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L&T Construction wins Water & Waste-Water Infrastructure orders valued at Rs 1509 crore

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Infrastructure major Larsen & Toubro (L&T) today said the Water & Effluent Treatment Strategic Business Group of its Construction Division had won new water and waste-water infrastructure orders worth Rs. 1509 crores in September 2015.
 
A press release from the company said the contracts included a water supply order from Telangana Drinking Water Supply Project, Government of Telangana. 
 
The project scope includes construction of a water treatment plant, 2835 km of pipeline network, 25 five major water storage reservoirs and other associated works to meet the water needs of various habitations of the Adilabad district in the State.
 
The release said that, in the Waste Water Business, a turnkey order had been received from Rajasthan Urban Infrastructure Development Project (RUIDP) for waste water infrastructure works at Pali in Rajasthan. 
 
Funded by Asian Development Bank (ADB), the project scope includes construction of a waste water treatment plant, waste water network and allied works in addition to works for the reduction of non-revenue water, it added.
 
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Rahul Joshi joins Network18 as Editor-in-Chief; Senthil Chengalvarayan moves on

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Media company Network18 today formally welcomed former Economic Times Editorial Director Rahul Joshi as its CEO-News and Group Editor-in-Chief.
 
Network18 Chairman Adil Zainulbhai also announced that Mr. Senthil Chengalvarayan, Editor-in-Chief, Business Newsroom, had decided to move on.
 
Mr. Zainulbhai formally introduced Mr. Joshi to the company's employees in Mumbai and said they would be in Delhi on Wednesday.
 
"As the CEO-News and Group Editor-in-Chief, Rahul will spearhead -- and ultimately drive with 'ownership mindset' -- all aspects of our company's rich and diverse portfolio. 
 
"For this to succeed, he would need the complete support of each one of you, especially from co-owners and leaders of each business and editorial products," Mr Zainulbhai said in an e-mail to the company's employees.
 
"Please join me in extending a warm welcome to Rahul - we look forward to your success and promise to do everything we can for that to happen. Let us all commit to co-create unmatched value creation," he said.
 
"Senthil, who I consider as a valued colleague and a friend, had a raft of contributions over the last 21 years. They hardly need reiteration," he said. "This is a moment to say 'a big thank you' and to join together in wishing Senthil the very best in what he undertakes hereon," he added.
 
Mr. Chengalvarayan, who was with the company since its formative days, said, “Network18 has been like my family for over two decades and I leave with warm memories. I would like to thank all my colleagues for the tremendous support I received from them through my time here. Given its people and leadership, Network18 will continue to retain its dominant position and scale new heights.”
 
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Manipur Governor Syed Ahmed passes away in Mumbai hospital

Syed Ahmed
Syed Ahmed
Manipur Governor Syed Ahmed passed away at a private hospital today after a prolonged illness, official sources said.
 
He was 73. He is survived by his wife, a son and two daughters.
 
Dr. Ahmed was suffering from cancer and had been admitted to the Lilavati Hospital in Bandra here last week, the sources said.
 
A former Congress leader from Maharashtra, Dr. Ahmed was appointed as the Governor of Jharkhand by the previous Congress-led United Progressive Alliance (UPA) government on August 26, 2011.
 
He was transferred on May 12 this year as Governor of Manipur by the Narendra Modi government.
 
President Pranab Mukherjee condoled the death of Dr. Ahmed and said he had served the nation with distinction in different capacities during his public life.
 
“I am sad to learn about the passing away of Dr. Syed Ahmed," he said in his message to his wife Syed Hasan Tara.
 
"He was Member of Maharashtra Legislative Assembly for five terms and Minister in the State Government.  His services to the nation as the Governor of Jharkhand and Manipur will be always remembered. Dr. Ahmed was also known for his varied interests and rich contribution towards literature," he added.
 
Born on March 6, 1945, Dr. Ahmed had an M.A. from Lucknow University and a Ph.D. from Bombay University.
 
He had served as Minister of State for Energy, Textiles, Aukaf and prohibition propaganda (1991) in the Maharashtra government in 1991 and as Minister of State for Environment, Housing, Repairs & Reconstructions, Slum Improvement and Aukaf from 1986-88.
 
He also served as Vice-President of the Mumbai Regional Congress Committee in 1995 and 2001. He was Chairman of the Maharashtra State Haj Committee 2001 to 2006 and a Member of the Central Haj Committee from 1985-88 and 2001-06.
 
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Siyaram’s to market Italian brand Cadini in India, Sri Lanka, Middle East

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Siyaram Silk Mills Ltd today said it had bought ownership rights to manufacture and market Italian brand Cadini for its fabric segment in India, Sri Lanka and a few countries in the Middle East region.
 
“We want to give Indian consumer the Italian feel at a reasonable price by customizing it to our market. Some products will be imported from Italy, but a major portion will be from India. We will bring the Italian innovation and manufacture it over here,” said Mr. Ramesh Poddar, Chairman and Managing Director, Siyaram Silk Mills Ltd at the launch of the brand in India without disclosing the consideration.
 
Siyaram's currently has an annual revenue of around Rs. 1550 crore and expects to grow by 10-15% annually this year, Mr. Poddar said.
 
“We expect Cadini to contribute around Rs. 100 crore of our total revenues in the next financial year,” he said.
 
