Mumbai: DHL Supply Chain, a division of global logistics provider DHL, will invest more than Rs 680 crore (100 million euros) in India as part of its expansion drive. According to the company, DHL Supply Chain will invest in developing an additional 5 million square feet of warehousing space across India and eight world class multi-client sites across the country. Multi-client sites are large scale warehousing spaces at strategic locations to help different companies.
It will also invest in improving its transportation business.
"With government investments in infrastructure on the rise coupled with streamlining of regulatory policies, we are enthusiastic about the fast growth in the logistics market," said Paul Graham, CEO, Asia Pacific, DHL Supply Chain.
DHL Supply Chain, which started operations in India in 1997, currently has more than 103 warehouses spread across more than 50 cities. Indian logistics firms had grown at over 25% in fiscal 2011-12 led by large-scale outsourcing of logistics services by manufacturing and services sector and a steady rise in rural consumption, say industry experts.
The growth comes at time when the sector has been witnessing a paradigm shift with many small-scale and large-scale firms trying to improve their presence in the 3PL (third party logistics) market.
3PL players are outsourced to provide an integrated end-to-end logistics solutions such as warehousing, transportation and inventory management ensuring safe delivery and storage of goods. Logistics giants have also shown interest in the domestic logistics sector with foreign firms acquiring Indian companies in the past few years.
Success in my Habit
Thursday, October 18, 2012
ExlService acquires US-based Landacorp
Mumbai: Business process outsourcing firm ExlService Holdings on Tuesday announced the acquisition of Landacorp, significantly increasing its capabilities in the healthcare industry. The financial details of the deal were not disclosed.
Landacorp, a provider of healthcare solutions and technology, with more than 50 million members under management on its platforms, has developed services and technology solutions that share clinical data with payers, providers, plan participants and accountable care organisations.
“The acquisition provides Exl with an end-to-end solution for the healthcare industry which is consistent with our strategy of building deep domain expertise in select industry verticals and offering platform-based solutions. It gives us access to proprietary technology platform, embedded analytics and healthcare domain expertise. Equally important are Landacorp’s strong relationships with many leading health insurers and its strong culture of client centricity,” said Rohit Kapoor, vice-chairman and CEO, ExlService.
Exl has been acquiring small companies with niche focus and capabilities over the last few quarters. Last year, it acquired Trumbull Services, which gave it a stronghold in the insurance space. In 2011, it also closed the acquisition of Outsource Partners International that has a significant presence in the finance and accounting space with 3,700 employees.
With this acquisition, Exl also gets Landacorp’s flagship CareRadius suite, a platform designed to integrate a payer’s internal and external data to streamline workflows, support collaboration among healthcare professionals and drive health decision making with analytics.
For several years, healthcare has been a dynamic and rapidly growing domain for Exl. The Landacorp acquisition strengthens Exl's ability to support the healthcare industry with better outcomes by combining technology, operational efficiency and analytics.
Healthcare offers an attractive growth opportunity for the IT and BPO industry. According to research firm NelsonHall, the market for outsourced services to healthcare payers should increase to $15 billion in 2016 from $9 billion in 2011.
Prior to this acquisition, Landacorp was a subsidiary of SHPS, Inc. Following its acquisition by Exl, Landacorp will be known as Exl Landa.
Landacorp, a provider of healthcare solutions and technology, with more than 50 million members under management on its platforms, has developed services and technology solutions that share clinical data with payers, providers, plan participants and accountable care organisations.
“The acquisition provides Exl with an end-to-end solution for the healthcare industry which is consistent with our strategy of building deep domain expertise in select industry verticals and offering platform-based solutions. It gives us access to proprietary technology platform, embedded analytics and healthcare domain expertise. Equally important are Landacorp’s strong relationships with many leading health insurers and its strong culture of client centricity,” said Rohit Kapoor, vice-chairman and CEO, ExlService.
Exl has been acquiring small companies with niche focus and capabilities over the last few quarters. Last year, it acquired Trumbull Services, which gave it a stronghold in the insurance space. In 2011, it also closed the acquisition of Outsource Partners International that has a significant presence in the finance and accounting space with 3,700 employees.
