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why Air India is not privatised, i will never know.
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why Air India is not privatised, i will never know.
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Edison Chen
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karnataka State’s IT Exports Touch 1.51 L Cr
Karnataka has registered an all-time record of export of IT products to the tune of over 1.51 lakh crore in 2013-14, Information Technology Minister S R Patil informed the Assembly on Thursday.
During the Question Hour, Patil told the Congress member J R Lobo that Bangalore contributed more than Rs 1.47 lakh crore, Mysore clocked Rs 2,400 crore, Mangalore Rs 1,100 crore and Hubli-Dharwad Rs 34 crore to the total value of the IT products that year.
Informing that the State-owned KEONICS has drawn out plans to take the IT industry to all districts in the State, he said, “We are offering several facilities to promote the sector”.
IT Export Value
Year Export (in Rs crore)
2011-12 10,6215
2012-13 13,0793
2013-14 1,51,434
State’s IT Exports Touch 1.51 L Cr -The New Indian Express
Karnataka has registered an all-time record of export of IT products to the tune of over 1.51 lakh crore in 2013-14, Information Technology Minister S R Patil informed the Assembly on Thursday.
During the Question Hour, Patil told the Congress member J R Lobo that Bangalore contributed more than Rs 1.47 lakh crore, Mysore clocked Rs 2,400 crore, Mangalore Rs 1,100 crore and Hubli-Dharwad Rs 34 crore to the total value of the IT products that year.
Informing that the State-owned KEONICS has drawn out plans to take the IT industry to all districts in the State, he said, “We are offering several facilities to promote the sector”.
IT Export Value
Year Export (in Rs crore)
2011-12 10,6215
2012-13 13,0793
2013-14 1,51,434
State’s IT Exports Touch 1.51 L Cr -The New Indian Express
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"A government big enough to give you everything you want, is big enough to take everything you have"....
Edison Chen
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UK India Business Council opens second business centre in Bangalore
UK India Business Council has opened its second business centre in Bangalore, within a year of the launch of its first centre in Gurgaon. The opening was attended by the UK India Business Council chair, Rt Hon Patricia Hewitt, CEO Richard Heald, Ian Felton, British deputy high commissioner, and an array of leading business figures.
The creation of the UK India Business Centre in Bangalore is part of UKIBC's expansion strategy to connect UK companies active in, or wanting to enter, Bangalore and South India to local business keen to work with British companies.
The UK India Business Council will work closely with UK Trade and Investment (UKTI), the British Business Group Bangalore, and with both UK and Indian businesses and institutions. The centre will support businesses across sectors, but tech-rich sectors are likely to be strong given the complementarity in these areas between the UK and Bangalore.
At 12,600 square feet, the Bangalore centre will be the UK India Business Council's largest in India, and there are already signed in clients, including British Airways, the UK trade body Aerospace & Defence Security Systems, CDC and TechHub Bangalore, the community and workspace for tech entrepreneurs, which is using the UKIBC centre to establish its entry into India. The UKIBC has also signed a MoU with TiE Bangalore to leverage UKIBC's Centre in Bangalore, its membership in India and the UK and TiE's extensive network, membership and reputation in Bangalore and to promote entrepreneurship between the UK and India.
The UKIBC's Bangalore centre has the full support of the Deputy High Commission in Bangalore, the UKTI, the British Council in India, and the Bangalore based members of the UKIBC Advisory Council — Kiran Mazumdar-Shaw, chair and managing director of Biocon Limited and TV Mohandas Pai, chairman of Manipal Global Education and former member of the board of directors of Infosys.
UK India Business Council opens second business centre in Bangalore - The Times of India
UK India Business Council has opened its second business centre in Bangalore, within a year of the launch of its first centre in Gurgaon. The opening was attended by the UK India Business Council chair, Rt Hon Patricia Hewitt, CEO Richard Heald, Ian Felton, British deputy high commissioner, and an array of leading business figures.
The creation of the UK India Business Centre in Bangalore is part of UKIBC's expansion strategy to connect UK companies active in, or wanting to enter, Bangalore and South India to local business keen to work with British companies.
The UK India Business Council will work closely with UK Trade and Investment (UKTI), the British Business Group Bangalore, and with both UK and Indian businesses and institutions. The centre will support businesses across sectors, but tech-rich sectors are likely to be strong given the complementarity in these areas between the UK and Bangalore.
At 12,600 square feet, the Bangalore centre will be the UK India Business Council's largest in India, and there are already signed in clients, including British Airways, the UK trade body Aerospace & Defence Security Systems, CDC and TechHub Bangalore, the community and workspace for tech entrepreneurs, which is using the UKIBC centre to establish its entry into India. The UKIBC has also signed a MoU with TiE Bangalore to leverage UKIBC's Centre in Bangalore, its membership in India and the UK and TiE's extensive network, membership and reputation in Bangalore and to promote entrepreneurship between the UK and India.
The UKIBC's Bangalore centre has the full support of the Deputy High Commission in Bangalore, the UKTI, the British Council in India, and the Bangalore based members of the UKIBC Advisory Council — Kiran Mazumdar-Shaw, chair and managing director of Biocon Limited and TV Mohandas Pai, chairman of Manipal Global Education and former member of the board of directors of Infosys.
