New Delhi: The Indian-American doctors’ community plans to organise the “Global Healthcare Summit” in Ahmedabad, Gujarat, from January 3-5, 2014, to bring affordable world class healthcare for Indians.
“The Association of American Physicians of Indian Origin (AAPI) would like to make a positive and meaningful impact on the healthcare in India,” said Dr Jayesh Shah, President, AAPI.
Global Healthcare Summit 2014 aims at advancing the accessibility, affordability and quality of world-class healthcare to the Indian people. The Summit will also focus on prevention, diagnosis, treatment options and share ways to truly improve healthcare transcending global boundaries, Dr Shah added.
Healthcare in India is one of the largest sectors in terms of revenue and employment. “AAPI has been engaged in harnessing the power of Indian diaspora to bring the most innovative, efficient, cost effective healthcare solutions to India,” Dr Shah further highlighted.
AAPI has organised seven Indo-US Global Healthcare Summits and has also developed strategic alliances with various organisations.
Success in my Habit
Wednesday, July 31, 2013
Second India-US-Africa triangular agricultural training program launched
Kolkata: The United States and India, on Tuesday (July 30), launched the second India-US-Africa triangular agricultural training program supported by the US government's global hunger and food security initiative Feed the Future. This partnership aims to improve agricultural productivity and support market insti-tutions in Kenya, Liberia, and Malawi, according to an email statement from the US Consulate General's office in Kolkata.
United States Agency for International Development (USAID) Food Security Office director Bahiru Duguma kicked off this initiative. Mr Duguma explained that, as part of the broader US-India global partnership, the triangular engagement "will share proven innovations from India's private and public sector to address food insecurity, malnutrition, and poverty in the target African countries."
The program will train 180 agricultural professionals from these three African countries by providing marketing and extension management training at the Chaudhury Charan Singh National Institute of Agricultural Marketing (NIAM) in Jaipur and at the National Institute of Agricultural Extension Management in Hyderabad. The initiative, led by USAID and NIAM, is part of a three-year training program and one of several activities resulting from the global strategic partnership announced by Indian Prime Minister Manmohan Singh and US President Barak Obama in 2010.
United States Agency for International Development (USAID) Food Security Office director Bahiru Duguma kicked off this initiative. Mr Duguma explained that, as part of the broader US-India global partnership, the triangular engagement "will share proven innovations from India's private and public sector to address food insecurity, malnutrition, and poverty in the target African countries."
The program will train 180 agricultural professionals from these three African countries by providing marketing and extension management training at the Chaudhury Charan Singh National Institute of Agricultural Marketing (NIAM) in Jaipur and at the National Institute of Agricultural Extension Management in Hyderabad. The initiative, led by USAID and NIAM, is part of a three-year training program and one of several activities resulting from the global strategic partnership announced by Indian Prime Minister Manmohan Singh and US President Barak Obama in 2010.
Tuesday, July 30, 2013
L&T bags Rs 8,250 crore job in Riyadh metro project
New Delhi: Larsen & Toubro has bagged an order worth $1.4 billion (Rs 8,250 crore) from ArRiyadh Development Authority, Kingdom of Saudi Arabia for the design, construction and commissioning of a metro project in Riyadh, Saudi Arabia, the Mumbai-headquartered engineering major said Monday.
The project would be executed by the heavy civil infrastructure business unit of the construction division of L&T. L&T bagged the project as a part of a consortium that included Ansaldo STS of Italy, Bombardier Transportation of UK, Impregilo S.p.A of Italy, Nesma & Partners of Saudi Arabia. The total value of order is $5.94 billion (approximately Rs 35,000 crore), of which the job to be done by L&T is worth $1.4 billion.
The project will be executed in four years, which will be preceded by eight months to prepare the detailed designs and to carry out the enabling works, the coordination for utilities diversion and the site preparation works. Upon completions, the consortium would have four months for system demonstration, trial runs and project handing over. The scope of the order entails design, construction and commissioning of a 41 km-driverless train operation that can carry around 5,000 passengers every hour.
