New Delhi: Giving a fillip to the early establishment of a state-of-art Forensic Lab within the premises of Serious Fraud Investigation Office (SFIO) in the national capital; and the development of a Comprehensive Early Warning System (EWS) for detection of corporate fraud and malfeasance at the earliest, three important MoUs were signed here today in the Ministry of Corporate Affairs in the presence of Shri Sachin Pilot, Minister of Corporate Affairs.
The MoUs signed were:
1. Between Director, SFIO ( which functions under the Ministry of Corporate Affairs) and Director, National Institute of Electronics and Information Technology (NIELIT), a scientific organization under the Ministry of Communications and Information Technology;
2. Between Joint Secretary, Ministry of Corporate Affairs and Director, Financial Intelligence Unit (FIU-IND), an agency under the Ministry of Finance; and 3. Director, SFIO and Director, FIU-IND.
Shri. Naved Masood, Secretary, Ministry of Corporate Affairs was also present on the occasion.
As per the Memorandum, NIELIT will set up a state-of-art Forensic Lab within the premises of SFIO - with a total outlay of Rs. 3.80 Crore on a turnkey basis, to be completed in two phases.
The MoUs signed with FIU-IND will lead to better and faster exchange of information between the 3 Govt. of India entities. FIU has been playing a pivotal role in the collection and dissemination of information on suspicious banking transactions under the Prevention of Money Laundering Act, 2002. FIU-IND has been helping both the Ministry and SFIO from time to time by supplying information on suspicious banking transactions. Having access to banking information as well as expertise of FIU, the MoU will help SFIO in conducting its investigation in a more effective manner. These initiatives will facilitate development of a comprehensive EWS for detection of fraud and malfeasance at the earliest.
Success in my Habit
Tuesday, March 19, 2013
India ups trade target with Africa to $100 b by 2015
New Delhi: India has raised the trade target with Africa to $100 billion to be achieved over the next two years encouraged by the growth in bilateral exports and imports in the current fiscal.
This is despite a dip in the country’s overall trade numbers.
“Despite the gloomy global environment, where there has been a contraction of trade, and with India’s own trade contracting with major trading blocks, we are upwardly revising the target with Africa to at least $100 billion by 2015 because I feel that it is achievable,” Commerce and Industry Minister Anand Sharma said addressing trade ministers from Africa in a ministers’ round table meeting organised by the CII.
India-Africa bilateral trade was $67 billion in 2011-12, registering a growth of 28 per cent over the preceding year. But what is interesting is the fact that in the first 10 months of this fiscal where India’s over-all trade declined 1.28 per cent, the country’s trade with Africa posted a 8.32 per cent growth.
The increase in trade with Africa is partly due to shrinking demand in the Western countries due to continuing global economic crisis and partly due to incentives given by the Government to diversify exports particularly to countries in Africa and Latin America.
India is conducting a feasibility study for a Free Trade Agreement with the Common Market for Eastern and Southern Africa (COMESA) members, the largest economic group in Africa and negotiations on a Preferential Trade Agreement (an FTA involving a limited number of goods) with the South Africa Customs Union, Sharma said.
This is despite a dip in the country’s overall trade numbers.
“Despite the gloomy global environment, where there has been a contraction of trade, and with India’s own trade contracting with major trading blocks, we are upwardly revising the target with Africa to at least $100 billion by 2015 because I feel that it is achievable,” Commerce and Industry Minister Anand Sharma said addressing trade ministers from Africa in a ministers’ round table meeting organised by the CII.
India-Africa bilateral trade was $67 billion in 2011-12, registering a growth of 28 per cent over the preceding year. But what is interesting is the fact that in the first 10 months of this fiscal where India’s over-all trade declined 1.28 per cent, the country’s trade with Africa posted a 8.32 per cent growth.
The increase in trade with Africa is partly due to shrinking demand in the Western countries due to continuing global economic crisis and partly due to incentives given by the Government to diversify exports particularly to countries in Africa and Latin America.
