Bengaluru: ibiboGroup, a joint venture between Naspers, a South African media power house, and Chinese internet company Tencent, has acquired Pilani Soft Labs, which has redBus.in as its flagship platform.
The company did not disclose the size of the acquisition but industry sources estimated it at slightly over $100 million (about Rs 600 crore).
Pilani Soft Labs was founded in 2006 by three BITS Pilani graduates - Phanindra Sama, Charan Padmaraju and Sudhakar Pasupunuri. redBus.in, the company's flagship product today, has grown to become one of the largest bus ticketing platforms, issuing a little over 12 million tickets annually, with around 600 staffers.
In 2011, Pilani had raised $6.5 million in a series-C round of funding from Helion Venture Partners, SeedFund and Inventus Capital Partners.
As per ibiboGroup, the acquisition of redBus will help it to expand and diversify its existing travel assets such as Goibibo.com (online travel aggregators) and TravelBoutiqueOnline (a business-to-business online travel platform for agents). The combined volumes of redBus.in and ibiboGroup's existing travel assets would make the group one of the biggest online travel companies in India.
"This acquisition catapults us to become a stronger online travel player in India," said Ashish Kashyap, chief executive of ibiboGroup. After the acquisition, redBus will continue to run it as an independent operation, he added.
"We are excited to be a part of ibiboGroup. Naspers' strong belief in the internet industry and operating experience in multiple countries will help redBus grow into a renowned brand in the coming years," said Phanindra Sama, co-founder and chief executive of redBus.in.
Apart from, redBus.in, the other products of Pilani, including BOSS, a cloud-based enterprise resource planning software for bus operators and SeatSeller, an inventory distribution platform for agents, will also become part of ibiboGroup.
"We are excited to be a part of ibiboGroup. Naspers' strong belief in the internet industry and operating experience in multiple countries will help redBus grow into a renowned brand in the coming years," said Phanindra Sama, co-founder and chief executive of redBus.in.
Avendus Capital was advisor to both sides for this transaction.
"Believer - Humanitarian - Habit of Success" Sukumar Balakrishnan is the Founder of JB GROUP, a 500 Crore National Organization with over 150 Direct & 1200 indirect professionals operating from 5 major cities in India. Jayalakshmi Balakrishnan Group, a multi-faceted group venturing into, E- Commerce and Import-Export (INNOKAIZ), Retail and Wholesale (JB MART), Food and Beverages (KRISHNA FOODS ), Real Estate (Constructions on sites, Interior scaping, Facility Management)
Total Pageviews
Monday, June 24, 2013
RBI relaxes norms for residential real estate
Mumbai: The Reserve Bank of India (RBI) has decided to relax norms for residential housing projects by lowering the standard asset provisioning requirement and risk weight for loans given to those projects. The move is aimed at boosting demand for this segment. With risk weight and provisioning requirement coming down, banks will now charge lower interest rates for such loans.
Earlier, residential housing projects were under the commercial real estate (CRE) category, which attracted higher risk weight and standard asset provisioning because the regulator considered it a sensitive sector. Now, RBI has decided to carve out a sub-sector within CRE as Residential Housing (CRE-RH).
CRE-RH would consist of loans to builders and developers for residential housing projects (except for captive consumption).
“As loans to residential housing projects under the commercial real estate sector exhibit lesser risk and volatility than the CRE sector taken as a whole, it has been decided to carve out a separate sub-sector called Commercial Real Estate-Residential Housing,” said RBI.
Loans to the new sub-sector will attract a risk weight of 75 per cent, compared to 100 per cent for CRE. Standard asset provisioning requirement will be 0.75 per cent, compared to 1 per cent in CRE. For individual housing loans, standard asset provisioning is 0.4 per cent, while risk weight is 50 per cent for loans up to Rs 75 lakh and 75 per cent above Rs 75 lakh.
“It's a very good move. Banks will be able to lend more money to developers. It will encourage supply and have cooling impact on prices,” said Rajeev Talwar, executive director, DLF.
RBI also said integrated housing projects comprising some commercial space (shopping complex, school, for example) can also be classified as CRE-RH, provided that the commercial area in the residential housing project does not exceed 10 per cent of the total floor space index (FSI) of the project.
