New Delhi: The Department of Industrial Policy and Promotion (DIPP) is learnt to have given its approval to Hennes & Mauritz AB’s Rs 700-crore investment proposal, almost six months after the Swedish clothing giant made an application to foray into the Indian single-brand retail market.
The Stockholm-headquartered iconic fashion company’s top brass, including chief executive Karl Johan Persson, is believed to have met DIPP officials last week. After that, they might have sent their responses to the department, which had earlier raised certain questions on the application, submitted in April, according to officials in the ministry of commerce and industry.
“All issues sorted. Now it is for FIPB (Foreign Investment Promotion Board) to take it up in its next meeting,” a senior DIPP official told Business Standard.
FIPB, under the chairmanship of Economic Affairs Secretary Arvind Mayaram, is likely to consider the proposal at its meeting on October 18. Once FIPB gives its final approval, H&M will be allowed to open in the country the 50 stores it had proposed to set up.
H&M, famous for its bold prints and fast-fashion clothing, had sent ist application to DIPP in April, after which the latter had raised several questions on whether the company would be able to strictly adhere to the sourcing norms, in line with the FDI policy for single-brand retail.
According to the extant policy, foreign retailers investing more than 51 per cent can open outlets across the country on the condition that 30 per cent of their sourced sales would come from small- to medium-sized domestic enterprises.
DIPP also had concerns on the brand’s licensing agreement between the parent company and its investors. That has now been resolved.
Endorsed by the likes of super-model Gisele Bundchen and footballer David Beckham in international ad campaigns, H&M will invest euro 100 million in the first phase through its wholly-owned subsidiary.
This is second such proposal from Sweden and also the second largest. Earlier this year the Cabinet Committee on Economic Affairs had cleared furniture-maker Ikea’s Rs.10,500 crore proposal again a leading brand from Sweden but registered in Netherlands.
Success in my Habit
Friday, October 11, 2013
Foreign portfolio investors to get tax benefits similar to FIIs
New Delhi: Foreign Portfolio Investors (FPIs) will get all the tax benefits available to foreign institutional investors (FIIs). They will also not have to fulfil the Know Your Customer norms separately for opening bank accounts, the Finance Ministry said.
On October 5, the Securities and Exchange Board of India had announced a new category of investors, called the FPI, by merging the existing FIIs, sub-accounts and qualified foreign investors. The decision was taken on the basis of recommendations by the K.M. Chandrasekhar Committee, which suggested that the Government could consider bringing more clarity and certainty while prescribing tax provisions for FPIs.
“Taxation benefits available to FIIs would be transferred to FPIs,” a senior Finance Ministry official told Business Line, outlining the Ministry’s effort to bring clarity in the new tax regime.
Withholding tax
Earlier on May 21, the Finance Ministry had said that foreign investors would have to pay only 5 per cent withholding tax (against 20 per cent earlier) on interest earned through investment made in rupee-denominated long-term infrastructure bonds issued by Indian companies and Government securities.
Withholding tax is similar to tax deducted at source, but is meant for non-resident investors.
Foreign investors are also not required to have permanent account numbers to claim lower withholding tax.
Similarly, foreigners investing in the equity market get tax benefits on long-term (investments of more than a year) profit earned, as prescribed by the Double Taxation Avoidance Agreements with various countries.
For example, like India, Mauritius, too, prescribes zero duty on profit earned on selling equities after one year. FIIs using the Mauritius route will not have to pay any tax on long-term profits here.
Vasudha Sundararaman, MD and CEO of SBISG Custodial Services, feel that the Revenue Department needs to give a go-ahead to legislative changes proposed by the Chandrasekhar Committee to give FPIs at par treatment with FIIs. She said, for the successful execution of the regime, it would be vital that KYC requirements of SEBI and the RBI to be on the same page.
According to the Finance Ministry official, RBI’s KYC norms were for opening bank accounts and were, therefore, simpler. “If the two are aligned, it would cause inconvenience to millions of new bank account holders, but not vice versa. In other words, KYC done by SEBI should be adequate for opening bank accounts,” he added.
On the overall structure of FPIs, Sundararaman said, the guidelines by SEBI were clear and had covered all the aspects of FII entry into India. “Approval in flat 10 days is a remarkable step for the success of the FPI regime,” she said. The SBI SG was a member of the committee.
On October 5, the Securities and Exchange Board of India had announced a new category of investors, called the FPI, by merging the existing FIIs, sub-accounts and qualified foreign investors. The decision was taken on the basis of recommendations by the K.M. Chandrasekhar Committee, which suggested that the Government could consider bringing more clarity and certainty while prescribing tax provisions for FPIs.
“Taxation benefits available to FIIs would be transferred to FPIs,” a senior Finance Ministry official told Business Line, outlining the Ministry’s effort to bring clarity in the new tax regime.
