New Delhi: India expanded more than China in February 2013, according to a survey by HSBC. The HSBC Emerging Markets Index (EMI) stood at 52.3 in February 2013.
The HSBC composite index for India for manufacturing and services stood at 54.8 in February 2013, whereas for China it was 51.4. The index above the 50 mark indicates expansion, below it indicates contraction.
“Emerging Market economies continued to expand in February but the pace of growth lost steam,” as per Mr Murat Ulgen, Chief Economist for Central and Eastern Europe and Sub-Saharan Africa, HSBC.
There has been a softening in new orders across the BRIC economies and particularly for new export orders in manufacturing industry, highlighted the EMI report in February 2013.
The business expectation for the next 12 months continues to be robust. The HSBC Emerging Markets Future Output Index registered growth for the second month in February 2013, added the report.
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Friday, March 8, 2013
Godrej arm launches Bandra Kurla project
New Delhi: Godrej Properties on Tuesday launched a major commercial project at the Bandra Kurla Complex here. The project, Godrej BKC, is expected to generate Rs 3,500-4,000 crore for the company. It would be developed jointly with Jet Airways.
Spread over 1.3 million sq ft, Godrej BKC would be one of the largest real estate projects in Mumbai, the company said. "Construction on this project has commenced. By the end of 2015, we expect it to be completed. We expect it to generate Rs 3,500-4,000 crore," said Pirojsha Godrej, managing director and chief executive, Godrej Properties. "The profit from the development would be shared equally by the two partners," he added.
The company, however, didn't specify the development cost.
"The economy seems to be reviving. The demand for commercial space, which has been subdued through the last few years, is also expected to pick up. Since the project is strategically located, we expect to get a good response," Godrej said. The company expects average realisations of Rs 27,000-28,000 per sq ft.
Of Godrej BKC's saleable area of 1.3 million sq ft, Jet Airways would use 1,60,000 sq ft for its new headquarters. Godrej BKC would offer floor plate area of 70,000 sq ft.
The construction contract for the project has been given to Larsen & Toubro. Skidmore, Owings and Merrill, which has designed the Burj Khalifa in Dubai and the Freedom Tower in New York, is the lead architect.
Spread over 1.3 million sq ft, Godrej BKC would be one of the largest real estate projects in Mumbai, the company said. "Construction on this project has commenced. By the end of 2015, we expect it to be completed. We expect it to generate Rs 3,500-4,000 crore," said Pirojsha Godrej, managing director and chief executive, Godrej Properties. "The profit from the development would be shared equally by the two partners," he added.
The company, however, didn't specify the development cost.
"The economy seems to be reviving. The demand for commercial space, which has been subdued through the last few years, is also expected to pick up. Since the project is strategically located, we expect to get a good response," Godrej said. The company expects average realisations of Rs 27,000-28,000 per sq ft.
Of Godrej BKC's saleable area of 1.3 million sq ft, Jet Airways would use 1,60,000 sq ft for its new headquarters. Godrej BKC would offer floor plate area of 70,000 sq ft.
The construction contract for the project has been given to Larsen & Toubro. Skidmore, Owings and Merrill, which has designed the Burj Khalifa in Dubai and the Freedom Tower in New York, is the lead architect.
Videocon to partner Nokia Siemens for 4G broadband network
New Delhi: Videocon Mobile Services on Monday said it plans to partner Nokia Siemens Networks to roll out fourth generation (4G) technology based broadband services.
Videocon had bagged spectrum in seven telecom circles, including Madhya Pradesh, Chhattisgarh, Haryana, Gujarat, Uttar Pradesh (East and West), Bihar and Jharkhand at the auctions held in November.
Though this spectrum is in the 1800 MHz band, used till now for 2G mobile services, Videocon wants to deploy 4G-based broadband service. But the key issue here will be the availability of devices that supports 4G data on this spectrum band. Videocon is, therefore, planning to start offering data services instead of voice as this can be done through dongles.
Arvind Bali, Director and CEO, Videocon Mobile Services, said, “4G Network is capable of providing comprehensive Internet Protocol-based telecom solutions that allows voice, data and streamed multimedia services in a seamless manner at much higher data speed than the existing generation network including 2G and 3G.”
