Bengaluru: South Korea has become a key market in Far-East for Indian coffee exports.
“Indian coffee exports to South Korea have seen a five-fold jump in volume in the last three years,” Jawaid Akhtar, Coffee Board Chairman, told Business Line.
Exports to South Korea is expected to cross over 2,000 tonnes in crop year 2011-12 compared with 2,051 tonnes (in value terms Rs 33.87 crore) in 2010-11. In 2009-10, exports stood at 366.1 tonnes (Rs 3.51 crore).
Korea is a market for mild coffee and India fits well due to its geographical advantage compared to South American coffee-growing countries.
Also the success of Korean big business such as Hyundai, Samsung, LG and others brands in Indian market has added to the comfort level in doing business with Indian growers.
Aktar said: “Korea is a good follow-up country for us. Exports have been steadily going up. It rose sharply ever since we took part in ‘Seoul Cafe Show’ in Korea last year and this year.”
“We want to cultivate and build this emerging market. As a step towards achieving it, we have been taking exporters along with us to showcase our diverse coffees,” he said.
This year, three Indian exporters took part in the ‘Seoul Cafe Show’ as compared to five exporters last year.
Nishant Gurjer, KPA Chairman and managing partner of Kaapi Royale Coffee and the Sethuraman Estates, who took part at the ‘Seoul Cafe Show’ said: “Korea in terms of consumption has suddenly emerged as a big importer of coffees in the last five years.”
“Ever since I started exports to Korea, I am seeing home grown café chains like ‘Caffé Bene’, ‘Angles in Us Coffee’, ‘Hollys Coffee’ and ‘Paris Baguette’ expanding. In all they have over 1,000 stores,” he added.
South Korean coffee buyer is also well aware of coffee quality which he is buying as most of them are Q-certified tasters.
According to Gurjer, Indian coffee is also getting good prices as well. Indian coffees with quality cupping taste profile and certification has got good premium for they appreciate and have tasted good quality coffees.
Success in my Habit
Wednesday, December 12, 2012
RBI eases KYC norms for banks
Mumbai: The Reserve Bank of India ( RBI) today eased the mandatory know your customer (KYC) norms for banks so that opening a bank account will be simple and hassle-free.
In a communication to banks, RBI asked them not to insist on introduction by an existing customer while opening a new account, as it is not mandatory under any rule of the central bank. If the identity proof has an address that is the same as the address on which an account is being opened, then there is no need for a separate address proof, said the RBI.
Currently, banks ask for separate documents for the identification and address verification process. But, in the case the address on the account opening form is different from the address stated in the identity proof document, then the banks should obtain a separate proof of address. The banking regulator has allowed rent agreements registered with the state government or any other registration authority as a proof of address.
The central bank has asked banks to accept Aadhaar cards, as both identity and address proof, if the address on the account opening form and Aadhaar are the same. RBI said the Unique Identification Authority of India ( UIDAI) had conveyed that banks are accepting the Aadhaar letter issued by it as a proof of identity, but not of the address.
The regulator had earlier advised banks to satisfy themselves with the current address of the customer even if he files Aadhaar as proof of identity. It also said job cards given under the rural job scheme should be accepted as a valid document to open bank accounts. Earlier, accounts opened using job cards were subject to the limitations applicable to small accounts.
In a communication to banks, RBI asked them not to insist on introduction by an existing customer while opening a new account, as it is not mandatory under any rule of the central bank. If the identity proof has an address that is the same as the address on which an account is being opened, then there is no need for a separate address proof, said the RBI.
Currently, banks ask for separate documents for the identification and address verification process. But, in the case the address on the account opening form is different from the address stated in the identity proof document, then the banks should obtain a separate proof of address. The banking regulator has allowed rent agreements registered with the state government or any other registration authority as a proof of address.
The central bank has asked banks to accept Aadhaar cards, as both identity and address proof, if the address on the account opening form and Aadhaar are the same. RBI said the Unique Identification Authority of India ( UIDAI) had conveyed that banks are accepting the Aadhaar letter issued by it as a proof of identity, but not of the address.
