Hyderabad: City-based infra player IVRCL Limited on Friday said that its building, water and power divisions had bagged total orders worth Rs 1,097,57 crore.
The building division bagged four orders worth Rs 573,12 crore, of which one is from Zein Advanced Technology Co. WLL, Kuwait while the rest are domestic orders. The nature of the work in the international order includes design, construction and maintenance for truck parking lots and the completion period is two years from commencement.
The company said that the water division of the company had bagged three orders worth Rs 471,82 crore. The orders have been awarded by Anantapuram Municipal Corporation, Orissa Water Supply and Sewerage Board and Assam Urban Infrastructure Investment Programme (AUIIP), government of Assam.
Of the Rs 471,82 crore total orders, Rs 311,15 crore had been awarded by Orissa water supply and sewerage board. The nature of work includes construction of sewers for Bhubaneswar sewerage istrict-VI and the completion period is three years from the start of the project.
The power division of the infra player has three bagged orders worth Rs 52,63 crore. While one order has been awarded by by Haryana Vidyut Prasaran Nigam Limited, the other two have been awarded by Transmission Corporation of Andhra Pradesh Limited.
Success in my Habit
Monday, July 15, 2013
Coromandel joint venture plant in Tunisia commissioned
Hyderabad: Coromandel International Ltd, India’s leading fertiliser manufacturer, has with its joint venture partners inaugurated a 1.4-million-tonne phosphoric acid plant in Tunisia on Friday.
The Tunisian Indian Fertilisers (TIFERT) is a venture between Coromandel and Gujarat State Fertilisers and Chemicals Ltd (GSFC) and Tunisia's Groupe Chimique Tunisien (GCT) and Compagnie Des Phosphat De Gafsa (CPG) (both are Government of Tunisia entities).
The plant will consume around 1.4 mt of Tunisian phosphate rock per year, producing 360,000 tonnes of phosphoric acid annually. It is equipped with the latest technology and meets the international environment efficiency standards, according to a press release.
The plant has started production and the first shipment is expected to reach Coromandel’s facility in Kakinada (AP) by month-end.
In the joint venture, Coromandel International and GSFC hold 15 per cent share each in this $498 million project with the balance 70 per cent being held by GCT and CPG, respectively.
The Tunisian Indian Fertilisers (TIFERT) is a venture between Coromandel and Gujarat State Fertilisers and Chemicals Ltd (GSFC) and Tunisia's Groupe Chimique Tunisien (GCT) and Compagnie Des Phosphat De Gafsa (CPG) (both are Government of Tunisia entities).
The plant will consume around 1.4 mt of Tunisian phosphate rock per year, producing 360,000 tonnes of phosphoric acid annually. It is equipped with the latest technology and meets the international environment efficiency standards, according to a press release.
The plant has started production and the first shipment is expected to reach Coromandel’s facility in Kakinada (AP) by month-end.
In the joint venture, Coromandel International and GSFC hold 15 per cent share each in this $498 million project with the balance 70 per cent being held by GCT and CPG, respectively.
Investments worth Rs 961 cr in electronics sector cleared
Mumbai: The Centre has approved investment proposals worth Rs 961 crore from Samsung, Bosch and Sahasra for the setting up of electronic systems design and manufacturing (ESDM) facilities in the country.
The proposals were received under the Department of Electronics and Information Technology’s Modified Special Incentive Package Scheme (M-SIPS), in which the government will provide up to Rs 10,000 crore in financial support to spur production of electronics products and components.
“The Government is trying to promote manufacturing to create employment and bring the latest technologies into the country,” said Kapil Sibal, Union Minister for Communications & IT and Law and Justice, in a press statement.
Under M-SIPS, the Department said it has already received investment proposals totalling close to Rs 4,600 crore for manufacture of consumer electronics, telecom products, hand-held devices, automotive electronics and semiconductors.
