Mumbai: The Indian consumption market will grow two-and-a-half times by 2025, to Rs110 tn from Rs43 tn in FY 2010, according to a Kotak Institutional Equities report.
More Indians will have a pocketful of money and a long shopping list, spending disproportionately on leisure, hotels, housing, household goods, healthcare and more, but less on bare necessities and staples, as a proportion of consumption.
The study classifies households into: Real-rich, Upper class, Prospering, Evolving, Emerging and Surviving.
Prosperity changes spend trends according to the report. With increased prosperity, societies spend less on staples and increase discretionary spends as a percentage of their expenditure. By 2025E the Indian consumption market will be two-and-a-half times bigger than it is today.
The top three classes will account for about half the consumption, from less than a third currently and the Surviving class will emerge from a base of deprivation. Over our forecast period, we model consumption at 59-62% of GDP and assume long-term real growth of 7% on a population increase of 1% a year.
The urban market will account for more than 55% of the consumption market by FY2025E from less than half today and urban households will account for about 40% of the total number of households, up from 30% currently.
The push towards urbanization will not come from an overspill into metros, but development of tier-II and tier-III cities. The emergence of growth hubs can offer stability to the growth story, the report says.
Success in my Habit
Thursday, May 24, 2012
Kalyani Steel's Rs 12,000-cr project among 31 plans cleared
Bangalore: Karnataka's state high-level clearance committee (SHLCC) on Wednesday cleared Kalyani Steel's Rs 12,000 crore carbon alloy steel project and JK Cement's Ltd's Rs 2,327 crore new cement plant at its meeting.
A total of 31 projects worth over Rs 1,46,656 crore were cleared by the SHLCC, which was chaired by the Chief Minister, Mr D.V. Sadananda Gowda. These projects will lead to over three lakh jobs in the state.
Prominent projects cleared today are: J K Cement Ltd proposal to set up a plant to produce ordinary Portland cement (OPC), Portland Pozzolana cement (PPC), Portland slag cement (PSC) at Chitapur in Gulbarga district with an investment of Rs 2,326.65 crore.
Shivashankar Minerals Ltd proposes to set up 3.5 million tonne cement plant at Chincholi in Gulbarga with an investment of Rs 2,250 crore.
BMM Isapt plans to set up 3 MW gas-based integrated iron and steel plant at Dhanapura Village, Mariiyammanahalli Hobli, Hospet Taluk, Bellary District at a cost of Rs 16,229.68 crore.
Kalyani Steel Ltd plans to set up plant to make carbon alloy steel and stainless steel at Yadgir district with an investment of Rs 12,000 crore.
Atria Power Corporation, with an investment of Rs 4,905 crore, is planning to set up a 5 MW mega solar thermal power units spread over 75 taluks in 13 districts in the state.
Sun Forest City Ventures Ltd is planning to build Project Vayu – which will offer a complete ecosystem for aerospace industries in Bangalore Aerospace Park near Bangalore International Airport Ltd (BIAL) at Devanahalli.
The project will involve an investment of Rs 9,394 crore.
The project will be executed in three phases, spread over 12 years and is likely to offer employment to 2.42 lakh people.
According to the current status, there are 39 projects which have been implemented since the last Globla Investors Meet held in 2010 and involve a total investment of Rs 5,370 crore.
About 277 projects are in the various stages of implementation with an investment of Rs 2.94 lakh crore.
SHLCC meet was also attended by the Industries Minister, Mr Murugesh Nirani; the Chief Secretary, Mr Ranganath; the Principal Secretary, Mr K. Jyothiramalingam; and the Commissioner, Industries Department, Mr Maheshwar Rao.
A total of 31 projects worth over Rs 1,46,656 crore were cleared by the SHLCC, which was chaired by the Chief Minister, Mr D.V. Sadananda Gowda. These projects will lead to over three lakh jobs in the state.
