New Delhi: NIIT Technologies on Tuesday has signed an agreement to acquire Sabre Holdings’ Philippines Development Centre in Manila to provide business process outsourcing services to Sabre and its other customers in the region.
However, the companies did not share the deal size.
Sabre is a global technology company providing solutions for the travel industry and also a key customer of NIIT Technologies. The centre has a capacity of 200 seats with opportunity for expansion, NIIT Technologies said.
“The acquisition fits well with our strategy of ‘Focus and Differentiate’ and enhances our global delivery footprint,” Arvind Thakur, Chief Executive Officer, NIIT Technologies, said.
The company continues to strengthen its position towards becoming a significant IT services player in the global Travel and Transport markets, he said.
“We believe this move helps further strengthen our established relationship with NIIT Technologies and positions Sabre for greater growth within Asia Pacific,” Barry Vandevier, Chief Information Officer, Sabre, said.
NIIT Technologies’ shares were trading at Rs 286.80 around 2.30PM on Tuesday, up 1.09 per cent from the previous close.
Success in my Habit
Friday, September 14, 2012
Pfizer, Sterlite Networks among 21 FDI proposals cleared
ew Delhi: The Government on Tuesday approved 21 foreign direct investment (FDI) proposals worth Rs 2,410 crore.
These include US pharma major Pfizer’s plan to invest Rs 800 crore in an operating company and Sterlite Networks Ltd’s Rs 500-crore plan to engage in “additional activities of telecom sector”.
Of the total FDI proposals cleared, eight relate to pharmaceuticals worth Rs 1,842.55 crore, which have been approved subject to certain conditions, such as the level of production of essential drugs and investment in research and development at the time of foreign investment would be maintained for five years.
Apart from Pfizer, the key pharma proposals that got the nod from Foreign Investment Promotion Board are Arch Pharmalabs’ Rs 372.3-crore proposal for induction of foreign investments and Braun Singapore’s Rs 248-crore proposal among others.
Other key proposals include City Union Bank, Tamil Nadu’s Rs 61.5-crore rights issue proposal to carry out the business of banking operations in private sector.
The Government deferred 11 FDI proposals, including that of Unitech Wireless (Tamil Nadu) Pvt Ltd to induct foreign equity.
It rejected 12 proposals including that of Viacom 18 Media Pvt Ltd to source news and current affairs content from companies for bundling with its content and transmitting to other countries.
These include US pharma major Pfizer’s plan to invest Rs 800 crore in an operating company and Sterlite Networks Ltd’s Rs 500-crore plan to engage in “additional activities of telecom sector”.
Of the total FDI proposals cleared, eight relate to pharmaceuticals worth Rs 1,842.55 crore, which have been approved subject to certain conditions, such as the level of production of essential drugs and investment in research and development at the time of foreign investment would be maintained for five years.
Apart from Pfizer, the key pharma proposals that got the nod from Foreign Investment Promotion Board are Arch Pharmalabs’ Rs 372.3-crore proposal for induction of foreign investments and Braun Singapore’s Rs 248-crore proposal among others.
Other key proposals include City Union Bank, Tamil Nadu’s Rs 61.5-crore rights issue proposal to carry out the business of banking operations in private sector.
The Government deferred 11 FDI proposals, including that of Unitech Wireless (Tamil Nadu) Pvt Ltd to induct foreign equity.
It rejected 12 proposals including that of Viacom 18 Media Pvt Ltd to source news and current affairs content from companies for bundling with its content and transmitting to other countries.
Specialty chemicals industry to grow from $22 billion to $80-100 billion by 2020
India's specialty chemicals industry which has been growing at a steady rate over the years, has further potential to grow from the present $22 billion to $80-100 billion by 2020 as even the Indian Government is putting into place, the plans and regulations to support this growth.
Jim Buckley, UBM Live's Informex Brand Director, who is in Mumbai for the InormexIndia, opening from Wednesday by UBM, said, "According to a recent study by global consulting firm McKinsey, India's specialty chemicals industry has the potential to grow from the present $22 billion to $80-100 billion by 2020. The Indian Government is putting in place plans and regulations to support this growth."
