New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore approximately.
In addition, one proposal viz., M/s Ingka Holding Overseas B.V., amounting to Rs.10,500 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Following are the details of the proposals considered in the Foreign Investment Promotion Board (FIPB) in its Meeting held on 21.01.2013 :
Following Nine (9) proposals have been approved.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
FINANCIAL SERVICES
1 M/s Mahindra Insurance Brokers Ltd., Mumbai; and M/s Mahindra & Mahindra Financial Services Ltd., Mumbai Induction of foreign equity to carry out the business of Insurance Broking. 80.41
PHARMACEUTICALS
2 M/s Cordlife Sciences (India) Private Limited, Kolkata Post facto approval for NR to NR transfer of shares and issuance of fresh CCPS in the pharmaceutical sector. 6.11
REVENUE (DGEP)
3 M/s Lagardere Services Singapore Pte. Ltd., Singapore To set up an investing holding JV company. 53.87
INDUSTRIAL POLICY & PROMOTION
4 M/s Pfizer Ltd. Deletion of compounding clause. The company is engaged in the pharmaceutical sector. Nil
CORPORATE AFFAIRS
5 M/s M and C Rakindo Hospitality Pvt. Ltd., Coimbatore Ex-post-facto approval to issue and allot partly paid up shares to carry out the business of development, construction ownership, management, sale and/ or lease of hotel projects in India. 47.85
DEFENCE PRODUCTION
6 M/s Mahindra and Mahindra Ltd To amend the para 1 and 4 of the FC approval. The company is engaged in the business of to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems and various kinds of defence electronic systems. Nil
HOME AFFAIRS
7 M/s Security and Intelligence Services (India) Pvt. Ltd., Bihar Induction of foreign equity to carry out the business of private security services. 82.90
INFORMATION & BROADCASTING
8 M/s Multi Screen Media Pvt. Ltd. Induction of foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production. Downlink certain TV channels. 545.00
9 M/s Wire and Wireless (I) Limited To issue warrants to carry out the business of Cable Network Business. 324.00
2. The following eleven (11) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s NSE Industries, France Induction of foreign equity to undertake the business of manufacture and servicing of products having defence applications.
2 M/s AWS Truepower LLC, USA Induction of foreign equity to carry out the business of consultancy services.
3 M/s Telenor Mobile Communications AS, Norway To set up a JV company in telecom sector.
4 M/s Maharashtra Transmission Communication Infrastructure Limited, Mumbai Post facto approval for issuance of FDI compliant instruments to an Indian company having foreign equity participation and other foreign investors to undertake the business of providing telecom services in the IP Category – I.
5 M/s PipavavDefence and Offshore Engineering Company Ltd. A defence sector company, which has 26 percent foreign equity participation (provisional approval) including for issuance of FCCBs has sought amendment in FC approval and issuance of shares to an identified foreign investor.
6 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. To extend the tenor of the investments made downstream by way of redeemable preference shares and approval for FDI inducted in the holding company during 2010-2011.
7 M/s Dorma India Pvt. Ltd. A wholly foreign owned subsidiary engaged in the business of assembling and wholesale trading of automatic door closers is seeking removal of the original FIPB approval condition of disinvestment.
8 M/s Calyx Chemicals & Pharmaceuticals Ltd. To issue IPO to investors including foreign investors to carry out the business of pharmaceutical sector.
9 M/s Bharat Electronics Limited, Bangalore To set up a JV company to carry out the business of Design, Development, marketing, supply and support of civilian and select defence Radars for Indian and global markets.
10 M/s AbicorBinzel Production (India) Pvt. Ltd., Pune Post facto approval for the conversion of overseas loan and interest into share application money and issue of shares to NR to carry out the business of manufacturing of welding torches.
11 M/s Greycells Education Ltd. To issue warrant to carry out the business of educational services rendered by technical or vocational colleges, schools and other institutions.
