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FDI norms to be relaxed for JVs
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Mobile user base crosses 65-cr mark
Outsourcing not to figure in trade meet
Punjab & Sind Bank IPO to hit market in Dec
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FDI norms to be relaxed for JVs
New Delhi, September 10 Under the present dispensation, a foreign player who had set up a joint venture (JV) in India before January 12, 2005, but now wants to open a new business independent of the existing domestic partner faces barriers. The foreign player not only needs the government approval but also a 'no-objection certificate' from the domestic partner to the effect that the new forays would not "jeopardise" interest of the existing JV. "The proposal is a welcome move it will attract more and more FDI and will also bring in high quality products for Indian consumers at competitive price," Naresh Makhijani, Executive Director, KPMG said. The FDI rules proposed to be relaxed were not applicable to the joint ventures entered after January 12, 2005. Thus, the changes would help foreign investors who entered JVs before this date. Suggesting abolition of this rule, the Department of Industrial Policy and Promotion (DIPP) said in a discussion paper, "There is a need to examine whether such a conditionality continues to be relevant in the present day context." Alternatively, it has suggested that the stipulation of no-objection from the domestic partner should not be applicable to JVs which are 10-year old. It has invited comments from the stakeholders till October 15. The move follows representations from foreign investors pointing out that their domestic partners were using a string of press notes since 1998 "as a means of extracting unreasonable prices/commercial advantage. These press notes had become a stumbling block for further FDI coming into the country." — PTI
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ADI Biosolution to foray into clinical research biz
Chandigarh, September 10 ADI Biosolution, which is primarily a clinical data management company, is planning to infuse Rs 10 crore into clinical research business. The company is in the process of tying up with all major hospitals in Punjab and set up a clinic-cum- monitoring centre for the trials to be conducted by them at
Ropar.
“Initially, we have been signed in to conduct clinical trials in peripheral artery (cardiovascular) diseases. While the treatment to the patients and drug administration will be handled by the physicians, all FDA regulatory work will be done by us,” said Maneet Singh, president, ADI Biosolution. He said initially they will be conducting only the third phase trials (where clinical trials are conducted on multiple sites (hospitals) and on multiple races), they are aiming at a larger share of the clinical research pie. “We are also in talks with major pharma companies in Europe and the US to start trials at various stages,” he added. Approximately $40 billion is spent on drug development and clinical trials involve almost 70 per cent of the cost. Though the industry is still at a nascent stage in India, and restricted only to Hyderabad, it is expected to grow from the present $ 12 billion to $40 billion in the next two years.
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Mobile user base crosses 65-cr mark
New Delhi, September 10 The wireless user base grew 2.66 per cent to 652.42 million in July from 635.51 million in the previous month. With this, the total telephone subscriber base touched 688.38 million with the wireline telephone subscribers at 35.96 million. Incidentally, the decline in the wireline telephone subscriber base has continued and it declined from 36.18 million in June to 35.96 million at the end of July. The wireless teledensity has increased to 55.14 per cent. The growth in this category was led by Bharti
Airtel, which added 2.6 million users to take its subscriber base to 139.2 million users. Reliance Communications added 2.5 million new subscribers, taking its subscriber base to 113.3 million. Vodafone added 2.4 million connections taking its user base to 111.4 subscribers. According to the data, the broadband subscriber base grew 2.67 per cent from 9.45 million in June to 9.77 million in July. |
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Outsourcing not to figure in trade meet Bangalore, September 10 Sharma and the US Trade Representative (USTR) Ron Kirk will co-chair the September 21 meeting which is the principal trade dialogue between the US and India. Talking to reporters here today, Sharma said since the ban on outsourcing ordered by the Ohio governor was a “state issue”, it would not figure in the September 21 meeting. Though India’s IT industry is not expected to be affected by the Ohio ban, the order by the governor Ted Strickland has attracted strong reaction from it. Sharma said he would take up the issue of raising of H1-B and L 1 visa fee by the US government during his meeting with the USTR. “I have already written to Ambassador Kirk on the raising of visa fee for Indian software professionals by the US government and the subject has been already flagged”, he said.
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Punjab & Sind Bank IPO to hit market in Dec
New Delhi, September 10 "The process is at initial stages and we are awaiting approval from the capital market regulator SEBI. We hope to launch the IPO by the end of November or by early December subject to regulatory clearances," a top official of Punjab & Sind Bank said. The bank proposes to issue up to 4 crore equity shares of Rs 10 each for cash at price to be discovered through a 100 per cent book-building process. The government would offload about 17.9 per cent of its stake through IPO and post offer its holding would come down to about 82 per cent, he said. Currently, the government owns 100 per cent stake in the bank. — PTI
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Factory output up 13.8% in July
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