New Delhi: In the presence of the Minister of Railways Shri Pawan Kumar Bansal and the Minister for Heavy Industries & Public Enterprises Shri Praful a Memorandum of Understanding (MoU) was signed here today between Indian Railways and Bharat Heavy Electricals Ltd (BHEL) for setting up of Greenfield MEMU coaches manufacturing facility by BHEL at Bhilwara in Rajasthan. The signatories to the MOU were Shri Kul Bhushan, Member Electrical Railway Board, and Shri B. P. Rao, CMD, BHEL.
Main Line Electric Multiple Unit Trains, popularly known as MEMU trains were first introduced in Indian Railways in the Year 1994-95, as a mode of rapid transit system, to cater to non-suburban passengers, residing in small towns and villages surrounding urban and industrial centres. MEMU trains have higher passenger carrying capacity and higher average speed as compared to conventional loco hauled passenger trains due to faster acceleration and braking characteristics. These rakes are now being manufactured with toilet facilities to take care of passenger needs. MEMU trains increase the line capacity utilisation, and therefore are more suitable for running on high traffic density routes.
These MEMU trains have gained rapid popularity over the years. Currently, there are about 160 MEMU services running. There are demands coming from all over the country for running more and more MEMU trains. The demand for these coaches will further increase as Indian Railways have plans to Electrify approximately 15000 route kilometre during the next 10 years, in addition to the existing 22000 route kilometre of electrified track. There was a shortfall in acquisition of 800 MEMU coaches during XIth Plan Period due to capacity constraints at Rail Coach Factory, Kapurthala, where these MEMU coaches are produced. Overall it is expected that the requirement of MEMU coaches will grow to nearly 9000 coaches during the next 10 year period. Setting up of factory for conventional MEMU coaches will go a long way in meeting this demand.
Bharat Heavy Electricals Limited (BHEL) is a Maharatna Central Public Sector Unit (CPSU) company, which is a partner of Indian Railways for a period spanning more than 40 years. It has been manufacturing and supplying electric rolling stock including EMUs and MEMUs; as well as sub-assembly and equipment for rolling stock being manufactured at IR’s own production units.
The proposed facility for production of MEMU coaches will be set up by Bharat Heavy Electricals Limited (BHEL) at Bhilwara in the State of Rajasthan. The entire cost will be borne by BHEL. Government of Rajasthan will provide land to Railways, for setting up the project. In order to make the project viable, Ministry of Railways will give Assured Off- Take orders to BHEL.
Success in my Habit
Tuesday, February 26, 2013
India second most economically confident country: Ipsos study
Mumbai: A declining inflation rate for the fourth consecutive month has boosted India's economic confidence.
Besides the decline in inflation rate, which stood at 6.62% in January, positive investor confidence was another factor that stoked the country's economic confidence, according to a report by global research firm Ipsos.
According to the "Ipsos economic pulse of the world" survey, India's economic confidence shot up by 8 points to 68% in the month of January 2013 compared to the month of December 2012, making it the second most economically confident country in the world after Saudi Arabia.
"Shedding its 9-month long hawkish monetary policy stance, the Reserve Bank of India slashed its key interest rates by 0.25% taking cognisance of the moderation in demand side pressures to inflation and greater than anticipated slowdown in growth. Easing of policy rates will bring in additional liquidity into the system to perk up growth through reduced cost of borrowing," said Mick Gordon, CEO of Ipsos in India.
Ipsos is an independent market research company controlled and managed by research professionals.
"The year 2013 is likely to see revival in the industrial activity and modest recovery in the services sector which would support recovery in growth levels. The pace of economic reforms that has been initiated must continue uninhibited and it needs to be effectively implemented so that it translates into tangible investment decisions," said Gordon.
As per the study, 45% of Indian citizens believe their local economy which impacts their personal finance is good, a marginal rise of 1 point and an optimistic 53% people expect that the economy in their local area will be stronger in next six months.
The online Ipsos economic pulse of the world survey was conducted in December 2012 among 18,008 people in 24 countries.
Besides the decline in inflation rate, which stood at 6.62% in January, positive investor confidence was another factor that stoked the country's economic confidence, according to a report by global research firm Ipsos.
According to the "Ipsos economic pulse of the world" survey, India's economic confidence shot up by 8 points to 68% in the month of January 2013 compared to the month of December 2012, making it the second most economically confident country in the world after Saudi Arabia.
