| POLICY WATCH |
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SEZs will get to sell power outside zones
| The government will allow power projects located in special economic zones (SEZs) to sell electricity to units outside the zones, including in other SEZs, without seeking a distribution licence from state electricity boards. |
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New policy on anvil for gas block auction
| India will have a new policy—Open Acreage Licensing Policy (Oalp)—to auction hydrocarbon assets for exploring oil and gas reserves in 18 months, according to Director General of Hydrocarbons, S K Srivastava. |
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Govt approves plan of IIDF
| The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of India Infrastructure Development Fund (IIDF), Mauritius, on the recommendation of the Foreign Investment Promotion Board (FIPB), for international investment in its India fund, which is expected to bring in foreign direct investment (FDI) worth US$ 163.8 million in the country. |
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| PEOPLE |
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Indian American appointed by Obama Administration
| US President Barack Obama has appointed an Indian American attorney, Amy K Singh, to the US President's Advisory Committee on the Arts for the prestigious John F Kennedy Center for Performing Arts, according to the White House. |
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Innovator of the Year award won by Indian MIT alumnus
| Kranthi Kiran Vistakula, an Indian alumnus of Massachusetts Institute of Technology (MIT) has been named the Innovator of the Year by Technology Review India, the technology magazine published by MIT. |
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NRI readies power plant in a box
| An Indian-American scientist, K R Sridhar, has invented a clean and efficient model of power generation-in-a-box, an important breakthrough in the energy sector, that could eliminate the traditional grid. |
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| ECONOMY AND ENTERPRISE |
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Headline index for manufacturing climbs for the third consecutive month in February 2010: HSBC
| The HSBC Markit Purchasing Managers' Index (PMI) – a headline index designed to measure the overall health of the manufacturing sector – climbed for the third month in February 2010 at 58.5, up from 57.6 in January 2010. |
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Steel cos see double-digit growth
| Backed by robust demand from automobile and infrastructure sectors, India's leading private steelmakers including Essar Steel and JSW Steel Ltd, have posted double-digit growth in sales volume, with Ispat Industries posting 70 per cent year-on-year growth in sales in February 2010. |
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Economy to grow 8.5% next year, says survey
| According to a survey conducted by the Confederation of Indian Industry (CII), the Indian economy is likely to grow at 8-8.5 per cent in the next fiscal. |
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Religare buys Northgate Capital
| Financial services company, Religare Enterprises Ltd, has acquired a majority stake in Northgate Capital, an international private equity company with offices in London and San Francisco. |
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Elgi Equipments acquires Belair of France
| The board of ELGI Equipments Limited (EEL), a manufacturer of industrial compressors has approved a €700,000 (US$ 953,823) worth acquisition of Belair S.A – France, a company engaged in assembly, sales and service of industrial compressors, piping, fittings and accessories. |
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TCS bags Rs 4,150-cr deal from UK govt
| Tata Consultancy Services Limited (TCS), the country's largest software exporter by revenue, is to administer the UK's National Employee Savings Trust (NEST) scheme's administered services under a 10-year deal, worth around £600 million (US$ 901.5 million). |
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Hindustan Dorr-Oliver acquires UK company
| Engineering solutions company Hindustan Dorr-Oliver Limited, part of Hyderabad-based IVRCL Infrastructures and Projects Ltd, has acquired Sheffield-based DavyMarkham, a 180-year-old company involved in design, manufacture and assembly of large equipment used in mining, power, oil, gas and nuclear sectors. |
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BHEL looks at doubling turnover by 2020
| The state-owned engineering major Bharat Heavy Electricals Limited (BHEL) is expected to double its turnover in the next 10 years to touch the Rs 50,000 crore (US$ 11 billion) mark, according to Satyanarayana Dash, Secretary, Department of Heavy Industries. |
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As credit growth improves, corporate banks are seeing a rise in capacity expansion proposals, not just from infrastructure companies but other sectors as well, suggesting a more durable basis for an economic turnaround.
The state-owned steel giant, Steel Authority of India (SAIL), is expected to spend Rs 12,254 crore (US$ 2.7 billion) to fund its mega expansion programme in the next financial year. In the power sector, a large part of the new generation capacity is now being built by the private sector. |
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"We are one of the two market leaders in India.... The growing residential segment has been a big part of our growth."
Matti Alahuhta
President and CEO
Kone Corporation |
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| Delhi Metro Rail Corporation (DMRC) unveiled the country's first standard gauge train depot that boasts of various facilities like state-of-the-art automatic train washing plant. |
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Focus on energy, water, forests
| The Thirteenth Finance Commission has allocated Rs 15,000 crore (US$ 3.25 billion) to support environmental protection and sustainable development programmes in areas such as renewable energy, water management and increasing forest cover across the country. |
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Thermax sees openings in renewable energy
| Pune-based energy and environment solutions' provider, Thermax Ltd, plans to initiate projects to use solar, biomass and geothermal sources of energy to tap incentives offered in the Union Budget 2010-11 for renewable energy, water and wastewater treatment. |
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Now, Chennai homes go green
| Middle class homes are going green with around 60 to 70 environment-friendly multi-residential complexes coming up in the country, of which eight are in Chennai. |
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