Prominent projects cleared today are: J K Cement Ltd proposal to set up a plant to produce ordinary Portland cement (OPC), Portland Pozzolana cement (PPC), Portland slag cement (PSC) at Chitapur in Gulbarga district with an investment of Rs 2,326.65 crore.
Shivashankar Minerals Ltd proposes to set up 3.5 million tonne cement plant at Chincholi in Gulbarga with an investment of Rs 2,250 crore.
BMM Isapt plans to set up 3 MW gas-based integrated iron and steel plant at Dhanapura Village, Mariiyammanahalli Hobli, Hospet Taluk, Bellary District at a cost of Rs 16,229.68 crore.
Kalyani Steel Ltd plans to set up plant to make carbon alloy steel and stainless steel at Yadgir district with an investment of Rs 12,000 crore.
Atria Power Corporation, with an investment of Rs 4,905 crore, is planning to set up a 5 MW mega solar thermal power units spread over 75 taluks in 13 districts in the state.
Sun Forest City Ventures Ltd is planning to build Project Vayu – which will offer a complete ecosystem for aerospace industries in Bangalore Aerospace Park near Bangalore International Airport Ltd (BIAL) at Devanahalli.
The project will involve an investment of Rs 9,394 crore.
The project will be executed in three phases, spread over 12 years and is likely to offer employment to 2.42 lakh people.
According to the current status, there are 39 projects which have been implemented since the last Globla Investors Meet held in 2010 and involve a total investment of Rs 5,370 crore.
About 277 projects are in the various stages of implementation with an investment of Rs 2.94 lakh crore.
SHLCC meet was also attended by the Industries Minister, Mr Murugesh Nirani; the Chief Secretary, Mr Ranganath; the Principal Secretary, Mr K. Jyothiramalingam; and the Commissioner, Industries Department, Mr Maheshwar Rao.
Fiat signs MoU with Mazda Motor Corporation for development and manufacturing of new roadster
Mumbai: Italian auto major Fiat and Mazda Motor Corporation have signed a non-binding Memorandum of Understanding for the development and manufacturing of a new roadster for the Mazda and Alfa Romeo marques based on Mazda's next-generation MX-5 rear-wheel-drive architecture.
The study calls for both Fiat and Mazda to develop two differentiated, distinctly styled, brand-specific light weight, roadsters featuring rear-wheel drive. The Alfa Romeo and Mazda variants will each be powered by specific proprietary engines unique to each brand.
The project assumption is that both vehicles will be manufactured at Mazda's Hiroshima, Japan, plant with production for Alfa Romeo envisaged starting in 2015.
"Establishing technology and product development alliances is one of Mazda's corporate objectives and this announcement with Fiat is an important first step in that direction. It is especially exciting to be collaborating with such a prestigious marque as Alfa Romeo on a new roadster based on the next-generation MX-5, which is such an iconic vehicle for Mazda and recognized as the best-selling roadster of all time." said Takashi Yamanouchi, Mazda's Representative Director and Chairman of the Board, President and CEO.
"This agreement clearly demonstrates our commitment to Alfa Romeo and the determination to grow it into a truly global brand. By partnering with Mazda, we will be co-operating with the recognized leader in compact rear-drive vehicle architectures in order to deliver an exciting and stylish roadster in the Alfa Romeo tradition,." said Fiat CEO Sergio Marchionne.
The Final Agreement is expected be signed in the second-half of 2012. Fiat and Mazda have also agreed to discuss further opportunities for co-operation in Europe and other emerging markets, industry experts said.
The study calls for both Fiat and Mazda to develop two differentiated, distinctly styled, brand-specific light weight, roadsters featuring rear-wheel drive. The Alfa Romeo and Mazda variants will each be powered by specific proprietary engines unique to each brand.
The project assumption is that both vehicles will be manufactured at Mazda's Hiroshima, Japan, plant with production for Alfa Romeo envisaged starting in 2015.
