Ahmedabad: While the proposed project in Gujarat of the country's largest car maker, Maruti Suzuki, seems to have hit a minor block as reported, another Japanese automotive company, two-wheeler maker Honda Motorcycle and Scooter India (HMSI), is set to soon sign the State Support Agreement (SSA) with the administration here.
A senior state government official said, "The project proposal will soon be moved to the state cabinet, after which the formal SSA could be signed in around a month. The chief secretary has already approved the company's proposal."
HMSI is learnt to have bought around 200 acres of private land at Vithlapur in the Mandal region of this district at Rs 15-20 lakh an acre to set up its fourth manufacturing unit in the country. The company could not be reached for a comment.
The parent group's passenger car outfit, Honda Cars India Ltd (HCIL), is also scouting for land in the same region. Government sources claim the car-maker requires around 250 acres and is hoping to buy privately.
Senior HMSI officials had visited Gandhinagar last November to finalise details on the SSA. The company intends to invest about Rs 1,000 crore on the Gujarat project. The state government offers certain standard incentives for all projects entailing an investment of at least Rs 1,000 crore, such as value-added-tax refunds and waivers on stamp duty and registration fee.
The two-wheeler maker aims to sell 4.5 million units in FY15, up from the 3.72 mn sold in 2013-14, mainly on the back of two new motorcycles expected to be launched later this year, and its recently launched scooter, the Activa 125.
The company currently has three manufacturing facilities in the country, one at Manesar in Haryana (1.6 mn units annual capacity), another at Tapukara in Rajasthan (1.2 mn units annually) and the third at Narsapura in Karnataka (1.2 mn). HMSI is adding another 600,000 units at the Karnataka plant, taking its capacity to 1.8 mn annually. With this expansion, the cumulative annual production capacity would be around 4.6 mn units.
Vithlapur is only a few kilometres away from the site of Maruti Suzuki's proposed plant, at Hansalpur in the Mandal region. Maruti Suzuki has also bought a land parcel at Vithlapur for future expansion. The area is around 110 km from this city, between Sanand on one side and Mehsana town on the other.
Success in my Habit
Monday, June 2, 2014
Marine product exports zoom to record $5 b
At a news conferenceLeena Nair, chairperson of the Marine Products Export Development Authority (MPEDA), said the total export earnings were $5.007 billion ( Rs. 30,213 crore.) In rupee terms, the growth was a whopping 60 per cent over the previous year, though in dollar terms this was 42.60 per cent. In the previous year, the earnings were $3,512 million.
In quantity terms, 9,83,756 tonnes were exported, an increase of around 6 per cent. Fish items were the largest chunk in terms of quantity, though when it came to value, frozen shrimp was the biggest money earner. More than three lakh tonnes of shrimp were exported, of which 73 per cent was cultured. There was also a 35 per cent increase in unit value – black tiger shrimp secured the highest value.
Among regions, South-East Asia continued to be the largest buyer of Indian marine products with a share of 26.38 per cent, followed by the US with a share of 25.68 per cent. The European Union is the third largest buyer with 20.24 per cent share, followed by Japan at 8.21 per cent, other countries 8.20 per cent, China 5.85 per cent and West Asia 5.45 per cent.
One reason for the higher exports is increased production of L. Vannamei shrimp, whose exports to the US market jumped to 59.63 per cent. Export of frozen shrimp rose by 7.38 per cent in quantity terms and 28.23 per cent in dollar terms.
Nair said lower exports from Thailand and other prawn-producing countries because of a disease that had afflicted their aquaculture. On the other hand, depreciation of the rupee against the dollar and increased production of vannamei in Andhra Pradesh and other States helped in higher earnings from prawns. The quality of Indian prawns and other marine products had improved remarkably – contributing significantl to the rise in unit price. Participation in major global seafood fairs also had helped.
In quantity terms, 9,83,756 tonnes were exported, an increase of around 6 per cent. Fish items were the largest chunk in terms of quantity, though when it came to value, frozen shrimp was the biggest money earner. More than three lakh tonnes of shrimp were exported, of which 73 per cent was cultured. There was also a 35 per cent increase in unit value – black tiger shrimp secured the highest value.
Among regions, South-East Asia continued to be the largest buyer of Indian marine products with a share of 26.38 per cent, followed by the US with a share of 25.68 per cent. The European Union is the third largest buyer with 20.24 per cent share, followed by Japan at 8.21 per cent, other countries 8.20 per cent, China 5.85 per cent and West Asia 5.45 per cent.