The regulator had earlier advised banks to satisfy themselves with the current address of the customer even if he files Aadhaar as proof of identity. It also said job cards given under the rural job scheme should be accepted as a valid document to open bank accounts. Earlier, accounts opened using job cards were subject to the limitations applicable to small accounts.
India, Ukraine sign 5 pacts to boost ties
New Delhi: India and Ukraine have agreed to forge a comprehensive partnership and have identified areas for commercial ties, Prime Minister Manmohan Singh announced on Monday.
Addressing the media after a meeting with visiting Ukraine President Viktor Yanukovych, the Prime Minister said, “We have identified a number of areas such as fertilisers, pharmaceuticals, information technology, mining and heavy machinery for special attention.”
The Prime Minister also conveyed to Yanukovych, India’s interest in visa arrangements to facilitate travel by businessmen, professionals, students and people.
The two countries signed five documents during the visit, including an agreement on co-operation in defence. The agreement will provide the framework for expanding military technical co-operation on an institutionalised basis.
An agreement was also signed between the Atomic Energy Regulatory Board and the State Nuclear Regulatory Inspector of Ukraine for exchange of technical information and co-operation on nuclear safety and radiation protection.
The agreement envisages co-operation in some important regulatory activities including legislative regulations, safety guides and technical criteria on nuclear safety, design, construction, operation decommissioning of nuclear facilities waste management and environmental impact, among others.
Addressing the media after a meeting with visiting Ukraine President Viktor Yanukovych, the Prime Minister said, “We have identified a number of areas such as fertilisers, pharmaceuticals, information technology, mining and heavy machinery for special attention.”
The Prime Minister also conveyed to Yanukovych, India’s interest in visa arrangements to facilitate travel by businessmen, professionals, students and people.
The two countries signed five documents during the visit, including an agreement on co-operation in defence. The agreement will provide the framework for expanding military technical co-operation on an institutionalised basis.
An agreement was also signed between the Atomic Energy Regulatory Board and the State Nuclear Regulatory Inspector of Ukraine for exchange of technical information and co-operation on nuclear safety and radiation protection.
The agreement envisages co-operation in some important regulatory activities including legislative regulations, safety guides and technical criteria on nuclear safety, design, construction, operation decommissioning of nuclear facilities waste management and environmental impact, among others.
Claris Lifesciences inks JV with Japanese drug maker Otsuka Pharma & Mitsui for Indian market
Ahmedabad: Ahmedabad-based Claris Lifesciences Ltd, entered into Joint Venture agreement with two Japan-based drug makers Otsuka Pharmaceutical and Mitsui & Co Ltd for its injectable business in India and Emerging Markets.
The business is valued at Rs. 1,313 Crores and Claris to receive total cash consideration of Rs. 1050 Crores over multiple agreements. As per the deal, Claris will transfer Common Solutions, Anti-Infectives, Plasma Volume Expanders and Parenteral Nutrition therapies business for India and the emerging markets to new joint venture Claris-Otsuka. The shareholding of Claris-Otsuka will be Claris 20%, Otsuka Pharma 60% and Mitsui 20%. Claris will transfer two out of the five plants to its new Joint Venture company, Claris-Otsuka.
The JV will be subject to Board and Shareholders' approval. Claris plans to utilize the cash to fuel its existing business growth, deleveraging, and reward shareholders. Barclays was the sole advisor for Claris. The new joint venture will work on expanding product basket with speciality Infusion and Clinical Nutrition Products.
Current managing director of Claris Lifesciences, Mr Arjun Handa to be Chairman of the new joint venture and later Claris to appoint the CEO of Claris-Otsuka. In a press statement, Claris's managing director Arjun Handa said "This partnership as both Otsuka; with its global expertise in the Infusions business and their speciality products; and Mitsui; with its global trading and financial expertise; will add significant value to the Joint Venture."
According to the company the infusions business is growing very well in India and the emerging markets, this business needs a broad product portfolio and a commitment towards long term capital investments in addition to technical and global expertise.