3. The following two (2) proposals have been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Yorkshire India LLP, Mumbai Induction of foreign equity to carry out the business of importing, exporting, buying, selling and distribution of Chemicals, biotech and allied industrial products on B2B basis.
2 M/s Equitas Holdings Pvt. Ltd. Increase in FDI percentage in investing company by way of transfer of shares from Resident to Non-resident.
4. The following four (4) proposals were withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s AGS Transact Technologies Limited, Mumbai
2 M/s NREC Railway Equipments India Private Limited, Delhi
3 M/s Pharmaceutical Coatings Pvt. Ltd., Maharashtra
4 M/s Sterlite Networks Ltd.
5. The following one (1) proposal was withdrawn from the Agenda on the request of the applicant:
Sl. No Name of the applicant
1 M/s Samara Capital Partners Funds Limited, Mauritius
6. The following one (1) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
1 M/s Ingka Holding Overseas B.V. To set up a wholly owned subsidiary to undertake single brand retailing of IKEA products. 10500.00
Success in my Habit
Friday, March 8, 2013
Saturday, March 2, 2013
NTPC commissions Vallur project Unit II
Hyderabad: NTPC Ltd has commissioned Unit II of 500 MW of Vallur Thermal Power Project located in Tamil Nadu.
The project is being implemented by NTPC Tamil Nadu Energy Co. Ltd, a joint venture of NTPC and TANGEDCO. The plant has been commissioned at 2.20 a.m. today.
With this, the total installed capacity of Vallur Thermal Power Project has gone up to 1,000 MW and that of NTPC group to 40,174 MW, according to a statement to the BSE.
The project is being implemented by NTPC Tamil Nadu Energy Co. Ltd, a joint venture of NTPC and TANGEDCO. The plant has been commissioned at 2.20 a.m. today.
With this, the total installed capacity of Vallur Thermal Power Project has gone up to 1,000 MW and that of NTPC group to 40,174 MW, according to a statement to the BSE.
Telenor inks 5-year networks outsourcing deal with Alcatel-Lucent in India
Kolkata: Norway's Telenor on Thursday inked a five-year outsouring deal with France's Alcatel-Lucent for managing three GSM technology networks in western and sourthern India.
Under the terms of the deal, the Paris-based telecom networks vendor will deliver end-to-end managed services to Telenor's wholly-owned Indian unit, Telewings Communications, in Gujarat, Maharashtra and Andhra Pradesh.
The Scandinavian GSM carrier, which retails mobile services in India under the Uninor brand, had lost all its 22 permits last year after the apex court quashed the licences dished out by ex-telecoms minister, A Raja.
In the last November auction, it only retained spectrum in six circles, and was compelled to switch off its networks in Mumbai, Kolkata and West Bengal circles. Bell Labs, the research organisation within Alcatel-Lucent, will provide expertise on network and busines modelling to achieve Telewing's objectives.
The latest networks management deal win for Alcatel-Lucent comes on the heels of the $1 billion outsourcing deal that it bagged from Reliance Communications last month.
Under the terms of the deal, the Paris-based telecom networks vendor will deliver end-to-end managed services to Telenor's wholly-owned Indian unit, Telewings Communications, in Gujarat, Maharashtra and Andhra Pradesh.
The Scandinavian GSM carrier, which retails mobile services in India under the Uninor brand, had lost all its 22 permits last year after the apex court quashed the licences dished out by ex-telecoms minister, A Raja.
In the last November auction, it only retained spectrum in six circles, and was compelled to switch off its networks in Mumbai, Kolkata and West Bengal circles. Bell Labs, the research organisation within Alcatel-Lucent, will provide expertise on network and busines modelling to achieve Telewing's objectives.
The latest networks management deal win for Alcatel-Lucent comes on the heels of the $1 billion outsourcing deal that it bagged from Reliance Communications last month.