"This order was won against stiff global competition. It aligns well with L&T's expansion plans in the international arena," the company said in a release.
At 12:40 IST, shares of L&T were trading at Rs 853 on the Bombay Stock Exchange, up around 0.9% from Friday.
The project would be executed by the heavy civil infrastructure business unit of the construction division of L&T. L&T bagged the project as a part of a consortium that included Ansaldo STS of Italy, Bombardier Transportation of UK, Impregilo S.p.A of Italy, Nesma & Partners of Saudi Arabia. The total value of order is $5.94 billion (approximately Rs 35,000 crore), of which the job to be done by L&T is worth $1.4 billion.
The project will be executed in four years, which will be preceded by eight months to prepare the detailed designs and to carry out the enabling works, the coordination for utilities diversion and the site preparation works. Upon completions, the consortium would have four months for system demonstration, trial runs and project handing over. The scope of the order entails design, construction and commissioning of a 41 km-driverless train operation that can carry around 5,000 passengers every hour.
"This order was won against stiff global competition. It aligns well with L&T's expansion plans in the international arena," the company said in a release.
At 12:40 IST, shares of L&T were trading at Rs 853 on the Bombay Stock Exchange, up around 0.9% from Friday.
One-fourth of MF assets now via direct plans
Mumbai:
ALSO READ: Mutual funds lick wounds after mass redemption
“Higher returns from direct plans are an outcome of lower expense ratio for these plans as distribution costs are excluded,” said Sandeep Sabharwal, senior director, capital markets, CRISIL.
A comparison of returns between direct and regular plans for the quarter ended June shows long-term income funds category outperformed by 0.76 per cent on an annualised basis. Investment through direct plans of tax-saver equity linked savings scheme (ELSS) and monthly income plans (MIPs) helped investors clock better returns of roughly 0.65 percent.
Mutual fund officials said so far, institutional investors and high net worth individuals were shifting to direct plans mainly for liquid scheme investments. Though the cost under direct plans of liquid schemes is just about 0.05 percent cheaper, the savings are sizable for corporate investors because they invest thousands of crores.
ALSO READ: Sebi rejigs its advisory committee on mutual fund
“In future, more institutional investors and high net worth individuals are likely to shift to direct plans as these investors are far more capable at taking informed investment decisions. Retail investors, too, could start shifting to these plans as awareness about the benefits of these plans increases,” said Sabharwal.
The AUM of debt funds under the direct plans nearly tripled to Rs 69,500 crore as of June 30 from Rs 24,700 crore in the previous quarter. Within the debt fund fold, money market funds were the
Investors are increasingly opting to put money in debt mutual fund schemes through direct plans, rather than tapping the services of distributors. A study by CRISIL Research shows direct plans, introduced on January 1, constitute 25 per cent of the mutual fund sector’s total average assets under management (AUM) for the quarter ended June 30, against 15 per cent in the previous quarter. AUMs under direct plans rose almost 70 per cent to Rs 2.14 lakh crore during the June quarter, compared with the March quarter-end, according to CRISIL. Debt schemes constituted 98 per cent of the total AUM under direct plans, it said.
Through direct plans, investors can put money in schemes at a lower cost because there are no distributor charges. This boosts the returns of the schemes over the long run because of cost savings.
highest contributors to the direct plan AUM in absolute terms. Liquid funds’ AUM rose by Rs 24,400 crore to touch the Rs 1 lakh crore at the end of the June quarter. AUM under ultra short-term funds rose by Rs 16,200 crore to Rs 35,900 crore.
ALSO READ: Mutual funds lick wounds after mass redemption
“Higher returns from direct plans are an outcome of lower expense ratio for these plans as distribution costs are excluded,” said Sandeep Sabharwal, senior director, capital markets, CRISIL.
