SinoIndusFriendship
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Sounds good at first, but isn't 7.5 billion over paying? I hope you guys the best, I don't want you to go through another JLR or Arcelor rip off.
Indian Economy-News & Updates
- Thread starter Flintlock
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Sounds good at first, but isn't 7.5 billion over paying? I hope you guys the best, I don't want you to go through another JLR or Arcelor rip off.
EyelessInGaza
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Sounds good at first, but isn't 7.5 billion over paying? I hope you guys the best, I don't want you to go through another JLR or Arcelor rip off.
The price is what the market will bear.
Time will tell whether it is a success or not, but it's a private sector investment which will succeed and fail on it own merits, without government intervention.
Hopefully it will be not be like IBM PC. Or an MG Rover.
indiatech
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India, Malaysia consortium to buy Zain stake
KUWAIT (Reuters) - A consortium of Indian telecom companies and a Malaysian investor will buy a 46 percent stake in Kuwaiti telecom Zain, an official with major shareholder Kharafi Group said on Tuesday.
The group will pay 2 dinars a share in a deal that values the stake in the Arab world's third largest telecommunications company at about $13.7 billion, making it one of the biggest overseas acquisitions into the Gulf region.
The consortium is made up of India's Vavasi Group, regional telecom companies Bharat Sanchar Nigam and Mahanagar Telephone Nigam, and Malaysian billionaire Syed Mokhtar al-Bukhary.
Kharafi vice-president Bard al-Kharafi told a news conference that the deal would take four months to complete.
"It's considered a good opportunity to exit the investment," he said when asked why the company was selling its stake. "This deal is considered a profit for both parties."
Kharafi confirmed this week that it was in talks to sell its position in Zain, estimated at about 20 percent, along with other shareholders. Combined, the group held a 46 percent stake.
National Investments Co, owned by the Kharafi Group, said on Monday that one of its portfolio clients, Al Khair National, had informed it that it was reviewing a sale of the Zain stake.
"The involvement of the small investors in this deal is according to the agreement (between the small investors) and Al Khair, with the same price," Bard al-Kharafi said on Tuesday, adding that the majority of the other Zain shareholders involved in the deal were small, permanent stakeholders.
"Al Khair group signed to provide 46 percent and God willing we are able to get this percentage."
No decision has been reached on how the stake would be divided among the consortium, Vavasi said, adding that the group had been in discussions for seven months on a potential deal.
NO AFRICA SALE
Zain, which operates in 24 countries including Saudi Arabia and Nigeria, has been in the midst of a strategic review and repeatedly denied rumors that a stake sale was imminent.
The Kuwait firm, renowned for its aggressive acquisition policy, had retained UBS as an advisor and was shopping its African assets, marking an abrupt turnaround from its stated goal of becoming a top ten global telecom player.
Market speculation of a sale had propelled its stock up 53 percent since July 9, to an 11-month closing high on Sept. 6, a day after its chief executive told Reuters it was in early talks to sell a stake in its African operations, minus its Moroccan and Sudanese business.
Talk of a stake sale in Zain itself was also rife, with management saying it was unaware of any such plans. Last month, shareholders voted to scrap individual ownership limits.
Vavasi Telegence's managing director said on Tuesday that the new shareholders now had no plans to offload the African operations.
"Our plan is to consolidate networks further and roll out larger networks and cover greater markets ... It's not to sell for sure," Farid Arifuddin said at a news conference.
Arifuddin said there was a good fit between Zain and the Indian companies in the consortium.
"We see a lot of synergy between India ... and the other countries where Zain group is in operation in Africa," he said.
"What we bring to the transaction is our experience especially our prospective partners from India ... They have the experience of operating in low cost countries."
Zain stock has dropped 11.5 percent since Sunday's close.
KUWAIT (Reuters) - A consortium of Indian telecom companies and a Malaysian investor will buy a 46 percent stake in Kuwaiti telecom Zain, an official with major shareholder Kharafi Group said on Tuesday.
The group will pay 2 dinars a share in a deal that values the stake in the Arab world's third largest telecommunications company at about $13.7 billion, making it one of the biggest overseas acquisitions into the Gulf region.
The consortium is made up of India's Vavasi Group, regional telecom companies Bharat Sanchar Nigam and Mahanagar Telephone Nigam, and Malaysian billionaire Syed Mokhtar al-Bukhary.
Kharafi vice-president Bard al-Kharafi told a news conference that the deal would take four months to complete.
"It's considered a good opportunity to exit the investment," he said when asked why the company was selling its stake. "This deal is considered a profit for both parties."
Kharafi confirmed this week that it was in talks to sell its position in Zain, estimated at about 20 percent, along with other shareholders. Combined, the group held a 46 percent stake.
National Investments Co, owned by the Kharafi Group, said on Monday that one of its portfolio clients, Al Khair National, had informed it that it was reviewing a sale of the Zain stake.
"The involvement of the small investors in this deal is according to the agreement (between the small investors) and Al Khair, with the same price," Bard al-Kharafi said on Tuesday, adding that the majority of the other Zain shareholders involved in the deal were small, permanent stakeholders.
"Al Khair group signed to provide 46 percent and God willing we are able to get this percentage."
No decision has been reached on how the stake would be divided among the consortium, Vavasi said, adding that the group had been in discussions for seven months on a potential deal.
NO AFRICA SALE
Zain, which operates in 24 countries including Saudi Arabia and Nigeria, has been in the midst of a strategic review and repeatedly denied rumors that a stake sale was imminent.
The Kuwait firm, renowned for its aggressive acquisition policy, had retained UBS as an advisor and was shopping its African assets, marking an abrupt turnaround from its stated goal of becoming a top ten global telecom player.
Market speculation of a sale had propelled its stock up 53 percent since July 9, to an 11-month closing high on Sept. 6, a day after its chief executive told Reuters it was in early talks to sell a stake in its African operations, minus its Moroccan and Sudanese business.
Talk of a stake sale in Zain itself was also rife, with management saying it was unaware of any such plans. Last month, shareholders voted to scrap individual ownership limits.
Vavasi Telegence's managing director said on Tuesday that the new shareholders now had no plans to offload the African operations.
"Our plan is to consolidate networks further and roll out larger networks and cover greater markets ... It's not to sell for sure," Farid Arifuddin said at a news conference.
Arifuddin said there was a good fit between Zain and the Indian companies in the consortium.
"We see a lot of synergy between India ... and the other countries where Zain group is in operation in Africa," he said.
"What we bring to the transaction is our experience especially our prospective partners from India ... They have the experience of operating in low cost countries."