With this acquisition, Exl also gets Landacorp’s flagship CareRadius suite, a platform designed to integrate a payer’s internal and external data to streamline workflows, support collaboration among healthcare professionals and drive health decision making with analytics.
For several years, healthcare has been a dynamic and rapidly growing domain for Exl. The Landacorp acquisition strengthens Exl's ability to support the healthcare industry with better outcomes by combining technology, operational efficiency and analytics.
Healthcare offers an attractive growth opportunity for the IT and BPO industry. According to research firm NelsonHall, the market for outsourced services to healthcare payers should increase to $15 billion in 2016 from $9 billion in 2011.
Prior to this acquisition, Landacorp was a subsidiary of SHPS, Inc. Following its acquisition by Exl, Landacorp will be known as Exl Landa.
Indo-African Millet Network to work with farmers for boosting output
Hyderabad: A group of environmental organisations and NGOs from India and West Africa launched the Indo-African Millet Network at a side-meeting of the on-going UN conference on biological diversity.
The initiatives will aim at working with farmers groups across India and West Africa to boost production and demand of millets.
These groups see millets as a bonding crop between India and Africa, especially because of nutritional values.
The groups are led by Millet Network of India, Deccan Development Society, Coalition to Protect African Genetic Heritage (Copagen) based in Benin, Organic Farming Association of India and Paryavarana Vikas Kendra of Gujarat.
National Convenor of Millet Network of India P.V. Satheesh said that millet production in India has declined by 50 per cent in the last two decades, primarily due to lack of incentives to farmers and adequate policy backing.
“We have been seeking inclusion of millets in the public distribution system as one way to boost production,” he told media persons here.
The organisation has brought back about 5,000 acres under millet cultivation across eight States, including Karnataka, Andhra Pradesh, Gujarat and Rajasthan through farmers programmes.
Rene Segbenou of Copagen said millet production had fallen in certain parts of Africa and through this initiative, efforts would be made to boost production of this crop.
The initiatives will aim at working with farmers groups across India and West Africa to boost production and demand of millets.
These groups see millets as a bonding crop between India and Africa, especially because of nutritional values.
The groups are led by Millet Network of India, Deccan Development Society, Coalition to Protect African Genetic Heritage (Copagen) based in Benin, Organic Farming Association of India and Paryavarana Vikas Kendra of Gujarat.
National Convenor of Millet Network of India P.V. Satheesh said that millet production in India has declined by 50 per cent in the last two decades, primarily due to lack of incentives to farmers and adequate policy backing.
“We have been seeking inclusion of millets in the public distribution system as one way to boost production,” he told media persons here.
The organisation has brought back about 5,000 acres under millet cultivation across eight States, including Karnataka, Andhra Pradesh, Gujarat and Rajasthan through farmers programmes.
Rene Segbenou of Copagen said millet production had fallen in certain parts of Africa and through this initiative, efforts would be made to boost production of this crop.
Turkmenistan invites India to invest in Caspian Offshore
New Delhi: Turkmenistan has invited Indian companies to explore hydrocarbon at its Caspian Offshore region.
"Many international companies are already working. We want Indian companies also to participate," Kakageldy Abdullaev, Acting Minister of Oil and Gas Industry and Mineral Resources of Turkmenistan, told media persons at Petrotech 2012.
The companies that evinced interest from India include ONGC Videsh and GAIL (India). Abdullaev discussed the opportunities with India's Petroleum Minister S. Jaipal Reddy on Tuesday.
"We want India to increase its presence in Turkmenistan soil," Abdullaev added.
Mozambique
India has told Mozambique that it would like to set up fertiliser and petrochemical units in the country.
India has asked at what price Mozambique can make gas available to Indian companies," a Petroleum Ministry official told media persons.
Next year, Mozambique may put its hydrocarbon assets for bidding, the official said.
Malaysia
India has sought more gas from Malaysia.
"We would be interested in LNG from their global assets. They are willing to consider. India has also discussed if EIL, which has presence in Malaysia, can participate in petrochemical and upgradation projects," the official said.
Sudan
The Government of Sudan has formed a committee to look at the pipeline that would help OVL and others to transport gas.
Already a proposal has been put up that determines the charges at $11 a barrel. This includes transportation fee of $8.40 plus processing fee of $1.60 and a transit fee of $1.
