Hyderabad: India's insurance sector is expected to quadruple to about $250 billion over the next decade from around $60 billion now, according to a report by the Confederation of Indian Industry (CII).
The vision report, prepared by the trade body in partnership with consultancy firm McKinsey & Co. and unveiled by the Insurance Regulatory and Development Authority ( Irda) chairman TS Vijayan in Hyderabad on Thursday , recommends an inclusive and progressive growth strategy for the industry . Such a strategy would enable the Indian life insurance industry to report 12% compounded annual growth rate (CAGR) over the next 10 years to reach $160175 billion from around $46 billion now, the report said. The non-life or general insurance part of the industry is estimated to see 22 per cent CAGR during this period, expanding to $80 billion from around $13 billion now, it said.
Vijayan said the regulator has allowed foreign reinsurance firms to open branches in India.He also announced the regulator's decision on allowing insurance firms to recruit agents on their own, instead of appointing them from those who have qualified in an Irda-organised examination. Vijayan said the upcoming insurance Ordinance has several measures that would support growth. "Our priority would be to protect the interests of the policyholders and we need to ensure the satisfaction of the customer for which we are bringing certain changes in the new Act," he said, adding that the sec . 50,000 crore of fresh capital to tor needs at least ` achieve coverage of 6% from the existing 4 per cent.The life insurance segment would require more capital over general insurance, he said.
Analjit Singh, head of the CII national committee on insurance and pensions and chairman of Max India, said the industry has the potential to grow three to five times in size over the next decade. "For this to happen, policy action by the regulator, collaboration between players, individual player's push to develop distribution and technical capabilities would be critical," he said.
Success in my Habit
Tuesday, March 3, 2015
Go green: Govt targets 175,000 mw clean energy by 2022
Bengaluru: In order to generate more electricity from clean energy sources, the government announced a massive renewable power production target of 175,000 megawatt (mw) by 2022.
The revised total target, which includes 100,000 mw from solar power, 60,000 mw from wind energy, 10,000 mw from biomass energy and 5,000 mw from small hydro power projects, has excited the industry.
At present, renewable energy contributes about 6.5% to the electricity mix. It is proposed that this would be taken to about 12% in the next three years.
Electrification of the remaining 20,000 villages through means such as off-grid solar power generation, was also good news for the renewable energy sector.
The cess on coal was doubled to Rs 200 per tonne from Rs 100 per tonne, which will boost renewable energy financing. The cess is collected as National Clean Energy Fund and is disbursed for renewable energy-based initiatives and power projects.
"The budget has further reinforced a positive sentiment already prevailing among the various stakeholders in the power sector," said Madhusudan M Chakrapani, chief technology officer, RE Connect Energy Solutions. "Most significant growth will be seen in solar sector capacity, which will increase from 3.5 gigawatt (gw) today to 100 gw in seven years, and will help catalyse the renewable industry further. Additional depreciation of 20% allowed on distributed power generation (taking it to 100% depreciation in the first year) will also benefit rooftop solar deployment."
However, industry officials say lack of clarity on fund allocation is a dampener.
Policy measures for achievement of the highly-stretched goal of renewable energy have not been detailed out, said Manish Aggarwal, head of energy and natural resources, KPMG.
"The general emphasis on renewable energy and revised target of 175 gw is not adequate to make capacity creation happen in reality," said Anish De, partner, KPMG. "Unlike rail and roads, tax-free bonds have not been specifically proposed for this sector. It would have been better to propose specific allocations and measures, especially on availability of low-cost funds for the renewable energy sector."
The revised total target, which includes 100,000 mw from solar power, 60,000 mw from wind energy, 10,000 mw from biomass energy and 5,000 mw from small hydro power projects, has excited the industry.
At present, renewable energy contributes about 6.5% to the electricity mix. It is proposed that this would be taken to about 12% in the next three years.
Electrification of the remaining 20,000 villages through means such as off-grid solar power generation, was also good news for the renewable energy sector.
The cess on coal was doubled to Rs 200 per tonne from Rs 100 per tonne, which will boost renewable energy financing. The cess is collected as National Clean Energy Fund and is disbursed for renewable energy-based initiatives and power projects.
