New Delhi: The country’s largest two-wheeler maker, Hero MotoCorp, on Monday said it had commenced operations in Africa, Latin and Central America.
Pawan Munjal, managing director & chief executive officer, Hero MotoCorp, said: “We have started despatches to our new international markets in Central and Latin America and Africa. Our first consignments of two-wheelers have already been shipped to Peru in Latin America, El Salvador, Guatemala and Honduras in Central America and to Burkina Faso and Ivory Coast in Africa.”
The company is set to despatch the first lot of two-wheelers to Kenya later this month.
It has already appointed new distributors and channel partners in these markets, where retail sales of the Hero two-wheelers is likely to commence in the first quarter of this financial year. Hero motorcycles to be sold in these markets include a mix of models from the 100cc and 125cc range.
Hero MotoCorp has earmarked Rs 1100 crore as capital expenditure for the current financial year. It includes an investment of about Rs 600 crore on the company’s upcoming fourth plant and global parts centre at Neemrana, and Rs 100-150 crore on a state-of-the-art integrated R&D centre at Kukas (near Jaipur in Rajasthan).
These initiatives are in line with Hero MotoCorp’s vision of reaching a total of 10-million unit volumes in a few years’ time, and garnering a million units — 10 per cent of that — from international business. The company currently registers around 2.5 per cent of its volumes from sales in overseas markets.
To meet this objective, the company has already short-listed as many as 30 countries across Latin America, Central America, Africa and South East Asia.
Colombia is the only country in Latin America where Hero MotoCorp currently exports to. The other international markets where Hero two-wheelers are sold include Sri Lanka, Bangladesh and Nepal.
Success in my Habit
Thursday, April 4, 2013
Govt plans truck terminal, logistics hub in Nellore district
Hyderabad: The Andhra Pradesh Government is planning to set up a dedicated truck terminal and logistics hub in Nellore district as part of the logistics requirement in the Bangalore-Chennai-Krishnapatnam port freight corridor.
The project, which will be taken up by the AP Industrial Infrastructure Corporation, with financial assistance from the Centre, is likely to become operational within a year. The facility will come up at Venkatachalam with an estimated investment of about Rs 40 crore.
“This corridor is experiencing increased movement of trucks and container vehicles flowing in and out of the Krishnapatnam and other non-major ports on the Andhra Pradesh coast. There is a need for a truck terminal and logistics hub,” J. Geetha Reddy, AP Minister for Major Industries, told media persons here today.
Currently, cargo-laden trucks are parked haphazardly in this region. The proposed terminal, to be set up over 51 acres, will initially provide basic logistics services and later add other services related to export and import of cargoes.
Krishnapatnam port, which has five multi-purpose berths with a draft of about 15 mts, handles a little over 16 million tonnes, as against the phase-I installed capacity of 25 mt.
The three non-major ports on the AP coast, including Gangavaram and Kakinada ports, together handle a throughput of 40 mt. A bulk of these cargoes moves down south, passing through the Bangalore-Chennai-Krishnapatnam port freight corridor.
In addition to these ports, another two are coming up at Machilipatnam, with a proposed initial capacity of 20 mt and Nizampatnam (15 mt).
“The land for the project has been acquired. The complex will be processing 300 tonnes of hides and skin per day. The Centre has released Rs 15 crore as grant, while the State Government released Rs 10 crore to start off the project,” Geetha Reddy said.
The project, which will be taken up by the AP Industrial Infrastructure Corporation, with financial assistance from the Centre, is likely to become operational within a year. The facility will come up at Venkatachalam with an estimated investment of about Rs 40 crore.
“This corridor is experiencing increased movement of trucks and container vehicles flowing in and out of the Krishnapatnam and other non-major ports on the Andhra Pradesh coast. There is a need for a truck terminal and logistics hub,” J. Geetha Reddy, AP Minister for Major Industries, told media persons here today.
Currently, cargo-laden trucks are parked haphazardly in this region. The proposed terminal, to be set up over 51 acres, will initially provide basic logistics services and later add other services related to export and import of cargoes.
