Hyderabad: Expanding its European footprint, city-based pharma player Aurobindo Pharma Limited on Saturday informed the bourses that it will be acquiring NYSE-Listed Actavis Plc's commercial operations in seven western European countries. However, the closing of the transaction was conditional and based on certain antitrust approvals and completion of employee consultation processes, it said.
Without disclosing the deal size, the company said, "Aurobindo expects to acquire personnel, commercial infrastructure, products, marketing authorizations and dossier license rights in seven European countries. Actavis and Aurobindo will be entering into a long-term commercial and supply arrangement in order to support the ongoing growth plans of these businesses."
According to the company, the acquisition would expand Aurobindo's front-end operations into five segments -- generics, prescription products, over-the-counter products, hospital products and generics tenders, with approximately 1,200 products and an additional pipeline of over 200 products.
Aurobindo said it estimated the net sales for the acquired businesses to be around 320 million euros in 2013 with a growth rate of over 10% year-on-year. "Although these businesses are currently loss-making, Aurobindo expects them to return to profitability in combination with its vertically integrated platform and existing commercial infrastructure," it said.
Commenting on the development, Aurobindo senior vice-president (European operations) V Muralidharan said, "We have been clear about our intention to focus on growth initiatives in Europe and international markets, which together are expected to be key drivers for future growth. This transaction will complement our strategy of pursuing organic growth along with value-creating acquisitions within our served markets and adding complimentary growth platforms to provide scale and revenue diversity."
Success in my Habit
Monday, January 20, 2014
PPPAC recommends projects worth Rs 7,595 cr
The length of all these projects, sponsored by the Ministry of Road Transport & Highways, is 626 kilometers
New Delhi: A government panel has recommended five road transport and highway projects worth Rs 7,595 crore in the public-private partnership (PPP) mode.
The Public-Private Partnership Appraisal Committee (PPPAC), headed by Economic Affairs Secretary Arvind Mayaram, recommended these projects in its meeting on Friday.
The projects, involving two and four laning of roads and highways, are in Karnataka (Rs 693 crore), Kerala (Rs 577 crore), Madhya Pradesh (Rs 922 crore) and Haryana (Rs 878 crore). The fifth project is Eastern Peripheral Expressway, which is pegged at Rs 4,524 crore. The length of all these projects, sponsored by the Ministry of Road Transport & Highways, is 626 kilometers.
An Empowered Committee (EC), also headed by Mayaram, approved Viability Gap Funding (VGF) of Rs 1,280 crore for PPP projects in its 19th meeting on Friday.
It accorded in-principle approval to four projects, including two from Maharashtra and two Uttar Pradesh for VGF of Rs 695, and final approval to two projects from Uttar Pradesh for VGF of Rs 585, the finance ministry said in a statement on Saturday.
Since its constitution in January 2006, PPPAC has approved 272 central sector projects worth Rs 2,96,579 crore. These include national highways (223 proposals), ports (32 proposals), airports (two proposals) and tourism infrastructure (one proposal), housing (eight proposals) and sports (five proposals). This year 19 projects worth Rs 43,903 crore have been approved.
New Delhi: A government panel has recommended five road transport and highway projects worth Rs 7,595 crore in the public-private partnership (PPP) mode.
The Public-Private Partnership Appraisal Committee (PPPAC), headed by Economic Affairs Secretary Arvind Mayaram, recommended these projects in its meeting on Friday.
The projects, involving two and four laning of roads and highways, are in Karnataka (Rs 693 crore), Kerala (Rs 577 crore), Madhya Pradesh (Rs 922 crore) and Haryana (Rs 878 crore). The fifth project is Eastern Peripheral Expressway, which is pegged at Rs 4,524 crore. The length of all these projects, sponsored by the Ministry of Road Transport & Highways, is 626 kilometers.
An Empowered Committee (EC), also headed by Mayaram, approved Viability Gap Funding (VGF) of Rs 1,280 crore for PPP projects in its 19th meeting on Friday.
It accorded in-principle approval to four projects, including two from Maharashtra and two Uttar Pradesh for VGF of Rs 695, and final approval to two projects from Uttar Pradesh for VGF of Rs 585, the finance ministry said in a statement on Saturday.