India is seeking exemption of the transit fee, the official said.
"Many international companies are already working. We want Indian companies also to participate," Kakageldy Abdullaev, Acting Minister of Oil and Gas Industry and Mineral Resources of Turkmenistan, told media persons at Petrotech 2012.
The companies that evinced interest from India include ONGC Videsh and GAIL (India). Abdullaev discussed the opportunities with India's Petroleum Minister S. Jaipal Reddy on Tuesday.
"We want India to increase its presence in Turkmenistan soil," Abdullaev added.
Mozambique
India has told Mozambique that it would like to set up fertiliser and petrochemical units in the country.
India has asked at what price Mozambique can make gas available to Indian companies," a Petroleum Ministry official told media persons.
Next year, Mozambique may put its hydrocarbon assets for bidding, the official said.
Malaysia
India has sought more gas from Malaysia.
"We would be interested in LNG from their global assets. They are willing to consider. India has also discussed if EIL, which has presence in Malaysia, can participate in petrochemical and upgradation projects," the official said.
Sudan
The Government of Sudan has formed a committee to look at the pipeline that would help OVL and others to transport gas.
Already a proposal has been put up that determines the charges at $11 a barrel. This includes transportation fee of $8.40 plus processing fee of $1.60 and a transit fee of $1.
India is seeking exemption of the transit fee, the official said.
India Germany Discuss Cooperation in Shipping Sector
New Delhi: Mr. Olaf Scholz, First Mayor (Chief Minister) of Hamburg, Federal Republic of Germany called on the Minister of Shipping, Shri G.K.Vasan today in New Delhi.
During the meeting, the Minister recalled the long association with Germany in maritime sector and informed that an Agreement between India and the Federal Republic of Germany on Maritime Transport Relations was signed on 15 June, 1966 in New Delhi.
The Minister said that India values its strategic partnership with Germany and stands ready to broaden and deepen it in all its aspects. The Minister enquired about the strengths of Hamburg City in logistics and maritime industry sector. Possible areas of cooperation were discussed during the meeting. India would like to seek German expertise in areas in areas such as decongestion of ports; information technology for the movement of container traffic and maritime training.
The Minister recalled that the India participated at the Hamburg Port Festival 2012 held between 11-13 May, 2012, as partner country and featured a variety of activities dealing with Indian culture and provided visitors with information on the country's culture, cuisine and ways to travel to India. Senior officials from the Directorate General of Light houses and Lightships, Inland Waterways Authority of India, Indian Ports Association, Shipping Corporation of India, Cochin Port, New Mangalore Port and Mumbai Port Trust also took part in the Festival to highlight the recent developments in the logistics sector in India and highlighted the investment opportunities in the port sector in India. The Minister also thanked Mr. Scholz for his extensive support for a successful participation by India in the Hamburg Port Festival which signaled the launching of Days of India in Germany.
The Minister stated that the areas identified could be explored further by a team of officers from respective sides who could draw up the plan for further cooperation. The Minister expressed hope that since 100% FDI is allowed in the shipping sector in India and keeping in view that India is emerging as a logistics hub and cruise destination, investments in maritime sector from German companies would be mutually beneficial for both the countries.
During the meeting, the Minister recalled the long association with Germany in maritime sector and informed that an Agreement between India and the Federal Republic of Germany on Maritime Transport Relations was signed on 15 June, 1966 in New Delhi.
The Minister said that India values its strategic partnership with Germany and stands ready to broaden and deepen it in all its aspects. The Minister enquired about the strengths of Hamburg City in logistics and maritime industry sector. Possible areas of cooperation were discussed during the meeting. India would like to seek German expertise in areas in areas such as decongestion of ports; information technology for the movement of container traffic and maritime training.
The Minister recalled that the India participated at the Hamburg Port Festival 2012 held between 11-13 May, 2012, as partner country and featured a variety of activities dealing with Indian culture and provided visitors with information on the country's culture, cuisine and ways to travel to India. Senior officials from the Directorate General of Light houses and Lightships, Inland Waterways Authority of India, Indian Ports Association, Shipping Corporation of India, Cochin Port, New Mangalore Port and Mumbai Port Trust also took part in the Festival to highlight the recent developments in the logistics sector in India and highlighted the investment opportunities in the port sector in India. The Minister also thanked Mr. Scholz for his extensive support for a successful participation by India in the Hamburg Port Festival which signaled the launching of Days of India in Germany.
