New Delhi: India has set aside Rs 30,000 crore worth of incentives and subsidies to encourage firms to set up electronics manufacturing units in the country. Startups interested in creation of apps for mobile phones, tablets and other electronic hardware will also benefit, as a package of Rs 10,000 crore is in the offing for them.
"About Rs 20,000 crore has already been approved. While the rest has been put forth for approval by the Cabinet for startups interested in IP creation, as an electronic development fund," J Satyanarayana, who took over this year as the new IT secretary, at department of electronics and IT told ET.
The fund will also be used for providing incentives to the tune of 20-25% as subsidy for capital expenditure incurred. Firms such as Nokia, Samsung, LG, Dell, Lenovo, who are already manufacturing in India, will also benefit from the new fund.
Government has also drafted a marketing plan to encourage 'Made in India' electronics in the global market.
"We will visit global trade fairs and exhibitions and invite component and electronic makers in Korea, Taiwan, China, Japan, Germany and US, to locate units in India," Satyanarayana added.
A delegation of Ministry officials is visiting a trade fair in Germany next month to scout for potential candidates. The Union Cabinet last month approved Rs 10,000 crore, as financial support for the development of electronic manufacturing clusters.
Success in my Habit
Friday, July 20, 2012
Tuesday, July 17, 2012
Ramky Infra to invest Rs 1,000-cr in industrial park
Hyderabad: Ramky Infrastructure Ltd is planning to replicate the Pharma City near Visakhapatnam with a multi-product industrial park near Hyderabad.
This time around, the company is handling the land acquisition directly. Earlier, the company had acquired the land allocated by Andhra Pradesh Industrial Infrastructure Corporation.
The Hyderabad-based Rs 6,000-crore diversified infrastructure and waste management solutions provider, Ramky group, plans to invest up to Rs 1,000 crore in the 2,000-acre park at Choutuppal on the busy Hyderabad-Vijayawada highway 60 km from here.
The Executive Director of Ramky Infrastructure, Mr M.Goutham Reddy, told Business Line, “The park will encourage projects from the textile, biochemical and other sectors offering them an integrated infrastructure. They would just have to come in and commence work.”
“Thus far, we have acquired over 1,000 acres and expect to complete the acquisition of the rest soon. We are looking at developing the project beginning this year end”, he said.
“We are not considering it as a Special Economic Zone. The entire land we have acquired is through direct purchase and we hope to invest about Rs 250 crore,” he explained.
The company is planning to phase out the development of the industrial park over 5-6 years, with the first phase coming up on a 2,000-acre site within 2-3 years.
IPO Move
“We are finalising the initial public offer for Ramky Enviro Engineers Ltd (REEL), a Ramky Group company engaged in management of environment offering services,” Mr Reddy said.
The company, known for NIMBY (not in my backyard) projects, is planning capital market entry to part fund its expansion and diversification plans.
“Consultants have been entrusted with the task to finalise the structure and the details to enter the market are being frozen. The market has to be conducive and must have appetite,” he said.
This time around, the company is handling the land acquisition directly. Earlier, the company had acquired the land allocated by Andhra Pradesh Industrial Infrastructure Corporation.
The Hyderabad-based Rs 6,000-crore diversified infrastructure and waste management solutions provider, Ramky group, plans to invest up to Rs 1,000 crore in the 2,000-acre park at Choutuppal on the busy Hyderabad-Vijayawada highway 60 km from here.
The Executive Director of Ramky Infrastructure, Mr M.Goutham Reddy, told Business Line, “The park will encourage projects from the textile, biochemical and other sectors offering them an integrated infrastructure. They would just have to come in and commence work.”
“Thus far, we have acquired over 1,000 acres and expect to complete the acquisition of the rest soon. We are looking at developing the project beginning this year end”, he said.
“We are not considering it as a Special Economic Zone. The entire land we have acquired is through direct purchase and we hope to invest about Rs 250 crore,” he explained.
The company is planning to phase out the development of the industrial park over 5-6 years, with the first phase coming up on a 2,000-acre site within 2-3 years.
