Kochi: SpiceJet Ltd, one of the leading low cost airlines, has announced the launch of two new international flights from Kerala.
The airline has launched daily flight from Kochi to the Maldivian capital Male from Thursday. In the second week of December the airline will introduce daily flight from Kochi to Dubai.
At present, SpiceJet is operating international flights from Delhi, Mumbai, Chennai and Madurai. Kochi has become the fifth destination in India from where the airline has started international flights. The airline has deployed the Bombardier Q400 aircraft, with a capacity of 78 passengers, in the Kochi-Male route.
The airline will soon be launching daily direct flights from Ahmedabad to Dubai. Spokesmen of SpiceJet said that Boeing 737-800 will be deployed in the Kochi to Dubai and Ahmedabad to Dubai routes.
Success in my Habit
Sunday, December 2, 2012
L&T Construction wins orders worth Rs 1,178 cr
Mumbai: L&T Construction said that it has secured orders valued at over Rs 1,178 crore in November.
Its buildings and factories division has got orders worth Rs 595 crore from UAE for the construction of a hospital building and associated facilities.
In the solar division, the company has bagged engineering, procurement and construction orders worth Rs 280 crore for the construction of solar PV systems in Rajasthan.
It has also got additional orders worth Rs 303 crore from ongoing projects, mainly in airports, factories, minerals and metals, besides in power transmission and distribution.
Its buildings and factories division has got orders worth Rs 595 crore from UAE for the construction of a hospital building and associated facilities.
In the solar division, the company has bagged engineering, procurement and construction orders worth Rs 280 crore for the construction of solar PV systems in Rajasthan.
It has also got additional orders worth Rs 303 crore from ongoing projects, mainly in airports, factories, minerals and metals, besides in power transmission and distribution.
PVR to acquire 69% in Cinemax for Rs 395 cr
New Delhi: Putting an end to months of speculation, PVR Cinemas on Thursday announced that it will acquire 69.27 per cent stake in Cinemax India for Rs 395 crore.
The deal once concluded will make PVR the largest movie exhibition chain in the country.
PVR will be acquiring Cinemax promoter’s stake at Rs 203.65 a share through a wholly owned subsidiary, Cine Hospitality representing a premium of about 10 per cent on the closing price of the shares of Cinemax on the BSE on Thursday.
PVR will be also acquiring additional 26 per cent stake through an open offer from public shareholders according to SEBI takeover regulations, PVR said in a statement.
“This acquisition is a strategic move and will take our total screens to 351 across 85 locations giving us access to eight new markets.
“It will also give us leadership in 10 most significant markets across the country. Cinemax will continue to operate as a separate entity and its cinemas will not be re branded,” said Ajay Bijli, Chairman and Managing Director of PVR, hinting that Cinemax may not be delisted.
He added that the PVR sees cost benefits and synergy potential in the deal through the larger scale of operations.
“We expect to increase the tally of our screens to about 400 screens by the end of this fiscal year,” Bijli said.
Funding
The deal will be funded through a mix of debt and equity and the company’s board also approved issuing of preference shares.
The company has raised funds through current investor L Capital and a new private equity player - Multiples Alternate Asset Management. PVR has issued preferential shares of 1,06,25,205 shares at Rs 245 a share amounting to Rs 260 crore to the promoters (PVR promoters), L Capital and Multiples Alternate.
While Multiples will invest Rs 153 crore, L Capital would invest approximately Rs 82.3 crore and the promoters investment will be about Rs 25 crore into PVR Ltd, which in turn will acquire stake in Cinemax through its wholly owned subsidiary.
“Post the above dilution, both Multiples Private Equity and L Capital would own about 15.8 per cent stake each in PVR and the promoters will hold 32 per cent stake in the company,” it said.
Rasesh Kanakia, promoter of Cinemax, said the exhibition business benefits from the consolidation as large scale strengthens competitive advantage and enhances operational efficiencies.
He said the Kanakia Group will now focus on its core business of real estate and hospitality.
The deal once concluded will make PVR the largest movie exhibition chain in the country.
PVR will be acquiring Cinemax promoter’s stake at Rs 203.65 a share through a wholly owned subsidiary, Cine Hospitality representing a premium of about 10 per cent on the closing price of the shares of Cinemax on the BSE on Thursday.
PVR will be also acquiring additional 26 per cent stake through an open offer from public shareholders according to SEBI takeover regulations, PVR said in a statement.
