Nagpur: In a bid to take a slice of the estimated Rs 3,000-crore agro equipment market in India, Germany-based manufacturer Lemken GmbH and Co KG has set up its first non-European manufacturing unit at Butibori, Nagpur.
In the first phase of operations, its wholly-owned subsidiary Lemken India Agro Equipment Pvt Ltd, will make hydraulic reversible ploughs that can be used on tractors over 40 HP in power.
The company has invested Rs 60 crore to set up this facility and plans to implement a second phase, involving an equal amount, to make seedbed preparation implements, cultivators and disc harrows a year or so later.
Nicola Lemken, Partner, Lemken, and the seventh generation of ownership of the family-run-business, said the Nagpur plant will cater to the growing demand for agro equipment in India. Lemken also plans to export to countries in South-East Asia and Africa form here.
The Nagpur facility has the capacity to make 3,000 units annually in the first phase, which will be scaled up to 5,000 units in the second phase.
“All the equipment will be locally made from imported boron steel, Arvind Kumar, CEO, Lemken India said, adding local manufacture will make equipment 40 per cent cheaper in comparison to importing it. Initially, the company is setting up 35 dealerships in Maharashtra, Punjab, Karnataka, Andhra Pradesh and Tamil Nadu in the next one year, and plans a stage-wise national roll-out subsequently.
The Indian agro-equipment market is largely unorganised but estimated at Rs 3,000 crore annually, he said, pointing out that with 43 per cent of area under cultivation against 11 per cent world wide, the potential to increase productivity through mechanisation was high.
Lemken GmbH has three plants in Germany and is setting up an assembly plant in China that will become operational in 2013.
Success in my Habit
Monday, October 15, 2012
Nelp-X will be launched by December 2012: Jaipal Reddy
New Delhi: India plans to launch the tenth bidding round of oil and gas exploration blocks by the end of this calendar year after making some investor-friendly changes, oil minister Jaipal Reddy said.
"Before the next round (of new exploration licensing policy) we would like to put in place a more investor friendly regime both for investment and from point of view of pricing," Reddy told reporters on Sunday at Petrotech-2012 conference.
The basis of change would be recommendations of the Rangarajan committee, which is examining existing production sharing contracts and matters related to pricing of gas, he said. "The committee is expected to submit its recommendations in next few weeks, the oil ministry will take a view and place it before the cabinet," he said.
Reddy assured that there would not be any change retrospectively. India has auctioned more than 250 blocks under nine rounds of new exploration licensing policy ( Nelp). The ninth round was launched in October 2010.
He declined to give details. "We can't anticipate what recommendations Dr Rangarajan would give," Reddy said. Oil ministry officials said oil and gas sector investors were worried about unpredictable fiscal regime and attempts of the government to alter contractual terms such as pricing and marketing freedoms.
The oil minister said the policy, which would be framed on the basis of the expert panel, would address concers of investors.
Reddy said better inter-departmental coordination would help investors in getting regulatory approvals.
It has been decided that the oil ministry would first take inter-departmental clearances before inviting bids for blocks in the 10 thround, oil secretary GC Chaturvedi said.
Out of about 70 blocks facing regulatory hassles from defence and environment departments, problems of more than 50 are resolved, he said.
"A high level committee headed by the cabinet secretary and comprising of officials of ministries such as defence and environment, has been set up to give clearances for exploration blocks," he told reporters.
"We have been clearing blocks and I believe only 11-12 are pending for clearances now," Chaturvedi added.
"Before the next round (of new exploration licensing policy) we would like to put in place a more investor friendly regime both for investment and from point of view of pricing," Reddy told reporters on Sunday at Petrotech-2012 conference.
The basis of change would be recommendations of the Rangarajan committee, which is examining existing production sharing contracts and matters related to pricing of gas, he said. "The committee is expected to submit its recommendations in next few weeks, the oil ministry will take a view and place it before the cabinet," he said.
