New Dehi: UK-based BP Plc and its Indian partner Reliance Industries Ltd (RIL) will quadruple natural gas output in the country by 2020, said Sashi Mukundan, Regional President and Head of Country, BP India, on Wednesday.
While addressing the 12th Petro India Summit organised by the India Energy Forum here, he did not give any number on the quantum of output, but said all blocks its joint venture has in India will see output quadruple.
“With the two recent significant deepwater discoveries, our exploration effort is well on the way to unlock the next major hub for development in the East coast. An opportunity awaits the BP-RIL joint venture to quadruple production by 2020 as we rework the fields and get into the next phase of development of already discovered resources,” he said.
Mukundan added the joint venture alone could help bring down India’s import bill by $100-$150 billion.
“We had two discoveries in Cauvery. We are getting ready to drill wells next year (2014). All these together give us the feel that there is lot of potential,” he said. “Our main purpose is to make sure that we continue producing from D-1 and D-3 fields in the D6 block. If we get the right regulatory framework, we would see much more production coming out of our blocks than what you are seeing today.”
The explorers have completed a new well at the MA field that is expected to produce starting next month. Also, it is reviving three existing wells at the D1 and D3 fields in the KG basin. Currently, the KG D6 block produces less than 10 mmscmd.
Asked how much investment the explorer is looking at, Mukundan said: “We talk about somewhere around $5-10 billion. It is important that we get the right enabling regulation to move forward.”
The BP executive added it is important to get clarity on pricing of natural gas to go ahead with the development programmes. “We need to have a clear pricing policy. This is important to have broader development of the KG D6. We got whole bunch of new discoveries which we need to bring on (to production). We have got R-Series project, which is getting ready to make an investment decision. It is important we have the pricing regime understood. That is the critical bit.”
Pricing issue
Meanwhile, Vivek Rae, Secretary at the Ministry of Petroleum and Natural Gas, said the Finance Ministry has sent its response on the issue related to pricing of natural gas.
He, however, did not divulge if the Finance Ministry has agreed to the proposal made by the Petroleum Ministry.
The latter is of the view that if RIL wants to benefit from the revised gas price, it should submit a bank guarantee for the unmet supply commitment from its KG-D6 block.
The Cabinet Committee on Economic Affairs will take the final decision on the issue.
Success in my Habit
Thursday, December 12, 2013
Moody's acquires investment research firm Amba Investment Services
New Delhi/ Mumbai: NYSE-listed global credit ratings agency, Moody's Corp has acquired Amba Investment Services, a provider of investment research and quantitative analytics for financial institutions, for an undisclosed sum underscoring large scale strategic appetite for big data and knowledge outsourcing start-ups.
Even though financial details of the deal were not disclosed, sources aware of the agreement, say the deal value is estimated to be between $80 million and $85 million (Rs 490.5 crore and Rs 521.1crore).
Upon completion, Amba's existing venture capital backer, Helion Venture Advisors will completely exit the venture, along with its 4 original founders - all investment banking and equity research veterans from marquee institutions like Deutsche Bank, JP Morgan and Goldman Sachs - who had teamed up ten years ago.
The venture fund had invested between $7 million (Rs 42.9 crore) and $10 million (Rs 61.3 crore) in Amba five years ago from its first fund - Helion - I.
Amba will now operate as part of Moody's Analytics subsidiary, Copal Partners, a company release said. Moody's, in 2011, had picked up a majority stake in Copal.
According to a statement released by Moody's the deal, which is not expected to have a material impact on credit rating agency's earnings per share, was funded from cash on hand. Amba expects to generate nearly $39 million (Rs 239.1 crore) of revenue in 2013.
"Amba is highly regarded for its offerings to investment research firms and asset managers, and Copal is known for its strong services for corporate finance. Together, their scale, talent and resources offer global financial institutions a broader array of research and analytics," said Mark Almeida, president, Moody's Analytics.
