Bhatinda: Mr L.N. Mittal, Chairman and CEO, ArcelorMittal, said that the capacity of Bhatinda refinery could be raised to 18 million tonne per annum (mtpa) in future.
The 9 mtpa Guru Gobind Singh Refinery at Phulkori, Bhatinda, has been built by Hindustan Petroleum Corporation-Mittal Energy joint venture, HPCL-Mittal Energy Ltd.
The $4-billion refinery was dedicated to the nation on Saturday by the Prime Minister, Dr Manmohan Singh.
This established Mr L.N. Mittal as one of the players in the country’s refining segment. With the full commissioning of the refinery, the country’s refining capacity has gone up to 213 mtpa. Bhatinda is the 24th refinery in the country.
Speaking at the occasion, Mr Mittal said, this refinery will not only increase energy security but also establish Punjab as a petrochem hub.
He said a decision on initial public offering will be taken by the joint venture board. "It will eventually happen."
The Government had approved the joint venture in July 2007, and work on construction of the refinery started in early 2008. It started refining crude oil in August 2011 and recently achieved commissioning of the entire project.
The refinery’s first liquid sales happened in December 2011 with dispatch of kerosene and the first solid sales in February 2012 with sale of petroleum coke. The company has 80 per cent offtake agreement with HPCL.
Both the joint venture partners hold 49 per cent each in the company. The rest is held by Indian financial institutions.
HMEL has the capability to cater to Punjab's entire fuel needs and meet the demands of North India. Actual sales will, however, evolve through the sponsor and marketer HPCL. HMEL can also explore the possibility of exports to Pakistan due to its strategic location.
Engineers India Ltd was the project management consultant. It was financed by a consortium of Indian banks led by State Bank of India.
Success in my Habit
Monday, April 30, 2012
India accounts for half of global IT-BPO outsourcing
New Delhi: India is the global leader in the outsourcing industry with half of the world's back office being located here. Indian outsourcing revenue at $59 billion for 2011, accounts for 51% of the global offshore market share, says a report from Tholons Research, a Bangalore based advisory firm.
The report further notes that over the past decade, developing economies such as India and the Philippines have propelled themselves to become leaders in the global outsourcing industry - making them the top two countries in terms of global offshore revenue share and employment. The total direct employment by Indian IT-BPO sector (as of 2011) was 1.98 million and indirect employment was 7.5 million.
Similarly for Philippines, where total outsourcing revenue was $11 billion in 2011, direct IT-BPO employment was 640,000 and indirect at 1.3 million. Philippines has gained a lot in recent years as lot of voice work (call center type of work) has shifted from India to Philippines.
The trend to outsource is likely to accelerate as companies seek third party firms in offshore locations to cut costs and improve performance in global large and small firms.
The figures from India's National Association of Software and Services Companies ( NASSCOM) show worldwide IT and BPO spending in 2011 reached about $574 billion and $158 billion, respectively. From a total of $732 billion only about 15% (or $110 billion) is currently outsourced by global firms to destinations like India, Philippines, China and Malaysia leaving lot of headroom for growth.
Given this potential, several developing economies - particularly in South East Asia as well as Latin America and Africa - have shown interest in actively pursuing the industry given the significant potential of its addressable market.
For instance the Malaysian government and its IT-BPO association-Outsource to Malaysia-have actively reinvented the country's marketing strategy to attract IT-BPO companies in the country when it established the Multi-media Super Corridor (MSC). Under this companies get a tax incentive for a period of 10 years, special telecom and electricity tariffs, R&D grants and so on. Time for India to scale up the game.
The report further notes that over the past decade, developing economies such as India and the Philippines have propelled themselves to become leaders in the global outsourcing industry - making them the top two countries in terms of global offshore revenue share and employment. The total direct employment by Indian IT-BPO sector (as of 2011) was 1.98 million and indirect employment was 7.5 million.
Similarly for Philippines, where total outsourcing revenue was $11 billion in 2011, direct IT-BPO employment was 640,000 and indirect at 1.3 million. Philippines has gained a lot in recent years as lot of voice work (call center type of work) has shifted from India to Philippines.
The trend to outsource is likely to accelerate as companies seek third party firms in offshore locations to cut costs and improve performance in global large and small firms.
The figures from India's National Association of Software and Services Companies ( NASSCOM) show worldwide IT and BPO spending in 2011 reached about $574 billion and $158 billion, respectively. From a total of $732 billion only about 15% (or $110 billion) is currently outsourced by global firms to destinations like India, Philippines, China and Malaysia leaving lot of headroom for growth.
