Canadian auto-parts makers see green opportunity in India
Narayanan Madhavan

India’s domestic passenger and commercial vehicle sales, including cars, utility vehicles, vans and trucks, grew from 1.4 million units in the year to March, 2005, to 3.2 million in 2010-2011; current projections put annual sales at five million by the end of 2015. An estimated 40 million vehicles are on Indian roads.

With many more millions of vehicles expected to be on the roads in coming decades, and India’s economy expected to grow by ... Read More

Axis Bank choose BMT Consultants India for PPP project
BMT Consultants India, a subsidiary of BMT Group Ltd, the leading international maritime design, engineering and risk management consultancy, announced today that it has been appointed as Lender’s Engineer by Axis Bank for the PPP (Public Private Partnership) project at Kandla Port, located in the Gujarat state of western India.

PSL Limited, a leading pipe and steel producer has secured funding for the 16th multi-purpose cargo berth at Kandla Port with Axis Bank. As ... Read More

New rich drive luxury car boom in India
Mumbai: From farmers who swapped fields for cash to 20-something CEOs that inherited the family business, hot new money is flooding India's luxury car market as roaring sportscar engines announce the country's growing wealth on its roads.

No senior Indian executive feels complete without his sleek German-made saloon, while Italian sportscars are the new calling cards for the country's rich young things at exclusive nightclubs that screen guests at the main gate, not at the ... Read More

Indian carmakers’ mixed fortunes
Indian carmakers had a mixed session, leading gainers and losers. A 22 per cent jump in year on year sales in December helped Tata Motors become one of the index’s best performers, after a 3 per cent increase to Rs183.80.

Bajaj Auto, India’s second largest two-wheeled vehicle maker by sales, fell 7.4 per cent to Rs1,475.00 after December sales failed to reach expectations.

The automaker reported a 10.4 per cent jump in overall sales, well ... Read More

India bans banks from new listings
James Lamont and Neil Munshi

India’s stock market regulator has issued a wake up call to investment banks operating in the country by banning some prominent banks from new listings and warning that it will overhaul the rules governing initial public offerings.

The tough response to irregularities surrounding recent listings is unusual for a slow-moving regulator that has in the past taken years to act on investigations.

Profile of a good adviser UK Sinha, the ... Read More

India to get team to beat global crisis
New Delhi: The Finance Ministry today decided to set up a Crisis Management Group (CMG) to deal with the impact of the global crisis on the domestic economy, especially on the financial sector.

The decision to set up a CMG was taken at a meeting headed by R Gopalan, Secretary Department of Economic Affairs (DEA) in the Finance Ministry.

"The group will work towards developing an early warning mechanism to avert a crisis," a senior ... Read More

Vodafone's global investors get a taste of India
The company said the one-nation, one-licence rule, and free national roaming are the biggest policy uncertainties for the sector.

Vodafone's brass, including chief executive officer Vittorio Colao, told investors roaming policy was applicable to its 3G licences, in spite of claims that it was not.

The company, which is already engaged in talks over the issue with the government, said it was ready to go to the Telecom Disputes Settlement & Appellate Tribunal, or even to ... Read More

'In BRIC, foreign funds like India least'
Overweight on others, resolutely underweight on India, shows survey; generally sombre global outlook for coming year.

India is the least favoured BRIC (Brazil, Russia and China are the others) nation among top global investors. Large foreign funds will end 2011 underweight on India and overweight on the other three, says a survey by Bank of America Merill Lynch (BofAML).

This month, Brazil, Russia and China gained the lion’s share of investor interest. The allocations to Brazil shot ... Read More

India to be No. 3 auto market by 2015
Auto makers in India will make thrice the investment in creating capacities in the coming decade than what they have done between 1983 and 2010Shally Seth Mohile Mumbai: China, the US and India—that will be the pecking order of the global automobiles market by volumes by 2015, according to Rothschild, the UK-based global financial advisory firm.

Currently, India is the sixth largest market after China, the US, ... Read More

'India may surpass US in steel production'
Jamshedpur: Given the growth of the domestic steel sector, India is likely to overtake the US to become the third-largest steel producer in the world in the next couple of years, the Executive Director of the Association for Iron and Steel Technology (AIST) Ronald E Ashburn said today.

"India will eclipse the US in 2-3 years in steel producing after China and Japan," he told a press conference here on the eve of launch of ... Read More

Tata Motors sales surge 41% in November
New Delhi: Tata Motors today reported a 40.64 per cent increase in its total vehicle sales during November, 2011, to 76,823 units.

