New Delhi: L&T Shipbuilding, a subsidiary of Larsen & Toubro, has bagged orders valued at $154 million (about Rs 950 crore) for six specialised commercial vessels.
The orders, from Halul Offshore Services Company, Qatar, are for design, construction and commissioning of four platform supply vessels (PSVs) and two anchor handling towing, supply and standby vessels (AHTSSVs).
L&T said the PSVs are designed for carrying hazardous cargo such as methanol. The PSVs are to be delivered in the first quarter of 2015 and AHTSSVs in the last quarter of 2015.
Last year, L&T got orders from Halul Offshore Services for two PSVs and two AHTSSVs.
Success in my Habit
Wednesday, December 11, 2013
GVK gets Australian Govt nod for Abbot Point dredging project
Hyderabad: GVK Power & Infrastructure Ltd has received the Australian Federal Government’s approval for its Abbot Point Port capital dredging project.
This approval is a significant step towards the development of GVK’s Hancock Terminal 3 port facilities and Galilee basin coal assets, including the Alpha, Alpha West and Kevin’s Corner coal projects, along with the construction of a rail network to the Abbot Point port in Queensland, Australia.
The company had already got clearances for the Alpha coal mine and the rail link. With the latest government approval, GVK is now in a position to take the project forward and open up the Galilee basin for the coal project.
The Adani Group, which is developing the Carmichael Coal Mine in Queensland, has also got government nod for carrying out dredging work at the Abbot Point port.
“We welcome this Federal Ministerial approval which will help protect the environment whilst creating jobs and economic investment in the State and the region,” said G.V.K. Reddy, Chairman of GVK Power. According to the company, this approval enables the mining of billions of tonnes of high quality, low sulphur, low ash and cleaner burning coal for consumption in the Indian and Asian markets.
GVK had acquired coal mines in Queensland for $1.26 billion (Rs 7,690 crore today) and plans to invest up to $10 billion in the mine-cum-rail infrastructure projects in Australia.
This is expected to be one of the largest integrated coal mining operations when completed. These mines are estimated to be hosting over 8 billion tonnes of coal reserves.
This approval is a significant step towards the development of GVK’s Hancock Terminal 3 port facilities and Galilee basin coal assets, including the Alpha, Alpha West and Kevin’s Corner coal projects, along with the construction of a rail network to the Abbot Point port in Queensland, Australia.
The company had already got clearances for the Alpha coal mine and the rail link. With the latest government approval, GVK is now in a position to take the project forward and open up the Galilee basin for the coal project.
The Adani Group, which is developing the Carmichael Coal Mine in Queensland, has also got government nod for carrying out dredging work at the Abbot Point port.
“We welcome this Federal Ministerial approval which will help protect the environment whilst creating jobs and economic investment in the State and the region,” said G.V.K. Reddy, Chairman of GVK Power. According to the company, this approval enables the mining of billions of tonnes of high quality, low sulphur, low ash and cleaner burning coal for consumption in the Indian and Asian markets.
GVK had acquired coal mines in Queensland for $1.26 billion (Rs 7,690 crore today) and plans to invest up to $10 billion in the mine-cum-rail infrastructure projects in Australia.
This is expected to be one of the largest integrated coal mining operations when completed. These mines are estimated to be hosting over 8 billion tonnes of coal reserves.
Foreign exchange earnings from tourism increases by 7.26 per cent in November 2013
New Delhi: Foreign Exchange Earnings (FEEs) from tourism in Rupees terms in November, 2013 increased by 7.26% to Rs.10,429 crore as compared to Rs.9723 crore in November, 2012. Foreign Tourist Arrivals (FTAs) in November, 2013 was 7.18 lakh as against 7.01 lakh in November 2012 showing a growth of 1.41%.
The following are some of the important highlights regarding FTAs and FEEs from tourism during the month of November, 2013:
Foreign Exchange Earnings (FEEs) from Tourism in rupee terms and US$ terms
FEEs during the month of November 2013 were Rs.10,429 crore as compared to Rs.9,723 crore in November 2012 and Rs.7,941 crore in November 2011.
The growth rate in FEEs in rupee terms in November 2013 over November 2012 was 7.3% as compared to 22.4% in November 2012 over November 2011.
