New Delhi: In a move that could give greater operational flexibility for power major NTPC Ltd, the Centre has freed the State-owned utility from the Rs 1,000-crore investment cap in firming up alliances or setting up subsidiaries to bid for power projects. The Cabinet Committee on Economic Affairs on March 27 gave its approval to waive the ceiling for equity investment by NTPC to set up financial joint ventures and wholly-owned subsidiaries in India or abroad for participating in bidding called by state utilities and distribution licensees. The clearance would facilitate participation of NTPC in bidding for the development of power projects initiated by Government utilities and result in greater competition and establishment of more public sector power projects, the spokesperson said after the CCEA meeting
Showing posts with label New Delhi. Show all posts
Showing posts with label New Delhi. Show all posts
Friday, March 28, 2008
Tuesday, March 25, 2008
Henderson Equity Invests In Sharda Worldwide
New Delhi: Henderson Equity Partners announced investment of $21.5 million (about Rs 84 crore) in Mumbai-based agrochemical company, Sharda Worldwide Exports.
The company aims to have a leading presence in the majority of geographies and the funds raised are envisaged to increase our presence in the US and Europe, said R V Bubna, Director, Sharda Worldwide Exports Pvt Ltd.
"Our team has consistently demonstrated its ability to garner a sizeable market share in key geographies and we believe that Sharda is now on a critical growth path which will position it as one of the leaders in this industry,” he said.
The company advised by Ernst & Young, however, refused to disclose the equity stake being picked up by the UK-based private equity firm.
The company markets off-patent agrochemicals across 50 countries and across the herbicide, fungicide and insecticide sectors, he said, adding it follows an asset-light strategy sourcing through a global network of cost-competitive suppliers ensuring quality control from production to dispatch.
Commenting on the investment Vishal Marwaha, Partner of Henderson Equity Partners said, "We believe that the sector and the company will be strong beneficiaries of increasing regulation of agrochemicals and increasing crop acreage."
The company is very well positioned to make acquisitions of niche product registrations in the regulated markets, he said.
The company aims to have a leading presence in the majority of geographies and the funds raised are envisaged to increase our presence in the US and Europe, said R V Bubna, Director, Sharda Worldwide Exports Pvt Ltd.
"Our team has consistently demonstrated its ability to garner a sizeable market share in key geographies and we believe that Sharda is now on a critical growth path which will position it as one of the leaders in this industry,” he said.
The company advised by Ernst & Young, however, refused to disclose the equity stake being picked up by the UK-based private equity firm.
The company markets off-patent agrochemicals across 50 countries and across the herbicide, fungicide and insecticide sectors, he said, adding it follows an asset-light strategy sourcing through a global network of cost-competitive suppliers ensuring quality control from production to dispatch.
Commenting on the investment Vishal Marwaha, Partner of Henderson Equity Partners said, "We believe that the sector and the company will be strong beneficiaries of increasing regulation of agrochemicals and increasing crop acreage."
The company is very well positioned to make acquisitions of niche product registrations in the regulated markets, he said.
Friday, March 21, 2008
Review Tata, Virgin Deal, GSM Players Urge Dot
New Delhi: GSM operators have urged the Department of Telecom to reinvestigate the deal between Tata Teleservices and Virgin Mobile for a possible violation of the Foreign Direct Investment (FDI) norms.
In a communication to DoT, the Cellular Operators Association of India said that rules regarding Mobile Virtual Network Operators should be made clear and no operator should be allowed to take a back-door entry into the telecom sector. The DoT had earlier given a clean chit to the Tata-Virgin deal.
However, COAI wants the issue to be examined once again. “The arrangement between Virgin Mobile India and Tata Teleservices has implications from the perspective of the foreign direct investment policy of the Government of India. The FDI Policy limits foreign investment in the telecom services sector and completely bars it in the retail sector. It is important, therefore, to examine whether the mobile services being provided by Virgin Mobile India meet the restrictions imposed by the FDI Policy,” said the COAI letter.
COAI has also urged DoT to clarify the rules for providing MVNO and franchising. “Virgin Mobile India claims to be a franchisee of Tata Teleservices offering in India the “Virgin Mobile” brand of services of Tata Teleservices. It is well known that the brand “Virgin Mobile” belongs to the Virgin Group of companies based in UK. It is equally well known that the mobile services that have been launched in India by Virgin Mobile India are the same services that the Virgin Group already offers, as an MVNO, in other parts of the world under the same brand. It is counter-intuitive that a group with a well-known brand of mobile services would first transfer its brand and expertise to Tata Teleservices and then take the same brand and expertise back for use in India under a franchising arrangement, unless this double loop is deployed to overcome a regulation,” COAI said.