ET was the first to report in August last year that Helion Venture Partners, India's largest domestic venture capital firm with assets under management of $605 million (Rs 3,709.3 crore), was in talks to sell its stake in Amba, a potential deal which could also see the Bangalore and New York-based start-up's founders exit the venture.
Avendus Capital acted as the advisor for Amba Research. In the past, companies like Genpact pursued this buyout, but the initial valuation expectation of over $110 million (Rs 674.4 crore) turned out to be a deal breaker. Moody's have been in exclusive negotiations with the Amba management for months.
Founded in 2003 by four Wall Street veterans, Amba Research is today has emerged to be amongst the leading financial research and analytics outsourcing firms working with leading investment banks, hedge funds and asset management companies.
Starting with a team of 10 in Sri Lanka, Amba currently employs over 900 employees. Its delivery centres are in Bangalore, Colombo San Jose, Costa Rica with sales offices in New York, London and Singapore.
Fully benefiting from the founders' own background, Amba's service offering in its formative years was equity research support.
Over the years, striving to widen its competitive edge, Amba has expanded its service offerings to include fixed income and credit research, quantitative research, sales and marketing, corporate finance, research production, compliance, and commercial lending support.
Amba's client base of 80-plus global clients includes seven of the top 15 global investment banks. Further, over 35 asset management firms, managing over $8.5 trillion, use their services.
Over the last two to three years, the company has added corporate banks to its clientele, covering both investment banking and commercial banking support services.
Analysts tracking the space say, the knowledge process outsourcing space is increasingly witnessing a bigger consolidation. After a string of deals in business process outsourcing, the KPO industry is now seeing some of the early founder-promoters exit.
Unlike business process outsourcing, which relies more on scale, KPO is a more niche, focused play and attracts buyers in operating the same segment or bigger outsourcing players, which want to expand to acquire capability in that niche space.
According to Nasscom-Crisil study, KPO sector is expected to grow at CAGR of 22% and reach $5.6 billion in revenues in 2015, with financial services being the largest contributor.
In December last year, US consumer credit reporting agency, Equifax, acquired a majority stake in Bangalore-based data analytics and business intelligence firm Nettpositive for an undisclosed sum.
Nettpositive also provides analytics and business intelligence solutions to the financial services, insurance, retail and telecommunications sectors.
Separately, global private equity firm TA Associates shelled out $25 million (Rs 153.3 crore) to acquire a significant minority stake in advanced analytics company Fractal Analytics, earlier this year.
Way back in 2004, Crisil had acquired iRevna while in 2011, following Moody's, it again bought Coalition. Investment bankers specialising in such transactions said, typically deals take place at 2.5 to 3 times sales.
Even though financial details of the deal were not disclosed, sources aware of the agreement, say the deal value is estimated to be between $80 million and $85 million (Rs 490.5 crore and Rs 521.1crore).
Upon completion, Amba's existing venture capital backer, Helion Venture Advisors will completely exit the venture, along with its 4 original founders - all investment banking and equity research veterans from marquee institutions like Deutsche Bank, JP Morgan and Goldman Sachs - who had teamed up ten years ago.
The venture fund had invested between $7 million (Rs 42.9 crore) and $10 million (Rs 61.3 crore) in Amba five years ago from its first fund - Helion - I.
Amba will now operate as part of Moody's Analytics subsidiary, Copal Partners, a company release said. Moody's, in 2011, had picked up a majority stake in Copal.
According to a statement released by Moody's the deal, which is not expected to have a material impact on credit rating agency's earnings per share, was funded from cash on hand. Amba expects to generate nearly $39 million (Rs 239.1 crore) of revenue in 2013.
"Amba is highly regarded for its offerings to investment research firms and asset managers, and Copal is known for its strong services for corporate finance. Together, their scale, talent and resources offer global financial institutions a broader array of research and analytics," said Mark Almeida, president, Moody's Analytics.