Videocon will be in direct competition to the likes of Reliance Industries backed Reliance Jio Infocomm and Bharti Airtel. While Airtel has launched 4G based broadband services in select areas of Bangalore and Pune, other operators are yet to start. High cost of devices and the cost of setting up a full mobile network are acting as dampeners.
Videocon had bagged spectrum in seven telecom circles, including Madhya Pradesh, Chhattisgarh, Haryana, Gujarat, Uttar Pradesh (East and West), Bihar and Jharkhand at the auctions held in November.
Though this spectrum is in the 1800 MHz band, used till now for 2G mobile services, Videocon wants to deploy 4G-based broadband service. But the key issue here will be the availability of devices that supports 4G data on this spectrum band. Videocon is, therefore, planning to start offering data services instead of voice as this can be done through dongles.
Arvind Bali, Director and CEO, Videocon Mobile Services, said, “4G Network is capable of providing comprehensive Internet Protocol-based telecom solutions that allows voice, data and streamed multimedia services in a seamless manner at much higher data speed than the existing generation network including 2G and 3G.”
Videocon will be in direct competition to the likes of Reliance Industries backed Reliance Jio Infocomm and Bharti Airtel. While Airtel has launched 4G based broadband services in select areas of Bangalore and Pune, other operators are yet to start. High cost of devices and the cost of setting up a full mobile network are acting as dampeners.
Ranbaxy subsidiary to market Alembic's anti-depressant drug in US
Mumbai: Ranbaxy Pharmaceuticals Inc, US-based subsidiary of Ranbaxy Laboratories announced that it has entered into an in-licensing agreement with Alembic Pharmaceuticals to exclusively market desvenlafaxine base extended release tablets in the US.
Alembic Pharmaceuticals is the sponsor and manufacturer of the new drug application (NDA) desvenlafaxine. The product is a bioequivalent version of innovator drug, Pristiq by Pfizer, and is indicated for the treatment of major depressive disorder.
The market size for Pristiq is $590 million (IMS - MAT January 2013).
Desvenlafaxine base extended release tablets is indicated for the treatment of major depressive disorder. The product will be available in 50 mg and 100 mg dosage strengths. Alembic has received the final approval from the US Food and Drug Administration (USFDA) and Ranbaxy expects the product to be available in the US marketplace during the first quarter this year.
Commenting on the development, Bill Winter, vice president, Ranbaxy Trade Sales and Distribution, North America said, "Ranbaxy is pleased to partner with Alembic to offer a safe, effective, affordable generic alternative to the brand formulation much ahead of the patent expiration. We are committed to expand our portfolio of products offered in the US market for the benefit of patients, prescribers and the US healthcare system."
Alembic Pharmaceuticals is the sponsor and manufacturer of the new drug application (NDA) desvenlafaxine. The product is a bioequivalent version of innovator drug, Pristiq by Pfizer, and is indicated for the treatment of major depressive disorder.
The market size for Pristiq is $590 million (IMS - MAT January 2013).
Desvenlafaxine base extended release tablets is indicated for the treatment of major depressive disorder. The product will be available in 50 mg and 100 mg dosage strengths. Alembic has received the final approval from the US Food and Drug Administration (USFDA) and Ranbaxy expects the product to be available in the US marketplace during the first quarter this year.
Commenting on the development, Bill Winter, vice president, Ranbaxy Trade Sales and Distribution, North America said, "Ranbaxy is pleased to partner with Alembic to offer a safe, effective, affordable generic alternative to the brand formulation much ahead of the patent expiration. We are committed to expand our portfolio of products offered in the US market for the benefit of patients, prescribers and the US healthcare system."
Saudi Arabia, AP to boost bilateral trade
Hyderabad: Andhra Pradesh Chief Minister N. Kiran Kumar Reddy today assured visiting Saudi delegation that the Government will extend all incentives and facilities to industrialists from Saudi Arabia.