Given this potential, several developing economies - particularly in South East Asia as well as Latin America and Africa - have shown interest in actively pursuing the industry given the significant potential of its addressable market.
For instance the Malaysian government and its IT-BPO association-Outsource to Malaysia-have actively reinvented the country's marketing strategy to attract IT-BPO companies in the country when it established the Multi-media Super Corridor (MSC). Under this companies get a tax incentive for a period of 10 years, special telecom and electricity tariffs, R&D grants and so on. Time for India to scale up the game.
Forex reserves up $1.4 billion
Mumbai: India's foreign exchange reserves increased $1.4 billion to $294 billion in the week ended April 20. The reserves have increased $205 million since the start of this financial year.
Data released by the Reserve Bank of India (RBI) on Friday showed the rise was on the back of foreign currency assets that grew $1.4 billion to $260 billion as on April 20. Foreign currency assets have increased $149 million since the start of this financial year. RBI said the data includes the effect of appreciation or depreciation of non-US currencies held in reserves, such as the euro, sterling and yen.
Gold remained unchanged at $27 billion in the week.
India’s special drawing rights were up $5.2 million to $4.4 billion while the position at International Monetary Fund was also up $3.4 million to $2.9 billion in the same period.
Data released by the Reserve Bank of India (RBI) on Friday showed the rise was on the back of foreign currency assets that grew $1.4 billion to $260 billion as on April 20. Foreign currency assets have increased $149 million since the start of this financial year. RBI said the data includes the effect of appreciation or depreciation of non-US currencies held in reserves, such as the euro, sterling and yen.
Gold remained unchanged at $27 billion in the week.
India’s special drawing rights were up $5.2 million to $4.4 billion while the position at International Monetary Fund was also up $3.4 million to $2.9 billion in the same period.
Allow customers to transfer accounts within bank: RBI to banks
Mumbai: Bank customers who change jobs or locations will find it easier to shift their bank account to the new location now. The Reserve Bank of India (RBI) has made it mandatory for banks to allow transfer of accounts from one branch to another without insisting on opening a fresh account or making the customer undergo the full know your customer process again.
Earlier, since the account holder's information was maintained with local branches, banks used to insist that customers go through the account opening procedure all over again when they shifted to a different location.
"It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their accounts from one branch of the bank to another branch of the same bank. Such insistence on opening of fresh account or making the customer undergo full KYC process again causes inconvenience to them resulting in poor customer service," RBI said in a circular to all banks. The circular added that given that most bank branches are now on core banking solution, records of a particular customer can be accessed by any branch of the bank.
An official with a new generation private bank, however, said, "We provide 'at par' cheque books to our account holders, which means that the cheques will be treated as local cheques no matter which part of the country they are deposited in. So, it really does not matter if the home branch is in a different city."
With all banks having put in place a core banking solution ( CBS) through which all account holder information is maintained in a centralized database accessible across branches, ATMs and internet, the home branch concept has lost relevance. But some private banks charge high fees for services accessed outside the home branch. For instance, most new generation private banks charge a fee for cash withdrawal at branches other than the home branch. Also, some lenders insist that changes in account services or document submission has to be done at the home branch.
In its monetary policy on April 17, RBI had asked banks to have a central customer ID to facilitate portability of accounts and ensure that all customer information is centralized. Some banks are seeing this as a precursor to having a central identity which will help customers transfer accounts across banks without having to repeat the KYC procedure.
"Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such transfer by the transferee branch," RBI said.
Earlier, since the account holder's information was maintained with local branches, banks used to insist that customers go through the account opening procedure all over again when they shifted to a different location.
"It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their accounts from one branch of the bank to another branch of the same bank. Such insistence on opening of fresh account or making the customer undergo full KYC process again causes inconvenience to them resulting in poor customer service," RBI said in a circular to all banks. The circular added that given that most bank branches are now on core banking solution, records of a particular customer can be accessed by any branch of the bank.
An official with a new generation private bank, however, said, "We provide 'at par' cheque books to our account holders, which means that the cheques will be treated as local cheques no matter which part of the country they are deposited in. So, it really does not matter if the home branch is in a different city."
With all banks having put in place a core banking solution ( CBS) through which all account holder information is maintained in a centralized database accessible across branches, ATMs and internet, the home branch concept has lost relevance. But some private banks charge high fees for services accessed outside the home branch. For instance, most new generation private banks charge a fee for cash withdrawal at branches other than the home branch. Also, some lenders insist that changes in account services or document submission has to be done at the home branch.
