Success in my Habit
Friday, January 11, 2013
3 working groups set up to boost trade with China
New Delhi: India and China have set up a working group to consider co-operation over five years in various strategic sectors, including investment, a senior Government official said on Thursday. The working group is among the three set up to boost bilateral trade. “The working group will look at investment of Chinese companies in Special Economic Zones and National Investment and Manufacturing Zones. It is looking at larger participation. We are looking at China, Japan and Korea not only for trade in goods, but services and investments, too. These two aspects will be handled by the two working groups. The contact points have been nominated and they are likely to meet in February,” said Asit Tripathy, Joint Secretary, Ministry of Commerce. The working group on trade statistics anomalies has been set up to see how the Chinese side values trade at $27 billion, while India pegs it at $40 billion during 2010-11. Tripathy said this sub-group would examine the modalities employed by both sides to calculate trade. On the volume of bilateral trade, the official said this year trade with China had decelerated.
Thursday, January 10, 2013
IMFA commissions 60 MW captive unit
Mumbai: Indian Metals and Ferro Alloys said it has commissioned the first of two 60 MW units at its 120 MW captive power plant. The total cost of the power plant is Rs 600 crore. Headquartered in Bhubaneswar, the company is an integrated producer of value-added ferro chrome with capacity of 2.75 lakh tonnes a year. It has captive mines in Sukinda and Nausahi and manufacturing facilities in Therabali and Choudwar. Prem Khandelwal, Chief Financial Officer, said the company has an existing capacity of 138 MW and the current addition will raise it to 198 MW. He said the power from the 120-MW plant was for IMFA’s production requirement. However, in the short-term there would be a surplus of 50 MW which would be fed to the grid. In the long run, plans were on to increase smelting capacity and utilise the entire generation, he said. Power fed to the grid at Choudwar would help stabilise system parameters in the area, including Bhubaneswar and Cuttack. IMFA would lay the second circuit from Choudwar to Salepur, which would be part of the distribution system, as also high temperature low sag conductors between IMFA complex and Choudwar grid. The plant’s boiler and pollution control equipment are from Thermax, while the turbine and generator are from China.
GVK Bio, Onconova to develop new cancer drugs
New Delhi: GVK Bio, a contract research and development organisation and Onconova Therapeutics, a US-based biopharmaceutical company, have entered into a partnership to develop new drugs for cancer.
The joint partnership will be based in the US. It will align research priorities and technological expertise from both companies to facilitate moving certain Onconova’s oncology assets from early discovery to clinical development stage.
E. Premkumar Reddy, the Founder and Director of Onconova, will oversee the biology and biomarker aspects. Onconova will provide two discovery targets with early chemical equity, while GVK Bio will use its multi-disciplinary discovery platform to advance these programmes. As per the terms of partnership, GVK Bio will gain an increasing share of the programmes as they advance, up to a 50/50 split based on achievement of milestones/funding. Onconova retains the rights to buy back the programmes.
The joint partnership will be based in the US. It will align research priorities and technological expertise from both companies to facilitate moving certain Onconova’s oncology assets from early discovery to clinical development stage.
E. Premkumar Reddy, the Founder and Director of Onconova, will oversee the biology and biomarker aspects. Onconova will provide two discovery targets with early chemical equity, while GVK Bio will use its multi-disciplinary discovery platform to advance these programmes. As per the terms of partnership, GVK Bio will gain an increasing share of the programmes as they advance, up to a 50/50 split based on achievement of milestones/funding. Onconova retains the rights to buy back the programmes.
Mahindra to invest $900 m in SsangYong over four years
New Delhi: Mahindra & Mahindra has said it will invest $900 million over the next four to five years in SsangYong Motor of Korea on developing three new vehicles and six engines. M&M bought a majority stake in the Korean company for $463.6 million in 2010.
Pawan Goenka, President – Automotive & Farm Equipment sectors, M&M, said the investment would be from internal accruals, fresh equity and debt.
After being acquired by M&M, SsangYong’s sales have improved and have grown by 6-7 per cent in the Korean market. Break-even will happen in another year-and-a-half, according to Goenka.
