New Delhi: The Government has given a green signal to a Rs 674-crore foreign investment proposal by Abhijeet Power Ltd and another CLSA Singapore’s proposal to invest Rs 225 crore in the country.
These are among the 14 foreign direct investment proposals approved by the Government amounting to Rs 1,584.11 crore.
According to an official statement, Bajaj Finserv Ltd’s Rs 100-crore proposal relating to issue and allotment of equity shares to carry out business relating to NBFC activities also received the Government’s approval.
FIPB deferred 15 proposals and rejected seven. Among those rejected include Zara Holding’s proposal to set up joint venture with 51 per cent foreign equity participation for single brand retail. Appu Ghar Holdings proposal to make downstream investments was also turned down.
Among the proposals deferred include NYK Line Ltd setting up a limited liability partnership by indirect investment and Vyome Biosciences proposal to infuse foreign equity.
Three proposals have been advised that FIPB approval is not required. These include retailer Fabindia Overseas’ proposal to change shareholding structure of existing foreign investors within the approved holding limit of 51 per cent.
Success in my Habit
Friday, July 27, 2012
Govt plans business index for industry
Kolkata: The ministry of corporate affairs has initiated discussions with global consultancy major Dun & Bradstreet for developing a business index for industry. Dun & Bradstreet has already given a presentation in this regard. Besides, the ministry is working on a master plan for hassle-free business environment.
M Veerappa Moily said that the business index is aimed at assessing the competitiveness of Indian industry vis-a-vis other countries. He was talking to reporters on the sidelines of a seminar on 'Policy Initiatives of MCA to Empower Corporate Growth' organized by MCC Chamber of Commerce.
"There is a negative perception about our economy in India but not abroad. We have spoken to big consultancy firms and they are really bullish about us. So, we are working on business index. Why should we go by perceptions. There is a need to know the reality," he said. According to him, corporate affairs ministry will be ready with a master plan for better business environment in next one month. "We shall talk to other ministries like finance, commerce and law once we develop the master plan. We want to simplify issues like foreign investment promotion board clearances, prune obstacles for industry, simplify procedure for revival of sick units etc," he added.
The corporate affairs minister was confident that Indian economy will be back on track in next 2-3 months. "As per a latest report, India is the third most preferred destination for investment, so our future is quite bright," he added. Commenting on the delay in implementing IFRS, Moily pointed out that even US has not yet implemented.
M Veerappa Moily said that the business index is aimed at assessing the competitiveness of Indian industry vis-a-vis other countries. He was talking to reporters on the sidelines of a seminar on 'Policy Initiatives of MCA to Empower Corporate Growth' organized by MCC Chamber of Commerce.
"There is a negative perception about our economy in India but not abroad. We have spoken to big consultancy firms and they are really bullish about us. So, we are working on business index. Why should we go by perceptions. There is a need to know the reality," he said. According to him, corporate affairs ministry will be ready with a master plan for better business environment in next one month. "We shall talk to other ministries like finance, commerce and law once we develop the master plan. We want to simplify issues like foreign investment promotion board clearances, prune obstacles for industry, simplify procedure for revival of sick units etc," he added.
The corporate affairs minister was confident that Indian economy will be back on track in next 2-3 months. "As per a latest report, India is the third most preferred destination for investment, so our future is quite bright," he added. Commenting on the delay in implementing IFRS, Moily pointed out that even US has not yet implemented.
Govt plans business index for industry
Kolkata: The ministry of corporate affairs has initiated discussions with global consultancy major Dun & Bradstreet for developing a business index for industry. Dun & Bradstreet has already given a presentation in this regard. Besides, the ministry is working on a master plan for hassle-free business environment.
M Veerappa Moily said that the business index is aimed at assessing the competitiveness of Indian industry vis-a-vis other countries. He was talking to reporters on the sidelines of a seminar on 'Policy Initiatives of MCA to Empower Corporate Growth' organized by MCC Chamber of Commerce.