“This acquisition is a strategic move and will take our total screens to 351 across 85 locations giving us access to eight new markets.
“It will also give us leadership in 10 most significant markets across the country. Cinemax will continue to operate as a separate entity and its cinemas will not be re branded,” said Ajay Bijli, Chairman and Managing Director of PVR, hinting that Cinemax may not be delisted.
He added that the PVR sees cost benefits and synergy potential in the deal through the larger scale of operations.
“We expect to increase the tally of our screens to about 400 screens by the end of this fiscal year,” Bijli said.
Funding
The deal will be funded through a mix of debt and equity and the company’s board also approved issuing of preference shares.
The company has raised funds through current investor L Capital and a new private equity player - Multiples Alternate Asset Management. PVR has issued preferential shares of 1,06,25,205 shares at Rs 245 a share amounting to Rs 260 crore to the promoters (PVR promoters), L Capital and Multiples Alternate.
While Multiples will invest Rs 153 crore, L Capital would invest approximately Rs 82.3 crore and the promoters investment will be about Rs 25 crore into PVR Ltd, which in turn will acquire stake in Cinemax through its wholly owned subsidiary.
“Post the above dilution, both Multiples Private Equity and L Capital would own about 15.8 per cent stake each in PVR and the promoters will hold 32 per cent stake in the company,” it said.
Rasesh Kanakia, promoter of Cinemax, said the exhibition business benefits from the consolidation as large scale strengthens competitive advantage and enhances operational efficiencies.
He said the Kanakia Group will now focus on its core business of real estate and hospitality.
Onco Therapies gets ANDA approval for Ifosfamide injection
Bengaluru: Onco Therapies Ltd, a wholly owned subsidiary of Strides Arcolab Ltd (Strides), has received Abbreviated New Drug Application (ANDA) approval for Ifosfamide injection 50 mg/ml packaged in one gram/20 ml and three grams/60 ml single-dose vials.
Ifosfamide is a part of the onncology portfolio licensed to Pfizer for the US market and the product is available for immediate launch.
As per IMS data, the US market for generic Ifosfamide is about $15 million.
Ifosfamide is a chemotherapy drug that is usually used to treat sarcoma, testicular cancer and some types of lymphomas.
Ifosfamide is a part of the onncology portfolio licensed to Pfizer for the US market and the product is available for immediate launch.
As per IMS data, the US market for generic Ifosfamide is about $15 million.
Ifosfamide is a chemotherapy drug that is usually used to treat sarcoma, testicular cancer and some types of lymphomas.
Investment by Foreign Companies in SME
New Delhi: To promote capital investment by foreign multinational companies in small and medium enterprises the Foreign Direct Investment (FDI) in micro and small enterprises (MSEs) has been raised to 100 percent from 24 per cent. However, FDI in MSMEs is subject to sectoral caps and other relevant sectoral regulations.
Enhanced capital investment by foreign multinational companies will create an environment of healthy competition among MSMEs whether financed by foreign investment or otherwise, resulting in availability of better products for consumers.
This information was given by the Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Shri K. H. Muniyappa in a written reply to a question in the Lok Sabha today.
Enhanced capital investment by foreign multinational companies will create an environment of healthy competition among MSMEs whether financed by foreign investment or otherwise, resulting in availability of better products for consumers.
This information was given by the Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Shri K. H. Muniyappa in a written reply to a question in the Lok Sabha today.
Thursday, November 29, 2012
Honda Car India to set up greenfield diesel engine factory in Rajasthan
New Delhi: Honda Car India, the wholly-owned subsidiary of Honda Motor Co. of Japan will set up a greenfield diesel engine factory at its second industrial location in Rajasthan that have largely remained unutilised over the past five years.
The Indian subsidiary will debut Honda's first global compact car in diesel in 2013 fired by the locally-manufactured engines.
This sub-four metre sedan, Amaze, based on its Brio hatchback model - Honda's strategic model for Asia - would have a 1.5-litre i-DTEC diesel based on its 'Earth Dreams' diesel technology.
Honda Car's senior V-P (sales & marketing) Jnaneswar Sen confirmed the corporate plans for a new diesel engine plant exclusively for the Indian market.
"We plan to launch the diesel car at a very aggressive price that would require high level of localisation in the Indian market. We have finalised plans to set up a diesel engine plant at Tapukara in Rajasthan by next year but the finer details regarding capacity and investments are yet to be worked out," he said.
