Mumbai: Gauging at the success of the 250cc sports bike retailed by Honda, fellow Japanese competitor Yamaha is also gearing up for local manufacturing of its planned 250cc sports bike, as against assembly operations done by Bajaj Auto for Kawasaki.
A locally manufactured motorcycle will entail zero duty, thereby, allowing the company to price the product competitively as against 30 per cent duty attracted by an assembled product, where different parts of the bike are imported to be assembled together.
Arch-rival Honda Motorcycle and Scooter India (HMSI) has been clocking an average of 3,000 units every month on the CBR250R sports bike, which the it fully makes in India. Over the last few months, Honda is in the process of phasing out the CBR250R, to make way for the new 2012 model.
Roy Kurian, national business head, India Yamaha Motor, said, "The market for 250cc is growing and we are studying that. There are a couple of models in that segment and people are upgrading to 250cc bikes. We will do 100 per cent localisation of that bike...we will manufacture it here."
Talks about Yamaha launching a 250cc bike has been doing the rounds for several months, but the company has only delayed its entry into the segment. "We have taken the feedback from people who have bought 200-250cc bikes and our feedback says they are not fully 'satisfied' with their products. So there is a need for a better bike than what is available today. Internationally, we have the Fazer 250, but I cannot comment when we will launch a bike in that segment,” added Kurian.
Bajaj Auto imports several parts of the 250cc-powered Kawasaki Ninja into India, before assembling them at its plant in Chakan, Pune. Due to added duties, the Ninja is priced well above the price position of the Honda CBR 250R. While the Ninja costs Rs 300,000 (on-road Mumbai), Honda's CBR250R costs nearly half of that at Rs 155,000 (on-road Mumbai). Reports suggest that Yamaha has been doing a market study for a 250cc bike, which according to sources was scheduled for launch last year. However, the management decided to gauge the response for the Honda CBR250R.
This year, Yamaha has decided to focus on scooters, which is scheduled for launch in the second half. It is confident of achieving sales of 400,000 units (including exports) in the next year. This would constitute 40 per cent of total targeted sales of one million by 2013, said Kurian.
"While we are focussing on scooters this year, it does not mean we are moving away from bikes. The bikes will remain as our main stay in the longer term,” added Kurian.
Success in my Habit
Monday, February 27, 2012
Corporate travel to grow 10-15% this year
New Delhi: Undeterred by the global slowdown, Indian Inc is spending on corporate travel, pushing up the outbound market for MICE (meetings, incentives, conventions and exhibitions). The Indian outbound MICE market is estimated to be around $550-600 million and is expected to increase by 10%-15% this year.
About 1.5-1.8 million passengers travelled outbound for meetings and conventions. Pharmaceuticals, cement FMCG, IT and financial services are the major industries contributing to the sector.
Forecasting a strong growth, Travelport COO Heena Akhtar said the industry was expected to grow by 10-15%. "The slowdown meant that regular companies cut down on their corporate travel last year. But this year, we are expecting a revival in incentivized travel and meetings by corporates,'' she said.
According to a study on India's MICE market by Synovate Business Consulting, the most popular destinations in Europe in the last two years included Germany with 73% opting for the destination followed by UK (52%), France (51%) and Switzerland (45%).
Speaking on the interest in Germany, German National Tourist Office director (sales and marketing) Romit Theophilus said, "Indians have a high spending capacity and we are expecting a 10-15% growth in business tourist arrivals this year.''
GNTO has seen a sustained growth of 20% year-on-year from Indian travelers with the number of visitor overnights growing by 26.2% in 2010 as compared to January-December 2009.
Lower hotel rates and carrier options in Europe supported by infrastructure, the vast number of businesses placed in European countries and services have popularized Germany as a business travel destination according to the report.
Other destinations too have seen significant growth from Indian tourist arrivals under the MICE segment including Hong Kong by 12%, Malaysia (15%), Thailand (30%) and Czech Republic by 40%.
