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Speaking at the World Economic Forum in Davos, Mr Anand Sharma, Union Minister of Commerce and Industry, has said that investor sentiment is very positive and that foreign direct investment (FDI) into India is looking set to be more than US$ 25 billion this fiscal.
On a different note, cargo handled at the country's major ports, a key indicator of economic activity, grew for the fifth consecutive month in December 2009, expanding 8.3 per cent over the corresponding month last year. Also, four port expansion projects with an estimated investment of US$ 890.36 million, have been cleared by a panel headed by Mr Ashok Chawla, Finance Secretary. |
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| Warm regards, |
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Aparna Dutt Sharma
CEO
India Brand Equity Foundation |
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Focus: Ports |
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Four port expansion projects entailing an estimated investment of US$ 890.36 million have been cleared by a panel headed by Mr Ashok Chawla, Finance Secretary. These include projects for development of a mega container terminal at the Chennai Port, a project to develop a multi-purpose berth at the Paradip Port in Orissa, development of the second North Cargo Berth at Tuticorin Port in Tamil Nadu and development of a container terminal at the New Mangalore Port.
The Cabinet Committee on Infrastructure (CCI) has also approved the development of a fourth terminal at the country's busiest port, the Jawaharlal Nehru Port, at an estimated cost of Rs 6,696 crore (US$ 1.44 billion). Meanwhile, cargo handled by the major ports in the country, a key indicator of economic activity, grew for the fifth consecutive month at 49.1 million tonnes (MT) compared to 45.3 MT in the corresponding month last year. | |
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Focus: Financial Services |
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A study by Project Finance International (PFI), a source of global project finance intelligence and a Thomson Reuters publication, has said that the main market for project finance (PF) in 2009 was the domestic Indian market, which raised US$ 30 billion, accounting for 21.5 per cent of the global project finance market. Out of the 224 financial institutions that were ranked, SBI Capital Markets topped the global loan chart with IDBI Bank, Infrastructure Development Finance Company (IDFC) and Axis Bank ranked second, third and fourth respectively in the Asia-Pacific region.
Meanwhile, Aditya Birla Capital Advisors has raised Rs 675 crore (US$ 145.9 million) from domestic investors for its first India-centric fund as it looks to invest in companies engaged in the education, healthcare, consumer-related business and infrastructure sectors. | |
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Interview: Andre J Hoffman, president, L'Occitane Asia Pacific, on the company's long-term plans and India's expanding luxury market |
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"About 49% of our global business comes from Asia Pacific...
Last month, we opened a store at Khan Market in New Delhi, and now we have opened another one in the DLF Promenade Mall. Our strategy is to expand to Mumbai and other cities. Over the next five years, we plan to open 20 stores. India is a long-term project for us...
We are targeting the class A and B+ consumer. We have priced our products competitively. However, we have made a conscious decision to be an affordable luxury brand. We want to build a strong consumer base here and realise that a lot of Indians are very value conscious." | [More] |
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Interview: Maarten Koster, president, Asia Pacific, Novell, on the company's plans for India in 2010 |
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"Managing workload across the three areas - physical, virtualised and cloud environments, is what Novell will be focusing on in 2010. A lot of these new applications will be developed in India. We have already announced that we will be investing about $100 million in India this year and increasing our India headcount from 600 to 800 employees. We also have over a billion dollar in cash assets and are looking for acquisitions.
We will be playing a role for all three providers of physical data centres as a service (PAAS), software as a service (SAAS) and infrastructure as a service (IAAS). We also have over a billion dollar in cash assets and looking for acquisitions. India already has the largest development base of 800 employees out of Novell's 3500 employee base globally." | [More] |
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| Policy/Corporate Briefs |
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| RBI increases CRR by 75 bps |
| The Reserve Bank of India (RBI) has increased the Cash Reserve Ratio (CRR) by 75 basis points to 5.75 per cent, while repo and reverse repo rates have remained unchanged, as stated in its third quarter review of Monetary Policy 2009-10. |
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| ECB norms relaxed for 3G bid |
| In an attempt to boost the auction of 3G spectrum, the government has allowed prospective bidders to raise short-term funds from the domestic market, which could be refinanced through external commercial borrowings (ECBs) within 12 months. |
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| 'Investor sentiment is very positive' |
| Speaking at the World Economic Forum in Davos, Mr Anand Sharma, Union Minister of Commerce and Industry, has said that FDI into India for the current fiscal is looking set to be more than US$ 25 billion. |
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| Government nod for 14 FDI proposals |
| The government has approved of 14 FDI proposals to bring in foreign investment totalling US$ 157.89 million, which includes a proposal by the Asset Reconstruction Company to bring in FDI worth US$ 58.82 million. |
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| Exports of gems, jewellery rise 45 per cent in Dec |
| The export of gems and jewellery from India, the world's largest supplier, rose 45 per cent over December 2008 to touch US$ 1.89 billion in December 2009, according to preliminary data published by the Gem and Jewellery Export Promotion Council. |
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| $750-mn fund for Indo-Saudi trade |
| A US$ 750-million fund will be created to facilitate private sector investment between India and Saudi Arabia during Prime Minister Dr Manmohan Singh's upcoming visit to the Arab nation, according to the Saudi Arabian Ambassador, Faisal Hassan-al Trad. |
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| Forex kitty up $899 m, touches $285 bn |
| Foreign exchange reserves rose US$ 899 million to touch US$ 285.1 billion during the week ended January 15 2010, according to the latest figures released by the RBI. |
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| T Rowe buys 26% in UTI AMC, UTI Trustee for Rs 650 crore |
| With the aim of profiting from the fast-growing Indian mutual fund industry, US-based investment management firm, T Rowe Price Group (TRP), has bought a 26 per cent stake in UTI Asset Management Company (AMC) and UTI Trustee Company for Rs 650 crore (US$ 140.03 million). |
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| Global brands make a beeline for India |
| In a bid to capitalize on a rapidly expanding apparel market, estimated at Rs 1.3 trillion (US$ 28.07 billion) and expanding at a yearly 10 per cent, a slew of global brands such as French label Etam, Spain-based Zara and Japanese casual wear brand Uniqlo, are lining up to open outlets in India. |
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