Kolkata: Kolkata-based Infinity Group is set to build a Rs 4,000-crore Education City in Bhutan, and has formed a joint venture with Infrastructure Leasing & Financial Services Limited for this.
At 8,000 ft above sea level, this might well be the first project at such an elevation.
The 1,000-acre project plot is placed between capital Thimphu and Paro, where the country’s lone airport is located. “The land acquisition is complete and the work should start in sometime. We have formed a 50:50 JV with ILFS for the same and the whole project would see an investment of around Rs 4,000 crore,” Ravindra Chamaria, group chairman, told Business Standard.
It is also in talks with the leading universities of the UK, US and Australia, who have shown interest to set up their campuses in the world's youngest democracy.
"The talks are on with these institutions at various levels with some world renowned universities. But the details are yet to be worked out to announce those names,” he said adding that the 600-year independent school of UK ?Durham School?which entered India on Thursday is likely to set up campus there.
This would be a real boost and one of the big investments to be made in Bhutan, which is leaving no stone unturned to attract foreign investment. The country has been keen to rope in investors especially after a survey was carried out by the World Bank in 2011, called the investment climate assessment not very 'investment friendly' and that access to finance was one major constraint.
The World Bank survey pointed out lack of infrastructure as a major reason for poor performance in the investments despite scoring on political stability. Bhutan's foreign direct investment flow was only $120m in 2010, according to the report.
Chamaria pointed out that the funds required for the mega project have come from internal accrual and there was no plan for private equity placement to feed the expansion needs.
Success in my Habit
Monday, February 4, 2013
Six corridors identified for high-speed rail project: Pawan Bansal
New Delhi: The government has identified six corridors for developing high-speed rail transit systems and is working on a pilot project between Mumbai and Ahmedabad, railways minister Pawan Kumar Bansal said on Friday.
The minister said that a project steering group is assessing options for the pilot project and viable financial models need to be evolved.
"High speed trains that run up to 350 km/hr are an aspiration. One route has been chosen but it is hard to say when it will be done... We have to work on the models and state governments must be our partners," Bansal said.
The minister said public private partnerships could be explored for such projects, but added that no private firm would participate in such projects for 'altruistic purposes' so returns on their investment must be ensured. Railway Board chairman Vinay Mittal however, expressed caution over private participation.
"Countries who have introduced high speed operation have done it mainly with public funding. Some experiments with private funding have taken place but they have not been successful because of high costs, long gestation period," he said.
The minister said that a project steering group is assessing options for the pilot project and viable financial models need to be evolved.
"High speed trains that run up to 350 km/hr are an aspiration. One route has been chosen but it is hard to say when it will be done... We have to work on the models and state governments must be our partners," Bansal said.
The minister said public private partnerships could be explored for such projects, but added that no private firm would participate in such projects for 'altruistic purposes' so returns on their investment must be ensured. Railway Board chairman Vinay Mittal however, expressed caution over private participation.
"Countries who have introduced high speed operation have done it mainly with public funding. Some experiments with private funding have taken place but they have not been successful because of high costs, long gestation period," he said.
Krishna Institute of Medical Sciences performs scar-less robotic thyroid surgery
Hyderabad: Krishna Institute of Medical Sciences (KIMS) has performed a scar-less robotic Thyroidectomy, using the Da Vinci robotic surgery and high definition laparoscopic systems.
The procedure was demonstrated to a group of senior surgeons from across the country at a workshop held at the KIMS Cancer institute.
“In about 18 months, our Robotic Institute conducted about 200 surgeries, making us a leading player in South India. It conducted five live workshops on robotic surgeries,” B. Bhasker Rao, Chairman and Chief Executive Officer of KIMS, said here in a press release.
On the scar-less Thyroidectomy, he said that this procedure would save patients from being left with a scar on the neck. “Swelling of thyroid and small thyroid cancers are being treated with this robotic procedure,” he said. Jagdishwar Goud of KIMS was trained by Dr Chung who had been considered to be the first robotic thyroid surgeon in the World in Seoul.