UK India Business Council opens second business centre in Bangalore - The Times of India
Government considers selling $3 billion stake in ONGC
(Reuters) - Prime Minister Narendra Modi's government will decide next month on the sale of a $3 billion stake in state oil firm Oil and Natural Gas Corp (ONGC.NS), in a major test of whether he can follow through on reforms outlined in his first budget.
Modi won May's parliamentary election by a landslide with a pledge to create jobs and revive Asia's No.3 economy, which is suffering from weak growth and high inflation.
Yet Finance Minister Arun Jaitley's maiden budget last week drew criticism that his fiscal arithmetic did not add up. Capitalising on a record-breaking stock market run to complete asset sales could help him balance the books.
The government will decide in August whether to sell a 5 percent stake in ONGC, a senior oil ministry official said, in a deal that would be worth $2.9 billion at current market prices.
"The department of divestment has floated a note seeking our comments for a 5 per cent stake sale in ONGC," the official, who has direct knowledge of the matter, told Reuters on Tuesday.
An official at the finance ministry, home to the divestment department, said the government was interested in selling stakes in ONGC and other state companies given their high market valuations. He did not elaborate.
If completed, the sale would raise more than a quarter of the $10.5 billion target for asset sales announced by Jaitley for the fiscal year to March 2015.
He will need to hit or exceed that figure to cap the budget deficit at 4.1 percent of gross domestic product, a goal set by his predecessor that he has vowed to uphold.
REVENUE GENERATOR
The proposal to sell a 5 percent stake follows reports that the government may sell a stake of as much as 10 percent in ONGC, which produces the equivalent of 1.2 million barrels per day, or two-thirds of India's oil and gas.
The state directly owns 69 percent of ONGC, while further stakes are owned by the state-run Life Insurance Corporation of India (LIC) (7.8 percent), Indian Oil Corp (IOC.NS) (7.7 percent) and Gas Authority of India (GAIL.NS) (2.4 percent).
ONGC, with a market value of $57 billion, has struggled for years with stagnant production and a lack of commercially viable discoveries. It is burdened by a subsidy regime that forces it to sell oil and gas cheaply.
Still, even without wholesale restructuring, some analysts back the stock on expectations that the government will replace the existing, ad hoc, regime for sharing the burden of energy subsidies with a more predictable model.
"The objective is not to privatise; just to contain the fiscal deficit," said Dayanand Mittal, an oil analyst at Ambit Capital in Mumbai who has a 'buy' rating on ONGC stock with a price target of 500 rupees.
"Don't expect restructuring - what you can expect are measures to improve efficiency and reduce India's oil import dependence," added Mittal. He forecasts that ONGC will receive $58 per barrel of oil it sells in 2014/15, a 40 percent gain.
SHARES OUTPERFORM
ONGC shares ended up 2.5 percent at 412.65 rupees, against a 0.9 percent rise in the BSE Sensex. The shares have rallied by 43 percent in the current year to date, joining other state-controlled enterprises in outperforming a 19.1 percent gain in the Sensex.
"They have to bring in more clarity on gas pricing and subsidies before selling a stake to institutional investors," said Phani Sekhar, a fund manager at Angel Broking in Mumbai.
"Budget estimates would be achieved easily if it goes through. Even if there is lack of demand there is always LIC to support,” said Sekhar.
The state insurer's backing was critical to the success of the sale by the previous government of a 5 percent stake in ONGC in 2012 that raised 127 billion Indian rupees ($2.1 billion).
Over the last two years, the previous government also reduced its stake in Indian Oil, the country's top oil refiner, Engineers India Ltd (ENGI.NS) and Oil India Ltd (OILI.NS).
The Modi government's sell-off drive is set to kick off with the offering of a 5 percent stake in Steel Authority of India (SAIL.NS), worth $290 million based on market prices, say sources familiar with the transaction.
Other deals are expected to follow a similar pattern of incremental, revenue-raising sales that do not jeopardise state control. On the slate are Coal India (COAL.NS), the world's top producer, and firms involved in power, aerospace and metallurgy, a senior government source said recently.
Government considers selling $3 billion stake in ONGC| Reuters
(Reuters) - Prime Minister Narendra Modi's government will decide next month on the sale of a $3 billion stake in state oil firm Oil and Natural Gas Corp (ONGC.NS), in a major test of whether he can follow through on reforms outlined in his first budget.
Modi won May's parliamentary election by a landslide with a pledge to create jobs and revive Asia's No.3 economy, which is suffering from weak growth and high inflation.
Yet Finance Minister Arun Jaitley's maiden budget last week drew criticism that his fiscal arithmetic did not add up. Capitalising on a record-breaking stock market run to complete asset sales could help him balance the books.
The government will decide in August whether to sell a 5 percent stake in ONGC, a senior oil ministry official said, in a deal that would be worth $2.9 billion at current market prices.