IPO Move
“We are finalising the initial public offer for Ramky Enviro Engineers Ltd (REEL), a Ramky Group company engaged in management of environment offering services,” Mr Reddy said.
The company, known for NIMBY (not in my backyard) projects, is planning capital market entry to part fund its expansion and diversification plans.
“Consultants have been entrusted with the task to finalise the structure and the details to enter the market are being frozen. The market has to be conducive and must have appetite,” he said.
Gujarat Pipavav Port to invest Rs 1,097 cr on capacity expansion
Ahmedabad: Gujarat Pipavav Port Ltd (GPPL) on Monday said it plans to invest Rs 1,097 crore on expansion of Pipavav Port in Gujarat and has also concluded a capital-raising exercise of Rs 350 crore through Qualified Institutional Placement (QIP) and a preferential issue to its promoter, mainly to prepay the existing loan.
The company is proposing an expansion of the infrastructure facilities at APM Terminals at Pipavav in Gujarat to increase capacity and enhance operational efficiencies. “We propose to increase capacity for container cargo to about 1.5 million TEUs and the capacity for bulk cargo to 10 million tonnes,” said Mr Prakash Tulsiani, Managing Director.
The proposed expansion plans for container cargo include a new container berth of 348 meters to provide a contiguous berth of 735 meters to enable the port to simultaneously handle two post-Panamax vessels, dredging in berth pockets, three new post-Panamax cranes, increasing the yard capacity to 1.5 million TEUs and 10 new Rubber Tyred Gantry Cranes, besides internal roads.
For bulk cargo the plans include construction of a new container berth to enable the port to dedicate the existing multi-purpose berth exclusively for bulk cargo services, additional berth extension by 110 meters to provide a contiguous berth of 800 meters, dredging, new Gottwald crane, and a dedicated conveyor system for coal.
These proposed expansion activities for bulk cargo services will be undertaken based on customer requirements by entering into commercial arrangements with the customers.
The QIP was of 3.41 crore shares at a price of Rs 58.45 per share aggregating Rs 199.48 crore to institutional investors. The preferential issue was of 2.58 crore shares to the company’s promoter, APM Terminals Mauritius Ltd, at a price of Rs 58.45 per share, aggregating to Rs 150.52 crore. The promoter’s shareholding in the company has been maintained at 43.01 per cent post the QIP and the preferential issuance.
Kotak Mahindra Capital Company Ltd and IDFC Capital Ltd acted as the book-running lead managers for the company’s first QIP, said Mr Hariharan Iyer, CFO, GPPL/APM Terminals Pipavav.
Those allotted shares included institutions such as Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund PLC and Jardine Fleming.
The funds raised will be largely used to prepay the existing loan in order to strengthen the company’s balance sheet and to facilitate funding options for its expansion plans.
Gujarat Pipavav Port Ltd is the developer and operator of APM Terminals Pipavav located in Gujarat. The promoters, APM Terminals, bought a majority stake in the company in 2005, and the port began marketing its services to clients based in North-West India. In 2010, the company launched its IPO and improved cargo volumes, the number of clients, road and rail connectivity and storage facilities. The port is part of an international network of ports and terminals belonging to APM Terminals, which is part of the AP Moller-Maersk group.
The company is proposing an expansion of the infrastructure facilities at APM Terminals at Pipavav in Gujarat to increase capacity and enhance operational efficiencies. “We propose to increase capacity for container cargo to about 1.5 million TEUs and the capacity for bulk cargo to 10 million tonnes,” said Mr Prakash Tulsiani, Managing Director.
The proposed expansion plans for container cargo include a new container berth of 348 meters to provide a contiguous berth of 735 meters to enable the port to simultaneously handle two post-Panamax vessels, dredging in berth pockets, three new post-Panamax cranes, increasing the yard capacity to 1.5 million TEUs and 10 new Rubber Tyred Gantry Cranes, besides internal roads.
For bulk cargo the plans include construction of a new container berth to enable the port to dedicate the existing multi-purpose berth exclusively for bulk cargo services, additional berth extension by 110 meters to provide a contiguous berth of 800 meters, dredging, new Gottwald crane, and a dedicated conveyor system for coal.