The Minister stated that the areas identified could be explored further by a team of officers from respective sides who could draw up the plan for further cooperation. The Minister expressed hope that since 100% FDI is allowed in the shipping sector in India and keeping in view that India is emerging as a logistics hub and cruise destination, investments in maritime sector from German companies would be mutually beneficial for both the countries.
Tuesday, October 16, 2012
KEC International bags Rs 868 crore contracts
New Delhi: RPG Group's KEC International LtdBSE 1.23 % has bagged Rs 868 crore fresh orders for supply and laying of transmission, power systems and telecom lines.
The company has secured transmission orders in India, Abu Dhabi, Tunisia and Philippines. These include Rs 227 crore order from Power Grid CorporationBSE 0.13 % of India (PGCIL) for supply and erection of transmission lines in Jharkhand on turnkey basis and Rs 278 crore order for laying transmission line between Ruwais and Bab grid stations in Abu Dhabi on a turnkey basis, an official statement said.
KEC has received Rs 62 crore order from PGCIL for supply and establishment of fibre optic communication system in the western region in India.
The company has secured various orders for supply of power and telecom cables. The total value of these orders is Rs 39 crore.
The company has secured transmission orders in India, Abu Dhabi, Tunisia and Philippines. These include Rs 227 crore order from Power Grid CorporationBSE 0.13 % of India (PGCIL) for supply and erection of transmission lines in Jharkhand on turnkey basis and Rs 278 crore order for laying transmission line between Ruwais and Bab grid stations in Abu Dhabi on a turnkey basis, an official statement said.
KEC has received Rs 62 crore order from PGCIL for supply and establishment of fibre optic communication system in the western region in India.
The company has secured various orders for supply of power and telecom cables. The total value of these orders is Rs 39 crore.
Tata Capital, Century Tokyo join hands for leasing solutions
New Delhi: Tata Capital aims to create assets worth Rs 2,500 crore over next five years through its business partnership with Japan’s Century Tokyo Leasing Corporation.
The Indian company, through its wholly-owned subsidiary Tata Capital Financial Services, has entered into a business partnership with the Japanese company. The venture will offer leasing solutions through a separate ‘Leasing Division’ in TCFSL — Tata Capital Leasing Solutions.
At present, the equipment leasing market in India is estimated at Rs 20,000 crore and is expected to grow at an annual rate of 25-30 per cent over the next few years.
Services to be offered
The services proposed to be offered include a full spectrum of leasing solutions from plain vanilla to complex structures, across diverse industries and for all equipment.
Under the agreement, it is proposed to launch a ‘Japan-Desk’, which will be represented by senior officials of TC-Lease who will be based in India as part of the Leasing Division. The primary responsibility of the Japan Desk will be to source business from Japanese companies based in India.
Tata Capital’s Managing Director and Chief Operating Officer Praveen P. Kadle said, “It gives us expertise in lease operations. In many countries, leasing accounts for huge amount of capital formation. In advanced countries, leasing contributes almost 20 per cent of capital formation, in India it is just 1.5 per cent. So, in the time to come, we will see leasing playing an important role in capital formation.”
Century Tokyo’s President Shunichi Asada said, “Our experience in the field of leasing solutions and Tata Capital’s extensive network in India would help provide the right financing solutions and guidance to Japanese and other companies in India.”
The business partnership intends to form a joint venture once asset creation of Rs 2,500 crore is reached. However, no decision has been taken about the equity structure in the proposed joint venture.
The Indian company, through its wholly-owned subsidiary Tata Capital Financial Services, has entered into a business partnership with the Japanese company. The venture will offer leasing solutions through a separate ‘Leasing Division’ in TCFSL — Tata Capital Leasing Solutions.
At present, the equipment leasing market in India is estimated at Rs 20,000 crore and is expected to grow at an annual rate of 25-30 per cent over the next few years.
Services to be offered
The services proposed to be offered include a full spectrum of leasing solutions from plain vanilla to complex structures, across diverse industries and for all equipment.
