New Delhi: Reliance Power said it has commissioned boiler of the first unit of the Rs 20,000 crore ultra mega power project at Sasan in Madhya Pradesh.
The project's first unit of 660-mw capacity is expected to begin power generation in the next few weeks, an official statement said on Friday.
"This is a critical milestone of the boiler commissioning activities for the unit. The boiler light up was achieved in a record time of just 15 months and the unit is expected to be commissioned five months ahead of schedule," the statement said.
Reliance Power said it has begun mining 20 million tonnes of coal from Moher and Moher-Amlohri mines attached to the project. The plant has also been connected to the national grid by 400 KV transmission lines of Power Grid Corporation, the statement said.
Success in my Habit
Wednesday, October 24, 2012
Onco Therapies gets 2 more ANDA approvals from USFDA
Bengaluru: Onco Therapies Ltd, a wholly owned subsidiary of Strides Arcolab Ltd (Strides), has announced that it has received two more Abbreviated New Drug Application (ANDA) approvals for Fludarabine Phosphate Injection and Idarubicin Hydrochloride Injection.
The company has got approvals from the US Food and Drugs Administration (USFDA) and the combined market for the two drugs is about $20 million.
Fludarabine is a chemotherapy drug used to treat chronic lymphocytic leukaemia (a type of cancer of the white blood cells) in adults while Idarubicin belongs to the group of cancer-fighting medications known as antineoplastics. Idarubicin is used alone or in combination with other antineoplastic medications to treat leukaemia.
The company has got approvals from the US Food and Drugs Administration (USFDA) and the combined market for the two drugs is about $20 million.
Fludarabine is a chemotherapy drug used to treat chronic lymphocytic leukaemia (a type of cancer of the white blood cells) in adults while Idarubicin belongs to the group of cancer-fighting medications known as antineoplastics. Idarubicin is used alone or in combination with other antineoplastic medications to treat leukaemia.
Blah's KWAN in JV with Los Angeles firm
Mumbai: Los Angeles-headquartered entertainment and sports agency Creative Artists Agency (CAA) is entering the Indian market in partnership with KWAN Entertainment & Marketing Solutions. The two companies have formed a 50:50 joint venture (JV) — CAA KWAN.
The JV will represent local talent in India and SAARC nations, and create global opportunities for clients in areas such as motion pictures and television (including packaging and sales), music, commercial endorsements, sports consulting, licensing and merchandising, live events and business development.
CAA's David Taghioff and Caleb Franklin and KWAN' chief executive and managing director Anirban Das Blah and chief operating officer (CEO) Indranil "Niel" Blah will jointly lead CAA KWAN. The new company, with more than 60 employees, will be based in Mumbai, with offices in Delhi, Bangalore, and Hyderabad.
CAA, which has offices in London, Beijing, New York, Chicago, Nashville and other locations in the US and worldwide, had signed Bollywood actor Priyanka Chopra in February. It also works with director Shekhar Kapur, apart from over 2,000 celebrities from the world of entertainment and sports.
This is not the first time an international agency has come to India. Recently, American agency Platinum Rye Entertainment had picked up 50 per cent stake in Mahesh Bhupathi-promoted Globosport's Brand Advisory Business. Incidentally, Anirban Das Blah had co-founded Globosport and was the CEO of the company till 2009, when he started KWAN.
Earlier, New York-based fashion, sports and talent management company IMG Worldwide had entered into a 50:50 JV with Reliance Industries to form IMG Reliance.
“India’s robust entertainment industry offers CAA KWAN tremendous opportunities for talent across multiple platforms,” said Richard Lovett, president of CAA. “In a very short time, KWAN has intelligently scaled and diversified their business to maximise this thriving marketplace for their clients. KWAN’s deep network of relationships, local-market knowledge, and collaborative business philosophy make them a powerful partner in furthering CAA’s existing business in India and providing our clients with more opportunities.”
“We believe the combination of CAA’s experience, influence, and expertise, with KWAN’s extensive knowledge of the Indian entertainment industry, will enable us to provide an unmatched spectrum of services for our clients,” said Anirban Das Blah.
The JV will represent local talent in India and SAARC nations, and create global opportunities for clients in areas such as motion pictures and television (including packaging and sales), music, commercial endorsements, sports consulting, licensing and merchandising, live events and business development.
CAA's David Taghioff and Caleb Franklin and KWAN' chief executive and managing director Anirban Das Blah and chief operating officer (CEO) Indranil "Niel" Blah will jointly lead CAA KWAN. The new company, with more than 60 employees, will be based in Mumbai, with offices in Delhi, Bangalore, and Hyderabad.