A comparison of returns between direct and regular plans for the quarter ended June shows long-term income funds category outperformed by 0.76 per cent on an annualised basis. Investment through direct plans of tax-saver equity linked savings scheme (ELSS) and monthly income plans (MIPs) helped investors clock better returns of roughly 0.65 percent.
Mutual fund officials said so far, institutional investors and high net worth individuals were shifting to direct plans mainly for liquid scheme investments. Though the cost under direct plans of liquid schemes is just about 0.05 percent cheaper, the savings are sizable for corporate investors because they invest thousands of crores.
ALSO READ: Sebi rejigs its advisory committee on mutual fund
“In future, more institutional investors and high net worth individuals are likely to shift to direct plans as these investors are far more capable at taking informed investment decisions. Retail investors, too, could start shifting to these plans as awareness about the benefits of these plans increases,” said Sabharwal.
The AUM of debt funds under the direct plans nearly tripled to Rs 69,500 crore as of June 30 from Rs 24,700 crore in the previous quarter. Within the debt fund fold, money market funds were the
Investors are increasingly opting to put money in debt mutual fund schemes through direct plans, rather than tapping the services of distributors. A study by CRISIL Research shows direct plans, introduced on January 1, constitute 25 per cent of the mutual fund sector’s total average assets under management (AUM) for the quarter ended June 30, against 15 per cent in the previous quarter. AUMs under direct plans rose almost 70 per cent to Rs 2.14 lakh crore during the June quarter, compared with the March quarter-end, according to CRISIL. Debt schemes constituted 98 per cent of the total AUM under direct plans, it said.
Through direct plans, investors can put money in schemes at a lower cost because there are no distributor charges. This boosts the returns of the schemes over the long run because of cost savings.
highest contributors to the direct plan AUM in absolute terms. Liquid funds’ AUM rose by Rs 24,400 crore to touch the Rs 1 lakh crore at the end of the June quarter. AUM under ultra short-term funds rose by Rs 16,200 crore to Rs 35,900 crore.
.Wind sector attracted $ 210 mn VC funding during April-June: Mercom
New Delhi: The wind sector attracted about $ 210 million investments globally from venture capital (VC) funds during April-June. This is against $16 million investments in the sector during the previous three months of January-March.
The investments have picked up with the help of some large deals going to project developers in India, said Mercom Capital Group, llc, a global clean energy communications and consulting firm.
The funds investing in India include ReNew Power where Goldman Sachs has invested $135 million. This has raised the total investment by the global investment banking, securities and management firm in the Indian company to $385 million.
Another project developer from India, NSL Renewable Power, received $60 million in funding from multiple investors. Further, in two smaller funding deals, IDEOL, a designer and installer of foundations for offshore wind projects, raised $9.1 million, and $6.2 million was received by ROMO Wind, a wind technology company focused on improving wind turbine rotor function.
Mercom Capital said that large-scale project funding during April-June totalled $3.2 billion in 24 deals compared to $ 6.2 billion in 29 deals in January-March. There were a total of 42 investors that participated in project funding deals during April-June.
“The strong project acquisition activity shows how wind has evolved into a mature and mainstream energy source and an attractive investment for both private and public firms alike,” said Raj Prabhu, CEO of Mercom Capital.
M&A deals
There were six mergers and acquisitions (M&A) transactions during April-June, amounting to $ 328 million.
These include acquisition of Salus Fundos de Investimento em Participacoes (Salus) by Copel for nearly $128 million. PNE WIND purchased a 54 per cent share in WKN from former shareholder Volker Friedrichsen Beteiligungs for $122 million. Aksa Energy acquired 93 percent stake in Kapidag Ruzgar Enerjisi Elektrik Uretim for $67 million. Marmen, a high-precision machining, fabrication and mechanical assembly company, acquired a wind tower plant from Broadwind Energy, an independent services provider for $11.7 million. Makani Power was acquired by Google for an undisclosed amount reportedly for its secret Google X skunkworks lab and Urban Wind acquired Myriad Wind for an undisclosed amount.
