Mumbai: India is gaining in importance among the G20 countries according to US Federal Reserve chairman Ben Bernanke, who was in Mumbai on Wednesday along with US treasury secretary Timothy Geithner.
Bernanke and Geithner had two meetings in Mumbai - a session with business leaders and a subsequent meeting with the top management of Reserve Bank of India (RBI). Addressing the media, Bernanke said, "India is clearly becoming a more and more important player on the world stage in G20 context, in terms of its role in the global economy. It is very useful for us to exchange ideas and build the basis for future collaboration."
The Fed chief said that in the RBI meeting, the central bankers discussed what is going on in the US economy and the Indian economy, and they also talked about monetary and regulatory policies. Bernanke's visit is the first by a sitting Fed chief.
Introducing Bernanke, the central bank's governor D Subbarao said that the US Fed chief stood for his aggressive use of quantitative easing (QE) and the use of innovations as he went along. "QE became 'credit easing' when private assets were bought to stabilize financial markets, followed by another unconventional move - 'operation twist'," said Subbarao. He added that the crisis has pushed central bank policy making into uncharted territory. "We will not know for many years whether the policy mix we have followed is right. Even so, in real time, all of us have to struggle with the challenge of managing the new trilemma - balancing fiscal sustainability, price stability and financial stability," Subbarao said.
Earlier in the day, US treasury secretary Geithner met industry captains in a meeting organized by CII. They discussed ways in which the US and India can deepen bilateral economic engagement. Other participants included CII president and Godrej Group chairman Adi Godrej, CII director general Chandrajit Banerjee, HDFC chairman Deepak Parekh, ICICI Bank MD Chanda Kochhar, Kotak Mahindra Bank MD Uday Kotak, Jubilant Life Sciences MD Hari Bhartia, TVS Motor Company CMD Venu Srinivasan, IDFC MD Rajiv Lall and Tata Sons director ( finance) Ishaat Hussain.
Success in my Habit
Saturday, October 13, 2012
Wednesday, October 10, 2012
Ranbaxy launches cevimeline hydrochloride capsules in US market
New Delhi: Ranbaxy Pharmaceuticals on Tuesday launched the authorised generic cevimeline hydrochloride 30 mg capsules in the US market under an agreement with Daiichi Sankyo.
Cevimeline hydrochloride is meant for the treatment of symptoms of dry mouth associated with Sjogren’s syndrome, an autoimmune disorder affecting the moisture-producing glands. It is now distributed by Daiichi Sankyo under the brand name Evoxac.
“We see a continuing opportunity to leverage our combined strengths of innovation and the manufacture and marketing of affordable, high quality, generic medicines through this collaboration,” Arun Sawhney, Chief Executive Officer and Managing Director, Ranbaxy, said.
Evoxac generated total annualised sales of $62.4 million as of June 30, 2012 in the US market.
“This launch further underscores Ranbaxy’s resolve to bring high quality, affordable generic medicines to the US healthcare system to meet the growing needs of patients and prescribers,” Bill Winter, Vice-President - Trade Sales and Distribution, North America, Ranbaxy, said.
Ranbaxy Pharmaceuticals, based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Ltd. It is engaged in the sale and distribution of generic and branded prescription products in the US healthcare system.
Cevimeline hydrochloride is meant for the treatment of symptoms of dry mouth associated with Sjogren’s syndrome, an autoimmune disorder affecting the moisture-producing glands. It is now distributed by Daiichi Sankyo under the brand name Evoxac.
“We see a continuing opportunity to leverage our combined strengths of innovation and the manufacture and marketing of affordable, high quality, generic medicines through this collaboration,” Arun Sawhney, Chief Executive Officer and Managing Director, Ranbaxy, said.
Evoxac generated total annualised sales of $62.4 million as of June 30, 2012 in the US market.
“This launch further underscores Ranbaxy’s resolve to bring high quality, affordable generic medicines to the US healthcare system to meet the growing needs of patients and prescribers,” Bill Winter, Vice-President - Trade Sales and Distribution, North America, Ranbaxy, said.
Ranbaxy Pharmaceuticals, based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Ltd. It is engaged in the sale and distribution of generic and branded prescription products in the US healthcare system.
Railway Revenue Earnings up by 19.78 per cent during April- September 2012
New Delhi: The total approximate earnings of Indian Railways on originating basis during first six months of the financial year 2012-13 i.e. 1st April to 30th September 2012 were Rs. 58649.83 crore compared to Rs. 48963.19 crore during the same period last year, registering an increase of 19.78 per cent.