"Shedding its 9-month long hawkish monetary policy stance, the Reserve Bank of India slashed its key interest rates by 0.25% taking cognisance of the moderation in demand side pressures to inflation and greater than anticipated slowdown in growth. Easing of policy rates will bring in additional liquidity into the system to perk up growth through reduced cost of borrowing," said Mick Gordon, CEO of Ipsos in India.
Ipsos is an independent market research company controlled and managed by research professionals.
"The year 2013 is likely to see revival in the industrial activity and modest recovery in the services sector which would support recovery in growth levels. The pace of economic reforms that has been initiated must continue uninhibited and it needs to be effectively implemented so that it translates into tangible investment decisions," said Gordon.
As per the study, 45% of Indian citizens believe their local economy which impacts their personal finance is good, a marginal rise of 1 point and an optimistic 53% people expect that the economy in their local area will be stronger in next six months.
The online Ipsos economic pulse of the world survey was conducted in December 2012 among 18,008 people in 24 countries.
Monday, February 25, 2013
Toyota Kirloskar expands auto parts ops
Bengaluru: Toyota Kirloskar Auto Parts has announced it has commenced production at a new engine and transmission plant for the Etios range of sedans and hatchback cars in India. Toyota Kirloskar Auto Parts is a joint venture between Toyota Motor Corporation and and Toyota Industries Corporation, both from Japan, and Bangalore’s Kirloskar Systems.
Production at the new plant involves an investment of about Rs 500 crore. At the new plant, the annual capacity for engines is 1,08,000 units, while that for transmissions is 2,40,000 units. Toyota Kirloskar Auto Parts also produces R-type manual transmissions that are exported to Thailand and Argentina, along with transmissions for Fortuner models manufactured in India.
The company also produces axles and propeller shafts for the Innova models manufactured in India.
Vikram Kirloskar, vice-chairman, said, “With the commencement of Toyota Kirloskar Auto Parts’ engine and transmission plant, localisation of gasoline engines and transmissions has marked a milestone in the growth of Toyota in India.”
The local production of the engine and transmissions for Etios raises the localisation ratio to over 90 per cent.”
Production at the new plant involves an investment of about Rs 500 crore. At the new plant, the annual capacity for engines is 1,08,000 units, while that for transmissions is 2,40,000 units. Toyota Kirloskar Auto Parts also produces R-type manual transmissions that are exported to Thailand and Argentina, along with transmissions for Fortuner models manufactured in India.
The company also produces axles and propeller shafts for the Innova models manufactured in India.
Vikram Kirloskar, vice-chairman, said, “With the commencement of Toyota Kirloskar Auto Parts’ engine and transmission plant, localisation of gasoline engines and transmissions has marked a milestone in the growth of Toyota in India.”
The local production of the engine and transmissions for Etios raises the localisation ratio to over 90 per cent.”
Indorama arm signs $800-million finance pact to fund Nigeria project
New Delhi: Indorama Eleme Fertiliser & Chemicals Ltd, part of the Indorama Group, has signed a $800-million long-term financing agreement with 16 global financial institutions to fund its $1.2-billion fertiliser project in Port Harcourt, Nigeria.
The greenfield project will produce 1.4 million tonnes of granulated urea a year using natural gas as feedstock from early 2016, the company said in a statement. Indorama Corporation, Singapore – the holding company of Indorama Group and Indorama Eleme Petrochemicals Ltd, Nigeria, will invest $400 million in the project.
“We continue to see significant growth prospects in Africa and West Asia . After investing more than $500 million over the past several years, Indorama is setting the foundation to create Africa’s largest petrochemical hub in Nigeria,” said Amit Lohia, Group Managing Director, Indorama, in a statement.
The greenfield project will produce 1.4 million tonnes of granulated urea a year using natural gas as feedstock from early 2016, the company said in a statement. Indorama Corporation, Singapore – the holding company of Indorama Group and Indorama Eleme Petrochemicals Ltd, Nigeria, will invest $400 million in the project.
“We continue to see significant growth prospects in Africa and West Asia . After investing more than $500 million over the past several years, Indorama is setting the foundation to create Africa’s largest petrochemical hub in Nigeria,” said Amit Lohia, Group Managing Director, Indorama, in a statement.