There is a need for a long term policy and strategy to boost the industry and which shall be the focus of discussion when the global industry players meet here this week. Mr. Buckley further said that the global industry is excited to be returning to India with a specialty focused event. "Our discussions during the conference will cover the latest developments in this fertile market while acting as an international networking platform designed to cater for those involved in sourcing, R&D and top-level management."
The three-day conference and exhibition will be held from September 12th to 14th at Nehru Centre, Mumbai.
Jim Buckley, UBM Live's Informex Brand Director, who is in Mumbai for the InormexIndia, opening from Wednesday by UBM, said, "According to a recent study by global consulting firm McKinsey, India's specialty chemicals industry has the potential to grow from the present $22 billion to $80-100 billion by 2020. The Indian Government is putting in place plans and regulations to support this growth."
There is a need for a long term policy and strategy to boost the industry and which shall be the focus of discussion when the global industry players meet here this week. Mr. Buckley further said that the global industry is excited to be returning to India with a specialty focused event. "Our discussions during the conference will cover the latest developments in this fertile market while acting as an international networking platform designed to cater for those involved in sourcing, R&D and top-level management."
The three-day conference and exhibition will be held from September 12th to 14th at Nehru Centre, Mumbai.
RBI eases external commercial borrowings guidelines
Mumbai: The Reserve Bank of India (RBI) on Tuesday relaxed guidelines for Indian companies to raise money overseas through external commercial borrowings (ECB). The RBI allowed companies to raise more funds through ECBs to repay rupee loans or for new capital expenditure in rupees.
It raised the maximum limit of ECB to 75% of the average foreign exchange earnings in the past three fiscal years, or 50% of the highest export earnings in any of the three years, or whichever is higher.
Earlier, a company could raise a maximum of 50% of its average export earnings in the past three fiscal years.
The RBI will also allow refinancing of bridge finance, or short-term credit taken by companies in the infrastructure sector for importing capital goods, with an ECB under the automatic route. Earlier, companies had to seek approval from the RBI for replacing the bridge finance with a long-term ECB.
The central bank said companies in the infrastructure sector can seek trade credit for up to a maximum period of five years for importing capital goods, up from one-to-three years previously. Trade credit is a short-term loan. reuters
It raised the maximum limit of ECB to 75% of the average foreign exchange earnings in the past three fiscal years, or 50% of the highest export earnings in any of the three years, or whichever is higher.
Earlier, a company could raise a maximum of 50% of its average export earnings in the past three fiscal years.
The RBI will also allow refinancing of bridge finance, or short-term credit taken by companies in the infrastructure sector for importing capital goods, with an ECB under the automatic route. Earlier, companies had to seek approval from the RBI for replacing the bridge finance with a long-term ECB.
The central bank said companies in the infrastructure sector can seek trade credit for up to a maximum period of five years for importing capital goods, up from one-to-three years previously. Trade credit is a short-term loan. reuters
India-Czech Republic target bilateral trade to touch US$ 2 billion in 3 years
New Delhi: India and Czech Republic have agreed to double bilateral trade in three years to reach the level of US$ 2 billion. Both the countries have agreed to launch Joint Working Groups (JWGs) in areas of skills and innovation, heavy engineering, life sciences and pharmaceuticals, as per an official statement.
At present, the bilateral trade between the two countries stood at about US$ 1 billion.
Mr Anand Sharma, Union Minister for Commerce, Industry and Textiles, India met Mr M Kuba, Minister of Trade and Industry, Czech Republic and discussed measures to deepen bilateral engagement. Discussions focussed on sectors of mutual interest such as mining, auto, heavy industries, power generating equipment and technical textiles.
During his three-day visit, Mr Sharma and Mr Kuba jointly inaugurated the "India Show" in Brno, Czech Republic, at the MSV Fairground on September 10, 2012. The India Show is being organised jointly by the Ministry of Commerce and Industry and Engineering Export Promotion Council (EEPC) India. Mr Sharma, who lead the business delegation to participate in the India Show, also called on Mr Vaclav Klaus, the Czech President and Prime Minister Mr Petr Necas.