Since its constitution in January 2006, PPPAC has approved 272 central sector projects worth Rs 2,96,579 crore. These include national highways (223 proposals), ports (32 proposals), airports (two proposals) and tourism infrastructure (one proposal), housing (eight proposals) and sports (five proposals). This year 19 projects worth Rs 43,903 crore have been approved.
Korean power firm signs pact for Rs 3,450-crore project in Maharashtra
The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016
New Delhi: Korean South-East Power Company (KOSEP), a subsidiary of Korean state-owned power generator Korea Electric Power Corporation, on Friday signed an initial agreement with Mumbai-based Jinbhuvish Group for technical support for its Rs 3,450-crore project in Maharashtra.
The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds 40 per cent equity stake in the coal-based project.
Lenders for the venture include Rural Electrification Corp and Power Finance Corp and PTC India Financial Services.
“The Yavatmal venture is one of the few thermal projects in India being set up in a JV (joint venture) with foreign investment. All major clearances have been received and construction activities will commence soon,” Jinbhuvish Group Chairman, Manish Mehta, said.
Seoul-headquartered KOSEP owns and operates thermal projects with a combined capacity of 8,396 Megawatt, around 12 per cent of total electricity sales in Korea.
New Delhi: Korean South-East Power Company (KOSEP), a subsidiary of Korean state-owned power generator Korea Electric Power Corporation, on Friday signed an initial agreement with Mumbai-based Jinbhuvish Group for technical support for its Rs 3,450-crore project in Maharashtra.
The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds 40 per cent equity stake in the coal-based project.
Lenders for the venture include Rural Electrification Corp and Power Finance Corp and PTC India Financial Services.
“The Yavatmal venture is one of the few thermal projects in India being set up in a JV (joint venture) with foreign investment. All major clearances have been received and construction activities will commence soon,” Jinbhuvish Group Chairman, Manish Mehta, said.
Seoul-headquartered KOSEP owns and operates thermal projects with a combined capacity of 8,396 Megawatt, around 12 per cent of total electricity sales in Korea.
World's 1st biosimilar drug for breast cancer
Bengaluru: Bangalore-based bio-pharmaceutical company Biocon on Saturday launched the world’s first biosimilar (developed in an organism) Trastuzumab injection for the treatment of breast cancer here. This is the first drug developed by Biocon in partnership with US-based generic drug maker Mylan. The new drug, CANMAb, will be used to treat HER2-positive advanced breast cancer.
Kiran Mazumdar-Shaw, chairperson and managing director, Biocon, said the company would also launch the injection in other emerging markets. The CANMab injection will compete with Roche’s Herceptin. Herceptin’s global sales were $6.4 billion in 2012 and Indian $21 million.
The drug has been jointly developed out of five molecules with Mylan, since a partnership was signed in 2009. Mylan will also launch CANMab under a different brand in India.
The injection is available in 150mg and 440mg doses at Rs 19,500 and Rs 57,500, respectively. The 440mg dose costs a fourth less than competing drugs, Mazumdar-Shaw said.
Biocon has set up a factory in Bangalore to make the new injection for itself as well as Mylan. Mylan will source its requirements from Biocon for both Indian and developed markets, a senior company official said.
Biocon entered into partnership with Mylan for joint development of a series of drugs for the treatment of various cancers in 2009. At present, four other drugs are under development, of which will begin clinical trials later this year, said Abhijit Barve, president (research and development), Biocon.
Mazumdar-Shaw said breast cancer was the most prevalent cancer among Indians and CANMAb would offer a cheaper option. About 150,000 new patients are diagnosed with breast cancer every year in India, of which nearly a fourth of the cases are HER2-positive and eligible for treatment with CANMAb. Lack of cheap treatment has limited the extent of HER2 testing and it is believed that the proportion of HER2-positive patients is probably higher, she said.
“Biocon intends to make a significant difference in the treatment paradigm for HER2-positive breast cancer in India by enhancing access to more affordable treatment with CANMAb, which offers the same level of safety and efficacy as the reference product. The launch of CANMAb in India is an important milestone for our biosimilars programme and demonstrates our ability to deliver on our promise of affordable innovation with a high quality, world- class product,” the Biocon chief said.
Biocon aims to capture about 15 per cent of the market for anti-breast cancer drugs in India in a year. The market is estimated at Rs 130 crore a year, set to double in 2014.