"There is a negative perception about our economy in India but not abroad. We have spoken to big consultancy firms and they are really bullish about us. So, we are working on business index. Why should we go by perceptions. There is a need to know the reality," he said. According to him, corporate affairs ministry will be ready with a master plan for better business environment in next one month. "We shall talk to other ministries like finance, commerce and law once we develop the master plan. We want to simplify issues like foreign investment promotion board clearances, prune obstacles for industry, simplify procedure for revival of sick units etc," he added.
The corporate affairs minister was confident that Indian economy will be back on track in next 2-3 months. "As per a latest report, India is the third most preferred destination for investment, so our future is quite bright," he added. Commenting on the delay in implementing IFRS, Moily pointed out that even US has not yet implemented.
M Veerappa Moily said that the business index is aimed at assessing the competitiveness of Indian industry vis-a-vis other countries. He was talking to reporters on the sidelines of a seminar on 'Policy Initiatives of MCA to Empower Corporate Growth' organized by MCC Chamber of Commerce.
"There is a negative perception about our economy in India but not abroad. We have spoken to big consultancy firms and they are really bullish about us. So, we are working on business index. Why should we go by perceptions. There is a need to know the reality," he said. According to him, corporate affairs ministry will be ready with a master plan for better business environment in next one month. "We shall talk to other ministries like finance, commerce and law once we develop the master plan. We want to simplify issues like foreign investment promotion board clearances, prune obstacles for industry, simplify procedure for revival of sick units etc," he added.
The corporate affairs minister was confident that Indian economy will be back on track in next 2-3 months. "As per a latest report, India is the third most preferred destination for investment, so our future is quite bright," he added. Commenting on the delay in implementing IFRS, Moily pointed out that even US has not yet implemented.
Tuesday, July 24, 2012
Juice production picks up in the year 2012: CMIE
Chennai: Fruit juice production has witnessed a smart recovery since its sudden drop in production last June, shows data collected by the Centre for Monitoring Indian Economy (CMIE). Back then, fruit juice production suddenly dropped from a high of 6.77 crore litre to nearly half that amount at 3.41 crore litre. Since then, though, juice production has been following more or less an upward curve with consistent increases right through since the beginning of this year. Juice production in January 2012 climbed to 2.04 crore litre, up more than 50% from the December 2011 tally of 1.32 crore litre.
February saw production zoom upwards once again by more than 50% to hit 3.09 crore litre, says CMIE. March and April clocked even higher numbers - 4.64 crore litre and a huge6.09 crore litre respectively. The April tally in fact was the closest the industry has come to the May 2011 high and the second highest tally in 14 months. Though juice production in May 2012 is lower than April, at 5.79 crore litre, it is still the third highest since last March.
Part of the skew can be contributed to seasonality of the raw material and the fact that fruit juice consumption typically hits a peak in summer months so production peaks accordingly. That explains why October and November are dull months for juice production - a trend borne out in 2011. July and August, being bang in the middle of the rainy season, are also dull months for juice consumption and therefore juice production. Fruit pulp production also follows a similar pattern, peaking at the height of summer when demand for fruit juice is the highest. Production jumped in May 2011, zoomed upwards to a yearly high in June, remained high in July and then petered off only to pick up in May 2012. Of course the onset and volume of the monsoon also play a part and fruit pulp production this year will doubtless be impacted by the patchy rains.
February saw production zoom upwards once again by more than 50% to hit 3.09 crore litre, says CMIE. March and April clocked even higher numbers - 4.64 crore litre and a huge6.09 crore litre respectively. The April tally in fact was the closest the industry has come to the May 2011 high and the second highest tally in 14 months. Though juice production in May 2012 is lower than April, at 5.79 crore litre, it is still the third highest since last March.
