New Delhi: The Union Minister of Steel, Shri Beni Prasad Verma recently led a delegation to Brazil to strengthen cooperation between the two nations in steel & mining. During the visit, a Letter of Intent (LoI) was signed by the Secretary, Ministry of Steel on behalf of Government of India and by the Executive Secretary (Mines & Energy) on behalf of the Government of Brazil on 7th February. The LoI inter-alia aims to promote and expand bilateral relations between the two countries in the mineral sector with focus on strengthening the supply chain for the growth of the steel industry in both the countries.
The Letter of Intent aims to encourage investment opportunities in iron & steel related businesses by the Indian and the Brazilian companies in India and Brazil, facilitate exchange of technical know-how in developing the iron and steel production and other steel related raw materials, including pelletisation plants and other associated industries. Both the Governments would jointly work for developing the steel industry and to exchange technically qualified manpower for sustainable growth of the iron & steel industry.
The possibility of signing a Memorandum of Understanding during the forthcoming visit of the President of Brazil to India is also being explored. Both India and Brazil have been showing robust growth in the consumption of steel and are globally viewed as the two large emerging markets after China in terms of their growth potential.
The Minister of Steel was accompanied by Shri D.R.S. Chaudhary, Secretary, Ministry of Steel, Shri UP Singh, Joint Secretary, Ministry of Steel, Shri C.S. Verma, Chairman, SAIL & NMDC and other senior officials.
Success in my Habit
Tuesday, February 12, 2013
India-France bilateral trade touches €7.6 billion
Hyderabad: The India-France bilateral trade had grown by 6 per cent to €7.46 billion.
The European country is the 9th largest foreign investor in India with a cumulative investment of approximately $3 billion during the period April 2000 to June 2012.
Stating this Bradley Joslove of the India Desk and representing the Business Law Firm, Franklin from Paris said India is the 13th largest foreign investor in France in terms of project numbers.
Speaking at an interactive meeting organised by the Federation of Andhra Pradesh Chambers of Commerce here today, Joslove, who is Head-New Technologies Department at the Law Firm said there was a growing and wide-ranging cooperation in areas such as trade and investment, culture, science and technology and education.
P. Ravi Prasad, Advocate & Co-Founder, Tempus Law Associates, Hyderabad, and representatives of Fapcci, Shiv Kumar Rungta, Shyam Sunder Pasari, and M.V. Rajeshwara Rao presented their views at the session.
The European country is the 9th largest foreign investor in India with a cumulative investment of approximately $3 billion during the period April 2000 to June 2012.
Stating this Bradley Joslove of the India Desk and representing the Business Law Firm, Franklin from Paris said India is the 13th largest foreign investor in France in terms of project numbers.
Speaking at an interactive meeting organised by the Federation of Andhra Pradesh Chambers of Commerce here today, Joslove, who is Head-New Technologies Department at the Law Firm said there was a growing and wide-ranging cooperation in areas such as trade and investment, culture, science and technology and education.
P. Ravi Prasad, Advocate & Co-Founder, Tempus Law Associates, Hyderabad, and representatives of Fapcci, Shiv Kumar Rungta, Shyam Sunder Pasari, and M.V. Rajeshwara Rao presented their views at the session.
Monday, February 11, 2013
Tata Technologies in pact with Piaggio Aero
Bengaluru: Tata Technologies has bagged a multi-year engineering services contract from Piaggio Aero Industries, the oldest aircraft manufacturer in Italy.
According to the deal signed at the Aero India 2013, Tata Technologies will deliver a complete structural design and analysis solution for the aviation major’s new Multirole Patrol Aircraft (MPA).
Tata Technologies and its joint venture with Hindustan Aeronautics Ltd – Tata HAL Technologies will also contribute for the project. This is the first engineering services engagement in the private aerospace sector in India.
Tata HAL Technologies will deliver a complete optimised structural design, engineering, manufacturing, and certification documents for the aircraft fuselage inclusive of the vertical fin in two separate phases.