Krishnapatnam port, which has five multi-purpose berths with a draft of about 15 mts, handles a little over 16 million tonnes, as against the phase-I installed capacity of 25 mt.
The three non-major ports on the AP coast, including Gangavaram and Kakinada ports, together handle a throughput of 40 mt. A bulk of these cargoes moves down south, passing through the Bangalore-Chennai-Krishnapatnam port freight corridor.
In addition to these ports, another two are coming up at Machilipatnam, with a proposed initial capacity of 20 mt and Nizampatnam (15 mt).
“The land for the project has been acquired. The complex will be processing 300 tonnes of hides and skin per day. The Centre has released Rs 15 crore as grant, while the State Government released Rs 10 crore to start off the project,” Geetha Reddy said.
Gail India books LNG output facility in US for 20 years
New Delhi: Gail India, the country's biggest gas utility, has booked 2.3 million tonnes of liquefied natural gas (LNG) production capacity in the US, from where it hopes to bring the scarce resource to India, company executives said.
It has signed a deal with US energy firm Dominion for using capacity at its Cove Point terminal at Lusby in Maryland. "Dominion is marketing 4.6 million tonnes per annum and Gail has booked 50% of such capacity for 20 years," the company said in a statement. A major Japanese buyer holds the balance capacity in the terminal.
Construction of the terminal is expected to start in 2014 and the liquefaction facilities will be commissioned by 2017, it said.
Cove Point will be a premier facility in terms of direct access to the Marcellus and Utica shale plays, two of the most prolific shale gas basins in North America, Gail said.
Gail plans to import natural gas from America and this project will help it in importing LNG, a company executive said.
"Gail has a positive outlook on Henry Hub-indexed LNG exports from the US and that has prompted us to sign this terminal service agreement, which follows our deal with Cheniere signed in 2011. The contracts signed with Cheniere and Dominion make Gail one of the largest Henry Hub LNG portfolio holders and provide us an opportunity to market about 6 mmtpa of LNG from the US," Gail chairman & managing director BC Tripathi said.This agreement will help Gail to procure its own natural gas and deliver it to the Cove Point pipeline for liquefaction at the terminal. "This would enhance Gail's scale of operations in the US where we already have a presence through our participation in a shale gas asset in the Eagle Ford basin. Our upstream acquisition efforts for gas sourcing and hedging would now intensify in the US," Tripathi said.
"This deal would also provide Gail with an opportunity to trade part of the volume in the international market apart from organising the ships required to transport the rest of the volume to India," he said.
It has signed a deal with US energy firm Dominion for using capacity at its Cove Point terminal at Lusby in Maryland. "Dominion is marketing 4.6 million tonnes per annum and Gail has booked 50% of such capacity for 20 years," the company said in a statement. A major Japanese buyer holds the balance capacity in the terminal.
Construction of the terminal is expected to start in 2014 and the liquefaction facilities will be commissioned by 2017, it said.
Cove Point will be a premier facility in terms of direct access to the Marcellus and Utica shale plays, two of the most prolific shale gas basins in North America, Gail said.
Gail plans to import natural gas from America and this project will help it in importing LNG, a company executive said.
"Gail has a positive outlook on Henry Hub-indexed LNG exports from the US and that has prompted us to sign this terminal service agreement, which follows our deal with Cheniere signed in 2011. The contracts signed with Cheniere and Dominion make Gail one of the largest Henry Hub LNG portfolio holders and provide us an opportunity to market about 6 mmtpa of LNG from the US," Gail chairman & managing director BC Tripathi said.This agreement will help Gail to procure its own natural gas and deliver it to the Cove Point pipeline for liquefaction at the terminal. "This would enhance Gail's scale of operations in the US where we already have a presence through our participation in a shale gas asset in the Eagle Ford basin. Our upstream acquisition efforts for gas sourcing and hedging would now intensify in the US," Tripathi said.
