Bengaluru: Genpact, the business process outsourcing services provider has bagged a contract from Diageo, the world’s biggest distiller. This is to provide the company financial and accounting processing services, by establishing a near-shore shared services centre.
The company did not disclose the financial details of the contract. As part of the deal, Genpact has set up a shared services centre in Bogota, the capital of Colombia, where the employees of both the companies will work alongside.
The centre will initially house 65 employees and then gradually be ramped up to 200 by the end of 2013. According to Diageo Commercial Director Gregorio Gutierrez, by developing the shared services centre model in partnership with Genpact, the company will be able to consolidate and improve its F&A functions in Latin America. This will enable the company to focus on its core business.
The shared services centre is located in the Bogota Free Trade Zone, in the Zona Franca business park.
“Genpact and Diageo are partnering to optimise Diageo’s comprehensive F&A operations and consolidating these operations into the new centre in Bogotá, which to date have been managed across multiple Latin American countries,” a joint statement from both the companies said.
Success in my Habit
Thursday, October 25, 2012
Refinery expansion can transform Kochi into petrochemical hub
Mumbai: BPCL is undertaking a major expansion of its Kochi Refinery at a cost of over Rs 14,000 crore. Along with this, the corporation is also setting up a Rs 4,500-crore petrochemical complex jointly with the LG Chem of South Korea.
According to John Minu Mathew, Executive Director, Kochi Refinery, these projects could pave the way for development of a host of downstream units in and around Kochi and other parts of Kerala.
In a conversation with Business Line, Mathew said the expansion is also aimed at improving the quality of the fuels produced by the refinery as auto fuels in Kerala is expected to be Euro IV-compliant by 2015.
On refinery expansion
The expansion consists of three different sets of projects. I would like to call them three envelopes with each envelope consisting of different units.
The first one in envelope A is a new crude unit: We are expanding the refinery capacity from 9.5 million tonnes a year to 15.5 mt.
In fact, we are setting up a 10.5-mt a year crude unit. This is because our existing 4.5 million crude unit set up in 1966 is not so fuel-efficient. We will discontinue operation of this unit and put up a modern 10.5 million unit. So the net addition would be 6 million.
Second unit in envelope A will be a fluid catalytic cracking unit (FCCU). This petrochemical unit can produce a significant quantity of propylene. Currently, we are producing about 50,000 tonnes a year and after the expansion our propylene capacity will go up to five lakh tonnes a year. This will be a major addition to our product portfolio.
The third is the delayed coker unit. This is meant for upgrading the bottom products. We would be producing about 1.5 million tonnes of petroleum coke from this unit.
Besides, auto fuels, we will also produce LPG, the production capacity of which will more than double from the present five lakh tonnes a year to 11 lt.
The first set of projects in envelope A, estimated to cost Rs 14,250 crore, is scheduled to be completed by fiscal 2015-16 and will be funded by BPCL.
On Euro compliance
This expansion is also aimed at improving the quality of the motor fuels we produce. By 2015, the auto fuels used in Kerala is expected to be Euro IV compliant. By then, all our auto fuels will also be meeting Euro IV and partly Euro V specifications.
On Petrochemical JV
In the Envelope B, the main project will be a joint venture petrochemicals complex, estimated at Rs 4,500 crore. We have signed an MoU with LG Chemicals of South Korea. It will be located near our exiting refinery. Our refinery will supply propylene for the joint venture through a pipeline. B
On downstream units
In the envelope C, there will be units for producing down stream products.
Using our products as inputs, they can manufacture at least 25 different products.
These units are expected to come up in the petrochemical park being proposed by KSIDC.
Petroleum coke can be used by cement and power plants as fuel.
It is possible to put up a 400-MW power plant using petroleum coke from our unit as fuel and the cost of production of power will be attractive.
We will produce about 1,000 tonnes per day of sulphur. This can be used for making fertilisers.
We are in discussion with FACT for supplying this. Right now, they are importing more or less the same quantity of sulphur. We would be able to supply it through pipeline as molten sulphur.
On State support
The State Government has agreed to give fiscal concessions for our projects through deferment/waiver of VAT, CST and Works Contract Tax, which make our project financially viable.