Bosch’s India unit has received approval for its Rs 544 crore investment programme in Bangalore to manufacture automotive electronics. Bosch, the first company to submit an application under M-SIPS, is expected to implement the project in the next three years.
Confidence booster
“India is a fast developing market for automotive electronics…this support from the government bolsters our confidence and strengthens efforts to provide customized solutions for the Indian market,” said Markus Hildenbrand, Managing Director, Bosch Automotive Electronics India, in a media statement.
Consumer electronics giant Samsung has received approval for its Rs 406 crore project to manufacture smart phones in Noida, as per the Department of Electronics and Information Technology’s press statement. Both Samsung and Bosch will be eligible for a subsidy of 25 per cent in their investments in areas that are not designated as special economic zones. Sahasra Electronics, which has proposed an investment of Rs 11.1 Crore for LED lighting products, will receive a subsidy of 20 per cent at its SEZ unit.
The proposals were received under the Department of Electronics and Information Technology’s Modified Special Incentive Package Scheme (M-SIPS), in which the government will provide up to Rs 10,000 crore in financial support to spur production of electronics products and components.
“The Government is trying to promote manufacturing to create employment and bring the latest technologies into the country,” said Kapil Sibal, Union Minister for Communications & IT and Law and Justice, in a press statement.
Under M-SIPS, the Department said it has already received investment proposals totalling close to Rs 4,600 crore for manufacture of consumer electronics, telecom products, hand-held devices, automotive electronics and semiconductors.
Bosch’s India unit has received approval for its Rs 544 crore investment programme in Bangalore to manufacture automotive electronics. Bosch, the first company to submit an application under M-SIPS, is expected to implement the project in the next three years.
Confidence booster
“India is a fast developing market for automotive electronics…this support from the government bolsters our confidence and strengthens efforts to provide customized solutions for the Indian market,” said Markus Hildenbrand, Managing Director, Bosch Automotive Electronics India, in a media statement.
Consumer electronics giant Samsung has received approval for its Rs 406 crore project to manufacture smart phones in Noida, as per the Department of Electronics and Information Technology’s press statement. Both Samsung and Bosch will be eligible for a subsidy of 25 per cent in their investments in areas that are not designated as special economic zones. Sahasra Electronics, which has proposed an investment of Rs 11.1 Crore for LED lighting products, will receive a subsidy of 20 per cent at its SEZ unit.
India registered 25 per cent FDI growth in April 2013 y-o-y
New Delhi: Foreign direct investment (FDI) inflows into India registered an increase of 25 per cent year-on-year (y-o-y), the highest level in the past six months, to record US$ 2.32 billion in April 2013.
The highest levels of FDI inflows was registered in the hotels and tourism sector (US$ 2.32 billion), followed by pharmaceuticals (US$ 987 million), services (US$ 238 million), chemicals (US$ 51 million) and construction sector (US$ 32 million), in April 2013 .
Singapore, alone was responsible for FDI inflows worth US$ 1.29 billion in April 2013, followed by Mauritius, the Netherlands and the US with FDI inflows worth US$ 355 million, US$ 173 million and US$ 149 million respectively. FDI inflows aggregated to US$ 22.42 billion in 2012-13.
In order to provide impetus to the FDI flows, the Government of India has administered numerous reform initiatives, since September 2012 including liberalising FDI norms in civil aviation, power exchanges and retail. The Ministry of Finance has also proposed changes in FDI caps for various sectors, including tea, media, natural gas and petroleum. An increase in FDI will help support the rupee against US dollar.
It is estimated that India will need about US$ 1 trillion between 2012-13 to 2016-17 to fund infrastructure such as airports, highways and ports to boost growth.
The highest levels of FDI inflows was registered in the hotels and tourism sector (US$ 2.32 billion), followed by pharmaceuticals (US$ 987 million), services (US$ 238 million), chemicals (US$ 51 million) and construction sector (US$ 32 million), in April 2013 .