JOINT EFFORT
CANMAb, developed jointly by Biocon & Mylan, to treat advanced breast cancer
Competing drug Roche’s Herceptin (pictured) global sales $6.4 billion in 2012 and Indian $21 million
Mylan to launch CANMab under a different brand in India
The injection in 150mg and 440mg doses to come for Rs 19,500 and Rs 57,500, respectively
Biocon’s factory in Bangalore to make the new injection for itself as well as Mylan
Kiran Mazumdar-Shaw, chairperson and managing director, Biocon, said the company would also launch the injection in other emerging markets. The CANMab injection will compete with Roche’s Herceptin. Herceptin’s global sales were $6.4 billion in 2012 and Indian $21 million.
The drug has been jointly developed out of five molecules with Mylan, since a partnership was signed in 2009. Mylan will also launch CANMab under a different brand in India.
The injection is available in 150mg and 440mg doses at Rs 19,500 and Rs 57,500, respectively. The 440mg dose costs a fourth less than competing drugs, Mazumdar-Shaw said.
Biocon has set up a factory in Bangalore to make the new injection for itself as well as Mylan. Mylan will source its requirements from Biocon for both Indian and developed markets, a senior company official said.
Biocon entered into partnership with Mylan for joint development of a series of drugs for the treatment of various cancers in 2009. At present, four other drugs are under development, of which will begin clinical trials later this year, said Abhijit Barve, president (research and development), Biocon.
Mazumdar-Shaw said breast cancer was the most prevalent cancer among Indians and CANMAb would offer a cheaper option. About 150,000 new patients are diagnosed with breast cancer every year in India, of which nearly a fourth of the cases are HER2-positive and eligible for treatment with CANMAb. Lack of cheap treatment has limited the extent of HER2 testing and it is believed that the proportion of HER2-positive patients is probably higher, she said.
“Biocon intends to make a significant difference in the treatment paradigm for HER2-positive breast cancer in India by enhancing access to more affordable treatment with CANMAb, which offers the same level of safety and efficacy as the reference product. The launch of CANMAb in India is an important milestone for our biosimilars programme and demonstrates our ability to deliver on our promise of affordable innovation with a high quality, world- class product,” the Biocon chief said.
Biocon aims to capture about 15 per cent of the market for anti-breast cancer drugs in India in a year. The market is estimated at Rs 130 crore a year, set to double in 2014.
JOINT EFFORT
CANMAb, developed jointly by Biocon & Mylan, to treat advanced breast cancer
Competing drug Roche’s Herceptin (pictured) global sales $6.4 billion in 2012 and Indian $21 million
Mylan to launch CANMab under a different brand in India
The injection in 150mg and 440mg doses to come for Rs 19,500 and Rs 57,500, respectively
Biocon’s factory in Bangalore to make the new injection for itself as well as Mylan
India and UAE agree to promote cooperation in renewable energy
New Delhi: India and UAE have agreed to promote cooperation in renewable energy, especially in the areas of solar energy and wind power. A Memorandum of Understanding (MoU) to this effect was signed in Abu Dhabi on Saturday,18th of January. The MoU was signed by Dr. Farooq Abdullah, Minister of New and Renewable Energy of India and Dr Sultan Ahmed Al Jaber, Minister ofState of UAE.
Both the countries also agreed to form a Joint Working Group for better coordination through joint research on subjects of mutual interest, exchange and training of scientific and technical personnel, exchange of available scientific and technologies information and data, organization of workshops, seminars and working groups, transfer of know-how, technology and equipment, on non-commercial basis etc.
Dr. Farooq Abdullah briefed the UAE Minister on the progress made by India in renewable energy with special reference to the National Solar Mission launched in 2010 under the National Action Plan on Climate Change. He also briefed the Minister on India’s efforts in promoting energy for remote and un-electrified areas.He congratulated the UAE for warm hospitality extended during the 4th Assembly session of IRENA.
Both the countries also agreed to form a Joint Working Group for better coordination through joint research on subjects of mutual interest, exchange and training of scientific and technical personnel, exchange of available scientific and technologies information and data, organization of workshops, seminars and working groups, transfer of know-how, technology and equipment, on non-commercial basis etc.