The investments have picked up with the help of some large deals going to project developers in India, said Mercom Capital Group, llc, a global clean energy communications and consulting firm.
The funds investing in India include ReNew Power where Goldman Sachs has invested $135 million. This has raised the total investment by the global investment banking, securities and management firm in the Indian company to $385 million.
Another project developer from India, NSL Renewable Power, received $60 million in funding from multiple investors. Further, in two smaller funding deals, IDEOL, a designer and installer of foundations for offshore wind projects, raised $9.1 million, and $6.2 million was received by ROMO Wind, a wind technology company focused on improving wind turbine rotor function.
Mercom Capital said that large-scale project funding during April-June totalled $3.2 billion in 24 deals compared to $ 6.2 billion in 29 deals in January-March. There were a total of 42 investors that participated in project funding deals during April-June.
“The strong project acquisition activity shows how wind has evolved into a mature and mainstream energy source and an attractive investment for both private and public firms alike,” said Raj Prabhu, CEO of Mercom Capital.
M&A deals
There were six mergers and acquisitions (M&A) transactions during April-June, amounting to $ 328 million.
These include acquisition of Salus Fundos de Investimento em Participacoes (Salus) by Copel for nearly $128 million. PNE WIND purchased a 54 per cent share in WKN from former shareholder Volker Friedrichsen Beteiligungs for $122 million. Aksa Energy acquired 93 percent stake in Kapidag Ruzgar Enerjisi Elektrik Uretim for $67 million. Marmen, a high-precision machining, fabrication and mechanical assembly company, acquired a wind tower plant from Broadwind Energy, an independent services provider for $11.7 million. Makani Power was acquired by Google for an undisclosed amount reportedly for its secret Google X skunkworks lab and Urban Wind acquired Myriad Wind for an undisclosed amount.
India and Senegal sign executive programme for cultural cooperation
New Delhi: India and Senegal enjoy age-old friendly relations and to reaffirm their commitment to have sustained cultural exchanges by signing “Executive Programme for Cultural Cooperation” between India and Senegal for the period 2013-2015 on 29th July 2013 at New Delhi. The Executive Programme for Cultural Cooperation was signed by Smt. Chandresh Kumari Katoch, Minister of Culture on behalf of Government of India and by H.E. Mr. Adboul Aziz Mbaye, Minister of Culture, on behalf of Government of Republic of Senegal. The Executive Programme for Cultural Cooperation is valid for three years. Thereafter, however, it will continue to be in force till a fresh Exchange Programme is signed.
The Executive Programme for Cultural Cooperation seeks to:
Exchange the Experts in the field of theatre.
Encourage Training in the areas of artistic heritage, creative activities, audio visual, music, dance, theatre and puppetry
Exchange the publications on cultural heritage.
Exchange canvas works and grounding mats for exhibition.
Exchange experts in the field of prehistoric archaeology; provide Laboratory training in the field of restoration of cultural properties and monuments.
Exchange experts reciprocally with a view to promoting library activities and expertise in the fields of publishing, printing and binding.
Exchange programmes depicting various facets of life and culture in the two parties through their respective Radio and TV organizations.
Exchange experiences in the field of sports and explore the possibilities of exchanging sports teams/coaches in diverse disciplines.
Organize cultural week featuring various aspects of its culture
Exchange1-2 experts in the field of Performing Arts and literature.
The Executive Programme for Cultural Cooperation seeks to:
Exchange the Experts in the field of theatre.
Encourage Training in the areas of artistic heritage, creative activities, audio visual, music, dance, theatre and puppetry
Exchange the publications on cultural heritage.
Exchange canvas works and grounding mats for exhibition.
Exchange experts in the field of prehistoric archaeology; provide Laboratory training in the field of restoration of cultural properties and monuments.
Exchange experts reciprocally with a view to promoting library activities and expertise in the fields of publishing, printing and binding.
