New Delhi: The Government of India has liberalised the procedure for export of pharmaceutical grade sugar and specialty sugar.
“Export of pharmaceutical grade sugar and specialty sugar will not be required to be registered with Directorate General of Foreign Trade (DGFT), as per a notification released by the Ministry of Commerce.
The pharmaceutical grade sugar include sucrose, and specialty sugar include candy sugar, castor sugar, icing sugar, light brown sugar, rainbow sugar, sugar cubes and sugar sachets (white and brown). These varieties will not require registration, it highlighted.
However, other type of sugar export will require registration with the DGFT.
Success in my Habit
Tuesday, January 15, 2013
Gail commissions 5 million tonne LNG terminal at Dabhol, plans to double its capacity by 2016
New Delhi: Gail India has commissioned the 5 million tonne capacity liquefied natural gas (LNG) terminal at Dabhol facility in Maharashtra and plans to double its capacity by 2016 in a phased manner, state gas utility chairman BC Tripathi said.
Gail had imported a shipload of LNG for commissioning the Dabhol terminal in March last year but the operations had to be aborted midway after two successive equipment failures.
"The Dabhol terminal will serve as a gateway for entry of natural gas to the southern and western parts of the country," Tripathi said. The company is planning to import about half a dozen LNG cargoes in next three-four months, he said.
The first cargo is expected to arrive at the terminal from Russia by the end of this month.
Gail has long-term LNG import contract with Russian energy major Gazprom. Tripathi said the focus of the company is to complete construction of break-water facility, which will help in expanding the terminal's capacity to 7.5 mmtpa in next two years and finally to 10 mmtpa in 2016.
The terminal is operated by Ratnagiri Gas and Power Private limited (RGPPL), a joint venture of Gail and state power utility NTPC. India is focusing on import of gas as it has faced a steep fall in domestic output.
The country has two operational terminals at Dahej and Hazira. "Commissioning of Dabhol terminal at this crucial juncture shall facilitate higher volumes of LNG imports for securing energy for the country," Tripathi said. Gail expects that the break-water facility will be completed this financial year. The company had mechanically completed the terminal two years ago.
Gail had imported a shipload of LNG for commissioning the Dabhol terminal in March last year but the operations had to be aborted midway after two successive equipment failures.
"The Dabhol terminal will serve as a gateway for entry of natural gas to the southern and western parts of the country," Tripathi said. The company is planning to import about half a dozen LNG cargoes in next three-four months, he said.
The first cargo is expected to arrive at the terminal from Russia by the end of this month.
Gail has long-term LNG import contract with Russian energy major Gazprom. Tripathi said the focus of the company is to complete construction of break-water facility, which will help in expanding the terminal's capacity to 7.5 mmtpa in next two years and finally to 10 mmtpa in 2016.
The terminal is operated by Ratnagiri Gas and Power Private limited (RGPPL), a joint venture of Gail and state power utility NTPC. India is focusing on import of gas as it has faced a steep fall in domestic output.
The country has two operational terminals at Dahej and Hazira. "Commissioning of Dabhol terminal at this crucial juncture shall facilitate higher volumes of LNG imports for securing energy for the country," Tripathi said. Gail expects that the break-water facility will be completed this financial year. The company had mechanically completed the terminal two years ago.
InMobi acquires UK firm Overlay Media
Mumbai: Leading mobile advertising network InMobi has acquired UK-based mobile data analytics start-up and content aware computing firm Overlay Media for an undisclosed amount.
Overlay Media, which comprises a team of data scientists, has built the context engine technology to deliver personalised content to mobile users.
“This acquisition will help us to continue to be at the forefront of delivering highly engaging content to consumers globally,” said Naveen Tewari, Founder and CEO, InMobi.
The Bangalore and San-Francisco based mobile technology company enables the world’s leading brands, developers, and publishers to engage 578 million consumers across 165 countries globally.
It is backed by investors including SoftBank, Kleiner Perkins Caufield and Byers and Sherpalo Ventures.
