New Delhi: The Foreign Investment Promotion Board (FIPB) has rejected Mahindra and Mahindra’s proposal to form a defence joint venture with Israel’s Rafael Advanced Defence System even as it approved 12 other foreign direct investment proposals worth Rs 802 crore.
Among the key proposals that received the Government’s green signal is the Rs 300-crore bid by Ratnakar Bank for foreign equity infusion.
The proposal of Swedish furniture major IKEA has been recommended for consideration by the Cabinet Committee on Economic Affairs, an official release said. After the investment board’s clearance, FDI proposals of over Rs 1,200 crore still need clearance by the Cabinet committee.
Taqa Jyoti Energy Ventures has received the Government’s approval to bring in foreign investment of Rs 252 crore while Hyderabad-based Mylan Laboratories can also go ahead with its Rs 173-crore proposal to acquire an existing pharmaceutical manufacturing facility.
The statement said along with M&M, FDI proposals of Coimbatore-based Ampo Valves India and Mumbai-based Berggruen Real Estates have been rejected.
Commodity exchange MCX’s application for post facto approval of foreign investment was withdrawn from the investment board’s agenda. The exchange had sought approval of investment received before the issuance of Department of Industrial Policy and Promotion’s Press Note 2 of 2008 that gave guidelines for foreign investment in commodity exchanges
Success in my Habit
Monday, December 31, 2012
Aurobindo gets US nod for cancer-related drug
Hyderabad: Aurobindo Pharma Ltd has received final approvals from the US Food and Drug Administration (USFDA) to manufacture and market Ondansetron Injection and Ondansetron Injection.
The approved products were the generic equivalent of GlaxoSmithKline’s Zofran injection and indicated for prevention of nausea and vomiting associated with initial and repeat course of emetogenic cancer chemotherapy or post-operative nausea, the Hyderabad-based company said in a release on Monday.
These were the first Abbreviated New Drug Applicatons to be approved out of Unit IV formulation facility in Hyderabad for manufacturing general liquid injectable and ophthalmic products.
They would be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC, and were ready for launch, the release added.
The approved products were the generic equivalent of GlaxoSmithKline’s Zofran injection and indicated for prevention of nausea and vomiting associated with initial and repeat course of emetogenic cancer chemotherapy or post-operative nausea, the Hyderabad-based company said in a release on Monday.
These were the first Abbreviated New Drug Applicatons to be approved out of Unit IV formulation facility in Hyderabad for manufacturing general liquid injectable and ophthalmic products.
They would be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC, and were ready for launch, the release added.
Railways to invest Rs 5 lakh cr during 12th five year plan
New Delhi: The railways plan to invest Rs 5 lakh crore in capacity addition during the 12 Five-Year Plan (2012-17), according to a senior official of the Indian Railway Finance Corp, the financing arm of the state-run enterprise.
About a fifth of this corpus, which is a substantial jump from the 11th Plan's expenditure target of 1.09 lakh crore, will be raised by IRFC through market borrowings while the rest will come through budgetary support, internal revenues and the public-private partnerships, the official said.
IRFC's market borrowing plan includes issuance of tax-free bonds worth about 10,000 crore by end of January, the official added.
"To financially boost its infrastructure development plans, the railways will have to raise money from the market, given the internal resources add a meager percent to its revenues," the official said. Cash-strapped Indian Railways, which manages the world's third largest rail network, is keen on attracting private investment as it does not generate enough funds to finance its development plans.
Revenue shortfall has already forced it to cut plan outlay for the current fiscal to Rs 55,881 crore from the Rs 60,100 crore targeted earlier.
"For capacity addition, railways can't depend solely on internal resources or market borrowings, it'll have to invite private partners," a railway official said.
To facilitate this, the Cabinet Committee on Infrastructure recently approved a policy on participative models for rail connectivity and capacity augmentation, in line with the railways' internal policy document.