India is conducting a feasibility study for a Free Trade Agreement with the Common Market for Eastern and Southern Africa (COMESA) members, the largest economic group in Africa and negotiations on a Preferential Trade Agreement (an FTA involving a limited number of goods) with the South Africa Customs Union, Sharma said.
Small-scale units promised help to step up exports
New Delhi: Cabinet Secretary Ajit Seth has assured the micro, small and medium enterprises (MSME) that the Government would soon take steps to increase exports from the sector.
In a review meeting of the export scenario that focussed on the MSME sector, Seth said that small enterprises were the backbone of the country and needed to be encouraged.
The Cabinet Secretary said that he would form two-three groups to look at ways suggested by the industry to increase exports from the MSME sector and would hold another review meeting with other Secretaries in three weeks to see what could be done quickly.
Secretaries from the ministries of finance, commerce, industry, steel and food processing attended the meeting on Friday, an official release said. Industry representatives focused on areas such as cost of credit, technology upgradation, skill training, packaging and export incentives.
In a review meeting of the export scenario that focussed on the MSME sector, Seth said that small enterprises were the backbone of the country and needed to be encouraged.
The Cabinet Secretary said that he would form two-three groups to look at ways suggested by the industry to increase exports from the MSME sector and would hold another review meeting with other Secretaries in three weeks to see what could be done quickly.
Secretaries from the ministries of finance, commerce, industry, steel and food processing attended the meeting on Friday, an official release said. Industry representatives focused on areas such as cost of credit, technology upgradation, skill training, packaging and export incentives.
Isuzu to invest Rs 1,500 crore over 5-7 years for a plant in AP
Hyderabad: Isuzu Motors, the Japanese car, commercial vehicle and heavy truck manufacturer, has agreed to set up its Greenfield manufacturing facility for pickup trucks or light commercial vehicles and sports utility vehicles in Andhra Pradesh, India's southern state, to roll out vehicles by sometime late 2015.
The Isuzu Deputy Managing Director Shigeru Wakabayashi, said the project, involving an investment of Rs 1,500 crore over 5-7 years, would have an installed capacity of 1.2 lakh units, a fourth of which would be exported.
"We plan to sell some 80,000 units in the domestic market, which is growing at a healthy pace on the back of steady economic growth, and export some 40,000 units," he told reporters after signing agreements with the AP government and Sri City, a special economic zone in South of AP's Chittoor district, where the facility would be set up.
The Tokyo headquartered company currently with manufacturing facilities in Thailand and China has been exporting its vehicles to over 100 countries across the globe.
AP, which could not succeed for long in roping in major automobile manufacturers into the state in the absence of supplier or component manufactures' network, now hopes the Isuzu facility to help it build a suppliers' cluster, said the industries secretary Pradeep Chandra.
"While Toyota facility helped Karnataka attract some 150 auto component manufacturers, it was Nissan and Hyundai that facilitated Tamil Nadu build a network of over 250 auto part suppliers. We hope a similar success in establishing auto component manufacturers' cluster in AP," he said.
Isuzu officials said they had zeroed in on Sri City, which is some 50km from Chennai that houses many automobile related industries, apart from the proximity to seaports for imports and exports.
"We plan to produce pickup truck D-MAX and pick up derivative MU-7 from the AP facility and we are currently studying details pertaining stamping, welding, painting, assembling, engine manufacturing and transmission assembling," said Wakabayashi.
Terming Isuzu's entry into the Indian market as right timed, he said, "The Indian automobile industry is estimated to expand to some 10-15 million units from the current 3.6 million over the next 10 years."
In the interim period till late 2015, Isuzu Motors plans to import completely knocked down (CKD) units from its Thailand facility and get them assembled at the facility of one of the automobile players in the domestic market. "We have been talking to some players in the market and Hindustan Motors is one among them," he said.
The Isuzu top executive said the company is currently importing completely built units (CBUs) from Thailand and launched them in couple of Indian markets of Hyderabad and Coimbatore to understand the customer preferences and experience.
Further, Wakabayashi said Isuzu was also looking at supporting its Thailand manufacturing facility by exporting cost competitive quality automobile components procured from the Indian market.