FEEs from tourism in rupee terms during January to November 2013 were Rs.94,156 crore with a growth of 12.2%, as compared to the FEEs of Rs.83,938 crore with a growth of 22.1% during January to November 2012 over the corresponding period of 2011.
FEEs in US$ terms during the month of November 2013 were US$ 1.665 billion as compared to FEEs of US$ 1.776 billion during the month of November 2012 and US$ 1.566 billion in November 2011.
The growth rate in FEEs in US$ terms in November 2013 over November 2012 was a negative growth of 6.3% as compared to the growth of 13.4% in November 2012 over November 2011.
FEE from tourism in terms of US$ during January to November 2013 were US$ 16.247 billion with a growth of 2.8%, as compared to US$ 15.806 billion with a growth of 6.3% during January-November 2012 over the corresponding period of 2011.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of November 2013 were 7.18 lakh as compared to FTAs of 7.01 lakh during the month of November 2012 and 6.70 lakh in November 2011
There has been a growth of 2.4% in November 2013 over November 2012 as compared to a growth of 4.7% registered in November 2012 over November 2011.
FTAs during the period January to November 2013 were 60.48 lakh with a growth of 3.8%, as compared to FTAs of 58.25 lakh with a growth of 4.5% during January to November 2012 over the corresponding period of 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of the FTAs data at major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India.
The following are some of the important highlights regarding FTAs and FEEs from tourism during the month of November, 2013:
Foreign Exchange Earnings (FEEs) from Tourism in rupee terms and US$ terms
FEEs during the month of November 2013 were Rs.10,429 crore as compared to Rs.9,723 crore in November 2012 and Rs.7,941 crore in November 2011.
The growth rate in FEEs in rupee terms in November 2013 over November 2012 was 7.3% as compared to 22.4% in November 2012 over November 2011.
FEEs from tourism in rupee terms during January to November 2013 were Rs.94,156 crore with a growth of 12.2%, as compared to the FEEs of Rs.83,938 crore with a growth of 22.1% during January to November 2012 over the corresponding period of 2011.
FEEs in US$ terms during the month of November 2013 were US$ 1.665 billion as compared to FEEs of US$ 1.776 billion during the month of November 2012 and US$ 1.566 billion in November 2011.
The growth rate in FEEs in US$ terms in November 2013 over November 2012 was a negative growth of 6.3% as compared to the growth of 13.4% in November 2012 over November 2011.
FEE from tourism in terms of US$ during January to November 2013 were US$ 16.247 billion with a growth of 2.8%, as compared to US$ 15.806 billion with a growth of 6.3% during January-November 2012 over the corresponding period of 2011.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of November 2013 were 7.18 lakh as compared to FTAs of 7.01 lakh during the month of November 2012 and 6.70 lakh in November 2011
There has been a growth of 2.4% in November 2013 over November 2012 as compared to a growth of 4.7% registered in November 2012 over November 2011.
FTAs during the period January to November 2013 were 60.48 lakh with a growth of 3.8%, as compared to FTAs of 58.25 lakh with a growth of 4.5% during January to November 2012 over the corresponding period of 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of the FTAs data at major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India.
ONGC Videsh signs MoU with Ecuador
New Delhi: ONGC Videsh Ltd (OVL), the overseas arm of state-run explorer Oil and Natural Gas Corp, has signed a memorandum of understanding with Ecuador for cooperation in identification and possible exploration of oil and gas.
According to the pact, the Coordinating Ministry for Strategic Sectors of Ecuador will make available information regarding oil and gas projects in Ecuador to OVL.
The explorer would then evaluate them to identify projects of its interest and could propose participation through specific definitive agreements.
OVL has been evaluating exploration and production opportunities in Ecuador for the last one year. Latin America is a focus area for the company. It already has a presence in Brazil, Venezuela and Colombia.
These countries contribute about 30 per cent of OVL’s total oil production.
Ecuador is an oil producing and exporting country and a member of the oil cartel Organization of the Petroleum Exporting Countries.It produces about 500,000 barrels of crude oil daily.
According to the pact, the Coordinating Ministry for Strategic Sectors of Ecuador will make available information regarding oil and gas projects in Ecuador to OVL.
The explorer would then evaluate them to identify projects of its interest and could propose participation through specific definitive agreements.
