Kochi: Encouraged by the successful implementation of Vytilla Mobility hub, the State Government plans to set up similar hubs in Thiruvananthapuram and Kozhikode.
State Transport Minister Aryadan Mohammed said the Government would also take steps to connect the Vytilla Mobility Hub with rail and water network. The Minister was speaking after inaugurating the first digital signage system at Vytilla Mobility Hub.
The State Motor Vehicles Department has introduced the signage system as part of its efforts to bring down the number of road accidents.
The digital signage system will provide details about road safety measures on display boards installed at the hub.
Silent videos of road accidents and the dangers in involved rash driving will be continuously played on the boards.
The Minister pointed out that the number of road accidents in the State is on the rise and awareness programmes are the need of the hour.
He also suggested introducing the system in KSRTC bus stations in the State.
Success in my Habit
Friday, March 8, 2013
Sri City to build eye care hospital, research facility
Chennai: Sri City, an integrated business city near Chennai, has signed a memorandum of understanding with Medical Research Foundation (of Sankara Nethralaya) to establish an eye care hospital and research facility inside the industrial complex.
The hospital is expected to benefit the people of the region and the employees of the industries inside Sri City.
Sri City Sankara Nethralaya will commence its services in the next three months with a 20-bed hospital and an operation theatre to perform surgeries. A full-fledged specialty eye care hospital, spread over 10 acres, will be built in three years.
“We intend to ensure quality and affordable eye care services to the poor and needy. As the full-fledged eye care hospital is expected to be completed in a period of three years, any complicated surgeries that require post-surgery back-up can be offered by Sankara Nethralaya Chennai till then,” said S.S. Badrinath, Chairman Emeritus, Sankara Nethralaya.
Ravindra Sannareddy, MD, Sri City, said, “Thousands who travel to Chennai, Coimbatore or Pondicherry for their eye care need will be benefited, henceforth.”
Sri City is an emerging business city, located 55 km from Chennai.
It houses a special economic zone, domestic tariff zone and a free trade warehousing zone, built in partnership with the Government of Andhra Pradesh.
Sri City is home to over 80 industries from 24 countries.
Started in 1976, Sankara Nethralaya is a well-known not-for-profit eye hospital in Chennai.
The hospital is expected to benefit the people of the region and the employees of the industries inside Sri City.
Sri City Sankara Nethralaya will commence its services in the next three months with a 20-bed hospital and an operation theatre to perform surgeries. A full-fledged specialty eye care hospital, spread over 10 acres, will be built in three years.
“We intend to ensure quality and affordable eye care services to the poor and needy. As the full-fledged eye care hospital is expected to be completed in a period of three years, any complicated surgeries that require post-surgery back-up can be offered by Sankara Nethralaya Chennai till then,” said S.S. Badrinath, Chairman Emeritus, Sankara Nethralaya.
Ravindra Sannareddy, MD, Sri City, said, “Thousands who travel to Chennai, Coimbatore or Pondicherry for their eye care need will be benefited, henceforth.”
Sri City is an emerging business city, located 55 km from Chennai.
It houses a special economic zone, domestic tariff zone and a free trade warehousing zone, built in partnership with the Government of Andhra Pradesh.
Sri City is home to over 80 industries from 24 countries.
Started in 1976, Sankara Nethralaya is a well-known not-for-profit eye hospital in Chennai.
Essar plans port for its African steel plant
Mumbai: The Essar group is planning to expand its presence in the African continent by setting up a 10-million tonne (mt) port in Mozambique, at a cost of $275 million (Rs 1,496 crore).
“As a group, we look at various growth opportunities but would not like to comment on any specific ones at this point in time,” Essar said, in response to an email sent on the development. The port project work is to be undertaken by the group’s African subsidiary, Essar Africa Holdings, and is not a part of the group’s Essar Ports. “The project is currently on the drawing board,” said a senior company official.
This port will facilitate exports from Zimbabwe Iron and Steel Company (ZISCO), a Zimbabwe-based company it acquired in 2010. Essar spent $750 million for a 56 per cent stake in the company. The group had plans to bring back iron ore from the Zimbabwe company to India.
A port in Essar’s African portfolio would add to its many businesses in the continent. Essar Energy holds 50 per cent interest in the Kenya Petroleum Refinery at Mombassa. It also has telecom operations in Kenya under the brand name Yu, with over three million subscribers.
However, this port will not cater exclusively to ZISCO and Essar. “Mozambique has a lot of coal resources, and that will also be another major source of cargo,” said the official.
When Essar Africa took over the company, ZISCO was a distressed asset. It planned to invest yet another $400 million (Rs 2,176 crore) into the company and get it back to production. The operating levels of the plant were very low. This is apart from developing the vast iron deposits of the company.
While working on the blue print of ZISCO’s revival plan, Essar planned to bring back some iron ore to its Gujarat steel plant, if there was an excess after feeding ZISCO and the local market.
