New Delhi: Personal computer (PC) sales in India will continue to grow in the coming quarter owing to the festive season and buying by educational institutes, independent research firm IDC said on Tuesday.
However, going ahead, barring fulfilment for the largest deal noted so far — Electronics Corporation of Tamil Nadu (ELCOT), which looks to extend into 2013, IDC observes commercial PC spending to be badly affected by the prolonged crisis in the Euro Zone and other global markets.
"Rupee depreciation has further diluted the decision-making process among enterprises and small and medium businesses, which is stalling the growth, as noted in the recent past," Adwaita Govind Menon, Associate Research Director, IDC, said.
Meanwhile, the India PC market shipments for the second quarter (April – June) stood at 2.86 million units, a year-on-year growth of 15.7 per cent and 8.6 per cent over the previous quarter.
Lenovo sustained its leadership with a 17.1 per cent market share during the quarter. Hewlett-Packard tipped Dell to take the second place with 13.7 per cent market share. "Despite the environment around costs being volatile and unpredictable, consumers continued to be demanding, which has largely enabled the PC growth in second quarter 2012," Kiran Kumar, Senior Analyst, IDC, said.
Further, introduction of a new series of budget laptops coupled with a good balance of the product mix continued to boost their growth during the quarter, he said.
Success in my Habit
Thursday, August 23, 2012
Tuesday, August 21, 2012
Technopark launches software testing lab
Thiruvananthapuram: Technopark technology business incubator (T-TBI) has launched a software testing lab and certification centre.
This is a joint venture with SE Mentor Solutions and enjoys funding support from the Department of Science and Technology, Government of India.
K. C. Chandrasekharan Nair, Managing Director, T-TBI, inaugurated the facility here on Monday.
It will work as an apex entity with a strong testing arm to define quality standards to rate software projects and products.
It will also certify software products, which could be deployed as a marketing tool by respective companies.
The centre is equipped with facilities to test software products, projects and packages to be assessed on parameters such as usability, reliability and performance.
The centre will have high-end servers which will mainly focus on performance, load and volume testing.
It has a resource pool of various software testing tools globally used by professionals and open to companies in and outside Technopark.
Business start-ups and micro, small and medium enterprises (MSMEs) too may take advantage of the same.
Girish Babu, Chief Executive Officer, Technopark said that the centre would be a major boost to companies, especially start-ups planning to come up with own software products in the market.
It will offer services in key quality activities, including requirements, test and defects management, functional testing and business process testing. The centre will also help create value for companies experiencing difficulty in bringing in the required credibility to their software product/service.
This is a joint venture with SE Mentor Solutions and enjoys funding support from the Department of Science and Technology, Government of India.
K. C. Chandrasekharan Nair, Managing Director, T-TBI, inaugurated the facility here on Monday.
It will work as an apex entity with a strong testing arm to define quality standards to rate software projects and products.
It will also certify software products, which could be deployed as a marketing tool by respective companies.
The centre is equipped with facilities to test software products, projects and packages to be assessed on parameters such as usability, reliability and performance.
The centre will have high-end servers which will mainly focus on performance, load and volume testing.
It has a resource pool of various software testing tools globally used by professionals and open to companies in and outside Technopark.
Business start-ups and micro, small and medium enterprises (MSMEs) too may take advantage of the same.
Girish Babu, Chief Executive Officer, Technopark said that the centre would be a major boost to companies, especially start-ups planning to come up with own software products in the market.
It will offer services in key quality activities, including requirements, test and defects management, functional testing and business process testing. The centre will also help create value for companies experiencing difficulty in bringing in the required credibility to their software product/service.
International lace trade centre to be set up at Narsapuram in AP
Hyderabad: The Export Promotion Council for Handicrafts is setting up an international lace trade centre at Narsapuram in Andhra Pradesh with an outlay of Rs 15.33 crore.
This infrastructure is being created to facilitate the development and marketing of lace products.
N. Kiran Kumar Reddy, Chief Minister of Andhra Pradesh, will lay the foundation stone on Sunday at Narsapuram in West Godavari district.
Panabaka Lakshmi, Union Minister of State for Textiles, and State ministers will be present at the inauguration, according to a statement.
“The lace centre will be a great boon to persons involved with the work of producing, designing and exporting of lace products. Periodic visit of designers will enable the artisans, entrepreneurs and exporters to develop new product lines,’’ according to Rakesh Kumar, Executive Director, EPCH.