Withholding tax
Earlier on May 21, the Finance Ministry had said that foreign investors would have to pay only 5 per cent withholding tax (against 20 per cent earlier) on interest earned through investment made in rupee-denominated long-term infrastructure bonds issued by Indian companies and Government securities.
Withholding tax is similar to tax deducted at source, but is meant for non-resident investors.
Foreign investors are also not required to have permanent account numbers to claim lower withholding tax.
Similarly, foreigners investing in the equity market get tax benefits on long-term (investments of more than a year) profit earned, as prescribed by the Double Taxation Avoidance Agreements with various countries.
For example, like India, Mauritius, too, prescribes zero duty on profit earned on selling equities after one year. FIIs using the Mauritius route will not have to pay any tax on long-term profits here.
Vasudha Sundararaman, MD and CEO of SBISG Custodial Services, feel that the Revenue Department needs to give a go-ahead to legislative changes proposed by the Chandrasekhar Committee to give FPIs at par treatment with FIIs. She said, for the successful execution of the regime, it would be vital that KYC requirements of SEBI and the RBI to be on the same page.
According to the Finance Ministry official, RBI’s KYC norms were for opening bank accounts and were, therefore, simpler. “If the two are aligned, it would cause inconvenience to millions of new bank account holders, but not vice versa. In other words, KYC done by SEBI should be adequate for opening bank accounts,” he added.
On the overall structure of FPIs, Sundararaman said, the guidelines by SEBI were clear and had covered all the aspects of FII entry into India. “Approval in flat 10 days is a remarkable step for the success of the FPI regime,” she said. The SBI SG was a member of the committee.
Godrej Properties to invest Rs 9,000 crore over 10 years
Ahmedabad: Godrej Properties Ltd (GPL) on Saturday said it will invest $1.5 billion (Rs 9,000 crore) in 15 new projects in the next 10 years in the country.
Five of these projects have been launched this year.
The company has already invested nearly Rs 1,000 crore on its biggest-ever project in the country Godrej Garden City (GGC) in Ahmedabad, said Phirojsha Godrej, Managing Director and CEO. Overall, GGC and its local joint venture partner Sri Siddhi Developers, have invested $1 billion (Rs 6,000 crore) in GGC.
GPL also announced to deliver this month 624 apartments in 13 towers in GGC, launched in 2010.
GGC, a world-class integrated township master planned by the US-based Skidmore, Owings and Merrill (SOM), designers of numerous global landmarks including the Burj Khalifa of Dubai, has been supervised by Larsen and Toubro (L&T) in construction, he said.
“Despite the challenging economic conditions, we sold in Ahmedabad much more than elsewhere due to relative price stability here. We sold almost 85 per cent in phase-I of GGC, 20 per cent of which (one million sq ft) is now being delivered,” he said.
However, GPL has no immediate plans for a second project in Gujarat.
The weakening of the rupee and other reasons have encouraged NRIs to buy properties in Ahmedabad. While 10 per cent of apartments at GGC were bought by them in phase-I, 15 per cent have been bought subsequently, Godrej said.
Five of these projects have been launched this year.
The company has already invested nearly Rs 1,000 crore on its biggest-ever project in the country Godrej Garden City (GGC) in Ahmedabad, said Phirojsha Godrej, Managing Director and CEO. Overall, GGC and its local joint venture partner Sri Siddhi Developers, have invested $1 billion (Rs 6,000 crore) in GGC.
GPL also announced to deliver this month 624 apartments in 13 towers in GGC, launched in 2010.
GGC, a world-class integrated township master planned by the US-based Skidmore, Owings and Merrill (SOM), designers of numerous global landmarks including the Burj Khalifa of Dubai, has been supervised by Larsen and Toubro (L&T) in construction, he said.
“Despite the challenging economic conditions, we sold in Ahmedabad much more than elsewhere due to relative price stability here. We sold almost 85 per cent in phase-I of GGC, 20 per cent of which (one million sq ft) is now being delivered,” he said.
However, GPL has no immediate plans for a second project in Gujarat.
The weakening of the rupee and other reasons have encouraged NRIs to buy properties in Ahmedabad. While 10 per cent of apartments at GGC were bought by them in phase-I, 15 per cent have been bought subsequently, Godrej said.
Indians most committed to their employers: Survey
Mumbai: Indian employees are the most committed to their employers compared to their counterparts in other countries, according to a new survey. The Kelly Global Workforce Index survey “Employee Engagement and Retention” says as much as 50 per cent of Indian employees are totally committed. The survey added that India has, at 33 per cent, one of the lowest rates of job-change in the world.
Apart from India, the highest levels of employee commitment were found in Indonesia (43 per cent) and Malaysia (34 per cent). The lowest are in Hong Kong (15 per cent), Thailand (20 per cent) and Singapore (22 per cent).