Meanwhile, Ian Anderson, CEO, Overlay Media, said: “Our goal has been to develop technology that enables mobile devices to provide a highly personal and immersive user experience. Through this acquisition, we will further strengthen our position as a market leader in mobile advertising.”
The Overlay Media team will be based at the InMobi London office. The company has offices in India, the UK and the US, as well as in other global locations. It recently expanded its footprint in Asia, Europe and Australia.
InMobi has also acquired Metaflow Solutions, a UK-based mobile app management and distribution solutions company, and a US-based start-up MMTG Labs that makes ad software.
Overlay Media, which comprises a team of data scientists, has built the context engine technology to deliver personalised content to mobile users.
“This acquisition will help us to continue to be at the forefront of delivering highly engaging content to consumers globally,” said Naveen Tewari, Founder and CEO, InMobi.
The Bangalore and San-Francisco based mobile technology company enables the world’s leading brands, developers, and publishers to engage 578 million consumers across 165 countries globally.
It is backed by investors including SoftBank, Kleiner Perkins Caufield and Byers and Sherpalo Ventures.
Meanwhile, Ian Anderson, CEO, Overlay Media, said: “Our goal has been to develop technology that enables mobile devices to provide a highly personal and immersive user experience. Through this acquisition, we will further strengthen our position as a market leader in mobile advertising.”
The Overlay Media team will be based at the InMobi London office. The company has offices in India, the UK and the US, as well as in other global locations. It recently expanded its footprint in Asia, Europe and Australia.
InMobi has also acquired Metaflow Solutions, a UK-based mobile app management and distribution solutions company, and a US-based start-up MMTG Labs that makes ad software.
Turkish glass major acquires 45% stake in HNGFL
Kolkata: Turkish Glass maker Trakya Cam Snayii AS bought a 45 per cent stake in HNG Float Glass Limited (HNGFL) through a joint Venture (JV) agreement on Friday.
According to the JV, Hindustan National Glass and Industries (HNGIL), the share-holding company in HNGFL and its promoter, the Somany family, will now dilute their stake in HNGFL.
Currently, HNGIL and the Somany family hold 47.4 per cent and 40.2 per cent stake in HNGFL, respectively and the remaining 12 per cent is held by IFC Washington.
Post-JV, Trakya Cam Snayii AS will become an equal shareholder in HNGFL for an undisclosed amount. IFC Washington will continue to hold 10 per cent stake (about 10 per cent of the increased paid up capital). The share-holding of HNGIL will stand diluted from the present 47.4 per cent to 15 per cent.
When contacted, HNGIL chairman C K Somany refused to comment on the value paid by the Turkish glass maker for this JV.
HNGIL is one of India’s leading glass manufacturers, with a total production capacity of 4,300 tonnes per day. It had promoted HNGFL in 2006. Trakya Cam Sanayii AS, which was founded by Sisecam in 1978, is the leading company in the flat glass market in Turkey and a pioneer in the region. The company reached $751 million net sales with 2,768 employees in FY 2011.
Trakya Cam Sanayii AS had taken a strategic step in 2009 with the decision to jointly develop its flat glass activities with Saint-Gobain, one of the biggest companies in the industry.
HNGFL is engaged in the business of manufacturing float glass and related value added float glass products.
The company’s plant is located in Halol, Gujarat with the current capacity of the furnace being 600 tonnes per day.
According to the JV, Hindustan National Glass and Industries (HNGIL), the share-holding company in HNGFL and its promoter, the Somany family, will now dilute their stake in HNGFL.
Currently, HNGIL and the Somany family hold 47.4 per cent and 40.2 per cent stake in HNGFL, respectively and the remaining 12 per cent is held by IFC Washington.
Post-JV, Trakya Cam Snayii AS will become an equal shareholder in HNGFL for an undisclosed amount. IFC Washington will continue to hold 10 per cent stake (about 10 per cent of the increased paid up capital). The share-holding of HNGIL will stand diluted from the present 47.4 per cent to 15 per cent.
When contacted, HNGIL chairman C K Somany refused to comment on the value paid by the Turkish glass maker for this JV.