“EPCH is working actively to promote the handicrafts clusters at Narsapur region,’’ he said.
The project is a part of the Comprehensive Handicrafts Cluster Development Scheme of the Ministry of Textiles.
Narsapur is an important location for lace products. Over one lakh women are involved in making of lace products.
More than 80 per cent of the exports of lace products originate from the East and West Godavari region. Their workmanship is known in India and major markets of the US, Europe and Japan.
The council has already set up successful projects for cluster development at Saharanpur, Moradabad and Jodhpur.
During the first quarter this fiscal, handicraft exports touched Rs 4222.38 crore, registering a growth over 30 per cent. Export target for 2012-13 has been set as Rs 15,500 crore.
This infrastructure is being created to facilitate the development and marketing of lace products.
N. Kiran Kumar Reddy, Chief Minister of Andhra Pradesh, will lay the foundation stone on Sunday at Narsapuram in West Godavari district.
Panabaka Lakshmi, Union Minister of State for Textiles, and State ministers will be present at the inauguration, according to a statement.
“The lace centre will be a great boon to persons involved with the work of producing, designing and exporting of lace products. Periodic visit of designers will enable the artisans, entrepreneurs and exporters to develop new product lines,’’ according to Rakesh Kumar, Executive Director, EPCH.
“EPCH is working actively to promote the handicrafts clusters at Narsapur region,’’ he said.
The project is a part of the Comprehensive Handicrafts Cluster Development Scheme of the Ministry of Textiles.
Narsapur is an important location for lace products. Over one lakh women are involved in making of lace products.
More than 80 per cent of the exports of lace products originate from the East and West Godavari region. Their workmanship is known in India and major markets of the US, Europe and Japan.
The council has already set up successful projects for cluster development at Saharanpur, Moradabad and Jodhpur.
During the first quarter this fiscal, handicraft exports touched Rs 4222.38 crore, registering a growth over 30 per cent. Export target for 2012-13 has been set as Rs 15,500 crore.
Ranbaxy Laboratories launches authorized generic Actos in US
New Delhi: Ranbaxy Laboratories has launched authorized pioglitazone hydrochloride tablets, generic version of Takeda's diabetes drug sold under the brand Actos in the US, a Ranbaxy release said.
The Indian company shares 180-day marketing exclusivity with Mylan and Teva. Ranbaxy could rake in $208 million and $63 million in sales and profit respectively, according to Fortune Equity Brokers.
The product is used to improve glycemic controls in adults with type 2 diabetes mellitus. The drug has total annual sales of $2.7 billion in the US, according to drug market research firm IMS Health data.
Bill Winter, VP, Trade Sales and Distribution, North America, Ranbaxy said, "Ranbaxy is making available the full range of generic pioglitazonein 15 mg, 30 mg, and 45 mg tablets."
Ranbaxy Laboratories' share price closed at Rs 515.05, up 0.94% at the BSE on Friday.
The Indian company shares 180-day marketing exclusivity with Mylan and Teva. Ranbaxy could rake in $208 million and $63 million in sales and profit respectively, according to Fortune Equity Brokers.
The product is used to improve glycemic controls in adults with type 2 diabetes mellitus. The drug has total annual sales of $2.7 billion in the US, according to drug market research firm IMS Health data.
Bill Winter, VP, Trade Sales and Distribution, North America, Ranbaxy said, "Ranbaxy is making available the full range of generic pioglitazonein 15 mg, 30 mg, and 45 mg tablets."
Ranbaxy Laboratories' share price closed at Rs 515.05, up 0.94% at the BSE on Friday.
Sebi IPO norms to help SME bourses
New Delhi: The new profitability clause for firms planning to list on the main stock exchanges will help boost the Small and Medium Enterprises (SME) platforms launched by the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The Securities and Exchange Board of India (Sebi), last week, added the minimum profitability clause for firms wanting to list on the main stock exchanges. Accordingly, only issuers with a minimum average pre-tax operating profit of Rs 15 crore will be allowed to make initial public offerings on the main exchanges.
Investment bankers said this provision would help SME exchanges attract companies.
Dara Kalyaniwala, vice-president (investment banking), Prabhudas Lilladher, said the move would push more smaller companies to seek listing on the SME exchange. Kalyaniwala cited some recent examples, where several companies barely crossed the new profitability limits. According to BS Research Bureau, at least 25 companies listed in 2011 had net profit figures less than Rs 15 crore. In 2012, at least three IPOs saw issuers with net profits below this number.
