Mumbai: Cipla, once known as a domestic pharmaceutical company, on Monday announced its fifth global acquisition deal within a span of a year, a 51 per cent stake in a pharmaceuticals manufacturing and distribution business in Yemen for $21 million.
While Cipla did not name the company, it said the Yemeni drug maker is owned by a business group based in the United Arab Emirates. Yemen is a fast-growing market where Cipla already has a leading position, with about 200 products. The deal includes more to be paid over the next three years, on achievement of agreed milestones.
This is Cipla’s second buyout this month. On June 17, it said it had acquired a 60 per cent stake in a Sri Lankan company for $14 million. Cipla had entered this transaction through its wholly-owned subsidiary, Cipla (Mauritius) Ltd. Through the recent acquisitions, Cipla seems to be eyeing a strong foothold in West Asia and Africa. On Monday, Cipla’s shares closed at Rs 437.95 apiece, up 0.15 per cent on the BSE. The company did not respond to queries from Business Standard.
Since 2013, Cipla has made five acquisitions in various countries. After completing the buyout of Cipla Medpro for $512 million in June 2013, it acquired a 14.5 per cent stake in Uganda-based Quality Chemical Industries, 100 per cent in Croatia-based Celeris in December 2013 and 60 per cent in the Sri Lankan company mentioned above
Success in my Habit
Friday, July 4, 2014
Washington University partners IIT-Bombay for e-MBA degree
Mumbai: Washington University in St Louis (WUSTL) and the Indian Institute of Technology Bombay (IITB) have jointly launched a combined US-India joint executive MBA degree programme. The new programme, which will confer a joint MBA degree, will be modelled after WUSTL's executive MBA in China and the US.
"This is our first joint degree programme that we have in Washington University and conveys our commitment to partnership and confidence in IIT Bombay," Mark S Wrighton, chancellor of Washington University told ET in an exclusive interaction on Monday.
"We expect enrolment from companies that are based outside India and the ones that are based in India. That development of network of business professionals will be valuable for those who enroll," he said.
"Back home in the US I have spoken to a lot of companies that have operations in India and I have had the chance to speak to the CEOs of three important St Louis-headquartered companies, including Emerson, which has 10,000 employees or more in India, Monsanto and Sigma Aldrich and each of those companies has committed to having one or two employees in their first cohort of students in this joint EMBA programme," said Wrighton. The partnership will also enable IIT Bombay to connect with a large number of businesses in many sectors, other than technology, and complement their ongoing activities of industry academia linkages.
"At IIT Bombay, we see this as a great interface to industry. We already have strong connections with the industry on the technology side; this way we will get an opportunity to connect on the business side, too," said Devang V Khakhar, director, IIT Bombay. Classes will be held in the IIT Bombay campus and taught by faculty from WUSTL's Olin Business School and IIT Bombay's Shailesh J Mehta School of Management.
The programme will be of 18-month duration and classes will be offered four days a month. It will end with a two-week exposure at the Washington University. The first session of the programme will commence from early 2015. The tuition fees will be $55,000-$60,000, which is 50% less than its current cost in the US.
"The curriculum will draw upon the expertise of not just the two business schools but also of IIT Bombay and Washington University," said Mahendra Gupta, the Indian origin dean of WUSTL's Olin Business School. "There are two countries that are going to have a major economic impact on the world, in addition to the existing leaders in the western hemisphere, that is China and India," Gupta said.
The programme is meant for professionals with at least seven years of experience. "Our executives will be representing all sectors including women in such a way that we will be able to open the door not only for corporate leaders but also in the fields of social entreprenuership, CSR, policy perspectives, government leaders, bureaucrats, and NGOs," said S Bhargava, head of SJMSOM.
"This is our first joint degree programme that we have in Washington University and conveys our commitment to partnership and confidence in IIT Bombay," Mark S Wrighton, chancellor of Washington University told ET in an exclusive interaction on Monday.