Dr. Farooq Abdullah briefed the UAE Minister on the progress made by India in renewable energy with special reference to the National Solar Mission launched in 2010 under the National Action Plan on Climate Change. He also briefed the Minister on India’s efforts in promoting energy for remote and un-electrified areas.He congratulated the UAE for warm hospitality extended during the 4th Assembly session of IRENA.
Saturday, January 18, 2014
Delhi airport emerging hub for global flyers
New Delhi: The Delhi airport, with the share of its transit passengers in total annual traffic nearly doubling in three years to about 18 per cent, appears to be transforming itself into an international hub.
Delhi International Airport Ltd (DIAL) has estimated the number of transit passengers for the airport to hit 6.59 million by the end of March, 17.77 per cent of its projected 37.08 million annual traffic.
Buoyed by Air India’s Star Alliance induction, expected to add scale to the airline’s global flight plans, DIAL expects transit passengers’ share in total to increase to 25-26 per cent by 2015-16. That would put Delhi in the league of global airport hubs like Chicago and Hong Kong (where transit passengers account for 26 per cent of total) and Bangkok (around 40 per cent). Airports like Singapore and Dubai, which hardly have any domestic business, have more than 50 per cent of their business coming from transit passengers.
DIAL, the GMR Infra-led consortium that operates the Delhi airport, also expects full-service carriers like Tata-Singapore Airlines to start long-haul flights using Delhi as a hub, especially with the government planning to remove the restrictions — such as five years of operational experience and a fleet of at least 20 aircraft — on domestic carriers flying abroad.
“The number of transit passengers at Delhi’s T3 (Terminal 3) has gone up substantially in the past three years. With Air India moving into Star Alliance, we expect a lot of partner airlines to make India the hub. We expect transit traffic to account for 25-26 per cent of passengers by 2015-16,” said Kiran Jain, head of airline marketing and route development at DIAL.
According to data available with International Air Transport Association (IATA), transit passengers constituted 16 per cent of the Delhi airport’s total passenger traffic last financial year, compared with 12.74 per cent in 2011-12. In 2012-13, DIAL saw 5.47 million transit passengers using the airport — the growth in transit passengers came even as total passenger throughput declined around seven per cent to 34.39 million.
“The share of transit passengers in the total traffic is around 19.6 per cent. Most of these passengers come from neighbouring countries like Nepal, Bangladesh and Sri Lanka. But, with Air India starting direct flights to Birmingham, Sydney and Melbourne, we see passengers from Europe transiting in Delhi before travelling to Australia. At least 12 per cent of the passengers on Air India-Birmingham flights will transit at Delhi to go to Australia every day. Also, many will come from Birmingham and transit to domestic destinations and neighbouring countries. The total transit passengers on this route is 75 per cent,” said Pradeep Panicker, chief commercial officer (aero), DIAL.
In 2013-14, DIAL expects a transit traffic of 6,598,268 - an increase of 20.6 per cent from the previous year.
Air India accounts for a little over 41 per cent of transit passengers at the Delhi airport. The state-run carrier, which feeds traffic at the airport from Indian cities and regional international destinations going to Europe, US and Australia, is followed by Jet Airways and IndiGo. Also, China Airlines flies from Taipei to Rome, transiting from Delhi and Ethiopian Airlines flies from Adis Ababa to Beijing via Delhi.
Industry experts expect the proportion of transit passenger in the total to go up substantially after Tata-SIA starts operations. "SIA could use New Delhi to launch new flights to North and South America, alongside its Indian subsidiary, while picking up domestic feed traffic, thereby remedying SIA's network deficiencies," said Hong Kong-based aviation analyst Daniel Tsang.
According to Centre for Asia Pacific Aviation (Capa), about 40 per cent of international traffic out of India travels to its final destination through an intermediate offshore airport. As much as half of such traffic is captured by hubs in West Asia. With Tata-SIA starting domestic operations, the Delhi airport is likely to get a boost in realising its potential.
"Delhi airport's position as a global hub will get a boost with both Air India and Tata-SIA using it as a hub for long-haul flights," said Amber Dubey, partner & head (aerospace and defence), KPMG
Delhi International Airport Ltd (DIAL) has estimated the number of transit passengers for the airport to hit 6.59 million by the end of March, 17.77 per cent of its projected 37.08 million annual traffic.
