Bangalore: In what is considered one of the largest real estate deals this year in the city, L&W Construction Pvt Ltd, a subsidiary of a Singapore-based construction company, has bought 25 acres of land near the international airport for Rs 100 crore.
The land was bought from a Bangalore-based industrial group for Rs 100 crore. The Singapore company Lee Kim Tah Woh Hup Pte Ltd plans to develop a high-end residential complex there.
Jones Lang LaSalle, international property consultants, facilitated the land deal, a press statement from the company said. Mayank Saksena, Managing Director – Land Services, Jones Lang LaSalle India, said, “This is an extremely strategic acquisition for L&W Construction Private Ltd, and one of Bangalore’s largest land deals of 2013 to date.”
L&W Construction plans to tap the expertise of Lee Kim Tah Woh Hup, a joint venture between Lee Kim Tah Holdings Ltd and Woh Hup (Pte) Ltd, two of Singapore’s oldest construction companies.
Together, they have completed projects in Australia, UK, China, Singapore, Thailand, Malaysia, Indonesia, Myanmar, West Asia, Sri Lanka and the Philippines.
Saksena said the Devanahalli sub-market is defined by an impressive scale of activity on premium and luxury projects.
“This is largely due to the ongoing and planned infrastructure developments in these areas, with the establishment of Bangalore International Airport being one of the primary catalysts for the North Bangalore micro-market.”
Success in my Habit
Monday, July 8, 2013
RINL signs MoU with MECL for exploration of iron ore, coal
Kolkata: Rashtriya Ispat Nigam Ltd. (RINL), which runs the Vizag steel plant, has entered into a MoU with Mineral Exploration Corporation Ltd. ( MECL) for exploration of iron ore, coal and other minerals. RINL which lacks captive iron ore mines, has been aggressively pursuing its strategy for raw material security in the last few years. While it has been scouting for mineral assets and has made mining applications in several states, it received allotment of an iron ore block in Bhilwara from the government of Rajasthan only last month. The company said it also hopes to receive allotment of another block in Rajasthan and few more in Andhra Pradesh and Jharkhand.
The MoU will help RINL utilise MECL's expertise for detailed exploration of these blocks and get into iron ore mining for the first time. Incidentally, RINL already operates captive mines in minerals like limestone, dolomite and manganese. Additionally, the MoU also envisages detailed exploration for thermal & coking coal blocks that RINL hopes will will be allocate dto it in the near future. MECL's services would also be useful for further exploration of RINL's existing mines including those of limestone, dolomite, manganese, quartzite. The MoU was signed on Wednesday by A V Hariharan, DGM (Projects)-Mines on behalf of RINL and S K Sarkar, MECL's head of business development.
The state-owned steel major recorded a 14% growth in finished steel production during Q1 of FY14 and also reported a 7% improvement in generation of captive power during the period. RINL also recorded a 17% rise in production of value added steels, its best Q1 performance so far. Incidentally, value added steels accounted for 80% of RINL's total saleable steel production during the quarter under review. RINL also said it had registered a growth of 13% in Q1 sales this year, in the face of poor market conditions.
A special drive taken by the company helped in achieving sales of 5.5 lakh tonne matching the sales of corresponding period last year. Sale of special steels out of total saleable steels stood at 82% during the quarter, compared to 77% in the corresponding period last year. The company said its focus on rural marketing network has helped in enhancing the number of rural dealers to over 600 at present.
The MoU will help RINL utilise MECL's expertise for detailed exploration of these blocks and get into iron ore mining for the first time. Incidentally, RINL already operates captive mines in minerals like limestone, dolomite and manganese. Additionally, the MoU also envisages detailed exploration for thermal & coking coal blocks that RINL hopes will will be allocate dto it in the near future. MECL's services would also be useful for further exploration of RINL's existing mines including those of limestone, dolomite, manganese, quartzite. The MoU was signed on Wednesday by A V Hariharan, DGM (Projects)-Mines on behalf of RINL and S K Sarkar, MECL's head of business development.