"We expect enrolment from companies that are based outside India and the ones that are based in India. That development of network of business professionals will be valuable for those who enroll," he said.
"Back home in the US I have spoken to a lot of companies that have operations in India and I have had the chance to speak to the CEOs of three important St Louis-headquartered companies, including Emerson, which has 10,000 employees or more in India, Monsanto and Sigma Aldrich and each of those companies has committed to having one or two employees in their first cohort of students in this joint EMBA programme," said Wrighton. The partnership will also enable IIT Bombay to connect with a large number of businesses in many sectors, other than technology, and complement their ongoing activities of industry academia linkages.
"At IIT Bombay, we see this as a great interface to industry. We already have strong connections with the industry on the technology side; this way we will get an opportunity to connect on the business side, too," said Devang V Khakhar, director, IIT Bombay. Classes will be held in the IIT Bombay campus and taught by faculty from WUSTL's Olin Business School and IIT Bombay's Shailesh J Mehta School of Management.
The programme will be of 18-month duration and classes will be offered four days a month. It will end with a two-week exposure at the Washington University. The first session of the programme will commence from early 2015. The tuition fees will be $55,000-$60,000, which is 50% less than its current cost in the US.
"The curriculum will draw upon the expertise of not just the two business schools but also of IIT Bombay and Washington University," said Mahendra Gupta, the Indian origin dean of WUSTL's Olin Business School. "There are two countries that are going to have a major economic impact on the world, in addition to the existing leaders in the western hemisphere, that is China and India," Gupta said.
The programme is meant for professionals with at least seven years of experience. "Our executives will be representing all sectors including women in such a way that we will be able to open the door not only for corporate leaders but also in the fields of social entreprenuership, CSR, policy perspectives, government leaders, bureaucrats, and NGOs," said S Bhargava, head of SJMSOM.
India, China sign pact on industrial parks
Beijing: India and China on Monday formalised an agreement to take forward the setting up of China-dedicated industrial clusters in India, with an aim to boost Chinese investment in infrastructure and manufacturing.
The agreement, signed during Vice-President Hamid Ansari’s visit to Beijing, was, however, short on details. With China still considering at least four locations for setting up its first parks, officials described the MoU as more “an enabling framework” rather than a concrete agreement.
The MoU also did not mention whether the proposed clusters would be given any preferential policies, only saying that benefits would be “no lower than that envisaged under the prevailing policy frameworks in India such as Special Economic Zone (SEZ), National Investment & Manufacturing Zone (NIMZ), and existing policies of the State Governments, as applicable”.
Officials hope that the agreement will send a strong signal to Chinese firms that India is open to investment, particularly in infrastructure and manufacturing.
Commerce and Industry Minister Nirmala Seetharaman, who met with her counterpart Gao Hucheng for talks here on Monday morning, said there was “immense scope” for Chinese investment, “not just for manufacturing but many sectors where the Chinese have an advantage”. “Whether manufacturing or railways, we could always find out more such areas where Chinese investments can be encouraged,” she said.
Market access sought
During her meeting, Seetharaman also called on China to improve market access for Indian firms here, particularly in sectors such as pharmaceuticals and IT where companies have complained of an opaque regulatory framework. She made the point that the widening trade deficit, which touched $31 billion last year out of two-way trade of $65 billion, was unsustainable. According to the MoU, an Industrial Park Cooperation Working Group, made up of equal number of representatives from both the countries, will be set up to identify and agree upon the detailed modalities, with four locations already being considered by China. The group will meet alternately in each country and periodically review progress.
MoU on hydrological data
The agreement was one of three MoUs signed following Ansari’s talks with his counterpart Li Yuanchao. Both countries also signed an MoU on the provision of hydrological data and for a first ever training exchange programme for officials of both countries, between the Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie and the China Executive Leadership Academy (CELAP) in Shanghai.