“Only issuers with a minimum average pre-tax operating profit of Rs 15 crore will be able to come through this route,” Sebi decided in its board meeting last week. The move will be beneficial to both companies and investors, as the SME Exchange had more safeguards in place to support the smaller IPOs.
The smaller bourse keeps away very small investors, as minimum investment is pegged at Rs 1 lakh. Further, there are market makers and anchor investors for each scrip who ensure liquidity by giving two-way quotes.
Lakshman Gugulothu, chief executive officer, BSE SME Exchange, said the move would help make a clear demarcation between the main board and the SME exchange. “There was a lot of lot of overlap because even very small companies were going to the main board and raising Rs 30-40 crore. This had to be minimised. The Sebi move is a market development measure which will be positive for both the main exchange and the SME platform.”
This will induce investor appetite in the main exchange also, as only companies with considerable size and profit track record will be present there, say experts. Companies with paid-up capital of up to Rs 25 crore can be listed on the SME Exchange. Considering companies list at a premium, they could look at a market capitalisation of around Rs 250 crore. Usually companies look to divest up to 40 per cent of the equity. Thus, issuers looking to raise up to Rs 100 crore could come to the SME platform, say experts.
Gugulothu said the SME Exchange was picking up well and such moves would help add to the momentum. “Every week, we are seeing one or two companies coming for listing and few others filing prospectuses. In the next two months we will have 10-15 companies listed on the platform,” he added.
The Securities and Exchange Board of India (Sebi), last week, added the minimum profitability clause for firms wanting to list on the main stock exchanges. Accordingly, only issuers with a minimum average pre-tax operating profit of Rs 15 crore will be allowed to make initial public offerings on the main exchanges.
Investment bankers said this provision would help SME exchanges attract companies.
Dara Kalyaniwala, vice-president (investment banking), Prabhudas Lilladher, said the move would push more smaller companies to seek listing on the SME exchange. Kalyaniwala cited some recent examples, where several companies barely crossed the new profitability limits. According to BS Research Bureau, at least 25 companies listed in 2011 had net profit figures less than Rs 15 crore. In 2012, at least three IPOs saw issuers with net profits below this number.
“Only issuers with a minimum average pre-tax operating profit of Rs 15 crore will be able to come through this route,” Sebi decided in its board meeting last week. The move will be beneficial to both companies and investors, as the SME Exchange had more safeguards in place to support the smaller IPOs.
The smaller bourse keeps away very small investors, as minimum investment is pegged at Rs 1 lakh. Further, there are market makers and anchor investors for each scrip who ensure liquidity by giving two-way quotes.
Lakshman Gugulothu, chief executive officer, BSE SME Exchange, said the move would help make a clear demarcation between the main board and the SME exchange. “There was a lot of lot of overlap because even very small companies were going to the main board and raising Rs 30-40 crore. This had to be minimised. The Sebi move is a market development measure which will be positive for both the main exchange and the SME platform.”
This will induce investor appetite in the main exchange also, as only companies with considerable size and profit track record will be present there, say experts. Companies with paid-up capital of up to Rs 25 crore can be listed on the SME Exchange. Considering companies list at a premium, they could look at a market capitalisation of around Rs 250 crore. Usually companies look to divest up to 40 per cent of the equity. Thus, issuers looking to raise up to Rs 100 crore could come to the SME platform, say experts.
Gugulothu said the SME Exchange was picking up well and such moves would help add to the momentum. “Every week, we are seeing one or two companies coming for listing and few others filing prospectuses. In the next two months we will have 10-15 companies listed on the platform,” he added.
CRO market to double to $1 billion by 2016: Frost & Sullivan
New Delhi: Driven by a large, easy-to-access population, cost arbitrage of up to 30-50% over US and improved regulations, the Indian clinical research market is set to more than double to cross $1 billion by 2016 according to Frost & Sullivan.
The local $485 million clinical research market is growing at a 11-13% as the country gains increasing favour as a base for global clinical trials (phase I-IV), it said.
Multinational CROs still dominate the nation's CRO market. While foreign and local CROs and foreign MNCs focus on global trials, Indian pharma companies look at conducting local trials.
"Therapeutic areas in which research can be conducted in India are varied, and this is likely to result in more number of studies in the country," a Frost & Sullivan release said. "Emerging areas, such as diagnostic research are also expected to drive the India CRO market," it added.