Ichiro Otsuka, President of Otsuka Pharma said: "We are pleased to have entered into a partnership with Claris and Mitsui for the full fledge entry into the IV solution/clinical nutrition business in India." He further added that Mitsui has a long history on conducting business in India that will contribute in smooth operation of the new joint venture.
Claris believes that this partnership will enable it to focus and intensify its efforts to build out its speciality injectables business globally. Claris-Otsuka shall co-brand its products in India and across Emerging Markets utilizing the manufacturing and marketing competence of Claris. The new joint venture will introduce Otsuka Pharma's specialty products in India and Emerging Markets. Otsuka Pharma will leverage Claris-Otsuka's manufacturing infrastructure and supply chain for its global business.
As per press statement, Claris claims that its growth plans strategy will be to remain focused on its speciality generic injectables business. Company shall intensify its growth in all international markets, especially the regulated markets of USA and EU via new product launches. Company to continue to increase its focus on bag products and other niche difficult to manufacture products. Company to work on fast track growth opportunities via organic and inorganic routes.
The business is valued at Rs. 1,313 Crores and Claris to receive total cash consideration of Rs. 1050 Crores over multiple agreements. As per the deal, Claris will transfer Common Solutions, Anti-Infectives, Plasma Volume Expanders and Parenteral Nutrition therapies business for India and the emerging markets to new joint venture Claris-Otsuka. The shareholding of Claris-Otsuka will be Claris 20%, Otsuka Pharma 60% and Mitsui 20%. Claris will transfer two out of the five plants to its new Joint Venture company, Claris-Otsuka.
The JV will be subject to Board and Shareholders' approval. Claris plans to utilize the cash to fuel its existing business growth, deleveraging, and reward shareholders. Barclays was the sole advisor for Claris. The new joint venture will work on expanding product basket with speciality Infusion and Clinical Nutrition Products.
Current managing director of Claris Lifesciences, Mr Arjun Handa to be Chairman of the new joint venture and later Claris to appoint the CEO of Claris-Otsuka. In a press statement, Claris's managing director Arjun Handa said "This partnership as both Otsuka; with its global expertise in the Infusions business and their speciality products; and Mitsui; with its global trading and financial expertise; will add significant value to the Joint Venture."
According to the company the infusions business is growing very well in India and the emerging markets, this business needs a broad product portfolio and a commitment towards long term capital investments in addition to technical and global expertise.
Ichiro Otsuka, President of Otsuka Pharma said: "We are pleased to have entered into a partnership with Claris and Mitsui for the full fledge entry into the IV solution/clinical nutrition business in India." He further added that Mitsui has a long history on conducting business in India that will contribute in smooth operation of the new joint venture.
Claris believes that this partnership will enable it to focus and intensify its efforts to build out its speciality injectables business globally. Claris-Otsuka shall co-brand its products in India and across Emerging Markets utilizing the manufacturing and marketing competence of Claris. The new joint venture will introduce Otsuka Pharma's specialty products in India and Emerging Markets. Otsuka Pharma will leverage Claris-Otsuka's manufacturing infrastructure and supply chain for its global business.
As per press statement, Claris claims that its growth plans strategy will be to remain focused on its speciality generic injectables business. Company shall intensify its growth in all international markets, especially the regulated markets of USA and EU via new product launches. Company to continue to increase its focus on bag products and other niche difficult to manufacture products. Company to work on fast track growth opportunities via organic and inorganic routes.
Biomax sets up venture with Jeddah firm for bio-fuel unit
Hyderabad: Bio-fuel maker Biomax Fuels has set up a 50:50 joint venture with the Jeddah-based Middle East Environment Protection Co to set up the first bio-fuel plant in Saudi Arabia.
The $40-million plant, which is expected to be commissioned by 2013-end, will use used cooking oil as feedstock, one of the few plants in the world to use this non-food waste feedstock.
Hyderabad-based Biomax operates a similar plant in Visakhapatnam, which produces 25,000 tonnes of bio-diesel a month for export to Europe. Besides this, it runs a R&D unit in Chennai, which is working on unitisation of different waste oil, including algae oil, for fuel production.