China has agreed to allow Indian hydrological experts to conduct study tours in Tibet to monitor the flows of the upper reaches of the Brahmaputra, in an apparent move to assuage India’s concerns about on-going dam projects on the upper reaches of the river – known as the Yarlung Zangbo in Tibet.
China has in the past been sensitive about allowing access to Tibet, and Indian hydrological experts have, as yet, not formally visited the region. China also agreed to extend provision of hydrological data from May 15 to October 15 every year on a daily basis, adding 15 days to an earlier agreement. The data will be provided by three stations, at Nugesha, Yangcun and Nuxia in Tibet on the main stream of the river.
The agreement, signed during Vice-President Hamid Ansari’s visit to Beijing, was, however, short on details. With China still considering at least four locations for setting up its first parks, officials described the MoU as more “an enabling framework” rather than a concrete agreement.
The MoU also did not mention whether the proposed clusters would be given any preferential policies, only saying that benefits would be “no lower than that envisaged under the prevailing policy frameworks in India such as Special Economic Zone (SEZ), National Investment & Manufacturing Zone (NIMZ), and existing policies of the State Governments, as applicable”.
Officials hope that the agreement will send a strong signal to Chinese firms that India is open to investment, particularly in infrastructure and manufacturing.
Commerce and Industry Minister Nirmala Seetharaman, who met with her counterpart Gao Hucheng for talks here on Monday morning, said there was “immense scope” for Chinese investment, “not just for manufacturing but many sectors where the Chinese have an advantage”. “Whether manufacturing or railways, we could always find out more such areas where Chinese investments can be encouraged,” she said.
Market access sought
During her meeting, Seetharaman also called on China to improve market access for Indian firms here, particularly in sectors such as pharmaceuticals and IT where companies have complained of an opaque regulatory framework. She made the point that the widening trade deficit, which touched $31 billion last year out of two-way trade of $65 billion, was unsustainable. According to the MoU, an Industrial Park Cooperation Working Group, made up of equal number of representatives from both the countries, will be set up to identify and agree upon the detailed modalities, with four locations already being considered by China. The group will meet alternately in each country and periodically review progress.
MoU on hydrological data
The agreement was one of three MoUs signed following Ansari’s talks with his counterpart Li Yuanchao. Both countries also signed an MoU on the provision of hydrological data and for a first ever training exchange programme for officials of both countries, between the Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie and the China Executive Leadership Academy (CELAP) in Shanghai.
China has agreed to allow Indian hydrological experts to conduct study tours in Tibet to monitor the flows of the upper reaches of the Brahmaputra, in an apparent move to assuage India’s concerns about on-going dam projects on the upper reaches of the river – known as the Yarlung Zangbo in Tibet.
China has in the past been sensitive about allowing access to Tibet, and Indian hydrological experts have, as yet, not formally visited the region. China also agreed to extend provision of hydrological data from May 15 to October 15 every year on a daily basis, adding 15 days to an earlier agreement. The data will be provided by three stations, at Nugesha, Yangcun and Nuxia in Tibet on the main stream of the river.
Isro launches PSLV-C23 with 5 foreign satellites
Sriharikota: The Indian Space Research Organisation (Isro)’s polar satellite launch vehicle (PSLV)-C23 was launched successfully on Monday from the first launch pad of Sriharikota space station here, about 100 km north of Chennai. Prime Minister Narendra Modi and other senior ministers witnessed the launch at the Satish Dhawan Space Centre.
The PSLV-C23 lifted off from the spaceport at 9.52 am on Monday instead of 9.49 am as was decided earlier. This is because Isro had to delay the launch by three minutes to avoid the threat of space debris getting in the way of the satellites.
The launch vehicle, PSLV-C23, with a height of 44.4 metres, carried with it SPOT-7, a 714-kg French earth-observing satellite as the main payload, which was injected into a 655-km Sun Synchronous Orbit (SSO). The other satellites being carried by PSLV-C23 include the 14-kg AISAT of Germany, NLS7.1 (CAN-X4) and NLS7.2 (CAN-X5) of Canada - each weighing 15 kg - and the 7-kg VELOX-1 of Singapore.
