New Delhi: The Government is looking at adopting the viability gap funding model for the second phase of the National Solar Mission, said Gireesh B. Pradhan, Secretary, Ministry for New and Renewable Energy.
Implementing this model would mean a developer will be asked to state the amount the company would require to meet the designated tariff, Pradhan said at an industry event organised by the Centre for Science and Environment. The draft policy for the second phase of solar mission would be released in a week, Pradhan said.
The solar market in India can reach 68 GW by 2022, unlike the Jawaharlal Nehru National Solar Mission target of 20 GW, said Alan Rosling, Chairman and Founder of Kiran Energy.
In addition, the MNRE is also in the process of unveiling an incentivised package for wind energy. The Government is looking at increasing the generation-based incentive for wind energy producers, Pradhan indicated.
Success in my Habit
Wednesday, November 21, 2012
Friday, November 2, 2012
LOTS Shipping Ltd is entering coastal shipping with M V Beypore Sultan
Kochi: LOTS Shipping Ltd, India's premier inland water transport company, is entering coastal shipping with M V Beypore Sultan, the first indigenously built Type IV river sea container vessel in the country.
The ship built at the company-owned yard at Edakochi called Master Shipyard Pvt Ltd is capable of carrying 81 TEUs (Twenty Foot Equivalent units). It is being launched into the water on November 2. The coastal shipping is expected to benefit exporters and importers from the hinterland of minor ports in Kerala such as Beypore, Azhikkal, Thangassery, Vizinjam, Mangalore and Tuticorin apart from reducing the pressure on roads.
Capt Philip Mathews, managing director, Lots Shipping said that M V Beypore Sultan is the first river sea type IV container vessel to be introduced in the West Coast of India. The vessel will carry containers from Mangalore to Kochi at a lower cost. "There will be a savings of 30 to 35 % in the cost of cargo movement if river sea vessels are employed", he said.
Lots Shipping will be add 10 more vessels to its fleet in the next 3 years. The cost of a container cargo vessel would be above Rs 15 crore whereas the case of river sea container vessel was built at a cost of Rs 12 crore only, company spokesmen said. This will be brought down further to Rs 10 crore per vessel in the coming days.
The Type IV river sea vessel is an all weather vessel that can go any port in the country. The M V Beypore Sultan is the first such vessel being built as the India river sea rules announced in 2008. As the service is being provided at a reduced rate the relaxation of Cabotage law will not affect the company, Capt. Philip Mathews said.
The ship built at the company-owned yard at Edakochi called Master Shipyard Pvt Ltd is capable of carrying 81 TEUs (Twenty Foot Equivalent units). It is being launched into the water on November 2. The coastal shipping is expected to benefit exporters and importers from the hinterland of minor ports in Kerala such as Beypore, Azhikkal, Thangassery, Vizinjam, Mangalore and Tuticorin apart from reducing the pressure on roads.
Capt Philip Mathews, managing director, Lots Shipping said that M V Beypore Sultan is the first river sea type IV container vessel to be introduced in the West Coast of India. The vessel will carry containers from Mangalore to Kochi at a lower cost. "There will be a savings of 30 to 35 % in the cost of cargo movement if river sea vessels are employed", he said.
Lots Shipping will be add 10 more vessels to its fleet in the next 3 years. The cost of a container cargo vessel would be above Rs 15 crore whereas the case of river sea container vessel was built at a cost of Rs 12 crore only, company spokesmen said. This will be brought down further to Rs 10 crore per vessel in the coming days.
The Type IV river sea vessel is an all weather vessel that can go any port in the country. The M V Beypore Sultan is the first such vessel being built as the India river sea rules announced in 2008. As the service is being provided at a reduced rate the relaxation of Cabotage law will not affect the company, Capt. Philip Mathews said.
Tripura to take 10% stake in ONGC-Tata Chemicals Rs 5,000-cr urea plant
Bengaluru: Tripura will pick up 10% stake in the proposed joint venture of ONGC and Tata Chemicals for setting up a Rs 5,000-crore gas-based urea plant in Tripura.
