Chandigarh: Public sector lender State Bank of India that offers lowest lending rates for buying homes plans to aggressively tap refinance market in the current financial year. The fast growing market of home loans transferred from other banks consist 25% of the total home loans disbursed by the bank in the last financial year.
"Home loans worth Rs 700 crore out of the total Rs 3000 crore disbursed each month by the bank are those taken over from the other banks," chairman, SBI, Pratip Chaudhuri said at Chandigarh. The bank disbursed home loans of around Rs 30,000 crore in 2012-13, he said. The home loan segment is strong for SBI that offers lowest lending rates of 9.95 per cent for loans below Rs 30 lakh.
Under home loan refinance, customers transfer their home loans to SBI to benefit from lower interest rates and extended repayment schedule.
"The bank has refinanced home loans taken from host of other banks and the market is growing fast," Mr Chaudhuri said. "The home loan segment still has lowest Non-Performing Assets that is less than 1 per cent," the chairman said.
Success in my Habit
Saturday, May 11, 2013
Setting up of new major ports in the states of West Bengal and Andhra Pradesh
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) today approved the proposal of the Ministry of Shipping for:
(i) setting up a new major port at Sagar Island in West Bengal through the Public Private Partnership (PPP) mode by following the extant procedures for project appraisal/approval, including obtaining environmental clearances, etc.
(ii) appointing the transaction advisers and legal consultants and initiate the bidding process for award of the project and to finalize the project structure in consultation with the State Government of West Bengal and the Planning Commission,
(iii) commissioning the techno-economic feasibility reports for the new major port at Dugarajapatnam locations, and
(iv) constituting of an Empowered Committee of Secretaries (ECS), to be chaired by Secretary (Shipping) and comprising Secretary, Department of Economic Affairs, Secretary, Planning Commission, Chairman, Railway Board, Secretary, Road Transport and Highways and Secretary, Department of Legal Affairs, to take appropriate decisions in regard to the project structuring, as well as other implementation related issues.
The benefits of setting up the major ports are as follows:
Sagar port in West Bengal: The existing port facilities at Kolkata and Haldia are riverine ports and are facing severe draught limitations, because of the adverse morphological changes in Hooghly River which results in regular siltation. The present proposal is to provide a deep draught port at Sagar Island which would obviate the need for heavy maintenance dredging and would be able to handle large sized vessels.
Major port in Andhra Pradesh: Rapid industrial growth in the hinterland of Visakhapatnam Port has rendered it necessary to have another major port in Andhra Pradesh. The new major port will facilitate the economic development of Andhra Pradesh and the surrounding areas.
(i) setting up a new major port at Sagar Island in West Bengal through the Public Private Partnership (PPP) mode by following the extant procedures for project appraisal/approval, including obtaining environmental clearances, etc.
(ii) appointing the transaction advisers and legal consultants and initiate the bidding process for award of the project and to finalize the project structure in consultation with the State Government of West Bengal and the Planning Commission,
(iii) commissioning the techno-economic feasibility reports for the new major port at Dugarajapatnam locations, and
(iv) constituting of an Empowered Committee of Secretaries (ECS), to be chaired by Secretary (Shipping) and comprising Secretary, Department of Economic Affairs, Secretary, Planning Commission, Chairman, Railway Board, Secretary, Road Transport and Highways and Secretary, Department of Legal Affairs, to take appropriate decisions in regard to the project structuring, as well as other implementation related issues.
The benefits of setting up the major ports are as follows:
Sagar port in West Bengal: The existing port facilities at Kolkata and Haldia are riverine ports and are facing severe draught limitations, because of the adverse morphological changes in Hooghly River which results in regular siltation. The present proposal is to provide a deep draught port at Sagar Island which would obviate the need for heavy maintenance dredging and would be able to handle large sized vessels.
Major port in Andhra Pradesh: Rapid industrial growth in the hinterland of Visakhapatnam Port has rendered it necessary to have another major port in Andhra Pradesh. The new major port will facilitate the economic development of Andhra Pradesh and the surrounding areas.
UK healthcare sector keen to partner India
Chennai: The UK healthcare sector is eager to assist and partner India in achieving low-cost, high quality care, said Kenneth Clarke, British Cabinet Minister and Prime Minister’s Trade Envoy.
