Kolkata: After acquiring a 10 per cent stake in UB Group's Mangalore Chemicals & Fertilizers recently, Adventz Group chairman Saroj Poddar is now set to invest Rs 4,000 crore in Gulf region's Ras al Khaimah for a urea plant.
The pre feasibility study was going on and a detailed project report (DPR) was underway, Poddar said.
“Once the DPR is final the group will approach banks for financing. We already have the land,” he said.
The plant is expected to have an annual capacity of around 1.5 million tonne, but it will be finalized after the final DPR is ready.The new Fertilizer Policy 2012 has also several enabling provisions to encourage investment in the urea fertilizer arena.
Poddar, who is at the helm of the $ 3 billion Adventz Group, said the agro chemical and fertiliser business contributed the major chunk of its total revenue and this vertical would remain the priority in coming years.
“Over 75 per cent of our revenues come from this business and this will be critical to our growth as a group so we will allot most importance in this business,” he said. Zuari Industries is the flagship company of the group which looks after the fertiliser business. Poddar pointed out that Rs 100 crore had been invested in the Goa unit while Rs 500 crore has been pumped into the Paradip outfit recently.
Owing to volatile prices of raw material in the global market the fertiliser industry had seen poor growth in the last fiscal. “Volatile prices, weak rupee and such issues had made a strong impact on the industry. We too were not out of this, but now prices have stabilized and hopefully this year would be better than last one,” he said.
The group also has other business verticals like infrastructure, services and emerging lifestyle.
Texmaco Rail & Engineering is another company, according to Poddar, which will play a significant role in the companies growth map. The company has started work in Sodepur unit and around Rs 100 crore have been invested already.
“We are the biggest private rail wagon builder and have invested in excess of Rs 100 crore in the Sodepur property. First Rail coaches (in middle of current financial year) and then metro coaches will be built there,” he added.
Ruling out reports of a stake sale in the wagon building business by the promoters, Poddar said, “It is true that railways order inflow has been dry for quite some time but we are committed to this business.”
Speaking of his proposed food park project in West Bengal the chairman said the ball was now in the state government's court and as company he had done everything that was required. “It has been there for quite sometime now. I have met everybody but I am yet to get any response from them. The project is still alive and we will move forward once state gives any further direction,” added Poddar.
Success in my Habit
Monday, April 22, 2013
Apollo Tyres sets up unit in Thailand to tap Asean markets
Kolkata: After Europe and West Asia, Apollo Tyres is expanding its market reach in Asean (Association for South East Asian Nations). The Rs 12,000-crore group will open its outfit in Bangkok on May 2 to spearhead sales in the free trade region.
The trade block includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
The company is already exporting tyres from India to Indonesia, Thailand and Philippines. However, due to their voluminous nature, exports are not considered a viable option for tyre sector to gain market share overseas. So Apollo is nurturing a plan to set up manufacturing base in the region. “We have hired a team of 20 under the Bangkok-based subsidiary. We may follow it up with a manufacturing base in the region after two years (depending on viability),” Satish Sharma, Chief, India operations, told Business Line.
While the subsidiary will primarily explore market opportunities in the auto-hub in Thailand, Apollo is also bullish on demand for cross ply (BIAS) truck tyres, especially off-the-road tyres (OTR), used in Indonesia’s booming coal mining industry.
“A senior technical person has been hired to understand the cross-ply market potential in Indonesia,” Sharma said.
Foray in Australia
The company is making steady progress in establishing its distribution footprint in theAustralian market.
“We have already appointed a CEO and a couple of professionals to develop the Australian business, directly under the Indian operations,” the official said.
The job is not easy but, Apollo is confident that its European connections will be of major help in gaining confidence of Australian buyers.
Having acquired the Netherlands-based Vredestein in 2009, the company has launched its home grown brands in the European market. As a follow-up initiative, Apollo had set up its global research and development centre in Europe.
Fresh launches in India
As a result of this, Apollo’s fresh launches, even in the Indian market, are now developed and tested abroad.
