New Delhi: To ensure timely completion of projects undertaken in public-private partnership (PPP) mode, the government on Thursday decided to set up an institutional mechanism to oversee contract performance during the construction stage. The mechanism will also monitor a project in the post-construction usage stage. It will have a two-tier system — Projects Monitoring Unit and Performance Review Unit . Later, Planning Commission Deputy Chairman Montek Singh Ahluwalia said he wanted to make these reports public. Adding: “I am in favour of putting these in public domain. I will get the Prime Minister's approval.”
Other clearances
The Cabinet on Thursday approved the Modified Special Incentive Package Scheme for the electronics sector under which, the government will provide up to Rs 10,000 crore in benefits to the industry over the next five years for promoting production of electronics components. It also approved a Rs 648-crore project in Uttar Pradesh for widening the Rai Bareli-Jaunpur highway section.
Success in my Habit
Saturday, July 14, 2012
BPCL, LG Chem ink MoU for petrochemical project
Coimbatore: Bharat Petroleum Corporation Ltd (BPCL) and LG Chem, South Korea, today signed a MoU to establish a petrochemical plant adjacent to BPCL’s Kochi refinery complex at an estimated investment of Rs 4,000-6,000 crore.
BPCL in a release said that it would be investing nearly Rs 14,000 crore over the next five years in expanding its Kochi refinery.
As part of this project, it would be establishing a petrochemical fluid catalytic cracker to generate 500 TMTPA of propylene. This would offer BPCL a launch pad for diversification into petrochemicals.
Completion of the project would be dovetailed into the refinery expansion project.
BPCL in a release said that it would be investing nearly Rs 14,000 crore over the next five years in expanding its Kochi refinery.
As part of this project, it would be establishing a petrochemical fluid catalytic cracker to generate 500 TMTPA of propylene. This would offer BPCL a launch pad for diversification into petrochemicals.
Completion of the project would be dovetailed into the refinery expansion project.
New Zealand-India pact to boost bilateral trade
Hyderabad: New Zealand and India bilateral trade is poised for big spurt with more businesses looking at cooperation and the possibility of expanding the number of goods.
“The discussion on the Free Trade Agreement is progressing well. We hope this would be finalised at the earliest. Most negotiations relating to FTA are complex and they take time to conclude,” Mr Gavin Young, New Zealand Counsel General and Trade Commissioner, said.
Mr Young told Business Line, “The bilateral trade between India and New Zealand has been growing with the latter’s exports to India going up by 6.55 per cent year on year and exports from India to New Zealand increasing by over 8.7 per cent. While the current two-way trade is $1.3 billion, the target is to take it up to $3 billion by 2014.”
“Our experience with China shows that a comprehensive agreement opens up trade. The bilateral trade has increased 152 per cent with China which has become New Zealand’s second largest trading partner,” he explained.
Clean technology is one area where there is immense scope for mutual cooperation. These could be conversion of waste gases into ethanol as a renewable energy fuel which is being tested in Mumbai.
“Zespri Kiwifuit and Pure Apples are gaining popularity here. We expect to take part in the Indian retail growth story as it blossoms,” he said.
Iron Sands
New Zealand has abundant high grade iron sands that can be a replacement for iron ore used in the steel industry. There is scope to acquire licences around mining the product, or partnering in a joint venture or investment to create a plant to produce a feedstock for steel mills.
There is potential to supply wood for construction sector.
Recent statistics shows that the trade volume increase in fruit and commodities such as metals. There are opportunities to partner in number of areas, including food and agricultural technology, IT, wood and building, specialised manufacturing, aviation training and services.
“The discussion on the Free Trade Agreement is progressing well. We hope this would be finalised at the earliest. Most negotiations relating to FTA are complex and they take time to conclude,” Mr Gavin Young, New Zealand Counsel General and Trade Commissioner, said.
Mr Young told Business Line, “The bilateral trade between India and New Zealand has been growing with the latter’s exports to India going up by 6.55 per cent year on year and exports from India to New Zealand increasing by over 8.7 per cent. While the current two-way trade is $1.3 billion, the target is to take it up to $3 billion by 2014.”
“Our experience with China shows that a comprehensive agreement opens up trade. The bilateral trade has increased 152 per cent with China which has become New Zealand’s second largest trading partner,” he explained.
Clean technology is one area where there is immense scope for mutual cooperation. These could be conversion of waste gases into ethanol as a renewable energy fuel which is being tested in Mumbai.
“Zespri Kiwifuit and Pure Apples are gaining popularity here. We expect to take part in the Indian retail growth story as it blossoms,” he said.
Iron Sands
New Zealand has abundant high grade iron sands that can be a replacement for iron ore used in the steel industry. There is scope to acquire licences around mining the product, or partnering in a joint venture or investment to create a plant to produce a feedstock for steel mills.