The study also pointed out that top management accounted for 70% of the meetings and 50% of the conferences in MICE trips. Incentive trips were mostly conducted for executives and middle management accounting for 30% of the MICE trips.
Among the factors considered important for corporate travel are nature tourism, food and dining and cultural tourism, the report said.
Incidentally, countries like Austria, Indonesia, Turkey and Bhutan have offered discounted offers to woo large size groups while new entrants like Czech Republic, Spain and South Africa are pitching for an India-centric policy to tap the Indian MICE segment.
About 1.5-1.8 million passengers travelled outbound for meetings and conventions. Pharmaceuticals, cement FMCG, IT and financial services are the major industries contributing to the sector.
Forecasting a strong growth, Travelport COO Heena Akhtar said the industry was expected to grow by 10-15%. "The slowdown meant that regular companies cut down on their corporate travel last year. But this year, we are expecting a revival in incentivized travel and meetings by corporates,'' she said.
According to a study on India's MICE market by Synovate Business Consulting, the most popular destinations in Europe in the last two years included Germany with 73% opting for the destination followed by UK (52%), France (51%) and Switzerland (45%).
Speaking on the interest in Germany, German National Tourist Office director (sales and marketing) Romit Theophilus said, "Indians have a high spending capacity and we are expecting a 10-15% growth in business tourist arrivals this year.''
GNTO has seen a sustained growth of 20% year-on-year from Indian travelers with the number of visitor overnights growing by 26.2% in 2010 as compared to January-December 2009.
Lower hotel rates and carrier options in Europe supported by infrastructure, the vast number of businesses placed in European countries and services have popularized Germany as a business travel destination according to the report.
Other destinations too have seen significant growth from Indian tourist arrivals under the MICE segment including Hong Kong by 12%, Malaysia (15%), Thailand (30%) and Czech Republic by 40%.
The study also pointed out that top management accounted for 70% of the meetings and 50% of the conferences in MICE trips. Incentive trips were mostly conducted for executives and middle management accounting for 30% of the MICE trips.
Among the factors considered important for corporate travel are nature tourism, food and dining and cultural tourism, the report said.
Incidentally, countries like Austria, Indonesia, Turkey and Bhutan have offered discounted offers to woo large size groups while new entrants like Czech Republic, Spain and South Africa are pitching for an India-centric policy to tap the Indian MICE segment.
Franchise market growing at over 30% per annum
Hyderabad: The country’s franchise market, estimated to be $4 billion in 2011, is growing at a healthy pace of over 30 per cent per annum with tier II and tier III cities gradually getting hooked to the network of retailers and franchisers.
If the education sector was in the forefront offering franchise options, it now encompasses food and beverages and other services sectors, according to representatives taking part at the two-day FRO 2012 being hosted at the Hyderabad International Convention Centre (HICC).
Mr Gaurav Marya, President of Franchise India, said: “Franchising in India has witnessed impressive growth of around 30-35 per cent year-after-year over the last 4-5 years with an estimated turnover of $4 billion. It is helping transform good ideas into businesses. The FRO serves as a platform to identify, foster and commercialise innovative business start-up ideas and to meet the demands of today’s dynamic entrepreneurial arena.”
Brainworks, Buzz, Chhabra 555, Coffee Beans and Tea & Leaf, Cookieman, Gelato, Juice Salon, Mother Earth, Kwality Walls, New Zealand Naturals, are among a host of others taking part in the concurrent exposition.
The exposition serves as a regional platform for potential tie-ups where companies present their franchise concepts. Typically, franchise options come with a starting investment of Rs 5 lakh going up to Rs 5 crore.
More than 5,000 participants are expected to take part during the event and get a chance to interface with companies’ representatives and explore opportunities for collaboration.
If the education sector was in the forefront offering franchise options, it now encompasses food and beverages and other services sectors, according to representatives taking part at the two-day FRO 2012 being hosted at the Hyderabad International Convention Centre (HICC).