Till April 2014, there had been 25 consecutive successful flights of PSLV and this is the 26th such launch. Meanwhile, PSLV-C23 is the 10th flight of PSLV in ‘core-alone’ configuration, which means a configuration without the use of solid strap-on motors.
After an estimated time of 20 minutes, Isro’s workhorse PSLV separated all five satellites — one by one into their intended orbit. All the satellites were separated as planned, Isro said in a statement.
SPOT-7 is a French optical earth observation satellite identical to SPOT-6 launched earlier on-board PSLV-C21 in September 2012. SPOT-7, after its injection into the SSO, will be phased and placed diametrically opposite to SPOT-6 and will form part of the existing earth observation constellation.
Modi praised the cost-effective nature of Indian space programme, saying the country’s Mars mission had reportedly cost less than the Hollywood science fiction Gravity, said a PTI report. Mangalyaan was launched in November 2013 at an estimated cost of $72 million. The movie was reportedly made at an estimated $100 mn.
The PSLV-C23 lifted off from the spaceport at 9.52 am on Monday instead of 9.49 am as was decided earlier. This is because Isro had to delay the launch by three minutes to avoid the threat of space debris getting in the way of the satellites.
The launch vehicle, PSLV-C23, with a height of 44.4 metres, carried with it SPOT-7, a 714-kg French earth-observing satellite as the main payload, which was injected into a 655-km Sun Synchronous Orbit (SSO). The other satellites being carried by PSLV-C23 include the 14-kg AISAT of Germany, NLS7.1 (CAN-X4) and NLS7.2 (CAN-X5) of Canada - each weighing 15 kg - and the 7-kg VELOX-1 of Singapore.
Till April 2014, there had been 25 consecutive successful flights of PSLV and this is the 26th such launch. Meanwhile, PSLV-C23 is the 10th flight of PSLV in ‘core-alone’ configuration, which means a configuration without the use of solid strap-on motors.
After an estimated time of 20 minutes, Isro’s workhorse PSLV separated all five satellites — one by one into their intended orbit. All the satellites were separated as planned, Isro said in a statement.
SPOT-7 is a French optical earth observation satellite identical to SPOT-6 launched earlier on-board PSLV-C21 in September 2012. SPOT-7, after its injection into the SSO, will be phased and placed diametrically opposite to SPOT-6 and will form part of the existing earth observation constellation.
Modi praised the cost-effective nature of Indian space programme, saying the country’s Mars mission had reportedly cost less than the Hollywood science fiction Gravity, said a PTI report. Mangalyaan was launched in November 2013 at an estimated cost of $72 million. The movie was reportedly made at an estimated $100 mn.
Sunday, June 29, 2014
Japanese retail giant Uniqlo ready to set up 1000 stores in India
New Delhi: Japanese retail giant Uniqlo on Wednesday suggested that it will open up to 1,000 stores in India in the coming years to tap into the growing consumption story and announced a strategy to source garments from the country.
Two sources familiar with the development told TOI that Uniqlo chairman and CEO Tadashi Yanai, who met Prime Minister Narendra Modi and other ministers, disclosed the plan to open stores during these interactions. "We are looking to invest in the retail business in India... We will look to open 1,000 stores but it will take more than ten years as it is not easy to open so many stores," said a source, who did not wish to be identified. When contacted, a company executive said Yanai was not available for comment.
Uniqlo, which started as a chain of suburban roadside stores in Japan, is targeting close to 1,500 stores across the globe by the end of August. Currently, it has 632 stores outside Japan and moved into malls a decade ago, the company website said. Now, its strategy involves opening flagship stores in the plush shopping districts of New York, London and Shanghai.