“In case the FSI of the commercial area in the predominantly residential housing complex exceeds the ceiling of 10 per cent, the project loans should be classified as CRE and not CRE-RH,” said RBI.
Some of the realty players, however, have demanded for opening of more sources of funding from RBI.
“It is too small a cut to make any impact. RBI should open other sources of funding,” said Ashish Raheja, managing director of Raheja Universal.
Earlier, residential housing projects were under the commercial real estate (CRE) category, which attracted higher risk weight and standard asset provisioning because the regulator considered it a sensitive sector. Now, RBI has decided to carve out a sub-sector within CRE as Residential Housing (CRE-RH).
CRE-RH would consist of loans to builders and developers for residential housing projects (except for captive consumption).
“As loans to residential housing projects under the commercial real estate sector exhibit lesser risk and volatility than the CRE sector taken as a whole, it has been decided to carve out a separate sub-sector called Commercial Real Estate-Residential Housing,” said RBI.
Loans to the new sub-sector will attract a risk weight of 75 per cent, compared to 100 per cent for CRE. Standard asset provisioning requirement will be 0.75 per cent, compared to 1 per cent in CRE. For individual housing loans, standard asset provisioning is 0.4 per cent, while risk weight is 50 per cent for loans up to Rs 75 lakh and 75 per cent above Rs 75 lakh.
“It's a very good move. Banks will be able to lend more money to developers. It will encourage supply and have cooling impact on prices,” said Rajeev Talwar, executive director, DLF.
RBI also said integrated housing projects comprising some commercial space (shopping complex, school, for example) can also be classified as CRE-RH, provided that the commercial area in the residential housing project does not exceed 10 per cent of the total floor space index (FSI) of the project.
“In case the FSI of the commercial area in the predominantly residential housing complex exceeds the ceiling of 10 per cent, the project loans should be classified as CRE and not CRE-RH,” said RBI.
Some of the realty players, however, have demanded for opening of more sources of funding from RBI.
“It is too small a cut to make any impact. RBI should open other sources of funding,” said Ashish Raheja, managing director of Raheja Universal.
CCEA approves mechanism for coal supply to power producers
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) today approved the following mechanism for supply of coal to power producers:
Coal India Ltd. (CIL) to sign Fuel Supply Agreements (FSA) for a total capacity of 78000 MW including cases of tapering linkage, which are likely to be commissioned by 31.03.2015. Actual coal supplies would however commence when long term Power Purchase Agreements (PPAs) are tied up.
Taking into account the overall domestic availability and actual requirements, FSAs to be signed for domestic coal quantity of 65 percent, 65 percent, 67 percent and 75 percent of Annual Contracted Quantity (ACQ) for the remaining four years of the 12th Five Year Plan.
To meet its balance FSA obligations, CIL may import coal and supply the same to the willing Thermal Power Plants (TPPs) on cost plus basis. TPPs may also import coal themselves. MoC to issue suitable instructions.
Higher cost of imported coal to be considered for pass through as per modalities suggested by CERC. MoC to issue suitable orders supplementing the New Coal Distribution Policy (NCDP). MoP to issue appropriate advisory to CERC/SERCs including modifications if any in the bidding guidelines to enable the appropriate Commissions to decide the pass through of higher cost of imported coal on case to case basis.
Mechanism will be explored to supply coal subject to its availability to the TPPs with 4660 MW capacity and other similar cases which are not having any coal linkage but are likely to be commissioned by 31.03.2015, having long term PPAs and a high Bank exposure and without affecting the above decisions.
Background
A proposal had earlier been moved for approval of CCEA for import of coal by CIL in order to meet the shortfall in the domestic coal requirement of the thermal power plants (TPPs) from time to time.
In the meeting held on 05.02.2013, the CCEA had laid down certain guidelines for import of coal on cost plus basis/pooling of prices and also directed formation of an Inter-Ministerial Committee (IMC) to consider the cases of power plants with aggregate capacity of about 16000 MW which would be commissioned by 31.03.2015 but are not having any linkage for supply of coal. On the basis of the recommendations of IMC, the matter was further considered by CCEA in the meeting held on 22.04.2013. The CCEA inter-alia directed to consider the feasibility of higher cost of imported coal being allowed as a pass through in case of PPAs signed on competitive bid basis.
