BSE Institute ties up with German school of finance

New Delhi: Giving a thrust to cross-border understanding of capital markets, BSE Institute, a subsidiary of the Bombay Stock Exchange, on Wednesday signed a Memorandum of Understanding (MoU) with the Frankfurt School of Finance & Management.

Under the MoU, students of the two institutes would get greater insights into global markets through exchange programmes and joint courses, a company release said. The programmes will start in the academic year 2012-13.

The institutes are also planning joint programmes for senior executives.

“With the global integration of financial markets and the challenges that the world economy has faced in the recent past, there is an urgent need to come together to develop finance professionals who can steer through turbulent waters,” said Mr Ambarish Datta, Managing Director and Chief Executive Officer, BSE Institute.

DRL launches anti-depression generic in US

Hyderabad: Pharma major Dr Reddy's Laboratories has launched Quetiapine fumarate tablets in the US market.

A bioequivalent generic version of Seroquel tablets, it is indicated for the treatment of schizophrenia and other depression-related disorders.

The Hyderabad-based company has launched the drug in the US market from March 27, according to a release issued here on Wednesday.

The Seroquel brand had US sales of approximately $4.6 billion for the most recent 12 months ending December 2011, according to IMS Health, the release said.

The launch of Quetiapine was part of Dr Reddy's strategy to focus on limited competition products in the US market.

According to the information shared by the company in the after the announcement of third quarter results, it had lined up a ‘good' number of launches in the US market which is expected to drive revenue growth in the next financial year.

Dr Reddy's stock climbed 1.11 per cent on Bombay Stock Exchange on Wednesday to end at Rs 1,698.65.

Foreign direct investment norms for Indians relaxed

Mumbai: The Reserve Bank of India (RBI) on Wednesday announced a slew of revisions aimed at liberalising the norms for direct investment abroad by Indian residents. These include liberalisation in regulations on qualification shares, professional services rendered and Esop (employee stock option plan) schemes.

The central bank has removed the cap of one per cent on resident individuals acquiring qualification shares for holding the post of a director in a foreign company. “Accordingly, remittance shall be allowed from resident individuals for acquiring the qualification shares for holding the post of a director in a foreign company to the extent prescribed in the law of the host country where it is located,” said the RBI notification.

It has also decided to grant general permission to resident individuals to acquire shares of a foreign entity in part or full consideration for professional services rendered to the foreign company or in lieu of a director’s remuneration.

And, Indian resident employees or directors have been permitted to accept shares offered under an Esop scheme globally, on a uniform basis, in a foreign company irrespective of the percentage of the direct or indirect equity stake. Earlier, the facility was subject to equity holding of not less than 51 per cent.

However, shares under the Esop scheme should be offered by the issuing company globally on a uniform basis and the annual return filed by the Indian company to RBI through the authorised dealer category- I bank, giving details of remittances and beneficiaries.

RBI also announced several modifications to ease the process of direct investments abroad. “It has been decided that issuance of personal guarantee by the promoters of the Indian party as presently allowed under the general permission shall also be extended to the indirect resident individual promoters of the Indian party, with the same stipulations as in the case of personal guarantee by the direct promoters,” it said.

Elecon Engineering commissions new manufacturing plant to double gear making capacity

Ahmedabad: Anand based material handling equipments and transmission products maker Elecon Engineering Company Limited announced commissioning of new manufacturing plant as an expansion of the Elecon Gear Division.

The new plant will produce internal components of the helical gear box and has a capacity of manufacturing 1000 gear boxes per month.

Located near Prayas Engineering, this engineering plant has been built to double the gear box manufacturing capacity using world class quality and to ensure on-time delivery within a short span of time, read a media statement issued by Elecon. Commenting on the development, Elecon Engineering CMD Prayasvin Patel said

"The construction of this modern facility is another step towards our motto 'always a step ahead in technology'. The new shed is designed to be an icon and will represent the image of the Elecon Group of companies. With this enhanced facility we aim to increase our turnover by 33% within the period of one year."

Different types of lean tools like 5 S, 7 waste, SMED, TPM, KANBAN, KAIZEN will be implemented at the new facility.