The survey noted the key factor influencing job choice across all generations is personal fulfilment (work-life balance), nominated by 38 per cent globally. Another key factor is personal growth, at 29 per cent globally, but the data suggested this factor might be less important as people progress through their careers.
Compensation, which is often perceived as the single-most important reason for choosing an employer, ranks the third-most important at 26 per cent globally.
Across Asia-Pacific (APAC), an average 64 per cent of those who changed jobs in the past 12 months were happy in their new positions. In India, 75 per cent of the employees were happy with their new job and position, the survey noted.
Further, approximately half of the global respondents (52 per cent) said they are either happy or very happy in their jobs. The result in 2013 is a little changed from the figure in 2012. Those in APAC are consistently more content in their positions, with 63 per cent either happy or very happy, significantly higher than in the Americas (53 per cent) and EMEA (Europe and the Middle East and Africa) at 46 per cent. (EMPLOYEE CONTENTMENT: 2013)
“The way people feel about their work, view their work, and the manner in which they select certain jobs play an important part in the way workforce are developed and managed. There is a big challenge for employers in managing the on-boarding of new recruits so that they are productive and integrated well into the organisation. Simply changing jobs does not make for contented employees, and a big factor is the way managers and supervisors handle the transition,” said Kamal Karanth, managing director of Kelly Services India.
In order to gain some experience in a particular field, staying at a position within a company is vital. The survey observed that the lowest rates of job-change were in India (33 per cent), South Africa (21 per cent), Puerto Rico (30 per cent) and Indonesia (31 per cent). A key indicator of employee satisfaction is the willingness of an employee to recommend their employer as a preferred place to work. Twenty-eight per cent of those in APAC would be willing to recommend their employer to colleagues.
Employees consider many factors before deciding on the right job. The survey said that the prime consideration is location, cited by 54 per cent globally. A close second is ‘corporate brand and reputation’, nominated by 53 per cent. Other elements include employers’ business performance, culture, and benefits.
Individuals who are constantly looking for a job-switch are required to keep a constant eye on the job market. Globally, more than one-quarter (29 per cent) of job seekers look once or twice a week, and over one-third (34 per cent) look for a new opportunity on a daily basis. The most active job-scanners are in EMEA (59 per cent) followed by APAC (57 per cent).
Karanth explained that many workers have experienced a significant shift in their attachment and tenure of service with employers in the wake of the global financial crisis, and this phenomenon is still shaping the employment relationship. “It is imperative to look back and understand the root cause and work toward better employee retention strategies that help in employee work stability,” he said. The Kelly Global Workforce Index (KGWI) is an annual global survey revealing opinions about work and the workplace.
Approximately, 122,000 people across the Americas, EMEA and APAC regions responded to the survey.
This survey was conducted online by RDA Group on behalf of Kelly Services.
Apart from India, the highest levels of employee commitment were found in Indonesia (43 per cent) and Malaysia (34 per cent). The lowest are in Hong Kong (15 per cent), Thailand (20 per cent) and Singapore (22 per cent).
The survey noted the key factor influencing job choice across all generations is personal fulfilment (work-life balance), nominated by 38 per cent globally. Another key factor is personal growth, at 29 per cent globally, but the data suggested this factor might be less important as people progress through their careers.
Compensation, which is often perceived as the single-most important reason for choosing an employer, ranks the third-most important at 26 per cent globally.
Across Asia-Pacific (APAC), an average 64 per cent of those who changed jobs in the past 12 months were happy in their new positions. In India, 75 per cent of the employees were happy with their new job and position, the survey noted.
Further, approximately half of the global respondents (52 per cent) said they are either happy or very happy in their jobs. The result in 2013 is a little changed from the figure in 2012. Those in APAC are consistently more content in their positions, with 63 per cent either happy or very happy, significantly higher than in the Americas (53 per cent) and EMEA (Europe and the Middle East and Africa) at 46 per cent. (EMPLOYEE CONTENTMENT: 2013)
“The way people feel about their work, view their work, and the manner in which they select certain jobs play an important part in the way workforce are developed and managed. There is a big challenge for employers in managing the on-boarding of new recruits so that they are productive and integrated well into the organisation. Simply changing jobs does not make for contented employees, and a big factor is the way managers and supervisors handle the transition,” said Kamal Karanth, managing director of Kelly Services India.
In order to gain some experience in a particular field, staying at a position within a company is vital. The survey observed that the lowest rates of job-change were in India (33 per cent), South Africa (21 per cent), Puerto Rico (30 per cent) and Indonesia (31 per cent). A key indicator of employee satisfaction is the willingness of an employee to recommend their employer as a preferred place to work. Twenty-eight per cent of those in APAC would be willing to recommend their employer to colleagues.