There is potential to supply wood for construction sector.
Recent statistics shows that the trade volume increase in fruit and commodities such as metals. There are opportunities to partner in number of areas, including food and agricultural technology, IT, wood and building, specialised manufacturing, aviation training and services.
Thursday, July 12, 2012
India is among the three most important markets for us: Renault India
"Duster promises to give comfort and sophistication of sedan and robust and ruggedness of SUV. It is perfectly matches with the taste of people here. We are quite optimistic about our success from Rajasthan" said said Len Curran, vicepresident, sales and marketing, Renault India.
Rajasthan contributes 4-5% of total sales for the company. In the state, base model with petrol engine in tagged at a cost Rs 7.33 lakh (ex-showroom). The diesel engines will be available in two variants - 1.5 liter and 1.6 liter both priced between Rs 7.33-8.19 lakh and Rs 8.15 lakh and 11.29 lakh respectively.
Commenting on the strategy for quick successive launches Curran said "India is among the three most important markets for us. All the European auto makers are looking for markets outside and obvious choices are Russia, China and India".
He added "For us India is very important as the market here is growing very fast. We promised to give 5 cars before the end of 2012. To ensure that Indian customers get the high class services we are selective in choosing our dealers".
After breaking its relationship with Mahindra, company is focusing on building its brand awareness. The successive launches are aimed at positioning Renault as a complete brand. "After our separation with Mahindra the biggest challenge was to establish our self as a complete carmaker. We have successfully accomplished that task. Our next target is to make achieve the target sales of 10,000 cars by 2013" said Curren.
Company is eyeing the other Asian markets too. From its manufacturing facility at Chennai Renault will export its cars to the neighboring countries. However the lack of dealers network and poor performance in European markets may well go against the company's target.
Agila Specialties to launch injectable generic drugs in Canada
This will be done through a joint venture with Canadian company Jamp Pharma; Agila will hold 70 per cent stake in the new company Agila-Jamp Canada Inc.
The new venture will launch 40 products in the next two years, the company said in a statement to the BSE.
“Many of the products will be immediately launched through local hospitals and pharmacists, and the existing sales force at Jamp Pharma will be responsible for introducing the entire Agila-Jamp product portfolio,” the company said in the statement.
Mutual funds, precious metals top investment tools for Indian online consumers- Nielsen survey
Mumbai: According to a study by market research firm Nielsen, over two in five online Indian consumers make investments in some form or the other. While 64% of them made investments in mutual funds, 63% of them pumped in their savings into precious metals while 56% of investments were made in stocks and 40% in bonds making up the top four favoured asset classes for the purpose of investments by online Indian consumers.
The Nielsen global survey of investment attitudes surveyed more than 28,000 internet respondents in 56 countries and showed that in India, online consumers make their own decisions when it comes to investments.
Around 16% of respondents indicated they would take the advice of friends, relatives and colleagues while making financial decisions.
"As opposed to the average Indian customer, online consumers in India appear to be far less dependent on others in decision exhibiting a marked independence in being self sufficient, and not entirely trusting of people around them." said Subhash Chandra , director, Nielsen India.
The increasing popularity of mutual funds as an important investment tool is fuelled by the aware online consumer, who sees great benefit in systematic investment plans on offer now, Chandra said.The Indian consumer continues to be enamoured by precious metals for traditional purposes, as well as investments, as they are seen to be profitable over the years.
According to the survey, almost four of five (77%) of online consumers in India conducted their transactions at the branch of their favoured bank. About 68% of respondents said they used online banking facilities, while 42% used the mobile phone for their banking needs.
Less than two in five (37%) of online respondents indicated that they use the landline phone or financial planners for their banking and investment needs.
When it comes to paying for general shopping, dining, traveling or entertainment, online consumers in India prefer to pay by cash (78%), followed by payments via debit cards (56%). Less than two in five (37%) of the respondents indicated they used credit cards, the surbey findings said.
The Nielsen global survey of investment attitudes surveyed more than 28,000 internet respondents in 56 countries and showed that in India, online consumers make their own decisions when it comes to investments.
Around 16% of respondents indicated they would take the advice of friends, relatives and colleagues while making financial decisions.
"As opposed to the average Indian customer, online consumers in India appear to be far less dependent on others in decision exhibiting a marked independence in being self sufficient, and not entirely trusting of people around them." said Subhash Chandra , director, Nielsen India.
The increasing popularity of mutual funds as an important investment tool is fuelled by the aware online consumer, who sees great benefit in systematic investment plans on offer now, Chandra said.The Indian consumer continues to be enamoured by precious metals for traditional purposes, as well as investments, as they are seen to be profitable over the years.
