Barmer: Cairn India, a Vedanta Group Company, on Saturday said it would invest $2 billion in the next two years to develop its Barmer block in Rajasthan.
“In the next couple of years, we are looking at around $2 billion investment. In the next five years, we are looking to drill at least 500 wells a year. The resource base allows production of 300,000 barrels per day ,” said P. Elango, member of the board, Cairn India.
Cairn India, promoted by London-based billionaire Anil Agarwal, said the exit production rate for 2013-14 is expected to be 200,000-215,000 bpd. The block is jointly held by Cairn India, which has 70 per cent stake, and public sector explorer ONGC, which holds the remaining 30 per cent.
In the long-run, output from Barmer may go up to 500,000 bpd and to drill that much oil, nearly Rs 10,000 crore of investments may be poured in, said Anil Agarwal, Executive Chairman, Vedanta Resources.
Gas and crude sales
Cairn India and ONGC on Saturday also announced the commercial sale of natural gas. They said production has started from the Aishwariya field .
“Initial commercial volumes will be about 5 mmscf per day,” Cairn said in a statement. Elango said the Government would nominate buyers for natural gas from the Barmer block.
Veeraapa Moily, Petroleum Minister, said gas would be sold at $5/mBtu.
The block produces about 30 mmscf of gas a day from the Raageshwari deep gas field and the Mangala and Bhagyam fields. The gas produced along with crude oil is used to fire its 48 MW captive power station at its Mangala processing terminal.
At its peak, Aishwariya is expected to add 10,000 barrels of oil per day (bpd) to the current output of 175,000 barrels from the Mangala, Saraswati and Bhagyam fields in the block.
Oil output from the Rajasthan block contributes over 20 per cent to the nation’s oil production. India meets close to 80 per cent of its crude oil requirement through imports.
The block has contributed Rs 19,000 crore (cumulative) to the exchequer in the form of royalty and levies. The field, since it began production in August 2009, has replaced imports of about Rs 50,000 crore.
“Everyday, Cairn India pays a royalty of Rs 15 crore to Rajasthan,” Elango said.
Infrastructure
Elango said the explorer is in talks with the Government of Rajasthan to develop gas infrastructure in the State. “We have formally submitted our expression of interest. The State has a joint venture with GAIL. The new gas can push the project,” he added.
Success in my Habit
Tuesday, March 26, 2013
Government issues norms for setting up manufacturing zones
New Delhi: The government has issued norms for setting up of manufacturing zones under the national manufacturing policy, giving them many benefits, including tax sops.
Units located in the National Investment & Manufacturing Zones (NIMZs) will be exempt from capital gains tax on sale of plant and machinery, the guidelines issued by the Department of Industrial Policy and Promotion said on Friday.
NIMZs will be eligible for Viability Gap Funding, support from the government to make projects commercially viable, of up to 20% of the project cost.
The national manufacturing policy seeks to enhance the share of manufacturing in GDP to 25% from the current about 14% within a decade and in the process create 100 million jobs in this period.
To achieve these goals, the policy will largely rely on NIMZs, which are envisaged as integrated industrial townships of at least 50 sq km (5,000 hectares) with state-of- the-art infrastructure. A minimum of 30% of the total land area of NIMZs will be available to manufacturing units.
The capital gains tax exemption will be available only if the proceeds are re-invested within a period of three years for purchase of new plant and machinery in any other unit located in the same NIMZ or another NIMZ, the guidelines said. NIMZs will also be allowed to raise funds through external commercial borrowing for developing the internal infrastructure of the NIMZs. The government will also explore the possibility of soft loans from multilateral institutions for funding infrastructure development in NIMZ.
Units located in the National Investment & Manufacturing Zones (NIMZs) will be exempt from capital gains tax on sale of plant and machinery, the guidelines issued by the Department of Industrial Policy and Promotion said on Friday.
NIMZs will be eligible for Viability Gap Funding, support from the government to make projects commercially viable, of up to 20% of the project cost.
The national manufacturing policy seeks to enhance the share of manufacturing in GDP to 25% from the current about 14% within a decade and in the process create 100 million jobs in this period.