The state-owned steel major recorded a 14% growth in finished steel production during Q1 of FY14 and also reported a 7% improvement in generation of captive power during the period. RINL also recorded a 17% rise in production of value added steels, its best Q1 performance so far. Incidentally, value added steels accounted for 80% of RINL's total saleable steel production during the quarter under review. RINL also said it had registered a growth of 13% in Q1 sales this year, in the face of poor market conditions.
A special drive taken by the company helped in achieving sales of 5.5 lakh tonne matching the sales of corresponding period last year. Sale of special steels out of total saleable steels stood at 82% during the quarter, compared to 77% in the corresponding period last year. The company said its focus on rural marketing network has helped in enhancing the number of rural dealers to over 600 at present.
Tata Solar to build 50MW unit for NTPC
Mumbai: Tata Power Solar has secured a 50-MW solar project from NTPC. The project, to come up at Rajgarh in Madhya Pradesh, is to double NTPC’s solar capacity. The plant is scheduled for commissioning in March next year. It will generate 78.66 million units (Kwh) a year for the Madhya Pradesh Power Trading Company. “This project brings together two of our core strengths in solar, solar module manufacturing and high-quality engineering, procurement and construction capability,” said Ajay Goel, CEO, Tata Power Solar. “NTPC plans to broad-base its generation mix through conventional and non-conventional sources of energy to ensure long-term competitiveness and mitigate fuel risk, said A K Jha, Director Technical, NTPC. NTPC plans to set up 1,000 MW of renewable power by 2017.
Nod to privatise Kolkata and Chennai airports
New Delhi/ Mumbai: In a significant move to bring in private operators to run airports, the government on Thursday approved privatisation of the Chennai and Kolkata airports, which are currently operated by the Airports Authority of India (AAI).
Separately, AAI has sought approval from the government to raise Rs 1,000 crore through issue of tax-free bonds to develop 50 low-cost airports in the country. The inter-ministerial group on Thursday decided to privatise the older terminals by bringing in a joint-venture partner to manage operations at the two airports, much in line with what it has done in Delhi and Mumbai. However, the new terminals built by AAI in both cities may be leased out to a private concessionaire at a pre-determined fee.
A senior official in the ministry said, “The AAI has invested substantial resources in modernising the airports at Kolkata and Chennai. The new terminals might be leased out to the private concessionaire who would be asked to pay a compensation for the investments made by the Airports Authority.” The airports at Kolkata and Chennai would be the first to go off the bloc in the government’s plans to privatise 15 airports across the country.
The Planning Commission would draft the concession agreements for bids. The others on the line for privatisation —as envisaged by the Prime Minister in the current financial year — include Lucknow, Guwahati, Jaipur and Ahmedabad.
Kolkata and Chennai airports were refurbished at Rs 2,325 crore and Rs 2,015 crore, respectively, but there have been complaints related to the quality of work and management of operations at both the airports.
The state-of-the-art integrated terminal at Kolkata airport has been built at a cost of Rs 2,325 crore. It can handle 25 million passengers annually, a leap from the current capacity of 4.8 million a year. Apart from the 195,000-sq metre, five-level integrated passenger terminal building, the new facility also offers modern taxiways and extension of a runway, so that it can handle bigger aircraft such as the Airbus A-380.
“No AAI employee will lose his/her job,'” said Civil Aviation Minister Ajit Singh. However, AAI unions have been objecting to the proposal. In June, the unions had even threatened to go on mass leave.
“Operation of large AAI airports through the public private partnership (PPP) model, in principle, is a great idea,” said Amber Dubey, partner and head (aerospace and defence) at global consultancy KPMG. According to him, it’s because of the PPP model that airports at Delhi, Mumbai, Hyderabad and Bangalore are consistently ranked among the top by global agencies.
“PPP has also helped maximise non-aeronautical revenues at airports, which ultimately bring down aeronautical tariffs for the passengers. In the short-run, the user charges in PPP airports are high, but that is more due to regulatory complications than due to the concept of PPP. AAI has been the biggest gainer – it has and will receive significantly large funds from PPP airports as revenue share. These funds can be utilised by AAI to provide air connectivity to far flung corners of the country where private investment may not be forthcoming due to long gestation periods,” Dubey added.