Exchange programmes depicting various facets of life and culture in the two parties through their respective Radio and TV organizations.
Exchange experiences in the field of sports and explore the possibilities of exchanging sports teams/coaches in diverse disciplines.
Organize cultural week featuring various aspects of its culture
Exchange1-2 experts in the field of Performing Arts and literature.
Prime Minister's Council on trade & industry
New Delhi: The Prime Minister's Council on Trade & Industry met today to discuss issues concerning the Indian economy. The agenda focused on measures to correct the Current Account Deficit; the slowdown of industrial growth and measures to revive it; depreciation of the Rupee and its impact on trade and industry; skill development and development of industrial corridors.
The meeting was attended by the Finance Minister, the Commerce & Industries Minister, Deputy Chairman of the Planning Commission, Chairman of the National Manufacturing Competitiveness Council, Chairman of PM's Economic Advisory Council, senior officials of the government and from the industry, Shri Rahul Bajaj, Dr. Ashok Ganguly, Shri Mukesh D. Ambani, Shri Narayana Murthy, Shri Azim Premji, Ms. Swati Piramal, Shri Deepak Parekh, Shri Jamshyd N. Godrej, Ms. Chanda Kochhar, Shri Venu Srinivasan, Shri Sunil Kant Munjal, Shri S. Gopalakrishnan, Dr. Rana Kapoor, Shri Sunil B. Mittal, Smt. Naina Lal Kidwai.
The Prime Minister welcomed the gathering and invited the captains of industry to give suggestions to improve the economy and remove the mood of pessimism that has unnecessarily spread in some quarters. The Finance and Commerce Ministers then briefed the Council on the government's thoughts on the agenda.
There was a detailed and lengthy discussion on the issues. While some expressed their concerns, some gave concrete suggestions on how to improve matters.
The overall sentiment was on the need to bring back the mood, converting decisions to action and taking the country back to a growth path of 8% or more.
The Prime Minister concluded by thanking the Council for its suggestions. He said it was a rewarding discussion. The Prime Minister wanted a report to be submitted within one month on what can be done in the next 2-3 months.
S.No CAD Reviving growth Industrial Corridors Skill Development
1 Raising duties on consumers and luxury goods Focus as much on growth as on inclusion Have sector specific zones and clusters Need good certification on a vast scale
2 Innovative ways of reducing gold imports through bonds, etc Extend accelerated depreciation to SMEs Have effcient single window clearances and good facilitation Focus on home service market
3 Reducing conditions on FDI and speed up FIPB Removing bottlenecks of pharma sector and increasing R&D Give out pre-cleared projects Using NREGA for skill development
4 Have a sovereign bond and reciprocal swaplines Moratorium on loan repayment for delayed projects Accelerate the Amritsar-Delhi-Kolkatta Corridor as this region is vital for growth
5 Accelerate software exports by easing domestic movement of people, resolve the tax issues, make inward visas easier and taking up the Visa Bill with USA Focussing on annuity based PPP Projects.
6 Raise easy resources by selling SUUTI, BALCO, HZL shares. Restore cash flows of firms by paying receivables
7 Boost agriculture exports Boosting domestic electronic manufacture
8 Bringing off shore Rupee market on shore Use PSU land for industrial parks
9 Improve Coal India operations through PPP Restart renewable energy projects
10 Boost textile exports Focus on incumbent investors for the short run
11 Resolve the tax issues and remove tax uncertainty
12 Using Government procurement to boost local Industry
13 Focusing on urban infrastructure
The meeting was attended by the Finance Minister, the Commerce & Industries Minister, Deputy Chairman of the Planning Commission, Chairman of the National Manufacturing Competitiveness Council, Chairman of PM's Economic Advisory Council, senior officials of the government and from the industry, Shri Rahul Bajaj, Dr. Ashok Ganguly, Shri Mukesh D. Ambani, Shri Narayana Murthy, Shri Azim Premji, Ms. Swati Piramal, Shri Deepak Parekh, Shri Jamshyd N. Godrej, Ms. Chanda Kochhar, Shri Venu Srinivasan, Shri Sunil Kant Munjal, Shri S. Gopalakrishnan, Dr. Rana Kapoor, Shri Sunil B. Mittal, Smt. Naina Lal Kidwai.
