Mumbai: Ahmedabad headquartered Torrent Pharmaceuticals is set to buy Elder Pharmaceuticals’ branded drugs business in India and Nepal for about Rs 2,000 crore.
The transaction, which puts a lid on several weeks of speculation, helps bail out Mumbai-based Elder Pharma, saddled with debt of about Rs 1,300 crore.
Alok Saxena, Elder Pharma’s Managing Director and Chief Executive, said the agreement formalised between the two companies addressed recent challenges faced by Elder Pharma, besides significantly helping to de-leverage the company’s balance sheet.
Elder Pharma’s shares fell Rs 26.55, or 8 per cent, to close at Rs 298.30 on the BSE, while Torrent Pharma’s fell Rs 20.20, or
4 per cent, to Rs 479.50.
The Rs 1,400-crore Elder Pharma will now be left with its in-licensing deals, anti-infectives and exports business. The company has about 25 licensing partners whose products it sells in India. It will also continue to manufacture products at its manufacturing facilities and supply these to Torrent for up to three years.
The Rs 3,200-crore Torrent Pharma is the flagship of the Torrent Group. Its buyout of Elder’s domestic branded drugs business comes at a time when acquisition of local drug companies by foreign owners is being closely watched by the Government.
Earlier this year, Elder Pharma had said that it had appointed advisors to chart out different options to raise funds. The options included hiving off a business, selling brands or getting an equity partner.
Around the same time, sending conflicting signals to investors, Elder Pharma went ahead and acquired UK-based Max Healthcare for an undisclosed sum, marking its entry into the over-the-counter business.
Besides NeutraHealth, its fully owned subsidiary in the UK, it has a majority stake in Ghana’s Wincom Formulations and Bulgaria’s Biomeda OOD Ltd.
Crossover to Torrent
Torrent said it will fund the acquisition through a mix of internal accruals and bank borrowings. The transaction will strengthen its core prescription-based business, Sudhir Mehta, Torrent Group Chairman, said in a statement.
The transaction is expected to close in the first six months of 2014, subject to regulatory and shareholder approvals.
Elder’s domestic business has a basket of 30 brands in segments, including women’s healthcare, pain management, wound-care and nutraceuticals. Its flagship product Shelcal, estimated to gross sales of over Rs 170 crore, also crosses over to Torrent.
The transaction will also involve the transfer of employees engaged in sales, marketing and operations of the local business, but company officials were not available to provide the details.
Success in my Habit
Monday, December 16, 2013
AP to have 2 solar cities
Hyderabad: Andhra Pradesh will have two solar cities – one each in Telangana and coastal Andhra regions. They will be developed as part of the national plan unveiled by the Union Ministry of Renewable Energy.
The Ministry has identified Vijayawada in coastal Andhra and Mahabubnagar in Telangana regions to be developed as solar cities.
The MNRE has so far given in principle approval for 54 locations in the country to develop solar cities. In 2011, it announced a national plan to develop 60 solar cities.
Master plan
The master plan of Vijayawada city has been prepared with an estimated cost of Rs 256.50 crore for various projects on solar grid connected and off grid applications, waste to energy, bio-methanisation, solar water heating systems etc.
In contrast, Mahabubnagar Municipality is yet to take action for preparation of the Master Plan, according to the Union Minister, Farooq Abdullah.
Funds released
For Vijayawada solar city, an amount of Rs 12.20 lakh has been released for the preparation of master plan and setting up a solar city cell and promotional activities, the Minister said in a written reply in the Rajya Sabha.
A solar city aims to reduce a minimum of 10 per cent of its projected demand of conventional energy through generation from renewable energy installations and energy efficiency measures.
The time required depends on interest and efforts taken by the city and availability of funds.
The Ministry has identified Vijayawada in coastal Andhra and Mahabubnagar in Telangana regions to be developed as solar cities.
The MNRE has so far given in principle approval for 54 locations in the country to develop solar cities. In 2011, it announced a national plan to develop 60 solar cities.
Master plan
The master plan of Vijayawada city has been prepared with an estimated cost of Rs 256.50 crore for various projects on solar grid connected and off grid applications, waste to energy, bio-methanisation, solar water heating systems etc.
In contrast, Mahabubnagar Municipality is yet to take action for preparation of the Master Plan, according to the Union Minister, Farooq Abdullah.