Employees consider many factors before deciding on the right job. The survey said that the prime consideration is location, cited by 54 per cent globally. A close second is ‘corporate brand and reputation’, nominated by 53 per cent. Other elements include employers’ business performance, culture, and benefits.
Individuals who are constantly looking for a job-switch are required to keep a constant eye on the job market. Globally, more than one-quarter (29 per cent) of job seekers look once or twice a week, and over one-third (34 per cent) look for a new opportunity on a daily basis. The most active job-scanners are in EMEA (59 per cent) followed by APAC (57 per cent).
Karanth explained that many workers have experienced a significant shift in their attachment and tenure of service with employers in the wake of the global financial crisis, and this phenomenon is still shaping the employment relationship. “It is imperative to look back and understand the root cause and work toward better employee retention strategies that help in employee work stability,” he said. The Kelly Global Workforce Index (KGWI) is an annual global survey revealing opinions about work and the workplace.
Approximately, 122,000 people across the Americas, EMEA and APAC regions responded to the survey.
This survey was conducted online by RDA Group on behalf of Kelly Services.
Cabinet gives nod to flagship programme for higher education- RUSA
New Delhi: The Cabinet Committee on Economic Affairs last evening approved about one lakh crore Rashtriya Uchchatar Shiksha Abhiyan (RUSA). It is a new centrally sponsored scheme for higher education which will spread over two plan periods (XIIth and XIIIth). It will focus on state higher educational institutions. It will be a new flagship scheme of the government that will pave the way for far reaching reforms at the state level. A total of 316 state public universities and 13,024 colleges will be covered under RUSA.
The key objectives of RUSA are to improve access, equity and quality in higher education through planned development of higher education at the state level. It is proposed to improve the Gross Enrolment Ratio from 19% at present to 30% by 2020. It will help create new academic institutions, and expand the existing institutions, that are self-reliant in terms of quality education and professional management.
They shall be characterized by greater inclination towards research and provide students with education that is both relevant to them as well as the nation as a whole.
The funding will be provided by the Central and State Governments respectively in the ratio of 90:10 for North-Eastern States and Jammu &Kashmir, 75:25 for Other Special Category States (Sikkim, Himachal Pradesh and Uttarakhand) and 65:35 for Other States and UTs. Funding will be made available to private government-aided institutions also, subject to their meeting certain pre-conditions for permitted activities based on laid down norms and parameters.
RUSA will adopt a completely new approach towards funding higher education in state universities. The key principles for RUSA funding will be performance-based funding, incentivizing well performing institutions and decision making through clearly defined norms.
These principles will help establish and rely upon a management information system to gather the essential information from institutions.
RUSA will aim to provide greater autonomy to universities as well as colleges and have a sharper focus on equity-based development, and improvement in teaching-learning quality and research.
The reforms initiated under RUSA will build a self-sustaining momentum that will push for greater accountability and autonomy of state institutions and also to unleash the potential of the state universities.
In order to be eligible for funding under RUSA, states will have to fulfill certain prerequisites which include creation of a State Higher Education Council, creation of accreditation agencies, preparation of the state perspective plans, commitment of certain stipulated share of funds towards RUSA, academic, sectoral and institutional governance reforms, filling faculty positions etc.
Under the scheme, an initial amount will be provided to the State governments to prepare them for complying with the above requirements. Once eligible for funding under RUSA, after meeting the prerequisite commitments, the States will receive funds on the basis of achievements and outcomes. The yardstick for deciding the quantum of funds for the states and institutions comprise the norms that reflect the performance in key result areas (access, equity and excellence). The State plans will capture the current position of the states and institutions with respect to these indicators, as well as the targets that need to be achieved. The State Higher Education Council will undertake this process of planning, execution and evaluation, in addition to other monitoring and capacity building functions.
At the national level, the scheme will be implemented by the RUSA Mission Authority and assisted by the Project Advisory Group, Technical Support Group and Project Directorate. The main agency through which RUSA will work in the States will be the State Higher Education Council (SHEC), an autonomous body that will function at an arm’s length from the state and central governments. SHEC will be assisted by State Project Directorate and Technical Support Group. In every institution, the Governing Body and a Project Monitoring Unit will oversee the project progress.
The key objectives of RUSA are to improve access, equity and quality in higher education through planned development of higher education at the state level. It is proposed to improve the Gross Enrolment Ratio from 19% at present to 30% by 2020. It will help create new academic institutions, and expand the existing institutions, that are self-reliant in terms of quality education and professional management.
They shall be characterized by greater inclination towards research and provide students with education that is both relevant to them as well as the nation as a whole.