“We have an 80 per cent stake in the minerals joint venture with the government of Zimbabwe and we are allowed to export excess iron ore after feeding ZISCO and the local market,” Firdhose Coovadia, resident director of Essar (Middle East & Africa), had told Business Standard in an interview earlier.
Last year, the company had said they planned to start steel production at ZISCO in 12-15 months time, from the date of getting all the necessary approvals. When acquired, ZISCO was a defunct state-owned steel company which owed its employees $20 million (Rs 108 crore) in wages. The total liabilities of this one-mt capacity steel plant were over $340 million (Rs 1,849 crore).
“As a group, we look at various growth opportunities but would not like to comment on any specific ones at this point in time,” Essar said, in response to an email sent on the development. The port project work is to be undertaken by the group’s African subsidiary, Essar Africa Holdings, and is not a part of the group’s Essar Ports. “The project is currently on the drawing board,” said a senior company official.
This port will facilitate exports from Zimbabwe Iron and Steel Company (ZISCO), a Zimbabwe-based company it acquired in 2010. Essar spent $750 million for a 56 per cent stake in the company. The group had plans to bring back iron ore from the Zimbabwe company to India.
A port in Essar’s African portfolio would add to its many businesses in the continent. Essar Energy holds 50 per cent interest in the Kenya Petroleum Refinery at Mombassa. It also has telecom operations in Kenya under the brand name Yu, with over three million subscribers.
However, this port will not cater exclusively to ZISCO and Essar. “Mozambique has a lot of coal resources, and that will also be another major source of cargo,” said the official.
When Essar Africa took over the company, ZISCO was a distressed asset. It planned to invest yet another $400 million (Rs 2,176 crore) into the company and get it back to production. The operating levels of the plant were very low. This is apart from developing the vast iron deposits of the company.
While working on the blue print of ZISCO’s revival plan, Essar planned to bring back some iron ore to its Gujarat steel plant, if there was an excess after feeding ZISCO and the local market.
“We have an 80 per cent stake in the minerals joint venture with the government of Zimbabwe and we are allowed to export excess iron ore after feeding ZISCO and the local market,” Firdhose Coovadia, resident director of Essar (Middle East & Africa), had told Business Standard in an interview earlier.
Last year, the company had said they planned to start steel production at ZISCO in 12-15 months time, from the date of getting all the necessary approvals. When acquired, ZISCO was a defunct state-owned steel company which owed its employees $20 million (Rs 108 crore) in wages. The total liabilities of this one-mt capacity steel plant were over $340 million (Rs 1,849 crore).
NERC and ESSO-MoES to strengthen UK-Indian collaboration in Earth Sciences and Environmental Research
New Delhi: The Natural Environment Research Council of the UK (NERC) and the Earth System Science Organization, Ministry of Earth Sciences of the Republic of India (ESSO-MoES) have agreed a Memorandum of Understanding (MoU) to facilitate cooperation between the UK and Indian earth system science and environmental research communities.
The UK and India have shared interests and strengths in research on meteorology, climate variability and change, oceanography, hydrology, cryosphere, natural hazards and biodiversity. The new MoU will encourage collaboration in these areas by promoting information sharing and identification of new opportunities for collaborative activities such as networking, exchange of scientific and technical capability, and co-funding new research through joint calls. The MoU will be put to immediate effect.
On this occasion Shri S. Jaipal Reddy, Union Minister for Earth Sciences and Science & Technology expressed the hope that the strong bond established between ESSO and NERC will further strengthen by signing of the MoU. He said this kind of bilateral cooperative agreement will help us to improve the forecasting capability of various weather and climate related phenomena and natural hazards through sharing of knowledge, expertise and experience.
The UK delegation head Mr. Phil Newton said this MoU is a sign of our commitment to work strategically in addressing some of the biggest challenges facing us. I am delighted that we are now strengthening our relationship.
The MoU agreed today will deepen the NERC- MoES partnership, enabling the two countries to build strategically on current collaborations.
It may be noted that the Ministry of Earth Sciences (MoES) is mandated to provide the nation with best possible services in forecasting the monsoons and other weather/climate parameters, ocean state, earthquakes, tsunamis and other phenomena related to earth systems through well integrated programmes. The Ministry also deals with science and technology for exploration and exploitation of ocean resources (living and non-living), and play nodal role for Antarctic/Arctic and Southern Ocean research. The Ministry mandate is to look after Atmospheric Sciences, Ocean Science & Technology, cryosphere and geosciences in an integrated manner. The Earth System Science Organization (ESSO) was established in October 2007 to address holistically various aspects relating to earth processes for understanding the variability of earth system. The overall vision of the ESSO is to excel in knowledge and technology enterprise for the earth system science realm towards socio-economic benefit of the Indian sub-continent and in the Indian Ocean region. Further information is available at http://www.moes.gov.in .