One reason for the higher exports is increased production of L. Vannamei shrimp, whose exports to the US market jumped to 59.63 per cent. Export of frozen shrimp rose by 7.38 per cent in quantity terms and 28.23 per cent in dollar terms.
Nair said lower exports from Thailand and other prawn-producing countries because of a disease that had afflicted their aquaculture. On the other hand, depreciation of the rupee against the dollar and increased production of vannamei in Andhra Pradesh and other States helped in higher earnings from prawns. The quality of Indian prawns and other marine products had improved remarkably – contributing significantl to the rise in unit price. Participation in major global seafood fairs also had helped.
Government readies Rs 10,000 crore VC fund for MSMEs
New Delhi: The government is readying a Rs 10,000 crore venture fund for micro, small and medium enterprises (MSMEs) in a bid bolster the flow of funds to the sector that accounts for 45% of manufacturing activity and 40% of exports.
Sources said that the proposal was discussed with the finance minister Arun Jaitley during a presentation made by the department of financial services on Thursday. They added that the new VC fund aimed to boost startups will be based on priority sector lending by banks and will have a seven-year tenure.
The fund will replace the Rs 5,000 crore India Opportunities Venture Fund (IOVF) that was launched by Sidbi in 2012. The sources said that the fund, with a three-year tenure did not take off prompting the government to plan a new fund.
In fact, even the Reserve Bank of India had certain concerns, which is now prompting the government to underwrite the losses.
Funding to MSMEs has been a major area of concern as entrepreneurs often find it tough to raise equity.
The new fund may be announced in the Budget, scheduled for the first week of July, said sources, since the broad contours have been worked out by the finance ministry. In any case, MSMEs, given the large job potential, is a key focus area of the government.
In fact, even commerce & industry minister Nirmala Sitharaman tweeted on Friday that she has asked her officials to focus on labour-intensive sectors as it is key to job creation in manufacturing.
Sources said that the proposal was discussed with the finance minister Arun Jaitley during a presentation made by the department of financial services on Thursday. They added that the new VC fund aimed to boost startups will be based on priority sector lending by banks and will have a seven-year tenure.
The fund will replace the Rs 5,000 crore India Opportunities Venture Fund (IOVF) that was launched by Sidbi in 2012. The sources said that the fund, with a three-year tenure did not take off prompting the government to plan a new fund.
In fact, even the Reserve Bank of India had certain concerns, which is now prompting the government to underwrite the losses.
Funding to MSMEs has been a major area of concern as entrepreneurs often find it tough to raise equity.
The new fund may be announced in the Budget, scheduled for the first week of July, said sources, since the broad contours have been worked out by the finance ministry. In any case, MSMEs, given the large job potential, is a key focus area of the government.
In fact, even commerce & industry minister Nirmala Sitharaman tweeted on Friday that she has asked her officials to focus on labour-intensive sectors as it is key to job creation in manufacturing.
US, India green councils to focus on knowledge exchange
Hyderabad: The green building councils of India and the US are strengthening their association for the next 10 years to focus on areas of knowledge exchange and work on the green building movement in India.
The licence agreement that Indian Green Building Council (IGBC) and the US Green Building Council (USGBC) signed in 2004 comes ends in June and a new agreement is being signed for the next 10 years to work in the areas of advocacy, knowledge exchange and market transformation. The LEED India projects that are already registered with IGBC will be certified by IGBC till end of 2018. Starting July 1, LEED projects in India will be registered and certified directly by GBCI, the certification institute appointed by USGBC.
Prem C Jain, Chairman, IGBC, said “LEED India rating, which is for commercial buildings, forms about 25 per cent of the total built-up area registered with IGBC, for green building projects in India. Very soon, rating systems for green schools and affordable housing segments will be launched.”
CII Indian Green Building Council (IGBC) has recently crossed the milestone of 2 billion sq. ft built-up area of green building projects registered with the Council. It plans to have 10 billion sq ft by 2022 when India will be 75 years post-independence.
Mahesh Ramanujam, Chief Operating Officer, USGBC and President, GBCI, said “Over the past 10 years, IGBC has been instrumental in mobilising the green building movement in India and helping establish LEED India as a key driver for market transformation.”