In the project, Tata Chemicals and ONGC will have 50% and 40% stake, respectively. Tripura Chief Minister Manik Sarkar, after the cabinet meeting, said in Agartala that ONGC has sought expression of interest for setting up of the urea plant.
The chief minister said that Rs 2,000 crore of total project cost would be raised from equities. "We will provide land of about 800-1000 acre for the establishment."
He said: "The ONGC has decided to set up a methanol-urea plant using natural gas available in north Tripura. The plant is expected to start using gas deposits of Khubal of Dhalai district, location of the plant is yet to be finalised."
The CM has directed district magistrates of both districts to choose the locations after discussion of forest officials. According to Sarkar, the plant would immensely benefit Bihar, Jharkhand, West Bengal and several other states. Neighbouring Bangladesh is also likely to receive urea from the plant.
The project would take 44-48 months to start operation. ONGC had engaged Noidabased Projects & Development India (PDIL) to study the feasibility of the proposed project. Public sector unit Brahmaputra Valley Fertiliser Corporation (BVFCL), which is the only urea producing unit in the entire Northeast, is witnessing plummeting production. Northeast requires 2.5 lakh tonne urea annually.
In the project, Tata Chemicals and ONGC will have 50% and 40% stake, respectively. Tripura Chief Minister Manik Sarkar, after the cabinet meeting, said in Agartala that ONGC has sought expression of interest for setting up of the urea plant.
The chief minister said that Rs 2,000 crore of total project cost would be raised from equities. "We will provide land of about 800-1000 acre for the establishment."
He said: "The ONGC has decided to set up a methanol-urea plant using natural gas available in north Tripura. The plant is expected to start using gas deposits of Khubal of Dhalai district, location of the plant is yet to be finalised."
The CM has directed district magistrates of both districts to choose the locations after discussion of forest officials. According to Sarkar, the plant would immensely benefit Bihar, Jharkhand, West Bengal and several other states. Neighbouring Bangladesh is also likely to receive urea from the plant.
The project would take 44-48 months to start operation. ONGC had engaged Noidabased Projects & Development India (PDIL) to study the feasibility of the proposed project. Public sector unit Brahmaputra Valley Fertiliser Corporation (BVFCL), which is the only urea producing unit in the entire Northeast, is witnessing plummeting production. Northeast requires 2.5 lakh tonne urea annually.
TN to get Rs 20,925-cr investment from 12 major projects
Chennai: Tamil Nadu is to attract a cumulative investment of Rs 20,925 crore from 12 major industrial projects. This includes new and expansion projects. This investment is likely to give direct employment to 36,855 people and indirectly to about a lakh.
On November 5, the 12 companies will sign agreements with the State Government said J. Jayalalithaa in the State Assembly.
The State Cabinet, which met on October 27, cleared five major projects. This includes the Rs 4,000-crore expansion project of Hyundai at its Sriperumbudur plant; the Rs 4,500-crore synthetic fibre manufacturing facility of Indo Rama and the Rs 2,325-crore joint venture between BGR Energy and Hitachi group for turbine manufacturing, said a State Government press release.
The Cabinet also cleared the setting up of a textile park in Coimbatore by ADD Industrial Park in 2,200 acres. In the first year of operations, the park will provide jobs for nearly 2,000 people and in the seventh year to around 25,000.
Saint Gobain is expanding its facility at Sriperumbdur at a cost of Rs 400 crore to provide employment to around 500 people, the release said.
The Cabinet, which met on October 26, cleared the Rs 4,100-crore fibre glass and float glass manufacturing facility of the US-based PPG Industries in joint venture with Harsha Exito Engineering Private Ltd (India). The company will establish a 50-50 joint venture for the manufacture and sale of fibre glass reinforcement product in the Sipcot industrial park in Kancheepuram district.
A State Government press release says that the facility will create a direct employment of around 1,850 people.
The projects to be cleared by the State Cabinet are of the TVS group (Rs 700 crore), Murugappa group (Rs 500 crore), Danfoss (Rs 500 crore), Sanmina-SCI (Rs 250 crore), Nokia (Rs 250 crore) and Alticor Inc (Rs 300 crore), the release said.
