New Delhi: Nearly 50 per cent of people surveyed in India believe that interacting with the Government is easy, according to Accenture.
That response is higher than the results from six other countries participating in a global “pulse survey” conducted with more than 1,400 people in Australia, France, Germany, Singapore, the US and the UK.
Easier interaction
About one-third of respondents in these countries believe it's easier to interact with the Government than with private-sector companies. In India, 50 per cent people feel it's just as easy to interact with the Government as it is with private-sector companies.
Consumers, however, want increased access to public services and are more inclined to use digital channels, including online and mobile resources, to conduct routine government business. In fact, more than 70 per cent of the survey respondents already use the Internet for submitting and tracking government forms and payments and more than half (53 per cent) say they want to use more online channels in the future.
“Digital citizens are empowered in ways that previous generations could only imagine,” said Mr Krishna Giri, who leads Accenture's Health & Public Service business in India. “They can initiate and dictate the dynamics of citizen-to-government relationships with a tweet, blog post or Facebook message sent to hundreds of people from their smart phone. And high performing governments are working now to reshape the way they deliver public services to meet the new demands of their citizens.”
Users in India are more likely than those from all other countries to use digital services beyond Web sites and portals. Nearly two-thirds of respondents said they would use mobile Web sites and apps and 77 per cent would be willing to receive electronic emergency broadcasts or alerts through digital channels. A much smaller percentage, 28 per cent, would use social media to contact a government official to request a service or resolve a problem.
No barriers
Nearly one in five citizens said there were no barriers to preventing digital interactions with the Government. Of those who did report barriers, about 30 per cent were concerned with the Government having access to personal information.
Almost 70 per cent said they would like the Government to be more integrated and have the ability to share information across agencies, making it even easier to conduct government business.
Success in my Habit
Sunday, May 6, 2012
SEBI decentralises IPO document filing
Mumbai: Stock market regulator Securities and Exchange Board of India has decentralised the process of filing offer documents with effect from May 14.
For an issue size of up to Rs 500 crore, companies would be required to file offer documents with the respective regional office of SEBI.
That is, companies in the eastern region have to file their offer documents with SEBI's Kolkata office.
For issue sizes greater than Rs 500 crore, companies have to file their prospectus with SEBI's head office in Mumbai.
For an issue size of up to Rs 500 crore, companies would be required to file offer documents with the respective regional office of SEBI.
That is, companies in the eastern region have to file their offer documents with SEBI's Kolkata office.
For issue sizes greater than Rs 500 crore, companies have to file their prospectus with SEBI's head office in Mumbai.
Indian consumers have turned social media savvy: American Express survey
New Delhi: That Indians have embraced social media wholeheartedly is a well-known fact. Now, it has emerged that they have also started using it as a platform to assert their rights as consumers.
According to the annual Global Customer Service Barometer study released by American Express, Indians are far ahead of their global counterparts when it comes to using social media for customer service. Of those surveyed in India, 54% said that they had used social media at least once in the past year to get a customer service response. This is more than twice the average 20% of consumers in other markets, reveal the findings of the study, which was conducted in India and 10 other countries.
According to the survey, the top 5 customer service-related activities of Indians through social media include sharing information about service experience with a wider audience; asking other users how to get better service; seeking recommendations from others about good service providers; praising a company for a great service experience and seeking an actual response from a company about a service issue.
However, as far as complex queries are concerned, many seem to prefer relying on the traditional modes of communication. '25% Indians prefer addressing complex queries to a 'real person on the phone', states the study. Even here, the average is higher at 37% in other countries.
On their part, companies' track record of resolving issues through the social media has been good so far, according to the Amex survey. 'While more than a third of consumers (37%) feel they always have their issues resolved, another 14% say they rarely or never get an answer... 80% of Indians feel companies have improved their response times through social media over the past year, which is far better than other markets,' it says. The findings also highlight the rewards in the offing for companies that are perceived as being sensitive to customers' needs - 87% of the participants in India said that they were willing to spend more - up to 22% more- in return for better service.
According to the annual Global Customer Service Barometer study released by American Express, Indians are far ahead of their global counterparts when it comes to using social media for customer service. Of those surveyed in India, 54% said that they had used social media at least once in the past year to get a customer service response. This is more than twice the average 20% of consumers in other markets, reveal the findings of the study, which was conducted in India and 10 other countries.