ET was the first to report in August last year that Helion Venture Partners, India's largest domestic venture capital firm with assets under management of $605 million (Rs 3,709.3 crore), was in talks to sell its stake in Amba, a potential deal which could also see the Bangalore and New York-based start-up's founders exit the venture.
Avendus Capital acted as the advisor for Amba Research. In the past, companies like Genpact pursued this buyout, but the initial valuation expectation of over $110 million (Rs 674.4 crore) turned out to be a deal breaker. Moody's have been in exclusive negotiations with the Amba management for months.
Founded in 2003 by four Wall Street veterans, Amba Research is today has emerged to be amongst the leading financial research and analytics outsourcing firms working with leading investment banks, hedge funds and asset management companies.
Starting with a team of 10 in Sri Lanka, Amba currently employs over 900 employees. Its delivery centres are in Bangalore, Colombo San Jose, Costa Rica with sales offices in New York, London and Singapore.
Fully benefiting from the founders' own background, Amba's service offering in its formative years was equity research support.
Over the years, striving to widen its competitive edge, Amba has expanded its service offerings to include fixed income and credit research, quantitative research, sales and marketing, corporate finance, research production, compliance, and commercial lending support.
Amba's client base of 80-plus global clients includes seven of the top 15 global investment banks. Further, over 35 asset management firms, managing over $8.5 trillion, use their services.
Over the last two to three years, the company has added corporate banks to its clientele, covering both investment banking and commercial banking support services.
Analysts tracking the space say, the knowledge process outsourcing space is increasingly witnessing a bigger consolidation. After a string of deals in business process outsourcing, the KPO industry is now seeing some of the early founder-promoters exit.
Unlike business process outsourcing, which relies more on scale, KPO is a more niche, focused play and attracts buyers in operating the same segment or bigger outsourcing players, which want to expand to acquire capability in that niche space.
According to Nasscom-Crisil study, KPO sector is expected to grow at CAGR of 22% and reach $5.6 billion in revenues in 2015, with financial services being the largest contributor.
In December last year, US consumer credit reporting agency, Equifax, acquired a majority stake in Bangalore-based data analytics and business intelligence firm Nettpositive for an undisclosed sum.
Nettpositive also provides analytics and business intelligence solutions to the financial services, insurance, retail and telecommunications sectors.
Separately, global private equity firm TA Associates shelled out $25 million (Rs 153.3 crore) to acquire a significant minority stake in advanced analytics company Fractal Analytics, earlier this year.
Way back in 2004, Crisil had acquired iRevna while in 2011, following Moody's, it again bought Coalition. Investment bankers specialising in such transactions said, typically deals take place at 2.5 to 3 times sales.
‘India to spend $3.9 bn on cloud services by 2017’
The public cloud services market in India is on pace to grow 33.6% in 2013 to touch $404 mn, an increase of $101 mn from the 2012 revenue of $303 mn
Hyderabad: Around $3.9 billion will be spent on cloud services in India from 2013 through 2017, of which $1.7 billion will be spent on software-as-a-service (SaaS), according the latest outlook of IT research and advisory company Gartner Inc.
The public cloud services market in India is on pace to grow 33.6% in 2013 to touch $404 million, an increase of $101 million from the 2012 revenue of $303 million. Infrastructure-as-a-service (IaaS), including cloud compute, storage and print services, is expected to grow 33.9% in 2013 to $59.2 million, it said.
“The public cloud services market continues robust growth in India through over the forecast period of 2011 through 2017. While SaaS dominates as the largest cloud segment, the high growth rates of IaaS and platform-as-a-service (PaaS) make them important markets to watch,” Ed Anderson, research director at Gartner, said in a release on Wednesday.
According to Gartner, cloud services in India will be strong across all cloud segments through 2017. While business-process-as-a-service (BPaaS) is expected to grow from $63.6 million in 2013 to $168 million in 2017, SaaS is expected to grow from $174 million in 2013 to $552 million in 2017. IaaS is forecast to grow from $59.2 million in 2013 to $156.3 million in 2017.