The Prime Minister welcomed the gathering and invited the captains of industry to give suggestions to improve the economy and remove the mood of pessimism that has unnecessarily spread in some quarters. The Finance and Commerce Ministers then briefed the Council on the government's thoughts on the agenda.
There was a detailed and lengthy discussion on the issues. While some expressed their concerns, some gave concrete suggestions on how to improve matters.
The overall sentiment was on the need to bring back the mood, converting decisions to action and taking the country back to a growth path of 8% or more.
The Prime Minister concluded by thanking the Council for its suggestions. He said it was a rewarding discussion. The Prime Minister wanted a report to be submitted within one month on what can be done in the next 2-3 months.
S.No CAD Reviving growth Industrial Corridors Skill Development
1 Raising duties on consumers and luxury goods Focus as much on growth as on inclusion Have sector specific zones and clusters Need good certification on a vast scale
2 Innovative ways of reducing gold imports through bonds, etc Extend accelerated depreciation to SMEs Have effcient single window clearances and good facilitation Focus on home service market
3 Reducing conditions on FDI and speed up FIPB Removing bottlenecks of pharma sector and increasing R&D Give out pre-cleared projects Using NREGA for skill development
4 Have a sovereign bond and reciprocal swaplines Moratorium on loan repayment for delayed projects Accelerate the Amritsar-Delhi-Kolkatta Corridor as this region is vital for growth
5 Accelerate software exports by easing domestic movement of people, resolve the tax issues, make inward visas easier and taking up the Visa Bill with USA Focussing on annuity based PPP Projects.
6 Raise easy resources by selling SUUTI, BALCO, HZL shares. Restore cash flows of firms by paying receivables
7 Boost agriculture exports Boosting domestic electronic manufacture
8 Bringing off shore Rupee market on shore Use PSU land for industrial parks
9 Improve Coal India operations through PPP Restart renewable energy projects
10 Boost textile exports Focus on incumbent investors for the short run
11 Resolve the tax issues and remove tax uncertainty
12 Using Government procurement to boost local Industry
13 Focusing on urban infrastructure
Monday, July 29, 2013
ITC aims Rs 1-lakh-cr turnover from new FMCG biz by '25
The company is aiming to create global Indian brands in the years to come
Kolkata: Diversified conglomerate ITC is aiming to clock in a turnover of Rs 1 lakh crore from its brands in the new fast-moving consumer goods (FMCG) businesses by 2025.
“It is within the realm of possibility that your company can achieve a turnover of over Rs 1 lakh crore from its brands in the new FMCG businesses by 2025/30,” Chairman Y C Deveshwar, said addressing shareholders at the company’s annual general meeting.
The company is aiming to create global Indian brands in the years to come. Its new FMCG businesses have gained traction with the top line having exceeded Rs 7,000 crore in the year gone by, Deveshwar said. The non-cigarette FMCG business will break-even this year and will hopefully be profitable from next year.
ALSO READ: Tobacco, agri businesses push ITC net up 18%
There were, however, problems in the growth path, as Deveshwar pointed out the company has still not been able to invest the Rs 26,000 crore it had outlined three years back. The main stumbling block happened to be land.
“We have invested Rs 2,000 crore in FY13 and should invest about Rs 6,000-7,000 crore this year,” Deveshwar told reporters later in the day.
All the projects of ITC have got delayed primarily due to delay in possession of land. “First, getting land is a problem and then once you get it, conversion for manufacturing is another issue,” he said.
ALSO READ: ITC dips on profit booking post June quarter earnings
Unlike other companies, Deveshwar pointed out, ITC would not have to go to banks for funds, it was cash-rich. “We are just waiting to invest,” he said.
