New Delhi: The inaugural meeting of the India-UAE High Level Task Force on Investments was held today at the Emirates Palace Hotel in Abu Dhabi. More than 50 government and private sector representatives from India and the UAE were present.
The high-level taskforce, co-chaired by the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma and HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
India and UAE are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting of the India-UAE High Level Task Force on Investments included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD 2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
“Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India,” said HH Sheikh Hamed bin Zayed Al Nahyan.
Shri Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the cooperation in the oil and gas sector of UAE.
The next meeting of the India-UAE High Level Task Force on Investments will be held on a mutually agreed date and location.
Success in my Habit
Wednesday, February 20, 2013
Monday, February 18, 2013
India to have 18 mt crude stock by 2020
New Delhi: The government is looking to build storage capacity for about 18 million tonnes (mt) of crude by 2020 in a bid to insulate India, which is heavily dependent on imports for its energy needs, from supply disturbances. The first phase of this strategic stockpile--5.33 mt--will be commissioned by April 2014.
Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle owned by the Oil Industry Development Board (OIDB), is now building storages in underground rock caverns at Visakhapatnam (1.33 mt), Mangalore (1.5 mt) and Padur, Kerala (2.5 mt).
While the Visakhapatnam project will be commissioned by December this year, the other two will be on track before April 2014, say people aware of the development. OIDB is a statutory body set up by the government in 1975 to provide financial assistance for the development of the oil industry. The strategic stockpile the government is building excludes the 22.04-mt buffer stock that oil companies are required to keep.
“Once the first phase is commissioned, we will have crude inventory worth about Rs 24,000 crore for 13 days. Almost 90 per cent of the work is completed there. The detailed feasibility report of an additional 12.5 mt is before the Cabinet for clearance,” said a petroleum ministry official, who did not want to be named. As per government estimates, the country will have a total net import of 179 mt by 2019-20. Keeping in mind strategic and buffer stocks for 90 days, India needs a total storage capacity of 44 mt.
At present, India is meeting almost 80 per cent of its energy needs through imports.
“The government wants to take the lead and have a strategic stocks of 17.83 mt, while public sector undertakings and other companies may add more than 4 mt to their buffer stocks of 22.04 mt. This is calculated on the basis of net imports that the country will have,” the official added.
India will also become one of the first countries in Asia to have storage capacity in underground rock caverns. “Our specialty is that we will have underground rock cavern storage like Japan, Sweden and South Korea. Most other nations have salt caverns. The crown of our caverns lies at least 35 metres below the sea level,” said ISPRL chief executive officer Rajan K Pillai.
The total cost of the first phase is around Rs 4,000 crore. OIDB is funding the entire construction cost. The additional storage facilities in the second phase are being considered at locations in Gujarat and Odisha.
Out of the 1.33 mt in Vishakhapatanam, 300,000 tonnes would be under Hindustan Petroleum Corp Ltd’s control, for which the state-run marketing company has paid Rs 234 crore to ISPRL. In all the three locations, Engineers India Ltd is leading the construction works, as per instructions from the government.
Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle owned by the Oil Industry Development Board (OIDB), is now building storages in underground rock caverns at Visakhapatnam (1.33 mt), Mangalore (1.5 mt) and Padur, Kerala (2.5 mt).
While the Visakhapatnam project will be commissioned by December this year, the other two will be on track before April 2014, say people aware of the development. OIDB is a statutory body set up by the government in 1975 to provide financial assistance for the development of the oil industry. The strategic stockpile the government is building excludes the 22.04-mt buffer stock that oil companies are required to keep.
“Once the first phase is commissioned, we will have crude inventory worth about Rs 24,000 crore for 13 days. Almost 90 per cent of the work is completed there. The detailed feasibility report of an additional 12.5 mt is before the Cabinet for clearance,” said a petroleum ministry official, who did not want to be named. As per government estimates, the country will have a total net import of 179 mt by 2019-20. Keeping in mind strategic and buffer stocks for 90 days, India needs a total storage capacity of 44 mt.
At present, India is meeting almost 80 per cent of its energy needs through imports.
“The government wants to take the lead and have a strategic stocks of 17.83 mt, while public sector undertakings and other companies may add more than 4 mt to their buffer stocks of 22.04 mt. This is calculated on the basis of net imports that the country will have,” the official added.