Allocation for tourism hiked by 87 crore in the Union Budget
New Delhi: Keeping in view the importance of Tourism sector, the allocation for Ministry of Tourism in the Union Budget presented today has been hiked by Rs.87.66 crore. The allocation for the Ministry this year is Rs.1297.66 crore while it was Rs. 1210 crore in the Union Budget 2012-13 and Rs. 1110.96 crore in the Union Budget 2011-12.
The Budget allocation for Plan projects/schemes for the benefit of North East region and Sikkim has been hiked from Rs. 121 crore to Rs. 129 crore. The allocation under this head in the Union budget 2011-2012 was 110 crore.
The allocation under tourist infrastructure is for the creation of infrastructural facilities on construction of Budget Accommodation, wayside amenities, Tourist Reception Centers, Refurbishment of Monuments, Special Tourism Projects, Adventure and Sports facilities, Sound and Light Shows, illuminations of monuments, providing for improvement in solid waste management and sewerage management improvement of surroundings, Signages, procurement of equipments directly related to Tourism and Rural Tourism projects etc. This provision also relates to the Large Revenue Generating projects, generating revenue through levy of fees or user charges like Tourist Trains, cruise vessels, Cruise terminals, Convention Centre, Golf Courses etc. and creation of land bank for hotels to provide the hotel accommodation in the country by purchasing land and build hotels through public private partnerships. The provision also includes Externally Aided Projects (including UNDP Endogenous Tourist Projects and assistance to c entral agencies for Tourism Infrastructural Development.
The Budget allocation for Plan projects/schemes for the benefit of North East region and Sikkim has been hiked from Rs. 121 crore to Rs. 129 crore. The allocation under this head in the Union budget 2011-2012 was 110 crore.
The allocation under tourist infrastructure is for the creation of infrastructural facilities on construction of Budget Accommodation, wayside amenities, Tourist Reception Centers, Refurbishment of Monuments, Special Tourism Projects, Adventure and Sports facilities, Sound and Light Shows, illuminations of monuments, providing for improvement in solid waste management and sewerage management improvement of surroundings, Signages, procurement of equipments directly related to Tourism and Rural Tourism projects etc. This provision also relates to the Large Revenue Generating projects, generating revenue through levy of fees or user charges like Tourist Trains, cruise vessels, Cruise terminals, Convention Centre, Golf Courses etc. and creation of land bank for hotels to provide the hotel accommodation in the country by purchasing land and build hotels through public private partnerships. The provision also includes Externally Aided Projects (including UNDP Endogenous Tourist Projects and assistance to c entral agencies for Tourism Infrastructural Development.
Rs 14,000-cr capital infusion for public sector banks next fiscal
Hon’ble Members are aware that Government constituted the Financial Sector Legislative Reforms in 2011. I am informed that the report will be presented next month. It is our intention to examine the recommendations and act quickly and decisively so that our financial sector stands on sound legal foundations and remains well-regulated, efficient and internationally competitive. I propose to constitute a Standing Council of Experts in the Ministry of Finance to analyse the international competitiveness of the Indian financial sector, periodically examine the transaction costs of doing business in the Indian market, and provide inputs to Government for necessary action.
Banking
Our public sector banks are well regulated; they must also be adequately capitalised. Before the end of March 2013, we shall provide Rs 12,517 crore to infuse additional capital into 13 public sector banks. In 2013-14, I propose to provide a further amount of Rs 14,000 crore for capital infusion. We shall ensure that public sector banks always meet the Basel III regulations as they come into force in a phased manner.
Financial inclusion has made rapid strides. All scheduled commercial banks and all RRBs are on core banking solution (CBS) and on the electronic payment systems (NEFT and RTGS). We are working with RBI and Nabard to bring all other banks, including some cooperative banks, on CBS and e-payment systems by 31.12.2013. Public sector banks have assured me that all their branches will have an ATM in place by 31.3.2014.
