New Delhi: The Telecom Regulatory Authority of India (TRAI) has recommended that the foreign direct investment limit in news channels and FM radio services be raised from 26% to 49%, subject to clearance by the Foreign Investment Promotion Board (FIPB).
It has also suggested that the limit for FDI in broadcast carriage services such as cable TV, direct-to-home, IPTV, mobile TV, HITS and Teleport be enhanced to 100%, up from the current limit of 74%. However, companies in these businesses can avail of the automatic route as long as the FDI is not higher than 49%.
For FDI components higher than 49%, they would need the approval of the FIPB, the telecom regulator said as part of its recommendations that were made public on Thursday. The regulator made these recommendations based on the responses of industry stakeholders to a consultation paper that was put up by the authority on July 30, 2013.
It also recommended maintaining of status quo with respect to FDI limits for uplinking of non-news and current affairs TV channels as well as downlinking of TV channels, but FDI should go through FIPB. These segments are currently allowed to have 100% FDI.
Trai said that several stakeholders have stated that the present cap of 26% for uplinking of news and current affairs channels acts as a disincentive to prospective investors from infusing funds as they do not find it economically and financially beneficial.
"This is the reason cited for the fact that hardly any news broadcasting company has been able to fully utilise its existing FDI limit. They have further commented that the survival of Indian news channels in the long run has become a matter of serious concern as today the Indian e-News sector does not have the necessary wherewithal to even compete nationally and no Indian news channel has been able to set up an international bureau abroad," the authority said in its recommendations.
Sunil Lulla, managing director and chief executive officer of Times Television Network, which runs Times Now, ET Now and Movies Now channels said, "We applaud Trai for endorsing the industry's view. We believe capital investment will enable growth and expansion in cable and news television. It will bring in quality players and create a global standard for India."
In June this year, a committee that is led by economic affairs secretary Arvind Mayaram had recommended upping FDI limits for television news and FM Radio to 49% while it had said that where control by foreign or local players is not of consequence, like in the case of broadcast carriage services, 100% FDI should be allowed. Trai's recommendations are in line with those of this committee.
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Saturday, August 24, 2013
Thursday, August 22, 2013
McNally Bharat wins Rs 532-cr contract from DVC
Kolkata: McNally Bharat Engineering Co Ltd has obtained a Rs 532-crore contract from Damodar Valley Corporation (DVC) for civil and structural work, as well as chimney and elevator construction package at the energy company’s proposed thermal power project in West Bengal.
The 2X600 MW is coming up at Raghunathpur in Purulia district.
The package has to be complete within next 45 months, McNally Bharat said on Wednesday. The McNally stock was down 2 per cent at Rs 45 on the BSE at 3 p.m.
The 2X600 MW is coming up at Raghunathpur in Purulia district.
The package has to be complete within next 45 months, McNally Bharat said on Wednesday. The McNally stock was down 2 per cent at Rs 45 on the BSE at 3 p.m.
McNally Bharat wins Rs 532-cr contract from DVC
Kolkata: McNally Bharat Engineering Co Ltd has obtained a Rs 532-crore contract from Damodar Valley Corporation (DVC) for civil and structural work, as well as chimney and elevator construction package at the energy company’s proposed thermal power project in West Bengal.
The 2X600 MW is coming up at Raghunathpur in Purulia district.
The package has to be complete within next 45 months, McNally Bharat said on Wednesday. The McNally stock was down 2 per cent at Rs 45 on the BSE at 3 p.m.
The 2X600 MW is coming up at Raghunathpur in Purulia district.
The package has to be complete within next 45 months, McNally Bharat said on Wednesday. The McNally stock was down 2 per cent at Rs 45 on the BSE at 3 p.m.
Mahindra World City to set up more integrated business cities
Chennai: The success of the integrated business city model here has prompted Mahindra World City to look at more such projects.
Addressing media persons, Sangeeta Prasad, Chief Executive Officer, Integrated Cities & Industrial Clusters, Mahindra Lifespace Developers, said that over the next three years the company would launch at least two integrated business cities — a second facility to the north of Chennai and another in a different State where land acquisition is on at an undisclosed location. There are two Mahindra World City projects in operation now. While one is to the south of Chennai, near Chinglepet, the other is in Jaipur.