A press release from the company said Cadini would also help Siyaram’s in sourcing and designing and the brand will be available in India in superior fabrics followed by garments and accessories. The company will also open its own exclusive outlets and shops-in-shops in the near future, it said.
 
“We wanted a knowledgeable and reliable partner in India and hence stuck a relationship with Siyaram’s after having presence in 44 countries. This venture has not only provided us a platform to showcase our collection to the Indian consumer but has also helped us to discover various avenues in terms of global marketing," Ms. Daniella Nicolle Faralli, Brand Director, Cadini, said.
 
"Our brand intends to touch upon the expectations of the discerning Indian, who is closely identical to an Italian in terms of giving importance to their respective heritage, values and beliefs," she added.
 
Cadini derives 95% of its revenues from the international market and only 5% from Italian market. 
 
Siyaram’s has spent Rs. 80 crore to modernize its manufacturing facility this year and will spend around Rs. 70 crore next year funded through internal accruals as well as government incentive through the Textile Upgradation Fund Scheme (TUFS). This will enable the company to add 10-15% more to its monthly sales of 65 lakh metres of fabric per month, Mr. Poddar said.
 
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HCC awarded Rs 1783.42 crore contract by NHAI

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Infrastructure major Hindustan Construction Company (HCC) today said it had been awarded a prestigious contract worth Rs 1783.42 crore by National Highways Authority of India (NHAI) for  constructing a 36-km highway, which includes three kms of tunnels, between Ramban and Banihal in Jammu & Kashmir. 
 
The project is a part of National Highways Development Project (NHDP) Phase-II program of NHAI on National Highway (NH) 1A (now NH44) and is known for its difficult terrain and low temperatures especially in winter seasons, a press release from the company said.
 
The NH1A provides road connectivity to Srinagar from the rest of the country and this project will decongest the existing narrow road between Ramban and Banihal and cut short travel time considerably due to provision of tunnels, it said.
 
Mr. Arun Karambelkar, President & CEO- E&C, HCC Ltd. said “We are pleased to win this important contract from NHAI. This project not only allows us to further expand our presence in road related business segments but also gives us immense pride as this highway will contribute to the infrastructure growth of our nation.”
 
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Majority of small businesses in India don't have websites: GoDaddy report

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Most of India’s small businesses are largely ‘invisible’ online or have a marginal digital footprint, according to the results of a survey released by RedShift Research and GoDaddy, a technology provider dedicated to small businesses. 
 
The survey revealed that as many as 63 percent of India’s small businesses did not have their own websites, with 40 percent stating that their company was just too small to warrant a website, a press release from GoDaddy said.
 
Other reasons for not having a website included lack of technical expertise (19 percent), affordability (17 percent) and that their social media presence met with current needs. 
 
The survey, based on a poll of 500 very small businesses (defined as five workers or less), took a look at how small businesses in India were starting to utilize the Internet and their expectations from going online.
 
Estimated at 51 million, India is home to the world’s second largest base of small and medium-sized businesses (SMBs), accounting for more than 17 percent of the country’s GDP. If leveraged well, an effective online presence has the potential to be a strategic asset and a harbinger for future growth for these businesses: from helping to expand their footprint from hyperlocal to pan-India, and even global or to growing customers incrementally, the release said.
 
"This is not an unrealistic expectation and of those respondents who already have a website, 63 percent say their business grew once they their website was up and running, with nearly a third witnessing growth in excess of ten percent," it said.
 
“It is clear that there is an emerging digital economy in India and small businesses can have significant opportunities to grow if they take to the Internet. An online identity is critical for their long term business growth and expansion," said Mr. Rajiv Sodhi, Vice President, GoDaddy, India and Australia. “Our aim is to educate small businesses on the benefits of establishing an online presence, while making it affordable and easy for them to build an impactful global online identity.”
 
While a majority of Indian small businesses are yet to create a website, the research found that size and age does not matter when it comes to a small business thinking of or planning to be website ready. Newer small businesses are just as likely to create a website in the next two years as their older counterparts (79 percent have been in business for three or less years compared to 72 percent of those in business four or more years). And one-person shops (70 percent) are marginally less likely to build a website in the next two years than firms of 2-5 people (79 percent).
 
The report said a majority of small businesses felt that having their own distinctive online presence will significantly boost growth by making their businesses visible. More than half of those who plan to build a website within the next two years expect their business to grow by anything from 10 to 50 percent within a short 3 to 5 years of building their website. Businesses with no plans to build a website (in the next two years) have lower growth expectations with just 45 percent saying they will grow 10 to 50 percent in a similar timeframe.
 
A sweeping majority of small business owners in India affirmed that creating a website would increase their visibility online and customers would be able to find them easily. A marginal 12 percent stated that a website would not have much impact on their customer base. 
 
Interestingly, email and telephone remain vital tools of communication with customers, with email marginally displacing communication through phones by two percent, indicating an increased propensity to use email marketing tools among small businesses.
 
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The report said the rapid growth of ecommerce in India was encouraging more and more small businesses to sell online. The survey revealed that most (77 percent) small business owners with plans to create a website aspired to have either ecommerce functionality or an online store front soon after they have a live website (from the time they go live to anything from a year to two years out). 
 