The revised proposals submitted by Ministry of Coal (MoC) in pursuance of the above directions and in consultation with Ministry of Power and other Ministries were considered by the CCEA at its meeting today.
Coal India Ltd. (CIL) to sign Fuel Supply Agreements (FSA) for a total capacity of 78000 MW including cases of tapering linkage, which are likely to be commissioned by 31.03.2015. Actual coal supplies would however commence when long term Power Purchase Agreements (PPAs) are tied up.
Taking into account the overall domestic availability and actual requirements, FSAs to be signed for domestic coal quantity of 65 percent, 65 percent, 67 percent and 75 percent of Annual Contracted Quantity (ACQ) for the remaining four years of the 12th Five Year Plan.
To meet its balance FSA obligations, CIL may import coal and supply the same to the willing Thermal Power Plants (TPPs) on cost plus basis. TPPs may also import coal themselves. MoC to issue suitable instructions.
Higher cost of imported coal to be considered for pass through as per modalities suggested by CERC. MoC to issue suitable orders supplementing the New Coal Distribution Policy (NCDP). MoP to issue appropriate advisory to CERC/SERCs including modifications if any in the bidding guidelines to enable the appropriate Commissions to decide the pass through of higher cost of imported coal on case to case basis.
Mechanism will be explored to supply coal subject to its availability to the TPPs with 4660 MW capacity and other similar cases which are not having any coal linkage but are likely to be commissioned by 31.03.2015, having long term PPAs and a high Bank exposure and without affecting the above decisions.
Background
A proposal had earlier been moved for approval of CCEA for import of coal by CIL in order to meet the shortfall in the domestic coal requirement of the thermal power plants (TPPs) from time to time.
In the meeting held on 05.02.2013, the CCEA had laid down certain guidelines for import of coal on cost plus basis/pooling of prices and also directed formation of an Inter-Ministerial Committee (IMC) to consider the cases of power plants with aggregate capacity of about 16000 MW which would be commissioned by 31.03.2015 but are not having any linkage for supply of coal. On the basis of the recommendations of IMC, the matter was further considered by CCEA in the meeting held on 22.04.2013. The CCEA inter-alia directed to consider the feasibility of higher cost of imported coal being allowed as a pass through in case of PPAs signed on competitive bid basis.
The revised proposals submitted by Ministry of Coal (MoC) in pursuance of the above directions and in consultation with Ministry of Power and other Ministries were considered by the CCEA at its meeting today.
President commissions first unit of ONGC Tripura plant
Agartala: When Prime Minister Manmohan Singh laid the foundation stone for the 726.6-MW gas-based ONGC Tripura Power Company at Palatana in Tripura in 2005 – barely kilometres away from the Bangladesh border – not many, even in ONGC boardroom, were convinced if the project would take off.
Never before had power equipment weighing up to 280 tonne been brought to this land-locked State, which suffers from poor connectivity. All the power projects commissioned here so far were only of 10-30 MW capacity each.
About eight years later, President Pranab Mukherjee dedicated to the nation the first 363.3 MW unit on Friday. He was all praise for the role of Bangladesh in making this happen.
“India has many power generation utilities. Many more are coming up. But this one is special. Because if Bangladesh had not extended exemplary co-operation in allowing transit of the heavy equipment through their territories, OTPC would have never been a reality,” Mukherjee said in the presence of Bangladeshi diplomats in India.
He stressed on extending the scope of such initiatives for mutual benefit.
“We are trying to set up a common grid (through West Bengal border) to supply power (to Dhaka). NTPC is also setting up a thermal power station in Bangladesh,” the President said.
Fillip to North-East
Gas was discovered in Tripura as early as in 1974. The state-owned ONGC had established production potential to the tune of 5 million standard cubic metres or more.
According to the State Chief Minister, Manik Sarkar, two more E&P companies, engaged in exploration in Tripura, recently reported encouraging results. But in the absence of consumption base, exploration and production activities never gained pace in the State until the late Subir Raha, then ONGC chairman, responded positively to a proposal from the State Government to set up a power generation utility.
For ONGC, this opened the prospect to monetise the gas and step up exploration in the State.
For Tripura and the entire North Eastern region, this was the single largest investment. “From power-starved we are now power surplus. The changed status evinced interest among business,” said Manik Sarkar.