To achieve these goals, the policy will largely rely on NIMZs, which are envisaged as integrated industrial townships of at least 50 sq km (5,000 hectares) with state-of- the-art infrastructure. A minimum of 30% of the total land area of NIMZs will be available to manufacturing units.
The capital gains tax exemption will be available only if the proceeds are re-invested within a period of three years for purchase of new plant and machinery in any other unit located in the same NIMZ or another NIMZ, the guidelines said. NIMZs will also be allowed to raise funds through external commercial borrowing for developing the internal infrastructure of the NIMZs. The government will also explore the possibility of soft loans from multilateral institutions for funding infrastructure development in NIMZ.
Govt eases norms to attract foreign investors
New Delhi: The government on Saturday announced simplification of removal of norms for foreign institutional investors (FIIs) to invest in government and corporate bonds, in its latest attempt to woo overseas investors to finance the widening current account deficit.
The move, which will be applicable from April 1, was among the major demands made by FIIs during their recent interaction with finance minister P Chidambaram and his team. From next month, the government, Sebi and the Reserve Bank of India (RBI) have decided to remove sub-limits for FIIs within the overall cap for bonds.
From now on, there will only be two ceilings — a $25-billion limit for investment in government securities that has been formed by merging g-secs (old) and g-secs (long term). In addition, there will be a $51-billion sub-limit for corporate bonds that will include the existing one for FIIs ($25 billion), qualified foreign investors ($1 billion) and $25 billion for FIIs in long term infrastructure bonds.
Chidambaram told the National Editors' Conference here that Sebi's current mechanism for allocating debt limits for corporate bonds will be replaced by the 'on tap system' that is used for infrastructure bonds. To make the regime more predictable, the government said that the corporate bond ceiling when 80% of the limit was exhausted.
In case of g-secs, however, the government appeared more cautious and decided to limit the annual enhancement within 5% of Centre's gross borrowings during a fiscal. The government has budgeted for borrowings of Rs 5.79 lakh crore, which means that the government can at best enhance the ceiling for the current fiscal by around $5 billion.
"The current account deficit (CAD) can be financed only through foreign inflows and that is why I am happy to announce a major rationalization of foreign investment in government securities and corporate bonds," the minister said. FII flows and foreign direct investment are crucial for India to fund its current account deficit that is expected to hit 4.5% of GDP during the current financial year. Large inflows would check against a steep depreciation of the rupee and ensure that there are sufficient foreign exchange reserves to cover for imports.
The move, which will be applicable from April 1, was among the major demands made by FIIs during their recent interaction with finance minister P Chidambaram and his team. From next month, the government, Sebi and the Reserve Bank of India (RBI) have decided to remove sub-limits for FIIs within the overall cap for bonds.
From now on, there will only be two ceilings — a $25-billion limit for investment in government securities that has been formed by merging g-secs (old) and g-secs (long term). In addition, there will be a $51-billion sub-limit for corporate bonds that will include the existing one for FIIs ($25 billion), qualified foreign investors ($1 billion) and $25 billion for FIIs in long term infrastructure bonds.
Chidambaram told the National Editors' Conference here that Sebi's current mechanism for allocating debt limits for corporate bonds will be replaced by the 'on tap system' that is used for infrastructure bonds. To make the regime more predictable, the government said that the corporate bond ceiling when 80% of the limit was exhausted.
In case of g-secs, however, the government appeared more cautious and decided to limit the annual enhancement within 5% of Centre's gross borrowings during a fiscal. The government has budgeted for borrowings of Rs 5.79 lakh crore, which means that the government can at best enhance the ceiling for the current fiscal by around $5 billion.
"The current account deficit (CAD) can be financed only through foreign inflows and that is why I am happy to announce a major rationalization of foreign investment in government securities and corporate bonds," the minister said. FII flows and foreign direct investment are crucial for India to fund its current account deficit that is expected to hit 4.5% of GDP during the current financial year. Large inflows would check against a steep depreciation of the rupee and ensure that there are sufficient foreign exchange reserves to cover for imports.
