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FIIs raise their India Inc stake to 20% in FY11
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Ballavpur Adivasi Kala Kendra
Ballavpur Danga, West Bengal
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Solar-Powered ATM to Increase Banking Penetration
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| 03. INVESTMENT |
| I&B; ministry okay with 74% FDI ceiling for DTH, IPTV |
The Economic Times: May 24, 2011 |
New Delhi: The information and broadcasting ministry endorsed the recommendation by the Telecom Regulatory Authority of India (Trai) to enhance foreign direct investment (FDI) ceiling for direct to home TV, Internet protocol TV and teleport from 49% to 74%.
However, it rejected recommendation to reduce the FDI ceiling for local cable operators from 49% to 26%, arguing that the limit had been 49% since 1995. "The nature of control as per the provisions of the Company Law would also not undergo any change since the power to initiate a special resolution remains the same at 26% or at 49%. The ministry is of the view that not much purpose would be served by reducing the FDI limit and, therefore, 49% FDI may be retained for the LCOs," the ministry said in its draft note, which has now been sent back to Trai for consideration.
On the recommendations on FDI cap for uplinking of non-news and current affairs TV channels and downlinking of TV channels uplinked from abroad and in news channels and FM, radio, the I&B ministry agreed with views of Trai under those heads.
There is no restriction on foreign ownership of non-news and current affairs TV channels and downlinking TV channels uplinked from foreign countries. The Trai had favoured status-quo. There is a cap of 26% on FDI flow in news and current affairs TV channels and FM radio, and Trai wanted the limit to remain untouched.
The major change that could be in the offing is in the services offered by the various carriage services. While platforms such as HITS and mobile TV are allowed to invite FDI up to 74%, a parity is now being sought to be restored by allowing DTH , Teleport and IPTV operators also to attract the same level of foreign investment.
"The ministry may broadly agree with the recommendations that a limit of 74% for foreign investment for the broadcast carriage services such as DTH, IPTV, Mobile TV, HITS and Teleport may be set. This will bring uniformity in the FDI ceiling in carriage services. The rationale brought out by Trai for reaching the 74% limit is justified in view of the burgeoning growth of the sector, which requires huge investment and also in view of the convergences of technologies," the note said.
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| Phadnis Group plans Rs 800 cr expansion |
Business Standard: May 26, 2011 |
Mumbai/Pune: City-based Phadnis Group is planning to invest Rs 800 crore indiverse sectors including real estate, hospitality and infrastructure in the next three years. The group has decided to develop 25 hotels across India which includes newly upgraded Radisson Blu in Alibaug.
Speaking on this, the group chairman Vinay Phadnis said, “As far as expansion is concern, our main focus will be on hospitality business and we are planning developing 25 new hotels all over the India in the next 10 years. This up gradation is a part of this expansion. We have invested around Rs 35 crore for this expansion. We are very happy to get splendid response from all across the segments for the property since its inception in June 2008. The response has been equally good from all major categories like leisure, corporate events and weddings and to cater to this growing demand we decided to expand the facilities at the property.” Under this expansion drive the Radisson has added 68 premium rooms, a banquet hall, 2 meeting rooms, a pre-function area and a courtyard
He added that the group is developing infrastructure projects worth Rs 800 crore including government hospitals and roads and this volume will grow to Rs 1000 crore in the next year.
In the area of power generation, Phadnis Group is looking at 10 MW solar power generating capacity across India. Also, it is setting up a 2 MW solar power plant in Maharashtra’s Beed district for which it has entered into a agreements with Maharashtra Energy Development Authority(MEDA).
The group’s investment in the next three years across sectors will exceed Rs 600 crore. |
| Morgan Stanley, Isolux Corsan to invest $400 mn in India JV |
Business Standard: May 25, 2011 |
Mumbai: Morgan Stanley Infrastructure Partners (MSIP), a $4-billion global infrastructure fund, has committed to invest up to $200 million in a joint venture (JV) with Isolux Corsán Concesiones in India.
Isolux Corsán Concesiones is an infrastructure concessions subsidiary of the $4-billion Grupo Isolux Corsán, specialising in large projects across construction, engineering and concessions.
Grupo Isolux Corsán will bring in an equal amount in the JV, bringing the total commitment to $400 million.
The JV is constructing three highway projects under long-term concession agreements awarded through the build-operate-transfer programme of the National Highways Authority of India (NHAI). The three projects, which totalled over 400 kilometres of road, were estimated to cost over $1.6 billion, said a Morgan Stanley statement. These projects had already received debt financing from leading financial institutions and substantial equity investment from Isolux Corsán, it added.
These projects are expansions of existing roads, and will link major cities, industrial hubs, as well as ports and tourist attractions.
“The JV with Isolux Corsán Concesiones adds to our successful presence in India’s transportation sector, providing us with an excellent road concession platform in a market that is experiencing rapid urbanisation and dramatic growth in vehicles,” said Gautam Bhandari, head of MSI Asia.
The road development programme undertaken by the NHAI under a public-private-partnership (PPP) model is among the largest PPP programmes in the world on Tuesday. NHAI’s National Highway Development Programme, initiated in 1999, is estimated to total $50 billion when completed. India has witnessed double-digit growth in vehicle registrations over the past 10 years, according to Euromonitor, and Morgan Stanley Research identifies it as the second-fastest growing auto market in the world. |
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