Over 135 companies belonging primarily to India’s engineering sector are participating, showcasing their strengths and capabilities with respect to Indian products, technologies and services during this entire week. These companies represent the entire scale of India’s engineering strengths; encompassing the small, medium and the large scale sectors.
At present, the bilateral trade between the two countries stood at about US$ 1 billion.
Mr Anand Sharma, Union Minister for Commerce, Industry and Textiles, India met Mr M Kuba, Minister of Trade and Industry, Czech Republic and discussed measures to deepen bilateral engagement. Discussions focussed on sectors of mutual interest such as mining, auto, heavy industries, power generating equipment and technical textiles.
During his three-day visit, Mr Sharma and Mr Kuba jointly inaugurated the "India Show" in Brno, Czech Republic, at the MSV Fairground on September 10, 2012. The India Show is being organised jointly by the Ministry of Commerce and Industry and Engineering Export Promotion Council (EEPC) India. Mr Sharma, who lead the business delegation to participate in the India Show, also called on Mr Vaclav Klaus, the Czech President and Prime Minister Mr Petr Necas.
Over 135 companies belonging primarily to India’s engineering sector are participating, showcasing their strengths and capabilities with respect to Indian products, technologies and services during this entire week. These companies represent the entire scale of India’s engineering strengths; encompassing the small, medium and the large scale sectors.
Germany's Treofan to buy Max India's Speciality Films division for Rs 540 cr
New Delhi: Analjit Singh-led Max India is selling its 25-year-old its speciality films business to Germany's Treofan for Rs 540 crore as part of a strategy to focus on services business.
"The offer from Treofan is subject to financing, a material adverse change clause, confirmatory due diligence, execution of mutually satisfactory sale and purchase agreements, management retention, formal approval from Treofan's Advisory Board and receipt of regulatory and corporate approvals," said Max India in a press release.
ET first reported the deal in April.
Max Speciality Films (MSF) division is a strategic business unit of Max India with a BOPP capacity of about 50,000 tonnes per annum (TPA). Last fiscal before the ramp-up of the new line, the unit had revenue of Rs 703 crore, a 77% growth over the previous fiscal while operating profit increased 50% to Rs 77 crore.
Analjit Singh, chairman Max India Limited said, "It was an emotional decision for me personally, but the board and management rightly decided that it made good business sense to focus on our portfolio of service oriented businesses of life."
"The offer from Treofan is subject to financing, a material adverse change clause, confirmatory due diligence, execution of mutually satisfactory sale and purchase agreements, management retention, formal approval from Treofan's Advisory Board and receipt of regulatory and corporate approvals," said Max India in a press release.
ET first reported the deal in April.
Max Speciality Films (MSF) division is a strategic business unit of Max India with a BOPP capacity of about 50,000 tonnes per annum (TPA). Last fiscal before the ramp-up of the new line, the unit had revenue of Rs 703 crore, a 77% growth over the previous fiscal while operating profit increased 50% to Rs 77 crore.
Analjit Singh, chairman Max India Limited said, "It was an emotional decision for me personally, but the board and management rightly decided that it made good business sense to focus on our portfolio of service oriented businesses of life."
Infosys BPO buys outsourcing arm of Marsh & McLennan
Bengaluru: Infosys BPO, the business process outsourcing (BPO) arm of Infosys Ltd, on Monday said it had acquired Marsh BPO, the business process outsourcing arm of the US-based Marsh & McLennan Companies, for an undisclosed amount.
The company said the acquisition would give it annualised revenue of $10-12 million.
Swaminathan D, chief executive officer and managing director of Infosys BPO, said the company aims to retain all the 87 employees of Marsh BPO, who are located in Des Moines, lowa in the US.
The company also plans to recruit 20-25 employees in Des Moines, in the next two-three months, he added.
Infosys BPO, which closed its financial year 2011-12 with a revenue of $494.5 million, employs 23,288 people.
Infosys BPO is an end-to-end outsourcing services provider, operating in the Americas, Asia Pacific, Australia and Europe.
The company said the acquisition would give it annualised revenue of $10-12 million.
Swaminathan D, chief executive officer and managing director of Infosys BPO, said the company aims to retain all the 87 employees of Marsh BPO, who are located in Des Moines, lowa in the US.
