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'Make in India' is all inclusive in nature: DIPP Secy

Written By komp limpulima on Jumat, 19 Desember 2014 | 21.03

The DIPP secretary, Amitabh Kant strongly believes that the Make in India project is inclusive in nature and that Indian can become a great manufacturing nation only if exports grow significantly.

To discuss the way forward for the present  government's pet project 'Make in India' that is designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure, the Federation of Indian Chambers of Commerce and Industry (FICCI) organised a special panel discussion moderated by CNBC-TV18's managing editor, Shereen Bhan .

The panel that included Amitabh Kant, Secretary of DIPP, Shaktikanta Das, Secretary, Revenue Department, Rajeev Kher, Secretary, Commerce Ministry, Gauri Kumar,Secretary, Labour & Employment Ministry, G Mohan Kumar Secretary, Deparment of Defence Production and  Saurabh Chandra, Secretary, Petroleum Ministry discussed various issues that would make the project a success. Issues like exports, labour laws, foreign trade policy etc.

The DIPP secretary, Amitabh Kant strongly believes that the Make in India project is inclusive in nature and that Indian can become a great manufacturing nation only if exports grow significantly.

Currently, he said India's share of global export market is very miniscule and there is no room for export pessimism.

For the entire discussion watch videos


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India's steel production grows by 4.8% in November

The subdued growth in the world average is mainly due to lower production by China, the largest producer and consumer of steel in the world. Steel production in China declined by 0.2 per cent to 63.30 MT in the month.

India's steel production grew by 4.8 per cent against the world average of 0.1 per cent expansion in November. India produced 6.89 million tonnes (MT) steel in November  compared to 6.57 MT in the same month of last year. During the month, world's steel output was at 130.52 MT against 130.42 MT a year earlier.

The subdued growth in the world average is mainly due to lower production by China, the largest producer and consumer of steel in the world. Steel production in China declined by 0.2 per cent to 63.30 MT in the month.

Notwithstanding the growth in production, India might end up as the world's fourth largest steelmaker in 2014, like in the past four years. China, Japan and the US produce more steel than India does.

With 76.19 MT production during January-November period of current year, India's position in the world order of steel production has not changed. China remains the top producer of the metal during the period at 748.67 MT.

Japan also maintains second position with a production of 101.66 MT and the US at the third slot with 80.95 MT during the first 11 months of current year. The sequence remains same for the last four years as well.

During November, Japan produced 9.17 MT steel, the US 7.2 MT, South Korea 5.91 MT and Russia 5.84 MT.


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IDBI to sell 5% stake in NSE

The NSE commands a market value of nearly USD 3.5 billion (about Rs 21,000 crore) as per the previous transaction. This would peg the value of IDBI's 5 percent stake at more than Rs 1,000 crore.

IDBI Bank  will sell its entire 5 percent stake in country's leading stock exchange NSE in a transaction that may fetch the public-sector lender about Rs 1,000 crore.

At the end of quarter ending September 2014, the public sector lender held early 23 lakh shares of the National Stock Exchange (NSE) representing a 5 percent stake in the bourse.

The NSE commands a market value of nearly USD 3.5 billion (about Rs 21,000 crore) as per the previous transaction. This would peg the value of IDBI's 5 percent stake at more than Rs 1,000 crore.

In public notice today, IDBI Bank has invited "expression of interest (EoI) for sale of equity shares up to 5 percent of the paid up equity share capital of the National Stock Exchange of India Ltd (NSEIL)".

"This EoI is neither a prospectus nor an offer to the public for the sale of shares. IDBI Bank Ltd a client of IDBI Capital Market Services Ltd intends to sell the shares up to NSEIL," it added. Interested parties are to submit the EoI by January 20, 2015.

As per the latest shareholding pattern, other major shareholders of NSE are -- Life Insurance Corporation (10.51 percent), State Bank of India  (10.19 percent), IFCI  (5.55
percent) and IDFC  (5.33 percent).

