ADVERTISEMENT

Mumbai

SBI appoints B Sriram, V G Kannan as MDs & Group Executives

ADVERTISEMENT
The State Bank of India (SBI) today appointed Mr B Sriram as Managing Director & Group Executive (International Banking) and Mr V G Kannan as Managing Director & Group Executive (Associates & Subsidiaries).
 
Mr Sriram was, prior to this appointment, Managing Director of State Bank of Bikaner & Jaipur, while Mr Kannan was Managing Director & Chief Executive Officer, SBI Capital Markets Ltd., Mumbai.
 
Mr Sriram, 55, joined SBI in Tirupur branch and has served in various positions, including in its Singapore office. He has also worked as its Regional Manager in Chennai and as Deputy General Manager in Dehradun and Mumbai.
 
He served as General Manager and Chief General Manager in the bank's Global Markets Division and as Chief General Manager (Delhi).
 
Mr Kannan, 58, joined the bank as a probationary officer in September 1978 and has served it as dealer, Overseas Branch, Chennai; Manager (Money & Forex), Hong Kong; and head of forex treasury at Corporate Centre, Mumbai.
 
He has also worked in Mid Corporate Group. He headed one of the Networks in 
Chennai LHO as General Manager and then was Chief General Manager, Mid 
Corporate Group, Mumbai. He was also President & COO of SBI Capital Markets 
Ltd., Mumbai. 
 
NNN
 
ADVERTISEMENT
 

See News Videos

L&T Hydrocarbon wins Rs 5067 crore order from Kuwait oil & gas facility

ADVERTISEMENT
Infrastructure major Larsen & Toubro (L&T) today said its wholly owned subsidiary L&T Hydrocarbon had achieved a major breakthrough in the Middle East by securing a contract valued at Kuwaiti dinars 239.7 million (about $ 846 million) from the Kuwait Oil Company (KOC).
 
"L&T Hydrocarbon will execute a complete Engineer-Procure-Construct contract for a Gathering Centre for KOC, a subsidiary of Kuwait Petroleum Corporation (KPC) and fully owned by the State of Kuwait," a press release from the company said.
 
Located in north Kuwait, the oil gathering facilities will receive crude from the Raudhatain fields. The Gathering Centre is designed for a multi-stage process that will separate 100,000 BOPD of crude oil, 240,000 BWPD of water and 62.5 MMSCFD of associated gas to meet the quality requirements of downstream operations, it said.
 
The release said the scope of L&T’s contract includes project management, detailed engineering, procurement, supply, construction, testing, mechanical completion, pre-commissioning, commissioning assistance including performance testing.
 
The new facilities will support KOC’s long term strategy for the development of the North Kuwait fields to increase oil production to 1 MMBOPD by 2015/2016.
 
"The contract was won by L&T against stiff competition from European and Korean EPC majors. It represents a significant step forward in L&T’s strategic growth plan in the international hydrocarbon sector," it said.
 
"As with all other projects being executed by the L&T Group, the Gathering Centre project will maintain high standards of health, safety and environment, engineering, procurement, project and construction management, quality and delivery.
 
"L&T’s track record in Kuwait includes critical sections of oil refineries at Shuaiba and Mina Abdullah, an aviation fuel depot and supply of 22 reactors that were part of the country’s ‘Clean Fuel Programme’," the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Indiabulls promoters part ways, announce major restructuring of group

The promoters of the Indiabulls Group -- Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal, who are buddies from their IIT days -- have announced their decision to part ways and split the business through a major restructuring exercise announced here on Wednesday.
 
The group has business interests in housing finance, real estate, securities, power, wholesale services and so on.
 
In a notification to the National Stock Exchange, the group said that its promoters had, effective from July 9, mutually agreed to restructure its various business segments and their inter se responsibilities among themselves so each of the segments receives their focused and undivided attention.
 
According to the notification, Mr Gehlaut would continue to control, manage and supervise the businesses of housing finance, real estate, securities and wholesale trading business segments of the group, headed by its flagship companies -- Indiabulls Housing Finance Limited (IHFL), Indiabulls Real Estate Limited (IBREL), Indiabulls Securities Limited (ISL) and Indiabulls Wholesale Services Limited (IWSL).
 
Mr Rattan and Mr Mittal have relinquished all their control, management and supervision rights in the hands of Mr Gehlaut in all these companies and segments and have resigned as directors in IHFL and IBREL.
 
Mr Gehlaut has relinquished his office as chairman and a director of Indiabulls Power Limited (IPL) in the hands of Mr Rattan. IPL shall be under the overall control, management and supervision of both Mr Rattan and Mr Mittal.
 
Mr Gehlaut has also relinquished office as chairman and a director of Indiabulls Infrastructure and Power Limited (IIPL) in the hands of Mr Rattan. IIPL shall be under the overall control, management and supervision of both Mr Rattan and Mr Mittal.
 
ADVERTISEMENT
Mr Rattan and Mr Mittal shall not have any rights and/or interests in the Indiabulls brand. The existing names of both IPL and IIPL shall be changed by Mr Rattan and Mr Mittal on or before December 31, 2014 by deleting the reference of Indiabulls from such names on following all applicable regulatory requirements, the notification said.
 
The Indiabulls journey began in mid-1999 when Gehlaut and his close IIT Delhi friend Rattan got together and bought a defunct securities company with an NSE membership and started offering brokerage services. A few months later, Mittal, another IITian, also joined them.
 
By December 1999, the company started building one of the first online platforms in India for offering internet brokerage services. In January 2000, the three founders incorporated Indiabulls Financial Services and made it their flagship company.
 
In mid-2000, Indiabulls Financial Services received venture capital funding from Mr L.N. Mittal & Mr Harish Fabiani.
 
In September 2004, it went public with an IPO at Rs 19 a share. In late 2004, Indiabulls Financial Services started its financing business with consumer loans. In March 2005, Indiabulls Properties Private Ltd, a subsidiary of Indiabulls Financial Services, participated in government auction of Jupiter Mills, a defunct 11-acre textile mill owned by NTC in Lower Parel, Mumbai. Indiabulls Properties Private Ltd won the mill in auction and that purchase started Indiabulls Real Estate 
 
 A few months later, it bought Elphinstone Mill in Lower Parel, Mumbai, another textile mill auctioned by NTC. With the real estate business gaining size, Indiabulls Financial Services demerged the real estate business under Indiabulls Real Estate. Later, Indiabulls Financial Services also demerged Indiabulls Securities.
 
In 2007, Indiabulls Real Estate incorporated a 100% subsidiary, Indiabulls Power, to build power plants and started work on building Nashik and Amrawati thermal power plants. Indiabulls Power went public in September 2009.
 
Today, Indiabulls Group has a networth of Rs 19,320.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Mahindra Holidays to acquire 18.8% stake in Holiday Club Resorts of Finland

ADVERTISEMENT
Mahindra Holidays & Resorts India Limited (MHRIL), a part of the Mahindra Group, today signed definitive agreements with the shareholders of Holiday Club Resorts Oy, Finland to initially acquire 18.8% of its shares with a right to increase its ownership over a period of two years. 
 
This initial acquisition will be completed in a month’s time subject to required regulatory approvals, a press release from the company said.
 
Holiday Club is a leading vacation ownership company in Europe with thirty-two resorts, twenty four of which are located in Finland, two in Sweden and six in Spain (1 in Costa del Sol and 5 in Gran Canaria). Seven of these resorts have spa hotels with indoor water parks, three have golf course and there are five indoor theme parks for children called ‘Angry Birds Activity Parks’.
 
The release said Holiday Club has a membership base of ~ 50,000 families and is a leading leisure brand in Europe.
 
"It has an efficient sales and marketing organization in addition to strong core competencies in the design of holiday homes and apartments, spa hotels and resort management. Recently, Holiday Club has also successfully begun selling fractional membership, a concept that has been well received by its European clients," it said.
 
The proposed acquisition will enable Mahindra Holidays to make significant inroads into the European markets and to leverage Holiday Club’s expertise in the vacation ownership model, as well as its strong technology platform and talent pool, it said.
 