The Natural Environment Research Council (NERC) is the UK's main agency for funding and managing research, training and knowledge exchange in the environmental sciences. NERC’s work covers the full range of atmospheric, Earth, biological, terrestrial and aquatic science, from the deep oceans to the upper atmosphere and from the poles to the equator. NERC coordinate some of the world's most exciting research projects, tackling major issues such as climate change, environmental influences on human health, the genetic make-up of life on Earth, and much more. NERC is a non-departmental public bodyand receives around £370 million of annual funding from the Department for Business, Innovation and Skills (BIS).
RCUK India is a representative office for NERC in India. They also represent the other six UK Research Councils in India. RCUK India was established in 2008 with an aim to bring about a step change in research partnerships between the two countries and make it easier for the best researchers in the UK and India to develop high-quality, high impact research partnerships. Since its launch RCUK India has facilitated joint research collaboration between the UK, India and third parties to the value of over £100 million compared with £1 million in 2008.
Over the last two years NERC and ESSO-MoES have built a strong partnership to support collaboration between UK and Indian scientists to address environmental change. In 2012 the two establishments jointly funded five collaborative research projects for Changing Water Cycle programme. These projects are providing information to improve to forecasts and management of changes to rainfall, river flows and groundwater in the dynamic and vulnerable South Asian region. The programme is expected to generate and put into practice new knowledge on changing water cycle. NERC and ESSO are also currently collaborating in the Belmont Forum call to support international research on the challenges of Water Security and Coastal Vulnerability.
The UK and India have shared interests and strengths in research on meteorology, climate variability and change, oceanography, hydrology, cryosphere, natural hazards and biodiversity. The new MoU will encourage collaboration in these areas by promoting information sharing and identification of new opportunities for collaborative activities such as networking, exchange of scientific and technical capability, and co-funding new research through joint calls. The MoU will be put to immediate effect.
On this occasion Shri S. Jaipal Reddy, Union Minister for Earth Sciences and Science & Technology expressed the hope that the strong bond established between ESSO and NERC will further strengthen by signing of the MoU. He said this kind of bilateral cooperative agreement will help us to improve the forecasting capability of various weather and climate related phenomena and natural hazards through sharing of knowledge, expertise and experience.
The UK delegation head Mr. Phil Newton said this MoU is a sign of our commitment to work strategically in addressing some of the biggest challenges facing us. I am delighted that we are now strengthening our relationship.
The MoU agreed today will deepen the NERC- MoES partnership, enabling the two countries to build strategically on current collaborations.
It may be noted that the Ministry of Earth Sciences (MoES) is mandated to provide the nation with best possible services in forecasting the monsoons and other weather/climate parameters, ocean state, earthquakes, tsunamis and other phenomena related to earth systems through well integrated programmes. The Ministry also deals with science and technology for exploration and exploitation of ocean resources (living and non-living), and play nodal role for Antarctic/Arctic and Southern Ocean research. The Ministry mandate is to look after Atmospheric Sciences, Ocean Science & Technology, cryosphere and geosciences in an integrated manner. The Earth System Science Organization (ESSO) was established in October 2007 to address holistically various aspects relating to earth processes for understanding the variability of earth system. The overall vision of the ESSO is to excel in knowledge and technology enterprise for the earth system science realm towards socio-economic benefit of the Indian sub-continent and in the Indian Ocean region. Further information is available at http://www.moes.gov.in .
The Natural Environment Research Council (NERC) is the UK's main agency for funding and managing research, training and knowledge exchange in the environmental sciences. NERC’s work covers the full range of atmospheric, Earth, biological, terrestrial and aquatic science, from the deep oceans to the upper atmosphere and from the poles to the equator. NERC coordinate some of the world's most exciting research projects, tackling major issues such as climate change, environmental influences on human health, the genetic make-up of life on Earth, and much more. NERC is a non-departmental public bodyand receives around £370 million of annual funding from the Department for Business, Innovation and Skills (BIS).
RCUK India is a representative office for NERC in India. They also represent the other six UK Research Councils in India. RCUK India was established in 2008 with an aim to bring about a step change in research partnerships between the two countries and make it easier for the best researchers in the UK and India to develop high-quality, high impact research partnerships. Since its launch RCUK India has facilitated joint research collaboration between the UK, India and third parties to the value of over £100 million compared with £1 million in 2008.
Over the last two years NERC and ESSO-MoES have built a strong partnership to support collaboration between UK and Indian scientists to address environmental change. In 2012 the two establishments jointly funded five collaborative research projects for Changing Water Cycle programme. These projects are providing information to improve to forecasts and management of changes to rainfall, river flows and groundwater in the dynamic and vulnerable South Asian region. The programme is expected to generate and put into practice new knowledge on changing water cycle. NERC and ESSO are also currently collaborating in the Belmont Forum call to support international research on the challenges of Water Security and Coastal Vulnerability.