The company would start assembling a 1.5-litre diesel engine by early next year that would initially debut in the Amaze sedan which would compete with Maruti topseller Dzire & Tata Motors' Indigo.
The same engines would also come in Honda's other cars like the new Jazz and the new City sedan that would roll out some time in 2014 for the Indian market.
"The diesel engine would not power any of the existing compact cars like the current models of Brio, Jazz and the City sedan. We will have this diesel technology reserved only for the new cars that would be introduced over the next 2-3 years," Sen added.
According to three different component manufacturers, Honda plans to introduce Amaze in the price range of 5-8 lakh by increasing cost competitiveness through local sourcing and production. "We have been working with Honda to develop components for its new diesel engine.
The component supplies for making these engines would resume early next year as the car (Amaze) is expected to debut in mid-2013," said a Delhi-based auto component maker.
According to company sources, Honda would also supply some of the engine components from the Rajasthan plant to its UK subsidiary. It already makes higher configuration diesel engines in the UK, which are strapped to its popular cars like the Accord and the CR-V sporty utility vehicle.
However, the diesel engine would not be fitted in Accord and CR-V models in India. Amaze, the entry-level sedan, would also be rolled out in a 1.2-litre petrol engine that currently powers its Jazz and the Brio hatchback.
The Indian subsidiary will debut Honda's first global compact car in diesel in 2013 fired by the locally-manufactured engines.
This sub-four metre sedan, Amaze, based on its Brio hatchback model - Honda's strategic model for Asia - would have a 1.5-litre i-DTEC diesel based on its 'Earth Dreams' diesel technology.
Honda Car's senior V-P (sales & marketing) Jnaneswar Sen confirmed the corporate plans for a new diesel engine plant exclusively for the Indian market.
"We plan to launch the diesel car at a very aggressive price that would require high level of localisation in the Indian market. We have finalised plans to set up a diesel engine plant at Tapukara in Rajasthan by next year but the finer details regarding capacity and investments are yet to be worked out," he said.
The company would start assembling a 1.5-litre diesel engine by early next year that would initially debut in the Amaze sedan which would compete with Maruti topseller Dzire & Tata Motors' Indigo.
The same engines would also come in Honda's other cars like the new Jazz and the new City sedan that would roll out some time in 2014 for the Indian market.
"The diesel engine would not power any of the existing compact cars like the current models of Brio, Jazz and the City sedan. We will have this diesel technology reserved only for the new cars that would be introduced over the next 2-3 years," Sen added.
According to three different component manufacturers, Honda plans to introduce Amaze in the price range of 5-8 lakh by increasing cost competitiveness through local sourcing and production. "We have been working with Honda to develop components for its new diesel engine.
The component supplies for making these engines would resume early next year as the car (Amaze) is expected to debut in mid-2013," said a Delhi-based auto component maker.
According to company sources, Honda would also supply some of the engine components from the Rajasthan plant to its UK subsidiary. It already makes higher configuration diesel engines in the UK, which are strapped to its popular cars like the Accord and the CR-V sporty utility vehicle.
However, the diesel engine would not be fitted in Accord and CR-V models in India. Amaze, the entry-level sedan, would also be rolled out in a 1.2-litre petrol engine that currently powers its Jazz and the Brio hatchback.
Tata Motors introduces passenger cars in Bangladesh
Mumbai: Tata Motors has introduced two sedans and a hatchback in Bangladesh, marking its foray into the country’s passenger car segment.
The Tata group company has launched its compact sedan Tata Indigo eCS, luxury sedan Tata Indigo Manza and hatchback Tata Indica Vista in the country.
“Our 40-year association with Bangladesh has given us an insight into the aspiration of the country’s motorists. They will be central to our business – we will delight them with the performance of our cars and the comfort and excellence of our service, and establish ourselves as we have in commercial vehicles since 1972,” Tata Motors Managing Director Karl Slym said.
To begin with, the passenger cars will be available at a showroom in the country’s capital, Dhaka. By 2013, three other cities will be covered, with a showroom each, the company said in a statement.
Tata Motors, a market leader in with a 70 per cent market share, has about 53,000 Tata commercial vehicles on Bangladesh roads. The Tata group company had introduced its buses in the country in 1972
The Tata group company has launched its compact sedan Tata Indigo eCS, luxury sedan Tata Indigo Manza and hatchback Tata Indica Vista in the country.