BPCL’s major foray into petrochemicals could transform Kochi into a petrochemical hub with the setting up of various downstream/ancillary units.
According to John Minu Mathew, Executive Director, Kochi Refinery, these projects could pave the way for development of a host of downstream units in and around Kochi and other parts of Kerala.
In a conversation with Business Line, Mathew said the expansion is also aimed at improving the quality of the fuels produced by the refinery as auto fuels in Kerala is expected to be Euro IV-compliant by 2015.
On refinery expansion
The expansion consists of three different sets of projects. I would like to call them three envelopes with each envelope consisting of different units.
The first one in envelope A is a new crude unit: We are expanding the refinery capacity from 9.5 million tonnes a year to 15.5 mt.
In fact, we are setting up a 10.5-mt a year crude unit. This is because our existing 4.5 million crude unit set up in 1966 is not so fuel-efficient. We will discontinue operation of this unit and put up a modern 10.5 million unit. So the net addition would be 6 million.
Second unit in envelope A will be a fluid catalytic cracking unit (FCCU). This petrochemical unit can produce a significant quantity of propylene. Currently, we are producing about 50,000 tonnes a year and after the expansion our propylene capacity will go up to five lakh tonnes a year. This will be a major addition to our product portfolio.
The third is the delayed coker unit. This is meant for upgrading the bottom products. We would be producing about 1.5 million tonnes of petroleum coke from this unit.
Besides, auto fuels, we will also produce LPG, the production capacity of which will more than double from the present five lakh tonnes a year to 11 lt.
The first set of projects in envelope A, estimated to cost Rs 14,250 crore, is scheduled to be completed by fiscal 2015-16 and will be funded by BPCL.
On Euro compliance
This expansion is also aimed at improving the quality of the motor fuels we produce. By 2015, the auto fuels used in Kerala is expected to be Euro IV compliant. By then, all our auto fuels will also be meeting Euro IV and partly Euro V specifications.
On Petrochemical JV
In the Envelope B, the main project will be a joint venture petrochemicals complex, estimated at Rs 4,500 crore. We have signed an MoU with LG Chemicals of South Korea. It will be located near our exiting refinery. Our refinery will supply propylene for the joint venture through a pipeline. B
On downstream units
In the envelope C, there will be units for producing down stream products.
Using our products as inputs, they can manufacture at least 25 different products.
These units are expected to come up in the petrochemical park being proposed by KSIDC.
Petroleum coke can be used by cement and power plants as fuel.
It is possible to put up a 400-MW power plant using petroleum coke from our unit as fuel and the cost of production of power will be attractive.
We will produce about 1,000 tonnes per day of sulphur. This can be used for making fertilisers.
We are in discussion with FACT for supplying this. Right now, they are importing more or less the same quantity of sulphur. We would be able to supply it through pipeline as molten sulphur.
On State support
The State Government has agreed to give fiscal concessions for our projects through deferment/waiver of VAT, CST and Works Contract Tax, which make our project financially viable.
BPCL’s major foray into petrochemicals could transform Kochi into a petrochemical hub with the setting up of various downstream/ancillary units.
Plans worth Rs 392 cr cleared in Bengal, Jharkhand, U.P.
New Delhi: Proposals worth over Rs 392 crore for 29 minority districts in Uttar Pradesh, West Bengal and Jharkhand have been approved by the Empowered Committee for multi-sectoral development programme in the Ministry of Minority Affairs.
Of the 29 district plans that were approved for the 12 {+t} {+h} Plan period, 16 were from Uttar Pradesh, nine from West Bengal and four from Jharkhand, according to an official release here.
The minority districts in U.P. that stand to gain are Pilibhit, Moradabad, Sambhal, Muzaffarnagar, Shamli, Balrampur, Barabanki, Bareilly, Bijnor, Budaun, Lucknow, Rampur, Shahjahanpur, Shrawasti, Siddharth Nagar, J.P. Nagar, Meerut, Ghaziabad and Hapur.
In West Bengal, the plans were approved for Birbhum, Burdwan, Murshidabad, Nadia, Uttar Dinajpur, South 24 Parganas, Cooch Behar, North 24 Parganas and Dakshin Dinajpur. In Jharkhand, the districts whose plans were cleared are Sahibganj, Simdega, Pakur and Khunti.