CAA, which has offices in London, Beijing, New York, Chicago, Nashville and other locations in the US and worldwide, had signed Bollywood actor Priyanka Chopra in February. It also works with director Shekhar Kapur, apart from over 2,000 celebrities from the world of entertainment and sports.
This is not the first time an international agency has come to India. Recently, American agency Platinum Rye Entertainment had picked up 50 per cent stake in Mahesh Bhupathi-promoted Globosport's Brand Advisory Business. Incidentally, Anirban Das Blah had co-founded Globosport and was the CEO of the company till 2009, when he started KWAN.
Earlier, New York-based fashion, sports and talent management company IMG Worldwide had entered into a 50:50 JV with Reliance Industries to form IMG Reliance.
“India’s robust entertainment industry offers CAA KWAN tremendous opportunities for talent across multiple platforms,” said Richard Lovett, president of CAA. “In a very short time, KWAN has intelligently scaled and diversified their business to maximise this thriving marketplace for their clients. KWAN’s deep network of relationships, local-market knowledge, and collaborative business philosophy make them a powerful partner in furthering CAA’s existing business in India and providing our clients with more opportunities.”
“We believe the combination of CAA’s experience, influence, and expertise, with KWAN’s extensive knowledge of the Indian entertainment industry, will enable us to provide an unmatched spectrum of services for our clients,” said Anirban Das Blah.
Government clears three FDI proposals in single brand retail
New Delhi: The government on Friday gave permission to British footwear retailer Pavers England, US-based clothing company Brooks Brothers and Italian jeweller brand Damiani to set up stores in India under the single brand retail policy.
The Foreign Invstment Promotion Board (FIPB) also allowed construction and engineering major Larsen & Toubro to induct foreign investment in its defence production venture.
The FIPB, the apex body for clearing foreign investment proposals, gave its go ahead to Pavers at its meeting chaired by Arvind Mayaram, secretary, department of economic affairs.The three retail ventures are expected to bring in FDI worth over Rs 106 crore.
"It has been cleared," Mayaram said after the meeting.
Pavers' intends to set up 100% -owned subsidiary and is the first company to apply and receive nod under the new regime for single-brand retail sector that permits foreign direct investment upto 100% in a retail venture but with conditions such as mandatory 30% domestic sourcing from India.
The FIPB has allowed Brooks Brothers to invest Rs 6.22 crore in its recently announced 51:49 joint venture with Reliance Brands, a unit of Reliance Industries, and Italy's Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd, a finance ministry official said.
At present, Pavers sells products through its Chennai-based master franchisee Triton Retail in 28 exclusive stores across India and also through retail outlets of Reliance Footprint, Lifestyle, Shoppers Stop and Westside.
The government had revamped its single-brand retail policy in September making it easier for foreign retailers to comply with domestic sourcing norms. Pavers was the first foreign retailer to apply after the government in January notified its decision to raise FDI limit in single-brand retail from 51% to 100%. But, the proposal was delayed as the earlier norms allowed only the brand owner to set up shop in India.
Under the new rules, the brand owner can licence out the brand to one single entity for opening stores in India.
Pavers' application was made by Pavers Foresight Smart Ventures, a $60-million equal joint venture between Pavers and the Foresight Group based in Mauritius.
The Foreign Invstment Promotion Board (FIPB) also allowed construction and engineering major Larsen & Toubro to induct foreign investment in its defence production venture.
The FIPB, the apex body for clearing foreign investment proposals, gave its go ahead to Pavers at its meeting chaired by Arvind Mayaram, secretary, department of economic affairs.The three retail ventures are expected to bring in FDI worth over Rs 106 crore.
"It has been cleared," Mayaram said after the meeting.
Pavers' intends to set up 100% -owned subsidiary and is the first company to apply and receive nod under the new regime for single-brand retail sector that permits foreign direct investment upto 100% in a retail venture but with conditions such as mandatory 30% domestic sourcing from India.
The FIPB has allowed Brooks Brothers to invest Rs 6.22 crore in its recently announced 51:49 joint venture with Reliance Brands, a unit of Reliance Industries, and Italy's Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd, a finance ministry official said.
At present, Pavers sells products through its Chennai-based master franchisee Triton Retail in 28 exclusive stores across India and also through retail outlets of Reliance Footprint, Lifestyle, Shoppers Stop and Westside.