IDBI Bank stock price

On December 19, 2014, IDBI Bank closed at Rs 68.00, up Rs 0.25, or 0.37 percent. The 52-week high of the share was Rs 116.50 and the 52-week low was Rs 52.95.


The company's trailing 12-month (TTM) EPS was at Rs 5.27 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 12.9. The latest book value of the company is Rs 147.38 per share. At current value, the price-to-book value of the company is 0.46.


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This website may be India's first global brand

Moneycontrol Bureau

It's not Flipkart or Snapdeal or even Naukri. An Indian website that has all the trappings to become its first major brand globally is homegrown restaurants-listing site Zomato.

This morning, the website announced its fifth acquisition in six months , when it said it was buying out Italy's leading restaurant search service Cibando.

Between July and October this year, Zomato has snapped up competitors in New Zealand, Czech Republic, Slovakia and Poland, and today it lists over 300,000 restaurants in the 156 cities and 18 countries it is present in. In 2015, the company is aiming to start operations in 15 more countries.

So how did Zomato come about and how did it reach where it is today? And more importantly, can it become India's first consumer internet brand?

Zomato was created as Foodiebay.com by then 25-year-old Deepinder Goyal in his bedroom flat in 2008, along with a partner.

The company's name was later rechristened and it grew rapidly, first organically, and then after investors such as Info Edge (parent of Naukri.com) and Sequioa Capital came on, inorganically.

Following in the tradition of most previous successful start-ups such as Amazon, Twitter and Instagram, it hasn't been smooth-sailing on the financial front. While the company increased its revenues from Rs 2 crore in 2012 to Rs 30 crore in 2014, its losses ballooned from Rs 7 crore to Rs 41 crore over the same period.

At that rate, its last reported valuation of Rs 4,000 crore looks mind-bogglingly steep (at 133 times sales) but its backers are betting on the scale it has achieved.

"Young companies like Zomato don't get valued solely based on revenue multiples," Sequoia MD Mohit Bhatnagar told the Economic Times last year. "The product is world class and we have conviction in the founders. Deepinder is probably as good a founder as anyone anywhere in the world. It is the first Indian consumer internet company with global aspirations and that is the single-biggest excitement for us."

As of now, barring UK, Zomato has only entered markets where it does not have too many competitors – UAE, Brazil, Indonesia, Turkey, etc – but its real test would be when it enters the US, where larger competitors such as Yelp or Open Table await. Success there would establish it as a global brand.

In an ET piece, founder Goyal had said the potential of the US market was greater than all the 33 markets it intends to be present in. But he added that the company would be careful and take time – and raise more money – before launching its product there.

But if Zomato makes it big in the land of the Silicon Valley, one could bet on it to do for products what India's IT companies such as Infosys and TCS did for services – put it on the global map.


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Pages of file pertaining to Vadra-DLF deal missing: Khemka

IAS officer Ashok Khemka has sought registration of an FIR after an RTI filed by him found that two pages of a file pertaining to the controversial DLF -Robert Vadra deal are missing from government records. Admitting that the pages were missing, Chief Secretary P K Gupta said an internal inquiry has been instituted in the matter and efforts are on to reconstruct the file.

Khemka, who had over two years back cancelled mutation of the land deal between Robert Vadra's company and DLF, said, official notings pertaining to setting up a three-member committee by the previous Hooda government, which gave clean chit to Vadra's firm, are "missing" from the main file, Demanding that a case be registered in the matter, Khemka told PTI today that "it is a serious matter and it should be probed...how can the notings suddenly be untraceable".

"The file noting is a very important piece of record which would establish that the three members were specifically appointed to an illegally constituted Committee by the then political executive, where the only remedy to an aggrieved party was to file a writ petition in High Court, with the pre-determined objective to accord clean chit to black-marketing of colony license by M/s Skylight Hospitality, a company belonging to Robert Vadra, and to discredit my action of cancelling the land mutation from M/s Skylight Hospitality to M/s DLF," Khemka charged in a letter yesterday to the Haryana Chief Secretary.