“That will happen over the next year-and-a-half. Beyond that, we have not made complete plans on how the investments will take place,” he added.
On M&M’s utility and sports utility vehicles, Goenka said the company was working on full capacity expansion and fresh versions of Scorpio and XUV500 were expected in future.
M&M, which had announced buying out Navistar in its truck joint venture, expects to close the deal by January 31, for which it has applied for various Government approvals.
“It will be a 100 per cent subsidiary of M&M and naming of the new company and its product lines will take some time,” Goenka, told reporters here.
He said Navistar was still interested in exporting trucks and would do so on its own branding (Navistar).
Pawan Goenka, President – Automotive & Farm Equipment sectors, M&M, said the investment would be from internal accruals, fresh equity and debt.
After being acquired by M&M, SsangYong’s sales have improved and have grown by 6-7 per cent in the Korean market. Break-even will happen in another year-and-a-half, according to Goenka.
“That will happen over the next year-and-a-half. Beyond that, we have not made complete plans on how the investments will take place,” he added.
On M&M’s utility and sports utility vehicles, Goenka said the company was working on full capacity expansion and fresh versions of Scorpio and XUV500 were expected in future.
M&M, which had announced buying out Navistar in its truck joint venture, expects to close the deal by January 31, for which it has applied for various Government approvals.
“It will be a 100 per cent subsidiary of M&M and naming of the new company and its product lines will take some time,” Goenka, told reporters here.
He said Navistar was still interested in exporting trucks and would do so on its own branding (Navistar).
India to grow at 6.7% in 2013-14: Crisil
Coimbatore: The Indian economy would grow at a higher rate of 6.7% in 2013-14 compared to the estimated growth of 5.5% for the current financial year (2012-13) due to a revival in consumption, ratings agency Crisil has said.
"A pick-up in agriculture, predicated on a normal monsoon, lower interest rates and higher government spending will support private consumption demand," Crisil said. "The improved agricultural output, along with a stronger rupee and lower crude oil prices will also help in reducing Wholesale Price Inflation (WPI) to around 7% from 7.7% projected for 2012-13," it said.
"India's GDP growth in 2013-14 will be supported by the revival of private sector consumption growth aided by higher growth in agriculture, high government spending and lower interest rates," said Roopa Kudva, Managing Director and CEO, Crisil.
A normal monsoon will boost agricultural GDP growth to an above-trend rate of 3.5% in 2013-14, albeit on a lower base of 2012-13. "With the easing of inflation, RBI is expected to cut interest rates by 75-100 basis points (0.75%-1%) starting January 2013, thereby lowering retail lending rates and boosting demand in interest (rate) sensitive segments," Crisil said.
The likely increase in government spending in the form of higher expenditure on social sector schemes and rural development will be driven by the upcoming general elections in 2014. Increased welfare expenditure by the government, lower interest rates, moderation in inflation and high farm incomes (assuming a normal monsoon) will boost household spending and thereby, benefit sectors such as consumer durables, hotels and restaurants and financial services, Crisil said.
Further, improved external demand, as a result of marginal recovery of global growth, could raise India's exports, especially in the IT/ITes sector. "We, therefore, expect the services sector to remain healthy at 8% in the next fiscal," Crisil said.
"An improvement in private consumption will create demand for goods and services, which in turn will raise industrial growth to 5.4%. Although this is an improvement over the current fiscal, industrial growth will still lag its last ten-year average of 7.9%," said Dharmakirti Joshi, chief economist, Crisil.
Despite higher consumption growth, average WPI inflation is projected to be lower at 7% in 2013-14, as against 7.7% forecast for 2012-13 on back of normal monsoon, a stronger rupee, and lower crude oil prices. However, the likely upward revision of fuel prices and persistent excess demand for food articles are likely to limit the further decline in WPI inflation.