The two districts whose proposals were not approved are Bahraich from U.P. and Sirsa from Haryana.
Of the 29 district plans that were approved for the 12 {+t} {+h} Plan period, 16 were from Uttar Pradesh, nine from West Bengal and four from Jharkhand, according to an official release here.
The minority districts in U.P. that stand to gain are Pilibhit, Moradabad, Sambhal, Muzaffarnagar, Shamli, Balrampur, Barabanki, Bareilly, Bijnor, Budaun, Lucknow, Rampur, Shahjahanpur, Shrawasti, Siddharth Nagar, J.P. Nagar, Meerut, Ghaziabad and Hapur.
In West Bengal, the plans were approved for Birbhum, Burdwan, Murshidabad, Nadia, Uttar Dinajpur, South 24 Parganas, Cooch Behar, North 24 Parganas and Dakshin Dinajpur. In Jharkhand, the districts whose plans were cleared are Sahibganj, Simdega, Pakur and Khunti.
The two districts whose proposals were not approved are Bahraich from U.P. and Sirsa from Haryana.
Six Indian energy firms in Platts’ top 50 global rankings
New Delhi: Indian firms have pride of place at the 2012 Platts Top 250 Global Energy Company RankingsTM.
Of the 12 Indian companies represented in the 250, six are have also made to the list of top 50 fastest growing companies.
All eyes were on China, India and the wider Asia-Pacific region when it came to rapid financial growth and fast rising energy companies. A statement said that 70 companies from the region were in the spotlight when the 2012 Platts 250 Global Energy Companies Rankings were released in Singapore on Tuesday.
According to Platts, Cairn India took the top slot as the fastest-growing company not just in Asia but the world. With a 119.8 per cent three-year compounded growth rate (CGR), Cairn India was far ahead in the field.
The 2012 rankings reflect fiscal 2011 financial performance in four key areas: asset worth, revenues, profits and return on invested capital (ROIC).
Indian companies surged ahead in both the independent power producers (IPP) and gas utility categories, with NTPC Ltd and GAIL (India) topping their respective regional segments, Platts ranking showed.
A surprise entry at number two in ROIC rankings was Coal India Ltd with 35.3 per cent, it said. A new entrant to the rankings in 2010, when the company listed, Coal India has posted strong returns on invested capital in both years, an achievement given the challenges it faces, Platts said
China continues to grow in the energy business with 23 Chinese companies on the 2012 roster, giving it more companies in the Top 250 than any other country, except the US.
PetroChina Company Ltd took over the 9th position and China Petroleum & Chemical Corp acquired the 12th position in the global Top 250 list.
However, in an East-West comparison, Western majors still reign the rankings. Western companies took all top 10 spots on the 2012 list, except for one – ninth place – which went to PetroChina Co Ltd.
ExxonMobil retained the number one spot of the Top 250 roster for the eighth consecutive year. Anglo-Dutch major Royal Dutch Shell moved up from sixth position to second, displacing US major Chevron to third. ConocoPhillips dropped one place from seventh to eighth.
Of all the Indian companies in the top 250, Power Grid Corp improved its overall ranking, rising from 232 {+n} {+d} in 2010 to 172 {+n} {+d} in 2011. Other significant moves include a rise of 21 places for power producer NHPC Ltd to 195 {+t} {+h} {+.}
Among electric utilities, Reliance Infrastructure Ltd gained 17 places to 215 {+t} {+h}.
“India’s enormous growth in energy demand has led to its rise as the emerging energy leader on the global front,” said Vandana Hari, Asia Editorial Director, Platts. “Although these represent the bright spots for financial performance in 2011, 2012 may prove more challenging for India’s power generators,” she added. richa.mishra
Of the 12 Indian companies represented in the 250, six are have also made to the list of top 50 fastest growing companies.
All eyes were on China, India and the wider Asia-Pacific region when it came to rapid financial growth and fast rising energy companies. A statement said that 70 companies from the region were in the spotlight when the 2012 Platts 250 Global Energy Companies Rankings were released in Singapore on Tuesday.