"The budget has further reinforced a positive sentiment already prevailing among the various stakeholders in the power sector," said Madhusudan M Chakrapani, chief technology officer, RE Connect Energy Solutions. "Most significant growth will be seen in solar sector capacity, which will increase from 3.5 gigawatt (gw) today to 100 gw in seven years, and will help catalyse the renewable industry further. Additional depreciation of 20% allowed on distributed power generation (taking it to 100% depreciation in the first year) will also benefit rooftop solar deployment."
However, industry officials say lack of clarity on fund allocation is a dampener.
Policy measures for achievement of the highly-stretched goal of renewable energy have not been detailed out, said Manish Aggarwal, head of energy and natural resources, KPMG.
"The general emphasis on renewable energy and revised target of 175 gw is not adequate to make capacity creation happen in reality," said Anish De, partner, KPMG. "Unlike rail and roads, tax-free bonds have not been specifically proposed for this sector. It would have been better to propose specific allocations and measures, especially on availability of low-cost funds for the renewable energy sector."
Investment in infrastructure to go up by Rs 70,000 crore in 2015-16
New Delhi: The Union Finance Minister Shri Arun Jaitley has proposed an increase in investment in infrastructure by Rs. 70,000 crore in the year 2015-16 over the year 2014-15 from the Centre's funds and resources of CPSEs. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Finance Minister stated that the present state of infrastructure does not match the growth ambitions. Hence he has increased outlay on both the roads and the gross budgetary support to the Railways by Rs. 14,031 crore and Rs. 10,050 crores. The CAPEX of the public sector units is expected to be Rs.3,17,889 crores, an increase of approx. Rs. 80,844 crores over RE 2014-15.
India granted 5,299 patents during April-January in FY15
New Delhi: India has granted as many as 5,299 patents during the April-January period of FY15, according to Ms Nirmala Sitharaman, Minister of State with Independent Charge for Commerce and Industry, Government of India.
The country has granted 4,225, 4,126 and 4,381 patents in 2013-14, 2012-13 and 2011-12, respectively.
"The patents are granted after following the procedures as per the Patents Act 1970...Any Indian company aggrieved by the grant of this patent can also oppose the grant of patent," said Ms Sitharaman.
The country has granted 4,225, 4,126 and 4,381 patents in 2013-14, 2012-13 and 2011-12, respectively.
"The patents are granted after following the procedures as per the Patents Act 1970...Any Indian company aggrieved by the grant of this patent can also oppose the grant of patent," said Ms Sitharaman.
Tuesday, February 17, 2015
Airbus signs largest ever sourcing deal in India
Bengaluru: European aircraft major Airbus, which had sourced more than $400 million worth of components from India in the past year, has signed an agreement with Bengaluru-based Dynamatic Technologies for supply of flap-track beams for its A-330 wide-body planes, for an undisclosed sum.
Under the pact, touted as the largest manufacturing contract between Airbus and a private sector company in India, Dynamatic will assemble all the flap track beams from its Bengaluru facility. Flap track beams are used in the wings of an aircraft.
In the second phase, it will be responsible for the entire supply chain of these beams including sourcing materials, manufacturing and final assembly.
“Airbus partnership with Dynamatic signifies our commitment towards developing the aerospace supply chain in India and thereby supporting thousands of highly-skilled jobs,” Srinivasan Dwarakanath, managing director, Airbus India told reporters.
Dynamatic has manufactured flap-track beam assemblies for Airbus A320 family as a global single-source basis as a tier-2 supplier, from 2010. As part of the agreement, the Indian firm will be the single-source supplier of flap-track beams for the wide-body Airbus A330 family planes, the company said.
With this deal, Dynamatic has emerged as a tier-1 supplier to Airbus. “Through these partnerships, we can proudly claim that there’s a bit of Made in India in all our aircraft programmes,” Dwarakanath said.
Under the pact, touted as the largest manufacturing contract between Airbus and a private sector company in India, Dynamatic will assemble all the flap track beams from its Bengaluru facility. Flap track beams are used in the wings of an aircraft.
In the second phase, it will be responsible for the entire supply chain of these beams including sourcing materials, manufacturing and final assembly.
“Airbus partnership with Dynamatic signifies our commitment towards developing the aerospace supply chain in India and thereby supporting thousands of highly-skilled jobs,” Srinivasan Dwarakanath, managing director, Airbus India told reporters.