According to the survey, the top 5 customer service-related activities of Indians through social media include sharing information about service experience with a wider audience; asking other users how to get better service; seeking recommendations from others about good service providers; praising a company for a great service experience and seeking an actual response from a company about a service issue.
However, as far as complex queries are concerned, many seem to prefer relying on the traditional modes of communication. '25% Indians prefer addressing complex queries to a 'real person on the phone', states the study. Even here, the average is higher at 37% in other countries.
On their part, companies' track record of resolving issues through the social media has been good so far, according to the Amex survey. 'While more than a third of consumers (37%) feel they always have their issues resolved, another 14% say they rarely or never get an answer... 80% of Indians feel companies have improved their response times through social media over the past year, which is far better than other markets,' it says. The findings also highlight the rewards in the offing for companies that are perceived as being sensitive to customers' needs - 87% of the participants in India said that they were willing to spend more - up to 22% more- in return for better service.
Swiss company to launch multi IMSI SIM cards for cell phones in India
Amritsar: With the introduction of multi International Mobile Subscriber Identity (IMSI ) SIM cards, frequent travellers across several countries wouldn't have to pay hefty roaming charges and change their SIM cards in every country.
Multi IMSI SIM cards allow cell phone users to have multiple mobile numbers from different operators on a single SIM card.
"The technology will be a boon for devotees who frequently visit Pakistan on pilgrimage, businessmen travelling between different countries , international sportspersons , politicians students, leisure travellers and others, " said the visiting president of Switzerland based Geo Communications AG , Naveen Singh Suhag, while talking to TOI on Wednesday .
The company is contemplating a launch of their Geo Mobile multi IMSI SIM cards from Amritsar soon.
He said at the moment the client had the option to have 7 mobile numbers from different countries but could add up to 99 countries' mobile numbers in that SIM .
Talking about the success of the technology, he said their research and development team had finalized the worldwide testing of their product by hiring a team of senior airline pilots to assist them in real time testing.
"And that's how we are able to introduce a Swiss quality product and we are proud to be the first one in the world to have this technology" said Naveen.
On internet connectivity while traveling in different countries, Geo Communications AG president said that they had the lowest data roaming charges worldwide.
Giving an example, he said an Indian customer travelling to Europe or South/North America would have to pay only Rs 25 per MB Data and if the client had a BlackBerry they could have all their work done in roaming by paying just around Rs 3000 for a week abroad.
He said an Indian businessman travelling from India to other countries would have no roaming charges and would be treated as 'local' hence there would be no incoming coast, the outgoing cost to whole north America/ Europe would be as low as between Rs 12 to Rs 18 a minute.
Chief Technology Officer of the company, Mario Weber, said that the client would have the facility to configure , balance and charging details fully integrated into their account which would get updated automatically allowing the users to recharge, configure and make use of roaming services like credit transfer, web dial and web SMS from everywhere.
Multi IMSI SIM cards allow cell phone users to have multiple mobile numbers from different operators on a single SIM card.
"The technology will be a boon for devotees who frequently visit Pakistan on pilgrimage, businessmen travelling between different countries , international sportspersons , politicians students, leisure travellers and others, " said the visiting president of Switzerland based Geo Communications AG , Naveen Singh Suhag, while talking to TOI on Wednesday .
The company is contemplating a launch of their Geo Mobile multi IMSI SIM cards from Amritsar soon.
He said at the moment the client had the option to have 7 mobile numbers from different countries but could add up to 99 countries' mobile numbers in that SIM .
Talking about the success of the technology, he said their research and development team had finalized the worldwide testing of their product by hiring a team of senior airline pilots to assist them in real time testing.
"And that's how we are able to introduce a Swiss quality product and we are proud to be the first one in the world to have this technology" said Naveen.
On internet connectivity while traveling in different countries, Geo Communications AG president said that they had the lowest data roaming charges worldwide.
Giving an example, he said an Indian customer travelling to Europe or South/North America would have to pay only Rs 25 per MB Data and if the client had a BlackBerry they could have all their work done in roaming by paying just around Rs 3000 for a week abroad.