OVL has been evaluating exploration and production opportunities in Ecuador for the last one year. Latin America is a focus area for the company. It already has a presence in Brazil, Venezuela and Colombia.
These countries contribute about 30 per cent of OVL’s total oil production.
Ecuador is an oil producing and exporting country and a member of the oil cartel Organization of the Petroleum Exporting Countries.It produces about 500,000 barrels of crude oil daily.
Bharti Airtel to invest Rs 4,000 crore in Punjab
Company signs an agreement with govt of Punjab on Monday
New Delhi: After signing an agreement with the Punjab government of Monday, Bharti Airtel, country’s largest telecom operator in terms of subscriber base on Monday said it would invest more than Rs 4,000 crore in Punjab over the the period of five years.
The money would be invested to expand services and to contribute to the digital inclusion agenda of the state government, Bharti Airtel said in a statement. The company aims to take its fourth generation long-term evolution (4G LTE) services to all towns and villages across Punjab.
Bharti Airtel, which launched its mobile services in Punjab in 2002, currently has more than 7.2 million customers in the state. It has so far invested more than Rs 4,800 crore across 162 towns and 12,700 villages, covering about 94 per cent of the population in Punjab. It launched LTE services in Chandigarh in March 2013.
“Airtel has been at the forefront of Punjab’s telecom growth story and we are delighted to be a partner in the government of Punjab’s vision to build a digitally inclusive state. Just like the mobile phone connected millions across Punjab, this high speed data connectivity initiative will further empower people with information and services available at the touch of a screen,” said Sunil Bharti Mittal, chairman and group chief executive officer, Bharti Enterprises.
As part of the agreement, Bharti Airtel will lay an additional 10,000 km of optic fibre across Punjab and expand its 4G footprint to cover most of the state’s population over the next few years. This will also boost broadband services in rural areas and enable the delivery of services such as e-governance, e-education, e-health and much more.
Bharti Airtel will also invest in its existing 2G mobile operations, Wire-line & DSL Broadband, DTH services, M-Commerce Services in Punjab, it said in a statement. At present, the company’s distribution network is spread among 50,000 retailers in Punjab.
Besides telecom, Bharti Group’s retail venture Bharti Retail’s 70 easyday stores of the total 212 outlets nationally are located in Punjab.
New Delhi: After signing an agreement with the Punjab government of Monday, Bharti Airtel, country’s largest telecom operator in terms of subscriber base on Monday said it would invest more than Rs 4,000 crore in Punjab over the the period of five years.
The money would be invested to expand services and to contribute to the digital inclusion agenda of the state government, Bharti Airtel said in a statement. The company aims to take its fourth generation long-term evolution (4G LTE) services to all towns and villages across Punjab.
Bharti Airtel, which launched its mobile services in Punjab in 2002, currently has more than 7.2 million customers in the state. It has so far invested more than Rs 4,800 crore across 162 towns and 12,700 villages, covering about 94 per cent of the population in Punjab. It launched LTE services in Chandigarh in March 2013.
“Airtel has been at the forefront of Punjab’s telecom growth story and we are delighted to be a partner in the government of Punjab’s vision to build a digitally inclusive state. Just like the mobile phone connected millions across Punjab, this high speed data connectivity initiative will further empower people with information and services available at the touch of a screen,” said Sunil Bharti Mittal, chairman and group chief executive officer, Bharti Enterprises.
As part of the agreement, Bharti Airtel will lay an additional 10,000 km of optic fibre across Punjab and expand its 4G footprint to cover most of the state’s population over the next few years. This will also boost broadband services in rural areas and enable the delivery of services such as e-governance, e-education, e-health and much more.
Bharti Airtel will also invest in its existing 2G mobile operations, Wire-line & DSL Broadband, DTH services, M-Commerce Services in Punjab, it said in a statement. At present, the company’s distribution network is spread among 50,000 retailers in Punjab.
Besides telecom, Bharti Group’s retail venture Bharti Retail’s 70 easyday stores of the total 212 outlets nationally are located in Punjab.
Venus Remedies inks pact with Austell Lab for marketing antibacterial drug
Pune: Venus Remedies Limited has signed a memorandum of understanding with South African pharmaceutical firm Austell Laboratories to exclusively out license its flagship product Elores in South Africa.