Daimler to add 800 people in Indian R&D centre
Bengaluru: The Euro 114.3-billion Daimler AG, owner of brands such as Mercedes-Benz cars and Daimler Trucks, has established a new R&D facility in Bangalore that will consolidate its existing operations and add fresh capacity. The facility is its biggest outside the one at its headquarters in Germany.
Mercedes-Benz Research and Development India (MBRDI), which has been in operation since 1996, has set up a 20,000 square meter R&D centre in the city's IT hub of Whitefield, with a capacity to seat 1,800 people. At present the Bangalore facility has 1,060 people. MBRDI operates a smaller satellite facility in Pune, which employs 140 people.
Starting out seventeen years ago with just 10 people, MBRDI has been involved in many areas of Daimler's global R&D work across cars, trucks, buses and vans. These include: component development of parts and modules for the new generation cars; design, development, and modelling of subsystems such as chassis, power train, suspension, interior and exterior components; prototyping, regionalization, and localization; embedded software design, and simulation. MBRDI also overlooks the group's IT engineering, SAP delivery, global and local IT infrastructure and operation services.
"As a global development centre the contribution of MBRDI can be envisaged from the fact that in 2012 alone, the organization filed over 50 patents for innovations in automotive development," said Thomas Weber, member of the board of management, Daimler AG, and head of group research, Mercedes-Benz Cars Development. He added that India was a high potential market for Mercedes-Benz and MBRDI would ensure its development initiatives were in cognizance with the needs of upcoming markets. In 2012, Mercedes- Benz India sold approximately 7,200 units.
Weber added that over the next two years MBRDI would hire 800 people taking the total R&D operations headcount to 2,000. "We are looking forward to a period of robust growth in India and as such, Indian talent pool will continue to play an even more dominant role in the years ahead," said Jens Cattarius, MD and CEO of MBRDI.
MBRDI has taken the leadership role in developing the human body modelling system (HBM), a simulation technology that considers every possible combination of accident variables from biomechanics and the physical properties of human tissues to accident statistics and the physics of crash situations.
"HBM is a key pillar supporting Daimler's vision of accident free driving," said Cattarius. MBRDI has also led the development of seats in Mercedes-Benz's newly launched A-Class and CLA-Class.
Mercedes-Benz Research and Development India (MBRDI), which has been in operation since 1996, has set up a 20,000 square meter R&D centre in the city's IT hub of Whitefield, with a capacity to seat 1,800 people. At present the Bangalore facility has 1,060 people. MBRDI operates a smaller satellite facility in Pune, which employs 140 people.
Starting out seventeen years ago with just 10 people, MBRDI has been involved in many areas of Daimler's global R&D work across cars, trucks, buses and vans. These include: component development of parts and modules for the new generation cars; design, development, and modelling of subsystems such as chassis, power train, suspension, interior and exterior components; prototyping, regionalization, and localization; embedded software design, and simulation. MBRDI also overlooks the group's IT engineering, SAP delivery, global and local IT infrastructure and operation services.
"As a global development centre the contribution of MBRDI can be envisaged from the fact that in 2012 alone, the organization filed over 50 patents for innovations in automotive development," said Thomas Weber, member of the board of management, Daimler AG, and head of group research, Mercedes-Benz Cars Development. He added that India was a high potential market for Mercedes-Benz and MBRDI would ensure its development initiatives were in cognizance with the needs of upcoming markets. In 2012, Mercedes- Benz India sold approximately 7,200 units.
Weber added that over the next two years MBRDI would hire 800 people taking the total R&D operations headcount to 2,000. "We are looking forward to a period of robust growth in India and as such, Indian talent pool will continue to play an even more dominant role in the years ahead," said Jens Cattarius, MD and CEO of MBRDI.
MBRDI has taken the leadership role in developing the human body modelling system (HBM), a simulation technology that considers every possible combination of accident variables from biomechanics and the physical properties of human tissues to accident statistics and the physics of crash situations.
"HBM is a key pillar supporting Daimler's vision of accident free driving," said Cattarius. MBRDI has also led the development of seats in Mercedes-Benz's newly launched A-Class and CLA-Class.
Swedish firms in India plan to step up investments
New Delhi: Swedish companies in India are upbeat about business prospects in the country with more than half wanting to step up investments in the current fiscal, a survey carried out by the Swedish Chamber of Commerce has highlighted.