Buoyed by Air India’s Star Alliance induction, expected to add scale to the airline’s global flight plans, DIAL expects transit passengers’ share in total to increase to 25-26 per cent by 2015-16. That would put Delhi in the league of global airport hubs like Chicago and Hong Kong (where transit passengers account for 26 per cent of total) and Bangkok (around 40 per cent). Airports like Singapore and Dubai, which hardly have any domestic business, have more than 50 per cent of their business coming from transit passengers.
DIAL, the GMR Infra-led consortium that operates the Delhi airport, also expects full-service carriers like Tata-Singapore Airlines to start long-haul flights using Delhi as a hub, especially with the government planning to remove the restrictions — such as five years of operational experience and a fleet of at least 20 aircraft — on domestic carriers flying abroad.
“The number of transit passengers at Delhi’s T3 (Terminal 3) has gone up substantially in the past three years. With Air India moving into Star Alliance, we expect a lot of partner airlines to make India the hub. We expect transit traffic to account for 25-26 per cent of passengers by 2015-16,” said Kiran Jain, head of airline marketing and route development at DIAL.
According to data available with International Air Transport Association (IATA), transit passengers constituted 16 per cent of the Delhi airport’s total passenger traffic last financial year, compared with 12.74 per cent in 2011-12. In 2012-13, DIAL saw 5.47 million transit passengers using the airport — the growth in transit passengers came even as total passenger throughput declined around seven per cent to 34.39 million.
“The share of transit passengers in the total traffic is around 19.6 per cent. Most of these passengers come from neighbouring countries like Nepal, Bangladesh and Sri Lanka. But, with Air India starting direct flights to Birmingham, Sydney and Melbourne, we see passengers from Europe transiting in Delhi before travelling to Australia. At least 12 per cent of the passengers on Air India-Birmingham flights will transit at Delhi to go to Australia every day. Also, many will come from Birmingham and transit to domestic destinations and neighbouring countries. The total transit passengers on this route is 75 per cent,” said Pradeep Panicker, chief commercial officer (aero), DIAL.
In 2013-14, DIAL expects a transit traffic of 6,598,268 - an increase of 20.6 per cent from the previous year.
Air India accounts for a little over 41 per cent of transit passengers at the Delhi airport. The state-run carrier, which feeds traffic at the airport from Indian cities and regional international destinations going to Europe, US and Australia, is followed by Jet Airways and IndiGo. Also, China Airlines flies from Taipei to Rome, transiting from Delhi and Ethiopian Airlines flies from Adis Ababa to Beijing via Delhi.
Industry experts expect the proportion of transit passenger in the total to go up substantially after Tata-SIA starts operations. "SIA could use New Delhi to launch new flights to North and South America, alongside its Indian subsidiary, while picking up domestic feed traffic, thereby remedying SIA's network deficiencies," said Hong Kong-based aviation analyst Daniel Tsang.
According to Centre for Asia Pacific Aviation (Capa), about 40 per cent of international traffic out of India travels to its final destination through an intermediate offshore airport. As much as half of such traffic is captured by hubs in West Asia. With Tata-SIA starting domestic operations, the Delhi airport is likely to get a boost in realising its potential.
"Delhi airport's position as a global hub will get a boost with both Air India and Tata-SIA using it as a hub for long-haul flights," said Amber Dubey, partner & head (aerospace and defence), KPMG
Shopping malls to grow in size, numbers in 2014: Report
New Delhi: Net addition to mall space in Chennai, Delhi, Bangalore, Mumbai, Kolkata, Hyderabad and Pune is set to more than double to 11.6 million square feet in 2014. This will take up the mall stock across India’s metropolitan cities to 87.7 million sq feet by the end of the year, according to a new report by real estate consultancy firm Jones Lang LaSalle.
At the end of 2013, the built-up mall area across these seven cities stood at 76 million sq feet. It is estimated this will cross the 100 million sq feet mark in 2016, touching 107.8 million sq feet in 2017.
City statistics
Among the cities, Delhi and Mumbai lead the rest of the country in terms of the highest concentration of shopping malls, accounting for 62 per cent of pan-India mall stock. They are followed by Chennai and Bangalore, which together constitute around 20 per cent of built-up mall space in the country. In 2013, net addition of approximately 5.2 million sq feet of mall space was registered, translating into a 22 per cent in crease in comparison to the previous year. Chennai led with creation of nearly 2 million sq feet of fresh supply, followed by Mumbai and Pune. But in 2014, Delhi is expected to be the driver for net addition of shopping malls in the metros.