Funds released
For Vijayawada solar city, an amount of Rs 12.20 lakh has been released for the preparation of master plan and setting up a solar city cell and promotional activities, the Minister said in a written reply in the Rajya Sabha.
A solar city aims to reduce a minimum of 10 per cent of its projected demand of conventional energy through generation from renewable energy installations and energy efficiency measures.
The time required depends on interest and efforts taken by the city and availability of funds.
Rs 8,000 cr projects in oil, gas sector approved: Moily
New Delhi: The Cabinet Committee on Investments, headed by Prime Minister Manmohan Singh has cleared Rs 7,947-crore worth projects in the oil and gas sector, Minister for Petroleum and Natural Gas M. Veerappa Moily said here on Friday.
Five projects were taken up by the high-level panel on December 9. These projects involve companies such as IOC, CPCL and HPCL.
The Rs 2,379 crore Assam renewal project taken up by ONGC for the revamp and replacement of various installations has also been cleared.
Moily said that the panel also cleared a proposed Rs 5,200 crore worth LNG terminal project of GSPC at Mundra.
Subsidy transfer
The Minister said that the scheme of direct transfer of cooking gas subsidy into bank accounts has been successful. As on December 1, Rs 1,615 crore subsidy has been transferred to bank accounts of 1.274 crore domestic cooking gas customers.
The Ministry has also filed a petition and an affidavit for modification/clarification stating that Aadhaar is mandatory for receiving subsidy in bank accounts after the expiry of the three-month grace period.
Suggestions
Moily also hinted that an expert panel’s call for a Rs 5 a litre hike in diesel and Rs 250 increase in LPG rates will be diluted, saying that a balanced view keeping consumer interest in mind would be taken, according to news agency PTI. The government-appointed Kirit Parikh committee suggested an “immediate” hike in prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reducing annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.
“Economically that is the right decision but how practical is it, how we can apply (it), that is something we have to take a view on it,” Moily told reporters in the Capital.
The Minister said the suggestions given by the Committee are “very good” as they will help restore fiscal balance.
“If the country has to go forward, reform is a must. But the question is whether we can implement what has been recommended, because we have to balance between the consumer (interest) and government revenue. A balanced view will be taken on the report,” he said.
Five projects were taken up by the high-level panel on December 9. These projects involve companies such as IOC, CPCL and HPCL.
The Rs 2,379 crore Assam renewal project taken up by ONGC for the revamp and replacement of various installations has also been cleared.
Moily said that the panel also cleared a proposed Rs 5,200 crore worth LNG terminal project of GSPC at Mundra.
Subsidy transfer
The Minister said that the scheme of direct transfer of cooking gas subsidy into bank accounts has been successful. As on December 1, Rs 1,615 crore subsidy has been transferred to bank accounts of 1.274 crore domestic cooking gas customers.
The Ministry has also filed a petition and an affidavit for modification/clarification stating that Aadhaar is mandatory for receiving subsidy in bank accounts after the expiry of the three-month grace period.
Suggestions
Moily also hinted that an expert panel’s call for a Rs 5 a litre hike in diesel and Rs 250 increase in LPG rates will be diluted, saying that a balanced view keeping consumer interest in mind would be taken, according to news agency PTI. The government-appointed Kirit Parikh committee suggested an “immediate” hike in prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reducing annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.
“Economically that is the right decision but how practical is it, how we can apply (it), that is something we have to take a view on it,” Moily told reporters in the Capital.
The Minister said the suggestions given by the Committee are “very good” as they will help restore fiscal balance.
“If the country has to go forward, reform is a must. But the question is whether we can implement what has been recommended, because we have to balance between the consumer (interest) and government revenue. A balanced view will be taken on the report,” he said.
India-New Zealand trade to double by the year 2020
Ahmedabad: Bilateral trade between India and New Zealand doubled in five years, growing from NZ $620 million in 2007 to NZ $1.1 billion in 2012. Speaking at the second India-New Zealand Business Forum at a city club, Jan Henderson, New Zealand high commissioner to India said, "In 2013, the trade is expected to be NZ $1.2 billion, a slight increase due to economic slowdown in the market. We expect the trade to double by 2020".