The ONGC company recently agreed to set up a 1.3 million tonne a year fertiliser plant jointly with Chambal Fertiliser and the Tripura Government to monetise its fresh gas discovery at Khubal.
This means that Tripura will witness Rs 5,000 crore of investment in the next three years. This is over and above an approximately Rs 10,000 crore investment in the last couple of years involving the power project.
Never before had power equipment weighing up to 280 tonne been brought to this land-locked State, which suffers from poor connectivity. All the power projects commissioned here so far were only of 10-30 MW capacity each.
About eight years later, President Pranab Mukherjee dedicated to the nation the first 363.3 MW unit on Friday. He was all praise for the role of Bangladesh in making this happen.
“India has many power generation utilities. Many more are coming up. But this one is special. Because if Bangladesh had not extended exemplary co-operation in allowing transit of the heavy equipment through their territories, OTPC would have never been a reality,” Mukherjee said in the presence of Bangladeshi diplomats in India.
He stressed on extending the scope of such initiatives for mutual benefit.
“We are trying to set up a common grid (through West Bengal border) to supply power (to Dhaka). NTPC is also setting up a thermal power station in Bangladesh,” the President said.
Fillip to North-East
Gas was discovered in Tripura as early as in 1974. The state-owned ONGC had established production potential to the tune of 5 million standard cubic metres or more.
According to the State Chief Minister, Manik Sarkar, two more E&P companies, engaged in exploration in Tripura, recently reported encouraging results. But in the absence of consumption base, exploration and production activities never gained pace in the State until the late Subir Raha, then ONGC chairman, responded positively to a proposal from the State Government to set up a power generation utility.
For ONGC, this opened the prospect to monetise the gas and step up exploration in the State.
For Tripura and the entire North Eastern region, this was the single largest investment. “From power-starved we are now power surplus. The changed status evinced interest among business,” said Manik Sarkar.
The ONGC company recently agreed to set up a 1.3 million tonne a year fertiliser plant jointly with Chambal Fertiliser and the Tripura Government to monetise its fresh gas discovery at Khubal.
This means that Tripura will witness Rs 5,000 crore of investment in the next three years. This is over and above an approximately Rs 10,000 crore investment in the last couple of years involving the power project.
President commissions first unit of ONGC Tripura plant
Agartala: When Prime Minister Manmohan Singh laid the foundation stone for the 726.6-MW gas-based ONGC Tripura Power Company at Palatana in Tripura in 2005 – barely kilometres away from the Bangladesh border – not many, even in ONGC boardroom, were convinced if the project would take off.
Never before had power equipment weighing up to 280 tonne been brought to this land-locked State, which suffers from poor connectivity. All the power projects commissioned here so far were only of 10-30 MW capacity each.
About eight years later, President Pranab Mukherjee dedicated to the nation the first 363.3 MW unit on Friday. He was all praise for the role of Bangladesh in making this happen.
“India has many power generation utilities. Many more are coming up. But this one is special. Because if Bangladesh had not extended exemplary co-operation in allowing transit of the heavy equipment through their territories, OTPC would have never been a reality,” Mukherjee said in the presence of Bangladeshi diplomats in India.
He stressed on extending the scope of such initiatives for mutual benefit.
“We are trying to set up a common grid (through West Bengal border) to supply power (to Dhaka). NTPC is also setting up a thermal power station in Bangladesh,” the President said.
Fillip to North-East
Gas was discovered in Tripura as early as in 1974. The state-owned ONGC had established production potential to the tune of 5 million standard cubic metres or more.
According to the State Chief Minister, Manik Sarkar, two more E&P companies, engaged in exploration in Tripura, recently reported encouraging results. But in the absence of consumption base, exploration and production activities never gained pace in the State until the late Subir Raha, then ONGC chairman, responded positively to a proposal from the State Government to set up a power generation utility.
For ONGC, this opened the prospect to monetise the gas and step up exploration in the State.
For Tripura and the entire North Eastern region, this was the single largest investment. “From power-starved we are now power surplus. The changed status evinced interest among business,” said Manik Sarkar.
The ONGC company recently agreed to set up a 1.3 million tonne a year fertiliser plant jointly with Chambal Fertiliser and the Tripura Government to monetise its fresh gas discovery at Khubal.
