25{+t}{+h}dynamic index at the BSE, the BSE-GREENEX, has been co-developed with gTrade, a domestic sustainability firm working on financial innovations in energy efficiency. While BSE provides the financial analytics, the carbon analytics are provided by gTrade.
Right time
The index is targeted at retail, as well as institutional investors such as asset managers and pension funds looking for investments in companies with strong long-term prospects and develop green financial products.
“This is a good time for such an index as there is a global policy emphasis on sustainability as resources are getting expensive and scarce,” the source said.
“Research over the last three years has shown that this index is performing better than the Sensex, indicating that companies that are able to balance energy efficiency and profitability, give better returns for investors,” he added.
The index follows a sector-specific algorithm, whereas a benchmark each company is measured only against the best in the same specific industry based on publically disclosed energy and financial data. Thus, if for example, on measures NTPC against other power generation firms, one can know the relative efficiency levels.
Constructive
Mr Ashvin Parekh, Ernst & Young's National Leader for Financial Services said such an index is “constructive and welcome” for retail investors as it will help them make better decisions.
“Currently, there are very few instruments for retail investors and the market is run by FIIs and institutions, who have their own analysts. Any scenario that helps retail investors participate more meaningfully is very beneficial,” he said.
A pick of 20 companies from the BSE 100, the index gives equal weightage to both energy efficiency and profitability — together indicating a long-term sustainable strategy. The Union Corporate Affairs Minister, Mr Veerappa Moily, is expected to inaugurate the new initiative at Mumbai.
25th index
“Though there are other such indices globally focussing on green credentials, this is the first which is based on actual performance in the energy efficiency front, rather than stated future plans,” a source close to the development toldBusiness Line.
The 25{+t}{+h}dynamic index at the BSE, the BSE-GREENEX, has been co-developed with gTrade, a domestic sustainability firm working on financial innovations in energy efficiency. While BSE provides the financial analytics, the carbon analytics are provided by gTrade.
Right time
The index is targeted at retail, as well as institutional investors such as asset managers and pension funds looking for investments in companies with strong long-term prospects and develop green financial products.
“This is a good time for such an index as there is a global policy emphasis on sustainability as resources are getting expensive and scarce,” the source said.
“Research over the last three years has shown that this index is performing better than the Sensex, indicating that companies that are able to balance energy efficiency and profitability, give better returns for investors,” he added.
The index follows a sector-specific algorithm, whereas a benchmark each company is measured only against the best in the same specific industry based on publically disclosed energy and financial data. Thus, if for example, on measures NTPC against other power generation firms, one can know the relative efficiency levels.
Constructive
Mr Ashvin Parekh, Ernst & Young's National Leader for Financial Services said such an index is “constructive and welcome” for retail investors as it will help them make better decisions.
“Currently, there are very few instruments for retail investors and the market is run by FIIs and institutions, who have their own analysts. Any scenario that helps retail investors participate more meaningfully is very beneficial,” he said.
Tuesday, February 21, 2012
Farm equipment makers are upbeat over robust demand
Chandigarh: Farm equipment manufacturers in the northern region, especially SMEs and their vendors, are upbeat over the robust demand for farm equipment in the domestic market. They are betting big on the Indian farm mechanisation market, which is estimated at over Rs 4,000 crore a year (excluding tractors).
There are over 400 SME manufacturers and vendors in the northern region, comprising Chandigarh, Punjab, Haryana and Himachal Pradesh. Some of the SMEs market their product under their own brand name while others sell to large established players.
Using indigenous technology and with the help of competitive pricing, these manufacturers cater to the domestic market as well as export to Sri Lanka, Nepal, Iraq, Iran and the southern African countries.
According to analysts, labour shortages, subsidies by both Central and state governments as well as easy financing by financial institutions have given a boost to this sector, which is witnessing 20-25 per cent year-on-year growth.
Sonalika Agro Industries Corporation Director Rajesh Thakur said, “The farm mechanisation sector has witnessed rapid growth in rural areas in the recent past, because of labour shortages. It is quality, competitive pricing and service which are driving the growth of manufacturers based in the northern region.”
Farm mechanisation has been promoted vigorously by the Central and state governments. Farm implements that recently have been made eligible for bank financing, in addition to existing implements, include multi-crop threshers, sadd drills, rotavator bed planters, tractor-mounted sprayers, potato diggers (manual and automatic), caster threshers, sugarcane cutters and planters.
The state governments provide a subsidy on the purchase of these machines that can go up to 50 per cent, depending on the machine.
In Punjab alone, according to the “state focus” prepared by the National Bank for Agriculture and Rural Development (Nabard), the credit requirement for farm mechanisation in 2012-13 is estimated at Rs 1,748 crore (including tractors). This makes farm mechanisation the third-largest sector in the state in terms of credit requirement, after crop loans and dairy development.