He said an Indian businessman travelling from India to other countries would have no roaming charges and would be treated as 'local' hence there would be no incoming coast, the outgoing cost to whole north America/ Europe would be as low as between Rs 12 to Rs 18 a minute.
Chief Technology Officer of the company, Mario Weber, said that the client would have the facility to configure , balance and charging details fully integrated into their account which would get updated automatically allowing the users to recharge, configure and make use of roaming services like credit transfer, web dial and web SMS from everywhere.
Petronet to start work on third LNG terminal, signs pact with GPL
Hyderabad: Petronet LNG, India’s biggest liquefied natural gas (LNG) importer, on Wednesday signed an agreement to invest Rs 4,500 crore in building a five-million-tonne import terminal at Gangavaram Port on the Andhra coast. This will be the country’s fifth LNG terminal after Dahej, Dahbol, Hazira and Kochi.
Gangavaram will be Petronet's third LNG import terminal. The company, at present, operates a 10-million tonne facility at Dahej in Gujarat and is building another five-million tonne terminal at Kochi in Kerala, to be ready by the year-end. A steep decline in domestic gas output, led by declining volumes from Reliance Industries-operated KG-D6 field, has made LNG imports an attractive business.
“Petronet LNG and Gangavaram Port Ltd (GPL) on Wednesday signed a firm and binding term sheet for developing a land-based LNG terminal at Gangavaram Port, Andhra Pradesh with a capacity of five-million tonne per annum,” the two firms said in a joint press statement.
The term sheet was signed by Petronet managing director and chief executive A K Balyan and Gangavaram Port Ltd (GPL) chairman and Managing director D V S Raju. The LNG terminal at Gangavaram Port will comprise facilities for receiving, storage and regasification of LNG and would be built in 42 months. “The terminal at Gangavaram Port would have the provision for further expansion, like the flagship Dahej LNG Terminal of Petronet,” it said. The company would import LNG from gas-rich nations like Australia to meet the growing energy demand in Andhra Pradesh and other eastern and central part of India.
“The construction work on the terminal is expected to start within a year and it should be ready to commence operations by 2016,” Balyan said.
“We are eager to have our presence on the east coast and are exploring various possible options to bring gas earlier than 2016 at Gangavaram Port.”
Gas imported at the terminal would provide feedstock to refineries, power and fertiliser plants.
The time of arrival of LNG at Gangavaram port is likely to be advanced as the company is looking at integrating various other facilities with the project, Balyan told Business Standard.
GPL would be holding seven-eight per cent equity in the project towards the land provided to set up the terminal, according to Petronet chief. On the likely source of LNG to be imported to this facility, he said there had been several sources on the company's radar and it has enough time to finalise the same.
Gangavaram will be Petronet's third LNG import terminal. The company, at present, operates a 10-million tonne facility at Dahej in Gujarat and is building another five-million tonne terminal at Kochi in Kerala, to be ready by the year-end. A steep decline in domestic gas output, led by declining volumes from Reliance Industries-operated KG-D6 field, has made LNG imports an attractive business.
“Petronet LNG and Gangavaram Port Ltd (GPL) on Wednesday signed a firm and binding term sheet for developing a land-based LNG terminal at Gangavaram Port, Andhra Pradesh with a capacity of five-million tonne per annum,” the two firms said in a joint press statement.
The term sheet was signed by Petronet managing director and chief executive A K Balyan and Gangavaram Port Ltd (GPL) chairman and Managing director D V S Raju. The LNG terminal at Gangavaram Port will comprise facilities for receiving, storage and regasification of LNG and would be built in 42 months. “The terminal at Gangavaram Port would have the provision for further expansion, like the flagship Dahej LNG Terminal of Petronet,” it said. The company would import LNG from gas-rich nations like Australia to meet the growing energy demand in Andhra Pradesh and other eastern and central part of India.
“The construction work on the terminal is expected to start within a year and it should be ready to commence operations by 2016,” Balyan said.
“We are eager to have our presence on the east coast and are exploring various possible options to bring gas earlier than 2016 at Gangavaram Port.”
Gas imported at the terminal would provide feedstock to refineries, power and fertiliser plants.