"The department of divestment has floated a note seeking our comments for a 5 per cent stake sale in ONGC," the official, who has direct knowledge of the matter, told Reuters on Tuesday.
An official at the finance ministry, home to the divestment department, said the government was interested in selling stakes in ONGC and other state companies given their high market valuations. He did not elaborate.
If completed, the sale would raise more than a quarter of the $10.5 billion target for asset sales announced by Jaitley for the fiscal year to March 2015.
He will need to hit or exceed that figure to cap the budget deficit at 4.1 percent of gross domestic product, a goal set by his predecessor that he has vowed to uphold.
REVENUE GENERATOR
The proposal to sell a 5 percent stake follows reports that the government may sell a stake of as much as 10 percent in ONGC, which produces the equivalent of 1.2 million barrels per day, or two-thirds of India's oil and gas.
The state directly owns 69 percent of ONGC, while further stakes are owned by the state-run Life Insurance Corporation of India (LIC) (7.8 percent), Indian Oil Corp (IOC.NS) (7.7 percent) and Gas Authority of India (GAIL.NS) (2.4 percent).
ONGC, with a market value of $57 billion, has struggled for years with stagnant production and a lack of commercially viable discoveries. It is burdened by a subsidy regime that forces it to sell oil and gas cheaply.
Still, even without wholesale restructuring, some analysts back the stock on expectations that the government will replace the existing, ad hoc, regime for sharing the burden of energy subsidies with a more predictable model.
"The objective is not to privatise; just to contain the fiscal deficit," said Dayanand Mittal, an oil analyst at Ambit Capital in Mumbai who has a 'buy' rating on ONGC stock with a price target of 500 rupees.
"Don't expect restructuring - what you can expect are measures to improve efficiency and reduce India's oil import dependence," added Mittal. He forecasts that ONGC will receive $58 per barrel of oil it sells in 2014/15, a 40 percent gain.
SHARES OUTPERFORM
ONGC shares ended up 2.5 percent at 412.65 rupees, against a 0.9 percent rise in the BSE Sensex. The shares have rallied by 43 percent in the current year to date, joining other state-controlled enterprises in outperforming a 19.1 percent gain in the Sensex.
"They have to bring in more clarity on gas pricing and subsidies before selling a stake to institutional investors," said Phani Sekhar, a fund manager at Angel Broking in Mumbai.
"Budget estimates would be achieved easily if it goes through. Even if there is lack of demand there is always LIC to support,” said Sekhar.
The state insurer's backing was critical to the success of the sale by the previous government of a 5 percent stake in ONGC in 2012 that raised 127 billion Indian rupees ($2.1 billion).
Over the last two years, the previous government also reduced its stake in Indian Oil, the country's top oil refiner, Engineers India Ltd (ENGI.NS) and Oil India Ltd (OILI.NS).
The Modi government's sell-off drive is set to kick off with the offering of a 5 percent stake in Steel Authority of India (SAIL.NS), worth $290 million based on market prices, say sources familiar with the transaction.
Other deals are expected to follow a similar pattern of incremental, revenue-raising sales that do not jeopardise state control. On the slate are Coal India (COAL.NS), the world's top producer, and firms involved in power, aerospace and metallurgy, a senior government source said recently.
Government considers selling $3 billion stake in ONGC| Reuters
Volkswagen aims to invest Rs. 1,500 cr in India in 6 years
German carmaker Volkswagen plans to invest Rs 1,500 crore in India over the next 6 years on various activities, including local production of engines, as it aims to consolidate position in the country.
The company, which on Tuesday launched an updated version of its premium hatchback Polo priced between Rs 4.99 lakh and Rs 7.37 lakh (ex-showroom Delhi) intends to invest on enhancing localisation as well as development of new products.
“India is a strategic market for us and we are looking at investing here in a systematic manner. Over the period of next 5-6 years we intend to invest Rs 1,500 crore on activities like enhancing localisation and new products,” Volkswagen India President & MD Mahesh Kodumudi told reporters here.
The company is evaluating making engines in India but hasn’t arrived on a decision yet, he said, adding that Maharashtra would be the company’s first preference for setting up the engine plant.
Currently, the company imports 100 per cent of the engines used in its cars in India.
“Currently our localisation levels here are around 65-70 per cent in value terms and going ahead our objective its to take it to 85-90 per cent. We can achieve it by localising production of engines and gearbox and we are working on it,” Mr. Kodumudi said.
The company, which has already invested around Rs 4,400 crore in the Indian market since 2007—2008, is now looking to expand its presence in the market by introducing products in the growing segments.
“In India, compact sports utility vehicle and compact sedan segment is growing and we are looking at it. Also, with the increase in income levels in the country people are also looking at higher segments as well so that’s another area of interest for us,” Volkswagen Passenger Cars Director Michael Mayer said.
Commenting on the new Polo, Mayer said the launch would help the company strengthen its position in the compact hatchback segment in the country.
“If we look at Indian car market, we are not present in segments which are showing growth. New Polo will allow us to increase our market share in the compact hatchback segment,” Mayer added.