Reddy assured that there would not be any change retrospectively. India has auctioned more than 250 blocks under nine rounds of new exploration licensing policy ( Nelp). The ninth round was launched in October 2010.
He declined to give details. "We can't anticipate what recommendations Dr Rangarajan would give," Reddy said. Oil ministry officials said oil and gas sector investors were worried about unpredictable fiscal regime and attempts of the government to alter contractual terms such as pricing and marketing freedoms.
The oil minister said the policy, which would be framed on the basis of the expert panel, would address concers of investors.
Reddy said better inter-departmental coordination would help investors in getting regulatory approvals.
It has been decided that the oil ministry would first take inter-departmental clearances before inviting bids for blocks in the 10 thround, oil secretary GC Chaturvedi said.
Out of about 70 blocks facing regulatory hassles from defence and environment departments, problems of more than 50 are resolved, he said.
"A high level committee headed by the cabinet secretary and comprising of officials of ministries such as defence and environment, has been set up to give clearances for exploration blocks," he told reporters.
"We have been clearing blocks and I believe only 11-12 are pending for clearances now," Chaturvedi added.
West Bengal clears investments of Rs 6050cr by 4 firms
Kolkata: The Bengal government's standing committee on infrastructure development and industry on Saturday approved investments to the tune of Rs 6,050 crore by four companies in the manufacturing sector. The companies are Power Grid Corporation, SPS Steel and Power Ltd, ACC Cement and Ankit Metals and Power Ltd.
Industries minister Partha Chatterjee said after the meeting the group of ministers responded positively to the applications of the four companies for setting up industrial units in the state. "We are also reconsidering the application of Sobha Ispat," Chatterjee said. Chief minister Mamata Banerjee presided over the meeting at Writers' Buildings.
"We have already said that the government will not acquire land forcibly. But the government will always encourage those who have land and who want to set up industries here. We have been saying that if the projects are acceptable to the chief minister, all applications to set up industries will be approved," Chatterjee said.
Industries minister Partha Chatterjee said after the meeting the group of ministers responded positively to the applications of the four companies for setting up industrial units in the state. "We are also reconsidering the application of Sobha Ispat," Chatterjee said. Chief minister Mamata Banerjee presided over the meeting at Writers' Buildings.
"We have already said that the government will not acquire land forcibly. But the government will always encourage those who have land and who want to set up industries here. We have been saying that if the projects are acceptable to the chief minister, all applications to set up industries will be approved," Chatterjee said.
India to host world farm congress next year
Hyderabad: After the prestigious 19-day Convention on Biological Diversity (CBD), India is set to host the World Agriculture Congress next year. The theme will be ‘reshaping agriculture for a sustainable future’. It will become the first Asian nation to host the biennial Congress.
A Group of Ministers from the State, formed to oversee the event, met on Saturday to discuss a plan of action for its smooth conduct , slated for November 2013.
They were briefed about the upcoming event and its objectives by V. Nagi Reddy, Principal Secretary (Agriculture) and Aldas Janaiah, who is a member of the Agricultural Forum and a senior scientist with Acharya N. G. Ranga Agriculture University .
The Group of Ministers has decided to convene a meeting of all State Agriculture Ministers in the country on October 24 to discuss the event to mark the visit of James B. Bolger, Honorary Chairman of the World Agriculture Forum, to Hyderabad. The ministers have asked the officials to prepare an agenda for the meeting.
Agriculture Minister Kanna Lakshminarayana and Information Technology Minister Ponnala Lakshmaiah participated in the meeting.
A Group of Ministers from the State, formed to oversee the event, met on Saturday to discuss a plan of action for its smooth conduct , slated for November 2013.
They were briefed about the upcoming event and its objectives by V. Nagi Reddy, Principal Secretary (Agriculture) and Aldas Janaiah, who is a member of the Agricultural Forum and a senior scientist with Acharya N. G. Ranga Agriculture University .