These proposed expansion activities for bulk cargo services will be undertaken based on customer requirements by entering into commercial arrangements with the customers.
The QIP was of 3.41 crore shares at a price of Rs 58.45 per share aggregating Rs 199.48 crore to institutional investors. The preferential issue was of 2.58 crore shares to the company’s promoter, APM Terminals Mauritius Ltd, at a price of Rs 58.45 per share, aggregating to Rs 150.52 crore. The promoter’s shareholding in the company has been maintained at 43.01 per cent post the QIP and the preferential issuance.
Kotak Mahindra Capital Company Ltd and IDFC Capital Ltd acted as the book-running lead managers for the company’s first QIP, said Mr Hariharan Iyer, CFO, GPPL/APM Terminals Pipavav.
Those allotted shares included institutions such as Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund PLC and Jardine Fleming.
The funds raised will be largely used to prepay the existing loan in order to strengthen the company’s balance sheet and to facilitate funding options for its expansion plans.
Gujarat Pipavav Port Ltd is the developer and operator of APM Terminals Pipavav located in Gujarat. The promoters, APM Terminals, bought a majority stake in the company in 2005, and the port began marketing its services to clients based in North-West India. In 2010, the company launched its IPO and improved cargo volumes, the number of clients, road and rail connectivity and storage facilities. The port is part of an international network of ports and terminals belonging to APM Terminals, which is part of the AP Moller-Maersk group.
CBSE agrees to introduce financial education in school curriculum
Kolkata: The Central Board of Secondary Education or CBSE is likely to take the lead in introducing financial education in its post primary level curriculum after taking a leaf out of Reserve Bank of India's financial literacy goal.
RBI recognises that basic knowledge about monetary aspects play a key role in financial inclusion and inclusive growth. Imparting financial education among the masses at the early stage of a life cycle can make a real difference in a country where many do not get the opportunity to study beyond school level.
"This is truer in case of girl students. One must keep it in mind that for such students, this could be the last opportunity in life to get formal inputs on financial education," RBI said in a draft guidelines on financial education released on Monday..
In step with this goal, CBSE has formed a panel to facilitate this integration.
"Financial education is important life skill. Therefore, our educational system should equip students with these necessary life skills, without which, education will be incomplete," RBI said in the draft National Strategy for Financial Education.
The banking watchdog wants integration of financial education into school curriculum instead of introduction of a separate subject.
RBI recognises that basic knowledge about monetary aspects play a key role in financial inclusion and inclusive growth. Imparting financial education among the masses at the early stage of a life cycle can make a real difference in a country where many do not get the opportunity to study beyond school level.
"This is truer in case of girl students. One must keep it in mind that for such students, this could be the last opportunity in life to get formal inputs on financial education," RBI said in a draft guidelines on financial education released on Monday..
In step with this goal, CBSE has formed a panel to facilitate this integration.
"Financial education is important life skill. Therefore, our educational system should equip students with these necessary life skills, without which, education will be incomplete," RBI said in the draft National Strategy for Financial Education.
The banking watchdog wants integration of financial education into school curriculum instead of introduction of a separate subject.
India must explore investment potential in Philippines
Kolkata: Mr Amit Dasgupta, Ambassador-designate of India to the Philippines, on Monday said that India should explore investment and business opportunities in the Philippines.
Information technology, education, transportation, telecommunication and tourism could be some of the key areas for co-operation between the two countries, Mr Dasgupta said at an interactive session organised by the Confederation of Indian Industry here on Monday .
He also deliberated and interacted on business and investment opportunities in New South Wales and Australia.
“The global economy is going through a stressful and difficult period and every country is facing the stress. In such a situation, what is most required for India to tackle the economic downturn is to discover new markets and strengthen existing markets and focus on creation of wealth,” he said.
Information technology, education, transportation, telecommunication and tourism could be some of the key areas for co-operation between the two countries, Mr Dasgupta said at an interactive session organised by the Confederation of Indian Industry here on Monday .
He also deliberated and interacted on business and investment opportunities in New South Wales and Australia.
“The global economy is going through a stressful and difficult period and every country is facing the stress. In such a situation, what is most required for India to tackle the economic downturn is to discover new markets and strengthen existing markets and focus on creation of wealth,” he said.
