New Delhi: The government and RBI on Wednesday further eased overseas borrowing norms for Indian companies by allowing those in the infrastructure and manufacturing space to refinance a higher level of their rupee loans using external loans.
While the government had earlier decided to allow these companies to borrow up to 50% of the forex earnings of the last three years, the cap has now been hiked to 75%. In addition, special purpose vehicles of these companies set up over a year ago will also be eligible to tap this route to raise resources at a lower cost.
The rule relaxation is in line with the finance ministry's thrust to prop up manufacturing activity and boost infrastructure construction.
To lower the cost of funds for the small scale sector too, Sidbi has been allowed to raise ECB (external commercial borrowings) that can be then lent to the segment that accounts for a large chunk of manufacturing as well as exports.
Similarly, National Housing Bank and housing finance companies have been allowed to use the ECB route to raise funds for low-cost housing projects.
While these steps were announced after a meeting of the high-level committee on ECBs, which met here, a move has also been initiated to get foreign institutional investors (FIIs) to invest up to $5 billion in rupee bonds, which will be within the overall corporate bond limit of $45 billion.
In a statement, the finance ministry further said refinancing of buyer's credit for import of capital goods in the infrastructure sector will be placed under automatic route. In addition, the high-level committee decided to increase the maturity period of buyer's credit to maximum of five years, giving companies more time to repay.
ECBs are considered attractive as cost of raising the loan is lower than that of domestic borrowings. Besides, they provide an additional avenue to access large amounts of funds from international financial markets.
Success in my Habit
Thursday, August 23, 2012
India is world leader in concentrated solar heating, says Ministry
Chennai: With some 80 different applications of concentrated solar heating in practice in the country, India is the world leader in CSH, the Ministry of New and Renewable Energy has said.
When you speak of solar energy, you think mainly of solar panels and electricity flowing from them. Then you would think of appliances such as solar water heaters and solar lamps.
But the big use of solar energy lies in directly using the sun’s heat for use in industry. Lots of manufacturing units require just low-to-medium temperature heat, up to 250 degrees Celsius, mostly for drying stuff. Today, this heating is done by burning fuel oil, coal or biomass.
Here is where India scores, both in terms of potential and also applications developed, says the Ministry.
“India is leading the world with around 80 CSH applications,” it has said in a background note to UNDP-GEF sponsored project for nurturing CSH technologies in India.
Without going into details of the 80 applications, the Ministry has noted that the predominant use of concentrated solar heating is in “institutional cooking”.
In India, the current CSH market is about 2,000-3,000 square metres a year (of the concentrated area), says MNRE. The Global Environment Fund project will complement MNRE’s efforts of CSH technology, awareness, capacity, market and financial barriers and increase CSH sales to 15,000 square metres by 2016.
Direct emission reductions from the demonstration and replication projects during the 5-year project duration will be 39,200 tonnes of carbon-dioxide equivalent.
Over the economic lifetime of 20 years for the project supported CSH applications, cumulative direct emission reductions will be 315,000 tonnes of CO2, the Ministry says.
When you speak of solar energy, you think mainly of solar panels and electricity flowing from them. Then you would think of appliances such as solar water heaters and solar lamps.
But the big use of solar energy lies in directly using the sun’s heat for use in industry. Lots of manufacturing units require just low-to-medium temperature heat, up to 250 degrees Celsius, mostly for drying stuff. Today, this heating is done by burning fuel oil, coal or biomass.
Here is where India scores, both in terms of potential and also applications developed, says the Ministry.
“India is leading the world with around 80 CSH applications,” it has said in a background note to UNDP-GEF sponsored project for nurturing CSH technologies in India.
Without going into details of the 80 applications, the Ministry has noted that the predominant use of concentrated solar heating is in “institutional cooking”.
In India, the current CSH market is about 2,000-3,000 square metres a year (of the concentrated area), says MNRE. The Global Environment Fund project will complement MNRE’s efforts of CSH technology, awareness, capacity, market and financial barriers and increase CSH sales to 15,000 square metres by 2016.
Direct emission reductions from the demonstration and replication projects during the 5-year project duration will be 39,200 tonnes of carbon-dioxide equivalent.
Over the economic lifetime of 20 years for the project supported CSH applications, cumulative direct emission reductions will be 315,000 tonnes of CO2, the Ministry says.
Essar Oil in $1.2-b pact with Colombia to buy crude oil
Mumbai: Colombia's Ecopetrol is to sell 12 million barrels of its Castilla crude oil to Essar Oil over one year, in a deal worth $1.2 billion (around Rs 6,720 crore).
In a bid to reduce its dependence on oil from Iran, Essar Oil has entered into an agreement with the largest and primary petroleum company in Colombia.
