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Indian Animation Sector To Grow At 20%: Study
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| CNN shortlists Madurai chef for ‘Hero of the Year’ award
Source : PTI October 29, 2010 |
Narayanan Krishnan, a 29-year-old chef from India who founded a non-profit body to feed the homeless and destitute, has been short-listed by CNN for its annual ‘Hero of the Year’ honour that recognises “everyday individuals who are changing the world.”
Mr. Krishnan is among this year’s top 10 CNN Heroes, who were selected from out of 10,000 nominations by a CNN panel comprising activists and philanthropists such as Muhammad Ali and Sir Richard Branson.
The network will announce the ‘CNN Hero of the Year,’ selected from among the top 10 people, on November 25.
Mr. Krishnan founded his nonprofit Akshaya Trust in 2003. He has served more than 1.2 million meals - breakfast, lunch and dinner - to India’s homeless and destitute, mostly elderly people abandoned by their families and often abused.
“Mr. Krishnan brings hot meals and dignity to India’s homeless and destitute - 365 days a year,” CNN said.
The top 10 “remarkable individuals” were nominated by CNN viewers from across 100 countries for their sacrifices and accomplishments. In addition to receiving USD 25,000, each of this year’s top 10 CNN Heroes will be honoured at ‘CNN Heroes: An All-Star Tribute’ in Los Angeles on November 25. |
| Indian-American sworn in as US top science official
Source: TOI 19 Oct 2010 |
Indian-American academician and IIT Madras alumnus, Subra Suresh was sworn in as the director of the National Science Foundation (NSF,) the top US science body that leads scientific research in the country.
Nominated by US President Barack Obama, Suresh as Director will lead the $7.4 billion independent federal agency that supports all fields of science and engineering research, as well as a wide span of educational programmes that reach more than 2,000 institutions across the US. "We are very grateful to have Subra taking this new task," Obama said in his remarks at the White House Science Fair after Suresh was sworn in yesterday as the 13th NSF director by John Holdren, Obama's science advisor.
"He has been at MIT and has been leading one of the top engineering programmes in the country, and for him now to be able to apply that to the National Science Foundation is just going to be outstanding," he said. "So we're very grateful for your service," he said acknowledging the contribution of Suresh in the field of science and technology. The swearing in ceremony took place in the Secretary of War Ceremonial Room of the Eisenhower Executive Office Building of the White House.
Suresh was confirmed by the US Senate on September 30, for a six-year term.
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| Reliance Power signs $8.3-b deal with Shanghai Electric
The Hindu Business Line: October 29, 2010
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Shanghai: In the biggest deal yet between a Chinese and private Indian company, Reliance Power on Thursday announced that it has given a $8.3-billion contract to Shanghai Electric Group Co Ltd (SEC) for supply of 36 coal-fired thermal power generation units, spare parts and related services over a 10-year period.
This takes the total deal size between Reliance Power and the Chinese power equipment maker over the past couple of years to $10 billion.
SEC supply
SEC will supply boiler, turbine and generator packages for 30,000 MW capacity of coal-based power at six plants including the 3,960-MW ultra mega power project at Krishnapatnam, the 5,940-MW project in Chitrangi, and the 3,960-MW project in Tilaiya.
Speaking after the agreement signing ceremony in Shanghai, Mr Anil Dhirubhai Ambani, Chairman, Reliance ADAG, said: "This is the largest order for power equipment in the world. With this Reliance Power will be able to offer high quality, competitively priced and environment friendly power to consumers."
Financing
The project is being financed by Bank of China, China Development Bank, the Export-Import Bank of China and Industrial and Commercial Bank of China. The agreement with the Chinese banks allows Reliance Power to get financing for importing Chinese equipment for up to $12 billion.
SEC's President, Mr Zheng Jianhua, said that the company plans to set up a research and development centre, a training facility for those working in power plants and a manufacturing unit in India.
"India is a fast growing market and we want to have a bigger share for which we are planning to make significant investments. For the manufacturing unit we are doing our due diligence on the route to take. If we decide to go through a joint venture with a local partner then Reliance will be our first choice," Mr Zheng said.
Reliance and SEC have also agreed to set up a `centre of excellence' in India that will work towards deployment of ultra-super critical technology being developed by SEC.
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| Lavasa, MGM ink pact for Hollywood theme park
The Economic Times: October 19, 2010 |
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Mumbai: Hindustan Construction Company’s (HCC) subsidiary Lavasa has signed a franchisee agreement with US-based entertainment major MGM Studios to set up India’s first Hollywood theme park, spread over 75 acres at its upcoming hill station city Lavasa near Pune. The initial investment in the project could be Rs 450 crore, sources familiar with the development said.
The investment of Rs 450 crore will be made through a special purpose vehicle to be formed by Lavasa Corp and will be spread over three-four years, by when the park will be operational. The initial license pact has been signed based on forecast of 2 million visitors every year once its fully operational,” the source told ET. Lavasa Corp officials declined to comment on the issue.