The hospital is also performing robotic surgeries on oesophageal cancers and lung cancers, using 3 mm and 5 mm instruments. “This facilitates reduced complications, faster recovery and faster return to work with,” he said.
The procedure was demonstrated to a group of senior surgeons from across the country at a workshop held at the KIMS Cancer institute.
“In about 18 months, our Robotic Institute conducted about 200 surgeries, making us a leading player in South India. It conducted five live workshops on robotic surgeries,” B. Bhasker Rao, Chairman and Chief Executive Officer of KIMS, said here in a press release.
On the scar-less Thyroidectomy, he said that this procedure would save patients from being left with a scar on the neck. “Swelling of thyroid and small thyroid cancers are being treated with this robotic procedure,” he said. Jagdishwar Goud of KIMS was trained by Dr Chung who had been considered to be the first robotic thyroid surgeon in the World in Seoul.
The hospital is also performing robotic surgeries on oesophageal cancers and lung cancers, using 3 mm and 5 mm instruments. “This facilitates reduced complications, faster recovery and faster return to work with,” he said.
RBI to set up committee to help boost bank finance for exports
Mumbai: The Reserve Bank of India has decided to set up a technical working group to iron out existing issues and boost bank finance for exports.
The group will be led by G. Padmanabhan, Executive Director, RBI, and also involve key agencies such as the Export Import Bank of India, Export Credit Guarantee Corporation, Federation of Indian Export Organisations, Fixed Income, Money Market and Derivatives Association, Indian Banks’ Association.
Addressing media persons at the third quarter monetary policy review on January 29, Governor, D. Subbarao said, “I believe banks are mandated to extend up to 12 per cent (of adjusted net bank credit) for exports, but the aggregate level of export finance is 5 per cent or even lower.”
Apart from the cost of financing for exports there are a number of other non-cash issues such as transaction costs, accounting norms, documentation, and procedural difficulties, the RBI said.
In June 2012 the RBI expanded the rupee export credit refinance facility to 50 per cent from 15 per cent. This was introduced to enable cheaper lending to exporters.
A couple of weeks back, the RBI also introduced the dollar-rupee swap facility of $6.5 billion, where banks could refinance the dollar loans they extend to exporters in rupees.
The group will be led by G. Padmanabhan, Executive Director, RBI, and also involve key agencies such as the Export Import Bank of India, Export Credit Guarantee Corporation, Federation of Indian Export Organisations, Fixed Income, Money Market and Derivatives Association, Indian Banks’ Association.
Addressing media persons at the third quarter monetary policy review on January 29, Governor, D. Subbarao said, “I believe banks are mandated to extend up to 12 per cent (of adjusted net bank credit) for exports, but the aggregate level of export finance is 5 per cent or even lower.”
Apart from the cost of financing for exports there are a number of other non-cash issues such as transaction costs, accounting norms, documentation, and procedural difficulties, the RBI said.
In June 2012 the RBI expanded the rupee export credit refinance facility to 50 per cent from 15 per cent. This was introduced to enable cheaper lending to exporters.
A couple of weeks back, the RBI also introduced the dollar-rupee swap facility of $6.5 billion, where banks could refinance the dollar loans they extend to exporters in rupees.
Commerce Secretary inaugurates India's Trade Portal
New Delhi: Shri S R Rao, Secretary, Department of Commerce today inaugurated the India's Trade Portal here. The Trade Portal has been developed to facilitate India's exporters in trading which may result in the expansion of trade. The Portal offers Indian exporters and importers respectively a comprehensive guidance for concluding international trade transactions successfully with a specific focus on Indian traders trading with SAARC, ASEAN and top 25 export/import destinations (as per value terms). The portal provides user-friendly access to relevant information for import and export of different products in digital form.
It provides an access to an online database of current MFN Tariff, Preferential Tariff of top 25 destinations with which India has entered into regional or bilateral agreements or variants of them, Rules of Origin ("Ro0"), Sanitary and Phytosanitary Measures ("SPS") and Technical Barriers to Trade ("TBT") requirements of various products that an Indian trader requires for ensuring successful trade transactions. The Portal provides a search criteria based on HS Code and/or product names.