Zain stock has dropped 11.5 percent since Sunday's close.
indiatech
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Direct fiber optic communications between China and India. The "new Silk Road"
The project involves China Telecom Corp and Indian Reliance Communications. Hundreds of kilometers of fiber optics with a capacity of 4.8 terabytes. The new network will go over the Himalayas through the Nath La pass, which links the Tibetan city of Yadong with Siliguri, the center of Darjeeling district in the Indian state of West Bengal.
Beijing (AsiaNews / Agencies) - For the first time China and India will have a direct line of communication via cable. It has already been dubbed "the new Silk Road": hundreds of kilometres of fiber optics, separate from the respective local lines already in existence, which will be laid down by China Telecom Corp. and India's Reliance Communications.
Yihua Han, managing director of China Telecom Corp, Punit Garg, president of Reliance Communications, said "This new cable will help our customers in Asia, and beyond, to compete effectively on a global scale". They described the project as "a milestone" intended "to improve the development opportunities for international affairs" and of the two countries.
According to both parties "the new Silk Road" will have a "long term" beneficial influence even on the economies of neighbouring countries like Nepal, Bhutan, Sri Lanka, Pakistan and Bangladesh.
The new cable system will have an initial capacity of 20 gigabytes per second, but will reach a capacity of 4.8 terabytes, hundreds of times the current bandwidth between the two countries. The broadcasts will take place in DWDM and SDH.
To date, high-capacity communications between the two countries has had to make use of a submarine line passing from Hong Kong and Singapore, while phone calls pass through Europe and the United States. China Telecom Corp and Reliance Communications claim that the deal will safeguard the communication lines during natural disasters which systematically affect existing networks in both countries.
The path defined for the laying of the new network will go over the Himalayas through the Nath passage that connects the Tibetan town of Siliguri with Yadong, a centre in the district of Darjeeling in the Indian state of West Bengal.
The project involves China Telecom Corp and Indian Reliance Communications. Hundreds of kilometers of fiber optics with a capacity of 4.8 terabytes. The new network will go over the Himalayas through the Nath La pass, which links the Tibetan city of Yadong with Siliguri, the center of Darjeeling district in the Indian state of West Bengal.
Beijing (AsiaNews / Agencies) - For the first time China and India will have a direct line of communication via cable. It has already been dubbed "the new Silk Road": hundreds of kilometres of fiber optics, separate from the respective local lines already in existence, which will be laid down by China Telecom Corp. and India's Reliance Communications.
Yihua Han, managing director of China Telecom Corp, Punit Garg, president of Reliance Communications, said "This new cable will help our customers in Asia, and beyond, to compete effectively on a global scale". They described the project as "a milestone" intended "to improve the development opportunities for international affairs" and of the two countries.
According to both parties "the new Silk Road" will have a "long term" beneficial influence even on the economies of neighbouring countries like Nepal, Bhutan, Sri Lanka, Pakistan and Bangladesh.
The new cable system will have an initial capacity of 20 gigabytes per second, but will reach a capacity of 4.8 terabytes, hundreds of times the current bandwidth between the two countries. The broadcasts will take place in DWDM and SDH.
To date, high-capacity communications between the two countries has had to make use of a submarine line passing from Hong Kong and Singapore, while phone calls pass through Europe and the United States. China Telecom Corp and Reliance Communications claim that the deal will safeguard the communication lines during natural disasters which systematically affect existing networks in both countries.
The path defined for the laying of the new network will go over the Himalayas through the Nath passage that connects the Tibetan town of Siliguri with Yadong, a centre in the district of Darjeeling in the Indian state of West Bengal.
jaunty
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Bharti, MTN Said to Have Reached Preliminary Accord
By Cathy Chan, Andrea Tan and Nicky Smith
Sept. 9 (Bloomberg) -- Bharti Airtel Ltd., Indias biggest mobile-phone company, and South Africas MTN Group Ltd. reached a $24 billion preliminary agreement to buy each others shares, the first step in a planned merger, three people familiar with the matter said.
Bharti sweetened its bid to buy 49 percent of MTN by raising the cash portion of its $14 billion offer, the people said, asking not to be identified before an announcement this month. MTN, Africas biggest wireless company, and its shareholders are poised to acquire 33 percent of Bharti for about $10 billion, they said.
The worlds biggest cross-border deal this year would pave the way for the creation of a mobile-phone carrier with annual sales of $20 billion and 200 million wireless subscribers from Johannesburg to Mumbai. The accord would need the approval of 75 percent of MTNs shareholders, some of whom have said Bharti should raise its offer from a bid disclosed in May.
Singapore Telecommunications Ltd., which owns about 30 percent of Bharti, agreed to invest as much as $3 billion to buy Bharti shares, according to the people.
SingTel said in an e-mail that the company doesnt comment on market speculation. Marina Bidoli, a spokeswoman at Johannesburg-based MTN, declined to comment as did Ranjana Smetacek, a Bharti spokeswoman. In an e-mailed statement today Bharti said discussions with MTN are continuing.
MTN rose as much as 5.1 percent in Johannesburg, closing 1.9 percent higher at 127.00 rand. Bharti fell 3.5 percent to 409.35 rupees in Mumbai, trimming its gain this year to 14 percent.
Stock, Cash
Bharti agreed to give $4 billion in stock to two of MTNs biggest shareholders, M1 Group and South Africas Public Investment Corp., while offering remaining shareholders $10 billion in cash, the people said.
Bharti said on May 25 it offered 86 rand in cash plus half a Bharti stock for each MTN share for a 49 percent stake, while Africas largest mobile-phone company and its shareholders would acquire 36 percent of the New Delhi-based operator. Bharti said at the time the value of the deal may exceed $23 billion.
Shareholders of about 20 percent of MTN have said they didnt support the deal at Bhartis initial bid. Some demanded an all-cash offer.
An increase in the cash component and the all-cash option for MTN minorities is a better offer, but for my part is not good enough, said Martin Mabbutt, a London-based analyst at Nomura International, which owns some MTN shares. I feel MTN could get a much higher price. He rates the stock a buy.
Coronation Fund
Coronation Fund Managers Ltd., which holds about 5 percent of MTN, said on Aug. 20 it wanted about 31 percent more for its stake in Africas largest wireless provider. The fund also wanted an all-cash offer, instead of Bhartis proposed stock- and-cash bid, it said then.
MTN Chief Executive Officer Phuthuma Nhleko has been looking to expand in markets outside the continent and said in March the company wanted to make a meaningful acquisition this year. The company last year failed to close deals with Bharti and its nearest Indian rival Reliance Communications Ltd.