The funding will be provided by the Central and State Governments respectively in the ratio of 90:10 for North-Eastern States and Jammu &Kashmir, 75:25 for Other Special Category States (Sikkim, Himachal Pradesh and Uttarakhand) and 65:35 for Other States and UTs. Funding will be made available to private government-aided institutions also, subject to their meeting certain pre-conditions for permitted activities based on laid down norms and parameters.
RUSA will adopt a completely new approach towards funding higher education in state universities. The key principles for RUSA funding will be performance-based funding, incentivizing well performing institutions and decision making through clearly defined norms.
These principles will help establish and rely upon a management information system to gather the essential information from institutions.
RUSA will aim to provide greater autonomy to universities as well as colleges and have a sharper focus on equity-based development, and improvement in teaching-learning quality and research.
The reforms initiated under RUSA will build a self-sustaining momentum that will push for greater accountability and autonomy of state institutions and also to unleash the potential of the state universities.
In order to be eligible for funding under RUSA, states will have to fulfill certain prerequisites which include creation of a State Higher Education Council, creation of accreditation agencies, preparation of the state perspective plans, commitment of certain stipulated share of funds towards RUSA, academic, sectoral and institutional governance reforms, filling faculty positions etc.
Under the scheme, an initial amount will be provided to the State governments to prepare them for complying with the above requirements. Once eligible for funding under RUSA, after meeting the prerequisite commitments, the States will receive funds on the basis of achievements and outcomes. The yardstick for deciding the quantum of funds for the states and institutions comprise the norms that reflect the performance in key result areas (access, equity and excellence). The State plans will capture the current position of the states and institutions with respect to these indicators, as well as the targets that need to be achieved. The State Higher Education Council will undertake this process of planning, execution and evaluation, in addition to other monitoring and capacity building functions.
At the national level, the scheme will be implemented by the RUSA Mission Authority and assisted by the Project Advisory Group, Technical Support Group and Project Directorate. The main agency through which RUSA will work in the States will be the State Higher Education Council (SHEC), an autonomous body that will function at an arm’s length from the state and central governments. SHEC will be assisted by State Project Directorate and Technical Support Group. In every institution, the Governing Body and a Project Monitoring Unit will oversee the project progress.
Govt to spend Rs 3,507 crore to boost oilseeds output in 12th Plan
New Delhi: The Centre proposes to spend Rs 3,507 crore during the 12 {+t} {+h} Plan to boost oilseeds output and bring an additional area of 1.25 lakh hectares under oil palm.
“The Cabinet Committee on Economic Affairs approved the implementation of National Mission on Oilseeds and Oil Palm with an allocation of Rs 3,507 crore,” a statement said.
fresh fruit bunches
Besides enhancing oilseeds output by 6.58 million tonnes, the Mission would also bring additional area of 1.25 lakh hectares under oil palm cultivation with increase in productivity of fresh fruit bunches from 4,927 kg a hectare to 15,000 kg and increase in collection of tree-borne oilseeds to 14 lakh tonnes. “The implementation of the proposed mission will enhance production of vegetable oil sources by 2.48 mt from oilseeds (1.70 mt), oil palm (0.60 mt) and tree borne oilseeds (0.18 mt) by the end of the 12th Plan period,” the statement said.
seed replacement ratio
The mission would lay stress on increasing the seed replacement ratio with focus on varietal replacement; increasing irrigation coverage under oilseeds from 26 per cent to 38 per cent and diversification of area from low yielding cereals crops to oilseeds crops. Under the mission, the recommended varieties and proven technologies would be demonstrated in a cluster approach to ensure participation of all categories of farmers, irrespective of the size of their holdings, social status.
existing schemes
The national mission on oilseeds is built upon the achievements of the existing schemes of Integrated Scheme of Oilseeds Oil Palm and Maize , Tree Borne Oilseeds Scheme and Oil Palm Area Expansion programme during the 11th Plan period.
“The Cabinet Committee on Economic Affairs approved the implementation of National Mission on Oilseeds and Oil Palm with an allocation of Rs 3,507 crore,” a statement said.
fresh fruit bunches
Besides enhancing oilseeds output by 6.58 million tonnes, the Mission would also bring additional area of 1.25 lakh hectares under oil palm cultivation with increase in productivity of fresh fruit bunches from 4,927 kg a hectare to 15,000 kg and increase in collection of tree-borne oilseeds to 14 lakh tonnes. “The implementation of the proposed mission will enhance production of vegetable oil sources by 2.48 mt from oilseeds (1.70 mt), oil palm (0.60 mt) and tree borne oilseeds (0.18 mt) by the end of the 12th Plan period,” the statement said.
seed replacement ratio
The mission would lay stress on increasing the seed replacement ratio with focus on varietal replacement; increasing irrigation coverage under oilseeds from 26 per cent to 38 per cent and diversification of area from low yielding cereals crops to oilseeds crops. Under the mission, the recommended varieties and proven technologies would be demonstrated in a cluster approach to ensure participation of all categories of farmers, irrespective of the size of their holdings, social status.
existing schemes
The national mission on oilseeds is built upon the achievements of the existing schemes of Integrated Scheme of Oilseeds Oil Palm and Maize , Tree Borne Oilseeds Scheme and Oil Palm Area Expansion programme during the 11th Plan period.