"The ministry of railways wishes to attract private capital for accelerated construction of fixed rail infrastructure. For this, it has formulated participative investment models for its existing shelf of projects and also for new ones," the policy document said.
The modes suggested to route private investment in fixed rail infrastructure are non-government railway model, joint ventures, execution of projects through the build, operate, transfer mode, capacity augmentation, and state government projects.
"This kind of policy is welcome but a confidence building measure is required. Given the unsuccessful past experience with private partners, the private confidence in railways is not high," said Vinayak Chatterjee, chairman of Feedback Infra.
Indian Railways transports 2.65 million tonne of freight and 23 million passengers every day.
About a fifth of this corpus, which is a substantial jump from the 11th Plan's expenditure target of 1.09 lakh crore, will be raised by IRFC through market borrowings while the rest will come through budgetary support, internal revenues and the public-private partnerships, the official said.
IRFC's market borrowing plan includes issuance of tax-free bonds worth about 10,000 crore by end of January, the official added.
"To financially boost its infrastructure development plans, the railways will have to raise money from the market, given the internal resources add a meager percent to its revenues," the official said. Cash-strapped Indian Railways, which manages the world's third largest rail network, is keen on attracting private investment as it does not generate enough funds to finance its development plans.
Revenue shortfall has already forced it to cut plan outlay for the current fiscal to Rs 55,881 crore from the Rs 60,100 crore targeted earlier.
"For capacity addition, railways can't depend solely on internal resources or market borrowings, it'll have to invite private partners," a railway official said.
To facilitate this, the Cabinet Committee on Infrastructure recently approved a policy on participative models for rail connectivity and capacity augmentation, in line with the railways' internal policy document.
"The ministry of railways wishes to attract private capital for accelerated construction of fixed rail infrastructure. For this, it has formulated participative investment models for its existing shelf of projects and also for new ones," the policy document said.
The modes suggested to route private investment in fixed rail infrastructure are non-government railway model, joint ventures, execution of projects through the build, operate, transfer mode, capacity augmentation, and state government projects.
"This kind of policy is welcome but a confidence building measure is required. Given the unsuccessful past experience with private partners, the private confidence in railways is not high," said Vinayak Chatterjee, chairman of Feedback Infra.
Indian Railways transports 2.65 million tonne of freight and 23 million passengers every day.
FDI in services sector registered 5 per cent growth in April-October 2012
New Delhi: Foreign direct investment (FDI) inflows into the services sector of India has registered an increase of 5 per cent to US$ 3.6 billion during April-October 2012.
The financial and non-financial services sector had attracted FDI worth US$ 3.42 billion during the same period last year.
Foreign investment in the services sector, which contributes over 50 per cent in India’s GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Hotel and tourism (US$ 3.11 billion), metallurgy (US$ 1.21 billion), construction (US$ 691 million) and automobile (US$ 743 million) are the other sectors which received high level of FDI during the same period.
The high levels of FDI came during the same period from Mauritius (US$ 6.75 billion), Japan (US$ 1.52 billion), Singapore (US$ 1.24 billion), Netherlands (US$ 1.05 billion) and UK (US$ 611 million), as per the data released by the Department of Industrial Policy & Promotion (DIPP).
Foreign investments are considered vital for India. The Government of India is taking huge steps, including involving stakeholders in policy formation, to attract more investment and to make investment regime more friendly. It has already allowed FDI in multi-brand retail sector besides hiking the cap to 100 per cent in the single brand retail.
The financial and non-financial services sector had attracted FDI worth US$ 3.42 billion during the same period last year.
Foreign investment in the services sector, which contributes over 50 per cent in India’s GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Hotel and tourism (US$ 3.11 billion), metallurgy (US$ 1.21 billion), construction (US$ 691 million) and automobile (US$ 743 million) are the other sectors which received high level of FDI during the same period.
The high levels of FDI came during the same period from Mauritius (US$ 6.75 billion), Japan (US$ 1.52 billion), Singapore (US$ 1.24 billion), Netherlands (US$ 1.05 billion) and UK (US$ 611 million), as per the data released by the Department of Industrial Policy & Promotion (DIPP).