The two-thirds of the contribution are made by New Zealand in the bilateral trade which exports majorly commodities, coal, oil and wood to India. In reverse, India exports gems, jewellery, spices, tea and horticulture products. "We are in negotiations with the central government for free trade agreement between the two countries", added Henderson. In 2012, numbers of skilled migrants from India to New Zealand were second highest, behind China.
New Zealand based universities are in talks with National Dairy Development Board to provide technical assistance for increasing dairy production and develop agri-business in India.
In recent years, New Zealand has emerged as one of the most favorable destinations for education for Indian students. "Last year 11,349 Indian students took admissions in New Zealand's educational institutions contributing NZ $250 million to the economy. The numbers are expected to increase by 5-7 percent this year", said Ziena Jalil, regional director for south Asia, Education New Zealand.
More than 1,00,000 Indians reside in New Zealand and according to the latest census Hindi is the fourth most widely spoken language in New Zealand. Last year 30,000 Indian tourists visited New Zealand consisting mostly of the honeymoon couples.
The two-thirds of the contribution are made by New Zealand in the bilateral trade which exports majorly commodities, coal, oil and wood to India. In reverse, India exports gems, jewellery, spices, tea and horticulture products. "We are in negotiations with the central government for free trade agreement between the two countries", added Henderson. In 2012, numbers of skilled migrants from India to New Zealand were second highest, behind China.
New Zealand based universities are in talks with National Dairy Development Board to provide technical assistance for increasing dairy production and develop agri-business in India.
In recent years, New Zealand has emerged as one of the most favorable destinations for education for Indian students. "Last year 11,349 Indian students took admissions in New Zealand's educational institutions contributing NZ $250 million to the economy. The numbers are expected to increase by 5-7 percent this year", said Ziena Jalil, regional director for south Asia, Education New Zealand.
More than 1,00,000 Indians reside in New Zealand and according to the latest census Hindi is the fourth most widely spoken language in New Zealand. Last year 30,000 Indian tourists visited New Zealand consisting mostly of the honeymoon couples.
ISB to help 1,000 students establish tech start-ups
Hyderabad: Indian School of Business, which charges a premium for its courses, is going to do something different. It is going to help 1,000 engineering students establish start-ups, realising their entrepreneurial dreams.
Those who want to become entrepreneurs can opt for an elective on entrepreneurship in the first semester of their third year.
In association with the IT Ministry of Andhra Pradesh Government, ISB will select 50 students each from 10 top engineering colleges. ISB is in the process of preparing a curriculum for the elective, which will be introduced from the second half of next calendar year.
“We will pick them in the third year. And for the next four semesters, they will undergo training on various aspects of starting an enterprise. Right from turning a business idea into a business project to execute it,” Aruna Reddy of ISB’s Entrepreneurship Centre, directing the initiative, told Business Line.
At the end of the course, short-listed students would be invited present their project ideas to a gathering of PEs and angel investors at the ISB.
From the Government side, Jawahar Knowledge Centres is funding and coordinating the programme. IIIT (Hyderabad), BITS (Hyderabad), NIT (Warangal) and Srinidhi institute would act as hub centres. Faculty from these centres would get training from the business school. They, in turn, would train the faculty of the other colleges that will join the course.
The State Government would collect Rs 2,000 from each student taking up the entrepreneurship course. “Instead of ending up as job seekers, they can employ people. We will connect them with the seed funding agencies and private equity players,” Sanjay Jaju, Principal Secretary (IT and Communication, Govt of AP), said.
Amarnath Reddy Atmakuri, Chief Executive Officer of JKC, said only a fraction of the two lakh employees found jobs, leaving a large number of students jobless. “But if you help them turn entrepreneurs, they can provide jobs instead,” he said.
Though they are tying up with only 10 engineering colleges in the initiative, the Government is planning to bring in more colleges under the purview of the programme.
“The students will have both theoretical and practical classes. They will get to listen to experts once in six months. We need to improve product ecosystem in order to create more jobs,” Ponnala Lakshmaiah, State Minister for IT, said.
Those who want to become entrepreneurs can opt for an elective on entrepreneurship in the first semester of their third year.
In association with the IT Ministry of Andhra Pradesh Government, ISB will select 50 students each from 10 top engineering colleges. ISB is in the process of preparing a curriculum for the elective, which will be introduced from the second half of next calendar year.