The Isuzu Deputy Managing Director Shigeru Wakabayashi, said the project, involving an investment of Rs 1,500 crore over 5-7 years, would have an installed capacity of 1.2 lakh units, a fourth of which would be exported.
"We plan to sell some 80,000 units in the domestic market, which is growing at a healthy pace on the back of steady economic growth, and export some 40,000 units," he told reporters after signing agreements with the AP government and Sri City, a special economic zone in South of AP's Chittoor district, where the facility would be set up.
The Tokyo headquartered company currently with manufacturing facilities in Thailand and China has been exporting its vehicles to over 100 countries across the globe.
AP, which could not succeed for long in roping in major automobile manufacturers into the state in the absence of supplier or component manufactures' network, now hopes the Isuzu facility to help it build a suppliers' cluster, said the industries secretary Pradeep Chandra.
"While Toyota facility helped Karnataka attract some 150 auto component manufacturers, it was Nissan and Hyundai that facilitated Tamil Nadu build a network of over 250 auto part suppliers. We hope a similar success in establishing auto component manufacturers' cluster in AP," he said.
Isuzu officials said they had zeroed in on Sri City, which is some 50km from Chennai that houses many automobile related industries, apart from the proximity to seaports for imports and exports.
"We plan to produce pickup truck D-MAX and pick up derivative MU-7 from the AP facility and we are currently studying details pertaining stamping, welding, painting, assembling, engine manufacturing and transmission assembling," said Wakabayashi.
Terming Isuzu's entry into the Indian market as right timed, he said, "The Indian automobile industry is estimated to expand to some 10-15 million units from the current 3.6 million over the next 10 years."
In the interim period till late 2015, Isuzu Motors plans to import completely knocked down (CKD) units from its Thailand facility and get them assembled at the facility of one of the automobile players in the domestic market. "We have been talking to some players in the market and Hindustan Motors is one among them," he said.
The Isuzu top executive said the company is currently importing completely built units (CBUs) from Thailand and launched them in couple of Indian markets of Hyderabad and Coimbatore to understand the customer preferences and experience.
Further, Wakabayashi said Isuzu was also looking at supporting its Thailand manufacturing facility by exporting cost competitive quality automobile components procured from the Indian market.
Domestic pharma sales grow 7.7% in February
New Delhi: After a recovery in January, drug sales to retailer rose by a modest 7.7 per cent in February, according to a data compiled by market research firm AIOCD AWACS.
This was probably due to a high base given the strong performance last year and higher substitution of branded drugs with their unbranded equivalents.
While 59 out of the top 150 companies managed to grow faster than the industry average, 51 companies reported year-on-year decline in sales during the month.
Among the listed companies, Zydus Cadila topped the list recording 25.3 per cent growth in February. Other companies that managed to grow faster than the industry include Sun Pharma (14.8 per cent), JB Chemicals (13.7 per cent), IPCA Labs (13 per cent), Lupin (11.6 per cent), Glenmark (10.3 per cent) and Cipla (9 per cent).
Even as AstraZeneca (26.8 per cent decline) continued to witness decline for over a year now, Claris topped the losers’ list reporting a 55.9 per cent year-on-year decline in sales. Other listed companies such as Orchid Pharma (26.2 per cent decline), Ind Swift (14.4 per cent), Panacea (8.1 per cent) and Indoco Remedies (2.4 per cent) also figure in the losers’ list.
Anti-infective drugs which account for almost 18 per cent of the market grew at a tardy 5.1 per cent during the month.
Drugs used to treat chronic diseases such as cardio-vascular disorders and diabetes grew by a slow 8.2 per cent and 9.5 per cent, respectively.
This is lower than the healthy double digit growth witnessed in the last few months. But, drugs catering to therapies such as gynaecology (10.8 per cent) and Ophthalmology (10.7 per cent) grew faster than the market.
This was probably due to a high base given the strong performance last year and higher substitution of branded drugs with their unbranded equivalents.
While 59 out of the top 150 companies managed to grow faster than the industry average, 51 companies reported year-on-year decline in sales during the month.