The time of arrival of LNG at Gangavaram port is likely to be advanced as the company is looking at integrating various other facilities with the project, Balyan told Business Standard.
GPL would be holding seven-eight per cent equity in the project towards the land provided to set up the terminal, according to Petronet chief. On the likely source of LNG to be imported to this facility, he said there had been several sources on the company's radar and it has enough time to finalise the same.
Sugar exports liberalised
New Delhi: Sugar exports may touch four million tonnes during the current season ending September, as the Government has decided to allow more shipments. This may help the industry liquidate surplus stocks.
A high-level inter-ministerial meeting chaired by the Prime Minister, Dr Manmohan Singh, decided to away with the release order mechanism for sugar exports.
The Government has also removed the minimum export price for onion and announced a committee under the PMEAC chairman, Dr C. Rangarajan, for framing a policy on foodgrain exports. Currently, the MEP for onion is $125 a tonne.
Doing away with the release order would ensure that sugar shipments for exports move faster. The Government had earlier done away with the release order mechanism in 2008.
So far, the Government has approved exports of three million tonnes in three tranches. Of this, 2 million tonnes have already been notified and shipped out. The notification for one million tonnes, approved on March 26, is expected shortly.
Sugar production in the current 2011-12 year-ending September is expected to touch 26 million tonnes, according to the industry estimates.
On Wednesday, the Indian Sugar Mills Association (ISMA) said that sugar production as of April-end stood at 25.1 million tonnes, about 2.5 million tonnes more compared with the same period a year ago.
The bulk of the increase has come from Uttar Pradesh, where production has gone up by 1.1 million tonnes. Production in Maharashtra is up by 5 lakh tonnes, Karnataka by 3 lakh tonnes, while Tamil Nadu has registered an increase of 4 lakh tonnes.
As cane crushing comes to an end in UP, the industry is betting on Tamil Nadu, Maharashtra and Karnataka to reach the targeted output of 26 million tonnes. Crushing in Tamil Nadu will go on till September and ISMA expects an additional output of around 6.5 lakh tonnes to come from the state. The remaining 3 million tonnes will come from Maharashtra and Karnataka.
A high-level inter-ministerial meeting chaired by the Prime Minister, Dr Manmohan Singh, decided to away with the release order mechanism for sugar exports.
The Government has also removed the minimum export price for onion and announced a committee under the PMEAC chairman, Dr C. Rangarajan, for framing a policy on foodgrain exports. Currently, the MEP for onion is $125 a tonne.
Doing away with the release order would ensure that sugar shipments for exports move faster. The Government had earlier done away with the release order mechanism in 2008.
So far, the Government has approved exports of three million tonnes in three tranches. Of this, 2 million tonnes have already been notified and shipped out. The notification for one million tonnes, approved on March 26, is expected shortly.
Sugar production in the current 2011-12 year-ending September is expected to touch 26 million tonnes, according to the industry estimates.
On Wednesday, the Indian Sugar Mills Association (ISMA) said that sugar production as of April-end stood at 25.1 million tonnes, about 2.5 million tonnes more compared with the same period a year ago.
The bulk of the increase has come from Uttar Pradesh, where production has gone up by 1.1 million tonnes. Production in Maharashtra is up by 5 lakh tonnes, Karnataka by 3 lakh tonnes, while Tamil Nadu has registered an increase of 4 lakh tonnes.
As cane crushing comes to an end in UP, the industry is betting on Tamil Nadu, Maharashtra and Karnataka to reach the targeted output of 26 million tonnes. Crushing in Tamil Nadu will go on till September and ISMA expects an additional output of around 6.5 lakh tonnes to come from the state. The remaining 3 million tonnes will come from Maharashtra and Karnataka.
Australia keen to boost trade relations with India
New Delhi: Australia believes that there is a “huge amount of opportunity” for trade relations between the two countries despite the Indian Government's flip-flop on the telecommunication sector.
“We are focussed on strengthening that relationship further and pursuing more trading opportunities. The fact that both countries have a strong programme focussed on innovation is a very important mutual agenda. And one creates the opportunity for further trade relationship and further investment,” the Australian Minister for Industry and Innovation, Ms Kate Lundy, told Business Line.
The Minister added that with interest in India being high there was a lot of optimism about the future.