Under the agreement, it is proposed to launch a ‘Japan-Desk’, which will be represented by senior officials of TC-Lease who will be based in India as part of the Leasing Division. The primary responsibility of the Japan Desk will be to source business from Japanese companies based in India.
Tata Capital’s Managing Director and Chief Operating Officer Praveen P. Kadle said, “It gives us expertise in lease operations. In many countries, leasing accounts for huge amount of capital formation. In advanced countries, leasing contributes almost 20 per cent of capital formation, in India it is just 1.5 per cent. So, in the time to come, we will see leasing playing an important role in capital formation.”
Century Tokyo’s President Shunichi Asada said, “Our experience in the field of leasing solutions and Tata Capital’s extensive network in India would help provide the right financing solutions and guidance to Japanese and other companies in India.”
The business partnership intends to form a joint venture once asset creation of Rs 2,500 crore is reached. However, no decision has been taken about the equity structure in the proposed joint venture.
Private equity deals rise 16% in July-Sept
Mumbai: Private equity deals jumped 16 per cent in the July-September quarter, driven by large deals like Bain Capital’s investment in Genpact at $1 billion, Flipkart’s fund raising of $150 million and Ashoka’s Concessions’ fund raise of $150 million.
Even as deal-making gathered momentum, the IT and ITES sector appear to have contributed 59 per cent of PE deal activity, mainly driven by the Genpact deal and deals in the e-commerce sector.
While the pharma, healthcare and biotech sectors saw a lot of activity, PE deals in the banking and financial services sector too showed an uptrend, according to a report on mergers and acquisition and PE by advisory firm Grant Thornton.
Three large PE deals were reported in August. Bain Capital's 30 per cent stake in Genpact, a billion-dollar transaction, enabling an exit to Oak Hill Partners, was the highlight. Flipkart raised $150 million from Naspers. PE deals totalling $1.8 billion were concluded in August, the highest-ever this year.
In the pharma space, Goldman Sachs invested $40 million in Bangalore-based Nova Medical Centers Pvt Ltd, which also saw an investment of $14 million by New Enterprise Associates in August.
The very next month, short-stay surgical care and fertility clinic company Nova Medical Centers said it would acquire a majority interest in Excel Hospitals, Kanpur, for an undisclosed amount. Given the investment, the company said it was well on its way to achieving its commitment of setting up 25 centres across India and West Asia by this year.
PE firm Proparco, a French development financing firm, invested $12.50 million for a 20 per cent stake in Strides Arcolab’s African business. Bangalore-based Strides Arcolab has been in Africa for some years now.
Global investment firm Norwest Venture Partner invested $21.82 million for a 10 per cent stake in Thyrocare Technologies and invested $4.50 million in Bangalore-based NationWide Primary Health Services, a retail chain of primary care clinics.
In the travel and tourism space, Citigroup Venture Capital International invested $137.75 million in Cox and King's unit Prometheon Holdings. In September last year, Prometheon had bought UK-based tour operator Holidaybreak for Rs 2,300 crore.
In early September, Cox and King announced plans of a stake sale in Prometheon Holdings for $137.75 million in a move to reduce its debt.
Even as deal-making gathered momentum, the IT and ITES sector appear to have contributed 59 per cent of PE deal activity, mainly driven by the Genpact deal and deals in the e-commerce sector.
While the pharma, healthcare and biotech sectors saw a lot of activity, PE deals in the banking and financial services sector too showed an uptrend, according to a report on mergers and acquisition and PE by advisory firm Grant Thornton.
Three large PE deals were reported in August. Bain Capital's 30 per cent stake in Genpact, a billion-dollar transaction, enabling an exit to Oak Hill Partners, was the highlight. Flipkart raised $150 million from Naspers. PE deals totalling $1.8 billion were concluded in August, the highest-ever this year.
In the pharma space, Goldman Sachs invested $40 million in Bangalore-based Nova Medical Centers Pvt Ltd, which also saw an investment of $14 million by New Enterprise Associates in August.
The very next month, short-stay surgical care and fertility clinic company Nova Medical Centers said it would acquire a majority interest in Excel Hospitals, Kanpur, for an undisclosed amount. Given the investment, the company said it was well on its way to achieving its commitment of setting up 25 centres across India and West Asia by this year.
