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Rosneft, two others to buy 97.4% in Essar Oil
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday
Dev Chatterjee October 14, 2016 Last Updated at 00:59 IST
1175
Russian oil major Rosneft, Singapore-based trading firm Trafigura and Russia-based financial investor UCP are all set to acquire a combined 97.4 per cent stake in Ruia-owned Essar Oil at a valuation of around $12 billion, including debt. The Ruias and a few other minority shareholders will be left with 2.6 per cent stake in the firm.
READY RECKONER
The transaction will be announced in Goa on Saturday where Russian President Vladimir Putin would be attending the BRICS summit along with Prime Minister Narendra Modi, a top source in the Essar Group said.
A board meeting of Rosneft, held in Moscow on Thursday, cleared the transaction to buy 49 per cent stake in Essar Oil, and, according to sources, the equity valuation would be around $7.5 billion. The other two investors, Trafigura and UCP, would buy 24.2 per cent stake each in the company. Bankers said the new investors will also take over Essar Oil’s debt of around $4.5 billion.
This transaction is expected to become the biggest foreign direct investment inflow into India, pipping Vodafone’s $11.7 billion investment in India.
When the company was delisted in December last year, the Ruias had paid 80 per cent premium to Essar Oil shareholders over the floor price that valued the company at Rs 39,000 crore ($6 billion).
The Ruias will be repaying Essar Group’s foreign debt from the proceeds of the sale, sources said.
The Rosneft deal was originally signed in July last year but ran into rough weather, as Indian banks were worried over the impact of the US sanctions on Russian companies.
The transaction is a win-win deal for both the Ruias and Rosneft, as it would help Essar Group to reduce its debt, which had crossed Rs 88,000 crore as of March this year. At the same time, Rosneft would be able to sell its crude oil produced in Russia to Essar Oil in India and then market it to Indian customers.
The transaction also marks the exit of the Ruias at a bumper profit after they sold their 33 per cent stake in Vodafone Essar to Vodafone Plc in July 2011 for $5.46 billion.
Apart from the 20-million tonne per annum refinery, the sale would include the Vadinar Power Company, two ports and 2,200 retail outlets, which are crucial for the refinery’s operations.
The exit of the Ruias from Essar Oil ends a chapter for the group, which entered the business in the mid-1990s. The construction of the refinery was delayed for a considerable time due to cyclone and regulatory delays and it started commercial production in May 2008.
Interestingly, the financials of Essar Oil are looking up. It is expected to make an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 10,000 crore in financial year 2016-17, compared to Rs 7,000 crore last financial year.
The Essar Group was under pressure from the banks to reduce its debt, which went up to Rs 88,000 crore in March this year. The group was planning to sell 30 per cent stake in Essar Steel but dropped the plan, as it could not find any takers. In the past few years, the group sold its US-based business process outsourcing (BPO) unit for $610 million, its Vodafone India stake for $5.46 billion and real estate, including an office complex in Bandra Kurla Complex in Mumbai, for Rs 2,700 crore.
While the group’s oil refining business did well, its steel business failed to make money due to falling steel prices, lack of gas supply from the Krishna-Godavari basin and damage to its Kirandul-Vizag slurry pipeline by Naxals in October 2011. The lack of gas supply brought down Essar Steel’s capacity utilisation at the Hazira plant to 40 per cent. The steel business has recovered this year on the back of the minimum import price imposed on cheap Chinese steel and increased gas supply.
After the sale of its profit-making refining business, the group will be left with BPO business, shipping, power and steel businesses.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday
Dev Chatterjee October 14, 2016 Last Updated at 00:59 IST
1175
Russian oil major Rosneft, Singapore-based trading firm Trafigura and Russia-based financial investor UCP are all set to acquire a combined 97.4 per cent stake in Ruia-owned Essar Oil at a valuation of around $12 billion, including debt. The Ruias and a few other minority shareholders will be left with 2.6 per cent stake in the firm.
READY RECKONER
- Largest FDI in India at $12 bn
- Equity valuation at around $7.5 bn
- New investors to take over Essar Oil’s debt of arund $4.5 bn
- Ruias to reduce Essar Group’s debt of Rs 88,000 cr (as of March 2016)
- Rosneft to supply crude to Essar Oil
- Essar Oil is a 20-mn tonne per annum refinery and has 2,200 retail outlets
- FY16 Ebitda at Rs 7,000 cr, estimated to rise to Rs 10,000 cr in FY17
- After the sale, Essar Group to have interests in BPO, shipping, power and steel
A board meeting of Rosneft, held in Moscow on Thursday, cleared the transaction to buy 49 per cent stake in Essar Oil, and, according to sources, the equity valuation would be around $7.5 billion. The other two investors, Trafigura and UCP, would buy 24.2 per cent stake each in the company. Bankers said the new investors will also take over Essar Oil’s debt of around $4.5 billion.
This transaction is expected to become the biggest foreign direct investment inflow into India, pipping Vodafone’s $11.7 billion investment in India.
When the company was delisted in December last year, the Ruias had paid 80 per cent premium to Essar Oil shareholders over the floor price that valued the company at Rs 39,000 crore ($6 billion).
The Ruias will be repaying Essar Group’s foreign debt from the proceeds of the sale, sources said.
The Rosneft deal was originally signed in July last year but ran into rough weather, as Indian banks were worried over the impact of the US sanctions on Russian companies.