"A pick-up in agriculture, predicated on a normal monsoon, lower interest rates and higher government spending will support private consumption demand," Crisil said. "The improved agricultural output, along with a stronger rupee and lower crude oil prices will also help in reducing Wholesale Price Inflation (WPI) to around 7% from 7.7% projected for 2012-13," it said.
"India's GDP growth in 2013-14 will be supported by the revival of private sector consumption growth aided by higher growth in agriculture, high government spending and lower interest rates," said Roopa Kudva, Managing Director and CEO, Crisil.
A normal monsoon will boost agricultural GDP growth to an above-trend rate of 3.5% in 2013-14, albeit on a lower base of 2012-13. "With the easing of inflation, RBI is expected to cut interest rates by 75-100 basis points (0.75%-1%) starting January 2013, thereby lowering retail lending rates and boosting demand in interest (rate) sensitive segments," Crisil said.
The likely increase in government spending in the form of higher expenditure on social sector schemes and rural development will be driven by the upcoming general elections in 2014. Increased welfare expenditure by the government, lower interest rates, moderation in inflation and high farm incomes (assuming a normal monsoon) will boost household spending and thereby, benefit sectors such as consumer durables, hotels and restaurants and financial services, Crisil said.
Further, improved external demand, as a result of marginal recovery of global growth, could raise India's exports, especially in the IT/ITes sector. "We, therefore, expect the services sector to remain healthy at 8% in the next fiscal," Crisil said.
"An improvement in private consumption will create demand for goods and services, which in turn will raise industrial growth to 5.4%. Although this is an improvement over the current fiscal, industrial growth will still lag its last ten-year average of 7.9%," said Dharmakirti Joshi, chief economist, Crisil.
Despite higher consumption growth, average WPI inflation is projected to be lower at 7% in 2013-14, as against 7.7% forecast for 2012-13 on back of normal monsoon, a stronger rupee, and lower crude oil prices. However, the likely upward revision of fuel prices and persistent excess demand for food articles are likely to limit the further decline in WPI inflation.
Oil Ministers of India and Kazakhstan Sign Inter-Government Protocol for enhancing Mutual Corporation
New Delhi: The 10th meeting of the India-Kazakhstan Inter-Governmental Commission (IGC) on Trade, Economic, Scientific, Technological, Industrial and Cultural was held during 8-9 January 2013 in New Delhi.
Dr. M. Veerappa Moily, Minister of Petroleum and Natural Gas, led the delegation from India. The Kazakh side at the IGC meeting was led by Mr. Bulat Akchulakov, Vice Minister of Oil and Gas, Republic of Kazakhstan. The two Ministers signed IGC Protocol here today after conclusion of the India-Kazakhstan IGC meeting. Smt P. Lakshmi, MoS (P&NG) and senior officers from both sides were also present.
The two sides reviewed progress with regard to various decisions taken at the 9th Inter-Governmental Commission meeting held in Astana on 12th October 2011.
The deliberations of the Inter-Governmental Commission were marked by cordiality and warmth, which are characteristic of the traditionally close and friendly ties prevailing between the two countries. This discussions took place in 20 sectors of cooperation like Energy, Trade, Agriculture, IT, Science & Technology, Mines etc.
Both the sides agreed that the current level of bilateral trade is not commensurate with the potential existing between the two countries and called for conscious efforts to increase Indo-Kazakh trade through the Joint Working Group on Trade and Economic Cooperation and the India Kazakh Joint Business Council.
The meeting of the Joint Working Group on cooperation in hydrocarbon sector was held along with the IGC meeting. The next meeting of the Joint Working Group will be held in Kazakhstan. The dates will be agreed through diplomatic channel.
Both sides noted with satisfaction the decisions of the second meeting of the India-Kazakhstan Joint Working Group on Trade and Economic Cooperation held in Astana on 19-20 July, 2012.
Both sides also agreed that tourism provides the opportunity to strengthen the links between the two countries at human and cultural level.
Both sides agreed that the 11th meeting of the IGC will be held in Astana, Kazakhstan. The exact dates and agenda of the meeting will be worked out through diplomatic channels.