Separately, AAI has sought approval from the government to raise Rs 1,000 crore through issue of tax-free bonds to develop 50 low-cost airports in the country. The inter-ministerial group on Thursday decided to privatise the older terminals by bringing in a joint-venture partner to manage operations at the two airports, much in line with what it has done in Delhi and Mumbai. However, the new terminals built by AAI in both cities may be leased out to a private concessionaire at a pre-determined fee.
A senior official in the ministry said, “The AAI has invested substantial resources in modernising the airports at Kolkata and Chennai. The new terminals might be leased out to the private concessionaire who would be asked to pay a compensation for the investments made by the Airports Authority.” The airports at Kolkata and Chennai would be the first to go off the bloc in the government’s plans to privatise 15 airports across the country.
The Planning Commission would draft the concession agreements for bids. The others on the line for privatisation —as envisaged by the Prime Minister in the current financial year — include Lucknow, Guwahati, Jaipur and Ahmedabad.
Kolkata and Chennai airports were refurbished at Rs 2,325 crore and Rs 2,015 crore, respectively, but there have been complaints related to the quality of work and management of operations at both the airports.
The state-of-the-art integrated terminal at Kolkata airport has been built at a cost of Rs 2,325 crore. It can handle 25 million passengers annually, a leap from the current capacity of 4.8 million a year. Apart from the 195,000-sq metre, five-level integrated passenger terminal building, the new facility also offers modern taxiways and extension of a runway, so that it can handle bigger aircraft such as the Airbus A-380.
“No AAI employee will lose his/her job,'” said Civil Aviation Minister Ajit Singh. However, AAI unions have been objecting to the proposal. In June, the unions had even threatened to go on mass leave.
“Operation of large AAI airports through the public private partnership (PPP) model, in principle, is a great idea,” said Amber Dubey, partner and head (aerospace and defence) at global consultancy KPMG. According to him, it’s because of the PPP model that airports at Delhi, Mumbai, Hyderabad and Bangalore are consistently ranked among the top by global agencies.
“PPP has also helped maximise non-aeronautical revenues at airports, which ultimately bring down aeronautical tariffs for the passengers. In the short-run, the user charges in PPP airports are high, but that is more due to regulatory complications than due to the concept of PPP. AAI has been the biggest gainer – it has and will receive significantly large funds from PPP airports as revenue share. These funds can be utilised by AAI to provide air connectivity to far flung corners of the country where private investment may not be forthcoming due to long gestation periods,” Dubey added.
India invites Vietnam to set up electronics cluster city
New Delhi: The Government on Thursday asked Vietnam to set up an electronics cluster in India.
India and Vietnam signed two memorandums of understanding (MoU) for partnership in the field of information, communications and technology (ICT).
The first MoU was on telecom regulation between the Telecom Regulatory Authority of India and the Vietnam Telecommunications Authority. The second was on spectrum management between Wireless Planning & Coordination Wing (WPC), DoT and the Authority of Radio Frequency Management, Vietnam.
Joint panel
Accordingly, Communications and IT Minister Kapil Sibal and his counterpart from Vietnam Nguyen Bac Son have decided to set up a six-member joint committee to work on a roadmap for collaboration in the field of ICT.
The joint committee will comprise six persons (three persons from each country) and the representatives from India will comprise one person each from the DoT, Department of Electronics and IT and Posts.
It was also decided that the first meeting of the joint working group should take place within next two months.
“They (Vietnam) will nominate three people and within two months they will chalk out a roadmap of collaboration for the future,” Sibal told reporters after the meeting.
He said the roadmap for investment by Vietnam will also be set once the joint committee meets.
“We have suggested that they should set up an electronics cluster in the form of a city,” Sibal said, adding that the joint committee would set out specific programmes through which this collaboration will take place.
He said the cluster can come up on the Delhi–Mumbai corridor, and that it could be named as ‘Ho Chi Minh’. Both the ministers said that a significant work for cooperation could be ready by later this year when a high level of Vietnam leaders will visit to India.
Electronics manufacturing
Both the ministers unanimously have agreed that electronics manufacturing, software services, standards setting, cyber security, spectrum management, ICTs regulation, cooperation on multilateral platforms and disaster management in coastal areas are some of the areas, the countries could cooperate with each other.