Farm mechanisation in Punjab had until recently been a “tractorisation” process, as the state had about 492,000 registered tractors as on March 31, 2009.
However, the use of other kinds of farm equipment – power tillers, bullock/tractor drawn implements, reapers, threshers, cleaners/graders, zero-till seed-cum-fertiliser drills, raised-bed planters, reapers and rotavators – has also increased significantly over the last few years, making it an attractive sector for manufacturers. In Haryana farm mechanisation is a Rs 1,000 crore market.
The managing director of Haryana-based Ashoka Foundry & Engineering Works, Kapil Gupta, said, “We have been doing very well over the last few years. In order to meet the robust demand, we are expanding our manufacturing capacity.”
His company manufactures agricultural equipments such as automatic and semi-automatic potato planters, seed-cum-fertiliser drills, sugar trench planters, tillage equipment and sugarcane cutter and planters.
Analysts said the factors driving the growth of farm mechanisation in the northern region are high quality, low cost and trouble-free maintenance. Punjab has about 40-60 farm implement manufacturers that focus on the complete value chain of farm mechanisation solutions and cater to both the domestic and the international market.
There are over 400 SME manufacturers and vendors in the northern region, comprising Chandigarh, Punjab, Haryana and Himachal Pradesh. Some of the SMEs market their product under their own brand name while others sell to large established players.
Using indigenous technology and with the help of competitive pricing, these manufacturers cater to the domestic market as well as export to Sri Lanka, Nepal, Iraq, Iran and the southern African countries.
According to analysts, labour shortages, subsidies by both Central and state governments as well as easy financing by financial institutions have given a boost to this sector, which is witnessing 20-25 per cent year-on-year growth.
Sonalika Agro Industries Corporation Director Rajesh Thakur said, “The farm mechanisation sector has witnessed rapid growth in rural areas in the recent past, because of labour shortages. It is quality, competitive pricing and service which are driving the growth of manufacturers based in the northern region.”
Farm mechanisation has been promoted vigorously by the Central and state governments. Farm implements that recently have been made eligible for bank financing, in addition to existing implements, include multi-crop threshers, sadd drills, rotavator bed planters, tractor-mounted sprayers, potato diggers (manual and automatic), caster threshers, sugarcane cutters and planters.
The state governments provide a subsidy on the purchase of these machines that can go up to 50 per cent, depending on the machine.
In Punjab alone, according to the “state focus” prepared by the National Bank for Agriculture and Rural Development (Nabard), the credit requirement for farm mechanisation in 2012-13 is estimated at Rs 1,748 crore (including tractors). This makes farm mechanisation the third-largest sector in the state in terms of credit requirement, after crop loans and dairy development.
Farm mechanisation in Punjab had until recently been a “tractorisation” process, as the state had about 492,000 registered tractors as on March 31, 2009.
However, the use of other kinds of farm equipment – power tillers, bullock/tractor drawn implements, reapers, threshers, cleaners/graders, zero-till seed-cum-fertiliser drills, raised-bed planters, reapers and rotavators – has also increased significantly over the last few years, making it an attractive sector for manufacturers. In Haryana farm mechanisation is a Rs 1,000 crore market.
The managing director of Haryana-based Ashoka Foundry & Engineering Works, Kapil Gupta, said, “We have been doing very well over the last few years. In order to meet the robust demand, we are expanding our manufacturing capacity.”
His company manufactures agricultural equipments such as automatic and semi-automatic potato planters, seed-cum-fertiliser drills, sugar trench planters, tillage equipment and sugarcane cutter and planters.
Analysts said the factors driving the growth of farm mechanisation in the northern region are high quality, low cost and trouble-free maintenance. Punjab has about 40-60 farm implement manufacturers that focus on the complete value chain of farm mechanisation solutions and cater to both the domestic and the international market.
Greenko to commission wind farms in Maharashtra by May
Hyderabad: Greenko Group, a listed entity of the Alternative Investment Market of London Stock Exchange, focussing on clean energy power plants, is set to commission 165 megawatt (MW) of wind energy farms in Maharashtra by May, taking its installed capacity of power generation from about 220 MW to about 385 MW.
The Managing Director and CEO of the Hyderabad-based Greenko, Mr Anil Chalamalasetty, toldBusiness Linethat the company is at advanced stage of commissioning these wind energy assets located in Satara district of Maharashtra, and expects to commission these wind farms with a total generating capacity of 165 MW.
This would take the company's energy generation capacity up from about 200 MW now, which includes 120 MW of hydel power generation, 80 MW of biomass plants and a liquid fuel powered plant, the last one has come through an acquisition.