MEEP is a diversified company headquartered in Jeddah having interest in waste management, real estate and healthcare.
M. Ravinder, Chairman of Biomax, said the Saudi Arabian firm will collect and supply the required used cooking oil, while Biomax would set up and operate the plant. “At present, we use feedstock supplied by the Saudi Arabian firm for our Vizag unit. We took this partnership forward to form the joint venture,” he said.
MEEP supplies about 3,000 tonnes of used cooking oil a month to the Vizag unit. While the raw material cost works out to between $ 800-900 a tonne, the unit sells its bio-diesel at about $1100 a tonne.
Europe and the US are the biggest consumers of bio-diesel, as it is mandatory there to blend regular fossil fuel with bio-fuel at a stipulated percentage.
Bader Bin Abdullah Bin Saud, Chairman of MEEP, said the company has a strong collection infrastructure in Saudi Arabia. “Depending on the requirement, we can supply up to a maximum of 2.5 million tonnes per annum. After the first unit, we will be looking at setting up similar units across West Asia and North Africa region,” he said.
Ravinder said the technology being used in the plant was developed in-house by Biomax, which has the flexibility to use alternative feedstock such as crude palm oil, sunflower oil and even acid oil.
The $40-million plant, which is expected to be commissioned by 2013-end, will use used cooking oil as feedstock, one of the few plants in the world to use this non-food waste feedstock.
Hyderabad-based Biomax operates a similar plant in Visakhapatnam, which produces 25,000 tonnes of bio-diesel a month for export to Europe. Besides this, it runs a R&D unit in Chennai, which is working on unitisation of different waste oil, including algae oil, for fuel production.
MEEP is a diversified company headquartered in Jeddah having interest in waste management, real estate and healthcare.
M. Ravinder, Chairman of Biomax, said the Saudi Arabian firm will collect and supply the required used cooking oil, while Biomax would set up and operate the plant. “At present, we use feedstock supplied by the Saudi Arabian firm for our Vizag unit. We took this partnership forward to form the joint venture,” he said.
MEEP supplies about 3,000 tonnes of used cooking oil a month to the Vizag unit. While the raw material cost works out to between $ 800-900 a tonne, the unit sells its bio-diesel at about $1100 a tonne.
Europe and the US are the biggest consumers of bio-diesel, as it is mandatory there to blend regular fossil fuel with bio-fuel at a stipulated percentage.
Bader Bin Abdullah Bin Saud, Chairman of MEEP, said the company has a strong collection infrastructure in Saudi Arabia. “Depending on the requirement, we can supply up to a maximum of 2.5 million tonnes per annum. After the first unit, we will be looking at setting up similar units across West Asia and North Africa region,” he said.
Ravinder said the technology being used in the plant was developed in-house by Biomax, which has the flexibility to use alternative feedstock such as crude palm oil, sunflower oil and even acid oil.
Wipro to buy FMCG firm for $144 mn
Bengaluru: Bangalore-based Wipro, which has interests in consumer care goods and lighting, besides IT services, on Saturday said it had signed a definitive agreement to acquire 100 per cent ownership in LD Waxsons, a Singapore-based FMCG company. The acquisition will be done for an all-cash consideration of $144 million (about Rs 784 crore), which is 2.1 times the Singapore company’s expected 2012 sales turnover of $68 million.
The funding will be done via internal accruals. As on September 30, Wipro had Rs 6,657. 4 crore of cash and cash equivalents.
This will be Wipro’s second-biggest acquisition for its consumer care business — the largest being Unza, another Singapore-headquartered company it had acquired in 2007 for about $246 million (Rs 1,010 crore). This will also be Wipro’s second acquisition in Southeast Asia and the fourth globally in the FMCG space.
The acquisition, expected to be closed within 60 days, will give Wipro the ownership of LD Waxsons’ skincare brands Bio-essence and Ginvera, and health care brand Ebene. These skincare brands have a strong presence in Singapore and Malaysia, with market shares of nine per cent and 8.5 per cent, respectively. The brands also have a sizeable presence in markets such as China, Taiwan, Hong Kong and Thailand. Bio-essence Bird’s Nest, a popular skincare brand, is quite popular in China and among ethnic Chinese in other parts of the world.