The Secretary expressed that Trade Portal is a dynamic concept and invited feedbacks from the stakeholders for further development of the portal. He stated that an endeavour shall be made to expand it to other trading partners and the task of maintenance of Trade Portal will be carried out by IIFT under the overall guidance of the Department of Commerce.
The link to the Trade Portal has been provided through Department of Commerce website under 'What's New' and Useful Links'. The direct link to the website is http://trade.iift.ac.in/.
It provides an access to an online database of current MFN Tariff, Preferential Tariff of top 25 destinations with which India has entered into regional or bilateral agreements or variants of them, Rules of Origin ("Ro0"), Sanitary and Phytosanitary Measures ("SPS") and Technical Barriers to Trade ("TBT") requirements of various products that an Indian trader requires for ensuring successful trade transactions. The Portal provides a search criteria based on HS Code and/or product names.
The Secretary expressed that Trade Portal is a dynamic concept and invited feedbacks from the stakeholders for further development of the portal. He stated that an endeavour shall be made to expand it to other trading partners and the task of maintenance of Trade Portal will be carried out by IIFT under the overall guidance of the Department of Commerce.
The link to the Trade Portal has been provided through Department of Commerce website under 'What's New' and Useful Links'. The direct link to the website is http://trade.iift.ac.in/.
Sunday, February 3, 2013
Icrisat, US body in pact for project on pigeonpea
Hyderabad: International Crops Research Institute for the Semi-Arid Tropics (Icrisat) will implement a three-year pigeonpea molecular breeding project.
The Rs 10-crore project, which will be supported by the United States Agency for International Development (USAID), was launched on Thursday.
The project is aimed at assisting pigeonpea breeders to develop improved cultivars more efficiently using genomic tools.
The National Bureau of Plant Genetic Resources (NBPGR), New Delhi; the University of Agricultural Sciences (UAS), Raichur, and Acharya NG Ranga Agricultural University (ANGRAU), Hyderabad, would also take part in the programme.
Pigeonpea is grown on about 50 lakh hectares in Asia, sub-Saharan Africa and South-Central America.
Called ‘poor people’s meat’ because of high protein content, it is a staple food for millions of poor in the semi-arid regions of the world.
“This project has a research component in Phase I and an application component in Phase II,” William Dar, Director-General of Icrisat, said in a press release.
The Rs 10-crore project, which will be supported by the United States Agency for International Development (USAID), was launched on Thursday.
The project is aimed at assisting pigeonpea breeders to develop improved cultivars more efficiently using genomic tools.
The National Bureau of Plant Genetic Resources (NBPGR), New Delhi; the University of Agricultural Sciences (UAS), Raichur, and Acharya NG Ranga Agricultural University (ANGRAU), Hyderabad, would also take part in the programme.
Pigeonpea is grown on about 50 lakh hectares in Asia, sub-Saharan Africa and South-Central America.
Called ‘poor people’s meat’ because of high protein content, it is a staple food for millions of poor in the semi-arid regions of the world.
“This project has a research component in Phase I and an application component in Phase II,” William Dar, Director-General of Icrisat, said in a press release.
Eastern Mattresses forms joint venture with S. African firm
Kochi: Eastern Mattresses Pvt Ltd, which owns Sunidra brand of mattresses, has announced the formation of a joint venture with Bam Furn Holdings, South Africa (BFH).
The joint venture — International Sleep Solutions Pvt Ltd (ISSPL) — will manufacture and market spring mattresses across the country and abroad.
The exclusive manufacturing facility will be located at Thodupuzha in Kerala and ISSPL will invest Rs 10 crore to produce 6,000 spring mattresses a month.
The target is to do business worth Rs 100 crore in a year, Navas Meeran, Chairman, Eastern Group, said.
BFH, besides making investment in the newly formed venture, will also offer cutting-edge technology and marketing acumen, thus creating a global cushion for the spring mattresses manufactured by ISSPL, he said.
The mattresses will be marketed across the country and abroad under the brand name Sunidra.