Healthcare is a key area of collaboration in Indo-British trade and investment. “And this goes way beyond building hospitals and bringing in drugs. India is investing a lot in the sector and is in the forefront of clinical excellence. We are keen to partner with Indian collaborators in training, technology and innovation,” he said at an Indo-UK health conference organised by CII.
India and Britain can mutually benefit from each other’s experiences and skills. Not just in healthcare delivery, but also in systems and processes. Shobana Kamineni, Chairperson, CII National Committee on Public Health, said the biggest challenge in the country was getting healthcare to the remote corners . She urged the UKto collaborate with India in finding innovative, low-cost solutions
Healthcare is a key area of collaboration in Indo-British trade and investment. “And this goes way beyond building hospitals and bringing in drugs. India is investing a lot in the sector and is in the forefront of clinical excellence. We are keen to partner with Indian collaborators in training, technology and innovation,” he said at an Indo-UK health conference organised by CII.
India and Britain can mutually benefit from each other’s experiences and skills. Not just in healthcare delivery, but also in systems and processes. Shobana Kamineni, Chairperson, CII National Committee on Public Health, said the biggest challenge in the country was getting healthcare to the remote corners . She urged the UKto collaborate with India in finding innovative, low-cost solutions
Thursday, May 9, 2013
New India Assurance plans to enter Qatar, Canada
Kodaikanal: State-owned general insurer New India Assurance is in the process of leveraging its presence in the overseas markets.
The company currently operates across 22 countries. It plans to enter Qatar, Myanmar and Canada this fiscal, according to G. Srinivasan, Chairman-cum-Managing Director.
On the sidelines of the company’s All India Regional Heads meeting here recently, Srinivasan said the company was a significant re-insurance player outside India.
To a query, he said “There are challenges in overseas operation. First of all, we are a foreign company. Then, there is the general slowdown; there are regulatory restrictions and finally, the bias towards overseas companies in some places. But, we have managed quite well. Our reputation and international rating has helped us penetrate into newer markets.”
“London is a huge, growing and profitable market for us; we function as a re-insurer I in close to half of our London operations and in Australia, we are a 100 per cent re-insurance company. We have invested in a venture in Kenya and Singapore; and foresee huge opportunity in the African countries,” he said.
“We are present in Japan too. We did suffer some losses two years back,” he said, in reply to a question.
‘We are trying to revive our operations in Canada, where we were present some years ago, but Qatar is a new market for us.”
The company’s premium income from overseas operations stood at around Rs 2,500 crore in 2012-13, which is roughly 20 per cent of its gross premium income.
The company currently operates across 22 countries. It plans to enter Qatar, Myanmar and Canada this fiscal, according to G. Srinivasan, Chairman-cum-Managing Director.
On the sidelines of the company’s All India Regional Heads meeting here recently, Srinivasan said the company was a significant re-insurance player outside India.
To a query, he said “There are challenges in overseas operation. First of all, we are a foreign company. Then, there is the general slowdown; there are regulatory restrictions and finally, the bias towards overseas companies in some places. But, we have managed quite well. Our reputation and international rating has helped us penetrate into newer markets.”
“London is a huge, growing and profitable market for us; we function as a re-insurer I in close to half of our London operations and in Australia, we are a 100 per cent re-insurance company. We have invested in a venture in Kenya and Singapore; and foresee huge opportunity in the African countries,” he said.
“We are present in Japan too. We did suffer some losses two years back,” he said, in reply to a question.
‘We are trying to revive our operations in Canada, where we were present some years ago, but Qatar is a new market for us.”
The company’s premium income from overseas operations stood at around Rs 2,500 crore in 2012-13, which is roughly 20 per cent of its gross premium income.
Valvoline Cummins' new facility to begin production tomorrow
New Delhi: Valvoline Cummins, the automotive lubricant maker, confirmed that its new manufacturing and packaging plant at Ambernath, near Thane district will begin production tomorrow.
The company is a 50:50 joint venture (JV) between Ashland Inc and Cummins India Ltd. It has made an investment of US$ 30 million in the plant, which aims to produce Valvoline automotive lubricants for the consumer, industrial and heavy duty markets.
“Western India is a manufacturing hub that has the largest consumption of industrial lubricants among all regions. We are excited about the growth opportunities provided by this new manufacturing and packaging facility,” according to Mr Sam Mitchell, President of Ashland Consumer Markets, a unit of Ashland Inc.
Mr Mitchell further added that investing in technology and innovation helps the company in delivering its customer needs, which is a competitive advantage in a growing market. The plant has an initial production capacity of 120 million litres per year and looks forward to expanding it to 150 million litres.