The Chennai facility with three SEZs for the IT, apparels and automotive industry and a Domestic Tariff Area is home to over 60 manufacturing units and accounted for exports of over Rs 6,000 crore in 2012-13. It employs over 33,000 people.
The focus here is now on strengthening the social infrastructure and residential facilities.
S. Chandru, COO, Mahindra World City Developers, said over 6,000 homes are planned at Chennai and 1,500 are under development. A 30-bed hospital and a 140-room Holiday Inn Express will be ready later this year.
Addressing media persons, Sangeeta Prasad, Chief Executive Officer, Integrated Cities & Industrial Clusters, Mahindra Lifespace Developers, said that over the next three years the company would launch at least two integrated business cities — a second facility to the north of Chennai and another in a different State where land acquisition is on at an undisclosed location. There are two Mahindra World City projects in operation now. While one is to the south of Chennai, near Chinglepet, the other is in Jaipur.
The Chennai facility with three SEZs for the IT, apparels and automotive industry and a Domestic Tariff Area is home to over 60 manufacturing units and accounted for exports of over Rs 6,000 crore in 2012-13. It employs over 33,000 people.
The focus here is now on strengthening the social infrastructure and residential facilities.
S. Chandru, COO, Mahindra World City Developers, said over 6,000 homes are planned at Chennai and 1,500 are under development. A 30-bed hospital and a 140-room Holiday Inn Express will be ready later this year.
Manchester United signs Apollo Tyres as its
Mumbai: Making apparent its global ambitions, India's second largest tyre maker Apollo TyresBSE -1.51 % on Wednesday announced that it is tying up with Manchester United, to become the football club's 'official tyre partner' in UK and India.
The company did not disclose the financial consideration of the tie-up.
The new initiative with Manchester United will see Apollo produce football based play zones constructed from used tyres. These rubber-based pitches will be open to young people from local communities in the UK and India, with the aim of encouraging them to take up sports and have a more active lifestyle.
While the Apollo Tyres logo would not sport on the Manchester United Jersey, the Indian company's logo will be there on the club's website and Apollo Tyres will be free to use certain players of Manchester United for their marketing and promotion campaign.
The Indian tyre maker's global ambitions took a huge leap when it announced in June, its plan to acquire US -based Cooper Tire for $2.5 billion.
Speaking about the tie-up, Onkar S Kanwar, chairman, Apollo Tyres Ltd said, "This is a very important partnership for us as a company and clearly demonstrates our global ambitions for our business, and the brand. Very few sports platforms deliver a global profile and awareness and we believe the impact of this relationship will be significant in helping to make Apollo a globally recognisable brand."
A key element of the partnership will be a joint community commitment to encourage healthy lifestyles and develop sporting skills in young people. Drawing on the company's heritage and established CSR programmes.
Prior to Cooper Tire acquisition, Apollo earned 65% of its revenues from India, 23% from Europe and 13% from rest of the world, but post the acquisition the revenue from the three geographies will change. On the completion of the acquisition, Apollo will get 43% of its turnover from North America, 22% from India, 18% from China, 12% from Europe and balance from the rest of the world.
A tyre industry analyst on a condition of anonymity said, "With the kind of widespread distribution, Apollo Tyres will have to look at taking the brand on a global scale. The tie-up with Manchester United is a step in that direction. With this tie-up, they can leverage on Manchester United's strong fan following in India and UK."
The analyst however cautioned that the move would definitely help the company in building the brand, but they will have to do it in a very cost effective way, considering the debt on its book post the Cooper acquisition.
To be sure, while India comes 10th as a country that loves Football in a global study, another Nielsen survey in 2010 found that 47% of India's 1.2 billion population would describe themselves as football fans.
Not only will Apollo and the football club provide kids with a safe soccer pitch but will get kids "offline" again, playing and socializing outside & motivating and triggering kids to get active, work on their soccer skills based upon the 10.000 Hour Rule to mastery and health.
The first of these pitches will be built within the grounds of Old Trafford and include some specific Apollo 'Go The Distance' skills challenges, before they are rolled out across the country and then in other markets around the world, the company said.
