Yamuna Expressway now open; toll-free ride till August 15

New Delhi/ Lucknow: The Yamuna Expressway opened to traffic on Thursday, slashing travel time between Delhi and Agra by almost half and offering a toll-free ride on India's longest elevated highway till August 15.

The 165-km, six-lane expressway, which links Greater Noida to the city of the Taj Mahal, was inaugurated by UP Chief Minister Akhilesh Yadav in Lucknow via video link to the actual event held at its starting point near Delhi.

Toll on the 13,300-crore road will come into effect from August 16, said Manoj Gaur, executive chairman of the Jaypee Group, the infrastructure major that executed the project. A round trip by car will attract a toll of 510 ( 320 for one way) at 2.10 per km.

The toll is set at 6.60 a km for buses and trucks, 3.23 for minis and 10.10 for heavy vehicles. Commuters using two-wheelers will have to pay 240 for a round trip and 150 one way. Round-trip charges would be 1.6 times that of a one-way ride if the return journey is done within 24 hours. Commuters using the expressway for at least 20 visits a month will be eligible for a 20% discount.

Gaur told ET that he expects toll revenues to be about 200-250 crore in the first year of operation. The speed limit on the road has been fixed at 100 km an hour for cars and 60 km an hour for heavy vehicles.

The expressway project was announced by former chief minister Mayawati in 2001 to help reduce congestion on a 200-km stretch of national highway 2 that took close to five hours to cover.

Although the project was ready a few months ago, the UP government had decided to give its nod only after pending work on the support infrastructure around the expressway was completed.

The existing highway, which cuts through two states, has several bottlenecks, which extend travel time between Delhi and Agra to up to five hours.

Yadav told reporters that Jaypee Infratech will not be allowed to charge toll on the Noida-Greater Noida expressway that the company had built earlier.

He also said he was opposed to the construction of the Ganga Expressway project awarded by the previous Mayawati government to the Jaypee group. The proposed expressway between Noida and Ballia could not take off, as necessary clearances did not come through.

Infosys selected for Rs 700 cr India Post project

Bangalore: Infosys has bagged a Rs 700-crore deal from India Post for implementing and managing its banking and insurance products.

This is one of the biggest deals for the company that gets the bulk of its revenues from the US and Europe. Infosys will install 1,000 ATMs and implement an electronic content management system to manage financial documents generated by India Post.

India Post covers about 200 million customers across the country and offers small savings schemes, postal life insurance, rural postal life insurance, pension payments and wage disbursements amongst other services.

Modernisation drive
The Postal Department is looking at these solutions as a part of its modernisation drive to increase operational effectiveness. The deal also involves Infosys designing, building, supplying, installing and commissioning both hardware and software for India Post.

The duration of the deal was not given but, according to Infosys officials, it is a multi-year engagement. Infosys will also be involved in training 35,000 India Post employees in using these solutions.

Commenting on the deal, A.S. Prasad, Deputy Director-General, Financial Services, India Post, said: “This transformational programme is expected to enhance our offerings and bring us on par with the best banking companies.”

Govt plans to set up Rs 100 cr innovation fund for MSMEs

New Delhi: The Ministry of Micro, Small and Medium Enterprises (MSMEs) in consultation with the National Innovation Council plans to set up a dedicated fund, India Inclusive Innovation Fund, with initial contribution of Rs 100 crore (US$ 18.07 million), said Mr Vayalar Ravi, Union Minister for Overseas Indian Affairs, with additional charge of Ministry of MSME.

The fund would aim to promote innovation and improve the competitiveness and efficiency of small and medium enterprises (SMEs), added Mr Ravi.

Meanwhile, replying to another query, the Minister stated that under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), 870,000 proposals have been approved for guarantee cover for total sanctioned loan amount of Rs 41,794 crore (US$ 7.55 billion), as on July 31, 2012.

The scheme provides guarantee cover for the credit facility that is extended to new and existing micro and small units, both in manufacturing and services sectors.