The Colombian giant is the fourth largest oil and gas company in Latin America and accounts for 60 per cent of Colombia’s production.
According to the company's financial report released on July 24 and on its Web site, Ecopetrol’s total unconsolidated sales climbed from $7.74 billion last year to $8.26 billion this year.
Analysts said Essar’s interest in Colombian oil reflects a recent boom, with production of crude in the South American nation almost doubling over the past six years.
The first shipment of two million barrels has already been dispatched from Colombia's Covenas Port on July 29. It would take 35 days for the vessel to berth in Vadinar, Gujarat.
New sources
Essar has significantly enhanced processing of heavy and ultra heavy crude oil at its Vadinar refinery to improve refining margins, Essar Oil CEO L. K. Gupta told participants in the first quarter FY13 earnings conference call on August 14.
Gupta said the company was “developing new and new sources of crude oil as a matter of our strategy to diversify the crude oil sources. It is a continuous on-going exercise”.
The April-June quarter was significant for Essar Oil with the company completing the optimisation project of its Vadinar refinery four months ahead of schedule. This facility is now India’s second largest single location refinery with an annual capacity of 20 million tonnes (4005000 barrels per day).
Iran contract
Refusing to be drawn in on the Iran oil contract at the earnings call, Gupta had said, “We are working with the Government of India guidelines”. He did not say any thing beyond that the company was meeting its “contractual commitments and that Iran is making its contractual commitments.”
In May, the company said it aims to buy 15-20 per cent of its crude oil needs from the domestic market, 35-40 per cent from Latin America and 30-40 per cent from West Asia.
In a bid to reduce its dependence on oil from Iran, Essar Oil has entered into an agreement with the largest and primary petroleum company in Colombia.
The Colombian giant is the fourth largest oil and gas company in Latin America and accounts for 60 per cent of Colombia’s production.
According to the company's financial report released on July 24 and on its Web site, Ecopetrol’s total unconsolidated sales climbed from $7.74 billion last year to $8.26 billion this year.
Analysts said Essar’s interest in Colombian oil reflects a recent boom, with production of crude in the South American nation almost doubling over the past six years.
The first shipment of two million barrels has already been dispatched from Colombia's Covenas Port on July 29. It would take 35 days for the vessel to berth in Vadinar, Gujarat.
New sources
Essar has significantly enhanced processing of heavy and ultra heavy crude oil at its Vadinar refinery to improve refining margins, Essar Oil CEO L. K. Gupta told participants in the first quarter FY13 earnings conference call on August 14.
Gupta said the company was “developing new and new sources of crude oil as a matter of our strategy to diversify the crude oil sources. It is a continuous on-going exercise”.
The April-June quarter was significant for Essar Oil with the company completing the optimisation project of its Vadinar refinery four months ahead of schedule. This facility is now India’s second largest single location refinery with an annual capacity of 20 million tonnes (4005000 barrels per day).
Iran contract
Refusing to be drawn in on the Iran oil contract at the earnings call, Gupta had said, “We are working with the Government of India guidelines”. He did not say any thing beyond that the company was meeting its “contractual commitments and that Iran is making its contractual commitments.”
In May, the company said it aims to buy 15-20 per cent of its crude oil needs from the domestic market, 35-40 per cent from Latin America and 30-40 per cent from West Asia.
Cipla partners Aspen for Australia foray
New Delhi: Drug maker Cipla is partnering South Africa’s Aspen Pharmacare to cater to the Australian market, it is learnt. Under the pact, Cipla would develop generic products, to be launched by Aspen in Australia.
A source privy to the development told Business Standard, currently, the two companies were identifying products for commercialisation.
The move follows a recent buyout by Aspen in the Australian pharmaceutical space. The company had acquired the over-the-counter and pharmaceutical divisions of Australian drug maker Sigma Pharmaceuticals for $800 million. Analysts suggest such a deal with Cipla could help Aspen augment its offerings, while keeping the development cost low.
Cipla, which has traditionally supplied low-cost generic drugs to foreign partners, may see a rise in its export revenue once the joint venture is operational. In 2011-12, Cipla’s formulation exports stood below expectations, growing a mere seven per cent.
Cipla did not respond to an e-mail questionnaire sent to it.
Shares of Cipla on Tuesday closed at Rs 359.90 on the BSE, up 1.4 per cent from Friday’s close.
Analysts say the deal is significant for Cipla, as this would give the company “the first mover advantage”, since most pharmaceutical companies are still focused on developed markets like the US and Japan. Africa, Russia and Brazil are likely to be the next destinations for Indian pharmaceutical majors. “Not many Indian companies are present in Australia. So, Cipla would have that advantage, and its strategy has always been to look at emerging markets. Though there may not be a significant gain for Cipla in the near future, it will definitely benefit from the deal in the longer term,” a sector analyst said.
