NEW DELHI: The base price for the upcoming second generation bandwidth sale following the cancellation of 122 mobile licences by the Supreme Court last month can be anywhere between Rs 620.48 crore to Rs 4,571.85 crore for a single MHz or unit of spectrum, the country's telecoms regulator has said.
A company like Uninor, majority owned by Norway's Telenor, will be forced to pay between Rs 3847 to Rs 28,345 crore, depending on the final methodology adopted by Trai, as the reserve price to get 6.2 MHz or units of second generation airwaves. The final price will be higher and be determined through auctions. Mobile phone companies whose licences had been cancelled by the apex court had paid Rs 1658 crore for 6.2 MHz of airwaves on a pan-India basis in 2008.
Industry experts agree that 6.2 units of second-generation bandwidth is the minimum requirement to offer pan-India mobile services during the first five years of operations.
The apex court had directed the government to auction the airwaves and licences within four months after seeking recommendations from Trai.
The regulator has shortlisted seven models to fix the base price and has sought the industry's reaction to each of these methodologies before it finalises the reserve bid amount for the airwaves sale.
This will be a blow to several companies, including Uninor, Etisalat DB and S Tel amongst others, who had demanded that the base price for the auctions be fixed at Rs 1658 crore for 6.2 MHz of airwaves for 20-year period on a pan-India basis.
Many of these companies had demanded that the reserve price be such that 'it enables a successful bidder to have an economically viable and bankable business plan within a reasonable period of time'. They had also contended that even at a level of Rs 1,658 crore entry fee paid by new operators, these telcos had not been able to breakeven and further added that the experience of 3G auctions at Rs 16,750 crore for a pan India (5 MHz) spectrum had also not been encouraging so far.
But Trai in its consultation process has clarified that it had already recommended 'in May 2010 that the price of Rs. 1658 crore was no longer relevant'.
The base price will be the lowest if Trai were to take the price discovered in 2001 - Rs 1658 crore - and index this for or both inflation and cost of money against a prime lending rate of say 12%. This works to Rs 620.48 crore per MHz or Rs 3847 crore for 6.2 MHz of airwaves on a pan-India basis.
For the industry, the next best methodology will be to index the base price to the broadband wireless auctions in 2010, when 20 units of pan-India airwaves fetched Rs 12,848 crore.
Success in my Habit
Tuesday, March 13, 2012
Nokia to shut mobile money service Nokia Money
NEW DELHI/PUNE: Finnish handset maker Nokia is axing its financial services in India, and has quashed plans of extending this facility to other markets, as the handset maker sharpens its focus on devices and location-based services.
Nokia said its 100,000-plus customers in India who use this facility will be given 'ample time' to exhaust their accounts, shut out or shift to other players that offer similar facilities.
The Nokia Money platform allowed users with or without bank accounts to pay bills and retailers, send money through their mobile phones.
The handset maker will stay invested in Obopay, the company that provides the technology platform for this facility, but will withdraw from directly offering mobile wallet service to consumers, as part of a planned exit from the mobile financial services, a non-core business, the handset maker said.
Nokia had used Obopay's technology to launch this service in 2010 and had reportedly invested around $70 million in the company. "The mobile handset market needs financial services and now there are off-the-shelf services available in the market. We will continue to support them as a handset maker. We have led the creation of mobile money industry in India. We are getting out as a first party provider, but we will continue to support mobile money as feature," Nokia Mobile Payments general manager Gary Singh told ET.
Nokia will support separation of the 100-strong team, including management staff, and will absorb some employees. "All our staff have been incubators of the mobile money service in India. Financial services market is growing in India, and so their experience will be valuable for other companies. We will absorb as many as possible in the parent company, and also assist others to find employment with our partners and other players in mobile money," Singh added.
Nokia will provide complete support to all customers till they exhaust their balance on the mobile wallet and will not levy any transaction charges. The handset maker will also reimburse the registration fee of 30 to each customer. Customers of Nokia Money will start receiving updates from March 15 on how should they proceed with their accounts.
Union Bank Money and Yes Bank Money will continue to operate as such and Nokia will help the banks make the service self-supporting. RBI rules do not allow transfer of accounts, but Nokia will support customers and assist them in getting enrolled with other mobile money providers should they wish to continue using mobile money service.