Government approves 12 proposals of foreign direct investment amounting to Rs 2609.27 crore approximately
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on February 13, 2013, the Government has approved 12 Proposals of Foreign Direct Investment amounting to Rs.2609.27 crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.02.2013 are as follows:
1. Following twelve (12) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (` in crore)
COMMERCE
1 M/s Promod S.A.S France Induction of foreign equity in the equity share capital of an Indian JV company proposed to be engaged in single brand retail trading. 29.69
2 M/s Le Creuset India Trading Pvt. Ltd. WOS of a foreign company to undertake the business of single brand retail trading. No fresh inflow
3 M/s Fossil India Pvt. Ltd. WOS of a foreign company to undertake the business of single brand retail trading. 22.53
4 M/s Decathlon Sports India Pvt. Ltd. Induction of foreign equity in the equity share capital of its WOS to undertake the business of single brand retail trading. 700.00
PHARMACEUTICALS
5 M/s Claris Otsuka Limited, Ahmedabad An existing Indian pharma company is hiving off its Infusions Business in to a new JV with FDI. 1050.00
INDUSTRIAL POLICY & PROMOTION
6 M/s Menarini Raunaq Pharma Ltd. Induction of foreign equity in an existing pharma sector company by its existing foreign promoter. 2.00
7 M/s Al Shukur Company for Engineering & Construction Ltd. Induction of further foreign capital contribution in an LLP engaged in engineering services. 0.90
ELECTRONICS & INFORMATION TECHNOLOGY
8 M/s Yalamanchili Software Export Ltd., Chennai Conversion of non-repatriable equity held by majority shareholder to repatriable equity and share swap of this holding to shares of a foreign company. Nil
FINANCIAL SERVICES
9 M/s Aon Holdings B.V., Netherlands Post facto approval for induction of foreign equity to carry out the business of Insurance broking, and risk advisory services. 0.65 (already brought)
COMMERCE
10 M/s ToCheungLee Stationery Mfg. Co. Pvt. Ltd., Delhi A foreign owned company engaging in manufacturing metal components for stationery item is collaborating with another company to set up an LLP to be engaged in the same business. 3.5
INDUSTRIAL POLICY & PROMOTION
11 M/s Glynwed Pipe Systems India Private Limited, Mumbai Foreign Owned Indian company to receive foreign investment for making downstream investments. 800.00
ECONOMIC AFFARIS (CM DIVISION)
12 M/s Gagil FDI Limited, Cyprus Transfer of shares of an Indian stock exchange from its present foreign holder, which is an FII, to another foreign company which is wholly owned subsidiary of the present foreign holder and which will be an FDI holding. No fresh inflow
2. The following nine (9) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s GeoPost S.A. France Acquisition of shares of an Indian company engaged in the business of commercial express and parcel delivery business segment.
2 Md. Rabiul Alam, Bangladesh To set up a new company in India with 100 percent FDI to carry out the business of production of engineering products.
3 M/s Sunil Hitech Engineers Limited, Nagpur To issue warrants to FIIs to carry out the business of execution of projects in the power and infrastructure sector.
4 M/s Vijay Television Pvt. Ltd. The existing domestic shareholding in the non-news channel business is being acquired by the foreign promoters.
5 M/s Sutures (I) Pvt. Ltd. Induction of foreign equity in an existing pharma sector company.
6 M/s DPD Continental Ltd. Increase in foreign equity participation from 60% to 100% to carry out the business of Courier services other than post.
7 M/s Selex Galileo Ltd., England To set up a JV to undertake the business of marketing, development, final assembly and test, system integration, in country support and other services to those products, primarily in defence electronics sector.
8 M/s Alliance Insurance Brokers Private Limited, Mumbai Induction of foreign equity by way of issue and transfer of equity shares to carry out the business of insurance broking.
9 M/s Shaastra Securities Trading Pvt. Ltd., Gurgaon To make downstream investment in the proposed Wholly Owned Subsidiary to undertake the activity of Commodity broking & trading in the commodity exchanges.