Foreign investments are considered vital for India. The Government of India is taking huge steps, including involving stakeholders in policy formation, to attract more investment and to make investment regime more friendly. It has already allowed FDI in multi-brand retail sector besides hiking the cap to 100 per cent in the single brand retail.
3 industrial clusters approved in Haryana
Chandigarh: The Haryana government will focus on cluster development as one of the strategies for industrial development in the state, and proposes to set up common facility centres in partnership with industry.
These centres will address the common needs of micro, small and medium enterprises ( MSMEs) in the areas of research and development, technology upgradation support, standardisation of products, quality testing and marking facilities, and marketing and branding initiatives.
According to a spokesman of the Haryana industries and commerce department, detailed project reports for four clusters have been prepared, and the Union MSME ministry has given its approval for three clusters — a footwear cluster in Bahadurgarh; a print and pack cluster in Karnal; and a home furnishings cluster in Panipat.
Diagnostic study reports for eight other clusters have also been prepared, and work on the preparation of detailed project reports on four of these clusters is underway.
Detailed project reports for three clusters under the Industrial Infrastructure Upgradation Scheme of the Union government’s department of industrial policy and promotion have also been prepared.
These centres will address the common needs of micro, small and medium enterprises ( MSMEs) in the areas of research and development, technology upgradation support, standardisation of products, quality testing and marking facilities, and marketing and branding initiatives.
According to a spokesman of the Haryana industries and commerce department, detailed project reports for four clusters have been prepared, and the Union MSME ministry has given its approval for three clusters — a footwear cluster in Bahadurgarh; a print and pack cluster in Karnal; and a home furnishings cluster in Panipat.
Diagnostic study reports for eight other clusters have also been prepared, and work on the preparation of detailed project reports on four of these clusters is underway.
Detailed project reports for three clusters under the Industrial Infrastructure Upgradation Scheme of the Union government’s department of industrial policy and promotion have also been prepared.
India, Russia sign pacts to boost investments
New Delhi: India and Russia on Monday signed a memorandum of understanding (MoU) to promote direct investment. The MoU envisages investments up to $2 billion in important bilateral projects or companies, privatisation and other opportunities.
The agreement was among the 10 that were signed at the 13th annual India-Russia summit. The Indian side was led by Prime Minister Manmohan Singh while the Russian delegation was led by the visiting President Vladimir V. Putin.
In his address, the Prime Minister said that Russia’s deeper integration into the global economy by joining the World Trade Organisation would present more opportunities for the business communities in India and Russia.
“Our bilateral trade has grown by over 30 per cent this year. There is still untapped potential in areas such as pharmaceuticals, fertilisers, mining, steel, information technology, civil aviation, telecommunications, infrastructure, food processing, innovation and services, which we will work to exploit,” Singh said at the 13th Annual India-Russia Annual Summit meeting, which was held here on Monday.
The Prime Minister added that the two countries have asked their inter-Governmental and business-level groups to recommend specific steps for enhancing bilateral trade and investment flows.
Ties in oil, gas sectors
At the meeting, India also conveyed its interest in deepening co-operation in the oil and natural gas sectors with Russia, including through mutual investments and joint projects in third countries.
Pointing out that development of India’s nuclear energy programme had been a key pillar of the strategic partnership with Russia, Singh said that the construction of Unit 1 of the Kudankulam Nuclear Power Project was now complete, and power generation would commence shortly.
“Negotiations for the construction of Units 3 and 4 at Kudankulam have made good progress. We intend to continue implementing the roadmap for co-operation in the nuclear energy sector that was signed during President Putin’s visit in 2010 as the then Prime Minister of Russia,” Singh said.
He said India and Russia undertook an extensive review of the multi-faceted bilateral co-operation, especially in energy, defence, space, trade and investment, science and technology, education, culture and tourism.