The Japanese chain has been looking at entering India for the past few years but had deferred its plans. It is not clear if it will rope in a partner for its single-brand retail foray or operate through a wholly-owned subsidiary in the country.
Several foreign retailers have set up shop in India through the single-brand window, which includes the likes of Marks and Spencer, IKEA and Hennes & Mauritz (H&M). But, most are moving ahead with their plans at a measured pace. For instance, IKEA is yet to open its first store despite getting government approval a year ago. H&M had said it plans to open 50 outlets in 2014.
Before Uniqlo enters the retail business, it wants to have a pool of vendors to source garments. The company is in talks with the Apparel Export Promotion Council (AEPC) to identify 10 garment exporters, which have scale and comply with international specifications and standards. Sources said that the Japanese firm may invest in some of the Indian companies, if required.
Two sources familiar with the development told TOI that Uniqlo chairman and CEO Tadashi Yanai, who met Prime Minister Narendra Modi and other ministers, disclosed the plan to open stores during these interactions. "We are looking to invest in the retail business in India... We will look to open 1,000 stores but it will take more than ten years as it is not easy to open so many stores," said a source, who did not wish to be identified. When contacted, a company executive said Yanai was not available for comment.
Uniqlo, which started as a chain of suburban roadside stores in Japan, is targeting close to 1,500 stores across the globe by the end of August. Currently, it has 632 stores outside Japan and moved into malls a decade ago, the company website said. Now, its strategy involves opening flagship stores in the plush shopping districts of New York, London and Shanghai.
The Japanese chain has been looking at entering India for the past few years but had deferred its plans. It is not clear if it will rope in a partner for its single-brand retail foray or operate through a wholly-owned subsidiary in the country.
Several foreign retailers have set up shop in India through the single-brand window, which includes the likes of Marks and Spencer, IKEA and Hennes & Mauritz (H&M). But, most are moving ahead with their plans at a measured pace. For instance, IKEA is yet to open its first store despite getting government approval a year ago. H&M had said it plans to open 50 outlets in 2014.
Before Uniqlo enters the retail business, it wants to have a pool of vendors to source garments. The company is in talks with the Apparel Export Promotion Council (AEPC) to identify 10 garment exporters, which have scale and comply with international specifications and standards. Sources said that the Japanese firm may invest in some of the Indian companies, if required.
Government approves Rs 12,500 crore transmission projects
New Delhi: In a bid to fast track building of high capacity inter-state transmission lines, the Ministry of Power has approved 9 new projects with an aggregate cost of over Rs.12,500 crore.
These transmission projects will benefit several states such as Haryana, Chhattisgarh, UP, MP, Maharashtra etc, by enabling high capacity 765kv lines carrying up to 2100MW each apart from construction of new 765/400kv substations. The projects will help evacuate power from central generating stations such as 660MW Sipat of NTPC, 1600MW Gadarwara, private sector generating stations such as Sassan UMPP (1320 MW). Congestion will also be reduced in Haryana Region by the strengthening of the Northern Transmission system. Projects which will be developed through tariff based competitive bidding process inviting participation from all Bidders including private sector.
These projects were mainly stuck in the approval process in the government since last several months. The approval to go ahead with implementation was granted immediately.
In the country as a whole, the total inter-regional transmission capacity of about 28,000 MW will be added in the next 3 years so that the total capacity is enhanced to more than 66000 MW by 2017.