"Our services will continue to operate while we work with our banking, market and technology partners as well as our employees, agents and others to plan future options in accordance with all customer and regulatory requirements," Nokia said in a statement on Monday.
The move comes at a time when the government is considering completely opening up the financial payments services sector to foreign investors. The Reserve Bank of India has conditionally allowed a finance ministry's proposal to allow 100% foreign direct investment through the automatic route in mobile wallet or e-wallet services.
There is a growing interest in the sector with at least three new mobile payment services introduced by Airtel, HDFC, MasterCard and Visa over the last month. Nokia will also extend its global bridge programme designed to help employees to pursue higher education or invest in viable business plan of employees. It had conducted a similar exercise when it outsourced the maintenance and future development Symbian mobile platform to Accenture.
Mobile money in its simplest form is using the mobile phone for making payments and transfers, instead of paying by cash. It is safer than cash as it cannot be stolen, and even if the phone is lost, the stored value remains at the backend with the bank.
While it became a success in countries such as Kenya and the Philippines, it has yet to take off in India. Nokia Money had aimed to convert the handset maker's retail outlets into cash points and the company planned to use its extensive infrastructure in India to reach out to the unbanked population.
Nokia said its 100,000-plus customers in India who use this facility will be given 'ample time' to exhaust their accounts, shut out or shift to other players that offer similar facilities.
The Nokia Money platform allowed users with or without bank accounts to pay bills and retailers, send money through their mobile phones.
The handset maker will stay invested in Obopay, the company that provides the technology platform for this facility, but will withdraw from directly offering mobile wallet service to consumers, as part of a planned exit from the mobile financial services, a non-core business, the handset maker said.
Nokia had used Obopay's technology to launch this service in 2010 and had reportedly invested around $70 million in the company. "The mobile handset market needs financial services and now there are off-the-shelf services available in the market. We will continue to support them as a handset maker. We have led the creation of mobile money industry in India. We are getting out as a first party provider, but we will continue to support mobile money as feature," Nokia Mobile Payments general manager Gary Singh told ET.
Nokia will support separation of the 100-strong team, including management staff, and will absorb some employees. "All our staff have been incubators of the mobile money service in India. Financial services market is growing in India, and so their experience will be valuable for other companies. We will absorb as many as possible in the parent company, and also assist others to find employment with our partners and other players in mobile money," Singh added.
Nokia will provide complete support to all customers till they exhaust their balance on the mobile wallet and will not levy any transaction charges. The handset maker will also reimburse the registration fee of 30 to each customer. Customers of Nokia Money will start receiving updates from March 15 on how should they proceed with their accounts.
Union Bank Money and Yes Bank Money will continue to operate as such and Nokia will help the banks make the service self-supporting. RBI rules do not allow transfer of accounts, but Nokia will support customers and assist them in getting enrolled with other mobile money providers should they wish to continue using mobile money service.
"Our services will continue to operate while we work with our banking, market and technology partners as well as our employees, agents and others to plan future options in accordance with all customer and regulatory requirements," Nokia said in a statement on Monday.
The move comes at a time when the government is considering completely opening up the financial payments services sector to foreign investors. The Reserve Bank of India has conditionally allowed a finance ministry's proposal to allow 100% foreign direct investment through the automatic route in mobile wallet or e-wallet services.
There is a growing interest in the sector with at least three new mobile payment services introduced by Airtel, HDFC, MasterCard and Visa over the last month. Nokia will also extend its global bridge programme designed to help employees to pursue higher education or invest in viable business plan of employees. It had conducted a similar exercise when it outsourced the maintenance and future development Symbian mobile platform to Accenture.
Mobile money in its simplest form is using the mobile phone for making payments and transfers, instead of paying by cash. It is safer than cash as it cannot be stolen, and even if the phone is lost, the stored value remains at the backend with the bank.
While it became a success in countries such as Kenya and the Philippines, it has yet to take off in India. Nokia Money had aimed to convert the handset maker's retail outlets into cash points and the company planned to use its extensive infrastructure in India to reach out to the unbanked population.
Sistema expands mobile broadband to 4 more towns in Haryana
NEW DELHI: Sistema Shyam Teleservices (SSTL) has launched its high-speed mobile broadband service MBlaze in four towns in Haryana as part of the expansion drive it has undertaken notwithstanding cancellation of its 21 licences.