Helicopter deal
India and Russia also signed a contract for 71 Mi-17V-5 helicopters up from 59 helicopters signed in February 2010.
In addition, a contract for licence production of an additional 42 SU aircraft was also inked. Bharat Sanchar Nigam Ltd also signed a MoU with NIS-GLONASS for conducting through pilot projects for providing satellite-based navigation services.
The agreement was among the 10 that were signed at the 13th annual India-Russia summit. The Indian side was led by Prime Minister Manmohan Singh while the Russian delegation was led by the visiting President Vladimir V. Putin.
In his address, the Prime Minister said that Russia’s deeper integration into the global economy by joining the World Trade Organisation would present more opportunities for the business communities in India and Russia.
“Our bilateral trade has grown by over 30 per cent this year. There is still untapped potential in areas such as pharmaceuticals, fertilisers, mining, steel, information technology, civil aviation, telecommunications, infrastructure, food processing, innovation and services, which we will work to exploit,” Singh said at the 13th Annual India-Russia Annual Summit meeting, which was held here on Monday.
The Prime Minister added that the two countries have asked their inter-Governmental and business-level groups to recommend specific steps for enhancing bilateral trade and investment flows.
Ties in oil, gas sectors
At the meeting, India also conveyed its interest in deepening co-operation in the oil and natural gas sectors with Russia, including through mutual investments and joint projects in third countries.
Pointing out that development of India’s nuclear energy programme had been a key pillar of the strategic partnership with Russia, Singh said that the construction of Unit 1 of the Kudankulam Nuclear Power Project was now complete, and power generation would commence shortly.
“Negotiations for the construction of Units 3 and 4 at Kudankulam have made good progress. We intend to continue implementing the roadmap for co-operation in the nuclear energy sector that was signed during President Putin’s visit in 2010 as the then Prime Minister of Russia,” Singh said.
He said India and Russia undertook an extensive review of the multi-faceted bilateral co-operation, especially in energy, defence, space, trade and investment, science and technology, education, culture and tourism.
Helicopter deal
India and Russia also signed a contract for 71 Mi-17V-5 helicopters up from 59 helicopters signed in February 2010.
In addition, a contract for licence production of an additional 42 SU aircraft was also inked. Bharat Sanchar Nigam Ltd also signed a MoU with NIS-GLONASS for conducting through pilot projects for providing satellite-based navigation services.
Tuesday, December 25, 2012
Fulcrum setting up new centre in Pune
Pune: US-based IT player Fulcrum Worldwide is setting up a new software delivery and operations centre at Hinjewadi Phase III in January.
The company has a centre at Pune that has a capacity of 450 seats, Rajesh Sinha, CEO, Fulcrum Worldwide, said.
“The new centre will have a capacity of 2,000 people. We have planned an investment of $30 million over the next five years,” Sinha said.
The company’s target market primarily remains US, UK/EU & APAC, but will soon expand to other markets including South Africa and West Asia, he added.
Fulcrum’s new knowledge campus will roll out new SaaS products powered by Cloud for customers in the higher education, insurance and healthcare verticals.
Apart from Pune, Fulcrum has a centre in Mumbai which has 100 employees and caters to high-level product engineering architecture for local customers.
Dhana Kumarasamy, (COO & EVP-Global Delivery), said: “In the next two years, we expect to increase the employees from the current global strength of 700 to over 1,500 employees. Fulcrum is already planning for additional land procurement within the Hinjewadi Phase III-IT Park, Pune.”
The company has a centre at Pune that has a capacity of 450 seats, Rajesh Sinha, CEO, Fulcrum Worldwide, said.
“The new centre will have a capacity of 2,000 people. We have planned an investment of $30 million over the next five years,” Sinha said.
The company’s target market primarily remains US, UK/EU & APAC, but will soon expand to other markets including South Africa and West Asia, he added.
Fulcrum’s new knowledge campus will roll out new SaaS products powered by Cloud for customers in the higher education, insurance and healthcare verticals.