The company further highlighted that the plant plans to expand the Valvoline brand’s in-house production capabilities besides enhancing the brand’s ability to deliver fast, localised technical services to customers in India, South Asia and other nearby countries.
“We are thrilled about the new facility and looking forward to our continued growth in the Indian market,” according to Mr Sandeep Kalia, CEO, Valvoline Cummins. The facility will help the JV to provide its customers with additional innovative solutions and products to improve business results, Mr Kalia further added.
The company also plans to set up a research and development (R&D) facility at the Ambernath plant as part of its global R&D activities, Mr Mitchell said.
The company is a 50:50 joint venture (JV) between Ashland Inc and Cummins India Ltd. It has made an investment of US$ 30 million in the plant, which aims to produce Valvoline automotive lubricants for the consumer, industrial and heavy duty markets.
“Western India is a manufacturing hub that has the largest consumption of industrial lubricants among all regions. We are excited about the growth opportunities provided by this new manufacturing and packaging facility,” according to Mr Sam Mitchell, President of Ashland Consumer Markets, a unit of Ashland Inc.
Mr Mitchell further added that investing in technology and innovation helps the company in delivering its customer needs, which is a competitive advantage in a growing market. The plant has an initial production capacity of 120 million litres per year and looks forward to expanding it to 150 million litres.
The company further highlighted that the plant plans to expand the Valvoline brand’s in-house production capabilities besides enhancing the brand’s ability to deliver fast, localised technical services to customers in India, South Asia and other nearby countries.
“We are thrilled about the new facility and looking forward to our continued growth in the Indian market,” according to Mr Sandeep Kalia, CEO, Valvoline Cummins. The facility will help the JV to provide its customers with additional innovative solutions and products to improve business results, Mr Kalia further added.
The company also plans to set up a research and development (R&D) facility at the Ambernath plant as part of its global R&D activities, Mr Mitchell said.
Foreign investors increase stake in India Inc
New Delhi: With foreign investors pumping a massive $10 billion in Indian markets in January-March , the second highest ever in a quarter, FII ownership in top-500 companies has hit an all-time high of 21.2% for the quarter ending March. It climbed 1.28% in the January-March quarter alone and 2.87% in 2012-13 . Along with foreign promoters (7.6%), foreigners are now the most dominant shareholders in India Inc.
FII inflows topped $25.8 billion during the one-year period ending March 2013, the second best ever. Though FII ownership of India Inc. has hit a peak, their exposure to Indian markets remains well below the highs achieved earlier. The value of FII portfolio stood at $236.2 billion, data compiled by Citi Research and the Centre for Monitoring Indian Economy showed. It hit an all-time high of $276.5 billion at the end of December 2010.
Significantly, foreigners (FIIs and foreign promoters ), with a combined ownership of 28.8% in BSE-500 companies, are now ahead of Indian promoters, who on an average held 27.7% stake in these firms. The churn on the back of Unilever's aggressive open offer to shareholders and promoter stake sales to meet the minimum public shareholding norms stipulated by market regulator SEBI has led to the decline .
FIIs own a quarter of the largest companies in the country. They own 25.32% in sensex companies compared to the average 23.37% owned by Indian promoters in these 30 blue-chip firms. "FII flows would continue as the interest rate cycle has turned favourable," says Kishor P Ostwal, Managing Director , CNI Research, an equities research provider. "It is largely driven by global liquidity ," says Vikram Dhawan , Director, Equentis Capital. Since stock valuations in developed markets are ruling higher, money has started to move into emerging markets such as India, he says.
FII ownership in financial services and consumer staples companies remained high. They have also increased their stakes in energy , telecom and healthcare firms. They have also started to reduce their exposure to IT companies. IT is now the biggest underweight for FIIs, data showed.
FII ownership matters a lot for stock price movement . Stock prices of most companies in which FIIs increased their holdings went up in January-March . All the top companies where FIIs cut their exposure during the quarter witnessed a fall in stock prices. Stock prices plunged 12% to 30% in these companies during the period.
The increase in FII stakes has however failed to move the markets. The markets declined 3% during January-March on the back of heavy selling from domestic institutional investors (DIIs ).