Mr Gaurav Marya, President of Franchise India, said: “Franchising in India has witnessed impressive growth of around 30-35 per cent year-after-year over the last 4-5 years with an estimated turnover of $4 billion. It is helping transform good ideas into businesses. The FRO serves as a platform to identify, foster and commercialise innovative business start-up ideas and to meet the demands of today’s dynamic entrepreneurial arena.”
Brainworks, Buzz, Chhabra 555, Coffee Beans and Tea & Leaf, Cookieman, Gelato, Juice Salon, Mother Earth, Kwality Walls, New Zealand Naturals, are among a host of others taking part in the concurrent exposition.
The exposition serves as a regional platform for potential tie-ups where companies present their franchise concepts. Typically, franchise options come with a starting investment of Rs 5 lakh going up to Rs 5 crore.
More than 5,000 participants are expected to take part during the event and get a chance to interface with companies’ representatives and explore opportunities for collaboration.
TRF Ltd inks pact with German firm
Kolkata: TRF Limited, part of the Tata Group, has entered into an exclusive agreement with Schade Lagertechnik GmbH to manufacture and market the latter's yard equipment in India. This agreement aims to meet the need for higher capacity stackers, portal scraper reclaimers, circular storage systems as well as wagon tipplers to meet TRF's ambitious growth plans in infrastructure industries like, steel, power ports, cement and mining.
As part of the agreement, Schade of Germany will provide TRF, a leader in material handling equipment and processing systems, the necessary know-how, assistance and key components for making higher capacity yard equipment. The agreement allows TRF to sell Schade's equipment in India.
The dual advantage of producing the high capacity bulk material handling equipment at a comparatively lower cost in India, at TRF's Jamshedpur plant, and the application of technical expertise from Schade will give domestic infrastructure sector access to world-class German technology at competitive prices.
Commenting on the agreement, Sudhir Deoras, managing director, TRF Ltd said: "We have worked with Schade in the past and together we would be able to meet customer needs." Incidentally, TRF and Schade have ealier worked together to supply and instal Asia's first and biggest radial stacker reclaimer at NSPCL's thermal power plant at Bhilai.
Speaking on the ocassion, Karl-Heinz Fiegenbaum, managing director, Schade said: "We have been looking out to join hands for the Indian market with a well established equipment manufacturer serving the local bulk materials handling sector." This tie up will also meet the needs of our joint future clients in India."
Schade, Germany has nearly 130 years of experience in bulk material handling equipment and has supplied more than 600 machines worldwide. It enjoys the benefit of a global network combined with large product range and high expertise. The alliance will thus create opportunities for the cross-fertilisation of technical capabilities and pave the way for transfer of knowledge, especially best practices and expertise within the two companies.
TRF has extensive experience in the design, supply and installation of bulk material handling equipment including the design, manufacture and erection of stackers, reclaimers and wagon tipplers. TRF also undertakes turnkey projects for infrastructure development industries such as power and steel plants, port, cement, chemical and mining.
As part of the agreement, Schade of Germany will provide TRF, a leader in material handling equipment and processing systems, the necessary know-how, assistance and key components for making higher capacity yard equipment. The agreement allows TRF to sell Schade's equipment in India.
The dual advantage of producing the high capacity bulk material handling equipment at a comparatively lower cost in India, at TRF's Jamshedpur plant, and the application of technical expertise from Schade will give domestic infrastructure sector access to world-class German technology at competitive prices.
Commenting on the agreement, Sudhir Deoras, managing director, TRF Ltd said: "We have worked with Schade in the past and together we would be able to meet customer needs." Incidentally, TRF and Schade have ealier worked together to supply and instal Asia's first and biggest radial stacker reclaimer at NSPCL's thermal power plant at Bhilai.
