Bengaluru: The Karnataka State high-level clearance committee (SHLCC) chaired by Chief Minister Siddaramaiah has cleared 10 projects with an investment of over Rs 10,044 crore. The projects are expected to create 14,105 jobs in 10 districts.
Intel Technology India is investing Rs 600 crore to set up its research and development (R&D) centre in Bangalore. About 4,200 people are expected to be employed at the centre.
SHLCC also cleared Khayati Steel Industries Ltd proposal in Mandya to build facility to make TMT bars. The project is worth Rs 235 crore and plans to employ 320 people.
Volvo India is setting up a truck and bus manufacturing facility in Malur, Kolar (near Bangalore) with an investment of Rs 974 crore. The facility is likely to give employment to 2,125 people.
Riddhi Siddhi
SHLCC also cleared proposal of Riddhi Siddhi to set up maize-based starch manufacturing unit at Gokak in Belgaum district.
The company is investing Rs 335 crore in the facility, which is likely to give employment to 335 people
JSW Steel will invest Rs 6,930 crore to strengthen its 10 mtpa steel manufacturing facility by improving infrastructure at Sandur in Bellary district. Its employment potential is 313.
Toyota Mitsubishi will invest Rs 250 crore to set up rotating motors and power equipment facility at Vasantapur industrial estate near Tumkur. The facility is likely to employ 548 people.
Success in my Habit
Saturday, November 23, 2013
BCIC, Ukraine chamber enter into pact
Bengaluru: Bangalore Chamber of Industry and Commerce (BCIC) has signed an MoU with Dnepropetrovsk Chamber of Commerce and Industry-Ukraine.
BCIC President H.V. Harish said that the main objective of this MoU is to work towards mutual expansion of trade, economic and scientific relations between the two countries thereby rendering assistance to entrepreneurs, organisations and firms in the development of business relations through the two chambers of commerce.
The MoU was signed by Harish and DCCI President Vitaliy Zhmurenko. This is the first MoU signed by Ukraine Chamber of Industry with any chamber in India.
BCIC President H.V. Harish said that the main objective of this MoU is to work towards mutual expansion of trade, economic and scientific relations between the two countries thereby rendering assistance to entrepreneurs, organisations and firms in the development of business relations through the two chambers of commerce.
The MoU was signed by Harish and DCCI President Vitaliy Zhmurenko. This is the first MoU signed by Ukraine Chamber of Industry with any chamber in India.
Ascendas to invest Rs 3,000 cr in Indian cities
Chennai: Singapore-based commercial space developer Ascendas Pte Ltd has launched the Ascendas India Growth Programme, targeting an asset size of over Rs 3,000 crore (S$600 million) to invest in commercial space in major Indian cities, according to a press release from the company.
Singapore’s sovereign wealth fund GIC Private Ltd is a principal investor in the programme.
The target investments include business space developments, which may have other complementary uses and completed business space assets in Bangalore, Chennai, Delhi-National Capital Region, Hyderabad, Mumbai and Pune. The release quoting Manohar Khiatani, President and CEO, Ascendas, said it offers an opportunity to share Ascendas’ expertise in developing and managing business space in the market.
The programme complements Ascendas’ existing funds for India, such as Ascendas India Trust (a-iTrust, a Singapore Stock Exchange listed business trust) and Ascendas India Development Trust (a fully-invested private equity fund). Ascendas will also provide quality property management services to enhance the standards of the assets, the release said.
Singapore’s sovereign wealth fund GIC Private Ltd is a principal investor in the programme.
The target investments include business space developments, which may have other complementary uses and completed business space assets in Bangalore, Chennai, Delhi-National Capital Region, Hyderabad, Mumbai and Pune. The release quoting Manohar Khiatani, President and CEO, Ascendas, said it offers an opportunity to share Ascendas’ expertise in developing and managing business space in the market.
The programme complements Ascendas’ existing funds for India, such as Ascendas India Trust (a-iTrust, a Singapore Stock Exchange listed business trust) and Ascendas India Development Trust (a fully-invested private equity fund). Ascendas will also provide quality property management services to enhance the standards of the assets, the release said.
India gets on the highway to growth in Southeast Asia
New Delhi: As India readies to sign the free trade agreement on services and investment with the Association of Southeast Asian Nations (Asean), taking bilateral trade relations to the next level of a comprehensive economic partnership agreement, the focus is on the laying out of a massive road connectivity plan to tie the region together to boost economic objectives.
To start with, India has proposed extending the trilateral highway project connecting India, Myanmar and Thailand to neighbouring Cambodia and Vietnam. The idea is to set up special economic zones along this highway and provide seamless connectivity through these countries by 2016, by when the projects are expected to become operational. Right now, work is on to repair and strengthen 71 bridges that link this stretch.
To ensure greater success of this highway project, Prime Minister Manmohan Singh proposed an Asean-India Transit Transport Agreement (AITTA) at the India-Asean Summit in Brunei Darussalam last month. Once the agreement comes into force -likely by 2015- vehicles from association countries will be able to cross international borders without much documentation.
Total bilateral trade between Asean and India reached $75.6 billion in 2012, surpassing the target of $70 billion. Now, with the implementation of the India-Asean comprehensive economic partnership, the target for two-way trade has been set at $100 billion by 2015, for which an integrated transport network would be the key.