“Our 40-year association with Bangladesh has given us an insight into the aspiration of the country’s motorists. They will be central to our business – we will delight them with the performance of our cars and the comfort and excellence of our service, and establish ourselves as we have in commercial vehicles since 1972,” Tata Motors Managing Director Karl Slym said.
To begin with, the passenger cars will be available at a showroom in the country’s capital, Dhaka. By 2013, three other cities will be covered, with a showroom each, the company said in a statement.
Tata Motors, a market leader in with a 70 per cent market share, has about 53,000 Tata commercial vehicles on Bangladesh roads. The Tata group company had introduced its buses in the country in 1972
Agribusiness: India, New Zealand sign MoU
Chandigarh: India and New Zealand are all set to increase mutual collaboration and partnerships in the agribusiness sector with the signing of Memorandum of Understanding (MoU) on Tuesday in Chandigarh. The collaboration will allow both to share the best practices and technologies, while building agribusiness connections between the two countries.
Through the MoU, CII Agro Tech and Fieldays would avail reciprocal rights to attend and exhibit at each others' agri and business shows, share intellectual property, host VIPs, delegations and promote business collaborations. The signing of MoU recognizes CII and Fieldays status as leading international facilitators of agribusiness expansion and innovation.
New Zealand minister for primary industries David Carter expressed keen desire to setup joint ventures in Punjab in various areas of industry, agriculture and milk processing sector to become partners in the progress of Punjab. He said Punjab and New Zealand share the common expertise in agriculture sector and New Zealand can coordinate with Punjab by offering it latest agriculture technology and techniques to prolong shelf life of agriculture products.
Offering to setup "joint farms" in Punjab, the minister said these agriculture farms could be pilot projects to showcase the latest technology in agriculture sector, adding that the focus of New Zealand agriculture sector was on increasing productivity and profitability to make the sector self-sustaining.
Minister of IT, food, civil supplies and food processing in Punjab, Adaish Partap Singh Kairon said, "By entering into this memorandum we look forward to progress. We will be happy to work for relaxed taxes." He added that the international airport in Amritsar would prove as an outlet for trade. With this CII's Agro Tech 2012 entered into a MoU with the largest agriculture show in the Southern Hemisphere -New Zealand National Agricultural Fieldays.
Through the MoU, CII Agro Tech and Fieldays would avail reciprocal rights to attend and exhibit at each others' agri and business shows, share intellectual property, host VIPs, delegations and promote business collaborations. The signing of MoU recognizes CII and Fieldays status as leading international facilitators of agribusiness expansion and innovation.
New Zealand minister for primary industries David Carter expressed keen desire to setup joint ventures in Punjab in various areas of industry, agriculture and milk processing sector to become partners in the progress of Punjab. He said Punjab and New Zealand share the common expertise in agriculture sector and New Zealand can coordinate with Punjab by offering it latest agriculture technology and techniques to prolong shelf life of agriculture products.
Offering to setup "joint farms" in Punjab, the minister said these agriculture farms could be pilot projects to showcase the latest technology in agriculture sector, adding that the focus of New Zealand agriculture sector was on increasing productivity and profitability to make the sector self-sustaining.
Minister of IT, food, civil supplies and food processing in Punjab, Adaish Partap Singh Kairon said, "By entering into this memorandum we look forward to progress. We will be happy to work for relaxed taxes." He added that the international airport in Amritsar would prove as an outlet for trade. With this CII's Agro Tech 2012 entered into a MoU with the largest agriculture show in the Southern Hemisphere -New Zealand National Agricultural Fieldays.
Mayor of London keen on investments from India
New Delhi: Leading a business delegation to India Mr Boris Johnson, Mayor of London, has sought investments from the country. Mr Johnson also asked India to open more areas like insurance for foreign investors.
As per the Mayor, businessmen of both the countries can collaborate in sectors like education, film-making, medical sciences and infrastructure development. “There is still so much which we can do. In every sector, I see a scope for Indian businessmen,” said Mr Johnson.
Business and financial city of London provides huge opportunities for Indian businessmen, added Mr Johnson. “There is economic complementarity between Britain and India and between London and India. I believe the scope for partnership is limitless. Come to London. This city is open for investments. We are open for trade and investments with India,” said Johnson.
Highlighting on the India-EU free trade pact, Mr Johnson said that the ongoing negotiations between India and European Union (EU) for a comprehensive free trade agreement (FTA) would be mutually beneficial for both sides.