Speaking on the ocassion, Karl-Heinz Fiegenbaum, managing director, Schade said: "We have been looking out to join hands for the Indian market with a well established equipment manufacturer serving the local bulk materials handling sector." This tie up will also meet the needs of our joint future clients in India."
Schade, Germany has nearly 130 years of experience in bulk material handling equipment and has supplied more than 600 machines worldwide. It enjoys the benefit of a global network combined with large product range and high expertise. The alliance will thus create opportunities for the cross-fertilisation of technical capabilities and pave the way for transfer of knowledge, especially best practices and expertise within the two companies.
TRF has extensive experience in the design, supply and installation of bulk material handling equipment including the design, manufacture and erection of stackers, reclaimers and wagon tipplers. TRF also undertakes turnkey projects for infrastructure development industries such as power and steel plants, port, cement, chemical and mining.
Agriculture Ministry, Isro to forecast accurate farm production
New Delhi: The union agriculture ministry is gearing up to provide advance and accurate forecast of farm output in the kharif season by setting up a remote sensing centre in New Delhi with the help of Indian Space Research Organisation (Isro). The centre is likely to be operational in a month's time.
"Isro has developed basic procedures, models, and software packages for crop area and production forecasting, using remote sensing and weather data. We will be engaging seven Isro scientists who, along with our agriculture scientists, will come out with reliable information about agri output," said agriculture secretary Prabeer Kumar Basu.
The technology will be used for the analysis of cropping system (satellites provide valuable inputs for diversification and intensification of crops), mapping of sodic and usar soils, assessing the impact of droughts and floods, weather forecasting and monsoon prediction.
"The prediction of monsoon is difficult even with remote sensing technology. But the assessment of drought is quite easy. Satellite data will help us in contingency planning and for drought declaration process. We will extend the use of this technology for the analysis of water index and rainfed areas," he said.
The ministry is running a country-wide project, 'Forecasting of agriculture outputs through satellite, agrometeorology and Land-based observations' (FASAL) for forecasting major crops including wheat, rice, millet, jowar, bajra, oilseeds and sugarcane. From this year onwards, remote sensing technology will be used to forecast horticulture output as well.
"Isro has developed basic procedures, models, and software packages for crop area and production forecasting, using remote sensing and weather data. We will be engaging seven Isro scientists who, along with our agriculture scientists, will come out with reliable information about agri output," said agriculture secretary Prabeer Kumar Basu.
The technology will be used for the analysis of cropping system (satellites provide valuable inputs for diversification and intensification of crops), mapping of sodic and usar soils, assessing the impact of droughts and floods, weather forecasting and monsoon prediction.
"The prediction of monsoon is difficult even with remote sensing technology. But the assessment of drought is quite easy. Satellite data will help us in contingency planning and for drought declaration process. We will extend the use of this technology for the analysis of water index and rainfed areas," he said.
The ministry is running a country-wide project, 'Forecasting of agriculture outputs through satellite, agrometeorology and Land-based observations' (FASAL) for forecasting major crops including wheat, rice, millet, jowar, bajra, oilseeds and sugarcane. From this year onwards, remote sensing technology will be used to forecast horticulture output as well.
Friday, February 24, 2012
Now, outsource research work to scientists of top universities
Chennai: A company that employs a number of researchers to work on a complex problem can instead outsource it to scientists and researchers from top Indian academic institutions to find a solution. That's what Xerox India Research, the youngest global research lab of the $22-billion leading company, is doing.
Through a concept called Open Innovation, Xerox India Research has brought together top-notch scientists, along with the company's researchers and engineers, to work on complex projects that Xerox wants to implement.
And the partnership is not restricted to the India centre, but researchers from global Xerox Research labs have access to the “best of the Indian brains” in this global hub, Ms Meera Sampath, Director of Xerox Research Centre India, recently toldBusiness Line.
Open Innovation is today the core of Xerox India research. The centre has eight partnerships with top academic institutions, including IIT-Madras, IIT-Bombay, IIT-Kharagpur, Indian Institute of Science, IIT-Mandi and Srishti Labs.