Samir Yajnik, President Global Services & COO Asia-Pacific, Tata Technologies, said; “We have won this prestigious mandate to work for Piaggio Aero and are passionate engineers excited about this engagement. This is to deliver an end-to-end solution leveraging our Global Engagement Model for providing transformational engineering services.”
Piaggio Aero’s Multirole Patrol Aircraft (MPA) is the evolution of the company’s P180 Avanti II multi-utility aircraft, which is newly designed to make it uniquely capable of surveillance, law enforcement and security missions.
The MPA’s main features include an enhanced airframe, increased maximum take-off weight, additional fuel tanks and a new aerodynamic configuration and a reinforced wing providing an increased surface and higher aspect ratio.
Commenting on the partnership, Eligio Trombetta, General Manager, Piaggio Aero Industries, said “With the MPA, we were looking at meeting the market need for a robust technological solution for land, coastal, maritime and offshore security. We are confident that Tata Technologies’ highly skilled and talented resource pool will help us rapidly scale towards meeting our ambitious programme targets.”
“Engineering the new MPA aircraft requires the ability to meet stringent weight targets in an aggressive timeline for design modifications. We believe Tata Technologies’ competency in aero-structures design coupled with close collaboration with our own engineers will ensure high quality and timely delivery” Trombetta added.
According to the deal signed at the Aero India 2013, Tata Technologies will deliver a complete structural design and analysis solution for the aviation major’s new Multirole Patrol Aircraft (MPA).
Tata Technologies and its joint venture with Hindustan Aeronautics Ltd – Tata HAL Technologies will also contribute for the project. This is the first engineering services engagement in the private aerospace sector in India.
Tata HAL Technologies will deliver a complete optimised structural design, engineering, manufacturing, and certification documents for the aircraft fuselage inclusive of the vertical fin in two separate phases.
Samir Yajnik, President Global Services & COO Asia-Pacific, Tata Technologies, said; “We have won this prestigious mandate to work for Piaggio Aero and are passionate engineers excited about this engagement. This is to deliver an end-to-end solution leveraging our Global Engagement Model for providing transformational engineering services.”
Piaggio Aero’s Multirole Patrol Aircraft (MPA) is the evolution of the company’s P180 Avanti II multi-utility aircraft, which is newly designed to make it uniquely capable of surveillance, law enforcement and security missions.
The MPA’s main features include an enhanced airframe, increased maximum take-off weight, additional fuel tanks and a new aerodynamic configuration and a reinforced wing providing an increased surface and higher aspect ratio.
Commenting on the partnership, Eligio Trombetta, General Manager, Piaggio Aero Industries, said “With the MPA, we were looking at meeting the market need for a robust technological solution for land, coastal, maritime and offshore security. We are confident that Tata Technologies’ highly skilled and talented resource pool will help us rapidly scale towards meeting our ambitious programme targets.”
“Engineering the new MPA aircraft requires the ability to meet stringent weight targets in an aggressive timeline for design modifications. We believe Tata Technologies’ competency in aero-structures design coupled with close collaboration with our own engineers will ensure high quality and timely delivery” Trombetta added.
Siemens bags €700-m German order for offshore wind turbines
Mumbai: Siemens has bagged an order worth €700 million for the supply and installation of 288 MW of offshore wind turbines off Germany’s North Sea coast.
The agreement covers a long-term maintenance contract for 10 years. The order was placed by wpd group, Germany.
The turbines, each of 3.6 MW, will be erected over a surface area of 42 sq km in waters about 20 metres deep.
Siemens Financial Services, Marguerite Fund, Industriens Pension, PKA A/S (22.5 per cent each) and wpd AG (10 per cent) will contribute the equity portion of the €3.1-billion project.
All partners have aligned their resources to secure project finance of 67 per cent senior debt and 33 per cent equity basis, with a consortium of up to nine banks involving multilateral institutions such as the European Investment Bank and KfW (the German development bank), Siemens said.