“We will pick them in the third year. And for the next four semesters, they will undergo training on various aspects of starting an enterprise. Right from turning a business idea into a business project to execute it,” Aruna Reddy of ISB’s Entrepreneurship Centre, directing the initiative, told Business Line.
At the end of the course, short-listed students would be invited present their project ideas to a gathering of PEs and angel investors at the ISB.
From the Government side, Jawahar Knowledge Centres is funding and coordinating the programme. IIIT (Hyderabad), BITS (Hyderabad), NIT (Warangal) and Srinidhi institute would act as hub centres. Faculty from these centres would get training from the business school. They, in turn, would train the faculty of the other colleges that will join the course.
The State Government would collect Rs 2,000 from each student taking up the entrepreneurship course. “Instead of ending up as job seekers, they can employ people. We will connect them with the seed funding agencies and private equity players,” Sanjay Jaju, Principal Secretary (IT and Communication, Govt of AP), said.
Amarnath Reddy Atmakuri, Chief Executive Officer of JKC, said only a fraction of the two lakh employees found jobs, leaving a large number of students jobless. “But if you help them turn entrepreneurs, they can provide jobs instead,” he said.
Though they are tying up with only 10 engineering colleges in the initiative, the Government is planning to bring in more colleges under the purview of the programme.
“The students will have both theoretical and practical classes. They will get to listen to experts once in six months. We need to improve product ecosystem in order to create more jobs,” Ponnala Lakshmaiah, State Minister for IT, said.
Nod for anti-depressant cheers Indian pharma
Five companies get US regulator's approval for Cymbalta generic
Mumbai: Five Indian generic drug makers — Sun Pharmaceuticals, Aurobindo Pharma, Lupin, Torrent Pharmaceuticals and Dr. Reddy’s Labs — have got approval from the US Food and Drug Administration for selling the generic version of antidepressant Cymbalta (duloxetine delayed-release capsules), one of the most widely prescribed treatments for depression, anxiety and other related disorders in the US.
“Health care professionals and consumers can be assured that these FDA-approved generic drugs have met our rigorous standards,” said Kathleen Uhl, acting director of the Office of Generic Drugs in FDA’s Center for Drug Evaluation and Research.
Cymbalta, the fifth largest selling drug in the world, is US drug maker Eli Lilly's best-selling drug, with an annual sales of $4.7 billion. The drug's patent expired on Wednesday. Launched in 2004, Cymbalta accounted for 22 per cent of Lilly's $22.6 billion in revenue last financial year.
Sun Pharmaceuticals will soon start marketing the drug’s 20 mg, 30 mg and 60 mg dosages in the US. Mumbai-based Lupin said it has launched its generic version of Cymbalta in the US. Apart from Indian companies, Israel’s Teva Pharmaceuticals has also received an FDA nod for the drug’s generic.
Sun Pharma shares closed at Rs 575.35 on BSE, down 1.5 per cent, while Lupin closed at Rs 877.4, up 0.2 per cent on Thursday. Dr. Reddy’s shares were down 1.6 per cent to close at Rs 2,403.75.
Duloxetine and other antidepressant drugs have a boxed warning describing the increased risk of suicidal thinking and behavior during initial treatment in children, adolescents, and young adults of ages 18 to 24, said the FDA statement. Common adverse reactions reported by people taking Cymbalta include nausea, dry mouth, drowsiness, fatigue, decreased appetite, increased sweating, and dizziness.
During last 2 years, the US-based Lilly has lost patent protection for a few of its top selling drugs such as the antipsychotic Zyprexa, which had global sales of over $5 billion per year.
Earlier this year, Lilly also lost US patent protection for its diabetics drug - Humalog, which had annual sales of $2.4 billion in the US.
Grabbing a small pie of the largest selling drug could be a boost to the US revenue of the Indian pharma companies. A few of the Indian companies are still struggling to retain their US revenue after the FDA has banned import from their plants in India which are under the scanner.
Mumbai: Five Indian generic drug makers — Sun Pharmaceuticals, Aurobindo Pharma, Lupin, Torrent Pharmaceuticals and Dr. Reddy’s Labs — have got approval from the US Food and Drug Administration for selling the generic version of antidepressant Cymbalta (duloxetine delayed-release capsules), one of the most widely prescribed treatments for depression, anxiety and other related disorders in the US.