Research partnerships cover a broad range of topics such as cloud computing, services marketplace design, multi-lingual technology development, personalised information delivery, video-based patient monitoring and rural technology initiatives, she said.
Even before Xerox started its research centre in India in 2010, the company decided that this lab would be built on a model of ‘open innovation' and started working with local universities. Xerox has such a model in the US and Europe but in India this will be the fundamental to how “we operate,” she said.
Ms Sampath said the India centre acts as a traditional research lab with its own researchers collaborating with colleagues in other global labs. In addition, the lab is a central hub to connect people from the Europe, US, with institutes like IIT-Madras, IIT-Kharaghpur and the School of Design.
“One of the goals internally is that every researcher hired in India will not only work on their core research work, but also with one or two open innovation projects. For us, it is not the size of the people we have inside the lab, but it is the strength and size of this whole ecosystem that we are building. Every university gives an opportunity for us to work with one or two professors and three or four students,” she said.
It is not just more people working for you, but also tapping in to a skill that “we may not develop as a core competency in-house.” Within the company we have researchers working on cloud computing but for things like user design it makes sense to tap experts outside and leverage their expertise. For the students too, this helps as they are working on projects that are inspired by the business needs,” she said.
Through a concept called Open Innovation, Xerox India Research has brought together top-notch scientists, along with the company's researchers and engineers, to work on complex projects that Xerox wants to implement.
And the partnership is not restricted to the India centre, but researchers from global Xerox Research labs have access to the “best of the Indian brains” in this global hub, Ms Meera Sampath, Director of Xerox Research Centre India, recently toldBusiness Line.
Open Innovation is today the core of Xerox India research. The centre has eight partnerships with top academic institutions, including IIT-Madras, IIT-Bombay, IIT-Kharagpur, Indian Institute of Science, IIT-Mandi and Srishti Labs.
Research partnerships cover a broad range of topics such as cloud computing, services marketplace design, multi-lingual technology development, personalised information delivery, video-based patient monitoring and rural technology initiatives, she said.
Even before Xerox started its research centre in India in 2010, the company decided that this lab would be built on a model of ‘open innovation' and started working with local universities. Xerox has such a model in the US and Europe but in India this will be the fundamental to how “we operate,” she said.
Ms Sampath said the India centre acts as a traditional research lab with its own researchers collaborating with colleagues in other global labs. In addition, the lab is a central hub to connect people from the Europe, US, with institutes like IIT-Madras, IIT-Kharaghpur and the School of Design.
“One of the goals internally is that every researcher hired in India will not only work on their core research work, but also with one or two open innovation projects. For us, it is not the size of the people we have inside the lab, but it is the strength and size of this whole ecosystem that we are building. Every university gives an opportunity for us to work with one or two professors and three or four students,” she said.
It is not just more people working for you, but also tapping in to a skill that “we may not develop as a core competency in-house.” Within the company we have researchers working on cloud computing but for things like user design it makes sense to tap experts outside and leverage their expertise. For the students too, this helps as they are working on projects that are inspired by the business needs,” she said.
Su-Kam, Kohler tie up for hybrid power back-up
Chennai: Su-Kam Power Systems Ltd and Kohler Power Systems, US, have introduced range of diesel and gas generators. Both companies have entered into a supply, distribution marketing pact and have conceived a hybrid solution offering inverter and genset, according to a press release.
Kohler India Corporation will collaborate with Su-Kam to provide the customised solution based on the hybrid concept. The unique features include priority-based load sharing between inverter and DG sets, efficiency under critical power conditions and reduction in carbon footprint. A graphic user interface regularly updates the user on the voltage, frequency and current supply. It also prevents blackouts by updating the user on the fuel level, engine temperature, battery voltage and engine oil pressure.