The transaction is a win-win deal for both the Ruias and Rosneft, as it would help Essar Group to reduce its debt, which had crossed Rs 88,000 crore as of March this year. At the same time, Rosneft would be able to sell its crude oil produced in Russia to Essar Oil in India and then market it to Indian customers.
The transaction also marks the exit of the Ruias at a bumper profit after they sold their 33 per cent stake in Vodafone Essar to Vodafone Plc in July 2011 for $5.46 billion.
Apart from the 20-million tonne per annum refinery, the sale would include the Vadinar Power Company, two ports and 2,200 retail outlets, which are crucial for the refinery’s operations.
The exit of the Ruias from Essar Oil ends a chapter for the group, which entered the business in the mid-1990s. The construction of the refinery was delayed for a considerable time due to cyclone and regulatory delays and it started commercial production in May 2008.
Interestingly, the financials of Essar Oil are looking up. It is expected to make an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 10,000 crore in financial year 2016-17, compared to Rs 7,000 crore last financial year.
The Essar Group was under pressure from the banks to reduce its debt, which went up to Rs 88,000 crore in March this year. The group was planning to sell 30 per cent stake in Essar Steel but dropped the plan, as it could not find any takers. In the past few years, the group sold its US-based business process outsourcing (BPO) unit for $610 million, its Vodafone India stake for $5.46 billion and real estate, including an office complex in Bandra Kurla Complex in Mumbai, for Rs 2,700 crore.
While the group’s oil refining business did well, its steel business failed to make money due to falling steel prices, lack of gas supply from the Krishna-Godavari basin and damage to its Kirandul-Vizag slurry pipeline by Naxals in October 2011. The lack of gas supply brought down Essar Steel’s capacity utilisation at the Hazira plant to 40 per cent. The steel business has recovered this year on the back of the minimum import price imposed on cheap Chinese steel and increased gas supply.
After the sale of its profit-making refining business, the group will be left with BPO business, shipping, power and steel businesses.
Ankit Kumar 002
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Ministry of Shipping
14-October, 2016 15:35 IST
Germany to collaborate with India to improve rail connectivity of Indian ports : may also bring in technology for scrapping old vehicles; India ready for flex-fuel compatible automobiles
The Minister of Road Transport & Highways and Shipping Shri Nitin Gadkari has said that India and Germany are all set to collaborate on projects for improving rail connectivity of Indian ports. He said the two countries will work together on projects worth Rs one lakh crore being implemented by the Indian Port Rail Corporation Ltd (IPRCL). The Minister held detailed discussions with his German counterpart and Infrastructure Minister Mr Alexander Dobrindt and his delegation in New Delhi today, regarding the modalities for such collaboration. Secretary Shipping Shri Rajive Kumar, Secretary Road Transport & Highways Shri Sanjay Mitra and other Senior Officers of the two Ministries were also present. Today’s meeting comes under the backdrop of an MoU signed between Indian Port Rail Corporation Ltd (IPRCL) and the German Railways Deutsche Bahn (DB) for cooperation on modernization of rail port connectivity and port rail facilities of Indian ports, during the Maritime India Summit earlier this year . For efficient evacuation of cargo from the Ports and to reduce logistics cost, last mile rail connectivity of Ports is extremely important. Indian port Rail Corporation Ltd. has been set up specifically to work in this area.
It was proposed in today’s meeting to form groups with representatives of IPRCL and DB to identify areas of cooperation and potential projects, as also to identify cost effective new rail technologies that can be implemented. This would help bring in foreign investment and cost effective, environment friendly, innovative technology for the port rail connectivity projects.
Shri Gadkari further informed that Germany has also been invited to cooperate in the development of inland waterways, including manufacturing of barges.
In the transport sector, discussions were held on cooperation for developing vehicle scrapping capacity in India. India has invited Germany to share environment friendly technology for scrapping of old vehicles and also for processing of the waste thus generated.
In what may be a major step towards reducing pollution, Shri Gadkari informed the German Minister that India has put in place all required regulations for the use of Flex-fuel like ethanol mixed with petrol. He said that German automobile manufacturers can be called upon to produce cars that can run on flex-fuel for India, like the ones being produced in Canada and USA.
Shri Gadkari has expressed confidence and hope that the cooperation between the two countries will grow even further in the times to come.
***
UM/NP/MS
(Release ID :151656)
14-October, 2016 15:35 IST
Germany to collaborate with India to improve rail connectivity of Indian ports : may also bring in technology for scrapping old vehicles; India ready for flex-fuel compatible automobiles
The Minister of Road Transport & Highways and Shipping Shri Nitin Gadkari has said that India and Germany are all set to collaborate on projects for improving rail connectivity of Indian ports. He said the two countries will work together on projects worth Rs one lakh crore being implemented by the Indian Port Rail Corporation Ltd (IPRCL). The Minister held detailed discussions with his German counterpart and Infrastructure Minister Mr Alexander Dobrindt and his delegation in New Delhi today, regarding the modalities for such collaboration. Secretary Shipping Shri Rajive Kumar, Secretary Road Transport & Highways Shri Sanjay Mitra and other Senior Officers of the two Ministries were also present. Today’s meeting comes under the backdrop of an MoU signed between Indian Port Rail Corporation Ltd (IPRCL) and the German Railways Deutsche Bahn (DB) for cooperation on modernization of rail port connectivity and port rail facilities of Indian ports, during the Maritime India Summit earlier this year . For efficient evacuation of cargo from the Ports and to reduce logistics cost, last mile rail connectivity of Ports is extremely important. Indian port Rail Corporation Ltd. has been set up specifically to work in this area.