Considering the large young population with ICT skill sets, the opportunities are abundant to synergise strengths of each other, the Vietnam minister said.
He acknowledged the Indian support in ICT capacity building for Vietnam students in CDAC India and in establishing supercomputing facility in Vietnam.
India is supporting to establish a high performance computing centre at Hanoi University of Science and Technology.
India and Vietnam signed two memorandums of understanding (MoU) for partnership in the field of information, communications and technology (ICT).
The first MoU was on telecom regulation between the Telecom Regulatory Authority of India and the Vietnam Telecommunications Authority. The second was on spectrum management between Wireless Planning & Coordination Wing (WPC), DoT and the Authority of Radio Frequency Management, Vietnam.
Joint panel
Accordingly, Communications and IT Minister Kapil Sibal and his counterpart from Vietnam Nguyen Bac Son have decided to set up a six-member joint committee to work on a roadmap for collaboration in the field of ICT.
The joint committee will comprise six persons (three persons from each country) and the representatives from India will comprise one person each from the DoT, Department of Electronics and IT and Posts.
It was also decided that the first meeting of the joint working group should take place within next two months.
“They (Vietnam) will nominate three people and within two months they will chalk out a roadmap of collaboration for the future,” Sibal told reporters after the meeting.
He said the roadmap for investment by Vietnam will also be set once the joint committee meets.
“We have suggested that they should set up an electronics cluster in the form of a city,” Sibal said, adding that the joint committee would set out specific programmes through which this collaboration will take place.
He said the cluster can come up on the Delhi–Mumbai corridor, and that it could be named as ‘Ho Chi Minh’. Both the ministers said that a significant work for cooperation could be ready by later this year when a high level of Vietnam leaders will visit to India.
Electronics manufacturing
Both the ministers unanimously have agreed that electronics manufacturing, software services, standards setting, cyber security, spectrum management, ICTs regulation, cooperation on multilateral platforms and disaster management in coastal areas are some of the areas, the countries could cooperate with each other.
Considering the large young population with ICT skill sets, the opportunities are abundant to synergise strengths of each other, the Vietnam minister said.
He acknowledged the Indian support in ICT capacity building for Vietnam students in CDAC India and in establishing supercomputing facility in Vietnam.
India is supporting to establish a high performance computing centre at Hanoi University of Science and Technology.
Sunday, June 30, 2013
Cushman & Wakefield acquires Singapore’s Project Solution Group
Hyderabad: Real estate consultancy services company Cushman & Wakefield today announced it has entered into an agreement to acquire Singapore-based project management specialist company Project Solution Group (PSG).
This latest acquisition is aligned with the firm's global strategy to strengthen its operations in the Asia-Pacific. When completed, the acquisition will position Cushman & Wakefield as a market leader in Project Management Services.
This acquisition follows Cushman & Wakefield’s announcement earlier this year that it had extended its operations to Taiwan and the Philippines with office openings in Taipei and Manila.
Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield said: "The acquisition will contribute to C&W India’s project management capabilities and add greater depth and expanse to our service offerings."
Founded in Singapore in 2004, PSG Asia offers professional interior design, project management and construction services to over 40 multinational corporations across the Asia-Pacific.
Headquartered in Singapore, PSG operates from 14 offices in 12 countries with 70 staff in Asia and West Asia.
The company was co-founded by Australian Mike Harrison, who will become the Executive Managing Director of Cushman & Wakefield’s Project Management Services in Asia
This latest acquisition is aligned with the firm's global strategy to strengthen its operations in the Asia-Pacific. When completed, the acquisition will position Cushman & Wakefield as a market leader in Project Management Services.
This acquisition follows Cushman & Wakefield’s announcement earlier this year that it had extended its operations to Taiwan and the Philippines with office openings in Taipei and Manila.
Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield said: "The acquisition will contribute to C&W India’s project management capabilities and add greater depth and expanse to our service offerings."
Founded in Singapore in 2004, PSG Asia offers professional interior design, project management and construction services to over 40 multinational corporations across the Asia-Pacific.
Headquartered in Singapore, PSG operates from 14 offices in 12 countries with 70 staff in Asia and West Asia.