The total goods earnings have gone up from Rs. 32425.41 crore during 1st April – 30th September 2011 to Rs. 40303.85 crore during 1st April – 30th September 2012, registering an increase of 24.30 per cent.
The total passenger revenue earnings during first six months of the financial year 2012-13 were Rs. 15581.44 crore compared to Rs. 14017.76 crore during the same period last year, registering an increase of 11.15 per cent.
The revenue earnings from other coaching amounted to Rs. 1510.38 crore during April-September 2012 compared to Rs. 1377.58 crore during the same period last year, an increase of 9.64 per cent.
The total approximate numbers of passengers booked during 1st April - 30th September 2012 were 4274.87 million compared to 4121.99 million during the same period last year, showing an increase of 3.71 per cent. In the suburban and non-suburban sectors, the numbers of passengers booked during April-September 2012 were 2215.51 million and 2059.36 million compared to 2154 million and 1967.71 million during the same period last year, showing an increase of 2.84 per cent and 4.86 per cent respectively.
The total goods earnings have gone up from Rs. 32425.41 crore during 1st April – 30th September 2011 to Rs. 40303.85 crore during 1st April – 30th September 2012, registering an increase of 24.30 per cent.
The total passenger revenue earnings during first six months of the financial year 2012-13 were Rs. 15581.44 crore compared to Rs. 14017.76 crore during the same period last year, registering an increase of 11.15 per cent.
The revenue earnings from other coaching amounted to Rs. 1510.38 crore during April-September 2012 compared to Rs. 1377.58 crore during the same period last year, an increase of 9.64 per cent.
The total approximate numbers of passengers booked during 1st April - 30th September 2012 were 4274.87 million compared to 4121.99 million during the same period last year, showing an increase of 3.71 per cent. In the suburban and non-suburban sectors, the numbers of passengers booked during April-September 2012 were 2215.51 million and 2059.36 million compared to 2154 million and 1967.71 million during the same period last year, showing an increase of 2.84 per cent and 4.86 per cent respectively.
RBI continues with enhanced all-in-cost ceiling for overseas borrowing
New Delhi: The Reserve Bank of India has decided to continue the enhanced all in cost ceiling for external commercial borrowing or ECBs and trade credits. The all-in-cost ceiling includes arranger fee, upfront fee, management fee, handling/ processing charges, out of pocket and legal expenses, if any.
It may be recalled that the all-in-cost ceiling for ECBs with average maturity of three and up to five years was enhanced to 6 months Libor + 350 bps (one bps is 0.01%) with effect from November 23, 2011 after the crisis in the global markets folowingthe problems in the Euro area, which made it difficult for Indian companies to raise funds abroad.
For loans with a maturity of over five years, this ceiling was enhanced to 6 months libor plus 500bps. All-in-cost ceiling for trade credit was enhanced to 6 months Libor + 350 bps.
It may be recalled that the all-in-cost ceiling for ECBs with average maturity of three and up to five years was enhanced to 6 months Libor + 350 bps (one bps is 0.01%) with effect from November 23, 2011 after the crisis in the global markets folowingthe problems in the Euro area, which made it difficult for Indian companies to raise funds abroad.
For loans with a maturity of over five years, this ceiling was enhanced to 6 months libor plus 500bps. All-in-cost ceiling for trade credit was enhanced to 6 months Libor + 350 bps.
Iraq set to become India's strategic energy partner: IEA Chief Economist
New Delhi: Iraq, which is set to become one of the major oil producers in the world, could also become India’s strategic energy partner, International Energy Agency’s (IEA) Chief Economist Fatih Birol said.
Speaking to Business Line after the release of IEA’s report on ‘Iraq Energy Outlook’ Birol said Iraq’s role in the global oil market was growing rapidly.
Currently, half of Iraq’s oil exports go to Asia. This situation will change by 2020, when exports to Asia will account for 80 per cent of Iraq’s oil exports.
Two major oil importers in Asia – China and India – will have the largest share by end of this decade. Today, Iraq produces three million barrels a day of crude oil and, according to IEA’s Iraq Energy Outlook, the country's oil production is expected to grow by over 5 million barrels a day to 2035, he said. Incidentally, Iraq recently replaced Iran as India’s second largest crude oil supplier.