Underscoring the importance of mobile, a staggering 91 percent think that having a mobile friendly website is important to their business success, the report said.
 
According to it, while small businesses have a clear understanding of what an effective online presence can do, few realize the importance of, or have taken steps, in choosing the right domain name for their business. A relatively small 15 percent of business owners with plans to create a website within the next two years actually own a domain name. Domain penetration continues to remain low in India and potential website owners looking to build a differentiated proposition need to act fast in securing a befitting name or identity online.
 
The report said India had a long way to go before it evolved from a ‘do-it-for-me’ market to a ‘do-it-yourself’ one unlike other countries. 
 
"Confirming this trend is the current thinking on how small businesses are choosing to acquire a website presence. Thirty percent are looking for an internet company to build and manage their website for them and 24 percent of respondents are looking for help from a professional web designer. Only 20 percent plan to build their website on their own. Often enough is building a website to get an effective online presence is complex to intimidating for some," it said.
 
 “The takeaway from this research is that the final frontier of e-commerce – the small businesses – seem finally poised to take a leap that many have already taken,” added Mr. Sodhi. “When they do, this research shows it’s likely to change their businesses: grow their revenues, expand their customer base and alter how they interact with customers. When you consider how many very small businesses there are in India, those changes could have a profound impact on the economy and the way the businesses operate.”
 
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GenNext Ventures to bring Ecorithm's advanced analytics to India

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GenNext Ventures, a venture capital fund backed by energy and petrochemicals major Reliance Industries Limited (RIL), and Ecorithm, Inc. have signed an agreement to bring into India Ecorithm’s cutting-edge software technologies that analyze complex, dynamic systems through physics-based pattern recognition. 
 
Ecorithm’s powerful suite of technologies can be applied to building systems and various other enterprise solutions to improve operations, optimize systems and minimize energy use, a press release from GenNext said.
 
"With 400 million square feet of Class A Buildings in India and over 100 million square feet under construction (Cushman & Wakefield, Marketbeat Office Snapshot Reports, 2015), India presents a significant opportunity to scale Ecorithm’s technologies. The partnership marks a leap forward for profit and sustainability in buildings, which account for nearly 40 percent of global energy consumption (United Nations Environment Programme) and produce a larger carbon footprint than all transportation systems combined," it said.
 
“We have evaluated multiple energy management technologies from across the globe, and Ecorithm is clearly the next generation in building energy management. We are excited to partner with Ecorithm and bring their path-breaking and revolutionary technology to India. As we bring Ecorithm into India, we are keen to deploy the technology to optimize the energy efficiency of our buildings and raise the standard of environmental design and operation for buildings and enterprises to global levels. GenNext is at the forefront of bringing truly revolutionary technologies into India that can make everything, from our buildings to our industrial plants to our cities, operate much more efficiently. We believe that smart technologies will form the base for the Government of India’s smart city initiative. Ecorithm’s technology will be one of those smart technologies,” said Vivek Rai Gupta, Managing Director, GenNext Ventures.
 
Ecorithm’s True Analytics platform enables any system capable of producing a continuous flow of sensor data, such as a building management system (BMS) in a commercial building or an industrial control system, to be optimized at a highly granular level, thereby saving energy while optimizing equipment performance and the resulting use, comfort and operability.
 
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“We’re so pleased to partner with a company with as many forward-thinking businesses, as it represents a huge opportunity to deploy our revolutionary technology in India across many business sectors,” said Dan Tishman, Chairman of Ecorithm.
 
Chris Tagge, President of Ecorithm, added, “We are delighted to be bringing Ecorithm to India in partnership with GenNext. We know that the Internet of Things (IoT) represents an enormous opportunity to change the way businesses are run and systems are optimized across virtually every industry. Our True Analytics Platform makes billions of otherwise incomprehensible data points understandable and usable. We make the Internet of Things make sense.”
 
As a testament to its technology, the global research and consulting firm Frost & Sullivan recently awarded Ecorithm with their 2015 Visionary Innovation Leadership Award. Some of the world’s best known and most innovative companies are other winners of this prestigious award.
 
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L&T Construction wins orders valued at Rs 1810 crore

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Infrastructure major Larsen & Toubro (L&T) today said its Construction Division had won orders worth Rs 1810 crore across various business verticals in September.
 
These included an order worth Rs 740 crore received by its Buildings & Factories business from a leading real estate company in India for the construction of a commercial complex in Gurgaon. The project is scheduled to be completed in 24 months, a press release from the company said.
 
The scope includes structural, mechanical, electrical and plumbing (MEP), finishes, landscaping and other allied works.
 
The release said the company's Water & Effluent Treatment business had secured a water supply order worth Rs 573 crores from the Rural Water Supply & Sanitation Department, Telangana under the Telangana drinking water supply project (Phase II). 
 
The project includes construction of three water treatment plants, 1700 km of pipeline network, 15 major water storage reservoirs and other associated works to meet the water needs of various habitations of the Khammam district in the State.
 
The release said the company's Power Transmission & Distribution had bagged a turnkey order worth Rs 192 crore from the Transmission Corporation of Telangana Limited for the supply, erection, testing and commissioning of a 400 kV quad moose double circuit transmission line which will run across Adilabad and Karimnagar districts of Telangana. 
 