Lavasa is likely to invest more through the SPV, depending on the business prospects of the proposed theme park, he said. It not known yet, if MGM Studios will acquire any stake in the special purpose vehicle being planned for the project. This will be the second theme park to be developed in the hill city, as Lavasa Corp has already tied up with Belgium-based Spaceworld International to set up Asia’s first space edutainment theme park spread over 65 acres.
Spaceworld theme park is already under construction in Lavasa and will be ready in 2012, while MGM’s Hollywood theme park is likely be operational by 2014, as it will take at least one year to commence construction, the source said. Overall, the master plan of Lavasa, a planned hill city, envisages development of 25,000 acres spread over five towns and 200 million sq ft of commercial, institutional, and residential space.
Lavasa’s first town centre, called Dasve, will be fully operational by December 2011, while work on the second town centre of Mugaon has started and the company has advanced its plans for the next phase.Currently, HCC holds 64.99% in Lavasa Corp that has filed papers for mopping up to Rs 2,000 crore through an initial public offer.
Other major investors in Lavasa includes Gautam Thapar’s Avantha Group with 16.25%, Venkateshwara Hatcheries with 12.79%, and individual investor Vinay Maniar with a 5.95% stake.
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| Swiss companies extend arm to Indian partnerships
The Hindu Business Line, Oct 27, 2010 |
Chennai: Lack of succession plan is making small and medium enterprise in Switzerland to look at partnerships with Indian companies.
In his keynote address on ‘Switzerland & India: New Avenues for strategic Partnership', Mr Philippe Welti, Ambassador of Switzerland to India, said that a new trend is being witnessed wherein Indian companies are willing to invest and partner with companies based in Switzerland.” By setting up a base in Switzerland, companies can establish themselves in the country and also gain access to a larger market, the European Union, said Mr Welti. He cited the example of Hindustan Construction Company which had picked up 66 per cent in Switzerland-based real estate services contractor Karl Steiner AG in May 2010. Over 100 Indian companies have a global base in Switzerland and 100 more are making enquiries to set-up base in the country, he said.
Mr Welti said that the essence for companies to survive and succeed is adaptability to changing needs and environment. Watches considered to be the flagship of Switzerland business would have become dead in 1970's if they had not adapted and grown to the changing environment.
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| Gems, jewellery exports up 56% on US demand
Business Standard: October 21, 2010 |
Mumbai: India's gems and jewellery exports recorded a phenomenal growth in September on the back of a rise in demand of mid- and low-end diamond jewellery in the US.
The US constitutes nearly 40 per cent of diamond jewellery consumption in the world.Data compiled by apex trade body, the Gems & Jewellery Export Promotion Council (GJEPC), showed that total exports rose a staggering 56 per cent to $4,061.87 million in September, against $2,602.26 million in the corresponding month of the previous year.
In rupee term, however, the total shipment rose 48.42 per cent at Rs 18,708.96 crore from Rs 12,605.36 crore in September 2009. Overall imports of gems and jewellery also rose sharply at $2,849.88 million (Rs 13,126.54 crore) in September — an increase of 62.24 (54.27 per cent) as compared to $1,756.53 million (Rs 8,508.63 crore) in the corresponding period last year.
During the first half of the current financial year, total exports of gems and jewellery was recorded at $18,893.38 million (Rs 87,042.84 crore), a sharp rise of 45.84 per cent (38.42 in rupee term) as compared to $12,954.78 million (Rs 62,883.74 crore) in September last year.
Imports of rough diamonds at $5,711.94 million (Rs 26,396.16 crore) during the first half showed an increase of 44.99 per cent (38.11 per cent in rupee term) compared with the imports at $3,939.44 million (Rs 19,111.83 crore) during the corresponding period of the previous year.
The growth for manufacturing export was at 30.05 per cent in dollar terms in the first half of this financial year, compared to the same period last year. In rupee terms it recorded a growth of 23 per cent in net manufacturing exports.Export of cut and polished diamonds stood at $2,398.57 million (Rs. 11,047.82 crore) in September, recording a growth of 36.41 per cent (29.71 per cent in rupee term) as compared to $1,758.37 million (Rs 8,517.56 crore) last year.
During the first half of this financial year, the total consumption of cut and polished diamonds stood at $12,714.83 million (Rs 58,606.45 crore) recording a growth of 61.54 per cent (53.44 per cent in rupee term), compared to $7,870.91 million (Rs 38,194.82 crore) for the same period last year.According to a statement by GJEPC, overall trade (exports and imports) of cut and polished diamonds stood at Rs 58,606.45 crore and Rs 38,846.79 crore between April and September, as compared to Rs 38,194.82 crore and Rs 23,699.78 crore, respectively, during the corresponding period last year.
Provisional export of gold jewellery for the first six-month period stood at $5,340.46 million (Rs 24,573.98 crore) recording a growth of 20.04 per cent (13.74 per cent in rupee term) from $4,448.75 million (Rs 21,606.29 crore ) in the corresponding of the previous year.
In contrast, export of coloured gemstones was at $138.79 million (Rs 640.95 crore) recording a decline of 2.06 per cent (6.73 per cent fall in rupee term) in the first half of the current financial year, compared to $141.71 million (Rs 687.22 crore) in the same period last year.
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