The two pages with notings on the previous Congress government's decision to constitute an official probe committee that later gave clean chit to Vadra and DLF of any wrongdoing in Gurgaon land deal are untraceable, the present State Government has said responding to Khemka's RTI plea.

State Public Information Officer D R Wadhwa, in an affidavit before State Information Commission a week back, has mentioned that despite efforts to trace out Page No 1 and 2 of the noting of the file, these could not be traced and therefore, these pages, could not be provided to Khemka.

The 48-year-old IAS officer, whose action to cancel the mutation in October 2012 had raised a political storm, had sought the documents to ascertain how the official committee, which later on gave clean chit to Vadra, was constituted. The Chief Secretary on his part said that it was a fact that a page of the file was missing.

"This is a fact that one page of the file is missing, which is two numbers - 1 and 2. I have seen this filed today itself and this page is missing. For this we are instituting an inquiry...if somebody is guilty, we will take action," he said

The Chief Secretary also said that they would reconstruct the file. "We are trying to reconstruct the file because I think it was six-seven months back somebody asked for information under RTI, somebody other than Khemka. He had asked for information and that information was given to him...We are approaching the Information Commissioner's office to see if a copy of that is available with that office," Gupta said.

Khemka wrote to the Chief Secretary that under RTI the former has been informed that noting related to constitution of the Committee constituted on October 19, 2012, barely a week after the mutation was cancelled, "by the then political executive to give clean chit to Skylight Hospitality and to discredit my action of cancelling the mutation is detached from main file and is denied to me under RTI Act".

"This is serious, now there can be no scrutiny of the matter as to how Krishna Mohan, K K Jalan and Rajan Gupta became members, what were the terms of reference and what occasioned the constitution of the committee when the parties were not aggrieved against my orders and the only remedy against the order was to approach the High Court," he wrote.

The previous Hooda government had constituted the committee after Khemka cancelled the mutation and IAS officers Krishna Mohan, K K Jalan and Rajan Gupta were part of the committee.

Of the three officers in the probe committee, Krishna Mohan has retired.

In May 2013, the State had served a chargesheet on Khemka for administrative misconduct and exceeding his jurisdiction while cancelling the mutation of the Rs 58 crore land deal between Vadra's company and DLF, on October 15, 2012.

"..It is definite that persons with ulterior motives have stolen important pages from the file, including the two pages leading to the constitution of the three member Inquiry Committee on October 19, 2012, to avoid scrutiny of their wrong actions.

"If the two important pages are actually missing as alleged, I request you to order an FIR against all persons in the office of the then Chief Minister to whom the file should not have been sent ordinarily as per the work distribution in the then Chief Minister's Office," Khemka further wrote.

He also said that one of the charges against him is based on the allegation that he did not hand over charge of the Departments of Land Records and Consolidation (Khemka was then DG of the Department) on the day of transfer.

"There are umpteen number of other cases where IAS officers did not hand over charge on the day of transfer, but nobody else was put to a charge sheet on this count. The Personnel Department must have noticed the violation of some instruction of the State Government on file before framing the said charge.

"Please allow me access to the said instruction of the State Government, if any, and provide a list of all IAS officers transferred along with the date of transfer and the date of relinquishment of charge during any one-year period," he further wrote.

Khemka also said that another charge against him is based on the allegation that he took cognizance of allegations made in the media and ordered an inquiry into the alleged undervalued deeds of the companies belonging to Robert Vadra.

"The Government routinely takes cognizance of allegations appearing in the media. An instance is the recent rape in a taxi provided by Uber, where orders banning unregistered web based taxi services were issued recently by the Delhi Transport Department and the Home Ministry.

"The Personnel Department must have noticed the violation of some instruction of the State Government on file before framing the said charge. Please allow me access to the said instruction of the State Government, if any, in order to effectively reply to the charge," Khemka, who is at present Transport Commissioner and Secretary to Government of Haryana, Transport Department, said in his letter.

Meanwhile, Congress spokesman and former Haryana Minister Randeep Singh Surjewala said that he fails to understand why the issue is being raked up.