The combined operation will help Bharti Chairman Sunil Mittal boost overseas sales at a time when Reliance and Vodafone Group Plc are closing in on its lead in India. Competition is also intensifying with the entry of more foreign rivals including Japans NTT DoCoMo Inc. and Norways Telenor ASA.
Bharti added a record 8.44 million users last quarter, 60 percent of them in rural and semi-urban areas, Chief Executive Officer Manoj Kohli said July 23. The additions boosted the operators total wireless subscribers to 102.4 million, more than the combined populations of Spain and the United Kingdom.
Vodafones Indian unit and Reliance added customers at a faster pace in the quarter, according to the latest available figures from Indias Telecom Regulatory Authority, to increase their market shares to 18 percent and 19 percent respectively, while Bhartis proportion was unchanged.
Bharti hired Barclays Plc and Standard Chartered Plc for the agreement, while Bank of America Corp. and Deutsche Bank AG advised MTN. Goldman Sachs Group Inc. worked with SingTel, Southeast Asias largest telephone company.
Bharti, MTN Said to Have Reached Preliminary Accord (Update2) - Bloomberg.com
By Cathy Chan, Andrea Tan and Nicky Smith
Sept. 9 (Bloomberg) -- Bharti Airtel Ltd., Indias biggest mobile-phone company, and South Africas MTN Group Ltd. reached a $24 billion preliminary agreement to buy each others shares, the first step in a planned merger, three people familiar with the matter said.
Bharti sweetened its bid to buy 49 percent of MTN by raising the cash portion of its $14 billion offer, the people said, asking not to be identified before an announcement this month. MTN, Africas biggest wireless company, and its shareholders are poised to acquire 33 percent of Bharti for about $10 billion, they said.
The worlds biggest cross-border deal this year would pave the way for the creation of a mobile-phone carrier with annual sales of $20 billion and 200 million wireless subscribers from Johannesburg to Mumbai. The accord would need the approval of 75 percent of MTNs shareholders, some of whom have said Bharti should raise its offer from a bid disclosed in May.
Singapore Telecommunications Ltd., which owns about 30 percent of Bharti, agreed to invest as much as $3 billion to buy Bharti shares, according to the people.
SingTel said in an e-mail that the company doesnt comment on market speculation. Marina Bidoli, a spokeswoman at Johannesburg-based MTN, declined to comment as did Ranjana Smetacek, a Bharti spokeswoman. In an e-mailed statement today Bharti said discussions with MTN are continuing.
MTN rose as much as 5.1 percent in Johannesburg, closing 1.9 percent higher at 127.00 rand. Bharti fell 3.5 percent to 409.35 rupees in Mumbai, trimming its gain this year to 14 percent.
Stock, Cash
Bharti agreed to give $4 billion in stock to two of MTNs biggest shareholders, M1 Group and South Africas Public Investment Corp., while offering remaining shareholders $10 billion in cash, the people said.
Bharti said on May 25 it offered 86 rand in cash plus half a Bharti stock for each MTN share for a 49 percent stake, while Africas largest mobile-phone company and its shareholders would acquire 36 percent of the New Delhi-based operator. Bharti said at the time the value of the deal may exceed $23 billion.
Shareholders of about 20 percent of MTN have said they didnt support the deal at Bhartis initial bid. Some demanded an all-cash offer.
An increase in the cash component and the all-cash option for MTN minorities is a better offer, but for my part is not good enough, said Martin Mabbutt, a London-based analyst at Nomura International, which owns some MTN shares. I feel MTN could get a much higher price. He rates the stock a buy.
Coronation Fund
Coronation Fund Managers Ltd., which holds about 5 percent of MTN, said on Aug. 20 it wanted about 31 percent more for its stake in Africas largest wireless provider. The fund also wanted an all-cash offer, instead of Bhartis proposed stock- and-cash bid, it said then.
MTN Chief Executive Officer Phuthuma Nhleko has been looking to expand in markets outside the continent and said in March the company wanted to make a meaningful acquisition this year. The company last year failed to close deals with Bharti and its nearest Indian rival Reliance Communications Ltd.
The combined operation will help Bharti Chairman Sunil Mittal boost overseas sales at a time when Reliance and Vodafone Group Plc are closing in on its lead in India. Competition is also intensifying with the entry of more foreign rivals including Japans NTT DoCoMo Inc. and Norways Telenor ASA.
Bharti added a record 8.44 million users last quarter, 60 percent of them in rural and semi-urban areas, Chief Executive Officer Manoj Kohli said July 23. The additions boosted the operators total wireless subscribers to 102.4 million, more than the combined populations of Spain and the United Kingdom.
Vodafones Indian unit and Reliance added customers at a faster pace in the quarter, according to the latest available figures from Indias Telecom Regulatory Authority, to increase their market shares to 18 percent and 19 percent respectively, while Bhartis proportion was unchanged.
Bharti hired Barclays Plc and Standard Chartered Plc for the agreement, while Bank of America Corp. and Deutsche Bank AG advised MTN. Goldman Sachs Group Inc. worked with SingTel, Southeast Asias largest telephone company.
Bharti, MTN Said to Have Reached Preliminary Accord (Update2) - Bloomberg.com
jaunty
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ArcelorMittal, Posco May Start Building India Plants
Sept. 10 (Bloomberg) -- ArcelorMittal, the worlds biggest steelmaker, and Posco may start building $32 billion of factories in India next year as domestic demand defies the global recession, Steel Minister Virbhadra Singh said.
Posco is very keen and would like to start tomorrow, Singh said in an interview. Im hopeful Posco will begin work next year. ArcelorMittal should also be able to start next year, at least on one of its two plants.
Posco, ArcleorMittal and Indian rivals such as Tata Steel Ltd. are rushing to build factories in the country as demand increases for cars, roads and bridges. Prime Minister Manmohan Singhs administration, which returned to power in May, aims to resolve land disputes and delays in allocating mining licenses to steelmakers to achieve as much as 9 percent economic growth.
Im talking to state governments to ensure the companies get mining leases and can start work, the steel minister said yesterday in his Udyog Bhavan office in New Delhi, without specifying the measures he plans to implement. India needs extra capacity because soon well not be able to meet demand.
Shares of Posco, Asias third-biggest steelmaker, rose as much as 2.8 percent to 480,000 won and traded at 477,500 won, up 2.3 percent, as of 12:52 p.m. in Seoul. ArcelorMittal rose 1.7 percent to 26.12 euros at the end of Amsterdam trading yesterday.