Part of the skew can be contributed to seasonality of the raw material and the fact that fruit juice consumption typically hits a peak in summer months so production peaks accordingly. That explains why October and November are dull months for juice production - a trend borne out in 2011. July and August, being bang in the middle of the rainy season, are also dull months for juice consumption and therefore juice production. Fruit pulp production also follows a similar pattern, peaking at the height of summer when demand for fruit juice is the highest. Production jumped in May 2011, zoomed upwards to a yearly high in June, remained high in July and then petered off only to pick up in May 2012. Of course the onset and volume of the monsoon also play a part and fruit pulp production this year will doubtless be impacted by the patchy rains.
India gets $5 million in first QFI investment; Kotak Mahindra Bank seals deal for US-based client
New Delhi: India has received its first investment through the qualified framework investor (QFI) route, putting an end to doubts that the country's attempt to get investors to buy shares directly will be a non-starter.
Kotak Mahindra Bank has concluded the deal worth $5 million for a US-based client, said a finance ministry official.
The finance ministry expects the scheme to attract investment worth about $30 billion over next 15-18 months, helping the country fund a chunk of the current account deficit pegged at 4.2% of GDP in 2011-12.
The finance ministry had held extensive road shows in five countries in the Gulf region--Riyadh, Dubai, Muscat, Kuwait and Bahrain - to project India as the incredible investment destination for wealthy investors. "There is tremendous interest in this scheme...We expect it to get investment worth 30-40 billion dollar over next 2 years," he said.
The ministry is now working on all tax related issues with regard to the scheme and will issue a detailed clarification in a fortnight, the official said.
Kotak Mahindra Bank has concluded the deal worth $5 million for a US-based client, said a finance ministry official.
The finance ministry expects the scheme to attract investment worth about $30 billion over next 15-18 months, helping the country fund a chunk of the current account deficit pegged at 4.2% of GDP in 2011-12.
The finance ministry had held extensive road shows in five countries in the Gulf region--Riyadh, Dubai, Muscat, Kuwait and Bahrain - to project India as the incredible investment destination for wealthy investors. "There is tremendous interest in this scheme...We expect it to get investment worth 30-40 billion dollar over next 2 years," he said.
The ministry is now working on all tax related issues with regard to the scheme and will issue a detailed clarification in a fortnight, the official said.
Rural India epicentre of the India growth story: HUL
Mumbai: Despite global commodity prices coming down, consumer goods maker Hindustan Unilever (HUL) is unlikely to pass on the benefits to the consumers soon.
This remained the major concern for the shareholders at the company’s 79th Annual General Meeting held today at its new campus in Andheri.
Replying to shareholders woes, HUL Chairman, Mr Harish Manwani, said despite inflationary pressures and currency depreciation, the company had managed the cost pressures through judicious pricing, coupled with relentless focus on buying efficiencies and cost savings. “Had we not done that, the prices of the products across categories would have gone up by 15-20 per cent,” Mr Manwani added.
He further said the company has spent Rs 320 crore in the last fiscal on expanding categories, new product launches and innovation both in rural and urban India.
The focus on innovations and execution were taken in personal care and household products, he said, adding that the company will keep on investing in “categories of tomorrow.”
Products for men
Replying to a query from a shareholder on products for men, Mr Manwani said the company has invested enough on expanding several categories such as Axe, Denim and Fair and Lovely for men. Apart from this, the company is working towards reviving Brylcreem to get back the brand’s old glory and charm.
The company, earlier this year, bagged the global licence for Brylcreem from Godrej Consumers, after the latter ended its partnership with Sara Lee, the owner of Brylcreem.
He further said both Bharat and India must converge to make real progress and take the country on the global stage and that prosperity would have to come from villages, towns and cities. He added that rural India is now becoming the epicenter of India’s growth story.
“The explosion in rural consumption and growing competition for scarce resources demands that we work on public-private partnerships to address these challenges by finding innovative solutions and build on the opportunities,” Mr Manwani added.
On challenges faced by rural India, he said agricultural growth could pick up to 4 per cent as envisioned by the Planning Commission.
He went on to add that the cascading impact rural prosperity would have on the national economy, could add up to an additional 2 per cent to the national GDP growth and enable double digit growth.