The licence agreement that Indian Green Building Council (IGBC) and the US Green Building Council (USGBC) signed in 2004 comes ends in June and a new agreement is being signed for the next 10 years to work in the areas of advocacy, knowledge exchange and market transformation. The LEED India projects that are already registered with IGBC will be certified by IGBC till end of 2018. Starting July 1, LEED projects in India will be registered and certified directly by GBCI, the certification institute appointed by USGBC.
Prem C Jain, Chairman, IGBC, said “LEED India rating, which is for commercial buildings, forms about 25 per cent of the total built-up area registered with IGBC, for green building projects in India. Very soon, rating systems for green schools and affordable housing segments will be launched.”
CII Indian Green Building Council (IGBC) has recently crossed the milestone of 2 billion sq. ft built-up area of green building projects registered with the Council. It plans to have 10 billion sq ft by 2022 when India will be 75 years post-independence.
Mahesh Ramanujam, Chief Operating Officer, USGBC and President, GBCI, said “Over the past 10 years, IGBC has been instrumental in mobilising the green building movement in India and helping establish LEED India as a key driver for market transformation.”
AirAsia India set to take off on June 12
Mumbai/New Delhi: After months of anticipation, AirAsia India is set to take to the skies on June 12, with the Directorate General of Civil Aviation (DGCA) on Thursday approving the airline’s flight schedules.
Sources said DGCA had allowed AirAsia India to fly twice a day on the Chennai-Bangalore-Chennai route and once a day on the Bangalore-Goa-Bangalore route.
According to data available with DGCA, there are 14 daily flights between Chennai and Bangalore and five between Bangalore and Goa, according to the summer schedule for this year.
“As of now, they have only three aircraft. They have secured permission to start commercial operations with three daily flights on the Chennai-Bangalore and Bangalore-Goa routes. The approvals are subject to the airline having a total fleet of five aircraft at the end of the first year of operations,” said a source.
Budget carrier SpiceJet responded promptly to AirAsia’s announcement, offering tickets for as low as Rs 1,499, excluding taxes, on the Chennai-Bangalore and Bangalore-Goa routes. This limited inventory offer is for travel after June 12.
“As part of the ongoing policy of the airline to stimulate the market by offering attractive fares and grow the travel sector, SpiceJet is glad to come out with this special offer on high demand routes such as Goa and Chennai from Bangalore,” said Kaneswaran Avili, chief commercial officer, SpiceJet.
For AirAsia’s domestic services, tickets would be sold from Friday, group chief executive Tony Fernandes tweeted on Thursday. He, however, didn’t disclose the routes on which AirAsia India would commence services.
“Very, very proud to announce AirAsia India open for sale tomorrow. Wow! First flight June 12. See you all in India on the 12th,” Fernandes tweeted.
It was expected the airline would make a formal announcement on its first flight in the evening, but this was postponed. AirAsia India chief executive Mittu Chandilya said he was busy at meetings in New Delhi.
AirAsia remained tight-lipped about plans on its routes. Sources said earlier this week, the airline had told travel agents bookings for the Bangalore-Goa route would open on Friday. Earlier this month, the airline had secured an operating permit from DGCA. The approval, however, was contingent upon the outcome of suits against the airline — Bharatiya Janata Party leader Subramanian Swamy and the Federation of Indian Airlines had moved court against the government’s approval to the airline, saying this violated foreign direct investment norms. The Delhi High Court is set to hear the petition on July 11.
AirAsia is known for its ultra low-cost fares and promotional offers; it offers free and discounted tickets. Earlier this month, Chandilya had said the airline would offer fares at 30-35 per cent discounts compared to rivals. Apart from its own website, the airline will sell tickets through online portals and leading offline agents.
“We will break even in four months. My partners will expect no less of me. We will be disruptive in pricing. My competitor is not other airlines operating in this country. My benchmark is the first class fare offered by the railways. Yes…the kicker for me is low fares. But quality of service, safety standards, reliability and on-time performance are very important hygiene factors,” Chandilya had told Business Standard.
AirAsia India, a joint venture between Malaysian low-cost airline AirAsia, the Tata group and Telesetra Tradeplace, indicated it would start operations from Chennai and connect tier-II and -III cities. Initially, the airline had said it wouldn’t fly to the Delhi and Mumbai airports because of high airport charges, but earlier this month, Fernandes said the airline was considering flights to these two cities, too.
Sources said DGCA had allowed AirAsia India to fly twice a day on the Chennai-Bangalore-Chennai route and once a day on the Bangalore-Goa-Bangalore route.