The delegation included Abdul Rahman A.Al Rabuiah of Alrabiah Consulting & Engg Services, Saudi Arabaia, Tariq Mohammed Al Wabil, CEO, Alwabil, Nader Abu Eyta, Group Managing Director, Abueyta, Manas Gulf Group, Zaher S.Al-Munajjed, CBM Consultants for Business and Management among others.
The delegation gave a power-point presentation before the Chief Minister regarding the key economic factors and economic growth of Saudi Arabia and wanted the investments between the two to grow. The visiting team explained various business and investment opportunities in petro-chemical exports, agricultural expansion, gas production, telecom and IT sectors back home.
The Chief Minister said Andhra Pradesh provides immense opportunities in the areas of petro-chemicals, bulk drugs, pharmaceuticals, IT, BT, mining sectors for the Saudi investors and industrialists.
He said the State provides a number of investment incentives such as initial tax holiday, reimbursement of VAT, lowest power tariff and good infrastructure.
The Saudi delegation invited the Chief Minister along with industrialists from Andhra Pradesh to visit Saudi Arabia.
The delegation included Abdul Rahman A.Al Rabuiah of Alrabiah Consulting & Engg Services, Saudi Arabaia, Tariq Mohammed Al Wabil, CEO, Alwabil, Nader Abu Eyta, Group Managing Director, Abueyta, Manas Gulf Group, Zaher S.Al-Munajjed, CBM Consultants for Business and Management among others.
The delegation gave a power-point presentation before the Chief Minister regarding the key economic factors and economic growth of Saudi Arabia and wanted the investments between the two to grow. The visiting team explained various business and investment opportunities in petro-chemical exports, agricultural expansion, gas production, telecom and IT sectors back home.
The Chief Minister said Andhra Pradesh provides immense opportunities in the areas of petro-chemicals, bulk drugs, pharmaceuticals, IT, BT, mining sectors for the Saudi investors and industrialists.
He said the State provides a number of investment incentives such as initial tax holiday, reimbursement of VAT, lowest power tariff and good infrastructure.
The Saudi delegation invited the Chief Minister along with industrialists from Andhra Pradesh to visit Saudi Arabia.
BS Enviro acquires 51% stake in Skywater India for water solutions
Hyderabad: BS Ltd through its subsidiary BS Enviro Solutions Ltd today announced the acquisition of 51 per cent stake in Harbinger Capital-promoted Skywater India, engaged in water solutions.
This acquisition enables the Hyderabad-based EPC, transmission and tower solutions provider to enter into water management business.
The company plans to invest about Rs 30 crore over the next two years in the venture, which offers water generating machines.
These water machines priced at about Rs 10 lakh, trap atmospheric water to generate ozone treated water from moisture in the air.
These machines convert water vapour in the air into fresh and clean water and can produce about 700 litres of to about 1200 litres per day.
Rajesh Agarwal, Chairman and Managing Director, BS Ltd, said that the company has diversified into water treatment, sewerage treatment and effluent treatment solutions. This acquisition will help the company offer water solution.
The company has installed more than 50 such machines in India and has bagged orders for 100 machines from Meghalaya Government and few other orders from Bihar and Karnataka.
These are ideally suited for remote locations, said Sanjay Sultania, Managing Director of the joint venture.
As a CSR initiative
There is no financial outgo for the company. It is a structured deal and the payout is based on growth capital, Sultania said.
Addressing a press conference, Agarwal said the product will also appeal to large entities looking at corporate social responsibility to offer drinking water to remote locations. These can be installed in a village without adequate drinking water supply.
Referring to the company, Agarwal said during the first nine months BS closed with revenues of Rs 1,460 crore and expects a turnover of Rs 1,800 crore and a profit of about Rs 65 crore during the current financial year.
The company shares closed at Rs 322, up two per cent on the BSE.
This acquisition enables the Hyderabad-based EPC, transmission and tower solutions provider to enter into water management business.
The company plans to invest about Rs 30 crore over the next two years in the venture, which offers water generating machines.
These water machines priced at about Rs 10 lakh, trap atmospheric water to generate ozone treated water from moisture in the air.