At present, the market is fragmented and the patchy road network is a stumbling block for free flow of goods and services. This, along with administrative and technical barriers, increases costs and leads to transportation delays, says a study by New Delhi-based think tank Research and Information System for Developing Countries on Asean-India connectivity.
While road links are being developed, the proposed AITTA will make crossing the border easier. "AITTA will allow vehicles to move seamlessly across international borders or regional and international trade transportation purposes. AITTA should be in position before the trilateral highway is operationalised in 2016. Potentially, it can be a game changer which will allow us to reap the full benefit of India-Asean free trade agreement, regional comprehensive economic partnership and enhanced connectivity," says Ashok Kantha, secretary (East), ministry of external affairs.
The master plan on Asean road connectivity was adopted at the India-Asean Summit in 2010. The benefits from the highways, which are scheduled to be completed by 2016, are manifold. They would improve connectivity, bring India closer to Asean, reduce trade costs, help exploit the country's comparative advantage in certain products, expand markets, as well as reduce poverty and improve the quality of life for the people in the region. A smooth road network would also provide substantial benefits to other countries, particularly to landlocked and island nations by giving them low-cost access to a wider market outside, the report said.
India already has a goods agreement in place. It came into force in August 2011 and provides tariff-free access to a range of products, including textiles, pharmaceuticals, chemicals, engineering goods, processed food and auto parts. The likely addition of services and investments to this list of free-trade items in the not too distant future would open up new opportunities for Indian IT and healthcare professionals, designers and researchers.
In addition, India is also contemplating expansion of rail network into Myanmar. The rail head terminates at Jiribam in Manipur. A project to connect Jiribam to the capital Imphal is under way and is slated to be completed by 2017, while proposals on connecting Moreh (Imphal) to Tamu-Kalay (Myanmar) is being considered by the external affairs ministry.
At the same time, work is also on for developing soft infrastructure such as trade facilitation centres and telecommunication, necessary for any economy to function and thrive. Boosting maritime connectivity is on the agenda as well. India has proposed the establishment of a Maritime Transport Working Group between India, Myanmar, Thailand, Cambodia and Vietnam to examine the feasibility of shorter shipping routes. This idea was initially mooted by Thailand which wants a more direct sea transport route to India via the Dawei port in Myanmar, which is a deep sea port. Right now ships have to be routed via Singapore to reach India.
"It is important that we identify economic activities that can be pegged to these corridors, which could attract private sectors from both Asean and India, including from India's Northeast," says a foreign ministry official.
Another project that India has shown interest in is the Mekong-India Economic Corridor (an offshoot of the trilateral highway) to link Myanmar, Thailand, Cambodia and Vietnam with India. The corridor- which might be funded by Asian Development Bank -will extend from Ho Chi Minh City in Vietnam to Dawei in Myanmar via Bangkok (Thailand) and Phnom Penh (Cambodia) and then on to Chennai in India.
To start with, India has proposed extending the trilateral highway project connecting India, Myanmar and Thailand to neighbouring Cambodia and Vietnam. The idea is to set up special economic zones along this highway and provide seamless connectivity through these countries by 2016, by when the projects are expected to become operational. Right now, work is on to repair and strengthen 71 bridges that link this stretch.
To ensure greater success of this highway project, Prime Minister Manmohan Singh proposed an Asean-India Transit Transport Agreement (AITTA) at the India-Asean Summit in Brunei Darussalam last month. Once the agreement comes into force -likely by 2015- vehicles from association countries will be able to cross international borders without much documentation.
Total bilateral trade between Asean and India reached $75.6 billion in 2012, surpassing the target of $70 billion. Now, with the implementation of the India-Asean comprehensive economic partnership, the target for two-way trade has been set at $100 billion by 2015, for which an integrated transport network would be the key.
At present, the market is fragmented and the patchy road network is a stumbling block for free flow of goods and services. This, along with administrative and technical barriers, increases costs and leads to transportation delays, says a study by New Delhi-based think tank Research and Information System for Developing Countries on Asean-India connectivity.
While road links are being developed, the proposed AITTA will make crossing the border easier. "AITTA will allow vehicles to move seamlessly across international borders or regional and international trade transportation purposes. AITTA should be in position before the trilateral highway is operationalised in 2016. Potentially, it can be a game changer which will allow us to reap the full benefit of India-Asean free trade agreement, regional comprehensive economic partnership and enhanced connectivity," says Ashok Kantha, secretary (East), ministry of external affairs.
The master plan on Asean road connectivity was adopted at the India-Asean Summit in 2010. The benefits from the highways, which are scheduled to be completed by 2016, are manifold. They would improve connectivity, bring India closer to Asean, reduce trade costs, help exploit the country's comparative advantage in certain products, expand markets, as well as reduce poverty and improve the quality of life for the people in the region. A smooth road network would also provide substantial benefits to other countries, particularly to landlocked and island nations by giving them low-cost access to a wider market outside, the report said.
India already has a goods agreement in place. It came into force in August 2011 and provides tariff-free access to a range of products, including textiles, pharmaceuticals, chemicals, engineering goods, processed food and auto parts. The likely addition of services and investments to this list of free-trade items in the not too distant future would open up new opportunities for Indian IT and healthcare professionals, designers and researchers.