The Group of Ministers has decided to convene a meeting of all State Agriculture Ministers in the country on October 24 to discuss the event to mark the visit of James B. Bolger, Honorary Chairman of the World Agriculture Forum, to Hyderabad. The ministers have asked the officials to prepare an agenda for the meeting.
Agriculture Minister Kanna Lakshminarayana and Information Technology Minister Ponnala Lakshmaiah participated in the meeting.
India-Egypt bilateral stood at US$ 4.2 bn last fiscal
New Delhi: Bilateral trade between India and Egypt stood at US$ 4.2 billion from US$ 3.2 billion, registering an increase of 33 per cent, as per data released by the Egyptian Government for the financial year ended June 30, 2012.
Further, export to Egypt from India increased by 29.36 per cent, rising from US$ 1.5 billion to US$ 1.94 billion during the last year. Some of major items exported to Egypt included frozen meat, milled rice, cotton and synthetic yarn, light oils, sesame seeds, cathodes, carbon electrodes, and pneumatic rubber tyres.
During the same period, India's imports from Egypt grew 36.41 per cent from US$ 1.7 billion to US$ 2.3 billion. Crude oil and liquefied natural gas (LNG) accounted for almost US$ 1.97 billion.
Currently, India is Egypt’s seventh largest trading partner.
Further, export to Egypt from India increased by 29.36 per cent, rising from US$ 1.5 billion to US$ 1.94 billion during the last year. Some of major items exported to Egypt included frozen meat, milled rice, cotton and synthetic yarn, light oils, sesame seeds, cathodes, carbon electrodes, and pneumatic rubber tyres.
During the same period, India's imports from Egypt grew 36.41 per cent from US$ 1.7 billion to US$ 2.3 billion. Crude oil and liquefied natural gas (LNG) accounted for almost US$ 1.97 billion.
Currently, India is Egypt’s seventh largest trading partner.
Saturday, October 13, 2012
Potential customers change mind after online research
Mumbai: Seven out of 10 users change their mind about financial products and brands after they research about the products on the Internet, says a study by Google India.
The category most affected due to online research is loans. As many as 75 per cent prospective home loan customers change their decision after a thorough research on the Net. This is 73 per cent in case of personal loans, the Google study notes. Insurance is another category influenced by online research, with 70 per cent customers changing their insurers for motor insurance, 70 per cent for health insurance and 69 per cent for life insurance.
The report was compiled by Google India by combining the Google search trends in India and an independent research report conducted by TNS Australia on the influence of Internet on the purchase decision of financial products by Indian Internet users.
“Given the reach of Internet to high-value customers and its influence on the decision making for financial products, we believe that financial services can create significant value by innovating on the digital medium and adopting an ‘online first’ approach to serve the needs of the digitally savvy customers,” said Rajan Anandan, managing director and VP sales and operations at Google India.
India has about 137 million Internet users, according to iCube-IMRB survey for July 2012. Of this, 99 million urban India users are active on the Internet. With users shifting their buying patterns based on online research, financial services need to adopt a new approach to engage and serve the needs of the digitally savvy customers.
The study points out that 25 million Internet users have bought at least one product online. Out of this, about 15 million do online banking. Banking queries have also grown significantly. Since 2008, banking queries have grown by 345 per cent, insurance by 265 per cent and investing by 268 per cent.
The BFSI (banking, financial services and insurance) sector spends about Rs 1,500 crore in advertisements annually. Of this, less than 10 per cent is for digital advertisement. Seventy-one per cent of Internet users who saw an ad on the TV opt for further research online, and 30 per cent end up buying a product. Whereas, 87 per cent who saw an advertisement on the Internet further researched the product on the web and 39 per cent actually bought it.
The other significant aspect of the study is the increasing use of mobile for finding about financial products. One in every 10 financial query comes from a mobile phone. In terms of percentage growth for search queries coming from mobile phones (banking queries grew at 85 per cent year-on-year (y-o-y), investment related queries grew 105 per cent y-o-y and insurance queries grew 75 per cent y-o-y). Investment-related queries in the mobile space are also the biggest category by search volume in the finance vertical.