“By 2020, we estimate that the combined installed electrical generating capacity of wind power installations worldwide will reach 500 gigawatts,” said Felix Ferlemann, CEO, Siemens Energy’s Wind Power Division.
Siemens said it is also bringing a comprehensive service package to the off-shore project, tailored to ensure maximum long-term exploitation of the wind farm’s potential.
The agreement covers a long-term maintenance contract for 10 years. The order was placed by wpd group, Germany.
The turbines, each of 3.6 MW, will be erected over a surface area of 42 sq km in waters about 20 metres deep.
Siemens Financial Services, Marguerite Fund, Industriens Pension, PKA A/S (22.5 per cent each) and wpd AG (10 per cent) will contribute the equity portion of the €3.1-billion project.
All partners have aligned their resources to secure project finance of 67 per cent senior debt and 33 per cent equity basis, with a consortium of up to nine banks involving multilateral institutions such as the European Investment Bank and KfW (the German development bank), Siemens said.
“By 2020, we estimate that the combined installed electrical generating capacity of wind power installations worldwide will reach 500 gigawatts,” said Felix Ferlemann, CEO, Siemens Energy’s Wind Power Division.
Siemens said it is also bringing a comprehensive service package to the off-shore project, tailored to ensure maximum long-term exploitation of the wind farm’s potential.
Hydro Projects Worth 2500 MW accorded clearance
The Hydro Projects worth 2500 MW across various states have been accorded clearance by the Forest Advisory Committee (FAC) of M/o Environment & Forest.
The projects include Tawang-II H.E. Project (800 MW) in Arunachal Pradesh, Teesta-IV H.E. Project (520 MW) in Sikkim to be executed by NHPC Limited and Luhri H.E. Project (775 MW) in Himachal Pradesh to be executed by Satluj Jal Vidyut Nigam (SJVN) Limited. The National Board for Wild Life (NBWL) has accorded wild life clearance to Vishnugad Pipalkoti H.E. Project (444 MW) in Uttarakhand to be executed by THDC India Limited subject to clearance by the State Board of Wild Life.
The clearance have been pending for a long time. The way is straight clear in tapping the hydro potential of the country to meet the country’s power needs.
Separately, the MoEF has recently granted Stage-I forest clearance to eight transmission projects and Stage-II forest clearance to two transmission projects of the Power Grid Corporation of India Ltd.
The MoEF, vide an order dated 5th February, 2013, has exempted certain linear projects including transmission lines from the requirement of obtaining consent of the concerned Gram Sabha(s) unless recognised rights of Primitive Tribal Groups/Pre-Agricultural Communities are being affected. However, all other conditions as prescribed in the MoEF's earlier order dated 3.8.2009 would apply. This would help transmission projects obtain clearances faster.
The projects include Tawang-II H.E. Project (800 MW) in Arunachal Pradesh, Teesta-IV H.E. Project (520 MW) in Sikkim to be executed by NHPC Limited and Luhri H.E. Project (775 MW) in Himachal Pradesh to be executed by Satluj Jal Vidyut Nigam (SJVN) Limited. The National Board for Wild Life (NBWL) has accorded wild life clearance to Vishnugad Pipalkoti H.E. Project (444 MW) in Uttarakhand to be executed by THDC India Limited subject to clearance by the State Board of Wild Life.
The clearance have been pending for a long time. The way is straight clear in tapping the hydro potential of the country to meet the country’s power needs.
Separately, the MoEF has recently granted Stage-I forest clearance to eight transmission projects and Stage-II forest clearance to two transmission projects of the Power Grid Corporation of India Ltd.
The MoEF, vide an order dated 5th February, 2013, has exempted certain linear projects including transmission lines from the requirement of obtaining consent of the concerned Gram Sabha(s) unless recognised rights of Primitive Tribal Groups/Pre-Agricultural Communities are being affected. However, all other conditions as prescribed in the MoEF's earlier order dated 3.8.2009 would apply. This would help transmission projects obtain clearances faster.