The government had revamped its single-brand retail policy in September making it easier for foreign retailers to comply with domestic sourcing norms. Pavers was the first foreign retailer to apply after the government in January notified its decision to raise FDI limit in single-brand retail from 51% to 100%. But, the proposal was delayed as the earlier norms allowed only the brand owner to set up shop in India.
Under the new rules, the brand owner can licence out the brand to one single entity for opening stores in India.
Pavers' application was made by Pavers Foresight Smart Ventures, a $60-million equal joint venture between Pavers and the Foresight Group based in Mauritius.
India-UK trade registered 30 per cent growth in last 12 months
New Delhi: Trade between India and the United Kingdom (UK) has registered a growth of 30 per cent in the last 12 months. There is opportunity to do more and add more value, according to Mr Jaimini Bhagwati, Indian High Commissioner to UK.
“India-UK relations are close, whether in the area of people to people, governance or corporate affairs. There has been intense exchange at every level including visits of CEOs of companies,” said Mr Bhagwati during a reception he hosted for international media at the India House.
Bilateral trade between the two countries crossed US$ 16 billion last year. The UK comprises more than 700 of the 1,200 Indian businesses in the European Union (EU).
Currently, the Government of India's 25 officers from various departments are on a week-long programme at the School of Business at Cambridge.
“India-UK relations are close, whether in the area of people to people, governance or corporate affairs. There has been intense exchange at every level including visits of CEOs of companies,” said Mr Bhagwati during a reception he hosted for international media at the India House.
Bilateral trade between the two countries crossed US$ 16 billion last year. The UK comprises more than 700 of the 1,200 Indian businesses in the European Union (EU).
Currently, the Government of India's 25 officers from various departments are on a week-long programme at the School of Business at Cambridge.
Friday, October 19, 2012
GVK partners Samsung, Smithbridge for Oz project
Hyderabad: Hyderabad-based GVK Power & Infrastructure Ltd (GVKPIL) plans to tie up $10 billion of funds for its Australian pit-to-port project in a year's time.
With all approvals in place, the company has awarded a contract to Korea-based Samsung C&T and Smithbridge Group Pvt Ltd of Australia for the port component.
GVKPIL, through its subsidiary, Hancock Coal Infrastructure, is erecting the $10-billion project at Abbot Point in North Queensland. "We got all our approvals last week. From this week, we are starting our financing programme and construction contracts. The third quarter of the next calendar year will see financial closure and construction would start,” G V Sanjay Reddy, vice-chairman, GVKPIL, said. He did not give details of the financing.
The Terminal-III port is being built with an investment of $2 billion for the Alpha Coal project, involving onshore and offshore infrastructure.
With all approvals in place, the company has awarded a contract to Korea-based Samsung C&T and Smithbridge Group Pvt Ltd of Australia for the port component.
GVKPIL, through its subsidiary, Hancock Coal Infrastructure, is erecting the $10-billion project at Abbot Point in North Queensland. "We got all our approvals last week. From this week, we are starting our financing programme and construction contracts. The third quarter of the next calendar year will see financial closure and construction would start,” G V Sanjay Reddy, vice-chairman, GVKPIL, said. He did not give details of the financing.
The Terminal-III port is being built with an investment of $2 billion for the Alpha Coal project, involving onshore and offshore infrastructure.
IOC ties up with Korea Gas for LNG venture
New Delhi: Flagship refiner IndianOil Corporation on Wednesday signed an MoU with Korea Gas Corporation (Kogas) to jointly explore opportunities in oil and gas, including liquid gas transported in ships or LNG.
"IOC and Kogas signed an MoU for joint participation in exploration and production of gas and oil at the global level and developing natural gas infrastructure projects and LNG sourcing," company's director (business development) A M K Sinha said on the sidelines of Petrotech 2012 conference.
The team of Kogas executives under its executive vice-president (LNG) Hyun Kun Shin met IndianOil chairman R S Butola who emphasized the need for time-bound progress in areas identified in the MoU.
Butola later said IOC was looking at Kogas' strength for LNG swaps. One of the possibilities was to source LNG from US through Kogas. Since US laws bar gas exports to non-FTA countries, Indian companies are barred from accessing US gas. But Korea being a free trade partner of US, Kogas imports LNG from US, which can be swapped.
Kogas is the national gas company of Korea and the world's largest single importer of LNG, clocking about 33 million tonnes in 2011. Kogas is the developer, owner and operator of three large-scale LNG receiving terminals as well as an extensive nationwide pipeline network in Korea.
It has equity investments in LNG liquefaction projects and 20 overseas E&P projects and has lined up LNG sourcing contracts from several countries.