According to Platts, Cairn India took the top slot as the fastest-growing company not just in Asia but the world. With a 119.8 per cent three-year compounded growth rate (CGR), Cairn India was far ahead in the field.
The 2012 rankings reflect fiscal 2011 financial performance in four key areas: asset worth, revenues, profits and return on invested capital (ROIC).
Indian companies surged ahead in both the independent power producers (IPP) and gas utility categories, with NTPC Ltd and GAIL (India) topping their respective regional segments, Platts ranking showed.
A surprise entry at number two in ROIC rankings was Coal India Ltd with 35.3 per cent, it said. A new entrant to the rankings in 2010, when the company listed, Coal India has posted strong returns on invested capital in both years, an achievement given the challenges it faces, Platts said
China continues to grow in the energy business with 23 Chinese companies on the 2012 roster, giving it more companies in the Top 250 than any other country, except the US.
PetroChina Company Ltd took over the 9th position and China Petroleum & Chemical Corp acquired the 12th position in the global Top 250 list.
However, in an East-West comparison, Western majors still reign the rankings. Western companies took all top 10 spots on the 2012 list, except for one – ninth place – which went to PetroChina Co Ltd.
ExxonMobil retained the number one spot of the Top 250 roster for the eighth consecutive year. Anglo-Dutch major Royal Dutch Shell moved up from sixth position to second, displacing US major Chevron to third. ConocoPhillips dropped one place from seventh to eighth.
Of all the Indian companies in the top 250, Power Grid Corp improved its overall ranking, rising from 232 {+n} {+d} in 2010 to 172 {+n} {+d} in 2011. Other significant moves include a rise of 21 places for power producer NHPC Ltd to 195 {+t} {+h} {+.}
Among electric utilities, Reliance Infrastructure Ltd gained 17 places to 215 {+t} {+h}.
“India’s enormous growth in energy demand has led to its rise as the emerging energy leader on the global front,” said Vandana Hari, Asia Editorial Director, Platts. “Although these represent the bright spots for financial performance in 2011, 2012 may prove more challenging for India’s power generators,” she added. richa.mishra
India seeks Israeli expertise in renewable energy sector
Mumbai: Almost 12 per cent of the energy generated in India is through renewable sources, comprising small hydro, bio-mass, wind and solar power. Now, the Government is keen that electricity produced from large hydro should be included in this category so that the share of renewables in the overall energy mix rises to about 31 per cent, stressed Gireesh Pradhan, Secretary, Ministry of New and Renewable Energy.
He was addressing officials from about 50 Israeli renewable energy companies and members of the Federation of Israeli Chambers of Commerce in Tel Aviv, on his maiden visit to the country.
At the meet, with representatives from both the Indian and Israeli Governments, India has sought Israel’s expertise in the renewable energy sector to meet its ambitious target of 30,000 MW of power over the next five years.
Stating that 40 per cent of the Indian population does not have access to energy, Pradhan spoke about India’s ambitious plans to generate another 30,000 MW of grid-connected projects by 2017, which would take the country to 55,000 MW from renewable sources of energy.
He was addressing officials from about 50 Israeli renewable energy companies and members of the Federation of Israeli Chambers of Commerce in Tel Aviv, on his maiden visit to the country.
At the meet, with representatives from both the Indian and Israeli Governments, India has sought Israel’s expertise in the renewable energy sector to meet its ambitious target of 30,000 MW of power over the next five years.
Stating that 40 per cent of the Indian population does not have access to energy, Pradhan spoke about India’s ambitious plans to generate another 30,000 MW of grid-connected projects by 2017, which would take the country to 55,000 MW from renewable sources of energy.
Wednesday, October 24, 2012
Sri City to set up new cluster for Japanese SMEs
Chennai: South India’s largest special economic zone (SEZ), Sri City, is planning to set up a new cluster that will accommodate Japanese small and medium enterprises (SMEs). It is also setting up ready-built factories (RBF), which will help these companies bring down capital costs and get their businesses off the ground quickly.
Sri City Managing Director Ravindra Sannareddy said the concept is similar to the plug-and-play concept adopted by the IT (information technology) industry, where an office building is developed complete with all infrastructure, so that the occupants can start their businesses from day one.
