Centre can train upto 50,000 professionals annually
Mumbai: Tata Consultancy Services (TCS), India’s largest software services exporter, on Saturday said it would set up the world’s largest corporate learning and development centre, with a capacity to train 15,000 professionals at one time and 50,000 professionals annually.
The proposed TCS Learning Campus in Thiruvananthapuram will come up on a 97-acre plot in the Technopark area of the city. To be built over 6.1 million square feet, it will include residences for professionals and faculty.
N Chandrasekaran, chief executive officer and managing director, said, "TCS has been present in Thiruvananthapuram since 1997 and since then it has been the hub of our global learning and development efforts. The TCS Learning Campus will be the new benchmark for corporate learning worldwide and this iconic facility will produce world class professionals to meet the future needs of the information technology (IT) industry."
During the construction period of four years, the project is expected to provide direct jobs to around 2,000 locals. An integral part of the project will be skill development programmes run by TCS for the local youth.
TCS is one of the largest private sector employers in India, with around 285,000 professionals worldwide, and plans to hire 50,000 in 2013-14. It spends around 15 million hours on learning and development programmes for its employees every year. Over the past five years till date, the company has trained 143,000 IT professionals in India and abroad.
Success in my Habit
Thursday, January 9, 2014
TCS to set up world’s largest training centre in Kerala
Centre can train upto 50,000 professionals annually
Mumbai: Tata Consultancy Services (TCS), India’s largest software services exporter, on Saturday said it would set up the world’s largest corporate learning and development centre, with a capacity to train 15,000 professionals at one time and 50,000 professionals annually.
The proposed TCS Learning Campus in Thiruvananthapuram will come up on a 97-acre plot in the Technopark area of the city. To be built over 6.1 million square feet, it will include residences for professionals and faculty.
N Chandrasekaran, chief executive officer and managing director, said, "TCS has been present in Thiruvananthapuram since 1997 and since then it has been the hub of our global learning and development efforts. The TCS Learning Campus will be the new benchmark for corporate learning worldwide and this iconic facility will produce world class professionals to meet the future needs of the information technology (IT) industry."
During the construction period of four years, the project is expected to provide direct jobs to around 2,000 locals. An integral part of the project will be skill development programmes run by TCS for the local youth.
TCS is one of the largest private sector employers in India, with around 285,000 professionals worldwide, and plans to hire 50,000 in 2013-14. It spends around 15 million hours on learning and development programmes for its employees every year. Over the past five years till date, the company has trained 143,000 IT professionals in India and abroad.
Cashew body targets to double biz with Saudi Arabia
Kochi: The Cashew Export Promotion Council’s hopes have been rekindled after its participation in the Jeddah International Trade Fair recently.
The council is hopeful of doubling cashew business with Saudi Arabia.
With adequate follow up, the quantum of exports to Saudi Arabia could be increased from the current 5,862 tonnes a year valued at Rs 231.34 crore, said T.K. Shahal Hassan Musaliar, Chairman of the council.
According to him, the council’s participation in the 25 {+t} {+h} fair has helped to create awareness about Indian cashews among prospective consumers.
The fair attracted businessmen from across the Kingdom and neighbouring Gulf States.
Musaliar also attended a meeting at the Indian Consulate office and discussed various trade issues relating to cashew.
Saudi Arabia is a fastest growing economy in West Asia with potential better than other countries in the region. Exports of cashew kernels from India to the UAE last year were 13,625 tonnes valued at Rs 550.18 crore. With a view to generating interest and educate the advantages of consuming the nuts, he said cashew kernels plain and flavoured were offered as samples to visitors.
The quality and crispness of Indian cashew drew appreciation in general at the stall.
There were also increasing enquiries, especially from buyers of bulk, on the availability of quality and different grades of cashews, he said. Brochure in Arabic and English with general/nutrition information and the council’s promotional shopping bags carrying the message “zero cholesterol” were distributed at the venue.
In addition to the council’s stall, 11 cashew exporting firms also participated in the fair.
The council is hopeful of doubling cashew business with Saudi Arabia.
With adequate follow up, the quantum of exports to Saudi Arabia could be increased from the current 5,862 tonnes a year valued at Rs 231.34 crore, said T.K. Shahal Hassan Musaliar, Chairman of the council.
According to him, the council’s participation in the 25 {+t} {+h} fair has helped to create awareness about Indian cashews among prospective consumers.
The fair attracted businessmen from across the Kingdom and neighbouring Gulf States.
Musaliar also attended a meeting at the Indian Consulate office and discussed various trade issues relating to cashew.
Saudi Arabia is a fastest growing economy in West Asia with potential better than other countries in the region. Exports of cashew kernels from India to the UAE last year were 13,625 tonnes valued at Rs 550.18 crore. With a view to generating interest and educate the advantages of consuming the nuts, he said cashew kernels plain and flavoured were offered as samples to visitors.
The quality and crispness of Indian cashew drew appreciation in general at the stall.
There were also increasing enquiries, especially from buyers of bulk, on the availability of quality and different grades of cashews, he said. Brochure in Arabic and English with general/nutrition information and the council’s promotional shopping bags carrying the message “zero cholesterol” were distributed at the venue.
In addition to the council’s stall, 11 cashew exporting firms also participated in the fair.