List of Transmission Schemes approved by Government for high capacity Inter-State /Inter Region Transmission is as follows:
S.No
Scheme Name
Estimated Cost
(Rs.In Crore)
1
Northern Region system Strengthening Scheme–XXXV
88
2
Additional System Strengthening for Sipat STPS
2473
3
System Strengthening for IPPs in Chhattisgarh and other generation projects in Western Region
823
4
Additional System Strengthening Scheme for Chhattisgarh IPPs
2191
5
Transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part-A)
2525
6
Transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part-B)
2360
7
Connectivity lines for Maheshwaram (Hyderabad) 765/400 kV Pooling S/s
396
8
Transmission system for LTA of 400 MW for 2x500 MW Neyveli Lignite Corporation Ltd. TS-I (Replacement) (NNTPS) in Neyveli
612
9
Transmission System Strengthening associated with Vindhyachal-V
1050
Total
12518
These transmission projects will benefit several states such as Haryana, Chhattisgarh, UP, MP, Maharashtra etc, by enabling high capacity 765kv lines carrying up to 2100MW each apart from construction of new 765/400kv substations. The projects will help evacuate power from central generating stations such as 660MW Sipat of NTPC, 1600MW Gadarwara, private sector generating stations such as Sassan UMPP (1320 MW). Congestion will also be reduced in Haryana Region by the strengthening of the Northern Transmission system. Projects which will be developed through tariff based competitive bidding process inviting participation from all Bidders including private sector.
These projects were mainly stuck in the approval process in the government since last several months. The approval to go ahead with implementation was granted immediately.
In the country as a whole, the total inter-regional transmission capacity of about 28,000 MW will be added in the next 3 years so that the total capacity is enhanced to more than 66000 MW by 2017.
List of Transmission Schemes approved by Government for high capacity Inter-State /Inter Region Transmission is as follows:
S.No
Scheme Name
Estimated Cost
(Rs.In Crore)
1
Northern Region system Strengthening Scheme–XXXV
88
2
Additional System Strengthening for Sipat STPS
2473
3
System Strengthening for IPPs in Chhattisgarh and other generation projects in Western Region
823
4
Additional System Strengthening Scheme for Chhattisgarh IPPs
2191
5
Transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part-A)
2525
6
Transmission system associated with Gadarwara STPS (2x800 MW) of NTPC (Part-B)
2360
7
Connectivity lines for Maheshwaram (Hyderabad) 765/400 kV Pooling S/s
396
8
Transmission system for LTA of 400 MW for 2x500 MW Neyveli Lignite Corporation Ltd. TS-I (Replacement) (NNTPS) in Neyveli
612
9
Transmission System Strengthening associated with Vindhyachal-V
1050
Total
12518
Engineering exports set to cross $70 b this fiscal
New Delhi: Engineering exports are set to cross $70 billion in the current fiscal, growing by 15 per cent over the previous year, as demand in key markets such as the US and the UAE is on a rise.
“The flow of orders from the US and the UAE has increased substantially in the recent months. We are hopeful that this would continue the rest of the year,” Engineering Export Promotion Council (EEPC) Chairman Anupam Shah told Business Line.
Engineering exports, which account for a fifth of the country’s total exports, had taken a big hit in 2012-13 with shipments dropping 3 per cent to $57 billion as demand in the recession-hit Western countries dried up.
With the global situation improving, exports picked up in 2013-14 and increased 9 per cent to $62 billion.
Apart from traditional markets in the US and the EU, markets in Eastern and Central European countries such as Poland also hold huge promise.
“The non-EU countries in Europe are virgin markets that we have successfully started tapping,” Shah said.
On the prospects for the on-going fiscal, Shah said that things looked bright if the export growth of 24 per cent in the April-May 2014 period was anything to go by. “We will go by a conservative growth target of 15 per cent, while we certainly hope we will have higher growth,” he said.
While export sops given by the Government helps exporters to stay competitive in the foreign market, what is also required is more clarity in existing policy so that exporters spend less time in handling litigation.
“For instance, while we have been told that there is no need to pay TDS (tax deducted at source) on foreign commission, there is no formal notification which leads to trouble,” Shah pointed out.
Engineering exporters also want States to speed up VAT refunds as payments are pending in some cases for as long as three-four years.
“The flow of orders from the US and the UAE has increased substantially in the recent months. We are hopeful that this would continue the rest of the year,” Engineering Export Promotion Council (EEPC) Chairman Anupam Shah told Business Line.