In addition, India is also contemplating expansion of rail network into Myanmar. The rail head terminates at Jiribam in Manipur. A project to connect Jiribam to the capital Imphal is under way and is slated to be completed by 2017, while proposals on connecting Moreh (Imphal) to Tamu-Kalay (Myanmar) is being considered by the external affairs ministry.
At the same time, work is also on for developing soft infrastructure such as trade facilitation centres and telecommunication, necessary for any economy to function and thrive. Boosting maritime connectivity is on the agenda as well. India has proposed the establishment of a Maritime Transport Working Group between India, Myanmar, Thailand, Cambodia and Vietnam to examine the feasibility of shorter shipping routes. This idea was initially mooted by Thailand which wants a more direct sea transport route to India via the Dawei port in Myanmar, which is a deep sea port. Right now ships have to be routed via Singapore to reach India.
"It is important that we identify economic activities that can be pegged to these corridors, which could attract private sectors from both Asean and India, including from India's Northeast," says a foreign ministry official.
Another project that India has shown interest in is the Mekong-India Economic Corridor (an offshoot of the trilateral highway) to link Myanmar, Thailand, Cambodia and Vietnam with India. The corridor- which might be funded by Asian Development Bank -will extend from Ho Chi Minh City in Vietnam to Dawei in Myanmar via Bangkok (Thailand) and Phnom Penh (Cambodia) and then on to Chennai in India.
University of Michigan inks tie-ups with NCAER and AIIMS
New Delhi: In a bid to foster deeper ties with Indian academic institutions and think tanks, The University of Michigan inked partnerships with The National Council of Applied Economic Research (NCAER) and AIIMS in New Delhi last week.
The five-year MoU between NCAER and the University of Michigan's Survey Research Center (SRC) is aimed at promoting collaborative survey research. SRC is a part of Michigan's Institute for Social Research (ISR), and the MoU was signed between Shekhar Shah, director general, NCAER, Mary Sue Coleman president, University of Michigan and Axinn, director, Survey Research Center.
Both institutions have said they will jointly seek to develop sample survey infrastructure to support economic and other social science research in India. Other initiatives may include establishing a survey research laboratory at NCAER to test and advance new approaches for social science research and for training professionals in state-of-the-art, survey-based research methods.
"We are interested in the application of information technologies to social research in India. Collaborative research will be our top priority but the problems faced in data collection in India in terms of the sheer size of the population and the several linguistic barriers could be a perfect training ground for our students here," said Axinn.
"NCAER has a tradition of survey based research but we realised that some of the work that we were doing was not cost effective and cutting edge. Through this tie-up, we get a chance to collaborate with a world leader in survey methodology and technology," Shekhar Shah, director general NCAER added.
The University also expanded its partnership with AIIMS last week to facilitate health research and education. The new agreement includes the research of cancer, immunology, genetics trauma and disaster medicine. It was signed by professor Mahesh Misra, director, AIIMS, and Mary Sue Coleman, president, University of Michigan.
"AIIMS will benefit immensely from our collaboration in gastroenterology, liver, pediatric surgery, acute care surgery, organ transplantation," professor Mahesh C Misra, director of AIIMs stated.
Added Joesph Kolars, senior associate dean for education and global initiatives at the University Of Michigan Medical School: "We are aiming to develop a robust platform for collaboration that will facilitate research on diseases common to both our countries and the education that will strengthen our abilities to improve health."
The five-year MoU between NCAER and the University of Michigan's Survey Research Center (SRC) is aimed at promoting collaborative survey research. SRC is a part of Michigan's Institute for Social Research (ISR), and the MoU was signed between Shekhar Shah, director general, NCAER, Mary Sue Coleman president, University of Michigan and Axinn, director, Survey Research Center.
Both institutions have said they will jointly seek to develop sample survey infrastructure to support economic and other social science research in India. Other initiatives may include establishing a survey research laboratory at NCAER to test and advance new approaches for social science research and for training professionals in state-of-the-art, survey-based research methods.
"We are interested in the application of information technologies to social research in India. Collaborative research will be our top priority but the problems faced in data collection in India in terms of the sheer size of the population and the several linguistic barriers could be a perfect training ground for our students here," said Axinn.
"NCAER has a tradition of survey based research but we realised that some of the work that we were doing was not cost effective and cutting edge. Through this tie-up, we get a chance to collaborate with a world leader in survey methodology and technology," Shekhar Shah, director general NCAER added.
The University also expanded its partnership with AIIMS last week to facilitate health research and education. The new agreement includes the research of cancer, immunology, genetics trauma and disaster medicine. It was signed by professor Mahesh Misra, director, AIIMS, and Mary Sue Coleman, president, University of Michigan.
"AIIMS will benefit immensely from our collaboration in gastroenterology, liver, pediatric surgery, acute care surgery, organ transplantation," professor Mahesh C Misra, director of AIIMs stated.
Added Joesph Kolars, senior associate dean for education and global initiatives at the University Of Michigan Medical School: "We are aiming to develop a robust platform for collaboration that will facilitate research on diseases common to both our countries and the education that will strengthen our abilities to improve health."
Government approves twenty proposals of foreign direct investment (FDI) amounting to Rs 915.83 Crore
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on October 24, 2013, the Government of India has approved 20 proposals of Foreign Direct Investment (FDI) amounting to Rs. 915.83 crore approximately.