Design trends
The report suggests that the average size of malls is likely to increase in the coming years as developers are focusing on project sizes that allow for a critical mass in terms of various formats and categories under one roof. In 2014, the average size of malls is estimated at around 3.8 lakh square feet, which is expected to increase to 4.7 lakh square feet in 2015 and further to 6.6 lakh square feet in 2017.
There is also an increasing trend among upcoming malls to adopt a structured approach in planning, execution and launch, Jones Lang LaSalle says. The importance of formulating an optimal tenant mix to ensure maximum utilisation of retail space is now recognised and accepted by major mall developers. This will enable them to cash in on retailer interest in upcoming projects that offer not just a good location, but have been optimised in terms of design and their trade and tenant mix.
At the end of 2013, the built-up mall area across these seven cities stood at 76 million sq feet. It is estimated this will cross the 100 million sq feet mark in 2016, touching 107.8 million sq feet in 2017.
City statistics
Among the cities, Delhi and Mumbai lead the rest of the country in terms of the highest concentration of shopping malls, accounting for 62 per cent of pan-India mall stock. They are followed by Chennai and Bangalore, which together constitute around 20 per cent of built-up mall space in the country. In 2013, net addition of approximately 5.2 million sq feet of mall space was registered, translating into a 22 per cent in crease in comparison to the previous year. Chennai led with creation of nearly 2 million sq feet of fresh supply, followed by Mumbai and Pune. But in 2014, Delhi is expected to be the driver for net addition of shopping malls in the metros.
Design trends
The report suggests that the average size of malls is likely to increase in the coming years as developers are focusing on project sizes that allow for a critical mass in terms of various formats and categories under one roof. In 2014, the average size of malls is estimated at around 3.8 lakh square feet, which is expected to increase to 4.7 lakh square feet in 2015 and further to 6.6 lakh square feet in 2017.
There is also an increasing trend among upcoming malls to adopt a structured approach in planning, execution and launch, Jones Lang LaSalle says. The importance of formulating an optimal tenant mix to ensure maximum utilisation of retail space is now recognised and accepted by major mall developers. This will enable them to cash in on retailer interest in upcoming projects that offer not just a good location, but have been optimised in terms of design and their trade and tenant mix.
India awarded 20 projects worth Rs. 6000 cr; 100 mn MMT of port capacity in 9-mth
Mumbai: India awarded 20 projects worth Rs. 6000 crore, creating100 million metric tonnes (MMT) of port capacity in the first 9 months of this financial year, Vishwapati Trivedi, Secretary, Ministry of Shipping said at an industry conference in Mumbai.
"We have already awarded 20 projects which have a capacity of a little over 100 MMT as against the target 30 projects which will boost the capacity by 250 MMT," he said.
Another 150 million metric tonnes of capacity will be created in the next 3 months of this financial year. Jawaharlal Nehru Port Trust's (JNPT) upcoming fourth container terminal will contribute 64 million metric tonnes to this, he added.
This much delayed container terminal is expected to be awarded in the next one month, Trivedi said. The secretary also said the cash-strapped Dredging Corp of India will borrow Rs. 1000 crore from cash surplus ports such as JNPT in Mumbai, Kandla in Gujarat and Paradip in Odisha. The company's second quarter net profit fell 21.6% to Rs. 9.89 crore.
"We have already awarded 20 projects which have a capacity of a little over 100 MMT as against the target 30 projects which will boost the capacity by 250 MMT," he said.
Another 150 million metric tonnes of capacity will be created in the next 3 months of this financial year. Jawaharlal Nehru Port Trust's (JNPT) upcoming fourth container terminal will contribute 64 million metric tonnes to this, he added.
This much delayed container terminal is expected to be awarded in the next one month, Trivedi said. The secretary also said the cash-strapped Dredging Corp of India will borrow Rs. 1000 crore from cash surplus ports such as JNPT in Mumbai, Kandla in Gujarat and Paradip in Odisha. The company's second quarter net profit fell 21.6% to Rs. 9.89 crore.