It was proposed in today’s meeting to form groups with representatives of IPRCL and DB to identify areas of cooperation and potential projects, as also to identify cost effective new rail technologies that can be implemented. This would help bring in foreign investment and cost effective, environment friendly, innovative technology for the port rail connectivity projects.
Shri Gadkari further informed that Germany has also been invited to cooperate in the development of inland waterways, including manufacturing of barges.
In the transport sector, discussions were held on cooperation for developing vehicle scrapping capacity in India. India has invited Germany to share environment friendly technology for scrapping of old vehicles and also for processing of the waste thus generated.
In what may be a major step towards reducing pollution, Shri Gadkari informed the German Minister that India has put in place all required regulations for the use of Flex-fuel like ethanol mixed with petrol. He said that German automobile manufacturers can be called upon to produce cars that can run on flex-fuel for India, like the ones being produced in Canada and USA.
Shri Gadkari has expressed confidence and hope that the cooperation between the two countries will grow even further in the times to come.
***
UM/NP/MS
(Release ID :151656)
Ankit Kumar 002
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Ministry of Shipping14-October, 2016 15:35 IST
Germany to collaborate with India to improve rail connectivity of Indian ports : may also bring in technology for scrapping old vehicles; India ready for flex-fuel compatible automobiles
The Minister of Road Transport & Highways and Shipping Shri Nitin Gadkari has said that India and Germany are all set to collaborate on projects for improving rail connectivity of Indian ports. He said the two countries will work together on projects worth Rs one lakh crore being implemented by the Indian Port Rail Corporation Ltd (IPRCL). The Minister held detailed discussions with his German counterpart and Infrastructure Minister Mr Alexander Dobrindt and his delegation in New Delhi today, regarding the modalities for such collaboration. Secretary Shipping Shri Rajive Kumar, Secretary Road Transport & Highways Shri Sanjay Mitra and other Senior Officers of the two Ministries were also present. Today’s meeting comes under the backdrop of an MoU signed between Indian Port Rail Corporation Ltd (IPRCL) and the German Railways Deutsche Bahn (DB) for cooperation on modernization of rail port connectivity and port rail facilities of Indian ports, during the Maritime India Summit earlier this year . For efficient evacuation of cargo from the Ports and to reduce logistics cost, last mile rail connectivity of Ports is extremely important. Indian port Rail Corporation Ltd. has been set up specifically to work in this area.
It was proposed in today’s meeting to form groups with representatives of IPRCL and DB to identify areas of cooperation and potential projects, as also to identify cost effective new rail technologies that can be implemented. This would help bring in foreign investment and cost effective, environment friendly, innovative technology for the port rail connectivity projects.
Shri Gadkari further informed that Germany has also been invited to cooperate in the development of inland waterways, including manufacturing of barges.
In the transport sector, discussions were held on cooperation for developing vehicle scrapping capacity in India. India has invited Germany to share environment friendly technology for scrapping of old vehicles and also for processing of the waste thus generated.
In what may be a major step towards reducing pollution, Shri Gadkari informed the German Minister that India has put in place all required regulations for the use of Flex-fuel like ethanol mixed with petrol. He said that German automobile manufacturers can be called upon to produce cars that can run on flex-fuel for India, like the ones being produced in Canada and USA.
Shri Gadkari has expressed confidence and hope that the cooperation between the two countries will grow even further in the times to come.
***
UM/NP/MS
(Release ID :151656)
Germany to collaborate with India to improve rail connectivity of Indian ports : may also bring in technology for scrapping old vehicles; India ready for flex-fuel compatible automobiles
The Minister of Road Transport & Highways and Shipping Shri Nitin Gadkari has said that India and Germany are all set to collaborate on projects for improving rail connectivity of Indian ports. He said the two countries will work together on projects worth Rs one lakh crore being implemented by the Indian Port Rail Corporation Ltd (IPRCL). The Minister held detailed discussions with his German counterpart and Infrastructure Minister Mr Alexander Dobrindt and his delegation in New Delhi today, regarding the modalities for such collaboration. Secretary Shipping Shri Rajive Kumar, Secretary Road Transport & Highways Shri Sanjay Mitra and other Senior Officers of the two Ministries were also present. Today’s meeting comes under the backdrop of an MoU signed between Indian Port Rail Corporation Ltd (IPRCL) and the German Railways Deutsche Bahn (DB) for cooperation on modernization of rail port connectivity and port rail facilities of Indian ports, during the Maritime India Summit earlier this year . For efficient evacuation of cargo from the Ports and to reduce logistics cost, last mile rail connectivity of Ports is extremely important. Indian port Rail Corporation Ltd. has been set up specifically to work in this area.
It was proposed in today’s meeting to form groups with representatives of IPRCL and DB to identify areas of cooperation and potential projects, as also to identify cost effective new rail technologies that can be implemented. This would help bring in foreign investment and cost effective, environment friendly, innovative technology for the port rail connectivity projects.
Shri Gadkari further informed that Germany has also been invited to cooperate in the development of inland waterways, including manufacturing of barges.
In the transport sector, discussions were held on cooperation for developing vehicle scrapping capacity in India. India has invited Germany to share environment friendly technology for scrapping of old vehicles and also for processing of the waste thus generated.