Once full ownership is achieved, the combined entity has the potential to become the largest vacation ownership company in the world, outside the United States.
 
"The acquisition of Holiday Club Resorts will elevate Mahindra Holidays to a global leader in the vacation ownership industry. This timely acquisition not only provides access to European assets, technology and processes, but more importantly, provides a springboard to Mahindra Holidays for growth in Europe and other international destinations," Mahindra Group Chairman Anand Mahindra said.
 
Arun Nanda, Chairman, Mahindra Holidays, said, “This acquisition is part of a larger vision to widen our international footprint. We are excited at the prospect of expanding in Europe and the Middle East along with Holiday Club. We like the company for the quality of its management team, its emphasis on innovation and its expertise in design and speedy construction of cost efficient resorts. We are confident that synergies from this acquisition will fuel and propel our future growth.”
 
ADVERTISEMENT
Vesa Tengman, CEO Holiday Club, said “We warmly welcome a new shareholder with such a good reputation in the vacation ownership industry. We are excited about the various development opportunities and synergies that the collaboration of two market leaders will bring about. We look forward to prospecting new opportunities to expand further in Europe.” 
 
MHRIL is a leading player in India in the leisure hospitality industry and offers family holidays, primarily through vacation ownership memberships. Club Mahindra is its flagship brand. The other brands offered by the company are –Club Mahindra Fundays and Club Mahindra Travel. 
 
As on March 31, 2014, MHRIL had about 171, 000 vacation ownership members. The company currently operates 41 resorts across India and abroad. 
 
NNN

HDIL sells HDIL Entertainment to Carnival Films

ADVERTISEMENT
Real estate company Housing Development and Infrastructure Ltd (HDIL) 
has entered into a definitive agreement with Carnival Films Private Limited to sell its chain of multiplex business across India operated under the brand name Kulraj Broadway. 
 
Accordingly, HDIL has sold its entire 100% shareholding in HDIL Entertainment Private Limited, a wholly owned subsidiary, to Carnival Films, a press release from the company said.
 
“The sale of HDIL Entertainment to Carnival Films has been part of the group’s strategy to exit its non-core business and fully focus on its core business. This will also enable HDIL to reduce its debt as planned.” said Mr Hariprakash Pandey, Vice-President Finance and Investor Relations, HDIL.
 
As on March end, consolidated net debt of the company stood at Rs 3,284.76 crore, while standalone debt was Rs 2,441 crore. The company reduced its debt by around Rs 600 crore in the year ended March 2014.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Apollo Hospitals announces leadership reshuffle as part of succession plan

ADVERTISEMENT
Healthcare services major Apollo Hospitals Enterprise Ltd, which runs India's largest chain of hospitals, today announced a leadership reshuffle as part of a succession plan for the group that is led currently by its 81-year-old founder chairman Prathap C. Reddy.
 
Dr Reddy's four daughters -- Preetha, Suneetha, Shoana and Sangita -- who are currently executive directors, have been given expanded roles. The company's board also approved the induction of Mr Vinayak Chatterjee as an independent director.
 
A press release issued by the company said Ms Preetha Reddy would assume an expanded role and be re-designated as Executive Vice-Chairperson, Apollo Hospitals Enterprise Limited. 
 
Focused on Apollo’s core strength, she will work closely with the organization’s 8000 clinicians in reviewing global medical advancements and in introducing contemporary protocols to further enhance clinical outcomes, it said.
 
"She will lead the organization’s thrust on continuous quality improvement processes to achieve the highest standards of patient satisfaction. Preetha will persevere to further build and strengthen engagement with doctors across the organization’s network. Considering the immense potential in international business, Preetha will directly lead this portfolio and drive Apollo’s aspiration of becoming the global healthcare destination. She will steer the Enterprise Risk Management portfolio for the company. In addition to her organizational responsibilities, Preetha will work closely with industry bodies and the State and Central Governments to advance policy matters on important healthcare issues," it said.
 
Ms. Suneeta Reddy will assume the role of Managing Director, Apollo Hospitals Enterprise Limited. She will lead the corporate strategy, corporate finance, funding and investments and will leverage M&As to achieve the accelerated pace of growth and optimize profitability. 
 
She will directly steer the hospital vertical and will also handle Brand and Marketing.
 
Ms. Shobana Kamineni will assume additional responsibilities and be re-designated as Executive Vice-Chairperson, Apollo Hospitals Enterprise Limited. She will continue to spearhead Apollo Pharmacy related initiatives, which is presently the fastest growing business within AHEL. She will oversee the planning, design and execution of new projects and lead the Apollo Global Projects Consultancy Division. She continues to be a Whole Time Director on the Board of Apollo Munich Health Insurance, the company she founded. 
 
Ms. Sangita Reddy will take charge as Joint Managing Director, Apollo Hospitals Enterprise Limited and will assume greater responsibilities which will include creating an IT enabled patient centric operation across the Apollo footprint and creating an unmatched continuum of care for patients. 
 
"She will continue to steer Apollo’s thrust on research, innovation and healthcare initiatives. In growing the group’s retail healthcare foray, Sangita will also spearhead Retail Health, including Health & Lifestyle under Apollo Health and Lifestyle Ltd., the company running Clinics, Cradles and other retail service formats. She will lead the Human Resources and IT functions across all divisions of the Group and will continue to be the Chairperson of Apollo Knowledge, the education vertical of the group," the release said.
 
ADVERTISEMENT
Dr. Reddy said, “As the healthcare landscape in the country and the region changes and expands, this strategic realignment, we believe, will enable Apollo to focus on growth opportunities in hospitals, pharmacies, clinics and health insurance while furthering its clinical leadership and service excellence. We aim to deepen our focus in each of these verticals as well as drive synergies between them using technology and an ecosystem focused on wellness, innovation and productivity.”
 
He said the re-designation of the four Executive Directors is in keeping with the expanded roles and additional responsibilities being assigned to them aligned with the strategy, with a view to achieving the organization’s accelerated growth agenda.
 
“We see enormous growth opportunities on which Apollo can capitalize; this restructuring will further facilitate our objective of leveraging on the company’s leadership and current business assets and platforms to execute against these opportunities," he said.
 
Dr Reddy had launched Apollo Hospital in Chennai as India's first corporate hospital in 1983. It has grown into Asia's largest healthcare group with more than 860 beds across 50 hospitals, 1632 pharmacies, 92 primary care and diagnostic clinics, 100 telemedicine units across 100 countries, health insurance services, 15 colleges of nursing and other activities.
 
NNN
 
ADVERTISEMENT
 

See News Videos

L&T Construction wins orders valued at Rs 2442 crore in telecom segment

ADVERTISEMENT
Infrastructure major Larsen & Toubro (L&T) today said its construction division had secured a contract worth Rs 2442 crore from the public sector telecom services provider Bharat Sanchar Nigam Limited (BSNL), the project implementation agency for the Ministry of Defence.
 
The contract is for supply, trenching, laying, installation, testing and commissioning of an Optical Fiber Cable (OFC) Network which will establish exclusive optical national long distance backbone and optical access routes for the defence network. The scope largely covers OFC routes in central and southern India, a press release from the company said.
 
It said the project would be handled on a turnkey basis, intended for rollout of a nationwide OFC network which will be owned and operated by the Defence Services. 
 
"This mega network will be deployed with state-of-the-art fibre optic cable technology which will form the backbone optical highway infrastructure and serve as a highly resilient and reliable communication media for the defence sector," it said.
 
The project is scheduled to be completed in a stringent time frame of 18 months. 
 
Mr. S.N. Subrahmanyan, Senior Executive Vice President (Infrastructure and Construction), L&T said: “We are well-placed with a complete range of offerings, a nationwide presence and the relevant track record to execute this project to the complete satisfaction of our client. We are also very privileged to play a significant role in strengthening and modernizing the network of our defence forces.” 
 
NNN
 
ADVERTISEMENT
 

See News Videos

Tata Sons appoints Gopichand Katragadda as group CTO

Gopichand Katragadda
Gopichand Katragadda
Tata Sons has appointed Dr. Gopichand Katragadda as its Group Chief Technology Officer from August 3, 2014, reporting to its Chairman Cyrus P. Mistry. 
 