Dynamatic has manufactured flap-track beam assemblies for Airbus A320 family as a global single-source basis as a tier-2 supplier, from 2010. As part of the agreement, the Indian firm will be the single-source supplier of flap-track beams for the wide-body Airbus A330 family planes, the company said.
With this deal, Dynamatic has emerged as a tier-1 supplier to Airbus. “Through these partnerships, we can proudly claim that there’s a bit of Made in India in all our aircraft programmes,” Dwarakanath said.
Infosys to acquire automation technology provider Panaya for $200 mn
Bengaluru: In line with the strategy laid out by its Chief Executive and Managing Director Vishal Sikka, Infosys on Monday said it would buy Panaya, which provides automation technology, in an all-cash deal of $200 million (about Rs 1,244 crore). The company said it was expecting all the senior management and employees of Panaya to join. They would report to Abdul Razack, senior vice-president and head (analytics and big data).
The valuation is six times Panaya’s revenues, Infosys said, adding it was a good buy considering the “tremendous piece of technology” Panaya brought to the table. Subject to customary conditions, the transaction is likely to close before March 31.
This will be the Bengaluru-based information technology services company’s second largest acquisition so far. The largest was of Zurich, Switzerland-headquartered management consulting firm Lodestone for $345 million (Rs 1,930 crore) in September 2012.
“The acquisition of Panaya is a key step in renewing and differentiating our service lines. This will help amplify the potential of our people, freeing us from the drudgery of many repetitive tasks, so we may focus more on the important, strategic challenges faced by our clients,” Sikka said in a statement. “At the same time, Panaya’s proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes,” he added.
Founded in 2006, the California, US-headquartered Panaya provides cloud-based services for large-scale enterprise software management. The company, with a little over 400 active accounts from clients such as GE, Coca-Cola, Mercedes-Benz, Apple and Johnson & Johnson, has so far raised about $59 million from private equity players such as Benchmark Capital, Hasso Plattner Ventures, Battery Ventures and Israel Growth Partners. Most of its 156 employees are in Israel.
“I have been a student and admirer of this amazing country [Israel]. It has emerged as the most concentrated area for innovative start-up companies. With this acquisition, we will also have a presence in Israel,” Sikka said during an investor meeting late evening on Monday.
Since assuming charge as the Infosys chief in August last year, Sikka has repeatedly said the company would buy “technologies of tomorrow” in areas such as automation, artificial intelligence, machine learning, big data and analytics. During an analyst call in December, Sikka said Infosys had an “active inorganic strategy” to supplement its growth.
The Panaya acquisition is part of the company’s “renew and new” strategy to increase competitiveness and productivity, Infosys said on Monday. As of December 31, Infosys had cash and cash equivalents of Rs 34,773 crore ($5.53 billion).
Unlike its rivals such as Cognizant and HCL Technologies, Infosys is not seen as an aggressive buyer, notwithstanding its huge cash reserves. Since its inception, the company has acquired only five businesses, including two in the business process management (BPM) market — McCamish ($58 million) and Portland Group (A$34 million).
“We are excited about leveraging Infosys’s global reach, service footprint and broad customer base to deliver compelling, simplifying value to clients. I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market,” said Panaya Chief Executive Doron Gerstel.
The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
The valuation is six times Panaya’s revenues, Infosys said, adding it was a good buy considering the “tremendous piece of technology” Panaya brought to the table. Subject to customary conditions, the transaction is likely to close before March 31.
This will be the Bengaluru-based information technology services company’s second largest acquisition so far. The largest was of Zurich, Switzerland-headquartered management consulting firm Lodestone for $345 million (Rs 1,930 crore) in September 2012.
“The acquisition of Panaya is a key step in renewing and differentiating our service lines. This will help amplify the potential of our people, freeing us from the drudgery of many repetitive tasks, so we may focus more on the important, strategic challenges faced by our clients,” Sikka said in a statement. “At the same time, Panaya’s proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes,” he added.
Founded in 2006, the California, US-headquartered Panaya provides cloud-based services for large-scale enterprise software management. The company, with a little over 400 active accounts from clients such as GE, Coca-Cola, Mercedes-Benz, Apple and Johnson & Johnson, has so far raised about $59 million from private equity players such as Benchmark Capital, Hasso Plattner Ventures, Battery Ventures and Israel Growth Partners. Most of its 156 employees are in Israel.