Foreign investors pump in nearly Rs 4 lakh crores in four years ended December 2013
Mumbai: The numbers are staggering by any yardstick. In one of the most aggressive buying sprees since liberalisation, foreign investors pumped in nearly Rs 3,71,342 crore into Indian stocks in the four years ended December 2013. This is more than the combined investment in the nine years beginning 2001, and dwarfs all that was invested in the boom years of 2005-08.
That the investment was made in the backdrop of sliding economic growth and falling corporate profits is surprising and can be attributed to global factors such as Fed Reserve's easing programme and prospects of a change at the Centre after the May 2014 general elections. The stock indices, bereft of any other trigger, rose to life highs in a dramatic Uturn in November just months after growth slipped to a decade low and the rupee had followed suit, sinking to a life low. This dollar tsunami didn't just lift indices.
It has also resulted in the highest ever ownership by foreign institutional investors (FIIs) in Indian stocks. The aggregate holding of offshore funds in benchmark Nifty companies was 18.12 per cent in the September quarter versus 17.86 per cent in June, and 18.08 per cent in the March quarter.
FII stakes in companies such as Axis Bank, M&M, HCL Technologies, Tata Power Company, NTPC, Wipro and Sun Pharma hit a record high in the September quarter. Some marketmen worry that a fast-rising FII ownership may not be that good for Indian markets as the funds could soon run out of stocks to buy. In the past four years (with the exception of 2011), foreign institutional investors have invested about $20 billion every year.
If FIIs maintain their pace of investments, they would pump in about $100 billion in five years and buy out large chunks of the stocks that they own today. "If foreigners want to buy each and every stock that they own today, out of what is remaining in their foreign investment quota, they can only pump in another $100 billion. (Then) There will be no stock available for them in the markets," says Sunil Singhania, head (equities), Reliance Capital Asset Management. This is not an implausible scenario.
Foreign investors pump in nearly Rs 4 lakh crores into Indian stocks in four years ended December 2013
FIIs own substantial stakes in some of the country's biggest blue chips, such as Infosys (about 55 per cent), HDFC (73 per cent) and ICICI Bank (67 per cent). The headroom for further investments has already shrunk and may become zero in the coming weeks and months if they buy more.
In TCS and ITC, the FII ownership is close to the ceiling and further purchases may not be possible. Tempting though it may be for those who resent FII domination of the market, the scenario is unlikely to come to pass. In the next year or so, companies and the markets are going to adjust themselves to this rising trend of FII ownership.
The objective will be to facilitate further FII purchases, not restrict them. Here are four things that are likely to happen, and what it means for the markets and investors: First, wherever possible, companies are likely to increase the ceiling for FII purchases. This especially applies to cases where there is a divergence between the government policy of higher foreign direct investment and an FII ceiling that has remained unchanged for several years. Companies may have let status quo remain for a number of reasons. One could be that they are waiting for the right opportunity and time. Now that FII holding is approaching the danger mark, and demand for stocks is increasing, expect managements to be more proactive. Second, promoters of some of India's leading companies will use this opportunity to sell some of their stake.
This will broaden ownership and allow foreign and domestic funds to buy more shares of the companies. In both TCS and Wipro, promoter holding is more than 70 per cent. The absence of free float means lack of buying opportunities for both FIIs and domestic funds.
If Tata Sons and the holding companies owned by Azim Premji sell some of their stakes, investors and the stock prices of both the companies will reap the benefits. Don't forget that much of the rally in IT and consumer goods stocks in the past one year has been driven by heavy FII buying. "Currently, FIIs can directly invest up to 24 per cent in Indian companies. But in many sectors the ceiling is much higher. I am sure when there will be demand for paper, companies will seek shareholders' approval and raise FII limits," said UR Bhat, MD, Dalton Capital Advisors. Third, a number of quality stocks beyond the top 100 on the BSE and NSE are likely to come into play even if FII limits are increased. Experts believe that many good stocks can be found in the broader market and this can be an opportunity to test FIIs' stock-picking skills.
"There are many good-quality midcap companies worth investing in. Currently, liquidity may be an issue. But that will improve once FIIs start investing. Till about 2000, FIIs used to invest in less than top 50 companies, now they are investing in over 100 companies. As the economy grows, institutional participation also gets wider," said Saurabh Mukherjea, CEO (institutional equities) at Ambit Capital.Fourth, scarcity of good-quality stocks will provide an opportunity for highquality, unlisted companies to go for IPOs. Insurance companies have been allowed by the regulator to float their shares, but market conditions and the financials of many companies may be deterring them from taking this step.
"I think Indian markets are poised for rerating by foreign investors. What is required is confidence in the markets, which is only possible by strong government reforms, and then we might see even PSU stocks getting FII attention. Some of the expected IPOs from insurance companies, asset management companies, exchanges, etc, may also find FII attention," said Deven Choksey, MD and CEO, KR Choksey Shares and Securities. A number of private, unlisted companies are doing very well, but ownership in them is restricted.
If and when the economy improves, the appetite among FIIs is likely to force promoters, and in some cases private equity investors, to look to the market for raising money or securing an exit. Some of the big Indian IPOs are probably just waiting in the wings for things to turn around.