The overall efficiency and condition of the equipment as well as the selection of work holding devices, tool management, swarf management, coolant management and work handling systems will be optimal, thus minimising labour fatigue, claimed Elecon. The components will be produced in a dust-free & eco-friendly environment.

Elecon has gear division in place since its inception in 1951 and it is considered pioneer inintroducing the modular design concept, case hardened and ground gear technology in India. The division caters to core sectors such as power, sugar, cement, chemicals, fertilizers, steel, plastic extrusion and rubber.

Mitsubishi Pencil buys 13.5% in Linc Pen & Plastics for Rs 20 cr

Kolkata: Japan's Mitsubishi Pencil has picked up a 13.5% stake in Linc Pen & Plastics, one of the country's top three writing instrument makers, for around 20 crore.

The Japanese firm now plans to manufacture pens out of India for its global market in the facilities of Linc, which has been distributing Mitsubishi's 'Uni-ball' range of pens in India for the past 20 years. Mitsubishi may also launch its office stationary products in India.

"Mitsubishi wanted to invest in one of the writing instruments company in India and since we already had a marketing arrangement, Linc became their first choice," Linc Pen MD Deepak Jalan told ET.

In a notice issued to BSE, Linc Pen said Mitsubishi will subscribe to 2 million equity shares of the company at 100 per share, comprising 13.53% of the enhanced capital of Linc on a preferential allotment basis. Linc intends to increase its equity share capital from the present 13 crore to 15 crore.

The Kolkata-based Jalan family, which had more than 70% in Linc Pens, will now be left with 60% stake. The Mitsubishi range contributes nearly 15% to Linc's 250-crore revenue, which the company expects will now grow substantially.

Last year, Japanese writing instrument firm Kokuyo Co announced plans to acquire more than 50% stake in Camlin for some 365 crore. French stationary firm BIC Group plans to buy a sizeable stake in market leader Cello Pens.

Globals ITeS inks cloud deal in Zimbabwe

Bangalore: Globals ITeS has signed a pilot project to implement cloud computing in 30 schools in Zimbabwe.

As a part of this project, Globals ITeS, a subsidiary of Globals Inc, will implement an outbound Interactive Voice Response System (IVRS) solution along with an education management information system that will be delivered through the cloud.

Initially, through this system, all teachers and other school members will get an automated call on their mobile phones through which they will be required to enter the requisite data pertaining to number of students attending schools or status of initiatives adopted by the school.

Growing issues with regard to transparency such as staff absenteeism prompted the school to adopt a solution like this. “Mobile phone penetration in Zimbabwe is high. Couple this with inconsistent power supply and Internet connectivity issues in Zimbabwe, this kind of a solution will help in addressing the challenges that the government faces in their education sector,” Mr Suhas Gopinath, CEO & President of Globals Inc.

This pilot will be implemented for six months after which based on the impact study; it will be rolled out in another 400 schools. According to Mr Gopinath, this kind of solution can be extended to government schemes in India, which, through the cloud can monitor subsidies granted to farmers or mid-day meal schemes.

TVS Group acquires UK auto component wholesale firm

Chennai: The TVS Group on Tuesday announced the acquisition of a majority stake in UK-based Universal Components for Rs 100 crore, as part of its expansion plans. It has also re-branded Multipart, its existing supply chain solutions brand in Europe, into TVS Supply Chain Solutions.

The group has acquired 90 per cent of Universal Components through a special purpose vehicle, TVS Europe Distribution UK, formed by group companies, Srichakra Tyres and Associated Autoparts, said TVS Logistics Services MD R Dinesh.

The acquisition was funded by internal accruals, he added. “We would utilise Universal Components’ marketing expertise and best practices in our businesses in India and other Asian markets. It would also help us to have wider coverage of parts to distribute in the after-market,” said Dinesh.

Universal Components is a wholesale distributor of commercial vehicle parts and accessories in Europe.

India proposes joint venture to make 500 drugs in Russia

New Delhi: India has proposed joint ventures with Russian pharmaceutical companies to manufacture 500 drugs in Russia and supply them to markets in Russia, Belarus and Kazakhstan.