“I have been a student and admirer of this amazing country [Israel]. It has emerged as the most concentrated area for innovative start-up companies. With this acquisition, we will also have a presence in Israel,” Sikka said during an investor meeting late evening on Monday.
Since assuming charge as the Infosys chief in August last year, Sikka has repeatedly said the company would buy “technologies of tomorrow” in areas such as automation, artificial intelligence, machine learning, big data and analytics. During an analyst call in December, Sikka said Infosys had an “active inorganic strategy” to supplement its growth.
The Panaya acquisition is part of the company’s “renew and new” strategy to increase competitiveness and productivity, Infosys said on Monday. As of December 31, Infosys had cash and cash equivalents of Rs 34,773 crore ($5.53 billion).
Unlike its rivals such as Cognizant and HCL Technologies, Infosys is not seen as an aggressive buyer, notwithstanding its huge cash reserves. Since its inception, the company has acquired only five businesses, including two in the business process management (BPM) market — McCamish ($58 million) and Portland Group (A$34 million).
“We are excited about leveraging Infosys’s global reach, service footprint and broad customer base to deliver compelling, simplifying value to clients. I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market,” said Panaya Chief Executive Doron Gerstel.
The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
293 companies pledge 266 GW clean power
New Delhi: Ambitious renewable energy plans of the Narendra Modi government have captured the imagination of investors.
Close to 300 global and domestic companies have committed to generate 266,000 mega watts (or 266 giga watts) of solar, wind, mini-hydel and bio-mass based power in India over the next 5-10 years.
At a likely average cost of `7-8 crore per mega watt, the 266-GW commitment would translate into an investment of close to `18-21 lakh crore or $310-350 billion.
“Around 293 firms have shown interest to set up renewable power plants in the country and some have assured to manufacture equipment as well,” secretary of ministry of new and renewable energy, Upendra Tripathi, revealed at the first Renewable Energy Global Investors Meet (RE-Invest) in the Capital on Sunday.
In line with Modi’s Make in India plan, the government has also got assurances for setting up close to 50,000 mw of manufacturing and EPC facilities for solar and wind power.
“Renewable energy is one of the 25 sectors identified under Make in India campaign..To create jobs in India, we have to drive the manufacturing sector. I want to see India becoming a renewable energy hub,” power, coal and renewable energy minister Piyush Goyal said.
“What we inherited is a mere 6% share of renewable energy in the India energy basket...and we are looking to expand (it) to over 15% in the next 10 or 12 years,” he said. India’s total renewable energy capacity is around 34,000 mw at present, and Modi is targeting a five-fold capacity increase, he added.
Close to 300 global and domestic companies have committed to generate 266,000 mega watts (or 266 giga watts) of solar, wind, mini-hydel and bio-mass based power in India over the next 5-10 years.
At a likely average cost of `7-8 crore per mega watt, the 266-GW commitment would translate into an investment of close to `18-21 lakh crore or $310-350 billion.
“Around 293 firms have shown interest to set up renewable power plants in the country and some have assured to manufacture equipment as well,” secretary of ministry of new and renewable energy, Upendra Tripathi, revealed at the first Renewable Energy Global Investors Meet (RE-Invest) in the Capital on Sunday.
In line with Modi’s Make in India plan, the government has also got assurances for setting up close to 50,000 mw of manufacturing and EPC facilities for solar and wind power.
“Renewable energy is one of the 25 sectors identified under Make in India campaign..To create jobs in India, we have to drive the manufacturing sector. I want to see India becoming a renewable energy hub,” power, coal and renewable energy minister Piyush Goyal said.
“What we inherited is a mere 6% share of renewable energy in the India energy basket...and we are looking to expand (it) to over 15% in the next 10 or 12 years,” he said. India’s total renewable energy capacity is around 34,000 mw at present, and Modi is targeting a five-fold capacity increase, he added.
Ireland welcomes Indian pharma manufacturing units, offers sops
Hyderabad: Ireland is looking to attract more Indian pharmaceutical firms such as Dr Reddy's and Lupin to set up manufacturing plants by offering tax incentives, having already persuaded some of them to do so.