The RBFs will ensure quicker delivery time, fewer approvals, minimal paper work, adequate power and water. This will help MSMEs (micro, small and medium enterprises) reduce capital costs, since RBFs can be leased on payment of monthly rentals, said Shinya Fujii, director general, Japan External Trade Organisation (Jetro), Chennai.
Sannareddy said an entrepreneur starting a business with a capital of Rs 2 crore has to invest half of the money in machinery, people and raw material, and the remainder in buying land and meeting the construction costs. This will increase his debt burden and the outgo on interest. Now, the investment in setting up the factory will be saved, and can be pumped back into the business, he noted.
Ravi Menon, CEO, Premium Ingredients — a Spanish company that plans to invest Rs 30 crore in a facility to manufacture 2,000 tonnes of food ingredients per year — said a major advantage of this model is it offers flexibility in the event that a company wants to scale up or scale down its operations. Besides, it does away with the need to invest in land, leaving companies free to focus on operations. Sri City also secures all regulatory approvals.
The RBFs will be built in three different sizes — 5,000, 10,000 and 20,000 sq ft. In the first phase, the company is planning to build two RBFs. When demand increases, it plans to build 200,000 sq ft across 20 acres of land, which can accommodate up to 40 units. The company will invest around Rs 1 crore to set up each RBF, said Sannareddy.
He said he had targeted Japanese companies because Tamil Nadu is becoming a hub for automobile majors, and many Japanese suppliers have shown interest in the SEZ. Besides, Sri City has a Japanese enclave established in 2010 and currently has 14 Japanese customers with three companies of the Kobelco group (part of Kobe Steel), and other companies such as Metal One, NHK Springs, Unicharm, Piolax, AISAN and Kusakabe. The majority of the Japanese companies are in the engineering and auto components sector.
“Over 150 acres in the 300-acre SEZ has been allocated to existing Japanese customers and we plan to increase the size of the enclave to 500 acres to meet the increasing demand,” Sannareddy added. Some of the SMEs that have shown interest in the SEZ are from light engineering and toy manufacturing, among others, said Sannareddy.
Sri City is a private sector multi-product SEZ with a Domestic Tariff Zone (DTZ) and a Free Trade and Warehousing Zone (FTWZ) built in functional partnership with the government of Andhra Pradesh. The SEZ is strategically located on the border of Tamil Nadu and Andhra Pradesh, and houses around 80 companies from 23 countries, according to Sri City.
Sri City Managing Director Ravindra Sannareddy said the concept is similar to the plug-and-play concept adopted by the IT (information technology) industry, where an office building is developed complete with all infrastructure, so that the occupants can start their businesses from day one.
The RBFs will ensure quicker delivery time, fewer approvals, minimal paper work, adequate power and water. This will help MSMEs (micro, small and medium enterprises) reduce capital costs, since RBFs can be leased on payment of monthly rentals, said Shinya Fujii, director general, Japan External Trade Organisation (Jetro), Chennai.
Sannareddy said an entrepreneur starting a business with a capital of Rs 2 crore has to invest half of the money in machinery, people and raw material, and the remainder in buying land and meeting the construction costs. This will increase his debt burden and the outgo on interest. Now, the investment in setting up the factory will be saved, and can be pumped back into the business, he noted.
Ravi Menon, CEO, Premium Ingredients — a Spanish company that plans to invest Rs 30 crore in a facility to manufacture 2,000 tonnes of food ingredients per year — said a major advantage of this model is it offers flexibility in the event that a company wants to scale up or scale down its operations. Besides, it does away with the need to invest in land, leaving companies free to focus on operations. Sri City also secures all regulatory approvals.
The RBFs will be built in three different sizes — 5,000, 10,000 and 20,000 sq ft. In the first phase, the company is planning to build two RBFs. When demand increases, it plans to build 200,000 sq ft across 20 acres of land, which can accommodate up to 40 units. The company will invest around Rs 1 crore to set up each RBF, said Sannareddy.
He said he had targeted Japanese companies because Tamil Nadu is becoming a hub for automobile majors, and many Japanese suppliers have shown interest in the SEZ. Besides, Sri City has a Japanese enclave established in 2010 and currently has 14 Japanese customers with three companies of the Kobelco group (part of Kobe Steel), and other companies such as Metal One, NHK Springs, Unicharm, Piolax, AISAN and Kusakabe. The majority of the Japanese companies are in the engineering and auto components sector.