"This deal would also provide Gail with an opportunity to trade part of the volume in the international market apart from organising the ships required to transport the rest of the volume to India," he said.
Indian Railways enter one billion tonne select club after exceeding revised freight loading target for the year 2012-13
China, Russia& USA are the Other Members of this Club
Railway Minister Congratulates Railwaymen for this Milestone Achievement
New Delhi: The Indian Railways achieved yet another significant milestone when it entered the one billion tonne select club in freight movement joining Chinese, Russian and USA railways. In 2012-13, Indian Railways have been able to achieve an originating freight loading of around 1010 million tonnes (i.e. one billion plus) which shows an incremental loading of 40 million tonnes (4.1% growth) over the last financial year.
Shri Pawan Kumar Bansal has congratulated Railwaymen for this achievement. In a message to them, he said it is really creditable to achieve this significant freight loading despite present economic scenario the world over. The Minister pointed out that Indian Railways will play the role of engine of growth for country’s economy.
The Railway Minister Shri Pawan Kumar Bansal had announced in his 2013-14 Rail Budget speech that Indian Railways is poised to enter the one billion tonne select club. Indian Railways did achieve this mile stone despite the present industrial growth in the country. The achievement is more than the revised target of 1007 million tonnes fixed for the year 2012-13.
It may be worthwhile to mention that the economic growth in the country has been sluggish in 2012-13 and it is estimated that the GDP growth would be in the range of 5%. The Index of Industrial Production (IIP) growth during the period April-December in 2012-13 has been 0.7%. The growth in the INDEX OF 8 CORE INFRASTRUCTURE INDUSTRIES has been 3.3% during April-December, 2012-13. Demand for Railway transportation services is a derived demand with a direct co-relation to the IIP growth in the country, especially the growth in the core infrastructure industries.
Under the freight loading strategy adopted by Indian Railways, special focus was given to enhancing evacuation of coal from Coal India Limited (CIL) sources and during the month of March’13, on an average 228 rakes/day were loaded from CIL sources. If the washed coal from coal sourced from CIL is included, on an average 247 rakes/day were loaded during March’13. Due to increased evacuation of coal by Railways, Coal India has been able to achieve an off-take of 465 million tonnes of coal, even though its production was only 452 million tonnes in 2012-13. There has been a draw down of 13 million tonnes of stocks with Coal India and its pithead stocks have reduced to 57.9 million tonnes as on 1st April 2013 as against 70.9 million tonnes as on 1st April 2012. Increased transportation of coal by Railways has facilitated building up of coal stocks with Thermal Power Houses in the country to 20 million tonnes as on 1st April 2013 as against 14.7 million tonnes as on 1st April 2012. Indian Railways also transported 39.29 million tonnes of foodgrains on Food Corporation of India’s account in 2012-13
Railway Minister Congratulates Railwaymen for this Milestone Achievement
New Delhi: The Indian Railways achieved yet another significant milestone when it entered the one billion tonne select club in freight movement joining Chinese, Russian and USA railways. In 2012-13, Indian Railways have been able to achieve an originating freight loading of around 1010 million tonnes (i.e. one billion plus) which shows an incremental loading of 40 million tonnes (4.1% growth) over the last financial year.
Shri Pawan Kumar Bansal has congratulated Railwaymen for this achievement. In a message to them, he said it is really creditable to achieve this significant freight loading despite present economic scenario the world over. The Minister pointed out that Indian Railways will play the role of engine of growth for country’s economy.
The Railway Minister Shri Pawan Kumar Bansal had announced in his 2013-14 Rail Budget speech that Indian Railways is poised to enter the one billion tonne select club. Indian Railways did achieve this mile stone despite the present industrial growth in the country. The achievement is more than the revised target of 1007 million tonnes fixed for the year 2012-13.