The growth is further bolstered by the Drug Controller General of India's (DCGI) efforts to create a favourable environment for clinical trials. The improved regulatory environment with stringent enforcement laws will also bring more credibility to trials in India, the release said.
However, increasing competition, quality concerns and lack of quality infrastructure in smaller tier II sites are some factors that impede the growth rate of the CRO market.
The local $485 million clinical research market is growing at a 11-13% as the country gains increasing favour as a base for global clinical trials (phase I-IV), it said.
Multinational CROs still dominate the nation's CRO market. While foreign and local CROs and foreign MNCs focus on global trials, Indian pharma companies look at conducting local trials.
"Therapeutic areas in which research can be conducted in India are varied, and this is likely to result in more number of studies in the country," a Frost & Sullivan release said. "Emerging areas, such as diagnostic research are also expected to drive the India CRO market," it added.
The growth is further bolstered by the Drug Controller General of India's (DCGI) efforts to create a favourable environment for clinical trials. The improved regulatory environment with stringent enforcement laws will also bring more credibility to trials in India, the release said.
However, increasing competition, quality concerns and lack of quality infrastructure in smaller tier II sites are some factors that impede the growth rate of the CRO market.
Friday, August 17, 2012
iGATE to open new facility in US, create 250 jobs
Bangalore: Nasdaq-listed iGATE will invest $1 million to open a new facility in Loudoun County in Washington DC, which will create 250 new jobs over the next 2-3 years.
Increasing visa costs and access to government projects have prompted iGATE to open a development centre in the US. In this development centre, the company will design, build and operate US Federal Government-related outsourcing projects. Additionally, it will create 250 new jobs over the next two to three years, according to company officials.
According to US laws, federal government projects cannot be done out of the US for security purposes. Some other reasons for iGATE to open a development centre in the US are political proximity and adequate skilled technical manpower. This is the fourth facility in the US for iGATE.
“This facility enhances our ability to deliver top-quality, innovative IT solutions to our government customers,” said Timothy Coffin, President, iGate Government Solutions.
Washington DC, which has 900 federal government contractors, employs 20 per cent of the county’s IT workforce, according to Loudoun county officials.
In an election year in the US, the topic of jobs in the US is increasingly coming to the fore and this investment by iGate will help to quell concerns around Indian companies taking away US jobs, according to industry watchers. “Also, Indian IT companies have to be more global and clients are increasingly asking them to deliver out of different geographies,” said Sanjoy Sen, Senior Director, Deloitte.
Companies such as HCL Technologies plans to create 10,000 jobs by 2015 in the US and European markets and others such as WNS Holdings set up an office in South Carolina from July. Similarly, TCS, Infosys and Wipro have a presence in the American continent.
Increasing visa costs and access to government projects have prompted iGATE to open a development centre in the US. In this development centre, the company will design, build and operate US Federal Government-related outsourcing projects. Additionally, it will create 250 new jobs over the next two to three years, according to company officials.
According to US laws, federal government projects cannot be done out of the US for security purposes. Some other reasons for iGATE to open a development centre in the US are political proximity and adequate skilled technical manpower. This is the fourth facility in the US for iGATE.
“This facility enhances our ability to deliver top-quality, innovative IT solutions to our government customers,” said Timothy Coffin, President, iGate Government Solutions.
Washington DC, which has 900 federal government contractors, employs 20 per cent of the county’s IT workforce, according to Loudoun county officials.
In an election year in the US, the topic of jobs in the US is increasingly coming to the fore and this investment by iGate will help to quell concerns around Indian companies taking away US jobs, according to industry watchers. “Also, Indian IT companies have to be more global and clients are increasingly asking them to deliver out of different geographies,” said Sanjoy Sen, Senior Director, Deloitte.
Companies such as HCL Technologies plans to create 10,000 jobs by 2015 in the US and European markets and others such as WNS Holdings set up an office in South Carolina from July. Similarly, TCS, Infosys and Wipro have a presence in the American continent.
Piramal Enterprises picks up 27% stake in Bluebird Aero Systems
Mumbai: Piramal Enterprises, of the Ajay Piramal-led group, joins the list of Indian companies that see a growing opportunity in the Defence sector.
It has picked up a 27.83 per cent stake in Bluebird Aero Systems, an Israel-based unmanned air systems manufacturer, for about Rs 40 crore ($7 million). Bluebird is set to bid for contracts in India.