The updated Polo with the petrol engines is priced between Rs 4.99 lakh and Rs 6.07 lakh, while the diesel variants are priced between Rs 6.27 lakh and Rs 7.37 lakh (ex-showroom Delhi).
Cross Polo would be available at Rs 7.9 lakh while Polo GT TDI and Polo GT TSI, which would be launched at August-end would be priced Rs 7.99 lakh each.
Volkswagen aims to invest Rs. 1,500 cr in India in 6 years - The Hindu
German carmaker Volkswagen plans to invest Rs 1,500 crore in India over the next 6 years on various activities, including local production of engines, as it aims to consolidate position in the country.
The company, which on Tuesday launched an updated version of its premium hatchback Polo priced between Rs 4.99 lakh and Rs 7.37 lakh (ex-showroom Delhi) intends to invest on enhancing localisation as well as development of new products.
“India is a strategic market for us and we are looking at investing here in a systematic manner. Over the period of next 5-6 years we intend to invest Rs 1,500 crore on activities like enhancing localisation and new products,” Volkswagen India President & MD Mahesh Kodumudi told reporters here.
The company is evaluating making engines in India but hasn’t arrived on a decision yet, he said, adding that Maharashtra would be the company’s first preference for setting up the engine plant.
Currently, the company imports 100 per cent of the engines used in its cars in India.
“Currently our localisation levels here are around 65-70 per cent in value terms and going ahead our objective its to take it to 85-90 per cent. We can achieve it by localising production of engines and gearbox and we are working on it,” Mr. Kodumudi said.
The company, which has already invested around Rs 4,400 crore in the Indian market since 2007—2008, is now looking to expand its presence in the market by introducing products in the growing segments.
“In India, compact sports utility vehicle and compact sedan segment is growing and we are looking at it. Also, with the increase in income levels in the country people are also looking at higher segments as well so that’s another area of interest for us,” Volkswagen Passenger Cars Director Michael Mayer said.
Commenting on the new Polo, Mayer said the launch would help the company strengthen its position in the compact hatchback segment in the country.
“If we look at Indian car market, we are not present in segments which are showing growth. New Polo will allow us to increase our market share in the compact hatchback segment,” Mayer added.
The updated Polo with the petrol engines is priced between Rs 4.99 lakh and Rs 6.07 lakh, while the diesel variants are priced between Rs 6.27 lakh and Rs 7.37 lakh (ex-showroom Delhi).
Cross Polo would be available at Rs 7.9 lakh while Polo GT TDI and Polo GT TSI, which would be launched at August-end would be priced Rs 7.99 lakh each.
Volkswagen aims to invest Rs. 1,500 cr in India in 6 years - The Hindu
RBI eases reserve norms for banks issuing infra bonds
The Reserve Bank of India, in order to encourage infrastructure development and affordable housing, on Tuesday, exempted long-term bonds from the mandatory regulatory norms such as the Cash Reserve Ratio (CRR), the Statutory Liquidity Ratio (SLR) and Priority Sector Lending (PSL) if the money raised is used for funding of such projects.
“Banks can issue long-term bonds with a minimum maturity of seven years to raise resources for lending to (i) long-term projects in infrastructure sub-sectors, and (ii) affordable housing,” the RBI said.
The RBI said that apart from what is technically defined as infrastructure, affordable housing is another segment of the economy which requires long-term funding.
The central bank said it intends to “ease the way for banks to raise long term resources to finance their long term loans to infrastructure as well as affordable housing.’’
The instructions are in pursuance of Finance Minister Arun Jaitley’s budget speech in which he had said “banks will be encouraged to extend long term loans to infrastructure sector with flexible structuring to absorb potential adverse contingencies, sometimes known as the 5/25 structure.’’
5/25 structure
Under the 5/25 structure, bank may fix longer amortisation period for loans to projects in infrastructure and core industries sectors, say 25 years, with periodic refinancing, say every five years.
The RBI issued instructions to banks specifying operational guidelines and incentives in the form of flexibility in loan structuring and refinancing.
It granted exemptions from regulatory pre-emptions, such as, the CRR, the SLR and Priority Sector Lending (PSL).
As per RBI regulations, banks are required to keep a portion of deposits as CRR with the central bank and park certain portion in government securities known as SLR.
Mitigating ALM problems
“The objective of these instructions is to mitigate the Asset-Liability Management (ALM) problems faced by banks in extending project loans to infrastructure and core industries sectors, and also to ease the raising of long term resources for project loans to infrastructure and affordable housing sectors” it said.
Banks have been seeking permission for longer tenor amortisation of the loan, say 25 years, with periodic refinancing of balance debt, the RBI said.
It further said rupee denominated bonds should be issued in ‘plain vanilla form’ without call or put option with a fixed or floating rate of interest.
Lending for affordable housing means loans eligible under the priority sector, and loans up to Rs.50 lakh to individuals for houses costing up to Rs.65 lakh located in the six metropolitan centres. For other areas, it covers loans of Rs.40 lakh for houses with values up to Rs.50 lakh.
Long gestation period
The RBI said that while banks have been raising resources in a significant way, issuance of long-term bonds for funding loans to infrastructure sector has not picked up at all. Infrastructure and core industries projects are characterised by long gestation periods and large capital investments.