Government approves nine proposals of foreign direct investment amounting to about Rs 1140.14 crore
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore approximately.
In addition, one proposal viz., M/s Ingka Holding Overseas B.V., amounting to Rs.10,500 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Following are the details of the proposals considered in the Foreign Investment Promotion Board (FIPB) in its Meeting held on 21.01.2013 :
Following Nine (9) proposals have been approved.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
FINANCIAL SERVICES
1 M/s Mahindra Insurance Brokers Ltd., Mumbai; and M/s Mahindra & Mahindra Financial Services Ltd., Mumbai Induction of foreign equity to carry out the business of Insurance Broking. 80.41
PHARMACEUTICALS
2 M/s Cordlife Sciences (India) Private Limited, Kolkata Post facto approval for NR to NR transfer of shares and issuance of fresh CCPS in the pharmaceutical sector. 6.11
REVENUE (DGEP)
3 M/s Lagardere Services Singapore Pte. Ltd., Singapore To set up an investing holding JV company. 53.87
INDUSTRIAL POLICY & PROMOTION
4 M/s Pfizer Ltd. Deletion of compounding clause. The company is engaged in the pharmaceutical sector. Nil
CORPORATE AFFAIRS
5 M/s M and C Rakindo Hospitality Pvt. Ltd., Coimbatore Ex-post-facto approval to issue and allot partly paid up shares to carry out the business of development, construction ownership, management, sale and/ or lease of hotel projects in India. 47.85
DEFENCE PRODUCTION
6 M/s Mahindra and Mahindra Ltd To amend the para 1 and 4 of the FC approval. The company is engaged in the business of to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems and various kinds of defence electronic systems. Nil
HOME AFFAIRS
7 M/s Security and Intelligence Services (India) Pvt. Ltd., Bihar Induction of foreign equity to carry out the business of private security services. 82.90
INFORMATION & BROADCASTING
8 M/s Multi Screen Media Pvt. Ltd. Induction of foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production. Downlink certain TV channels. 545.00
9 M/s Wire and Wireless (I) Limited To issue warrants to carry out the business of Cable Network Business. 324.00
2. The following eleven (11) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s NSE Industries, France Induction of foreign equity to undertake the business of manufacture and servicing of products having defence applications.
2 M/s AWS Truepower LLC, USA Induction of foreign equity to carry out the business of consultancy services.
3 M/s Telenor Mobile Communications AS, Norway To set up a JV company in telecom sector.
4 M/s Maharashtra Transmission Communication Infrastructure Limited, Mumbai Post facto approval for issuance of FDI compliant instruments to an Indian company having foreign equity participation and other foreign investors to undertake the business of providing telecom services in the IP Category – I.
5 M/s PipavavDefence and Offshore Engineering Company Ltd. A defence sector company, which has 26 percent foreign equity participation (provisional approval) including for issuance of FCCBs has sought amendment in FC approval and issuance of shares to an identified foreign investor.
6 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. To extend the tenor of the investments made downstream by way of redeemable preference shares and approval for FDI inducted in the holding company during 2010-2011.
7 M/s Dorma India Pvt. Ltd. A wholly foreign owned subsidiary engaged in the business of assembling and wholesale trading of automatic door closers is seeking removal of the original FIPB approval condition of disinvestment.
8 M/s Calyx Chemicals & Pharmaceuticals Ltd. To issue IPO to investors including foreign investors to carry out the business of pharmaceutical sector.
9 M/s Bharat Electronics Limited, Bangalore To set up a JV company to carry out the business of Design, Development, marketing, supply and support of civilian and select defence Radars for Indian and global markets.
10 M/s AbicorBinzel Production (India) Pvt. Ltd., Pune Post facto approval for the conversion of overseas loan and interest into share application money and issue of shares to NR to carry out the business of manufacturing of welding torches.
11 M/s Greycells Education Ltd. To issue warrant to carry out the business of educational services rendered by technical or vocational colleges, schools and other institutions.
3. The following two (2) proposals have been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Yorkshire India LLP, Mumbai Induction of foreign equity to carry out the business of importing, exporting, buying, selling and distribution of Chemicals, biotech and allied industrial products on B2B basis.
2 M/s Equitas Holdings Pvt. Ltd. Increase in FDI percentage in investing company by way of transfer of shares from Resident to Non-resident.
4. The following four (4) proposals were withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s AGS Transact Technologies Limited, Mumbai
2 M/s NREC Railway Equipments India Private Limited, Delhi
3 M/s Pharmaceutical Coatings Pvt. Ltd., Maharashtra
4 M/s Sterlite Networks Ltd.
5. The following one (1) proposal was withdrawn from the Agenda on the request of the applicant:
Sl. No Name of the applicant
1 M/s Samara Capital Partners Funds Limited, Mauritius
6. The following one (1) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
1 M/s Ingka Holding Overseas B.V. To set up a wholly owned subsidiary to undertake single brand retailing of IKEA products. 10500.00
In addition, one proposal viz., M/s Ingka Holding Overseas B.V., amounting to Rs.10,500 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA).