“We will launch three passenger vehicle tyres in standard (Amazer 4G), high performance (Apollo Alnac 4G) and ultra-high performance (Aspire 4G) categories for the Indian market, next week. And, two of the products — targeting sedans and luxury cars — are already selling in the European markets,” Sharma said.
The trade block includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
The company is already exporting tyres from India to Indonesia, Thailand and Philippines. However, due to their voluminous nature, exports are not considered a viable option for tyre sector to gain market share overseas. So Apollo is nurturing a plan to set up manufacturing base in the region. “We have hired a team of 20 under the Bangkok-based subsidiary. We may follow it up with a manufacturing base in the region after two years (depending on viability),” Satish Sharma, Chief, India operations, told Business Line.
While the subsidiary will primarily explore market opportunities in the auto-hub in Thailand, Apollo is also bullish on demand for cross ply (BIAS) truck tyres, especially off-the-road tyres (OTR), used in Indonesia’s booming coal mining industry.
“A senior technical person has been hired to understand the cross-ply market potential in Indonesia,” Sharma said.
Foray in Australia
The company is making steady progress in establishing its distribution footprint in theAustralian market.
“We have already appointed a CEO and a couple of professionals to develop the Australian business, directly under the Indian operations,” the official said.
The job is not easy but, Apollo is confident that its European connections will be of major help in gaining confidence of Australian buyers.
Having acquired the Netherlands-based Vredestein in 2009, the company has launched its home grown brands in the European market. As a follow-up initiative, Apollo had set up its global research and development centre in Europe.
Fresh launches in India
As a result of this, Apollo’s fresh launches, even in the Indian market, are now developed and tested abroad.
“We will launch three passenger vehicle tyres in standard (Amazer 4G), high performance (Apollo Alnac 4G) and ultra-high performance (Aspire 4G) categories for the Indian market, next week. And, two of the products — targeting sedans and luxury cars — are already selling in the European markets,” Sharma said.
Holland extends help to produce crop protection solutions
Bangalore: Koppert, a Dutch company specialising in biological crop protection, has partnered with Namdhari Fresh to develop crop protection suitable to Indian conditions.
The main aim of the partnership is to meet the global standards on pesticide residue and minimise the impact of pesticides on people. To achieve this, a demonstration plot on Namdhari’s land in Bidadi near Bangalore has been set up to develop crop protection solutions under protected (polyhouse) conditions.
“The project is being supported by Dutch government through the public-private partnership through its FoodtechHolland,” Arie Veldhuizen, Agriculture Attaché, Royal Dutch Embassy, told Business Line.
“The relevance of this project is linked to India promoting integrated pest management and greenhouse cultivation to improve productivity and quality of the fresh produce, thereby to drive higher export volumes,” he added.
Gets authorisation
As part of the project, Koppert India has been granted authorisation for five biological beneficial to combat the most common pests, including thrips, spider mite and aphids, in vegetable and ornamental crops.
“Adopting biological crop protection has several benefits.
“It is a small market at present but it is growing. This system has social benefit, which is more than commercial,” explained Uday Singh, Managing Director, Namdhari group.
Koppert is experimenting on Indian soil the application of Spical (Neoseiulus californicus), Spidex (Phytoseiulus persimilis), Swirski-Mite (Amblyseius swirskii), Aphipar (Aphidius colemani), and Thripor-L (Orius laevigatus).
‘Huge demand’
“We see there is a huge demand for natural and biological solutions in India and the market in which the majority of the population is vegetarian,” said Robert Pathuis Director, Koppert.
“We are exploring a number of States around Karnataka — such as Tamil Nadu, Kerala and Maharashtra — to offer biological crop protection systems,” he added.
According to Wouter van Vliet, Managing Director, Larive, the agency assisting companies with doing business in emerging markets, “This initiative is a follow-up on the Memorandum of Understanding signed by the Indo-Dutch Joint Agriculture working group between India and the Netherlands signed on May 24, 2012.”
“The MoU addresses knowledge transfer in horticultural practice and the project aims to contribute directly to India’s export of fresh produce and polyhouse cultivation,” he added.