The long maturities of such project loans consist of the initial construction period and the economic life of the asset/underlying concession period (usually 25-30 years).
India is looking at investing $1 trillion in infrastructure development by 2017, half of which is expected to come from the private sector.
PTI reports from Delhi:
Realtors hail move
Realtors’ body CREDAI, on Tuesday, hailed the RBI’s move to ease norms for banks to raise long-term funds for financing affordable housing, saying this would lead to cheaper credit for such projects.
“It is a welcome step. This will lead to lower interest rates for affordable housing projects,” CREDAI Chairman Lalit Jain said.
Another realtors’ body NAREDCO Chairman Navin Rajeja said this would help developers to mobilise cheaper finance for development of affordable housing and will result into cutting in prices of housing in long term.
“It is expected that the home loan rates may also come down because of this move,” Mr. Raheja said.
Mr. Jain of Credai demanded that the housing sector should be given the infrastructure status and felt that Pune, Ahmedabad and Lucknow should have figured in the list of metropolitan cities.
RBI eases reserve norms for banks issuing infra bonds - The Hindu
The Reserve Bank of India, in order to encourage infrastructure development and affordable housing, on Tuesday, exempted long-term bonds from the mandatory regulatory norms such as the Cash Reserve Ratio (CRR), the Statutory Liquidity Ratio (SLR) and Priority Sector Lending (PSL) if the money raised is used for funding of such projects.
“Banks can issue long-term bonds with a minimum maturity of seven years to raise resources for lending to (i) long-term projects in infrastructure sub-sectors, and (ii) affordable housing,” the RBI said.
The RBI said that apart from what is technically defined as infrastructure, affordable housing is another segment of the economy which requires long-term funding.
The central bank said it intends to “ease the way for banks to raise long term resources to finance their long term loans to infrastructure as well as affordable housing.’’
The instructions are in pursuance of Finance Minister Arun Jaitley’s budget speech in which he had said “banks will be encouraged to extend long term loans to infrastructure sector with flexible structuring to absorb potential adverse contingencies, sometimes known as the 5/25 structure.’’
5/25 structure
Under the 5/25 structure, bank may fix longer amortisation period for loans to projects in infrastructure and core industries sectors, say 25 years, with periodic refinancing, say every five years.
The RBI issued instructions to banks specifying operational guidelines and incentives in the form of flexibility in loan structuring and refinancing.
It granted exemptions from regulatory pre-emptions, such as, the CRR, the SLR and Priority Sector Lending (PSL).
As per RBI regulations, banks are required to keep a portion of deposits as CRR with the central bank and park certain portion in government securities known as SLR.
Mitigating ALM problems
“The objective of these instructions is to mitigate the Asset-Liability Management (ALM) problems faced by banks in extending project loans to infrastructure and core industries sectors, and also to ease the raising of long term resources for project loans to infrastructure and affordable housing sectors” it said.
Banks have been seeking permission for longer tenor amortisation of the loan, say 25 years, with periodic refinancing of balance debt, the RBI said.
It further said rupee denominated bonds should be issued in ‘plain vanilla form’ without call or put option with a fixed or floating rate of interest.
Lending for affordable housing means loans eligible under the priority sector, and loans up to Rs.50 lakh to individuals for houses costing up to Rs.65 lakh located in the six metropolitan centres. For other areas, it covers loans of Rs.40 lakh for houses with values up to Rs.50 lakh.
Long gestation period
The RBI said that while banks have been raising resources in a significant way, issuance of long-term bonds for funding loans to infrastructure sector has not picked up at all. Infrastructure and core industries projects are characterised by long gestation periods and large capital investments.
The long maturities of such project loans consist of the initial construction period and the economic life of the asset/underlying concession period (usually 25-30 years).
India is looking at investing $1 trillion in infrastructure development by 2017, half of which is expected to come from the private sector.
PTI reports from Delhi:
Realtors hail move
Realtors’ body CREDAI, on Tuesday, hailed the RBI’s move to ease norms for banks to raise long-term funds for financing affordable housing, saying this would lead to cheaper credit for such projects.
“It is a welcome step. This will lead to lower interest rates for affordable housing projects,” CREDAI Chairman Lalit Jain said.
Another realtors’ body NAREDCO Chairman Navin Rajeja said this would help developers to mobilise cheaper finance for development of affordable housing and will result into cutting in prices of housing in long term.
“It is expected that the home loan rates may also come down because of this move,” Mr. Raheja said.
Mr. Jain of Credai demanded that the housing sector should be given the infrastructure status and felt that Pune, Ahmedabad and Lucknow should have figured in the list of metropolitan cities.
RBI eases reserve norms for banks issuing infra bonds - The Hindu
Govt clears 19 FDI proposals
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs. 2,326.72 crore.
“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, Government has approved 19 proposals of foreign direct investment (FDI) amounting to Rs 2326.72 crore approximately,” the Finance Ministry said in a release.