According to data available with DGCA, there are 14 daily flights between Chennai and Bangalore and five between Bangalore and Goa, according to the summer schedule for this year.
“As of now, they have only three aircraft. They have secured permission to start commercial operations with three daily flights on the Chennai-Bangalore and Bangalore-Goa routes. The approvals are subject to the airline having a total fleet of five aircraft at the end of the first year of operations,” said a source.
Budget carrier SpiceJet responded promptly to AirAsia’s announcement, offering tickets for as low as Rs 1,499, excluding taxes, on the Chennai-Bangalore and Bangalore-Goa routes. This limited inventory offer is for travel after June 12.
“As part of the ongoing policy of the airline to stimulate the market by offering attractive fares and grow the travel sector, SpiceJet is glad to come out with this special offer on high demand routes such as Goa and Chennai from Bangalore,” said Kaneswaran Avili, chief commercial officer, SpiceJet.
For AirAsia’s domestic services, tickets would be sold from Friday, group chief executive Tony Fernandes tweeted on Thursday. He, however, didn’t disclose the routes on which AirAsia India would commence services.
“Very, very proud to announce AirAsia India open for sale tomorrow. Wow! First flight June 12. See you all in India on the 12th,” Fernandes tweeted.
It was expected the airline would make a formal announcement on its first flight in the evening, but this was postponed. AirAsia India chief executive Mittu Chandilya said he was busy at meetings in New Delhi.
AirAsia remained tight-lipped about plans on its routes. Sources said earlier this week, the airline had told travel agents bookings for the Bangalore-Goa route would open on Friday. Earlier this month, the airline had secured an operating permit from DGCA. The approval, however, was contingent upon the outcome of suits against the airline — Bharatiya Janata Party leader Subramanian Swamy and the Federation of Indian Airlines had moved court against the government’s approval to the airline, saying this violated foreign direct investment norms. The Delhi High Court is set to hear the petition on July 11.
AirAsia is known for its ultra low-cost fares and promotional offers; it offers free and discounted tickets. Earlier this month, Chandilya had said the airline would offer fares at 30-35 per cent discounts compared to rivals. Apart from its own website, the airline will sell tickets through online portals and leading offline agents.
“We will break even in four months. My partners will expect no less of me. We will be disruptive in pricing. My competitor is not other airlines operating in this country. My benchmark is the first class fare offered by the railways. Yes…the kicker for me is low fares. But quality of service, safety standards, reliability and on-time performance are very important hygiene factors,” Chandilya had told Business Standard.
AirAsia India, a joint venture between Malaysian low-cost airline AirAsia, the Tata group and Telesetra Tradeplace, indicated it would start operations from Chennai and connect tier-II and -III cities. Initially, the airline had said it wouldn’t fly to the Delhi and Mumbai airports because of high airport charges, but earlier this month, Fernandes said the airline was considering flights to these two cities, too.
Japan's Isuzu Motors plans to sell 50,000 pickup vehicles in India
Gurgaon: Japan's Isuzu Motors aims to sell 50,000 pickup vehicles in India in the next few years to gain market leadership, a top company executive has said. The company, which has a fully owned subsidiary in Chennai, has earmarked Rs 3,000 crore for a 120,000 units per year manufacturing facility close by.
"We have an ambitious plan for the Indian market with our range of globally renowned pickup trucks," Takashi Kikuchi, president and managing director of Isuzu Motors India Pvt Ltd, told ET, adding that the company has started assembling DMax pickups at Hindustan Motors' Chennai plant.
Pickup vehicles, popular in the West, are generally jeeps with rear payload carrying flat bodies. Of the 160,000 pickup vehicles sold in India every year, more than half are manufactured by Mahindra& Mahindra. The other two major Indian manufacturers are Tata Motors and Force Motor.
"We will crank up sales once our own facility in Sri City, in the southern part of Andhra Pradesh, gets on stream in 2016. We are aiming high sales with D-Max in the high-end segment, which is one of the largest selling pickup trucks in the world, to cater to the burgeoning Indian market for stylish and powerful pick-up vehicles with a high lifestyle quotient as owner driven vehicles," Kikuchi said.
According to Isuzu executives, the 1-1.2 tonne pickup segment in India is set to become the world's largest pickup vehicle market by 2023, with expected sales of over 800,000 units.