Indian Biotech Industry's five year growth at 19%: E&Y
Hyderabad: The biotechnology industry in India is at a critical juncture. While the industry has been growing at a CAGR of 19% rate over the last five years, it has concurrently been facing diverse challenges that have prevented the industry from transcending to the next level, says a report by the global audit and advisory firm Ernst & Young.
The industry size stood at US$4 billion for FY 2010 - 2011. The biopharmaceutical industry constitutes 60% of the biotech industry in India and grew at 21% y-o-y to reach US$2.3 billion in 2010-11, which is approximately 15% of the Indian pharmaceutical industry in value terms. Vaccines, insulin, erythropoietin and monoclonal antibodies have been the mainstay of the biopharma segment.
The E&Y report, while noting the significant growth of the industry, highlights the reasons that are hindering further growth of the industry in India. According to it, within the domestic market, companies have not been able to launch new products at a pace that they would have liked.
Dealing with multiple regulatory bodies typically results in serious delays. Parallely, companies focused on innovation have not been able to make a sizeable impact on the industry. Many of them are facing funding constraints as the investor community has shied away from investing in early stage ventures, said the report.
Ajit Mahadevan, Partner, Ernst & Young said, "India is already facing stiff competition from China, Korea, Singapore, and more recently Malaysia, in terms of attracting investments from MNCs. This has been enabled due to better technological and scientific competence, better infrastructure, tax and duty exemptions, and easier regulatory procedures as compared to India. Thus, there is strong call for action for the government to act swiftly to carry out regulatory reforms, develop infrastructure and provide more incentives to the biotech industry to remain competitive and spur growth in the industry."
The report also calls for more action on part of the industry to come up with a concerted action plan to utilize the available infrastructure and resources more efficiently and focus on innovation to take the biotech industry to new heights.
The government, on its part, has introduced several schemes to fund biotech start-ups. As an incentive for in house R&D, the government also provides 200% weighted tax deduction, which has been extended till 2017 in this year's budget. In terms of infrastructure, several biotech parks have been set up in India in the last five years with public private partnerships.
The industry, however, believes that most of biotech parks are more congenial to biotech services and diagnostics firms rather than pure-play biotech manufacturing companies. To support bio-manufacturing activities, they want the government to evaluate the feasibility of making available land at subsidized rates, uninterrupted power at competitive prices, good quality water supply and effluent treatment facilities to improve the efficiency and productivity of pharmaceutical companies.
Globally, the biotech industry achieved revenues of US$83.4 billion in 2011, a 10% increase from 2010 on a normalized basis.
The industry size stood at US$4 billion for FY 2010 - 2011. The biopharmaceutical industry constitutes 60% of the biotech industry in India and grew at 21% y-o-y to reach US$2.3 billion in 2010-11, which is approximately 15% of the Indian pharmaceutical industry in value terms. Vaccines, insulin, erythropoietin and monoclonal antibodies have been the mainstay of the biopharma segment.
The E&Y report, while noting the significant growth of the industry, highlights the reasons that are hindering further growth of the industry in India. According to it, within the domestic market, companies have not been able to launch new products at a pace that they would have liked.
Dealing with multiple regulatory bodies typically results in serious delays. Parallely, companies focused on innovation have not been able to make a sizeable impact on the industry. Many of them are facing funding constraints as the investor community has shied away from investing in early stage ventures, said the report.
Ajit Mahadevan, Partner, Ernst & Young said, "India is already facing stiff competition from China, Korea, Singapore, and more recently Malaysia, in terms of attracting investments from MNCs. This has been enabled due to better technological and scientific competence, better infrastructure, tax and duty exemptions, and easier regulatory procedures as compared to India. Thus, there is strong call for action for the government to act swiftly to carry out regulatory reforms, develop infrastructure and provide more incentives to the biotech industry to remain competitive and spur growth in the industry."
The report also calls for more action on part of the industry to come up with a concerted action plan to utilize the available infrastructure and resources more efficiently and focus on innovation to take the biotech industry to new heights.