3. The following one (1) proposal has been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Erica Healthcare Pvt. Ltd., Mumbai Increase in foreign equity engaged in the pharmaceutical sector.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.02.2013 are as follows:
1. Following twelve (12) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (` in crore)
COMMERCE
1 M/s Promod S.A.S France Induction of foreign equity in the equity share capital of an Indian JV company proposed to be engaged in single brand retail trading. 29.69
2 M/s Le Creuset India Trading Pvt. Ltd. WOS of a foreign company to undertake the business of single brand retail trading. No fresh inflow
3 M/s Fossil India Pvt. Ltd. WOS of a foreign company to undertake the business of single brand retail trading. 22.53
4 M/s Decathlon Sports India Pvt. Ltd. Induction of foreign equity in the equity share capital of its WOS to undertake the business of single brand retail trading. 700.00
PHARMACEUTICALS
5 M/s Claris Otsuka Limited, Ahmedabad An existing Indian pharma company is hiving off its Infusions Business in to a new JV with FDI. 1050.00
INDUSTRIAL POLICY & PROMOTION
6 M/s Menarini Raunaq Pharma Ltd. Induction of foreign equity in an existing pharma sector company by its existing foreign promoter. 2.00
7 M/s Al Shukur Company for Engineering & Construction Ltd. Induction of further foreign capital contribution in an LLP engaged in engineering services. 0.90
ELECTRONICS & INFORMATION TECHNOLOGY
8 M/s Yalamanchili Software Export Ltd., Chennai Conversion of non-repatriable equity held by majority shareholder to repatriable equity and share swap of this holding to shares of a foreign company. Nil
FINANCIAL SERVICES
9 M/s Aon Holdings B.V., Netherlands Post facto approval for induction of foreign equity to carry out the business of Insurance broking, and risk advisory services. 0.65 (already brought)
COMMERCE
10 M/s ToCheungLee Stationery Mfg. Co. Pvt. Ltd., Delhi A foreign owned company engaging in manufacturing metal components for stationery item is collaborating with another company to set up an LLP to be engaged in the same business. 3.5
INDUSTRIAL POLICY & PROMOTION
11 M/s Glynwed Pipe Systems India Private Limited, Mumbai Foreign Owned Indian company to receive foreign investment for making downstream investments. 800.00
ECONOMIC AFFARIS (CM DIVISION)
12 M/s Gagil FDI Limited, Cyprus Transfer of shares of an Indian stock exchange from its present foreign holder, which is an FII, to another foreign company which is wholly owned subsidiary of the present foreign holder and which will be an FDI holding. No fresh inflow
2. The following nine (9) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s GeoPost S.A. France Acquisition of shares of an Indian company engaged in the business of commercial express and parcel delivery business segment.
2 Md. Rabiul Alam, Bangladesh To set up a new company in India with 100 percent FDI to carry out the business of production of engineering products.
3 M/s Sunil Hitech Engineers Limited, Nagpur To issue warrants to FIIs to carry out the business of execution of projects in the power and infrastructure sector.
4 M/s Vijay Television Pvt. Ltd. The existing domestic shareholding in the non-news channel business is being acquired by the foreign promoters.
5 M/s Sutures (I) Pvt. Ltd. Induction of foreign equity in an existing pharma sector company.
6 M/s DPD Continental Ltd. Increase in foreign equity participation from 60% to 100% to carry out the business of Courier services other than post.
7 M/s Selex Galileo Ltd., England To set up a JV to undertake the business of marketing, development, final assembly and test, system integration, in country support and other services to those products, primarily in defence electronics sector.
8 M/s Alliance Insurance Brokers Private Limited, Mumbai Induction of foreign equity by way of issue and transfer of equity shares to carry out the business of insurance broking.
9 M/s Shaastra Securities Trading Pvt. Ltd., Gurgaon To make downstream investment in the proposed Wholly Owned Subsidiary to undertake the activity of Commodity broking & trading in the commodity exchanges.
3. The following one (1) proposal has been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Erica Healthcare Pvt. Ltd., Mumbai Increase in foreign equity engaged in the pharmaceutical sector.
Friday, March 22, 2013
Mumbai among world’s 10 most pocket-friendly tourist destinations
New Delhi: Mumbai is among the 10 most affordable destinations, according to a cost comparison study on common incidental items and services that travellers purchase while staying at a hotel. The study was done by travel review Web site TripAdvisor.