The company also announced Rs 4 dividend to the shareholders.
This remained the major concern for the shareholders at the company’s 79th Annual General Meeting held today at its new campus in Andheri.
Replying to shareholders woes, HUL Chairman, Mr Harish Manwani, said despite inflationary pressures and currency depreciation, the company had managed the cost pressures through judicious pricing, coupled with relentless focus on buying efficiencies and cost savings. “Had we not done that, the prices of the products across categories would have gone up by 15-20 per cent,” Mr Manwani added.
He further said the company has spent Rs 320 crore in the last fiscal on expanding categories, new product launches and innovation both in rural and urban India.
The focus on innovations and execution were taken in personal care and household products, he said, adding that the company will keep on investing in “categories of tomorrow.”
Products for men
Replying to a query from a shareholder on products for men, Mr Manwani said the company has invested enough on expanding several categories such as Axe, Denim and Fair and Lovely for men. Apart from this, the company is working towards reviving Brylcreem to get back the brand’s old glory and charm.
The company, earlier this year, bagged the global licence for Brylcreem from Godrej Consumers, after the latter ended its partnership with Sara Lee, the owner of Brylcreem.
He further said both Bharat and India must converge to make real progress and take the country on the global stage and that prosperity would have to come from villages, towns and cities. He added that rural India is now becoming the epicenter of India’s growth story.
“The explosion in rural consumption and growing competition for scarce resources demands that we work on public-private partnerships to address these challenges by finding innovative solutions and build on the opportunities,” Mr Manwani added.
On challenges faced by rural India, he said agricultural growth could pick up to 4 per cent as envisioned by the Planning Commission.
He went on to add that the cascading impact rural prosperity would have on the national economy, could add up to an additional 2 per cent to the national GDP growth and enable double digit growth.
The company also announced Rs 4 dividend to the shareholders.
RBI eases derivative contract norm
Mumbai: Banks need not classify hedging of derivative contracts that are terminated partially or fully as restructured accounts. The move, announced by the Reserve Bank of India (RBI) on Monday, would ease banks’ provisioning burden.
Banks have also been permitted to allow payments in instalments if the mark-to-market (MTM) value of the terminated derivative contract, including the foreign exchange forward contract, is not settled in cash.
However, banks have been asked to formulate an appropriate policy, approved by the board, for such instalment payments. The repayment period will not extend beyond the maturity date of the contract.
“Banks should permit repayment in instalments only if there is a reasonable certainty of repayment by the client,” RBI said in a notification on Monday.
In addition, the repayment instalments for the MTM items should be uniformly received over the remaining maturity of the contract and its periodicity should be at least once in a quarter, the central bank said.
Earlier, banks had to make provisions for any change in the parameters of a derivative contract, as it was treated as restructuring.
Also, the MTM value of the contract on the date of restructuring needed to be settled in cash.
When the client is permitted to pay the MTM in instalments, RBI said, it should be done within 90 days of the date of partial or full termination of the derivative contract. If the amount is overdue for 90 days from the date of partial or full termination of the derivative contract, the receivables are to be classified as a non-performing asset (NPA).
Even after the derivative contract was terminated, partially or fully, and MTM was permitted to be repaid in instalments, if the client subsequently decides to hedge the same underlying exposure again by entering into a new contract with a bank, then banks can offer derivative contracts. But the client must have fully re-paid the instalments corresponding to the derivative contract previously used to hedge the underlying exposure.
Banks have also been permitted to allow payments in instalments if the mark-to-market (MTM) value of the terminated derivative contract, including the foreign exchange forward contract, is not settled in cash.
However, banks have been asked to formulate an appropriate policy, approved by the board, for such instalment payments. The repayment period will not extend beyond the maturity date of the contract.
“Banks should permit repayment in instalments only if there is a reasonable certainty of repayment by the client,” RBI said in a notification on Monday.
In addition, the repayment instalments for the MTM items should be uniformly received over the remaining maturity of the contract and its periodicity should be at least once in a quarter, the central bank said.