As on March 31, ITC’s reserves and surplus stood at Rs 21,497 crore.
Deveshwar said the cigarette business provided the basis for cash flows that were enabling the creation of world class Indian brands in multiple consumer segments.
“They are also the basis for building capital intensive hotels and paperboard businesses,” he added.
ALSO READ: Tobacco, agri businesses push ITC net up 18%
Executive Director Nakul Anand said the hotel business would see an addition of 600-700 rooms in the current financial year. “Five to six properties will be added this year. A total of 15-18 projects are underway which would be a mix of owned and managed hotels,” he said.
The company has recently launched personal care brands such as Essenza Di Wills, Fiama Di Wills, Vivel and Superia which have been well received by the consumer, indicated Deveshwar.
Stressing on the need for having a global identity, Deveshwar said, “The mission is to create unique products, born out of deep consumer insight to win growing consumer franchise and build world class brands that would progressively dominate the Indian global market.”
ITC’s brands such as Aashirvaad and Sunfeast have already garnered annualised consumer spends of over Rs 2,000 crore each. While the former brand is a clear market leader in its segment, Sunfeast Dark Fantasy has emerged as a leader in the premium cream biscuits category, the chairman claimed.
According to him brands like Bingo!, Candyman, and Vivel were estimated to have attracted consumer spends of over Rs 500 crore each.
Kolkata: Diversified conglomerate ITC is aiming to clock in a turnover of Rs 1 lakh crore from its brands in the new fast-moving consumer goods (FMCG) businesses by 2025.
“It is within the realm of possibility that your company can achieve a turnover of over Rs 1 lakh crore from its brands in the new FMCG businesses by 2025/30,” Chairman Y C Deveshwar, said addressing shareholders at the company’s annual general meeting.
The company is aiming to create global Indian brands in the years to come. Its new FMCG businesses have gained traction with the top line having exceeded Rs 7,000 crore in the year gone by, Deveshwar said. The non-cigarette FMCG business will break-even this year and will hopefully be profitable from next year.
ALSO READ: Tobacco, agri businesses push ITC net up 18%
There were, however, problems in the growth path, as Deveshwar pointed out the company has still not been able to invest the Rs 26,000 crore it had outlined three years back. The main stumbling block happened to be land.
“We have invested Rs 2,000 crore in FY13 and should invest about Rs 6,000-7,000 crore this year,” Deveshwar told reporters later in the day.
All the projects of ITC have got delayed primarily due to delay in possession of land. “First, getting land is a problem and then once you get it, conversion for manufacturing is another issue,” he said.
ALSO READ: ITC dips on profit booking post June quarter earnings
Unlike other companies, Deveshwar pointed out, ITC would not have to go to banks for funds, it was cash-rich. “We are just waiting to invest,” he said.
As on March 31, ITC’s reserves and surplus stood at Rs 21,497 crore.
Deveshwar said the cigarette business provided the basis for cash flows that were enabling the creation of world class Indian brands in multiple consumer segments.
“They are also the basis for building capital intensive hotels and paperboard businesses,” he added.
ALSO READ: Tobacco, agri businesses push ITC net up 18%
Executive Director Nakul Anand said the hotel business would see an addition of 600-700 rooms in the current financial year. “Five to six properties will be added this year. A total of 15-18 projects are underway which would be a mix of owned and managed hotels,” he said.
The company has recently launched personal care brands such as Essenza Di Wills, Fiama Di Wills, Vivel and Superia which have been well received by the consumer, indicated Deveshwar.
Stressing on the need for having a global identity, Deveshwar said, “The mission is to create unique products, born out of deep consumer insight to win growing consumer franchise and build world class brands that would progressively dominate the Indian global market.”
ITC’s brands such as Aashirvaad and Sunfeast have already garnered annualised consumer spends of over Rs 2,000 crore each. While the former brand is a clear market leader in its segment, Sunfeast Dark Fantasy has emerged as a leader in the premium cream biscuits category, the chairman claimed.