Responding “positively” to the suggestion by the Indian Commerce, Industry and Textiles Minister, Mr Anand Sharma, during a bilateral meeting, the Russian Minister of Economic Development, Ms Elvira Nabiullina, said, “ joint ventures are good idea. Pharma sector is a good example where we can cooperate.”

Russia will soon “provide a list of 500 drugs (mostly generic and strategic).” Of these, 75 per cent is currently imported by Russia. Russia has also agreed to give information on the volume of production required in respect of 57 strategically identified medicines, official sources said.

Russia, Belarus and Kazakhstan have recently formed a new customs union pact. If the proposal for joint ventures becomes a reality, Indian companies manufacturing these drugs in Russia will be able to access the markets in all the three countries, they said.

Diamond Supply
Mr Sharma also asked Ms Nabiullina to help in early conclusion of a pact for long-term supply of rough diamonds from the Russian diamond major Alrosa and its precious minerals repository Gokhran to India's Hindustan Diamond Co and MMTC.

India also wants Gokhran to invite MMTC and Hindustan Diamond Co to take part in their sales. The Russian Minister said she would look into the matter, the sources said.

'Made in India' chopper cabin ready to take off

Chennai: The first ‘made in India' helicopter cabin is ready to take off in the global skies. Manufactured by the Tata group in Hyderabad, the cabins have been fitted in the helicopters manufactured by the US-based Sikorsky.

“We need to just add cockpit and tail to the cabin, and the helicopter is ready to fly,” said Air Vice-Marshal (Retd) Arvind Walia, Regional Executive, India & South Asia, Sikorsky. The company is part of United Technologies.

The helicopter with cabin from India has been fitted into the S-92 helicopter of Sikorsky. It is to be delivered in the next few days to a global customer. “I do not know who the customer is,” he said.

Sikorsky operates two manufacturing facilities in Hyderabad. The Tata Advanced Systems is a helicopter cabin making venture with the Tata Group. In this, it owns 26 per cent stake.

The other company is Tara Aerospace Systems, which manufactures helicopters components. Around 5,000 components manufactured by Tara are fitted into the cabins, he said.

Expansion
Mr Walia said that company has asked the Tatas to increase production to three cabins a month in 2013 from the present two.

In India, Sikorsky has so far supplied six ‘executive transport' category helicopters to some of the commercial establishments in Mumbai. It has also supplied a helicopter to the Maharashtra Government. It is in talks with large offshore drilling companies, he said.

The company has also evinced interest in co-production of 200 helicopters along with the Hindustan Aeronautical Ltd. If selected, the next stage will be Request for Proposal, he said.

Haryana transmission project commissioned

Kolkata: KT Transco Pvt Ltd (JKTPL), a 51:49 joint venture between Kalpataru Power Transmission Ltd and Techno Electric and Engineering Co Ltd, has commissioned a 400KV intra-State power transmission project in Haryana.

According to Kolkata-based Techno Electric, the project was ready a fortnight ago in a record 16 months from the financial closure.

The project, a public-private partnership initiative of the Haryana government, is the first ever transmission project to get viability gap funding support from the Central government.

JKTPL was awarded the project in May 2010 by Haryana Vidyut Prasaran Nigam Limited (HVPNL) on a DBFOT basis for a concession period of 25 years, extendable by another 10 years.

JKTPL will receive terminal value equivalent to 60 months revenue at the end of 25th year of concession period, in case the concession period does not get extended to 35 years.

HVPNL is the first State utility to promote this kind of a PPP in power transmission.

The Rs 444-crore project has been financed through a mix of debt and equity -- debt at Rs 276 crore and the equity of Rs 76 crore. The grant of Rs 92 crore has been extended by the Central Government. The project will ensure a sustainable income flow of Rs 4.5 crore to the company as a unitary charge payable per month.

The 400 KV Transmission System comprises of double circuit quad moose line extending from Jharli to Kabulpur, Rohtak (35 km) and Kabulpur to Dipalpur, Sonepat (64 km) with two sub-stations of 400/220 KV each at Rohtak and Sonepat.

The transmission network is designed to facilitate evacuation of 2,400 MW of power and will initially transmit 1,320 MW (2 x 660 MW) of power from Jhajjar Power Plant in Haryana.