“Health care professionals and consumers can be assured that these FDA-approved generic drugs have met our rigorous standards,” said Kathleen Uhl, acting director of the Office of Generic Drugs in FDA’s Center for Drug Evaluation and Research.
Cymbalta, the fifth largest selling drug in the world, is US drug maker Eli Lilly's best-selling drug, with an annual sales of $4.7 billion. The drug's patent expired on Wednesday. Launched in 2004, Cymbalta accounted for 22 per cent of Lilly's $22.6 billion in revenue last financial year.
Sun Pharmaceuticals will soon start marketing the drug’s 20 mg, 30 mg and 60 mg dosages in the US. Mumbai-based Lupin said it has launched its generic version of Cymbalta in the US. Apart from Indian companies, Israel’s Teva Pharmaceuticals has also received an FDA nod for the drug’s generic.
Sun Pharma shares closed at Rs 575.35 on BSE, down 1.5 per cent, while Lupin closed at Rs 877.4, up 0.2 per cent on Thursday. Dr. Reddy’s shares were down 1.6 per cent to close at Rs 2,403.75.
Duloxetine and other antidepressant drugs have a boxed warning describing the increased risk of suicidal thinking and behavior during initial treatment in children, adolescents, and young adults of ages 18 to 24, said the FDA statement. Common adverse reactions reported by people taking Cymbalta include nausea, dry mouth, drowsiness, fatigue, decreased appetite, increased sweating, and dizziness.
During last 2 years, the US-based Lilly has lost patent protection for a few of its top selling drugs such as the antipsychotic Zyprexa, which had global sales of over $5 billion per year.
Earlier this year, Lilly also lost US patent protection for its diabetics drug - Humalog, which had annual sales of $2.4 billion in the US.
Grabbing a small pie of the largest selling drug could be a boost to the US revenue of the Indian pharma companies. A few of the Indian companies are still struggling to retain their US revenue after the FDA has banned import from their plants in India which are under the scanner.
Indian solar power mission set to make India a global leader in the sector
Lucknow: The latest World Bank report on the the state of India's solar power mission has said the Jawaharlal Nehru National Solar Mission Phase 1 (JNNSM), which was launched in 2010, is well-poised to make India a global leader in the development of solar power. The report says the Mission mode project has, in a span of three years, taken India forward in implementing its green growth agenda by increasing its installed capacity of solar power from around 30 MW to more than 2,000 MW.
What is significant is that JNNSM has been instrumental in bringing down the cost of solar power to a level that is competitive across the world, says the report. It has reduced the costs of solar energy to $ 0.15 per kWh, making India amongst the lowest cost destinations for grid-connected solar Photovoltaic (PV) in the world.
The report, 'Paving the Way for a Transformational Future: Lessons from JNNSM Phase1', says solar power can reduce India's dependence on imports of diesel and coal for power generation, reduce greenhouse gas emissions, and contribute to energy security. Growth in this sector will help India increase its share of clean energy and help meet its target of reducing emissions per unit of its GDP by 20-25 percent by 2020 over 2005 levels.
The report identifies two unique features of the solar program which has helped reduce tariffs - bundling of solar power with unallocated thermal generation and adoption of reverse auctioning. Such bundling of solar power with cheaper conventional power helped reduce solar power tariffs for distribution utilities. The reverse bidding mechanism enabled qualified bidders to benefit from declining global prices for solar components, thereby reducing the purchase price of both solar PV and Concentrating Solar Power (CSP) for the utilities.
"In a short span of three years, India has made impressive strides in developing its abundant solar power potential. With more than 300 million people without access to energy and industry citing energy shortage as key growth barrier in India, solar power has the potential to help the country address the shortage of power for economic growth," said Onno Ruhl, World Bank Country Director in India. "However, while India is clearly emerging as a global leader in the area of solar power, to achieve its target of adding 20,000 MW of solar capacity by 2022, it needs to address the key barriers and constraints that could come in the way of scaling up the solar program," Ruhl added.
The report highlights several challenges that could act as a barrier to India achieving its solar targets by 2022. These include lack of access to low cost financing; inadequate solar infrastructure; lack of raw materials for several solar PV manufacturers; and an underdeveloped supply chain leading to high inventory costs.