With the roll-out of services in Hansi, Kaithal, Jind, and Bhiwani, MTS MBlaze now has footprint spanning 13 towns in the Haryana circle.
"This latest expansion is in sync with our endeavour to make MBlaze, our high speed mobile broadband service available to maximum number of customers in the shortest possible time," SSTL Chief Operating Officer (Delhi NCR and Haryana Circle) Shankar Bali said in a statement today.
MTS has tied up with Hewlett Packard (HP), wherein on purchase of an HP laptop, customers can get an MBlaze device for Rs 699. In addition, the customers can enjoy data usage of 3 GB at Rs 490 per month for lifetime.
SSTL, which operates under MTS brand, had last week announced expansion in eight towns, Khopoli, Lonavala, Baramati, Beed, Mahad, Ratnagiri, Satara and Karad, in the Maharashtra and Goa circles.
SSTL licences figure among the 122 2G licences cancelled by the Supreme Court in February. SSTL had, however, expressed its intention to stay in the country and bid for spectrum in the auction, to be held by the government, as directed by the apex court.
MTS in India has secured over 15 million wireless subscribers and under the MBlaze brand provides mobile broadband services to over 1.5 million customers in over 300 cities across the country, the statement said.
The company employs over 3,500 employees, operates through a universe of over 300,000 retailers and has made investments of over USD 3.1 billion, it added.
With the roll-out of services in Hansi, Kaithal, Jind, and Bhiwani, MTS MBlaze now has footprint spanning 13 towns in the Haryana circle.
"This latest expansion is in sync with our endeavour to make MBlaze, our high speed mobile broadband service available to maximum number of customers in the shortest possible time," SSTL Chief Operating Officer (Delhi NCR and Haryana Circle) Shankar Bali said in a statement today.
MTS has tied up with Hewlett Packard (HP), wherein on purchase of an HP laptop, customers can get an MBlaze device for Rs 699. In addition, the customers can enjoy data usage of 3 GB at Rs 490 per month for lifetime.
SSTL, which operates under MTS brand, had last week announced expansion in eight towns, Khopoli, Lonavala, Baramati, Beed, Mahad, Ratnagiri, Satara and Karad, in the Maharashtra and Goa circles.
SSTL licences figure among the 122 2G licences cancelled by the Supreme Court in February. SSTL had, however, expressed its intention to stay in the country and bid for spectrum in the auction, to be held by the government, as directed by the apex court.
MTS in India has secured over 15 million wireless subscribers and under the MBlaze brand provides mobile broadband services to over 1.5 million customers in over 300 cities across the country, the statement said.
The company employs over 3,500 employees, operates through a universe of over 300,000 retailers and has made investments of over USD 3.1 billion, it added.
Media & entertainment sector to grow at 15 per cent: FICCI-KPMG report
MUMBAI: India's media and entertainment (M&E) sector registered 12 per cent growth in 2011 to reach Rs 72,800 crore and it is expected to register a compounded aggregate growth rate (CAGR) of 15 per cent by 2016, according to the latest FICCI-KPMG report.
"The Media & Entertainment industry landscape is undergoing a significant shift," KPMG's Head of Media & Entertainment, Jehil Thakkar said.
"Cable digitisation, the promise of wireless broadband, increasing DTH penetration, digitisation of film distribution, growing Internet use are all prompting strategic shifts in the way companies work. Traditional business models are evolving for the better as a host of new opportunities emerge," he added.
The growth trajectory is backed by strong consumption in Tier 2 and 3 cities, continued growth of regional media, and fast increasing new media business. Overall, the industry is expected to register a compounded aggregate growth rate (CAGR) of 15 per cent to touch Rs 1,457 billion by 2016, according to an official statement.
"The key highlights are rise in digital content consumption, launch of diverse content delivery platforms, strong consumption in Tier 2 and 3 cities, rising footprint of the players in the regional media, rapidly increasing new media business and regulatory shifts," FICCI Secretary General Rajiv Kumar said.
While television continues to be the dominant medium, sectors such as animation and visual effects, digital advertising, and gaming are fast increasing their share in the overall pie. Radio is expected to display a healthy growth rate after the advent of Phase 3 reforms, the statement said.
The report, which will be formally released at the inaugural session of FICCI FRAMES 2012 on March 14, also said that while witnessing a decline in growth rate, print will continue to be the second largest medium in the Indian media and entertainment industry.