"IOC and Kogas signed an MoU for joint participation in exploration and production of gas and oil at the global level and developing natural gas infrastructure projects and LNG sourcing," company's director (business development) A M K Sinha said on the sidelines of Petrotech 2012 conference.
The team of Kogas executives under its executive vice-president (LNG) Hyun Kun Shin met IndianOil chairman R S Butola who emphasized the need for time-bound progress in areas identified in the MoU.
Butola later said IOC was looking at Kogas' strength for LNG swaps. One of the possibilities was to source LNG from US through Kogas. Since US laws bar gas exports to non-FTA countries, Indian companies are barred from accessing US gas. But Korea being a free trade partner of US, Kogas imports LNG from US, which can be swapped.
Kogas is the national gas company of Korea and the world's largest single importer of LNG, clocking about 33 million tonnes in 2011. Kogas is the developer, owner and operator of three large-scale LNG receiving terminals as well as an extensive nationwide pipeline network in Korea.
It has equity investments in LNG liquefaction projects and 20 overseas E&P projects and has lined up LNG sourcing contracts from several countries.
Luxembourg invites Indian investments
Mumbai: Luxembourg, the small European nation, has offered Indian companies a favourable investment climate to tap the European Union’s markets effectively.
Gaston Stronck, Luxembourg Ambassador to India, said the country has the most efficient processes in place to set up a new company. In fact, he said, with all the required papers in place and a clear intention, one could get the clearance for setting up a company in just 48 hours. Among European countries, Luxembourg has the lowest corporate tax rate of 29 per cent and has halved the value added tax to 5.7 per cent for corporates that register their intellectual property rights there.
It also exempts Value Added Tax (VAT) on commodities at the entry point. Companies can set up warehouses in Luxembourg and pay VAT when goods are moved out of the country.
On the potential investment from Luxembourg in India, Stronck said the country’s assets under management total €2,225 billion of which only €45 billion is invested in India.
More reforms like the recent Government measure to allow foreign direct investment in retail could improve the flow of investments into India, he said.
Global depository receipts of 150 Indian companies are already traded on the Luxembourg Stock Exchange. In the manufacturing sector, the country has much to offer as it is considered the pioneer in steel making technology and houses the largest steel manufacturing company, Arcelor Mittal.
Luxembourg has managed to register GDP growth of two per cent despite the slowdown in economic activity due to the ongoing euro crisis, said Stronck.
“We have managed to beat the economic slowdown in other European nations as our country is more aligned to Germany which has been the bright spot amongst the European economy,” he said.
Hoping the free trade agreement with India would be signed by the end of this year, Stronck said it would be a comprehensive and competitive and would benefit both countries.
Gaston Stronck, Luxembourg Ambassador to India, said the country has the most efficient processes in place to set up a new company. In fact, he said, with all the required papers in place and a clear intention, one could get the clearance for setting up a company in just 48 hours. Among European countries, Luxembourg has the lowest corporate tax rate of 29 per cent and has halved the value added tax to 5.7 per cent for corporates that register their intellectual property rights there.
It also exempts Value Added Tax (VAT) on commodities at the entry point. Companies can set up warehouses in Luxembourg and pay VAT when goods are moved out of the country.
On the potential investment from Luxembourg in India, Stronck said the country’s assets under management total €2,225 billion of which only €45 billion is invested in India.
More reforms like the recent Government measure to allow foreign direct investment in retail could improve the flow of investments into India, he said.
Global depository receipts of 150 Indian companies are already traded on the Luxembourg Stock Exchange. In the manufacturing sector, the country has much to offer as it is considered the pioneer in steel making technology and houses the largest steel manufacturing company, Arcelor Mittal.
Luxembourg has managed to register GDP growth of two per cent despite the slowdown in economic activity due to the ongoing euro crisis, said Stronck.
“We have managed to beat the economic slowdown in other European nations as our country is more aligned to Germany which has been the bright spot amongst the European economy,” he said.
Hoping the free trade agreement with India would be signed by the end of this year, Stronck said it would be a comprehensive and competitive and would benefit both countries.
Turkey aims to boost trade ties with India
Turkey aims to boost trade ties with India
The Hindu Business Line: October 18, 2012
Hyderabad: Investment opportunities in Turkey were highlighted by a Turkish delegation at a seminar organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Tuesday.
Ceylan Özen Erien, Consul General, Consulate General of Turkey, who led the delegation, said that bilateral trade between India and Turkey, which was only $505 million in 2000, rose to almost $ 7 billion last year.