"Building on the success of Phase 1, the program now needs to focus on promoting financing of solar projects by commercial banks, developing shared infrastructure facilities such as solar parks and identifying comparative advantage of Indian manufacturing across the supply chain", said Ashish Khanna, Lead Energy Specialist and one of the authors of the report. The report also identifies various key challenges, including the need for active participation of commercial banks to scale up to investments in the solar power sector. The government, the report says, also needs to design risk reducing financing instruments such as subordinated public finance in order to attract long-term commercial lending to ensure long-term viability, the report says.
The report recommends publicly developed infrastructure such as solar parks to help increase efficiency and lower costs. A Solar park in Charanka (Patan district) in Gujarat is today the largest solar park in Asia. Such shared infrastructure facilities helps in developing critical infrastructure, including facilities for power transmission, roads and water, thereby ensuring the rapid development of solar projects as well as local employment generation, the report adds. In addition, India's plans to develop ultra-mega solar projects will help showcase the potential for large scale grid connected solar projects to the entire world, it says.
Facilitating public funding, creating an enabling environment for manufacturing and focusing on cluster-based project development will go a long way in achieving the outcomes of JNNSM during the subsequent phases, the authors conclude.
What is significant is that JNNSM has been instrumental in bringing down the cost of solar power to a level that is competitive across the world, says the report. It has reduced the costs of solar energy to $ 0.15 per kWh, making India amongst the lowest cost destinations for grid-connected solar Photovoltaic (PV) in the world.
The report, 'Paving the Way for a Transformational Future: Lessons from JNNSM Phase1', says solar power can reduce India's dependence on imports of diesel and coal for power generation, reduce greenhouse gas emissions, and contribute to energy security. Growth in this sector will help India increase its share of clean energy and help meet its target of reducing emissions per unit of its GDP by 20-25 percent by 2020 over 2005 levels.
The report identifies two unique features of the solar program which has helped reduce tariffs - bundling of solar power with unallocated thermal generation and adoption of reverse auctioning. Such bundling of solar power with cheaper conventional power helped reduce solar power tariffs for distribution utilities. The reverse bidding mechanism enabled qualified bidders to benefit from declining global prices for solar components, thereby reducing the purchase price of both solar PV and Concentrating Solar Power (CSP) for the utilities.
"In a short span of three years, India has made impressive strides in developing its abundant solar power potential. With more than 300 million people without access to energy and industry citing energy shortage as key growth barrier in India, solar power has the potential to help the country address the shortage of power for economic growth," said Onno Ruhl, World Bank Country Director in India. "However, while India is clearly emerging as a global leader in the area of solar power, to achieve its target of adding 20,000 MW of solar capacity by 2022, it needs to address the key barriers and constraints that could come in the way of scaling up the solar program," Ruhl added.
The report highlights several challenges that could act as a barrier to India achieving its solar targets by 2022. These include lack of access to low cost financing; inadequate solar infrastructure; lack of raw materials for several solar PV manufacturers; and an underdeveloped supply chain leading to high inventory costs.
"Building on the success of Phase 1, the program now needs to focus on promoting financing of solar projects by commercial banks, developing shared infrastructure facilities such as solar parks and identifying comparative advantage of Indian manufacturing across the supply chain", said Ashish Khanna, Lead Energy Specialist and one of the authors of the report. The report also identifies various key challenges, including the need for active participation of commercial banks to scale up to investments in the solar power sector. The government, the report says, also needs to design risk reducing financing instruments such as subordinated public finance in order to attract long-term commercial lending to ensure long-term viability, the report says.
The report recommends publicly developed infrastructure such as solar parks to help increase efficiency and lower costs. A Solar park in Charanka (Patan district) in Gujarat is today the largest solar park in Asia. Such shared infrastructure facilities helps in developing critical infrastructure, including facilities for power transmission, roads and water, thereby ensuring the rapid development of solar projects as well as local employment generation, the report adds. In addition, India's plans to develop ultra-mega solar projects will help showcase the potential for large scale grid connected solar projects to the entire world, it says.
Facilitating public funding, creating an enabling environment for manufacturing and focusing on cluster-based project development will go a long way in achieving the outcomes of JNNSM during the subsequent phases, the authors conclude.