The India-EU free trade agreement, officially termed as the Bilateral Trade and Investment Agreement (BTIA), seeks to greatly reduce the tariffs on goods and liberalise services and investments provisions. The bilateral trade between India and the UK stood at US$ 16.25 billion in 2011-12.
Mr Johnson also expressed his opinion on the visa issue. The Mayor said that London welcomes skilled people from all over the world including India.
According to Mr James Bevan, High Commissioner of UK to India, Britain offers best educational institutes and “a great place to do business’’. Over 70 Indian companies are listed on the London Stock Exchange. Firms like HCL have presence in London.
As per the Mayor, businessmen of both the countries can collaborate in sectors like education, film-making, medical sciences and infrastructure development. “There is still so much which we can do. In every sector, I see a scope for Indian businessmen,” said Mr Johnson.
Business and financial city of London provides huge opportunities for Indian businessmen, added Mr Johnson. “There is economic complementarity between Britain and India and between London and India. I believe the scope for partnership is limitless. Come to London. This city is open for investments. We are open for trade and investments with India,” said Johnson.
Highlighting on the India-EU free trade pact, Mr Johnson said that the ongoing negotiations between India and European Union (EU) for a comprehensive free trade agreement (FTA) would be mutually beneficial for both sides.
The India-EU free trade agreement, officially termed as the Bilateral Trade and Investment Agreement (BTIA), seeks to greatly reduce the tariffs on goods and liberalise services and investments provisions. The bilateral trade between India and the UK stood at US$ 16.25 billion in 2011-12.
Mr Johnson also expressed his opinion on the visa issue. The Mayor said that London welcomes skilled people from all over the world including India.
According to Mr James Bevan, High Commissioner of UK to India, Britain offers best educational institutes and “a great place to do business’’. Over 70 Indian companies are listed on the London Stock Exchange. Firms like HCL have presence in London.
100% FDI Permitted for Cold Storage Facilities
All India Coordinated Research Project on Post-harvest Technology (ICAR) conducted a study at National level and printed the report in September, 2012. As per the study, estimated monetary value of harvest, post-harvest losses of horticultural, agricultural and livestock produce, in the country was Rs. 44143 crore at price and production value for the year 2007 - 08.
In order to increase Foreign Direct Investment (FDI) in cold storage sector, Government has permitted 100% FDI under automatic route as per the extant FDI policy. This policy mandates minimum investment of US$ 100 million with at least 50% of total FDI being invested in 'back-end infrastructure' within three years of the first tranche of FDI, where 'back-end infrastructure' will include capital expenditure on all activities, excluding that on front-end units.
The Government is implementing following schemes which have components for increasing cold storage capacity aimed at checking wastage of horticulture and agriculture produce:
National Horticulture Mission.
Horticulture Mission for North East and Himalayan States.
National Horticulture Board.
Scheme of Ministry of Food Processing Industries.
Scheme of Agricultural Processed Food Products Export Development Authority.
National Cooperative Development Corporation.
Further, Government has included capital investment in creation of modern storage capacity including cold chains and post-harvest storage as an eligible sector for viability gap funding under "support to public private partnership in Infrastructure scheme".
This information was given by Shri Tariq Anwar, Minister of State for Agriculture and Food Processing Industries in written reply to a question in the Lok Sabha today.
In order to increase Foreign Direct Investment (FDI) in cold storage sector, Government has permitted 100% FDI under automatic route as per the extant FDI policy. This policy mandates minimum investment of US$ 100 million with at least 50% of total FDI being invested in 'back-end infrastructure' within three years of the first tranche of FDI, where 'back-end infrastructure' will include capital expenditure on all activities, excluding that on front-end units.
The Government is implementing following schemes which have components for increasing cold storage capacity aimed at checking wastage of horticulture and agriculture produce:
National Horticulture Mission.
Horticulture Mission for North East and Himalayan States.
National Horticulture Board.
Scheme of Ministry of Food Processing Industries.
Scheme of Agricultural Processed Food Products Export Development Authority.
National Cooperative Development Corporation.
Further, Government has included capital investment in creation of modern storage capacity including cold chains and post-harvest storage as an eligible sector for viability gap funding under "support to public private partnership in Infrastructure scheme".
This information was given by Shri Tariq Anwar, Minister of State for Agriculture and Food Processing Industries in written reply to a question in the Lok Sabha today.
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