The main aim of the partnership is to meet the global standards on pesticide residue and minimise the impact of pesticides on people. To achieve this, a demonstration plot on Namdhari’s land in Bidadi near Bangalore has been set up to develop crop protection solutions under protected (polyhouse) conditions.
“The project is being supported by Dutch government through the public-private partnership through its FoodtechHolland,” Arie Veldhuizen, Agriculture Attaché, Royal Dutch Embassy, told Business Line.
“The relevance of this project is linked to India promoting integrated pest management and greenhouse cultivation to improve productivity and quality of the fresh produce, thereby to drive higher export volumes,” he added.
Gets authorisation
As part of the project, Koppert India has been granted authorisation for five biological beneficial to combat the most common pests, including thrips, spider mite and aphids, in vegetable and ornamental crops.
“Adopting biological crop protection has several benefits.
“It is a small market at present but it is growing. This system has social benefit, which is more than commercial,” explained Uday Singh, Managing Director, Namdhari group.
Koppert is experimenting on Indian soil the application of Spical (Neoseiulus californicus), Spidex (Phytoseiulus persimilis), Swirski-Mite (Amblyseius swirskii), Aphipar (Aphidius colemani), and Thripor-L (Orius laevigatus).
‘Huge demand’
“We see there is a huge demand for natural and biological solutions in India and the market in which the majority of the population is vegetarian,” said Robert Pathuis Director, Koppert.
“We are exploring a number of States around Karnataka — such as Tamil Nadu, Kerala and Maharashtra — to offer biological crop protection systems,” he added.
According to Wouter van Vliet, Managing Director, Larive, the agency assisting companies with doing business in emerging markets, “This initiative is a follow-up on the Memorandum of Understanding signed by the Indo-Dutch Joint Agriculture working group between India and the Netherlands signed on May 24, 2012.”
“The MoU addresses knowledge transfer in horticultural practice and the project aims to contribute directly to India’s export of fresh produce and polyhouse cultivation,” he added.
New SEZ norms to help real estate and IT sector, say experts
Mumbai: The government's move to do away with the mandatory requirement of 10 hectares of minimum land area for setting up an information technology/IT-enabled services special economic zone is likely to prove a major boon for the real estate and IT sector.
On Thursday, the government announced the minimum built-up area requirements to be met by SEZ developers will be 100,000 square meters for the seven major cities, 50,000 square meters for Category B cities and only 25,000 square meters for the remaining cities.
"Some IT SEZ developers who have already met the 100,000 square meter built-up area criteria will now convert the balance land for residential use, giving the mixed-use edge while also making the formation of many more walk-to-work residential projects possible," says Ramesh Nair, Managing Director - West, Jones Lang LaSalle India.
Real estate developers will now be able to divide up their land holdings and allocate smaller parts to IT companies to construct their own IT SEZs.
With new announcements, it will now become easier to exit from SEZs given that transfer of ownership of SEZ units - including sale - has now been allowed. Moreover, Real Estate Private Equity Funds with foreign capital will now be able to do smaller deals, and this is bound to bring in more FDI into the sector, Nair says.
According to experts, with these amendments many more IT companies will be able to launch their own SEZs as against only large IT companies managing to do so due to capital required to buy minimum 25 acres.
National Association of Software and Service Companies (NASSCOM) also welcomed the annual supplement to the Foreign Trade Policy aimed at enhancing exports and easing export procedures.
Large mandatory land requirements made it difficult for small companies to take advantage of the SEZ policy. Waiving away land requirement and reducing minimum built up area will now make it feasible for IT SEZs to come up in Tier II/Tier III locations. These changes are likely to make the SEZ policy more inclusive by attracting SMEs to consider their options, NASSCOM said in a release.
"We are delighted that the government recognizes IT exports as a key growth driver for India's exports and the SEZ scheme. Removing the minimum land requirement and reducing the built up area will enable the SEZ scheme to realise its true potential," said Som Mittal, president, NASSCOM.
On Thursday, the government announced the minimum built-up area requirements to be met by SEZ developers will be 100,000 square meters for the seven major cities, 50,000 square meters for Category B cities and only 25,000 square meters for the remaining cities.