With Swedish retailers such as IKEA and H&M planning to set up stores in India in 2013, things are set to get even better this year.
However, red-tape, including the procedure for obtaining licences and clearances, restrictions on business structures, a complex taxation structure, lack of skilled workforce, rising operational costs and complicated import rules, are acting as major hindrances to growth, the Business Confidence Survey 2012 points out.
Major Swedish companies in India include transport major Volvo, bio-pharma company Astra Zeneca, telecom provider Ericsson and industrial equipment makers Atlas Copco, Sandvik and SKF.
Increasing interest
“Even though we are facing an economic slowdown in India and the rest of the world and the business climate has hardened during 2012, there is an increase in Swedish companies in the Indian market,” the Survey pointed out.
Interestingly, Swedish companies in retail and IT have experienced highest growth while engineering and medical equipment are the only to sectors where the market has shrunk.
The number of Swedish companies in India has increased 14.5 per cent to 158 in 2012, compared with 153 the previous year, and the number is likely to go up this year. The survey, that was carried out through questionnaires circulated to 153 Swedish companies in India, also brings to light the confidence Swedish firms have in the India story.
Higher market share
More than half the companies surveyed confirmed that their investments would go up by more than 10 per cent in the current year.
Half the companies said they had increased their market share in 2012 over the previous year.
As many as 45 per cent of the respondents said their revenue forecast is 20 per cent higher than in 2011.
On the downside, as many as three-fourths of the respondents complained about rising operational costs, while 89 per cent expect their costs to go up in the future.
A very large number of respondents also believe that non-transparency in Government and bureaucratic hurdles were major obstacles.
With Swedish retailers such as IKEA and H&M planning to set up stores in India in 2013, things are set to get even better this year.
However, red-tape, including the procedure for obtaining licences and clearances, restrictions on business structures, a complex taxation structure, lack of skilled workforce, rising operational costs and complicated import rules, are acting as major hindrances to growth, the Business Confidence Survey 2012 points out.
Major Swedish companies in India include transport major Volvo, bio-pharma company Astra Zeneca, telecom provider Ericsson and industrial equipment makers Atlas Copco, Sandvik and SKF.
Increasing interest
“Even though we are facing an economic slowdown in India and the rest of the world and the business climate has hardened during 2012, there is an increase in Swedish companies in the Indian market,” the Survey pointed out.
Interestingly, Swedish companies in retail and IT have experienced highest growth while engineering and medical equipment are the only to sectors where the market has shrunk.
The number of Swedish companies in India has increased 14.5 per cent to 158 in 2012, compared with 153 the previous year, and the number is likely to go up this year. The survey, that was carried out through questionnaires circulated to 153 Swedish companies in India, also brings to light the confidence Swedish firms have in the India story.
Higher market share
More than half the companies surveyed confirmed that their investments would go up by more than 10 per cent in the current year.
Half the companies said they had increased their market share in 2012 over the previous year.
As many as 45 per cent of the respondents said their revenue forecast is 20 per cent higher than in 2011.
On the downside, as many as three-fourths of the respondents complained about rising operational costs, while 89 per cent expect their costs to go up in the future.
A very large number of respondents also believe that non-transparency in Government and bureaucratic hurdles were major obstacles.
Stage set for PSLV C20 launch today
Bengaluru: Indian Space Research Organisation’s (Isro) 23rd Polar Satellite Launch Vehicle (PSLV) mission, the PSLV-C20, is set to launch the 4,089-kg Indo-French satellite Saral along with six commercial payloads — six foreign mini and micro satellites — on Monday at 5.56 pm from the Satish Dhawan Space Centre at Sriharikota, Andhra Pradesh.
This will be the second highest number of satellites to be flown on a PSLV. In April 2008, it had put in orbit 10 satellites, including the national Cartosat-2A, on the PSLV-C9 rocket.
The Isro-built Saral is a 410-kg satellite with payloads — Argos and Altika — from French space agency Centre National d'Etudes Spatiales (CNES) for study of ocean parameters.
Saral stands for 'Satellite with ARgos and ALtiKa.