Singapore, alone was responsible for FDI inflows worth US$ 1.29 billion in April 2013, followed by Mauritius, the Netherlands and the US with FDI inflows worth US$ 355 million, US$ 173 million and US$ 149 million respectively. FDI inflows aggregated to US$ 22.42 billion in 2012-13.
In order to provide impetus to the FDI flows, the Government of India has administered numerous reform initiatives, since September 2012 including liberalising FDI norms in civil aviation, power exchanges and retail. The Ministry of Finance has also proposed changes in FDI caps for various sectors, including tea, media, natural gas and petroleum. An increase in FDI will help support the rupee against US dollar.
It is estimated that India will need about US$ 1 trillion between 2012-13 to 2016-17 to fund infrastructure such as airports, highways and ports to boost growth.
Sunday, July 14, 2013
Saturday, July 13, 2013
India, Victoria to develop framework for future research and academic engagement
Mumbai: A new framework for future research and academic engagement between Victoria and India is being developed through an education dialogue between the two countries. India and Victoria have been extensively working on strengthening educational ties between the two countries.
As part of their trade engagement program - India, the state government of Victoria introduced the Victoria India Vocational Teacher Training Program for the state governments of Karnataka and Maharashtra. This was undertaken in collaboration with Kangan Batman Institute, Victoria's top quality technical training institutions. So far, 425 teachers have been trained in both the states. An additional funding of AUD $1 million was announced during the 'Super Trade Mission 2012' to support the Indian government's mandate to skill 500 million people by the year 2022.
The state of Victoria attracts 46% of Indian students to Australia - the largest share of any state or territory.
The Victorian government initiated the first ever bilateral education roundtable in New Delhi as part of the first super trade mission in February 2012. Six Victorian and seventeen Indian vice-chancellors deliberated on the education scenario in India and how Victoria could help in filling the gaps. The second round of this historical roundtable - the Victoria-India Education Dialogue, took place during the super trade mission in March 2013.
Melbourne is renowned for a strong presence of Victorian universities working with their Indian counterparts and other education and research bodies. Victorian universities have many partnerships with leading Indian institutions such as the IIMs, IITs and TERI.
As part of their trade engagement program - India, the state government of Victoria introduced the Victoria India Vocational Teacher Training Program for the state governments of Karnataka and Maharashtra. This was undertaken in collaboration with Kangan Batman Institute, Victoria's top quality technical training institutions. So far, 425 teachers have been trained in both the states. An additional funding of AUD $1 million was announced during the 'Super Trade Mission 2012' to support the Indian government's mandate to skill 500 million people by the year 2022.
The state of Victoria attracts 46% of Indian students to Australia - the largest share of any state or territory.
The Victorian government initiated the first ever bilateral education roundtable in New Delhi as part of the first super trade mission in February 2012. Six Victorian and seventeen Indian vice-chancellors deliberated on the education scenario in India and how Victoria could help in filling the gaps. The second round of this historical roundtable - the Victoria-India Education Dialogue, took place during the super trade mission in March 2013.
Melbourne is renowned for a strong presence of Victorian universities working with their Indian counterparts and other education and research bodies. Victorian universities have many partnerships with leading Indian institutions such as the IIMs, IITs and TERI.
Temasek, Abu Dhabi fund, Ontario invest $250 mn in Kedaara Capital
Kedaara has an option of additional investments worth another $500 million, sources said
Mumbai: The environment might be tough for private-equity (PE) fund managers struggling to raise their debut funds, but Manish Kejriwal has managed to buck the trend. Kedaara Capital, founded by the former head of Temasek India, has successfully roped in some of the largest sovereign funds, such as Temasek Holdings and Abu Dhabi Investment Authority (ADIA).
According to sources, Kedaara Capital raised $500 million last month. About half the amount has come from major investors including Temasek, ADIA and Canada’s Ontario Teachers Pension Plan (OTPP), one of the largest pension funds in the world.