The company also plans to recruit 20-25 employees in Des Moines, in the next two-three months, he added.
Infosys BPO, which closed its financial year 2011-12 with a revenue of $494.5 million, employs 23,288 people.
Infosys BPO is an end-to-end outsourcing services provider, operating in the Americas, Asia Pacific, Australia and Europe.
ICAR to set up National Hybrid Rice Consortium
Hyderabad: Indian Council of Agriculture Research (ICAR) is in the process of establishing a National Hybrid Rice Consortium to bring all stakeholders onto a common platform to share research knowledge and put it to use in order to build the hybrid rice ecosystem.
ICAR has held several rounds of consultation meetings with public agencies and private firms on the need and on the framework for such a consortium.
“We have appointed a committee to come out with terms of reference for the consortium. We will share them with all the stakeholders and after considering the feedback we will announce the launch of the consortium,” Swapan K. Datta, Deputy Director-General of ICAR, told Business Line on the sidelines of the sixth international Hybrid Rice Symposium here on Monday.
In all likelihood, the consortium will be formed in a month. Private firms will pay a membership (about Rs 2.5 lakh to Rs 5 lakh). Government universities and research agencies will get membership free of charge.
The stakeholders will bring in their research output to the platform.
“Those interested can use them after paying a certain amount. The consortium would maintain a database of the research knowledge and its authors. This is to keep tabs on the unauthorised use of the material or inventions,” he said.
Initially, the consortium will take care of the hybrid rice. “We are planning to extend this to other crops as well in the future,” the ICAR official said.
“After working for years, some scientists and research bodies discard certain lines. They don’t use them any longer. They can bring such research updates to the platform. We will give the receivers non-exclusive rights,” he said.
ICAR has held several rounds of consultation meetings with public agencies and private firms on the need and on the framework for such a consortium.
“We have appointed a committee to come out with terms of reference for the consortium. We will share them with all the stakeholders and after considering the feedback we will announce the launch of the consortium,” Swapan K. Datta, Deputy Director-General of ICAR, told Business Line on the sidelines of the sixth international Hybrid Rice Symposium here on Monday.
In all likelihood, the consortium will be formed in a month. Private firms will pay a membership (about Rs 2.5 lakh to Rs 5 lakh). Government universities and research agencies will get membership free of charge.
The stakeholders will bring in their research output to the platform.
“Those interested can use them after paying a certain amount. The consortium would maintain a database of the research knowledge and its authors. This is to keep tabs on the unauthorised use of the material or inventions,” he said.
Initially, the consortium will take care of the hybrid rice. “We are planning to extend this to other crops as well in the future,” the ICAR official said.
“After working for years, some scientists and research bodies discard certain lines. They don’t use them any longer. They can bring such research updates to the platform. We will give the receivers non-exclusive rights,” he said.
Adanis' coal-fired plant at Mundra to earn Rs 600 cr in carbon credits
Ahmedabad: The third phase of Adani Power Ltd’s (APL) thermal power plant at Mundra in Gujarat has become the world’s first coal-fired plant to receive carbon credits from the United Nations’ Framework Convention on Climate Change (UNFCCC), the company announced on Monday.
APL, a subsidiary of Adani Enterprises Ltd and part of the Adani Group, has set up the 4,620 MW coal-fired thermal power plant at Mundra. Its Phase III, comprising two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of UNFCCC.
APL will earn about Rs 600 crore in carbon credits trading over the first 10 years of the plant’s operation. It is expected to generate about 1.8 million Certified Emission Reductions (CERs) annually.
APL’s other projects to be registered under CDM are the Mundra Phase IV (three units of 660 MW each), Tiroda Phase II and III in Maharashtra (three units of 660 MW in each phase), Kawai power plant in Rajasthan (entire 1,320 MW) and the 1,000-km-long Mundra-Mohindergarh High Voltage Direct Current (HVDC) transmission line linking Gujarat with Haryana.
Commenting on this achievement, Rajesh Adani, Managing Director, APL, said, “While the reduced combustion of fossil fuels will help conserve precious natural resources, the carbon credit issuance to our project will also encourage other entities to implement similar projects to reduce their own carbon footprint. Additionally, we are confident of expanding our generation capacity to nearly 10,000 by March 2013.”