CNES has provided the two primary devices and ISRO is responsible for building and launching the spacecraft according to an agreement signed in February 2007 between the two governments. “The countdown is going on smoothly and the launch should be on schedule,” official ISRO spokesperson D P Karnik told Business Standard on Sunday evening.
The indigenous PSLV has been configured in a ‘core-alone’ or bare-bones format without the solid strap-on motors. “This will be the ninth core-alone flight of a PSLV,” said ISRO in a release.
Of the six small experimental payloads it will fly for a fee, two each are from universities in Canada and Austria and one each from the UK and Denmark.
The PSLV has an impeccable record of 21 consecutive successful flights. The 668.5-kg, 44.4-metre rocket will have a lift off mass of 229.7 tonnes.
ISRO had initially planned to launch Saral on December 12, 2012, but postponed it to carry out additional tests at Bangalore and in Sriharikota to “address technical issues to ensure reliability”.
President Mukherjee is expected to witness the event. The 59-hour countdown for the launch, which commenced at 6.56 am yesterday, was progressing normally, said ISRO sources.
The mission is a result of the common interest of both ISRO and CNES to study the ocean using altimetry (measurement of height or altitude) system and in promoting use of the Argos data collecting system, according to Isro.
This will be the second highest number of satellites to be flown on a PSLV. In April 2008, it had put in orbit 10 satellites, including the national Cartosat-2A, on the PSLV-C9 rocket.
The Isro-built Saral is a 410-kg satellite with payloads — Argos and Altika — from French space agency Centre National d'Etudes Spatiales (CNES) for study of ocean parameters.
Saral stands for 'Satellite with ARgos and ALtiKa.
CNES has provided the two primary devices and ISRO is responsible for building and launching the spacecraft according to an agreement signed in February 2007 between the two governments. “The countdown is going on smoothly and the launch should be on schedule,” official ISRO spokesperson D P Karnik told Business Standard on Sunday evening.
The indigenous PSLV has been configured in a ‘core-alone’ or bare-bones format without the solid strap-on motors. “This will be the ninth core-alone flight of a PSLV,” said ISRO in a release.
Of the six small experimental payloads it will fly for a fee, two each are from universities in Canada and Austria and one each from the UK and Denmark.
The PSLV has an impeccable record of 21 consecutive successful flights. The 668.5-kg, 44.4-metre rocket will have a lift off mass of 229.7 tonnes.
ISRO had initially planned to launch Saral on December 12, 2012, but postponed it to carry out additional tests at Bangalore and in Sriharikota to “address technical issues to ensure reliability”.
President Mukherjee is expected to witness the event. The 59-hour countdown for the launch, which commenced at 6.56 am yesterday, was progressing normally, said ISRO sources.
The mission is a result of the common interest of both ISRO and CNES to study the ocean using altimetry (measurement of height or altitude) system and in promoting use of the Argos data collecting system, according to Isro.
Saturday, February 23, 2013
Elecon Engg bags Rs 197-cr orders
Ahmedabad: Elecon Engineering Company Ltd has procured two orders of Rs 183 crore and Rs 14.42 crore.
While the Rs 183-crore order is from NCC Ltd (formerly Nagarjuna Construction Company Ltd) for design-to-commissioning of coal handling pipe conveyor system, that of Rs 14.42 crore is from Monnet Ispat & Energy Ltd for supply of stacker reclaimers, Prayasvin Patel, Chairman and Managing Director, Elecon, said here.
Established in 1951, Elecon Engineering, based at Vallabh Vidyanagar, near Anand in Gujarat, pioneered the manufacture of material handling equipment. It has designed and implemented several landmark projects in India and abroad in core sectors such as fertilizer, cement, coal, power generation, chemical, steel plant and port mechanisation.
While the Rs 183-crore order is from NCC Ltd (formerly Nagarjuna Construction Company Ltd) for design-to-commissioning of coal handling pipe conveyor system, that of Rs 14.42 crore is from Monnet Ispat & Energy Ltd for supply of stacker reclaimers, Prayasvin Patel, Chairman and Managing Director, Elecon, said here.
Established in 1951, Elecon Engineering, based at Vallabh Vidyanagar, near Anand in Gujarat, pioneered the manufacture of material handling equipment. It has designed and implemented several landmark projects in India and abroad in core sectors such as fertilizer, cement, coal, power generation, chemical, steel plant and port mechanisation.