Though the Minister said that Australian companies had “not expressed concern about the environment in India,” a senior official of the Australian High Commission added that it was true that the Supreme Court's decision on 2G and Vodafone had made companies uneasy about the policy environment in India.
He, however, pointed out that none of the Australian companies were concerned about these decisions, but companies from other countries which were affected by these decisions. The diplomat added that a lot companies were looking for a signal that things will proceed in a rational and planned way.
The Minister added that India will be the partner country for Cebit which is being held in Sydney this month.
This will involve a Ministerial delegation from India going to Australia and Indian companies participating in the Expo.
“Mr Som Mittal is going to be one of the keynote speakers in the Indian delegation. Just the opportunity to get Australian and Indian companies on one platform will hopefully lead to some further collaborations and partnerships,” Ms Lundy said.
The Minister added that at present there were many opportunities in Australia to further develop partnerships and collaborations with India.
This includes investment in Australia's national broad band network.
“I think it is generating a lot of interest from ICT companies around the world. Companies are also developing applications for a universal high band network including e-education, e-health and other Government services across that network,” the Minister added.
“We are focussed on strengthening that relationship further and pursuing more trading opportunities. The fact that both countries have a strong programme focussed on innovation is a very important mutual agenda. And one creates the opportunity for further trade relationship and further investment,” the Australian Minister for Industry and Innovation, Ms Kate Lundy, told Business Line.
The Minister added that with interest in India being high there was a lot of optimism about the future.
Though the Minister said that Australian companies had “not expressed concern about the environment in India,” a senior official of the Australian High Commission added that it was true that the Supreme Court's decision on 2G and Vodafone had made companies uneasy about the policy environment in India.
He, however, pointed out that none of the Australian companies were concerned about these decisions, but companies from other countries which were affected by these decisions. The diplomat added that a lot companies were looking for a signal that things will proceed in a rational and planned way.
The Minister added that India will be the partner country for Cebit which is being held in Sydney this month.
This will involve a Ministerial delegation from India going to Australia and Indian companies participating in the Expo.
“Mr Som Mittal is going to be one of the keynote speakers in the Indian delegation. Just the opportunity to get Australian and Indian companies on one platform will hopefully lead to some further collaborations and partnerships,” Ms Lundy said.
The Minister added that at present there were many opportunities in Australia to further develop partnerships and collaborations with India.
This includes investment in Australia's national broad band network.
“I think it is generating a lot of interest from ICT companies around the world. Companies are also developing applications for a universal high band network including e-education, e-health and other Government services across that network,” the Minister added.
Friday, May 4, 2012
GSPL, 3 oil PSUs ink pact for cross-country gas pipelines
Ahmedabad: Gujarat State Petronet Ltd (GSPL) and three public sector oil companies — Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — have entered into joint venture agreements for setting up three cross-country natural gas transmission pipelines.
According to a statement filed with the Bombay Stock Exchange, the GSPL-led consortium executed the agreements on April 30 for developing the pipelines of 3,995 km.
The consortium partners were awarded the letters of authorisation (LoA) on July 7, 2011, by the industry regulator, Petroleum & Natural Gas Regulatory Board. The three pipelines are Mallavaram-Bhilwara (1,585 km), Mehsana - Bhatinda (1,670 km) and Bhatinda-Jammu-Srinagar (740 km).
In the consortium, GSPL holds a 52 per cent stake, while IOCL owns 26 per cent. BPCL and HPCL hold 11 per cent each.
The three projects are required to be completed within 36 months from the date of award of the LoA to the consortium. With the execution of the joint venture agreements, the equity tie-ups for the projects had been completed, GSPL stated.
According to a statement filed with the Bombay Stock Exchange, the GSPL-led consortium executed the agreements on April 30 for developing the pipelines of 3,995 km.
The consortium partners were awarded the letters of authorisation (LoA) on July 7, 2011, by the industry regulator, Petroleum & Natural Gas Regulatory Board. The three pipelines are Mallavaram-Bhilwara (1,585 km), Mehsana - Bhatinda (1,670 km) and Bhatinda-Jammu-Srinagar (740 km).
In the consortium, GSPL holds a 52 per cent stake, while IOCL owns 26 per cent. BPCL and HPCL hold 11 per cent each.