In a communication to DoT, the Cellular Operators Association of India said that rules regarding Mobile Virtual Network Operators should be made clear and no operator should be allowed to take a back-door entry into the telecom sector. The DoT had earlier given a clean chit to the Tata-Virgin deal.
However, COAI wants the issue to be examined once again. “The arrangement between Virgin Mobile India and Tata Teleservices has implications from the perspective of the foreign direct investment policy of the Government of India. The FDI Policy limits foreign investment in the telecom services sector and completely bars it in the retail sector. It is important, therefore, to examine whether the mobile services being provided by Virgin Mobile India meet the restrictions imposed by the FDI Policy,” said the COAI letter.
COAI has also urged DoT to clarify the rules for providing MVNO and franchising. “Virgin Mobile India claims to be a franchisee of Tata Teleservices offering in India the “Virgin Mobile” brand of services of Tata Teleservices. It is well known that the brand “Virgin Mobile” belongs to the Virgin Group of companies based in UK. It is equally well known that the mobile services that have been launched in India by Virgin Mobile India are the same services that the Virgin Group already offers, as an MVNO, in other parts of the world under the same brand. It is counter-intuitive that a group with a well-known brand of mobile services would first transfer its brand and expertise to Tata Teleservices and then take the same brand and expertise back for use in India under a franchising arrangement, unless this double loop is deployed to overcome a regulation,” COAI said.
Wednesday, March 19, 2008
Ghana Backs India's UN Bid, Eyes Indian Investment
New Delhi: Ahead of the India-Africa Forum summit in April, Ghana Tuesday backed India for a permanent UN Security Council seat and launched a charm offensive to attract Indian investment in the resource-rich West African country.
"We recognise the might of India. We have excellent ties with India. Ghana and Africa support India for a (permanent) place in the UN Security Council," Ghana Vice-President Alhaji Aliu Mahama, who is leading a 42-member business delegation to India, told reporters here.
"We see India as a true partner with whom we can do business and learn a lot. Ghana is a place to do real business," said Mahama, while flaunting Ghana as a gateway to the markets of the resource-rich West Africa.
Showcasing Ghana, which has huge reserves of gold, diamond, manganese, bauxite and cocoa, as one of the 10 reforming economies of the world, the Ghanaian vice-president underlined a business-friendly environment in his country and envisaged a win-win partnership with India.
"Africa has a lot to gain from you. There are several business opportunities for Indian businessmen in Africa. It's a win-win situation," said Mahama, who was a businessman before he became vice-president.
"Business people are running the country. Private sector can play a big role in creating new jobs," he said while fondly remembering Indian teachers who mentored him in school.
He identified agriculture, oil and mining, financial services, IT, industries, tourism and civil aviation as key areas in which Ghana is looking for Indian foreign investment.
The discovery of the first major oil deposit last year, estimated to be anywhere between 250 to 650 billion barrels, has the potential of turning Ghana into an "African tiger".
Ghana, a former chair and active player in the African Union, also struck an upbeat note about the first-ever India-Africa Forum summit in April, which will be attended by 14 African countries.
Mahama will meet his Indian counterpart Hamid Ansari and discuss with him a host of bilateral and global issues.
"The relationship between India and Africa goes back centuries. There is now a wish for a formalised relationship between India and Africa," he said.
"We need to re-explore the relationship and identify two-three concrete steps that will cement and entrench the relationship."
"It's like being in a marriage. We need to remind each other we love," said Robert Ahomka-Lindsay, chief executive officer of Ghana Investment Promotion Centre.
Making a riveting presentation pitching Ghana as 'Africa's Golden Gateway', he beckoned Indian businessmen to take the first flight to Accra and soak in new opportunities in his country.
"Take the first flight. We are waiting to welcome you," he said while letting in on the one-stop shop Ghana has set for clearing all foreign investments.
"We recognise the might of India. We have excellent ties with India. Ghana and Africa support India for a (permanent) place in the UN Security Council," Ghana Vice-President Alhaji Aliu Mahama, who is leading a 42-member business delegation to India, told reporters here.
"We see India as a true partner with whom we can do business and learn a lot. Ghana is a place to do real business," said Mahama, while flaunting Ghana as a gateway to the markets of the resource-rich West Africa.
Showcasing Ghana, which has huge reserves of gold, diamond, manganese, bauxite and cocoa, as one of the 10 reforming economies of the world, the Ghanaian vice-president underlined a business-friendly environment in his country and envisaged a win-win partnership with India.
"Africa has a lot to gain from you. There are several business opportunities for Indian businessmen in Africa. It's a win-win situation," said Mahama, who was a businessman before he became vice-president.