HNGIL is one of India’s leading glass manufacturers, with a total production capacity of 4,300 tonnes per day. It had promoted HNGFL in 2006. Trakya Cam Sanayii AS, which was founded by Sisecam in 1978, is the leading company in the flat glass market in Turkey and a pioneer in the region. The company reached $751 million net sales with 2,768 employees in FY 2011.
Trakya Cam Sanayii AS had taken a strategic step in 2009 with the decision to jointly develop its flat glass activities with Saint-Gobain, one of the biggest companies in the industry.
HNGFL is engaged in the business of manufacturing float glass and related value added float glass products.
The company’s plant is located in Halol, Gujarat with the current capacity of the furnace being 600 tonnes per day.
MoUs worth Rs 1.34 lakh crore signed in affordable housing sector
Ahmedabad: The affordable housing and construction industry witnessed signing of memorandum of understandings ( MoUs) to the tune of Rs 1.34 lakh crore, by both domestic and global players.
Eight MoUs were signed for various verticals in housing and construction, including affordable housing technology, pre-cast construction technology and slum rehabilitation.
In affordable urban housing technology segment, while US-based Hawthorne Development Corporation signed an MoU worth Rs 1 lakh crore with the Gujarat government, Tata Housing Development Company Ltd signed for Rs 3,500 crore.
Global players like Elematic of Finland and Spiroll Precast Services Ltd of the US signed MoUs for providing pre-cast technology in cost-effective and efficient housing construction for Rs 15,000 crore and Rs 5,000 crore, respectively.
Domestic players like M V Omni Projects (India) Ltd and Sheetal Infrastructure Pvt Ltd signed MoUs worth Rs 3,000 crore and Rs 1,000 crore, respectively, in the area of slum rehabilitation.
Ahmedabad-based real estate developer Bakeri Urban Development Pvt Ltd also announced investment commitment of Rs 1,500 crore in the affordable housing sector.
In a bid to provide free housing schemes for differently-abled people, Ahmedabad-based Sankalp Disable Association signed an MoU worth Rs 5,592 crore.
Eight MoUs were signed for various verticals in housing and construction, including affordable housing technology, pre-cast construction technology and slum rehabilitation.
In affordable urban housing technology segment, while US-based Hawthorne Development Corporation signed an MoU worth Rs 1 lakh crore with the Gujarat government, Tata Housing Development Company Ltd signed for Rs 3,500 crore.
Global players like Elematic of Finland and Spiroll Precast Services Ltd of the US signed MoUs for providing pre-cast technology in cost-effective and efficient housing construction for Rs 15,000 crore and Rs 5,000 crore, respectively.
Domestic players like M V Omni Projects (India) Ltd and Sheetal Infrastructure Pvt Ltd signed MoUs worth Rs 3,000 crore and Rs 1,000 crore, respectively, in the area of slum rehabilitation.
Ahmedabad-based real estate developer Bakeri Urban Development Pvt Ltd also announced investment commitment of Rs 1,500 crore in the affordable housing sector.
In a bid to provide free housing schemes for differently-abled people, Ahmedabad-based Sankalp Disable Association signed an MoU worth Rs 5,592 crore.
Mass grocery, apparel most favoured segments for FDI: Study
New Delhi: Mass grocery and apparel are the two most favoured segments for foreign direct investment in multi-brand retail, according to a study by Deloitte Touche Tohmatsu India.
The study, titled Indian Retail Market-Opening More Doors, which comes at time when the country has opened its doors to FDI in retail, says each policy condition is expected to have different implications on various retail sub-segments.
“A policy condition might have a low impact in one segment but could be a major stumbling block for another segment. Mass grocery and apparel are two of the fastest growing organised retail segments in India today. In both these segments, there are large domestic retailers who could be potential joint venture partners for foreign retailers,” Gaurav Gupta, Senior Director, Deloitte Touche Tohmatsu India, said in a statement.
He said foreign retailers could enter India by forming a joint venture company that could have multi-brand retail stores. “Alternatively, the foreign investor may also consider acquiring 51 per cent stake in the existing business set-up of the potential Indian joint venture partner,” he added.