Scotland eyes life sciences, renewable energy to boost trade
Hyderabad: Scotland sees bilateral trade with India growing significantly as there is huge untapped potential in the areas of life sciences, ICT, renewable energy sector among others.
Scottish Development International, the international economic development arm of the Scottish Government, has announced the opening of its office in Hyderabad. This will be its third office in India after Delhi and Mumbai.
Anne MacColl, Chief Executive Officer, SDI, said, “The opening of our new office in India and entry into South India reinforces our commitment to the market and region in particular. This will also help accelerate bilateral trade and potential for collaborations between Scottish and Indian companies.”
Mark Dolan, Country Manager of SDI said, “There has been a healthy increase in trade between India and Scotland in the last decade. This can get bigger as more companies work together. There is increasing interest in companies on both sides to partner and work together.” A high-powered ministerial delegation from Scotland headed by the Industries Minister is likely to visit India in the fourth quarter of 2013, he said.
IT companies such as Wipro, TCS, Axsys Technologies have made Scotland their base to work in the region and many others have evinced interest as it serve as an ideal base to cover the European region, they felt.
The renewable energy sector is where several of the Scottish companies are keen to share their expertise and know-how. “Already there is partnership at the Central Ministry level and we hope this will get much bigger,” they stated.
Scottish Development International, the international economic development arm of the Scottish Government, has announced the opening of its office in Hyderabad. This will be its third office in India after Delhi and Mumbai.
Anne MacColl, Chief Executive Officer, SDI, said, “The opening of our new office in India and entry into South India reinforces our commitment to the market and region in particular. This will also help accelerate bilateral trade and potential for collaborations between Scottish and Indian companies.”
Mark Dolan, Country Manager of SDI said, “There has been a healthy increase in trade between India and Scotland in the last decade. This can get bigger as more companies work together. There is increasing interest in companies on both sides to partner and work together.” A high-powered ministerial delegation from Scotland headed by the Industries Minister is likely to visit India in the fourth quarter of 2013, he said.
IT companies such as Wipro, TCS, Axsys Technologies have made Scotland their base to work in the region and many others have evinced interest as it serve as an ideal base to cover the European region, they felt.
The renewable energy sector is where several of the Scottish companies are keen to share their expertise and know-how. “Already there is partnership at the Central Ministry level and we hope this will get much bigger,” they stated.
Scotland eyes life sciences, renewable energy to boost trade
Hyderabad: Scotland sees bilateral trade with India growing significantly as there is huge untapped potential in the areas of life sciences, ICT, renewable energy sector among others.
Scottish Development International, the international economic development arm of the Scottish Government, has announced the opening of its office in Hyderabad. This will be its third office in India after Delhi and Mumbai.
Anne MacColl, Chief Executive Officer, SDI, said, “The opening of our new office in India and entry into South India reinforces our commitment to the market and region in particular. This will also help accelerate bilateral trade and potential for collaborations between Scottish and Indian companies.”
Mark Dolan, Country Manager of SDI said, “There has been a healthy increase in trade between India and Scotland in the last decade. This can get bigger as more companies work together. There is increasing interest in companies on both sides to partner and work together.” A high-powered ministerial delegation from Scotland headed by the Industries Minister is likely to visit India in the fourth quarter of 2013, he said.
IT companies such as Wipro, TCS, Axsys Technologies have made Scotland their base to work in the region and many others have evinced interest as it serve as an ideal base to cover the European region, they felt.
The renewable energy sector is where several of the Scottish companies are keen to share their expertise and know-how. “Already there is partnership at the Central Ministry level and we hope this will get much bigger,” they stated.
Scottish Development International, the international economic development arm of the Scottish Government, has announced the opening of its office in Hyderabad. This will be its third office in India after Delhi and Mumbai.