India will also become one of the first countries in Asia to have storage capacity in underground rock caverns. “Our specialty is that we will have underground rock cavern storage like Japan, Sweden and South Korea. Most other nations have salt caverns. The crown of our caverns lies at least 35 metres below the sea level,” said ISPRL chief executive officer Rajan K Pillai.
The total cost of the first phase is around Rs 4,000 crore. OIDB is funding the entire construction cost. The additional storage facilities in the second phase are being considered at locations in Gujarat and Odisha.
Out of the 1.33 mt in Vishakhapatanam, 300,000 tonnes would be under Hindustan Petroleum Corp Ltd’s control, for which the state-run marketing company has paid Rs 234 crore to ISPRL. In all the three locations, Engineers India Ltd is leading the construction works, as per instructions from the government.
Country's first mono rail gets rolling
Mumbai: Mumbaikars currently commuting in heavily crowded suburban trains and Brihanmumbai Electric Supply and Transport Undertaking (BEST) buses will have yet another public mode of transport in the form of air-conditioned mono rail from August.
The city on Saturday saw India’s first mono rail rolling out on a test run with people on it. The first phase of the project, between Wadala and Chembur, which is 8.80-km long, is expected to be thrown open to public in August.
The Mumbai Metropolitan Region Development Authority (MMRDA), a town planning agency and also the nodal agency for the city’s infrastructure projects, on Saturday carried out a test ride amid claps and cheers by onlookers admiring the pink beauty on the beams.
“It’s fast, fun and convenient,” opined state chief secretary Jayant Kumar Banthia.
Gliding above traffic at maximum speed reaching 32 km/hour, Mumbaikars will be able to cover the 8.8 km route in flat 17 minutes for a minimum fare of Rs 8 per trip and a maximum of Rs 20. Each four-compartment train will have a carrying capacity of 480 passengers. Mumbaikars will get a world class travel experience. Nearly one lakh commuters are expected to travel on the Wadala-Chembur track daily. So far, eight trains have arrived from Malaysia and the remaining 13 will follow soon.
Rahul Asthana, the MMRDA commissioner, who accompanied the state chief secretary, told reporters that tests on the first phase would continue regularly to secure a safety certificate. MMRDA has already appointed Singapore Mass Rapid Transit Authority as consultant. Besides, a proposal by the state government to appoint a safety certificate engineer for issuing the safety certificate, as required by the Tramway Act, is also in process. (GETTING ON TRACK)
“We expect to commission the first phase of the project in August,” Asthana said. The second phase, a 10.74-km stretch between Wadala and Sant Gadge Maharaj Chowk (Jacob Circle), is expected to be completed by August 2014. This corridor will have 10 stations.
“The total project cost at fixed rate is pegged at Rs 3,000 crore. L&T is the civil contractor, and Scomi will be appointed for three years to carry out maintenance work,” Asthana said.
Work on the Wadala car depot, spread over 6.5 hectares, is in progress, and it will have a parking capacity of 21 trains.
Once completed, the entire 19.54 km-long corridor, which will be the world’s second longest mono rail corridor, will be able to carry 2.4 lakh commuters daily.
The mono rail world map marks Osaka mono rail corridor (23.8 km) as the longest in the world, followed by Tokyo mono rail (16.9 km), Tama Mono rail (16 km) and Star LRT in Kuala Lumpur (8.6 km).
The city on Saturday saw India’s first mono rail rolling out on a test run with people on it. The first phase of the project, between Wadala and Chembur, which is 8.80-km long, is expected to be thrown open to public in August.
The Mumbai Metropolitan Region Development Authority (MMRDA), a town planning agency and also the nodal agency for the city’s infrastructure projects, on Saturday carried out a test ride amid claps and cheers by onlookers admiring the pink beauty on the beams.
“It’s fast, fun and convenient,” opined state chief secretary Jayant Kumar Banthia.
Gliding above traffic at maximum speed reaching 32 km/hour, Mumbaikars will be able to cover the 8.8 km route in flat 17 minutes for a minimum fare of Rs 8 per trip and a maximum of Rs 20. Each four-compartment train will have a carrying capacity of 480 passengers. Mumbaikars will get a world class travel experience. Nearly one lakh commuters are expected to travel on the Wadala-Chembur track daily. So far, eight trains have arrived from Malaysia and the remaining 13 will follow soon.