That the investment was made in the backdrop of sliding economic growth and falling corporate profits is surprising and can be attributed to global factors such as Fed Reserve's easing programme and prospects of a change at the Centre after the May 2014 general elections. The stock indices, bereft of any other trigger, rose to life highs in a dramatic Uturn in November just months after growth slipped to a decade low and the rupee had followed suit, sinking to a life low. This dollar tsunami didn't just lift indices.
It has also resulted in the highest ever ownership by foreign institutional investors (FIIs) in Indian stocks. The aggregate holding of offshore funds in benchmark Nifty companies was 18.12 per cent in the September quarter versus 17.86 per cent in June, and 18.08 per cent in the March quarter.
FII stakes in companies such as Axis Bank, M&M, HCL Technologies, Tata Power Company, NTPC, Wipro and Sun Pharma hit a record high in the September quarter. Some marketmen worry that a fast-rising FII ownership may not be that good for Indian markets as the funds could soon run out of stocks to buy. In the past four years (with the exception of 2011), foreign institutional investors have invested about $20 billion every year.
If FIIs maintain their pace of investments, they would pump in about $100 billion in five years and buy out large chunks of the stocks that they own today. "If foreigners want to buy each and every stock that they own today, out of what is remaining in their foreign investment quota, they can only pump in another $100 billion. (Then) There will be no stock available for them in the markets," says Sunil Singhania, head (equities), Reliance Capital Asset Management. This is not an implausible scenario.
Foreign investors pump in nearly Rs 4 lakh crores into Indian stocks in four years ended December 2013
FIIs own substantial stakes in some of the country's biggest blue chips, such as Infosys (about 55 per cent), HDFC (73 per cent) and ICICI Bank (67 per cent). The headroom for further investments has already shrunk and may become zero in the coming weeks and months if they buy more.
In TCS and ITC, the FII ownership is close to the ceiling and further purchases may not be possible. Tempting though it may be for those who resent FII domination of the market, the scenario is unlikely to come to pass. In the next year or so, companies and the markets are going to adjust themselves to this rising trend of FII ownership.
The objective will be to facilitate further FII purchases, not restrict them. Here are four things that are likely to happen, and what it means for the markets and investors: First, wherever possible, companies are likely to increase the ceiling for FII purchases. This especially applies to cases where there is a divergence between the government policy of higher foreign direct investment and an FII ceiling that has remained unchanged for several years. Companies may have let status quo remain for a number of reasons. One could be that they are waiting for the right opportunity and time. Now that FII holding is approaching the danger mark, and demand for stocks is increasing, expect managements to be more proactive. Second, promoters of some of India's leading companies will use this opportunity to sell some of their stake.
This will broaden ownership and allow foreign and domestic funds to buy more shares of the companies. In both TCS and Wipro, promoter holding is more than 70 per cent. The absence of free float means lack of buying opportunities for both FIIs and domestic funds.
If Tata Sons and the holding companies owned by Azim Premji sell some of their stakes, investors and the stock prices of both the companies will reap the benefits. Don't forget that much of the rally in IT and consumer goods stocks in the past one year has been driven by heavy FII buying. "Currently, FIIs can directly invest up to 24 per cent in Indian companies. But in many sectors the ceiling is much higher. I am sure when there will be demand for paper, companies will seek shareholders' approval and raise FII limits," said UR Bhat, MD, Dalton Capital Advisors. Third, a number of quality stocks beyond the top 100 on the BSE and NSE are likely to come into play even if FII limits are increased. Experts believe that many good stocks can be found in the broader market and this can be an opportunity to test FIIs' stock-picking skills.
"There are many good-quality midcap companies worth investing in. Currently, liquidity may be an issue. But that will improve once FIIs start investing. Till about 2000, FIIs used to invest in less than top 50 companies, now they are investing in over 100 companies. As the economy grows, institutional participation also gets wider," said Saurabh Mukherjea, CEO (institutional equities) at Ambit Capital.Fourth, scarcity of good-quality stocks will provide an opportunity for highquality, unlisted companies to go for IPOs. Insurance companies have been allowed by the regulator to float their shares, but market conditions and the financials of many companies may be deterring them from taking this step.
"I think Indian markets are poised for rerating by foreign investors. What is required is confidence in the markets, which is only possible by strong government reforms, and then we might see even PSU stocks getting FII attention. Some of the expected IPOs from insurance companies, asset management companies, exchanges, etc, may also find FII attention," said Deven Choksey, MD and CEO, KR Choksey Shares and Securities. A number of private, unlisted companies are doing very well, but ownership in them is restricted.
If and when the economy improves, the appetite among FIIs is likely to force promoters, and in some cases private equity investors, to look to the market for raising money or securing an exit. Some of the big Indian IPOs are probably just waiting in the wings for things to turn around.
GSLV-D5 launch puts India in 'cryo club
First step towards building rockets that can carry heavier payloads
Sriharikota: The Indian Space Research Organisation (Isro) on Sunday successfully launched the Geosynchronous Satellite Launch Vehicle-D5 (GSLV-D5), carrying communication satellite GSAT-14, from Sriharikota, about 80 km from Chennai.
With this, India joined the “cryo club”, a select group of spacefaring nations having the crucial cryogenic engine technology, which is necessary to carry heavy satellites. Countries which have such a capability are the US, Russia, France, Japan and China.