In this new role, Dr. Katragadda will be responsible for technology at the group level and share his expertise in managing R&D operations, leveraging cross-company synergies, creating technology strategies for white spaces, and acting as an evangelist for innovation across group companies, a press release from the company said.
 
Prior to joining Tata Sons, Dr. Katragadda served as Managing Director of the GE India Technology Centre, leading GE’s India technology team of over 5,000 engineers and scientists. In his 12 years with GE, based at the John F. Welch Technology Center in Bangalore, Dr. Katragadda built new technology teams, facilitated funding of cross-business innovation, championed the commissioning of new research labs, and helped create what is today GE’s largest integrated multidisciplinary R&D centre, it said.
 
Before joining GE, Dr. Katragadda worked with Karta Technologies, San Antonio, Texas, as Vice President – R&D. He also was an Adjunct Professor at the University of Texas and served on the Board of Directors of Texas Public Radio.
 
Dr. Katragadda has over 30 publications and five patents. He has authored a book on innovation, titled Smash, published by Wiley. A champion of innovation across India, he serves as a member of various important forums, like the Government of Karnataka’s Vision Group on Information Technology, and is an advisor to various industry bodies.
 
Dr. Katragadda has also served as the Chairman of the Board of Directors of GE-BEL, and is on the Industry Advisory Board ofthe King Abdullah University of Science and Technology.  
 
An active volunteer in community programmes, he has also founded an NGO, the India Literacy and Leadership Trust. 
 
He holds MS and PhD degrees in Electrical Engineering from Iowa State University, Ames, Iowa. His graduate studies at Iowa State University were funded by grants from NASA and the Gas Research Institute. He was selected as a Fellow of the Institute of Engineering and Technology in 2014. He is also a certified Six Sigma Master Black Belt.
 
The Tata Group comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals.
 
The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries. 
 
Tata Sons is the promoter of all key Tata companies and holds the bulk of shareholding in these companies. The chairman of Tata Sons has traditionally been the chairman of the Tata group.
 
About 66 per cent of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. The biggest of these trusts are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which were created by the families of the sons of Jamsetji Tata.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Rahul Dravid to advise Indian team in preparatory stages of England tour

File photo of Rahul Dravid.
File photo of Rahul Dravid.
Former Indian cricket captain Rahul Dravid has accepted a request from the Indian team management to support and advise the team in its preparatory stages of the tour of England.
 
A press release from the Board of Control for Cricket in India (BCCI) said he had been requested to play the mentoring role in view of his vast experience and knowledge of the game.
 
"He will be with the team till the beginning of the first Test," the release added.
 
This is the first time that Dravid will playing such a role with the Indian team. In March this year, another former Indian captain Sunil Gavaskar had suggested that Dravid be appointed as the coach of the team but he had made it clear that he could not accept the position because of lack of time.
 
Dravid, 41, one of Indian cricket's all-time greats, retired from first class cricket in March 2012 after an illustrious 16-year career. On India's last tour of England in 2011, he was its top performer with the bat with three centuries though the team itself lost 0-4. He was Man of the Series with an aggregate of 461 runs from eight innings.
 
Dravid captained India in a two-year stint from 2005 to 2007 during which India recorded overseas Test series wins against West Indies and England.
 
NNN
ADVERTISEMENT
 

See News Videos

Railways partially modify passenger fare hike for monthly season tickets

File photo of Churchgate railway station.
File photo of Churchgate railway station.
The Railways today partially revised its orders of June 20 hiking passenger fares by deciding that second class monthly season tickets (MST) for both suburban and non-suburban shall now be charged at 14.2 per cent  over the existing rates.
 
Earlier, the Railways had announced that second class MST fares of suburban and non-suburban shall be charged on the basis of 30 single journeys instead of approximately 15 single journeys as at present.
 
In circulars sent out by the Railway Board to all zonal railways, it was also stated that there shall be no increase in second class suburban ordinary fare upto 80 kms.
 
The circulars said that, in view of these modifications, the revised fares in the unreserved segment shall come into force from June 28. However, for the reserved segment, the revised fares shall come into effect from June 25 as notified earlier.
 
The Railways also decided that collection of difference in fares and other charges shall not be applicable to premium special trains on dynamic pricing, monthly season tickets, quarterly season tickets, half-yearly season tickets, yearly season tickets, vendor season tickets and so on.
 
In the orders issued on Friday, the Railways announced a flat ten per cent increase in fares for all classes. There will be no increase upto minimum distance for charge. In addition there will be an increase of 4.2% in fares on account of fuel adjustment component (FAC) which was due from April 2014.
 
Fares of First Class Monthly Season Tickets will be charged at the rate of four times the Second Class Monthly Season Tickets (MST) fares as is done presently.  
 
The revised fare shall also be applicable as per the existing method of computation on Quarterly Season Tickets (QST), Half Yearly Season Tickets (HST) and Yearly Season Tickets (YST).
 
The freight rates have also been hiked by 6.5 per cent.
 
The announcement of the partial modification came hours after a delegation of members of Parliament (MPs) from Maharashtra, belonging to the ruling Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA), met Minister for Railways D V Sadananda Gowda here today and urged him to reconsider the recent hike in rail fares announced by him.
 
In particular, the MPs, who included representatives of the Shiv Sena, one of the oldest allies of the BJP, told Mr Gowda that the fares for the monthly season ticket for commuters who use the suburban railway system in Mumbai had doubled.
 
The BJP and Shiv Sena leaders in Maharashtra are worried that the fare hike would affect them adversely in the elections to the state legislative assembly, expected to be held later this year.
 
About 7.5 million commuters use the suburban services in Mumbai every day.
 

Related Stories

NNN
 
ADVERTISEMENT
 

See News Videos

Canada Pension Plan Investment Board to invest in L&T IDPL

ADVERTISEMENT
Infrastructure major Larsen & Toubro Limited (L&T) today has entered into a definitive investment agreement with a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB), CPP Investment Board Singaporean Holdings 1 (CPPIBSH), for an initial investment tranche of Rs 1,000 crore to be invested by CPPIBSH into the company’s subsidiary L&T Infrastructure Development Projects Limited (L&T IDPL). 
 
This will be followed by a second tranche of Rs1,000 crore, or such higher amount as may be agreed between the company and CPPIBSH, after twelve months from the date of the initial investment subject to any required regulatory approvals at such time, a press release from L&T said.
 
CPPIBSH will invest in preference shares of L&T IDPL, compulsorily convertible into equity shares by 2018 at a valuation to be determined as per a mutually agreed process. Post conversion, CPPIBSH will hold a minority stake in the equity capital of L&T IDPL. 
 
This would be the first direct private investment by a Canadian pension fund into an Indian infrastructure development company. 
 
Mr. R Shankar Raman, Chief Financial Officer and Member of the Board, L&T, said, “We are pleased to form this new partnership with CPPIB. With its long term view, CPPIB would be an ideal partner for L&T and will provide growth capital to L&T IDPL to expand its infrastructure development business.” 
 
Mr. André Bourbonnais, Senior Vice-President, Private Investments, CPPIB, said, “This transaction represents CPPIB’s first investment in India’s infrastructure sector with a highly reputable partner and fits well with our strategy for India as a key long-term growth market. We look forward to partnering with L&T and L&T IDPL’s experienced management teams as we build our infrastructure platform in India over the long term.” 
 
The completion of the transaction and receipt of funds is subject to fulfillment of customary closing conditions for transactions of this nature and procuring necessary approvals from relevant government authorities and regulators, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Indian Super League signs partnership with English Premier League


 
The Indian Super League (ISL), a new football league due to begin in September, has entered into a strategic partnership with the English Premier League (EPL) – the world’s most popular and successful football league to bring its best practices to India under an exchange programme.
 
The co-operation agreement between ISL -- co-promoted by IMG-Reliance, the joint venture between IMG and Reliance Industries, Star India with support from All India Football Federation (AIFF) -- and the English Premier League will allow the ISL to leverage the league's expertise in nurturing and growing a high quality football competition.
 