Following are the details of the proposals considered in the Foreign Investment Promotion Board (FIPB) in its Meeting held on 21.01.2013 :
Following Nine (9) proposals have been approved.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
FINANCIAL SERVICES
1 M/s Mahindra Insurance Brokers Ltd., Mumbai; and M/s Mahindra & Mahindra Financial Services Ltd., Mumbai Induction of foreign equity to carry out the business of Insurance Broking. 80.41
PHARMACEUTICALS
2 M/s Cordlife Sciences (India) Private Limited, Kolkata Post facto approval for NR to NR transfer of shares and issuance of fresh CCPS in the pharmaceutical sector. 6.11
REVENUE (DGEP)
3 M/s Lagardere Services Singapore Pte. Ltd., Singapore To set up an investing holding JV company. 53.87
INDUSTRIAL POLICY & PROMOTION
4 M/s Pfizer Ltd. Deletion of compounding clause. The company is engaged in the pharmaceutical sector. Nil
CORPORATE AFFAIRS
5 M/s M and C Rakindo Hospitality Pvt. Ltd., Coimbatore Ex-post-facto approval to issue and allot partly paid up shares to carry out the business of development, construction ownership, management, sale and/ or lease of hotel projects in India. 47.85
DEFENCE PRODUCTION
6 M/s Mahindra and Mahindra Ltd To amend the para 1 and 4 of the FC approval. The company is engaged in the business of to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems and various kinds of defence electronic systems. Nil
HOME AFFAIRS
7 M/s Security and Intelligence Services (India) Pvt. Ltd., Bihar Induction of foreign equity to carry out the business of private security services. 82.90
INFORMATION & BROADCASTING
8 M/s Multi Screen Media Pvt. Ltd. Induction of foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production. Downlink certain TV channels. 545.00
9 M/s Wire and Wireless (I) Limited To issue warrants to carry out the business of Cable Network Business. 324.00
2. The following eleven (11) proposals have been deferred:
Sl. No Name of the applicant Particulars of the proposal
1 M/s NSE Industries, France Induction of foreign equity to undertake the business of manufacture and servicing of products having defence applications.
2 M/s AWS Truepower LLC, USA Induction of foreign equity to carry out the business of consultancy services.
3 M/s Telenor Mobile Communications AS, Norway To set up a JV company in telecom sector.
4 M/s Maharashtra Transmission Communication Infrastructure Limited, Mumbai Post facto approval for issuance of FDI compliant instruments to an Indian company having foreign equity participation and other foreign investors to undertake the business of providing telecom services in the IP Category – I.
5 M/s PipavavDefence and Offshore Engineering Company Ltd. A defence sector company, which has 26 percent foreign equity participation (provisional approval) including for issuance of FCCBs has sought amendment in FC approval and issuance of shares to an identified foreign investor.
6 M/s Hindustan Coca-Cola Holdings Pvt. Ltd. To extend the tenor of the investments made downstream by way of redeemable preference shares and approval for FDI inducted in the holding company during 2010-2011.
7 M/s Dorma India Pvt. Ltd. A wholly foreign owned subsidiary engaged in the business of assembling and wholesale trading of automatic door closers is seeking removal of the original FIPB approval condition of disinvestment.
8 M/s Calyx Chemicals & Pharmaceuticals Ltd. To issue IPO to investors including foreign investors to carry out the business of pharmaceutical sector.
9 M/s Bharat Electronics Limited, Bangalore To set up a JV company to carry out the business of Design, Development, marketing, supply and support of civilian and select defence Radars for Indian and global markets.
10 M/s AbicorBinzel Production (India) Pvt. Ltd., Pune Post facto approval for the conversion of overseas loan and interest into share application money and issue of shares to NR to carry out the business of manufacturing of welding torches.
11 M/s Greycells Education Ltd. To issue warrant to carry out the business of educational services rendered by technical or vocational colleges, schools and other institutions.
3. The following two (2) proposals have been rejected:
Sl. No Name of the applicant Particulars of the proposal
1 M/s Yorkshire India LLP, Mumbai Induction of foreign equity to carry out the business of importing, exporting, buying, selling and distribution of Chemicals, biotech and allied industrial products on B2B basis.
2 M/s Equitas Holdings Pvt. Ltd. Increase in FDI percentage in investing company by way of transfer of shares from Resident to Non-resident.