In its monetary policy on April 17, RBI had asked banks to have a central customer ID to facilitate portability of accounts and ensure that all customer information is centralized. Some banks are seeing this as a precursor to having a central identity which will help customers transfer accounts across banks without having to repeat the KYC procedure.
"Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such transfer by the transferee branch," RBI said.
Indian construction companies exploring opportunities in Lanka
Colombo: Sri Lankan growth rate has slightly dipped, it also has a draconian Non Performing Assets Bill, but these have not stood in the way of many companies betting on the country.
Construction is booming – not in the same manner as in India – but still big enough for some of the big names to have a look.
Showcasing profiles
Joining the exploration fray in the construction sector, for the past three days, were about 50 Indian companies.
They participated in the exposition showcasing their profile in building materials, construction equipment and technologies, electrical and sanitary fittings, flooring and roofing material landscaping, consultancy, property development and financial services for construction.
3-day event
The three-day event comprised exhibition, conference and buyer-seller meet.
The purpose of the event was to promote and facilitate trade and business in construction and construction materials sector, provide a platform to introduce the Indian entrepreneurs with their Sri Lankan counterparts, exchange of ideas and facilitate G2G, G2B and B2B interaction on various issues pertaining to the construction industry of both the countries.
On Lankan NPAs
The concerns for foreign investment here is a draconian law, which allows the State to take over non-performing assets if the company had availed of any concessions from the State. The other is the experience of the Indian engineering giant L&T.
Last year, L&T withdrew its country representative from Colombo following the inability of the company to begin a construction project about three years, after it was first conceived.
It decided to base the representative in Chennai, from where he can monitor developments in Sri Lanka.
L&T experience
L&T had come into Sri Lanka before the conclusion of the war with the LTTE and offered to build the biggest commercial/residential complex in the country.
The company was enthusiastically received and it even bought a chunk of land (1.33 acres) before it ran into trouble which resulted in the project being held up inordinately.
Trade up 65% y-o-y
India-Sri Lanka bilateral trade has increased by over 65 per cent last year to reach close to $5 billion, the Indian High Commissioner to Sri Lanka, Mr Ashok K. Kantha, has said.
Indian companies have invested about $150 million in Sri Lanka last year. Both countries are witnessing a boom in real estate segment and construction industry, which provides opportunities for enhanced cooperation.
He outlined the opportunities for Indian companies in Sri Lanka and vice-versa.
India Investrade 2012
Mr Kantha was speaking at the recently concluded ‘India Investrade 2012: An exposition and buyer seller meet on realty construction & construction materials,' organised here by the Indian Chamber of Commerce, Kolkata.
The event is supported by the Union Ministry of Commerce & Industry, and the Sri Lankan Ministry of Construction, Engineering Services, Housing & Common Amenities, Federation of Chambers of Commerce and Industry of Sri Lanka and The National Chamber of Commerce of Sri Lanka.
At the inauguration, Mr Basil Rajapaksa, Sri Lankan Minister of Economic Development, said that the Sri Lankan economy has been growing over eight per cent in the past two years.
He said India has achieved a lot in the construction sector and the Indian companies can play a role in the Sri Lankan market by partnering with Sri Lankan companies.
Commenting on the India-Sri Lanka Free Trade Agreement, Mr Rajapaksa said the FTA has been helpful in rapid growth of bilateral trade and invited the Indian companies to invest in Sri Lanka in sectors such as construction, tourism, education and skill development.
Construction is booming – not in the same manner as in India – but still big enough for some of the big names to have a look.
Showcasing profiles
Joining the exploration fray in the construction sector, for the past three days, were about 50 Indian companies.
They participated in the exposition showcasing their profile in building materials, construction equipment and technologies, electrical and sanitary fittings, flooring and roofing material landscaping, consultancy, property development and financial services for construction.
3-day event
The three-day event comprised exhibition, conference and buyer-seller meet.
The purpose of the event was to promote and facilitate trade and business in construction and construction materials sector, provide a platform to introduce the Indian entrepreneurs with their Sri Lankan counterparts, exchange of ideas and facilitate G2G, G2B and B2B interaction on various issues pertaining to the construction industry of both the countries.
On Lankan NPAs
The concerns for foreign investment here is a draconian law, which allows the State to take over non-performing assets if the company had availed of any concessions from the State. The other is the experience of the Indian engineering giant L&T.
Last year, L&T withdrew its country representative from Colombo following the inability of the company to begin a construction project about three years, after it was first conceived.