India & UK signs MoU to enhance the collaboration within the framework of UKIERI
New Delhi: A Memorandum of Understanding has been signed between Department for Business Innovation and Skills (BIS) and Ministry of Labour & Employment (MoLE) to enhance the collaboration within the framework of UK India Education and Research Initiative (UKIERI) . The signing took pkace here in New Delhi today after a bilateral meeting held between the delegations led by between Minister of State (L&E), Government of India Shri K. Suresh, and Minister Mr. Matthew Hancock, Minister of State for Skills & Enterprise, United Kingdom.
The key points of the memorandum are as fpllows:
Focus of this MOU is to collaborate and build partnership in the area of Skills Development and Employment Services. The MoU will be the guiding document for overall collaboration under which the following activities will be supported:
Institutional capacity building of UK and Indian official and institutes handling skill development and employment services
Sharing of technical expertise, building linkages and identification of gaps in the areas of skill development and employment services, improvement in curriculum, benchmarking of assessment, certification and training methods.
Supporting development of employment services in India on the lines of National Careers Service, UK.
Other beneficial projects, in the area of skill development and employment services, mutually agreed.
As a first step, UKIERI will facilitate partnership of Indian stakeholders with the existing Career Services in the UK. Best practices from the UK will be shared with MoLE and other stakeholders to help develop the Indian model. A workshop in this regard would be jointly organized by MoL&E and UKIERI in February 2014. This initiative will be jointly funded by MoLE and UKIERI. The India cost will be borne by MoLE and the UK cost will be borne by UKIERI.
India and the UK will partner on Mentor Councils in the identified priority sectors in responding to the skills demand in the sector and would cover an entire spectrum viz. restructuring of courses, curriculum development, identification and development of good teaching and learning aids, training of trainers with quality, devising assessment mechanisms, improving on the job training etc.
UKIERI will support in providing UK experts for the Mentor Councils for upto 10 sectors through institutional partnership between the MCs set up by MoLE and the National Skill Academies in the UK. Each partnership will be jointly funded by MoLE and UKIERI. The Indian cost of the partnership will be borne by MoLE and the UK cost of the partnership will be borne by UKIERI.
The key points of the memorandum are as fpllows:
Focus of this MOU is to collaborate and build partnership in the area of Skills Development and Employment Services. The MoU will be the guiding document for overall collaboration under which the following activities will be supported:
Institutional capacity building of UK and Indian official and institutes handling skill development and employment services
Sharing of technical expertise, building linkages and identification of gaps in the areas of skill development and employment services, improvement in curriculum, benchmarking of assessment, certification and training methods.
Supporting development of employment services in India on the lines of National Careers Service, UK.
Other beneficial projects, in the area of skill development and employment services, mutually agreed.
As a first step, UKIERI will facilitate partnership of Indian stakeholders with the existing Career Services in the UK. Best practices from the UK will be shared with MoLE and other stakeholders to help develop the Indian model. A workshop in this regard would be jointly organized by MoL&E and UKIERI in February 2014. This initiative will be jointly funded by MoLE and UKIERI. The India cost will be borne by MoLE and the UK cost will be borne by UKIERI.
India and the UK will partner on Mentor Councils in the identified priority sectors in responding to the skills demand in the sector and would cover an entire spectrum viz. restructuring of courses, curriculum development, identification and development of good teaching and learning aids, training of trainers with quality, devising assessment mechanisms, improving on the job training etc.
UKIERI will support in providing UK experts for the Mentor Councils for upto 10 sectors through institutional partnership between the MCs set up by MoLE and the National Skill Academies in the UK. Each partnership will be jointly funded by MoLE and UKIERI. The Indian cost of the partnership will be borne by MoLE and the UK cost of the partnership will be borne by UKIERI.
India, S. Korea sign five pacts
New Delhi: India and South Korea have signed 5 agreements at the end of delegation level talks between visiting South Korean President and PM Manmohan Singh.
These include an agreement on peaceful use of outer space and on Nalanda University.
Manmohan has said India and South Korea have concluded Double Taxation Avoidance Convention.
Singh also invited more Korean investments.
Both the countries agreed to set up a CEO forum.
India has also agreed to provide visa on arrival to Korean tourists.
These include an agreement on peaceful use of outer space and on Nalanda University.
Manmohan has said India and South Korea have concluded Double Taxation Avoidance Convention.
Singh also invited more Korean investments.
Both the countries agreed to set up a CEO forum.
India has also agreed to provide visa on arrival to Korean tourists.
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