Economic Growth
India should aim for economic growth of between 8 percent and 9 percent in the medium term as the 7 percent target for this year isnt sufficient, the Prime Minister said on July 6. The government is expanding a rural jobs program, giving more income to farmers and lifting consumption in villages and towns.
Domestic steel consumption this quarter may rise 6 percent, the steel minister said yesterday. Demand grew 5 percent in the three months ended June 30, Steel Secretary Pramod Rastogi said on July 6.
Globally, steel demand will probably decline 10.3 percent this year, Nomura Holdings Inc. said in a report last month. Consumption should rebound 12.2 percent next year, supported by demand in China, according to Nomura.
Pohang, South Korea-based Poscos $12 billion, 12 million metric ton plant in eastern Orissa state, potentially the single- biggest overseas investment in India, has been delayed since plans were drawn up in 2005.
Cut Delays
India plans to cut permit delays and attract overseas capital through simpler mining laws, Mines Minister B.K. Handique said last month. The legislation will be presented to parliament in the winter session this year, he said.
ArcelorMittal in October 2005 said it would set up a factory with a final capacity of 12 million tons in Jharkhand and announced another plant of the same size in neighboring Orissa the following year. Its looking at starting work on the plants as soon as possible, Vijay Kumar Bhatnagar, chief executive officer of the India unit, said in a phone interview yesterday.
Of the two projects, we are slightly ahead in the Jharkhand project as we have secured a mining license in the state, he said.
Posco aims to start construction early next year after land acquisition problems are resolved, spokesman Choi Doo Jin said on Aug. 27. The company has yet to win a license from the Orissa government to mine iron ore.
The issue has to be resolved by the local people and the state government, Steel Minister Singh said. I am ensuring the process is expedited.
ArcelorMittal secured a permit to mine iron ore in 500 acres of land in Jharkhand in June 2008, three years after signing an agreement with the state government to build the plant. The Indian states of Jharkhand, Orissa and Chhattisgarh account for 70 percent of the nations coal reserves and 55 percent of its iron ore, according to McKinsey & Co.
ArcelorMittal is looking at how the global market shapes up and wants to synchronize its production with the global situation, the steel minister said. L.N. Mittal met me a few days ago and put forward the problems, he said, referring to ArcelorMittal Chief Executive Officer Lakshmi Mittal. Im using my good offices to see the state governments expedite the process.
ArcelorMittal, Posco May Start Building India Plants (Update1) - Bloomberg.com
Sept. 10 (Bloomberg) -- ArcelorMittal, the worlds biggest steelmaker, and Posco may start building $32 billion of factories in India next year as domestic demand defies the global recession, Steel Minister Virbhadra Singh said.
Posco is very keen and would like to start tomorrow, Singh said in an interview. Im hopeful Posco will begin work next year. ArcelorMittal should also be able to start next year, at least on one of its two plants.
Posco, ArcleorMittal and Indian rivals such as Tata Steel Ltd. are rushing to build factories in the country as demand increases for cars, roads and bridges. Prime Minister Manmohan Singhs administration, which returned to power in May, aims to resolve land disputes and delays in allocating mining licenses to steelmakers to achieve as much as 9 percent economic growth.
Im talking to state governments to ensure the companies get mining leases and can start work, the steel minister said yesterday in his Udyog Bhavan office in New Delhi, without specifying the measures he plans to implement. India needs extra capacity because soon well not be able to meet demand.
Shares of Posco, Asias third-biggest steelmaker, rose as much as 2.8 percent to 480,000 won and traded at 477,500 won, up 2.3 percent, as of 12:52 p.m. in Seoul. ArcelorMittal rose 1.7 percent to 26.12 euros at the end of Amsterdam trading yesterday.
Economic Growth
India should aim for economic growth of between 8 percent and 9 percent in the medium term as the 7 percent target for this year isnt sufficient, the Prime Minister said on July 6. The government is expanding a rural jobs program, giving more income to farmers and lifting consumption in villages and towns.
Domestic steel consumption this quarter may rise 6 percent, the steel minister said yesterday. Demand grew 5 percent in the three months ended June 30, Steel Secretary Pramod Rastogi said on July 6.
Globally, steel demand will probably decline 10.3 percent this year, Nomura Holdings Inc. said in a report last month. Consumption should rebound 12.2 percent next year, supported by demand in China, according to Nomura.
Pohang, South Korea-based Poscos $12 billion, 12 million metric ton plant in eastern Orissa state, potentially the single- biggest overseas investment in India, has been delayed since plans were drawn up in 2005.
Cut Delays
India plans to cut permit delays and attract overseas capital through simpler mining laws, Mines Minister B.K. Handique said last month. The legislation will be presented to parliament in the winter session this year, he said.
ArcelorMittal in October 2005 said it would set up a factory with a final capacity of 12 million tons in Jharkhand and announced another plant of the same size in neighboring Orissa the following year. Its looking at starting work on the plants as soon as possible, Vijay Kumar Bhatnagar, chief executive officer of the India unit, said in a phone interview yesterday.
Of the two projects, we are slightly ahead in the Jharkhand project as we have secured a mining license in the state, he said.
Posco aims to start construction early next year after land acquisition problems are resolved, spokesman Choi Doo Jin said on Aug. 27. The company has yet to win a license from the Orissa government to mine iron ore.
The issue has to be resolved by the local people and the state government, Steel Minister Singh said. I am ensuring the process is expedited.
ArcelorMittal secured a permit to mine iron ore in 500 acres of land in Jharkhand in June 2008, three years after signing an agreement with the state government to build the plant. The Indian states of Jharkhand, Orissa and Chhattisgarh account for 70 percent of the nations coal reserves and 55 percent of its iron ore, according to McKinsey & Co.
ArcelorMittal is looking at how the global market shapes up and wants to synchronize its production with the global situation, the steel minister said. L.N. Mittal met me a few days ago and put forward the problems, he said, referring to ArcelorMittal Chief Executive Officer Lakshmi Mittal. Im using my good offices to see the state governments expedite the process.
ArcelorMittal, Posco May Start Building India Plants (Update1) - Bloomberg.com
blueoval79
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Solar Energy in India Gujarat to host Worlds Largest Plant
Gujarat government has signed a MoU with Clinton Foundation to build the worlds largest solar-power plant in the region. The 3,000-megawatt plant near the border between India and Pakistan would be one of four planned by the initiative, a William J. Clinton Foundation program to promote renewable energy. The other proposed sites are in California, South Africa, and Australia.