According to the survey, almost four of five (77%) of online consumers in India conducted their transactions at the branch of their favoured bank. About 68% of respondents said they used online banking facilities, while 42% used the mobile phone for their banking needs.
Less than two in five (37%) of online respondents indicated that they use the landline phone or financial planners for their banking and investment needs.
When it comes to paying for general shopping, dining, traveling or entertainment, online consumers in India prefer to pay by cash (78%), followed by payments via debit cards (56%). Less than two in five (37%) of the respondents indicated they used credit cards, the surbey findings said.
Hiranandani to invest Rs 3k cr for Haldia LNG terminal
Kolkata: The Hiranandani Group has drawn up plans to invest about Rs 3,000 crore to set up four-million-tonne (mt) liquefied natural gas (LNG) terminal at Haldia in West Bengal, a move that will help the Mumbai-based group cater to the needs of the eastern India market.
In October last year, Business Standard had reported about the group’s plan to set up an LNG terminal in the east, but details of the project were not divulged at that time, as a feasibility study was going on. “Now, we have got the feasibility report in place for the terminal at Haldia in the middle of the ocean with a capacity of 4 mt. It will see an investment of about Rs 3,000 crore,” said Darshan Hiranandani, director of Hindustan Elect-ricity Generation Co, a group firm.
The group is now doing the real-time monitoring study for the project, which would come under the Kolkata Port Trust area. “The real-time monitoring study and clearances from the Centre are likely to be in place in six months, and we expect to start the work in another nine months,” Hiranandani added.
The firm was eyeing the market in West Bengal, Bihar, Jharkhand and north Orissa. The group is already setting up an 8-mt terminal at the Dighi port in Maharashtra for captive use for its upcoming power plants and to cater to consumers in the power and fertiliser industry.
“Last week, we have got environment clearance for the Maharashtra project, which would see an investment of more than Rs 6,000 crore. Work is expected to start on this in another six months,” Hiranandani said.
Hiranandani was reportedly in talks with the South Korea-based Hyundai Engineering and Construction Co to build the Dighi terminal.
Not just Hiranandani, a lot of other players like GAIL India Ltd, Petronet LNG Ltd and Indian Oil Corp Ltd are looking at the east coast for setting up LNG terminals. “Competition is good as the country needs more LNG terminals to meet the increasing demand for gas,” he added.
GAIL, too, was planning a terminal at Haldia. Petronet may locate its third terminal in the country at Dhamra in Orissa. State-run Indian Oil Corp was reportedly mulling options to set up a 5-mt terminal in the east, mainly to meet the natural gas requirement for its refineries in Haldia, Paradeep (Orissa) and Barauni (Bihar).
In October last year, Business Standard had reported about the group’s plan to set up an LNG terminal in the east, but details of the project were not divulged at that time, as a feasibility study was going on. “Now, we have got the feasibility report in place for the terminal at Haldia in the middle of the ocean with a capacity of 4 mt. It will see an investment of about Rs 3,000 crore,” said Darshan Hiranandani, director of Hindustan Elect-ricity Generation Co, a group firm.
The group is now doing the real-time monitoring study for the project, which would come under the Kolkata Port Trust area. “The real-time monitoring study and clearances from the Centre are likely to be in place in six months, and we expect to start the work in another nine months,” Hiranandani added.
The firm was eyeing the market in West Bengal, Bihar, Jharkhand and north Orissa. The group is already setting up an 8-mt terminal at the Dighi port in Maharashtra for captive use for its upcoming power plants and to cater to consumers in the power and fertiliser industry.
“Last week, we have got environment clearance for the Maharashtra project, which would see an investment of more than Rs 6,000 crore. Work is expected to start on this in another six months,” Hiranandani said.
Hiranandani was reportedly in talks with the South Korea-based Hyundai Engineering and Construction Co to build the Dighi terminal.
Not just Hiranandani, a lot of other players like GAIL India Ltd, Petronet LNG Ltd and Indian Oil Corp Ltd are looking at the east coast for setting up LNG terminals. “Competition is good as the country needs more LNG terminals to meet the increasing demand for gas,” he added.
GAIL, too, was planning a terminal at Haldia. Petronet may locate its third terminal in the country at Dhamra in Orissa. State-run Indian Oil Corp was reportedly mulling options to set up a 5-mt terminal in the east, mainly to meet the natural gas requirement for its refineries in Haldia, Paradeep (Orissa) and Barauni (Bihar).
"OVL with $ 350 million of investments wants to invest another $500 million in the San Cristobel oil field. In addition, ONGC Videsh with an Indian consortium proposes to invest US$ 2.2 billion in the Carobobo project. Thereby enhancing its investments over $3 biliion in Venezuela," said Jyotiraditya M Scindia, state minister for commerce and industry in a government statement after leading a business delegation in Venezuela.