According to IEA Iraq Energy Outlook, by 2020, crude oil production is expected to more than double to 6.1 million barrels a day to reach 8.3 million barrels a day by 2035.
Birol said by 2020, China will account for almost 2 million barrels of oil a day sourcing from Iraq, while India will be getting close to 1.5 million barrels a day. Twenty years down the line, Iraq will have reached GDP levels of what Saudi Arabia is today, he said.
On whether Iraq will be able to meet the demand shortfall created due to geo-political issues in Iran, he said, “Iraq will be able to sustain it, because it has vast and low-cost oil resources. Iraq is on its way to become the second largest exporter of oil globally. The largest exporters today are Saudi Arabia, followed by Russia.”
Asked if the flush of oil from Iraq will result in bringing down prices, Birol said, “If Iraq is able to sustain the developments, then it will. But, if it remains lower than expectations or developments weaken due to any kind of political uncertainty, the prices may be $15 a barrel higher than expected in 2035.” International crude oil prices are well over $105 a barrel today.
On becoming a gas supplier to the world, Birol said natural gas could play a more important role in Iraq’s future for its power generation.
He said there was a huge potential for Indian companies to invest in Iraq in not only oil and gas exploration but also in areas such petrochemicals, IT, engineering and infrastructure.
The overseas investment arm of ONGC, ONGC Videsh Ltd, is the sole licensee of Block-8, a large on-land exploration Block in Western Desert, Iraq. The company is currently re-negotiating the contract with Iraq.
Speaking to Business Line after the release of IEA’s report on ‘Iraq Energy Outlook’ Birol said Iraq’s role in the global oil market was growing rapidly.
Currently, half of Iraq’s oil exports go to Asia. This situation will change by 2020, when exports to Asia will account for 80 per cent of Iraq’s oil exports.
Two major oil importers in Asia – China and India – will have the largest share by end of this decade. Today, Iraq produces three million barrels a day of crude oil and, according to IEA’s Iraq Energy Outlook, the country's oil production is expected to grow by over 5 million barrels a day to 2035, he said. Incidentally, Iraq recently replaced Iran as India’s second largest crude oil supplier.
According to IEA Iraq Energy Outlook, by 2020, crude oil production is expected to more than double to 6.1 million barrels a day to reach 8.3 million barrels a day by 2035.
Birol said by 2020, China will account for almost 2 million barrels of oil a day sourcing from Iraq, while India will be getting close to 1.5 million barrels a day. Twenty years down the line, Iraq will have reached GDP levels of what Saudi Arabia is today, he said.
On whether Iraq will be able to meet the demand shortfall created due to geo-political issues in Iran, he said, “Iraq will be able to sustain it, because it has vast and low-cost oil resources. Iraq is on its way to become the second largest exporter of oil globally. The largest exporters today are Saudi Arabia, followed by Russia.”
Asked if the flush of oil from Iraq will result in bringing down prices, Birol said, “If Iraq is able to sustain the developments, then it will. But, if it remains lower than expectations or developments weaken due to any kind of political uncertainty, the prices may be $15 a barrel higher than expected in 2035.” International crude oil prices are well over $105 a barrel today.
On becoming a gas supplier to the world, Birol said natural gas could play a more important role in Iraq’s future for its power generation.
He said there was a huge potential for Indian companies to invest in Iraq in not only oil and gas exploration but also in areas such petrochemicals, IT, engineering and infrastructure.
The overseas investment arm of ONGC, ONGC Videsh Ltd, is the sole licensee of Block-8, a large on-land exploration Block in Western Desert, Iraq. The company is currently re-negotiating the contract with Iraq.
Affordable electricity to all households in 5 years: PM
New Delhi: Prime Minister Manmohan Singh on Tuesday said the Government plans to offer affordable electricity to all households in the country in the next five years.
"More than 1,00,000 villages in the country have been provided in recent years," Singh said while addressing a seminar on Energy Access organised by the CII and Ministry of New and Renewable Energy.
Prime Minister Singh also said that the Government is taking steps to offer cooking gas to all rural households.
At present, 12 per cent of 119 million rural households use LPG for cooking. All 240 million households, using six subsidised cylinders in year, would require about 25 million tonnes of LPG.
"Extending of distribution network may require some time. Rural households would need subsidy for electricity and LPG," Singh added.
The Government is working on a mechanism to provide subsidy to targeted individual.
Singh said that the Government is looking to put in place a mechanism where subsidy would be directly transferred to bank accounts of the beneficiary.