The European country, which has emerged as the world's largest net exporter of medicines worth 55 billion euros, has already attracted Indian pharmaceutical companies such as Ranbaxy, Wockhardt and Reliance Life Sciences among others.
The island nation currently has plants of eight out of the top 10 global drug makers such as Pfizer. Some of the key attractions include the low cost of real estate and living, apart from the lowest corporate tax rates in Europe.
A delegation of representatives from the Investment and Development Agency (IDA), which seeks out investments, was in Hyderabad recently to explore opportunities. "We are in talks with more Indian phar-maceutical companies in a bid to attract them to invest in Ireland given our strengths in R&D base, API process technologies and highly qualified workforce, apart from attractive cost and tax structures," said India chapter director John Kilmartin. "We attracted six investments from India last year and expecting at least eight investments this year."
Ireland has been encouraging global pharmaceutical firms to set up their manufacturing base in the country and medicines account for nearly half the country's total exports. In the last three years alone, the country managed to attract $3 billion of foreign direct investment into the biopharmaceuticals sector.
Apart from medicine makers that together pumped in over $200 million, Indian technology companies have also invested in Ireland over the years. These include Wipro, Tata Consultancy Services, Tech Mahindra and HCL, among others.
"Ireland is indeed an attractive destination for most pharmaceutical and biotech companies given a strong investment support system, modern infrastructure not to mention access to a highly skilled pharmaceutical workforce," said a Lupin's spokesperson.
Ireland offers the advantage of providing access to the European Union, said India Ratings' pharma analyst Avinash Lodha.
The European country, which has emerged as the world's largest net exporter of medicines worth 55 billion euros, has already attracted Indian pharmaceutical companies such as Ranbaxy, Wockhardt and Reliance Life Sciences among others.
The island nation currently has plants of eight out of the top 10 global drug makers such as Pfizer. Some of the key attractions include the low cost of real estate and living, apart from the lowest corporate tax rates in Europe.
A delegation of representatives from the Investment and Development Agency (IDA), which seeks out investments, was in Hyderabad recently to explore opportunities. "We are in talks with more Indian phar-maceutical companies in a bid to attract them to invest in Ireland given our strengths in R&D base, API process technologies and highly qualified workforce, apart from attractive cost and tax structures," said India chapter director John Kilmartin. "We attracted six investments from India last year and expecting at least eight investments this year."
Ireland has been encouraging global pharmaceutical firms to set up their manufacturing base in the country and medicines account for nearly half the country's total exports. In the last three years alone, the country managed to attract $3 billion of foreign direct investment into the biopharmaceuticals sector.
Apart from medicine makers that together pumped in over $200 million, Indian technology companies have also invested in Ireland over the years. These include Wipro, Tata Consultancy Services, Tech Mahindra and HCL, among others.
"Ireland is indeed an attractive destination for most pharmaceutical and biotech companies given a strong investment support system, modern infrastructure not to mention access to a highly skilled pharmaceutical workforce," said a Lupin's spokesperson.
Ireland offers the advantage of providing access to the European Union, said India Ratings' pharma analyst Avinash Lodha.
PM and Michael Bloomberg announce partnership to advance the Smart Cities Initiative
New Delhi: The Prime Minister, Shri Narendra Modi, and former Mayor of New York City, Mr. Michael Bloomberg, today announced a partnership between Bloomberg Philanthropies and the Ministry of Urban Development, Government of India, to advance the "Smart Cities Initiative."
The Smart Cities Initiative is a historic effort to promote economic growth, improve governance, and deliver more effective and efficient public services to India's urban residents. Under the partnership, Bloomberg Philanthropies will provide assistance to the Ministry of Urban Development to select cities for Smart Cities Mission funding on a continuous basis. This approach is different from the conventional approach, which involved preparation of Detailed Project Reports, and their appraisal and approval by the Central Government. It will ensure that real citizen engagement happens, as people get involved both in design and execution of city development plans. This will actualize the idea of cooperative and competitive federalism.
The Prime Minister described the Smart Cities Initiative as a challenging task, which nevertheless has to be undertaken to improve the quality of life for India's urban citizens with stakeholder's participation.