This means that Tripura will witness Rs 5,000 crore of investment in the next three years. This is over and above an approximately Rs 10,000 crore investment in the last couple of years involving the power project.
Never before had power equipment weighing up to 280 tonne been brought to this land-locked State, which suffers from poor connectivity. All the power projects commissioned here so far were only of 10-30 MW capacity each.
About eight years later, President Pranab Mukherjee dedicated to the nation the first 363.3 MW unit on Friday. He was all praise for the role of Bangladesh in making this happen.
“India has many power generation utilities. Many more are coming up. But this one is special. Because if Bangladesh had not extended exemplary co-operation in allowing transit of the heavy equipment through their territories, OTPC would have never been a reality,” Mukherjee said in the presence of Bangladeshi diplomats in India.
He stressed on extending the scope of such initiatives for mutual benefit.
“We are trying to set up a common grid (through West Bengal border) to supply power (to Dhaka). NTPC is also setting up a thermal power station in Bangladesh,” the President said.
Fillip to North-East
Gas was discovered in Tripura as early as in 1974. The state-owned ONGC had established production potential to the tune of 5 million standard cubic metres or more.
According to the State Chief Minister, Manik Sarkar, two more E&P companies, engaged in exploration in Tripura, recently reported encouraging results. But in the absence of consumption base, exploration and production activities never gained pace in the State until the late Subir Raha, then ONGC chairman, responded positively to a proposal from the State Government to set up a power generation utility.
For ONGC, this opened the prospect to monetise the gas and step up exploration in the State.
For Tripura and the entire North Eastern region, this was the single largest investment. “From power-starved we are now power surplus. The changed status evinced interest among business,” said Manik Sarkar.
The ONGC company recently agreed to set up a 1.3 million tonne a year fertiliser plant jointly with Chambal Fertiliser and the Tripura Government to monetise its fresh gas discovery at Khubal.
This means that Tripura will witness Rs 5,000 crore of investment in the next three years. This is over and above an approximately Rs 10,000 crore investment in the last couple of years involving the power project.
Tuesday, June 11, 2013
Oaktree Capital acquires majority stake in Cogent Glass
Hyderabad: Oaktree Capital Management, a Los Angeles-based investment firm, has acquired majority shares of Cogent Glass Ltd, a packaging company based in Hyderabad.
The US firm has acquired approximately 60 per cent stake of Cogent at an estimated enterprise value of Rs 200 crore.
Cogent, founded by a group of Indian promoters in 2010, commissioned the plant in February. The plant located in Addakal near Hyderabad produces moulded glass and tubular vials and ampoules for the pharmaceutical industry.
The plant is integrated with the automated converting equipment to convert the tube into vials and ampoules.
Oaktree Capital Management is a leading investment firm managing over $80 billion in assets, with a global portfolio of companies with several investments in the packaging sector.
Jean Rollier of Oaktree, who has been appointed non-executive chairman of the board of Cogent Glass, in a statement said: “We are pleased to invest in Cogent, because it provides us an entry into the fast-growing Indian market for pharmaceutical packaging.”
“The investment in Cogent together with our previous investment in SGD, a manufacturer of glass for the pharmaceutical and cosmetics industries, reaffirms our belief that this sector will provide opportunities for growth, globally,” he further said. SGD, a France-based manufacturer of glass packaging with operations in Europe, North and South America and China has simultaneously signed a cooperation agreement with Cogent that provides for technology sharing as well as marketing and management support.
Ashok Sudan, CEO of SDG, and board member of Cogent, based in Paris, told Business Line over phone that both the companies, SDG and Cogent, are now part of the same principal. Cogent will continue to support local companies with its products and explore opportunities to export.
The US firm has acquired approximately 60 per cent stake of Cogent at an estimated enterprise value of Rs 200 crore.
Cogent, founded by a group of Indian promoters in 2010, commissioned the plant in February. The plant located in Addakal near Hyderabad produces moulded glass and tubular vials and ampoules for the pharmaceutical industry.
The plant is integrated with the automated converting equipment to convert the tube into vials and ampoules.
Oaktree Capital Management is a leading investment firm managing over $80 billion in assets, with a global portfolio of companies with several investments in the packaging sector.