The three projects are required to be completed within 36 months from the date of award of the LoA to the consortium. With the execution of the joint venture agreements, the equity tie-ups for the projects had been completed, GSPL stated.
Dutch PF manager APG invests Rs 650 crore in Lemon Tree Hotels; forms JV to build 35 hotels
New Delhi: Dutch pension fund manager APG will invest a total of Rs 650 crore to take a 6% stake in Lemon Tree Hotels and form a JV with the Delhi-based mid-market hotels group to build 35 hotels in the country in four years.
APG, which manages the Netherland's largest and the world's third largest pension fund Stichting Pensioenfonds ABP, will hold 47% shareholding in the joint venture-Fleur Hotels Pvt Ltd-while Lemon Tree will hold the balance 53%.
Fleur will set up 35 hotels (totalling 4,500 rooms) at an investment Rs 2,250 crore, of which Rs 1,000 crore will be equity and Rs 1,250 crore debt, a company executive told ET. All the hotels under will be branded as Lemon Tree Hotels, Lemon Tree Premier or Red Fox Hotels, he said.
The decade-old hotel company started by Patu Keswani currently owns and operates eighteen hotels in fourteen cities with 2,000 operational rooms, making it the fourth largest hotel room owners in the country. It is already adding another 1,600 rooms, and on completion of the proposed hotels by 2016-17, the chain will co-own and operate over 8,000 rooms.
Confirming the developments to ET, Lemon Tree Hotels chairman and managing director Patu Keswani said, "This deal will significantly increase the supply of mid-market rooms in India, which has huge unmet demand for this category of hotels. On completion of these proposed hotels, Lemon Tree will be a dominant player in the mid-market hotel segment."
APG, which is one of the world's largest investors in the real estate sector, has also acquired between 5 and 6% stake in Lemon Tree Hotels.
Global private equity group Warburg Pincus also has a 25% shareholding in the company, but Keswani said Warburg will remain invested in the company.
Kaushik Vardharajan, MD of hotel consultancy HVS India, "The greatest opportunity today lies in the budget and mid-market hotels segment. Luxury hotels have been focussed on international and high-end domestic travellers but there are 700 million domestic movements and these people are looking for moderately priced rooms."
The investment opportunity currently is higher in this segment as the cost per asset is lower and since these hotels do not require any fancy designers and specifications, they can be built faster. "These hotels are more efficient and profitable than high-end hotels," he says. The net income margins for luxury hotels today are between 30-40% while those for mid-market and budget hotels are between 40-55%.
According to HVS, around 102,400 hotel rooms will come up in the country over the next few years. For the first time, over 50% of these rooms are in the mid-market and budget categories.
APG's senior portfolio manager Sachin Doshi said, "With one of the world's fastest growing economies, strong domestic consumption, rapid urbanisation and young demographics, India presents an attractive long term investment opportunity for us."
APG manages pension assets totalling about e299 billion, as of March 2012, and administers over 30% of all collective pension schemes in the Netherlands.
APG, which manages the Netherland's largest and the world's third largest pension fund Stichting Pensioenfonds ABP, will hold 47% shareholding in the joint venture-Fleur Hotels Pvt Ltd-while Lemon Tree will hold the balance 53%.
Fleur will set up 35 hotels (totalling 4,500 rooms) at an investment Rs 2,250 crore, of which Rs 1,000 crore will be equity and Rs 1,250 crore debt, a company executive told ET. All the hotels under will be branded as Lemon Tree Hotels, Lemon Tree Premier or Red Fox Hotels, he said.
The decade-old hotel company started by Patu Keswani currently owns and operates eighteen hotels in fourteen cities with 2,000 operational rooms, making it the fourth largest hotel room owners in the country. It is already adding another 1,600 rooms, and on completion of the proposed hotels by 2016-17, the chain will co-own and operate over 8,000 rooms.
Confirming the developments to ET, Lemon Tree Hotels chairman and managing director Patu Keswani said, "This deal will significantly increase the supply of mid-market rooms in India, which has huge unmet demand for this category of hotels. On completion of these proposed hotels, Lemon Tree will be a dominant player in the mid-market hotel segment."