Government approves two proposals of foreign direct investment (FDI) amounting to about Rs. 97.85 crore
New Delhi: Further to para 7 of the Press Release dated October 25, 2013, wherein it was stated that decision about the five (5) proposals will be communicated separately, the Government of India has approved two (2) proposals of Foreign Direct Investment (FDI) amounting to Rs. 97.85 crore.
Following two (2) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Acebright (India) Pharma Pvt. Ltd., Karnataka A foreign owned Indian pharma company to receive additional foreign investment by way of fresh issue and transfer. Post-facto approval is also sought for an earlier transfer. 95.00
2 M/s Aerrianta International CPT, Ireland To set up a 50:50 JV company to engage in running duty free shops at Mumbai airport. 2.85
The following one (1) proposal has been deferred:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s AU Housing Finance Limited, Jaipur An Indian Housing Finance Company proposes to increase direct and indirect foreign investment upto 95%, without meeting the minimum capitalization norm of USD 50 million.
In the following one (1) proposal, the applicant may be given clarification:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Brampton Pvt. Ltd. Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company.
Decision in the following one (1) proposal has been kept in abeyance:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Manipal Technologies Ltd., Karnataka Induction of foreign investment in order to invest in the subsidiary to enter into cards payment system management and processing services for all kinds of alternate delivery channels including ATM. 154.04
Following two (2) proposals have been approved:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Acebright (India) Pharma Pvt. Ltd., Karnataka A foreign owned Indian pharma company to receive additional foreign investment by way of fresh issue and transfer. Post-facto approval is also sought for an earlier transfer. 95.00
2 M/s Aerrianta International CPT, Ireland To set up a 50:50 JV company to engage in running duty free shops at Mumbai airport. 2.85
The following one (1) proposal has been deferred:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s AU Housing Finance Limited, Jaipur An Indian Housing Finance Company proposes to increase direct and indirect foreign investment upto 95%, without meeting the minimum capitalization norm of USD 50 million.
In the following one (1) proposal, the applicant may be given clarification:
Sl. No. Name of the applicant Particulars of the proposal
1 M/s Brampton Pvt. Ltd. Clarification regarding limit on percentage of shareholding to be held either by Indian partner or foreign partner for forming the joint venture company.
Decision in the following one (1) proposal has been kept in abeyance:
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows (Rs. in crore)
1 M/s Manipal Technologies Ltd., Karnataka Induction of foreign investment in order to invest in the subsidiary to enter into cards payment system management and processing services for all kinds of alternate delivery channels including ATM. 154.04
India, UAE ink investment pact
Investments from UAE set to increase, India to tap UAE's sovereign wealth fund
New Delhi: India and the United Arab Emirates (UAE) on Thursday signed a bilateral investment promotion and protection agreement (Bippa) that seeks to accelerate fresh capital inflows from the Emirates and provide a thrust to stalled projects.
The deal was signed between Obaid Humaid Al Tayer, UAE’s minister of state for financial affairs, and Union Minister of State for Finance Namo Narain Meena.
The move, less than a week after the Cabinet Committee on Economic Affairs (CCEA) gave its nod, comes amid the visit of UAE’s Foreign Minister, Zayed Al Nahyan.
While the Centre was engaged in revising all Bippas with various countries, it had “worked out an exception” with the UAE, sources told Business Standard. UAE controls the second-largest sovereign wealth fund (SWF) in the world, under the Abu Dhabi Investment Authority (assets worth $627 billion). India had been keen to tap the SWF to finance major infrastructure projects. However, the UAE hadn’t shown interest in the absence of a Bippa, sources said.
With the agreement being signed, it is expected the Abu Dhabi National Energy Company might invest $700 million in Himachal Pradesh. Earlier, Dubai Ports World had kept its expansion plans in India on the back-burner, as it was awaiting the Bippa to be signed.
It is also expected the stalled free trade agreement between India and the Gulf Cooperation Council will be concluded. Under this agreement, India is seeking preferential access for its textiles exports to the UAE. The agreement had became a major bone of contention between India and the UAE, especially after the Jet-Etihad Airways deal came under the scanner due to allegations Indian foreign direct investment rules were flouted.
UAE’s telecom major, Etisalat, had to wrap up operations in India, after the Supreme Court cancelled its licences in 2012, in connection with the 2G telecom spectrum scam.