In what may be a major step towards reducing pollution, Shri Gadkari informed the German Minister that India has put in place all required regulations for the use of Flex-fuel like ethanol mixed with petrol. He said that German automobile manufacturers can be called upon to produce cars that can run on flex-fuel for India, like the ones being produced in Canada and USA.
Shri Gadkari has expressed confidence and hope that the cooperation between the two countries will grow even further in the times to come.
***
UM/NP/MS
(Release ID :151656)
Ankit Kumar 002
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India Germany Railway Cooperation
Ministry of Railways
14-October, 2016 17:05 IST
Indian Railway Minister holds discussions with the visiting German Transport Minister
Indian Railways and German Railways to set up a working group on safety
German government agrees to positively consider the request of Indian Railway Minister to extend Germany - sponsored high Speed rail study of Mysore-Bangalore-Chennai corridor to Vijayawada city in Andhra Pradesh
The Indian Railways and a German Railway company together to focus on many areas of cooperation in Rail sector
Union Minister of Railways, Govt. of India Shri Suresh Prabhakar Prabhu today here held discussions with the visiting German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt at Rail Bhavan, the Headquarters. Of Indian Ministry of Railways. Mr. Alexander Dobrindt is on an official visit to India from 12-14 October, 2016 especially on an invitation from the Indian Railway Minister. The two sides were accompanied by their respective delegations during the bilateral talks.
The visit of the German Minister is a follow up visit to the visit of Shri Suresh Prabhu to Germany in April, 2016 whereat a Protocol with German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt was signed to intensify the cooperation in rail sector between two countries.
The two sides held wide ranging discussions on many specific areas of mutual interest in rail sector. The areas include speed raising, capacity increase of passenger & goods transport lines, safety, energy efficient rail operations, education & training, high speed rail, standards & norms and station development.
On the suggestion of Indian Railway Minister, it was decided that a joint working group of Indian Railways and German Railways will be formed to work on safety in rail operations with a view to help in the “Zero Accident Mission” of Indian Railways. The Working Group would look into the training, technology and processes for improving the safety. This Working Group on Safety would be a deliverable on Inter-Government Consultations tentatively planned in Berlin in May, 2017. The German Minister also extended invite to Indian Railway officials to visit Germany to see their technology and safety systems.
In a significant suggestion, the Indian Railway Minister requested the German side for extending their proposal of high speed(300 kmph +) rail study of Mysore -Bangalore –Chennai Corridor to Vijayawada city of the important State of Andhra Pradesh also. It was pointed out that High Speed Rail Connectivity through Mysore -Banglore –Chennai-Vijayawada Corridor will give boost to the regional development and will link the important States of Southern India. The German Minister acknowledged this request of extending scope of study to include Vijayawada and assured to look into this positively. The study which is fully funded by German Government is likely to start from January, 2017.
The Indian Railway Minister emphasised on Station Redevelopment Programme of Indian Railways along with development of Smart Cities in India. The German Minister welcomed this idea and offered German cooperation on this matter.
The German side expressed willingness to undertake feasibility study on speed upgradation on the existing Indian Railway network. The two sides decided to discuss this issue further and finalize the Railway Corridor for this kind of study.
The Chairman, Indian Railway Board Shri A.K. Mital mentioned for cooperation in improving staff productivity on Indian Railways.
The two sides also agreed that Indian Railways and DB Engineering & Consultancy (wholly owned subsidiary of Deutsche Bahn-DB, the German Railway) together will focus on the following areas of cooperation : -
i. Freight operations (including cross-border transport, automotive transport and logistics)
ii. Passenger operations (including high-speed and cross-border traffic)
iii. Infrastructure building and management (including dedicated freight corridors and development of passenger stations)
iv. Development of a modern, competitive railway organization (including the improvement of organizational structures)
v. IT solutions for railway operations, marketing and sales as well as administrative purposes
vi. Any other area which may be mutually agreed in writing between the two parties.
The Indian Side included Mr. A K Mital, CRB, Mr. Achal Khare, Adv./infra, Mr. Naveen Kumar Shukla, Adv/Mobility, Mr. Rajeev Chaudhary, Adv/L&A, Mr G V L Satyakumar, EDPP, Mr S B Bhamu, ED Sig Dev, Mr. S K Saha, EDEE Dev, Mr. Sandeep Srivastava, Dir Plg Spl, Mr. Nitin Choudhary, EDME (dev), Mr. Randir Kumar Jaiswal, JS/EW/MEA, Mr. Abhishek Dubey, US/EW/MEA while the German delegation included Dr. Johann Bertl, Head of the Minister's Office, Mr. Sebastian Hille, Head of the Press and Communications, Ms. Petra Bethge, Head of the International Relations & Foreign Trade Department, Mr. Wolfgang Küpper, Head of Rail Division Policy, Mr. Karsten Geburtig, Deputy Head of Division International Relations and Foreign Trade, Ms. Sarah Weber, Translator, Mr. Wolfram Neuhöfer, EBA, Dr. Jochen Eickholt, CEO Siemens Mobility, Mr. Sunil Mathur, Siemens India, Dr. Andre Zeug, Chairman, Deutsche Bahn Station & Service AG, Dr. Jens Gräfer, International Business Division, Deutsche Bahn AG, Mr. Ralf Kersting, Vice President, DIHK, H.E. Dr. Martin Ney, The Ambassador of the Federal Republic of Germany, Mrs. Yasmin Sadeghi, Counsellor for Transport & Digital Infrastructure, German Embassy.