According to Alpana Parida, president at DY Works, a leading brand firm, it is a smart move by Apollo Tyres. The tie up will attract attention of young male audience, who is increasingly interested in football.
"It is a brilliant move. Rather than simply rubber stamping the logo, Apollo is actually engaging with audiences with such grassroots initiative, which will have a greater impact on the brand image. The tie-up has a potential to build deeper relationship with young people. It will pay off for the brand and this could lead to customer acquisition instead of just customer awareness and builds a long term relationship with the brand," added Parida.
Kanwar expressed pride of introducing a new healthy living initiative under our corporate social responsibility (CSR), to create new play zones for the youth in the UK and India. "In its aim to stimulate the next generations to go the distance, this association really brings to life our brand values of high performance, quality and excellence,"added Kanwar.
Commenting on the tie-up, Manchester United Group MD, Richard Arnold said, "Apollo Tyres is a leading player in the tyre industry and its rate of growth and development into new territories made it an attractive partner for the Club. With a combined fan base close to 46 million followers in both the UK and India, we are confident in providing Apollo with a captive audience.
"This partnership will allow Apollo not only to promote its brand, but also to engage and communicate with our fans, like we observed today with the skills demonstration.
"Manchester United is dedicated to youth investment and development, whether through our Academy or via the work we do in the community," added Arnold.
The company did not disclose the financial consideration of the tie-up.
The new initiative with Manchester United will see Apollo produce football based play zones constructed from used tyres. These rubber-based pitches will be open to young people from local communities in the UK and India, with the aim of encouraging them to take up sports and have a more active lifestyle.
While the Apollo Tyres logo would not sport on the Manchester United Jersey, the Indian company's logo will be there on the club's website and Apollo Tyres will be free to use certain players of Manchester United for their marketing and promotion campaign.
The Indian tyre maker's global ambitions took a huge leap when it announced in June, its plan to acquire US -based Cooper Tire for $2.5 billion.
Speaking about the tie-up, Onkar S Kanwar, chairman, Apollo Tyres Ltd said, "This is a very important partnership for us as a company and clearly demonstrates our global ambitions for our business, and the brand. Very few sports platforms deliver a global profile and awareness and we believe the impact of this relationship will be significant in helping to make Apollo a globally recognisable brand."
A key element of the partnership will be a joint community commitment to encourage healthy lifestyles and develop sporting skills in young people. Drawing on the company's heritage and established CSR programmes.
Prior to Cooper Tire acquisition, Apollo earned 65% of its revenues from India, 23% from Europe and 13% from rest of the world, but post the acquisition the revenue from the three geographies will change. On the completion of the acquisition, Apollo will get 43% of its turnover from North America, 22% from India, 18% from China, 12% from Europe and balance from the rest of the world.
A tyre industry analyst on a condition of anonymity said, "With the kind of widespread distribution, Apollo Tyres will have to look at taking the brand on a global scale. The tie-up with Manchester United is a step in that direction. With this tie-up, they can leverage on Manchester United's strong fan following in India and UK."
The analyst however cautioned that the move would definitely help the company in building the brand, but they will have to do it in a very cost effective way, considering the debt on its book post the Cooper acquisition.
To be sure, while India comes 10th as a country that loves Football in a global study, another Nielsen survey in 2010 found that 47% of India's 1.2 billion population would describe themselves as football fans.
Not only will Apollo and the football club provide kids with a safe soccer pitch but will get kids "offline" again, playing and socializing outside & motivating and triggering kids to get active, work on their soccer skills based upon the 10.000 Hour Rule to mastery and health.
The first of these pitches will be built within the grounds of Old Trafford and include some specific Apollo 'Go The Distance' skills challenges, before they are rolled out across the country and then in other markets around the world, the company said.
According to Alpana Parida, president at DY Works, a leading brand firm, it is a smart move by Apollo Tyres. The tie up will attract attention of young male audience, who is increasingly interested in football.
"It is a brilliant move. Rather than simply rubber stamping the logo, Apollo is actually engaging with audiences with such grassroots initiative, which will have a greater impact on the brand image. The tie-up has a potential to build deeper relationship with young people. It will pay off for the brand and this could lead to customer acquisition instead of just customer awareness and builds a long term relationship with the brand," added Parida.