PE firm Proparco, a French development financing firm, invested $12.50 million for a 20 per cent stake in Strides Arcolab’s African business. Bangalore-based Strides Arcolab has been in Africa for some years now.
Global investment firm Norwest Venture Partner invested $21.82 million for a 10 per cent stake in Thyrocare Technologies and invested $4.50 million in Bangalore-based NationWide Primary Health Services, a retail chain of primary care clinics.
In the travel and tourism space, Citigroup Venture Capital International invested $137.75 million in Cox and King's unit Prometheon Holdings. In September last year, Prometheon had bought UK-based tour operator Holidaybreak for Rs 2,300 crore.
In early September, Cox and King announced plans of a stake sale in Prometheon Holdings for $137.75 million in a move to reduce its debt.
Government working on fiscal incentives for gas sector: President Pranab Mukherjee
New Delhi: The government is planning to incentivize energy firms to explore and produce natural gas domestically by extending them similar fiscal incentives currently available to only crude oil production, President Pranab Mukherjee said on Monday.
"The government is working towards extending fiscal incentives similar to those provided for exploration of oil to all forms of natural gas exploration and exploitation," Mukherjee said on Monday while inaugurating Petrotech conference. Currently, India provides tax incentives on crude oil production but similar fiscal concession is denied to gas producers.
President said the policy change is in tune with rapidly changing hydrocarbons sector where share of gas has increased because of commercial development of coal bed methane, shale gas, underground coal gas and gas hydrates.
Mukherjee said the natural gas use is expected to increase in years to come and stressed on the need to connect various parts of India with gas pipelines so that economic benefits of natural gas reach to all. "Government of India is also currently extending full support to companies acquiring overseas oil and gas assets and imports of LNG (liquefied natural gas). It would, in this context, be necessary to accord due priority to the development of a countrywide gas pipeline transportation infrastructure," he said.
President said discoveries of new oil and gas reserves in the recent past in India had been encouraging. "Government of India's New Exploration Licensing Policy launched in 1997-98 has seen investment of over $14 billion and has resulted in 87 oil and gas discoveries. Nelp has all the ingredients of a favourable investment climate, fiscal stability, transparency of the rule of law, contract stability, minimal policy induced uncertainties and a stable legal and regulatory framework," he said.
The refining sector in India, too, has witnessed a silent revolution, he said. "India has, over the years, developed into a major export hub. With a refining capacity of 215 million metric tonnes per annum, exports of petroleum products have now crossed 60 million tonnes, fetching revenue of close to $60 billion. It has emerged as the single largest component of merchandise exports from India," he said.
Mukherjee also gave advice to the oil and gas industry. "I expect the domestic oil and gas industry to place sustainable development at the core of its business decisions. This means placing safety, environment, and community interest at the centre of its policies," he said.
"The government is working towards extending fiscal incentives similar to those provided for exploration of oil to all forms of natural gas exploration and exploitation," Mukherjee said on Monday while inaugurating Petrotech conference. Currently, India provides tax incentives on crude oil production but similar fiscal concession is denied to gas producers.
President said the policy change is in tune with rapidly changing hydrocarbons sector where share of gas has increased because of commercial development of coal bed methane, shale gas, underground coal gas and gas hydrates.
Mukherjee said the natural gas use is expected to increase in years to come and stressed on the need to connect various parts of India with gas pipelines so that economic benefits of natural gas reach to all. "Government of India is also currently extending full support to companies acquiring overseas oil and gas assets and imports of LNG (liquefied natural gas). It would, in this context, be necessary to accord due priority to the development of a countrywide gas pipeline transportation infrastructure," he said.
President said discoveries of new oil and gas reserves in the recent past in India had been encouraging. "Government of India's New Exploration Licensing Policy launched in 1997-98 has seen investment of over $14 billion and has resulted in 87 oil and gas discoveries. Nelp has all the ingredients of a favourable investment climate, fiscal stability, transparency of the rule of law, contract stability, minimal policy induced uncertainties and a stable legal and regulatory framework," he said.
The refining sector in India, too, has witnessed a silent revolution, he said. "India has, over the years, developed into a major export hub. With a refining capacity of 215 million metric tonnes per annum, exports of petroleum products have now crossed 60 million tonnes, fetching revenue of close to $60 billion. It has emerged as the single largest component of merchandise exports from India," he said.