Besides, the Indian state-owned firms are also looking at picking a minority stake in a green field refinery project in Venezuela, which will be majority owned by Venezuela state-owned firm PDVSA. Similarly, PDVSA has been offered to buy a stake in Indian Oil Corporations (IOCL) 15 mmtpa green filed refinery in Orissa, which is being set up for $5 billion.
Indian public sector oil companies want to enter into agreements with Venezuelan firms on a spot basis. GAIL is exploring opportunities in the natural gas value chain in Venezuela while BPCL is exploring opportunities to export base oil to Venezuela and its marketing. Engineers India Limited (EIL) is looking at providing its design and engineering services in the hydrocarbon sector.
India and Venezuela is also looking at building shipping lines between India and Venezuela and finalization of the double taxation avoidance agreement (DTAA) between India and Venezuela.
IFC invests Rs 68 cr in Italian farm equipment maker's plant
Mumbai: International Finance Corporation (IFC) has invested Rs 68 crore in the Indian arm of Italian farm equipment manufacturer SAME DEUTZ-FAHR. IFC is a part of the World Bank Group.
This investment is aimed at upgrading SAME DEUTZ-FAHR’s plant in India to design tractors suited to Indian requirements.
The facility will produce tractors and engines for both local and international markets.
“The use of agricultural machinery will help to achieve higher output per acre, which has been low in India,” said Mr Thomas Davenport, IFC Director for South Asia. “The project will help boost farmers’ income, and also promote small businesses that service farm equipment.”
This investment is aimed at upgrading SAME DEUTZ-FAHR’s plant in India to design tractors suited to Indian requirements.
The facility will produce tractors and engines for both local and international markets.
“The use of agricultural machinery will help to achieve higher output per acre, which has been low in India,” said Mr Thomas Davenport, IFC Director for South Asia. “The project will help boost farmers’ income, and also promote small businesses that service farm equipment.”
Larsen & Tubro acquires Malaysian busduct manufacturer Henikwon Corporation
Mumbai: Larsen & Tubro's has acquired Malaysia based busduct systems manufacturer Henikwon Corporation Sdn Bhd, a through its Malaysian subsidiary Tamco Switchgear for an undisclosed amount bringing a strong customer base of large corporations to Tamco.
"Henikwon provides a wide range of standard and custom-designed Busduct solutions. This acquisition will be complementary to the E&A portfolio and make comprehensive offerings for the building and infrastructure segments," said S C Bhargava, chairman Tamco Switchgear adding that it will further enhance our presence in South East Asia and in catering to Indian and Middle East markets.
Henikwon brand is globally well recognized and offers high quality products under compliance to international quality standards.
Henikwon's current product range comprises LV Sandwich Busduct systems from 400A to 6300A and MV Busduct Systems for ratings from 400A to 5000A.
Busduct is a modern, efficient and cost effective means of providing motive power and replaces the conventional cabling system, said a L&T statement.
Tamco Switchgear is the wholly owned subsidiary of L&T and it is a part of electrical and automation business and it offers electrical distributions and control solutions in the medium voltage range to industries and utilities in South East Asia, Middle East & Africa and Australia. Tamco has manufacturing facility in Indonesia and Australia.
L&T had acquired the switchgear business of Malaysia based Tamco Corporate Holdings for $107 million in 2008. Post-acquisition, L&T retained the Tamco brand, management, staff and employees and only four expatriates were sent from India to work for Tamco.
"Henikwon provides a wide range of standard and custom-designed Busduct solutions. This acquisition will be complementary to the E&A portfolio and make comprehensive offerings for the building and infrastructure segments," said S C Bhargava, chairman Tamco Switchgear adding that it will further enhance our presence in South East Asia and in catering to Indian and Middle East markets.
Henikwon brand is globally well recognized and offers high quality products under compliance to international quality standards.
Henikwon's current product range comprises LV Sandwich Busduct systems from 400A to 6300A and MV Busduct Systems for ratings from 400A to 5000A.
Busduct is a modern, efficient and cost effective means of providing motive power and replaces the conventional cabling system, said a L&T statement.
Tamco Switchgear is the wholly owned subsidiary of L&T and it is a part of electrical and automation business and it offers electrical distributions and control solutions in the medium voltage range to industries and utilities in South East Asia, Middle East & Africa and Australia. Tamco has manufacturing facility in Indonesia and Australia.
L&T had acquired the switchgear business of Malaysia based Tamco Corporate Holdings for $107 million in 2008. Post-acquisition, L&T retained the Tamco brand, management, staff and employees and only four expatriates were sent from India to work for Tamco.
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