Of all the Indian state governments, Gujarat has taken bold steps towards solarizing the state the government is even offering 25-year fixed-rate tariff contracts, and 35,000 sq. km. area of Thar Desert has been set aside for solar power projects.
Solar Energy in India ? Gujarat to host World?s Largest Plant, India?s grand plans..and more |Technology
Indian government, plans to provide 55% subsidy on solar power installations for homes and offices, according to a senior government official. The subsidy will come from the $22bn (£13.4bn) that the federal government plans to budget for solar power development to 2030.
Government also plans to convert 10,000 villages which do not have electricity into solar-powered settlements 2012, by diverting a part of of the subsidy spent on fossil fuel to renewable energy.
Gujarat government has signed a MoU with Clinton Foundation to build the worlds largest solar-power plant in the region. The 3,000-megawatt plant near the border between India and Pakistan would be one of four planned by the initiative, a William J. Clinton Foundation program to promote renewable energy. The other proposed sites are in California, South Africa, and Australia.
Of all the Indian state governments, Gujarat has taken bold steps towards solarizing the state the government is even offering 25-year fixed-rate tariff contracts, and 35,000 sq. km. area of Thar Desert has been set aside for solar power projects.
Solar Energy in India ? Gujarat to host World?s Largest Plant, India?s grand plans..and more |Technology
Indian government, plans to provide 55% subsidy on solar power installations for homes and offices, according to a senior government official. The subsidy will come from the $22bn (£13.4bn) that the federal government plans to budget for solar power development to 2030.
Government also plans to convert 10,000 villages which do not have electricity into solar-powered settlements 2012, by diverting a part of of the subsidy spent on fossil fuel to renewable energy.
blueoval79
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Wind Power Capacity May Exceed Indias Estimate by Fivefold 
Sept. 10 (Bloomberg) -- India can build wind power plants that may be able to generate almost five times more than the governments estimate by 2030, according to a study by the Global World Energy Council.
Wind energy capacity can climb to as much as 231,000 megawatts in India, compared with the governments forecast of 48,000 megawatts from 216 potential sites, according to the study, produced in partnership with the Indian Wind Turbine Manufacturers Association.
The governments estimate may be on the conservative side and technological improvements and the exploitation of a vast offshore wind resource could significantly increase this potential, the study said. One cannot play down the 7,000 kilometers (4,350 miles) of coastline.
India gives tax breaks and loans to companies building alternative energy power plants to reduce dependence on fossil fuels and cut the countrys emissions of gases blamed for global warming. The South Asian nation has said it will keep per-capita emissions below the global average and will resist legally binding caps on producing greenhouse gases.
According to the so-called advanced scenario presented in the report, India could save 550 million metric tons of carbon dioxide emissions a year and attract 475 billion rupees of investments in wind energy annually.
Indian companies added 222 megawatts of wind power capacity in the first four months of the year that started in April, taking the total installed capacity to 10,464 megawatts
, according to data on the Web site of the Ministry of New and Renewable Energy.
Wind energy can also be increased by replacing existing mills with higher-capacity units, according to the report, released late yesterday by Farooq Abdullah, Indias minister for new and renewable energy.
The government plans to add 10,500 megawatts of wind capacity in the five years to March 2012. Indias total installed capacity was 151,073 megawatts
as of July 31, according to the Central Electricity Authority. One megawatt is the energy used by 200 urban homes in India.
Wind Power Capacity May Exceed India?s Estimate by Fivefold - Bloomberg.com
Sept. 10 (Bloomberg) -- India can build wind power plants that may be able to generate almost five times more than the governments estimate by 2030, according to a study by the Global World Energy Council.
Wind energy capacity can climb to as much as 231,000 megawatts in India, compared with the governments forecast of 48,000 megawatts from 216 potential sites, according to the study, produced in partnership with the Indian Wind Turbine Manufacturers Association.
The governments estimate may be on the conservative side and technological improvements and the exploitation of a vast offshore wind resource could significantly increase this potential, the study said. One cannot play down the 7,000 kilometers (4,350 miles) of coastline.
India gives tax breaks and loans to companies building alternative energy power plants to reduce dependence on fossil fuels and cut the countrys emissions of gases blamed for global warming. The South Asian nation has said it will keep per-capita emissions below the global average and will resist legally binding caps on producing greenhouse gases.
According to the so-called advanced scenario presented in the report, India could save 550 million metric tons of carbon dioxide emissions a year and attract 475 billion rupees of investments in wind energy annually.
Indian companies added 222 megawatts of wind power capacity in the first four months of the year that started in April, taking the total installed capacity to 10,464 megawatts
, according to data on the Web site of the Ministry of New and Renewable Energy.Wind energy can also be increased by replacing existing mills with higher-capacity units, according to the report, released late yesterday by Farooq Abdullah, Indias minister for new and renewable energy.
The government plans to add 10,500 megawatts of wind capacity in the five years to March 2012. Indias total installed capacity was 151,073 megawatts
as of July 31, according to the Central Electricity Authority. One megawatt is the energy used by 200 urban homes in India.Wind Power Capacity May Exceed India?s Estimate by Fivefold - Bloomberg.com
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Wind Power Capacity May Exceed Indias Estimate by Fivefold
Sept. 10 (Bloomberg) -- India can build wind power plants that may be able to generate almost five times more than the governments estimate by 2030, according to a study by the Global World Energy Council.
Wind energy capacity can climb to as much as 231,000 megawatts in India, compared with the governments forecast of 48,000 megawatts from 216 potential sites, according to the study, produced in partnership with the Indian Wind Turbine Manufacturers Association.
The governments estimate may be on the conservative side and technological improvements and the exploitation of a vast offshore wind resource could significantly increase this potential, the study said. One cannot play down the 7,000 kilometers (4,350 miles) of coastline.
India gives tax breaks and loans to companies building alternative energy power plants to reduce dependence on fossil fuels and cut the countrys emissions of gases blamed for global warming. The South Asian nation has said it will keep per-capita emissions below the global average and will resist legally binding caps on producing greenhouse gases.
According to the so-called advanced scenario presented in the report, India could save 550 million metric tons of carbon dioxide emissions a year and attract 475 billion rupees of investments in wind energy annually.
Indian companies added 222 megawatts of wind power capacity in the first four months of the year that started in April, taking the total installed capacity to 10,464 megawatts
Wind energy can also be increased by replacing existing mills with higher-capacity units, according to the report, released late yesterday by Farooq Abdullah, Indias minister for new and renewable energy.