The company's Transportation Infrastructure received an order from the Delhi Metro Rail Corporation Limited for the supply, installation, testing and commissioning of ballast-less track of standard gauge. The project will be executed in the elevated and 
underground sections of Mundka to Bahadurgarh and Dwarka to Najafgarh along with ballasted/ballast-less tracks in depots of the Delhi MRTS Project Phase- III.
 
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Rail traffic on Lonavala-Pune section disrupted as rains wash away 20 m of track

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Rail traffic on the Lonavala-Pune section of Central Railway was disrupted today as 20 metres of track on the up and down lines between Kamshet and Vadgaon was washed away due to continuous heavy rains, official sources said here today.
 
A press release from Central Railway said traffic was disrupted from 1613 hours today. The up track was restored for traffic from 1645 hrs and trains in both directions were being run on that line, it said.
 
The release said work was in progress to restore the down line and it was expected to be back in service later this evening.
 
Trains on this route are likely to be delayed as a result, the release added.
 
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India's forex reserves rise by $ 2.359 billion to $ 351.389

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India's foreign exchange reserves rose by $ 2.359 bilion to $ 351.389 billion in the week ended September 11 after falling by huge margins in the previous two weeks, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had gone down by $ 2.889 billion in the week ended September 4 and by $ 3.434 billion in the week before that.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had risen by $ 2.311 billion to $ 327.968 billion.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves  remained unchanged at $ 18.035 billion while its special drawing rights (SDR) rose by $ 18.7 million to $ 4.068 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) went up by $ 29 million to $ 1.318 billion, the bulletin added.
 
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RBI grants "in-principle" approval to 10 applicants for small finance banks

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The Reserve Bank of India (RBI) today decided to grant “in-principle” approval to ten applicants to set up small finance banks under the “Guidelines for Licensing of Small Finance Banks in the private sector” issued on November 27, 2014.
 
The selected applicans are: Au Financiers (India) Ltd., Jaipur; Capital Local Area Bank Ltd., Jalandhar; Disha Microfin Private Ltd., Ahmedabad; Equitas Holdings P Limited, Chennai; ESAF Microfinance and Investments Private Ltd., Chennai; Janalakshmi Financial Services Private Limited, Bengaluru; RGVN (North East) Microfinance Limited, Guwahati; Suryoday Micro Finance Private Ltd., Navi Mumbai; Ujjivan Financial Services Private Ltd., Bengaluru; and Utkarsh Micro Finance Private Ltd., Varanasi.
 
A press release from the central bank said the “in-principle” approval granted would be valid for 18 months to enable the applicants to comply with the requirements under the guidelines and fulfil other conditions as may be stipulated by the RBI. 
 
On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of “in-principle” approval, the RBI would consider granting them a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.
 
Until a regular licence is issued, the applicants cannot undertake any banking business, the release said.
 
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L&T bags Rs 1700 crore order for 400 MW power plant in Bangladesh

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Infrastructure major Larsen & Toubro (L&T) today said it had received an order valued at around Rs 1700 crore from Marubeni Corporation, Japan, for setting up the Bibiyana III 400 MW Combined Cycle Power Plant Project of Bangladesh Power Development Board (BPDB).
 
BPDB awarded the engineering, procurement and construction (EPC) contract for setting up the 400 MW gas based power plant project to Marubeni, which in turn awarded the EPC sub-contract to L&T on turnkey basis, a press release from the company said.
 
This plant will be located at Nabiganj Upzila in Habiganj district of Sylhet Division, in the north-eastern sector of Bangladesh, at a distance of approximately 130 km by road from Agartala in India.
 
L&T’s scope of work includes design, detailed engineering, supply, installation and commissioning of the complete power plant on turnkey basis. The plant will incorporate state-of-the-art advanced class gas turbine and generator from Mitsubishi Hitachi Power Systems, Japan, and high efficiency steam turbine and generator from Fuji Electric company, Japan, which will be procured by L&T. 
 
L&T-Sargent and Lundy, a joint venture company of L&T, will carry out the plant integration and detailed engineering, using proprietary technology of Sargent & Lundy LLC, USA.
 
The project will be executed by the Gas Based Power Projects Business Unit of L&T Power, based in Baroda.
 
L&T is currently executing two more gas-based power projects in Bangladesh on EPC basis - the 360 MW Bheramara combined cycle power plant development project of North West Power Generation Co. Ltd. and the 225 MW Sikalbaha combined cycle power plant project of BPDB. Both the projects are in advanced stages of execution, the release added.
 
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Mumbai: Suburban rail traffic on harbour line between CST, Vadala disrupted

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Suburban rail traffic on the harbour line, between Chhatrapati Shivaji Terminus (CST) and Vadala Road, were suspended this evening due to the derailment of a Mumbai-end trolley of the Bandra-CST (B-66) local  while it was reaching Platform No. 2 at CST.
 
No one was injured in the incident, which occurred at 1855 hours, a press release from Central Railway said.
 
Services are running normally between Vadala Road and Panvel/Andheri, it said.
 
Harbour line passengers have been advised that they can travel on their valid card/season tickets on main line up to Dadar/Kurla.  
 
Continuous announcements are also being made for the benefit of passengers at the stations and through social media,  the release said.
 