"The Media & Entertainment industry landscape is undergoing a significant shift," KPMG's Head of Media & Entertainment, Jehil Thakkar said.
"Cable digitisation, the promise of wireless broadband, increasing DTH penetration, digitisation of film distribution, growing Internet use are all prompting strategic shifts in the way companies work. Traditional business models are evolving for the better as a host of new opportunities emerge," he added.
The growth trajectory is backed by strong consumption in Tier 2 and 3 cities, continued growth of regional media, and fast increasing new media business. Overall, the industry is expected to register a compounded aggregate growth rate (CAGR) of 15 per cent to touch Rs 1,457 billion by 2016, according to an official statement.
"The key highlights are rise in digital content consumption, launch of diverse content delivery platforms, strong consumption in Tier 2 and 3 cities, rising footprint of the players in the regional media, rapidly increasing new media business and regulatory shifts," FICCI Secretary General Rajiv Kumar said.
While television continues to be the dominant medium, sectors such as animation and visual effects, digital advertising, and gaming are fast increasing their share in the overall pie. Radio is expected to display a healthy growth rate after the advent of Phase 3 reforms, the statement said.
The report, which will be formally released at the inaugural session of FICCI FRAMES 2012 on March 14, also said that while witnessing a decline in growth rate, print will continue to be the second largest medium in the Indian media and entertainment industry.
Media, entertainment industry to touch Rs 1,457 billion by 2016, says FICCI-KPMG Report
NEW DELHI: The market size of Indian media and entertainment (M&E) industry is expected to touch Rs 1,457 billion by 2016 due to the increasing penetration in smaller cities and continued growth of regional media, a report said.
A FICCI-KPMG report said that while television continues to be the dominant medium, sectors such as animation, digital advertising and gaming are fast increasing their share in the overall pie.
Radio is expected to display a healthy growth rate after and will continue to be the second largest medium in the Indian M&E industry, it said.
"The growth trajectory is backed by strong consumption in Tier-II and -III cities, continued growth of regional media and fast increasing new media business. Overall the industry is expected to register a CAGR of 15 per cent to touch Rs 1,457 billion by 2016," the report said.
It said that advertising spends across all media accounted for about 41 per cent of the overall industry revenues, amounting to Rs 300 billion in 2011.
Digital technology continues to revolutionise media distribution and has enabled wider and cost effective reach across diverse and regional markets, it said.
"2011 was clearly the year where digital technologies began to deliver on their promise. Digital film distribution has helped wider film releases and helped control costs," FICCI Entertainment Committee Chairman Yash Chopra said.
"Cable digitisation, wireless broadband, increasing DTH penetration, growing internet use are all prompting strategic shifts in the way companies work," KPMG Head of Media and Entertainment Jehil Thakkar said.
The report said that there has been increased proliferation and consumption of digital media content - be it newspapers, digital film prints, and online video and music or entirely new categories such as social media.
It also said that smart phones, tablets, gaming devices all form the foundation of a new wave in media usage.
"This is gradually impacting the way content is being created and distributed as well," it added.
Further, the report said that companies are awaiting implementation of policies like copyright for radio and the roll out of 4G for the next growth wave.
"These shifts are expected to be game changers in terms of how business is being done currently and what could be the path going forward," it said.
However, it said that while India is still expected to grow at a healthy pace, growth is projected to be lower than earlier expectations.
A FICCI-KPMG report said that while television continues to be the dominant medium, sectors such as animation, digital advertising and gaming are fast increasing their share in the overall pie.
Radio is expected to display a healthy growth rate after and will continue to be the second largest medium in the Indian M&E industry, it said.
"The growth trajectory is backed by strong consumption in Tier-II and -III cities, continued growth of regional media and fast increasing new media business. Overall the industry is expected to register a CAGR of 15 per cent to touch Rs 1,457 billion by 2016," the report said.
It said that advertising spends across all media accounted for about 41 per cent of the overall industry revenues, amounting to Rs 300 billion in 2011.
Digital technology continues to revolutionise media distribution and has enabled wider and cost effective reach across diverse and regional markets, it said.
"2011 was clearly the year where digital technologies began to deliver on their promise. Digital film distribution has helped wider film releases and helped control costs," FICCI Entertainment Committee Chairman Yash Chopra said.