Union Commerce Minister Anand Sharma opens fifth spices park in the country at Sivaganga
Union Commerce Minister Anand Sharma opens fifth spices park in the country at Sivaganga :
Kochi: The fifth spice park , an initiative of the Spices Board, has been set up at Mattupetty Sivaganga in Tamil Nadu for processing turmeric and chilli. The park was opened by union Minister of Commerce and Industry Anand Sharma in the presence of Finance Minister P Chidambaram on Sunday.
The park is aimed at facilitating the processing and value addition of turmeric and chilli, the major spices grown in the region, by setting up common facilities. The other four spice parks are located at Chhindwara in Madhya Pradesh for garlic and chilli, Puttady in Kerala for pepper and cardamom, Kota in Rajasthan for coriander and cumin and Guna in Madhya Pradesh for coriander, fenugreek and garlic.
The fifth spices park was built at a cost of Rs 19.50 crore against the estimated cost of Rs 20 crore. The Spices Board had developed all common facilities like power, water, communication facilities, warehousing, wide roads etc related to the park. The board will lease out the lands available in the park to private entrepreneurs for developing their own processing plants for value addition of spices for 30 years.
After establishing the processing units by the exporters the farming community can link directly with the exporters for selling their produce on a premium price and eliminate intermediaries in the supply chain. The park has processing facility for chilli and turmeric with a capacity of 1 tonne/hour each and steam sterilization unit in batch process with capacity 250 kg/hour apart .
Other parks are in the pipeline during XI Plan are at Guntur in Andhra Pradesh for chilli, Mehsana in Gujarat for cumin, fennel and coriander and Jodhpur in Rajasthan for cumin and coriander, Rae Bareli in Uttar Pradesh for mint and Hamirpur in Himachal Pradesh for turmeric.
Kochi: The fifth spice park , an initiative of the Spices Board, has been set up at Mattupetty Sivaganga in Tamil Nadu for processing turmeric and chilli. The park was opened by union Minister of Commerce and Industry Anand Sharma in the presence of Finance Minister P Chidambaram on Sunday.
The park is aimed at facilitating the processing and value addition of turmeric and chilli, the major spices grown in the region, by setting up common facilities. The other four spice parks are located at Chhindwara in Madhya Pradesh for garlic and chilli, Puttady in Kerala for pepper and cardamom, Kota in Rajasthan for coriander and cumin and Guna in Madhya Pradesh for coriander, fenugreek and garlic.
The fifth spices park was built at a cost of Rs 19.50 crore against the estimated cost of Rs 20 crore. The Spices Board had developed all common facilities like power, water, communication facilities, warehousing, wide roads etc related to the park. The board will lease out the lands available in the park to private entrepreneurs for developing their own processing plants for value addition of spices for 30 years.
After establishing the processing units by the exporters the farming community can link directly with the exporters for selling their produce on a premium price and eliminate intermediaries in the supply chain. The park has processing facility for chilli and turmeric with a capacity of 1 tonne/hour each and steam sterilization unit in batch process with capacity 250 kg/hour apart .
Other parks are in the pipeline during XI Plan are at Guntur in Andhra Pradesh for chilli, Mehsana in Gujarat for cumin, fennel and coriander and Jodhpur in Rajasthan for cumin and coriander, Rae Bareli in Uttar Pradesh for mint and Hamirpur in Himachal Pradesh for turmeric.
Thursday, October 3, 2013
NHPC to invest Rs 20,000 crore in private hydropower projects in next five years
New Delhi: In an attempt to revive the struggling hydropower sector in the country, state-run NHPC has decided to take over private hydropower projects and is ready to invest equity worth Rs 20,000 crore in the next five years.
The country's largest hydropower producer with an installed capacity of 5,702 mw, NHPC is eyeing to add another 4,000 mw through equity investments. "We want more projects on nomination basis. We aren't getting projects compatible to our capabilities," said ABL Srivastava, director ( finance), NHPC.
Company officials said that NHPC currently has enough cash reserves for the proposed equity investments.
"State governments have lately preferred private players for harnessing hydro power. But most of them have not taken off. Given the amount of equity with us, we are in a good position to form joint venture with private power companies and may even take over the project in many cases," said Srivastava.
NHPC officials also said that several private companies, especially with projects in the north and northeastern parts of the country, have approached the company to form a joint venture involving the state government as well.
"We are still planning our partnership model with state governments and private players for future projects," Srivastava told reporters.