“Over 150 acres in the 300-acre SEZ has been allocated to existing Japanese customers and we plan to increase the size of the enclave to 500 acres to meet the increasing demand,” Sannareddy added. Some of the SMEs that have shown interest in the SEZ are from light engineering and toy manufacturing, among others, said Sannareddy.
Sri City is a private sector multi-product SEZ with a Domestic Tariff Zone (DTZ) and a Free Trade and Warehousing Zone (FTWZ) built in functional partnership with the government of Andhra Pradesh. The SEZ is strategically located on the border of Tamil Nadu and Andhra Pradesh, and houses around 80 companies from 23 countries, according to Sri City.
Suzlon gets contract in Romania
Pune: Wind energy business company Suzlon Group has won a contract with P E Deus Ex SRL., a project company (SPV) of WSB International GmbH, to deliver eight wind turbines to Romania. The contract was concluded by group subsidiary REpower Systems SE.
The REpower 3.2M114 turbines, each with a rated power of 3.2 megawatts (MW), a hub height of 93 metres and a rotor diameter of 114 metres, are destined for a wind farm project near Margineni (Neamt county), Romania.
REpower has already concluded several contracts for projects in Poland and the Czech Republic with the parent company and owner, WSB Neue Energien GmbH. The wind farm is set to be constructed and commissioned by autumn 2013.
The wind farm in north-east Romania and the launch of the wholly owned subsidiary mark REpower s entry into the Romanian market. We are pleased to be working with WSB International GmbH as an experienced partner to implement our very first project in Romania, says Jan Gasche, managing director of REpower Systems DTE Romania SRL. The Romanian market boasts tremendous potential that we want to take advantage of for REpower in the coming years, says Gasche.
The REpower 3.2M114 turbines, each with a rated power of 3.2 megawatts (MW), a hub height of 93 metres and a rotor diameter of 114 metres, are destined for a wind farm project near Margineni (Neamt county), Romania.
REpower has already concluded several contracts for projects in Poland and the Czech Republic with the parent company and owner, WSB Neue Energien GmbH. The wind farm is set to be constructed and commissioned by autumn 2013.
The wind farm in north-east Romania and the launch of the wholly owned subsidiary mark REpower s entry into the Romanian market. We are pleased to be working with WSB International GmbH as an experienced partner to implement our very first project in Romania, says Jan Gasche, managing director of REpower Systems DTE Romania SRL. The Romanian market boasts tremendous potential that we want to take advantage of for REpower in the coming years, says Gasche.
New textile policy brings in Rs 3,800 cr investment
Mumbai: The textile sector is on the upswing in Maharashtra due to the new textile policy. Since April, the State has managed to attract Rs 3,834 crore in investments in 411 new textile projects, said State Textile Minister Arif Naseem Khan on Monday.
Addressing the media after reviewing the process of policy implementation, Khan said that the new projects would provide about 30,000 jobs in the State. Most of the investment has happened in cotton spinning and ginning units. Textile companies are keen to set up units in Vidarbha, Marathwada and the Khandesh due to the ready supply of cotton, he said.
“Due to the policy, the sector is likely to get Rs 40,000 crore investment in the next five years and generate employment for 11 lakh people,” Khan said.
Khan said that the policy was not a single-window policy but a ‘zero-window policy,’ in which projects would not come to the Government for clearance,
The due diligence is done by banks. If a company manages to get its loan sanctioned under the Technology Upgradation Fund Scheme from banks, then it is eligible for subsidy, he said.
The Union Government initiated the Scheme in 1999, and it has attracted over Rs 4 lakh crore investments in the sector, as of date.
Textile Secretary Sunil Porwal said that all the 411 projects have achieved financial closure. For the Rs 3,834 crore investments, about Rs 400 crore will be the subsidy outgo spread over seven years.
The policy has been attracting investment because of the capital and interest subsidy component built into the scheme. Due to the zero-window policy, clearance is quick.