"Establishing technology and product development alliances is one of Mazda's corporate objectives and this announcement with Fiat is an important first step in that direction. It is especially exciting to be collaborating with such a prestigious marque as Alfa Romeo on a new roadster based on the next-generation MX-5, which is such an iconic vehicle for Mazda and recognized as the best-selling roadster of all time." said Takashi Yamanouchi, Mazda's Representative Director and Chairman of the Board, President and CEO.
"This agreement clearly demonstrates our commitment to Alfa Romeo and the determination to grow it into a truly global brand. By partnering with Mazda, we will be co-operating with the recognized leader in compact rear-drive vehicle architectures in order to deliver an exciting and stylish roadster in the Alfa Romeo tradition,." said Fiat CEO Sergio Marchionne.
The Final Agreement is expected be signed in the second-half of 2012. Fiat and Mazda have also agreed to discuss further opportunities for co-operation in Europe and other emerging markets, industry experts said.
EU to invest Rs 42 cr in skills development project in India
New Delhi: The European Union and India joined hands to launch a skill development project in India on Wednesday, towards which EU will invest €6 million over the next four- and-a-half years.
Emphasising the need for such a project, the Ambassador of EU, Dr João Cravinho, said that by 2020 the world is likely to face a shortfall of 47 million skilled workers, while India is estimated to have a surplus of 56 million workers.
“For India to realise the demographic dividend, the young people need to be properly skilled. If India achieves that there will be no stopping India in the 21st century,” he said.
This assistance from EU is part of the memorandum of understanding (MoU) signed by India and EU on exchange in the field on employment and social policy and for technical assistance n skills development.
Further, Dr Cravinho said that the India-EU partnership is at a moment of transformation. “Perhaps we are moving from a development assistance character in the past towards becoming partners,” he said.
The Indian government aims to skill 500 million workers by 2022.
“No country has taken up the task of skilling 500 million people in the span of six to seven years. This is an important partnership for India, said Mr Dilip Chenoy, Chief Executive Officer of the National Skill Development Corp.
He added that the focus will be on three segments — training and skilling the trainers for the project, developing the National Skills Qualification Framework and on the on developing a national information system for the labour market.
Emphasising the need for such a project, the Ambassador of EU, Dr João Cravinho, said that by 2020 the world is likely to face a shortfall of 47 million skilled workers, while India is estimated to have a surplus of 56 million workers.
“For India to realise the demographic dividend, the young people need to be properly skilled. If India achieves that there will be no stopping India in the 21st century,” he said.
This assistance from EU is part of the memorandum of understanding (MoU) signed by India and EU on exchange in the field on employment and social policy and for technical assistance n skills development.
Further, Dr Cravinho said that the India-EU partnership is at a moment of transformation. “Perhaps we are moving from a development assistance character in the past towards becoming partners,” he said.
The Indian government aims to skill 500 million workers by 2022.
“No country has taken up the task of skilling 500 million people in the span of six to seven years. This is an important partnership for India, said Mr Dilip Chenoy, Chief Executive Officer of the National Skill Development Corp.
He added that the focus will be on three segments — training and skilling the trainers for the project, developing the National Skills Qualification Framework and on the on developing a national information system for the labour market.
Tapi agreement set to expand India's gas basket
New Delhi: India on Wednesday signed the gas sale purchase agreement (GSPA) for the Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline, which upon completion would diversify its gas basket. With domestic gas output stagnating, the $7.6-billion Tapi gas project provides a ray of hope.
In five years, the country would have access to imported natural gas, in addition to imported liquefied natural gas and domestic sources, including coal bed methane gas.
However, despite the increased supply, prices would inch higher. Though Reliance Industries (RIL)’s gas price of $4.2 a million British thermal units (mBtu) is the current benchmark for domestic natural gas, it is due for revision in 2014. Petronet LNG (PLL), the only importer of long-term natural gas, would also see a price rise by its Qatari suppliers.