Apart from Pune, Fulcrum has a centre in Mumbai which has 100 employees and caters to high-level product engineering architecture for local customers.
Dhana Kumarasamy, (COO & EVP-Global Delivery), said: “In the next two years, we expect to increase the employees from the current global strength of 700 to over 1,500 employees. Fulcrum is already planning for additional land procurement within the Hinjewadi Phase III-IT Park, Pune.”
Cognizant acquires 6 companies of German IT firm C1 Group
Chennai: Cognizant Technology Solutions on Friday announced the acquisition of six companies of the C1 Group, a German information technology services and consulting firm. It did not disclose the value of the transaction, and said these acquisitions would help strengthen its presence in Germany and Switzerland.
The acquired companies are focused on three major industry segments — manufacturing and logistics, energy and utilities, and financial services. The transaction is expected to close in the first three months of 2013, subject to the successful completion of certain closing conditions and regulatory approvals, added the company announcement.
The six companies are btconsult GmbH (process and technology consulting and SAP), C:1 Solutions GmbH (consulting and enterprise solutions on SAP, BPM, ECM and ERM); psc Management Consulting GmbH (process and technology consulting); C:1 SetCon GmbH (software engineering and testing); Enterprise Services AG, a Swiss company (process and IT consulting); and C:1 Holding GmbH.
Under the terms, 500 professionals in various locations in Germany and Switzerland are expected to join Cognizant.
"The strategic acquisition reiterates the company's commitment to the German and the larger European markets, and reinforces its position as one of the major IT services and consulting companies across the region", said Francisco D’Souza, chief executive, Cognizant.
These companies also bring expertise in enterprise application services (specifically SAP), and high-end testing services from test consulting, strategy and design to implementation, added the announcement.
Peter Schumacher, president & CEO, Value Leadership Group, said the move underscores the growing significance of the continental European market, in particular, Germany and Switzerland. "It reflects a very different strategy compared to Infosys's acquisition of Lodestone. While Lodestone is a focused "big-five style" company that provides SAP implementation and management consulting services mainly for large companies in pharmaceuticals and manufacturing, Cognizant is acquiring companies that provide a broad portfolio of technical, industry-domain, and operational consulting capabilities across a wide set of customers and sectors.”
“While the acquisition is complex, Cognizant’s strong German delivery centre in India (formerly T-Systems, Pune) provides an inherent advantage. The acquisition is expected to help Cognizant penetrate, more successfully, the large number of German medium-size businesses, called Mittelstand.” he added.
The merger of the C1 companies with Cognizant would support the latter’s growth strategy for Europe and create a bond with C1’s remaining companies, said Wilfried Förster, founder of the C1 Group. The move would enable the two companies to drive future diversification, and realise the strong growth potential of combined strengths, he said.
He added that international expansion was critical for parts of the group (C1 Group) to continue its growth, develop better solutions for current and future customers, and provide greater opportunities for its employees.
C1 Group has about 1,200 consultants and IT specialists across a range of industries and lines of service, from strategic consulting, process and systems integration and application development to 24x7 support.
Cognizant currently has a little over 50 delivery centres worldwide and around 150,400 employees as of September 30. The company has been looking at strategic acquisition for growth.
The acquired companies are focused on three major industry segments — manufacturing and logistics, energy and utilities, and financial services. The transaction is expected to close in the first three months of 2013, subject to the successful completion of certain closing conditions and regulatory approvals, added the company announcement.
The six companies are btconsult GmbH (process and technology consulting and SAP), C:1 Solutions GmbH (consulting and enterprise solutions on SAP, BPM, ECM and ERM); psc Management Consulting GmbH (process and technology consulting); C:1 SetCon GmbH (software engineering and testing); Enterprise Services AG, a Swiss company (process and IT consulting); and C:1 Holding GmbH.
Under the terms, 500 professionals in various locations in Germany and Switzerland are expected to join Cognizant.