TVS Logistics buys 85% stake in UK firm Rico for Rs 100 cr
Chennai: TVS Logistics has acquired an 85 per cent stake in the UK-based Rico Logistics for Rs 100 crore.
The acquisition will ‘significantly’ help TVS Logistics move towards becoming a $1-billion company by 2015, according to its Managing Director R. Dinesh. The acquisition was partly funded through funds raised from KKR, which had last year invested Rs 265 crore in TVS Logistics, and from internal accruals.
Last-Mile Capabilities
The stake buy will add service capabilities such as ‘last mile rapid response’ and new service verticals such as information technology, telecom and medical.
The deal was done through the holding company (TVS Logistics, UK), which will retain Rico’s 450 employees, he said.
This is the third acquisition by TVS Logistics in the UK, after CJ Components in 2004 and Multipart Holdings in 2009. These two companies now function under one brand — TVS Supply Chain Solutions.
With the acquisition of Rico, the employee strength of TVS Logistics in Europe will exceed 2,000 (direct and indirect).
Dinesh said the company would announce smaller acquisitions before March. Both organic and inorganic business will contribute equally to the target of achieving $1-billion revenue. “We have been growing 10-15 per cent in a market which is growing less than 5 per cent. The company is likely to end with revenue of around Rs 2,500 crore this year. This will not be as high as we hoped it to be,” he said.
Rico was formed in 1988 as a ‘same-day’ courier company and has grown to be a pan-European logistics service provider. With a turnover of Rs 380 crore, its clients include companies such as Dell, said Rico’s Managing Director, Sanjive Sharma. He will continue to oversee this company, says the press release.
Same-Day Response
The stake buy will give TVS Logistics technical value-add too.
For example, if an ATM fails in the UK, and an engineer needs a spare part to replace the damaged parts, Rico drops this spare in the engineer’s car boot at 3 a.m. and the engineer is at the site to repair the machine at 7 a.m. The same applies to the medical and telecom sectors, said Dinesh.
The acquisition will ‘significantly’ help TVS Logistics move towards becoming a $1-billion company by 2015, according to its Managing Director R. Dinesh. The acquisition was partly funded through funds raised from KKR, which had last year invested Rs 265 crore in TVS Logistics, and from internal accruals.
Last-Mile Capabilities
The stake buy will add service capabilities such as ‘last mile rapid response’ and new service verticals such as information technology, telecom and medical.
The deal was done through the holding company (TVS Logistics, UK), which will retain Rico’s 450 employees, he said.
This is the third acquisition by TVS Logistics in the UK, after CJ Components in 2004 and Multipart Holdings in 2009. These two companies now function under one brand — TVS Supply Chain Solutions.
With the acquisition of Rico, the employee strength of TVS Logistics in Europe will exceed 2,000 (direct and indirect).
Dinesh said the company would announce smaller acquisitions before March. Both organic and inorganic business will contribute equally to the target of achieving $1-billion revenue. “We have been growing 10-15 per cent in a market which is growing less than 5 per cent. The company is likely to end with revenue of around Rs 2,500 crore this year. This will not be as high as we hoped it to be,” he said.
Rico was formed in 1988 as a ‘same-day’ courier company and has grown to be a pan-European logistics service provider. With a turnover of Rs 380 crore, its clients include companies such as Dell, said Rico’s Managing Director, Sanjive Sharma. He will continue to oversee this company, says the press release.
Same-Day Response
The stake buy will give TVS Logistics technical value-add too.
For example, if an ATM fails in the UK, and an engineer needs a spare part to replace the damaged parts, Rico drops this spare in the engineer’s car boot at 3 a.m. and the engineer is at the site to repair the machine at 7 a.m. The same applies to the medical and telecom sectors, said Dinesh.
Gems, jewellery body ties up with UK body for sharing skills
Mumbai: The Gem and Jewellery Skill Council of India (GJSCI), part of the Government’s National Skill Development Corporation, has signed a memorandum of understanding with UK-based Creative and Cultural Skills. The MoU will enable sharing of best practice, staff exchange and development of new models to increase employer engagement and investment in skills. The partnership was announced in association with the UK Prime Minister David Cameron’s state visit to India. Catherine Large, Joint CEO, Creative and Cultural Skills, said the partnership will work on measures to set up industry recognised standards and providing fair access for young people.
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