NHPC has projects totalling 12,240 mw in the pipeline, out of which around 8,000 mw worth of projects are awaiting clearances from the central government. Some of its key projects such as Subahsiri (2,000 mw) and Dibang (3,000 mw) in Arunanchal Pradesh are awaiting clearances from the ministry of environment and forests.
The PSU recently commissioned 160 mw Teesta Lower Dam Power project, phase 3 (TLDP 3) project in Sikkim after a hiatus of six years due to geological challenges. It is building six hydropower projects in Sikkim totalling 4,000 mw. The phase four of TLDP, with capacity of 132 mw, is slated for commissioning in October 2014. Phase five of TLDP (512 mw) was commissioned in March 2008.
The upstream Teesta-3 power project in the state is being constructed by a private entity and is supposed to be commissioned by the end of this year in December but NHPC officials in the Teesta region said that no major work has progressed in it.
The country's largest hydropower producer with an installed capacity of 5,702 mw, NHPC is eyeing to add another 4,000 mw through equity investments. "We want more projects on nomination basis. We aren't getting projects compatible to our capabilities," said ABL Srivastava, director ( finance), NHPC.
Company officials said that NHPC currently has enough cash reserves for the proposed equity investments.
"State governments have lately preferred private players for harnessing hydro power. But most of them have not taken off. Given the amount of equity with us, we are in a good position to form joint venture with private power companies and may even take over the project in many cases," said Srivastava.
NHPC officials also said that several private companies, especially with projects in the north and northeastern parts of the country, have approached the company to form a joint venture involving the state government as well.
"We are still planning our partnership model with state governments and private players for future projects," Srivastava told reporters.
NHPC has projects totalling 12,240 mw in the pipeline, out of which around 8,000 mw worth of projects are awaiting clearances from the central government. Some of its key projects such as Subahsiri (2,000 mw) and Dibang (3,000 mw) in Arunanchal Pradesh are awaiting clearances from the ministry of environment and forests.
The PSU recently commissioned 160 mw Teesta Lower Dam Power project, phase 3 (TLDP 3) project in Sikkim after a hiatus of six years due to geological challenges. It is building six hydropower projects in Sikkim totalling 4,000 mw. The phase four of TLDP, with capacity of 132 mw, is slated for commissioning in October 2014. Phase five of TLDP (512 mw) was commissioned in March 2008.
The upstream Teesta-3 power project in the state is being constructed by a private entity and is supposed to be commissioned by the end of this year in December but NHPC officials in the Teesta region said that no major work has progressed in it.
Hyundai-Rotem supplies first coach to L&T Hyderabad Metro
Hyderabad: L&T Hyderabad Metro Rail Ltd today put on display the first rail coach it received from the Hyundai-Rotem consortium.
It announced that the elevated rail system would be fully managed remotely. These trains will have no drivers and run from a central control system. And the ‘driver’ in the metro train coach will only help facilitate entry and exit of passengers and ensure their safety.
This coach is part of the large order the metro project placed on the consortium for supply of rail coaches for the 72-km elevated metro rail project being developed by L&T.
The coach was formally unveiled here today by the Chief Minister, N. Kiran Kumar Reddy, in the presence of officials of L&T and metro rail officials.
Each air-conditioned coach will have capacity to seat about 330 people and a train of six coaches is expected to carry about 2000 passengers. While these trains have the capability to manage a top speed of 80 km per hour, the average speed is likely to be 38-40 km per hour. Initially, 171 coaches for 57 trains will be supplied by Hyundai-Rotem and the rest in a phased manner, said N.V.S. Reddy, Managing Director of Hyderabad Metro Rail Ltd. L&T had placed the Rs 1800-crore order with Hyundai-Rotem last year.
V.B.Gadgil, Chief Executive and Managing Director of L&THMRL, said that the coaches will be run on centralised radio frequency from a central operational control system. “We have made good progress so far, but the pace of work can get better,” he felt.
Initially, it is proposed to run each train with three coaches and later this will be ramped up to six coaches for one train.
The gap between each train will be 90 seconds. All the trains will have CCTV cameras in and outside of the cars, mobile and laptop charging sockets inside the cars. The supply of coaches will be in a phased manner as the project is ready for commissioning.
First phase will be operational by March-April 2015.
It announced that the elevated rail system would be fully managed remotely. These trains will have no drivers and run from a central control system. And the ‘driver’ in the metro train coach will only help facilitate entry and exit of passengers and ensure their safety.
This coach is part of the large order the metro project placed on the consortium for supply of rail coaches for the 72-km elevated metro rail project being developed by L&T.
The coach was formally unveiled here today by the Chief Minister, N. Kiran Kumar Reddy, in the presence of officials of L&T and metro rail officials.