Kanwar expressed pride of introducing a new healthy living initiative under our corporate social responsibility (CSR), to create new play zones for the youth in the UK and India. "In its aim to stimulate the next generations to go the distance, this association really brings to life our brand values of high performance, quality and excellence,"added Kanwar.
Commenting on the tie-up, Manchester United Group MD, Richard Arnold said, "Apollo Tyres is a leading player in the tyre industry and its rate of growth and development into new territories made it an attractive partner for the Club. With a combined fan base close to 46 million followers in both the UK and India, we are confident in providing Apollo with a captive audience.
"This partnership will allow Apollo not only to promote its brand, but also to engage and communicate with our fans, like we observed today with the skills demonstration.
"Manchester United is dedicated to youth investment and development, whether through our Academy or via the work we do in the community," added Arnold.
Welspun launches 55-MW solar plant in Rajasthan
Rawra: Welspun Energy Ltd on Wednesday unveiled a 55-MW solar plant in Rajasthan.
The Rs 500-crore project, stated to be Asia's largest single-location solar plant, was inaugurated by Union Minister for New and Renewable Energy, Farooq Abdullah, and Rajasthan Chief Minister Ashok Gehlot.
Welspun said it had a target to invest Rs 15,000 crore to set up 1,750 MW of renewable energy projects in the next three years.
At present, it has an operating capacity of around 150 MW. This would go up to 400 MW by the end of the current fiscal, Vineet Mittal, co-founder and Managing Director of Welspun, told Business Line.
The company would raise domestic loans to fund the expansion plans, Mittal said without divulging further details.
“We are seeing tariffs going up. If you see last year, the tariff was around Rs 8.50 a unit in Maharashtra and in Punjab it was around Rs 8.70 a unit,” Mittal said.
Welspun's project build-up plan includes 850 MW wind and 550 MW solar plants in Karnataka. In Rajasthan, the privately-held company aims to develop wind capacity of around 300 MW.
Signs deals
In addition, Welspun has signed MoUs with Andhra Pradesh and Chhattisgarh to set up 500 MW wind and 100 MW solar capacities.
The new solar project, located near Phalodi in Jodhpur District, was developed in three phases of 15, 15 and 20 MW. The project was completed in five months.
“The project is one of the highest plant load factor generating plants of the country. It touched 26 per cent DC plant load factor, a figure much higher than those of its neighbouring plants,” Welspun said.
The solar farm will generate 90 million units of electricity annually.
Welspun bagged the project under the National Solar Mission, where NTPC Vidyut Vyapar Nigam Ltd is the nodal agency for the bidding process.
The Rs 500-crore project, stated to be Asia's largest single-location solar plant, was inaugurated by Union Minister for New and Renewable Energy, Farooq Abdullah, and Rajasthan Chief Minister Ashok Gehlot.
Welspun said it had a target to invest Rs 15,000 crore to set up 1,750 MW of renewable energy projects in the next three years.
At present, it has an operating capacity of around 150 MW. This would go up to 400 MW by the end of the current fiscal, Vineet Mittal, co-founder and Managing Director of Welspun, told Business Line.
The company would raise domestic loans to fund the expansion plans, Mittal said without divulging further details.
“We are seeing tariffs going up. If you see last year, the tariff was around Rs 8.50 a unit in Maharashtra and in Punjab it was around Rs 8.70 a unit,” Mittal said.
Welspun's project build-up plan includes 850 MW wind and 550 MW solar plants in Karnataka. In Rajasthan, the privately-held company aims to develop wind capacity of around 300 MW.
Signs deals
In addition, Welspun has signed MoUs with Andhra Pradesh and Chhattisgarh to set up 500 MW wind and 100 MW solar capacities.
The new solar project, located near Phalodi in Jodhpur District, was developed in three phases of 15, 15 and 20 MW. The project was completed in five months.
“The project is one of the highest plant load factor generating plants of the country. It touched 26 per cent DC plant load factor, a figure much higher than those of its neighbouring plants,” Welspun said.
The solar farm will generate 90 million units of electricity annually.
Welspun bagged the project under the National Solar Mission, where NTPC Vidyut Vyapar Nigam Ltd is the nodal agency for the bidding process.