Piramal’s deal with Bluebird Aero Systems is considered unique as the company is an initiative of former engineers of the Israel Defence Forces. Bluebird has an agreement with Bangalore’s Dynamatic Technologies for manufacturing and marketing mini and micro tactical, unmanned aerial vehicles in India.
Companies such as Tata Motors, Mahindra and Mahindra and L&T have a presence in the Defence sector, as they hope to capitalise on the offset clause — foreign suppliers must have a percentage of local content in the orders they bag to supply to the sector. India’s Defence budget for this year is up 17 per cent to $38 billion.
BSE-listed Rossell India, which recently diversified into Defence procurement, has floated a joint venture with CAE, Canada, for simulation training solutions for the Defence sector. Following FIPB approval, Rossell India is to hold 74 per cent, with CAE holding 26 per cent share in the venture.
The venture will focus on providing training solutions for Defence procurement. An official said the Defence Ministry has specifically recognised simulation and training services as being eligible under the Indian offset criteria for Defence programmes.
Early this month, Mahindra and Mahindra and New York-headquartered Telephonics Corporations announced a joint venture to provide advanced airborne surveillance and communication systems to the Defence Ministry and Civil sector. The tie-up envisages establishing a plant at Bangalore, which will initially manufacture and service airborne radar systems being supplied to Hindustan Aeronautics.
Tata Motors will invest around Rs 600 crore on developing Futuristic Infantry Combat Vehicles. The company’s current market share in the wheeled military segment is approximately 40 per cent, and in the internal security segment is 75 per cent. “We work very closely with the Defence Research and Development Organisation on the potential needs of the forces,” said a company spokesperson.
It has picked up a 27.83 per cent stake in Bluebird Aero Systems, an Israel-based unmanned air systems manufacturer, for about Rs 40 crore ($7 million). Bluebird is set to bid for contracts in India.
Piramal’s deal with Bluebird Aero Systems is considered unique as the company is an initiative of former engineers of the Israel Defence Forces. Bluebird has an agreement with Bangalore’s Dynamatic Technologies for manufacturing and marketing mini and micro tactical, unmanned aerial vehicles in India.
Companies such as Tata Motors, Mahindra and Mahindra and L&T have a presence in the Defence sector, as they hope to capitalise on the offset clause — foreign suppliers must have a percentage of local content in the orders they bag to supply to the sector. India’s Defence budget for this year is up 17 per cent to $38 billion.
BSE-listed Rossell India, which recently diversified into Defence procurement, has floated a joint venture with CAE, Canada, for simulation training solutions for the Defence sector. Following FIPB approval, Rossell India is to hold 74 per cent, with CAE holding 26 per cent share in the venture.
The venture will focus on providing training solutions for Defence procurement. An official said the Defence Ministry has specifically recognised simulation and training services as being eligible under the Indian offset criteria for Defence programmes.
Early this month, Mahindra and Mahindra and New York-headquartered Telephonics Corporations announced a joint venture to provide advanced airborne surveillance and communication systems to the Defence Ministry and Civil sector. The tie-up envisages establishing a plant at Bangalore, which will initially manufacture and service airborne radar systems being supplied to Hindustan Aeronautics.
Tata Motors will invest around Rs 600 crore on developing Futuristic Infantry Combat Vehicles. The company’s current market share in the wheeled military segment is approximately 40 per cent, and in the internal security segment is 75 per cent. “We work very closely with the Defence Research and Development Organisation on the potential needs of the forces,” said a company spokesperson.
Cairn India buys 60% in South African gas block
New Delhi: In its first deal since being acquired by Vedanta Resources, Cairn India has acquired a 60 per cent stake from PetroSA in an oil and gas exploration block on the west coast of South Africa. With this, Cairn India’s presence abroad would now be extended beyond Sri Lanka.
The block comprises an existing gas field, discovered in 1987. Cairn India would conduct seismic surveys and carry out initial exploration drilling. The time taken to begin production would depend on the nature and volume of hydrocarbons found.
“This is an important step for the company’s growth beyond the Indian sub-continent. We see an attractive opportunity to leverage our capabilities in a rapidly-emerging area and aspire to build a wider business in the region,” said P Elango, Cairn India director (strategy).
Elango is scheduled to take over as officiating chief executive from September 1. He would replace Rahul Dhir, who had resigned a week earlier.
Cairn India would be the operator in the block, while PetroSA, owned by the government of that country, would hold the remaining interest, said a company statement. The closure of the transaction is subject to regulatory approvals from the South African government.