The report stated that the fact that mass grocery retailers already source many products directly from producers or food processing units was an advantage for this segment. But to meet sourcing guidelines and have better margins, foreign retailers would need to cultivate relationships with local manufacturers, it added.
The study said the condition on sourcing would continue to be a major bottleneck for various segments such as consumer electronics, footwear, furniture and furnishing, among others.
The study, titled Indian Retail Market-Opening More Doors, which comes at time when the country has opened its doors to FDI in retail, says each policy condition is expected to have different implications on various retail sub-segments.
“A policy condition might have a low impact in one segment but could be a major stumbling block for another segment. Mass grocery and apparel are two of the fastest growing organised retail segments in India today. In both these segments, there are large domestic retailers who could be potential joint venture partners for foreign retailers,” Gaurav Gupta, Senior Director, Deloitte Touche Tohmatsu India, said in a statement.
He said foreign retailers could enter India by forming a joint venture company that could have multi-brand retail stores. “Alternatively, the foreign investor may also consider acquiring 51 per cent stake in the existing business set-up of the potential Indian joint venture partner,” he added.
The report stated that the fact that mass grocery retailers already source many products directly from producers or food processing units was an advantage for this segment. But to meet sourcing guidelines and have better margins, foreign retailers would need to cultivate relationships with local manufacturers, it added.
The study said the condition on sourcing would continue to be a major bottleneck for various segments such as consumer electronics, footwear, furniture and furnishing, among others.
Friday, January 11, 2013
Imperial Servcorp to invest $5 m in India expansion
Hyderabad: Imperial Servcorp plans to add three more centres in India by next year investing about $ 5 million in developing them to offer unbranded serviced office space and virtual office services.
Part of the Australian company Serve Corp with presence in over 50 countries, and operating out of two locations in India through a venture with K. Raheja Corp, is now embarking on expansion. “We have identified Gurgaon, Delhi, Bangalore and Pune for setting up offices,” said Meenal Sinha, Country Head Imperial Servcorp India.
She told Business Line that the last few years in India through its presence in Raheja Mindspace in IT hub of Hyderabad and in Mumbai, has been exciting and Servcorp venture serves over 400 clients, which includes start ups, service providers and multi-national companies looking to expand in India.
Through the venture with K. Raheja Corp, the company has been offering serviced office space to clients. “We are now in the process of finalising deals with other developers in Gurgaon, Bangalore, Delhi and expect to begin operations during the year,” she said.
“Most companies, who identify a city for expansion, begin operations as start ups using our serviced office space facilities. This enables them to complete their task and then move on to their own facility. They get advantage of a full office using our facilities,” she said.
Apart from this, the $40-million investment by Serve Corp has enabled these clients to access latest technologies and use virtual office spaces. The secretarial services respond to their customers as if they were their own staff.
These facilities enable clients to commence operations in less than 24 hours offering access to board rooms and conference facilities. The market for such services will get bigger and spread to tier II cities too, she said.
Part of the Australian company Serve Corp with presence in over 50 countries, and operating out of two locations in India through a venture with K. Raheja Corp, is now embarking on expansion. “We have identified Gurgaon, Delhi, Bangalore and Pune for setting up offices,” said Meenal Sinha, Country Head Imperial Servcorp India.
She told Business Line that the last few years in India through its presence in Raheja Mindspace in IT hub of Hyderabad and in Mumbai, has been exciting and Servcorp venture serves over 400 clients, which includes start ups, service providers and multi-national companies looking to expand in India.
Through the venture with K. Raheja Corp, the company has been offering serviced office space to clients. “We are now in the process of finalising deals with other developers in Gurgaon, Bangalore, Delhi and expect to begin operations during the year,” she said.
“Most companies, who identify a city for expansion, begin operations as start ups using our serviced office space facilities. This enables them to complete their task and then move on to their own facility. They get advantage of a full office using our facilities,” she said.
Apart from this, the $40-million investment by Serve Corp has enabled these clients to access latest technologies and use virtual office spaces. The secretarial services respond to their customers as if they were their own staff.