It decided to base the representative in Chennai, from where he can monitor developments in Sri Lanka.
L&T experience
L&T had come into Sri Lanka before the conclusion of the war with the LTTE and offered to build the biggest commercial/residential complex in the country.
The company was enthusiastically received and it even bought a chunk of land (1.33 acres) before it ran into trouble which resulted in the project being held up inordinately.
Trade up 65% y-o-y
India-Sri Lanka bilateral trade has increased by over 65 per cent last year to reach close to $5 billion, the Indian High Commissioner to Sri Lanka, Mr Ashok K. Kantha, has said.
Indian companies have invested about $150 million in Sri Lanka last year. Both countries are witnessing a boom in real estate segment and construction industry, which provides opportunities for enhanced cooperation.
He outlined the opportunities for Indian companies in Sri Lanka and vice-versa.
India Investrade 2012
Mr Kantha was speaking at the recently concluded ‘India Investrade 2012: An exposition and buyer seller meet on realty construction & construction materials,' organised here by the Indian Chamber of Commerce, Kolkata.
The event is supported by the Union Ministry of Commerce & Industry, and the Sri Lankan Ministry of Construction, Engineering Services, Housing & Common Amenities, Federation of Chambers of Commerce and Industry of Sri Lanka and The National Chamber of Commerce of Sri Lanka.
At the inauguration, Mr Basil Rajapaksa, Sri Lankan Minister of Economic Development, said that the Sri Lankan economy has been growing over eight per cent in the past two years.
He said India has achieved a lot in the construction sector and the Indian companies can play a role in the Sri Lankan market by partnering with Sri Lankan companies.
Commenting on the India-Sri Lanka Free Trade Agreement, Mr Rajapaksa said the FTA has been helpful in rapid growth of bilateral trade and invited the Indian companies to invest in Sri Lanka in sectors such as construction, tourism, education and skill development.
Sunday, April 29, 2012
MRF starts production at Rs 900-cr plant in TN
Chennai: MRF has started production at its new plant in Tiruchi (Tamil Nadu).
The company has invested around Rs 900 crore on the 200-acre plant, which will manufacture a full range of tyres, including truck tyres and radials. It will cater to both domestic and export requirements.
The plant has just begun rolling out tyres, for both commercial and non-commercial vehicles. “Ramp-up is happening. We expect it to reach full capacity in six months,” said Mr Koshy Varghese, Executive Vice-President – Marketing.
This facility was proposed as its existing six manufacturing units were operating at full capacity.
MRF's other manufacturing units are in Arakonam, Tiruvottiyur (Tamil Nadu), Medak (Andhra Pradesh), Goa, Kottayam (Kerala) and Puducherry.
Net sales, profit up
The company has posted a 25 per cent increase (year-on-year) in net sales at Rs 3,264 crore. Net profit rose 68 per cent to Rs 150 crore.
Mr Varghese says the driver of growth this quarter has been the replacement market. According to an analyst, the after-market sales give pricing power to companies, enabling them to post high margins.
Rubber prices have also cooled off substantially, from the peak of Rs 240 a kg to Rs 190 now.
This has had a positive impact on operating margins which have grown from 8.4 per cent a year ago to 10 per cent now.
MRF's share price was down 1.77 per cent to close at Rs 11,234.20 on the BSE on Thursday.
Morgan Stanley study indicates India's urbanisation trend intact
Morgan Stanley today announced the findings of its latest AlphaWise work concluding that India continues to urbanize at a strong pace driven by a combination of uptrending consumption, robust job creation and growing financial penetration.
The study showed that India's urban population has grown by 2.8ppt annually over the last decade. Urbanization is driven by job offerings and infrastructure creation that lead to population growth. With this growth, it creates income, savings and consumption. "The findings will form the basis for medium-long term sector trends," says Ridham Desai, Head of India Research at Morgan Stanley. "These growth drivers will play a key role in forming investment views at the sector and stock levels."
The research notes that at the aggregate level, the Morgan Stanley's proprietary AlphaWise City Vibrancy Index reported growth of 5 percentage points. Within the top 50 cities, consumer services like retail book stores, restaurants (including fast-food chains) and multiplexes have seen the fastest growth during the past six-month period within the consumption component of the vibrancy index. To us, this reaffirms the underlying growth in discretionary consumption.