Earlier, banks had to make provisions for any change in the parameters of a derivative contract, as it was treated as restructuring.
Also, the MTM value of the contract on the date of restructuring needed to be settled in cash.
When the client is permitted to pay the MTM in instalments, RBI said, it should be done within 90 days of the date of partial or full termination of the derivative contract. If the amount is overdue for 90 days from the date of partial or full termination of the derivative contract, the receivables are to be classified as a non-performing asset (NPA).
Even after the derivative contract was terminated, partially or fully, and MTM was permitted to be repaid in instalments, if the client subsequently decides to hedge the same underlying exposure again by entering into a new contract with a bank, then banks can offer derivative contracts. But the client must have fully re-paid the instalments corresponding to the derivative contract previously used to hedge the underlying exposure.
Pearson and Government of Assam announces initiative for vocational training
New Delhi: The Government of Assam (GoA) and education services provider Pearson have announced a joint initiative to provide vocational skills training to school students in Assam, the company said in a press release.
This public-private partnership will serve as a platform for the introduction of the national vocational education qualification framework, a national program to integrate skills, training and qualifications in schools.
Under this initiative, Pearson will set up vocational skills centers in 10 selected government schools, initially offering training in streams like retail and computer hardware and IT. The courses will be introduced for students in standard IX in August 2012, before moving into higher classes with a wider portfolio.
"We are grateful for the opportunity to work collaboratively with GoA. We believe that young people in Assam deserve to be fully prepared for the challenges of an incredibly different and dynamic world of work and our common endeavor will be to achieve that objective," said Khozem Merchant, Pearson India in a statement.
The program curriculum will be designed and administered by two Pearson companies: IndiaCan, and Edexcel, the UK based qualification awarding body.
The skills courses will be held in classrooms and learning labs presided over by trainers especially prepared for the programme. The curriculum will incorporate audio-visual aids, and includes lectures by industry experts and visits to factories to familiarize students with real working situations. The skills training sessions will be held after school hours.
This public-private partnership will serve as a platform for the introduction of the national vocational education qualification framework, a national program to integrate skills, training and qualifications in schools.
Under this initiative, Pearson will set up vocational skills centers in 10 selected government schools, initially offering training in streams like retail and computer hardware and IT. The courses will be introduced for students in standard IX in August 2012, before moving into higher classes with a wider portfolio.
"We are grateful for the opportunity to work collaboratively with GoA. We believe that young people in Assam deserve to be fully prepared for the challenges of an incredibly different and dynamic world of work and our common endeavor will be to achieve that objective," said Khozem Merchant, Pearson India in a statement.
The program curriculum will be designed and administered by two Pearson companies: IndiaCan, and Edexcel, the UK based qualification awarding body.
The skills courses will be held in classrooms and learning labs presided over by trainers especially prepared for the programme. The curriculum will incorporate audio-visual aids, and includes lectures by industry experts and visits to factories to familiarize students with real working situations. The skills training sessions will be held after school hours.
With 54% green cover, Gandhinagar India's tree capital
Ahmedabad: Gujarat's capital - Gandhinagar - could well be India's tree capital. The latest figures of a census conducted by the state government show that 53.9% of its 5,700-hectare area is covered with trees.
Effectively, there are 416 trees for every 100 people in the city. This is more than any other city in the country. The census was conducted by the social forestry department along with various municipal corporations and urban development authorities.
Drive 35 km out of Gandhinagar and the scenario changes drastically in Ahmedabad where there are just 11 trees for every 100 people. While there are as many as 8.66 lakh trees in the state capital, the population is just 2.08 lakh people. At this rate, there is 15 sq m land of trees for every person. The smaller municipal corporations in the state like Vadodara, Junagadh and Bhavnagar have better average than Ahmedabad.
According to Forest Survey of India, Bangalore, Chandigarh and Delhi have a green cover of 18.9%, 14.9% and 11.9%, respectively.