These facilities enable clients to commence operations in less than 24 hours offering access to board rooms and conference facilities. The market for such services will get bigger and spread to tier II cities too, she said.
Ford sees India as major export hub
Ahmedabad: With India being projected as the emerging third largest automobile market in the world, after China and the US, Ford India is looking at the country at a major export hub in this sector, Joginder Singh, the new President and Managing Director, said here on Thursday.
The global automaker, which sold 5.3 million vehicles in 2010, expects to increase the number to eight million by 2015.
The Asia-Pacific region is expected to account for 70 per cent of this market.
“By 2020, one out of every six cars sold in the region would be a Ford,” he said on the eve of Vibrant Gujarat 2013, which begins in Gandhinagar on Friday.
Manufacturing, Export
By mid-decade, Singh said Ford India will have seven new factories working in China, Thailand and at Sanand, near Ahmedabad, where it is currently investing $1 billion (Rs 5,300 crore) at the car and engine manufacturing facilities.
The company has already invested $140 million to expand capacities at its existing Chennai-based plant. Its total investment in India so far was $2 billion.
New Products
In the next few years, Ford India will launch eight new products and double the number of dealers to 250 and customer touch-points to 500, mainly in Tier-II and III towns and cities in northern and western India, which account for 60 per cent of its sales, he said.
While Ford India has created 10,000 jobs in Chennai, it will create 5,000 at the upcoming Sanand plant by 2014, when it is commissioned next year.
The company’s manufacturing capacity at these two plants will increase from the existing three million units to five million by mid-decade and nine million by 2020.
Ford India plans to manufacture 4.40 lakh vehicles at these two plants, and export 20-25 per cent of these.
It will also increase engine-making capacities to 6.10 lakh, 40 per cent of which would be exported.
“We would initiate talks with the authorities soon to export our products from Mundra port,” Singh said.
The global automaker, which sold 5.3 million vehicles in 2010, expects to increase the number to eight million by 2015.
The Asia-Pacific region is expected to account for 70 per cent of this market.
“By 2020, one out of every six cars sold in the region would be a Ford,” he said on the eve of Vibrant Gujarat 2013, which begins in Gandhinagar on Friday.
Manufacturing, Export
By mid-decade, Singh said Ford India will have seven new factories working in China, Thailand and at Sanand, near Ahmedabad, where it is currently investing $1 billion (Rs 5,300 crore) at the car and engine manufacturing facilities.
The company has already invested $140 million to expand capacities at its existing Chennai-based plant. Its total investment in India so far was $2 billion.
New Products
In the next few years, Ford India will launch eight new products and double the number of dealers to 250 and customer touch-points to 500, mainly in Tier-II and III towns and cities in northern and western India, which account for 60 per cent of its sales, he said.
While Ford India has created 10,000 jobs in Chennai, it will create 5,000 at the upcoming Sanand plant by 2014, when it is commissioned next year.
The company’s manufacturing capacity at these two plants will increase from the existing three million units to five million by mid-decade and nine million by 2020.
Ford India plans to manufacture 4.40 lakh vehicles at these two plants, and export 20-25 per cent of these.
It will also increase engine-making capacities to 6.10 lakh, 40 per cent of which would be exported.
“We would initiate talks with the authorities soon to export our products from Mundra port,” Singh said.
Cabinet nod for 2 road projects worth Rs 5,000 cr
New Delhi: The Union Cabinet on Thursday approved proposals for two highway projects with project cost of over Rs 5,000 crore, paving the way for taking the bidding process forward.
One is the Rs 2,015.6-crore highway proposal in Bihar, to be implemented with financial assistance from Japan, while the other is to four-lane 368.2-km-stretch in Odisha.
The Cabinet Committee on Economic Affairs (CCEA) also approved the implementation to four-lane the Patna-Gaya-Dobhi section in Bihar with Japan International Cooperation Agency (JICA) loan assistance.
The total length of the project will be 127.2 km with total capital cost of Rs 2015.6 crore, which includes cost of civil construction, supervision works, land acquisition, rehabilitation and pre-construction activities. The project will be completed within three years of signing the contract agreement.