The study, which covered four-star hotels in 46 destinations, found Africa as the most pocket-friendly for Indian travellers.
TripAdvisor’s TripIndex Room Service tracked against the rupee the combined cost of a club sandwich ordered on room service, a bottle of water, peanuts from mini bar, a mini bottle of vodka, a can of coke from the mini bar, and the dry cleaning of one shirt.
Nikhil Ganju, Country Manager, TripAdvisor (India), said, “While we bear in mind the cost of a room night when planning our travel, we often forget to account for incidentals such as in-room dining and laundry. Mumbai has emerged as the third-most affordable destination on the TripIndex Room Service. As the focus on in-bound tourism grows, this works in our favour since affordability has been an important factor in drawing leisure travellers to India.”
Ordering a club sandwich in Zurich can cost you as much as Rs 1,551.69 while in Sofia (Bulgaria) about Rs 294. A bottle of water can cost you Rs 435.15 in Oslo while Hong Kong and Kuala Lumpur offer free bottled water at the hotels. Peanuts from mini bar in Moscow could burn a hole in your pocket of about Rs 662.56 while you can get it for just about Rs 85.21 in Puerto Vallarta (Mexico). A can of coke from the hotel mini-bar will cost you a bomb in Oslo at Rs 421.61, while it is available nearly four times cheaper in Cape Town (Africa). A mini-bottle of vodka will cost you a little less than Rs 1,000 in Stockholm, while it is the cheapest at Rs 165.15 in Cape Town.
Just based on the price of the incidental costs, African cities such as Cape Town, Sharm el-Sheikh in Egypt and Marrakech (Morocco) emerged as the most affordable destination for Indian travellers.
In Asia, Jakarata and Taiwan are among the least expensive for Indian travellers. Meanwhile, European cities such as Paris, Stockholm, Oslo, Zurich and Helsinki emerged as the key expensive cities, while Istanbul, Budapest and Sofia (Bulgaria) emerged as relatively more affordable.
The study, which covered four-star hotels in 46 destinations, found Africa as the most pocket-friendly for Indian travellers.
TripAdvisor’s TripIndex Room Service tracked against the rupee the combined cost of a club sandwich ordered on room service, a bottle of water, peanuts from mini bar, a mini bottle of vodka, a can of coke from the mini bar, and the dry cleaning of one shirt.
Nikhil Ganju, Country Manager, TripAdvisor (India), said, “While we bear in mind the cost of a room night when planning our travel, we often forget to account for incidentals such as in-room dining and laundry. Mumbai has emerged as the third-most affordable destination on the TripIndex Room Service. As the focus on in-bound tourism grows, this works in our favour since affordability has been an important factor in drawing leisure travellers to India.”
Ordering a club sandwich in Zurich can cost you as much as Rs 1,551.69 while in Sofia (Bulgaria) about Rs 294. A bottle of water can cost you Rs 435.15 in Oslo while Hong Kong and Kuala Lumpur offer free bottled water at the hotels. Peanuts from mini bar in Moscow could burn a hole in your pocket of about Rs 662.56 while you can get it for just about Rs 85.21 in Puerto Vallarta (Mexico). A can of coke from the hotel mini-bar will cost you a bomb in Oslo at Rs 421.61, while it is available nearly four times cheaper in Cape Town (Africa). A mini-bottle of vodka will cost you a little less than Rs 1,000 in Stockholm, while it is the cheapest at Rs 165.15 in Cape Town.
Just based on the price of the incidental costs, African cities such as Cape Town, Sharm el-Sheikh in Egypt and Marrakech (Morocco) emerged as the most affordable destination for Indian travellers.
In Asia, Jakarata and Taiwan are among the least expensive for Indian travellers. Meanwhile, European cities such as Paris, Stockholm, Oslo, Zurich and Helsinki emerged as the key expensive cities, while Istanbul, Budapest and Sofia (Bulgaria) emerged as relatively more affordable.
Amway to foray into consumer durables business in India
Kolkata: In what it sees as a natural progression to growth in India, US-based Amway Corp, one of the world's largest direct selling companies, is planning to enter the consumer durables business by rolling out cookware, water purifiers and air purifiers, global president Douglas L. DeVos said.