Anne MacColl, Chief Executive Officer, SDI, said, “The opening of our new office in India and entry into South India reinforces our commitment to the market and region in particular. This will also help accelerate bilateral trade and potential for collaborations between Scottish and Indian companies.”
Mark Dolan, Country Manager of SDI said, “There has been a healthy increase in trade between India and Scotland in the last decade. This can get bigger as more companies work together. There is increasing interest in companies on both sides to partner and work together.” A high-powered ministerial delegation from Scotland headed by the Industries Minister is likely to visit India in the fourth quarter of 2013, he said.
IT companies such as Wipro, TCS, Axsys Technologies have made Scotland their base to work in the region and many others have evinced interest as it serve as an ideal base to cover the European region, they felt.
The renewable energy sector is where several of the Scottish companies are keen to share their expertise and know-how. “Already there is partnership at the Central Ministry level and we hope this will get much bigger,” they stated.
India and Sweden amend the convention on avoidance of double taxation
New Delhi: India and Sweden have made amendments to the convention on avoidance of double taxation, by signing a protocol at Stockholm, Sweden. The Protocol will replace the Article concerning exchange of information in the existing Double Taxation Avoidance Convention (DTAC) between India and Sweden and will allow exchange of banking information.
DTAC for avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on June 24, 1997 between the two countries.
India has also signed Double Tax Avoidance Agreements (DTAA) with many countries and is in the process of modifying the agreements in line with the international norms.
Currently, India has amended DTAAs with Switzerland, Australia and Singapore.
DTAC for avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on June 24, 1997 between the two countries.
India has also signed Double Tax Avoidance Agreements (DTAA) with many countries and is in the process of modifying the agreements in line with the international norms.
Currently, India has amended DTAAs with Switzerland, Australia and Singapore.
Friday, February 8, 2013
Formation of SPV (TAPI Limited) for the TAPI Pipeline Project and to permit GAIL India Ltd. to join the SPV
New Delhi: The Union Cabinet today gave its approval for formation of the Special Purpose Vehicle (SPV) for the Turkmenistan-Afghanistan-Pakistan-India(TAPI) Pipeline Project and to permit GAIL India Ltd. to join the SPV.
The four countries involved in the TAPI Gas pipeline project, signed an Inter-Governmental Agreement along with a Gas Pipeline Framework Agreement(GPFA). To accelerate the project, parties have formed the Minister Level Steering Committee and Technical Working Group (TWO). Suitable provisions for security & safety of the pipeline have been made in the Inter-Governmental Agreement (IGA) and Gas Pipeline Framework Agreement (GPFA).
In the meeting of the 16th Steering Committee held on 23rd September, 2012, all parties reaffirmed their commitment and intention to fast track this important regional co-operation project. As a way forward, Turkmenistan suggested the formation of a SPV by the TAPl members. The SPV would take up the Feasibility Study and Design work of the TAPl pipeline to meet the agreed timelines for the project, as well as search for a consortium lead.
Turkmenistan and Pakistan agreed to the formation of TAPl Ltd. considering it to be in consonance with the GPFA. Afghanistan also agreed to the formation of TAPl Ltd. so long as there was consensus amongst the Parties.
TAPl Ltd. is required to have an initial contribution of USD 20 million that is USD 5 million from an identified entity from each of the four participating countries. GAIL, being a Navratna Company, is empowered to make an investment of this level for India.
GAIL has agreed to make an investment upto USD 5 million in the proposed SPV that is TAPI Ltd. An active interest in the project by all the partner countries at this stage would sustain the credibility of the project, and generate interest in the international market and could eventually pave the way for selection of an appropriate consortium leader in the future.
Background:
Based on an 'in-principle' approval of the Cabinet on 18th May, 2006, India joined the Turkmenistan-Afghanistan-Pakistan (TAP) Project in April, 2008 and thereafter, the name of the project stood amended to Turkmenistan-Afghanistan-Pakistan-India (TAPl) Gas Pipeline Project.