Women are at the head of many banks today, including two public sector banks, but there is no bank that exclusively serves women. Can we have a bank that lends mostly to women and women-run businesses, that supports women SHGs and women’s livelihood, that employs predominantly women, and that addresses gender related aspects of empowerment and financial inclusion? I think we can. I, therefore, propose to set up India’s first Women’s Bank as a public sector bank and I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approvals and the banking licence by October, 2013, and I invite all Hon’ble Members to the inauguration of the bank shortly thereafter.
The Rural Housing Fund set up through the National Housing Bank is used to refinance lending institutions, including RRBs that extend loans for rural housing. So far, 400,000 rural families have taken loans. In the last Budget, we provided Rs 4,000 crore to the Fund. In consultation with RBI, I propose to provide Rs 6,000 crore to the Rural Housing Fund in 2013-14.
Similarly, it is proposed to start a fund for urban housing to mitigate the huge shortage of houses in urban areas. I propose to ask National Housing Bank to set up the Urban Housing Fund and, in consultation with RBI, I propose to provide Rs 2,000 crore to the Fund in 2013-14.
Insurance
A multi-pronged approach will be followed to increase the penetration of insurance, both life and general, in the country. I have a number of proposals that have been finalised in consultation with the regulator, IRDA.
Insurance companies will be empowered to open branches in Tier II cities and below without prior approval of IRDA.
All towns of India with a population of 10,000 or more will have an office of LIC and an office of at least one public sector general insurance company. I propose to achieve this goal by 31.3.2014.
KYC of banks will be sufficient to acquire insurance policies.
Banks will be permitted to act as insurance brokers so that the entire network of bank branches will be utilised to increase penetration.
Banking correspondents will be allowed to sell micro-insurance products.
Group insurance products will now be offered to homogenous groups such as SHGs, domestic workers associations, anganwadi workers, teachers in schools, nurses in hospitals etc.
There are about 10,00,000 motor third party claims that are pending before Tribunals/Courts. Public sector general insurance companies will organise adalats to settle the claims and give relief to the affected persons/families.
The Insurance Laws (Amendment) Bill and the PFRDA Bill are before this House. I sincerely hope that Government and the Opposition can arrive at a consensus and pass the two Bills in this session.
The Rashtriya Swasthiya Bima Yojana covers 34 million families below the poverty line. It will now be extended to other categories such as rickshaw, auto-rickshaw and taxi drivers, sanitation workers, rag pickers and mine workers.
A comprehensive and integrated social security package for the unorganised sector is a measure that will benefit the poorest and most vulnerable sections of society. The package should include life-cum-disability cover, health cover, maternity assistance and pension benefits. The present schemes such as AABY, JSBY, RSBY, JSY and IGMSY are run by different ministries and departments. I propose to facilitate convergence among the various stakeholder ministries/departments so that we can evolve a comprehensive social security package.
Banking
Our public sector banks are well regulated; they must also be adequately capitalised. Before the end of March 2013, we shall provide Rs 12,517 crore to infuse additional capital into 13 public sector banks. In 2013-14, I propose to provide a further amount of Rs 14,000 crore for capital infusion. We shall ensure that public sector banks always meet the Basel III regulations as they come into force in a phased manner.
Financial inclusion has made rapid strides. All scheduled commercial banks and all RRBs are on core banking solution (CBS) and on the electronic payment systems (NEFT and RTGS). We are working with RBI and Nabard to bring all other banks, including some cooperative banks, on CBS and e-payment systems by 31.12.2013. Public sector banks have assured me that all their branches will have an ATM in place by 31.3.2014.
Women are at the head of many banks today, including two public sector banks, but there is no bank that exclusively serves women. Can we have a bank that lends mostly to women and women-run businesses, that supports women SHGs and women’s livelihood, that employs predominantly women, and that addresses gender related aspects of empowerment and financial inclusion? I think we can. I, therefore, propose to set up India’s first Women’s Bank as a public sector bank and I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approvals and the banking licence by October, 2013, and I invite all Hon’ble Members to the inauguration of the bank shortly thereafter.