Each air-conditioned coach will have capacity to seat about 330 people and a train of six coaches is expected to carry about 2000 passengers. While these trains have the capability to manage a top speed of 80 km per hour, the average speed is likely to be 38-40 km per hour. Initially, 171 coaches for 57 trains will be supplied by Hyundai-Rotem and the rest in a phased manner, said N.V.S. Reddy, Managing Director of Hyderabad Metro Rail Ltd. L&T had placed the Rs 1800-crore order with Hyundai-Rotem last year.
V.B.Gadgil, Chief Executive and Managing Director of L&THMRL, said that the coaches will be run on centralised radio frequency from a central operational control system. “We have made good progress so far, but the pace of work can get better,” he felt.
Initially, it is proposed to run each train with three coaches and later this will be ramped up to six coaches for one train.
The gap between each train will be 90 seconds. All the trains will have CCTV cameras in and outside of the cars, mobile and laptop charging sockets inside the cars. The supply of coaches will be in a phased manner as the project is ready for commissioning.
First phase will be operational by March-April 2015.
Cognizant buys France’s Equinox
Chennai/ Bengaluru: Cognizant Technology Solutions Corp on Wednesday said it had acquired France-based Equinox Consulting, a financial services consultancy, for an undiclosed sum. The acquisition will strengthen the company’s global consulting capabilities and presence in Europe, it said.
The company expects around $40 million annualised revenue from the acquisition but declines to share financial details of the deal.
Under the terms of the agreement, around 160 consulting professionals will join Cognizant, which is known for making small-ticket tuck-under acquisitions to bridge the gaps in its offerings. The company has made seven such buyouts in the last three years of which three have been in consulting related.
Francisco D’Souza, chief executive of Cognizant, said with the deal, Cognizant is better positioned to help European clients challenge the status quo and unleash new potential across their organisations by creating new business and information technology models.
Equinox Consulting provides business consulting services across investment banking, asset management, retail banking, insurance, and specialised financial services. Founded in 2004, the company is known for its regulatory consulting expertise.
Cognizant Business Consulting (CBC) contributes approximately six-seven per cent to Cognizant’s total revenue and the company has been trying to further expand its presence in the service area as it is considered to be a high-margin business.
India’s second largest IT firm, Infosys Ltd, which already gets over 30 per cent of its revenues from Consulting, also acquired Switzerland-based management consultancy firm Lodestone Holding AG last year in $350 million deal.
France, Europe reach
Experts also believe that the acquisition of Equinox Consulting will also help Cognizant strengthen its presence in France, a non-English speaking geography, and aid in cracking the European market. While the European market offers huge potential, the penetration into the geography is currently much lower.
In an interview with Business Standard after the announcement today, Cognizant's Senior Vice President and Head of Continental Europe and Asia-Pacific Santosh Thomas said, European clients are looking to buy a broader range of services — consulting, applications, infrastructure, and business process services. They are seeking partners who can drive cost-savings and innovation on one integrated platform.
The acquisition will also add to the company’s existing presence in the financial services and insurance sector — the largest industry segment for Cognizant — which contributed around 42 per cent to its top line.
The company expects around $40 million annualised revenue from the acquisition but declines to share financial details of the deal.
Under the terms of the agreement, around 160 consulting professionals will join Cognizant, which is known for making small-ticket tuck-under acquisitions to bridge the gaps in its offerings. The company has made seven such buyouts in the last three years of which three have been in consulting related.
Francisco D’Souza, chief executive of Cognizant, said with the deal, Cognizant is better positioned to help European clients challenge the status quo and unleash new potential across their organisations by creating new business and information technology models.
Equinox Consulting provides business consulting services across investment banking, asset management, retail banking, insurance, and specialised financial services. Founded in 2004, the company is known for its regulatory consulting expertise.
Cognizant Business Consulting (CBC) contributes approximately six-seven per cent to Cognizant’s total revenue and the company has been trying to further expand its presence in the service area as it is considered to be a high-margin business.
India’s second largest IT firm, Infosys Ltd, which already gets over 30 per cent of its revenues from Consulting, also acquired Switzerland-based management consultancy firm Lodestone Holding AG last year in $350 million deal.
France, Europe reach
Experts also believe that the acquisition of Equinox Consulting will also help Cognizant strengthen its presence in France, a non-English speaking geography, and aid in cracking the European market. While the European market offers huge potential, the penetration into the geography is currently much lower.
In an interview with Business Standard after the announcement today, Cognizant's Senior Vice President and Head of Continental Europe and Asia-Pacific Santosh Thomas said, European clients are looking to buy a broader range of services — consulting, applications, infrastructure, and business process services. They are seeking partners who can drive cost-savings and innovation on one integrated platform.
The acquisition will also add to the company’s existing presence in the financial services and insurance sector — the largest industry segment for Cognizant — which contributed around 42 per cent to its top line.
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