The government, on its part, has introduced several schemes to fund biotech start-ups. As an incentive for in house R&D, the government also provides 200% weighted tax deduction, which has been extended till 2017 in this year's budget. In terms of infrastructure, several biotech parks have been set up in India in the last five years with public private partnerships.
The industry, however, believes that most of biotech parks are more congenial to biotech services and diagnostics firms rather than pure-play biotech manufacturing companies. To support bio-manufacturing activities, they want the government to evaluate the feasibility of making available land at subsidized rates, uninterrupted power at competitive prices, good quality water supply and effluent treatment facilities to improve the efficiency and productivity of pharmaceutical companies.
Globally, the biotech industry achieved revenues of US$83.4 billion in 2011, a 10% increase from 2010 on a normalized basis.
Monday, July 16, 2012
Global frozen yogurt player Yogurberry to expand operations in India
New Delhi: Korea-based frozen yogurt maker Yogurberry said it will set up seven fresh stores in the country by end of next year and another 100 over the next five years. "The expansion plan will begin with new stores in Chennai and Bangalore, and additional stores in cities like Delhi-NCR and Mumbai," a company official said. After setting up stores in metros, the yogurt-maker said it will expand to tier-2 and tier-3 cities.
The South Korean firm has set up its operations in India through Dubai-based franchise operator - Synergy Holdings - as its master franchise. An official at Synergy Holdings said the franchisee plans to invest Rs 50 crore in the current financial year to expand operations.
To expand its presence in specific regions, Yogurberry has tied up with Raasha Leisure & Entertainment as its area franchisee for north and east, and Tack Food & Beverages for the west.
Synergy Holdings partner Pawan Batavia said in a statement: "Consumers in metros are looking for healthier, quick alternatives to replace traditional meals, with exposure to concepts such as low-fat and probiotic foods increasing."
To cater to Indian taste buds, Yogurberry has tweaked its menu and launched products like yogurt sundaes and smoothies based on local tastes and toppings.
According to research consultancy firm Technopak Advisors, the global frozen yogurt market is estimated at close to US$75 billion growing at a CAGR of 15- 18%. In India, Technopak estimates that over the next three years, the category will grow to US$5 billion.
The South Korean firm has set up its operations in India through Dubai-based franchise operator - Synergy Holdings - as its master franchise. An official at Synergy Holdings said the franchisee plans to invest Rs 50 crore in the current financial year to expand operations.
To expand its presence in specific regions, Yogurberry has tied up with Raasha Leisure & Entertainment as its area franchisee for north and east, and Tack Food & Beverages for the west.
Synergy Holdings partner Pawan Batavia said in a statement: "Consumers in metros are looking for healthier, quick alternatives to replace traditional meals, with exposure to concepts such as low-fat and probiotic foods increasing."
To cater to Indian taste buds, Yogurberry has tweaked its menu and launched products like yogurt sundaes and smoothies based on local tastes and toppings.
According to research consultancy firm Technopak Advisors, the global frozen yogurt market is estimated at close to US$75 billion growing at a CAGR of 15- 18%. In India, Technopak estimates that over the next three years, the category will grow to US$5 billion.
Natco takes on Bristol Myers Squibb with blood cancer generic drug
Hyderabad: Hyderabad based Natco Pharma has done it again. After successfully taking on global drug giant Bayer over renal cancer drug Nexavar, Natco Pharma has now taken on another drug giant Bristol Myers Squibb.
In what could have the makings of yet another patents battle, the Hyderabad-based generic drug maker has launched a cheaper generic version of Bristol Myers Squibb's blood cancer drug Sprycel at a fraction of the innovator pricing.
Natco launched Dasatinib in June this year at a pricing of Rs 9,000 for a month's supply as against BMS pricing of around Rs 1.6 lakh for a month's supply of Sprycel after it bagged a marketing licence from the Uttarakhand state drug regulator to sell a generic version of the drug.
Incidentally, Natco is already embroiled in a legal battle with BMS over the same drug since 2009 after it had approached the Indian drug regulator Drug Controller General of India (DCGI) for an export licence for Dasatinib.
But this time around, Natco was able to launch Dasatinib because the Indian Drugs and Cosmetics Act empowers state regulators to grant approval to new drug versions after four years of the grant of the first patent.