Among other key findings of the report, all three vibrancy index components (consumption, job opportunities, and financial penetration) reported sequential acceleration pointing that urbanization trends are still intact in India. Also, the pace of growth of each of the components has been 8%, 4% and 3%, respectively. Of the three components, job opportunities index has grown the fastest. The report reveals that Bangalore, Chandigarh, Hyderabad, Pune and Chennai are the top 5 vibrant cities. The relative vibrancy score for cities like Ludhiana and Meerut is inching close to scores of cities like Mumbai and Delhi, respectively.
Gujarat CM inaugurates food processing plant at Vadnagar
Gandhinagar: Himalaya Industries Ltd on Thursday launched India's biggest food processing plant set up at an investment of Rs 170 crore at Vadnagar, the home town of the Chief Minister, Mr Narendra Modi.
Branded as ‘Himalaya Fresh' the products will be manufactured at the company's plant at Sultanpur near Vadnagar. This is the first industrial project in this unindustrialised area, Mr Modi said while inaugurating the facility set up by the Himachal Pradesh-based Himalaya International, an official release said here.
The plant will process eatables such as mushroom, yoghurt, milk cheese and potato chips, French Fries etc.
Branded as ‘Himalaya Fresh' the products will be manufactured at the company's plant at Sultanpur near Vadnagar. This is the first industrial project in this unindustrialised area, Mr Modi said while inaugurating the facility set up by the Himachal Pradesh-based Himalaya International, an official release said here.
The plant will process eatables such as mushroom, yoghurt, milk cheese and potato chips, French Fries etc.
Karnataka exploring high-speed rail connectivity with Japanese help
Bangalore: Karnataka is exploring high speed rail connectivity between Bangalore — Belgaum, and Gulbarga.
Addressing a press conference to announce the Global Investors Meet (GIM) to be held during June 7-8 in Bangalore, Mr Murgesh R. Nirani, Karnataka's Minister for Large and Medium Industries, said: “During our investment road show in Japan, we invited the Japanese to invest, especially in high speed rail connectivity, and welcomed Japanese expertise in consultancy and execution of rail and road projects.”
“The high speed rail projects on public-private partnership (PPP) mode is being explored to connect Bangalore – Belgaum along the existing National Highway 4 there by linking Tumkur, Chitradurga, Davanagere, Hubli-Dharwad and Belgaum and another rail project linking Bangalore and Gulbarga,” he added.
Delegation
During the road show, the delegation met Dr Diazo Nozawa, who is associated with the first Bullet Train in Japan (since 1964) and Japan International Consultants for Transportation which provides technical consultancy for projects.
“There is a possibility of high speed connectivity between Bangalore-Belgaum, Bangalore-Gulbarga in future and this would reduce the travel time to the state capital significantly from these Tier II cities,” Mr Nirani said.
Tunnel
For better connectivity to Mangalore port from Bangalore, Hassan and Mysore, Japan International Consultants has been approached to construct a tunnel from Sakleshpur to Mangalore to avoid going up the Western Ghats.
Mr Nirani said the tunnel can reduce the travel time sharply and cut down the distance by 30 kilometres.
Japanese city
During the road show in Japan, the Karnataka delegation met Jetro officials. Mr Nirani said the Government has assured all assistance for setting up Japanese city in and around Bangalore.
Since there is huge Japanese investment in Bangalore such as Toyota Motors and now Honda Motors, the Japanese investors have approached the Government for land to develop a dedicated Japanese township.
The State is the third highest in foreign direct investment (FDI) inflow from Japan and already there is a presence of around 182 Japanese companies in Karnataka. Many Japanese companies are looking at Asia as a potential market and Karnataka is the preferred destination.
Mr Nirani said: “We have identified three locations for them and they are to come back to us for firming up the proposal.” The Karnataka government has identified land in Narsapura, Vemgal and near Tumkur.
“They have sought 500 to 1,000 acres for setting up residences, schools, hotels and recreation areas,” he added.
Peripheral ring road
Mr Nirani said preliminary talks were held with infrastructure companies to explore construction of a peripheral ring road around Bangalore.
A few Japanese companies have already built the Hyderabad Growth Corridor Limited (HGCL) in Hyderabad. We are exploring a similar one for Karnataka, he added.
Addressing a press conference to announce the Global Investors Meet (GIM) to be held during June 7-8 in Bangalore, Mr Murgesh R. Nirani, Karnataka's Minister for Large and Medium Industries, said: “During our investment road show in Japan, we invited the Japanese to invest, especially in high speed rail connectivity, and welcomed Japanese expertise in consultancy and execution of rail and road projects.”