Rahul Asthana, the MMRDA commissioner, who accompanied the state chief secretary, told reporters that tests on the first phase would continue regularly to secure a safety certificate. MMRDA has already appointed Singapore Mass Rapid Transit Authority as consultant. Besides, a proposal by the state government to appoint a safety certificate engineer for issuing the safety certificate, as required by the Tramway Act, is also in process. (GETTING ON TRACK)
“We expect to commission the first phase of the project in August,” Asthana said. The second phase, a 10.74-km stretch between Wadala and Sant Gadge Maharaj Chowk (Jacob Circle), is expected to be completed by August 2014. This corridor will have 10 stations.
“The total project cost at fixed rate is pegged at Rs 3,000 crore. L&T is the civil contractor, and Scomi will be appointed for three years to carry out maintenance work,” Asthana said.
Work on the Wadala car depot, spread over 6.5 hectares, is in progress, and it will have a parking capacity of 21 trains.
Once completed, the entire 19.54 km-long corridor, which will be the world’s second longest mono rail corridor, will be able to carry 2.4 lakh commuters daily.
The mono rail world map marks Osaka mono rail corridor (23.8 km) as the longest in the world, followed by Tokyo mono rail (16.9 km), Tama Mono rail (16 km) and Star LRT in Kuala Lumpur (8.6 km).
Sweden, India to sign pact for urban development
Vishakhapatnam: Sweden and India will sign a memorandum of understanding for sustainable urban development sometime in March or April, according to Counsellor, Environment, Climate Change and Energy, Embassy of Sweden, Karl Edberg.
He said here on Friday the agreement would be signed with the Union Ministry of Urban Development. “Once it is signed, it will be open for the entire country. Each city can utilise it to generate energy from waste in a sustainable manner and use the biogas generated for urban transport,” he said.
The Swedish Counsellor was here leading a 15-member delegation that included representatives of Swedish Energy Agency and businessmen to participate in deliberations with officials of Greater Visakhapatnam Municipal Corporation on solid waste management.
He said currently a waste-to-energy project was going on in collaboration with Indraprastha Gas Ltd and it would close this year.
The biogas produced can be upgraded to CNG, he said. “Sweden has a proven technology for it,” he said. Delhi has 34 sewage treatment plants and 16 sites.
The technology can be adopted for solid waste management by any city, he said. The gains of switching over from fossil fuels to CNG could be immense in terms of reducing pollution and bringing down fuel import.
He said here on Friday the agreement would be signed with the Union Ministry of Urban Development. “Once it is signed, it will be open for the entire country. Each city can utilise it to generate energy from waste in a sustainable manner and use the biogas generated for urban transport,” he said.
The Swedish Counsellor was here leading a 15-member delegation that included representatives of Swedish Energy Agency and businessmen to participate in deliberations with officials of Greater Visakhapatnam Municipal Corporation on solid waste management.
He said currently a waste-to-energy project was going on in collaboration with Indraprastha Gas Ltd and it would close this year.
The biogas produced can be upgraded to CNG, he said. “Sweden has a proven technology for it,” he said. Delhi has 34 sewage treatment plants and 16 sites.
The technology can be adopted for solid waste management by any city, he said. The gains of switching over from fossil fuels to CNG could be immense in terms of reducing pollution and bringing down fuel import.
India and France sign MoU to strengthen cooperation in railway sector
New Delhi: A Memorandum of Understanding (MoU) was signed on here on 14.2.2013 between the Ministry of Railways, Government of India and the Société Nationale des Chemins de Fer Français (SNCF), the French National Railways, for Technical cooperation in the field of Railways. The MoU was signed by Shri Vinay Mittal, Chairman, Railway Board, from Indian side and Mr G.Pepy, Chairman and CEO SNCF from the French side. The MoU was signed in the presence of H.E. Francois Hollande, the President of France.
Four areas of cooperation have been identified in the MoU. These are:
1. High speed and semi-high speed rail;
2. Station renovation and operations;
3. Modernisation of current operations and infrastructure;
4. Suburban trains.
Under the High Speed Cooperation Programme, the Parties have decided to carry out jointly an ‘operations and development’ feasibility project on the Mumbai-Ahmedabad High-Speed Rail. This project will be funded by SNCF with a support from the French Ministry of Finance.