The four countries involved in the TAPI Gas pipeline project, signed an Inter-Governmental Agreement along with a Gas Pipeline Framework Agreement(GPFA). To accelerate the project, parties have formed the Minister Level Steering Committee and Technical Working Group (TWO). Suitable provisions for security & safety of the pipeline have been made in the Inter-Governmental Agreement (IGA) and Gas Pipeline Framework Agreement (GPFA).
In the meeting of the 16th Steering Committee held on 23rd September, 2012, all parties reaffirmed their commitment and intention to fast track this important regional co-operation project. As a way forward, Turkmenistan suggested the formation of a SPV by the TAPl members. The SPV would take up the Feasibility Study and Design work of the TAPl pipeline to meet the agreed timelines for the project, as well as search for a consortium lead.
Turkmenistan and Pakistan agreed to the formation of TAPl Ltd. considering it to be in consonance with the GPFA. Afghanistan also agreed to the formation of TAPl Ltd. so long as there was consensus amongst the Parties.
TAPl Ltd. is required to have an initial contribution of USD 20 million that is USD 5 million from an identified entity from each of the four participating countries. GAIL, being a Navratna Company, is empowered to make an investment of this level for India.
GAIL has agreed to make an investment upto USD 5 million in the proposed SPV that is TAPI Ltd. An active interest in the project by all the partner countries at this stage would sustain the credibility of the project, and generate interest in the international market and could eventually pave the way for selection of an appropriate consortium leader in the future.
Background:
Based on an 'in-principle' approval of the Cabinet on 18th May, 2006, India joined the Turkmenistan-Afghanistan-Pakistan (TAP) Project in April, 2008 and thereafter, the name of the project stood amended to Turkmenistan-Afghanistan-Pakistan-India (TAPl) Gas Pipeline Project.
Portugal keen to invest in infra, water sectors, says envoy
Kolkata: Portugal is keen on investing in the Indian infrastructure, water management, waste management and alternative energy sectors.
According to Jorge Roza de Oliveira, Portugal’s Ambassador in India , the country was looking for opportunities to invest in emerging economies such as India, China and some of the Gulf nations.
“Ideally, we should look at investments in emerging economies like India. There is a huge prospect for bilateral trade but it is yet to be explored to its full potential,” de Oliveira said during an interactive session organised by the Confederation of Indian Industry (CII) here on Thursday.
India’s imports from Portugal stood at nearly $310 million in 2011-12 while exports stood at $525 million.
“I would be happy if the bilateral trade move up to $ 1 billion,” de Oliveira said.
Some Portugal-based companies, he said, already have a presence in electrical products, tools, solar energy and cements.
Trade Delegation
According to de Oliveira, a trade delegation headed by the Foreign Minister of Portugal is expected to arrive here in the first week of March. The trade delegation will comprise representatives from 50-odd companies.
The country, he said, was also planning to promote tourism through films. Tourism accounts for nearly 15 per cent of Portuagal’s gross domestic product.
According to Jorge Roza de Oliveira, Portugal’s Ambassador in India , the country was looking for opportunities to invest in emerging economies such as India, China and some of the Gulf nations.
“Ideally, we should look at investments in emerging economies like India. There is a huge prospect for bilateral trade but it is yet to be explored to its full potential,” de Oliveira said during an interactive session organised by the Confederation of Indian Industry (CII) here on Thursday.
India’s imports from Portugal stood at nearly $310 million in 2011-12 while exports stood at $525 million.
“I would be happy if the bilateral trade move up to $ 1 billion,” de Oliveira said.
Some Portugal-based companies, he said, already have a presence in electrical products, tools, solar energy and cements.
Trade Delegation
According to de Oliveira, a trade delegation headed by the Foreign Minister of Portugal is expected to arrive here in the first week of March. The trade delegation will comprise representatives from 50-odd companies.
The country, he said, was also planning to promote tourism through films. Tourism accounts for nearly 15 per cent of Portuagal’s gross domestic product.
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