"Some IT SEZ developers who have already met the 100,000 square meter built-up area criteria will now convert the balance land for residential use, giving the mixed-use edge while also making the formation of many more walk-to-work residential projects possible," says Ramesh Nair, Managing Director - West, Jones Lang LaSalle India.
Real estate developers will now be able to divide up their land holdings and allocate smaller parts to IT companies to construct their own IT SEZs.
With new announcements, it will now become easier to exit from SEZs given that transfer of ownership of SEZ units - including sale - has now been allowed. Moreover, Real Estate Private Equity Funds with foreign capital will now be able to do smaller deals, and this is bound to bring in more FDI into the sector, Nair says.
According to experts, with these amendments many more IT companies will be able to launch their own SEZs as against only large IT companies managing to do so due to capital required to buy minimum 25 acres.
National Association of Software and Service Companies (NASSCOM) also welcomed the annual supplement to the Foreign Trade Policy aimed at enhancing exports and easing export procedures.
Large mandatory land requirements made it difficult for small companies to take advantage of the SEZ policy. Waiving away land requirement and reducing minimum built up area will now make it feasible for IT SEZs to come up in Tier II/Tier III locations. These changes are likely to make the SEZ policy more inclusive by attracting SMEs to consider their options, NASSCOM said in a release.
"We are delighted that the government recognizes IT exports as a key growth driver for India's exports and the SEZ scheme. Removing the minimum land requirement and reducing the built up area will enable the SEZ scheme to realise its true potential," said Som Mittal, president, NASSCOM.
Saturday, April 20, 2013
Orchid Chem in pact with European firm for antibiotics
Chennai: Chennai-based Orchid Chemicals and Pharmaceuticals has entered into a partnership with Europe-based Allecra Therapeutics to develop antibiotics to combat multi-drug resistant bacterial infections.Orchid will give Allecra intellectual property related to an antibiotic discovery programme.
Orchid has been engaged in pre-clinical trials of this molecule with which Allecra will carry out further trials, said a press release.
Under the terms of the agreement, Orchid will be paid $1 million up front and is eligible to receive further royalties and exit bonuses based on Allecra’s progress.
Allecra has bagged €15 million in a Series A financing round, co-led by Edmond de Rothschild Investment Partners and Forbion Capital Partners. EMBL Ventures also participated.
When the funding comes through, Orchid will receive 20 per cent stake in Allecra.
Orchid was represented by the law firm Latham and Watkins in this agreement.
Orchid’s shares closed 1.35 per cent higher on the BSE, on Thursday, at Rs 67.80.
VW sets up unit to export parts of Vento, Polo
Pune: Volkswagen India Pvt Ltd has set up a unit to manufacture and package parts of the Vento and Polo for export at its Pune plant.
Announcing the inauguration of the parts and components Business Unit, the company said it has invested around Rs 56 crore to develop it.
The company added that it will begin with export to Malaysia.
The Indian export parts will contribute to approximately 70 per cent of the car which will then be assembled for the local market at the DRB Hicom Plant.
Volkswagen India has been exporting cars from Pune since last year as fully built units to markets such as South Africa, Sri Lanka, Nepal, Bangladesh, Malaysia and the left-hand drive version of the VW Vento to West Asia.
About 215 new jobs will be created in the parts and components BU at Volkswagen and its suppliers.
“Apart from the Malaysian market, if there is a demand from any other region for parts and components, we are on the pole position to support,” said Andreas Lauenroth, Executive Director Technical, Volkswagen India.
Localisation
Currently, Volkswagen cars in India are localised to the extent of 70 per cent, and the company has plans to localise further by building engines and gear boxes, if the volumes support this.
“It will be the next logical step if the numbers grow,” said Alexander Skibbe, spokesperson for VW India.
RINL to set up Rs 1,000-cr plant in AP
Visakhapatnam: Rashtriya Ispat Nigam Ltd will set up a Rs 1,000-crore beneficiation plant at Bayyaram in Khammam district of Andhra Pradesh, as the State Government has agreed in-principle to allot 5,342 hectares of iron ore mines to the Visakhapatnam steel plant.
In a statement issued here on Thursday, RINL Chairman and Managing Director A.P Choudhary, hailed the decision of Chief Minister N. Kiran Kumar Reddy.