4. The following four (4) proposals were withdrawn from the Agenda:
Sl. No Name of the applicant
1 M/s AGS Transact Technologies Limited, Mumbai
2 M/s NREC Railway Equipments India Private Limited, Delhi
3 M/s Pharmaceutical Coatings Pvt. Ltd., Maharashtra
4 M/s Sterlite Networks Ltd.
5. The following one (1) proposal was withdrawn from the Agenda on the request of the applicant:
Sl. No Name of the applicant
1 M/s Samara Capital Partners Funds Limited, Mauritius
6. The following one (1) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs.1200.00 crore.
Sl. No. Name of the applicant Particulars of the proposal FDI/NRI inflows(` In crore)
1 M/s Ingka Holding Overseas B.V. To set up a wholly owned subsidiary to undertake single brand retailing of IKEA products. 10500.00
Saturday, March 2, 2013
NTPC commissions Vallur project Unit II
Hyderabad: NTPC Ltd has commissioned Unit II of 500 MW of Vallur Thermal Power Project located in Tamil Nadu.
The project is being implemented by NTPC Tamil Nadu Energy Co. Ltd, a joint venture of NTPC and TANGEDCO. The plant has been commissioned at 2.20 a.m. today.
With this, the total installed capacity of Vallur Thermal Power Project has gone up to 1,000 MW and that of NTPC group to 40,174 MW, according to a statement to the BSE.
The project is being implemented by NTPC Tamil Nadu Energy Co. Ltd, a joint venture of NTPC and TANGEDCO. The plant has been commissioned at 2.20 a.m. today.
With this, the total installed capacity of Vallur Thermal Power Project has gone up to 1,000 MW and that of NTPC group to 40,174 MW, according to a statement to the BSE.
Telenor inks 5-year networks outsourcing deal with Alcatel-Lucent in India
Kolkata: Norway's Telenor on Thursday inked a five-year outsouring deal with France's Alcatel-Lucent for managing three GSM technology networks in western and sourthern India.
Under the terms of the deal, the Paris-based telecom networks vendor will deliver end-to-end managed services to Telenor's wholly-owned Indian unit, Telewings Communications, in Gujarat, Maharashtra and Andhra Pradesh.
The Scandinavian GSM carrier, which retails mobile services in India under the Uninor brand, had lost all its 22 permits last year after the apex court quashed the licences dished out by ex-telecoms minister, A Raja.
In the last November auction, it only retained spectrum in six circles, and was compelled to switch off its networks in Mumbai, Kolkata and West Bengal circles. Bell Labs, the research organisation within Alcatel-Lucent, will provide expertise on network and busines modelling to achieve Telewing's objectives.
The latest networks management deal win for Alcatel-Lucent comes on the heels of the $1 billion outsourcing deal that it bagged from Reliance Communications last month.
Under the terms of the deal, the Paris-based telecom networks vendor will deliver end-to-end managed services to Telenor's wholly-owned Indian unit, Telewings Communications, in Gujarat, Maharashtra and Andhra Pradesh.
The Scandinavian GSM carrier, which retails mobile services in India under the Uninor brand, had lost all its 22 permits last year after the apex court quashed the licences dished out by ex-telecoms minister, A Raja.
In the last November auction, it only retained spectrum in six circles, and was compelled to switch off its networks in Mumbai, Kolkata and West Bengal circles. Bell Labs, the research organisation within Alcatel-Lucent, will provide expertise on network and busines modelling to achieve Telewing's objectives.
The latest networks management deal win for Alcatel-Lucent comes on the heels of the $1 billion outsourcing deal that it bagged from Reliance Communications last month.
Allocation for tourism hiked by 87 crore in the Union Budget
New Delhi: Keeping in view the importance of Tourism sector, the allocation for Ministry of Tourism in the Union Budget presented today has been hiked by Rs.87.66 crore. The allocation for the Ministry this year is Rs.1297.66 crore while it was Rs. 1210 crore in the Union Budget 2012-13 and Rs. 1110.96 crore in the Union Budget 2011-12.
The Budget allocation for Plan projects/schemes for the benefit of North East region and Sikkim has been hiked from Rs. 121 crore to Rs. 129 crore. The allocation under this head in the Union budget 2011-2012 was 110 crore.
The allocation under tourist infrastructure is for the creation of infrastructural facilities on construction of Budget Accommodation, wayside amenities, Tourist Reception Centers, Refurbishment of Monuments, Special Tourism Projects, Adventure and Sports facilities, Sound and Light Shows, illuminations of monuments, providing for improvement in solid waste management and sewerage management improvement of surroundings, Signages, procurement of equipments directly related to Tourism and Rural Tourism projects etc. This provision also relates to the Large Revenue Generating projects, generating revenue through levy of fees or user charges like Tourist Trains, cruise vessels, Cruise terminals, Convention Centre, Golf Courses etc. and creation of land bank for hotels to provide the hotel accommodation in the country by purchasing land and build hotels through public private partnerships. The provision also includes Externally Aided Projects (including UNDP Endogenous Tourist Projects and assistance to c entral agencies for Tourism Infrastructural Development.
The Budget allocation for Plan projects/schemes for the benefit of North East region and Sikkim has been hiked from Rs. 121 crore to Rs. 129 crore. The allocation under this head in the Union budget 2011-2012 was 110 crore.