Isro Chairman K Radhakrishnan said: “I am extremely happy and proud to say that Team Isro has done it. The Indian cryogenic engine and stage performed as predicted, as expected for this mission and injected precisely the GSAT-14 communication satellite into the intended orbit.”
He said this was an important day for science and technology and for space technology in the country. “Twenty years’ efforts in realising the cryogenic engine and stage have now been fructified... toiling of 20 years, excruciating efforts of the past three-and-a-half years after we had the first test flight of this cryogenic engine and stage and all the efforts put by Team Isro for the last few years.”
Radhakrishnan lauded professor U R Rao, who in 1992 decided that Isro should have an indigenously developed cryogenic engine and stage for the GSLV programme.
Until now, India has had to depend on other countries to launch satellites of more than three tonnes, shelling out huge money.
According to a senior Isro official, India has been paying $85-90 million (around Rs 500 crore) as launch fee to foreign space agencies for sending communication satellites weighing up to 3.5 tonnes. The successful launch of this rocket was crucial for India as this was the first step towards building rockets that can carry heavier payloads. The launch was also the first mission of the GSLV after two such rockets failed in 2010 and an August 2013 launch was aborted at the last minute following leakage of fuel from the second-stage engine.
Isro said the second-stage engine has now been replaced with a new one, built with a different metal, and some of the critical components were also replaced in the four strap-on motors of the first-stage as precaution. One of the GSLV rockets was fitted with the Indian cryogenic engine and the other with a Russian engine.
The GSLV is a three-stage engine rocket. The first stage is fired with solid fuel, the second with liquid fuel and the third is the cryogenic engine. GSLV-D5, launched on Sunday, is 49.13 metres tall and weighs 414.75 tonnes. Several design changes were incorporated into the rocket for a safe blast-off and design changes were also made in the lower shroud (cover), that protects the cryogenic engine during the atmospheric flight; wire tunnel of the cryogenic stage, to withstand larger forces during the flight; and the revised aerodynamic characterisation of the entire rocket.
GSLV is capable of launching 2,000-kg-class satellites into the geosynchronous transfer orbit (GTO). GSLV Mark-III, which can place 4,000-kg class satellites into the GTO, is under development. India has developed and commissioned Polar Satellite Launch Vehicle (PSLV) and GSLV. PSLV can launch 1,850-kg class remote-sensing satellites into a 480-km polar orbit. It can also place a satellite weighing 1,150 kg into GTO or a 3,500-kg class satellite into low earth orbit.
Isro has carried out 68 launches since 1975, out of which 26 were from locations outside India.
K Sivan, project director, GSLV, said GSLV has been a “naughty boy” till now and has become an “obedient boy” now. He said the first thousand successful seconds come as a fruit of a thousand sleepless nights before the launch.
So far India has to depend on other countries to launch heavy weight (more than 3 tonnes) and has been shelling out huge money. According to a senior Isro official India has been paying around $85-90 million (around Rs 500 crore) as launch fee to foreign space agencies for sending upto a 3.5 tonne communication satellites
The successful launch of this rocket was crucial for India as this is the first step towards building rockets that can carry heavier payloads.
Today’s launch was the first mission of the GSLV after two such rockets failed in 2010 and last August launch was aborted at the last minute as the fuel started leaking from its second stage or engine.
Isro said that the second stage was replaced with a new one built with a different metal and some of the critical components were also replaced in the four strap-on motors of the first stage as a matter of precaution, according to an Isro official.
One of the GSLV rockets was fitted with the Indian cryogenic engine and the other with a Russian engine.
The GSLV is a three-stage/engine rocket. The first stage is fired with solid fuel, the second is the liquid fuel and the third is the cryogenic engine.
Several design changes were incorporated into the rocket for a safe blast-off and design changes were also made in the lower shroud/cover that protects the cryogenic engine during the atmospheric flight; wire tunnel of the cryogenic stage to withstand larger forces during the flight; and the revised aerodynamic characterisation of the entire rocket.
The 49.13-metre tall rocket, weighing 414.75 tonnes was launched today and the GSLV safely delivered GSAT-14 to augment the Indian transponder - receivers and transmitters of signals - capacity.
GSLV is capable of launching 2000 kg class satellites into GTO. GSLV Mark-III, to place 4000 kg class satellites in GTO, is under development.
India has developed and commissioned Polar Satellite Launch Vehicle (PSLV) and Geosynchronous Satellite Launch Vehicle.
PSLV can launch 1850 kg class remote sensing satellites into a 480 km polar Orbit. It can also place a satellite weighing about 1150 kg in Geosynchronous Transfer Orbit (GTO) or a 3500 kg class satellite in Low Earth Orbit.
Out of the 68 launches by Isro from April 1975, 26 launches were carried out from locations outside India.
Quick rewind:
December 26
GSAT 14 Communication Satellite integration with the refurbished GSLV D5 completed successfully.
December 28
* The Mission Readiness Review (MRR) team and the Launch Authorisation Board (LAB) have cleared the GSLV-D5/GSAT 14 launch
* The vehicle is moved from the vehicle assembly building to the umbilical tower (the launch pad) in the morning
December 30
GSLV D5 being moved from Vehicle Assembly Building to Second Launch Pad
January 4
A 29-hour countdown commenced at 11.00 hrs (IST)
January 5
GSLV-D5 successfully launched
Sriharikota: The Indian Space Research Organisation (Isro) on Sunday successfully launched the Geosynchronous Satellite Launch Vehicle-D5 (GSLV-D5), carrying communication satellite GSAT-14, from Sriharikota, about 80 km from Chennai.