The category most affected due to online research is loans. As many as 75 per cent prospective home loan customers change their decision after a thorough research on the Net. This is 73 per cent in case of personal loans, the Google study notes. Insurance is another category influenced by online research, with 70 per cent customers changing their insurers for motor insurance, 70 per cent for health insurance and 69 per cent for life insurance.
The report was compiled by Google India by combining the Google search trends in India and an independent research report conducted by TNS Australia on the influence of Internet on the purchase decision of financial products by Indian Internet users.
“Given the reach of Internet to high-value customers and its influence on the decision making for financial products, we believe that financial services can create significant value by innovating on the digital medium and adopting an ‘online first’ approach to serve the needs of the digitally savvy customers,” said Rajan Anandan, managing director and VP sales and operations at Google India.
India has about 137 million Internet users, according to iCube-IMRB survey for July 2012. Of this, 99 million urban India users are active on the Internet. With users shifting their buying patterns based on online research, financial services need to adopt a new approach to engage and serve the needs of the digitally savvy customers.
The study points out that 25 million Internet users have bought at least one product online. Out of this, about 15 million do online banking. Banking queries have also grown significantly. Since 2008, banking queries have grown by 345 per cent, insurance by 265 per cent and investing by 268 per cent.
The BFSI (banking, financial services and insurance) sector spends about Rs 1,500 crore in advertisements annually. Of this, less than 10 per cent is for digital advertisement. Seventy-one per cent of Internet users who saw an ad on the TV opt for further research online, and 30 per cent end up buying a product. Whereas, 87 per cent who saw an advertisement on the Internet further researched the product on the web and 39 per cent actually bought it.
The other significant aspect of the study is the increasing use of mobile for finding about financial products. One in every 10 financial query comes from a mobile phone. In terms of percentage growth for search queries coming from mobile phones (banking queries grew at 85 per cent year-on-year (y-o-y), investment related queries grew 105 per cent y-o-y and insurance queries grew 75 per cent y-o-y). Investment-related queries in the mobile space are also the biggest category by search volume in the finance vertical.
Dolce & Gabbana, Stella McCartney and Alexander McQueen plan JVs in India to open exclusive stores
New Delhi: Luxury fashion and lifestyle brands Dolce & Gabbana, Stella McCartney and Alexander McQueen are in talks to form joint ventures in India to sell their clothing, bags and shoes through exclusive stores.
"Dolce & Gabbana, Stella McCartney and Alexander McQueen want to have standalone stores in India and we are in talks with them to form joint ventures as these brands have cult following," Priya Sachdev, creative director of TSG International Marketing that operates multi-brand stores chain Kitsch, said. Kitsch is the exclusive distributor of all the three luxury brands in India.
"As consumer demand grows here, they want to have mono-brand stores for bigger presence, business and visibility," said Sachdev, a modelturned-entrepreneur who recently introduced Italian label Dolce & Gabanna in India with her sister Charu Sachdev. "We have been giving them good business."
Sachdev, however, clarified that the joint venture talks with the three brands at a preliminary stage. Italian designers Domenico Dolce and Stefano Gabbana started Dolce & Gabanna in 1985, while British designer Lee McQueen launched Alexander McQueen in 1992. Another British designer Stella McCartney, who does not use any leather or fur in her designs, launched her own fashion house in 2001.
Today, PPR Group owns Stella McCartney brand and owns 51 % in Alexander McQueen. The Indian luxury market is thriving. It is projected to reach $14.7 billion (Rs 81,423 crore) in 2015 from $5.8 billion (Rs 32,126 crore) in 2011, according to a CII-AT Kearney report on Indian Luxury. Analysts say there is an opportunity for international luxury companies to tap India's potential.
"The market is growing steadily and many brands want to have bigger businesses here," Arvind Singhal, chairman of consulting firm Technopak Advisors, said. "Unfortunately, in India there are very few multi-brand luxury formats," he added.