In addition, solar power contributes 12 per cent to India's total electricity installed capacity.
"We hope to light up around 20 million rural homes by using solar power by 2022," Singh said.
India targets to install 55 GW of renewable energy capacity by 2017.
"More than 1,00,000 villages in the country have been provided in recent years," Singh said while addressing a seminar on Energy Access organised by the CII and Ministry of New and Renewable Energy.
Prime Minister Singh also said that the Government is taking steps to offer cooking gas to all rural households.
At present, 12 per cent of 119 million rural households use LPG for cooking. All 240 million households, using six subsidised cylinders in year, would require about 25 million tonnes of LPG.
"Extending of distribution network may require some time. Rural households would need subsidy for electricity and LPG," Singh added.
The Government is working on a mechanism to provide subsidy to targeted individual.
Singh said that the Government is looking to put in place a mechanism where subsidy would be directly transferred to bank accounts of the beneficiary.
In addition, solar power contributes 12 per cent to India's total electricity installed capacity.
"We hope to light up around 20 million rural homes by using solar power by 2022," Singh said.
India targets to install 55 GW of renewable energy capacity by 2017.
Tuesday, October 9, 2012
Blackstone invests $100 mn in International Tractors Ltd
Incorporated in 1995, ITL has grown to have an annual turnover of USD 500 million. It currently has 10% share of the domestic tractor market. In addition, ITL exports tractors to over 70 countries worldwide. The company aims to grow its position in India as well as expand its presence in the global markets.
Mr. L. D. Mittal, chairman, ITL, said: "Blackstone in India has an exceptional track record in partnering with companies during their growth phase. We have already witnessed the value-addition that they bring to us. Their strategic inputs will further enable us to achieve our ambitious growth plans.
In addition to helping us scale up our operations, this deal will provide us access to Blackstone's global best practices." "ITL is intrinsic to India's efforts in enhancing agricultural productivity and enriching its farmers.
Favourable macro-economic trends such as rising minimum support prices and rising labour costs are leading to increased adoption of mechanization by farmers. ITL's cost-effective manufacturing facilities with deep value engineering and strong product development capabilities provide it with a competitive advantage to capture this market.
Customers identify with the Sonalika brand for its product strength and commitment to the consumer. Further, ITL's tractors are in great demand in international markets as well," said Akhil Gupta, Senior Managing Director and Chairman of Blackstone India. Delhi-based SSV Fincorp Services led by its CEO, Amit Tandon, was the exclusive advisor for this transaction.
HDFC Bank opens representative office in Abu Dhabi
The new representative office will facilitate opening of NRE accounts in India, and offer remittance services, fixed deposits and other related banking services for India accounts to NRIs based in Abu Dhabi. To cater to non-resident clients, HDFC Bank also partners with exchange houses across Gulf Co-operation Council (GCC) countries for NRI remittances.
"The UAE is an important global business centre and this initiative reflects our commitment to bring world-class banking services to the doorstep of the Indian community in the region. We will continue to expand our off-shore operations to meet the banking requirements of our valued customers," said Mr. Abhay Aima, Group Head, Equities, Private Banking, Third Party Products, NRI and International Consumer Business, HDFC Bank.
UK's Dashtag among 14 FDI proposals cleared by FIPB
New Delhi: The Foreign Investment Promotion Board (FIPB) has cleared 14 FDI proposals worth Rs 113.35 crore including three from the pharmaceutical sector.
The board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of the UK -based Dashtag to increase foreign equity valued at Rs 68.22 crore. This is to carry out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.
FIPB also gave its nod to Prime Surgical Centers Private Ltd proposal to set up a Limited Liability Partnership (LLP) to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune. The company proposes to bring FDI worth Rs 14 crore in the venture.
A proposal relating to Mumbai-based Neo Capricorn Plaza Ltd for post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels was also okayed.
FIPB also cleared the proposal of Pipavav Defence and Offshore Engineering Company Ltd to increase foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc.
Nine proposals were deferred due to various reasons. These include applications of Multi Commodity Exchange of India, Multi Screen Media Pvt and Deutsche Investments India Private Ltd.
Also, seven requests for FDI including that of British Marine India, Atlas Equifin Ltd, Filtrex Technologies and IPsoft Netherland were rejected, a statement said.
The board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of the UK -based Dashtag to increase foreign equity valued at Rs 68.22 crore. This is to carry out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.