The Rural Housing Fund set up through the National Housing Bank is used to refinance lending institutions, including RRBs that extend loans for rural housing. So far, 400,000 rural families have taken loans. In the last Budget, we provided Rs 4,000 crore to the Fund. In consultation with RBI, I propose to provide Rs 6,000 crore to the Rural Housing Fund in 2013-14.
Similarly, it is proposed to start a fund for urban housing to mitigate the huge shortage of houses in urban areas. I propose to ask National Housing Bank to set up the Urban Housing Fund and, in consultation with RBI, I propose to provide Rs 2,000 crore to the Fund in 2013-14.
Insurance
A multi-pronged approach will be followed to increase the penetration of insurance, both life and general, in the country. I have a number of proposals that have been finalised in consultation with the regulator, IRDA.
Insurance companies will be empowered to open branches in Tier II cities and below without prior approval of IRDA.
All towns of India with a population of 10,000 or more will have an office of LIC and an office of at least one public sector general insurance company. I propose to achieve this goal by 31.3.2014.
KYC of banks will be sufficient to acquire insurance policies.
Banks will be permitted to act as insurance brokers so that the entire network of bank branches will be utilised to increase penetration.
Banking correspondents will be allowed to sell micro-insurance products.
Group insurance products will now be offered to homogenous groups such as SHGs, domestic workers associations, anganwadi workers, teachers in schools, nurses in hospitals etc.
There are about 10,00,000 motor third party claims that are pending before Tribunals/Courts. Public sector general insurance companies will organise adalats to settle the claims and give relief to the affected persons/families.
The Insurance Laws (Amendment) Bill and the PFRDA Bill are before this House. I sincerely hope that Government and the Opposition can arrive at a consensus and pass the two Bills in this session.
The Rashtriya Swasthiya Bima Yojana covers 34 million families below the poverty line. It will now be extended to other categories such as rickshaw, auto-rickshaw and taxi drivers, sanitation workers, rag pickers and mine workers.
A comprehensive and integrated social security package for the unorganised sector is a measure that will benefit the poorest and most vulnerable sections of society. The package should include life-cum-disability cover, health cover, maternity assistance and pension benefits. The present schemes such as AABY, JSBY, RSBY, JSY and IGMSY are run by different ministries and departments. I propose to facilitate convergence among the various stakeholder ministries/departments so that we can evolve a comprehensive social security package.
Government to introduce investment allowance of 15 per cent for high value investments
New Delhi: The Finance Minister, Shri P Chidambaram in his Budget speech in Lok Sabha today said that to attract new investment and to quicken the implementation of projects, I propose to introduce an investment allowance for new high value investments A company investing Rs. 100 crore or more in plant and machinery during the period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance of 15 percent of the investment. This will be in addition to the current rates of depreciation. There will be enormous spill-over benefits to small and medium enterprise.
Shri Chidambaram added that the National Electronics Policy 2012 is intended to promote manufacture of electronic good in India. We recognize the pivotal role of semiconductor wafer fabs in the eco-system of manufacture of electronics. I propose to provide appropriate incentives to semiconductor wafer fab manufacturing facilities, including zero customs duty for plant and machinery.
Shri Chidambaram added that the National Electronics Policy 2012 is intended to promote manufacture of electronic good in India. We recognize the pivotal role of semiconductor wafer fabs in the eco-system of manufacture of electronics. I propose to provide appropriate incentives to semiconductor wafer fab manufacturing facilities, including zero customs duty for plant and machinery.
Thursday, February 28, 2013
Mitsubishi Electric begins inverter assembly
Pune: Mitsubishi Electric India (MEI) has begun assembly of inverters for industrial and building applications at Pune. The facility will cater to requirements in India initially, and for export to South-East Asian markets, subsequently.
The company has also set up an India Development Centre to support development of products such as programmable logic controllers, human machine interfaces and servo drivers that will be manufactured at one of three locations globally.
Hideyuki Ohkubu, Executive Officer, Group President, Mitsubishi Electric Corporation, said the company will make India-specific as well as global market products here, and help set up a base for exports.