In addition, one proposal viz., M/s Federal Bank Ltd., Kerala, amounting to Rs. 1400.00 crore has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 24.10.2013
Following Twenty (20) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Castleton Investment Ltd., Mauritius; M/s GlaxoSmithKline Pte Ltd., Singapore NR to NR transfer of shares between the foreign promoter group companies of an Indian pharma company – deletion of the standard conditions. Nil
2 M/s Intas Pharmaceuticals Ltd. To issue fresh equity shares to eligible non-resident investors in a book-building IPO and by an offer for sale by an existing foreign investor M/s Mozart Limited to carry out the business of pharmaceutical sector. 225.00 (known amount)
3 M/s Fenwal India Pvt. Ltd., Gurgaon Transfer of shares from NR to NR as a part of global restructuring of the group companies. The investee company is engaged in the pharma sector. Nil
4 M/s Menarini Raunaq Pharma Ltd. Conversion of ECB into equity shares in a pharma sector company. Nil
5 M/s Perrigo API India Pvt. Ltd., Mumbai To increase the foreign equity participation from 85% to 100% by way of issue of fresh equity shares and transfer of equity shares from resident to non-resident shareholders in a pharma sector company. 130.00
6 M/s Cigniti Technologies Ltd., Hyderabad Transfer of shares by way of share swap in a software company. Nil
7 M/s Hardinge Machine Tools B.V., Netherlands To set up a LLP to carry out the end-to-end business of workholding products and their after sales services. 21.99
8 M/s Casbaa Ltd., Hong Kong To set up a LLP in India to be engaged in representing and promoting cable and satellite industry in India. 0.02
9 M/s Luxora Realators Pvt. Ltd., Mumbai Condonation of delay in bringing in the minimum capitalization amount of US $ 5 million into the FDI compliant real estate project. Nil
10 M/s Sugam Vanijya Holdings Pvt. Ltd., New Delhi NR to NR transfer of FCDs within group companies before the completion of the 3 year lock in period. Nil
11 M/s Religare Enterprises Ltd. To issue warrants to carry out the business of Investment Advisory Services and Financial Consultancy and to make holding investments in the NBFC Sector. 179.43 (USD 29 million)
12 M/s ANZ Capital Pvt. Ltd. Post facto approval for exemption from minimum capitalisation requirement for a fund based NBFC, in order to regularise all transactions before winding up and liquidating the NBFC. Nil
13 The Nuance Group AG To set up a duty free shop in Chatrapati Shivaji International Airport, Mumbai. 19.00
14 M/s Emerald Group Publishing (India) Pvt. Ltd., Delhi WOS of a foreign company to undertake the additional activities of Publishing of books and their supplements (text books, hand books, eBooks) in India for universities, educational institutions, research centres, other corporate etc. 12.37 (US $ 2 lakh)
15 M/s DA Vinci GmbH, Berlin To set up a WOS in India to undertake the down-linking and distribution of a Non-news and Non-current Affairs Edutainment Channel. 5.00
16 M/s Berns Brett India Insurance Broking Pvt. Ltd., Delhi Company having foreign investment to carry out the business of insurance broking under the regulation of IRDA. 0.65
17 M/s JM Financial Limited, Mumbai An Indian Core Investment company to issue warrants. 22.19
18 M/s Aavishkar India Micro Venturecental Fund Transfer of units from NR to NR in a Domestic Venture Capital Fund (DVCF). Nil
19 M/s Sacmi Engineering (India) Pvt. Ltd., Mumbai Issue of equity shares to the shareholders of its foreign parent company pursuant to a High Court approval of the Scheme of Demerger. Nil
20 M/s Singapore Airlines Ltd., Singapore To set up a JV Comapny in the ratio of 49%: 51%, which will be engaged in domestic and international full service scheduled passenger airlines services in the civil aviation sector in India. 303.18 (USD 49 million)
The following two (2) proposals have been deferred:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Cygnus Medicare Pvt. Ltd., Delhi To issue equity shares against CCPS of M/s Somerset Indus Healthcare Fund I Limited held in M/s Altus Healthcare Private Limited.
2 M/s Mordril Properties (India) Pvt. Ltd., Mumbai To get an extension of 2 years for fulfilling the condition of developing 50% of the project within a period of five years from the date of obtaining all statutory clearances.
The following two (2) proposals have been rejected:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Big India Malls Pvt. Ltd., New Delhi To repatriate FDI by selling current undeveloped plots for lack of funding from shareholders.
2 M/s Indostar Capital Finance Pvt. Ltd., Mumbai (No.217/2012-FC.I) An NBFC proposes to set up a subsidiary company and sponsor a debt fund under SEBI (AIF) Regulations.
The following one (1) proposal has been advised to access automatic route:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s MY Mobile Payment Ltd., Mumbai (MMPL) Induction of foreign equity to carry out the business of mobile payment services. 58.91
The following one (1) proposal has been advised that FIPB approval is not required:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Dashtag UK Post facto approval on behalf of Indian company who has made downstream investment in its subsidiary company which is not engaged in any commercial activity.