Jean Rollier of Oaktree, who has been appointed non-executive chairman of the board of Cogent Glass, in a statement said: “We are pleased to invest in Cogent, because it provides us an entry into the fast-growing Indian market for pharmaceutical packaging.”
“The investment in Cogent together with our previous investment in SGD, a manufacturer of glass for the pharmaceutical and cosmetics industries, reaffirms our belief that this sector will provide opportunities for growth, globally,” he further said. SGD, a France-based manufacturer of glass packaging with operations in Europe, North and South America and China has simultaneously signed a cooperation agreement with Cogent that provides for technology sharing as well as marketing and management support.
Ashok Sudan, CEO of SDG, and board member of Cogent, based in Paris, told Business Line over phone that both the companies, SDG and Cogent, are now part of the same principal. Cogent will continue to support local companies with its products and explore opportunities to export.
Godrej Interio targets Rs 5,000 crore revenue; to invest more than Rs 300 crore
Kolkata: Godrej Interio, the furniture retailing arm of Godrej Group, is eyeing Rs 5,000 crore turnover by 2016-17, with plans to invest more than Rs 300 crore to expand manufacturing capacity and retail stores.
Addressing a press conference here on Monday, Godrej Interio chief operating officer Anil S. Mathur said the company plans to set up more than 75 stores this year itself with focus on tier II and III cities. Godrej Interio in 2012-13 clocked Rs 1,500 crore revenue.
"We are aiming to become a solution provider rather than a product provider," said Mathur. Godrej Interio at present has 49 exclusive stores and also operates through 800 dealers.
The size of the branded furniture market in India is about Rs 10,000 crore out of which Godrej Interio has around 15% share. Mathur said the company also plans to set up 200 speciality stores which will design and built products as per the consumer's convenience.
"We would also partner with global brands to bring them to India. This could also involve local manufacturing, exports and co-branding of the products. We are in talks with Italian firms apart from our existing partnership with an US and Japanese brand," said Mr Mathur.
Addressing a press conference here on Monday, Godrej Interio chief operating officer Anil S. Mathur said the company plans to set up more than 75 stores this year itself with focus on tier II and III cities. Godrej Interio in 2012-13 clocked Rs 1,500 crore revenue.
"We are aiming to become a solution provider rather than a product provider," said Mathur. Godrej Interio at present has 49 exclusive stores and also operates through 800 dealers.
The size of the branded furniture market in India is about Rs 10,000 crore out of which Godrej Interio has around 15% share. Mathur said the company also plans to set up 200 speciality stores which will design and built products as per the consumer's convenience.
"We would also partner with global brands to bring them to India. This could also involve local manufacturing, exports and co-branding of the products. We are in talks with Italian firms apart from our existing partnership with an US and Japanese brand," said Mr Mathur.
Biz intelligence software revenue to touch $113 m this year
Mumbai: Indian business intelligence (BI) software revenue is forecast to rise 16 per cent to reach $113 million in 2013 from $98.1 million in 2002, according to a study by Gartner.
"Pressures from consumers, environmental policies, government and industry regulations, international standards of quality and internal operational efficiency are forcing enterprises to improve their operations and processes to become both agile and efficient in a volatile marketplace," said Bhavish Sood, research director at Gartner.
“These internal and external pressures are driving increased adoption of analytics solutions across the country,” he added.
The forecast includes revenue for BI platforms, analytic applications and corporate performance management software.
"Pressures from consumers, environmental policies, government and industry regulations, international standards of quality and internal operational efficiency are forcing enterprises to improve their operations and processes to become both agile and efficient in a volatile marketplace," said Bhavish Sood, research director at Gartner.
“These internal and external pressures are driving increased adoption of analytics solutions across the country,” he added.
The forecast includes revenue for BI platforms, analytic applications and corporate performance management software.
Spices exports cross Rs 10,000-cr mark
Kochi: Despite the continuance of global recession and economic slump in the overseas markets, India’s spices exports have crossed the Rs 10,000-crore mark.
A total of 6,99,170 tonnes of spices and spice products valued at Rs 11,171.16 crore ($2,040.18 million) has been exported in FY13 against 5,75,270 tonnes valued Rs 97,83.42 crore ($2,037.76 million) in FY12.
It is for the first time that the growth in volume of exports registered an all time high of 22 per cent and 14 per cent in value. The total exports have exceeded the target in terms of both quantity and value.