To start with, ISSPL will explore West Asia and South Africa for export, S.Rajesh, General Manager (operations) Eastern Group Rubber Division, said.
The production will commence in the first quarter of 2013-14. The setting up of the factory is in the final stage and the new product may roll out by May this year, he said.
According to Navas, ISSPL is also negotiating rights with one of America’s oldest bedding company to manufacture their premium range of bedding products for the niche segment of India.
ISSPL will also have its second plant in place during 2014-15. “We’ve already firmed up our plans on this score. The second plant will come up in Tamil Nadu,” Navas said.
BFH subsidiary, Simmons South Africa Pty Ltd is a licensed partner of Simmons – world’s leading mattress manufacturer with a 64 per cent growth in market share since 1986.
The joint venture — International Sleep Solutions Pvt Ltd (ISSPL) — will manufacture and market spring mattresses across the country and abroad.
The exclusive manufacturing facility will be located at Thodupuzha in Kerala and ISSPL will invest Rs 10 crore to produce 6,000 spring mattresses a month.
The target is to do business worth Rs 100 crore in a year, Navas Meeran, Chairman, Eastern Group, said.
BFH, besides making investment in the newly formed venture, will also offer cutting-edge technology and marketing acumen, thus creating a global cushion for the spring mattresses manufactured by ISSPL, he said.
The mattresses will be marketed across the country and abroad under the brand name Sunidra.
To start with, ISSPL will explore West Asia and South Africa for export, S.Rajesh, General Manager (operations) Eastern Group Rubber Division, said.
The production will commence in the first quarter of 2013-14. The setting up of the factory is in the final stage and the new product may roll out by May this year, he said.
According to Navas, ISSPL is also negotiating rights with one of America’s oldest bedding company to manufacture their premium range of bedding products for the niche segment of India.
ISSPL will also have its second plant in place during 2014-15. “We’ve already firmed up our plans on this score. The second plant will come up in Tamil Nadu,” Navas said.
BFH subsidiary, Simmons South Africa Pty Ltd is a licensed partner of Simmons – world’s leading mattress manufacturer with a 64 per cent growth in market share since 1986.
Rural BPOs on the rise in US; Mahindra Satyam opens 4 centres
Hyderabad: Indian IT firms seem to have devised a method to cut human resource costs in the US and Canada.
They have begun to tap the ‘rural’ areas to man their near-shore centres.
Mahindra Satyam has opened its fourth such centre in the last six months.
Near-Shore Centres
It’s not so much about addressing the issue of resentment against outsourcing, it makes business sense to hire locals in generals and talent from rural areas in particular.
Lakshmanan Chidambaram, Head of North American business of the company, said hiring from the rural areas to man the near-shore centres would reduce wage bill by 30-35 per cent. The attrition rate too would drop.
Opening the near-shore centres is quite advantageous for operations. “You can avoid the intrinsic disadvantages of graveyard shifts (night shifts to attend the calls of customers of its clients) by recruiting locals. Also, certain types of outsourcing work can be better done there,” he said.
The company had about 5,000 employees in the US. It plans to have 1,500 employees in the near-shore centres in the next two years. About 12 per cent of the 100-member sales team were locals.
US Market
On the reduced pie from the US market, he said it was a typical December quarter where large customers decided to keep away (from taking spending decisions). “We have closed three deals in that quarter, including one each from Fortune 500 and Fortune 1000 firms. Ramping up is going on. Revenues would flow in this quarter,” he said.
They have begun to tap the ‘rural’ areas to man their near-shore centres.
Mahindra Satyam has opened its fourth such centre in the last six months.
Near-Shore Centres
It’s not so much about addressing the issue of resentment against outsourcing, it makes business sense to hire locals in generals and talent from rural areas in particular.
Lakshmanan Chidambaram, Head of North American business of the company, said hiring from the rural areas to man the near-shore centres would reduce wage bill by 30-35 per cent. The attrition rate too would drop.
Opening the near-shore centres is quite advantageous for operations. “You can avoid the intrinsic disadvantages of graveyard shifts (night shifts to attend the calls of customers of its clients) by recruiting locals. Also, certain types of outsourcing work can be better done there,” he said.