“The high speed rail projects on public-private partnership (PPP) mode is being explored to connect Bangalore – Belgaum along the existing National Highway 4 there by linking Tumkur, Chitradurga, Davanagere, Hubli-Dharwad and Belgaum and another rail project linking Bangalore and Gulbarga,” he added.
Delegation
During the road show, the delegation met Dr Diazo Nozawa, who is associated with the first Bullet Train in Japan (since 1964) and Japan International Consultants for Transportation which provides technical consultancy for projects.
“There is a possibility of high speed connectivity between Bangalore-Belgaum, Bangalore-Gulbarga in future and this would reduce the travel time to the state capital significantly from these Tier II cities,” Mr Nirani said.
Tunnel
For better connectivity to Mangalore port from Bangalore, Hassan and Mysore, Japan International Consultants has been approached to construct a tunnel from Sakleshpur to Mangalore to avoid going up the Western Ghats.
Mr Nirani said the tunnel can reduce the travel time sharply and cut down the distance by 30 kilometres.
Japanese city
During the road show in Japan, the Karnataka delegation met Jetro officials. Mr Nirani said the Government has assured all assistance for setting up Japanese city in and around Bangalore.
Since there is huge Japanese investment in Bangalore such as Toyota Motors and now Honda Motors, the Japanese investors have approached the Government for land to develop a dedicated Japanese township.
The State is the third highest in foreign direct investment (FDI) inflow from Japan and already there is a presence of around 182 Japanese companies in Karnataka. Many Japanese companies are looking at Asia as a potential market and Karnataka is the preferred destination.
Mr Nirani said: “We have identified three locations for them and they are to come back to us for firming up the proposal.” The Karnataka government has identified land in Narsapura, Vemgal and near Tumkur.
“They have sought 500 to 1,000 acres for setting up residences, schools, hotels and recreation areas,” he added.
Peripheral ring road
Mr Nirani said preliminary talks were held with infrastructure companies to explore construction of a peripheral ring road around Bangalore.
A few Japanese companies have already built the Hyderabad Growth Corridor Limited (HGCL) in Hyderabad. We are exploring a similar one for Karnataka, he added.
India launches all-weather satellite RISAT-1
New Delhi: India's first indigenous all-weather Radar Imaging Satellite (Risat-1) was launched successfully on board the Polar Satellite Launch Vehicle (PSLV)-C19 from Sriharikota in Andhra Pradesh, on April 26, 2012. Its images will facilitate agriculture and disaster management.
In a textbook launch, the 1,858 kg spacecraft, the country's first microwave remote sensing satellite was injected into orbit from Satish Dhawan Space Centre, Sriharikota, around 90 km from Chennai.
RISAT-1, a result of 10 years of effort by the Indian Space Research Organisation (ISRO), has the capability to take images of the earth during day and night as well as in cloudy conditions. The heaviest satellite ever lifted, RISAT-1 through its microwave image sensing technology would assist in crop prediction.
"I am extremely happy to announce that the PSLV C-19 mission is a grand success…It injected precisely India's first radar imaging satellite into the desired orbit," as per K Radhakrishnan, Chairman, ISRO.
The approved cost of Risat-1, including its development, is Rs 378 crore (US$ 72.00 million), while Rs 120 crore (US$ 22.84 million) has been spent to build the rocket (PSLV-C19), making it a Rs 498 crore (US$ 94.83 million) mission. The spacecraft, which would be parked at its final orbit of 536 km altitude, has a mission life of five years and would circle the earth 14 times a day.
In a textbook launch, the 1,858 kg spacecraft, the country's first microwave remote sensing satellite was injected into orbit from Satish Dhawan Space Centre, Sriharikota, around 90 km from Chennai.
RISAT-1, a result of 10 years of effort by the Indian Space Research Organisation (ISRO), has the capability to take images of the earth during day and night as well as in cloudy conditions. The heaviest satellite ever lifted, RISAT-1 through its microwave image sensing technology would assist in crop prediction.
"I am extremely happy to announce that the PSLV C-19 mission is a grand success…It injected precisely India's first radar imaging satellite into the desired orbit," as per K Radhakrishnan, Chairman, ISRO.
The approved cost of Risat-1, including its development, is Rs 378 crore (US$ 72.00 million), while Rs 120 crore (US$ 22.84 million) has been spent to build the rocket (PSLV-C19), making it a Rs 498 crore (US$ 94.83 million) mission. The spacecraft, which would be parked at its final orbit of 536 km altitude, has a mission life of five years and would circle the earth 14 times a day.
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