England’s Premier League is the most watched continuous annual global sporting event in the world. Last season, 13.9 million fans attended matches with record average stadium occupancy of 95.9%. Across nine months, 380 matches are viewed in 175 countries with coverage available in more than 650 million homes.
 
The Indian Super League, set to kick off in September 2014, will receive strategic support, advice and assistance from the Premier League to further the development of the league and its clubs. The EPL will also assist in establishing club governance, shaping the brand, fan engagement, defining anti-corruption and anti-doping policies for the ISL, as well as joint promotion of the ISL and Premier League football in India.
 
"The co-operation between the Indian Super League and the Premier League lends credence to the Indian Super League’s mission to engage the 200 million-plus Indian football fan base by showcasing a quality football offering with international standards of governance and an unparalleled viewing experience," a press release from ISL said.
 
ISL aims to foster local talent and feature international stars, making the game one of the country’s flagship sports and India, a name to reckon within the global arena. ISL will feature eight franchises from Bangalore, Delhi, Goa, Guwahati, Kochi, Kolkata, Mumbai and Pune.
 
India is the Premier League’s number one market in terms of social media engagement, with an average reach of 1.48 million Indian fans every week.
 
ADVERTISEMENT
Through the alliance, Indian Super League will help Premier League and its clubs in staging football matches and assist in other business development initiatives in India. This will encourage exchange programmes and partnership building between clubs of the two leagues. Indian Super League and the Premier League will also cross-promote football coverage on Star India’s platform to the growing Indian fan base.
 
Richard Scudamore, Chief Executive of the Premier League, said: “Having earlier this year signed a mutual co-operation agreement with the Asian Football Confederation (AFC), we are very pleased to also enter into this partnership with the ISL. This will see both organisations work together and share knowledge in several key areas including player development, refereeing, marketing and promotion.
 
“We know from our broadcast partner Star India, and our work with the AIFF on our long-established grassroots football project Premier Skills that we run in several locations across India, that the popularity of football, and the Premier League, is growing. There is a further opportunity to develop the sport as a result of that increased interest and we hope to continue to make a real contribution to all levels of Indian football," he said.
 
Nita M. Ambani of ISL said, “Partnering with Premier League brings credence to Indian Super League and to our vision of popularizing the sport in India. I am confident that the tie-up will immensely help in nurturing and establishing Indian Super League with good governance and best practices. The alliance also presents a great opportunity of partnership and cross promotions between the ISL League Partners and Premier League Clubs.” 
 
Jeff Slack, Senior Vice President, IMG, Global Football Development, said, “Pairing the Premier League, an established best-in-class football organization, with the Indian Super League is a dream arrangement for football fans in India.  The ability to leverage the Premier League’s experience in creating a successful league model for both players and fans will be a tremendous value to the Indian Super League as it continues to grow the sport in India.”
 
Uday Shankar, CEO, Star India added, “The partnership puts belief in our Star's sports philosophy `Believe'. From a game that hobbled about on the fringes of Indian sports, there's promise that this partnership will lift and reinvigorate football. Star strongly believes in creating local heroes, inspiring Indians to believe greatness is possible through sport and together we can create a world where sports comes first. The partnership with PL is going to help us achieve just that. Through this tie-up Star India will cross promote coverage of the Indian Super League and the Premier League to the growing base of Indian football followers.”
 
AIFF President Praful Patel said, “The AIFF is extremely pleased to be a part of the strategic partnership between the English Premier League and the Indian Super League. This is an outstanding opportunity for the Indian Super League to build from the very best in the business when it comes to running a highly successful league. The EPL is revered around the world and by learning from the practitioners who have made it so successful; the Indian Super League will develop and grow in the right way, ensuring benefits not only for the league itself but also for the wider Indian football ecosystem in the longer term.”
 
NNN

Related Stories

ADVERTISEMENT
 

See News Videos

 

Indiabulls buys landmark building in London’s Mayfair for £155m

Real estate developer Indiabulls Real Estate Ltd today said it had bought one of the best-known and most iconic buildings in London's Mayfair for Rs 1550 crore (£155 million).
 
A press release from the company said the 87,444sq ft 22, Hanover Square had been purchased from Scottish Widows Investment Partnership (now part of Aberdeen Asset Management) which put the building up for sale in April through H2SO.
 
Mr Sameer Gehlaut, Chairman, Indiabulls Group, said: “The building’s location in prime Mayfair adjoining Bond Street is truly exceptional and Hanover Square will become arguably London's 'best connected' square when the new Bond Street Crossrail station opens in 2018. The building has huge potential for redevelopment."
 
One of the Bond Street station's entrances will be on the north-west corner of the square and just 50 metres from 22 Hanover Square.
 
H2SO John Olney commented: "Freehold assets of this quality and scale are rare in Mayfair, and there was a very high level of investor interest in the building. Four parties were selected from the first round of bidding to participate in the final round. Indiabulls Real Estate emerged as the highest bidder in a closely contested bid process.”
 
Indiabulls Real Estate is part of the Rs 20,000 crore Indiabulls Group and one of the largest real estate companies in India with development projects spread across high-end offices, commercial complexes and premium residential developments with over 24 million sq ft of projects under construction.
 
H2SO - which has recently become part of Colliers International - advised Scottish Widows Investment Partnership on the sale, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

SEBI approves slew of reforms to revitalize capital markets

ADVERTISEMENT
Capital markets regulator Securities and Exchange Board of India (SEBI)  approved a series of reforms aimed at revitalizing the market at a meeting of its Board here yesterday, including revisiting the minimum offer to public  norm under Rule 19 (2) (b) of Securities Contracts (Regulation) Rules, 1957 (SCRR).
 
A press release from SEBI said that, in order to make regulatory requirements consistent across the companies irrespective of post issue capitalisation and to facilitate mid size issuers who may not be in need of large funds, it has decided to take up a proposal with th Ministry of Finance to carry out suitable amendments to SCRR.
 
Under the proposal, minimum dilution to public in an initial public offer (IPO) shall  be 25% or Rs. 400 crore, whichever is lower, for companies with post capitalisation of less than Rs. 4000 crore. 
 
"This will remove the anomaly that a company just short of Rs. 4000 crore market capitalisation, was required to dilute about Rs. 1000 crore while another company at Rs. 4000 crore market capitalisation was required to dilute only Rs. 400 crore," the release said.
 
In case of dilution of less than 25%, minimum public shareholding of 25% to be achieved within three years of listing, where required under the rules, according to the proposal.
 
SEBI has also decided to recommend to the Ministry of Finance that SCRR should be amended so that all the listed companies including public sector undertakings (PSUs) shall be required to achieve and maintain minimum public shareholding of 25% of the total number of issued shares, within a time period of three years.
 
The regulator said that it believed that rules for the market should be uniform across all the companies and should be promoter neutral.
 
Under the current rule, while non-PSUs are required to have minimum 25% public shareholding, PSUs are required to have only 10%, which it felt was discriminatory and inconsistent with the broader market design.
 
In order to increase the share of serious, committed investors, SEBI has decided to increase the anchor investor’s bucket to 60% from the current requirement of 30% of the institutional bucket.
 
The Board also approved a proposal to permit bonus shares issued in last one year prior to filing of the draft offer document to be offered for sale, provided that these bonus shares were issued out of the free reserves or share premium.
 
In order to bring consistency between various regulations and to clarify certain regulations governing the preferential issue norms, the meeting approved a proposal to replace the 'closing price' with 'volume weighted average price' in the pricing formula for preferential issues.
 
The release said the regulations concerning pricing of QIPs take into account the effect of stock split, bonus, and so on. However, this has not been explicitly provided for in the regulations concerning preferential issues. SEBI has decided to extend the same treatment to preferential issues also, it said.
 
The regulations concerning preferential issues do not provide specifically for pricing of infrequently traded shares. However, SEBI (SAST) Regulations explicitly specifies the pricing methodology in case of infrequently traded shares. It has been decided to extend similar treatment to preferential issues also, it said.
 