While the government statement did not mention the price at which gas would be imported, the landed price of gas would be cheaper than the import price of Qatari gas in 2018. Qatar’s RasGas charges 12.67 per cent of Japanese crude cocktail and Petronet pays an additional $0.26 per mBtu for shipping the gas in its liquid form from Qatar. This currently costs $8-10 per mBtu. “Different sources will come at different price, but the availability is important from a future perspective,” said Dilip Khanna, partner (oil & gas practice), Ernst & Young.
Securing gas from external sources has become crucial for India, as the nation faces a sharp rise in demand from sectors like power and fertilisers, while no major increase in domestic production is lined up. The $7.6-billion Tapi project envisages building 1,680 km of pipeline, with a total gas capacity of 90 million standard cubic metres per day (mscmd). Afghanistan and Pakistan have committed to the safety and security of the pipeline.
Of the 90 mscmd gas the pipeline would carry from Turkmenistan, Afghanistan would consume 14 mscmd, while India and Pakistan would account for 38 mscmd each. GAIL would import Turkmenistan gas for India, once the pipeline becomes operational in 2018. The gas would be supplied for a 30-year period.
The Indian market is eagerly awaiting the commissioning of the Tapi pipeline. India’s natural gas sector is projected to grow at a compounded annual growth rate of 19.5 per cent over the next five years. Consumption is expected to grow from the current 166.2 mscmd to 473 mscmd in 2017, Petroleum Minister Jaipal Reddy said at the GSPA signing ceremony in Turkmenistan.
Industry experts, however, say India should have negotiated for a higher quantity, considering the widening demand-supply gap. A K Balyan, managing director and chief executive, Petronet LNG, the country’s biggest gas importing company, said, “I think the country should have sought higher volumes. When it actually comes in the next five years or so, this quantity would be small to make a huge impact on the domestic gas availability. It does not impact companies like us. Considering the opportunities available, we welcome more pipelines and gas terminals.”
In five years, the country would have access to imported natural gas, in addition to imported liquefied natural gas and domestic sources, including coal bed methane gas.
However, despite the increased supply, prices would inch higher. Though Reliance Industries (RIL)’s gas price of $4.2 a million British thermal units (mBtu) is the current benchmark for domestic natural gas, it is due for revision in 2014. Petronet LNG (PLL), the only importer of long-term natural gas, would also see a price rise by its Qatari suppliers.
While the government statement did not mention the price at which gas would be imported, the landed price of gas would be cheaper than the import price of Qatari gas in 2018. Qatar’s RasGas charges 12.67 per cent of Japanese crude cocktail and Petronet pays an additional $0.26 per mBtu for shipping the gas in its liquid form from Qatar. This currently costs $8-10 per mBtu. “Different sources will come at different price, but the availability is important from a future perspective,” said Dilip Khanna, partner (oil & gas practice), Ernst & Young.
Securing gas from external sources has become crucial for India, as the nation faces a sharp rise in demand from sectors like power and fertilisers, while no major increase in domestic production is lined up. The $7.6-billion Tapi project envisages building 1,680 km of pipeline, with a total gas capacity of 90 million standard cubic metres per day (mscmd). Afghanistan and Pakistan have committed to the safety and security of the pipeline.
Of the 90 mscmd gas the pipeline would carry from Turkmenistan, Afghanistan would consume 14 mscmd, while India and Pakistan would account for 38 mscmd each. GAIL would import Turkmenistan gas for India, once the pipeline becomes operational in 2018. The gas would be supplied for a 30-year period.
The Indian market is eagerly awaiting the commissioning of the Tapi pipeline. India’s natural gas sector is projected to grow at a compounded annual growth rate of 19.5 per cent over the next five years. Consumption is expected to grow from the current 166.2 mscmd to 473 mscmd in 2017, Petroleum Minister Jaipal Reddy said at the GSPA signing ceremony in Turkmenistan.