H S Singh, additional principal chief conservator of forests, social forestry, said, "Gandhinagar's tree cover is comparable with the best in the world. Atlanta in the US, for instance, is considered among the greenest cities globally and has exactly the same percentage of land under tree cover as Gandhinagar's."
"Gandhinagar was just a barren piece of land when work first started to turn it into a state capital in 1965," Singh added. "The social forestry division was given the task of greening the area. Ever since, more than 35 lakh trees have been planted and their survival rate has been very high. Also, in 1991 land reserved for development was used for plantation, making the city one of the greenest."
The eight municipal corporations in Gujarat have 33.01 lakh trees over an area of 1.33 lakh hectares. The overall tree density in the municipal corporations was just 22 trees for every 100 persons on an average.
Effectively, there are 416 trees for every 100 people in the city. This is more than any other city in the country. The census was conducted by the social forestry department along with various municipal corporations and urban development authorities.
Drive 35 km out of Gandhinagar and the scenario changes drastically in Ahmedabad where there are just 11 trees for every 100 people. While there are as many as 8.66 lakh trees in the state capital, the population is just 2.08 lakh people. At this rate, there is 15 sq m land of trees for every person. The smaller municipal corporations in the state like Vadodara, Junagadh and Bhavnagar have better average than Ahmedabad.
According to Forest Survey of India, Bangalore, Chandigarh and Delhi have a green cover of 18.9%, 14.9% and 11.9%, respectively.
H S Singh, additional principal chief conservator of forests, social forestry, said, "Gandhinagar's tree cover is comparable with the best in the world. Atlanta in the US, for instance, is considered among the greenest cities globally and has exactly the same percentage of land under tree cover as Gandhinagar's."
"Gandhinagar was just a barren piece of land when work first started to turn it into a state capital in 1965," Singh added. "The social forestry division was given the task of greening the area. Ever since, more than 35 lakh trees have been planted and their survival rate has been very high. Also, in 1991 land reserved for development was used for plantation, making the city one of the greenest."
The eight municipal corporations in Gujarat have 33.01 lakh trees over an area of 1.33 lakh hectares. The overall tree density in the municipal corporations was just 22 trees for every 100 persons on an average.
Govt approves ninth manufacturing zone at Nagpur
New Delhi: The Minister of Commerce, Industry and Textiles Mr Anand Sharma announced the plan to set up of India’s ninth National Investment and Manufacturing Zone (NIMZ) at Nagpur on Saturday.
The proposed NIMZ, the third in Maharashtra, would be situated in Kuhi and Umred Taluka of Nagpur district on 6,280 hectares, an official release said.
Further, it is likely to attract investment of Rs 25,000 crore and provide direct and indirect employment to about 2,60,000 people, the statement added.
“I am happy to inform that ‘in-principle’ approval has been accorded to the proposal given its significance,” Mr Sharma said, after inaugurating the National Institute of Intellectual Property Management (NIIPM) in Nagpur.
Later in the day, the Minister also announced that the Technology Upgradation Fund Scheme for the textile industry has been extended for the 12th Five Year Plan.
“There will be more allocation under the 12th Plan than under the 11th Plan, so those in textiles sector must feel assured that the Government is conscious what their needs are,” he said.
The proposed NIMZ, the third in Maharashtra, would be situated in Kuhi and Umred Taluka of Nagpur district on 6,280 hectares, an official release said.
Further, it is likely to attract investment of Rs 25,000 crore and provide direct and indirect employment to about 2,60,000 people, the statement added.
“I am happy to inform that ‘in-principle’ approval has been accorded to the proposal given its significance,” Mr Sharma said, after inaugurating the National Institute of Intellectual Property Management (NIIPM) in Nagpur.
Later in the day, the Minister also announced that the Technology Upgradation Fund Scheme for the textile industry has been extended for the 12th Five Year Plan.
“There will be more allocation under the 12th Plan than under the 11th Plan, so those in textiles sector must feel assured that the Government is conscious what their needs are,” he said.
Subscribe to:
Posts (Atom)