The allocation under tourist infrastructure is for the creation of infrastructural facilities on construction of Budget Accommodation, wayside amenities, Tourist Reception Centers, Refurbishment of Monuments, Special Tourism Projects, Adventure and Sports facilities, Sound and Light Shows, illuminations of monuments, providing for improvement in solid waste management and sewerage management improvement of surroundings, Signages, procurement of equipments directly related to Tourism and Rural Tourism projects etc. This provision also relates to the Large Revenue Generating projects, generating revenue through levy of fees or user charges like Tourist Trains, cruise vessels, Cruise terminals, Convention Centre, Golf Courses etc. and creation of land bank for hotels to provide the hotel accommodation in the country by purchasing land and build hotels through public private partnerships. The provision also includes Externally Aided Projects (including UNDP Endogenous Tourist Projects and assistance to c entral agencies for Tourism Infrastructural Development.
Rs 14,000-cr capital infusion for public sector banks next fiscal
Hon’ble Members are aware that Government constituted the Financial Sector Legislative Reforms in 2011. I am informed that the report will be presented next month. It is our intention to examine the recommendations and act quickly and decisively so that our financial sector stands on sound legal foundations and remains well-regulated, efficient and internationally competitive. I propose to constitute a Standing Council of Experts in the Ministry of Finance to analyse the international competitiveness of the Indian financial sector, periodically examine the transaction costs of doing business in the Indian market, and provide inputs to Government for necessary action.
Banking
Our public sector banks are well regulated; they must also be adequately capitalised. Before the end of March 2013, we shall provide Rs 12,517 crore to infuse additional capital into 13 public sector banks. In 2013-14, I propose to provide a further amount of Rs 14,000 crore for capital infusion. We shall ensure that public sector banks always meet the Basel III regulations as they come into force in a phased manner.
Financial inclusion has made rapid strides. All scheduled commercial banks and all RRBs are on core banking solution (CBS) and on the electronic payment systems (NEFT and RTGS). We are working with RBI and Nabard to bring all other banks, including some cooperative banks, on CBS and e-payment systems by 31.12.2013. Public sector banks have assured me that all their branches will have an ATM in place by 31.3.2014.
Women are at the head of many banks today, including two public sector banks, but there is no bank that exclusively serves women. Can we have a bank that lends mostly to women and women-run businesses, that supports women SHGs and women’s livelihood, that employs predominantly women, and that addresses gender related aspects of empowerment and financial inclusion? I think we can. I, therefore, propose to set up India’s first Women’s Bank as a public sector bank and I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approvals and the banking licence by October, 2013, and I invite all Hon’ble Members to the inauguration of the bank shortly thereafter.
The Rural Housing Fund set up through the National Housing Bank is used to refinance lending institutions, including RRBs that extend loans for rural housing. So far, 400,000 rural families have taken loans. In the last Budget, we provided Rs 4,000 crore to the Fund. In consultation with RBI, I propose to provide Rs 6,000 crore to the Rural Housing Fund in 2013-14.
Similarly, it is proposed to start a fund for urban housing to mitigate the huge shortage of houses in urban areas. I propose to ask National Housing Bank to set up the Urban Housing Fund and, in consultation with RBI, I propose to provide Rs 2,000 crore to the Fund in 2013-14.
Insurance
A multi-pronged approach will be followed to increase the penetration of insurance, both life and general, in the country. I have a number of proposals that have been finalised in consultation with the regulator, IRDA.
Insurance companies will be empowered to open branches in Tier II cities and below without prior approval of IRDA.
All towns of India with a population of 10,000 or more will have an office of LIC and an office of at least one public sector general insurance company. I propose to achieve this goal by 31.3.2014.
KYC of banks will be sufficient to acquire insurance policies.
Banks will be permitted to act as insurance brokers so that the entire network of bank branches will be utilised to increase penetration.
Banking correspondents will be allowed to sell micro-insurance products.
Group insurance products will now be offered to homogenous groups such as SHGs, domestic workers associations, anganwadi workers, teachers in schools, nurses in hospitals etc.
There are about 10,00,000 motor third party claims that are pending before Tribunals/Courts. Public sector general insurance companies will organise adalats to settle the claims and give relief to the affected persons/families.
The Insurance Laws (Amendment) Bill and the PFRDA Bill are before this House. I sincerely hope that Government and the Opposition can arrive at a consensus and pass the two Bills in this session.
The Rashtriya Swasthiya Bima Yojana covers 34 million families below the poverty line. It will now be extended to other categories such as rickshaw, auto-rickshaw and taxi drivers, sanitation workers, rag pickers and mine workers.
A comprehensive and integrated social security package for the unorganised sector is a measure that will benefit the poorest and most vulnerable sections of society. The package should include life-cum-disability cover, health cover, maternity assistance and pension benefits. The present schemes such as AABY, JSBY, RSBY, JSY and IGMSY are run by different ministries and departments. I propose to facilitate convergence among the various stakeholder ministries/departments so that we can evolve a comprehensive social security package.