BMS had already won a patent suit over Sprycel against another Hyderabad-based drug maker Hetero Drugs that had in 2009 sought the DCGI approval.
It may be recalled that in March this year, Natco had won a path-breaking compulsory licence from the Indian Controller General of Patents for selling Sorafenib, a generic version of Bayer's Nexavar, at a price of Rs 8800 for a month's dosage.
In what could have the makings of yet another patents battle, the Hyderabad-based generic drug maker has launched a cheaper generic version of Bristol Myers Squibb's blood cancer drug Sprycel at a fraction of the innovator pricing.
Natco launched Dasatinib in June this year at a pricing of Rs 9,000 for a month's supply as against BMS pricing of around Rs 1.6 lakh for a month's supply of Sprycel after it bagged a marketing licence from the Uttarakhand state drug regulator to sell a generic version of the drug.
Incidentally, Natco is already embroiled in a legal battle with BMS over the same drug since 2009 after it had approached the Indian drug regulator Drug Controller General of India (DCGI) for an export licence for Dasatinib.
But this time around, Natco was able to launch Dasatinib because the Indian Drugs and Cosmetics Act empowers state regulators to grant approval to new drug versions after four years of the grant of the first patent.
BMS had already won a patent suit over Sprycel against another Hyderabad-based drug maker Hetero Drugs that had in 2009 sought the DCGI approval.
It may be recalled that in March this year, Natco had won a path-breaking compulsory licence from the Indian Controller General of Patents for selling Sorafenib, a generic version of Bayer's Nexavar, at a price of Rs 8800 for a month's dosage.
Coal India to invest Rs 7,500 cr on rail infrastructure in 3 States
Kolkata: Public sector miner Coal India Ltd has lined up an investment of Rs 7,500 crore to develop railway tracks and related infrastructure to evacuate coal from Chhattisgarh, Jharkhand and Odisha.
These would help the company to evacuate around 100 million tonnes (mt) of additional coal from each of the States.
“The investments would be made in the next three-four years. Coal India would fund the projects and Railways would be laying the tracks and own them. This gives us the opportunity to transport coal. The additional money that we are investing would be recovered through a mechanism,” Coal India Chairman and Managing Director, Mr S. Narsing Rao, told newspersons at the company’s head office.
Non-availability of transportation though Railways has been preventing the company from extracting coal from mines, the demand for which has surged from power plants.
The miner is not able to transport more than 2-3 mt of coal through roads. Therefore, the remaining reserves remain unexplored. Most of the mines in these States have the capacity to produce around 10 mt.
The Coal Secretary, Mr S.K. Srivastava, and the Railway Board Chairman, Mr Vinay Mittal, met the Chhattisgarh Chief Minister, Mr Raman Singh, early this month to discuss a roadmap for laying rail tracks connecting different mines in the State.
“The Railways are taking this seriously. And if it takes off, we can open more mines, and more coal can be extracted and evacuated. Today, we are stuck with unrealised potential in Chhattisgarh, Odisha and Jharkhand,” Mr Rao said.
Nearly 58 mt coal is stuck as Coal India is not being able to evacuate. “We have liquidated 12 mt in past three months,” he added.
“Today, there is gap of 45 mt between approved production and output. This is because I cannot evacuate the coal. In Mahanadi coalfields, 42-43 mt are unrealised,” Mr Rao said.
Coal India had cash reserves of Rs 58,202.78 crore as on March 30. It has lined up a capital expenditure of close to Rs 30,000 crore during the 12th Plan.
These would help the company to evacuate around 100 million tonnes (mt) of additional coal from each of the States.
“The investments would be made in the next three-four years. Coal India would fund the projects and Railways would be laying the tracks and own them. This gives us the opportunity to transport coal. The additional money that we are investing would be recovered through a mechanism,” Coal India Chairman and Managing Director, Mr S. Narsing Rao, told newspersons at the company’s head office.
Non-availability of transportation though Railways has been preventing the company from extracting coal from mines, the demand for which has surged from power plants.