The average stake held by DIIs dropped 0.24% in 2012-13 during which they pulled out about $12.7 billion from the equity markets. "Domestic investors have been facing redemption pressure. But they held rather tenaciously to their ownership levels," market observers said
FII inflows topped $25.8 billion during the one-year period ending March 2013, the second best ever. Though FII ownership of India Inc. has hit a peak, their exposure to Indian markets remains well below the highs achieved earlier. The value of FII portfolio stood at $236.2 billion, data compiled by Citi Research and the Centre for Monitoring Indian Economy showed. It hit an all-time high of $276.5 billion at the end of December 2010.
Significantly, foreigners (FIIs and foreign promoters ), with a combined ownership of 28.8% in BSE-500 companies, are now ahead of Indian promoters, who on an average held 27.7% stake in these firms. The churn on the back of Unilever's aggressive open offer to shareholders and promoter stake sales to meet the minimum public shareholding norms stipulated by market regulator SEBI has led to the decline .
FIIs own a quarter of the largest companies in the country. They own 25.32% in sensex companies compared to the average 23.37% owned by Indian promoters in these 30 blue-chip firms. "FII flows would continue as the interest rate cycle has turned favourable," says Kishor P Ostwal, Managing Director , CNI Research, an equities research provider. "It is largely driven by global liquidity ," says Vikram Dhawan , Director, Equentis Capital. Since stock valuations in developed markets are ruling higher, money has started to move into emerging markets such as India, he says.
FII ownership in financial services and consumer staples companies remained high. They have also increased their stakes in energy , telecom and healthcare firms. They have also started to reduce their exposure to IT companies. IT is now the biggest underweight for FIIs, data showed.
FII ownership matters a lot for stock price movement . Stock prices of most companies in which FIIs increased their holdings went up in January-March . All the top companies where FIIs cut their exposure during the quarter witnessed a fall in stock prices. Stock prices plunged 12% to 30% in these companies during the period.
The increase in FII stakes has however failed to move the markets. The markets declined 3% during January-March on the back of heavy selling from domestic institutional investors (DIIs ).
The average stake held by DIIs dropped 0.24% in 2012-13 during which they pulled out about $12.7 billion from the equity markets. "Domestic investors have been facing redemption pressure. But they held rather tenaciously to their ownership levels," market observers said
STPI to set up data centre in Hyderabad
Hyderabad: The Software Technology Parks of India (STPI) will set up a data centre in Hyderabad. The data centre will address the storage and cloud needs of small and medium enterprises.
STPI Director-General Omkar Rai and STPI (Andhra Pradesh) Director Venugopal have met the AP Information Technology Minister Ponnala Lakshmaiah here on Wednesday to discuss the proposal.
“About 47,000 sq ft of built-up area at the STPI building area is lying vacant. We have decided to allot 27,000 sq ft from this unutilised space to the gaming and animation industry. While the data centre will be established in 10,000 sq ft space, the remaining 10,000 sq ft will be utilised to train Mee Seva (e-Governance project) staff,” the IT Minister said here in a statement.
With a view to developing the IT industry in the tier-II and tier-III cities, STPI will be asked to allot land to firms at a rental rate lower than the market rate.
Meanwhile, a delegation from Oracle has met the Minister. It has agreed to help the State government in providing training to students at Jawahar Knowledge Centres, the Minister said.
STPI Director-General Omkar Rai and STPI (Andhra Pradesh) Director Venugopal have met the AP Information Technology Minister Ponnala Lakshmaiah here on Wednesday to discuss the proposal.
“About 47,000 sq ft of built-up area at the STPI building area is lying vacant. We have decided to allot 27,000 sq ft from this unutilised space to the gaming and animation industry. While the data centre will be established in 10,000 sq ft space, the remaining 10,000 sq ft will be utilised to train Mee Seva (e-Governance project) staff,” the IT Minister said here in a statement.
With a view to developing the IT industry in the tier-II and tier-III cities, STPI will be asked to allot land to firms at a rental rate lower than the market rate.
Meanwhile, a delegation from Oracle has met the Minister. It has agreed to help the State government in providing training to students at Jawahar Knowledge Centres, the Minister said.
Development of textile industry in North Eastern States
New Delhi: All the major schemes of the Ministry of Textiles are implemented all over India including the North Eastern States. As per the Government decision, the Ministry of Textiles has been earmarking 10 percent of its total budget outlay exclusively for the North Eastern States. During the current year the Ministry of Textiles has formulated three new schemes exclusively for implementation in the North Eastern States. These Schemes are North Eastern Textile Promotion Scheme, Scheme for usage of Geotextiles in the North Eastern States and Scheme for Promoting Agrotextiles in North Eastern States. A list of the major schemes that are being implemented for the development of the textile industry in the North Eastern States is Annexed.