Khan also added that 18 spinning mills are keen to set up their units in the State, which would attract Rs 2,000 crore in investments. However, since they don’t fit in the Scheme, their projects are awaiting approval from banks, he said.
Addressing the media after reviewing the process of policy implementation, Khan said that the new projects would provide about 30,000 jobs in the State. Most of the investment has happened in cotton spinning and ginning units. Textile companies are keen to set up units in Vidarbha, Marathwada and the Khandesh due to the ready supply of cotton, he said.
“Due to the policy, the sector is likely to get Rs 40,000 crore investment in the next five years and generate employment for 11 lakh people,” Khan said.
Khan said that the policy was not a single-window policy but a ‘zero-window policy,’ in which projects would not come to the Government for clearance,
The due diligence is done by banks. If a company manages to get its loan sanctioned under the Technology Upgradation Fund Scheme from banks, then it is eligible for subsidy, he said.
The Union Government initiated the Scheme in 1999, and it has attracted over Rs 4 lakh crore investments in the sector, as of date.
Textile Secretary Sunil Porwal said that all the 411 projects have achieved financial closure. For the Rs 3,834 crore investments, about Rs 400 crore will be the subsidy outgo spread over seven years.
The policy has been attracting investment because of the capital and interest subsidy component built into the scheme. Due to the zero-window policy, clearance is quick.
Khan also added that 18 spinning mills are keen to set up their units in the State, which would attract Rs 2,000 crore in investments. However, since they don’t fit in the Scheme, their projects are awaiting approval from banks, he said.
TRAI allows Service Providers to Offer Combo Vouchers
New Delhi: Telecom Regulatory Authority of India (TRAI) today issued “The Telecom Consumer Protection (Fourth Amendment) Regulations, 2012”, permitting access service providers to offer Combo Vouchers. The Telecom Consumer Protection Regulation, 2012 (TCPR) permitted only three categories of vouchers-- Plan Vouchers, Top-ups and STVs. There were demands from several service providers and Cellular Operators Association of India to allow a fourth category of vouchers--Combo Vouchers—which would provide monetary value and tariff concessions through a single voucher.
Such vouchers would provide more flexibility to the service providers to offer innovative bundling of the products based on market segmentation. Further, use of Combo Vouchers afford the subscriber convenience of purchasing additional monetary value as well as well as getting benefit of special tariffs through a single transaction.
Keeping in view these facts, the Authority has decided, through the Fourth Amendment to the TCPR, to permit the Combo Vouchers as a fourth category of vouchers with certain safeguards to ensure that Top Up Vouchers are clearly distinguishable to subscribers. Top-Up Vouchers will be exclusively available in denomination of Rs.10 and multiples thereof. The Combo Vouchers will be available only in denomination other than Rs.10 and multiples thereof. The Combo Vouchers which are in physical form will bear a blue colour band whereas the Top-Up Vouchers will bear a green colour band. The Combo Vouchers will also clearly mention the terms and conditions of offer so that consumers can make an informed choice. In addition, service providers will also mention the availability of standalone top up vouchers whenever combo vouchers are publicised.
Such vouchers would provide more flexibility to the service providers to offer innovative bundling of the products based on market segmentation. Further, use of Combo Vouchers afford the subscriber convenience of purchasing additional monetary value as well as well as getting benefit of special tariffs through a single transaction.
Keeping in view these facts, the Authority has decided, through the Fourth Amendment to the TCPR, to permit the Combo Vouchers as a fourth category of vouchers with certain safeguards to ensure that Top Up Vouchers are clearly distinguishable to subscribers. Top-Up Vouchers will be exclusively available in denomination of Rs.10 and multiples thereof. The Combo Vouchers will be available only in denomination other than Rs.10 and multiples thereof. The Combo Vouchers which are in physical form will bear a blue colour band whereas the Top-Up Vouchers will bear a green colour band. The Combo Vouchers will also clearly mention the terms and conditions of offer so that consumers can make an informed choice. In addition, service providers will also mention the availability of standalone top up vouchers whenever combo vouchers are publicised.
India Inc to make 3 buys for Rs 5,200 cr; set up Rs 80-cr plant
Chennai: Corporate India is in a festive mood, making acquisitions for over Rs 5,200 crore and announcing a greenfield plant in the Navratri week.