LD Waxsons has manufacturing facilities in China’s Xiamen province and Malaysia’s Kuala Lumpur — employing about 1,500 people. The latest acquisition will help Wipro, which already owns two manufacturing units in Kuala Lumpur and one in China’s Guangdong province from its previous buys, expand its global manufacturing capability for its consumer care business.
Vineet Agrawal, president of Wipro Consumer Care & Lighting, says the acquisition will help his company improve its market share to 26 per cent from 16 per cent at present, and its position from eighth to second, in Malaysia’s skincare segment. Besides, it will also give the company entry into the Taiwanese market, where it currently does not have any presence.
“We see LD Waxsons as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well,” Agrawal adds.
He said the acquired entity was expected to post an operating margin of 10-11 per cent, in line with Wipro Consumer’s.
After the acquisition is completed, Wipro’s consumer care business will derive over 50 per cent of its revenues from foreign markets, compared with about 45 per cent at present, and will have about 5,500 employees located outside India.
The funding will be done via internal accruals. As on September 30, Wipro had Rs 6,657. 4 crore of cash and cash equivalents.
This will be Wipro’s second-biggest acquisition for its consumer care business — the largest being Unza, another Singapore-headquartered company it had acquired in 2007 for about $246 million (Rs 1,010 crore). This will also be Wipro’s second acquisition in Southeast Asia and the fourth globally in the FMCG space.
The acquisition, expected to be closed within 60 days, will give Wipro the ownership of LD Waxsons’ skincare brands Bio-essence and Ginvera, and health care brand Ebene. These skincare brands have a strong presence in Singapore and Malaysia, with market shares of nine per cent and 8.5 per cent, respectively. The brands also have a sizeable presence in markets such as China, Taiwan, Hong Kong and Thailand. Bio-essence Bird’s Nest, a popular skincare brand, is quite popular in China and among ethnic Chinese in other parts of the world.
LD Waxsons has manufacturing facilities in China’s Xiamen province and Malaysia’s Kuala Lumpur — employing about 1,500 people. The latest acquisition will help Wipro, which already owns two manufacturing units in Kuala Lumpur and one in China’s Guangdong province from its previous buys, expand its global manufacturing capability for its consumer care business.
Vineet Agrawal, president of Wipro Consumer Care & Lighting, says the acquisition will help his company improve its market share to 26 per cent from 16 per cent at present, and its position from eighth to second, in Malaysia’s skincare segment. Besides, it will also give the company entry into the Taiwanese market, where it currently does not have any presence.
“We see LD Waxsons as a good strategic fit. This transaction helps us consolidate our successful facial skincare business in Malaysia to a dominant leadership position, and moves us to market leadership in Singapore as well,” Agrawal adds.
He said the acquired entity was expected to post an operating margin of 10-11 per cent, in line with Wipro Consumer’s.
After the acquisition is completed, Wipro’s consumer care business will derive over 50 per cent of its revenues from foreign markets, compared with about 45 per cent at present, and will have about 5,500 employees located outside India.
Hyderabad Metro, GIFT City in 'Strategic 100' infra projects
Hyderabad: Hyderabad Metro Rail project has been selected as one of the top 100 strategic global infrastructure projects to be showcased at the forthcoming Global Infrastructure Leadership Forum being held in New York during February-March, 2013.
Apart from the Rs 14,132 crore ($ 2.6 billion) Hyderabad Metro Rail project, two other Indian projects have also figured in this prestigious list: GIFT city (Gujarat International Financial Tech city) costing Rs 72,600 crore ($ 13.2 billion) and Mumbai-Ahmedabad High Speed Rail project costing Rs 60,000 crore ($ 10.89 billion).
"Strategic 100" is a list of the top 100 infrastructure projects selected through a rigorous selection process on the basis of their potential to make significant difference to their cities/region/country in terms of overall performance and competitiveness. The list has been prepared by an American agency after undertaking research of a large number of major infra projects in 66 countries.