Dr. M. Veerappa Moily, Minister of Petroleum and Natural Gas, led the delegation from India. The Kazakh side at the IGC meeting was led by Mr. Bulat Akchulakov, Vice Minister of Oil and Gas, Republic of Kazakhstan. The two Ministers signed IGC Protocol here today after conclusion of the India-Kazakhstan IGC meeting. Smt P. Lakshmi, MoS (P&NG) and senior officers from both sides were also present.
The two sides reviewed progress with regard to various decisions taken at the 9th Inter-Governmental Commission meeting held in Astana on 12th October 2011.
The deliberations of the Inter-Governmental Commission were marked by cordiality and warmth, which are characteristic of the traditionally close and friendly ties prevailing between the two countries. This discussions took place in 20 sectors of cooperation like Energy, Trade, Agriculture, IT, Science & Technology, Mines etc.
Both the sides agreed that the current level of bilateral trade is not commensurate with the potential existing between the two countries and called for conscious efforts to increase Indo-Kazakh trade through the Joint Working Group on Trade and Economic Cooperation and the India Kazakh Joint Business Council.
The meeting of the Joint Working Group on cooperation in hydrocarbon sector was held along with the IGC meeting. The next meeting of the Joint Working Group will be held in Kazakhstan. The dates will be agreed through diplomatic channel.
Both sides noted with satisfaction the decisions of the second meeting of the India-Kazakhstan Joint Working Group on Trade and Economic Cooperation held in Astana on 19-20 July, 2012.
Both sides also agreed that tourism provides the opportunity to strengthen the links between the two countries at human and cultural level.
Both sides agreed that the 11th meeting of the IGC will be held in Astana, Kazakhstan. The exact dates and agenda of the meeting will be worked out through diplomatic channels.
Wednesday, January 9, 2013
Parker Hannifin India sets up Rs 100-cr factory near Chennai
Chennai: Parker Hannifin India, a part of the Rs 71,500-crore Parker Hannifin Corporation of the US, has set up a Rs 100-crore factory near Chennai to manufacture components for a wide range of industries.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Parker Hannifin India sets up Rs 100-cr factory near Chennai
Chennai: Parker Hannifin India, a part of the Rs 71,500-crore Parker Hannifin Corporation of the US, has set up a Rs 100-crore factory near Chennai to manufacture components for a wide range of industries.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Versace 19.69 ties up with Majgenta for India foray
New Delhi: Italian luxury clothing and accessories brand Versace 19.69 announced its entry in India on Tuesday in partnership with fashion apparels and leather exporter Majgenta Fashions. The company, which plans to open close to 70 stores in the country, is likely to make an investment of $25 million over the next three years. Despite the government permitting 100% FDI in single brand retail, it is opting a licence-based model for its operations.
"India is a very important luxury market for us that is growing at a rapid pace...we are here to bridge the luxury and affordability gap," Versace 19.69 CEO Theofanis Papadas said. The brand, which will initially introduce eyewear and jewellery, will retail its entire range of apparels, footwear, accessories and home furnishings by the end of the current year.
"India is a very important luxury market for us that is growing at a rapid pace...we are here to bridge the luxury and affordability gap," Versace 19.69 CEO Theofanis Papadas said. The brand, which will initially introduce eyewear and jewellery, will retail its entire range of apparels, footwear, accessories and home furnishings by the end of the current year.
Wockhardt receives US FDA nod for epilepsy drug Lamictal
Pune: Pharma and biotech major Wockhardt has received US FDA nod to launch 25 mg, 50 mg, 100 mg, 200 mg and 300 mg extended release tablets of Lamotrigine, a drug used in the treatment of epilepsy. This is the generic name for the brand Lamictal XR.
The company will be launching the product immediately. The US market for the drug is pegged at $250 million.
Wockhardt will manufacture the extended release tablets at its Aurangabad facility. The technology for extended release tablets was developed in-house, the company said.
The company will be launching the product immediately. The US market for the drug is pegged at $250 million.
Wockhardt will manufacture the extended release tablets at its Aurangabad facility. The technology for extended release tablets was developed in-house, the company said.
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