"Question arises whether inquiry committee's report is in the file, it is very much so, was an inquiry committee constituted and was inquiry held, facts pertaining to this are on the file. So where have things been impacted?" Surjewala asked.

He further said that "all those officers who conducted inquiry are still serving in the (Narendra) Modi government (at Centre) and (Manohar Lal) Khattar government (BJP govt in Haryana)."

"When inquiry committee report is public and that has not changed, inquiry is recorded on the file, inquiry committee's order is recorded on the file, Khemka's reply is there on the file...where does this affect the merits of the whole thing.. What is the issue or is the issue being created for the sake of creating one?" the Congress MLA asked.

Meanwhile, Haryana's Health Minister Anil Vij said that inquiry will be conducted and those found guilty in the matter will not be spared.


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Floor price of Rs 150/tn for coal auction good: Sarda

Written By komp limpulima on Kamis, 18 Desember 2014 | 21.03

GD Mundra, Director, Sarda Energy in an interview to CNBC-TV18 said with their company now coming under the power category according to the approach paper for coal auction released by the coal ministry,  the bid price of Rs 150 per tonne sounds very reasonable. He does not expect aggressive competition at this price point.

The approach paper states there would be two methods of bidding for auction of coal blocks – one, forward bidding for unregulated sectors like steel, cement and captive power where Rs 150 will be the floor price for bidding. Two, reserve bidding for specified end use for power generation where Rs 100 per tonne will be the floor price.

There is unlikely to be aggressive bidding mainly because the bidding will be done as per requirements and will be done only for particular mines.

According to him the whole exercise of coal block auction by the government was not focused on generating revenue but availability of coal.

The company's mines had total reserves of 56 million per tonne out of which only 4 million tonne has been mined, says Mundra.

Below is the verbatim transcript of GD Mundra's interview with Reema Tendulkar and Sumaira Abidi on CNBC-TV18.

Reema: Can you walk us through the reserves at your mine, what was the total production, how much was used and how do you read this floor price of Rs 150 per tonne?

A: This paper which is now released by the government is giving more clarity about the forward bidding and reverse bidding and basically for the end-use which is iron steel and cement, and reverse bidding only for power generation.

Earlier we were not clear whether we will fall in power or in steel bracket because we had power for captive and sponge iron for steel. Now we are clear that we will fall under power for bidding, where the floor price is Rs 150 per tonne.

The government has kept the floor price at a very reasonable level. We will have to see at the time of bidding; successful bidder will have to top it up. So it is giving more clarity giving a definitive time schedule and various eligibility criteria and the mines will be categorised based on the reserves available and each one will have to bid based on his requirements for maximum 30 years.

So there is a two stage eligibility criteria - technical as well as financial criteria. Once you pass through that technical qualification then bidders will be allowed to bid for the price and be a successful bidder.

Sumaira: Your mine had a capacity of 56 million tonnes so what are the reserves there and what would be the quantum that you would have to pay to rebid for it?

A: Our mines have reserve of 56 million tonne and out of that we have already mined about 4 million tonne. Based on this, we will have to work out the how much NPV. We are just in the process of working out and we will come to know how much we will have to bid for those mines.

Reema: Gare Palma IV/7 has reserves of 50 million tonne?

A: Yes.

Reema: How aggressive do you think the bidding will be because as you said the floor price according to you appears a bit reasonable, do you expect the bidding, the final price at which the mines are cleared is going to be significantly higher than the floor price, what is your reasonable assumption? How high are you willing to go to bid for your existing mine, would you go to Rs 300 per tonne also, give us some sense?

A: That is very difficult to tell at this point in time because the government has made it very clear that this is not a revenue generating and they don't want the ultimate product which will be generating out of this coal to have the higher cost. Therefore, they are keeping it reasonable.

Over and above what I can see from the guideline that each bidder will be eligible to bid for only a particular mine. Bidder will not be allowed to bid for a multiple mines. So there will not be much competition in that way. The government is trying for reasonability even when it is going for a bidding process and then existing mine owner can plan it in a better way.

We are going through the guidelines and its minute details, I think the clarity will come in a day's time.