The following one (1) proposal has been advised to apply afresh after the approval of the scheme of arrangement by the competent court:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Provimi Animal Nutrition India Pvt. Ltd., Karnataka To transfer two of the existing business undertakings to two new companies to be established in India as wholly owned subsidiaries of Cargill Asia Pacific Holdings Pte Ltd.
The following one (1) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 1200.00 crore:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 The Federal Bank Ltd., Kerala To increase the foreign equity to 74%; and post facto approval for exceeding the foreign equity cap of 49% by 7.16%. 1400.00
Decision in the following two (2) proposals have been kept in abeyance:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s DLF Limitless Developers Pvt. Ltd. Exit of foreign investors and the repatriation of the capital as the construction sector project could not even acquire land. No fresh inflow
1 M/s SingTel Global (India) Pvt. Ltd. To increase the foreign equity participation of the existing foreign investor from 74% to 100% in telecom sector company. 2.98
In addition, one proposal viz., M/s Federal Bank Ltd., Kerala, amounting to Rs. 1400.00 crore has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 24.10.2013
Following Twenty (20) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Castleton Investment Ltd., Mauritius; M/s GlaxoSmithKline Pte Ltd., Singapore NR to NR transfer of shares between the foreign promoter group companies of an Indian pharma company – deletion of the standard conditions. Nil
2 M/s Intas Pharmaceuticals Ltd. To issue fresh equity shares to eligible non-resident investors in a book-building IPO and by an offer for sale by an existing foreign investor M/s Mozart Limited to carry out the business of pharmaceutical sector. 225.00 (known amount)
3 M/s Fenwal India Pvt. Ltd., Gurgaon Transfer of shares from NR to NR as a part of global restructuring of the group companies. The investee company is engaged in the pharma sector. Nil
4 M/s Menarini Raunaq Pharma Ltd. Conversion of ECB into equity shares in a pharma sector company. Nil
5 M/s Perrigo API India Pvt. Ltd., Mumbai To increase the foreign equity participation from 85% to 100% by way of issue of fresh equity shares and transfer of equity shares from resident to non-resident shareholders in a pharma sector company. 130.00
6 M/s Cigniti Technologies Ltd., Hyderabad Transfer of shares by way of share swap in a software company. Nil
7 M/s Hardinge Machine Tools B.V., Netherlands To set up a LLP to carry out the end-to-end business of workholding products and their after sales services. 21.99
8 M/s Casbaa Ltd., Hong Kong To set up a LLP in India to be engaged in representing and promoting cable and satellite industry in India. 0.02
9 M/s Luxora Realators Pvt. Ltd., Mumbai Condonation of delay in bringing in the minimum capitalization amount of US $ 5 million into the FDI compliant real estate project. Nil
10 M/s Sugam Vanijya Holdings Pvt. Ltd., New Delhi NR to NR transfer of FCDs within group companies before the completion of the 3 year lock in period. Nil
11 M/s Religare Enterprises Ltd. To issue warrants to carry out the business of Investment Advisory Services and Financial Consultancy and to make holding investments in the NBFC Sector. 179.43 (USD 29 million)
12 M/s ANZ Capital Pvt. Ltd. Post facto approval for exemption from minimum capitalisation requirement for a fund based NBFC, in order to regularise all transactions before winding up and liquidating the NBFC. Nil
13 The Nuance Group AG To set up a duty free shop in Chatrapati Shivaji International Airport, Mumbai. 19.00
14 M/s Emerald Group Publishing (India) Pvt. Ltd., Delhi WOS of a foreign company to undertake the additional activities of Publishing of books and their supplements (text books, hand books, eBooks) in India for universities, educational institutions, research centres, other corporate etc. 12.37 (US $ 2 lakh)
15 M/s DA Vinci GmbH, Berlin To set up a WOS in India to undertake the down-linking and distribution of a Non-news and Non-current Affairs Edutainment Channel. 5.00
16 M/s Berns Brett India Insurance Broking Pvt. Ltd., Delhi Company having foreign investment to carry out the business of insurance broking under the regulation of IRDA. 0.65
17 M/s JM Financial Limited, Mumbai An Indian Core Investment company to issue warrants. 22.19
18 M/s Aavishkar India Micro Venturecental Fund Transfer of units from NR to NR in a Domestic Venture Capital Fund (DVCF). Nil
19 M/s Sacmi Engineering (India) Pvt. Ltd., Mumbai Issue of equity shares to the shareholders of its foreign parent company pursuant to a High Court approval of the Scheme of Demerger. Nil
20 M/s Singapore Airlines Ltd., Singapore To set up a JV Comapny in the ratio of 49%: 51%, which will be engaged in domestic and international full service scheduled passenger airlines services in the civil aviation sector in India. 303.18 (USD 49 million)
The following two (2) proposals have been deferred:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Cygnus Medicare Pvt. Ltd., Delhi To issue equity shares against CCPS of M/s Somerset Indus Healthcare Fund I Limited held in M/s Altus Healthcare Private Limited.
2 M/s Mordril Properties (India) Pvt. Ltd., Mumbai To get an extension of 2 years for fulfilling the condition of developing 50% of the project within a period of five years from the date of obtaining all statutory clearances.
The following two (2) proposals have been rejected:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Big India Malls Pvt. Ltd., New Delhi To repatriate FDI by selling current undeveloped plots for lack of funding from shareholders.