"The strategic acquisition reiterates the company's commitment to the German and the larger European markets, and reinforces its position as one of the major IT services and consulting companies across the region", said Francisco D’Souza, chief executive, Cognizant.
These companies also bring expertise in enterprise application services (specifically SAP), and high-end testing services from test consulting, strategy and design to implementation, added the announcement.
Peter Schumacher, president & CEO, Value Leadership Group, said the move underscores the growing significance of the continental European market, in particular, Germany and Switzerland. "It reflects a very different strategy compared to Infosys's acquisition of Lodestone. While Lodestone is a focused "big-five style" company that provides SAP implementation and management consulting services mainly for large companies in pharmaceuticals and manufacturing, Cognizant is acquiring companies that provide a broad portfolio of technical, industry-domain, and operational consulting capabilities across a wide set of customers and sectors.”
“While the acquisition is complex, Cognizant’s strong German delivery centre in India (formerly T-Systems, Pune) provides an inherent advantage. The acquisition is expected to help Cognizant penetrate, more successfully, the large number of German medium-size businesses, called Mittelstand.” he added.
The merger of the C1 companies with Cognizant would support the latter’s growth strategy for Europe and create a bond with C1’s remaining companies, said Wilfried Förster, founder of the C1 Group. The move would enable the two companies to drive future diversification, and realise the strong growth potential of combined strengths, he said.
He added that international expansion was critical for parts of the group (C1 Group) to continue its growth, develop better solutions for current and future customers, and provide greater opportunities for its employees.
C1 Group has about 1,200 consultants and IT specialists across a range of industries and lines of service, from strategic consulting, process and systems integration and application development to 24x7 support.
Cognizant currently has a little over 50 delivery centres worldwide and around 150,400 employees as of September 30. The company has been looking at strategic acquisition for growth.
Eight Indians among top 100 CEOs, ITC chief ranked 7th
Kolkata: In yet another sign of rising Indian dominance in the global business arena, eight corporate bigwigs from the country have made it to the list of the world’s best chief executive officers.
The list that Harvard Business Review has come out with is led by former Apple chief Steve Jobs, who passed away last year. The sole Indian representation in the top 10 is ITC Chairman Y C Deveshwar at seventh.
The 65-year-old joined the Kolkata-based cigarette-to-hotels major joined ITC in 1968 and became its chief executive and chairman in 1996.
Deveshwar pipped other Indian corporate honchos, including ONGC former chairman and managing director Subir Raha (ranked 13), RIL chairman and CEO Mukesh Ambani (28), Larsen & Toubro’s A M Naik (32), former Bharat Heavy Electricals CMD A K Puri (38), Bharti Airtel’s Sunil Bharti Mittal (65), Jindal Steel & Power’s Naveen Jindal (87) and former SAIL chief V S Jain (89) — among other global business leaders.
Harvard Business Review has rated the CEOs based on the long-term performance of the companies and the contributions that the CEOs have made to them.(BEST OF ‘EM ALL)
The criteria included how much total shareholder returns had changed during their tenure and the overall increase in market capitalisation.
Jobs earned the top spot, as from 1997 to 2011, Apple’s market value increased by $359 billion.
Those who are in the top 5 also include Jeff Bezos of Amazon.com (2), Yun Jong-Yong of Samsung Electronics (3), Roger Agnelli of Vale (4) and John C Martin of Gilead Sciences (5).
During Deveshwar’s tenure, ITC’s market value increased by $45 billion, which made him the Indian representative in the top-10 league. In 2011, he was conferred the Padma Bhushan by the government of India, honouring his contributions to the nation.
While HBR’s top 100 list in 2010 had candidates from the S&P Global 1200 and BRIC 40 lists, this year it worked with three other emerging-market indexes as well. The pool of CEOs studied increased by roughly one-third, from 1,999 in 2010 to 3,143 this year.
HBR stated this year’s list looked at criteria like making the group truly global and financial performance during their tenure and also in terms of corporate social performance for the selection process.