On November 5, the 12 companies will sign agreements with the State Government said J. Jayalalithaa in the State Assembly.
The State Cabinet, which met on October 27, cleared five major projects. This includes the Rs 4,000-crore expansion project of Hyundai at its Sriperumbudur plant; the Rs 4,500-crore synthetic fibre manufacturing facility of Indo Rama and the Rs 2,325-crore joint venture between BGR Energy and Hitachi group for turbine manufacturing, said a State Government press release.
The Cabinet also cleared the setting up of a textile park in Coimbatore by ADD Industrial Park in 2,200 acres. In the first year of operations, the park will provide jobs for nearly 2,000 people and in the seventh year to around 25,000.
Saint Gobain is expanding its facility at Sriperumbdur at a cost of Rs 400 crore to provide employment to around 500 people, the release said.
The Cabinet, which met on October 26, cleared the Rs 4,100-crore fibre glass and float glass manufacturing facility of the US-based PPG Industries in joint venture with Harsha Exito Engineering Private Ltd (India). The company will establish a 50-50 joint venture for the manufacture and sale of fibre glass reinforcement product in the Sipcot industrial park in Kancheepuram district.
A State Government press release says that the facility will create a direct employment of around 1,850 people.
The projects to be cleared by the State Cabinet are of the TVS group (Rs 700 crore), Murugappa group (Rs 500 crore), Danfoss (Rs 500 crore), Sanmina-SCI (Rs 250 crore), Nokia (Rs 250 crore) and Alticor Inc (Rs 300 crore), the release said.
Indian investment in Canada at $14 billion
New Delhi: Indian investment in Canada stands at $14 billion, while Canadian investment in India stands at around $5 billion.
The Canadian Prime Minister Stephen Harper will undertake a state visit to India between November 4 and 9. He will be accompanied by three ministers.
The Canadian Prime Minister will visit Delhi, Agra, Chandigarh and Bangalore during his visit, his second visit to the country in the last three years. Bilateral trade between the two countries stands at around $5 billion.
The Canadian Prime Minister Stephen Harper will undertake a state visit to India between November 4 and 9. He will be accompanied by three ministers.
The Canadian Prime Minister will visit Delhi, Agra, Chandigarh and Bangalore during his visit, his second visit to the country in the last three years. Bilateral trade between the two countries stands at around $5 billion.
India-Germany to Achieve Trade Target of 20 Billion Euro this Year: Anand Sharma
New Delhi: The Union Minister of Commerce Industry and Textiles Shri Anand Sharma has said that India and Germany will achieve the trade target of Euro 20 billion (USD 26.16 billion) this year. The trade between the two countries stood at USD 23.566 in 2011. “India and Germany have set a trade target of Euro 20 billion (US$ 26.16 billion) to be achieved by 2012 and I am sure that we will be able to reach this target if not cross it with efforts from both sides,” said Shri Sharma after the meeting with Dr. Phillipp Roesler, Minister of Economic and Technology and Vice Chancellor of the Federal Republic of Germany, here today.
Both the leaders also reviewed the progress of India EU BTIA and expressed the desire that it a balanced and ambitious agreement be reached soon. The Chief negotiators are meeting in Brussels on 8th November and a delegation is coming to this month to pursue the issue of declaring India Data Secure which is an important demand from Indian side. "We have proposed the principal of incremental approach so that what may not happen now can be included later. But what we have on the table from both the sides, it is fairly robust. We will now leave it to negotiators to bring it to its early conclusion .... We will have a ministerial scheduled either for December or January, depends on how fast they (Chief Negotiators) work. That time, hopefully, we will announce the conclusion of the negotiations," Minister Sharma told reporters after the meeting.
Dr Roseler underlined the concerns of their Pharmaceutical industry in the wake of granting of compulsory licence of a cancer medicine to Natco recently. Shri Sharma assured the visiting Minister that India’s action was well within the parameters of TRIPS commitments and the flexibility of compulsory licensing has been used more than 50 times by the developed countries while this was the first time India resorted to this. He said India’s IP structure is fully compliant with its international commitments.