The FIPB, however, rejected an investment proposal of Multi-Commodity Exchange of India (MCX) for a post-facto approval of the foreign investment made by Alexandra Mauritius Ltd prior to the period when FDI in commodity exchanges was brought under approval route.
In addition to MCX’s proposal, the FIPB also rejected foreign investment application of George Institute for Global Health (Hyderabad), BIESSE Manufacturing Company (Bangalore) and three others.
The Finance Ministry further said decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals (India) (pharmaceutical sector), Indian Rotorcraft Ltd (defence) and UBM Medica India (print media).
The government gave its nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore to infuse additional capital in UTV Software Communication by way of subscription to equity capital up to Rs 1,100 crore and also make additional investments from time to time.
Reckitt Benckise (India) has got permission to acquire 23.72 per cent paid up share capital of Reckitt Benckiser Healthcare India Limited from its foreign investors Reckitt Benckiser (Singapore) Pte Ltd, Singapore.
The proposal entails investment of Rs. 725 crore.
The proposal of Department for International Development, UK for investment into NEEV Fund, proposed to be registered with the SEBI, as a Category I Alternative Investment Fund-Infrastructure Fund has also been cleared.
The applicant was SBICAP Ventures and the proposal entails investment of Rs 396 crore.
The other investment proposals cleared are that of TTK Protective Devices (Chennai), BNP Paribas India Holding, Pfizer Limited (Mumbai), News Laundry Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius (Mauritius) and Brightstar Infrastructure (Mumbai).
Govt clears 19 FDI proposals - The Hindu
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Adani gets nod for Mundra expansion
Adani Ports and Special Economic Zone (APSEZ) has received the environment and coastal regulation zone clearance from the Union Ministry for Environment and Forests, for its 8,481 hectares special economic zone in Mundra, the Adani Group company said.
“The clearance will now allow APSEZ to set up a mega desalination plant, an effluent treatment plant and intake of sea water, all of which constitute primary infrastructure to be provided for companies setting up business units in the special economic zone,” the company said.
“The grant of the environmental clearance to Mundra SEZ by MoEF will encourage investment in SEZ and the development is expected to be at a much faster pace as it provides seamless connectivity through sea, rail and road,” said Gautam Adani, Chairman,Adani Group.
Adani gets nod for Mundra expansion - The Hindu
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Sun Pharma acquires US injectibles firm
Leading pharmaceutical company, Sun Pharmaceutical Industries announced the acquisition of the US-based Pharmalucence Inc., by one of its subsidiaries.
While financial details of the transaction were unavailable, a statement from Sun Pharmaceuticals said Pharmalucence has sterile injectible capacity in the USA and is supported by strong R&D capabilities.
Pharmalucence provides contract and private lable formulation development and manufacturing services of non-cytotoxic human injectibles in liquid or lyophilised form. It has a team of more than 100 professionals.
The company was created in 2007 by the management buy-out of CIS-US by three employees with the aim of becoming both an advanced contract manufacturing organization (CMO) and a leading manufacturer of radiopharmaceuticals.
It received approval of its first new product, the hepatobiliary imaging agent generic Mebrofenin in 2008 and in 2009, it received approval for its generic Sestamibi, an agent used in myocardial perfusion imaging studies.
In 2011 and 2012, Pharmalucence received FDA approval for two new indications for its Sulfur Colloid product.
On the Bombay Stock Exchange on Wednesday, the Sun Pharmaceutical share rose by Rs 4.95 (0.67 per cent) to close trade at Rs 743.65.
Sun Pharma acquires US injectibles firm - The Hindu
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Exports grow 10.2% in June
Exports grew at above 10 percent year on year for the third month in a row in June, up 10.2 percent to $26.5 billion. Imports in June were in the black for the first time in 13 months, up 8.3 percent to $38.2 billion, according to official data released here Wednesday.
Monthly trade deficit rose marginally to $11.8 billion in June from $11.2 billion in May. The partial relaxation in gold import norms in May resulted in higher imports at $3.1 billion in June against the average of $1.5 billion during the past 12 months. Gold imports in June were up 65 percent.
Export growth was the strongest in petro products at 38 percent, followed by engineering goods that grew 22 percent. Electronic goods exports shrunk (-) 25 percent and gems and jewelry exports contracted (-) 5 percent in June. Chemicals imports were up 19 percent and petroleum imports 11 percent. Imports of transport equipment shrunk (-) 11 percent, machinery (-) 3.4 percent and pearls and stones (-) 2.2 percent.
The growth in oil imports is likely to have been led by the pace of recovery in industrial output seen in the month of June.
In a statement on the trade data, Federation of Indian Export Organisations (FIEO) President M Rafeeque Ahmed said that the continuance of the double digit growth in exports is positive and with encouraging Industrial Index of Production numbers for the month of May, he expects a further improved performance in months to come. “The steps announced by the Finance Minister in the Union Budget including extension of 24 x 7 facility for all export promotional schemes, single point interaction with customs as the hub for all exim transactions online, institutionalization of export promotion mission and involvement of the States in the export promotion will further facilitate exports besides reducing transaction costs”, he said pointing out that the flow of credit to export sector is still in adequate.