2 M/s Indostar Capital Finance Pvt. Ltd., Mumbai (No.217/2012-FC.I) An NBFC proposes to set up a subsidiary company and sponsor a debt fund under SEBI (AIF) Regulations.
The following one (1) proposal has been advised to access automatic route:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s MY Mobile Payment Ltd., Mumbai (MMPL) Induction of foreign equity to carry out the business of mobile payment services. 58.91
The following one (1) proposal has been advised that FIPB approval is not required:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Dashtag UK Post facto approval on behalf of Indian company who has made downstream investment in its subsidiary company which is not engaged in any commercial activity.
The following one (1) proposal has been advised to apply afresh after the approval of the scheme of arrangement by the competent court:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Provimi Animal Nutrition India Pvt. Ltd., Karnataka To transfer two of the existing business undertakings to two new companies to be established in India as wholly owned subsidiaries of Cargill Asia Pacific Holdings Pte Ltd.
The following one (1) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 1200.00 crore:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 The Federal Bank Ltd., Kerala To increase the foreign equity to 74%; and post facto approval for exceeding the foreign equity cap of 49% by 7.16%. 1400.00
Decision in the following two (2) proposals have been kept in abeyance:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s DLF Limitless Developers Pvt. Ltd. Exit of foreign investors and the repatriation of the capital as the construction sector project could not even acquire land. No fresh inflow
1 M/s SingTel Global (India) Pvt. Ltd. To increase the foreign equity participation of the existing foreign investor from 74% to 100% in telecom sector company. 2.98
Monday, November 18, 2013
France 24 TV channel signs up with DD, Dish TV
New Delhi: International news channel France 24 has signed new distribution agreements in India and will be now available as a free-to-air channel on Doordarshan’s DTH platform, DD Direct + and Dish TV. It started broadcasting its English version this month.
The company said the new deals would make the channel available to 31 additional TV households, increasing its reach to nearly 38 million TV households in the country. It was earlier available to about seven million households who received the channel through cable networks.
Marc Saikali, Director of France 24, said the channel’s English version was moving into the heart of Indian society and would offer special programming covering political, economic and cultural news in the country.
Eric Cremer, Vice President- Distribution, France 24, added that the channel hopes to increase the reach to about 50 million TV households by next year.
Based in Paris, France 24 is a news channel that is broadcast to about 222 million homes around the world in French, Arabic and English.
The company said the new deals would make the channel available to 31 additional TV households, increasing its reach to nearly 38 million TV households in the country. It was earlier available to about seven million households who received the channel through cable networks.
Marc Saikali, Director of France 24, said the channel’s English version was moving into the heart of Indian society and would offer special programming covering political, economic and cultural news in the country.
Eric Cremer, Vice President- Distribution, France 24, added that the channel hopes to increase the reach to about 50 million TV households by next year.
Based in Paris, France 24 is a news channel that is broadcast to about 222 million homes around the world in French, Arabic and English.
Hero MotoCorp to roll out two-wheelers in United States
Come next summer and Hero MotoCorp will roll out its two-wheelers in the United States and Canada in perhaps the most ambitious move in the top Indian bike-maker's race to become a global player.
Hero has appointed its American technology partner Erik Buell Racing as the exclusive distributor and plans to eventually set up manufacturing and assembly plants in the North America in due course, a top trade insider privy to the development told ET.
A "soft launch" of Hero two-wheelers was held last month at the inaugural American International Motorcycle Expo (AIMExpo) in Orlando, Florida, where Hero displayed some of its popular brands such as Hunk, ZMR, the updated HF Deluxe Eco, Splendor Pro and the Pleasure scooter, the person said on condition of anonymity. "Specific details on the range to be offered and pricing details have yet to be determined," the person said.
Pawan Munjal, managing director and CEO at Hero MotoCorp, confirmed to ET last week that a soft launch of its debut products has been made in the US.
At AIMExpo, EBR had issued a press release that quoted Munjal as saying: "EBR will be distributing Hero motorcycles in the United States and Canada on an exclusive basis starting summer of 2014.
"When contacted, the Hero MotoCorp spokesperson said it's too early to share any specific information in this regard. "We will make an official announcement at an appropriate time and will share our plans for the North American market at that time," the person said.
The person quoted earlier said the company is exploring the possibility of setting up assembly units in North America. "If the volumes are good, then it does make business sense to assemble the products locally," the person said. In an interaction after announcing the purchase of a 49.2% equity stake in EBR, Munjal had told ET that the US market holds promise for Indian two-wheelers.
"While the US is primarily seen as a market for heavier bikes, I am convinced that smaller two-wheelers in the range of 100cc to 250cc can also be successful in the US and other North American markets," he had said. "Our fully-owned new overseas subsidiaries such as the one in the US and in the Netherlands will play important roles in our future overseas acquisitions and investments.
"The American two-wheeler market is dominated by big bikes with over 600cc engine displacement. Harley Davidson, Ducati, BMW, Triumph, Yamaha and Honda are the main competitors in the market. Hero is investing $25 million for acquiring EBR stake through its newly incorporated and wholly-owned American subsidiary HMCL (NA). It has already invested the first tranche of $15 million.
This equity partnership was the first definitive indication of Hero's intentions to explore the North American markets," the person quoted earlier said. Munjal is personally driving the new products agenda at Hero and has given a clear brief to the R&D team to develop new models for global customers, the person added.