In 2011 Indian export to Germany stood at USD 8.25 billion and import were USD 15.31 billion. FDI inflows from Germany into India is around US$ 4.9 billion and it ranks 8th among investors in India. FDI flow from India into Germany is US $ 5.9 billion in 2011.
The German Minister is participating in 13th Asia-Pacific Conference of German Business which is being held in Gurgaon during 1-3 November, 2012.
Both the leaders also reviewed the progress of India EU BTIA and expressed the desire that it a balanced and ambitious agreement be reached soon. The Chief negotiators are meeting in Brussels on 8th November and a delegation is coming to this month to pursue the issue of declaring India Data Secure which is an important demand from Indian side. "We have proposed the principal of incremental approach so that what may not happen now can be included later. But what we have on the table from both the sides, it is fairly robust. We will now leave it to negotiators to bring it to its early conclusion .... We will have a ministerial scheduled either for December or January, depends on how fast they (Chief Negotiators) work. That time, hopefully, we will announce the conclusion of the negotiations," Minister Sharma told reporters after the meeting.
Dr Roseler underlined the concerns of their Pharmaceutical industry in the wake of granting of compulsory licence of a cancer medicine to Natco recently. Shri Sharma assured the visiting Minister that India’s action was well within the parameters of TRIPS commitments and the flexibility of compulsory licensing has been used more than 50 times by the developed countries while this was the first time India resorted to this. He said India’s IP structure is fully compliant with its international commitments.
In 2011 Indian export to Germany stood at USD 8.25 billion and import were USD 15.31 billion. FDI inflows from Germany into India is around US$ 4.9 billion and it ranks 8th among investors in India. FDI flow from India into Germany is US $ 5.9 billion in 2011.
The German Minister is participating in 13th Asia-Pacific Conference of German Business which is being held in Gurgaon during 1-3 November, 2012.
German certification firm TUV SUD sets up lab in Gurgaon
Mumbai: German testing and certification company TÜV SÜD has set up a laboratory in India, equipped to meet requirements across sectors, from nutritional products and food supplements to leather and toys to jewellery.
Touted to be the company’s largest testing laboratory across India, Bangladesh and Sri Lanka, the lab comes at a time there is greater consumer and regulatory concern on the presence of pesticide residues in food or trace elements in toys, Ishan Palit , Chief Executive of TUV SUD’s product service division told Business Line.
The €1.7 billion company has 10 labs in the country, but the new lab located in Gurgaon will be a hub to service companies in North India, similar to an existing hub in Bangalore for companies in South India. Its other labs are located close to industrial clusters, like Ambur in Tamil Nadu that exports leather products; or labs to certify textile and apparel, located in Mumbai, Delhi and Bangalore.
The company, that has been present in India since 1994, will invest € 5 million (about 35 crore) in the new lab and the other satellite labs, he said. The company clocked revenues of € 20 million (Rs 140 crore) in 2011.
An accredited lab for food testing, the company is also notified to certify medical equipment, he said. The new lab is equipped with technology ranging from handling the physical and chemical aspects of testing, he said. So in food or textile, it would be testing products to check their packaging or ability to withstand handling pressures, and these would be handled separately for different products, he explained. The chemical analysis would involve more sensitive and dedicated equipment to check for antibiotic or pesticide residues in food, azo dyes in textile or lead in toys, he added.
Touted to be the company’s largest testing laboratory across India, Bangladesh and Sri Lanka, the lab comes at a time there is greater consumer and regulatory concern on the presence of pesticide residues in food or trace elements in toys, Ishan Palit , Chief Executive of TUV SUD’s product service division told Business Line.
The €1.7 billion company has 10 labs in the country, but the new lab located in Gurgaon will be a hub to service companies in North India, similar to an existing hub in Bangalore for companies in South India. Its other labs are located close to industrial clusters, like Ambur in Tamil Nadu that exports leather products; or labs to certify textile and apparel, located in Mumbai, Delhi and Bangalore.
The company, that has been present in India since 1994, will invest € 5 million (about 35 crore) in the new lab and the other satellite labs, he said. The company clocked revenues of € 20 million (Rs 140 crore) in 2011.