The company was co-founded by Australian Mike Harrison, who will become the Executive Managing Director of Cushman & Wakefield’s Project Management Services in Asia
Tata launches first white-label ATM
Mumbai: Tata Communications Payment Solutions (TCPS), a wholly owned subsidiary of Tata Communications, today launched first white label ATM (WLA) of the country at Chandrapada, a tier-V town near Mumbai.
It has been branded 'Indicash' by the company.
TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centers the company will be able to install one ATM in tier-I and tier-II centers.
The company already operates about 27,000 ATMs for 37 banks in the country. “We look to have 50,000 ATMs including 15,000 WLAs by FY 16” said Sanjeev Patel, chief executive officer, TCPS.
Early this week old generation private sector lender Federal Bank had announced it has signed up as a sponsor bank for TCPS WLAs.
Sponsor bank is the bank which will supply cash to the WLA operator for the ATMs. “We are open to more sponsor banks as it depends on the banks reach in the particular region” Patel added.
“We will leverage Tata group’s retail presence in small centres for the ATMs, however we also would be talking to other corporate houses and government agencies who have vast presence in tier- III to tier-VI centers” said Srinivasa Addepalli, chief strategy officer, Tata Communications.
“Trust is another factor which people look for financial transactions and Tata group does enjoy that trust which will give confidence to people to use Tata ATMs” he said during the presentation at press conference here.
On Tuesday Muthoot Finance, a gold loan company said it had received in principal approval from RBI to set up WLAs
It has been branded 'Indicash' by the company.
TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centers the company will be able to install one ATM in tier-I and tier-II centers.
The company already operates about 27,000 ATMs for 37 banks in the country. “We look to have 50,000 ATMs including 15,000 WLAs by FY 16” said Sanjeev Patel, chief executive officer, TCPS.
Early this week old generation private sector lender Federal Bank had announced it has signed up as a sponsor bank for TCPS WLAs.
Sponsor bank is the bank which will supply cash to the WLA operator for the ATMs. “We are open to more sponsor banks as it depends on the banks reach in the particular region” Patel added.
“We will leverage Tata group’s retail presence in small centres for the ATMs, however we also would be talking to other corporate houses and government agencies who have vast presence in tier- III to tier-VI centers” said Srinivasa Addepalli, chief strategy officer, Tata Communications.
“Trust is another factor which people look for financial transactions and Tata group does enjoy that trust which will give confidence to people to use Tata ATMs” he said during the presentation at press conference here.
On Tuesday Muthoot Finance, a gold loan company said it had received in principal approval from RBI to set up WLAs
Gray Matters Capital invests in Unitus Capital
New Delhi: Impact investment bank Unitus Capital has raised an undisclosed sum from a consortium of investors, led by social venture capital firm Gray Matters Capital, the financial services provider to the base-of-the-pyramid population announced on Tuesday.
The proceeds from the second round of institutional funding will be used by the Bangalore-based investment bank to expand its operations in India and South-East Asia, according to Eric Savage, co-founder and president, Unitus Capital.
"Gray Matters Capital's investment is a landmark event for UC. Bob Pattillo is the most active impact investor globally, and we couldn't be more excited to have GMC join our shareholder group," Savage said.
Gray Matters Capital has participated in the capital raising round through its investment firm First Light Ventures. The latter's investment portfolio in India includes domestic services provider Bababjob.com and mobile payment startup Beam Money.
In 2008, Unitus Capital had raised $5.5 million (Rs 32.8 crore).
It also counts William S. Price, the founding partner of global private equity firm TPG, and Steven Funk, founder and chairman of real estate-focused Grand Marais Investments, among its investor list.
The investment bank, which works across sectors including microfinance, renewable energy and healthcare and education, creates financial structures such as non-convertible debentures, securitization and loan portfolio sales, for companies catering to the poor.
It has raised over $75 million of structure products for microfinance institutions such as SKS Microfinance, Janalakshmi Financial Services and Ujjivan Financial Services.
The investment bank has also advised a number of domestic ventures in raising fresh equity capital, including, Bangalore-based Forus Healthcare, which raised $5 million from Accel Partners and IDG Ventures in April last year.