Since charting its solo journey in 2011, Hero has been expanding its global footprint. It has already commenced its operations in new markets such as Guatemala, El Salvador and Honduras in Central America, Peru in Latin America and Kenya, Burkina Faso and the in the African continent. It has set up its first Africa assembly plant in Nairobi, Kenya.
In his 'Vision 2020' for the company, Munjal wants Hero two-wheelers to be available in as many as 50 countries across the world by 2020.
Hero has appointed its American technology partner Erik Buell Racing as the exclusive distributor and plans to eventually set up manufacturing and assembly plants in the North America in due course, a top trade insider privy to the development told ET.
A "soft launch" of Hero two-wheelers was held last month at the inaugural American International Motorcycle Expo (AIMExpo) in Orlando, Florida, where Hero displayed some of its popular brands such as Hunk, ZMR, the updated HF Deluxe Eco, Splendor Pro and the Pleasure scooter, the person said on condition of anonymity. "Specific details on the range to be offered and pricing details have yet to be determined," the person said.
Pawan Munjal, managing director and CEO at Hero MotoCorp, confirmed to ET last week that a soft launch of its debut products has been made in the US.
At AIMExpo, EBR had issued a press release that quoted Munjal as saying: "EBR will be distributing Hero motorcycles in the United States and Canada on an exclusive basis starting summer of 2014.
"When contacted, the Hero MotoCorp spokesperson said it's too early to share any specific information in this regard. "We will make an official announcement at an appropriate time and will share our plans for the North American market at that time," the person said.
The person quoted earlier said the company is exploring the possibility of setting up assembly units in North America. "If the volumes are good, then it does make business sense to assemble the products locally," the person said. In an interaction after announcing the purchase of a 49.2% equity stake in EBR, Munjal had told ET that the US market holds promise for Indian two-wheelers.
"While the US is primarily seen as a market for heavier bikes, I am convinced that smaller two-wheelers in the range of 100cc to 250cc can also be successful in the US and other North American markets," he had said. "Our fully-owned new overseas subsidiaries such as the one in the US and in the Netherlands will play important roles in our future overseas acquisitions and investments.
"The American two-wheeler market is dominated by big bikes with over 600cc engine displacement. Harley Davidson, Ducati, BMW, Triumph, Yamaha and Honda are the main competitors in the market. Hero is investing $25 million for acquiring EBR stake through its newly incorporated and wholly-owned American subsidiary HMCL (NA). It has already invested the first tranche of $15 million.
This equity partnership was the first definitive indication of Hero's intentions to explore the North American markets," the person quoted earlier said. Munjal is personally driving the new products agenda at Hero and has given a clear brief to the R&D team to develop new models for global customers, the person added.
Since charting its solo journey in 2011, Hero has been expanding its global footprint. It has already commenced its operations in new markets such as Guatemala, El Salvador and Honduras in Central America, Peru in Latin America and Kenya, Burkina Faso and the in the African continent. It has set up its first Africa assembly plant in Nairobi, Kenya.
In his 'Vision 2020' for the company, Munjal wants Hero two-wheelers to be available in as many as 50 countries across the world by 2020.
Whistling Group to set up university in Gujarat in tie-up with Oxford arm
Ahmedabad: In what could see University of Oxford's foray into Indian education scenario through its wholly owned subsidiary Isis Innovation, the renowned institution has tied up with Whistling Group for a private university in Gujarat. To come up in an area of over 50 acres in its first phase, the varsity will be based out of the auto hub of Sanand near Ahmedabad.
The Whistling Group, an industrial group created by Gujarat entrepreneur Parag Shah, has signed a consultancy agreement with Isis Innovation Ltd, a wholly owned subsidiary of the University of Oxford. To be called 'Whistling University', the new university will offer postgraduate training in alternative energy, conventional energy and management, and will establish its own research programmes, aiming to become a national hub for innovation.
"It aims to be an independent, world-class university that will provide an opportunity to a number of under-privileged students who cannot afford or access world-class education, and will promote women's participation in the field of alternative energy. The new university will also establish a policy think tank to influence strategic decisions in the field of energy, environment, and sustainability on a global scale," said Parag Shah, chairman of the Whistling Group.
Isis Innovation Ltd is the technology transfer company of the University of Oxford, which manages consultancy work carried out by the University's experts. The agreement is the first such agreement Isis Innovation has signed in India. Isis Innovation will be engaged as a lead consultant to advice on the creation of an 'Innovation Centre' to facilitate translation of knowledge from the university.
"Oxford University has no plans in the foreseeable future to offer full degree courses anywhere other than Oxford itself, and so has no plans to establish an overseas campus. However, the university has identified increasing global cooperation as a key objective of its 2013-2018 strategic plan. This agreement between the Whistling Group and Isis will broaden overseas ties. We anticipate that the project will make a positive contribution to providing energy security for India," said Loren Griffith, Director of International Strategy at Oxford University.
The Whistling University will offer B.Tech, M.Tech, BBA, MBA, LLB, PhD and post doctoral work programs with the help of both Oxford sourced faculty and Oxford trained Indian faculties. According to Aviruk Chakraborty, director of Whistling Sun Education Pvt. Ltd., the Oxford arm will also offer 100% placement assistance in its eight year long exclusive partnership with the group, after which Isis can enter into partnership with any other group in India.