The durables business of Amway globally contributes around 20% of its turnover, with brands like Amway Queen for cookware, Atmosphere for air purifiers and eSpring range of water purifiers. The largest sales contributor is the nutrition business led by the Nutrilite brand that accounts for 45% of revenue.
"The durable business is complicated since it requires capable manufacturing and service back-up. But it will be a natural progression for us to grow Amway in India," said DeVos, the youngest son of co-founder Rich DeVos.
The company's plans to enter the Rs 4,000 crore water purifier space is going to stir up excitement in a category that has seen recent expansion by leading companies such as Unilever, Tata Group, LG and Panasonic. Amway would even consider acquiring brands in the cookware or water purifier segment if it saw a strategic fit, DeVos said.
"India is currently the seventh largest market for Amway. It can potentially become the second largest after China due to sheer size of the population and with rapid expansion into newer categories driving the growth," said DeVos.
At present, India contributes 7% to Amway's global revenue. It is the 11th largest FMCG company in the country with revenue of Rs 2,288 crore in 2012. Its top brands include Nutrilite Protein, Nutrilite Daily and Glister and SA8.
DeVos makes an annual India visit. This year, he first flew into Chennai to oversee Amway's first proposed FMCG plant in the country built and then came to Kolkata on Tuesday evening. "The Chennai plant will primarily cater to the Indian market but we expect it will eventually become a global sourcing hub," said DeVos.
Amway wants to use India to expand into the SAARC region and enter markets like Pakistan, Bangladesh and Sri Lanka. "Hence, we want to rapidly expand the Indian operations so that it can become the hub," he said.
Amway is the largest direct selling company in the country and has been championing the cause of regulation. "We are presenting laws on direct selling in the US, Malaysia and Singapore to the Indian government. A regulation for the industry will help in legitimate growth and will remove the misconception with which our competitors misrepresent us," says DeVos.
The durables business of Amway globally contributes around 20% of its turnover, with brands like Amway Queen for cookware, Atmosphere for air purifiers and eSpring range of water purifiers. The largest sales contributor is the nutrition business led by the Nutrilite brand that accounts for 45% of revenue.
"The durable business is complicated since it requires capable manufacturing and service back-up. But it will be a natural progression for us to grow Amway in India," said DeVos, the youngest son of co-founder Rich DeVos.
The company's plans to enter the Rs 4,000 crore water purifier space is going to stir up excitement in a category that has seen recent expansion by leading companies such as Unilever, Tata Group, LG and Panasonic. Amway would even consider acquiring brands in the cookware or water purifier segment if it saw a strategic fit, DeVos said.
"India is currently the seventh largest market for Amway. It can potentially become the second largest after China due to sheer size of the population and with rapid expansion into newer categories driving the growth," said DeVos.
At present, India contributes 7% to Amway's global revenue. It is the 11th largest FMCG company in the country with revenue of Rs 2,288 crore in 2012. Its top brands include Nutrilite Protein, Nutrilite Daily and Glister and SA8.
DeVos makes an annual India visit. This year, he first flew into Chennai to oversee Amway's first proposed FMCG plant in the country built and then came to Kolkata on Tuesday evening. "The Chennai plant will primarily cater to the Indian market but we expect it will eventually become a global sourcing hub," said DeVos.
Amway wants to use India to expand into the SAARC region and enter markets like Pakistan, Bangladesh and Sri Lanka. "Hence, we want to rapidly expand the Indian operations so that it can become the hub," he said.
Amway is the largest direct selling company in the country and has been championing the cause of regulation. "We are presenting laws on direct selling in the US, Malaysia and Singapore to the Indian government. A regulation for the industry will help in legitimate growth and will remove the misconception with which our competitors misrepresent us," says DeVos.
Groupon opens R&D centre in Chennai
Chennai: Groupon’s R&D centre in Chennai builds tools and software for customer service, supply chain management and managing deals offered by merchants.
Started six months ago, the 25,000 sq ft facility, at an IT park in Chennai, employs 200 people. This is the company’s fifth R&D centre worldwide, after Chicago, Palo Alto, Santiago and Berlin, and was inaugurated formally today.