The Government has taken various initiatives to address the issue of deficit of trained manpower in the handloom sector and bridge the gap between the skill and the market requirement. The Scheme of Integrated Skill Development for Handloom workers targets to create a pool of 50,900 trained weavers in the span of five years from 2012-13. Skill upgradation is also one of the important inputs in the cluster development programme of Integrated Handloom Development Scheme (IHDS). For the betterment of skilled labour in the handloom sector, the government has introduced policy initiatives such as cluster development approach, marketing promotion, revival of viable and potentially viable societies through loan waiver and recapitalization assistance, availability of subsidized yarn and credit etc. In addition, life insurance and health insurance coverage is also being provided to handloom workers.
The government is implementing a number of schemes such as (i) Baba Saheb Ambedkar Hastshilp Vikas Yojana (AHVY), (ii) Design & Technical Upgradation Scheme, (iii) Marketing and Export Promotion Scheme and (iv) Handicraft Artisans Comprehensive Welfare Scheme with components of life insurance and health insurance for the betterment of handicrafts artisans.
Similarly, for the betterment of sericulturists, the government is implementing schemes such as Catalytic Development Programme.
In addition, the Government has introduced the Integrated Skill Development Schemes (ISDS) in 2010-11 with the objective of creating a skilled workforce for the textile sector. Under this scheme, a total of 1,00,000 persons have been trained since the beginning of the scheme. An outlay of Rs.1900 crore has been provided for training 15 lakh persons during the 12th Plan.
Annexure
Major Schemes of the Ministry of Textiles that are being implemented in the North-Eastern States
1
Handlooms
(i) Handloom Weavers Comprehensive Welfare Scheme with the Components of -
a) Health Insurance Scheme
b) Mahatma Gandhi Bunkar Bima Yojana
(ii) Mill Gate Price scheme
(iii) Diversified Handloom Development Scheme
(iv) Integrated Handloom Development Scheme (IHDS)
(v) Marketing & Export Promotion Scheme
2
Handicrafts
(i) Baba Saheb Ambedkar Hastshilp Vikas Yojana (AHVY)
(ii) Design & Technical Upgradation Scheme
(iii) Marketing Support & Services & Export Promotion Scheme
(iv)Research & Development
(v) Human Resource Development
(vi) Handicraft Artisans Comprehensive Welfare Scheme
3
Sericulture
(i) Research & Development, Training, Transfer of Technology & IT Initiatives
(ii) Seed Organisation/Human Resource Development
(iii) Coordination & Market Development (HRD)
(iv) Quality Certification Systems
(v) Catalytic Development Programme (CDP)
4
Powerlooms
(i) Integrated Scheme for Powerloom Sector Development
(ii) Group Insurance Scheme
(iii) Group Workshed Scheme
(iv) Integrated Powerloom cluster development
5 Mega Cluster Scheme
6 NIFT
7 R & D including TRAs
8 Technology Upgradation Fund Scheme (TUFS)
9 Scheme for Integrated Textile Park (SITP)
10 Jute Technology Mission
11 Technical Textiles/(TMTT)
12 Textile Engineering including Jute
13 Human Resources Development
14 Market Development & Product Diversification Scheme
15
New Schemes
(i) Comprehensive Handloom Development Scheme.
(ii) North Eastern Textile Promotion Scheme.
(iii) Scheme for Usage of Geotextiles in North Eastern States.
(iv) Scheme for promoting Agro textiles in North East
This information was given by the Minister of State in the Ministry of Textiles, Smt. Panabaaka Lakshmi in a written reply in the Rajya Sabha today.
The Government has taken various initiatives to address the issue of deficit of trained manpower in the handloom sector and bridge the gap between the skill and the market requirement. The Scheme of Integrated Skill Development for Handloom workers targets to create a pool of 50,900 trained weavers in the span of five years from 2012-13. Skill upgradation is also one of the important inputs in the cluster development programme of Integrated Handloom Development Scheme (IHDS). For the betterment of skilled labour in the handloom sector, the government has introduced policy initiatives such as cluster development approach, marketing promotion, revival of viable and potentially viable societies through loan waiver and recapitalization assistance, availability of subsidized yarn and credit etc. In addition, life insurance and health insurance coverage is also being provided to handloom workers.