Compared to the target of 5,66,000 tonnes valued at Rs 8,203.50 crore ($1,650 million) for FY13, the achievement is 124 per cent in terms of quantity and 136 per cent in rupee and 124 per cent in dollar terms of value.
As the exports of cumin, mint and chillies show sharp improvements during 2012-13, the pattern of trade is showing perceptible changes. New spices are gaining prominence in the export basket, A. Jayathilak, Chairman of Spices Board said.
Mint products, cardamom (large), chilli, coriander, cumin, fennel, fenugreek, celery, other seeds such as mustard, aniseed, ajwain seed, nutmeg and mace, garlic, asafoetida, tamarind, curry powders/pastes, oils and oleoresins, etc are the star performers recording rise in exports both in terms of volume and value.
Traditional spices such as pepper, cardamom (small) and ginger had shown decrease both in terms of volume and value as compared to last year.
The export of seed spices witnessed a phenomenal growth both in terms of quantity and value. A total of 1,86,075 tonnes of seed spices valued at Rs 1,672.99 crore was exported in FY 13.
Break up
In the case of cumin, a total quantity of 79,900 tonnes valued Rs 1,093.17 crore was exported against 45,500 tonnes valued at Rs 644.42 crore.
Fennel showed an increase of 80 per cent in terms of quantity and 58 per cent in terms of value whereas fenugreek marked a rise of 43 per cent in quantity and 49 per cent in value terms. In terms of coriander, 37,100 tonnes valued at Rs 210.77 crore have been exported.
With high demand for its value-added products, mint continued to mark an increase of 49 per cent in value and 35 per cent in volume. A total of 19,980 tonnes of mint products were exported at a value of Rs 3,321.79 crore.
Garlic showed a whopping increase both in terms of quantity and value when 24,000 tonnes (2,200 tonne in FY 12) were exported at a value of Rs 74.49 crore (Rs 14.15 crore).
Chilli continued to remain upbeat when a total quantity of 2,81,000 tonnes of chilli valued at Rs 2,261.44 crore have been exported against 2,41,000 tonnes valued at Rs 2,144.08 crore.
While the export of small cardamom declined both in terms of volume and value, large cardamom showed a rising trend in the export market with an increase of 18 per cent in quantity and 8 per cent in value.
A total of 6,99,170 tonnes of spices and spice products valued at Rs 11,171.16 crore ($2,040.18 million) has been exported in FY13 against 5,75,270 tonnes valued Rs 97,83.42 crore ($2,037.76 million) in FY12.
It is for the first time that the growth in volume of exports registered an all time high of 22 per cent and 14 per cent in value. The total exports have exceeded the target in terms of both quantity and value.
Compared to the target of 5,66,000 tonnes valued at Rs 8,203.50 crore ($1,650 million) for FY13, the achievement is 124 per cent in terms of quantity and 136 per cent in rupee and 124 per cent in dollar terms of value.
As the exports of cumin, mint and chillies show sharp improvements during 2012-13, the pattern of trade is showing perceptible changes. New spices are gaining prominence in the export basket, A. Jayathilak, Chairman of Spices Board said.
Mint products, cardamom (large), chilli, coriander, cumin, fennel, fenugreek, celery, other seeds such as mustard, aniseed, ajwain seed, nutmeg and mace, garlic, asafoetida, tamarind, curry powders/pastes, oils and oleoresins, etc are the star performers recording rise in exports both in terms of volume and value.
Traditional spices such as pepper, cardamom (small) and ginger had shown decrease both in terms of volume and value as compared to last year.
The export of seed spices witnessed a phenomenal growth both in terms of quantity and value. A total of 1,86,075 tonnes of seed spices valued at Rs 1,672.99 crore was exported in FY 13.
Break up
In the case of cumin, a total quantity of 79,900 tonnes valued Rs 1,093.17 crore was exported against 45,500 tonnes valued at Rs 644.42 crore.
Fennel showed an increase of 80 per cent in terms of quantity and 58 per cent in terms of value whereas fenugreek marked a rise of 43 per cent in quantity and 49 per cent in value terms. In terms of coriander, 37,100 tonnes valued at Rs 210.77 crore have been exported.