Mitsubishi has been in India since 1995 and been providing imported low voltage drives from 0.4 kW to 630 kW to industry sectors such as plastic, textile, pharmacy and automobile.
The Pune facility has involved an investment of Rs 15 crore and will make 40,000 units in the first year, and scale it up to 150,000 units in phases over the next two to three years.
The capacity will range from 3.75 kW to 15 kW.
The factory automation business is currently around Rs 250 crore and will treble and garner a market share in India of around 15 per cent by 2015-16, said Sumit Sinha, Strategic Planning, MEI Pvt Ltd.
The company has also set up an India Development Centre to support development of products such as programmable logic controllers, human machine interfaces and servo drivers that will be manufactured at one of three locations globally.
Hideyuki Ohkubu, Executive Officer, Group President, Mitsubishi Electric Corporation, said the company will make India-specific as well as global market products here, and help set up a base for exports.
Mitsubishi has been in India since 1995 and been providing imported low voltage drives from 0.4 kW to 630 kW to industry sectors such as plastic, textile, pharmacy and automobile.
The Pune facility has involved an investment of Rs 15 crore and will make 40,000 units in the first year, and scale it up to 150,000 units in phases over the next two to three years.
The capacity will range from 3.75 kW to 15 kW.
The factory automation business is currently around Rs 250 crore and will treble and garner a market share in India of around 15 per cent by 2015-16, said Sumit Sinha, Strategic Planning, MEI Pvt Ltd.
L&T Construction bags new orders worth Rs 1,504 cr
Coimbatore: Engineering giant Larsen & Toubro has said its construction arm L&T Construction has obtained new orders worth more than Rs 1,504 crore both within and outside the country.
The water and effluent treatment business has secured new orders worth Rs 621 crore including from the Kolkata Metropolitan Development Authority and the Kolkata Municipal Corporation.
Its solar business unit has got an order from Kiran Energy for building solar PV plants in Tamil Nadu valued Rs 413 crore.
In the power transmission and distribution business, L&T Construction has got an order worth Rs 265 crore from TANGEDCO (Tamil Nadu Generation & Distribution Corporation Ltd) for power distribution works across the State and orders worth Rs 205 crore related to ongoing projects in the civil works space.
The water and effluent treatment business has secured new orders worth Rs 621 crore including from the Kolkata Metropolitan Development Authority and the Kolkata Municipal Corporation.
Its solar business unit has got an order from Kiran Energy for building solar PV plants in Tamil Nadu valued Rs 413 crore.
In the power transmission and distribution business, L&T Construction has got an order worth Rs 265 crore from TANGEDCO (Tamil Nadu Generation & Distribution Corporation Ltd) for power distribution works across the State and orders worth Rs 205 crore related to ongoing projects in the civil works space.
Turkish Cargo signs pact with IBS Software for iCargo
Thiruvananthapuram: IBS Software has signed a 10-year, ‘multimillion dollar’ contract with Turkish Airlines for providing software support to its cargo service.
The deal was announced in Istanbul, said Sankalp Saxena, President and Head, Aviation operations services, IBS Software.
iCargo is the flagship product of IBS for the air cargo operations.
iCargo supports requirements of airline freight business providing Web-enabled features that optimise operations, enhance profitability and provide scalability.
iCargo will power Turkish airline’s air cargo movement worldwide and replace the legacy system.
Single Unit
This compares well with an average of three per cent growth for the other European airlines. Under the deal, the airline sales/inventory, terminal operations/handling, ULD (unit load devices) management and revenue accounting systems will be integrated into single solution.
This single suite will improve access to real-time information and actionable intelligence for users at all levels across locations.
Over 20 global airlines have opted for iCargo to manage their mission critical cargo logistics.
Leading Clients
They include All Nippon Airways, British Airways, Qantas, South African Airways, Lufthansa Cargo and Nippon Cargo Airlines.
iCargo will replace the TACTIC system holding the mainframe substructure in use for last 20 years, said Temel Kotil, President and Chief Executive Officer, Turkish Airlines.