"Immediately brake down train from Kurla and Kalyan were rushed to the spot for restoration work.  The forecast for restoration is likely to be 3-4 hours," it added.
 
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Reliance Foundation showcases traditional Pichvais art form in Chicago

Reliance Foundation Chairperson Nita Ambani and Art Institute, Chicago (AIC) President Douglas Druick in front of a Zardozi Pichvai of Vitthaleshji, Mid-17th Century, at the ‘Gates of the Lord: The Tradition of Krishna Paintings' exhibition at AIC on September 13, 2015.
Reliance Foundation Chairperson Nita Ambani and Art Institute, Chicago (AIC) President Douglas Druick in front of a Zardozi Pichvai of Vitthaleshji, Mid-17th Century, at the ‘Gates of the Lord: The Tradition of Krishna Paintings' exhibition at AIC on September 13, 2015.
As part of its efforts to promoting art, culture and heritage, the Reliance Foundation is showcasing the traditional Indian art form of Pichvais to global audiences in Chicago.
 
The foundation is the lead sponsor of the exhibition "Gates of the Lord: The Tradition of Krishna Paintings" being held at the Art Institute, Chicago (AIC) in the United States from September 13, 2015, through January 3, 2016. 
 
Speaking at the inaugural reception, Mrs. Nita Ambani, Founder & Chairperson, Reliance Foundation, said: “The artists of the temple town of Nathdwara are renowned for having preserved their painting traditions in an unbroken legacy for more than three centuries. Reliance Foundation has supported this exhibition to provide the US audience with an opportunity to celebrate these living traditional artists who have remained unrecognized for far too long.”
 
Thanking the Reliance Foundation for its support, AIC Director and President Douglas Druick said: “The patronage of Mrs. Nita Ambani and Reliance Foundation has allowed us to showcase this collection of Pichvais paintings. This vibrant art form is sure to enthral discerning US audiences. We at AIC are proud of our historic relationship with India, and we welcome Mrs. Ambani as an honorary member of the President’s Council of the AIC.”
 
Pichvais (Sanskrit for back and hanging) art is an old and living artistic tradition of India. It involves intricate paintings on textiles that are hung behind the idol of Shrinathji. The themes of these paintings are Shrinathji, a form of Lord Krishna as a child, and his exploits. 
 
The paintings depict scenes of Lord Krishna lifting the Govardhan mountain on his little finger, playing with the gopis (milkmaids), or pastoral scenes with cows and forests. The Pichvais art form, which developed in the 17th century, is a tradition of the Pushtimarg sect, founded by Sant Vallabhacharya about 500 years ago.
 
The exhibition at AIC features drawings, paintings and historic photographs. This exhibition of the Pushtimarg sect of Hinduism is the first of its kind anywhere in US. 
 
The exhibition is an outcome of the lead sponsorhip of Nita and Mukesh Ambani and the Reliance Foundation. It comprises paintings from two prestigious and rarely exhibited private collections, the Amit Ambalal collection from Ahmedabad, and the TAPI collection, Surat.
 
It was at the AIC that Swami Vivekananda delivered his famous “Sisters and Brothers of America” speech in 1893. Since 1890 AIC has collection of Indian art including Himalayan, Islamic and Southeast Asian art that  goes back to Indian art forms from 1890. For the last eight years, it has been developing this field with a full-time curator. In 2010-11, the museum did the first Indian contemporary installation by a major Indian artist, Jitesh Kallat’s Public Notice 3. 
 
AIC was the first museum to receive a grant from the Ministry of Culture, Government of India, to set up the Vivekananda Memorial Program for Museum Excellence in 2012 to retrain Indian museum professionals.
 
Reliance Foundation is an initiative of energy and petrochemicals major Reliance Industries Ltd. 
 
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Two dead, seven injured as Secunderabad-Mumbai Duronto Express derails near Gulbarga

Two passengers died and seven others suffered injuries when nine coaches of the 12220 Secunderabad-Mumbai Duronto Express derailed near Gulbarga in Karnataka in the early hours of Saturday, official sources said.

 
Two dead , seven injured as Secunderabad-Mumbai Duronto Express derails near Gulbarga
 
Two passengers died and seven others suffered injuries when nine coaches of the 12220 Secunderabad-Mumbai Duronto Express derailed near Gulbarga in Karnataka in the early hours of today, official sources said.
 
A press release from the Central Railway said the mishap occurred at around 0215 hours at Martur station in the Solapur Division of the Central Railway.
 
The injured were rushed to a hospital in Gulbarga, the release said.
 
The two deceased passengers were identified by the authorities as Ms Jyoti, 46, and Ms Lata, 28, both of whom were travelling from Hyderabad to Pune.
 
The derailed coaches were B-7, B-8, B-9, Pantry Car, H-1, A-1, A-2, A-3 and Generator Car, the release said.
 
As a result of the mishap, both the up and down lines on the Wadi-Gulbarga section were blocked for some hours, disrupting the movement of trains.
 
Relief trains from Solapur, Daund and Wadi have been rushed to the scene of the accident. Senior railway officers have also reached the site and are overseeing the restoration work. District administration officials, police and other emergency personnel also rushed to the spot.
 
Teams of the National Disaster Response Force (NDRF) were also despatched to the scene of the accident, sources said.
 