With high demand for its value-added products, mint continued to mark an increase of 49 per cent in value and 35 per cent in volume. A total of 19,980 tonnes of mint products were exported at a value of Rs 3,321.79 crore.
Garlic showed a whopping increase both in terms of quantity and value when 24,000 tonnes (2,200 tonne in FY 12) were exported at a value of Rs 74.49 crore (Rs 14.15 crore).
Chilli continued to remain upbeat when a total quantity of 2,81,000 tonnes of chilli valued at Rs 2,261.44 crore have been exported against 2,41,000 tonnes valued at Rs 2,144.08 crore.
While the export of small cardamom declined both in terms of volume and value, large cardamom showed a rising trend in the export market with an increase of 18 per cent in quantity and 8 per cent in value.
New US biz centre to boost ties with Indian SMEs
Chandigarh: Some 450 SMEs in Mohali, Punjab, adjoining Chandigarh, are upbeat over the setting up of the American Business Corner (ABC) in the Mohali Industrial Area by the US government's department of commerce. This is northern India's first such facility, and is expected to help create business links between US and Indian SMEs.
ABC's activities will include dissemination of catalogues of US and Indian products to potential buyers, and holding of workshops and seminars on topics ranging from trade and finance to IPR (Intellectual Property Rights). It will also act as a clearing house that will connect the 450 members of the Mohali Industries Association (MIA) with US companies.
Anurag Aggarwal, president of MIA, told Business Standard, "In order to set up ABC, Mohali Industries Association signed a MoU with the US commerce department. This is for the first time that American SMEs are reaching out to Indian SMEs and this can prove to be an historic step towards enhancing trade relations between the two countries."
He added, "ABC is a novel concept as, to date, SMEs of the two countries did not have an opportunity to connect with each other. The setting up of ABC will be beneficial for all members who are looking for an opportunity to do business with the US. It will not only boost Indian exports to the US but will also help Indian SMEs to reach out to the best technology."
Mohali, a planned satellite town of Chandigarh, has a large concentration of SMEs which manufacture a wide range of products including railway components, auto parts, tractor parts, sanitary fittings, furniture, PVC pipes, chemicals, corrugated boxes, rubber and silicon material, precision parts, industrial gases, engineering items and electronic goods. The SMEs also manufacture TV sets, transformers, electronic sockets, mini computers, electronic telecom equipment, dish antennas and computer peripherals.
In a press statement, Nancy J Powell, US Ambassador to India, said the ABC in Mohali will act as a clearing house to connect its 450 member firms with US companies interested in doing business with them. Karan Avtar Singh, Punjab's principal secretary, industries and commerce, assured American and Indian SMEs that the Punjab government would help them to connect, so that trade between the two countries increase
ABC's activities will include dissemination of catalogues of US and Indian products to potential buyers, and holding of workshops and seminars on topics ranging from trade and finance to IPR (Intellectual Property Rights). It will also act as a clearing house that will connect the 450 members of the Mohali Industries Association (MIA) with US companies.
Anurag Aggarwal, president of MIA, told Business Standard, "In order to set up ABC, Mohali Industries Association signed a MoU with the US commerce department. This is for the first time that American SMEs are reaching out to Indian SMEs and this can prove to be an historic step towards enhancing trade relations between the two countries."
He added, "ABC is a novel concept as, to date, SMEs of the two countries did not have an opportunity to connect with each other. The setting up of ABC will be beneficial for all members who are looking for an opportunity to do business with the US. It will not only boost Indian exports to the US but will also help Indian SMEs to reach out to the best technology."
Mohali, a planned satellite town of Chandigarh, has a large concentration of SMEs which manufacture a wide range of products including railway components, auto parts, tractor parts, sanitary fittings, furniture, PVC pipes, chemicals, corrugated boxes, rubber and silicon material, precision parts, industrial gases, engineering items and electronic goods. The SMEs also manufacture TV sets, transformers, electronic sockets, mini computers, electronic telecom equipment, dish antennas and computer peripherals.
In a press statement, Nancy J Powell, US Ambassador to India, said the ABC in Mohali will act as a clearing house to connect its 450 member firms with US companies interested in doing business with them. Karan Avtar Singh, Punjab's principal secretary, industries and commerce, assured American and Indian SMEs that the Punjab government would help them to connect, so that trade between the two countries increase
Subscribe to:
Posts (Atom)