BACKGROUNDER
· On 5th October, 2015, a Joint Declaration of Intent (JDI) was signed on the Development of the Cooperation in the Field of Railways between the Federal Ministry of Transport and Digital Infrastructure of the Federal Republic of Germany and the Ministry of Railways, India during the visit of German Chancellor to India. In this JDI, German side has shown willingness to conduct a study on the feasibility of High Speed Rail in India.
· In April 2016, Minister for Railways, Shri Suresh Prabhu visited Germany and signed a Protocol with German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt, to intensify the cooperation in rail sector between two countries.
· On 31st May, 2016, during meeting in Rail Bhavan, between Chairman Railway Board and visiting State Secretary, Ministry of Transport and Digital Infrastructure, Germany, Mr. Michael, it was decided that Germany will conduct feasibility study for High Speed Rail of Chennai – Bangalore - Mysore section.
· On 13th October, 2016, a meeting of the Working Group of both the countries has been conducted at Rail Bhavan to discuss these matters.
· On 14th October, 2016, Indian Railway Minister Suresh Prabhakar Prabhu held discussions with visiting German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt in Rail Bhavan.
AKS/DK
(Release ID :151666)
@anant_s
What solutions do Germany offer in HSR?
Ministry of Railways
14-October, 2016 17:05 IST
Indian Railway Minister holds discussions with the visiting German Transport Minister
Indian Railways and German Railways to set up a working group on safety
German government agrees to positively consider the request of Indian Railway Minister to extend Germany - sponsored high Speed rail study of Mysore-Bangalore-Chennai corridor to Vijayawada city in Andhra Pradesh
The Indian Railways and a German Railway company together to focus on many areas of cooperation in Rail sector
Union Minister of Railways, Govt. of India Shri Suresh Prabhakar Prabhu today here held discussions with the visiting German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt at Rail Bhavan, the Headquarters. Of Indian Ministry of Railways. Mr. Alexander Dobrindt is on an official visit to India from 12-14 October, 2016 especially on an invitation from the Indian Railway Minister. The two sides were accompanied by their respective delegations during the bilateral talks.
The visit of the German Minister is a follow up visit to the visit of Shri Suresh Prabhu to Germany in April, 2016 whereat a Protocol with German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt was signed to intensify the cooperation in rail sector between two countries.
The two sides held wide ranging discussions on many specific areas of mutual interest in rail sector. The areas include speed raising, capacity increase of passenger & goods transport lines, safety, energy efficient rail operations, education & training, high speed rail, standards & norms and station development.
On the suggestion of Indian Railway Minister, it was decided that a joint working group of Indian Railways and German Railways will be formed to work on safety in rail operations with a view to help in the “Zero Accident Mission” of Indian Railways. The Working Group would look into the training, technology and processes for improving the safety. This Working Group on Safety would be a deliverable on Inter-Government Consultations tentatively planned in Berlin in May, 2017. The German Minister also extended invite to Indian Railway officials to visit Germany to see their technology and safety systems.
In a significant suggestion, the Indian Railway Minister requested the German side for extending their proposal of high speed(300 kmph +) rail study of Mysore -Bangalore –Chennai Corridor to Vijayawada city of the important State of Andhra Pradesh also. It was pointed out that High Speed Rail Connectivity through Mysore -Banglore –Chennai-Vijayawada Corridor will give boost to the regional development and will link the important States of Southern India. The German Minister acknowledged this request of extending scope of study to include Vijayawada and assured to look into this positively. The study which is fully funded by German Government is likely to start from January, 2017.
The Indian Railway Minister emphasised on Station Redevelopment Programme of Indian Railways along with development of Smart Cities in India. The German Minister welcomed this idea and offered German cooperation on this matter.
The German side expressed willingness to undertake feasibility study on speed upgradation on the existing Indian Railway network. The two sides decided to discuss this issue further and finalize the Railway Corridor for this kind of study.
The Chairman, Indian Railway Board Shri A.K. Mital mentioned for cooperation in improving staff productivity on Indian Railways.
The two sides also agreed that Indian Railways and DB Engineering & Consultancy (wholly owned subsidiary of Deutsche Bahn-DB, the German Railway) together will focus on the following areas of cooperation : -
i. Freight operations (including cross-border transport, automotive transport and logistics)
ii. Passenger operations (including high-speed and cross-border traffic)
iii. Infrastructure building and management (including dedicated freight corridors and development of passenger stations)
iv. Development of a modern, competitive railway organization (including the improvement of organizational structures)
v. IT solutions for railway operations, marketing and sales as well as administrative purposes
vi. Any other area which may be mutually agreed in writing between the two parties.
The Indian Side included Mr. A K Mital, CRB, Mr. Achal Khare, Adv./infra, Mr. Naveen Kumar Shukla, Adv/Mobility, Mr. Rajeev Chaudhary, Adv/L&A, Mr G V L Satyakumar, EDPP, Mr S B Bhamu, ED Sig Dev, Mr. S K Saha, EDEE Dev, Mr. Sandeep Srivastava, Dir Plg Spl, Mr. Nitin Choudhary, EDME (dev), Mr. Randir Kumar Jaiswal, JS/EW/MEA, Mr. Abhishek Dubey, US/EW/MEA while the German delegation included Dr. Johann Bertl, Head of the Minister's Office, Mr. Sebastian Hille, Head of the Press and Communications, Ms. Petra Bethge, Head of the International Relations & Foreign Trade Department, Mr. Wolfgang Küpper, Head of Rail Division Policy, Mr. Karsten Geburtig, Deputy Head of Division International Relations and Foreign Trade, Ms. Sarah Weber, Translator, Mr. Wolfram Neuhöfer, EBA, Dr. Jochen Eickholt, CEO Siemens Mobility, Mr. Sunil Mathur, Siemens India, Dr. Andre Zeug, Chairman, Deutsche Bahn Station & Service AG, Dr. Jens Gräfer, International Business Division, Deutsche Bahn AG, Mr. Ralf Kersting, Vice President, DIHK, H.E. Dr. Martin Ney, The Ambassador of the Federal Republic of Germany, Mrs. Yasmin Sadeghi, Counsellor for Transport & Digital Infrastructure, German Embassy.