The Indian market has shown particularly strong growth for the past few years and is predicted to continue to be one of the fastest growing countries in Gartner’s cloud forecast. IT spending on public cloud services in India is expected to reach $1.3 billion in 2017, it said.
Gartner also said that the serial inkjet and page printer, copier and multi-function product (MFP) market in India totaled 861,212 units in the third quarter of 2013, a 13.2% increase from the corresponding quarter of last year.
“Indian organisations are still largely paper-driven.But there is an increasing importance of digitisation and the need to access information anytime, anywhere. This represents an opportunity for print providers to expand their services into optimising the document workflows that support business processes,” said Zalak Shah, research analyst at Gartner.
Hyderabad: Around $3.9 billion will be spent on cloud services in India from 2013 through 2017, of which $1.7 billion will be spent on software-as-a-service (SaaS), according the latest outlook of IT research and advisory company Gartner Inc.
The public cloud services market in India is on pace to grow 33.6% in 2013 to touch $404 million, an increase of $101 million from the 2012 revenue of $303 million. Infrastructure-as-a-service (IaaS), including cloud compute, storage and print services, is expected to grow 33.9% in 2013 to $59.2 million, it said.
“The public cloud services market continues robust growth in India through over the forecast period of 2011 through 2017. While SaaS dominates as the largest cloud segment, the high growth rates of IaaS and platform-as-a-service (PaaS) make them important markets to watch,” Ed Anderson, research director at Gartner, said in a release on Wednesday.
According to Gartner, cloud services in India will be strong across all cloud segments through 2017. While business-process-as-a-service (BPaaS) is expected to grow from $63.6 million in 2013 to $168 million in 2017, SaaS is expected to grow from $174 million in 2013 to $552 million in 2017. IaaS is forecast to grow from $59.2 million in 2013 to $156.3 million in 2017.
The Indian market has shown particularly strong growth for the past few years and is predicted to continue to be one of the fastest growing countries in Gartner’s cloud forecast. IT spending on public cloud services in India is expected to reach $1.3 billion in 2017, it said.
Gartner also said that the serial inkjet and page printer, copier and multi-function product (MFP) market in India totaled 861,212 units in the third quarter of 2013, a 13.2% increase from the corresponding quarter of last year.
“Indian organisations are still largely paper-driven.But there is an increasing importance of digitisation and the need to access information anytime, anywhere. This represents an opportunity for print providers to expand their services into optimising the document workflows that support business processes,” said Zalak Shah, research analyst at Gartner.
Entry of foreign universities to set up their campuses in India
New Delhi: The Government has prepared the University Grants Commission (UGC) (Establishment and Operation of Campuses of Foreign Educational Institutions) Rules, 2013. Under the proposed Rules, Foreign Educational Institutions (FEIs) can set up campuses in India once the FEIs have been notified as Foreign Education Provider (FEPs) by the UGC, subject to fulfillment of certain eligibility conditions.
The Rules would ensure that only high quality foreign educational institutions are permitted to set up campuses and offer education services in the country, since only the top 400 institutions as per global rankings would be eligible to open campuses in the country. Existence of high quality FEIs would contribute to enhancing existing capacity of higher education system; arresting the brain drain and drain of resources from the country; availability of education and research facilities of international standards; quality gains in Indian higher educational institutions through collaborations and partnerships etc. This would also facilitate higher investments in the higher education system including Foreign Direct Investment (FDI) in the higher education system. Indian students would be benefitted with the entry and operation of FEP through access to globally renowned and quality academic institutions in Indian higher education sector at relatively lower costs. These FEPs would also add to the existing capacity in higher education in India.
The Ministry had sought comments and observations of the Department of Industrial Policy and Promotion (DIPP) and the Department of Economic Affairs (DEA) on the Rules. Both DIPP and DEA have supported the proposal.
The HRD Minister, Dr. M.M. Pallam Raju gave this information in a written reply in Lok Sabha today.