The antibiotic adjuvant entity effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, the company said in a filing to the BSE.
Elores is likely to be launched in South Africa by mid 2015. There the overall systemic antibacterial market is worth $ 275 million and growing at a CAGR of 10.5%. The drug will cater to the needs of around 40% segment of this market.
Venus Remedies is projected to generate cumulative revenue of $ 20 million within five years of the launch of Elores in SouthAfrica. Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2%, is set to reach $ 44 billion by 2016.
The infections caused by multidrug-resistant bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies, the company has said
The antibiotic adjuvant entity effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, the company said in a filing to the BSE.
Elores is likely to be launched in South Africa by mid 2015. There the overall systemic antibacterial market is worth $ 275 million and growing at a CAGR of 10.5%. The drug will cater to the needs of around 40% segment of this market.
Venus Remedies is projected to generate cumulative revenue of $ 20 million within five years of the launch of Elores in SouthAfrica. Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2%, is set to reach $ 44 billion by 2016.
The infections caused by multidrug-resistant bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies, the company has said
Centre sets up National Institute of Solar Energy
Chennai: The Central Government has set up an autonomous institute -- the National Institute of Solar Energy (NISE) -- under the administrative control of the ministry of new and renewable energy (MNRE).
The NISE, which will function as the apex centre for research and technology development and related activities in the area of solar energy technologies in the country, has been established by converting the existing Solar Energy Centre in Gwal Pahari village, Gurgaon. It was registered under the Haryana Societies Registration Act on October 24.
Its affairs would be managed by a governing council to be headed by secretary of the MNRE and an executive committee headed by the director general, according to an official statement released on Monday.
The institute would assist the MNRE and perform various tasks under the Jawaharlal Nehru National Solar Mission (JNNSM), which targets deployment of 20,000MW of grid-connected solar power by 2022 in three phases. About 1685MW of solar power capacity had been installed during the phase I of the JNNSM against the target of 1100MW, the release said.
The NISE, which will function as the apex centre for research and technology development and related activities in the area of solar energy technologies in the country, has been established by converting the existing Solar Energy Centre in Gwal Pahari village, Gurgaon. It was registered under the Haryana Societies Registration Act on October 24.
Its affairs would be managed by a governing council to be headed by secretary of the MNRE and an executive committee headed by the director general, according to an official statement released on Monday.
The institute would assist the MNRE and perform various tasks under the Jawaharlal Nehru National Solar Mission (JNNSM), which targets deployment of 20,000MW of grid-connected solar power by 2022 in three phases. About 1685MW of solar power capacity had been installed during the phase I of the JNNSM against the target of 1100MW, the release said.
Cabinet okays move on spectrum pricing
New Delhi: The Cabinet has approved the Empowered Group of Minister’s decision on spectrum pricing.
The ministerial panel headed by Finance Minister P. Chidambaram had endorsed the Telecom Commission’s proposal to fix reserve price for the 1800 MHz and 900 MHz spectrum bands.
The decision by the Cabinet clears the decks for the Department of Telecommunications to come out with the Notice Inviting Application for the upcoming spectrum auction.
The Finance Ministry has set a target of Rs 40,000 crore from the sale of spectrum in January.
The ministerial panel headed by Finance Minister P. Chidambaram had endorsed the Telecom Commission’s proposal to fix reserve price for the 1800 MHz and 900 MHz spectrum bands.
The decision by the Cabinet clears the decks for the Department of Telecommunications to come out with the Notice Inviting Application for the upcoming spectrum auction.
The Finance Ministry has set a target of Rs 40,000 crore from the sale of spectrum in January.
India, UAE to sign investment protection pact next week
New Delhi: India and the United Arab Emirates are expected to sign a Bilateral Investment Promotion and Protection agreement (BIPA) during the official visit of Sheikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister, which begins on December 12, the Ministry of External Affairs announced on Monday.
The signing of the agreement is likely to facilitate fresh investments from the UAE, which is India’s 10 {+t} {+h} largest foreign investor.
At the moment there are apprehensions in the Arab world about India’s investment protection regime, as some investments from the UAE in India, including Etisalat, DP World and TAQA, ran into difficulties.