Isuzu, a relatively late entrant into the Indian pickup vehicle market, was supplying diesel engines to Hindustan Motors for its iconic Ambassador cars, production of which was stopped in April this year. The automaker, which started its India operations in 2012, is relying on its reputation for making tough and durable diesel engine vehicles to make a mark in the country.
"We have been one of the largest diesel engine manufacturers globally, which are high on quality and mileage. We plan to have edge over our competitors in India in the pickup vehicles segment, which is poised to grow exponentially," Kikuchi said.
"We have an ambitious plan for the Indian market with our range of globally renowned pickup trucks," Takashi Kikuchi, president and managing director of Isuzu Motors India Pvt Ltd, told ET, adding that the company has started assembling DMax pickups at Hindustan Motors' Chennai plant.
Pickup vehicles, popular in the West, are generally jeeps with rear payload carrying flat bodies. Of the 160,000 pickup vehicles sold in India every year, more than half are manufactured by Mahindra& Mahindra. The other two major Indian manufacturers are Tata Motors and Force Motor.
"We will crank up sales once our own facility in Sri City, in the southern part of Andhra Pradesh, gets on stream in 2016. We are aiming high sales with D-Max in the high-end segment, which is one of the largest selling pickup trucks in the world, to cater to the burgeoning Indian market for stylish and powerful pick-up vehicles with a high lifestyle quotient as owner driven vehicles," Kikuchi said.
According to Isuzu executives, the 1-1.2 tonne pickup segment in India is set to become the world's largest pickup vehicle market by 2023, with expected sales of over 800,000 units.
Isuzu, a relatively late entrant into the Indian pickup vehicle market, was supplying diesel engines to Hindustan Motors for its iconic Ambassador cars, production of which was stopped in April this year. The automaker, which started its India operations in 2012, is relying on its reputation for making tough and durable diesel engine vehicles to make a mark in the country.
"We have been one of the largest diesel engine manufacturers globally, which are high on quality and mileage. We plan to have edge over our competitors in India in the pickup vehicles segment, which is poised to grow exponentially," Kikuchi said.
Applications for green nod to go online: Javadekar
New Delhi: Transparency appears to be the key word for the new Government. Prakash Javadekar, who took charge Minister of State (Independent Charge) of Environment, Forest and Climate Change on Thursday, introduced new online forms for submission of applications, which, he said, would help the Ministry function in a more transparent manner.
Javadekar, who holds dual charge of the Ministries of Information and Broadcasting and Environment and Forests, said the move would ensure transparency in the application process, along with easy communication between the applicants and the Ministry.
Along with online applications, the Ministry will monitor status of applications in the real-time, and ensure speedy decisions.
Javadekar, who met at least 100 director-level officials of the Ministry, earlier in the day, to review operations, announced his intention to bring down the maximum time for clearances to 60 days eventually.
In the past, lack of communication and gap in ambitions between the Union Environment Ministry and State departments has been blamed for delays. However, Javadekar said he would call for a conference with all State Environment and Forest Ministers to ensure cooperation.
Javadekar, who holds dual charge of the Ministries of Information and Broadcasting and Environment and Forests, said the move would ensure transparency in the application process, along with easy communication between the applicants and the Ministry.
Along with online applications, the Ministry will monitor status of applications in the real-time, and ensure speedy decisions.
Javadekar, who met at least 100 director-level officials of the Ministry, earlier in the day, to review operations, announced his intention to bring down the maximum time for clearances to 60 days eventually.
In the past, lack of communication and gap in ambitions between the Union Environment Ministry and State departments has been blamed for delays. However, Javadekar said he would call for a conference with all State Environment and Forest Ministers to ensure cooperation.
Kenyan delegation visits NDDB for assistance on milk Co-Ops
Ahmedabad/Anand: In a bid to promote dairy business in Kenya, Kenya Dairy Farmer Foundation (KDFF) and East Africa Dairy Development Project of Heifer International sought assistance from the National Dairy Development Board (NDDB) on forming cooperatives for milk procurement, processing and marketing.
A high-profile delegation led by Richard Kiprono Tuwei, Chairman, KDFF accompanied by a five member delegation from KDFF and East Africa Dairy Development Project of Heifer International visited NDDB, Anand on May 28. The delegation held discussions with Shri T Nandkumar, Chairman, NDDB.
The delegation requested NDDB to assist in exploring the prospects of organising milk cooperatives for procurement, processing and marketing in Kenya. Also they sought need-based assistance in training and capacity building for milk producers and other stake holders. The Chairman, NDDB agreed to provide support for the same, a statement reads.