Sumaira: You had already accounted for Rs 107 crore in terms of penalty so the remaining amount that you now have to pay for the rebidding, how are you going to provide for that and will it be like a one-time payment or will you have to make an annual payment?

A: I think 10 percent of the NPV, they expect as one-time payment and then each tonne you produce that is what we have to top it up with about Rs 150 per tonne floor price. Whatever price we will be bidding will be applicable of 2015-2016 and thereafter every year it will be revised.

Reema: There are also some key conditions which have been highlighted in the approach paper, a bidder cannot bid for a coal mine more than 150 percent of its requirement either individually or via a joint venture and secondly, any surplus coal extracted beyond the annual requirements will be sold to Coal India at the bid price or the Coal India notified price as the case maybe, your thoughts on these two conditions which have been imposed, how should we read it?

A: That is very good because you cannot bid for more than your requirement. There will not be much competition and the government doesn't want undue competition.


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Aviation min draws up relief plan for loss-making airlines

According to sources, the various proposals that have been floated include looking at capping minimum and maximum fares an airline can charge on a certain route

The aviation ministry is learnt to have drawn up a relief plan for loss-making airlines, sources tell CNBC-TV18, adding that series of proposals are being readied for submission to the PMO. 

According to sources, the ministry is mulling a series of steps for financial relief to all loss-making airlines and not just SpiceJet . The various proposals that have been floated include looking at capping minimum and maximum fares an airline can charge on a certain route, depending on the segment it caters to -- full-service or low-cost.

Under the proposal, airlines may be allowed to add 5 percent as "margin" while fixing the base price or minimum fare, whereas they may have a cap of Rs 15,000 as maximum fare. Moreover, all airlines could be asked to submit break-even cost per kilometer.

The ministry is also learnt to have asked for 'infrastructure' status for all airlines, already enjoyed by airports. Infra status would mean airlines will get access to cheaper funds. It would also allow them to go for external commercial borrowings with lower interest rates and may give a complete income tax exemption for a fixed period.

The ministry may also ask banks to cap interest on borrowings by airlines at 8 percent and reschedule payment of dues to oil companies.

However, all these proposals are at discussion level only and are still to be presented before the PMO, which will take a call.

SpiceJet stock price

On December 10, 2014, SpiceJet closed at Rs 13.20, up Rs 0.05, or 0.38 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.


The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -0.80.


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New Companies Bill: Key changes to help ease doing business

Moneycontrol Bureau

The Lok Sabha on Wednesday approved a new bill that would make amendments to the Companies Act, 2013, with an aim of improving "ease of doing business" in India.

The Companies (Amendment) Bill, 2014, sought to remove some "oppressive provisions" in the Companies Act, which would foster the investment climate by attracting more foreigners to open up businesses in India, finance minister Arun Jaitley told Parliament yesterday.

India ranks 142 out of 189 countries in the World Bank's Ease of Doing Business ranking, which rates countries for the ease at which one can open, conduct and close down businesses. The index looks at a host of activities related to doing business such as dealing with construction permits, getting electricity, registering a property, getting credit, paying taxes and protecting investors, etc.

Prime Minister Narendra Modi has directed government officials to take steps to bring the country's ranking to within 50 in two years.

Key changes proposed by the Companies Bill that was passed yesterday include:

- Doing away with the need to have Rs 1 lakh paid-up share capital for private companies and Rs 5 lakh for public companies. This was done away with as it was seen as a deterrent for individuals to set up new firms.

The move, though, may prove contentious as the law ministry had suggested revising the floor higher instead of doing away with it, as one of the reasons for its existence was to discourage setting up of shell companies meant to re-route black-money. The government, however, has said stricter compliance rules should be used to tackle the menace of shell companies.

- Punishments for raising illegal deposits: In the event to refund deposit and interest within stipulated timeframe, companies found violating provisions could be fined Rs 1 crore to Rs 10 crore while its defaulting officers may have to pay fine of Rs 25 lakh-Rs 2 crore and may be incarcerated for up to 7 years.