India, Iraq to ink pact for energy cooperation
New Delhi: India plans to strengthen its ties in the energy sector with Iraq, the second largest crude oil supplier to the country.
The Cabinet on Thursday is expected to consider a proposal from the Petroleum and Natural Gas Ministry seeking approval for enhancing cooperation with Iraq in the sector.
Besides, a formal memorandum of understanding on cooperation in the sector would be signed during the four-day visit of the Iraqi Prime Minister Nouri al-Maliki to India starting on Thursday.
Nomination basis
Last month, Petroleum and Natural Gas Minister M. Veerappa Moily, on his return from Baghdad after attending the 17 {+t} {+h} Joint Commission Meeting between India and Iraq, had said that the Gulf nation has offered three discovered blocks in Middle Furat oil fields on nomination basis to Indian companies, particularly national oil companies.
Giving blocks on nomination basis would mean offering India access on a preferential basis, and the Indian companies need not compete with other international players in the bidding rounds to acquire stake.
Iraq has also committed to meet the long-term crude oil requirements of India and is open to consider more favourable commercial terms including extending the interest free credit period from 30 to 60 days.
In 2012-13 (provisional), India’s imports from Iraq stood at 24.04 million tonnes, of the total crude oil imports of 186.3 million tonnes.
Opportunities in gas
Moily had said that possibilities for cooperation in the gas sector could include LNG imports from the gulf nation an issue which was also discussed at the Joint Commission Meeting. Indian companies were also keen to participate in the Nassiriya integrated project in Iraq.
It has also agreed to restart negotiation with ONGC Videsh Ltd on the long pending contract for oil Block 8 in Iraq. ONGC Videsh has invested about $2 million till March 31, 2012.
It is a discovered block estimated to hold 645 million barrels of in-place reserves, of which 54 million are recoverable.
The gulf nation has also shown interest in Indian Oil Corporation’s 15-million-tonne Paradip refinery project in Odisha.
The Cabinet on Thursday is expected to consider a proposal from the Petroleum and Natural Gas Ministry seeking approval for enhancing cooperation with Iraq in the sector.
Besides, a formal memorandum of understanding on cooperation in the sector would be signed during the four-day visit of the Iraqi Prime Minister Nouri al-Maliki to India starting on Thursday.
Nomination basis
Last month, Petroleum and Natural Gas Minister M. Veerappa Moily, on his return from Baghdad after attending the 17 {+t} {+h} Joint Commission Meeting between India and Iraq, had said that the Gulf nation has offered three discovered blocks in Middle Furat oil fields on nomination basis to Indian companies, particularly national oil companies.
Giving blocks on nomination basis would mean offering India access on a preferential basis, and the Indian companies need not compete with other international players in the bidding rounds to acquire stake.
Iraq has also committed to meet the long-term crude oil requirements of India and is open to consider more favourable commercial terms including extending the interest free credit period from 30 to 60 days.
In 2012-13 (provisional), India’s imports from Iraq stood at 24.04 million tonnes, of the total crude oil imports of 186.3 million tonnes.
Opportunities in gas
Moily had said that possibilities for cooperation in the gas sector could include LNG imports from the gulf nation an issue which was also discussed at the Joint Commission Meeting. Indian companies were also keen to participate in the Nassiriya integrated project in Iraq.
It has also agreed to restart negotiation with ONGC Videsh Ltd on the long pending contract for oil Block 8 in Iraq. ONGC Videsh has invested about $2 million till March 31, 2012.
It is a discovered block estimated to hold 645 million barrels of in-place reserves, of which 54 million are recoverable.
The gulf nation has also shown interest in Indian Oil Corporation’s 15-million-tonne Paradip refinery project in Odisha.
Venus Pharma gets approval to sell meropenem in France
une: Venus Pharma GmbH, a subsidiary of Venus Remedies Ltd, has bagged market authorisation approval from France for meropenem, a generic injectable broad spectrum antibiotic.
It has signed a non-exclusive marketing rights deal with generic giant Mylan to sell meropenem in France, the world’s fifth largest pharma market with a share of 3.8 per cent.
During FY’13, the company generated €5 million from meropenem exports and expects to double this figure by the end of this year. Sales of the formulation around the globe, currently at $906 million, are poised to cross $1,000 million by the end of 2013.