With this, India joined the “cryo club”, a select group of spacefaring nations having the crucial cryogenic engine technology, which is necessary to carry heavy satellites. Countries which have such a capability are the US, Russia, France, Japan and China.
Isro Chairman K Radhakrishnan said: “I am extremely happy and proud to say that Team Isro has done it. The Indian cryogenic engine and stage performed as predicted, as expected for this mission and injected precisely the GSAT-14 communication satellite into the intended orbit.”
He said this was an important day for science and technology and for space technology in the country. “Twenty years’ efforts in realising the cryogenic engine and stage have now been fructified... toiling of 20 years, excruciating efforts of the past three-and-a-half years after we had the first test flight of this cryogenic engine and stage and all the efforts put by Team Isro for the last few years.”
Radhakrishnan lauded professor U R Rao, who in 1992 decided that Isro should have an indigenously developed cryogenic engine and stage for the GSLV programme.
Until now, India has had to depend on other countries to launch satellites of more than three tonnes, shelling out huge money.
According to a senior Isro official, India has been paying $85-90 million (around Rs 500 crore) as launch fee to foreign space agencies for sending communication satellites weighing up to 3.5 tonnes. The successful launch of this rocket was crucial for India as this was the first step towards building rockets that can carry heavier payloads. The launch was also the first mission of the GSLV after two such rockets failed in 2010 and an August 2013 launch was aborted at the last minute following leakage of fuel from the second-stage engine.
Isro said the second-stage engine has now been replaced with a new one, built with a different metal, and some of the critical components were also replaced in the four strap-on motors of the first-stage as precaution. One of the GSLV rockets was fitted with the Indian cryogenic engine and the other with a Russian engine.
The GSLV is a three-stage engine rocket. The first stage is fired with solid fuel, the second with liquid fuel and the third is the cryogenic engine. GSLV-D5, launched on Sunday, is 49.13 metres tall and weighs 414.75 tonnes. Several design changes were incorporated into the rocket for a safe blast-off and design changes were also made in the lower shroud (cover), that protects the cryogenic engine during the atmospheric flight; wire tunnel of the cryogenic stage, to withstand larger forces during the flight; and the revised aerodynamic characterisation of the entire rocket.
GSLV is capable of launching 2,000-kg-class satellites into the geosynchronous transfer orbit (GTO). GSLV Mark-III, which can place 4,000-kg class satellites into the GTO, is under development. India has developed and commissioned Polar Satellite Launch Vehicle (PSLV) and GSLV. PSLV can launch 1,850-kg class remote-sensing satellites into a 480-km polar orbit. It can also place a satellite weighing 1,150 kg into GTO or a 3,500-kg class satellite into low earth orbit.
Isro has carried out 68 launches since 1975, out of which 26 were from locations outside India.
K Sivan, project director, GSLV, said GSLV has been a “naughty boy” till now and has become an “obedient boy” now. He said the first thousand successful seconds come as a fruit of a thousand sleepless nights before the launch.
So far India has to depend on other countries to launch heavy weight (more than 3 tonnes) and has been shelling out huge money. According to a senior Isro official India has been paying around $85-90 million (around Rs 500 crore) as launch fee to foreign space agencies for sending upto a 3.5 tonne communication satellites
The successful launch of this rocket was crucial for India as this is the first step towards building rockets that can carry heavier payloads.
Today’s launch was the first mission of the GSLV after two such rockets failed in 2010 and last August launch was aborted at the last minute as the fuel started leaking from its second stage or engine.
Isro said that the second stage was replaced with a new one built with a different metal and some of the critical components were also replaced in the four strap-on motors of the first stage as a matter of precaution, according to an Isro official.
One of the GSLV rockets was fitted with the Indian cryogenic engine and the other with a Russian engine.
The GSLV is a three-stage/engine rocket. The first stage is fired with solid fuel, the second is the liquid fuel and the third is the cryogenic engine.
Several design changes were incorporated into the rocket for a safe blast-off and design changes were also made in the lower shroud/cover that protects the cryogenic engine during the atmospheric flight; wire tunnel of the cryogenic stage to withstand larger forces during the flight; and the revised aerodynamic characterisation of the entire rocket.
The 49.13-metre tall rocket, weighing 414.75 tonnes was launched today and the GSLV safely delivered GSAT-14 to augment the Indian transponder - receivers and transmitters of signals - capacity.
GSLV is capable of launching 2000 kg class satellites into GTO. GSLV Mark-III, to place 4000 kg class satellites in GTO, is under development.
India has developed and commissioned Polar Satellite Launch Vehicle (PSLV) and Geosynchronous Satellite Launch Vehicle.
PSLV can launch 1850 kg class remote sensing satellites into a 480 km polar Orbit. It can also place a satellite weighing about 1150 kg in Geosynchronous Transfer Orbit (GTO) or a 3500 kg class satellite in Low Earth Orbit.
Out of the 68 launches by Isro from April 1975, 26 launches were carried out from locations outside India.