The Smart Cities Initiative is a historic effort to promote economic growth, improve governance, and deliver more effective and efficient public services to India's urban residents. Under the partnership, Bloomberg Philanthropies will provide assistance to the Ministry of Urban Development to select cities for Smart Cities Mission funding on a continuous basis. This approach is different from the conventional approach, which involved preparation of Detailed Project Reports, and their appraisal and approval by the Central Government. It will ensure that real citizen engagement happens, as people get involved both in design and execution of city development plans. This will actualize the idea of cooperative and competitive federalism.
The Prime Minister described the Smart Cities Initiative as a challenging task, which nevertheless has to be undertaken to improve the quality of life for India's urban citizens with stakeholder's participation.
World's first 3D printer-cum-scanner unveiled
SAN JOSE: The world's first compact 3D printer-cum-scanner that can also scan items has been unveiled at the American Association Advancement of Science (AAAS) annual meeting in San Jose, California.
Blacksmith Group start-up at Nanyang Technological University (NTU) launched Saturday the user-friendly all-in-one device, named the Blacksmith Genesis.
The $2,200 device allows users to scan any item, and then edit the digitized model on the computer and print it out in 3D, Lester Kok, assistant manager of NTU's Corporate Communications Office, told Xinhua news agency Sunday.
"Most 3D printers sold on the market now are not really user-friendly as their 3D models and blueprints usually have to be designed from scratch on the computer," Kok said, "but Blacksmith Genesis doesn't require much knowledge of 3D software."
Unlike other commercial 3D printers, Blacksmith Genesis uses an innovative rotary platform for its printing and scanning. This patent-pending revolving platform allows for true 360-degrees scanning, and can print items up to 6,650 cubic cm, twice the size of those printed by other similar-sized 3D printers in the market.
With a fine resolution of 50 micrometres, the reproductions will be twice as detailed compared to other compact 3D printers. Likewise, scanning of objects with its five megapixel camera takes only six minutes, twice as fast as other 3D scanners in the market.
Another unique feature of Blacksmith Genesis is its remote live monitoring and automatic error detection using an in-built camera. Users can also monitor the printing process on their smartphone from anywhere in the world through an internet connection, and will be able to start or stop printing at any time.
"While low-cost 3D printers are accessible to the public, they are still very hard to programme and assemble. Having an affordable, high-quality 3D printer that is easy to use is what the market is missing and this is where Blacksmith Group will bridge the gap," Chua Chee Kai, the mentor for the Blacksmith Group, said in a press release.
The 3D printer-cum-scanner was created in Singapore with the help of a crowd-funding campaign, raising over $80,000, and its US supporters will be able to get it as early as March.
Blacksmith Group start-up at Nanyang Technological University (NTU) launched Saturday the user-friendly all-in-one device, named the Blacksmith Genesis.
The $2,200 device allows users to scan any item, and then edit the digitized model on the computer and print it out in 3D, Lester Kok, assistant manager of NTU's Corporate Communications Office, told Xinhua news agency Sunday.
"Most 3D printers sold on the market now are not really user-friendly as their 3D models and blueprints usually have to be designed from scratch on the computer," Kok said, "but Blacksmith Genesis doesn't require much knowledge of 3D software."
Unlike other commercial 3D printers, Blacksmith Genesis uses an innovative rotary platform for its printing and scanning. This patent-pending revolving platform allows for true 360-degrees scanning, and can print items up to 6,650 cubic cm, twice the size of those printed by other similar-sized 3D printers in the market.
With a fine resolution of 50 micrometres, the reproductions will be twice as detailed compared to other compact 3D printers. Likewise, scanning of objects with its five megapixel camera takes only six minutes, twice as fast as other 3D scanners in the market.
Another unique feature of Blacksmith Genesis is its remote live monitoring and automatic error detection using an in-built camera. Users can also monitor the printing process on their smartphone from anywhere in the world through an internet connection, and will be able to start or stop printing at any time.
"While low-cost 3D printers are accessible to the public, they are still very hard to programme and assemble. Having an affordable, high-quality 3D printer that is easy to use is what the market is missing and this is where Blacksmith Group will bridge the gap," Chua Chee Kai, the mentor for the Blacksmith Group, said in a press release.
The 3D printer-cum-scanner was created in Singapore with the help of a crowd-funding campaign, raising over $80,000, and its US supporters will be able to get it as early as March.
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