The list that Harvard Business Review has come out with is led by former Apple chief Steve Jobs, who passed away last year. The sole Indian representation in the top 10 is ITC Chairman Y C Deveshwar at seventh.
The 65-year-old joined the Kolkata-based cigarette-to-hotels major joined ITC in 1968 and became its chief executive and chairman in 1996.
Deveshwar pipped other Indian corporate honchos, including ONGC former chairman and managing director Subir Raha (ranked 13), RIL chairman and CEO Mukesh Ambani (28), Larsen & Toubro’s A M Naik (32), former Bharat Heavy Electricals CMD A K Puri (38), Bharti Airtel’s Sunil Bharti Mittal (65), Jindal Steel & Power’s Naveen Jindal (87) and former SAIL chief V S Jain (89) — among other global business leaders.
Harvard Business Review has rated the CEOs based on the long-term performance of the companies and the contributions that the CEOs have made to them.(BEST OF ‘EM ALL)
The criteria included how much total shareholder returns had changed during their tenure and the overall increase in market capitalisation.
Jobs earned the top spot, as from 1997 to 2011, Apple’s market value increased by $359 billion.
Those who are in the top 5 also include Jeff Bezos of Amazon.com (2), Yun Jong-Yong of Samsung Electronics (3), Roger Agnelli of Vale (4) and John C Martin of Gilead Sciences (5).
During Deveshwar’s tenure, ITC’s market value increased by $45 billion, which made him the Indian representative in the top-10 league. In 2011, he was conferred the Padma Bhushan by the government of India, honouring his contributions to the nation.
While HBR’s top 100 list in 2010 had candidates from the S&P Global 1200 and BRIC 40 lists, this year it worked with three other emerging-market indexes as well. The pool of CEOs studied increased by roughly one-third, from 1,999 in 2010 to 3,143 this year.
HBR stated this year’s list looked at criteria like making the group truly global and financial performance during their tenure and also in terms of corporate social performance for the selection process.
NMDC and Indian Railways Sign MoU for Doubling of the Railway Line from Kirandul to Jagdalpur
New Delhi: Two Memorandum of Understanding (MoUs) of Public Sector Undertakings of Ministry of Steel with Ministry of Railways were signed here today. An MoU of NMDC Limited, a Navratna PSU under the administrative control of Ministry of Steel and the Indian Railways in the presence of the Union Minister of Steel, Shri Beni Prasad Verma and Union Minister for Railways, Shri Pawan Kumar Bansal here today. RINL, a PSU under the Ministry of Steel, has also signed an MoU with the Indian Railways for setting up a forged wheel factory at Rae Bareli, Uttar Pradesh.
As per the provisions of the MoU, the 150 km Jagdalpur - Kirandul section of the Kottavalsa - Kirandul line of the East Coast Railway will be doubled to augment the evacuation capacity of NMDC to meet the increased demand for iron ore of the Indian steel industry.
Speaking on the occasion, Shri Beni Prasad Verma said that this will usher in an era of growth dedicated to the service of the Nation. He said, “I am sure that apart from benefitting the steel industry in India, the doubling of the railway line will transform the lives of the local tribal population in Bastar, Chattisgarh and adjacent states of Odisha and Andhra Pradesh.” Speaking about the setting up of the forged wheel factory Shri Verma said that the unit will be a specialized unit catering to the need for special grade wheels for high speed trains. He further added that setting up of the factory will considerably increase the industrial activity in the region and generate employment opportunities for the youth of the state.
Shri Pawan Kumar Bansal said that the proposed partnerships would provide the much needed impetus to investment in railway infrastructure and increase evacuation capacities from mines, plants and ports and freight traffic for the Railways. He also added that the proposed forged wheel factory would go a long way in meeting the future requirements of wheels for Indian Railways. Shri Bansal said that these two MoUs are good example of the synergy between Ministry of Railways and Ministry of Steel who have been partners for many years in developing country’s infrastructure. These projects also present a new innovative financial funding for infrastructure projects.