Compared to those in the US and other developed markets, the pharmaceutical market in Australia is relatively smaller, at about $20 billion annually, and is growing at single-digit rate. However, analysts say it could be a lucrative market for companies manufacturing low-cost products. “So far, Australia has been largely an innovator-product driven market and has mostly been dominated by multinational companies. But, with a large number of branded drugs facing patent expiry in the immediate future, it presents opportunities for the generic sector. Also, there is an increasing attempt to keep the prices of medicines low,” says Ashish Mehra, managing director, Strategic Decision Group.
As in the US, pharmaceutical benefit managers are promoting generic medicines in Australia to reduce healthcare costs. “They are even incentivising pharmacies to substitute expensive drugs with generics. More than 90 per cent of the doctors are comfortable with this,” says Mehra.
“For a company like Cipla, which has developed brands in generics, this is a very good opportunity. Now, with their new SEZ (special economic zone) manufacturing facility, they can quickly pick up volumes and get operating leverage,” another analyst said. Unlike other Southeast Asian countries that have local generic players, Australia has very few generic drug makers, says Mehra. This creates an opportunity for Cipla, which is among the early entrants there.
According to the source, Cipla was also eying similar deals in the near future.
A source privy to the development told Business Standard, currently, the two companies were identifying products for commercialisation.
The move follows a recent buyout by Aspen in the Australian pharmaceutical space. The company had acquired the over-the-counter and pharmaceutical divisions of Australian drug maker Sigma Pharmaceuticals for $800 million. Analysts suggest such a deal with Cipla could help Aspen augment its offerings, while keeping the development cost low.
Cipla, which has traditionally supplied low-cost generic drugs to foreign partners, may see a rise in its export revenue once the joint venture is operational. In 2011-12, Cipla’s formulation exports stood below expectations, growing a mere seven per cent.
Cipla did not respond to an e-mail questionnaire sent to it.
Shares of Cipla on Tuesday closed at Rs 359.90 on the BSE, up 1.4 per cent from Friday’s close.
Analysts say the deal is significant for Cipla, as this would give the company “the first mover advantage”, since most pharmaceutical companies are still focused on developed markets like the US and Japan. Africa, Russia and Brazil are likely to be the next destinations for Indian pharmaceutical majors. “Not many Indian companies are present in Australia. So, Cipla would have that advantage, and its strategy has always been to look at emerging markets. Though there may not be a significant gain for Cipla in the near future, it will definitely benefit from the deal in the longer term,” a sector analyst said.
Compared to those in the US and other developed markets, the pharmaceutical market in Australia is relatively smaller, at about $20 billion annually, and is growing at single-digit rate. However, analysts say it could be a lucrative market for companies manufacturing low-cost products. “So far, Australia has been largely an innovator-product driven market and has mostly been dominated by multinational companies. But, with a large number of branded drugs facing patent expiry in the immediate future, it presents opportunities for the generic sector. Also, there is an increasing attempt to keep the prices of medicines low,” says Ashish Mehra, managing director, Strategic Decision Group.
As in the US, pharmaceutical benefit managers are promoting generic medicines in Australia to reduce healthcare costs. “They are even incentivising pharmacies to substitute expensive drugs with generics. More than 90 per cent of the doctors are comfortable with this,” says Mehra.
“For a company like Cipla, which has developed brands in generics, this is a very good opportunity. Now, with their new SEZ (special economic zone) manufacturing facility, they can quickly pick up volumes and get operating leverage,” another analyst said. Unlike other Southeast Asian countries that have local generic players, Australia has very few generic drug makers, says Mehra. This creates an opportunity for Cipla, which is among the early entrants there.
According to the source, Cipla was also eying similar deals in the near future.
India implementing 14,000 km natural gas pipelines: RPN Singh
New Delhi: India is currently implementing about 14,000 km of natural gas pipelines projects, which is in addition to over 11,000 km of existing cross-country pipelines, Minister of State for Petroleum & Natural Gas RPN Singh said.
"Another 14,000 km of pipelines infrastructure is under various stages of implementation," an oil ministry statement quoting Singh said. The development of pipeline infrastructure is an ongoing process which will progress with increase in demand of natural gas, Singh told the Rajya Sabha on Tuesday.
The government has initiated multi-pronged measures to increase availability of natural gas in the country including intensifying domestic exploration and expeditious production of coal bed methane (CBM), he said.
Singh also clarified that the government was not planning to deregulate diesel, cooking gas and kerosene rates. The government is providing Rs 0.82 a litre subsidy on kerosene and Rs 22.58 per cylinder on cooking gas from the budget, besides subsidy by state oil firms, he said. In 2011-12, state oil marketing firms lost Rs 138,541 crore revenue on selling diesel, cooking gas and kerosene below market rates.