"We will invest around Rs 290 crore over next four years through 25% equity and 75% debt and will have a fee structure comparable to that of other private universities. We will be applying for a university status under the Gujarat Private Universities Act, University Grants Commission (UGC) and All India Council for Technical Education (AICTE). We will begin the academic session of the first phase within a year from getting the university status with a batch size of 500 students," said Chakraborty.
In its full strength in the seventh year since inception, Whistling University will have a full-time faculty strength of 400 and a total student strength of 4,000.
The Whistling Group, an industrial group created by Gujarat entrepreneur Parag Shah, has signed a consultancy agreement with Isis Innovation Ltd, a wholly owned subsidiary of the University of Oxford. To be called 'Whistling University', the new university will offer postgraduate training in alternative energy, conventional energy and management, and will establish its own research programmes, aiming to become a national hub for innovation.
"It aims to be an independent, world-class university that will provide an opportunity to a number of under-privileged students who cannot afford or access world-class education, and will promote women's participation in the field of alternative energy. The new university will also establish a policy think tank to influence strategic decisions in the field of energy, environment, and sustainability on a global scale," said Parag Shah, chairman of the Whistling Group.
Isis Innovation Ltd is the technology transfer company of the University of Oxford, which manages consultancy work carried out by the University's experts. The agreement is the first such agreement Isis Innovation has signed in India. Isis Innovation will be engaged as a lead consultant to advice on the creation of an 'Innovation Centre' to facilitate translation of knowledge from the university.
"Oxford University has no plans in the foreseeable future to offer full degree courses anywhere other than Oxford itself, and so has no plans to establish an overseas campus. However, the university has identified increasing global cooperation as a key objective of its 2013-2018 strategic plan. This agreement between the Whistling Group and Isis will broaden overseas ties. We anticipate that the project will make a positive contribution to providing energy security for India," said Loren Griffith, Director of International Strategy at Oxford University.
The Whistling University will offer B.Tech, M.Tech, BBA, MBA, LLB, PhD and post doctoral work programs with the help of both Oxford sourced faculty and Oxford trained Indian faculties. According to Aviruk Chakraborty, director of Whistling Sun Education Pvt. Ltd., the Oxford arm will also offer 100% placement assistance in its eight year long exclusive partnership with the group, after which Isis can enter into partnership with any other group in India.
"We will invest around Rs 290 crore over next four years through 25% equity and 75% debt and will have a fee structure comparable to that of other private universities. We will be applying for a university status under the Gujarat Private Universities Act, University Grants Commission (UGC) and All India Council for Technical Education (AICTE). We will begin the academic session of the first phase within a year from getting the university status with a batch size of 500 students," said Chakraborty.
In its full strength in the seventh year since inception, Whistling University will have a full-time faculty strength of 400 and a total student strength of 4,000.
Knorr-Bremse sets up truck braking systems plant in Pune
Pune: German manufacturer Knorr-Bremse has set up a new plant in Pune to make complete braking systems for trucks. It has also established a technology centre for engineering design in the city.
Set up with an investment of €14 million, the facility will address the needs of the domestic market as well as serve as the leading plant worldwide for automatic slack adjusters, said Klaus Deller, a board member at Knorr Bremse. Deller is responsible for the commercial vehicle business globally.
The greenfield plant can build braking systems for 80,000 trucks per year, and production is scalable, Deller said. Referring to the current slowdown in the Indian CV segment, he added: “We don’t care exactly when the demand will pick up, but we know it will pick up. And when it does, we will be there.”
India, at present, accounts for 2 per cent of the company’s global revenue. The target is to double this in the next three years, Deller said.
Knorr-Bremse’s Technical Centre India will have over 200 engineers working on global development projects for both truck and rail systems. The building also houses a software centre for the company’s rail division.
The German company’s entry into the Indian CV component market was via a joint venture with Tata Auto Components (TACO). The alliance was broken around five years ago with the former buying out TACO’s stake. Following this, it has set up its own expanded manufacturing facility.
Later this week, Knorr-Bremse is set to open its greenfield plant for railway systems in Faridabad.
Set up with an investment of €14 million, the facility will address the needs of the domestic market as well as serve as the leading plant worldwide for automatic slack adjusters, said Klaus Deller, a board member at Knorr Bremse. Deller is responsible for the commercial vehicle business globally.
The greenfield plant can build braking systems for 80,000 trucks per year, and production is scalable, Deller said. Referring to the current slowdown in the Indian CV segment, he added: “We don’t care exactly when the demand will pick up, but we know it will pick up. And when it does, we will be there.”
India, at present, accounts for 2 per cent of the company’s global revenue. The target is to double this in the next three years, Deller said.
Knorr-Bremse’s Technical Centre India will have over 200 engineers working on global development projects for both truck and rail systems. The building also houses a software centre for the company’s rail division.
The German company’s entry into the Indian CV component market was via a joint venture with Tata Auto Components (TACO). The alliance was broken around five years ago with the former buying out TACO’s stake. Following this, it has set up its own expanded manufacturing facility.
Later this week, Knorr-Bremse is set to open its greenfield plant for railway systems in Faridabad.
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