The government is implementing a number of schemes such as (i) Baba Saheb Ambedkar Hastshilp Vikas Yojana (AHVY), (ii) Design & Technical Upgradation Scheme, (iii) Marketing and Export Promotion Scheme and (iv) Handicraft Artisans Comprehensive Welfare Scheme with components of life insurance and health insurance for the betterment of handicrafts artisans.
Similarly, for the betterment of sericulturists, the government is implementing schemes such as Catalytic Development Programme.
In addition, the Government has introduced the Integrated Skill Development Schemes (ISDS) in 2010-11 with the objective of creating a skilled workforce for the textile sector. Under this scheme, a total of 1,00,000 persons have been trained since the beginning of the scheme. An outlay of Rs.1900 crore has been provided for training 15 lakh persons during the 12th Plan.
Annexure
Major Schemes of the Ministry of Textiles that are being implemented in the North-Eastern States
1
Handlooms
(i) Handloom Weavers Comprehensive Welfare Scheme with the Components of -
a) Health Insurance Scheme
b) Mahatma Gandhi Bunkar Bima Yojana
(ii) Mill Gate Price scheme
(iii) Diversified Handloom Development Scheme
(iv) Integrated Handloom Development Scheme (IHDS)
(v) Marketing & Export Promotion Scheme
2
Handicrafts
(i) Baba Saheb Ambedkar Hastshilp Vikas Yojana (AHVY)
(ii) Design & Technical Upgradation Scheme
(iii) Marketing Support & Services & Export Promotion Scheme
(iv)Research & Development
(v) Human Resource Development
(vi) Handicraft Artisans Comprehensive Welfare Scheme
3
Sericulture
(i) Research & Development, Training, Transfer of Technology & IT Initiatives
(ii) Seed Organisation/Human Resource Development
(iii) Coordination & Market Development (HRD)
(iv) Quality Certification Systems
(v) Catalytic Development Programme (CDP)
4
Powerlooms
(i) Integrated Scheme for Powerloom Sector Development
(ii) Group Insurance Scheme
(iii) Group Workshed Scheme
(iv) Integrated Powerloom cluster development
5 Mega Cluster Scheme
6 NIFT
7 R & D including TRAs
8 Technology Upgradation Fund Scheme (TUFS)
9 Scheme for Integrated Textile Park (SITP)
10 Jute Technology Mission
11 Technical Textiles/(TMTT)
12 Textile Engineering including Jute
13 Human Resources Development
14 Market Development & Product Diversification Scheme
15
New Schemes
(i) Comprehensive Handloom Development Scheme.
(ii) North Eastern Textile Promotion Scheme.
(iii) Scheme for Usage of Geotextiles in North Eastern States.
(iv) Scheme for promoting Agro textiles in North East
This information was given by the Minister of State in the Ministry of Textiles, Smt. Panabaaka Lakshmi in a written reply in the Rajya Sabha today.
Wednesday, May 8, 2013
Multi-storeyed industrial complex to come up at Thirumazhisai
Chennai: To encourage the Micro, Small and Medium Scale Enterprises (MSME), the Tamil Nadu chief minister J Jayalalithaa on Tuesday announced special component package including creating additional land bank for setting up new industrial estates in the state, increasing subsidy for the machinery purchase and creating a single window clearance committee to facilitate speedy approvals for industrial estates.
Making a statement in the assembly, the chief minister also said since the price of land is high in and around Chennai and there was not enough space to create industrial estates, multi-storeyed industrial complexes will come up at Thirumazhisai in Thiruvallur district.
Jayalalithaa said the subsidy given to industrial units set up at under-developed areas would be increased from 15% of the equipment cost to 25%.
As a part of establishing new industrial estates and to encourage MSMEs, chief minister said that the state-owned SIDCO would set up a 2,000 acre land bank in a phased manner. "Land will be sold to entrepreneurs on a non-profitable basis by SIDCO and Rs 16 crore would be given to the state-owned enterprise to further strengthen its financial position", she added.
Jayalalithaa also informed that the industrial estates created for big establishments by SIPCOT would allot 20% land on a stretch for MSMEs.
Pointing out that industrial units in city residential areas create pollution, the chief minister said if any organisation comes forward to create industrial clusters on the outskirts, the government would grant 75% as subsidy to create their facilities.