Meanwhile, TSG International Marketing plans to open two outlets by next year. Started in 2005, Kitsch currently has three outlets in Delhi, Mumbai and Pune. "By the end of this year we will have another store in Hyderabad and one more in Chennai by next year," Sachdev said. "We are also planning to bring more brands," she added.
Besides Dolce & Gabbana, Stella McCartney and Alexander McQueen, Kitsch's portfolio also includes YSL, Diane Von Furstenberg, Halston Heritage, Lanvin, Celine, MCQ, Herve Leger and Catherine Malandrino.
"Dolce & Gabbana, Stella McCartney and Alexander McQueen want to have standalone stores in India and we are in talks with them to form joint ventures as these brands have cult following," Priya Sachdev, creative director of TSG International Marketing that operates multi-brand stores chain Kitsch, said. Kitsch is the exclusive distributor of all the three luxury brands in India.
"As consumer demand grows here, they want to have mono-brand stores for bigger presence, business and visibility," said Sachdev, a modelturned-entrepreneur who recently introduced Italian label Dolce & Gabanna in India with her sister Charu Sachdev. "We have been giving them good business."
Sachdev, however, clarified that the joint venture talks with the three brands at a preliminary stage. Italian designers Domenico Dolce and Stefano Gabbana started Dolce & Gabanna in 1985, while British designer Lee McQueen launched Alexander McQueen in 1992. Another British designer Stella McCartney, who does not use any leather or fur in her designs, launched her own fashion house in 2001.
Today, PPR Group owns Stella McCartney brand and owns 51 % in Alexander McQueen. The Indian luxury market is thriving. It is projected to reach $14.7 billion (Rs 81,423 crore) in 2015 from $5.8 billion (Rs 32,126 crore) in 2011, according to a CII-AT Kearney report on Indian Luxury. Analysts say there is an opportunity for international luxury companies to tap India's potential.
"The market is growing steadily and many brands want to have bigger businesses here," Arvind Singhal, chairman of consulting firm Technopak Advisors, said. "Unfortunately, in India there are very few multi-brand luxury formats," he added.
Meanwhile, TSG International Marketing plans to open two outlets by next year. Started in 2005, Kitsch currently has three outlets in Delhi, Mumbai and Pune. "By the end of this year we will have another store in Hyderabad and one more in Chennai by next year," Sachdev said. "We are also planning to bring more brands," she added.
Besides Dolce & Gabbana, Stella McCartney and Alexander McQueen, Kitsch's portfolio also includes YSL, Diane Von Furstenberg, Halston Heritage, Lanvin, Celine, MCQ, Herve Leger and Catherine Malandrino.
'India mobile handset sales to touch 251 million units in 2013'
Mumbai: Mobile device sales in India are forecast to reach 251 million units in 2013, a 13.5 per cent rise over 2012 sales of 221 million units. The mobile handset market is expected to show steady growth through 2016 when end-user sales will surpass 326 million units, according to a study by Gartner.
“The Indian mobile phone market is competitive with more than 150 device manufacturers selling devices to consumers. Most of these manufacturers remain focussed on the low-cost feature phone market, which still constitutes over 91 per cent of overall mobile phone sales, offering a huge market to compete in,” said Anshul Gupta, principal research analyst at Gartner.
“The increase in share of smartphone device sales, declining sales to first-time buyers and the continuous focus of global manufacturers on the low-cost feature phone market, has put many of the 150-plus local and Chinese device manufacturers in survival mode. Many of them are already struggling to maintain a share in the growing market,” Gupta added.
Some of these local and Chinese manufacturers are building capabilities, distribution and brands as they prepare to compete with the big global players at a larger level covering broader consumer segments.
Manufacturers such as ZTE, Micromax, Karbonn Mobile, Huawei stand at sixth, seventh and twelfth in the Indian smartphone market in 1H12 and are constantly expanding their smartphone portfolio to compete at a larger level, with big global manufacturers Samsung and Nokia, which held the first and second position respectively.