The discussions were held on the innovations introduced by NDDB in Animal Breeding, Health and Nutrition which could contribute to increasing productivity. The delegation was also briefed about NDDB's training modules and contributions of the Engineering services to the dairy sector in the country. Initiatives taken by NDDB for balanced Ration and reduction of methane emission, Urea Molasses Block Production, Mineral Mixture and Bypass Protein were explained.
A high-profile delegation led by Richard Kiprono Tuwei, Chairman, KDFF accompanied by a five member delegation from KDFF and East Africa Dairy Development Project of Heifer International visited NDDB, Anand on May 28. The delegation held discussions with Shri T Nandkumar, Chairman, NDDB.
The delegation requested NDDB to assist in exploring the prospects of organising milk cooperatives for procurement, processing and marketing in Kenya. Also they sought need-based assistance in training and capacity building for milk producers and other stake holders. The Chairman, NDDB agreed to provide support for the same, a statement reads.
The discussions were held on the innovations introduced by NDDB in Animal Breeding, Health and Nutrition which could contribute to increasing productivity. The delegation was also briefed about NDDB's training modules and contributions of the Engineering services to the dairy sector in the country. Initiatives taken by NDDB for balanced Ration and reduction of methane emission, Urea Molasses Block Production, Mineral Mixture and Bypass Protein were explained.
India and Israel to Further Strengthen Cooperation in Education Sector
Mr. Alon Ushpiz, the Ambassador of Israel to India met Mrs Smriti Irani, Hon’ble Minister of Human Resource Development, on 29th May, 2014 to discuss strengthening of educational relations between India and Israel.
Recalling the close ties in different fields like Science and Technology, Education, Culture, Economic, Commercial etc. between India and Israel, the Hon’ble Minister stressed that education is an engine of growth and collaborative knowledge creation is very important for building a better world.
During the discussion the new Joint Research programme between India and Israel was taken up in which both countries have pledged to take up joint research programmes amounting up to USD 5.0 million per year. It was highlighted that in the first round 66 joint research proposals have been received and the evaluation by the experts from both the sides will start today and will be completed by June, 2014.
Ambassador Mr. Ushpiz informed that Israel offers 200 Post Doctoral fellowships of which about 80 percent are availed by the Indian students. Hon’ble Minister was happy to learn that Israel is also launching another scholarship programme of 40 slots for bachelor and 30 scholarships for Masters programmes in Israel.
The Ambassador also highlighted that Nobel Laureate Ms Ada E Yonath, who received the Nobel Prize in Chemistry with Dr. V. Ramakrishnan will be visiting India during March, 2015. Hon’ble Minister directed the officials that apart from academic conferences and seminars, we should facilitate meetings with young students who would be inspired and motivated towards research in Basic Sciences due to an interaction with Ms. Ada E Yonath.
The Ambassador also invited the Hon’ble Minister to visit Israel.
Recalling the close ties in different fields like Science and Technology, Education, Culture, Economic, Commercial etc. between India and Israel, the Hon’ble Minister stressed that education is an engine of growth and collaborative knowledge creation is very important for building a better world.
During the discussion the new Joint Research programme between India and Israel was taken up in which both countries have pledged to take up joint research programmes amounting up to USD 5.0 million per year. It was highlighted that in the first round 66 joint research proposals have been received and the evaluation by the experts from both the sides will start today and will be completed by June, 2014.
Ambassador Mr. Ushpiz informed that Israel offers 200 Post Doctoral fellowships of which about 80 percent are availed by the Indian students. Hon’ble Minister was happy to learn that Israel is also launching another scholarship programme of 40 slots for bachelor and 30 scholarships for Masters programmes in Israel.
The Ambassador also highlighted that Nobel Laureate Ms Ada E Yonath, who received the Nobel Prize in Chemistry with Dr. V. Ramakrishnan will be visiting India during March, 2015. Hon’ble Minister directed the officials that apart from academic conferences and seminars, we should facilitate meetings with young students who would be inspired and motivated towards research in Basic Sciences due to an interaction with Ms. Ada E Yonath.
The Ambassador also invited the Hon’ble Minister to visit Israel.
Thursday, May 15, 2014
Lemon Tree pumps in Rs. 1,000 cr to ramp up room capacity
Bangalore: Mid-scale hotel chain Lemon Tree Hotels is investing Rs. 1,000 crore to ramp up room capacity from 2,800 to 8,000 across the country by the end of 2017.