The government plans to add 10,500 megawatts of wind capacity in the five years to March 2012. Indias total installed capacity was 151,073 megawatts
Wind Power Capacity May Exceed India?s Estimate by Fivefold - Bloomberg.com
India currently requires triple that amount of power, Government and private setor need to do a lot of catch up work
Now recently for example India has propsed building the worlds largest Solar plant in the ran of kuch, but asks for capital investment from the western world to fund these green projets or India will have to use more oil and gas plants, this blackmail may atcually work to get them to pay and India gets more power.
indiatech
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Thursday September 10, 03:28 AM Source: Indian Express Finance
Indo-Taiwan FTA talks to resume soon
India and Taiwan may resume talks for signing free trade agreement (FTA) soon, Wen-Chyi Ong, representative of the Taipei Economic and Cultural Centre in New Delhi, said on Wednesday. The trade volume between India and South Korea stands at $15 billion and there is a FTA between South Korea and India. But, if that (trade volume) is the benchmark for signing an FTA between India and Taiwan then it may take some more time. But we will start holding talks for negotiation of the agreement, he said. The bilateral trade between Taiwan and India stood at $5.3 billion as of 2008, he said. There has been an increase in exports from Taiwan to India over the last few years, but many areas which had the potential for exports from India to Taiwan were untapped. He said Taiwan exported electrical machinery and electronic equipments, while India exported raw materials, aluminium, diesel and fishing products. Last year alone India exported corn worth $200 million to Taiwan, he said. Ong was here to officially announce Taiwan s third edition of trade fair--Taitronics India 2009, which would commence from September 11 at the Chennai Trade Centre. Taitronics India 2009 promises to be the biggest trade fair held so far and this year, the fair will see over 180 manufacturers from Taiwan displaying their products in more than 240 booths. Taipei World Trade Centre deputy chairman Wayne W Wu said, The outstanding performance of the Indian economy over the last few months has made Taiwanese manufacturers eager to seek business opportunities here. The fair will focus on electronics, machinery, automobile parts, hardware and tools. Speaking on the occasion, Chung-Fang Hsu, vice-director general of the Bureau of Foreign Trade said, apart from electronics and ICT industries, Taiwan s machinery and automobiles have also gained world recognition for innovation and quality. According to global competitiveness report 2008-09, Taiwan ranks first in the world for the density of utility patents granted. Manufactures from Taiwan not only possess excellent skills in innovation, but also provide products with superior quality at reasonable prices, she added.
Indo-Taiwan FTA talks to resume soon
India and Taiwan may resume talks for signing free trade agreement (FTA) soon, Wen-Chyi Ong, representative of the Taipei Economic and Cultural Centre in New Delhi, said on Wednesday. The trade volume between India and South Korea stands at $15 billion and there is a FTA between South Korea and India. But, if that (trade volume) is the benchmark for signing an FTA between India and Taiwan then it may take some more time. But we will start holding talks for negotiation of the agreement, he said. The bilateral trade between Taiwan and India stood at $5.3 billion as of 2008, he said. There has been an increase in exports from Taiwan to India over the last few years, but many areas which had the potential for exports from India to Taiwan were untapped. He said Taiwan exported electrical machinery and electronic equipments, while India exported raw materials, aluminium, diesel and fishing products. Last year alone India exported corn worth $200 million to Taiwan, he said. Ong was here to officially announce Taiwan s third edition of trade fair--Taitronics India 2009, which would commence from September 11 at the Chennai Trade Centre. Taitronics India 2009 promises to be the biggest trade fair held so far and this year, the fair will see over 180 manufacturers from Taiwan displaying their products in more than 240 booths. Taipei World Trade Centre deputy chairman Wayne W Wu said, The outstanding performance of the Indian economy over the last few months has made Taiwanese manufacturers eager to seek business opportunities here. The fair will focus on electronics, machinery, automobile parts, hardware and tools. Speaking on the occasion, Chung-Fang Hsu, vice-director general of the Bureau of Foreign Trade said, apart from electronics and ICT industries, Taiwan s machinery and automobiles have also gained world recognition for innovation and quality. According to global competitiveness report 2008-09, Taiwan ranks first in the world for the density of utility patents granted. Manufactures from Taiwan not only possess excellent skills in innovation, but also provide products with superior quality at reasonable prices, she added.
white_pawn
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FDI inflow jumps 56% in July to $3.5bn
New Delhi: Despite a global financial crisis, the FDI flow into India increased by an impressive 56% in July 2009 to $3.5 billion as against $2.6 billion in the same month last year. However, exports continue to face the heat of global recession, declining for the eleventh straight month, and slipped 19.7% to $14.3 billion in August. But it seems the government is not satisfied with its performance on the FDI front. In order to attract more investments, government on Thursday announced formation of a not-for-profit company Invest India.
Despite a surge in July, total FDI inflow during the April-July period dipped by about 15% to $10.5 billion from 12.3 billion in the same period of 2008-09, due to poor show in the opening months of the current financial year. In 2008-09, the government set a target of $35 billion for FDI, but was able to receive only $27.3 billion due to global meltdown. Mauritius, the US, Japan and Singapore are the major investing countries during the first four months of 2009-10, commerce and industry minister Anand Sharma said.
Sharma said Invest India will be a JV between the government of India, Ficci and the state governments. It will act as the first reference point for any investor interested in India and will also facilitate setting up of businesses in the country, by making available sector-wise consultants and coordinating with the state governments. The unique feature of this company is the partnership between the private sector organisation and government of India and the state governments. This will seek to leverage synergies of all three as well as address their investment priorities, Sharma added.
Meanwhile, merchandise exports from India fell to $14.3 billion in August, against $17.8 billion in the same month last year, commerce secretary Rahul Khullar said. For April-August, the exports contracted by 31.3% to $63.9 billion from $93.1 billion in the same period of 2008-09. The contraction in July was 28.4%. There is a glimmer of hope, Khullar said, adding that a lot would depend on the Christmas orders. Besides, the decline in shipments was the lowest since January 2009.
jaunty
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Sensex rallies to new 15-month high; DLF biggest gainer
IANS 15 September 2009, 04:04pm IST
MUMBAI: Discarding mixed global cues, the benchmark Sensex on Tuesday set a fresh 15-month high of 16,454 points by adding over 240 points on
hectic buying by funds on reports of advance tax payments by some big corporate houses.
After snapping its previous six-day winning streak on Monday, the BSE Sensex opened strong and improved further to settle the day at 16,454.45, higher by 240.26 points or 1.48% than its last close. The last time the key index witnessed this level was on June 2 last year.
Marketmen said funds were aggressive buyers across realty, metal, banking, auto and consumer goods counters as they sensed promising second quarter earnings by India Inc. They said second installment of advance tax payments by some big corporate was higher indicating revival in the economy.