"The maximum amount will be Rs 15 crore", she said adding that the government would grant 50% subsidy for industrial clusters for new companies.
Besides, a special training programme will be introduced for the women entrepreneurs through state-owned Entrepreneurs Development Institute, "to implement the training programme Rs 5 crore will be given to the institute as state government's subsidy."
Making a statement in the assembly, the chief minister also said since the price of land is high in and around Chennai and there was not enough space to create industrial estates, multi-storeyed industrial complexes will come up at Thirumazhisai in Thiruvallur district.
Jayalalithaa said the subsidy given to industrial units set up at under-developed areas would be increased from 15% of the equipment cost to 25%.
As a part of establishing new industrial estates and to encourage MSMEs, chief minister said that the state-owned SIDCO would set up a 2,000 acre land bank in a phased manner. "Land will be sold to entrepreneurs on a non-profitable basis by SIDCO and Rs 16 crore would be given to the state-owned enterprise to further strengthen its financial position", she added.
Jayalalithaa also informed that the industrial estates created for big establishments by SIPCOT would allot 20% land on a stretch for MSMEs.
Pointing out that industrial units in city residential areas create pollution, the chief minister said if any organisation comes forward to create industrial clusters on the outskirts, the government would grant 75% as subsidy to create their facilities.
"The maximum amount will be Rs 15 crore", she said adding that the government would grant 50% subsidy for industrial clusters for new companies.
Besides, a special training programme will be introduced for the women entrepreneurs through state-owned Entrepreneurs Development Institute, "to implement the training programme Rs 5 crore will be given to the institute as state government's subsidy."
SEBI approves Startup Village angel fund
Kochi: The market regulator SEBI has approved the Startup Village angel fund to the tune of $10 million that could go up to $20 million with a ‘Green Shoe’ (over-allotment) option.
The approval for the angel fund, which would address the problem of resource crunch for start-up companies across the country, came from SEBI through a notification issued on April 23.
The focus area of the fund will be Telecom/ Internet, and it would start investing once the initial close of $2 million is achieved.
KPMG is the Advisor and ILFS is Trustee of the fund.
Sanjay Vijayakumar, Chairman, Startup Village, said the angel fund would be investing not only in the most promising start-ups located in Startup Village but also in similar enterprises across the country.
“We are looking to broad-base the investor profile with a large set of angel investors, many of whom might be first time angel investors in India,” he said. He said that the fund would be investing in the early stage category. It would invest between $20,000 and $2,50,000 into start-ups. For higher amounts, the fund would co-invest with other early stage funds.
Focus on entrepreneur
As the fund is investing at a very early stage, we would be focusing more on the entrepreneur and the team and less on the idea. A smart entrepreneur is what the fund would back, he said.
The need to create the fund was felt as the angel investment ecosystem in India is still maturing, and for the vision of Startup Village to have a 1,000 product start-ups by 2020.
With over 750 applications from start-ups in the last 12 months, Startup Village is blazing ahead in the incubation landscape in India. The 1,00,000-square feet building is under construction which would make the village the largest Internet-Telecom Incubator in the world, he said.
The approval for the angel fund, which would address the problem of resource crunch for start-up companies across the country, came from SEBI through a notification issued on April 23.
The focus area of the fund will be Telecom/ Internet, and it would start investing once the initial close of $2 million is achieved.
KPMG is the Advisor and ILFS is Trustee of the fund.
Sanjay Vijayakumar, Chairman, Startup Village, said the angel fund would be investing not only in the most promising start-ups located in Startup Village but also in similar enterprises across the country.
“We are looking to broad-base the investor profile with a large set of angel investors, many of whom might be first time angel investors in India,” he said. He said that the fund would be investing in the early stage category. It would invest between $20,000 and $2,50,000 into start-ups. For higher amounts, the fund would co-invest with other early stage funds.
Focus on entrepreneur
As the fund is investing at a very early stage, we would be focusing more on the entrepreneur and the team and less on the idea. A smart entrepreneur is what the fund would back, he said.
The need to create the fund was felt as the angel investment ecosystem in India is still maturing, and for the vision of Startup Village to have a 1,000 product start-ups by 2020.
With over 750 applications from start-ups in the last 12 months, Startup Village is blazing ahead in the incubation landscape in India. The 1,00,000-square feet building is under construction which would make the village the largest Internet-Telecom Incubator in the world, he said.
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