The smart rise of over 21 per cent in exports of engineering goods at $5.4 billion in June has come about on the back of fast improving situation in the US economy, said EEPC India in a statement on the trade data. “We are getting good number of orders from the US so much so that our domestic manufacturing infrastructure is not able to support the same…The problems like power outages in several states and raw material shortages along with issues of skilled labour are coming in the way”, said EEPC India Chairman Anupam Shah.
Exports grow 10.2% in June - The Hindu
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs. 2,326.72 crore.
“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, Government has approved 19 proposals of foreign direct investment (FDI) amounting to Rs 2326.72 crore approximately,” the Finance Ministry said in a release.
The FIPB, however, rejected an investment proposal of Multi-Commodity Exchange of India (MCX) for a post-facto approval of the foreign investment made by Alexandra Mauritius Ltd prior to the period when FDI in commodity exchanges was brought under approval route.
In addition to MCX’s proposal, the FIPB also rejected foreign investment application of George Institute for Global Health (Hyderabad), BIESSE Manufacturing Company (Bangalore) and three others.
The Finance Ministry further said decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals (India) (pharmaceutical sector), Indian Rotorcraft Ltd (defence) and UBM Medica India (print media).
The government gave its nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore to infuse additional capital in UTV Software Communication by way of subscription to equity capital up to Rs 1,100 crore and also make additional investments from time to time.
Reckitt Benckise (India) has got permission to acquire 23.72 per cent paid up share capital of Reckitt Benckiser Healthcare India Limited from its foreign investors Reckitt Benckiser (Singapore) Pte Ltd, Singapore.
The proposal entails investment of Rs. 725 crore.
The proposal of Department for International Development, UK for investment into NEEV Fund, proposed to be registered with the SEBI, as a Category I Alternative Investment Fund-Infrastructure Fund has also been cleared.
The applicant was SBICAP Ventures and the proposal entails investment of Rs 396 crore.
The other investment proposals cleared are that of TTK Protective Devices (Chennai), BNP Paribas India Holding, Pfizer Limited (Mumbai), News Laundry Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius (Mauritius) and Brightstar Infrastructure (Mumbai).
Govt clears 19 FDI proposals - The Hindu
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Adani gets nod for Mundra expansion
Adani Ports and Special Economic Zone (APSEZ) has received the environment and coastal regulation zone clearance from the Union Ministry for Environment and Forests, for its 8,481 hectares special economic zone in Mundra, the Adani Group company said.
“The clearance will now allow APSEZ to set up a mega desalination plant, an effluent treatment plant and intake of sea water, all of which constitute primary infrastructure to be provided for companies setting up business units in the special economic zone,” the company said.
“The grant of the environmental clearance to Mundra SEZ by MoEF will encourage investment in SEZ and the development is expected to be at a much faster pace as it provides seamless connectivity through sea, rail and road,” said Gautam Adani, Chairman,Adani Group.
Adani gets nod for Mundra expansion - The Hindu
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Sun Pharma acquires US injectibles firm
Leading pharmaceutical company, Sun Pharmaceutical Industries announced the acquisition of the US-based Pharmalucence Inc., by one of its subsidiaries.
While financial details of the transaction were unavailable, a statement from Sun Pharmaceuticals said Pharmalucence has sterile injectible capacity in the USA and is supported by strong R&D capabilities.
Pharmalucence provides contract and private lable formulation development and manufacturing services of non-cytotoxic human injectibles in liquid or lyophilised form. It has a team of more than 100 professionals.
The company was created in 2007 by the management buy-out of CIS-US by three employees with the aim of becoming both an advanced contract manufacturing organization (CMO) and a leading manufacturer of radiopharmaceuticals.
It received approval of its first new product, the hepatobiliary imaging agent generic Mebrofenin in 2008 and in 2009, it received approval for its generic Sestamibi, an agent used in myocardial perfusion imaging studies.
In 2011 and 2012, Pharmalucence received FDA approval for two new indications for its Sulfur Colloid product.
On the Bombay Stock Exchange on Wednesday, the Sun Pharmaceutical share rose by Rs 4.95 (0.67 per cent) to close trade at Rs 743.65.
Sun Pharma acquires US injectibles firm - The Hindu
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Exports grow 10.2% in June
Exports grew at above 10 percent year on year for the third month in a row in June, up 10.2 percent to $26.5 billion. Imports in June were in the black for the first time in 13 months, up 8.3 percent to $38.2 billion, according to official data released here Wednesday.
Monthly trade deficit rose marginally to $11.8 billion in June from $11.2 billion in May. The partial relaxation in gold import norms in May resulted in higher imports at $3.1 billion in June against the average of $1.5 billion during the past 12 months. Gold imports in June were up 65 percent.
Export growth was the strongest in petro products at 38 percent, followed by engineering goods that grew 22 percent. Electronic goods exports shrunk (-) 25 percent and gems and jewelry exports contracted (-) 5 percent in June. Chemicals imports were up 19 percent and petroleum imports 11 percent. Imports of transport equipment shrunk (-) 11 percent, machinery (-) 3.4 percent and pearls and stones (-) 2.2 percent.