"The advance tax payment by corporate is robust which boosted the market sentiment," said Sanjay Bhambri of Hi-Tech Securities.
The small-cap and mid-cap shares gained more than one per cent each, reflecting good buying from retail investors.
All-round buying saw all sectoral indices closing with gains but realty, metal, banking and auto led the rally.
Realty major DLF was the biggest gainer among the Sensex stocks at 5.20 per cent, while auto major Hero Honda at 3.47% was the next best.
However, Asian indices ended narrowly mixed after opening firm. European markets also displayed a mixed trend in their afternoon trade.
Sensex rallies to new 15-month high; DLF biggest gainer - India Business - Business - NEWS - The Times of India
IANS 15 September 2009, 04:04pm IST
MUMBAI: Discarding mixed global cues, the benchmark Sensex on Tuesday set a fresh 15-month high of 16,454 points by adding over 240 points on
hectic buying by funds on reports of advance tax payments by some big corporate houses.
After snapping its previous six-day winning streak on Monday, the BSE Sensex opened strong and improved further to settle the day at 16,454.45, higher by 240.26 points or 1.48% than its last close. The last time the key index witnessed this level was on June 2 last year.
Marketmen said funds were aggressive buyers across realty, metal, banking, auto and consumer goods counters as they sensed promising second quarter earnings by India Inc. They said second installment of advance tax payments by some big corporate was higher indicating revival in the economy.
"The advance tax payment by corporate is robust which boosted the market sentiment," said Sanjay Bhambri of Hi-Tech Securities.
The small-cap and mid-cap shares gained more than one per cent each, reflecting good buying from retail investors.
All-round buying saw all sectoral indices closing with gains but realty, metal, banking and auto led the rally.
Realty major DLF was the biggest gainer among the Sensex stocks at 5.20 per cent, while auto major Hero Honda at 3.47% was the next best.
However, Asian indices ended narrowly mixed after opening firm. European markets also displayed a mixed trend in their afternoon trade.
Sensex rallies to new 15-month high; DLF biggest gainer - India Business - Business - NEWS - The Times of India
After Mongolia uranium deal, India targets Turkmenistan gas
New Delhi, Sep 15 (IANS) After signing a uranium deal with Mongolia, India turns its gaze towards Turkmenistan with External Affairs Minister S.M. Krishna visiting the gas-rich Central Asian republic from Belarus, the first stop of his two-nation tour beginning Wednesday.
In Belarus, Krishna will call on President Alexander Lukashenko and hold wide-ranging talks with his counterpart Sergey Martynov. India and Belarus will sign an agreement on cooperation in physical education and another pact on the establishment of a Digital Learning Centre in Minsk.
The centre will impart skills in advanced computing and software creation to young Belarusian students, initially with Indian faculty members and thereafter with trained Belarusian professionals, the external affairs ministry said here while announcing Krishnas visit.
With austerity as the reigning mantra of the government, Krishna will travel to Minsk via Frankfurt in economy class on commercial flights.
On Friday, Krishna heads to Ashgabat, the capital of Turkmenistan. A programme of cooperation between the foreign ministries of India and Turkmenistan will be signed during the visit.
Krishnas visit to Turkmenistan comes close on the heels of a uranium supply deal India signed with Mongolia Monday.
The discussions in Turkmenistan will focus on intensifying cooperation in hydrocarbon sector.
Krishnas talks with Deputy Prime Minister and Minister in-charge of Oil and Gas sector Baymyrat Hojamuhammedov is expected to set the stage for substantive gas deals between the two countries. The two sides will also exchange ideas on reviving the proposed Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline which has been languishing for some time.
Turkmenistan produces roughly 60 billion cubic metres of natural gas each year. About two-thirds of gas exports go to Russias state-run Gazprom.
Turkmenistan, one of the most ethnically homogeneous former Soviet republics, is now diversifying its gas exports. It is building a major gas pipeline to China, and is considering taking part in the EU-backed Nabucco pipeline.
New Delhi, Sep 15 (IANS) After signing a uranium deal with Mongolia, India turns its gaze towards Turkmenistan with External Affairs Minister S.M. Krishna visiting the gas-rich Central Asian republic from Belarus, the first stop of his two-nation tour beginning Wednesday.
In Belarus, Krishna will call on President Alexander Lukashenko and hold wide-ranging talks with his counterpart Sergey Martynov. India and Belarus will sign an agreement on cooperation in physical education and another pact on the establishment of a Digital Learning Centre in Minsk.
The centre will impart skills in advanced computing and software creation to young Belarusian students, initially with Indian faculty members and thereafter with trained Belarusian professionals, the external affairs ministry said here while announcing Krishnas visit.
With austerity as the reigning mantra of the government, Krishna will travel to Minsk via Frankfurt in economy class on commercial flights.
On Friday, Krishna heads to Ashgabat, the capital of Turkmenistan. A programme of cooperation between the foreign ministries of India and Turkmenistan will be signed during the visit.
Krishnas visit to Turkmenistan comes close on the heels of a uranium supply deal India signed with Mongolia Monday.
The discussions in Turkmenistan will focus on intensifying cooperation in hydrocarbon sector.
Krishnas talks with Deputy Prime Minister and Minister in-charge of Oil and Gas sector Baymyrat Hojamuhammedov is expected to set the stage for substantive gas deals between the two countries. The two sides will also exchange ideas on reviving the proposed Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline which has been languishing for some time.
Turkmenistan produces roughly 60 billion cubic metres of natural gas each year. About two-thirds of gas exports go to Russias state-run Gazprom.
Turkmenistan, one of the most ethnically homogeneous former Soviet republics, is now diversifying its gas exports. It is building a major gas pipeline to China, and is considering taking part in the EU-backed Nabucco pipeline.
Nikkei Inc. and TERI strengthen India- Japan alliance
New Delhi: As the world gears up for Copenhagen, efforts are being made by the developed nations to share their technical expertise with the developing nations. Nikkei Inc. Japan and TERI organised the first Global Eco-Business Forum in India to enhance India- Japan collaboration.
The forum discussed ways to collaborate so as to reduce carbon emissions by using environment and energy technologies.
Present on the occasion were Mr. Kohei Osada, Senior Managing Director, Nikkei Inc., Mr. Hideaki Domichi, Ambassador of Japan to India, Dr Rajendra Pachauri, Chair, IPCC and Director General, TERI among other government and corporate representatives from India and Japan.
