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GAIL set to commence work on Jagdishpur-Haldia pipeline
Hero Cycles acquires Germany’s MIFA
CBI registers case against SEBI officials
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Biz talk
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GAIL set to commence work on Jagdishpur-Haldia pipeline
New Delhi, August 25 The pipeline project, which will connect Eastern India with the national gas grid, was announced by the Prime Minister at a public function in Ranchi. GAIL said it is a significant move towards fulfilling Prime Minister’s commitment towards overall development of Eastern India and meeting its energy requirements. The pipeline will benefit millions of people in the four states and lead to setting up of city gas networks in 17 major cities of the region, including Varanasi, Allahabad, Patna, Gaya, Chhapra, Siwan, Gopalganj, Mujaffarpur, Bettiah, Bhagalpur, Bokaro, Dhanbad, Ranchi, Jamshedpur, Asansol, Durgapur and Kolkata. Residents of these cities can enjoy the convenience of piped natural gas (PNG) that directly reaches households and the economical compressed natural gas (CNG) for vehicles. Besides city gas distribution, the pipeline will supply feedstock and fuel to fertiliser and power plants and major industries located in the region. The fertiliser plants which will benefit from the project include units at Gorakhpur, Barauni, Sindri and Matix Durgapur. In addition, the pipeline will also supply natural gas to refineries at Barauni and Haldia, steel industries, power plants and other large SME manufacturing units in the region. The pipeline will also boost up agricultural and economic development and generate employment opportunities in the region. The Rs 10,000-crore project
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Hero Cycles acquires Germany’s MIFA
Ludhiana, August 25 Talking to The Tribune, Pankaj Munjal, co-chairman & managing director of Hero Cycles, said transformational changes in both the European and Indian bicycle industry are in the offing. “Hero Cycles will not only provide a manufacturing base to MIFA, but we will also introduce high-quality bikes in the Indian market using MIFA’s engineering expertise.” It’s the first-of-its-kind partnership in the bicycle space globally, with an Indian company providing its cost-efficient manufacturing base and supply chain to a European company with critical technology and access to the lucrative European market, especially in e-bikes, said Munjal. “This partnership with Hero Cycles will allow both companies to synergise their operations and respective strengths, to provide a powerful combination in the global bicycle industry.” MIFA is a specialist in the mass market bicycle segment in Europe with large retail chains such as Aldi, Metro on its roster. The company recently made significant headways in the e-bike segment in Europe, with its ‘Grace’ brands of e-bikes. This acquisition also gives Hero Cycles access to the critical Electronic Drive Unit (EDU) technology, used in e-bikes. “With this transaction, Hero Cycles will be best positioned to service this market. We are committed to investing in building a supply chain to serve the global markets as well as distribution channel in India to sell such high-quality bikes,” he said. Talking about the transaction structure, he said this milestone of signing definitive agreements with MIFA has been achieved after long negotiations over the past 12 months. “It’s a complex transaction structure and needs several approvals in Germany. We are hopeful of achieving transaction closing in about six months. However, the operational integration between the two companies will commence immediately.” |
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CBI registers case against SEBI officials New Delhi, August 25 It has charged former SEBI executive director JN Gupta, at present executive director SV Muralidhar Rao, DGM Rajesh Dangeti and AGM Vishakha More and companies FTIL, MCX, Shah-promoted FTIL with cheating, criminal conspiracy and abused of official positions. The case has been registered u/s 120-B, 420 of the IPC and under sections of the Prevention of Corruption Act. |
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SpiceJet offers fares at Rs 1,888
New Delhi, August 25 There would be “limited inventory under the offer which will be available on first-come-first-served basis and is not applicable on group bookings,” he said.
— PTI |
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YES Bank eyes buyouts
Rana Kapoor, CEO, YES Bank talks to Girja Shankar Kaura
Q. What was the objective of raising $500 million through the QIP issue? A. YES Bank was well-capitalised to grow at approximately 20% for the foreseeable future given the strong Return on Equity (ROE) of over 25% and high retention of profits. However, given the decisive mandate of the new government, YES Bank believes that there can be a significant improvement in the political and economic scenario in India, providing better opportunities for growth. The $500 million issue is in order to capitalise on the improved growth prospects of the bank. This capital will significantly enhance our bank’s capital adequacy ratio to over 18% and augment our ability to grow expeditiously. Q. Is the success of the QIP a reflection of the return of buoyancy to the country's capital markets following the installation of a new government at the Centre? A. As you are aware, the NDA government led by Prime Minster Narendra Modi has come to power on an agenda to create growth and development. Given the track record of Narendra Modi in Gujarat, we see every reason for the Indian economy to achieve a growth trajectory of 7-8% in the next couple of years. Given the strong mandate, business-friendly track record of the government, a vibrant democratic process and a demographic dividend, India is definitely one of the most attractive markets for equity investments. That being said, there is a lot to be done on the development front. Buoyancy in capital markets will be back also when increasing retail participation in the capital markets is seen which would result in the movement of savings from hard assets (real estate/gold) to more productive financial assets. Q. Now that the bank has adequate cash in hand, are you on the lookout for acquisitions? Are you looking at small or medium-sized banks? A. YES Bank’s immediate focus will be to look at organic growth opportunities as the economic cycle turns favourably and the economy gathers growth momentum. We may also look at acquisition opportunities in the nature of a retail & SME bank, with the right people at the right time. This will give us scalability & outreach, particularly on the retail side. Q. What are the prospects for the banking sector in the current fiscal? A. FY 2014-15 is a year of consolidation and enhanced risk management for the banking sector in India. We should see a robust growth in the banking sector only in FY 2015-16 onwards with better capitalisation and de-risking of past CDR/NPA overhanging issues. Q. Considering that agri sector plays a critical role in the development of the economy, what are your long-term recommendations to the Government for the agriculture sector? A. I recommend the Government to facilitate more investments in agri infrastructure and PDS — storage, agro logistics and distribution through PPP and allow greater role of states under Decentralised Procurement Scheme to build regional focus centre around storage-deficit states. It is imperative to introduce better policies and adopt technologies to increase pulses and oilseeds production to contain inflation and curb imports, since they form over 60% of the agri import bill. The Government should promote alternate usages of non-cultivable land to boost job creation; this can be achieved by setting up soil and seed testing labs in villages, processing units and mega food parks among others. Post-harvest loss should be reduced; the Government should develop a cross-country rail network; promote cluster-based storage systems; set up food processing industries; and include pulses and perishables in public distribution and mid-day meal schemes. Agri-exports should be revamped through consistent and stable trade policies and focus on integrated food processing clusters for high-value exports. There should be a focus on dairy as a key high-value segment to set up integrated dairy farms and ensure breed improvement, fodder management and quality enhancement of milk.
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Rana Kapoor, founder, managing director and CEO of YES Bank, established it along with his partner, the late Ashok Kapur, in 2004. He talks to Girja Shankar Kaura about the future plans of the bank.