The MoU is valid for a period of 5 years and is extendable by 1 year with mutual consent. Specific cooperation projects would be undertaken under the MoU as agreed by both the parties.
The French delegation led by SNCF Chairman Mr G. Pepy is visiting Central Railway and Western Railway installations in Mumbai today i.e. 15.2.2013 and holding meetings with the Railway officials.
Four areas of cooperation have been identified in the MoU. These are:
1. High speed and semi-high speed rail;
2. Station renovation and operations;
3. Modernisation of current operations and infrastructure;
4. Suburban trains.
Under the High Speed Cooperation Programme, the Parties have decided to carry out jointly an ‘operations and development’ feasibility project on the Mumbai-Ahmedabad High-Speed Rail. This project will be funded by SNCF with a support from the French Ministry of Finance.
The MoU is valid for a period of 5 years and is extendable by 1 year with mutual consent. Specific cooperation projects would be undertaken under the MoU as agreed by both the parties.
The French delegation led by SNCF Chairman Mr G. Pepy is visiting Central Railway and Western Railway installations in Mumbai today i.e. 15.2.2013 and holding meetings with the Railway officials.
Friday, February 15, 2013
Alten to set up automotive testing facility in Chennai
Chennai: Alten, the $1.3-billion French engineering and technology consulting company, will set up an automotive testing facility, at its labs in Chennai.
This will help automobile manufacturers in and around Chennai outsource testing of components such as diesel engines and suspension systems.
The component should be brought to the Alten facility and various parts associated with the component will be attached to a testing hardware.
Through virtual simulation of driving conditions, the component will be tested for its durability and emission standards, said Gerald Attia, Deputy CEO, Alten.
The software and hardware used in engine control systems will also be validated.
With several global auto majors bringing in R&D to India, such a testing facility will come in handy, said Attia.
“We are talking to some of the leading car manufacturers to use our facility,” he told Business Line.
Alten is already working with manufacturers such as Renault and Daimler in Europe, and would like to extend the testing facility to them in Chennai, he said.
Apart from global manufacturers, Alten will also target Indian OEMs and part makers.
Most of the auto companies have their in-house testing facility.
However, it caters only to the existing portfolio of products while the testing facility will cater to future requirements.
For instance, the facility can test hybrid electric vehicles. Most manufacturers may not have the skill-set and equipment for this, said Attia.
Also, in France, Attia says OEMs have seen 30 per cent cost savings by outsourcing testing and validation.
Initially, a couple of officials from Alten’s headquarters will come to Chennai to set up the facility.
At a later stage, ten people will be here to train the customers.
This will help automobile manufacturers in and around Chennai outsource testing of components such as diesel engines and suspension systems.
The component should be brought to the Alten facility and various parts associated with the component will be attached to a testing hardware.
Through virtual simulation of driving conditions, the component will be tested for its durability and emission standards, said Gerald Attia, Deputy CEO, Alten.
The software and hardware used in engine control systems will also be validated.
With several global auto majors bringing in R&D to India, such a testing facility will come in handy, said Attia.
“We are talking to some of the leading car manufacturers to use our facility,” he told Business Line.
Alten is already working with manufacturers such as Renault and Daimler in Europe, and would like to extend the testing facility to them in Chennai, he said.
Apart from global manufacturers, Alten will also target Indian OEMs and part makers.
Most of the auto companies have their in-house testing facility.
However, it caters only to the existing portfolio of products while the testing facility will cater to future requirements.
For instance, the facility can test hybrid electric vehicles. Most manufacturers may not have the skill-set and equipment for this, said Attia.
Also, in France, Attia says OEMs have seen 30 per cent cost savings by outsourcing testing and validation.
Initially, a couple of officials from Alten’s headquarters will come to Chennai to set up the facility.
At a later stage, ten people will be here to train the customers.
Mu Sigma plans to open development centre in the US
Mumbai: Mu Sigma, a decision sciences and analytics solutions company, is to set up a development centre in the US and recruit another 1,000 personnel by December this year.
The company, which is backed by private equity (PE) firms Sequoia Capital and General Atlantic, would set up the centre either in Seattle, Austin or Chicago.