A large number of experts in the field of energy efficient technologies from Japan and India interacted during the one- day event. The forum brought together the thought leaders and industrialists from both countries to strengthen this partnership.
Mr. Kohei Osada, Senior Managing Director, Nikkei Inc., said, This forum is designed to shed light on Japans advanced technologies for environment and energy conservation as also for building partnerships to deploy these technologies for overcoming the environmental challenges before mankind.
While delivering the keynote address, Dr Rajendra Pachauri, Chair, IPCC and Director General, TERI, said, I cant think of a more relevant partnership to look at eco- friendly technologies that will create a revolution in the world. Japan has been successful in developing resource efficient technologies. There is certainly a business rationale for India and Japan to work together especially after the launch of NAPCC in India. The partnership will prosper due to the existing complementarities between the two nations- India can provide skilled labour at affordable cost and a huge market for these technologies. We should be working towards creating energy efficient technologies to combat climate change. There are enormous opportunities for the governments and corporates of both the nations in this sector. These technologies are going to define the commercial success.
The seminar is one in a series of eco-business forums being held in four cities of the world including one held in July, 2009 in Tokyo. Other cities where the forum will be held include Shanghai and Washington DC.
The participating Japanese organizations include Heat Pump & Thermal Storage Technology Center of Japan (HPTCJ), Japanese Business Alliance for Smart Energy Worldwide (JASE-World) and Mitsubishi Corporation.
Dr. Akira Yabe, Vice President, National Institute of Advanced Industrial Science and Technology speaking on the occasion said that Japan has worlds leading technology in the field of heat...
New Delhi: As the world gears up for Copenhagen, efforts are being made by the developed nations to share their technical expertise with the developing nations. Nikkei Inc. Japan and TERI organised the first Global Eco-Business Forum in India to enhance India- Japan collaboration.
The forum discussed ways to collaborate so as to reduce carbon emissions by using environment and energy technologies.
Present on the occasion were Mr. Kohei Osada, Senior Managing Director, Nikkei Inc., Mr. Hideaki Domichi, Ambassador of Japan to India, Dr Rajendra Pachauri, Chair, IPCC and Director General, TERI among other government and corporate representatives from India and Japan.
A large number of experts in the field of energy efficient technologies from Japan and India interacted during the one- day event. The forum brought together the thought leaders and industrialists from both countries to strengthen this partnership.
Mr. Kohei Osada, Senior Managing Director, Nikkei Inc., said, This forum is designed to shed light on Japans advanced technologies for environment and energy conservation as also for building partnerships to deploy these technologies for overcoming the environmental challenges before mankind.
While delivering the keynote address, Dr Rajendra Pachauri, Chair, IPCC and Director General, TERI, said, I cant think of a more relevant partnership to look at eco- friendly technologies that will create a revolution in the world. Japan has been successful in developing resource efficient technologies. There is certainly a business rationale for India and Japan to work together especially after the launch of NAPCC in India. The partnership will prosper due to the existing complementarities between the two nations- India can provide skilled labour at affordable cost and a huge market for these technologies. We should be working towards creating energy efficient technologies to combat climate change. There are enormous opportunities for the governments and corporates of both the nations in this sector. These technologies are going to define the commercial success.
The seminar is one in a series of eco-business forums being held in four cities of the world including one held in July, 2009 in Tokyo. Other cities where the forum will be held include Shanghai and Washington DC.
The participating Japanese organizations include Heat Pump & Thermal Storage Technology Center of Japan (HPTCJ), Japanese Business Alliance for Smart Energy Worldwide (JASE-World) and Mitsubishi Corporation.
Dr. Akira Yabe, Vice President, National Institute of Advanced Industrial Science and Technology speaking on the occasion said that Japan has worlds leading technology in the field of heat...
Born In The USA
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GE Energy's windmill plant to come up in South
Power generation and energy delivery technologies supplier, GE Energy, is planning to set up a wind turbine generator plant in south India, which would commence production in the second half of 2010. The company is yet to finalise the location.
We are currently analysing the investments. The plant will commence with the production of GEs 1.5 XLE model wind turbine, which is most suited for Indias low wind regimes and will eventually grow the capacity to ship 300 wind turbines (450 Mw capacity) yearly in line with the growth in demand, Tejpreet Singh Chopra, president and CEO of GE India, said at a press conference here on Wednesday.
The company will utilise its global supply chain initially. Overtime, it will draw a road map to indegenise the plant and use this market as a base for developing and exporting to other countries, he added.
On GEs Healthymagination, an initiative focused on developing innovations, reducing costs, increasing access and improving quality in the area of healthcare, Chopra said the company would be spending $6 billion in the programme globally over the next five to six years.
While $3 billion will be spent on developing 100 value and ultra-value products such as baby warmers and X-rays for the rural markets, $3 billion will go towards healthcare IT solutions and in creating healthcare awareness. A significant portion of this will come to the companys Bangalore centre, he said.
Stating that GE India received a validated end user authorisation from the US government in June this year, which enables transfer of technologies to India without pre-approval from the US government, Chopra said GE would transfer some advanced technologies to India in about two months, security devices and explosive detection devices to start with.
We are talking to the Ministry of Defence for providing explosive detection devices, Chopra added.
Power generation and energy delivery technologies supplier, GE Energy, is planning to set up a wind turbine generator plant in south India, which would commence production in the second half of 2010. The company is yet to finalise the location.
We are currently analysing the investments. The plant will commence with the production of GEs 1.5 XLE model wind turbine, which is most suited for Indias low wind regimes and will eventually grow the capacity to ship 300 wind turbines (450 Mw capacity) yearly in line with the growth in demand, Tejpreet Singh Chopra, president and CEO of GE India, said at a press conference here on Wednesday.
The company will utilise its global supply chain initially. Overtime, it will draw a road map to indegenise the plant and use this market as a base for developing and exporting to other countries, he added.
On GEs Healthymagination, an initiative focused on developing innovations, reducing costs, increasing access and improving quality in the area of healthcare, Chopra said the company would be spending $6 billion in the programme globally over the next five to six years.
While $3 billion will be spent on developing 100 value and ultra-value products such as baby warmers and X-rays for the rural markets, $3 billion will go towards healthcare IT solutions and in creating healthcare awareness. A significant portion of this will come to the companys Bangalore centre, he said.
Stating that GE India received a validated end user authorisation from the US government in June this year, which enables transfer of technologies to India without pre-approval from the US government, Chopra said GE would transfer some advanced technologies to India in about two months, security devices and explosive detection devices to start with.
We are talking to the Ministry of Defence for providing explosive detection devices, Chopra added.