The growth in oil imports is likely to have been led by the pace of recovery in industrial output seen in the month of June.
In a statement on the trade data, Federation of Indian Export Organisations (FIEO) President M Rafeeque Ahmed said that the continuance of the double digit growth in exports is positive and with encouraging Industrial Index of Production numbers for the month of May, he expects a further improved performance in months to come. “The steps announced by the Finance Minister in the Union Budget including extension of 24 x 7 facility for all export promotional schemes, single point interaction with customs as the hub for all exim transactions online, institutionalization of export promotion mission and involvement of the States in the export promotion will further facilitate exports besides reducing transaction costs”, he said pointing out that the flow of credit to export sector is still in adequate.
The smart rise of over 21 per cent in exports of engineering goods at $5.4 billion in June has come about on the back of fast improving situation in the US economy, said EEPC India in a statement on the trade data. “We are getting good number of orders from the US so much so that our domestic manufacturing infrastructure is not able to support the same…The problems like power outages in several states and raw material shortages along with issues of skilled labour are coming in the way”, said EEPC India Chairman Anupam Shah.
Exports grow 10.2% in June - The Hindu
Wal-mart invests $103 million in indian wholesale business
Wal-Mart Stores Inc. is investing more than $100 million in its wholesale-store network in India, even though government restrictions have convinced it not to build its own big-box stores in Asia’s third-largest economy.
The world’s largest retailer has given its Indian unit a capital injection of 6.2 billion rupees ($103 million) to help it boost its current presence in India in the next five years to 70 wholesale stores--where it sells only to other businesses like mom-and-pop shops, restaurants and hotels--from 20 today. It is also ramping up its online operations so it can give its wholesale customers 24-hour delivery for anything they order online.
“The equity infusion is to fund the working capital and capex requirements of our cash-and-carry business in India,” Rajneesh Kumar, vice president for corporate affairs at Wal-Mart India, said in an email.
India’s retail market, with about $400 billion a year in sales, is expected to expand to more than $1.3 trillion by 2020, according to PricewaterhouseCoopers.
Wal-Mart WMT -0.49% has been lobbying for lowering barriers to foreign investment in the retail sector in India. It entered the wholesale business in 2009, expecting to eventually get the freedom to open its own supermarkets aimed directly at Indian consumers.
Wal-Mart invests $103 million in Indian wholesale business - The Wall Street Journal - MarketWatch
Wal-Mart Stores Inc. is investing more than $100 million in its wholesale-store network in India, even though government restrictions have convinced it not to build its own big-box stores in Asia’s third-largest economy.
The world’s largest retailer has given its Indian unit a capital injection of 6.2 billion rupees ($103 million) to help it boost its current presence in India in the next five years to 70 wholesale stores--where it sells only to other businesses like mom-and-pop shops, restaurants and hotels--from 20 today. It is also ramping up its online operations so it can give its wholesale customers 24-hour delivery for anything they order online.
“The equity infusion is to fund the working capital and capex requirements of our cash-and-carry business in India,” Rajneesh Kumar, vice president for corporate affairs at Wal-Mart India, said in an email.
India’s retail market, with about $400 billion a year in sales, is expected to expand to more than $1.3 trillion by 2020, according to PricewaterhouseCoopers.
Wal-Mart WMT -0.49% has been lobbying for lowering barriers to foreign investment in the retail sector in India. It entered the wholesale business in 2009, expecting to eventually get the freedom to open its own supermarkets aimed directly at Indian consumers.
Wal-Mart invests $103 million in Indian wholesale business - The Wall Street Journal - MarketWatch
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Nomura forecasts 6 pct growth for India in 2015 | The Indian Express
India is set to be Asia’s biggest turnaround story and the country’s GDP growth is expected to rise to over 6 per cent in FY 2015 and over 7 per cent in FY 2016, says a Nomura report.
According to the Japanese brokerage firm, 2014 would mark an inflection point and 2016 will be a watershed year as Indian economy will start outpacing China.
“We believe India is at an inflection point. Under Prime Minister Narendra Modi’s new reform-minded government, the medium-term outlook is much improved,” Nomura said in a research note.
“We expect real GDP growth to rise from an average of 4.7 per cent in 2013-14 to 6.3 per cent in 2015, 7.1 per cent in 2016 and 7.7 per cent in 2017,” Nomura said.
Take that Modi baiters !!
India is set to be Asia’s biggest turnaround story and the country’s GDP growth is expected to rise to over 6 per cent in FY 2015 and over 7 per cent in FY 2016, says a Nomura report.
According to the Japanese brokerage firm, 2014 would mark an inflection point and 2016 will be a watershed year as Indian economy will start outpacing China.
“We believe India is at an inflection point. Under Prime Minister Narendra Modi’s new reform-minded government, the medium-term outlook is much improved,” Nomura said in a research note.
“We expect real GDP growth to rise from an average of 4.7 per cent in 2013-14 to 6.3 per cent in 2015, 7.1 per cent in 2016 and 7.7 per cent in 2017,” Nomura said.
Take that Modi baiters !!
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