The down line was restored for rail traffic at 0540 hours and seven coaches of the train with passengers left the site at 0630 hours.
 
The Railways have set up the following helpline numbers: 
 
Gulbarga 0847-2255066 / 2255067
Secunderabad 040-27700968
Solapur 0217-2313331
Chhatrapati Shivaji Terminus, Mumbai 022-22694040
Lokmanya Tilak Terminus, Mumbai 022-25280005
Kalyan 0251-2311499
 
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India's forex reserves fall by $ 2.889 billion to $ 349.031 billion

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Registering a huge fall for the second consecutive week, India's foreign exchange reserves went down by a whopping $ 2.889 billion to $ 349.031 billion in the week ended September 4, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had gone down by $ 3.434 billion to $ 351.92 billion in the previous week, after rising for two consecutive weeks.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone down by $ 2.65 billion during the week to $ 325.656 billion.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves  reduced by $ 214.8 million to $ 18.035 billion while its special drawing rights (SDR) fell by $ 18.6 million to $ 4.049 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) fell by $ 5.9 million to $ 1.289 billion, the bulletin added.
 
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Justice Vijaya Tahilramani to perform duties of Chief Justice of Bombay High Court

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The President has appointed Ms. Justice Vijaya Kamlesh Tahilramani, senior-most Judge of Bombay High Court, to perform the duties of the office of the Chief Justice of that High Court.
 
The appointment will be with effect from tomorrow consequent upon the retirement of Mr. Justice Mohit Shantilal Shah, Chief Justice of Bombay High Court, an official press release said.
 
The President has also appointed Mr. Zaka Azizul Haq, Mr. Shriram Kalpathi Rajendran, Mr. Gautam Shirish Patel, Mr. Atul Sharachchandra Chandurkar, Ms. Revati Prashant Mohite Dere, Mr.  Mahesh Sharadchandra Sonak, and Mr. Ravindra Vithalrao Ghuge to be Additional Judges of the Bombay High Court, for a period of three months with effect from September 21, the release added.
 
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Rakesh Maria will continue to monitor Sheena Bora murder probe: Maharashtra govt

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Hours after Mr. Rakesh Maria was promoted and shifted from the post of Mumbai Police Commissioner today, the Maharashtra government said this evening that the officer, now the Director General of Police, Home Guards, would continue to monitor the investigations into the Sheena Bora murder case.
 
Additional Chief Secretary (Home) K P Bakshi said the government had decided that, in view of the fact that most of the investigation had already been completed, it would be proper to allow Mr Maria to continue to monitor the case though he had been elevated and transferred to another position.
 
Mr Bakshi told television channels that "monitoring" would include "everything", including giving directions to the investigating officers, putting the evidence together and filing of chargesheets.
 
Asked if the arrangement would not lead to confusion, Mr. Bakshi said there were many instances where the investigation of a particular case was entrusted to an officer other than the Police Commissioner.
 
Earlier in the day, the government had announced the appointment of Mr Ahmed Javed, who was the Director General of Police, Home Guards, as the new Police Commissioner in place of Mr Maria.
 
The sudden transfer of Mr Maria caused eyebrows to be raised, but the government insisted it had nothing to do with the Sheena Bora case, which has dominated the media for nearly two weeks now.
 
Mr Maria was personally involved in the investigations and had briefed newspersons even yesterday evening about progress made in the case.
 
The state government, however, denied any suggestions that he had been shifted because it was dissatisfied with the manner in which the probe was being conducted. It said the changes were made in view of the coming Ganesh Chaturthi festival and the law and order factors for the festive season.
 
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"Mr. Maria has been promoted to the director general rank and posted as the DG of Home Guards in Mumbai in place of Mr. Ahmed Javed. Mr. Javed (who was DG-Home Guards) becomes the new CP of Mumbai," Mr. Bakshi had told journalists during the day.
 
He said that post of Mumbai police commissioner had been upgraded to the rank of director general to enable Mr Javed to take over the position. Mr. Maria was holding the post of Police Commission in the rank of additional director general. Both officers belong to the 1981 batch of the Indian Police Service (IPS).
 
Mr. Bakshi said the transfer was not a sudden move and that it had been under consideration for at least two or three weeks. He said the matter of Mr. Maria's transfer and promotion had also been discussed with Chief Minister Devendra Fadnavis and senior officers.
 
The changes took place with immediate effect and Mr Javed told newspersons that the investigation into the Sheena Bora case would continue apace and that all angles, including the financial aspects, would be probed.
 
Mr Maria, 58, had been closely associated with the investigations into the case in which Ms Indrani Mukerjea, wife of media moghul Peter Mukerjea, has been arrested in connection with the April 2012 murder of Sheena, her daughter. Her former husband Sanjeev Khanna and her driver Shyam Rai have also been arrested in connection with the murder and all three are currently in judicial custody.
 
Mr. Maria had, among others, interrogated Ms. Mukerjea and others connected with the case.
 
Ms Mukerjee was arrested here on August 25, while Khanna was arrested in Kolkata the following day. According to the police, Sheena, who was until then believed to be Indrani's sister, was strangulated to death on April 24, 2012 and her body was also set on fire.
 