The miner is not able to transport more than 2-3 mt of coal through roads. Therefore, the remaining reserves remain unexplored. Most of the mines in these States have the capacity to produce around 10 mt.
The Coal Secretary, Mr S.K. Srivastava, and the Railway Board Chairman, Mr Vinay Mittal, met the Chhattisgarh Chief Minister, Mr Raman Singh, early this month to discuss a roadmap for laying rail tracks connecting different mines in the State.
“The Railways are taking this seriously. And if it takes off, we can open more mines, and more coal can be extracted and evacuated. Today, we are stuck with unrealised potential in Chhattisgarh, Odisha and Jharkhand,” Mr Rao said.
Nearly 58 mt coal is stuck as Coal India is not being able to evacuate. “We have liquidated 12 mt in past three months,” he added.
“Today, there is gap of 45 mt between approved production and output. This is because I cannot evacuate the coal. In Mahanadi coalfields, 42-43 mt are unrealised,” Mr Rao said.
Coal India had cash reserves of Rs 58,202.78 crore as on March 30. It has lined up a capital expenditure of close to Rs 30,000 crore during the 12th Plan.
Gujarat, Germany to set up business centre
Ahmedabad: A German Indian business centre (GIBC) has been proposed in the state to facilitate business opportunities between Germany and Gujarat for setting up of offices, technology transfers and joint ventures.
The centre will facilitate investment between companies in Germany and Gujarat. Among other activities, GIBC will facilitate acquisition of German companies for Gujarat companies along with taking care of due diligence. The centre will also scout for and register technology partners in both countries.
"Germany is the largest trading partner of India in the European Union (EU). Despite the financial challenges in EU, trade is increasing between the two. The proposed GIBC in Gujarat will act as a bridge between Gujarat and Germany," said Jagat Shah, founder, Global Network, an international trade consulting firm based in Ahmedabad.
GIBC's focus will be on sectors like energy including renewable, automotive, life sciences, engineering, laser optics, ICT, innovation, research and education.
Other activities of GIBC will include facilitating education, innovation and research in cutting edge sectors while also exposing Gujarat and German companies to the culture and business etiquette of each other.
The centre will provide information to German companies on procedures to set up business in Gujarat and vice versa. GIBC will also arrange sector wise, monthly video conference meets between companies in Gujarat and Germany.
For the Vibrant Gujarat Global Investors' Summit 2013, GIBC will bring a delegation from Germany with a focus on education and business.
The centre is also in the process of finalizing a monthly newsletter to be circulated in Gujarat and Germany.
As a pre-event towards establishing GIBC, a sensitization event will be held in Ahmedabad on Saturday, where Wolfgang Holtgen, director of GIBC from Germany will be presenting the opportunities available to Gujarat based companies for doing business in Germany.
The centre will facilitate investment between companies in Germany and Gujarat. Among other activities, GIBC will facilitate acquisition of German companies for Gujarat companies along with taking care of due diligence. The centre will also scout for and register technology partners in both countries.
"Germany is the largest trading partner of India in the European Union (EU). Despite the financial challenges in EU, trade is increasing between the two. The proposed GIBC in Gujarat will act as a bridge between Gujarat and Germany," said Jagat Shah, founder, Global Network, an international trade consulting firm based in Ahmedabad.
GIBC's focus will be on sectors like energy including renewable, automotive, life sciences, engineering, laser optics, ICT, innovation, research and education.
Other activities of GIBC will include facilitating education, innovation and research in cutting edge sectors while also exposing Gujarat and German companies to the culture and business etiquette of each other.
The centre will provide information to German companies on procedures to set up business in Gujarat and vice versa. GIBC will also arrange sector wise, monthly video conference meets between companies in Gujarat and Germany.
For the Vibrant Gujarat Global Investors' Summit 2013, GIBC will bring a delegation from Germany with a focus on education and business.
The centre is also in the process of finalizing a monthly newsletter to be circulated in Gujarat and Germany.
As a pre-event towards establishing GIBC, a sensitization event will be held in Ahmedabad on Saturday, where Wolfgang Holtgen, director of GIBC from Germany will be presenting the opportunities available to Gujarat based companies for doing business in Germany.
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