Quick rewind:
December 26
GSAT 14 Communication Satellite integration with the refurbished GSLV D5 completed successfully.
December 28
* The Mission Readiness Review (MRR) team and the Launch Authorisation Board (LAB) have cleared the GSLV-D5/GSAT 14 launch
* The vehicle is moved from the vehicle assembly building to the umbilical tower (the launch pad) in the morning
December 30
GSLV D5 being moved from Vehicle Assembly Building to Second Launch Pad
January 4
A 29-hour countdown commenced at 11.00 hrs (IST)
January 5
GSLV-D5 successfully launched
Saturday, January 4, 2014
Private equity firms invest about Rs 940 crore in agri-logistics and cold chain industry in past three years
Mumbai: India, with an extremely high rate of food wastage, is seeing an increasing interest from private equity investors in the agri-logistics and cold chain industry, attracting high valuations for their scalable and high growth businesses.
PE firms have invested about $151.55 million (Rs 940 crore) in 11 companies in the sector in the past three years, according to Venture Intelligence. Sohan Lal Commodity received the largest investment of $33 million so far by Everstone, Mayfield, Nexus Ventures and ICICI Bank. More investments are lined up for the year ahead.
"There are at least 8-10 companies in the market looking to raise funds. Anybody who has annual revenue of more than Rs 10 crore is looking," said Hemendra Mathur, managing director, SEAF India Agribusiness International Fund.
Agri-logistics and cold chain companies, which are seeing revenue growth anywhere between 20 per cent and 100 per cent annually, are hoping to raise anywhere betweenRs 15 crore and Rs 100 crore each, to scale operations across the country, a necessity for growing this business faster. Suri Agrofresh, which is half owned by Europe's Total Produce, is looking to dilute 10-20 per cent equity in the company, its managing director Hitin Suri told ET. It has been in talks with more than 10 private equity firms. Some other companies scouting for private equity are Origo Commodities, Dev Bhumi Cold Chains, Scheduler Logistics and IG International.
India, which is primarily an agrarian economy, ironically has limited cold chain, warehousing infrastructure in place. At least 40 per cent of all fruits and vegetables are lost in India between the grower and the consumer mainly due to lack of storage facility, weak transportation system and bad roads, according to a recent food wastage report by Institution of Mechanical Engineers "The primary growth driver is the government inefficiencies and massive shortage of storage, transport facilities," said Hetal Gandhi, managing director, Tano India Advisors.
Tano recently invested Rs 80 crore in Shree Shubham Logistics. Another huge growth driver, he said, is the increasing private participation in procurement of agricultural produce and rising demand from banks to manage agri-loan collateral. Private equity is hoping for first-mover advantage as this capital-starved, but fragmented sector slowly moves towards corporatisation.
Also, as organised retail players make inroads into the country while import of fruits and vegetable picks up, cold chain businesses are seeing fortunes grow. Investors are, however, unhappy with the high valuation expectations, which range from 15-20 times EBITDA multiple. Few organised players with fewer people with operational background are driving valuations high.
Many businesses in the sector are family-run and not open to outside control. The balance sheets also tend to be unreliable. This emerging sector is still nascent and in need of professional handholding. "The theory is that private equity will bring in a network of relationships, additional investors, corporate governance oversight and experience with mergers and acquisitions," said Nikhil Shah, senior director at Alvarez & Marshal India. He is advising many private equity players on opportunities in this space.
Though these businesses are growing fast and have potential to grow faster, the gross margins tend to be in the range of just 5-6 per cent. More domain expertise and knowledge could help weed out inefficiencies. Despite the seasonal and rainfall dependent nature of the business, private equity is betting on the potential scalability of organised players in the segment.
PE firms have invested about $151.55 million (Rs 940 crore) in 11 companies in the sector in the past three years, according to Venture Intelligence. Sohan Lal Commodity received the largest investment of $33 million so far by Everstone, Mayfield, Nexus Ventures and ICICI Bank. More investments are lined up for the year ahead.
"There are at least 8-10 companies in the market looking to raise funds. Anybody who has annual revenue of more than Rs 10 crore is looking," said Hemendra Mathur, managing director, SEAF India Agribusiness International Fund.
Agri-logistics and cold chain companies, which are seeing revenue growth anywhere between 20 per cent and 100 per cent annually, are hoping to raise anywhere betweenRs 15 crore and Rs 100 crore each, to scale operations across the country, a necessity for growing this business faster. Suri Agrofresh, which is half owned by Europe's Total Produce, is looking to dilute 10-20 per cent equity in the company, its managing director Hitin Suri told ET. It has been in talks with more than 10 private equity firms. Some other companies scouting for private equity are Origo Commodities, Dev Bhumi Cold Chains, Scheduler Logistics and IG International.
India, which is primarily an agrarian economy, ironically has limited cold chain, warehousing infrastructure in place. At least 40 per cent of all fruits and vegetables are lost in India between the grower and the consumer mainly due to lack of storage facility, weak transportation system and bad roads, according to a recent food wastage report by Institution of Mechanical Engineers "The primary growth driver is the government inefficiencies and massive shortage of storage, transport facilities," said Hetal Gandhi, managing director, Tano India Advisors.