It may be worthwhile to mention that the economic growth in the country has been sluggish in 2012-13 and it is estimated that the GDP growth would be in the range of 5%. The Index of Industrial Production (IIP) growth during the period April-December in 2012-13 has been 0.7%. The growth in the INDEX OF 8 CORE INFRASTRUCTURE INDUSTRIES has been 3.3% during April-December, 2012-13. Demand for Railway transportation services is a derived demand with a direct co-relation to the IIP growth in the country, especially the growth in the core infrastructure industries.
Under the freight loading strategy adopted by Indian Railways, special focus was given to enhancing evacuation of coal from Coal India Limited (CIL) sources and during the month of March’13, on an average 228 rakes/day were loaded from CIL sources. If the washed coal from coal sourced from CIL is included, on an average 247 rakes/day were loaded during March’13. Due to increased evacuation of coal by Railways, Coal India has been able to achieve an off-take of 465 million tonnes of coal, even though its production was only 452 million tonnes in 2012-13. There has been a draw down of 13 million tonnes of stocks with Coal India and its pithead stocks have reduced to 57.9 million tonnes as on 1st April 2013 as against 70.9 million tonnes as on 1st April 2012. Increased transportation of coal by Railways has facilitated building up of coal stocks with Thermal Power Houses in the country to 20 million tonnes as on 1st April 2013 as against 14.7 million tonnes as on 1st April 2012. Indian Railways also transported 39.29 million tonnes of foodgrains on Food Corporation of India’s account in 2012-13
Singapore becoming favourable investment destination for Indian companies
New Delhi: Singapore is increasingly popular becoming a popular destination among Indian companies keen on globalising their businesses. “Singapore is seen (by Indian companies) as home away from home for their business growth on the international front because Asia is booming,” according to Mr Lee Eng Keat, International Director at Singapore’s Economic Development Board (EDB). So far, Indian companies have invested US$ 14.11 billion during 2008-09 and 2011-12 in Singapore, said Mr Keat.
Several IT companies will accompany the other Indian enterprises already operating out of the city state. In addition, an Indian pharmaceutical major plans to set up its regional office in Singapore this year. “This year we will be garnering more Indian IT investments into Singapore as well as potentially a pharmaceutical project as well,” said Mr Keat. However, the name of pharma company was not disclosed.
Mr Keat was confident that more and more bio-pharmaceutical and pharmaceutical companies would be locating their regional offices in Singapore.
The advance levels of medical, diseases and drug researches undertaken by Singapore-based institutes would support Indian pharma companies’ global market plans.
Singapore was inviting international corporations in the field of pharmaceuticals to set up operations and business here, Mr Keat added.
“We do feel that there are groups of companies in India that are looking into innovative drug developments and formulation capabilities and delivery mechanism,” said Mr Keat.
More than 4,500 Indian companies have set up operations in Singapore to globalise their businesses or trades, making it the largest business community in corporate Singapore, ahead of the Chinese, Malaysians and Indonesians.
Indian companies are looking at advantages of Singapore’s free trade agreements with China, Australia and Southeast Asia. These treaties will enable them to lower the tariff for their exports of goods into these markets. Singapore offers basic financing need to these companies.
Mr Keat observed India was looking to increase its trade with China, and pointed out that Singapore offered one of the most competitive foreign exchange options, including Renminbi/Yuan (RMB). Singapore has recently been acknowledged asthe second clearing centre for RMB.
China appointed the Industrial and Commercial Bank of China Singapore branch as the clearing bank for RMB in Singapore in February 2013.
Mr Keat highlighted options of Singapore’s other financial capabilities including convertible bonds, currency hedging and participation in the equity markets.
The top Indian companies operating out of Singapore, includes Tata Consultancy Services (TCS) and HCL Technologies as well as infrastructure group Punj Lloyd, highlighted Mr Keat.
“These companies see Singapore as a home for innovation. They are actually creating new solutions for their global clients,” he added.
These companies have also built their skilled manpower from the cosmopolitan workforce in Singapore and international operations, said Mr Keat.
TCS had recruited its top management from Singapore for setting up operations in China, he added.