Industry experts, however, say India should have negotiated for a higher quantity, considering the widening demand-supply gap. A K Balyan, managing director and chief executive, Petronet LNG, the country’s biggest gas importing company, said, “I think the country should have sought higher volumes. When it actually comes in the next five years or so, this quantity would be small to make a huge impact on the domestic gas availability. It does not impact companies like us. Considering the opportunities available, we welcome more pipelines and gas terminals.”
Wednesday, May 23, 2012
Nasscom to push industry's agenda with PMO
Thiruvananthapuram: An inter-ministerial forum has roped in National Association of Software and Service Companies (Nasscom) to push IT industry's case with the Prime Minister's Office.
The ministries involved are IT, Commerce and Finance, Mr V. K. Mathews, member of the Nasscom Executive Committee, told Business Line here.
The forum intends to take up with the PMO policy aspects with respect to taxation, policy and governance issues, Mr Mathews said.
He is also the executive chairman of the IBS group based here, which is a leading player in the global travel, transport and logistics sector.
“The forum has already met with the Prime Minister, and it has been getting positive vibes from the Government,” Mr Mathews said.
The forum intends to take up with the PMO and ministries concerned the need to increasingly implement the reform agenda in governance.
“There is a huge opportunity to tap from the glaring weaknesses in the system. Opportunities are abound in every sector where reforms have lagged.”
Mr Mathews described e-governance initiatives as a major enabler of result-oriented, transparent and accountable administration.
There would be regular interaction between the Nasscom and the ministries involved, and the PMO would be directly kept in the loop.
Mr Mathews said that the inter-ministerial forum would work on the lines of the Government of Kerala-Confederation of Indian Industry Consultative Forum (GCCF).
Chaired by the State Chief Secretary, it has principal secretaries on board, and meets once every two months to brainstorm on developmental and socio-economic issues.
The ministries involved are IT, Commerce and Finance, Mr V. K. Mathews, member of the Nasscom Executive Committee, told Business Line here.
The forum intends to take up with the PMO policy aspects with respect to taxation, policy and governance issues, Mr Mathews said.
He is also the executive chairman of the IBS group based here, which is a leading player in the global travel, transport and logistics sector.
“The forum has already met with the Prime Minister, and it has been getting positive vibes from the Government,” Mr Mathews said.
The forum intends to take up with the PMO and ministries concerned the need to increasingly implement the reform agenda in governance.
“There is a huge opportunity to tap from the glaring weaknesses in the system. Opportunities are abound in every sector where reforms have lagged.”
Mr Mathews described e-governance initiatives as a major enabler of result-oriented, transparent and accountable administration.
There would be regular interaction between the Nasscom and the ministries involved, and the PMO would be directly kept in the loop.
Mr Mathews said that the inter-ministerial forum would work on the lines of the Government of Kerala-Confederation of Indian Industry Consultative Forum (GCCF).
Chaired by the State Chief Secretary, it has principal secretaries on board, and meets once every two months to brainstorm on developmental and socio-economic issues.
Warburg Pincus leads $32 million investment in Quikr's parent company
Bangalore: Quickr, the internet and mobile based classified leader, on Tuesday announced that its parent received investment of $32 million ( Rs 176 crore) from a clutch of private equity investors.
Warburg Pincus has led this round of fund raising-- fifth and the largest for Quickr-- with participation from existing investors such as Matrix Partners India, Nowest Venture Partners and ebay Inc.,
Launched nearly two-and-a-half decades ago, Quickr helps people buy, sell and rent things in 165 categories across 83 cities in India. It's a wholly-owned subsidiary of Quickr Maurities Holding Pvt Ltd. The list of its investors include Matrix Partners India, Omidyar Network, Norwest Venture Partners, Nokia Growth Partners, Warburg and eBay Inc.