Groupon is an online commerce site that promotes deals and discounts from small merchants. Globally, the company has over 200 million subscribers. In India, Groupon has sold five lakh vouchers; 15,000 merchants are registered on the site.
Global online retailers eBay and Amazon also have development centres in Chennai.
Started six months ago, the 25,000 sq ft facility, at an IT park in Chennai, employs 200 people. This is the company’s fifth R&D centre worldwide, after Chicago, Palo Alto, Santiago and Berlin, and was inaugurated formally today.
Groupon is an online commerce site that promotes deals and discounts from small merchants. Globally, the company has over 200 million subscribers. In India, Groupon has sold five lakh vouchers; 15,000 merchants are registered on the site.
Global online retailers eBay and Amazon also have development centres in Chennai.
Software exports to LatAm nations to double in 2 years
Kolkata: India’s computer software and services export to Latin American countries would double in the next two years, D.K. Sareen, Executive Director, Electronics and Computer Software Export Promotion Council (ESC), said on Thursday.
In 2011-12, the export value stood at $563 million (approximately Rs 2,700 crore).
According to Sareen, the small-scale software and ITeS firms in India are looking forward to a substantial spending on information technology for developing the infrastructure for the upcoming Football World Cup and Olympics in Brazil.
“We have a lot of opportunities coming up in the Latin American countries. And, India has the potential to double its exports to these countries over the next two years,” Sareen told reporters here after inaugurating the 13th edition of IndiaSoft 2013 — an international IT exhibition and conference.
In 2011-12, the export value stood at $563 million (approximately Rs 2,700 crore).
According to Sareen, the small-scale software and ITeS firms in India are looking forward to a substantial spending on information technology for developing the infrastructure for the upcoming Football World Cup and Olympics in Brazil.
“We have a lot of opportunities coming up in the Latin American countries. And, India has the potential to double its exports to these countries over the next two years,” Sareen told reporters here after inaugurating the 13th edition of IndiaSoft 2013 — an international IT exhibition and conference.
Switzerland keen to strike ventures with Indian firms
Visakhapatnam: Visakhapatnam as a fast-developing city can look to Switzerland and the local companies can form joint ventures with Swiss companies in many sectors to mutual advantage, Bangalore-based Consulate-General of Switzerland Rolf Frei said.
He was interacting with the local industrialists and investors at a session organised here by the Vizagapatam Chamber of Commerce and Industry.
On his maiden visit to the city, he said he was very impressed with the facilities and the beauty of the city. “The way I am being received is quite amazing. The city and its people are very warm and beautiful,” he added.
Frei said the Switzerland Government was looking at strengthening the bilateral ties in trade and commerce.
The Consulate office was opened in Bangalore two years ago recognising the investment potential in and from South India.
Frei said they were looking at investment opportunities in tourism, infrastructure, information and communication technology, retail, life sciences, clean technologies, research and development and education.
“Many from South India are investing in Switzerland because it’s the gateway to the Europe and has excellent infrastructure and tax incentives,” he stated.
Biotech and IT offices have been opened with an investment of $1 billion by Indians in Switzerland. The Swiss investment in India is of the order of $4 billion.
Thirty Indian companies with interest in Europe have so far opened their offices in Switzerland.
“We have stable political environment, skilled manpower and excellent infrastructure. Low taxes are the main attraction,” he said.
Chamber president K. Ramabrahmam, Symbiosys CEO O. Naresh Kumar and others spoke on the advantages of investing in Visakhapatnam and urged the Consul-General to bring in a delegation of Swiss industrialists and others the next time with him to showcase Vizag.
He was interacting with the local industrialists and investors at a session organised here by the Vizagapatam Chamber of Commerce and Industry.
On his maiden visit to the city, he said he was very impressed with the facilities and the beauty of the city. “The way I am being received is quite amazing. The city and its people are very warm and beautiful,” he added.
Frei said the Switzerland Government was looking at strengthening the bilateral ties in trade and commerce.
The Consulate office was opened in Bangalore two years ago recognising the investment potential in and from South India.