ADVERTISEMENT
The Board approved proposals to review the existing regulatory framework on Employee Stock Option Scheme (ESOS) and Employee Stock Purchase Scheme (ESPS) for listed entities and frame regulations for employee benefit schemes involving shares of the company, replacing the existing SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
 
The proposed regulations intend to address issues regarding composition of Trusts, facilitate secondary market acquisitions, enhanced disclosures and better enforceability. The regulations cover employee benefit schemes which deal in shares of the company, in addition to ESOS and ESPS. Such schemes would also be permitted to acquire shares from secondary market under certain conditions so as to avoid forced dilution of capital and to be in line with international practice.
 
Certain safeguards have  been put in place to improve governance and transparency of the schemes and also address concerns regarding potential market abuse. These include requirement of shareholders' approval through special resolution for undertaking secondary market acquisitions; certain limits on secondary market acquisitions; and a limit of 10% of the assets held by general employee benefit schemes other than ESOS type of schemes on owning shares of the company / listed holding company.
 
The safeguards also include a condition that trusts shall undertake only delivery based transactions and not deal in derivatives; restrictions on sale of shares by the trusts; a holding period of at least six month for shares acquired from secondary market; classifying shareholding of such trusts separately from 'promoter' and 'public' category; and stricter disclosure and other regulatory obligations.
 
To ensure a smooth transition for complying with the new regulatory framework, the existing employee benefit schemes have been provided with a time period of one year from the date of notification.
 
Further, a longer transition period of five years has been provided for re-classifying shareholding of existing employee benefit schemes separately from 'promoter' and 'public' category; bringing down the level of shares acquired from secondary market within the permissible limits; and reducing own share component to 10% of the total assets of general employee benefit schemes.
 
In order to encourage retail participation in offer for sale (OFS), to enable all large shareholders including non-promoter shareholders to use the OFS mechanism and also to expand the universe of companies to whom OFS mechanism is available, presently being 100 top companies only, the Board  approved the following modifications to the existing OFS mechanism:
 
(1)  Reservation for retail individual investors
 
(i)  Minimum 10% of the issue size shall be reserved for retail investors i.e. for the investors bidding for amounts less than Rs. two lakhs. In case this percentage is not fully utilized, the unutilized portion may be offered to other investors.
(ii)  Seller of shares may offer a discount to retail investors in accordance with the framework specified from time to time.
 
(2) Allowing non-promoter shareholders to offer shares through OFS
 
Non-promoter shareholders having (shareholding) more thatn 10% or such percentage as specified by SEBI from time to time shall be eligible to use OFS.
 
(3)  Expanding the list of eligible companies
 
OFS mechanism shall be made available for shareholders of top 200 companies by market capitalization.
 
NNN
ADVERTISEMENT
 

See News Videos

RIL to invest Rs 180,000 crore in thee years: Mukesh Ambani

File photo of Mukesh Ambani.
File photo of Mukesh Ambani.
Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani today said the energy and petrochemicals major planned to invest more than Rs 180,000 crore during its current three-year investment cycle.
 
"We are currently at the mid-point of the largest investment programme in Reliance's history," he told the 40th Annual General Meeting (AGM) of RIL here.
 
"The next two years, 2014-15 and 2015-16, will see us focussed on executing and progressively bringing these projects on-stream in petrochemicals, refining, retail and Jio (digital services). The year 2016-17 will be the first full year in which the complete benefits of all these investments will be available to our shareholders, consumers and the society. The next three years are transformational in RIL's journey," he said.
 
Mr Ambani noted that RIL had, in the past 37 years since becoming a listed company, invested Rs 240,000 crore.
 
"By the time we finish four decades since our first public offering we will again be a radically different company. We hope to accomplish as much in the next three years as we have achieved in the past 37 years," he said.
 
He told the shareholders that RIL had, in the last year, become the first company in the private sector to record revenues of over Rs 400,000 crore, touching its highest ever consolidated revenue of Rs. 446,339 crore and net profit of Rs. 22,493 crore.
 
He said the company had achieved its highest ever exports of Rs. 275,825 crore, accounting for 69% of its turnover. It is India's largest exporter, accounting for 14.7% of the total exports from the country.
 
Mr Ambani said RIL accounted for 4.7% of India's total indirect tax revenues and the largest income tax payer amongst private sector companies.
 
He said RIL would strengthen its plastics business by building a new integrated cracker capacity which will rank amongst the most competitive being built in the world in this decade. The company will also add to the aromatics chain by upgrading refinery light-ends into new paraxylene facility and alongside commission downstream PTA and polyester capacity.
 
"We are also building a new business in rubbers capitalising on feedstock integration and rapidly growing domestic markets," he said.
 
ADVERTISEMENT
Mr Ambani said the company had brought on-stream the polyester filament yarn facility of 395,000 MT capacity at Silvassa, which would strengthen India's position as a textile major.
 
He said the company had also commissioned a new world-scale facility of poly-butadiene rubber (PBR) of 40,000 MT capacity at Hazira, taking its total capacity to 115,000 MT.
 
"We are also making rapid progress on India's first butyl rubber joint venture project of 100,000 MT capacity at Jamnagar," he said.
 
He said that the company's refining and marketing business had processed more than 68 MMT of crude at the Jamnagar refinery.
 
"We continue to be the largest refiner in India and operate the largest refinery in the world at a single location. Jamnagar refinery continues to provide the much needed energy security for India. Today, a significant quantity of our products are exported to the world markets, from Australia to Brazil and the USA," he said.
 
He said the largest coke gasification project in the world being set up at Jamnagar would convert low-value petroleum coke from the refinery to useable, high-value fuel, making Jamnagar energy-efficient and self-sufficient.
 
Turning to the oil and gas business, Mr Ambani said the KGD6 fields had, over the past five years, supplied more than 2.3 trillion cubic feet of natural gas and about 25 million barrels of crude oil to various consumers in the country. They have substituted over US$ 33 billion of energy imports – saving the country precious foreign exchange, he said.
 
He said the RIL-BP joint venutre had stepped up its exploration campaign in the East Coast and made further discoveries in KGD6 and CYD5 blocks.
 
ADVERTISEMENT
"Timely regulatory approvals and market-based gas prices are the key to developing these resources. We along with our partners BP and NIKO have initiated the arbitration process seeking implementation of the 'Domestic Natural Gas Pricing Guideline 2014'," he said.
 
"We have an ongoing arbitration with Government on the issue of disallowance of cost recovery. We will endeavour to work with the Government for both the arbitrations to achieve prompt and efficient resolution on the matter," he said.
 
"Last year, we saw several false allegations, outright lies and half-truths against this business. We addressed all of the allegations with the truth and facts pro-actively. We have with your support weathered these ill-informed campaigns. We have put out on social media platforms the facts for everyone to see," he said.
 
Mr Ambani said RIL was proceeding with the development of two coal bed methane blocks in Sohagpur, Madhya Pradesh and was on track to start production from them in 2015-16. "We have received the authorization for building natural gas pipeline from Shahdol in Madhya Pradesh to Phulpur in Uttar Pradesh to transport gas from our CBM blocks. This pipeline will connect to major pipeline grid of the country for immediate utilization of this gas by various consumers," he said.
 
"With the development of CBM Blocks, Reliance will become the largest player in the unconventional energy sector in India," he said.
 
Mr Ambani had, during the last year, become India's largest retailer by revenues, operaing 1691 stores covering an area of 11.7 million square feet across 146 cities.
 
On Reliance Jio, the company's digital services initiative, Mr Ambani said limited field trials for broad band services were already under way and expanded trials would commence in August across multiple cities and continue till early 2015.
 
"The year 2015 will see the phased launch of Reliance Jio across India. Millions of customers would have started to use the digital platform and services in their daily lives. The fruits of the tremendous value created by this Rs. 70,000 crore initiative would start to flow. This value creation would be on a base of 1.25 billion Indians, with an opportunity to include all sections of our society in the exciting promise of the digital economy," he said.
 
"Reliance Jio will be one of the largest job-creating and wealth-creating business initiatives in India," he said.
 
Mr Ambani said the network and broadband services would be ubiquitous - initially covering all states, all the 5000 towns and cities accounting for over 90% of urban India and over 215,000 villages in India. Eventually, the network will encompass each of India's over 600,000 villages.
 