The company has strategic venture with the US-based major GE (General Electric) for the implementation of wind farms in the country. A venture has been set up by Greenko wherein GE financial services arm had teamed up in October last to invest up to $50 million.
In the Ratnagiri project, Greenko has deployed 1.6-MW GE turbines, designed for conditions with lower wind speeds. The company is in the process of implementing a series of wind energy projects in Maharashtra, Karnataka, Andhra Pradesh and Rajasthan, through this association.
Prudential PLC, Aloe funds, TPG Growth, Scottish Windows, Capital Group and Blackrock are among investors who have helped raise up to $500 million for projects underway.
The Managing Director and CEO of the Hyderabad-based Greenko, Mr Anil Chalamalasetty, toldBusiness Linethat the company is at advanced stage of commissioning these wind energy assets located in Satara district of Maharashtra, and expects to commission these wind farms with a total generating capacity of 165 MW.
This would take the company's energy generation capacity up from about 200 MW now, which includes 120 MW of hydel power generation, 80 MW of biomass plants and a liquid fuel powered plant, the last one has come through an acquisition.
The company has strategic venture with the US-based major GE (General Electric) for the implementation of wind farms in the country. A venture has been set up by Greenko wherein GE financial services arm had teamed up in October last to invest up to $50 million.
In the Ratnagiri project, Greenko has deployed 1.6-MW GE turbines, designed for conditions with lower wind speeds. The company is in the process of implementing a series of wind energy projects in Maharashtra, Karnataka, Andhra Pradesh and Rajasthan, through this association.
Prudential PLC, Aloe funds, TPG Growth, Scottish Windows, Capital Group and Blackrock are among investors who have helped raise up to $500 million for projects underway.
Toshiba JSW wins Rs 2,300-cr order from NTPC
Bangalore: Japanese power equipment major Toshiba JSW Turbine & Generator will supply turbines for the Rs 10,000-crore thermal power plant in Karnataka.
According to a press statement, the company will supply three 800 MW supercritical steam turbine and generator island packages for NTPC's Kudgi super thermal power project, Stage-I, in Kudgi. The equipment will be manufactured at the company's plant in Chennai.
Contract Value
The contract value is around Rs. 2300 crore and delivery of the equipment is expected to start in 2013, the press statement said.
The Kudgi project is NTPC's first in Karnataka, and the State Government had signed a memorandum of understanding (MoU) with NTPC in 2009 for the proposed project. According to the statement, Toshiba has already supplied five 830 MW supercritical steam turbines and generators for the Mundra Ultra Mega thermal power plant owned by Coastal Gujarat Power Ltd, a 100 per cent subsidiary of Tata Power Company, and will supply two 660-MW supercritical steam turbines and generators for the Salaya-II Thermal Power Plant operated by Essar Power Gujarat Limited.
According to a press statement, the company will supply three 800 MW supercritical steam turbine and generator island packages for NTPC's Kudgi super thermal power project, Stage-I, in Kudgi. The equipment will be manufactured at the company's plant in Chennai.
Contract Value
The contract value is around Rs. 2300 crore and delivery of the equipment is expected to start in 2013, the press statement said.
The Kudgi project is NTPC's first in Karnataka, and the State Government had signed a memorandum of understanding (MoU) with NTPC in 2009 for the proposed project. According to the statement, Toshiba has already supplied five 830 MW supercritical steam turbines and generators for the Mundra Ultra Mega thermal power plant owned by Coastal Gujarat Power Ltd, a 100 per cent subsidiary of Tata Power Company, and will supply two 660-MW supercritical steam turbines and generators for the Salaya-II Thermal Power Plant operated by Essar Power Gujarat Limited.
Govt to boost investment in powerlooms
Mumbai: The government is planning to boost investment in power loom industry by opting for cluster development in the 12th five year plan (starting April 2012), said Mr A.B. Joshi, Textile Commissioner on Monday.
Speaking at the inaugural function of Texpo 2012, a buyer-seller meet and exhibition of power loom fabrics, made ups and home textiles, Mr Joshi said the Government will consider setting up of yarn banks to ensure availability of quality yarns to the textile industry.
The event was organised by Powerloom Development and Export Promotion Council (PDEXCIL) along with Hindustan Chamber of Commerce, Bharat Merchant Chamber and Mumbai Textile Merchants Mahajan.
Speaking at the inaugural function of Texpo 2012, a buyer-seller meet and exhibition of power loom fabrics, made ups and home textiles, Mr Joshi said the Government will consider setting up of yarn banks to ensure availability of quality yarns to the textile industry.
The event was organised by Powerloom Development and Export Promotion Council (PDEXCIL) along with Hindustan Chamber of Commerce, Bharat Merchant Chamber and Mumbai Textile Merchants Mahajan.
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