The company had about 5,000 employees in the US. It plans to have 1,500 employees in the near-shore centres in the next two years. About 12 per cent of the 100-member sales team were locals.
US Market
On the reduced pie from the US market, he said it was a typical December quarter where large customers decided to keep away (from taking spending decisions). “We have closed three deals in that quarter, including one each from Fortune 500 and Fortune 1000 firms. Ramping up is going on. Revenues would flow in this quarter,” he said.
Approval for ONGC Videsh Limited's acquisition of participating interest in ACG Fields in Caspian sea sector and BTC pipeline in Azerbaijan
New Delhi: The Cabinet Committee on Economic Affairs today gave its approval to authorize ONGC Videsh Limited (OVL) to acquire Participating Interest (PI) owned by Hess Corporation's wholly-owned subsidiaries in the upstream and midstream oil and gas assets in Azerbaijan comprising 2.7213 percent PI in the Azeri Chirag Guneshli (ACG) contract area and 2.36 percent PI in Baku-Tbilisi-Ceyhan (BTC) pipeline for an investment of US$ 1001 million, plus certain adjustments including working capital, interest from the economic date and other defined elements on cash sink basis, and also authorized OVL to incur expenses so as to keep the total exposure up to the approved amount i.e. US $ 1001 million at all times.
The acquisition shall provide OVL, oil production of about 1 Million Ton per year for about a decade. In addition to oil revenue, the investment would enable OVL to enter into Azerbaijan, which is rapidly emerging into a strategically important country in the CIS region. Acquiring a stake in the strategic BTC pipeline would provide OVL the opportunity to enhance its portfolio around the region and transport crude from future assets, which the company may acquire in the Caspian Sea in the future.
The acquisition shall provide OVL, oil production of about 1 Million Ton per year for about a decade. In addition to oil revenue, the investment would enable OVL to enter into Azerbaijan, which is rapidly emerging into a strategically important country in the CIS region. Acquiring a stake in the strategic BTC pipeline would provide OVL the opportunity to enhance its portfolio around the region and transport crude from future assets, which the company may acquire in the Caspian Sea in the future.
India is among top five tourism source markets for South Africa
Bengaluru: India is among the top five tourism source markets for South Africa - it was revealed at a roadshow held in the city on Thursday. The roadshow traveled to Bangalore after having two successful days in Mumbai and Hyderabad earlier this week. The roadshow will commence in Delhi on Friday. Through this four-city roadshow, South African Tourism aims to build Inbound Tourism from India which has grown substantially over the years.
While the South African partners get to learn about the latest travel trends in India and traveler interests, Indian trade use this platform to learn more about the latest offerings of South Africa which can be customized as per the preference of the Indian traveler.
"Over the years we have witnessed a continuous increase in Indian tourist arrivals, making india one of the key markets for us. Therefore, it has been our constant endeavour to enhance our engagement with our key stakeholders in India to further boost tourist arrivals to South Africa," said Hanneli Slabber, country head of SA Tourism, India.
According to the Board's latest arrival figures of September 2012, they got 79,306 Indian tourists to South Africa from January 2012 to September 2012, an increase of 18.3% in comparison to the corresponding time period in 2011.
The roadshow was well attended by 69 South African suppliers and Indian tour operators.
While the South African partners get to learn about the latest travel trends in India and traveler interests, Indian trade use this platform to learn more about the latest offerings of South Africa which can be customized as per the preference of the Indian traveler.
"Over the years we have witnessed a continuous increase in Indian tourist arrivals, making india one of the key markets for us. Therefore, it has been our constant endeavour to enhance our engagement with our key stakeholders in India to further boost tourist arrivals to South Africa," said Hanneli Slabber, country head of SA Tourism, India.
According to the Board's latest arrival figures of September 2012, they got 79,306 Indian tourists to South Africa from January 2012 to September 2012, an increase of 18.3% in comparison to the corresponding time period in 2011.
The roadshow was well attended by 69 South African suppliers and Indian tour operators.
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