In association with partners, Venus offers meropenem to 35 countries. It aims to penetrate the market in 15 more countries in the first quarter of 2014, the company said in a filing to the BSE.
It has signed a non-exclusive marketing rights deal with generic giant Mylan to sell meropenem in France, the world’s fifth largest pharma market with a share of 3.8 per cent.
During FY’13, the company generated €5 million from meropenem exports and expects to double this figure by the end of this year. Sales of the formulation around the globe, currently at $906 million, are poised to cross $1,000 million by the end of 2013.
In association with partners, Venus offers meropenem to 35 countries. It aims to penetrate the market in 15 more countries in the first quarter of 2014, the company said in a filing to the BSE.
Kirloskar arm opens new unit in Atlanta
Pune: SPP Pumps, a subsidiary of Kirloskar Brothers Ltd (KBL), has inaugurated its most advanced facility at Atlanta, USA. This is KBL’s seventh manufacturing facility worldwide.
With an investment of $6 million, the new plant has an installed capacity of 2,500 units annually. The latest engineering, testing and training facility in Atlanta will manufacture and assemble end suction, horizontal split case, multi-stage and vertical turbine pumps.
The new vertical turbine test facility will enhance its capability to expand in the power sector and increase the dominance in the fire market.
With the opening of the new facility, SPP Pumps’ production capacity will increase by 30 per cent and the turnover is expected to reach $ 40 million in the next three years.
John Kahren, President of SPP Pumps Inc., said: “With this new investment, we are eyeing to expand into new markets and continue our dominance in the fire pump markets. The Atlanta facility will be instrumental in achieving our projected growth for years to come.”
The new plant will strengthen SPP Pumps’ growth in the industries such as municipal, commercial, industrial, HVAC, process, power and fire pump markets.
With an investment of $6 million, the new plant has an installed capacity of 2,500 units annually. The latest engineering, testing and training facility in Atlanta will manufacture and assemble end suction, horizontal split case, multi-stage and vertical turbine pumps.
The new vertical turbine test facility will enhance its capability to expand in the power sector and increase the dominance in the fire market.
With the opening of the new facility, SPP Pumps’ production capacity will increase by 30 per cent and the turnover is expected to reach $ 40 million in the next three years.
John Kahren, President of SPP Pumps Inc., said: “With this new investment, we are eyeing to expand into new markets and continue our dominance in the fire pump markets. The Atlanta facility will be instrumental in achieving our projected growth for years to come.”
The new plant will strengthen SPP Pumps’ growth in the industries such as municipal, commercial, industrial, HVAC, process, power and fire pump markets.
LandT bags Rs 1,500-cr EPC order from Omani company
Mumbai: L&T has bagged an engineering, procurement and construction (EPC) order worth about Rs 1,500 crore ($250 million) from Petroleum Development Oman (PDO).
The order is for a project at the Yibal-Natih gas reservoir in Oman. It is scheduled for completion in 39 months. The reservoir has been in production since 1972 and has undergone a series of expansions.
“With significant growth potential for the natural gas market in the Gulf, this order is strategic for L&T and reflects its capability to execute such projects in an extremely competitive environment,” L&T said.
L&T is currently executing two projects — the Lekhwair Gas Field Development Project and the Saih Rawl Depletion Compression Project for PDO.
PDO is a leading exploration and production company in the Sultanate and accounts for over 70 per cent of the country’s crude oil production and almost all its natural gas supply.
The Government of Oman has 60 per cent stake and Royal Dutch Shell 34 per cent in the PDO.
The order is for a project at the Yibal-Natih gas reservoir in Oman. It is scheduled for completion in 39 months. The reservoir has been in production since 1972 and has undergone a series of expansions.
“With significant growth potential for the natural gas market in the Gulf, this order is strategic for L&T and reflects its capability to execute such projects in an extremely competitive environment,” L&T said.
L&T is currently executing two projects — the Lekhwair Gas Field Development Project and the Saih Rawl Depletion Compression Project for PDO.
PDO is a leading exploration and production company in the Sultanate and accounts for over 70 per cent of the country’s crude oil production and almost all its natural gas supply.
The Government of Oman has 60 per cent stake and Royal Dutch Shell 34 per cent in the PDO.
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