The State Govenment will allot iron ore mines to RINL-VSP, spread over an area of 2,500 hectares at Guduru in Warangal district, 2,500 hectares at Bayyaram in Khammam district and 342 hectares at Bheemadevarapalli in Karimnagar district.
He described it as “a historic moment for RINL’’ and recalled the positive response by the Chief Minister when the RINL had approached the State Government for allotment of captive iron ore mines.
He said the CM had taken special interest for the benefit of RINL and for the rapid growth of steel industry in Andhra Pradesh.
Choudhary further said that the move would strengthen RINL’s expansion plans to become 20 mtpa plant, the largest plant in a single location.
He said that as there was no scientific exploration taken up by any of the Government agencies in these allotted mining areas, it would be taken up shortly by RINL-VSP to assess the quantity and quality of iron ore available.
He said RINL would be investing around Rs 1,000 crore for the development of mines which would create employment for around 1,000 people, both direct and indirect.
Choudhary also requested the State Government to take forward the proposal to the Union Government as early as possible for getting the necessary clearances from the Union Ministry of Mines.
In a statement issued here on Thursday, RINL Chairman and Managing Director A.P Choudhary, hailed the decision of Chief Minister N. Kiran Kumar Reddy.
The State Govenment will allot iron ore mines to RINL-VSP, spread over an area of 2,500 hectares at Guduru in Warangal district, 2,500 hectares at Bayyaram in Khammam district and 342 hectares at Bheemadevarapalli in Karimnagar district.
He described it as “a historic moment for RINL’’ and recalled the positive response by the Chief Minister when the RINL had approached the State Government for allotment of captive iron ore mines.
He said the CM had taken special interest for the benefit of RINL and for the rapid growth of steel industry in Andhra Pradesh.
Choudhary further said that the move would strengthen RINL’s expansion plans to become 20 mtpa plant, the largest plant in a single location.
He said that as there was no scientific exploration taken up by any of the Government agencies in these allotted mining areas, it would be taken up shortly by RINL-VSP to assess the quantity and quality of iron ore available.
He said RINL would be investing around Rs 1,000 crore for the development of mines which would create employment for around 1,000 people, both direct and indirect.
Choudhary also requested the State Government to take forward the proposal to the Union Government as early as possible for getting the necessary clearances from the Union Ministry of Mines.
Hennes and Mauritz seeks FIPB nod to invest Rs 720 crore in retail business in India
Mumbai/ New Delhi: Swedish fast-fashion retail giant Hennes and Mauritz, or H&M, has sought permission from the Foreign Investment Promotion Board to invest Rs 720 crore (approx 100 million) in India to start a fully-owned company that will open 50 H&M stores.
Faced with stagnating or slowing sales in key European and US markets, the world's second-largest apparel retailer by sales, has been eyeing emerging economies, including India, for a while.
If the proposal is approved, India will be the 50th market for H&M that had sales of $18 billion in 2012 from its over 2,800 stores globally. The application was filed with FIPB, a unit of the finance ministry that clears foreign direct investment proposals, on Thursday through law firm Titus and Co.
The retail giant says in its application it will fulfil all conditions of the country's single-brand retail policy that includes sourcing locally 30% of the total value of the goods purchased.
It also assured it will not retail goods using the e-commerce platform. During his visit in February, while meeting commerce and industry minister Anand Sharma, H&M chief executive Karl-Johan Persson labelled India as a "very interesting" market.
"It's a huge market. We are not there yet. More than a billion people live in India and in Sweden we are only 9 million but we have 150 stores (in Sweden)," Persson had said.
H&M will engage in import, export, marketing, distribution, warehousing, manufacture, production and retail trade of products carrying the H&M brand. If its application is approved, it will sell 10 categories of products in India such as clothes, footwear, cosmetics, handbags and fashion accessories, home furnishing, home decoration, toys, kitchen utensils and cutlery among others.
In India, H&M's biggest rival and world leader in sales, Zara achieved break-even within the first year of its launch and has annual sales of Rs 260 crore from nine stores. Several other brands such as Levi's haven't been so lucky and are still reeling under losses despite their decade old presence.