Kohler India Corporation will collaborate with Su-Kam to provide the customised solution based on the hybrid concept. The unique features include priority-based load sharing between inverter and DG sets, efficiency under critical power conditions and reduction in carbon footprint. A graphic user interface regularly updates the user on the voltage, frequency and current supply. It also prevents blackouts by updating the user on the fuel level, engine temperature, battery voltage and engine oil pressure.
Sembcorp India plant signs 10 year coal contract
New Delhi: Singapore-based Sembcorp Industries said its Indian joint venture, Thermal Powertech Corp, has signed an agreement with Indonesia's PT Bayan Resources for supply of about one million tonnes of coal per year for 10 years.
The contract, which is for an aggregate of 10 million tonnes of coal, is expected to commence in 2014, Sembcorp said in a statement.
Sembcorp owns 49% stake in Thermal Powertech Corp through its wholly-owned subsidiary, Sembcorp Utilities, while Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects, owns the rest.
"With plant construction progressing on track at the project site in Krishnapatnam in Andhra Pradesh's SPSR Nellore District, this coal agreement marks yet another significant milestone for Sembcorp's first Indian power plant project, a 1,320-megawatt coal-fired power plant," the statement said.
"With part of our coal supply successfully secured at a competitive price and construction of the plant and its boiler turbines and generators well underway, we are on track to complete the project on schedule and begin full commercial operations in 2014," Sembcorp Utilities chief executive officer Atul Nargund said.
Listed on Indonesian stock exchange, Bayan is the sixth largest producer and exporter of thermal coal in Indonesia. It owns the Balikpapan Coal Terminal, one of the largest coal terminals in East Kalimantan with a handling capacity of 15 million tonnes per annum.
This signing is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year, the statement said.
The contract, which is for an aggregate of 10 million tonnes of coal, is expected to commence in 2014, Sembcorp said in a statement.
Sembcorp owns 49% stake in Thermal Powertech Corp through its wholly-owned subsidiary, Sembcorp Utilities, while Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects, owns the rest.
"With plant construction progressing on track at the project site in Krishnapatnam in Andhra Pradesh's SPSR Nellore District, this coal agreement marks yet another significant milestone for Sembcorp's first Indian power plant project, a 1,320-megawatt coal-fired power plant," the statement said.
"With part of our coal supply successfully secured at a competitive price and construction of the plant and its boiler turbines and generators well underway, we are on track to complete the project on schedule and begin full commercial operations in 2014," Sembcorp Utilities chief executive officer Atul Nargund said.
Listed on Indonesian stock exchange, Bayan is the sixth largest producer and exporter of thermal coal in Indonesia. It owns the Balikpapan Coal Terminal, one of the largest coal terminals in East Kalimantan with a handling capacity of 15 million tonnes per annum.
This signing is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year, the statement said.
Exports during current fiscal will be around $300 b: Sharma
Mumbai: The country's exports during the current fiscal would be around $300 billion, an increase of 22 per cent from $ 245 billion achieved last year, said the Union Commerce Minister, Mr Anand Sharma, on Thursday.
He was interacting with the media after reviewing the progress of the Delhi Mumbai Industrial Corridor (DMIC) project.
Mr Sharma said that growth in exports have been achieved in spite of very challenging circumstances and global contraction of demand. “The conscious strategy which we have adopted of accessing new markets have sustained our exports and would be able to withstand the increasing pressure on current and trade account,” he said.
He said that exports have to be sustained by a robust manufacturing sector. Therefore projects such as DMIC and National Manufacturing Zones needs to be given a boost. Today DMIC is one of the biggest infrastructure projects on the anvil, which will impact 43 per cent of the national population. In the long run, DMIC will attract an investment of about $100 billion.
Riding along with the industrial corridor would be the National Manufacturing Zones (NMZ), which would be full-fledged industrial townships focussed on manufacturing industries. Seven such zones are being planned along the DMIC, of which two would be in Maharashtra, Mr Sharma said.