Of the 100 projects selected, 8 are from Brazil, 6 from USA, 5 each from Australia, Turkey, Canada and South Africa, 4 each from Saudi Arabia and UAE; 3 each from China, India, Egypt, Kuwait, Russia.
The Washington-based agency has invited N.V.S. Reddy Managing Director, Hyderabad Metro Rail to address the Global Infrastructure Leadership Forum being held in New York.
Expressing happiness over the inclusion of Hyderabad Metro Rail project in the prestigious global list, Andhra Pradesh Chief Minister N. Kiran Kumar Reddy stated that the project would transform Hyderabad into a world class city.
Apart from the Rs 14,132 crore ($ 2.6 billion) Hyderabad Metro Rail project, two other Indian projects have also figured in this prestigious list: GIFT city (Gujarat International Financial Tech city) costing Rs 72,600 crore ($ 13.2 billion) and Mumbai-Ahmedabad High Speed Rail project costing Rs 60,000 crore ($ 10.89 billion).
"Strategic 100" is a list of the top 100 infrastructure projects selected through a rigorous selection process on the basis of their potential to make significant difference to their cities/region/country in terms of overall performance and competitiveness. The list has been prepared by an American agency after undertaking research of a large number of major infra projects in 66 countries.
Of the 100 projects selected, 8 are from Brazil, 6 from USA, 5 each from Australia, Turkey, Canada and South Africa, 4 each from Saudi Arabia and UAE; 3 each from China, India, Egypt, Kuwait, Russia.
The Washington-based agency has invited N.V.S. Reddy Managing Director, Hyderabad Metro Rail to address the Global Infrastructure Leadership Forum being held in New York.
Expressing happiness over the inclusion of Hyderabad Metro Rail project in the prestigious global list, Andhra Pradesh Chief Minister N. Kiran Kumar Reddy stated that the project would transform Hyderabad into a world class city.
Irda allows higher flow of insurance funds to infra sector
Mumbai: In a move to facilitate greater flow of funds to the infrastructure sector, insurance firms have now been allowed to take their exposure to 20 per cent of their total funds in the infrastructure sector as compared to 10 per cent earlier.
The Insurance Regulatory and Development Authority ( Irda) also said both equity and debt instruments were considered for classification under infrastructure for mandatory minimum obligation of 15 per cent as against only debt instruments earlier. Mortgaged Based Securities (MBS) with ‘AAA’ rating will qualify as ‘ approved investments’ and would qualify for infrastructure investments.
In a press statement issued by the PIB, Namo Narian Meena, minister of state for finance told Lok Sabha that exposure of any insurer to an infrastructure company has been increased to 20 per cent as against the present ceiling of 10 per cent as referred in Regulation 5 of the Irda (Investment) Regulations, 2000.
As per a recent exposure draft on investments by Irda, the limit can further be increased by five per cent in case of debt with the prior approval of the Board.
Insurers are of the view that this would be a major boost to their portfolio. “The ceiling being increased to 20 per cent will enable us to allocate more funds from our portfolio towards institutions in the infrastructure sector. Some of them are performing well in the segment, which will help us get good returns and will boost the economy, on an overall basis, since infrastructure is a core sector,” said the chief investment officer of a private life insurance company.
The Insurance Regulatory and Development Authority ( Irda) also said both equity and debt instruments were considered for classification under infrastructure for mandatory minimum obligation of 15 per cent as against only debt instruments earlier. Mortgaged Based Securities (MBS) with ‘AAA’ rating will qualify as ‘ approved investments’ and would qualify for infrastructure investments.
In a press statement issued by the PIB, Namo Narian Meena, minister of state for finance told Lok Sabha that exposure of any insurer to an infrastructure company has been increased to 20 per cent as against the present ceiling of 10 per cent as referred in Regulation 5 of the Irda (Investment) Regulations, 2000.
As per a recent exposure draft on investments by Irda, the limit can further be increased by five per cent in case of debt with the prior approval of the Board.