In the first phase, about 1,200 rooms will be added in a year.Capital infusion
Lemon Tree has recently received Rs. 300 crore from Dutch pension fund APG, increasing APG’s shareholding in the hotel chain from 5.66 per cent to 13 per cent.
This is in addition to the Rs. 650-crore APG invested in Lemon Tree in 2012. The fresh infusion of capital will be used for development of the company’s under-construction assets and also for acquiring land for developing new hotels. The other three investors in Lemon Tree Hotels are global private equity firm Warburg Pincus, Japan’s Shinsei Bank and Kotak Realty Fund.
“We are the country’s third largest hotel chain that owns and operates rooms after Tata’s IHCL (Indian Hotels Company, the No. 1) and ITC Hotels.
Our ramp-up will include rooms in our upscale brand Lemon Tree Premier, mid-scale brand Lemon Tree Hotels and economy brand Red Fox,” said Sumant Jaidka, COO.
He was in Bangalore for the launch of Lemon Tree Hotel in Whitefield, a 130-room hotel that the company re-branded after acquiring the erstwhile Clarion Hotel last year through Fleur Hotels (a joint venture between Lemon Tree and APG).
The company is looking to increase its footprint in the South, where it currently has over 1,000 rooms in three cities — Bangalore, Hyderabad and Chennai. “We have two resort hotels, one each in Goa and Kerala, and are in the process of finalising two more – one in Aurangabad and the other in Jaipur. We are also in the process of finalising hotels in Coimbatore, Coorg, Kovalam, Ooty and Thiruvananthapuram,” said Jaidka.
Founded in September 2002 by Patu Keswani, the New Delhi-based company currently owns and operates 25 hotels in 15 cities, aggregating 2,800 rooms with 3,000 employees.
Its hotels are located in major destinations such as Ahmedabad, Aurangabad, Bangalore, Chandigarh, Chennai, Dehradun, Delhi, Goa, Gurgaon, Hyderabad, Indore, Jaipur, Kerala, Noida and Pune.
Some of the locations where Lemon Tree hotels are currently under development are – Mumbai, Pune, Kolkata, Udaipur, Hyderabad and Shimla.
In the first phase, about 1,200 rooms will be added in a year.Capital infusion
Lemon Tree has recently received Rs. 300 crore from Dutch pension fund APG, increasing APG’s shareholding in the hotel chain from 5.66 per cent to 13 per cent.
This is in addition to the Rs. 650-crore APG invested in Lemon Tree in 2012. The fresh infusion of capital will be used for development of the company’s under-construction assets and also for acquiring land for developing new hotels. The other three investors in Lemon Tree Hotels are global private equity firm Warburg Pincus, Japan’s Shinsei Bank and Kotak Realty Fund.
“We are the country’s third largest hotel chain that owns and operates rooms after Tata’s IHCL (Indian Hotels Company, the No. 1) and ITC Hotels.
Our ramp-up will include rooms in our upscale brand Lemon Tree Premier, mid-scale brand Lemon Tree Hotels and economy brand Red Fox,” said Sumant Jaidka, COO.
He was in Bangalore for the launch of Lemon Tree Hotel in Whitefield, a 130-room hotel that the company re-branded after acquiring the erstwhile Clarion Hotel last year through Fleur Hotels (a joint venture between Lemon Tree and APG).
The company is looking to increase its footprint in the South, where it currently has over 1,000 rooms in three cities — Bangalore, Hyderabad and Chennai. “We have two resort hotels, one each in Goa and Kerala, and are in the process of finalising two more – one in Aurangabad and the other in Jaipur. We are also in the process of finalising hotels in Coimbatore, Coorg, Kovalam, Ooty and Thiruvananthapuram,” said Jaidka.
Founded in September 2002 by Patu Keswani, the New Delhi-based company currently owns and operates 25 hotels in 15 cities, aggregating 2,800 rooms with 3,000 employees.
Its hotels are located in major destinations such as Ahmedabad, Aurangabad, Bangalore, Chandigarh, Chennai, Dehradun, Delhi, Goa, Gurgaon, Hyderabad, Indore, Jaipur, Kerala, Noida and Pune.
Some of the locations where Lemon Tree hotels are currently under development are – Mumbai, Pune, Kolkata, Udaipur, Hyderabad and Shimla.
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