APG, which is one of the world's largest investors in the real estate sector, has also acquired between 5 and 6% stake in Lemon Tree Hotels.
Global private equity group Warburg Pincus also has a 25% shareholding in the company, but Keswani said Warburg will remain invested in the company.
Kaushik Vardharajan, MD of hotel consultancy HVS India, "The greatest opportunity today lies in the budget and mid-market hotels segment. Luxury hotels have been focussed on international and high-end domestic travellers but there are 700 million domestic movements and these people are looking for moderately priced rooms."
The investment opportunity currently is higher in this segment as the cost per asset is lower and since these hotels do not require any fancy designers and specifications, they can be built faster. "These hotels are more efficient and profitable than high-end hotels," he says. The net income margins for luxury hotels today are between 30-40% while those for mid-market and budget hotels are between 40-55%.
According to HVS, around 102,400 hotel rooms will come up in the country over the next few years. For the first time, over 50% of these rooms are in the mid-market and budget categories.
APG's senior portfolio manager Sachin Doshi said, "With one of the world's fastest growing economies, strong domestic consumption, rapid urbanisation and young demographics, India presents an attractive long term investment opportunity for us."
APG manages pension assets totalling about e299 billion, as of March 2012, and administers over 30% of all collective pension schemes in the Netherlands.
Madhucon Projects signs PPA for 300 MW Indonesian power project
Hyderabad: Indian infrastructure firm Madhucon Projects, which is setting up its first overseas power project in Indonesia, has on Tuesday announced signing a power purchase agreement (PPA) with the Indonesian government power utility PTPLN (PERSERO).
Madhucon, which is currently setting up 1,920MW of power projects near Krishnapatnam in Andhra Pradesh, has won the bid to build the 300MW mine mouth coal fired steam power plant at Dawas in South Sumatra involving an investment of $410 million.
In a statement, Madhucon said the PPA with the Indonesian entity was signed by its director Nama Krishnaiah and PTPLN (PERSERO) director Nur Pamudji.
Of the project cost of around Rs 2,000 crore, Madhucon Projects will infuse Rs 325 crore as equity while the other group companies will invest Rs 125 crore wherein the project will be funded through a debt-equity of 75:25.
Madhucon's chief financial officer S. Vaikuntanathan told ET in December that the company was given 12 months period to achieve financial closure for the Indonesian power project and another 36 months from then to commerce power generation.
The project, comprising two units of 150MW on build, operate and transfer (BOT) mode, will come up close to the existing coal mine of Madhucon's Indonesian coal arm PT Madhucon Indonesia at Dawas.
The power project will use the coal mined from Madhucon's South Sumatra coal mine, which is set to begin production during first half of this year, where it expects to mine around 5 lakh tonnes a year to begin with and take it to around 1.5 million tonne a year by 2014-end. In all, Madhucon has three coal mines in Indonesia with estimated reserves of around 1,500 million tonne.
Madhucon, which is currently setting up 1,920MW of power projects near Krishnapatnam in Andhra Pradesh, has won the bid to build the 300MW mine mouth coal fired steam power plant at Dawas in South Sumatra involving an investment of $410 million.
In a statement, Madhucon said the PPA with the Indonesian entity was signed by its director Nama Krishnaiah and PTPLN (PERSERO) director Nur Pamudji.
Of the project cost of around Rs 2,000 crore, Madhucon Projects will infuse Rs 325 crore as equity while the other group companies will invest Rs 125 crore wherein the project will be funded through a debt-equity of 75:25.
Madhucon's chief financial officer S. Vaikuntanathan told ET in December that the company was given 12 months period to achieve financial closure for the Indonesian power project and another 36 months from then to commerce power generation.
The project, comprising two units of 150MW on build, operate and transfer (BOT) mode, will come up close to the existing coal mine of Madhucon's Indonesian coal arm PT Madhucon Indonesia at Dawas.
The power project will use the coal mined from Madhucon's South Sumatra coal mine, which is set to begin production during first half of this year, where it expects to mine around 5 lakh tonnes a year to begin with and take it to around 1.5 million tonne a year by 2014-end. In all, Madhucon has three coal mines in Indonesia with estimated reserves of around 1,500 million tonne.
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