This has likely been introduced in light of the Saradha scam and the increasing concerns over thousands of illegal chit funds through the country.

- Removal of clause allowing public inspection of corporate authorizations such as board resolutions: The bill proposes to do away with the clause that allows for public scrutiny of documents filed with the Registrar of Companies such as board resolutions.


FM Jaitley said this could run against interests of companies by exposing key commercial decisions to rivals. "However, the industry might still have concerns over the requirement for filing such documents," KPMG said.

- No dividends till carried-forward losses/depreciation are written off. Also dividends not paid or claimed will not be transferred to Investor Protection Fund till seven years.

- Auditor required to report only material frauds to government: The earlier rule mandated company auditors to report suspicion of frauds to the central government, irrespective of what its potential size could be.

Under the new norms, suspected frauds only above a certain threshold will require to be reported to the government. Frauds below the threshold are required to be reported to the company's audit committee.

- Streamlining related party transaction norms: The earlier Act required companies to obtain special resolution for loans given by a holding company to a wholly-owned subsidiary or guarantee/security given for its loans. Now only an ordinary resolution would do.

Besides, the bill also contains other provisions such as with respect to winding-up procedures, and proceedings against offences of the act.

"It comes as a great relief to corporates as they go about implementing the new law and gear up for the first year of reporting under the new law," KPMG partner Sai Venkateshwaran wrote this morning. "However, there are still some areas where corporates continue to have concerns, and hope that a more comprehensive post implementation review of the Act will be undertaken to address these other issues."

But even as the government was able to obtain a buy-in in the Lok Sabha, thanks to its majority, it may face difficult in seeking the Upper House's nod as the opposition Congress has demanded changes be referred to a standing committee.


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Current order book stands at Rs 648 cr: RPP Infra Projects

In an interview to CNBC-TV18, A Nithya of RPP Infra shared a positive outlook for the company, as it expects a substantial improvement in its order booking and its margin profile going ahead.

RPP Infra Projects  on Monday bagged a new order worth Rs 49.5 crore from Tamil Nadu water supply and drainage board amid an 18-month contract.

In an interview to CNBC-TV18, A Nithya of RPP Infra shared a positive outlook for the company, as it expects a substantial improvement in its order booking and its margin profile going ahead.

The infrastructure firm's current order book including the new project stands at Rs 648 crore.

RPP Infra Proj stock price

On December 10, 2014, RPP Infra Projects closed at Rs 123.35, up Rs 5.35, or 4.53 percent. The 52-week high of the share was Rs 165.00 and the 52-week low was Rs 39.10.


The company's trailing 12-month (TTM) EPS was at Rs 4.19 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 29.44. The latest book value of the company is Rs 53.08 per share. At current value, the price-to-book value of the company is 2.32.


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HMSI plans to launch over ten two-wheeler models next year

The company, which today expanded its mid-sized motorcycle range with the launch of CB Unicorn 160, sells a total of over 20 motorcycle and scooter models in the country.

Honda Motorcycle & Scooter India plans to launch over ten two-wheeler models next year, including seven all new products, as the company aims to further strengthen its presence in the country.

The company, which today expanded its mid-sized motorcycle range with the launch of CB Unicorn 160, sells a total of over 20 motorcycle and scooter models in the country. "CB Unicorn 160 despatches will begin in the third week of January, so it would be our first model of 2015. During the course of next year we plan to launch over ten models," HMSI President & CEO Keita Muramatsu told reporters here.

Out of over ten product launches planned for the next year, seven would be completely new platforms while others would be upgrades of the existing models, he added.

When asked about plans to launch low-cost models in the country, Muramatsu said: "We are working on two models, a bike and a scooter, but there is no definite time frame set for the project."

Honda sells a low-cost bike priced at around USD 600 (about Rs 37,500) in Africa. "It is not easy to launch low cost bikes. I have learnt that in the last three years. It is not easy to go for cost reduction when more technology is needed. In the last three years the cost of production has gone up. Even our in-house cost has gone up by 15 per cent over the last year," Muramatsu said.


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