"Another 14,000 km of pipelines infrastructure is under various stages of implementation," an oil ministry statement quoting Singh said. The development of pipeline infrastructure is an ongoing process which will progress with increase in demand of natural gas, Singh told the Rajya Sabha on Tuesday.
The government has initiated multi-pronged measures to increase availability of natural gas in the country including intensifying domestic exploration and expeditious production of coal bed methane (CBM), he said.
Singh also clarified that the government was not planning to deregulate diesel, cooking gas and kerosene rates. The government is providing Rs 0.82 a litre subsidy on kerosene and Rs 22.58 per cylinder on cooking gas from the budget, besides subsidy by state oil firms, he said. In 2011-12, state oil marketing firms lost Rs 138,541 crore revenue on selling diesel, cooking gas and kerosene below market rates.
Iran emerges largest buyer of Indian soyameal
New Delhi: After basmati and crude oil, it is soyameal that’s getting India closer to Iran.
The West Asian country has emerged as the largest buyer of soyameal from India in recent months displacing Japan from the top slot. Until now, Iran has been largely sourcing soyameal from Latin American countries such as Brazil and Argentina.
Soyameal is used for live stock feed in sectors such as poultry, piggery and fisheries.
In the April-July period, Iran imported 4.4 lakh tonnes of soya meal accounting for over half of the India’s exports of 8.25 lakh tonne for the period. This is according to the data collated by Soyabean Processors Association of India (SOPA).
"Iran's buying has provided a fillip to our exports," said Rajesh Agrawal, spokesperson for SOPA. "They (Iran) have come at a time when no other country is buying in such large quantities due to prevailing high prices".
Bilateral payments
The recent bilateral payment mechanism that allows importers in Iran to make payments in Indian rupees is aiding the soyameal exports. Iran’s total requirement of soyameal is estimated to be between 1.2 and 1.5 million tonnes. “We are in a position to supply at least 40-50 per cent of their demand,” Agarwal said.
Price rally
Soyameal prices have more than doubled in the past 10-12 months from the levels of around $280 a tonne to a high of $680. This price rally was triggered by the drought-reduced crop size in Brazil and Argentina last year.
Further, prices continue to rule high as the worst drought in 56 years faced by the US, the largest producer, has shrunk this year crop by 12 per cent. The contracts for the new season starting October have been settled at $610 a tonne.
"We have a good window till January-February next year, when the South American crop comes into the market. Also the firm domestic demand is expected to keep prices firm," Agarwal said.
Exports
India exported 40 lakh tonnes of soyameal worth Rs 7,017 crore in 2011-12. Japan, which accounted for 30 per cent of the India’s exports last year, has been the largest buyer for the past five years. Vietnam, China, Korea, Myanmar and the Philippines are the other large buyers of India soyameal.
The West Asian country has emerged as the largest buyer of soyameal from India in recent months displacing Japan from the top slot. Until now, Iran has been largely sourcing soyameal from Latin American countries such as Brazil and Argentina.
Soyameal is used for live stock feed in sectors such as poultry, piggery and fisheries.
In the April-July period, Iran imported 4.4 lakh tonnes of soya meal accounting for over half of the India’s exports of 8.25 lakh tonne for the period. This is according to the data collated by Soyabean Processors Association of India (SOPA).
"Iran's buying has provided a fillip to our exports," said Rajesh Agrawal, spokesperson for SOPA. "They (Iran) have come at a time when no other country is buying in such large quantities due to prevailing high prices".
Bilateral payments
The recent bilateral payment mechanism that allows importers in Iran to make payments in Indian rupees is aiding the soyameal exports. Iran’s total requirement of soyameal is estimated to be between 1.2 and 1.5 million tonnes. “We are in a position to supply at least 40-50 per cent of their demand,” Agarwal said.
Price rally
Soyameal prices have more than doubled in the past 10-12 months from the levels of around $280 a tonne to a high of $680. This price rally was triggered by the drought-reduced crop size in Brazil and Argentina last year.
Further, prices continue to rule high as the worst drought in 56 years faced by the US, the largest producer, has shrunk this year crop by 12 per cent. The contracts for the new season starting October have been settled at $610 a tonne.
"We have a good window till January-February next year, when the South American crop comes into the market. Also the firm domestic demand is expected to keep prices firm," Agarwal said.
Exports
India exported 40 lakh tonnes of soyameal worth Rs 7,017 crore in 2011-12. Japan, which accounted for 30 per cent of the India’s exports last year, has been the largest buyer for the past five years. Vietnam, China, Korea, Myanmar and the Philippines are the other large buyers of India soyameal.
PC sales will remain buoyant in Q3: IDC
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.
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.
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.
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