Pranay Chulet, co-founder and CEO, Quickr, said the company will use the money to diversify into online and mobile platforms, intensify product development and strengthen marketing capabilities.
Since its launch in 2008, Quikr has raised around $50 million in funding. Two other investors in the company, Nokia Growth Partners and Omidyar Networks, did not participate in this round.
Quikr, which was called Kijiji India, was launched in February 2008 as a partnership between eBay Inc and Matrix Partners. In August the same year it was spun out as a separate entity and re-launched as Quikr.
The company is an online marketplace for buyers and sellers to connect. However, transactions are concluded offline. The company claims to have 17 million unique users a month and lists advertisements across 165 categories in over 80 Indian cities.
Nitin Nayar, Warburg Pincus' Managing Director in India said it was the company's leadership position as an innovative online marketplace that resulted in the investment. "We look forward to working closely with the management team to build on the company's success and accelerate its growth plans," Nayar added.
The company is intending to strengthen its technology back-end. "We have grown very fast. We will aggressively invest in technology, product, team and marketing," said Chulet, adding that they will also invest in their mobile platform. In the past year, Quikr has paid greater attention to mobile users as well. CEO Chulet said they get around 5-10 million users through their mobile site, mobile app and sms.
Venture capital and private equity funds have been aggressively investing in internet-based companies. A number of these investments have been in the online commerce segment. Ascent Capital pumped in $10 million in online grocery shopping site Big Basket in February. The same month Tiger Global and Accel Partners put in $6 million in home and garden online retailer Zansaar. BrainBees Solutions, which runs baby-care portal First Cry and beauty and wellness retail site GoodLife, raised $14 million from IDG Ventures India and SAIF Partners.
In fact Quikr is also exploring the e-commerce segment. "We are in a sense the nursery of e-commerce in India. A number of mass market users who are not comfortable transacting online start with us and then graduate to e-commerce," said Chulet. "Pure play e-commerce is definitely on our radar."
The company is also looking at acquisitions to speed up growth. "We have a large platform with a large number of users. We will look at companies who can build more sophisticated plays on top of our platform," said Chulet, who declined to reveal revenue details.
Warburg Pincus has led this round of fund raising-- fifth and the largest for Quickr-- with participation from existing investors such as Matrix Partners India, Nowest Venture Partners and ebay Inc.,
Launched nearly two-and-a-half decades ago, Quickr helps people buy, sell and rent things in 165 categories across 83 cities in India. It's a wholly-owned subsidiary of Quickr Maurities Holding Pvt Ltd. The list of its investors include Matrix Partners India, Omidyar Network, Norwest Venture Partners, Nokia Growth Partners, Warburg and eBay Inc.
Pranay Chulet, co-founder and CEO, Quickr, said the company will use the money to diversify into online and mobile platforms, intensify product development and strengthen marketing capabilities.
Since its launch in 2008, Quikr has raised around $50 million in funding. Two other investors in the company, Nokia Growth Partners and Omidyar Networks, did not participate in this round.
Quikr, which was called Kijiji India, was launched in February 2008 as a partnership between eBay Inc and Matrix Partners. In August the same year it was spun out as a separate entity and re-launched as Quikr.
The company is an online marketplace for buyers and sellers to connect. However, transactions are concluded offline. The company claims to have 17 million unique users a month and lists advertisements across 165 categories in over 80 Indian cities.
Nitin Nayar, Warburg Pincus' Managing Director in India said it was the company's leadership position as an innovative online marketplace that resulted in the investment. "We look forward to working closely with the management team to build on the company's success and accelerate its growth plans," Nayar added.
The company is intending to strengthen its technology back-end. "We have grown very fast. We will aggressively invest in technology, product, team and marketing," said Chulet, adding that they will also invest in their mobile platform. In the past year, Quikr has paid greater attention to mobile users as well. CEO Chulet said they get around 5-10 million users through their mobile site, mobile app and sms.