Experts feel that H&M's global model is very similar to Zara —that of quickly duplicating and replicating fast fashion —a key reason why even the Swedish brand should click with the Indian consumers.
"They cater to the mid-premium apparel segment which is one of the fastest growing categories even with a high base. H&M's global supply chain model is amenable to the Indian context from shorter cycle replenishment and local sourcing," said Abheek Singhi, partner and director at Boston Consulting Group.
H&M follows in the footsteps of its Scandinavian peer, IKEA, which is currently waiting for the final approval to open 25 stores with an investment of Rs 10,500 crore.
After six years of restricting foreign ownership in single-brand retail companies to 51%, India removed this sectoral cap in January and allowed global brands such as IKEA and Zara, which sell a variety of products under a single label to set up fully-owned companies in India. The original policy change came with a requirement of 30% local sourcing, but the government diluted that condition after overseas firms said it was not feasible.
More than one dozen single brand retailers are said to be sizing up the Indian market for entry, many of them in various stages of researching, partner scouting or filing for government approvals. Some of these are direct rivals of H&M including the largest casual wear retailer in the United States, Gap Inc, French apparel retailer Celio and Japanese fashion brand Uniqlo.
Faced with stagnating or slowing sales in key European and US markets, the world's second-largest apparel retailer by sales, has been eyeing emerging economies, including India, for a while.
If the proposal is approved, India will be the 50th market for H&M that had sales of $18 billion in 2012 from its over 2,800 stores globally. The application was filed with FIPB, a unit of the finance ministry that clears foreign direct investment proposals, on Thursday through law firm Titus and Co.
The retail giant says in its application it will fulfil all conditions of the country's single-brand retail policy that includes sourcing locally 30% of the total value of the goods purchased.
It also assured it will not retail goods using the e-commerce platform. During his visit in February, while meeting commerce and industry minister Anand Sharma, H&M chief executive Karl-Johan Persson labelled India as a "very interesting" market.
"It's a huge market. We are not there yet. More than a billion people live in India and in Sweden we are only 9 million but we have 150 stores (in Sweden)," Persson had said.
H&M will engage in import, export, marketing, distribution, warehousing, manufacture, production and retail trade of products carrying the H&M brand. If its application is approved, it will sell 10 categories of products in India such as clothes, footwear, cosmetics, handbags and fashion accessories, home furnishing, home decoration, toys, kitchen utensils and cutlery among others.
In India, H&M's biggest rival and world leader in sales, Zara achieved break-even within the first year of its launch and has annual sales of Rs 260 crore from nine stores. Several other brands such as Levi's haven't been so lucky and are still reeling under losses despite their decade old presence.
Experts feel that H&M's global model is very similar to Zara —that of quickly duplicating and replicating fast fashion —a key reason why even the Swedish brand should click with the Indian consumers.
"They cater to the mid-premium apparel segment which is one of the fastest growing categories even with a high base. H&M's global supply chain model is amenable to the Indian context from shorter cycle replenishment and local sourcing," said Abheek Singhi, partner and director at Boston Consulting Group.
H&M follows in the footsteps of its Scandinavian peer, IKEA, which is currently waiting for the final approval to open 25 stores with an investment of Rs 10,500 crore.
After six years of restricting foreign ownership in single-brand retail companies to 51%, India removed this sectoral cap in January and allowed global brands such as IKEA and Zara, which sell a variety of products under a single label to set up fully-owned companies in India. The original policy change came with a requirement of 30% local sourcing, but the government diluted that condition after overseas firms said it was not feasible.
More than one dozen single brand retailers are said to be sizing up the Indian market for entry, many of them in various stages of researching, partner scouting or filing for government approvals. Some of these are direct rivals of H&M including the largest casual wear retailer in the United States, Gap Inc, French apparel retailer Celio and Japanese fashion brand Uniqlo.
D Purandeswari inaugurates India Show in Panama
New Delhi: The Minister of State in the Ministry of Commerce & Industry, Dr. D Purandeswari today inaugurated the India Show in Panama. Speaking during the inauguration, the Indian Minister emphasised on enhanced cooperation and engagements between India and Panama. She exhorted the business leaders of both the sides to increase the trade and investments to next level.