"Besides providing the base broadband connectivity to all citizens, the digital infrastructure and digital services have the potential to add significantly to India's GDP growth. Millions of new entrepreneurs and jobs can be expected to spring up in secondary and tertiary sectors in new and innovative digital enterprises and services," he said.
 
"The acquisition through an Open Offer of Network 18 Media & Investments Limited and its subsidiary TV18 Broadcast Limited by Independent Media Trust, the sole beneficiary of which is Reliance Industries Limited, is one aspect of the digital services play. This will differentiate and strengthen our 4G business at the unique intersects of telecom, web and digital commerce, and the media through a suite of premier digital properties," he added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Actress Preity Zinta files molestation case against former boyfriend Ness Wadia

Preity Zinta
Preity Zinta
Well-known Bollywood actress Preity Zinta has filed a complaint with the Mumbai Police alleging that she was molested by her former boyfriend Ness Wadia, with whom she co-owns Indian Premier League (IPL) cricket team Kings XI Punjab and who is the heir to the Bombay Dyeing business group, at Wankhede Stadium here on May 30.
 
Ms Zinta, 39, filed the complaint on Thursday night at the Marine Drive Police Station in south Mumbai which has turned her three-page letter into a first information report (FIR) under Sections 354 (Assault or criminal force to woman with intent to outrage her modesty), 504 (Intentional insult with intent to provoke breach of the peace), 506 (Criminal intimidation) and 509 (Word, gesture or act intended to insult the modesty of a woman).
 
Ms Zinta and Mr Wadia were in a relationship for about five years before they called it off in 2009.
 
The police said an offence had been registered and they were trying to collect more evidence by recording the statements of those involved and getting CCTV footage.
 
Mr Wadia has denied the allegations. "I am shocked at the complaint and the allegations made against me are totally false and baseless," he said in a brief statement.
 
Ms Zinta, who has since flown to the United States, issued a statement to the media this morning in which she said it was a very difficult time for her and requested the media to respect her privacy.
 
She also said she did not intend to harm anyone and was only trying to protect herself.
 
NNN
 
ADVERTISEMENT
 

See News Videos

 

L&T Construction wins orders valued at Rs 1027 crore in May-June

ADVERTISEMENT
Infrastructure major Larsen & Toubro (L&T) today said its construction division had won new orders worth Rs 1027 crore across various business segments in May and June this year.
 
A press release from the Buildings & Factories business had received orders worth Rs 967 crore, including a major order from a reputed developer for the construction of 19 residential towers (19 floors each) in Bangalore involving complete civil, structural and finishing works. 
 
In addition, the business has also received orders from various ongoing jobs, it said..
 
Additional orders worth Rs 60 crore have also been received from various ongoing jobs of Heavy Civil Infrastructure, Power Transmission & Distribution and Water & Renewable Energy Businesses.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Tata Sons appoints Sunil Sinha as resident director, MENA region

Sunil Sinha
Sunil Sinha
Tata Sons, the investment holding company of the Tata group, today appointed Mr. Sunil Sinha as Resident Director, Middle East & North Africa (MENA) Region and announced its intention to establish an office in Dubai for the MENA region, in collaboration with Tata International. 
 
"The office’s objective is to further enhance and strengthen Tata Sons’ engagement with all stakeholders in the MENA region, facilitating business growth for Tata group companies, especially in focus sectors that are crucial to development in MENA and are of strategic interest to the group," a press release from the group said.
 
The MENA office will report into Mr. Madhu Kannan, Member, Group Executive Council, Tata Sons, it said.
 
Mr. Sinha has been in the Tata group for over 31 years, most recently as the CEO of Tata Quality Management Services (TQMS). 
 
He currently serves on the Board and Audit Committee of Tata Auto Comp Hendrickson Suspensions Pvt. Ltd. and the Advisory Board of the Symbiosis Centre for Distance Learning (SCDL). In 2009, 
 
Mr. Sinha was nominated by Businessweek magazine as one of the world’s 25 ‘Masters of Innovation’. During his Tata career, he has also worked in Tata Steel and Tata International and gained functional experience in the areas of International Marketing, Shipping and Chartering, Project Management and Human Resources.
 
Mr. Sinha graduated in mechanical engineering from the Bihar College of Engineering, Patna, in 1982. He completed the Advanced Management Programme from INSEAD, Fontainebleau, France, in 2004, and the Advanced Strategic Management Programme at IMD, Lausanne, in 2011.
 
NNN
ADVERTISEMENT
 

See News Videos

HCC builds India’s first tunnel using tunnel boring machine in Himalayan terrain

ADVERTISEMENT
Infrastructure major Hindustan Construction Company (HCC) today said it had successfully completed the first tunnel constructed using tunnel boring machine (TBM) in Himalayan terrain for the Kishanganga Hydroelectric Power Project in Jammu and Kashmir. 
 
The tunnel boring machine emerged out successfully yesterday after completing the 14.75 km tunnel well ahead of schedule, a press release from the company said.
 
The 330 MW Kishanganga Hydroelectric Power Project is located on River Kishanganga, a tributary of the Jhelum, in Bandipore district of Jammu & Kashmir. 
 
HCC, in a joint venture with Halcrow Group Ltd. U.K. (Halcrow), is executing the project for the National Hydroelectric Power Corporation Ltd. (NHPC). The project is run of the river scheme and involves transfer of water of Kishanganga river in Gurez valley to Bonar nallah near Bandipore in Kashmir valley.
 
The Kishanganga project is being constructed by HCC on engineering, procurement and construction (EPC) basis. It has a 23.65 km long head race tunnel (HRT) to carry the water from the dam to the powerhouse. The tunnel is constructed using two methodologies - 14.75 km tunnel is constructed by TBM and the remaining 8.9 km tunnel is constructed by conventional drill and blast method. This is one of the longest HRT in India with maximum overburden (height of mountain above tunnel) of 1470 m.
 
Mr A.I. Benny, Project Manager HCC said, “Using tunnel boring machine in young Himalayan mountains poses various geological and technical challenges. We are indeed proud of having a capable team that took up this challenge and with meticulous planning and precise execution overcome all hurdles to complete the tunnel well ahead of time.”
 
The release said that a state-of-the-art Double Shield TBM was ordered from SELI of Italy for this specialized job. The 225 meters long TBM with a cutter head of 6.18 meters was transported to the project location via Mumbai in 160 container shipment. Transporting the machine to project location in Jammu & Kashmir was a major logistical challenge which was completed in three months. The TBM commenced its first drive on April 20, 2011 and completed the tunnel yesterday with average monthly progress of around 500 meters. In November 2012, HCC made a national record of highest monthly tunneling progress of 816 meters at Kishanganga project.
 
The contract is on a turnkey basis valued at approximately Rs 2726.49 crore, the release added.
 
NNN
 
 
ADVERTISEMENT
 

See News Videos

Central Railway cancels 30 suburban services in Mumbai after tree falls on OHE

ADVERTISEMENT
The Central Railway's suburban train services were affected after a tree fell on an overhead electricity (OHE) line at a platform at Dadar station this evening, leading to the cancellation of as many as 30 services.
 
The incident resulted in diversion of several fast trains onto the slow line between Parel and Matunga, a press release from the railway said.
 
Fire brigade personnel were called in to cut the tree infringing the OHE and the down line was restored at 2010 hours and the up line at 2029 hours, it said.
 
"Due to this incident, 30 services were cancelled," the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

RBI simplifies KYC norms for banks regarding 'proof of address' from customers

ADVERTISEMENT
The Reserve Bank of India (RBI) has simplified the Know Your Customers (KYC) norms for banks regarding the "proof of address" required while opening a bank account by individuals.
 
A notification sent by RBI to all banks yesterday said it had received representations from various quarters, especially migrant workers and transferred employees, regarding problems faced in submitting a proof of current and permanent address while opening a bank account.
 
The RBI said it had examined the manner in the light of amendment to the Prevention of Money Laundering Rules (Maintenance of Records), 2005, and decided to simplify the requirement of submission of ‘proof of address’.
 
Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.
 
In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence/local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc.
 
In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change.
 
"Banks may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same," the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

IMFA starts production of eco-friendly low density aggregate

ADVERTISEMENT
Indian Metals & Ferro Alloys (IMFA), a leading fully integrated producer of value-added chrome, has started production of low density aggregate (LDA), which is an eco-friendly product made from fly ash generated by thermal power plants. 
 
IMFA operates 258 MW captive power generation capacity and own chrome ore mines, a press release from the company said.
 
LDA is a substitute for natural aggregates (stone chips), quarrying of which in itself adds to the pollution load. Moreover, LDA has the added advantage of being light weight so it adds mass to concrete without corresponding weight. Finally, the permeable surface of LDA pellets also enables better quality concrete as opposed to stone chips, it said.
 
Although LDA is in use globally, it is being produced in India for the first time. The composition is about 85% fly ash and this plant which has been put up at a cost of Rs 75 crore will gainfully utilize about 120,000 tonnes per annum of fly ash. 
 
IMFA also has 2 units of fly ash brick plant with collective capacity of 1,00,000 fly ash bricks per day, the release added.
 
“This investment demonstrates our commitment to the environment. We are also delighted to be a trailblazer yet again and are confident this product will be of great use to the construction industry," Mr. Jayant Misra, Director (Corporate) and COO, IMFA said.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Reliance Jio Infocomm signs tower sharing deal with Ascend Telecom

ADVERTISEMENT
Reliance Jio Infocomm Ltd. (RJIL), a wholly owned subsidiary of Reliance Industries Ltd. (RIL), today said it had signed a telecom tower sharing agreement with Ascend Telecom Infrastructure Pvt. Ltd. 
 
Under the agreement, RJIL will utilize the pan-India tower infrastructure of Ascend to launch its 4G services, ensuring a faster and more efficient rollout to its customers, a press release from the company said.
 
Ascend is one of the leading innovators in the wireless infrastructure space, and has a portfolio of more than 4,500 towers across India, it said.
 
The release said Ascend had successfully deployed innovative and efficient solutions which reduce providers’ operating costs and carbon footprints. It is at the forefront of leveraging technology to manage infrastructure efficiently. Ascend is backed by New Silk Route Growth Capital, IL&FS and the TVS Group.
 
Mr Sanjay Mashruwala, Managing Director, Reliance Jio said, “Our partnership with Ascend Telecom is a continuation of our efforts to forge strategic partnership with key tower infrastructure companies with a view to build a formidable nationwide network. Ultimately it’s our network coverage footprint that will give our customers the geographical freedom they need to avail our high speed services.”
 
“Our 12 years’ experience in the market, coupled with strong relationships with mobile network operators and equipment suppliers, allows us to bring improvements right across the value chain. We are excited about the opportunity to partner with RJIL for the launch of their 4G services,” said Mr Sushil Kumar Chaturvedi, Director & CEO, Ascend Telecom Infrastructure Pvt. Ltd. 
 
ADVERTISEMENT
“Our network of more than 4,500 towers across the country will make higher quality, higher speed coverage available to RJIL’s mobile subscribers. Our focus on innovation has been recognized by the industry. At the same time, this agreement will benefit the environment by avoiding the impact of building new towers that duplicate existing infrastructure,” he added.
 
RJIL has already signed similar agreements with Tower Vision, ATC India and Viom Networks.
 
It has also signed an agreement with Bharti Airtel for a comprehensive telecom infrastructure sharing agreement to share infrastructure created by both parties to avoid duplication of infrastructure wherever possible. 
 
RJIL has also signed a key agreement for international data connectivity with Bharti to utilise dedicated fiber pair of Bharti’s i2i submarine cable that connects India and Singapore. 
 
The company has also inked agreements with Reliance Communications Limited for sharing of RCOM’s extensive inter-city and intra-city optic fiber infrastructure of nearly 1,20,000 fiber-pair kilometers of optic fiber and 500,000 fiber pair kilometers respectively and 45,000 towers.
 
RJIL is the first telecom operator to hold pan-India Unified License, which  authorises it to provide all telecommunication services except Global Mobile Personal Communication by Satellite Service. RJIL holds spectrum in 1800 MHz (across 14 circles) and 2300 MHz (across 22 circles) capable of offering fourth-generation (4G) wireless services.
 
NNN
 
ADVERTISEMENT
 

See News Videos

RBI keeps repo rate unchanged at 8%, CRR at 4% to rein in inflation

RBI logo
RBI logo
Committing itself to keeping the economy on a disinflationary course, taking consumer inflation to 8 per cent by January 2015 and 6 per cent by January 2016, the Reserve Bank of India (RBI) today decided to keep the key policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8 per cent.
 
"If the economy stays on this course, further policy tightening will not be warranted. On the other hand, if disinflation, adjusting for base effects, is faster than currently anticipated, it will provide headroom for an easing of the policy stance," RBI Governor Raghuram G Rajan said in the central bank's Second Bi-Monthly Monetary Policy Statement, 2014-15.
 
Dr Rajan said that, on the basis of an assessment of the current and evolving macroeconomic situation, the RBI had also decided to keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL).
 
The RBI also reduced the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from 23.0 per cent to 22.5 per cent of their NDTL with effect from the fortnight beginning June 14, 2014.
 
It reduced the liquidity provided under the export credit refinance (ECR) facility from 50 per cent of eligible export credit outstanding to 32 per cent with immediate effect.
 
The central bank introduced a special term repo facility of 0.25 per cent of NDTL to compensate fully for the reduction in access to liquidity under the ECR with immediate effect.
 
ADVERTISEMENT
It also decided to continue to provide liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL of the banking system.
 
Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 per cent.
 
Today's monetary policy statement was the first since the Narendra Modi government assumed office on May 26 and there was much speculation about whether Dr Rajan would persist with his hawkish anti-inflation stance or accommodate the new government's pro-growth policies.
 
The latest data shows that the Indian economy grew by just 4.7 per cent in 2013-14, the lowest level in nearly a decade. It was also the second straight year of sub-five per cent growth.
 
Since taking over as the RBI Governor in September last year, Dr Rajan, a former chief economist of the International Monetary Fund (IMF), has hiked interest rates three times which, among other things, helped to reduce the country's current account deficit and restore the stability of the rupee.
 
At the same time, Dr Rajan ended up disappointing business leaders who have been calling for lower interest rates to boost growth.
 
With consumer inflation hovering at 8.59 per cent in April and with fears that the monsoon may be weak this year, the RBI's room for manoeuvre was further limited.
 
The industry was, however, hoping for at least a small, if symbolic, cut in interest rate of 25 basis points.
 
ADVERTISEMENT
In his assessment, Dr Rajan said that, since the first bi-monthly monetary policy statement of April 2014, global activity was evolving at different speeds. 
 
"A broad-based strengthening of growth is gaining traction in the US and the UK, after a moderation in the first quarter of 2014 due to adverse weather conditions. However, in the euro area, recovery is struggling to gather momentum. The pick-up in sales in Japan in anticipation of the consumption tax hike has been followed by a sharp fall in consumer spending. Growth in coming quarters will depend on all three 'arrows' being put in play," he said.
 
"Structural constraints continue to impede growth prospects in emerging market economies (EMEs), with concerns about the slowdown in China as its economy rebalances. Financial markets across the world still remain vulnerable to news about the impending normalisation of interest rates in some developed economies, even as some valuations appear frothy," he said.
 
Dr Rajan said lead indicators pointed to continuing sluggishness in domestic economic activity in the first quarter of 2014-15. 
 
"The outlook for agriculture is clouded by the meteorological department’s forecasts of a delay in the onset of the south-west monsoon with a 60 per cent chance of the occurrence of El Nino. The ongoing contraction in the production of consumer durables and capital goods, coupled with moderation in corporate sales and non-oil non-gold imports, is indicative of continuing weakness in both consumption and investment demand. The decisive election result, together with improved sentiment should, however, create a conducive environment for comprehensive policy actions and a revival in aggregate demand as well as a gradual recovery of growth during the course of the year," he said.
 