Also addressing the media, the Maharashtra Chief Minister, Mr Prithviraj Chavan, said that in the first phase of the project, Dighi port industrial area in Raigad district spread over 2,500 km and Shendra Bidkin mega industrial area of 845 km in Aurangabad have been identified as NMZs. Both the regions would be developed with an investment of about Rs 8,766 crore, he said.
For proper implementation of the DMIC project in the State, a joint venture between the Delhi Mumbai Industrial Corridor Corporation and the Maharashtra Government will be set up, which will have an independent team for implementing the project, Mr Chavan said.
He was interacting with the media after reviewing the progress of the Delhi Mumbai Industrial Corridor (DMIC) project.
Mr Sharma said that growth in exports have been achieved in spite of very challenging circumstances and global contraction of demand. “The conscious strategy which we have adopted of accessing new markets have sustained our exports and would be able to withstand the increasing pressure on current and trade account,” he said.
He said that exports have to be sustained by a robust manufacturing sector. Therefore projects such as DMIC and National Manufacturing Zones needs to be given a boost. Today DMIC is one of the biggest infrastructure projects on the anvil, which will impact 43 per cent of the national population. In the long run, DMIC will attract an investment of about $100 billion.
Riding along with the industrial corridor would be the National Manufacturing Zones (NMZ), which would be full-fledged industrial townships focussed on manufacturing industries. Seven such zones are being planned along the DMIC, of which two would be in Maharashtra, Mr Sharma said.
Also addressing the media, the Maharashtra Chief Minister, Mr Prithviraj Chavan, said that in the first phase of the project, Dighi port industrial area in Raigad district spread over 2,500 km and Shendra Bidkin mega industrial area of 845 km in Aurangabad have been identified as NMZs. Both the regions would be developed with an investment of about Rs 8,766 crore, he said.
For proper implementation of the DMIC project in the State, a joint venture between the Delhi Mumbai Industrial Corridor Corporation and the Maharashtra Government will be set up, which will have an independent team for implementing the project, Mr Chavan said.
India invites Saudi Arabia to invest in oil sector
New Delhi: India has invited Saudi participation in upcoming investment opportunities in its petroleum upstream and downstream sector including OPaL’s Petrochemical project at Dahej and OMPL’s Petrochemical project at Mangalore.
An offer was made to the Saudi side for considering equity participation in these projects as a strategic investor, said Mr R.P.N. Singh, Minister of State for Petroleum & Natural Gas, after the bilateral meetings with Prince Abdul Aziz Bin Salman Bin Abdulaziz, Assistant Minister for Petroleum Affairs, Saudi Arabia.
Other proposed investment opportunities such as Indian Oil Corporation’s LNG project at Ennore, Bharat Petroleum Corporation’s LNG terminal at Kochi, Hindustan Petroleum Corporation’s grass-root refinery in Visakhapatnam and Indian Oil Corporations petrochemical plant at Paradip were also discussed.
Since both Saudi Arabia and India are prominent actors in the International Energy Forum (IEF) comprising 88 countries, which is the world’s principal vehicle for the ongoing global energy dialogue, several issues related to the IEF were also discussed, he said.
An offer was made to the Saudi side for considering equity participation in these projects as a strategic investor, said Mr R.P.N. Singh, Minister of State for Petroleum & Natural Gas, after the bilateral meetings with Prince Abdul Aziz Bin Salman Bin Abdulaziz, Assistant Minister for Petroleum Affairs, Saudi Arabia.
Other proposed investment opportunities such as Indian Oil Corporation’s LNG project at Ennore, Bharat Petroleum Corporation’s LNG terminal at Kochi, Hindustan Petroleum Corporation’s grass-root refinery in Visakhapatnam and Indian Oil Corporations petrochemical plant at Paradip were also discussed.
Since both Saudi Arabia and India are prominent actors in the International Energy Forum (IEF) comprising 88 countries, which is the world’s principal vehicle for the ongoing global energy dialogue, several issues related to the IEF were also discussed, he said.
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