Cairn India would hold the stake through a wholly-owned South African subsidiary. The company has made no payment for the deal. However, in the initial phase, it would carry PetroSA’s share of investment towards the work programme. The consideration for the stake acquired in the block would be through investment linked to the work programme for developing the asset. A company statement said it had signed a farm-in agreement for exploration in offshore Block 1. The block would be an anchor exploration asset in South Africa, and would augment Cairn India’s existing portfolio, the company said.
Block 1 covers 19,922 sq km and currently, initial stages of exploration are underway there. The block has an existing gas discovery, as well as identified oil and gas leads and prospects. It is located in the Orange Basin, along the north-western maritime border between South Africa and Namibia.
The block comprises an existing gas field, discovered in 1987. Cairn India would conduct seismic surveys and carry out initial exploration drilling. The time taken to begin production would depend on the nature and volume of hydrocarbons found.
“This is an important step for the company’s growth beyond the Indian sub-continent. We see an attractive opportunity to leverage our capabilities in a rapidly-emerging area and aspire to build a wider business in the region,” said P Elango, Cairn India director (strategy).
Elango is scheduled to take over as officiating chief executive from September 1. He would replace Rahul Dhir, who had resigned a week earlier.
Cairn India would be the operator in the block, while PetroSA, owned by the government of that country, would hold the remaining interest, said a company statement. The closure of the transaction is subject to regulatory approvals from the South African government.
Cairn India would hold the stake through a wholly-owned South African subsidiary. The company has made no payment for the deal. However, in the initial phase, it would carry PetroSA’s share of investment towards the work programme. The consideration for the stake acquired in the block would be through investment linked to the work programme for developing the asset. A company statement said it had signed a farm-in agreement for exploration in offshore Block 1. The block would be an anchor exploration asset in South Africa, and would augment Cairn India’s existing portfolio, the company said.
Block 1 covers 19,922 sq km and currently, initial stages of exploration are underway there. The block has an existing gas discovery, as well as identified oil and gas leads and prospects. It is located in the Orange Basin, along the north-western maritime border between South Africa and Namibia.
Abhijeet Group in $7-bn coal deal with US firm
New Delhi: The Nagpur-based Abhijeet Group on Thursday signed a $7-billion (Rs 39,069 crore) deal with US-based FJS Energy LLC for coal supply to fire its steel and power units in India. The New Jersey-based company said it would supply coal from its affiliates, FJSE Marshall Inc and FJSE River Coal, for 25 years.
“The deal would benefit both companies optimally,” said M P Narayanan, chairman of the FJS Energy board. “Abhijeet Group is a major client for coal producers and suppliers in the US.”
Abhijeet, led by Manoj Jayaswal, has significant presence in the core sector areas of power, roads, mining, engineering procurement and construction, ferro alloys, steel and cement. It has a power generation capacity of 2,671 Mw — the 271-Mw Mihan project in Nagpur, the 1,080-Mw Chandwa project in Jhark-hand and the 1,320-Mw Banka project in Bihar. It is also setting up 10-million-tonne per annum (mtpa) steel-making capacity over three states — Jharkhand, West Bengal and Maharashtra.
The Group’s Executive Director, Anand Kumar, said, “FJS Energy is a reliable and high-quality coal producer in the US. The import will help us meet the increasing demand for energy and steel here.”
FJS Energy was founded in 2011 by energy sector professionals from India and North America as a global resource and energy enterprise. The company aims to secure five per cent market share in the Indian coal import business.
“The deal would benefit both companies optimally,” said M P Narayanan, chairman of the FJS Energy board. “Abhijeet Group is a major client for coal producers and suppliers in the US.”
Abhijeet, led by Manoj Jayaswal, has significant presence in the core sector areas of power, roads, mining, engineering procurement and construction, ferro alloys, steel and cement. It has a power generation capacity of 2,671 Mw — the 271-Mw Mihan project in Nagpur, the 1,080-Mw Chandwa project in Jhark-hand and the 1,320-Mw Banka project in Bihar. It is also setting up 10-million-tonne per annum (mtpa) steel-making capacity over three states — Jharkhand, West Bengal and Maharashtra.
The Group’s Executive Director, Anand Kumar, said, “FJS Energy is a reliable and high-quality coal producer in the US. The import will help us meet the increasing demand for energy and steel here.”
FJS Energy was founded in 2011 by energy sector professionals from India and North America as a global resource and energy enterprise. The company aims to secure five per cent market share in the Indian coal import business.
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