The company had sold 54,622 units in the same month last year.

The homegrown firm's total passenger vehicles sales in the domestic market stood at 27,737 units in November, up 80.81 per cent from 15,340 units in the same month last year, Tata Motors said in a statement.

The company's small car Nano's ... Read More

Caterpillar to expand Indian operations investing $212 million
Chennai, Nov 30 (IANS) As a part of its $3 billion expansion programme globally, mining, construction equipment and engines manufacturer Caterpillar Inc will be investing $212 million over the next two years in India in setting up a new engine plant and expanding its existing earthmoving equipment facility, said a senior official.

'Over the next five years the company will be investing around $2-$3 billion in expanding capacities in various markets. In India we will ... Read More

Rs.120 billion petroleum refinery to come up in Andhra
Hyderabad, Nov 17 (IANS) Amerind Petroleum Private Limited (Amerind) proposes to set up a nearly Rs.120 billion petroleum refinery near Visakhapatnam, in joint technical collaboration with US-based American Industrial Corporation (AIC).

The refinery to come up in Petroleum, Chemicals and Petro-chemicals Investment Region (PCPIR) near the coastal city of Visakhapatnam, will have an initial refining capacity to process 7.5 million tonnes of crude oil per annum (or 150,000 barrels per day) and will produce the ... Read More

Coca-Cola to invest $2 bn in India over five years
Currently, India is the ninth largest market for Coke in terms of volumes across the globe. The company plans to invest $30 billion across the world in the next five years. India will account for 6.6 per cent of that.

Talking about the substantial investment plan for India, Ahmet C Bozer, president of The Coca-Cola Company for Eurasia and Africa who oversees 90-plus countries, said at a press conference, “We are making one of the most ... Read More

Government's decision on sugar exports soon
New Delhi, Nov 17 (IANS) A group of ministers headed by Finance Minister Pranab Mukherjee is likely to take a decision next week on allowing sugar exports in 2011-12 marketing year, a minister said Thursday.

'We will take a decision on sugar exports Monday next week,' Minister of State for Consumer Affairs, Food and Public Distribution K.V. Thomas told reporters here.

Export of sugar from India, the world's second largest producer and the biggest consumer, ... Read More

Moody's downgrades Indian banks
Mumbai, Nov 9 Global rating agency Moody's downgraded the outlook for Indian banks saying the asset quality of various lenders could deteriorate in the next 18 months given high inflation levels, monetary tightening and rising interest rates.

The news sent banking stocks tumbling at Indian stocks markets with the banking index at the Bombay Stock Exchange (BSE) closing 2.62 percent lower.

The rating agency changed its outlook for India's banking system to negative from ... Read More

Satyam's Raju gets bail
New Delhi, Nov 4 (IANS) The Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas.

... Read More

'Cairn India is fastest growing energy co'
New Delhi: Cairn India has been ranked the fastest growing oil and gas exploration firm in the world, even as heavyweights like ONGC and Reliance Industries slipped in a list of top-performing energy firms globally.

With a three-year compounded growth rate (CGR) of 116.5 per cent, Cairn was ranked by energy information provider Platts as the fastest growing E&P company in 2010.

It was also named the fastest growing Asian company ahead of Reliance (ranked ... Read More

Lamborghini Aventador priced at Rs 3.7 cr
New Delhi: Looking to tap the fast-growing Indian market, Italian luxury sports carmaker Automobili Lamborghini SpA today launched its latest model, the 'Lamborghini Aventador LP700-4', priced at Rs 3.69 crore (ex-showroom, Delhi), in the country.

"India is an emerging market for sports cars, which is evident from the successful Formula 1 race event. We have already received 20 bookings for the Aventador," Automobili Lamborghini SpA Marketing Manager, South-East Asia and Pacific, James Page told reporters ... Read More

Infosys aims to double Europe sales in 3 years
India’s No 2 software services exporter, Infosys, aims to double the revenue share from Europe to 40% of its total sales by the end of its 2014 financial year, as cost-strapped global companies step up outsourcing.

The Bangalore-based company, a pioneer in India’s $76-billion IT sector, has grown rapidly by employing thousands of engineers in low-cost Indian centres and catering to overseas firms, mainly based in the United States.

“Our target is by 2014, our ... Read More

India trade may hit close to $1,000 billion by 2025
HSBC Trade Connections report said the country's trade with the UAE and China is expected to grow by 190 per cent and 165 per cent, respectively, making the UAE India's largest trading partner by 2025.