Venture capital and private equity funds have been aggressively investing in internet-based companies. A number of these investments have been in the online commerce segment. Ascent Capital pumped in $10 million in online grocery shopping site Big Basket in February. The same month Tiger Global and Accel Partners put in $6 million in home and garden online retailer Zansaar. BrainBees Solutions, which runs baby-care portal First Cry and beauty and wellness retail site GoodLife, raised $14 million from IDG Ventures India and SAIF Partners.
In fact Quikr is also exploring the e-commerce segment. "We are in a sense the nursery of e-commerce in India. A number of mass market users who are not comfortable transacting online start with us and then graduate to e-commerce," said Chulet. "Pure play e-commerce is definitely on our radar."
The company is also looking at acquisitions to speed up growth. "We have a large platform with a large number of users. We will look at companies who can build more sophisticated plays on top of our platform," said Chulet, who declined to reveal revenue details.
Apollo Tyres invests $35 million in component preparation unit in South Africa
Kochi: As part of the efforts to strengthen its presence in South Africa, Apollo Tyres has installed a component preparation unit at Ladysmith tyre manufacturing facility in South Africa. The unit with a potential for further expansion to facilitate future growth has been installed at an investment of $35 million.
According to Apollo Tyres chairman Onkar S Kanwar the new unit will feed both the Durban and Ladysmith manufacturing units of the company in South Africa. This is expected to raise the commercial vehicle capacity at Durban by 20 % and the Ladysmith passenger vehicle and light truck tyre capacity by 30 %.
Since the acquisition of the former Dunlop Tyre facilities in South Africa, the company has invested $ 85 million for upgrading machinery and increasing manufacturing efficiencies in both plants.
The company plans to invest more in its units South Africa for expansion into the African continent despite challenges facing the tyre manufacturers in the country like high manufacturing and wage costs and the threat of cheaper imports.
According to Apollo Tyres chairman Onkar S Kanwar the new unit will feed both the Durban and Ladysmith manufacturing units of the company in South Africa. This is expected to raise the commercial vehicle capacity at Durban by 20 % and the Ladysmith passenger vehicle and light truck tyre capacity by 30 %.
Since the acquisition of the former Dunlop Tyre facilities in South Africa, the company has invested $ 85 million for upgrading machinery and increasing manufacturing efficiencies in both plants.
The company plans to invest more in its units South Africa for expansion into the African continent despite challenges facing the tyre manufacturers in the country like high manufacturing and wage costs and the threat of cheaper imports.
UK looking to invest in select sectors in Kerala
Thiruvananthapuram: The UK has expressed keen interest in some big ticket projects in the IT, healthcare, infrastructure and education sectors in the state.
Visiting British Deputy High Commissioner in Chennai Mr Mike Nithavrianakis conveyed this to Chief Minister Mr Ommen Chandy during a meeting here.
Sharing Profiles
The Deputy High Commissioner, who was accompanied by a team of officials, also promised to share project profiles with major companies in the UK.
Mr Nithavrianakis held a string of high-level meetings with senior officials here to discuss investment opportunities planned here in the core sectors.
The Kerala team apprised him of a number of major upcoming projects, including the NIMZ (national investment manufacturing zone) and development of minor ports. Opportunities in the higher education sector, LNG-based power plants and development of inland waterways were also discussed.
Mr V. Somasundaran, additional chief secretary (industries), said that plans were afoot to bring a ministerial-level representative from the UK.
Major Sectors
The UK is looking at sectors such as information technology, healthcare, infrastructure and education.
Incidentally, they are the core sectors of the ‘Emerging Kerala' global connect event, which is slated to be held in Kochi during September.
Visiting British Deputy High Commissioner in Chennai Mr Mike Nithavrianakis conveyed this to Chief Minister Mr Ommen Chandy during a meeting here.
Sharing Profiles
The Deputy High Commissioner, who was accompanied by a team of officials, also promised to share project profiles with major companies in the UK.