She also emphasised that the visa regime between two countries should be liberalised besides a general Memorandum of Understanding (MoU) for trade and economic cooperation between both the countries may be signed.
Mr. Ricardo Antonio Quijano Jimenez, Commerce and Industry Minister of Panama, Mr. Irvin A. Halman, President of Panama Chambers of Commerce, and Indian Ambassador to Panama Mr. Yogeshwar Varma, were also present during the inauguration of India Show.
Before the India Show, Dr. D Purandeswari also participated in the Expocomer Fair 2013 of Panama. Expocomer fair was inaugurated by Mr. Ricardo Martinelli, President of Panama. Others present included Governor of Pueto Rico, various ministers of government of Panama and representatives of Panama Chambers of Commerce and CII.
Dr. D Purandeswari also expressed that Panama should conduct a road show in India shortly and exchange of business delegations between both the countries should also take place.
She also emphasised that the visa regime between two countries should be liberalised besides a general Memorandum of Understanding (MoU) for trade and economic cooperation between both the countries may be signed.
Mr. Ricardo Antonio Quijano Jimenez, Commerce and Industry Minister of Panama, Mr. Irvin A. Halman, President of Panama Chambers of Commerce, and Indian Ambassador to Panama Mr. Yogeshwar Varma, were also present during the inauguration of India Show.
Before the India Show, Dr. D Purandeswari also participated in the Expocomer Fair 2013 of Panama. Expocomer fair was inaugurated by Mr. Ricardo Martinelli, President of Panama. Others present included Governor of Pueto Rico, various ministers of government of Panama and representatives of Panama Chambers of Commerce and CII.
Dr. D Purandeswari also expressed that Panama should conduct a road show in India shortly and exchange of business delegations between both the countries should also take place.
Thursday, April 18, 2013
BMW to make MINI Countryman in Chennai
Chennai: BMW’s Chennai plant will soon become the first one outside Europe to manufacture the luxury car maker’s compact sports utility vehicle (SUV) the MINI Countryman.
Production of the compact SUV will start next month and it will start hitting the roads by the end of the year, said Robert Frittrang, managing director, BMW India. The move to expand the company’s international production network is in response to the growing demand for premium MINI cars, BMW said in a statement.
When the company starts production, MINI will be India’s first locally-manufactured premium small car. The firm expects significant growth over the medium- and long-term. According to the company, Chennai-manufactured MINI will fulfil the same quality standards that apply to BMW Group models worldwide. BMW also expects local production of MINI could improve its demand in India.
“It is a very good product for Indian road condition, with high ground clearance. It is also a car in which five persons can travel comfortably,” Frittrang told reporters on the sidelines of the convocation ceremony of Indo-German Training Centre, Chennai.
The locally-produced vehicle will be introduced in two diesel variants - MINI Cooper D Countryman and MINI Cooper D Countryman High. Another petrol variant, MINI One Countryman, will also be produced at Chennai. Since 2007, the company has invested around ^60 million in India.
The other petrol variants - MINI Cooper S Countryman and MINI Cooper S Countryman High – will be imported in India as completely built-up units (CBUs).
The price of the vehicles range from Rs 26.60 lakh to Rs 37.50 lakh.
At present, the compact SUV is manufactured at Oxford in UK and in Austria.
India is the 100th market in the global MINI sales network and has become increasingly significant for the BMW Group since establishing its presence in India from 2007. From January 2012, MINI has continued to grow its presence in India and has established five exclusive outlets across Delhi, Mumbai, Hyderabad and Bangalore.
In March 2007, BMW India officially opened its production plant in Chennai. The existing facility in a 40-acre land in Mahindra World City, about 50 kms away from Chennai city, has a capacity to manufacture 11,000 units a year, in two shifts, said Frittrang.
At present, BMW’s Chennai plant produces BMW 3 Series, BMW 5 Series, BMW X1, and BMW X3. In 2013, the plant will also produce BMW 7 series and BMW 1 series.
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