The stock market gave the thumbs down to one acquisition, was lukewarm to another and slightly positive to the third.
The company that announced a new plant was greeted with a near four per cent increase in its share price.
The Sensex ended the day 111 points, or 0.59 per cent, higher.
Rain Commodities
Hyderabad-based Rain Commodities made the biggest acquisition when it announced to the stock exchanges that its subsidiary would buy a 100 per cent stake in Rutgers, a Belgium-based coal tar pitch manufacturer, for about Rs 4,920 crore ( €702 million).
The wholly-owned step-down subsidiary Rain CII Carbon LLC had signed a share-purchase agreement with Triton, an investment firm in Europe, to buy Rutgers. It expected to close the transaction in the first quarter of 2013.
Rain CII, the announcement said, planned to fund the deal through a €533-million long-term bonds issue, and with owned funds.
Dr Reddy’s Lab
Dr Reddy’s Laboratories said it would pay about Rs 190 crore (€27.39 million) for a 100 per stake in OctoPlus N.V., a service-based Dutch specialty pharmaceutical company.
The Hyderabad-headquartered Dr Reddy’s Labs and its subsidiaries announced an intended public offer to buy the outstanding shares of OctoPlus.
L&T Finance
L&T Finance Holdings said it would spend Rs 120 crore to buy from Societe Generale Consumer Finance, FamilyCredit Ltd, an established non-banking finance company with presence across two-wheeler and auto financing.
Lumax Auto New plant
Announcing that it would invest Rs 80 crore in a new plant in Bangalore, Lumax Auto Technologies said the plant would supply plastic moulded parts exclusively to Honda Motorcycle & Scooters India. Lumax would finance the new plant mainly from its own resources.
The plant is likely to go on stream in the first quarter of 2013-14.
While Rain Commodities’ shares were down 5.44 per cent on the BSE, to close at Rs 40.85, L&T Finance Holdings’ fell marginally to Rs 54.
Dr Reddy’s ended 1.20 per cent higher at Rs 1,721.50, and Lumax Auto rose 3.6 per cent at Rs 169.95.
The stock market gave the thumbs down to one acquisition, was lukewarm to another and slightly positive to the third.
The company that announced a new plant was greeted with a near four per cent increase in its share price.
The Sensex ended the day 111 points, or 0.59 per cent, higher.
Rain Commodities
Hyderabad-based Rain Commodities made the biggest acquisition when it announced to the stock exchanges that its subsidiary would buy a 100 per cent stake in Rutgers, a Belgium-based coal tar pitch manufacturer, for about Rs 4,920 crore ( €702 million).
The wholly-owned step-down subsidiary Rain CII Carbon LLC had signed a share-purchase agreement with Triton, an investment firm in Europe, to buy Rutgers. It expected to close the transaction in the first quarter of 2013.
Rain CII, the announcement said, planned to fund the deal through a €533-million long-term bonds issue, and with owned funds.
Dr Reddy’s Lab
Dr Reddy’s Laboratories said it would pay about Rs 190 crore (€27.39 million) for a 100 per stake in OctoPlus N.V., a service-based Dutch specialty pharmaceutical company.
The Hyderabad-headquartered Dr Reddy’s Labs and its subsidiaries announced an intended public offer to buy the outstanding shares of OctoPlus.
L&T Finance
L&T Finance Holdings said it would spend Rs 120 crore to buy from Societe Generale Consumer Finance, FamilyCredit Ltd, an established non-banking finance company with presence across two-wheeler and auto financing.
Lumax Auto New plant
Announcing that it would invest Rs 80 crore in a new plant in Bangalore, Lumax Auto Technologies said the plant would supply plastic moulded parts exclusively to Honda Motorcycle & Scooters India. Lumax would finance the new plant mainly from its own resources.
The plant is likely to go on stream in the first quarter of 2013-14.
While Rain Commodities’ shares were down 5.44 per cent on the BSE, to close at Rs 40.85, L&T Finance Holdings’ fell marginally to Rs 54.
Dr Reddy’s ended 1.20 per cent higher at Rs 1,721.50, and Lumax Auto rose 3.6 per cent at Rs 169.95.
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