Banking
Our public sector banks are well regulated; they must also be adequately capitalised. Before the end of March 2013, we shall provide Rs 12,517 crore to infuse additional capital into 13 public sector banks. In 2013-14, I propose to provide a further amount of Rs 14,000 crore for capital infusion. We shall ensure that public sector banks always meet the Basel III regulations as they come into force in a phased manner.
Financial inclusion has made rapid strides. All scheduled commercial banks and all RRBs are on core banking solution (CBS) and on the electronic payment systems (NEFT and RTGS). We are working with RBI and Nabard to bring all other banks, including some cooperative banks, on CBS and e-payment systems by 31.12.2013. Public sector banks have assured me that all their branches will have an ATM in place by 31.3.2014.
Women are at the head of many banks today, including two public sector banks, but there is no bank that exclusively serves women. Can we have a bank that lends mostly to women and women-run businesses, that supports women SHGs and women’s livelihood, that employs predominantly women, and that addresses gender related aspects of empowerment and financial inclusion? I think we can. I, therefore, propose to set up India’s first Women’s Bank as a public sector bank and I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approvals and the banking licence by October, 2013, and I invite all Hon’ble Members to the inauguration of the bank shortly thereafter.
The Rural Housing Fund set up through the National Housing Bank is used to refinance lending institutions, including RRBs that extend loans for rural housing. So far, 400,000 rural families have taken loans. In the last Budget, we provided Rs 4,000 crore to the Fund. In consultation with RBI, I propose to provide Rs 6,000 crore to the Rural Housing Fund in 2013-14.
Similarly, it is proposed to start a fund for urban housing to mitigate the huge shortage of houses in urban areas. I propose to ask National Housing Bank to set up the Urban Housing Fund and, in consultation with RBI, I propose to provide Rs 2,000 crore to the Fund in 2013-14.
Insurance
A multi-pronged approach will be followed to increase the penetration of insurance, both life and general, in the country. I have a number of proposals that have been finalised in consultation with the regulator, IRDA.
Insurance companies will be empowered to open branches in Tier II cities and below without prior approval of IRDA.
All towns of India with a population of 10,000 or more will have an office of LIC and an office of at least one public sector general insurance company. I propose to achieve this goal by 31.3.2014.
KYC of banks will be sufficient to acquire insurance policies.
Banks will be permitted to act as insurance brokers so that the entire network of bank branches will be utilised to increase penetration.
Banking correspondents will be allowed to sell micro-insurance products.
Group insurance products will now be offered to homogenous groups such as SHGs, domestic workers associations, anganwadi workers, teachers in schools, nurses in hospitals etc.
There are about 10,00,000 motor third party claims that are pending before Tribunals/Courts. Public sector general insurance companies will organise adalats to settle the claims and give relief to the affected persons/families.
The Insurance Laws (Amendment) Bill and the PFRDA Bill are before this House. I sincerely hope that Government and the Opposition can arrive at a consensus and pass the two Bills in this session.
The Rashtriya Swasthiya Bima Yojana covers 34 million families below the poverty line. It will now be extended to other categories such as rickshaw, auto-rickshaw and taxi drivers, sanitation workers, rag pickers and mine workers.
A comprehensive and integrated social security package for the unorganised sector is a measure that will benefit the poorest and most vulnerable sections of society. The package should include life-cum-disability cover, health cover, maternity assistance and pension benefits. The present schemes such as AABY, JSBY, RSBY, JSY and IGMSY are run by different ministries and departments. I propose to facilitate convergence among the various stakeholder ministries/departments so that we can evolve a comprehensive social security package.
Government to introduce investment allowance of 15 per cent for high value investments
New Delhi: The Finance Minister, Shri P Chidambaram in his Budget speech in Lok Sabha today said that to attract new investment and to quicken the implementation of projects, I propose to introduce an investment allowance for new high value investments A company investing Rs. 100 crore or more in plant and machinery during the period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance of 15 percent of the investment. This will be in addition to the current rates of depreciation. There will be enormous spill-over benefits to small and medium enterprise.
Shri Chidambaram added that the National Electronics Policy 2012 is intended to promote manufacture of electronic good in India. We recognize the pivotal role of semiconductor wafer fabs in the eco-system of manufacture of electronics. I propose to provide appropriate incentives to semiconductor wafer fab manufacturing facilities, including zero customs duty for plant and machinery.
Shri Chidambaram added that the National Electronics Policy 2012 is intended to promote manufacture of electronic good in India. We recognize the pivotal role of semiconductor wafer fabs in the eco-system of manufacture of electronics. I propose to provide appropriate incentives to semiconductor wafer fab manufacturing facilities, including zero customs duty for plant and machinery.
Subscribe to:
Posts (Atom)