"Business people are running the country. Private sector can play a big role in creating new jobs," he said while fondly remembering Indian teachers who mentored him in school.
He identified agriculture, oil and mining, financial services, IT, industries, tourism and civil aviation as key areas in which Ghana is looking for Indian foreign investment.
The discovery of the first major oil deposit last year, estimated to be anywhere between 250 to 650 billion barrels, has the potential of turning Ghana into an "African tiger".
Ghana, a former chair and active player in the African Union, also struck an upbeat note about the first-ever India-Africa Forum summit in April, which will be attended by 14 African countries.
Mahama will meet his Indian counterpart Hamid Ansari and discuss with him a host of bilateral and global issues.
"The relationship between India and Africa goes back centuries. There is now a wish for a formalised relationship between India and Africa," he said.
"We need to re-explore the relationship and identify two-three concrete steps that will cement and entrench the relationship."
"It's like being in a marriage. We need to remind each other we love," said Robert Ahomka-Lindsay, chief executive officer of Ghana Investment Promotion Centre.
Making a riveting presentation pitching Ghana as 'Africa's Golden Gateway', he beckoned Indian businessmen to take the first flight to Accra and soak in new opportunities in his country.
"Take the first flight. We are waiting to welcome you," he said while letting in on the one-stop shop Ghana has set for clearing all foreign investments.
Saturday, March 15, 2008
Govt Approves Essar, Teikoku Investment Plans
New Delhi: India on Friday approved 18 foreign direct investment proposals worth Rs 1553 crore ($384 million), including by Essar group, Japan's Teikoku Piston Ring Co and French insurer Societe Beaujon.
The finance ministry said in a statement India's Essar group plans to set up a holding company with foreign equity at a cost of Rs 560 crore and invest in India's booming financial sector.
Teikoku plans to set up a wholly owned venture in India with an initial investment of Rs 40 crore to make auto parts.
Paris-based Societe Beaujon plans a Rs 191 crore investment in an insurance company in India, the ministry said.
The finance ministry said in a statement India's Essar group plans to set up a holding company with foreign equity at a cost of Rs 560 crore and invest in India's booming financial sector.
Teikoku plans to set up a wholly owned venture in India with an initial investment of Rs 40 crore to make auto parts.
Paris-based Societe Beaujon plans a Rs 191 crore investment in an insurance company in India, the ministry said.
Tuesday, February 5, 2008
Jindal Saw Enters Urban Infrastructure Projects
New Delhi: Jindal Saw Ltd, leading pipes manufacturer, anticipates the urban infrastructure projects contributing a greater share of company''s revenue in the next five years as the country increases spending on infrastructure projects to sustain high level of economic growth. The company has secured a contract from NDWPCL - a joint venture between the Delhi Government and IL&FS - to develop a 16 MW waste-based power plant. The company has outbid 29 firms, including GMR and Tata Power, to bag a contract to set up the capital''s first waste-based power plant. It estimates an investment of around Rs 200 crore in the new venture. Thirty international and domestic firms, including Tata Power, Gammon Infrastructure and GMR, were in race for the contract.
Tuesday, January 29, 2008
NTPC Likely To Invest More On Abroad Coal Assets
New Delhi: NTPC Ltd is planning to infuse over $1 billion on purchasing coal assets abroad over the next few years as part of its efforts to secure long-term fuel linkages. The generation major, which is in fairly advanced stages of looking for opportunities in countries such as Indonesia and Australia, Nigeria, Mozambique and South Africa, has already earmarked around $125 million to be pumped into Coal Ventures International Ltd (CVIL) a alliance firm co-promoted by state-owned Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd, Coal India Ltd and National Mineral Development Corporation. They are on the lookout and expect to strike a coal mine deal overseas during the current year as part of a long term measure to ensure fuel security for our coal-fired stations.
Wednesday, January 16, 2008
Vedanta Mulls Rs 24,000cr Orissa Plant For Steel Entry
New Delhi: Non-ferrous metals giant Vedanta Resources is planning to foray the Indian steel sector with a 5 million tonne plant at an investment of about Rs 24,000 crore in Keonjhar district of Orissa and conceiving of its commissioning by 2012-13. It is planning to build a 5 million tonne steel plant at Keonjhar district of Orissa. Vedanta, which is the holding company of Sterlite Industries, has proposed to form a company - Sterlite Iron and Steel Company - for the project. The company will be a alliance between the Vedanta group and Volcan Investments, Vedanta''s holding company. Vedanta has started trial run of its Rs 3,500 crore alumina plant at Lanjigarh in Orissa but is yet to ensure adequate bauxite linkage for its different projects.
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