"Cable digitisation, wireless broadband, increasing DTH penetration, growing internet use are all prompting strategic shifts in the way companies work," KPMG Head of Media and Entertainment Jehil Thakkar said.
The report said that there has been increased proliferation and consumption of digital media content - be it newspapers, digital film prints, and online video and music or entirely new categories such as social media.
It also said that smart phones, tablets, gaming devices all form the foundation of a new wave in media usage.
"This is gradually impacting the way content is being created and distributed as well," it added.
Further, the report said that companies are awaiting implementation of policies like copyright for radio and the roll out of 4G for the next growth wave.
"These shifts are expected to be game changers in terms of how business is being done currently and what could be the path going forward," it said.
However, it said that while India is still expected to grow at a healthy pace, growth is projected to be lower than earlier expectations.
Natco Pharma bags licence to sell Bayer's cancer drug Nexavar
NEW DELHI | MUMBAI | HYDERABAD: The government has allowed a local drugmaker to make and sell a patented cancer drug at a fraction of the price charged by Germany's Bayer AG, setting a precedent for more such efforts by Indian firms and heightening the global pharmaceutical industry's anxiety over the use of the controversial compulsory licensing provision.
The outgoing patent controller of India, PH Kurian, on Monday granted the country's first compulsory licence to Hyderabad-based Natco Pharma, permitting it to manufacture and market a generic version of Nexavar, a medicine used for treating liver and kidney cancer, in India for just 3% of the patented drug's price in return for paying 6% royalty on sales to Bayer.
While healthcare activists were quick to welcome the order and said it would discourage innovator companies from selling medicines at exorbitant prices, Bayer and OPPI, the body that represents foreign drug companies in India, expressed their disappointment at the development. "The solution to helping patients with innovative medicines does not lie in breaking patents," said OPPI Director-General Tapan Ray.
Bayer is expected to legally challenge the decision. "We will evaluate our options to further defend our intellectual property rights in India," a company spokesman said.
The order may encourage other Indian drugmakers to file for compulsory licences, setting the stage for a spate of regulatory disputes between Indian and foreign drug companies over pricing and patent issues.
"The patent controller has ruled that if a product is not manufactured in India after three years of receiving a patent, it will be a candidate for compulsory licensing. This can have huge consequences as most patented products sold in India are imported," said DG Shah, secretary general of the Indian Pharmaceutical Alliance. Since 2007, at least 18 patented HIV and cancer drugs have been launched in the country.
The outgoing patent controller of India, PH Kurian, on Monday granted the country's first compulsory licence to Hyderabad-based Natco Pharma, permitting it to manufacture and market a generic version of Nexavar, a medicine used for treating liver and kidney cancer, in India for just 3% of the patented drug's price in return for paying 6% royalty on sales to Bayer.
While healthcare activists were quick to welcome the order and said it would discourage innovator companies from selling medicines at exorbitant prices, Bayer and OPPI, the body that represents foreign drug companies in India, expressed their disappointment at the development. "The solution to helping patients with innovative medicines does not lie in breaking patents," said OPPI Director-General Tapan Ray.
Bayer is expected to legally challenge the decision. "We will evaluate our options to further defend our intellectual property rights in India," a company spokesman said.
The order may encourage other Indian drugmakers to file for compulsory licences, setting the stage for a spate of regulatory disputes between Indian and foreign drug companies over pricing and patent issues.
"The patent controller has ruled that if a product is not manufactured in India after three years of receiving a patent, it will be a candidate for compulsory licensing. This can have huge consequences as most patented products sold in India are imported," said DG Shah, secretary general of the Indian Pharmaceutical Alliance. Since 2007, at least 18 patented HIV and cancer drugs have been launched in the country.
Reducing cost top on agenda for L&T's new CEO Venkataramanan
MUMBAI: Reducing cost and expanding to newer geographies will be top on the agenda of Krishnamurthi Venkataramanan, the newly appointed CEO and MD of the corporate giant Larsen and Toubro.
"Considering the current situation and volatility my concentration will be on reducing cost...Also we will look at new geographies beyond the Gulf and South East Asia," Venkataramanan, 67, told reporters after his appointment.
The announcement of his appointment to the coveted post from April 1, was made today. Venkataramanan is currently a whole-time director and President of the company's hydrocarbon business.
He said his focus will be on the engineering and construction segment which constitute over 80 per cent of the conglomerate's business.