Samsung’s brand strength and wide device portfolio has allowed it to take advantage of the high growth opportunities in Indian market. Samsung’s share has risen from 15 per cent in the first quarter of 2011 to 49.8 per cent in 2Q12. If Samsung continues this strong growth, it could end 2012 with more than 60 per cent share — exactly where Nokia was at the start of 2011.
“The Indian mobile phone market is competitive with more than 150 device manufacturers selling devices to consumers. Most of these manufacturers remain focussed on the low-cost feature phone market, which still constitutes over 91 per cent of overall mobile phone sales, offering a huge market to compete in,” said Anshul Gupta, principal research analyst at Gartner.
“The increase in share of smartphone device sales, declining sales to first-time buyers and the continuous focus of global manufacturers on the low-cost feature phone market, has put many of the 150-plus local and Chinese device manufacturers in survival mode. Many of them are already struggling to maintain a share in the growing market,” Gupta added.
Some of these local and Chinese manufacturers are building capabilities, distribution and brands as they prepare to compete with the big global players at a larger level covering broader consumer segments.
Manufacturers such as ZTE, Micromax, Karbonn Mobile, Huawei stand at sixth, seventh and twelfth in the Indian smartphone market in 1H12 and are constantly expanding their smartphone portfolio to compete at a larger level, with big global manufacturers Samsung and Nokia, which held the first and second position respectively.
Samsung’s brand strength and wide device portfolio has allowed it to take advantage of the high growth opportunities in Indian market. Samsung’s share has risen from 15 per cent in the first quarter of 2011 to 49.8 per cent in 2Q12. If Samsung continues this strong growth, it could end 2012 with more than 60 per cent share — exactly where Nokia was at the start of 2011.
Telecom tower business gets infrastructure status, investments may soar
New Delhi: The government has granted infrastructure status to the telecom tower provider industry, a move that is likely to ensure multiple benefits to the sector as well as boost investments.
Announcing the decision, telecom ministerKapil Sibal said the infrastructure status will make tower providers eligible for viability gap funding, higher limit on external commercial borrowing, lower import duties and exemptions on excise duty on telecom infrastructure equipment.
Companies like Bharti Infratel, Indus Towers and Reliance Infratel will get accelerated depreciation, which will encourage more investments in the sector, he said. Tower providers will also get softer lending rates at 3-4% on loan terms of 10-15 years compared to the market borrowing rates of 12-13% over 5-7 years. Companies will be given a tax holiday under section 80-IA of the Income Tax Act, the minister said, adding that the industry body will have to talk to the Reserve Bank of India to ensure the benefits.
"We have kept the door wide open and now it is for you to negotiate and explain your position to the institutions concerned that you have put in place a system that will give great encouragement to the industry," Sibal said. The Cabinet Committee on Infrastructure has included telecom towers along with fixed line in the harmonised list of sub sectors. An implementation committee comprising representatives of RBI, Securities and Exchange Board of India, Insurance Regulatory and Development Authority and the Planning Commission has been formed.
Industry body Tower and Infrastructure Provider's Association (Taipa) will work with the implementation committee to bring in commonality of interest to ensure rapid progression, chairman Akhil Gupta said.
He said the move to include tower companies in the unified licensing regime, under which they would have to pay part of their revenues as licence fee, was welcome. He, however, said tower companies should left out of the licensing regime completely.
"By December, the unified licence regime will be in place and all issues will be resolved," Sibal said, indicating that issues including that of double taxation emerging from bringing tower companies under the licensing regime, would be sorted out.
The telecom department has also issued draft guidelines for the states to follow a harmonised approach to levy penalties on mobile phone companies. "Madhya Pradesh came out with a comprehensive policy, which can become a benchmark for other states. We have asked DoT to convene a meeting with all state secretaries," Gupta said, adding that a standardised policy could be put in place for all states within two months.