The MoU for doubling of railway line was signed between Shri Vinay Mittal, Chairman, Railway Board and Shri C.S. Verma, CMD, NMDC. The project will be implemented by Indian Railways at a cost Rs.826 Crores and same will be funded by NMDC with provisions for suitable returns through freight rebate. The Railways will additionally make necessary investment in wagons, locomotives, other maintenance facilities and deployment of staff. The new line is likely to create an additional traffic of upto 12 million tonne per annum (MTPA) in a phased manner.
The MoU for forged wheel factory was signed between Shri Keshav Chandra, Member Mechanical, Railway Board and Shri A.P. Choudhary, CMD, RINL. The Forged Wheel Factory being set up by RINL to supply forged wheels to the Indian Railways will have a capacity of producing 1,00,000 wheels every year. The factory, the biggest such plant in India will be completed within a schedule of 36 months at a cost of Rs. 1000 crores (Approximately) and will generate 500 to 600 jobs. The Raw material for the factory will be supplied by RINL’s plant in Vishakhapatnam in the form of Continuous Cast (CC) rounds.
Also present on the occasion were the Secretary, Ministry of Steel, Shri D.R.S. Chaudhary and other senior officers of the Ministry of Steel and Ministry of Railway.
As per the provisions of the MoU, the 150 km Jagdalpur - Kirandul section of the Kottavalsa - Kirandul line of the East Coast Railway will be doubled to augment the evacuation capacity of NMDC to meet the increased demand for iron ore of the Indian steel industry.
Speaking on the occasion, Shri Beni Prasad Verma said that this will usher in an era of growth dedicated to the service of the Nation. He said, “I am sure that apart from benefitting the steel industry in India, the doubling of the railway line will transform the lives of the local tribal population in Bastar, Chattisgarh and adjacent states of Odisha and Andhra Pradesh.” Speaking about the setting up of the forged wheel factory Shri Verma said that the unit will be a specialized unit catering to the need for special grade wheels for high speed trains. He further added that setting up of the factory will considerably increase the industrial activity in the region and generate employment opportunities for the youth of the state.
Shri Pawan Kumar Bansal said that the proposed partnerships would provide the much needed impetus to investment in railway infrastructure and increase evacuation capacities from mines, plants and ports and freight traffic for the Railways. He also added that the proposed forged wheel factory would go a long way in meeting the future requirements of wheels for Indian Railways. Shri Bansal said that these two MoUs are good example of the synergy between Ministry of Railways and Ministry of Steel who have been partners for many years in developing country’s infrastructure. These projects also present a new innovative financial funding for infrastructure projects.
The MoU for doubling of railway line was signed between Shri Vinay Mittal, Chairman, Railway Board and Shri C.S. Verma, CMD, NMDC. The project will be implemented by Indian Railways at a cost Rs.826 Crores and same will be funded by NMDC with provisions for suitable returns through freight rebate. The Railways will additionally make necessary investment in wagons, locomotives, other maintenance facilities and deployment of staff. The new line is likely to create an additional traffic of upto 12 million tonne per annum (MTPA) in a phased manner.
The MoU for forged wheel factory was signed between Shri Keshav Chandra, Member Mechanical, Railway Board and Shri A.P. Choudhary, CMD, RINL. The Forged Wheel Factory being set up by RINL to supply forged wheels to the Indian Railways will have a capacity of producing 1,00,000 wheels every year. The factory, the biggest such plant in India will be completed within a schedule of 36 months at a cost of Rs. 1000 crores (Approximately) and will generate 500 to 600 jobs. The Raw material for the factory will be supplied by RINL’s plant in Vishakhapatnam in the form of Continuous Cast (CC) rounds.
Also present on the occasion were the Secretary, Ministry of Steel, Shri D.R.S. Chaudhary and other senior officers of the Ministry of Steel and Ministry of Railway.
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