Turkey is aiming at raising the trade volume with India to $10 billion within a few years. “The Free Trade Agreement that the two countries were working on would go a long way in achieving this target,” she said. Bi-lateral trade was skewed in India’s favour, with export from the country to Turkey totalling over $ 6 billion, while Turkey’s exports to India was about $ 750 million, she added.
Exports
India’s exports to Turkey include petroleum products, vaccines, cotton yarn, organic chemicals, denim, steel, granite and cars, while Turkey’s exports to India include poppy seeds, auto components, marble, textile machinery, cumin seeds and copper ores.
Ceylan said Turkey was now looking at new markets in Asia and Africa. Turkey is holding an international business summit in November, which will cover sectors such as ready wear, textile, leather, and textile machinery.
The Hindu Business Line: October 18, 2012
Hyderabad: Investment opportunities in Turkey were highlighted by a Turkish delegation at a seminar organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Tuesday.
Ceylan Özen Erien, Consul General, Consulate General of Turkey, who led the delegation, said that bilateral trade between India and Turkey, which was only $505 million in 2000, rose to almost $ 7 billion last year.
Turkey is aiming at raising the trade volume with India to $10 billion within a few years. “The Free Trade Agreement that the two countries were working on would go a long way in achieving this target,” she said. Bi-lateral trade was skewed in India’s favour, with export from the country to Turkey totalling over $ 6 billion, while Turkey’s exports to India was about $ 750 million, she added.
Exports
India’s exports to Turkey include petroleum products, vaccines, cotton yarn, organic chemicals, denim, steel, granite and cars, while Turkey’s exports to India include poppy seeds, auto components, marble, textile machinery, cumin seeds and copper ores.
Ceylan said Turkey was now looking at new markets in Asia and Africa. Turkey is holding an international business summit in November, which will cover sectors such as ready wear, textile, leather, and textile machinery.
India and New Zealand Sign "Arrangement for Cooperation on Civil Aviation
New Delhi: India and New Zealand today signed the “Arrangement for Cooperation on Civil Aviation”. The document was signed in the presence of Union Minister of Civil Aviation Shri Ajit Singh and Minister of Economic Development and Tertiary Education Mr. Steven Joyce of New Zealand by Secretary Civil Aviation Shri K.N, Shrivastava and High Commissioner of New Zealand to India Ms. Jan Henderson.
Under the Arrangement the two countries will promote and support the development of training and technical cooperation in the field of Civil Aviation. The type of cooperative activities will include civil aviation programmes; sending and receiving experts or instructors for training purposes; acceptance of licenses; acceptance of aeronautical products including but not limited to aircraft, engines, propellers and parts, and aviation services; organization of seminars; exchanging information on activities, policies, practices and laws and regulations concerning civil aviation, including but not limited to safety and environmental matters; and visits and exchanges of technical personnel or other experts. A Joint committee of the two countries will be formed to determine and oversee mutually acceptable cooperation activities. The committee will also develop a Programme of Cooperation.
Speaking on the occasion Shri Singh said the designated airlines of both sides are entitled to seven services per week in each direction, however, neither side is operating at present. Underlining that a sizeable population of Indian origin stays in New Zealand, Shri Singh added that the growth of air services between the two countries will greatly facilitate in enhancing cordial relationship, connectivity, trade and tourism.
Later the business delegations of two countries interacted on possible areas of cooperation in civil aviation sector between the two countries.
Under the Arrangement the two countries will promote and support the development of training and technical cooperation in the field of Civil Aviation. The type of cooperative activities will include civil aviation programmes; sending and receiving experts or instructors for training purposes; acceptance of licenses; acceptance of aeronautical products including but not limited to aircraft, engines, propellers and parts, and aviation services; organization of seminars; exchanging information on activities, policies, practices and laws and regulations concerning civil aviation, including but not limited to safety and environmental matters; and visits and exchanges of technical personnel or other experts. A Joint committee of the two countries will be formed to determine and oversee mutually acceptable cooperation activities. The committee will also develop a Programme of Cooperation.
Speaking on the occasion Shri Singh said the designated airlines of both sides are entitled to seven services per week in each direction, however, neither side is operating at present. Underlining that a sizeable population of Indian origin stays in New Zealand, Shri Singh added that the growth of air services between the two countries will greatly facilitate in enhancing cordial relationship, connectivity, trade and tourism.
Later the business delegations of two countries interacted on possible areas of cooperation in civil aviation sector between the two countries.
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