India has been the favoured investment destination in Asia: Mecklai Financial

Mumbai: India has been the favoured investment destination in Asia, according to Mecklai Financial.

"The Indian financial markets have witnessed favouritism among the investing Diaspora compared to its Asian counterparts such as South Korea, Taiwan, Thailand and Indonesia" said the Mecklai Financial report.

On a year to date basis, India received flows worth $11 billion in equities and $4.7 billion in debt investments.

The second highest flows were received by South Korea to the tune of $6.2 billion.

"In the Jan-March period when the inflows were registered the USD/INR which was trading at 53.298 levels at the start of the year gained strength up to 48.56 levels by the beginning of March. That was a close to 7% appreciation in the Indian rupee," said the Mecklai Financial report, "The USD/ INR pair could be helped to 52.50 levels with the twin deficits, stunted GDP growth rate and the economic quandary of Europe refraining the rupee from such levels.

Pune based property firm Panchshil Realty ties up with Trump to launch Trump Towers, Pune

Mumbai: Pune based real estate firm Panchshil Realty today announced the launch of Trump Towers Pune, a Trump branded residential property.

This marks the entry of the Trump brand, associated with Donald Trump into the luxury real estate market in India. "We are thrilled to announce Trump Towers Pune. It will be an amazing building in one of the hottest locations in India," said Donald Trump. Located in Kalyani Nagar, an upscale neighbourhood, the project is scheduled to be completed by 2015.

The company said that it had secured all the required approvals and construction was already underway. "As a company, Panchshil has always believed in providing the best living spaces to customers by creating innovative projectsWe are proud to bring the Trump Brand to India and are excited to introduce one of the most luxurious living experiences in Pune.

Trump Towers Pune will be the address symbolizing the upper-crest living in Pune and be the most prestigious address to reside in," said Sagar Chordia, Director of Panchshil Realty, the developer of Trump Towers Pune. It is important to note that Trump Towers Pune is not owned, developed or sold by Donald J. Trump, the Trump Organization or any of their principals or affiliates.

Zero G Apartments Private Limited is the owner, developer and promoter of the property (in association with Premsagar Hotels Private Limited, Atul Chordia and Sagar Chordia), and uses the "Trump" name and mark under license from DT Marks Pune LLC. Trump Towers Pune is slated to be one of the tallest residential buildings in the city with two 22-storey towers. Each floor houses one spacious apartment of approximately 6000 sq ft with five bedrooms and an exclusive home theatre room. Panchshil Realty has also partnered with Philippe Starck for his foray into India under the yoopune brand.

Govt approves Rs 3,387 crore for roads in Bihar

ew Delhi: The Government of India has approved 2,389 projects under the Integrated Action Plan (IAP) for construction of 9,070 kilometer (km) of roads in rural Bihar, at an estimated cost of Rs 3,387 crore (US$ 614.12 million). The project has been approved in a phased manner.

Under the rural road projects scheme nine districts—Aurangabad, Gaya, Jehanabad, Arwal, Jamui, Nawada, Rohtas, Munger and Kaimur—will be covered, according to Mr Bhim Singh, the State Rural Works Minister.

Rohtas has been sanctioned 1,990 km of roads, the longest road length, followed by Gaya (1,550 km), Aurangabad (1,312 km), Kaimur (1,235 km), Arwal (168 km) and Munger (268 km).

Out of 9,070 km sanctioned, 4,499 km has been already built by the Central and State agencies.

Henceforth rural areas, inhabited by a population ranging from 250 to 500 people, would be connected with quality roads for round-the-year connectivity, as per Mr Bhim Singh.

Cement majors sign global pact to cut carbon emission

New Delhi: Indian cement majors — ACC Ltd, Shree Cement Ltd and Ultratech — have signed a co-operation pact to support low-carbon investments in India. The pact was signed in Geneva with member companies of the World Business Council (WBC) for Sustainable Development’s Cement Sustainability Initiative and International Finance Corporation (IFC).

Under the pact, a Low Carbon Technology Roadmap for the Indian cement industry is to be launched this year-end. “This will be the first roadmap to focus on one specific industrial sector in a single country,” a WBC release said.