Tano recently invested Rs 80 crore in Shree Shubham Logistics. Another huge growth driver, he said, is the increasing private participation in procurement of agricultural produce and rising demand from banks to manage agri-loan collateral. Private equity is hoping for first-mover advantage as this capital-starved, but fragmented sector slowly moves towards corporatisation.
Also, as organised retail players make inroads into the country while import of fruits and vegetable picks up, cold chain businesses are seeing fortunes grow. Investors are, however, unhappy with the high valuation expectations, which range from 15-20 times EBITDA multiple. Few organised players with fewer people with operational background are driving valuations high.
Many businesses in the sector are family-run and not open to outside control. The balance sheets also tend to be unreliable. This emerging sector is still nascent and in need of professional handholding. "The theory is that private equity will bring in a network of relationships, additional investors, corporate governance oversight and experience with mergers and acquisitions," said Nikhil Shah, senior director at Alvarez & Marshal India. He is advising many private equity players on opportunities in this space.
Though these businesses are growing fast and have potential to grow faster, the gross margins tend to be in the range of just 5-6 per cent. More domain expertise and knowledge could help weed out inefficiencies. Despite the seasonal and rainfall dependent nature of the business, private equity is betting on the potential scalability of organised players in the segment.
Australia seeks to export SolarGen technology to India
Developed by Australian scientists the technology can provide a sustainable and cost effective alternative for the production of hydrogen, which in turn will help these industries, says Jim Hinkley, of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
In India recently, Hinkley told Business Line that, “There is a particularly strong potential to roll out the technology in Gujarat and Rajasthan because both states have excellent solar resources and natural gas infrastructure, as well as being major industrial users of hydrogen”.
The technology facilitates concentrating the sun's rays to drive a reaction between water and natural gas which stores solar energy in the form of chemical bonds. The resulting fuel has a higher energy yield than natural gas. The SolarGas can then be used to produce high-efficiency electricity in a gas engine or turbine, he explained.
According to CSIRO by using Sun’s rays for heat, in combination with new catalysts, SolarGas uses upto 50 per cent less fossil fuel and higher percentage of water as well.
A study has also found that the technology developed by the CSIRO could help India’s efforts towards achieving energy security. Some of the benefits include improved energy and food security by reducing natural gas consumption; new jobs created through local manufacturing and operation of the technology; the potential to produce solar liquid fuels for transport.
The study was funded by the Australian Government and undertaken by CSIRO in collaboration with the Solar Energy Corporation of India. It has also developed a concept design for a pilot scale SolarGas facility and identified numerous potential host sites suitable for such a pilot project.
Energy and energy security are critical issues for Australia and India, and we have much to offer each other by sharing our renewable technology expertise and technology, said Australia’s High Commissioner to India Patrick Suckling while launching the study recently.
To boost supply, Govt relaxes norms for mega power projects
New Delhi: The Government on Thursday decided to further ease the Mega Power Policy in a move that will help nearly 25 projects with investments of more than Rs 1.6 lakh crore. This is expected to increase power availability in the country and also ensure that consumers are charged reasonably for electricity supply.
Benefits
To benefit from this policy, the developer will have to tie up sales with distribution utilities through long-term power purchase agreements (PPAs). The amendment allows project developers to tie up for only 65 per cent of generation capacity through competitive bidding with the State distribution utilities against the earlier norm of 85 per cent.
The amendment allows the developer to sell up to 35 per cent of installed/net capacity under regulated tariff as per the specific host State policy. This dispensation would be one time and limited to 15 projects located in the States having mandatory host State power purchase policy under regulated tariff. States such as Odisha, Chhattisgarh and Madhya Pradesh insisted on buying up to 25-30 per cent of electricity from power stations for their respective States. The Government has also extended the maximum time for furnishing final mega certificates to tax authorities to 60 months instead of 36 months from the date of import for provisional mega projects (25 projects).
The Mega Power Policy was introduced in November 1995 to provide impetus for setting up of large projects. Thermal power projects of 1,000 MW and hydel plants of 500 MW are eligible for benefits under the policy. The policy has been modified time and again to encourage development of the sector.
It will also benefit supercritical projects that are awarded through international competitive bidding with the mandatory condition of setting up indigenous manufacturing facilities.
Development fund
The Cabinet also approved setting up of Power System Development Fund (PSDF). The projects taken up to strengthen the electricity transmission grid can source funding from this Rs 6,000-crore facility.
“The utilities that break grid discipline pays fine. Part of the fine is paid to compensate any utility that encounters losses. Currently, about Rs 6,000 crore has been accumulated in the fund, which would now be utilised for grid strengthening projects,” a senior Power Ministry official told Business Line.
Powering ahead Will encourage setting up of large power plants Simplify procedure for grant of mega certificate, encourage capacity addition Power System Development Fund to be used for creating necessary transmission lines Renovation and modernisation of transmission and distribution systems to relieve congestion Fund to be operationalised within three months
Benefits
To benefit from this policy, the developer will have to tie up sales with distribution utilities through long-term power purchase agreements (PPAs). The amendment allows project developers to tie up for only 65 per cent of generation capacity through competitive bidding with the State distribution utilities against the earlier norm of 85 per cent.