Engineering exports, which account for a fifth of the country’s total exports, had taken a big hit in 2012-13 with shipments dropping 3 per cent to $57 billion as demand in the recession-hit Western countries dried up.
With the global situation improving, exports picked up in 2013-14 and increased 9 per cent to $62 billion.
Apart from traditional markets in the US and the EU, markets in Eastern and Central European countries such as Poland also hold huge promise.
“The non-EU countries in Europe are virgin markets that we have successfully started tapping,” Shah said.
On the prospects for the on-going fiscal, Shah said that things looked bright if the export growth of 24 per cent in the April-May 2014 period was anything to go by. “We will go by a conservative growth target of 15 per cent, while we certainly hope we will have higher growth,” he said.
While export sops given by the Government helps exporters to stay competitive in the foreign market, what is also required is more clarity in existing policy so that exporters spend less time in handling litigation.
“For instance, while we have been told that there is no need to pay TDS (tax deducted at source) on foreign commission, there is no formal notification which leads to trouble,” Shah pointed out.
Engineering exporters also want States to speed up VAT refunds as payments are pending in some cases for as long as three-four years.
India proposes to set up pharma, info-tech industrial parks in China
Gandhinagar: India has proposed to set up industrial parks in China, mainly in pharmaceutical and information technology (IT) sectors.
The Union Government, which gave an in-principle approval to the signing of an MoU at its meeting in New Delhi on Wednesday, with regard to the setting up of Chinese industrial parks in India, has made this proposal to Beijing, Jagat Shah, Interim Secretary-General, China India Trade and Investment Centre (CITIC), told BusinessLine here on Thursday.
Earlier, the two sides had identified five States where Chinese industrial parks would be set up in India: Uttar Pradesh, Andhra Pradesh, Gujarat, Maharashtra and Karnataka.
Earlier this month, a 20-member Chinese business-cum-investor delegation had shortlisted three locations near Sanand in Ahmedabad district to set up their units in an industrial park with an initial investment of $1 billion. Shah said Wei Wei, China’s Ambassador to India, who arrived here on Thursday, is set to meet Gujarat Chief Minister Anandiben Patel later in the day.
China is interested in investing in India especially in automotive, electronics, agro-processing, tourism and manufacturing and will participate in the setting up of the industrial parks in the country. It has emerged as India’s biggest trading partner in the current fiscal, replacing the UAE. Sino India trade has touched $49.5 billion with 8.7 per cent share in India’s total trade between September 2013 and May 2014.
The NDA Government believes the move will help address India’s widening trade deficit with China, which has led to the government pushing China to source more products from here, Shah said.
“This was a long pending demand to strengthen India-China trade and investment ties which has now been fulfilled by the new government. In return, the Chinese Government may agree to allow India to set up industrial parks there in China.”
The Union Government, which gave an in-principle approval to the signing of an MoU at its meeting in New Delhi on Wednesday, with regard to the setting up of Chinese industrial parks in India, has made this proposal to Beijing, Jagat Shah, Interim Secretary-General, China India Trade and Investment Centre (CITIC), told BusinessLine here on Thursday.
Earlier, the two sides had identified five States where Chinese industrial parks would be set up in India: Uttar Pradesh, Andhra Pradesh, Gujarat, Maharashtra and Karnataka.
Earlier this month, a 20-member Chinese business-cum-investor delegation had shortlisted three locations near Sanand in Ahmedabad district to set up their units in an industrial park with an initial investment of $1 billion. Shah said Wei Wei, China’s Ambassador to India, who arrived here on Thursday, is set to meet Gujarat Chief Minister Anandiben Patel later in the day.
China is interested in investing in India especially in automotive, electronics, agro-processing, tourism and manufacturing and will participate in the setting up of the industrial parks in the country. It has emerged as India’s biggest trading partner in the current fiscal, replacing the UAE. Sino India trade has touched $49.5 billion with 8.7 per cent share in India’s total trade between September 2013 and May 2014.