“This would be an extension of our innovation centre in Bangalore, and is being launched as we have been growing,” said Dhiraj C. Rajaram, Chairman and Chief Executive Officer, Mu Sigma, said on the sidelines of the Nasscom summit.
Mu Sigma had posted a 6-9 per cent monthly growth in 2012, and expects a similar growth this year also.
“Data is beginning to explode, and it needs to be collated and analysed,” said Rajaram, who had started the company in 2004 as a start-up. The firm crossed $100 million in revenues last year.
The company is also looking at recruiting about 1,000 personnel this year, adding to its total headcount of 2,300 employees.
The company, which had raised about $150 million in multiple tranches over the past three-year-period from the PE firms, is not immediately looking at raising additional funds.
The company, which is backed by private equity (PE) firms Sequoia Capital and General Atlantic, would set up the centre either in Seattle, Austin or Chicago.
“This would be an extension of our innovation centre in Bangalore, and is being launched as we have been growing,” said Dhiraj C. Rajaram, Chairman and Chief Executive Officer, Mu Sigma, said on the sidelines of the Nasscom summit.
Mu Sigma had posted a 6-9 per cent monthly growth in 2012, and expects a similar growth this year also.
“Data is beginning to explode, and it needs to be collated and analysed,” said Rajaram, who had started the company in 2004 as a start-up. The firm crossed $100 million in revenues last year.
The company is also looking at recruiting about 1,000 personnel this year, adding to its total headcount of 2,300 employees.
The company, which had raised about $150 million in multiple tranches over the past three-year-period from the PE firms, is not immediately looking at raising additional funds.
Biocon ties up with Mylan for insulin marketing
Bengaluru: Global pharmaceutical major Mylan has entered into an agreement with Bangalore-based Biocon for the global development and commercialization of the latter's generic insulin analog products (long lasting insulins), which has a global addressable market of $11.5 billion.
The Rs 1,600-crore Indian biotech player has developed a generic insulin analog Glargine, which retails in India as Basalog with a 85% market share in the vial category, and has two more generic insulin analogs, Lispro and Aspart, that are expected to enter the clinical trial phase soon.
These three generic insulin analogs will be co-developed and exclusively marketed by Mylan in the US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit share arrangement with Biocon. For the rest of the world markets and emerging markets, both companies can pursue their own marketing arrangements.
"There is an upfront licensing fee payable to us by Mylan, a large part of which will be reflected in this quarter," said Kiran Mazumdar-Shaw, CMD, Biocon. Shaw expects the Mylan partnership to yield profits from 2016. Biocon will share the development costs of their analog products in the global markets with Mylan.
Three months ago, in November, Biocon had entered into an agreement with New York headquartered Bristol-Myers Squibb (BMS) for the development of its potentially game-changing novel molecule for the treatment of diabetes, oral insulin IN-105.
These global partnerships had become necessary for Biocon following Pfizer early last year scrapping their $350-million pact entered into in 2010 to market Biocon's insulin portfolio.
Heather Bresch, CEO of the $6.13-billion Mylan, said of the Biocon partnership: "This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential."
Shaw said the generic insulin analog market was the most valuable part of the insulin space and the combined addressable market value of their insulin analogs was approximately $11.5 billion. The innovator product companies in this space include Sanofi, Eli Lilly, and Novo Nordisk.
"Diabetes is a growing global pandemic and insulin therapy is pivotal to the treatment of diabetes," said Shaw.
Biocon already has a working partnership with Mylan, which it entered in to three years ago, under which both the companies are co-developing five monoclonal antibodies for the treatment of autoimmune diseases.
The Rs 1,600-crore Indian biotech player has developed a generic insulin analog Glargine, which retails in India as Basalog with a 85% market share in the vial category, and has two more generic insulin analogs, Lispro and Aspart, that are expected to enter the clinical trial phase soon.
These three generic insulin analogs will be co-developed and exclusively marketed by Mylan in the US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit share arrangement with Biocon. For the rest of the world markets and emerging markets, both companies can pursue their own marketing arrangements.
"There is an upfront licensing fee payable to us by Mylan, a large part of which will be reflected in this quarter," said Kiran Mazumdar-Shaw, CMD, Biocon. Shaw expects the Mylan partnership to yield profits from 2016. Biocon will share the development costs of their analog products in the global markets with Mylan.