FIPB also gave its nod to Prime Surgical Centers Private Ltd proposal to set up a Limited Liability Partnership (LLP) to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune. The company proposes to bring FDI worth Rs 14 crore in the venture.
A proposal relating to Mumbai-based Neo Capricorn Plaza Ltd for post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels was also okayed.
FIPB also cleared the proposal of Pipavav Defence and Offshore Engineering Company Ltd to increase foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc.
Nine proposals were deferred due to various reasons. These include applications of Multi Commodity Exchange of India, Multi Screen Media Pvt and Deutsche Investments India Private Ltd.
Also, seven requests for FDI including that of British Marine India, Atlas Equifin Ltd, Filtrex Technologies and IPsoft Netherland were rejected, a statement said.
India and France sign Administrative Agreement in the field of Sustainable Urban Development
New Delhi: Shri Kamal Nath, Union Minister of Urban Development, and Ms. Nicole Bricq, Minister for Foreign Trade, Government of France signed an Administrative Agreement in the field of Sustainable Urban Development in Paris. Speaking on the occasion, Shri Kamal Nath expressed appreciation for the related work in the field of Sustainable Urban Development carried out in France and felt that India could benefit immensely from the French experience.
Earlier, Shri Kamal Nath held talks with Ms. Nicole Bricq. The two Ministers expressed satisfaction at the maturity reached in the strategic relations between India and France. The two Ministers discussed ways to enhance economic and commercial relations between the countries. Shri Nath briefed the French Minister about the recent decisions taken by the Government of India to further liberalise the Foreign Direct Investment (FDI) regulations in India and reiterated the Government’s commitment to continuing with liberalization of the Indian economy.
Shri Kamal Nath stated that both India and France would benefit from the Agreement as it would provide an enabling platform for the officials, professionals, business leaders and local self-governing bodies to meet and share knowledge and best practices in the urban sector. He expressed the hope that this Joint Declaration would lead to enhanced cooperation and deepen the engagement between the two countries. He invited the international firms including French firms to participate in the process of making cities greener and more sustainable. This offers avenues for further cooperation in the coming years.
The implementation of this Agreement will take place under the aegis of the Indo-French Joint Working Group on Urban Development comprising representatives from the Ministry of Urban Development (India) and the Ministry of Regional Equality & Housing and the Ministry of Ecology, Sustainable Development & Energy (France).
Shri Kamal Nath also participated in a business roundtable organized by the MEDEF International. The roundtable was attended by leading infrastructure companies.
Speaking on the occasion, the Minister highlighted the immense challenges and opportunities that exist in the urban sector in India today. He informed that India would soon launch the next phase of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and that the Government of India is keen to encourage Public-Private Partnership (PPP) in urban sector, especially in larger cities, which would ease the process of investment and involvement in the burgeoning urban sector in India.
Earlier, Shri Kamal Nath held talks with Ms. Nicole Bricq. The two Ministers expressed satisfaction at the maturity reached in the strategic relations between India and France. The two Ministers discussed ways to enhance economic and commercial relations between the countries. Shri Nath briefed the French Minister about the recent decisions taken by the Government of India to further liberalise the Foreign Direct Investment (FDI) regulations in India and reiterated the Government’s commitment to continuing with liberalization of the Indian economy.
Shri Kamal Nath stated that both India and France would benefit from the Agreement as it would provide an enabling platform for the officials, professionals, business leaders and local self-governing bodies to meet and share knowledge and best practices in the urban sector. He expressed the hope that this Joint Declaration would lead to enhanced cooperation and deepen the engagement between the two countries. He invited the international firms including French firms to participate in the process of making cities greener and more sustainable. This offers avenues for further cooperation in the coming years.
The implementation of this Agreement will take place under the aegis of the Indo-French Joint Working Group on Urban Development comprising representatives from the Ministry of Urban Development (India) and the Ministry of Regional Equality & Housing and the Ministry of Ecology, Sustainable Development & Energy (France).
Shri Kamal Nath also participated in a business roundtable organized by the MEDEF International. The roundtable was attended by leading infrastructure companies.
Speaking on the occasion, the Minister highlighted the immense challenges and opportunities that exist in the urban sector in India today. He informed that India would soon launch the next phase of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and that the Government of India is keen to encourage Public-Private Partnership (PPP) in urban sector, especially in larger cities, which would ease the process of investment and involvement in the burgeoning urban sector in India.
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