An accredited lab for food testing, the company is also notified to certify medical equipment, he said. The new lab is equipped with technology ranging from handling the physical and chemical aspects of testing, he said. So in food or textile, it would be testing products to check their packaging or ability to withstand handling pressures, and these would be handled separately for different products, he explained. The chemical analysis would involve more sensitive and dedicated equipment to check for antibiotic or pesticide residues in food, azo dyes in textile or lead in toys, he added.
Hindustan Copper to invest Rs 1,856 crore in MP mine project
Kolkata: Hindustan Copper, the country's largest state-owned copper company is planning to invest Rs 1,856 crore in the Malanjkhand Copper project at Madhya Pradesh.
A memorandum of understanding on this was signed between K D Diwan, chairman-cum-managing director of Hindustan CopperBSE 0.88 % Limited (HCL), and Arun Kumar Bhatt, managing director, MP Trade & Investment Facilitation Corporation Ltd (TRIFAC), government of Madhya Pradesh at the Global Investor Summit 2012 at Indore earlier this week.
The project envisages facilitation of the proposed investment of Rs 1,856 crore in Malanjkhand, where the company wants to construct an underground mine of 5 million tonne facility. It is the single largest copper deposit of India and is estimated to have around 221 million tonne of reserves.
The MoU will enable HCL to obtain necessary clearances, concessions and waivers for the Malanjkhand underground mine project from the state government. The MoU documents were exchanged between Mr Diwan and Mr P K Dash, additional chief secretary, commerce, industry & employment of Madhya Pradesh in the presence of the state's chief minister, Shivraj Singh Chouhan and industry minister, Kailash Vijayvargiya. Mr Diwan had attended the Global Investor Summit 2012 between October 28-30 as a guest of honour at the invitation of Madhya Pradesh state government.
A memorandum of understanding on this was signed between K D Diwan, chairman-cum-managing director of Hindustan CopperBSE 0.88 % Limited (HCL), and Arun Kumar Bhatt, managing director, MP Trade & Investment Facilitation Corporation Ltd (TRIFAC), government of Madhya Pradesh at the Global Investor Summit 2012 at Indore earlier this week.
The project envisages facilitation of the proposed investment of Rs 1,856 crore in Malanjkhand, where the company wants to construct an underground mine of 5 million tonne facility. It is the single largest copper deposit of India and is estimated to have around 221 million tonne of reserves.
The MoU will enable HCL to obtain necessary clearances, concessions and waivers for the Malanjkhand underground mine project from the state government. The MoU documents were exchanged between Mr Diwan and Mr P K Dash, additional chief secretary, commerce, industry & employment of Madhya Pradesh in the presence of the state's chief minister, Shivraj Singh Chouhan and industry minister, Kailash Vijayvargiya. Mr Diwan had attended the Global Investor Summit 2012 between October 28-30 as a guest of honour at the invitation of Madhya Pradesh state government.
GE Capital invests Rs 125cr in Biocon arm
Bangalore: GE Capital, the investment arm of General Electric, has picked up a 7.69% stake for Rs 125 crore in Syngene, a subsidiary of Biocon. The deal values the biotech company's subsidiary at about Rs 1,624 crore. Syngene, a contract research organization, is into drug discovery and development services. Its client list includes Bristol-Myers Squibb, Abbott, Endo Pharma and DuPont.
"This stake investment is not just a financial investment. GE has leading edge expertise in lifescience technologies and we believe that through this investment Syngene has the opportunity to engage with different parts of the GE organization," said Kiran Mazumdar Shaw, CMD, Biocon. She added that the investment would take Biocon closer to its commitment of taking Syngene through an IPO.
Peter Bains, director in Syngene, said GE Capital's investment would "enable the company to expand its integrated discovery and development services platform and help foster strategic partnerships with leading global pharma and biotech companies". Syngene has over 1,500 scientists and reported revenues of Rs 400 crore in 2011-12. In the second half of this financial year, the company had revenues of Rs 250 crore.
"This stake investment is not just a financial investment. GE has leading edge expertise in lifescience technologies and we believe that through this investment Syngene has the opportunity to engage with different parts of the GE organization," said Kiran Mazumdar Shaw, CMD, Biocon. She added that the investment would take Biocon closer to its commitment of taking Syngene through an IPO.