ADVERTISEMENT
The RBI noted that retail inflation measured by the consumer price index (CPI) increased for the second consecutive month in April, pushed up by a sharp spike in food inflation, especially in the prices of fruits, vegetables, sugar, pulses and milk. CPI inflation excluding food and fuel has moderated gradually since September 2013 although it is still elevated, it said.
 
"For the year 2013-14 as a whole, India’s current account deficit (CAD) narrowed sharply to 1.7 per cent of GDP, primarily on account of a decline in gold imports, although other non-oil imports also contracted with the weakening of domestic demand, and there was some pick-up in exports. In April 2014, the trade deficit narrowed sharply due to resumption of export growth after two consecutive months of decline, and the ongoing shrinking of import demand. Robust inflows of portfolio investment, supported by foreign direct investment and external commercial borrowings, kept external financing conditions comfortable and helped add to reserves," the statement said.
 
According to it, with the unwinding of year-end window dressing, the corresponding decline in the size of excess CRR holding of banks as well as the sharp decline in Government cash balances with the Reserve Bank as a result of Government expenditure, liquidity conditions improved significantly in April and May 2014. The average daily access to liquidity from the LAF and term repos during this period has been close to 1.0 per cent of NDTL. 
 
"The Reserve Bank will continue to monitor liquidity conditions and will actively manage liquidity to ensure adequate flow of credit to the productive sectors," it said.
 
ADVERTISEMENT
Explaining its policy stance, the RBI said that, in March and April, CPI headline inflation had risen on the back of a sharp increase in food prices. 
 
"Some of this price pressure will continue into May, but it is largely seasonal. Moreover, CPI inflation excluding food and fuel has been edging down. The risks to the central forecast of 8 per cent CPI inflation by January 2015 remain broadly balanced. Upside risks in the form of a sub-normal/delayed monsoon on account of possible El Nino effects, geo-political tensions and their impact on fuel prices, and uncertainties surrounding the setting of administered prices appear at this stage to be balanced by the possibility of stronger Government action on food supply and better fiscal consolidation as well as the pass through of recent exchange rate appreciation. Accordingly, at this juncture, it is appropriate to leave the policy rate unchanged, and to allow the disinflationary effects of rate increases undertaken during September 2013-January 2014 to mitigate inflationary pressures in the economy," it said.
 
"Contingent upon the desired inflation outcome, the April projection of real GDP growth from 4.7 per cent in 2013-14 to a range of 5 to 6 per cent in 2014-15 is retained with risks evenly balanced around the central estimate of 5.5 per cent. The outlook for the agricultural sector is contingent upon the timely arrival and spread of the monsoon. Easing of domestic supply bottlenecks and progress in the implementation of stalled projects should brighten the outlook for both manufacturing and services. The resumption of export growth is a positive development and as world trade gathers momentum, the prospects for exports should improve further," it said.
ADVERTISEMENT
 
The RBI said that, in pursuance of the Dr. Urjit R. Patel Committee’s recommendation to move away from sector-specific refinance towards a more generalised provision of system liquidity without preferential access to any particular sector or entity, the Reserve Bank has decided to limit access to export credit refinance while compensating fully with a commensurate expansion of the market’s access to liquidity through a special term repo facility from the Reserve Bank (equivalent to 0.25 per cent of NDTL). 
 
This should improve access to liquidity from the Reserve Bank for the system as a whole without the procedural formalities relating to documentary evidence, authorisation and verification associated with the ECR. This should also improve the transmission of policy impulses across the interest rate spectrum and engender efficiency in cash/treasury management, it said.
 
"As the economy recovers, investment demand and the need for credit will pick up. To the extent that this contributes eventually to supply, it is important that banks have the room to finance it. A reduction in the required SLR will give banks more freedom to expand credit to the non-Government sector. However, the Reserve Bank is also cognisant of the significant on-going financing needs of the Government. Therefore, the SLR is reduced by 0.50 per cent of NDTL, with any further change dependent on the likely path of fiscal consolidation.
 
"With a view to improving the depth and liquidity in the domestic foreign exchange market, it has been decided to allow foreign portfolio investors to participate in the domestic exchange traded currency derivatives market to the extent of their underlying exposures plus an additional US$ 10 million. Furthermore, it has also been decided to allow domestic entities similar access to the exchange traded currency derivatives market. Detailed operating guidelines will be issued separately," it said.
ADVERTISEMENT
 
As a prudential measure, the eligibility limit for foreign exchange remittances under the Liberalised Remittance Scheme (LRS) had been reduced to US$ 75,000 last year. In view of the recent stability in the foreign exchange market, it has been decided to enhance the eligible limit to US$ 125,000 without end use restrictions except for prohibited foreign exchange transactions such as margin trading, lottery and the like. Operating guidelines will be issued separately.
 
At present, only Indian residents are allowed to take Indian currency notes up to Rs 10,000 out of the country. Non-residents visiting India are not permitted to take out any Indian currency notes while leaving the country. With a view to facilitating travel requirements of non-residents visiting India, it has been decided to allow all residents and non-residents except citizens of Pakistan and Bangladesh to take out Indian currency notes up to Rs 25,000 while leaving the country. Operating guidelines in this regard are being issued separately, the statement added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

 

HSBC India PMI data points to rising production volumes at manufacturers

 
Production volumes at Indian manufacturers continued to rise, with growth of both total orders and new export business acclerating over May, leading to further job creation across the sector, the HSBC India Purchasing Managers Index (PMI) data indicated today.
 
The seasonally adjusted index was up marginally from 51.3 in April to 51.4 in May, pointing to a slight improvement in operating conditions and one that was weaker than the series average. 
 
"Output rose for the seventh consecutive month in May. That said, the rate of expansion was unchanged from the modest pace registered in April," a press release from HSBC India said.
 
A PMI reading above 50 indicates growth while a lower reading points to contraction. The index is designed to measure the performance of the manufacturing economy, signalled a solid and stronger improvement in business conditions across the country’s goods-producing sector.
 
The release said panellists highlighted stronger increases in new orders, although there were mentions that growth was stymied by powercuts and the elections. The latest rise in production was broad-based by sector, with the sharpest expansion signalled by consumer goods producers. 
 
May data highlighted further rises in incoming new work, marking a seven-month sequence of expansion. Moreover, the pace of increase accelerated to the quickest since February. Those survey respondents reporting higher new orders commented on the signing of new contracts and improved demand from both domestic and foreign clients. Growth of order book volumes was registered across the three broad areas of the manufacturing economy, led by consumer goods producers. 
 
The release said new orders from abroad also increased during May, thereby stretching the current period of expansion to eight months. New export business rose at a solid rate that was quicker than in April. Surveyed firms reported having benefited from favourable exchange rates. Overseas demand improved in two of the three sub-categories, the exception being investment goods.
 
"Staffing levels were raised in May, amid evidence of increased production requirements. Employment growth has maintained a broadly steady trend pace in the current eight-month expansionary sequence. All three monitored sub-sectors registered higher workforce numbers," it said.
 
Indian manufacturers indicated that purchasing activity increased further in May. Where input buying rose, this was associated with new order growth. Nonetheless, the rate of expansion was only slight and moderated since the previous month. Growth of quantity of purchases was noted across the three market groups, it said.
 
ADVERTISEMENT
The release said input costs continued to rise in May, albeit at the weakest rate in one year. There were reports of higher prices paid for some raw materials, although a number of panellists reported successful price negotiations with suppliers. Concurrently, output charges increased further. The rate of charge inflation was, however, marginal and weaker than the series average. 
 
While stocks of purchases were broadly unchanged, post-production inventories increased in May. Meanwhile, outstanding business rose further during the latest month, with monitored firms reporting power outages, the release said.
 
"The momentum in the manufacturing sector improved at the margin, thanks to higher domestic and export order flows. However, output growth held steady as frequent power cuts forced firms to accumulate backlogs at a faster pace," Mr Frederic Neumann, Co-Head of Asian Economic Research at HSBC, said.
 
"Encouragingly, input price pressures eased further, but with output prices still rising the RBI cannot take down its inflation guards," he added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.