Among the listed companies, Zydus Cadila topped the list recording 25.3 per cent growth in February. Other companies that managed to grow faster than the industry include Sun Pharma (14.8 per cent), JB Chemicals (13.7 per cent), IPCA Labs (13 per cent), Lupin (11.6 per cent), Glenmark (10.3 per cent) and Cipla (9 per cent).
Even as AstraZeneca (26.8 per cent decline) continued to witness decline for over a year now, Claris topped the losers’ list reporting a 55.9 per cent year-on-year decline in sales. Other listed companies such as Orchid Pharma (26.2 per cent decline), Ind Swift (14.4 per cent), Panacea (8.1 per cent) and Indoco Remedies (2.4 per cent) also figure in the losers’ list.
Anti-infective drugs which account for almost 18 per cent of the market grew at a tardy 5.1 per cent during the month.
Drugs used to treat chronic diseases such as cardio-vascular disorders and diabetes grew by a slow 8.2 per cent and 9.5 per cent, respectively.
This is lower than the healthy double digit growth witnessed in the last few months. But, drugs catering to therapies such as gynaecology (10.8 per cent) and Ophthalmology (10.7 per cent) grew faster than the market.
15780 off-grid SPV power plants sanctioned in 2012-13
New Delhi: The Ministry has sanctioned 15780 off-grid solar photovoltaic (SPV) power plants of total capacity of 13.25 MWp to be installed on individual houses in the country during 2012-13.
Under the Off-grid and Decentralized Solar Applications Scheme of Jawaharlal Nehru National Solar Mission the Ministry of New & Renewable Energy is providing a subsidy of 30% of the project cost limited to Rs. 72 per Wp for installation of standalone power plants having module capacity upto 1 kWp on the roof tops of individual houses in the country including rural areas.
This information was given by Minister for New & Renewable Energy, Dr. Farooq Abdullah in Lok Sabha today.
Under the Off-grid and Decentralized Solar Applications Scheme of Jawaharlal Nehru National Solar Mission the Ministry of New & Renewable Energy is providing a subsidy of 30% of the project cost limited to Rs. 72 per Wp for installation of standalone power plants having module capacity upto 1 kWp on the roof tops of individual houses in the country including rural areas.
This information was given by Minister for New & Renewable Energy, Dr. Farooq Abdullah in Lok Sabha today.
Favourable demographics make India an attractive destination for M&A activities: E&Y
New Delhi: Favourable demographics and growth opportunities are the factors that make India an “attractive” destination for merger and acquisition (M&A) activities across diverse sectors including consumer goods and pharmaceuticals, according to Ernst & Young (E&Y), a global consultancy.
“Catering to a growing, expanding and spending population is what every organisation wants to do. So, there is a lot of interest from outside India to come inbound,” as per Ms Phillipa McCrostie, Global Vice Chair (Transaction Advisory Services), E&Y.
“I don’t think India’s growth is based on one factor or bubble that has evaporated and gone away. It is exciting time in India for M&A growth,” Ms McCrostie added.
India’s wonderful population and demographics are attracting a huge amount of interest around industries such as consumer goods, pharmaceuticals and life sciences, among others.
She expects India to continue to be an attractive M&A destination in a sustainable way going forward as there is widespread interest from the US, Europe and others.
She noted that the country is becoming all the more attractive destination with reforms coming through.
“India has to be one of the most attractive investment destinations. Look historically, what India has achieved... If you compare other countries, many don’t have the population, stability that India has been trying to produce in the last ten years,” she added.
McCrostie said that investor pressure is also steadily growing over the time on companies’ growth strategies. “It is translating into what we see as green shoots for some more M&A activities. So to be clear, no boom activity, no bubble activity... But a slow, steady increase in M&A activities is one of the means of achieving growth,” she said.
The “green shoots” for M&A also depends on sectors as well as geographies, she added. Going by E&Y, India is poised to be among the top five M&A destinations this year.
In 2012, BRIC (Brazil, Russia, India and China) nations together accounted for about 15 per cent of global M&A market by value.