"India trade will grow 156 per cent by 2025 with its trade volumes reaching USD 976.7 billion and will be among the top five international powerhouses which will drive the world trade growth until 2025," an HSBC statement said.

Further, ... Read More

Indian workers end two-week strike at Maruti Suzuki
Workers at India's top car maker Maruti Suzuki have called off a 14-day strike that had seriously affected production.

The company has agreed to reinstate 64 permanent staff and 1,200 casual workers at its factory in Manesar in the northern Haryana state.

Some 30 workers remain suspended due to their actions during the strike.

Maruti Suzuki, a joint venture between Maruti and Japan's Suzuki Motor Corporation, has a 50% share of India's booming car market.

The car maker has ... Read More

Best asset class right now for NRIs investing in India
NRIs should plan their return to home as it has a bearing on the taxability of overseas income

Fixed income in India has become an extremely attractive proposition for NRIs investing in India, thanks to the high interest rate regime.

And for NRIs in the US, it's a double whammy. Sanjeev Sardana, CEO of California based wealth advisory firm Bluepointe Capital explains, "The rupee has, in the past few weeks, depreciated significantly against the dollar. Secondly, ... Read More

Volvo to invest Rs. 400 crore to expand India operations
Bangalore, Oct 13 (IANS) Global transport solutions major Volvo AB will invest an additional Rs.400 crore ($80 million) to expand its bus manufacturing operations in India over the next five years, a senior executive said Thursday.

'We will invest Rs.400 crore during the next five years to expand our installed production capacity to 5,000 units per annum in two phases from 1,000 units currently and introduce a range of new products, including hybrid version,' Volvo ... Read More

Toyota to export made-in-India vehicles from 2012
Toyota's Indian joint venture says it plans to export cars to South Africa by March 2012.

The announcement marks the first time Toyota Kirloskar will ship Indian-made cars overseas. It is increasing production to cope with extra demand.

Two petrol-engine Etios models are involved, a compact hatchback and a larger sedan.

Both cars are being redesigned for South Africa's climate, road conditions and local tastes.

Managing director Hiroshi Nakagawa said the news was a "defining moment" for the partnership.

Toyota ... Read More

Ford India to expand export base
The company is currently exporting its global car, which made its international debut in India in March last year, to 27 countries.

"Exports has been a real joy for us. In September, we exported 2,469 cars. We are quite happy that the number is growing," Ford India Executive Director (Marketing, Sales and Service) Nigel E Wark said.

Asked if the rising export numbers of Figo have encouraged the company to explore new markets, he replied ... Read More

Kingfisher to exit budget airline business
Mr Mallya says there are enough passengers who want to use the non-budget service India's Kingfisher Airlines plans to pilot a new premium business model and ground its existing low-cost outfit.

The airline, India's second biggest private carrier, is run by drinks baron Vijay Mallya, who said changes would come in the next four months.

The budget arm of the airline, which was created in 2008, is called Kingfisher Red.

"We are doing away with Kingfisher Red ... Read More

India's GVK buys stake in Australian mines for $1.26bn
Indian infrastructure giant GVK said it will pay $1.26bn (£802m) to buy a majority stake in coal assets owned by Australia's Hancock Group.

GVK will take a 79% stake in two mines and own a third, as well as a port and rail project, the company said in a statement.

The deal comes after months of negotiations that began in February.

Indian energy firms have been snapping up coal assets in other countries to supply their power plants.

'In-house ... Read More

Indian rupee almost touches 50-mark
Mumbai: The Indian rupee today came down preciously close to the psychological 50-level mark at 49.90 intra-day as the lingering Eurozone crisis further pushed up the demand for dollar globally.

The domestic currency, however, bounced back to end the day 14 paise up at 49.43/44 which the treasury managers and forex dealers attributed to the Reserve Bank intervention twice during the day.

Treasury managers said the rupee may further come down to the sensitive 52-mark, ... Read More

Indosolar, China's GCL to ink $2 bn deal?
New Delhi: Indian solar photo-voltaic cellmaker Indosolar Ltd is in talks with Chinese polysilicon maker GCL-Poly Energy Holdings to tie up a new 4-year solar wafer supply deal, which could be worth up to $2 billion, its chief executive said on Wednesday.

Indosolar already has a wafer supply contract with GCL worth 27 billion rupees ($565 million), which was supposed to run till 2014, but with extensive capacity addition planned, Indosolar will close that contract, ... Read More