Kedaara Capital, set up by Kejriwal and Sunish Sharma (former managing director of General Atlantic India) in October 2011, had roped in UK-based PE firm Clayton, Dubilier and Rice (CD&R).
Although the fund size is $500 million, Kedaara has an option of additional investments worth another $500 million, sources said. The LPs (limited partners or investors) have agreed to make co-investments in Kedaara’s proposed investments in India.
When contacted, Kedaara founders refused to comment on its fund-raising plans. An email questionnaire to Temasek’s spokesperson also did not elicit any response.
Kejriwal is the second PE veteran to receive a large chunk from a Canadian pension fund. In 2010, former ICICI Ventures head, Renuka Ramnath, had received a commitment of $100 million from Canada Pension Plan for her PE fund, Multiple Alternate Asset Management.
OTPP is Canada’s third largest pension fund with $115 billion (C$117 billion) in assets. An independent organisation, OTPP invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario.
The Singapore government’s Temasek owns portfolio worth $170 billion (S$215 billion) as on March 31, mainly in Singapore and Asia.
ADIA has an estimated value of $750 billion and ranks among the largest wealth funds in the world. Established in 1976, ADIA’s main funding comes from oil export revenue.
Kejriwal, married to Rahul Bajaj’s daughter, Sunaina, is known for his deal-making instincts. He had made a diversified portfolio for Temasek India. During his tenure, Temasek’s major investments include a 10 per cent stake in ICICI Bank (current value of $2.5 billion), a billion deal to acquire five per cent in Bharti Airtel and also a five per cent stake in Mahindra & Mahindra (sold in 2011 with 5x return). Under Sharma’s tenure, General Atlantic made a significant return of about 4.5x in its investment in Genpact.
According to a recent Bain & Co report, one of the main reasons for the declining investment in the Indian PE industry is LPs are showing more caution while allocating funds. In 2012, there were 55 funds with a mandate to invest in India, but the total fund value allocated was only around $3 billion, down from $7 billion in 2011.
“What’s more, LPs are becoming increasingly picky about the fund managers they work with,” said the report.
Mumbai: The environment might be tough for private-equity (PE) fund managers struggling to raise their debut funds, but Manish Kejriwal has managed to buck the trend. Kedaara Capital, founded by the former head of Temasek India, has successfully roped in some of the largest sovereign funds, such as Temasek Holdings and Abu Dhabi Investment Authority (ADIA).
According to sources, Kedaara Capital raised $500 million last month. About half the amount has come from major investors including Temasek, ADIA and Canada’s Ontario Teachers Pension Plan (OTPP), one of the largest pension funds in the world.
Kedaara Capital, set up by Kejriwal and Sunish Sharma (former managing director of General Atlantic India) in October 2011, had roped in UK-based PE firm Clayton, Dubilier and Rice (CD&R).
Although the fund size is $500 million, Kedaara has an option of additional investments worth another $500 million, sources said. The LPs (limited partners or investors) have agreed to make co-investments in Kedaara’s proposed investments in India.
When contacted, Kedaara founders refused to comment on its fund-raising plans. An email questionnaire to Temasek’s spokesperson also did not elicit any response.
Kejriwal is the second PE veteran to receive a large chunk from a Canadian pension fund. In 2010, former ICICI Ventures head, Renuka Ramnath, had received a commitment of $100 million from Canada Pension Plan for her PE fund, Multiple Alternate Asset Management.
OTPP is Canada’s third largest pension fund with $115 billion (C$117 billion) in assets. An independent organisation, OTPP invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario.
The Singapore government’s Temasek owns portfolio worth $170 billion (S$215 billion) as on March 31, mainly in Singapore and Asia.
ADIA has an estimated value of $750 billion and ranks among the largest wealth funds in the world. Established in 1976, ADIA’s main funding comes from oil export revenue.