Frei said they were looking at investment opportunities in tourism, infrastructure, information and communication technology, retail, life sciences, clean technologies, research and development and education.
“Many from South India are investing in Switzerland because it’s the gateway to the Europe and has excellent infrastructure and tax incentives,” he stated.
Biotech and IT offices have been opened with an investment of $1 billion by Indians in Switzerland. The Swiss investment in India is of the order of $4 billion.
Thirty Indian companies with interest in Europe have so far opened their offices in Switzerland.
“We have stable political environment, skilled manpower and excellent infrastructure. Low taxes are the main attraction,” he said.
Chamber president K. Ramabrahmam, Symbiosys CEO O. Naresh Kumar and others spoke on the advantages of investing in Visakhapatnam and urged the Consul-General to bring in a delegation of Swiss industrialists and others the next time with him to showcase Vizag.
Nasscom launches programme to incubate 10,000 start-ups
Bangalore: To give a boost to the entrepreneurial ecosystem in the country, Nasscom has announced the launch of ‘10,000 start-ups’ programme.
This programme aims to incubate, fund and mentor start-ups in the next 10 years.
While Nasscom has been running such entrepreneurial activities in the past, this time it has sought to involve all the stakeholders – from venture capitalists to product companies that can help foster the start-up ecosystem. They will be provided with tools consisting of hosting credits and other technology and business tools valued at $25000.
As a part of this, Nasscom has partnered by Indian Angel Network, Google, Microsoft and Verisign.
Further, the industry body has ambitious plans of creating $15 billion firms in the next 10 years, which eventually would be a part of the $300-billion Indian IT industry.
Som Mittal, President, Nasscom, said this will create a significant national impact on employment, GDP, innovation, entrepreneurship and will be vital to realise the industry vision.
Tech events
“Start-ups need handholding in the initial stages in areas like monetising of business, especially in technology and mentorship helps,” said M.K. Sridhar, Member-Secretary and executive director, Karnataka Knowledge Commission.
In line with this, the programme will facilitate 7,000 start-up-related events such as hackathons, investor roadshows and best practices workshops across 30 cities. Tech talks and white space discussions will help young entrepreneurs identify global technology trends and needs, according to Mittal.
While these are noteworthy objectives, some start-ups still are sceptical and concerned that this does not turn into a lobby for start-ups affiliating with the key technology partners.
“We are concerned that we might get sidelined if we are not working in areas that Microsoft and Google have interests,” said an educational start-up which works on open source technologies.
Further, Nasscom plans to create awareness about technology entrepreneurship as a career option. India has 3 million professionals working in the IT sector.
This programme aims to incubate, fund and mentor start-ups in the next 10 years.
While Nasscom has been running such entrepreneurial activities in the past, this time it has sought to involve all the stakeholders – from venture capitalists to product companies that can help foster the start-up ecosystem. They will be provided with tools consisting of hosting credits and other technology and business tools valued at $25000.
As a part of this, Nasscom has partnered by Indian Angel Network, Google, Microsoft and Verisign.
Further, the industry body has ambitious plans of creating $15 billion firms in the next 10 years, which eventually would be a part of the $300-billion Indian IT industry.
Som Mittal, President, Nasscom, said this will create a significant national impact on employment, GDP, innovation, entrepreneurship and will be vital to realise the industry vision.
Tech events
“Start-ups need handholding in the initial stages in areas like monetising of business, especially in technology and mentorship helps,” said M.K. Sridhar, Member-Secretary and executive director, Karnataka Knowledge Commission.
In line with this, the programme will facilitate 7,000 start-up-related events such as hackathons, investor roadshows and best practices workshops across 30 cities. Tech talks and white space discussions will help young entrepreneurs identify global technology trends and needs, according to Mittal.
While these are noteworthy objectives, some start-ups still are sceptical and concerned that this does not turn into a lobby for start-ups affiliating with the key technology partners.
“We are concerned that we might get sidelined if we are not working in areas that Microsoft and Google have interests,” said an educational start-up which works on open source technologies.
Further, Nasscom plans to create awareness about technology entrepreneurship as a career option. India has 3 million professionals working in the IT sector.
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