Venkataramanan said that apart from these, top on his priorities will be ensuring that projects get completed within the stipulated timeframe.
"Also, want to focus on doing all projects on time as we cannot afford delays in projects in this situation," he said.
The company, as on December 31, had an order book of Rs 1,45,768 crore.
Venkataramanan has been with the USD 12-billion group since 1969, when he joined it as a Graduate Engineer Trainee. Later he was elevated to board member in 1995.
In the new structure, Venkataramanan would be responsible for the day-to-day businesses of L&T.
In a much-awaited succession plan, Larsen and Toubro appointed Venkataramanan as its new CEO and Managing Director and said its current chief A M Naik would remain Executive Chairman for the next five years.
It is the first time in over eight years that L&T has bifurcated the roles of Chairman and MD.
Naik while, addressing the media said, "Venkatramanan will look at parent and core businesses, where some restructuring is on and I will help him," adding Venkataramanan was the most competent person to hold the position of CEO and MD.
L&T is one of the largest corporate groups in the country and its revenue grew by 19 per cent to over Rs 52,000 crore in last financial year, 2010-11. The post-tax profit of the group also grew by 12 per cent to over Rs 4,200 crore last fiscal.
L&T was founded here in 1938 by two Danish engineers, Henning Holck-Larsen and Soren Kristian Toubro, to provide engineering services to the Indian industry.
It became a public company in December 1950 and its total sales that year stood at about Rs 1.09 crore. The group currently has an employee strength of about 38,000 people.
"Considering the current situation and volatility my concentration will be on reducing cost...Also we will look at new geographies beyond the Gulf and South East Asia," Venkataramanan, 67, told reporters after his appointment.
The announcement of his appointment to the coveted post from April 1, was made today. Venkataramanan is currently a whole-time director and President of the company's hydrocarbon business.
He said his focus will be on the engineering and construction segment which constitute over 80 per cent of the conglomerate's business.
Venkataramanan said that apart from these, top on his priorities will be ensuring that projects get completed within the stipulated timeframe.
"Also, want to focus on doing all projects on time as we cannot afford delays in projects in this situation," he said.
The company, as on December 31, had an order book of Rs 1,45,768 crore.
Venkataramanan has been with the USD 12-billion group since 1969, when he joined it as a Graduate Engineer Trainee. Later he was elevated to board member in 1995.
In the new structure, Venkataramanan would be responsible for the day-to-day businesses of L&T.
In a much-awaited succession plan, Larsen and Toubro appointed Venkataramanan as its new CEO and Managing Director and said its current chief A M Naik would remain Executive Chairman for the next five years.
It is the first time in over eight years that L&T has bifurcated the roles of Chairman and MD.
Naik while, addressing the media said, "Venkatramanan will look at parent and core businesses, where some restructuring is on and I will help him," adding Venkataramanan was the most competent person to hold the position of CEO and MD.
L&T is one of the largest corporate groups in the country and its revenue grew by 19 per cent to over Rs 52,000 crore in last financial year, 2010-11. The post-tax profit of the group also grew by 12 per cent to over Rs 4,200 crore last fiscal.
L&T was founded here in 1938 by two Danish engineers, Henning Holck-Larsen and Soren Kristian Toubro, to provide engineering services to the Indian industry.
It became a public company in December 1950 and its total sales that year stood at about Rs 1.09 crore. The group currently has an employee strength of about 38,000 people.
L&T has not appointed Citi for Hexaware: Naik
MUMBAI: Larsen & Toubro chairman AM Naik today rubbished reports in a section of the media that his company has appointed Citigroup as investment banker for a possible takeover of Hexaware Technologies.
"We haven't appointed any banker (for Hexaware acquisition) as is reported in papers. We have not even met except once when we met them to ask them whether they will allow us to take part in the process. Their process is long and takes time. They are talking to several international firms as well," Naik told the media this afternoon.
However, Naik, who announced a succession plan for the engineering behemoth earlier in the day, said the company is interested in any and every opportunity and everyone must see possibilities positively.
"We continue to look at opportunities for integration possibility," Naik, who divested part of his responsibility to K Venkataraman as chief executive and managing director earlier in the day, said.
"We haven't appointed any banker (for Hexaware acquisition) as is reported in papers. We have not even met except once when we met them to ask them whether they will allow us to take part in the process. Their process is long and takes time. They are talking to several international firms as well," Naik told the media this afternoon.