The road will provide smooth connectivity to Gaya/Bodhgaya, Rajgir and Nalanda both from Patna and in turn connecting the East-West corridor and Golden Quadrilateral at Dobhi.
Odisha-Jharkhand Project
The other project involves four-laning of Baharagora-Sambalpur section in Odisha and Jharkhand under NHDP Phase IV on Design, Build, Finance, Operate and Transfer basis. The total length of the road will be 368.20 km.
The total cost of the project, including land acquisition, rehabilitation and pre-construction activities, is estimated at Rs 3,636.43 crore. The concession period will be 30 years, including a construction period of 36 months.
One is the Rs 2,015.6-crore highway proposal in Bihar, to be implemented with financial assistance from Japan, while the other is to four-lane 368.2-km-stretch in Odisha.
The Cabinet Committee on Economic Affairs (CCEA) also approved the implementation to four-lane the Patna-Gaya-Dobhi section in Bihar with Japan International Cooperation Agency (JICA) loan assistance.
The total length of the project will be 127.2 km with total capital cost of Rs 2015.6 crore, which includes cost of civil construction, supervision works, land acquisition, rehabilitation and pre-construction activities. The project will be completed within three years of signing the contract agreement.
The road will provide smooth connectivity to Gaya/Bodhgaya, Rajgir and Nalanda both from Patna and in turn connecting the East-West corridor and Golden Quadrilateral at Dobhi.
Odisha-Jharkhand Project
The other project involves four-laning of Baharagora-Sambalpur section in Odisha and Jharkhand under NHDP Phase IV on Design, Build, Finance, Operate and Transfer basis. The total length of the road will be 368.20 km.
The total cost of the project, including land acquisition, rehabilitation and pre-construction activities, is estimated at Rs 3,636.43 crore. The concession period will be 30 years, including a construction period of 36 months.
South Eastern Railway records 7.43% jump in iron ore loading in April-December'12
Kolkata: South Eastern Railway (SER) loaded 92.16 million tonnes (mt) of freight during the April -December period of 2012-13, registering a growth of 4.56% against 88.14 mt loaded during the previous corresponding period.
SER's performance surpassed the target laid down by Railway Board till December 2012. having loaded 5.75 mt more than the Railway Board target, an increase of 6.65%.
During the period, SER's loading of iron ore, the main commodity it carries, stood at 50.33 mt, a 7.43% jump over 46.85 mt of iron ore loaded during the same period last year.
Significantly, total loading of iron ore went up despite a fall in demand for export of iron ore from 7.81 mt last year to 2.80 mt during the current year. Also, SER's iron ore loading registered a growth of 13.23% over the target set by Railway Board.
SER also recorded a positive growth in loading of coal, other raw materials to steel plants, pig iron & finished steel, cement, food grains and fertilizers. Earnings from freight traffic also went up 5.91% during the first nine months of the current financial year in comparison to the corresponding period of last year.
During April to December of the current financial year, SER earned Rs 6397.94 crore from freight traffic as against Rs.6040.84 crore earned from freight during the same period last year.
SER's performance surpassed the target laid down by Railway Board till December 2012. having loaded 5.75 mt more than the Railway Board target, an increase of 6.65%.
During the period, SER's loading of iron ore, the main commodity it carries, stood at 50.33 mt, a 7.43% jump over 46.85 mt of iron ore loaded during the same period last year.
Significantly, total loading of iron ore went up despite a fall in demand for export of iron ore from 7.81 mt last year to 2.80 mt during the current year. Also, SER's iron ore loading registered a growth of 13.23% over the target set by Railway Board.
SER also recorded a positive growth in loading of coal, other raw materials to steel plants, pig iron & finished steel, cement, food grains and fertilizers. Earnings from freight traffic also went up 5.91% during the first nine months of the current financial year in comparison to the corresponding period of last year.
During April to December of the current financial year, SER earned Rs 6397.94 crore from freight traffic as against Rs.6040.84 crore earned from freight during the same period last year.
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