According to him brands like Bingo!, Candyman, and Vivel were estimated to have attracted consumer spends of over Rs 500 crore each.
Natco ready to launch generic Copaxone in US
Launch, however, subject to approval of US Food and Drug Administration
New Delhi: Hyderabad-based drug maker Natco Pharma said a US court of appeals for the federal circuit ruling had paved the way for it to launch the generic Copaxone through its marketing partner Mylan during May 2014.
The launch is, however, subject to the approval of the US Food and Drug Administration. Natco said in Hyderabad on Saturday the US court had reversed a district court’s finding related to Teva’s US patent for Copaxone.
This means it may launch generic version of the drug. Copaxone (glatiramer acetate) is used in the treatment of relapsing-remitting multiple sclerosis. The product is estimated to have had sales in the US of $3.45 billion during 2012.
New Delhi: Hyderabad-based drug maker Natco Pharma said a US court of appeals for the federal circuit ruling had paved the way for it to launch the generic Copaxone through its marketing partner Mylan during May 2014.
The launch is, however, subject to the approval of the US Food and Drug Administration. Natco said in Hyderabad on Saturday the US court had reversed a district court’s finding related to Teva’s US patent for Copaxone.
This means it may launch generic version of the drug. Copaxone (glatiramer acetate) is used in the treatment of relapsing-remitting multiple sclerosis. The product is estimated to have had sales in the US of $3.45 billion during 2012.
India firms line up $100-m investments in Bangladesh
New Delhi: A number of Indian and Bangladeshi companies signed proposals for setting up projects in sectors such as limousine services, manufacturing three-wheelers and software development during road shows held in Chennai and Mumbai recently, officials of the Confederation of Indian Industry (CII) told Business Line.
The private sector initiative comes even as the Indian Government is doing its bit to bolster relations between the two countries.
Foreign Secretary Ranjan Mathai had told newspersons ahead of the President’s visit to Bangladesh earlier this year that Indian trade and industry had told the Government that it continues to see Bangladesh as a “very, very important partner”, and it would like to take forward plans for investment, trade and joint ventures between the two countries.
In March, senior officials of the Ministry of External Affairs had told newspersons that in the last six months or so 38 Indian investments had been registered with the Board of Investments in Bangladesh for about $183 million.
Major Indian companies such as Bharti Airtel, Tata Motors, Sun Pharma, Asian Paints, Marico, Godrej, Venky’s Hatcheries, Parle Products, Forbes and Marshall had invested in Bangladesh in the recent past.
Further, 14 projects worth nearly $736 million out of the $800-million Line of Credit which was signed between the two countries in 2010 have been approved. These include 11 projects valued at about $630 million in the railways sector for supply of locomotives, tank wagons, flat wagons and brake wagons to Bangladesh.
The private sector initiative comes even as the Indian Government is doing its bit to bolster relations between the two countries.
Foreign Secretary Ranjan Mathai had told newspersons ahead of the President’s visit to Bangladesh earlier this year that Indian trade and industry had told the Government that it continues to see Bangladesh as a “very, very important partner”, and it would like to take forward plans for investment, trade and joint ventures between the two countries.
In March, senior officials of the Ministry of External Affairs had told newspersons that in the last six months or so 38 Indian investments had been registered with the Board of Investments in Bangladesh for about $183 million.
Major Indian companies such as Bharti Airtel, Tata Motors, Sun Pharma, Asian Paints, Marico, Godrej, Venky’s Hatcheries, Parle Products, Forbes and Marshall had invested in Bangladesh in the recent past.
Further, 14 projects worth nearly $736 million out of the $800-million Line of Credit which was signed between the two countries in 2010 have been approved. These include 11 projects valued at about $630 million in the railways sector for supply of locomotives, tank wagons, flat wagons and brake wagons to Bangladesh.
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