Kejriwal, married to Rahul Bajaj’s daughter, Sunaina, is known for his deal-making instincts. He had made a diversified portfolio for Temasek India. During his tenure, Temasek’s major investments include a 10 per cent stake in ICICI Bank (current value of $2.5 billion), a billion deal to acquire five per cent in Bharti Airtel and also a five per cent stake in Mahindra & Mahindra (sold in 2011 with 5x return). Under Sharma’s tenure, General Atlantic made a significant return of about 4.5x in its investment in Genpact.
According to a recent Bain & Co report, one of the main reasons for the declining investment in the Indian PE industry is LPs are showing more caution while allocating funds. In 2012, there were 55 funds with a mandate to invest in India, but the total fund value allocated was only around $3 billion, down from $7 billion in 2011.
“What’s more, LPs are becoming increasingly picky about the fund managers they work with,” said the report.
Cabinet approves 381-km rail corridor around NCR
New Delhi: The Union Cabinet on Thursday approved the proposal to form a company — National Capital Region Transport Corporation Limited (NCRTCL) — to construct rail corridors in regions around the National Capital Region (NCR).
The 381-km rail corridor will include Delhi-Sonipat-Panipat, Delhi-Gurgaon-Alwar and Delhi-Ghaziabad-Meerut. The announcement is expected to prop up real estate development along the corridors.
The proposed company, which will implement the project with an estimated cost of Rs 72,170 crore (according to 2011 cost estimates), will have an initial capital Rs 100 crore. It may form three subsidiaries for implementing each corridor.
However, the official release added that the actual cost, financing plan, route alignments, real estate development, financing through transit-oriented development will be firmed up in the detailed project reports, which are under finalisation.
According to the release, the Cabinet approved the constitution of NCRTC with an initial seed capital of Rs 100 crore as per the Company Act, 1956 to “design, develop, implement, finance, operate and maintain the regional rail rapid transit system in National Capital Region”.
The seed capital will be borne by seven Government agencies, in a manner that 50 per cent funding will be from Central Government agencies and 50 per cent from State Government agencies. The equity structure will be: Ministry of Urban Development (22.5 per cent), Ministry of Railways (22.5 per cent), National Capital Region Planning Board (5 per cent), Government of NCT Delhi (12.5 per cent), Haryana (12.5 per cent), Uttar Pradesh (12.5 per cent), Rajasthan (12.5 per cent).
The 381-km rail corridor will include Delhi-Sonipat-Panipat, Delhi-Gurgaon-Alwar and Delhi-Ghaziabad-Meerut. The announcement is expected to prop up real estate development along the corridors.
The proposed company, which will implement the project with an estimated cost of Rs 72,170 crore (according to 2011 cost estimates), will have an initial capital Rs 100 crore. It may form three subsidiaries for implementing each corridor.
However, the official release added that the actual cost, financing plan, route alignments, real estate development, financing through transit-oriented development will be firmed up in the detailed project reports, which are under finalisation.
According to the release, the Cabinet approved the constitution of NCRTC with an initial seed capital of Rs 100 crore as per the Company Act, 1956 to “design, develop, implement, finance, operate and maintain the regional rail rapid transit system in National Capital Region”.
The seed capital will be borne by seven Government agencies, in a manner that 50 per cent funding will be from Central Government agencies and 50 per cent from State Government agencies. The equity structure will be: Ministry of Urban Development (22.5 per cent), Ministry of Railways (22.5 per cent), National Capital Region Planning Board (5 per cent), Government of NCT Delhi (12.5 per cent), Haryana (12.5 per cent), Uttar Pradesh (12.5 per cent), Rajasthan (12.5 per cent).
Chidambaram invites US Inc to set up facilities in India
New Delhi: Rolling out the red carpet for American companies, Finance Minister P. Chidambaram urged them to set up manufacturing bases in India.
Chidambaram, who is on a four-day official tour to the US to attract more investments into India from US companies, said it was in mutual interest of both countries for India to become a large manufacturing economy. He was addressing chief executive officers of top American companies in Washington D.C.