To ensure adequate protection for its investors, the UAE has been pushing India to sign a Bippa. The matter was raised and discussed during the visits of Finance Minister P Chidambaram, Commerce and Industry Minister Anand Sharma and External Affairs Minister Salman Khurshid to the UAE earlier this year.
The UAE is India’s largest trading partner. Trade between the two countries stood at $75.45 billion in 2012-13. However, investment from the UAE in India has been only $3.68 billion.
New Delhi: India and the United Arab Emirates (UAE) on Thursday signed a bilateral investment promotion and protection agreement (Bippa) that seeks to accelerate fresh capital inflows from the Emirates and provide a thrust to stalled projects.
The deal was signed between Obaid Humaid Al Tayer, UAE’s minister of state for financial affairs, and Union Minister of State for Finance Namo Narain Meena.
The move, less than a week after the Cabinet Committee on Economic Affairs (CCEA) gave its nod, comes amid the visit of UAE’s Foreign Minister, Zayed Al Nahyan.
While the Centre was engaged in revising all Bippas with various countries, it had “worked out an exception” with the UAE, sources told Business Standard. UAE controls the second-largest sovereign wealth fund (SWF) in the world, under the Abu Dhabi Investment Authority (assets worth $627 billion). India had been keen to tap the SWF to finance major infrastructure projects. However, the UAE hadn’t shown interest in the absence of a Bippa, sources said.
With the agreement being signed, it is expected the Abu Dhabi National Energy Company might invest $700 million in Himachal Pradesh. Earlier, Dubai Ports World had kept its expansion plans in India on the back-burner, as it was awaiting the Bippa to be signed.
It is also expected the stalled free trade agreement between India and the Gulf Cooperation Council will be concluded. Under this agreement, India is seeking preferential access for its textiles exports to the UAE. The agreement had became a major bone of contention between India and the UAE, especially after the Jet-Etihad Airways deal came under the scanner due to allegations Indian foreign direct investment rules were flouted.
UAE’s telecom major, Etisalat, had to wrap up operations in India, after the Supreme Court cancelled its licences in 2012, in connection with the 2G telecom spectrum scam.
To ensure adequate protection for its investors, the UAE has been pushing India to sign a Bippa. The matter was raised and discussed during the visits of Finance Minister P Chidambaram, Commerce and Industry Minister Anand Sharma and External Affairs Minister Salman Khurshid to the UAE earlier this year.
The UAE is India’s largest trading partner. Trade between the two countries stood at $75.45 billion in 2012-13. However, investment from the UAE in India has been only $3.68 billion.
Thursday, December 12, 2013
Britannia sets up manufacturing facility in Gujarat
Ahmedabad: Britannia Industries Ltd on Wednesday announced the opening of its first manufacturing unit for bakery products in Gujarat at the Jhagadia industrial estate.
The unit, set up at an investment of Rs 75-100 crore has a total capacity of producing 45,000 tonnes of products per annum, Varun Berry, Executive Director, said in a statement here.
The company has already set up units in Bihar, Odisha and Tamil Nadu. The Jhagadia facility would cater to the markets in Gujarat, Maharashtra and Madhya Pradesh, besides being close to a port for export purposes.
Vinay Singh Kushwaha, Vice-President, Supply Chain, said the new biscuit manufacturing facility in Gujarat will produce brands such as Good Day, MarieGold, and Bourbon. The factory will employ nearly 750 employees.
Britannia Industries, a leader in the bakery and dairy segments, had annual revenues of over Rs. 6,000 crore. Its products are available across the country in over 35 lakh retail outlets and reach over 40 per cent of Indian homes.
The unit, set up at an investment of Rs 75-100 crore has a total capacity of producing 45,000 tonnes of products per annum, Varun Berry, Executive Director, said in a statement here.
The company has already set up units in Bihar, Odisha and Tamil Nadu. The Jhagadia facility would cater to the markets in Gujarat, Maharashtra and Madhya Pradesh, besides being close to a port for export purposes.
Vinay Singh Kushwaha, Vice-President, Supply Chain, said the new biscuit manufacturing facility in Gujarat will produce brands such as Good Day, MarieGold, and Bourbon. The factory will employ nearly 750 employees.
Britannia Industries, a leader in the bakery and dairy segments, had annual revenues of over Rs. 6,000 crore. Its products are available across the country in over 35 lakh retail outlets and reach over 40 per cent of Indian homes.
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