These machines convert water vapour in the air into fresh and clean water and can produce about 700 litres of to about 1200 litres per day.
Rajesh Agarwal, Chairman and Managing Director, BS Ltd, said that the company has diversified into water treatment, sewerage treatment and effluent treatment solutions. This acquisition will help the company offer water solution.
The company has installed more than 50 such machines in India and has bagged orders for 100 machines from Meghalaya Government and few other orders from Bihar and Karnataka.
These are ideally suited for remote locations, said Sanjay Sultania, Managing Director of the joint venture.
As a CSR initiative
There is no financial outgo for the company. It is a structured deal and the payout is based on growth capital, Sultania said.
Addressing a press conference, Agarwal said the product will also appeal to large entities looking at corporate social responsibility to offer drinking water to remote locations. These can be installed in a village without adequate drinking water supply.
Referring to the company, Agarwal said during the first nine months BS closed with revenues of Rs 1,460 crore and expects a turnover of Rs 1,800 crore and a profit of about Rs 65 crore during the current financial year.
The company shares closed at Rs 322, up two per cent on the BSE.
India's first viability-gap funded transmission project inaugurated
Chennai: India’s first viability-gap funded, 99-km power transmission line project, in Haryana, was inaugurated on Monday. The 400 KV double circuit Jharli-Kabulpur-Rohtak line was built by a joint venture of Kalpataru Power Transmission and Techno Electric and Engineering Company.
The Rs 444-crore public-private-partnership project with the Haryana Government has received Rs 92 crore of viability gap funding from Government of India. The joint venture partners brought in Rs 76 crore of equity (51 per cent with Kalpataru) and raised debt of Rs 276 crore.
“The project will ensure a sustainable income flow of Rs 4.5 crore to the company as a unitary charge payable per month,” says a press release from Techno Electric.
The Rs 444-crore public-private-partnership project with the Haryana Government has received Rs 92 crore of viability gap funding from Government of India. The joint venture partners brought in Rs 76 crore of equity (51 per cent with Kalpataru) and raised debt of Rs 276 crore.
“The project will ensure a sustainable income flow of Rs 4.5 crore to the company as a unitary charge payable per month,” says a press release from Techno Electric.
Videocon to partner Nokia Siemens for 4G broadband network
New Delhi: Videocon Mobile Services on Monday said it plans to partner Nokia Siemens Networks to roll out fourth generation (4G) technology based broadband services.
Videocon had bagged spectrum in seven telecom circles, including Madhya Pradesh, Chhattisgarh, Haryana, Gujarat, Uttar Pradesh (East and West), Bihar and Jharkhand at the auctions held in November.
Though this spectrum is in the 1800 MHz band, used till now for 2G mobile services, Videocon wants to deploy 4G-based broadband service. But the key issue here will be the availability of devices that supports 4G data on this spectrum band. Videocon is, therefore, planning to start offering data services instead of voice as this can be done through dongles.
Arvind Bali, Director and CEO, Videocon Mobile Services, said, “4G Network is capable of providing comprehensive Internet Protocol-based telecom solutions that allows voice, data and streamed multimedia services in a seamless manner at much higher data speed than the existing generation network including 2G and 3G.”
Videocon will be in direct competition to the likes of Reliance Industries backed Reliance Jio Infocomm and Bharti Airtel. While Airtel has launched 4G based broadband services in select areas of Bangalore and Pune, other operators are yet to start. High cost of devices and the cost of setting up a full mobile network are acting as dampeners.
Videocon had bagged spectrum in seven telecom circles, including Madhya Pradesh, Chhattisgarh, Haryana, Gujarat, Uttar Pradesh (East and West), Bihar and Jharkhand at the auctions held in November.
Though this spectrum is in the 1800 MHz band, used till now for 2G mobile services, Videocon wants to deploy 4G-based broadband service. But the key issue here will be the availability of devices that supports 4G data on this spectrum band. Videocon is, therefore, planning to start offering data services instead of voice as this can be done through dongles.
Arvind Bali, Director and CEO, Videocon Mobile Services, said, “4G Network is capable of providing comprehensive Internet Protocol-based telecom solutions that allows voice, data and streamed multimedia services in a seamless manner at much higher data speed than the existing generation network including 2G and 3G.”