BACKGROUNDER
· On 5th October, 2015, a Joint Declaration of Intent (JDI) was signed on the Development of the Cooperation in the Field of Railways between the Federal Ministry of Transport and Digital Infrastructure of the Federal Republic of Germany and the Ministry of Railways, India during the visit of German Chancellor to India. In this JDI, German side has shown willingness to conduct a study on the feasibility of High Speed Rail in India.
· In April 2016, Minister for Railways, Shri Suresh Prabhu visited Germany and signed a Protocol with German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt, to intensify the cooperation in rail sector between two countries.
· On 31st May, 2016, during meeting in Rail Bhavan, between Chairman Railway Board and visiting State Secretary, Ministry of Transport and Digital Infrastructure, Germany, Mr. Michael, it was decided that Germany will conduct feasibility study for High Speed Rail of Chennai – Bangalore - Mysore section.
· On 13th October, 2016, a meeting of the Working Group of both the countries has been conducted at Rail Bhavan to discuss these matters.
· On 14th October, 2016, Indian Railway Minister Suresh Prabhakar Prabhu held discussions with visiting German Federal Minister of Transport and Digital Infrastructure Mr. Alexander Dobrindt in Rail Bhavan.
AKS/DK
(Release ID :151666)
@anant_s
What solutions do Germany offer in HSR?
anant_s
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Electronic Products Policy will now focus on exports: Arvind Panagariya
New Delhi: NITI Aayog, the government’s premier think tank, has junked its first dedicated ‘Make in India Strategy for Electronic Products’ and has floated another policy that is more export-oriented and favours developing coastal economic zones.
The previous policy paper had faced opposition from the Ministry of Electronics & Information Technology as well as reservations from other stakeholders mainly because of its domestic focus and its emphasis on semiconductors.
“They had floated a policy paper once that never went forward since many people had reservations on it,” a senior ministry official told ET on condition of anonymity. The official added that the ministry is, however, fully supportive of the second draft paper submitted by the think tank. “They are talking of port-based electronic manufacturing clusters. They seem to have discussed it with the industry and then floated the paper. It’s a good paper, which nicely analyses the prospects. We are fully supportive of it. However, it is still a policy paper and may take some time to take shape,” the official said.
“The idea is to promote greater exports of electronics and drive larger investments. We have achieved a certain level in terms of manufacturing so far and this will take it to the next level.” India’s domestic consumption of electronics hardware was $63.6 billion in 2014-15, with imports accounting for 58% of the total. NITI Aayog had initially come out with a draft policy that sought to attract global electronic manufacturers to set up units in India and give a push to Prime Minister Narendra Modi’s pet project, Make in India.
The draft policy suggested a 10-year tax holiday for companies investing over $1 billion in electronics manufacturing or creating 20,000 jobs in India. It has now been shelved in favour of the proposal to set up coastal economic zones for labour-intensive sectors in the country, much along the lines of China, to enable manufacturers to tap overseas markets without much difficulty.
“We are not pursuing the electronics policy as the Aayog is pushing for comprehensive coastal economic zones, which would serve the purpose and would be a better option,” Aayog vice chairman Arvind Panagariya told ET. Besides, the think tank was of the view that the sector needed an export-oriented strategy to cater to the global market, which exceeds $2 trillion.
NITI suggested that the country needs to forge free-trade agreements to create duty-free markets for electronic goods. It had said India’s current approach with respect to such agreements is defensive because it is a bigger importer of electronic products than an exporter. An industry official said the policy paper could not fructify since it talked about investments from semiconductor companies, something that appears impossible to pursue at the moment.
http://economictimes.indiatimes.com...ts-arvind-panagariya/articleshow/54887406.cms
@PARIKRAMA @anant_s @itachii
New Delhi: NITI Aayog, the government’s premier think tank, has junked its first dedicated ‘Make in India Strategy for Electronic Products’ and has floated another policy that is more export-oriented and favours developing coastal economic zones.
The previous policy paper had faced opposition from the Ministry of Electronics & Information Technology as well as reservations from other stakeholders mainly because of its domestic focus and its emphasis on semiconductors.
“They had floated a policy paper once that never went forward since many people had reservations on it,” a senior ministry official told ET on condition of anonymity. The official added that the ministry is, however, fully supportive of the second draft paper submitted by the think tank. “They are talking of port-based electronic manufacturing clusters. They seem to have discussed it with the industry and then floated the paper. It’s a good paper, which nicely analyses the prospects. We are fully supportive of it. However, it is still a policy paper and may take some time to take shape,” the official said.