Several IT companies will accompany the other Indian enterprises already operating out of the city state. In addition, an Indian pharmaceutical major plans to set up its regional office in Singapore this year. “This year we will be garnering more Indian IT investments into Singapore as well as potentially a pharmaceutical project as well,” said Mr Keat. However, the name of pharma company was not disclosed.
Mr Keat was confident that more and more bio-pharmaceutical and pharmaceutical companies would be locating their regional offices in Singapore.
The advance levels of medical, diseases and drug researches undertaken by Singapore-based institutes would support Indian pharma companies’ global market plans.
Singapore was inviting international corporations in the field of pharmaceuticals to set up operations and business here, Mr Keat added.
“We do feel that there are groups of companies in India that are looking into innovative drug developments and formulation capabilities and delivery mechanism,” said Mr Keat.
More than 4,500 Indian companies have set up operations in Singapore to globalise their businesses or trades, making it the largest business community in corporate Singapore, ahead of the Chinese, Malaysians and Indonesians.
Indian companies are looking at advantages of Singapore’s free trade agreements with China, Australia and Southeast Asia. These treaties will enable them to lower the tariff for their exports of goods into these markets. Singapore offers basic financing need to these companies.
Mr Keat observed India was looking to increase its trade with China, and pointed out that Singapore offered one of the most competitive foreign exchange options, including Renminbi/Yuan (RMB). Singapore has recently been acknowledged asthe second clearing centre for RMB.
China appointed the Industrial and Commercial Bank of China Singapore branch as the clearing bank for RMB in Singapore in February 2013.
Mr Keat highlighted options of Singapore’s other financial capabilities including convertible bonds, currency hedging and participation in the equity markets.
The top Indian companies operating out of Singapore, includes Tata Consultancy Services (TCS) and HCL Technologies as well as infrastructure group Punj Lloyd, highlighted Mr Keat.
“These companies see Singapore as a home for innovation. They are actually creating new solutions for their global clients,” he added.
These companies have also built their skilled manpower from the cosmopolitan workforce in Singapore and international operations, said Mr Keat.
TCS had recruited its top management from Singapore for setting up operations in China, he added.
Monday, April 1, 2013
Gandhigram Rural Institute, CII pact
Madurai: Gandhigram Rural Institute (GRI) at Gandhigram in Dindigul district, near here and the Confederation of Indian Industry (CII)-Institute of Logistics have signed a memorandum of understanding (MoU) to work on focussed education programme, to encourage joint research initiatives and establish knowledge partnerships.
According to GRI ‘s N. Narayanaswamy, at present, rural logistics and supply chain management is one of the emerging areas, possessing lot of avenues for accelerated rural economic growth.
The GRI will work in rural logistics and supply chain-based activities such as structured training, faculty exchange, sharing of resources and facilities, short-term courses and mega events, partnering in rural projects and joint efforts on vocational training, he added.
The MoU was signed by Vice-Chancellor M.S. Ramasamy and K.V. Mahidhar. Head , CII, Chennai.
According to GRI ‘s N. Narayanaswamy, at present, rural logistics and supply chain management is one of the emerging areas, possessing lot of avenues for accelerated rural economic growth.
The GRI will work in rural logistics and supply chain-based activities such as structured training, faculty exchange, sharing of resources and facilities, short-term courses and mega events, partnering in rural projects and joint efforts on vocational training, he added.
The MoU was signed by Vice-Chancellor M.S. Ramasamy and K.V. Mahidhar. Head , CII, Chennai.
NTPC commissions its first solar power plant at Dadri
New Delhi: NTPC, the largest coal based power producer of the country commissioned it first solar power project. Its 5mwp (megawatt-peak) solar photo-voltaic (pv) plant at the Dadri thermal power station will start functioning from March 30 thwith an estimated annual generation of 7.26 million units.
The total project capital cost is put at Rs. 48.59 crore. Wipro limited has designed the project over 27 acres of land within the premises of existing NTPC Dadri plant.