The amendment allows the developer to sell up to 35 per cent of installed/net capacity under regulated tariff as per the specific host State policy. This dispensation would be one time and limited to 15 projects located in the States having mandatory host State power purchase policy under regulated tariff. States such as Odisha, Chhattisgarh and Madhya Pradesh insisted on buying up to 25-30 per cent of electricity from power stations for their respective States. The Government has also extended the maximum time for furnishing final mega certificates to tax authorities to 60 months instead of 36 months from the date of import for provisional mega projects (25 projects).
The Mega Power Policy was introduced in November 1995 to provide impetus for setting up of large projects. Thermal power projects of 1,000 MW and hydel plants of 500 MW are eligible for benefits under the policy. The policy has been modified time and again to encourage development of the sector.
It will also benefit supercritical projects that are awarded through international competitive bidding with the mandatory condition of setting up indigenous manufacturing facilities.
Development fund
The Cabinet also approved setting up of Power System Development Fund (PSDF). The projects taken up to strengthen the electricity transmission grid can source funding from this Rs 6,000-crore facility.
“The utilities that break grid discipline pays fine. Part of the fine is paid to compensate any utility that encounters losses. Currently, about Rs 6,000 crore has been accumulated in the fund, which would now be utilised for grid strengthening projects,” a senior Power Ministry official told Business Line.
Powering ahead Will encourage setting up of large power plants Simplify procedure for grant of mega certificate, encourage capacity addition Power System Development Fund to be used for creating necessary transmission lines Renovation and modernisation of transmission and distribution systems to relieve congestion Fund to be operationalised within three months
US welcomes Indian firms
Hyderabad: The US will do more to help Indian companies of all sizes to set up operations there, said the US Ambassador Nancy Powell while addressing CII-AP members here.
The envoy welcomed Hyderabad-based businesses to participate in the Select-USA Road Show planned for April 2014.
The initiative is promoted by the US Department of Commerce. In her interaction with CII members, Powell enumerated the many reasons why Indian investment in the United States is now easier than ever before, including record low energy costs, a streamlined approval process, world-class universities and labour, and access to over 20 additional markets through high-level bilateral and multilateral international trade agreements.
During the meeting, Rajesh Datla, past chairman of CII Andhra Pradesh, and Managing Director, Elico Ltd., shared his experience in doing business with the U.S. He pointed out that CII is focusing on establishing contacts amont small and medium enterprises in the two countries.
Earlier in his welcome address, Suresh Chitturi, Vice-Chairman, CII Andhra Pradesh, and Vice-Chairman & Managing Director, Srinivasa Hatcheries Ltd, said the Indo-US trade has become broad-based and multi-sectoral.
The envoy welcomed Hyderabad-based businesses to participate in the Select-USA Road Show planned for April 2014.
The initiative is promoted by the US Department of Commerce. In her interaction with CII members, Powell enumerated the many reasons why Indian investment in the United States is now easier than ever before, including record low energy costs, a streamlined approval process, world-class universities and labour, and access to over 20 additional markets through high-level bilateral and multilateral international trade agreements.
During the meeting, Rajesh Datla, past chairman of CII Andhra Pradesh, and Managing Director, Elico Ltd., shared his experience in doing business with the U.S. He pointed out that CII is focusing on establishing contacts amont small and medium enterprises in the two countries.
Earlier in his welcome address, Suresh Chitturi, Vice-Chairman, CII Andhra Pradesh, and Vice-Chairman & Managing Director, Srinivasa Hatcheries Ltd, said the Indo-US trade has become broad-based and multi-sectoral.
India, Maldives sign pact on health cooperation
New Delhi: India and Maldives signed 3 agreements after delegation level talks between Maldives President, Abdula Yameen Abdul Gayoom, and Prime Minister Manmohan Singh here on Thursday. The pacts include an MoU on health cooperation.
India has extended standby credit of $25 m for imports from the country. It has agreed to consider favourably Maldives' proposal for import of diesel, petrol and aviation fuel.
Both sides agreed to address concerns of Indians in Maldives and Maldivians in India regarding consular and visa issues. The countries also agreed to consider a bilateral investment promotion and protection agreement at the earliest
Replying to Prime Minister Singh over amicable settlement of Maldives airport issue and other investor concerns, Gayoom said he was willing to work for a solution that makes both parties happy.
Gayoom said that he came to India with a long shopping list and added "my delegation is not disappointed".
The newly elected President of Maldives, Abdula Yameen Abdul Gayoom, began his first trip abroad with a four-day visit to India on Wednesday.
His visit comes in the backdrop of the island nation wanting to increase sourcing of products from India.
India has extended standby credit of $25 m for imports from the country. It has agreed to consider favourably Maldives' proposal for import of diesel, petrol and aviation fuel.
Both sides agreed to address concerns of Indians in Maldives and Maldivians in India regarding consular and visa issues. The countries also agreed to consider a bilateral investment promotion and protection agreement at the earliest
Replying to Prime Minister Singh over amicable settlement of Maldives airport issue and other investor concerns, Gayoom said he was willing to work for a solution that makes both parties happy.
Gayoom said that he came to India with a long shopping list and added "my delegation is not disappointed".
The newly elected President of Maldives, Abdula Yameen Abdul Gayoom, began his first trip abroad with a four-day visit to India on Wednesday.
His visit comes in the backdrop of the island nation wanting to increase sourcing of products from India.
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