Three months ago, in November, Biocon had entered into an agreement with New York headquartered Bristol-Myers Squibb (BMS) for the development of its potentially game-changing novel molecule for the treatment of diabetes, oral insulin IN-105.
These global partnerships had become necessary for Biocon following Pfizer early last year scrapping their $350-million pact entered into in 2010 to market Biocon's insulin portfolio.
Heather Bresch, CEO of the $6.13-billion Mylan, said of the Biocon partnership: "This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential."
Shaw said the generic insulin analog market was the most valuable part of the insulin space and the combined addressable market value of their insulin analogs was approximately $11.5 billion. The innovator product companies in this space include Sanofi, Eli Lilly, and Novo Nordisk.
"Diabetes is a growing global pandemic and insulin therapy is pivotal to the treatment of diabetes," said Shaw.
Biocon already has a working partnership with Mylan, which it entered in to three years ago, under which both the companies are co-developing five monoclonal antibodies for the treatment of autoimmune diseases.
Incube Ventures gets SEBI nod for Rs 200-cr fund
Ahmedabad: The Securities and Exchange Board of India has approved India’s first social venture fund, Incube Connect Fund, which seeks to collect Rs 200 crore for investment in four sectors impacting the life of people.
Registered with the regulator under the SEBI (AIF) Regulations, 2012, the Ahmedabad-based social venture fund has been sponsored by Incube Ventures Pvt Ltd, promoted by Mani Iyer, for primarily incubating, mentoring, providing seed capital and angel investments to nascent business ideas of social ventures, promoting differentiated high social impact technology among others, according to a press release here on Thursday.
Incube Connect, a nine-year, Rs 200-crore sector-agnostic fund will primarily be focused on four sectors: healthcare delivery-product and services, vocational education and skill enhancement, clean energy and eco business and sustainable rural business innovations.
Projects
“Some of the projects that Incube is looking closely at include a geothermal energy project, a project for evolving healthcare delivery ecosystem in one of the most backward districts of the country, a project for fractionation of blood plasma and an innovative financial model for affordable housing for the vulnerable sections of the society,” he said. Incube Ventures was incorporated in 2010 under the Companies Act, 1956.
The current authorised share capital is Rs 1 crore and subscribed and paid-up capital is Rs 97.50 lakh.
Social Cause
S. Sridhar, former Chairman and Managing Director of Central Bank of India, is the chairman of Incube Trustees Co Pvt Ltd.
He will be overseeing statutory compliance of Incube and guide the Fund in statutory and governance aspects. The targeted corpus of Incube will primarily be invested in opportunities presented in the space which contributes to social cause significantly apart from generating reasonable returns for the investors.
“The objective of Incube is to back entrepreneurs typically at the bottom of the pyramid in terms of their ability to raise capital, partner them, and take them into ecosystem to nurture and grow them to be investor-ready,” Iyer added.
Registered with the regulator under the SEBI (AIF) Regulations, 2012, the Ahmedabad-based social venture fund has been sponsored by Incube Ventures Pvt Ltd, promoted by Mani Iyer, for primarily incubating, mentoring, providing seed capital and angel investments to nascent business ideas of social ventures, promoting differentiated high social impact technology among others, according to a press release here on Thursday.
Incube Connect, a nine-year, Rs 200-crore sector-agnostic fund will primarily be focused on four sectors: healthcare delivery-product and services, vocational education and skill enhancement, clean energy and eco business and sustainable rural business innovations.
Projects
“Some of the projects that Incube is looking closely at include a geothermal energy project, a project for evolving healthcare delivery ecosystem in one of the most backward districts of the country, a project for fractionation of blood plasma and an innovative financial model for affordable housing for the vulnerable sections of the society,” he said. Incube Ventures was incorporated in 2010 under the Companies Act, 1956.
The current authorised share capital is Rs 1 crore and subscribed and paid-up capital is Rs 97.50 lakh.
Social Cause
S. Sridhar, former Chairman and Managing Director of Central Bank of India, is the chairman of Incube Trustees Co Pvt Ltd.