Peter Bains, director in Syngene, said GE Capital's investment would "enable the company to expand its integrated discovery and development services platform and help foster strategic partnerships with leading global pharma and biotech companies". Syngene has over 1,500 scientists and reported revenues of Rs 400 crore in 2011-12. In the second half of this financial year, the company had revenues of Rs 250 crore.
Fidelity Growth Partners injects Rs 400 crore in medical technology firm Trivitron Healthcare
Bangalore: Fidelity Growth Partners India (FGPI), the India-focused private equity arm of Fidelity Worldwide Investment has invested Rs 400 crore in Chennai-headquartered medical technology firm Trivitron Healthcare.
Trivitron will use the funding on acquisitions of companies and technologies in Europe and the United States. The funds will also be used used to enhance the company's distribution operations in South East Asia, Middle East and Africa.
"We aim to become a global player in the imaging and lab diagnostics segment," said Dr GSK Velu, who founded the company in 1997 after a stint at Chiron Diagnostics as country head.
He said Fidelity's knowledge in the medical devices space in China, USA, and Europe will also help the firm to become a global player .
This investment also provides partial exits for ePlanet Ventures and Headland Capital, which have been investors in Trivitron since 2007.
Trivitron has become India's largest distributor and after-sales support provider of medical equipment and devices. These are used in areas such as imaging, cardiology, renal care and ophthalmology.
The medical equipment sector in the country is still nascent and dominated by imports.Fidelity invested in Trivitron, as it expects India will follow the same evolution trajectory as other emerging markets such as China where large, indigenous manufacturers of medical equipment have emerged over the past decade.
"Trivitron is well positioned to capitalize on this trend ," said Raj Dugar, senior managing director at FIL Capital Advisors (India), the advisory team for FGPI.
Trivitron will also use the funding to scale up research and development activities. It has setup medical technology park in Chennai which manufactures medical equipment.
The company recently set up centres of innovation for biomedical equipment in collaboration with the Indian Institute of Technology (IIT), Chennai.
Trivitron aims to clock revenues of Rs 700 crore for FY2012-13 through organic and inorganic routes enabled through this investment round.
This year, the healthcare and life sciences sector has received the maximum investment from private equity and venture capital players, attracting $817 million across 29 investments till August, according to data from private equity focused research firm Venture Intelligence. Last year, there were 38 deals in the sector worth $421 million.
Trivitron will use the funding on acquisitions of companies and technologies in Europe and the United States. The funds will also be used used to enhance the company's distribution operations in South East Asia, Middle East and Africa.
"We aim to become a global player in the imaging and lab diagnostics segment," said Dr GSK Velu, who founded the company in 1997 after a stint at Chiron Diagnostics as country head.
He said Fidelity's knowledge in the medical devices space in China, USA, and Europe will also help the firm to become a global player .
This investment also provides partial exits for ePlanet Ventures and Headland Capital, which have been investors in Trivitron since 2007.
Trivitron has become India's largest distributor and after-sales support provider of medical equipment and devices. These are used in areas such as imaging, cardiology, renal care and ophthalmology.
The medical equipment sector in the country is still nascent and dominated by imports.Fidelity invested in Trivitron, as it expects India will follow the same evolution trajectory as other emerging markets such as China where large, indigenous manufacturers of medical equipment have emerged over the past decade.
"Trivitron is well positioned to capitalize on this trend ," said Raj Dugar, senior managing director at FIL Capital Advisors (India), the advisory team for FGPI.
Trivitron will also use the funding to scale up research and development activities. It has setup medical technology park in Chennai which manufactures medical equipment.
The company recently set up centres of innovation for biomedical equipment in collaboration with the Indian Institute of Technology (IIT), Chennai.
Trivitron aims to clock revenues of Rs 700 crore for FY2012-13 through organic and inorganic routes enabled through this investment round.
This year, the healthcare and life sciences sector has received the maximum investment from private equity and venture capital players, attracting $817 million across 29 investments till August, according to data from private equity focused research firm Venture Intelligence. Last year, there were 38 deals in the sector worth $421 million.
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