The absence of a BIPA, which is expected to provide sovereign guarantees for investments from the UAE here, almost derailed the Jet Airways’ attempts to sell a stake to Abu Dhabi-based Etihad Airways, which was firmed up in April.
Before the deal was inked, an Etihad delegation, which included Chief Executive Officer James Hogan, visited India and met the Ministers for Finance, Commerce and Civil Aviation to seek assurances on the safety of the investment.
UAE is India’s largest trading partner, with bilateral trade having crossed $74 billion in 2012-13. It is also the tenth largest investor in India in terms of foreign direct investments and contributes significantly to India’s fuel needs. It is the fifth largest supplier of crude oil to India.
Sheik Zayed is also the Managing Director of the sovereign wealth fund of Abu Dhabi Investment Authority (ADIA). The Sovereign Wealth Fund Institute, a research firm, puts ADIA’s assets at $627 billion.
The signing of the agreement is likely to facilitate fresh investments from the UAE, which is India’s 10 {+t} {+h} largest foreign investor.
At the moment there are apprehensions in the Arab world about India’s investment protection regime, as some investments from the UAE in India, including Etisalat, DP World and TAQA, ran into difficulties.
The absence of a BIPA, which is expected to provide sovereign guarantees for investments from the UAE here, almost derailed the Jet Airways’ attempts to sell a stake to Abu Dhabi-based Etihad Airways, which was firmed up in April.
Before the deal was inked, an Etihad delegation, which included Chief Executive Officer James Hogan, visited India and met the Ministers for Finance, Commerce and Civil Aviation to seek assurances on the safety of the investment.
UAE is India’s largest trading partner, with bilateral trade having crossed $74 billion in 2012-13. It is also the tenth largest investor in India in terms of foreign direct investments and contributes significantly to India’s fuel needs. It is the fifth largest supplier of crude oil to India.
Sheik Zayed is also the Managing Director of the sovereign wealth fund of Abu Dhabi Investment Authority (ADIA). The Sovereign Wealth Fund Institute, a research firm, puts ADIA’s assets at $627 billion.
Tuesday, December 10, 2013
Apollo Tyres introduces Vredestein brand tyres in India
Kochi: Strengthening its product offering further in the Indian market, Apollo Tyres has introduced its premium European brand, Vredestein in the country.
Vredestein brand, known for its designer and high quality tyres, is entering India with tyre sizes of 15" to 20", primarily catering to the luxury coupes, premium luxury sedans and SUVs, with speeds upto 240 to 300 kph. This, the company says, would complement the existing product range from Apollo Tyres in the passenger vehicle tyres space.
The tyres being introduced currently, under the Vredestein brand, are Ultrac Sessanta, Ultrac SUV Sessanta, Ultrac Cento and Sportrac 5, all with the signature touch of renowned automobile designer, Giorgetto Giugiaro.
A major differentiator for this 100 year old brand, Vredestein, which we are introducing today for the Indian customers, is its premium styling and ultra high performance, the two most important factors considered by owners of luxury cars, before buying a tyre,'' said Onkar S Kanwar, chairman of Apollo Tyres Ltd
Manufactured in the state-of-the-art facility in Enschede, in The Netherlands, brand Vredestein is used by a whole range of luxury vehicles across the European Union, the United States, the Middle East and China
Vredestein brand, known for its designer and high quality tyres, is entering India with tyre sizes of 15" to 20", primarily catering to the luxury coupes, premium luxury sedans and SUVs, with speeds upto 240 to 300 kph. This, the company says, would complement the existing product range from Apollo Tyres in the passenger vehicle tyres space.
The tyres being introduced currently, under the Vredestein brand, are Ultrac Sessanta, Ultrac SUV Sessanta, Ultrac Cento and Sportrac 5, all with the signature touch of renowned automobile designer, Giorgetto Giugiaro.
A major differentiator for this 100 year old brand, Vredestein, which we are introducing today for the Indian customers, is its premium styling and ultra high performance, the two most important factors considered by owners of luxury cars, before buying a tyre,'' said Onkar S Kanwar, chairman of Apollo Tyres Ltd
Manufactured in the state-of-the-art facility in Enschede, in The Netherlands, brand Vredestein is used by a whole range of luxury vehicles across the European Union, the United States, the Middle East and China
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