He will be overseeing statutory compliance of Incube and guide the Fund in statutory and governance aspects. The targeted corpus of Incube will primarily be invested in opportunities presented in the space which contributes to social cause significantly apart from generating reasonable returns for the investors.
“The objective of Incube is to back entrepreneurs typically at the bottom of the pyramid in terms of their ability to raise capital, partner them, and take them into ecosystem to nurture and grow them to be investor-ready,” Iyer added.
France invites Indian investment
New Delhi: France wants to take “full part” in the economic development here and will also like the Indian business community to look at investment opportunities in that country, visiting French President Francois Hollande said on Thursday.
“We would like both countries to cooperate. India is already the 13th largest investor in France and it can create more investment and employment there. India can also look to access the European Union market,” Hollande said at a press conference.
Asked whether the visiting dignitary could assure India that no middlemen will be involved in the sale of French fighter jets to India, the President said there will be nothing contrary to principles of doing business in concluding the deal.
“The common focus is that trade must be based on the rule of law,” Hollande said.
Meanwhile, India and France have agreed to promote an ambitious and balanced Free Trade Agreement (FTA) between India and the European Union based on reciprocity and mutual benefit to boost bilateral ties.
This has been stated in a joint statement issued at the end of talks between Hollande, and Indian Prime Minister, Manmohan Singh.
The two countries also agreed to encourage closer people-to-people contact through easing mobility and human exchanges, promoting education, science and cultural co-operation as well as expanding trade and investment.
To foster mobility of people, both sides noted the progress in negotiations of a bilateral agreement on people mobility and migration with a view to concluding it as soon as possible.
In the area of space, both leaders agreed to move forward, after the success of Megha-Tropiques satellite launch in October 2011 and the upcoming SARAL satellite launch. Both satellites contribute significantly to environmental and maritime survey purposes, the joint statement added.
Addressing the media after meeting Hollande, Singh said India and France had concluded negotiations on the short range surface-to-air missile, which was approved by the Government, and will be co-developed and co-produced here.
“There is a welcome shift from defence trade to co-development and co-production of advanced defence items here, which will help expand our domestic production base and strengthen the India-France strategic partnership,” the Prime Minister said.
Singh said India and France reviewed progress on the Jaitapur nuclear power project and reiterated “our commitment to its early implementation as soon as the commercial and technical negotiations, which have made good progress, are completed.”
The Prime Minister said he and the visiting President agreed to the need to “reinvigorate” economic engagement by “harnessing the enormous synergies”.
“We would like both countries to cooperate. India is already the 13th largest investor in France and it can create more investment and employment there. India can also look to access the European Union market,” Hollande said at a press conference.
Asked whether the visiting dignitary could assure India that no middlemen will be involved in the sale of French fighter jets to India, the President said there will be nothing contrary to principles of doing business in concluding the deal.
“The common focus is that trade must be based on the rule of law,” Hollande said.
Meanwhile, India and France have agreed to promote an ambitious and balanced Free Trade Agreement (FTA) between India and the European Union based on reciprocity and mutual benefit to boost bilateral ties.
This has been stated in a joint statement issued at the end of talks between Hollande, and Indian Prime Minister, Manmohan Singh.
The two countries also agreed to encourage closer people-to-people contact through easing mobility and human exchanges, promoting education, science and cultural co-operation as well as expanding trade and investment.
To foster mobility of people, both sides noted the progress in negotiations of a bilateral agreement on people mobility and migration with a view to concluding it as soon as possible.
In the area of space, both leaders agreed to move forward, after the success of Megha-Tropiques satellite launch in October 2011 and the upcoming SARAL satellite launch. Both satellites contribute significantly to environmental and maritime survey purposes, the joint statement added.
Addressing the media after meeting Hollande, Singh said India and France had concluded negotiations on the short range surface-to-air missile, which was approved by the Government, and will be co-developed and co-produced here.
“There is a welcome shift from defence trade to co-development and co-production of advanced defence items here, which will help expand our domestic production base and strengthen the India-France strategic partnership,” the Prime Minister said.
Singh said India and France reviewed progress on the Jaitapur nuclear power project and reiterated “our commitment to its early implementation as soon as the commercial and technical negotiations, which have made good progress, are completed.”
The Prime Minister said he and the visiting President agreed to the need to “reinvigorate” economic engagement by “harnessing the enormous synergies”.
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