The power generated by the solar plant will fed in the gas-based Dadri plant's transmission line through a series of inverters and step-up transformers. This would be further transmitted to the grid. The beneficiary of the project is GRIDCO ltd. in Orissa.
NTPC hopes to reduce carbon emission by the rate of 0.82 million tonnes /mw-hour and thus help in environment protection. NTPC plans to add 20mw of solar pv during the next fiscal.
The company has also installed a weather station in the solar pv area to record the readings for solar insulation, ambient temperature & wind speed to monitor the generation performance of solar plant.
The total project capital cost is put at Rs. 48.59 crore. Wipro limited has designed the project over 27 acres of land within the premises of existing NTPC Dadri plant.
The power generated by the solar plant will fed in the gas-based Dadri plant's transmission line through a series of inverters and step-up transformers. This would be further transmitted to the grid. The beneficiary of the project is GRIDCO ltd. in Orissa.
NTPC hopes to reduce carbon emission by the rate of 0.82 million tonnes /mw-hour and thus help in environment protection. NTPC plans to add 20mw of solar pv during the next fiscal.
The company has also installed a weather station in the solar pv area to record the readings for solar insulation, ambient temperature & wind speed to monitor the generation performance of solar plant.
MIT looks at boosting research ties with India
New Delhi: Massachusetts Institute of Technology (MIT) is keen on developing collaborations with Indian institutes to further the research being undertaken in India, said Rafael Reif, President, MIT.
Reif, who was addressing the Assocham-Rai Foundation Talk, said the institute believed in developing partnerships that would be mutually beneficial and make both parties stronger.
However, he added that MIT was not looking at starting a campus in India.
“There are important global challenges that MIT wants to work on,” Reif said, adding that the institute was identifying institutions in India to collaborate with. He said MIT was open to working with public establishments as well as private parties.
Science and Technology Minister S. Jaipal Reddy also proposed an exchange of scientists and research scholars between India and MIT and extend it to industrial research, especially in the area of biotechnology.
He said strengthening collaboration with MIT would help shore up research capabilities in both countries.
“It is important for us to note that original research in India is still almost completely funded by the Government. We have real talent in these Government-funded laboratories,” Reddy said.
Reif, who was addressing the Assocham-Rai Foundation Talk, said the institute believed in developing partnerships that would be mutually beneficial and make both parties stronger.
However, he added that MIT was not looking at starting a campus in India.
“There are important global challenges that MIT wants to work on,” Reif said, adding that the institute was identifying institutions in India to collaborate with. He said MIT was open to working with public establishments as well as private parties.
Science and Technology Minister S. Jaipal Reddy also proposed an exchange of scientists and research scholars between India and MIT and extend it to industrial research, especially in the area of biotechnology.
He said strengthening collaboration with MIT would help shore up research capabilities in both countries.
“It is important for us to note that original research in India is still almost completely funded by the Government. We have real talent in these Government-funded laboratories,” Reddy said.
Port sector gets 14 PPP projects
New Delhi: As FY13 draws to a close, the Union shipping ministry has awarded 14 public-private partnership (PPP) port projects, which will bring in an additional capacity of 80 million tonnes per annum (mtpa) at an investment of Rs 5,600 crore.
Overall, 26 port projects have been awarded, bringing in a capacity augmentation of 114 mtpa. In addition, the government has awarded a Rs 785-crore project for development of a ship repair facility at Cochin port.
The government could award only three projects in FY12, which included the Rs 8,000-crore fourth container terminal at Jawaharlal Nehru Port. The project will be up for a re-bid in the next financial year. For FY14, the shipping ministry plans to add a capacity of 250 million tonne through public and private investment.
Most of the projects awarded this year have spilled over from last year. Even so, the ministry is patting itself on the back for the number of projects awarded this year, the meagre capacity enhancement notwithstanding. “We have constantly been monitoring the award of projects and expediting the clearances for projects. This year, the Prime Minister has kept a close watch on the status of infrastructure projects of the country,” said a senior shipping ministry official.