He said the tower industry was looking at eliminating the usage of diesel to power telecom towers. It has begun the process by conducting a pilot programme at 1,000 sites that will bring back results of using alternate energy resources like solar power and natural gas by March next year. Taipa also issued two letters of intent to Mahindra & Mahindra and Creative Mark Engineering Solutions, which will work as renewable energy service companies to set up renewable energy-based power plants near the telecom towers sites and sell them power on a pay-per-use model.
Announcing the decision, telecom ministerKapil Sibal said the infrastructure status will make tower providers eligible for viability gap funding, higher limit on external commercial borrowing, lower import duties and exemptions on excise duty on telecom infrastructure equipment.
Companies like Bharti Infratel, Indus Towers and Reliance Infratel will get accelerated depreciation, which will encourage more investments in the sector, he said. Tower providers will also get softer lending rates at 3-4% on loan terms of 10-15 years compared to the market borrowing rates of 12-13% over 5-7 years. Companies will be given a tax holiday under section 80-IA of the Income Tax Act, the minister said, adding that the industry body will have to talk to the Reserve Bank of India to ensure the benefits.
"We have kept the door wide open and now it is for you to negotiate and explain your position to the institutions concerned that you have put in place a system that will give great encouragement to the industry," Sibal said. The Cabinet Committee on Infrastructure has included telecom towers along with fixed line in the harmonised list of sub sectors. An implementation committee comprising representatives of RBI, Securities and Exchange Board of India, Insurance Regulatory and Development Authority and the Planning Commission has been formed.
Industry body Tower and Infrastructure Provider's Association (Taipa) will work with the implementation committee to bring in commonality of interest to ensure rapid progression, chairman Akhil Gupta said.
He said the move to include tower companies in the unified licensing regime, under which they would have to pay part of their revenues as licence fee, was welcome. He, however, said tower companies should left out of the licensing regime completely.
"By December, the unified licence regime will be in place and all issues will be resolved," Sibal said, indicating that issues including that of double taxation emerging from bringing tower companies under the licensing regime, would be sorted out.
The telecom department has also issued draft guidelines for the states to follow a harmonised approach to levy penalties on mobile phone companies. "Madhya Pradesh came out with a comprehensive policy, which can become a benchmark for other states. We have asked DoT to convene a meeting with all state secretaries," Gupta said, adding that a standardised policy could be put in place for all states within two months.
He said the tower industry was looking at eliminating the usage of diesel to power telecom towers. It has begun the process by conducting a pilot programme at 1,000 sites that will bring back results of using alternate energy resources like solar power and natural gas by March next year. Taipa also issued two letters of intent to Mahindra & Mahindra and Creative Mark Engineering Solutions, which will work as renewable energy service companies to set up renewable energy-based power plants near the telecom towers sites and sell them power on a pay-per-use model.
India Inc raised ECB of $2.4 bn in August
Mumbai: In August, Indian companies raised $2.36 billion through external commercial borrowing (ECB) and foreign currency convertible bonds (FCCBs). These were aimed at funding modernisation plans, foreign acquisitions and importing capital goods.
Of the amount raised, $1.21 billion was through the automatic route, while $1.15 billion was raised through the approval route that requires case-by-case approval by the Reserve Bank of India.
Power Grid Corporation accounted for external borrowings of $270 million; the tenure of the loan is 14 years and nine months.
Under the approval route, Power Finance Corporation raised $ 250 million for three years.
In August, there was a single FCCB issuance—Tulip Telecom’s $100-million issue for five years.
Of the amount raised, $1.21 billion was through the automatic route, while $1.15 billion was raised through the approval route that requires case-by-case approval by the Reserve Bank of India.
Power Grid Corporation accounted for external borrowings of $270 million; the tenure of the loan is 14 years and nine months.
Under the approval route, Power Finance Corporation raised $ 250 million for three years.
In August, there was a single FCCB issuance—Tulip Telecom’s $100-million issue for five years.
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