Insurers are of the view that this would be a major boost to their portfolio. “The ceiling being increased to 20 per cent will enable us to allocate more funds from our portfolio towards institutions in the infrastructure sector. Some of them are performing well in the segment, which will help us get good returns and will boost the economy, on an overall basis, since infrastructure is a core sector,” said the chief investment officer of a private life insurance company.
Thursday, December 6, 2012
Shriram EPC bags $230-million contract in Basra
Chennai: Shriram EPC Ltd has bagged a $230 million contract for setting up a storm water and sewer system in Basra, Iraq.
The Rs 1,150-crore order will be carried out through a joint venture with the Mokul Group, a service provider with a global presence across diverse industries.
According to a press release from Shriram EPC, the order involves setting up a basic sanitary system in Basra, including engineering, supply, installation of pipelines, pumping stations and road works.
Shriram EPC will oversee the laying of over 240 km of sewer pipelines, 160 km of storm pipelines and 8 km of trunk sewer pipelines and road works in the next three years.
T. Shivaraman, Managing Director and CEO, Shriram EPC said in the release, “this is our first order in the Middle East. It will result in sustained revenues over the three-year execution period. This is also one of the first major public infrastructure projects in southern Iraq which aims to improve basic infrastructure in the country. Successful execution of this contract would open up new opportunities for us in Iraq.”
The contract adds to the order backlog of Rs 2,923 crore as of September 2012.
Shriram EPC is a service provider of integrated design, engineering, procurement, construction and project management services for power plants, renewable energy projects, process and metallurgical plants and municipal service sector projects. It also manufactures wind turbine generators (WTG) and develops wind farms.
The Rs 1,150-crore order will be carried out through a joint venture with the Mokul Group, a service provider with a global presence across diverse industries.
According to a press release from Shriram EPC, the order involves setting up a basic sanitary system in Basra, including engineering, supply, installation of pipelines, pumping stations and road works.
Shriram EPC will oversee the laying of over 240 km of sewer pipelines, 160 km of storm pipelines and 8 km of trunk sewer pipelines and road works in the next three years.
T. Shivaraman, Managing Director and CEO, Shriram EPC said in the release, “this is our first order in the Middle East. It will result in sustained revenues over the three-year execution period. This is also one of the first major public infrastructure projects in southern Iraq which aims to improve basic infrastructure in the country. Successful execution of this contract would open up new opportunities for us in Iraq.”
The contract adds to the order backlog of Rs 2,923 crore as of September 2012.
Shriram EPC is a service provider of integrated design, engineering, procurement, construction and project management services for power plants, renewable energy projects, process and metallurgical plants and municipal service sector projects. It also manufactures wind turbine generators (WTG) and develops wind farms.
Strides Arcolab inks pact with Eli Lilly
Bengaluru: Eli Lilly and Company and Strides Arcolab inked a pact to increse delivery of cancer medicines in emerging markets. 'As a part of this arrangement, Lilly will in-license a portfolio of high-quality, branded generic injectable and oral cancer medicines from Agila Specialties, the specialties division of Strides Arcolab, based in Bangalore, India,' said Strides Arcolab in a company statement.
Agila will make cancer medicines and Lilly will market them in emerging geographies. In addition to the initial 10 medicines included as part of the agreement, Lilly has the right to add additional high-quality branded generic oncology products to the portfolio in the future.
"Cancer medicines of the highest quality continue to be an unmet need in many markets around the world, said Jacques Tapiero, Lilly senior VP and president of its emerging markets division.
Arun Kumar, founder and group CEO of Strides Arcolab said, "We are delighted to partner with Lilly to expand its branded generics platform with high-quality oncology products that will benefit from Lilly's strong global
Agila will make cancer medicines and Lilly will market them in emerging geographies. In addition to the initial 10 medicines included as part of the agreement, Lilly has the right to add additional high-quality branded generic oncology products to the portfolio in the future.
"Cancer medicines of the highest quality continue to be an unmet need in many markets around the world, said Jacques Tapiero, Lilly senior VP and president of its emerging markets division.
Arun Kumar, founder and group CEO of Strides Arcolab said, "We are delighted to partner with Lilly to expand its branded generics platform with high-quality oncology products that will benefit from Lilly's strong global
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