“The idea is to promote greater exports of electronics and drive larger investments. We have achieved a certain level in terms of manufacturing so far and this will take it to the next level.” India’s domestic consumption of electronics hardware was $63.6 billion in 2014-15, with imports accounting for 58% of the total. NITI Aayog had initially come out with a draft policy that sought to attract global electronic manufacturers to set up units in India and give a push to Prime Minister Narendra Modi’s pet project, Make in India.
The draft policy suggested a 10-year tax holiday for companies investing over $1 billion in electronics manufacturing or creating 20,000 jobs in India. It has now been shelved in favour of the proposal to set up coastal economic zones for labour-intensive sectors in the country, much along the lines of China, to enable manufacturers to tap overseas markets without much difficulty.
“We are not pursuing the electronics policy as the Aayog is pushing for comprehensive coastal economic zones, which would serve the purpose and would be a better option,” Aayog vice chairman Arvind Panagariya told ET. Besides, the think tank was of the view that the sector needed an export-oriented strategy to cater to the global market, which exceeds $2 trillion.
NITI suggested that the country needs to forge free-trade agreements to create duty-free markets for electronic goods. It had said India’s current approach with respect to such agreements is defensive because it is a bigger importer of electronic products than an exporter. An industry official said the policy paper could not fructify since it talked about investments from semiconductor companies, something that appears impossible to pursue at the moment.
http://economictimes.indiatimes.com...ts-arvind-panagariya/articleshow/54887406.cms
@PARIKRAMA @anant_s @itachii
itachii
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I read about this plan 3-4 months back and it sounded like a good approach sir, lets see how the new draft policy turns out. Once the ecosystem of electronics is established within the country, we will see our own LG and samsung growing up..
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Chinese phonemakers to explore 'Make in India' opportunities
Government's policy and new tax rules have encouraged electronic product manufacturing in the country, mainly mobile phones.
Chinese mobile phone companies with their Indian counterparts will hold three-day joint summit starting October 22 here with around 20 firms having interest in setting up their manufacturing units in the country.
"We have seen huge interest of Chinese for making their products in India. In the upcoming summit, we are expecting large participation. Around 20 mobile phone firms, mostly component suppliers and contract manufacturers, have already expressed interest in manufacturing their products in India," ICA National President Pankaj Mohindroo told PTI.
Government's policy and new tax rules have encouraged electronic product manufacturing in the country, mainly mobile phones. Mobile handset manufacturing activity witnessed a staggering approximately 200 per cent growth in value terms during 2015-16 compared to 2014-15. Manufacturing rose to around USD 9 billion during 2015-16 from USD 3 billion in 2014-15. In volume terms manufacturing grew by around 90 per cent in from 60 mn units in 2014-15 to 110 mn units in 2015-16, according to Indian Cellular Association (ICA). Some of the big names that started manufacturing in India include Foxconn, Wistron, Pegatron, Delta, Flextronics, Xiaomi, Huawei, LeEco, Vivo and Compal.
"We expect new companies like Techno and firms involved in mobile screens, camera, antenna, battery to set-up their plants as we enter in to next phase of mobile manufacturing," Mohindroo, who chairs Fast Track Task Force (FTTF) on mobile manufacturing, said. The FTTF , set -up under the Ministry of Electronics and IT (MEITY), has set a production target of 500 million mobile handsets with establishment of a sizable components industry worth USD 8 billion and generate 1.5 million jobs.
"The event is expected to drive forward the vision to establish India as the Global manufacturing hub for mobile handsets and components. The government is fully committed to establish a robust mobile handset manufacturing ecosystem, as this remains at the heart of the Digital India vision," MEITY Additional Secretary Ajay Kumar said.
The summit is being organised by ICA in association with Chinese media platform company Shoujibao. "We are wholeheartedly responding to Prime Minister Narendra Modi's invitation to Chinese companies to be part of 'Make in India' mission and would contribute in making India a global manufacturing hub for mobile handsets and components," Wu, Mobile World (Shoujibao) Founder & CEO Wu said.
Read more at: http://www.moneycontrol.com/news/ec...rtunities_7606141.html?utm_source=ref_article
@Nilgiri
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Its the kind of low key news that chest thumpers from our neighbours like to ignore
I am hoping the ever increasing consumption of electronics and new electronic policy will bring more OEM component production to India along with the great assembly that is happening now.
This will be the crucial industry for Modi to focus on for MII in this term.
Echo_419
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Its the kind of low key news that chest thumpers from our neighbours like to ignore
I am hoping the ever increasing consumption of electronics and new electronic policy will bring more OEM component production to India along with the great assembly that is happening now.
This will be the crucial industry for Modi to focus on for MII in this term.
They need to increase domestic R&D too, the whole system starting from the universities needs to be reformed
http://economictimes.indiatimes.com...igenous-electric-bus/articleshow/54894000.cms
ashok321
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Nilgiri
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http://economictimes.indiatimes.com...s-up-five-committees/articleshow/54907207.cms
To restore credibility of GDP, inflation and IIP data, Modi government sets up five committees
NEW DELHI: The government has begun a mammoth exercise to overhaul the system of collecting key statistics on inflation, industrial production, consumption and employment to restore the credibility of official economic data, which took a severe beating after a new series of national accounts was released last year.
In a wholesale clean-up attempt, five committees have been set up to review data for GDP estimates, provide for mechanisms to ensure “data integrity” and come up with industry-wise and geography-wise disaggregated data – something that is not available in the current system.
The committee on financial sector statistics is headed by Ravindra Dholakia, a member of the newly constituted Monetary Policy Committee.