Mukherjee also gave advice to the oil and gas industry. "I expect the domestic oil and gas industry to place sustainable development at the core of its business decisions. This means placing safety, environment, and community interest at the centre of its policies," he said.
India and Bulgaria to Explore Cooperation in Tourism Sector
New Delhi: India and Bulgaria will explore the possibilities of cooperation in Tourism Sector. This was decided at a meeting held between Tourism Minister of Bulgaria Mr. Delian Dobrev and Union Tourism Minister Shri Subodh Kant Sahai here today.
It was decided in the meeting that both the countries will identify areas for working together and explore new opportunities in Tourism sector especially in the field of Hospitality Training, Promotion, Marketing, Development and management of Tourist destinations. Both sides gave an overview of the “Tourism Sector” in their respective countries and re-emphasised on its potential for employment generation and economic growth. It was also agreed that increased tourist traffic between the two countries could strengthen the bilateral relations at people to people level. Both sides also exchanged views to explore the possibilities of promoting investment in the field of hotel industry tourism and infrastructural development. India allows 100% FDI in Hotel sector on automated basis.
India and the Bulgaria emphasised upon the need of exchange of visits of tour operators and opinion makers to promote tourism between the two countries. The importance of interaction between the tour operators and destination managers of the two countries was stressed upon to develop better packages for tourists. The information about investment of opportunities in the tourism sector in both the countries was also shared. Both the countries agreed that growing opportunities in tourism sector should be showcased to attracts investments from the private stake-holders of the two countries. It was also agreed to explore the possibilities of enhancing air-connectivity between both the countries as lack of direct air connectivity between India and Bulgaria is one of the major reasons for small number of tourists traveling between the two countries.
Erlier in his welcome address Shri Sahai said that India and Bulgaria have enjoyed traditionally close and cordial bilateral relations sustained through regular high level political contacts.
Mr. Delian Dobrev in his address appreciated the friendly relations between the two countries and emphasised upon the importance of pursuing a closer relationship based on the emerging potential in the tourism sector in the two countries. He said Bulgaria with its beautiful mountains, the Black-Sea coast boasting of cities like Varna has become an attractive destination for Indian film Industry.
Mr. Delian Dobrev is on a visit to India in connection with the 17th session of the Indo-Bulgarian Joint Commission on Economic, Scientific and Technical Cooperation of which he is the co-chairman.
It was decided in the meeting that both the countries will identify areas for working together and explore new opportunities in Tourism sector especially in the field of Hospitality Training, Promotion, Marketing, Development and management of Tourist destinations. Both sides gave an overview of the “Tourism Sector” in their respective countries and re-emphasised on its potential for employment generation and economic growth. It was also agreed that increased tourist traffic between the two countries could strengthen the bilateral relations at people to people level. Both sides also exchanged views to explore the possibilities of promoting investment in the field of hotel industry tourism and infrastructural development. India allows 100% FDI in Hotel sector on automated basis.
India and the Bulgaria emphasised upon the need of exchange of visits of tour operators and opinion makers to promote tourism between the two countries. The importance of interaction between the tour operators and destination managers of the two countries was stressed upon to develop better packages for tourists. The information about investment of opportunities in the tourism sector in both the countries was also shared. Both the countries agreed that growing opportunities in tourism sector should be showcased to attracts investments from the private stake-holders of the two countries. It was also agreed to explore the possibilities of enhancing air-connectivity between both the countries as lack of direct air connectivity between India and Bulgaria is one of the major reasons for small number of tourists traveling between the two countries.
Erlier in his welcome address Shri Sahai said that India and Bulgaria have enjoyed traditionally close and cordial bilateral relations sustained through regular high level political contacts.
Mr. Delian Dobrev in his address appreciated the friendly relations between the two countries and emphasised upon the importance of pursuing a closer relationship based on the emerging potential in the tourism sector in the two countries. He said Bulgaria with its beautiful mountains, the Black-Sea coast boasting of cities like Varna has become an attractive destination for Indian film Industry.
Mr. Delian Dobrev is on a visit to India in connection with the 17th session of the Indo-Bulgarian Joint Commission on Economic, Scientific and Technical Cooperation of which he is the co-chairman.
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