Mr Nithavrianakis held a string of high-level meetings with senior officials here to discuss investment opportunities planned here in the core sectors.
The Kerala team apprised him of a number of major upcoming projects, including the NIMZ (national investment manufacturing zone) and development of minor ports. Opportunities in the higher education sector, LNG-based power plants and development of inland waterways were also discussed.
Mr V. Somasundaran, additional chief secretary (industries), said that plans were afoot to bring a ministerial-level representative from the UK.
Major Sectors
The UK is looking at sectors such as information technology, healthcare, infrastructure and education.
Incidentally, they are the core sectors of the ‘Emerging Kerala' global connect event, which is slated to be held in Kochi during September.
India, Switzerland may conclude FTA by year-end
Hyderabad: The Free Trade Agreement between India and Switzerland is expected to be concluded by the end of 2012, Mr Rolf Frei, Consul General of Switzerland for India, said.
“Both the countries were keen on having the FTA at the earliest. The agreement will give a significant boost to bilateral trade between India and Switzerland,” he said at an interactive meeting on business opportunities in Switzerland, organised by the Federation of Andhra Pradesh Chamber of Commerce and Industry here.
Mr Frei said “despite the global economic slowdown, our trade graph has been looking upwards.”
The two-way trade expanded from $7 billion in 2005-06 to $35 billion in 2009-10, with India being one of the most important investment destinations for Switzerland.
Switzerland has always been amongst the top foreign investors in India. It stands at the eleventh position overall and sixth in Europe in terms of investments, with a cumulative FDI inflow of $1,804.63 million from April 2000 to December 2010.
The Swiss capital stock in India is estimated at $3.5 billion while Indian capital stock in Switzerland was in the range of $550 million.
Eurozone crisis
Referring to the eurozone crisis, Mr Frei said the economic situation had resulted in a drop in exports from Switzerland. But recession was less substantial in Switzerland than in Europe, he pointed out.
He said the areas where the two countries could engage in included infrastructure, clean-tech, lifesciences, automotive, food processing, retail and precision engineering.
Earlier, Mr Frei met with the Andhra Pradesh Minister for Major Industries, Dr J. Geetha Reddy.
He expressed interest in bringing a trade delegation from Switzerland to Andhra Pradesh to explore the possibilities of expanding trade ties, especially in sectors such as chemicals, petrochemicals, biotechnology, pharmaceuticals and food processing.
“Both the countries were keen on having the FTA at the earliest. The agreement will give a significant boost to bilateral trade between India and Switzerland,” he said at an interactive meeting on business opportunities in Switzerland, organised by the Federation of Andhra Pradesh Chamber of Commerce and Industry here.
Mr Frei said “despite the global economic slowdown, our trade graph has been looking upwards.”
The two-way trade expanded from $7 billion in 2005-06 to $35 billion in 2009-10, with India being one of the most important investment destinations for Switzerland.
Switzerland has always been amongst the top foreign investors in India. It stands at the eleventh position overall and sixth in Europe in terms of investments, with a cumulative FDI inflow of $1,804.63 million from April 2000 to December 2010.
The Swiss capital stock in India is estimated at $3.5 billion while Indian capital stock in Switzerland was in the range of $550 million.
Eurozone crisis
Referring to the eurozone crisis, Mr Frei said the economic situation had resulted in a drop in exports from Switzerland. But recession was less substantial in Switzerland than in Europe, he pointed out.
He said the areas where the two countries could engage in included infrastructure, clean-tech, lifesciences, automotive, food processing, retail and precision engineering.
Earlier, Mr Frei met with the Andhra Pradesh Minister for Major Industries, Dr J. Geetha Reddy.
He expressed interest in bringing a trade delegation from Switzerland to Andhra Pradesh to explore the possibilities of expanding trade ties, especially in sectors such as chemicals, petrochemicals, biotechnology, pharmaceuticals and food processing.
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