The increase in capacity has been accompanied by a fall in traffic at the 12 major ports. During April-February 2013, total cargo handled at major ports came down by 2.5 per cent to 498 million tonnes.
The target given by Finance Minister P Chidambaram to the shipping ministry for FY13 involved a total investment of Rs 35,000 crore and a capacity addition of 244 million tonnes. The shipping ministry has managed to achieve 18 per cent of the targeted investment. While the industry had called the target given by the PM unrealistic, the government felt that by setting a high target it could achieve much more than it could by eyeing a realistic number.
However, as many as 20 of the 27 projects awarded this financial year have an annual capacity of less than five million tonnes. The biggest project awarded this year includes two single-point mooring system for Indian Oil’s refinery at the Paradip port. The total cost of the project is estimated at around Rs 1,500 crore with a capacity of 22 mtpa.
Overall, 26 port projects have been awarded, bringing in a capacity augmentation of 114 mtpa. In addition, the government has awarded a Rs 785-crore project for development of a ship repair facility at Cochin port.
The government could award only three projects in FY12, which included the Rs 8,000-crore fourth container terminal at Jawaharlal Nehru Port. The project will be up for a re-bid in the next financial year. For FY14, the shipping ministry plans to add a capacity of 250 million tonne through public and private investment.
Most of the projects awarded this year have spilled over from last year. Even so, the ministry is patting itself on the back for the number of projects awarded this year, the meagre capacity enhancement notwithstanding. “We have constantly been monitoring the award of projects and expediting the clearances for projects. This year, the Prime Minister has kept a close watch on the status of infrastructure projects of the country,” said a senior shipping ministry official.
The increase in capacity has been accompanied by a fall in traffic at the 12 major ports. During April-February 2013, total cargo handled at major ports came down by 2.5 per cent to 498 million tonnes.
The target given by Finance Minister P Chidambaram to the shipping ministry for FY13 involved a total investment of Rs 35,000 crore and a capacity addition of 244 million tonnes. The shipping ministry has managed to achieve 18 per cent of the targeted investment. While the industry had called the target given by the PM unrealistic, the government felt that by setting a high target it could achieve much more than it could by eyeing a realistic number.
However, as many as 20 of the 27 projects awarded this financial year have an annual capacity of less than five million tonnes. The biggest project awarded this year includes two single-point mooring system for Indian Oil’s refinery at the Paradip port. The total cost of the project is estimated at around Rs 1,500 crore with a capacity of 22 mtpa.
India signs tax info exchange pact with Liechtenstein
New Delhi: India on Thursday signed a tax information exchange agreement (TIEA) with the tiny central European principality of Liechtenstein, a move which would make it easier to track illegal money stashed by Indian citizens there.
The agreement was signed in Bern, Switzerland, by Indian High Commissioner to Switzerland, Chitra Narayanan, and Ambassador of Liechtenstein to Switzerland, Doris Frick. It will come into force from April 1, 2013.
The pact is based on international standards of transparency and exchange of information.
There is a specific provision that the requested party shall provide information asked for even though it is not needed for its own tax purposes. There is also a specific provision for providing banking and ownership information.
Liechtenstein, a low tax jurisdiction, came in the national spotlight in 2010, after it was found that some Indians had opened secret accounts in its LGT Bank. In the absence of a bilateral treaty, India could not seek any details on these Indians.
The agreement was signed in Bern, Switzerland, by Indian High Commissioner to Switzerland, Chitra Narayanan, and Ambassador of Liechtenstein to Switzerland, Doris Frick. It will come into force from April 1, 2013.
The pact is based on international standards of transparency and exchange of information.
There is a specific provision that the requested party shall provide information asked for even though it is not needed for its own tax purposes. There is also a specific provision for providing banking and ownership information.
Liechtenstein, a low tax jurisdiction, came in the national spotlight in 2010, after it was found that some Indians had opened secret accounts in its LGT Bank. In the absence of a bilateral treaty, India could not seek any details on these Indians.
Subscribe to:
Posts (Atom)