The charred remains were recovered a month later, on May 23, 2012 by the police in Raigad district of Maharashtra but they could not be identified and the case had remained unsolved.
 
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Mr. Mukerjea had told journalists after his wife's arrest that he had always been given the impression that Sheena was her sister and was unaware until then that she was her daughter.
 
He also acknowledged that Sheena had been in a relationship with his son from a previous marriage, but Ms. Mukerjea and her family did not approve of it. He said he was told that the family was against the relationship and had decided to send Sheena to the United States. He said he had not been in touch with her after that.
 
He said he was shown some pictures of Sheena, said to have been taken in the US, and he did not raise any doubts though his son had told him on a few occasions that she was not in the US.
 
Police sources said Ms Mukerjea had, during interrogation, admitted that Sheena was her own daughter from a previous relationship. 
 
Police said they stumbled upon the murder when they arrested the Mukerjeas' driver Rai on a tip-off and found him in possession of a pistol on August 21. He told the police about the murder and led them to the spot where her body had been dumped, they said.
 
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Ahmed Javed replaces Rakesh Maria as Mumbai Police chief

 
Maria's transfer not connected to Sheena murder case: K P Bakshi
 
The Maharashtra Government today appointed Mr. Ahmed Javed as the new Commissioner of Police of Mumbai, replacing Mr. Rakesh Maria, who was been promoted and appointed as the Director General, Home Guards.
 
Mr. Maria's promotion and shifting has come right in the midst of the ongoing police investigations into the Sheena Bora murder case, which has dominated the media for nearly two weeks now.
 
The Police Commissioner was personally involved in the investigations and had briefed newspersons even yesterday evening about progress made in the case.
 
The state government, however, denied any suggestions that he had been shifted because it was dissatisfied with the manner in which the probe was being conducted. It said the changes were made in view of the coming Ganesh Chaturthi festival and the law and order factors for the festive season.
 
"Mr.Maria has been promoted to the director general rank and posted as the DG of Home Guards in Mumbai in place of Mr. Ahmed Javed. Mr. Javed (who was DG-Home Guards) becomes the new CP of Mumbai," additional chief secretary (home) K P Bakshi told journalists.
 
He said that post of Mumbai police commissioner had been upgraded to the rank of director general to enable Mr Javed to take over the position. Mr. Maria was holding the post of Police Commission in the rank of additional director general. Both officers belong to the 1981 batch of the Indian Police Service (IPS).
 
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Mr. Bakshi said the transfer was not a sudden move and that it had been under consideration for at least two or three weeks. He said the matter of Mr. Maria's transfer and promotion had also been discussed with Chief Minister Devendra Fadnavis and senior officers.
 
The changes took place with immediate effect and Mr Javed told newspersons that the investigation into the Sheena Bora case would continue apace and that all angles, including the financial aspects, would be probed.
 
Mr Maria, 58, had been closely associated with the investigations into the case in which Ms Indrani Mukerjea, wife of media moghul Peter Mukerjea, has been arrested in connection with the April 2012 murder of Sheena, her daughter. Her former husband Sanjeev Khanna and her driver Shyam Rai have also been arrested in connection with the murder and all three are currently in judicial custody.
 
Mr. Maria had, among others, interrogated Ms. Mukerjea and others connected with the case.
 
Ms Mukerjee was arrested here on August 25, while Khanna was arrested in Kolkata the following day. According to the police, Sheena, who was until then believed to be Indrani's sister, was strangulated to death on April 24, 2012 and her body was also set on fire.
 
The charred remains were recovered a month later, on May 23, 2012 by the police in Raigad district of Maharashtra but they could not be identified and the case had remained unsolved.
 
Mr. Mukherjee had told journalists after his wife's arrest that he had always been given the impression that Sheena was her sister and was unaware until then that she was her daughter.
 
He also acknowledged that Sheena had been in a relationship with his son from a previous marriage, but Ms. Mukerjea and her family did not approve of it. He said he was told that the family was against the relationship and had decided to send Sheena to the United States. He said he had not been in touch with her after that.
 
He said he was shown some pictures of Sheena, said to have been taken in the US, and he did not raise any doubts though his son had told him on a few occasions that she was not in the US.
 
Police sources said Ms Mukerjea had, during interrogation, admitted that Sheena was her own daughter from a previous relationship. 
 
Police said they stumbled upon the murder when they arrested the Mukerjeas' driver Rai on a tip-off and found him in possession of a pistol on August 21. He told the police about the murder and led them to the spot where her body had been dumped, they said.
 
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India's forex reserves fall by $ 3.434 billion to $ 351.92 billion

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India's foreign exchange reserves fell by a whopping $ 3.434 billion to $ 351.92 billion, after rising for two consecutive weeks, in the week ended August 28, the Reserve Bank of India said here today.
 
The country's forex reserves had gone up by $ 920.6 million to $ 355.354 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a majorchunk of the forex reserves, had gone down by $ 3.424 bllion during the week to $ 328.306 billion.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 18.25 billion while its special drawing rights (SDR) decreased by $ 7.1 million to $ 4.067 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) fell by $ 2.3 million to $ 1.295 billion, the bulletin added.
 
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L&T wins order valued at Rs 1070 crore in Saudi Arabia

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Infrastructure major Larsen & Toubro today said the Railway Business Unit of its Construction Division had won a major breakthrough order worth Rs 1070 crore ($ 161.37 million) in Saudi Arabia.
 