The roadmap will outline a possible transition path for the cement industry to reduce its direct emissions by 18 per cent by 2050.

Ramesh Ramanathan, Manager, (Manufacturing, Agri Business and Services), IFC South Asia said: “While public policy responses are critical in addressing climate change, the private sector also plays a leading role in providing innovative business solutions…. We view the roadmap project as a unique initiative to share best practices in sustainability.”

Exim Bank to help exports of Indian medicine products

Chennai: The Export-Import Bank of India has agreed to provide loans to fund the setting up of common infrastructure facilities at Sriperumbudur, near Chennai, which will help boost exports of ayurveda, yoga and naturopathy, unani, siddha and homeopathy products from India.

The producers of these 'AYUSH' products have set up a common company, Traditional Ayush Cluster of Tamil Nadu Pvt Ltd (TACT), which is eligible for support from the government of India under the 'cluster company' scheme.

With the funding from Exim Bank, the cluster company will set up hi-tech facilities for testing and analysis, product validation, safety studies and manufacturing. Apart from upgrading the manufacturing technology of ayurvedic drugs, a facility is also being developed for entrepreneurs to help them compete in the international market and to develop a R&D centre, especially for Siddha and Ayurveda products.

The loan agreement was signed recently by Prabhakar Dalal, Executive Director, Exim Bank and V. Dharmalingam, Chairman, TACT, in Chennai.

"The support from Exim Bank will enable us to meet the basic standards and scientific protocols, thereby enhancing acceptability of our products internationally," says Dharmalingam.

Tamil Nadu has 900 units in the 'Indian Systems of Medicine (ISM)' sector, and accounts for 7 per cent of the overall turnover of the industry.

Dharmalingam notes that the ISM products have good export potential but it is imperative for manufacturers to validate their products and processes by adopting modern, good manufacturing practices.

Venezuela seeks more investments from India in petroleum sector

New Delhi: Venezuela is keen on more investments from India in the petroleum sector. This was conveyed to Foreign Minister S.M Krishna by his Venezuelan counterpart at a meeting here on Tuesday.

The statement comes days after reports that Venezuela may appropriate assets, including some in which Indian oil companies have invested in partnership with a Spanish firm.

Meanwhile, to promote trade and investment ties between India and the Community of Latin American and Caribbean States, it was agreed to set up an India-CELAC Business Council and Chief Executive Officers Forum. A joint statement issued after the first meeting of the India-CELAC Troika Foreign Ministers, while expressing satisfaction over the growth of commercial, economic and investments relations between India and the region, said trade at $25 billion in 2012 was “still far below potential.”

The two sides also agreed to set up an energy forum, a science forum and an agriculture expert group to boost ties.

Addressing the media, Krishna said Tuesday’s discussions also explored ways to provide value addition to business activities by direct trading, imparting technology and setting up mutually beneficial partnerships in the manufacturing sector.

“India has offered to share its experiences in e-governance, telemedicine, tele-education with CELAC countries, use of satellite technology to map mineral resources of the region as well as to assist in weather forecasting,” the Minister said.

Aurobindo gets US FDA nod for anti-asthma, chewable tablets

Chennai: Aurobindo Pharma today announced that it has received the final approvals from the US Food and Drug Administration to manufacture and market ‘montelukast sodium tablets’ and montelukast sodium chewable tablets in the US market.

Montelukast Sodium is used for treating prophylaxis and chronic treatment of asthma, prevention of exercise-induced broncho-constriction in patients older than 15 years of age.

The annual sales of Montelukast Sodium tablets were about $3.5 billion and that of the chewable tablets is $1.1 billion, in the twelve months ending March 2012, says a press release from Aurobindo.

The products are made in Hyderabad.

Aurobindo now has a total of 157 bulk drug approvals from the US FDA, the release said.

In 2011-12, Aurobindo achieved a turnover of Rs 4,281 crore and made a net loss of Rs 42 crore. On the BSE today, the Aurobindo share is trading at around Rs 114.