However, Naik, who announced a succession plan for the engineering behemoth earlier in the day, said the company is interested in any and every opportunity and everyone must see possibilities positively.
"We continue to look at opportunities for integration possibility," Naik, who divested part of his responsibility to K Venkataraman as chief executive and managing director earlier in the day, said.
L&T eyes 200 mw solar project order next fiscal
Larsen and Toubro (L&T), which plans to focus on strengthening its engineering and construction segment after the change of guard at the top-rung over the weekend, expects to bag 200 mw of solar projects in the next fiscal.
The newly-appointed managing director and chief executive Krishnamurthi Venkataramanan has laid emphasis on strenghtening the EPC segment, which constitutes over 80 per cent of the business, by ensuring prompt execution of projects.
L&T Construction, a part of the USD 11.7-billion conglomerate, has emerged as the largest EPC player in the country's solar power sector, with orders for over 200 mw and is now targeting a cumulative tally of solar power experience to increase to 400 mw by FY13, the company said in a statement here.
The company aims to achieve a target of 112 mw of installed capacity by next month, it added.
L&T has already commissioned a 25 mw solar plant at Charankha in Gujarat, using tier-1 crystalline PV technology and another 40 mw plant, employing thin film technology, is under commissioning at Pokhran in Rajasthan, the release said.
Of the 66 mw solar projects commissioned in Gujarat, the 10 mw plant located at Surendranagar has adopted tier-1 crystalline PV modules and single axis trackers.
The newly-appointed managing director and chief executive Krishnamurthi Venkataramanan has laid emphasis on strenghtening the EPC segment, which constitutes over 80 per cent of the business, by ensuring prompt execution of projects.
L&T Construction, a part of the USD 11.7-billion conglomerate, has emerged as the largest EPC player in the country's solar power sector, with orders for over 200 mw and is now targeting a cumulative tally of solar power experience to increase to 400 mw by FY13, the company said in a statement here.
The company aims to achieve a target of 112 mw of installed capacity by next month, it added.
L&T has already commissioned a 25 mw solar plant at Charankha in Gujarat, using tier-1 crystalline PV technology and another 40 mw plant, employing thin film technology, is under commissioning at Pokhran in Rajasthan, the release said.
Of the 66 mw solar projects commissioned in Gujarat, the 10 mw plant located at Surendranagar has adopted tier-1 crystalline PV modules and single axis trackers.
L&T Construction bags orders worth Rs 1,454 crore
NEW DEHI: L&T Construction on Wednesday said it bagged orders worth Rs 1,454 crore across various business segments in February and March 2012.
The company's water and effluent treatment business unit secured new orders worth Rs 579 crore from Tamil Nadu Water Supply & Drainage Board. Scope of the contract includes providing combined water supply scheme to Attur -Narsingpuram municipalities and Vallore Corp, a company statement said.
The scheme will cater to 20 town panchayats and 1,345 ruralhabitations in Salem district and 11 municipalities, 5 town panchayats and 944 rural habitations in Vellore district.
The company's power transmission and distribution unit won orders in both domestic and international markets. Domestic orders worth Rs 351 crore include civil workfor 1,320-mw thermal power plant and another civil works order from Gulbarga Electricity Supply Company Ltd. International orders valued at Rs 320 crore for construction of a substation in Kuwait has been received.
Building and factories division has bagged additional orders worth Rs 204 crore from various ongoing projects, the statement said .
The company's water and effluent treatment business unit secured new orders worth Rs 579 crore from Tamil Nadu Water Supply & Drainage Board. Scope of the contract includes providing combined water supply scheme to Attur -Narsingpuram municipalities and Vallore Corp, a company statement said.
The scheme will cater to 20 town panchayats and 1,345 ruralhabitations in Salem district and 11 municipalities, 5 town panchayats and 944 rural habitations in Vellore district.
The company's power transmission and distribution unit won orders in both domestic and international markets. Domestic orders worth Rs 351 crore include civil workfor 1,320-mw thermal power plant and another civil works order from Gulbarga Electricity Supply Company Ltd. International orders valued at Rs 320 crore for construction of a substation in Kuwait has been received.
Building and factories division has bagged additional orders worth Rs 204 crore from various ongoing projects, the statement said .
Subscribe to:
Posts (Atom)