A press release from the company said the order is from the BACS consortium (Bechtel – Almabani – CCC – Siemens) for the construction of ballastless tracks for Riyadh Metro Lines -1 & 2 on a design and build basis. 
 
"This order has been won against stiff international competition and is in sync with L&T’s strategy to expand their Railway Business into the Middle-East," it said.
 
The project involves the construction of 62.86 kms of double ballastless tracks in tunnels, viaducts, at-grade sections and three depots. The project is scheduled to be completed in 40 months, the release added.
 
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Sun Pharma completes acquisition of opiates business in Australia

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Sun Pharmaceutical Industries Ltd. said it had today begun the integration of its Opiates business in Australia following the successful completion of the acquisition from GSK that was announced in March 2015.
 
"This acquisition fortifies Sun Pharma’s global position with two opiates manufacturing facilities in Port Fairy and Latrobe (both in Australia), complementing its current API manufacturing footprint globally," a press release from the company said.
 
The release said Sun Pharma now offers a rich basket of opiates product line in addition to a large API portfolio and dosage formulations covering a broad range of chronic and acute prescription drugs. The acquisition also brings a specialized team to drive business growth, it said.
 
According to the release, the Opiates acquisition allows Sun Pharma to significantly expands its narcotics raw material (NRM) market share, enhance its opiate alkaloids portfolio and depth in global opiates market and strengthen its strategic position in the global opiates business.
 
Welcoming the opiates team in Australia, Mr Anil Kumar Jain, CEO – API Business, Sun Pharma said, “The successful completion of this acquisition enables us to leverage our unique position in the global opiates business by capitalizing our global footprint and global ranking in the specialty generics market. Sun Pharma stays committed to uncompromised product quality, 100% compliance and innovation.”
 
The release said that, over the last few months, the Opiates and Sun Pharma teams put together a transition plan to oversee the implementation of the functional integration of Opiates business. 
 
"The transition process will emphasize on aligning best functional requirements and leveraging employee talents in this business," it said.
 
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RBI designates SBI, ICICI Bank as Domestic Systemically Important Banks

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The Reserve Bank of India (RBI) today announced the designation of State Bank of India (SBI), the country's largest lender, and the private sector ICICI Bank Ltd. as Domestic Systemically Important Banks (D-SIBs).
 
The central bank had issued the Framework for dealing with D-SIBs on July 22, 2014.
 
The D-SIB Framework requires the Reserve Bank to disclose the names of banks designated as D-SIBs every year in August starting from August 2015. It also requires that D-SIBs may be placed in four buckets depending upon their Systemic Importance Scores (SISs). Based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it, as mentioned in the D-SIB Framework.
 
The D-SIB Framework specifies a two-step process of identification of D-SIBs. In the first step, the sample of banks to be assessed for systemic importance has to be decided. The selection of banks in the sample for computation of SIS is based on analysis of their size as a percentage of annual GDP.
 
Based on the methodology provided in the D-SIB Framework and data collected from banks as on March 31, 2015, SBI has been designed as a D-SIB in Bucket 3 with additional common equity Tier 1 (CET1) requirement of 0.6 percent of risk weighted assets (RWAs) and ICICI Bank in Bucket 1 with additional CET1 requirement of 0.2 percent.
 
The additional CET1 requirements applicable to D-SIBs will be applicable from April 1, 2016 in a phased manner and would become fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital conservation buffer, a press release from RBI said.
 
Further, as mentioned in the D-SIB Framework, in case a foreign bank having branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its RWAS in India, the release added.
 
"RBI has named State Bank of India as Domestic Systemically Important Bank as expected.  However, the additional capital requirement of Tier I Capital has been lowered by 20 bps as compared to the draft guidelines.  SBI currently has a much higher level of Tier I at 9.62% as opposed to 7.00% required under the current guidelines," SBI Chairman Arundhati Bhattacharya said.
 
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L&T Constructions wins water supply projects valued at Rs 1489 crore in Rajasthan

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Infrastructure major Larsen & Toubro (L&T) today said the Water & Effluent Treatment Strategic Business Group of its Construction Division had won turnkey orders worth Rs 1489 crore in August 2015, in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (Nagaur).
 
The projects, funded by Japan International Cooperation Agency (JICA), are aimed at providing potable water to 986 villages and seven urban towns in Nagaur district and 111 villages and two towns of Bikaner district in Rajasthan, a press release from the company said.
 
The scope of the packages includes the construction of a 5310 ML raw water reservoir, a 250 MLD water treatment plant, raw water and clear water pumping stations, mild steel and ductile iron pipelines, electro-mechanical and instrumentation and other allied works including operation and maintenance, the release added.
 
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India's forex reserves rise by $ 920.6 million to $ 355.354 billion

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India's foreign exchange reserves rose for the second consecutive week, going up by $ 920.6 million to $ 355.354 billion in the week ended August 21, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had risen by $ 1.086 billion to $ 354.433 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 894.3 million to $ 331.731 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 18.25 billion while its special drawing rights (SDR) went up by $ 19.9 million to $ 4.075 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) increased by $ 6.4 million to $ 1.2977 billion, the bulletin added.
 
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