“Catering to a growing, expanding and spending population is what every organisation wants to do. So, there is a lot of interest from outside India to come inbound,” as per Ms Phillipa McCrostie, Global Vice Chair (Transaction Advisory Services), E&Y.
“I don’t think India’s growth is based on one factor or bubble that has evaporated and gone away. It is exciting time in India for M&A growth,” Ms McCrostie added.
India’s wonderful population and demographics are attracting a huge amount of interest around industries such as consumer goods, pharmaceuticals and life sciences, among others.
She expects India to continue to be an attractive M&A destination in a sustainable way going forward as there is widespread interest from the US, Europe and others.
She noted that the country is becoming all the more attractive destination with reforms coming through.
“India has to be one of the most attractive investment destinations. Look historically, what India has achieved... If you compare other countries, many don’t have the population, stability that India has been trying to produce in the last ten years,” she added.
McCrostie said that investor pressure is also steadily growing over the time on companies’ growth strategies. “It is translating into what we see as green shoots for some more M&A activities. So to be clear, no boom activity, no bubble activity... But a slow, steady increase in M&A activities is one of the means of achieving growth,” she said.
The “green shoots” for M&A also depends on sectors as well as geographies, she added. Going by E&Y, India is poised to be among the top five M&A destinations this year.
In 2012, BRIC (Brazil, Russia, India and China) nations together accounted for about 15 per cent of global M&A market by value.
Friday, March 15, 2013
Infosys bags BMW contract for infra management services
Bengaluru: In a deal that will help it gain more share in the European market, Infosys announced that it has won a five-year deal from BMW Group for application basis infrastructure management services.
Infosys will open a new delivery centre in Munich as part of its global service delivery team and cover services, such as maintenance and operations of the web infrastructure, content management, SAP Basis operations, IT for IT (the company's internal IT system) and the business intelligence systems of BMW Group.
The second-largest IT services firm in the country garners around 24% of the revenues from Europe, where it is looking for more growth.
Last September, it acquired Swiss consulting firm, Lodestone, for over $350 million (Rs 1,930 crore). In the third quarter of fiscal 2013, the revenues from Euro went up 16.6% sequentially and 14.4% on constant currency terms. This was a reflection of the business gain through the acquisition.
"Our new delivery centre in Munich will help us achieve this objective for BMW and allow us to expand our local presence in a key growth market," said Ashok Vemuri, global head of manufacturing and engineering services at Infosys,
Overall Europe contributes a little under 30% of the $76 billion in exports that the Indian IT-BPO industry is expected to clock in the year to March 2013, with most of it coming from the UK and Nordic region
Infosys will open a new delivery centre in Munich as part of its global service delivery team and cover services, such as maintenance and operations of the web infrastructure, content management, SAP Basis operations, IT for IT (the company's internal IT system) and the business intelligence systems of BMW Group.
The second-largest IT services firm in the country garners around 24% of the revenues from Europe, where it is looking for more growth.
Last September, it acquired Swiss consulting firm, Lodestone, for over $350 million (Rs 1,930 crore). In the third quarter of fiscal 2013, the revenues from Euro went up 16.6% sequentially and 14.4% on constant currency terms. This was a reflection of the business gain through the acquisition.
"Our new delivery centre in Munich will help us achieve this objective for BMW and allow us to expand our local presence in a key growth market," said Ashok Vemuri, global head of manufacturing and engineering services at Infosys,
Overall Europe contributes a little under 30% of the $76 billion in exports that the Indian IT-BPO industry is expected to clock in the year to March 2013, with most of it coming from the UK and Nordic region
Perfetti may set up plant in eastern India
New Delhi: Perfetti India is looking to set up a fourth plant to expand its manufacturing capacity.
Talking at the sidelines of his book launch, Stefano Pelle, Executive Vice-President and Chief Operating Officer, Perfetti Van Melle Group, South Asia, West Asia and Africa, said the company could possibly look at eastern India for the new plant, but added that the plant location had not been finalised yet.
The company currently manufactures in three locations -- Manesar (Haryana), Chennai and Rudrapur (Uttarakhand).