“These committees are expected to cover the requirement of statistics for estimation of GDP, data governance for quality, timelines and credibility of collected data and derived estimates, provide for data integrity and audit trials of a National Statistical System,” the Ministry of Statistics and Programme Implementation said in a directive.
The exercise, according to National Statistical Commission Chairman RB Barman, will make monitoring the performance evaluation of data more effective.
“The enhanced transparency that will be available will go a long way for re-ensuring the credibility of the National Statistical System. A focused attention on district-level statistics will also serve the needs of the Human Development Index,” he said.
Through the committees, which are chaired by experts from various institutes, the commission also wants to put the fiscal statistics of the government – expenditure and revenue – in a centralised repository.
The committees have been set up when the statistics office is struggling with persistent doubts about the new series of national accounts that had puzzled even Chief Economic Adviser Arvind Subramanian and former Reserve Bank of India Governor Raghuram Rajan.
The new series of national accounts, which changed the methodology of estimating output from the internationally followed factor cost to market prices, bumped up growth for FY14 to 6.9% from 5% estimated under the earlier methodology.
The new series continues to be questioned even now for the over 7% growth being out of sync with industrial production, among other indicators.
The Index of Industrial Production reported a 2.4% expansion in FY16, while GDP grew 7.6%, inviting many questions.
The statistics office is also preparing the back-series data from FY05 to FY12 with the revised base of 2011-12 to explain this sharp upward revision in growth, as previous explanations have not satisfied doubts.
The Ravindra Dholakia committee is entrusted with the responsibility of reviewing the existing system of data collection and suggest measures for an integrated system to capture granular data and a mechanism to provide estimates at the state level.
The panel on online reporting system is supposed to review data collection methods for core statistics, including inflation and industrial production, and has been delegated the task of recommending measures for automated online collection of such data for “improving quality and timelines.”
Data-collecting agencies of the government such as the Central Statistics Office, National Sample Survey Office and Directorate General of Commercial Intelligence and Statistics, too, have been covered.
The group on analytics will review their existing systems of data collection, collation and dissemination and survey the best practices for the repository of the National Statistical System.
Barman explained that data on the government and the corporate sector, which cover more than half of the GDP, can be collected and validated online. Similarly, data on household sector and non-profit institutions, which is collected by way of sample surveys, can be scrutinised using advanced processing systems.
@itachii @proud_indian @kadamba-warrior @anant_s @PARIKRAMA @ranjeet
Long overdue and very welcome!
To restore credibility of GDP, inflation and IIP data, Modi government sets up five committees
NEW DELHI: The government has begun a mammoth exercise to overhaul the system of collecting key statistics on inflation, industrial production, consumption and employment to restore the credibility of official economic data, which took a severe beating after a new series of national accounts was released last year.
In a wholesale clean-up attempt, five committees have been set up to review data for GDP estimates, provide for mechanisms to ensure “data integrity” and come up with industry-wise and geography-wise disaggregated data – something that is not available in the current system.
The committee on financial sector statistics is headed by Ravindra Dholakia, a member of the newly constituted Monetary Policy Committee.
“These committees are expected to cover the requirement of statistics for estimation of GDP, data governance for quality, timelines and credibility of collected data and derived estimates, provide for data integrity and audit trials of a National Statistical System,” the Ministry of Statistics and Programme Implementation said in a directive.
The exercise, according to National Statistical Commission Chairman RB Barman, will make monitoring the performance evaluation of data more effective.
“The enhanced transparency that will be available will go a long way for re-ensuring the credibility of the National Statistical System. A focused attention on district-level statistics will also serve the needs of the Human Development Index,” he said.
Through the committees, which are chaired by experts from various institutes, the commission also wants to put the fiscal statistics of the government – expenditure and revenue – in a centralised repository.
The committees have been set up when the statistics office is struggling with persistent doubts about the new series of national accounts that had puzzled even Chief Economic Adviser Arvind Subramanian and former Reserve Bank of India Governor Raghuram Rajan.
The new series of national accounts, which changed the methodology of estimating output from the internationally followed factor cost to market prices, bumped up growth for FY14 to 6.9% from 5% estimated under the earlier methodology.
The new series continues to be questioned even now for the over 7% growth being out of sync with industrial production, among other indicators.
The Index of Industrial Production reported a 2.4% expansion in FY16, while GDP grew 7.6%, inviting many questions.
The statistics office is also preparing the back-series data from FY05 to FY12 with the revised base of 2011-12 to explain this sharp upward revision in growth, as previous explanations have not satisfied doubts.
The Ravindra Dholakia committee is entrusted with the responsibility of reviewing the existing system of data collection and suggest measures for an integrated system to capture granular data and a mechanism to provide estimates at the state level.
The panel on online reporting system is supposed to review data collection methods for core statistics, including inflation and industrial production, and has been delegated the task of recommending measures for automated online collection of such data for “improving quality and timelines.”
Data-collecting agencies of the government such as the Central Statistics Office, National Sample Survey Office and Directorate General of Commercial Intelligence and Statistics, too, have been covered.
The group on analytics will review their existing systems of data collection, collation and dissemination and survey the best practices for the repository of the National Statistical System.
Barman explained that data on the government and the corporate sector, which cover more than half of the GDP, can be collected and validated online. Similarly, data on household sector and non-profit institutions, which is collected by way of sample surveys, can be scrutinised using advanced processing systems.
@itachii @proud_indian @kadamba-warrior @anant_s @PARIKRAMA @ranjeet
Long overdue and very welcome!