The Rules would ensure that only high quality foreign educational institutions are permitted to set up campuses and offer education services in the country, since only the top 400 institutions as per global rankings would be eligible to open campuses in the country. Existence of high quality FEIs would contribute to enhancing existing capacity of higher education system; arresting the brain drain and drain of resources from the country; availability of education and research facilities of international standards; quality gains in Indian higher educational institutions through collaborations and partnerships etc. This would also facilitate higher investments in the higher education system including Foreign Direct Investment (FDI) in the higher education system. Indian students would be benefitted with the entry and operation of FEP through access to globally renowned and quality academic institutions in Indian higher education sector at relatively lower costs. These FEPs would also add to the existing capacity in higher education in India.
The Ministry had sought comments and observations of the Department of Industrial Policy and Promotion (DIPP) and the Department of Economic Affairs (DEA) on the Rules. Both DIPP and DEA have supported the proposal.
The HRD Minister, Dr. M.M. Pallam Raju gave this information in a written reply in Lok Sabha today.
Wednesday, December 11, 2013
IVFA invests Rs 150 crore in Trivitron Healthcare
New Delhi: Trivitron Healthcare has joined hands with India Value Fund Advisors (IVFA) to finance its next phase of growth. IVFA has invested Rs 150 crore for a minority stake in the company. IVFA joins existing investors Fidelity Growth Partners India and Fidelity Biosciences (USA) who had invested in the company a year ago.
Trivitron Healthcare was started in 1997 as a distributor of medical equipment and devices with focus in imaging, diagnostics and critical care & operating theatre segments.
Driven by its customer relationships and understanding of their need for affordable medical equipment, the company has pro-actively focused itself on building its own portfolio of innovative and affordable products customized for the Indian and emerging markets of the world.
Since 2008, the company has transformed itself through a combination of joint ventures, acquisitions and greenfield manufacturing efforts to become a multi-modality medical technology company supplying and supporting a diverse portfolio of its own manufactured cost effective medical equipment and products, in addition to premium high end products from its global medical equipment partners, a statement says.
Vishal Nevatia, managing partner IVFA said "We have been closely following the medical equipment industry in India and are very excited about this partnership. This deal showcases the IVFA investment philosophy of working with entrepreneurs and management teams looking to build high quality, globally competitive companies that are admired by all stakeholders".
GSK Velu, managing director Trivitron said, "We are extremely happy to bring on board India Value Fund as our growth partners along with Fidelity. With Fidelity's knowledge and expertise in the US/China/ India Medtech industry and IVFA's Indian healthcare sector expertise, experience and operating knowledge, Trivitron is well poised to become a top medical technology brand of global repute".
Trivitron Healthcare was started in 1997 as a distributor of medical equipment and devices with focus in imaging, diagnostics and critical care & operating theatre segments.
Driven by its customer relationships and understanding of their need for affordable medical equipment, the company has pro-actively focused itself on building its own portfolio of innovative and affordable products customized for the Indian and emerging markets of the world.
Since 2008, the company has transformed itself through a combination of joint ventures, acquisitions and greenfield manufacturing efforts to become a multi-modality medical technology company supplying and supporting a diverse portfolio of its own manufactured cost effective medical equipment and products, in addition to premium high end products from its global medical equipment partners, a statement says.
Vishal Nevatia, managing partner IVFA said "We have been closely following the medical equipment industry in India and are very excited about this partnership. This deal showcases the IVFA investment philosophy of working with entrepreneurs and management teams looking to build high quality, globally competitive companies that are admired by all stakeholders".
GSK Velu, managing director Trivitron said, "We are extremely happy to bring on board India Value Fund as our growth partners along with Fidelity. With Fidelity's knowledge and expertise in the US/China/ India Medtech industry and IVFA's Indian healthcare sector expertise, experience and operating knowledge, Trivitron is well poised to become a top medical technology brand of global repute".
L&T Shipbuilding gets Rs 943-cr order from Qatar firm
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.
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.
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.
Subscribe to:
Posts (Atom)