Coming close on the heels of the Lufthansa deal, this is another significant step for IBS, said Sankalp Saxena.
The deal was announced in Istanbul, said Sankalp Saxena, President and Head, Aviation operations services, IBS Software.
iCargo is the flagship product of IBS for the air cargo operations.
iCargo supports requirements of airline freight business providing Web-enabled features that optimise operations, enhance profitability and provide scalability.
iCargo will power Turkish airline’s air cargo movement worldwide and replace the legacy system.
Single Unit
This compares well with an average of three per cent growth for the other European airlines. Under the deal, the airline sales/inventory, terminal operations/handling, ULD (unit load devices) management and revenue accounting systems will be integrated into single solution.
This single suite will improve access to real-time information and actionable intelligence for users at all levels across locations.
Over 20 global airlines have opted for iCargo to manage their mission critical cargo logistics.
Leading Clients
They include All Nippon Airways, British Airways, Qantas, South African Airways, Lufthansa Cargo and Nippon Cargo Airlines.
iCargo will replace the TACTIC system holding the mainframe substructure in use for last 20 years, said Temel Kotil, President and Chief Executive Officer, Turkish Airlines.
Coming close on the heels of the Lufthansa deal, this is another significant step for IBS, said Sankalp Saxena.
India's inflation may fall to 6.2-6.6% in March
New Delhi: Inflation is expected to fall in the range of 6.2 to 6.6 per cent in March this year, helped by moderation in non-food manufacturing sector and global commodity prices, according to the Economic Survey 2012-13 released Wednesday.
The core inflation based on the whole price index (WPI) has remained muted in the current financial year and declined to a three year low of 6.62 per cent in January 2013.
"The recent increase in onion prices in January 2012 and revision in diesel prices may put some pressure on headline inflation. However, inflation is expected to continue the moderating trend," said the annual document presented in Parliament by finance minister P Chidambaram.
Addressing a press conference after the release of the annual Economic Survey, chief economic advisor to finance ministry Raghuram Rajan said high food inflation remain a worry for the policymakers.
Unlike last year when the food price inflation was mainly driven by higher protein food items, this year the pressure has been mounting in cereals.
The survey authored by Rajan points out that inflation has eased in almost all major advanced and emerging market economies in the current year.
"The positive effect of continuous policy easing by the major advanced and developing countries could pose a higher risk to inflation expectations. However, in the short run, given weak growth sentiments, the impact of policy easing may not lead to a surge in inflation and inflation expectations may remain anchored around current target inflation rates," the survey said.
As per the World Bank, except for metals, most global commodity prices are expected to decline further in 2013 and 2014.
"The impact of benign inflationary expectations internationally will have a moderating impact on domestic prices," it said.
The core inflation based on the whole price index (WPI) has remained muted in the current financial year and declined to a three year low of 6.62 per cent in January 2013.
"The recent increase in onion prices in January 2012 and revision in diesel prices may put some pressure on headline inflation. However, inflation is expected to continue the moderating trend," said the annual document presented in Parliament by finance minister P Chidambaram.
Addressing a press conference after the release of the annual Economic Survey, chief economic advisor to finance ministry Raghuram Rajan said high food inflation remain a worry for the policymakers.
Unlike last year when the food price inflation was mainly driven by higher protein food items, this year the pressure has been mounting in cereals.
The survey authored by Rajan points out that inflation has eased in almost all major advanced and emerging market economies in the current year.
"The positive effect of continuous policy easing by the major advanced and developing countries could pose a higher risk to inflation expectations. However, in the short run, given weak growth sentiments, the impact of policy easing may not lead to a surge in inflation and inflation expectations may remain anchored around current target inflation rates," the survey said.
As per the World Bank, except for metals, most global commodity prices are expected to decline further in 2013 and 2014.
"The impact of benign inflationary expectations internationally will have a moderating impact on domestic prices," it said.
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