"Because they are in India, and from India, the team at UC can spend time with entrepreneurs and fund managers... It's the difference between incremental increases and quantum leaps in creativity and performance," Robert Pattillo, founder of Gray Matters Capital said
The proceeds from the second round of institutional funding will be used by the Bangalore-based investment bank to expand its operations in India and South-East Asia, according to Eric Savage, co-founder and president, Unitus Capital.
"Gray Matters Capital's investment is a landmark event for UC. Bob Pattillo is the most active impact investor globally, and we couldn't be more excited to have GMC join our shareholder group," Savage said.
Gray Matters Capital has participated in the capital raising round through its investment firm First Light Ventures. The latter's investment portfolio in India includes domestic services provider Bababjob.com and mobile payment startup Beam Money.
In 2008, Unitus Capital had raised $5.5 million (Rs 32.8 crore).
It also counts William S. Price, the founding partner of global private equity firm TPG, and Steven Funk, founder and chairman of real estate-focused Grand Marais Investments, among its investor list.
The investment bank, which works across sectors including microfinance, renewable energy and healthcare and education, creates financial structures such as non-convertible debentures, securitization and loan portfolio sales, for companies catering to the poor.
It has raised over $75 million of structure products for microfinance institutions such as SKS Microfinance, Janalakshmi Financial Services and Ujjivan Financial Services.
The investment bank has also advised a number of domestic ventures in raising fresh equity capital, including, Bangalore-based Forus Healthcare, which raised $5 million from Accel Partners and IDG Ventures in April last year.
"Because they are in India, and from India, the team at UC can spend time with entrepreneurs and fund managers... It's the difference between incremental increases and quantum leaps in creativity and performance," Robert Pattillo, founder of Gray Matters Capital said
India-Israel trade pact will boost volume by $2 b : Envoy
Hyderabad: The India-Israel free trade agreement, which is close to being concluded, will have far reaching implications on both the countries going beyond trade volumes, according to Alon Ushpiz, Israeli Ambassador to India.
Speaking to reporters here, he said that the parleys between the two countries on FTA are currently under way in New Delhi. The agreement is likely to be concluded at the earliest.
“In fact, we were hoping to conclude this a few months ago. The FTA negotiations are pretty complex and take time to conclude as both the parties tend to be firm on their respective stands,” he explained.
The bilateral trade had shot up to about $5 billion in 2011, excluding services, with similar volumes both sides. This registered a slight slowdown in 2012. But the moment the FTA is signed, it could help accelerate trade volumes by at least $2 billion, he said.
IT FUND
Sectors such as information technology, research and development, high-tech areas have immense potential to grow bilaterally. In fact, there have been proposals to set up a separate fund for the IT sector between the two countries to encourage development of products.
Already, several cooperative initiatives are now underway between the two counties and also with some States in the area of agriculture technology, water management, treatment of sewerage and desalination.
ENERGY
Israel has gained considerable expertise in the energy sector, including renewables. We are in talks with the Ministry of New and Renewable Energy and expect to sign an agreement for mutual cooperation for sharing of technology, he said.
Referring to the cooperation in the agriculture sector, he said several projects have been initiated with States focussing on water management and improving productivity. These include technology sharing for production of vegetables, mango, citrus fruits, pomegranates and flowers.
“We are natural friends of water. We can offer technology and share learning with India. This could be through Government, public undertakings and also expertise in the private sector,” he said.
Speaking to reporters here, he said that the parleys between the two countries on FTA are currently under way in New Delhi. The agreement is likely to be concluded at the earliest.
“In fact, we were hoping to conclude this a few months ago. The FTA negotiations are pretty complex and take time to conclude as both the parties tend to be firm on their respective stands,” he explained.
The bilateral trade had shot up to about $5 billion in 2011, excluding services, with similar volumes both sides. This registered a slight slowdown in 2012. But the moment the FTA is signed, it could help accelerate trade volumes by at least $2 billion, he said.
IT FUND
Sectors such as information technology, research and development, high-tech areas have immense potential to grow bilaterally. In fact, there have been proposals to set up a separate fund for the IT sector between the two countries to encourage development of products.