Videocon will be in direct competition to the likes of Reliance Industries backed Reliance Jio Infocomm and Bharti Airtel. While Airtel has launched 4G based broadband services in select areas of Bangalore and Pune, other operators are yet to start. High cost of devices and the cost of setting up a full mobile network are acting as dampeners.
US glass major Corning to set up Rs 588-cr Pune facility
Mumbai: US-based specialty glass major Corning Inc has decided to invest about Rs 588 crore for setting up an optical cable manufacturing facility at Chakan near Pune.
It will provide employment to 270 persons.
The investment would be done through its Indian arm Corning Technologies India Pvt Ltd.
The Maharashtra Government has provided a window of five years for making the investment.
A senior Industries Department official said that the Maharashtra Government has decided to enter into a memorandum of understanding (MoU) with the company, which will enable the company to get a number of sops under the ‘Mega Projects Scheme’.
About 26 acres has also been allocated by the Maharashtra Industries Development Corporation for setting up the unit, the official said.
In this year, this is the second big ticket investment, which has been made in the State.
It will provide employment to 270 persons.
The investment would be done through its Indian arm Corning Technologies India Pvt Ltd.
The Maharashtra Government has provided a window of five years for making the investment.
A senior Industries Department official said that the Maharashtra Government has decided to enter into a memorandum of understanding (MoU) with the company, which will enable the company to get a number of sops under the ‘Mega Projects Scheme’.
About 26 acres has also been allocated by the Maharashtra Industries Development Corporation for setting up the unit, the official said.
In this year, this is the second big ticket investment, which has been made in the State.
India and Portugal sign Social Security Agreement
New Delhi: A Social Security Agreement (SSA) was signed by Shri Vayalar Ravi, the Minister of Overseas Indian Affairs and Mr. Paulo Sacadura Cabral Portas, Minister of State of Foreign Affairs of Portugal here today. Speaking on the occasion, Shri Ravi said about 75,000 Indians are leaving in Portugal, most of them are working as professionals and self-employed. The bilateral Social Security Agreement is significant requirement from the futuristic point of view to take advantage of the emerging employment opportunities and to further strengthen the trade and investment between the two countries.
The Social Security Agreement between India and Republic of Portugal will provide the following benefits to Indian national working in Portugal:
• For short term contract upto 5 year, no social security contribution would need to be paid under the Portuguese law by the detached workers provided they continue to make social security payment in India.
• The above benefits shall be available even when the Indian company sends its employees to Republic of Portugal from a third country.
• Indian workers shall be entitled to the export of the social security benefit if they relocate to India after the completion of their service in Republic of Portugal.
• The self-employed Indians in Republic of Portugal would also be entitled to export of social security benefit on their relocation to India.
• The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility for social security benefits.
India has so far signed the SSA with seventeen countries viz. Belgium, Germany (Social Insurance), Switzerland, France, Luxemburg, The Netherlands, Hungary, Denmark, The Czech Republic, Republic of Korea, Norway, Germany (Comprehensive SSA), Finland, Canada, Japan, Sweden and Austria.
The Social Security Agreement between India and Republic of Portugal will provide the following benefits to Indian national working in Portugal:
• For short term contract upto 5 year, no social security contribution would need to be paid under the Portuguese law by the detached workers provided they continue to make social security payment in India.
• The above benefits shall be available even when the Indian company sends its employees to Republic of Portugal from a third country.
• Indian workers shall be entitled to the export of the social security benefit if they relocate to India after the completion of their service in Republic of Portugal.
• The self-employed Indians in Republic of Portugal would also be entitled to export of social security benefit on their relocation to India.
• The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility for social security benefits.
India has so far signed the SSA with seventeen countries viz. Belgium, Germany (Social Insurance), Switzerland, France, Luxemburg, The Netherlands, Hungary, Denmark, The Czech Republic, Republic of Korea, Norway, Germany (Comprehensive SSA), Finland, Canada, Japan, Sweden and Austria.
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