It owns candy and chewing gum brands that include Center Fresh, Alpenliebe, Happydent , Mentos, Big Babol, Chocoliebe, Chlormint.
The company has also entered the salty snack market with its brand Stop Not.
Asked if the new plant would be set up for new products, Pelle said the company needed to increase capacity for its current products, too.
“We have a lot of plans for the country. India is a very important market and the second largest market for the group and it has a huge potential,” Pelle said.
He added that the company had launched several new products in recent times that had been received well in the Indian market.
But, he did not give any specific details about future product launches stating that the company’s plate is already full with its current brands.
Talking at the sidelines of his book launch, Stefano Pelle, Executive Vice-President and Chief Operating Officer, Perfetti Van Melle Group, South Asia, West Asia and Africa, said the company could possibly look at eastern India for the new plant, but added that the plant location had not been finalised yet.
The company currently manufactures in three locations -- Manesar (Haryana), Chennai and Rudrapur (Uttarakhand).
It owns candy and chewing gum brands that include Center Fresh, Alpenliebe, Happydent , Mentos, Big Babol, Chocoliebe, Chlormint.
The company has also entered the salty snack market with its brand Stop Not.
Asked if the new plant would be set up for new products, Pelle said the company needed to increase capacity for its current products, too.
“We have a lot of plans for the country. India is a very important market and the second largest market for the group and it has a huge potential,” Pelle said.
He added that the company had launched several new products in recent times that had been received well in the Indian market.
But, he did not give any specific details about future product launches stating that the company’s plate is already full with its current brands.
HPCL's Rs 37,320-cr refinery project to come up in Rajasthan
Coimbatore: PSU oil major Hindustan Petroleum Corporation Ltd (HPCL) signed an MoU today in Jaipur with the Rajasthan Government for the establishment of a 9 MMTPA refinery –cum-petrochemical complex at an investment of Rs 37,230 crore.
HPCL is setting up the complex in Barmer district in association with Rajasthan State Refinery Ltd (RSRL) and others and it would go on stream in about four years.
In a statement to the stock exchanges, HPCL said the refinery would process the Rajasthan crude in addition to crude from other sources. The MoU was signed by Sudhansh Pant, Secretary, Mines & Petroleum of Government of Rajasthan and K.Murali, Director (Refineries), HPCL.
Veerappa Moily, Union Minister of Petroleum & Natural Gas, who was present on the occasion, expressed confidence that the refinery would become a catalyst for the development of downstream and other service sector industries in the area. He said the planned refinery project was the first project that was specifically designed to process indigenous crude.
Rajasthan Chief Minister Ashok Gehlot, lauding HPCL for its initiative, was confident that it would address the environmental issues and contribute to the community development in the region.
Among others who attended the MoU signing ceremony were Lakshmi Panabaka, Union Minister of State for Petroleum and Natural Gas, Rajasthan Ministers, and senior officials of GoI, Rajasthan Government, HPCL, EIL and ONGC.
HPCL is setting up the complex in Barmer district in association with Rajasthan State Refinery Ltd (RSRL) and others and it would go on stream in about four years.
In a statement to the stock exchanges, HPCL said the refinery would process the Rajasthan crude in addition to crude from other sources. The MoU was signed by Sudhansh Pant, Secretary, Mines & Petroleum of Government of Rajasthan and K.Murali, Director (Refineries), HPCL.
Veerappa Moily, Union Minister of Petroleum & Natural Gas, who was present on the occasion, expressed confidence that the refinery would become a catalyst for the development of downstream and other service sector industries in the area. He said the planned refinery project was the first project that was specifically designed to process indigenous crude.
Rajasthan Chief Minister Ashok Gehlot, lauding HPCL for its initiative, was confident that it would address the environmental issues and contribute to the community development in the region.
Among others who attended the MoU signing ceremony were Lakshmi Panabaka, Union Minister of State for Petroleum and Natural Gas, Rajasthan Ministers, and senior officials of GoI, Rajasthan Government, HPCL, EIL and ONGC.
Subscribe to:
Posts (Atom)