The NDA Government believes the move will help address India’s widening trade deficit with China, which has led to the government pushing China to source more products from here, Shah said.
“This was a long pending demand to strengthen India-China trade and investment ties which has now been fulfilled by the new government. In return, the Chinese Government may agree to allow India to set up industrial parks there in China.”
Crompton Greaves combo bags Netherlands wind project
Mumbai: Avantha Group Company CG (Crompton Greaves), along with the other consortium partners Fabricom and Iemants, has been selected by Van Oord, for the offshore wind project `Gemini' in the Netherlands.
As part of the scope, CG would design, deliver and install two high voltage (HV) offshore substations and 1 HV onshore substation. The volume of the order for the consortium is in excess of €150 million. CG’s scope covers around 30 per cent of the overall contract. The project is expected to start in the second quarter of 2014, and to be completed in 2016.
The Gemini project consists of two offshore wind farms i.e. Buitengaats (300 MW) and Zee Energie (300 MW) and is located 85 kms north of the island of Schiermonnikoog in the Dutch North Sea. The total 600 MW of installed capacity would produce electricity for over 785,000 households which equal a reduction in emissions of 1,250,000 tonnes of carbon dioxide.
CG would design and engineer the overall electrical HV system, manufacture and supply all key equipment and connect the onshore substation to the 400 kv tennet high voltage grid.
As part of the scope, CG would design, deliver and install two high voltage (HV) offshore substations and 1 HV onshore substation. The volume of the order for the consortium is in excess of €150 million. CG’s scope covers around 30 per cent of the overall contract. The project is expected to start in the second quarter of 2014, and to be completed in 2016.
The Gemini project consists of two offshore wind farms i.e. Buitengaats (300 MW) and Zee Energie (300 MW) and is located 85 kms north of the island of Schiermonnikoog in the Dutch North Sea. The total 600 MW of installed capacity would produce electricity for over 785,000 households which equal a reduction in emissions of 1,250,000 tonnes of carbon dioxide.
CG would design and engineer the overall electrical HV system, manufacture and supply all key equipment and connect the onshore substation to the 400 kv tennet high voltage grid.
Telenor selects TCS for fixed-line upgrade in Norway
New Delhi: Norwegian telecom giant Telenor has selected Tata Consultancy Services Ltd to modernise its fixed-line network operations. The infrastructure services contract, which was signed on 24 June, is for four years.
"This is one of the largest change programmes in recent history for Telenor Norway. Our aim is to provide customers with better experiences, with improved quality and faster deliveries, while reducing costs," Berit Svendsen, chief executive of Telenor Norway said.
Telenor invests more than 4 billion Norwegian krones in infrastructure and services in Norway.
"As much as India emerges as a promising mass market opportunity for the Telenor Group, it is our endeavour to ensure that our international markets also open up for our Indian business partners. Our partnership with India should bring affordable services to subscribers in the country, global opportunities with us to Indian businesses and the benefits of the top-class competence and capabilities of these partners to the Telenor Group," said Sigve Brekke, Head of Telenor Asia operations.
"This is one of the largest change programmes in recent history for Telenor Norway. Our aim is to provide customers with better experiences, with improved quality and faster deliveries, while reducing costs," Berit Svendsen, chief executive of Telenor Norway said.
Telenor invests more than 4 billion Norwegian krones in infrastructure and services in Norway.
"As much as India emerges as a promising mass market opportunity for the Telenor Group, it is our endeavour to ensure that our international markets also open up for our Indian business partners. Our partnership with India should bring affordable services to subscribers in the country, global opportunities with us to Indian businesses and the benefits of the top-class competence and capabilities of these partners to the Telenor Group," said Sigve Brekke, Head of Telenor Asia operations.
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