Already, several cooperative initiatives are now underway between the two counties and also with some States in the area of agriculture technology, water management, treatment of sewerage and desalination.
ENERGY
Israel has gained considerable expertise in the energy sector, including renewables. We are in talks with the Ministry of New and Renewable Energy and expect to sign an agreement for mutual cooperation for sharing of technology, he said.
Referring to the cooperation in the agriculture sector, he said several projects have been initiated with States focussing on water management and improving productivity. These include technology sharing for production of vegetables, mango, citrus fruits, pomegranates and flowers.
“We are natural friends of water. We can offer technology and share learning with India. This could be through Government, public undertakings and also expertise in the private sector,” he said.
India-Turkey to enhance cooperation in renewable energy
New Delhi: India and Turkey have agreed to enhance their cooperation in the field of Renewable Energy. This was decided at a meeting held between the Turkish Energy Minister Mr. Taner Yildiz and Dr. Farooq Abdullah, Minister of New and Renewable Energy at Ankara today. Dr. Abdullah is visiting Turkey along with a high level delegation to explore greater opportunities for cooperation and collaboration between Indian and Turkey. Dr. Abdullah briefed his counterpart on the energy situation in India and India’s plans to add over 30 GW of renewable energy to its energy mix in the next 5 years. He also dwelt on the success of the wind programme as well as the significant cost reductions in solar energy through the Jawahar Lal Nehru National Solar Mission (JNNSM).
The Turkish leader said that Ankara hopes to diversify its energy mix by introducing a large component of renewables. It has considerable potential in wind, hydro, solar and geothermal energy. It imports over 90% of its oil, gas and fossil fuel requirement. Mr Yildiz recognized India’s considerable achievements and strengths in renewable energy and noted that India had made large strides in this field. He expressed the Turkish government’s desire to set up large generating as well as manufacturing capacities in renewable energy sources, particularly wind and solar. Dr. Abdullah offered India’s support and expertise to Turkey in setting up projects in wind, solar and hydropower. He also offered training slots in India to Turkish scientists, engineers and technicians through the ITEC programme. The Indian Minister expressed his country’s desire for a serious and meaningful cooperation with Turkey, especially in renewable energy and offered all possible assistance.
The Turkish Foreign Economic Relations Board (DEIK) and the Turkish Confederation of Businessmen and Industrialists (TUSCON) and Federation of Indian Chambers of Commerce and Industry (FICCI) later organized business seminars where business delegations from both countries deliberated in detail on the opportunities and prospects of renewable energy in Turkey. Both sides identified specific areas of scientific cooperation and possibilities of participation in renewable energy projects and investment opportunities.
Earlier in the day, the Minister visited Anitkabir- the Masoleum of Kemal Ataturk, the founder of modern Turkey and paid his respects.
Note: Photographs of the meeting are available on PIB website.
The Turkish leader said that Ankara hopes to diversify its energy mix by introducing a large component of renewables. It has considerable potential in wind, hydro, solar and geothermal energy. It imports over 90% of its oil, gas and fossil fuel requirement. Mr Yildiz recognized India’s considerable achievements and strengths in renewable energy and noted that India had made large strides in this field. He expressed the Turkish government’s desire to set up large generating as well as manufacturing capacities in renewable energy sources, particularly wind and solar. Dr. Abdullah offered India’s support and expertise to Turkey in setting up projects in wind, solar and hydropower. He also offered training slots in India to Turkish scientists, engineers and technicians through the ITEC programme. The Indian Minister expressed his country’s desire for a serious and meaningful cooperation with Turkey, especially in renewable energy and offered all possible assistance.
The Turkish Foreign Economic Relations Board (DEIK) and the Turkish Confederation of Businessmen and Industrialists (TUSCON) and Federation of Indian Chambers of Commerce and Industry (FICCI) later organized business seminars where business delegations from both countries deliberated in detail on the opportunities and prospects of renewable energy in Turkey. Both sides identified specific areas of scientific cooperation and possibilities of participation in renewable energy projects and investment opportunities.
Earlier in the day, the Minister visited Anitkabir- the Masoleum of Kemal Ataturk, the founder of modern Turkey and paid his respects.
Note: Photographs of the meeting are available on PIB website.
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