APL, India’s largest private thermal power producer, operates the world’s largest single-location thermal power plant of 4,620 MW capacity. In 2009, the Phase III of Mundra plant became the world’s first project registered under the ‘ACM0013’ methodology under CDM of the UNFCCC. This methodology is used to register thermal power projects which use technologically advanced equipment that burn a lesser quantity of fossil fuel.
The other APL projects registered under CDM are the two units of 660 MW each under Phase I at Tiroda plant in Maharashtra (with 11.9 million CERs/year) and a 40 solar power plant at Bitta, Gujarat (with 62,000 CERs/year).
APL, a subsidiary of Adani Enterprises Ltd and part of the Adani Group, has set up the 4,620 MW coal-fired thermal power plant at Mundra. Its Phase III, comprising two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of UNFCCC.
APL will earn about Rs 600 crore in carbon credits trading over the first 10 years of the plant’s operation. It is expected to generate about 1.8 million Certified Emission Reductions (CERs) annually.
APL’s other projects to be registered under CDM are the Mundra Phase IV (three units of 660 MW each), Tiroda Phase II and III in Maharashtra (three units of 660 MW in each phase), Kawai power plant in Rajasthan (entire 1,320 MW) and the 1,000-km-long Mundra-Mohindergarh High Voltage Direct Current (HVDC) transmission line linking Gujarat with Haryana.
Commenting on this achievement, Rajesh Adani, Managing Director, APL, said, “While the reduced combustion of fossil fuels will help conserve precious natural resources, the carbon credit issuance to our project will also encourage other entities to implement similar projects to reduce their own carbon footprint. Additionally, we are confident of expanding our generation capacity to nearly 10,000 by March 2013.”
APL, India’s largest private thermal power producer, operates the world’s largest single-location thermal power plant of 4,620 MW capacity. In 2009, the Phase III of Mundra plant became the world’s first project registered under the ‘ACM0013’ methodology under CDM of the UNFCCC. This methodology is used to register thermal power projects which use technologically advanced equipment that burn a lesser quantity of fossil fuel.
The other APL projects registered under CDM are the two units of 660 MW each under Phase I at Tiroda plant in Maharashtra (with 11.9 million CERs/year) and a 40 solar power plant at Bitta, Gujarat (with 62,000 CERs/year).
Exim Bank raises Rs 1,120 cr in Singapore market
Mumbai: Export-Import Bank of India has raised Singapore $250 million (around Rs 1,118 crore) through five-year bonds.
The coupon on the bonds, which have been issued at par, is 3.375 per cent.
This is the longest tenor of publicly listed Singapore dollar bonds by an Indian entity so far.
According to David Rasquinha, Executive Director, Exim Bank, the resources will be utilised to support export transactions, government-backed lines of credit, trade credit, and to fund overseas acquisitions by Indian corporates.
Of Exim Bank’s loan book of about $11 billion, about half is in the form of foreign currency loans, said Rasquniha.
The Singapore $250 million bond issue is part of Exim Bank’s umbrella $2.5 billion medium term note programme.
Strongly Subscribed
According to Rajiv Nayar, Head of Capital Markets Origination at Citi India, Exim Bank’s inaugural five-year S$250 million bond was strongly subscribed by several regional asset managers and private banks, resulting in tight pricing of 3.375 per cent.
The coupon on the bonds, which have been issued at par, is 3.375 per cent.
This is the longest tenor of publicly listed Singapore dollar bonds by an Indian entity so far.
According to David Rasquinha, Executive Director, Exim Bank, the resources will be utilised to support export transactions, government-backed lines of credit, trade credit, and to fund overseas acquisitions by Indian corporates.
Of Exim Bank’s loan book of about $11 billion, about half is in the form of foreign currency loans, said Rasquniha.
The Singapore $250 million bond issue is part of Exim Bank’s umbrella $2.5 billion medium term note programme.
Strongly Subscribed
According to Rajiv Nayar, Head of Capital Markets Origination at Citi India, Exim Bank’s inaugural five-year S$250 million bond was strongly subscribed by several regional asset managers and private banks, resulting in tight pricing of 3.375 per cent.
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