In his meeting with Senator Max Baucus, Chairman of the Senate Finance Committee, the Finance Minister sought to allay concerns about the current business environment in India.
The policies adopted by the Indian Government are pro-growth and WTO-compliant, Chidambaram said.
He also reiterated the Government’s commitment to ensuring a “transparent, fair and non-discriminatory investment environment for foreign investors seeking to do business in India.”
The Minister also apprised the CEOs on the recommendations of the Arvind Mayaram committee on enhancing foreign direct investment caps in many sectors and outlined the steps taken to implement the recommendations.
The Finance Minister also met the US Exim Bank Chairman, Fred Hochberg, and other senior bank officials.
Chidambaram, who is on a four-day official tour to the US to attract more investments into India from US companies, said it was in mutual interest of both countries for India to become a large manufacturing economy. He was addressing chief executive officers of top American companies in Washington D.C.
In his meeting with Senator Max Baucus, Chairman of the Senate Finance Committee, the Finance Minister sought to allay concerns about the current business environment in India.
The policies adopted by the Indian Government are pro-growth and WTO-compliant, Chidambaram said.
He also reiterated the Government’s commitment to ensuring a “transparent, fair and non-discriminatory investment environment for foreign investors seeking to do business in India.”
The Minister also apprised the CEOs on the recommendations of the Arvind Mayaram committee on enhancing foreign direct investment caps in many sectors and outlined the steps taken to implement the recommendations.
The Finance Minister also met the US Exim Bank Chairman, Fred Hochberg, and other senior bank officials.
India, Vietnam trade set to cross $7 b by 2015: Khurshid
New Delhi: Economic ties between India and Vietnam are on track and may cross $7 billion by 2015, External Affairs Minister Salman Khurshid said on Thursday.
Speaking to the media after the 15th meeting of the India-Vietnam Joint Commission, the Minister said investments by Indian companies total about $936 million in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Khurshid said Vietnam had recently chosen Tata Power as the developer for a $1.8-billion 2X660 MW Long Phu 2 Thermal Power Project in Soc Trang province in southern Vietnam, despite strong competition from Korean and Russian companies.
“It will be the single largest Indian investment in Vietnam when it comes through and will enhance our economic co-operation and strategic partnership. The MoU between the two central banks – Reserve Bank of India and the State Bank of Vietnam – signed in 2012, will enable Bank of India and Indian Overseas Bank to upgrade their representative offices that they opened in Ho Chi Minh City in February 2003 and March 2008, respectively, into full-fledged branches in the near future,” Khurshid said.
India has extended 17 letters of credit (LoCs) totalling $164.5 million, including a $19.5-million LoC for setting up Nam Trai-IV hydropower project and Binh Bo Pumping station, which was signed on Thursday.
India has also agreed to consider earmarking $100 million under buyer’s credit under the National Export Insurance Account for use by Vietnam.
Speaking to the media after the 15th meeting of the India-Vietnam Joint Commission, the Minister said investments by Indian companies total about $936 million in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Khurshid said Vietnam had recently chosen Tata Power as the developer for a $1.8-billion 2X660 MW Long Phu 2 Thermal Power Project in Soc Trang province in southern Vietnam, despite strong competition from Korean and Russian companies.
“It will be the single largest Indian investment in Vietnam when it comes through and will enhance our economic co-operation and strategic partnership. The MoU between the two central banks – Reserve Bank of India and the State Bank of Vietnam – signed in 2012, will enable Bank of India and Indian Overseas Bank to upgrade their representative offices that they opened in Ho Chi Minh City in February 2003 and March 2008, respectively, into full-fledged branches in the near future,” Khurshid said.
India has extended 17 letters of credit (LoCs) totalling $164.5 million, including a $19.5-million LoC for setting up Nam Trai-IV hydropower project and Binh Bo Pumping station, which was signed on Thursday.
India has also agreed to consider earmarking $100 million under buyer’s credit under the National Export Insurance Account for use by Vietnam.
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