Kochi Trade, Technology, Engineering & Industry

[Malayaali]

Kerala to benefit the most from GST, says KPMG CEO

About 300 working in Kochi KPMG (Tvpm is a mistake) and 250 seats to be added.

KOCHI: Being a consumer state, Kerala will benefit the most from the Goods and Services Tax (GST), said Richard Rekhy, chief executive officer, KPMG, a global consultancy firm.

“If implemented, GST will help in the growth of the Gross Domestic Product (GDP) of the country by 1.5 per cent and goods will get cheaper,” he told ‘Express’ on the sidelines of a private function here on Friday.

“At present, people are paying about 26 per cent as indirect tax for goods. After the implementation of GST, it will be reduced to 20 per cent.

“In three years, it will come down to 16 per cent. Since GST is consumption based, tax-regime states like Kerala will be benefited the most from it,” Rekhy said.

GST is a value-added tax which will replace all indirect taxes levied on goods and services by the Indian Central and state governments.

Commenting on the recruiting drive of the global firm in Kerala, he said the KPMG would recruit about 250 people here in two years. “We are planning to open a satellite office in Thiruvananthapuram. Now the company has about 300 people in Thiruvananthapuram for back-end operations of the company,” he said

[psanthosh]

Fertilisers and Chemicals Travancore Ltd announces Rs 6,500 crore investment

KOCHI: Public sector fertiliser giant Fertilisers and Chemicals Travancore Ltd (FACT) on Friday unveiled a '2020 Vision Plan' under which the company will invest Rs 6,500 crore to achieve revenue of Rs 7,000 crore and profit of Rs 300 crore by 2020.

"We are going through a very rough patch. There is need to revamp the company and the mission is to turn it around," said Jaiveer Srivastava, chairman and managing director of FACT.

"We have drawn up plans which involve diversification into new pastures, augmenting existing operations, massive use of gypsum, strengthening of FEDO (FACT Engineering and Design Organization) and FEW (FACT Engineering Works), scaling up of import and trading of fertilisers, switching over to LNG and putting up new plants," he said.

As part of maximising production, the company plans to produce 20 lakh tonnes of fertiliser and achieve a trading level of 10 lakh tonnes within the next seven years. Capacity of the naphtha plant will be enhanced by adding 1,000 tonnes per day (TPD) stream and setting up 2,800 TPD ammonia - 3,500 TPD urea project, which is expected to cost Rs 4,700 crore to the company.

"The company has entered into an arrangement with Metals and Minerals Trading Corporation of India (MMTC) to import 2 lakh tonnes of complex fertilisers and potash to supplement own production and thereby enhance our presence in the market. FACT has also sought the allotment of 1 lakh tonne of urea during the current fiscal," he noted.

The company is also looking at the prospect of marketing load-bearing gypsum panels, produced by FACT-RCF Building Products Ltd (FRBL), a joint venture between the company and Mumbai-based Rashtriya Chemicals and Fertilizers.

Towards the end of July, FACT will get LNG as feedstock, which could possibly be priced at $14.5 Million Metric British thermal units (MMBtu), Srivastava hinted. Compared to naphtha, LNG will be cleaner and cheaper, he added.

FACT, established in 1947, had incurred a loss of Rs 210 crore during the first three quarters of fiscal 2012 - 2013. Apart from changing market conditions, higher cost, scarcity of raw materials and ageing plants have contributed to the financial woes of the company. In the current fiscal, the company expects revenue of Rs 3,000 crore.

As part of generating steady revenue from the assets of the company, FACT's Ambalamedu guest house will be converted into a 'Centre for Excellence' by investing Rs 5 crore to conduct conventions and management programmes

http://timesofindia.indiatimes.com/c...w/19994733.cms

[mohammedirshad06]

Ambalamedu guest house can be effectively developed into South India's first Energy-Chemical university, focusing more on research and development..... They have enough space and make into a proper university, may be along with partnership with Kerala Govt to develop an Energy University, focusing more on Hydrocarbons research, Chemical technology, Gas etc.... This will help creating more talents and useful for both key industries...

I don't find much value in utilizing such huge tracts of land for another convention center, especially the city is gearing up more and more convention centers

[Prasanth_KCV]

Mitzuki Japan forays into Indian market

Mitzuki Japan, a leading international brand of the Legend Group in electricals, will enter the Indian market with its official launch here on Sunday.

Union Minister of State for Power K C Venugopal will inaugurate the brand presentation ceremony at Ramada Resorts. The company plans to introduce solar water heater, heat pump, security camera and home security equipment in the market, Mitzuki managing director Joji Mathew told reporters here.

Digital water heater controller and guard tank, first of its kind in the country, would also be introduced, he said. “Mitzuki has a good track record for delivering highquality products and around 100 dealers have been appointed in the state,” Joji said. As part of its business expansion plans, the group will invest `300 crore in this fiscal, he said.

http://newindianexpress.com/cities/k...cle1586423.ece

[Malayaali]

SEBI office inaugural by month-end

The state office of the Securities and Exchange Board of India (SEBI) at Finance Towers, Kaloor, here will be inaugurated by the end of this month.

Initially the office will have three officers and support staff. The prime focus of the SEBI office in the state will be to enhance awareness about various investment products and to curb financial frauds in Kerala.

According to sources, a top official of SEBI will inaugurate the office. The Kochi office’s role and responsibility will extend to the areas falling under the territorial jurisdiction of Kerala and Lakshadweep. The office will be under the administrative control of its Southern Regional Office at Chennai. SEBI is the regulator for the securities market in India. It was established on April 12, 1992, through the SEBI Act, 1992. It is headquartered in Mumbai and has regional offices in New Delhi, Kolkata, Chennai and Ahmedabad.

“The local office in Kochi shall look after the regulatory aspects of investor protection, facilitating redressal of investor grievances, financial and investor education and such other functions as may be assigned from time to time,” a SEBI notification dated May 10 said.

The Kochi office is part of the SEBI plan to open offices in every state in India. SEBI has plans to open 20 offices across the country.

[kochi_]

Future looks good for pepper

Kochi is set to spring back to the centre of the Rs. 1,000-crore pepper business in the country with the Forward Markets Commission (FMC) permitting the city-based India Pepper and Spice Trade Association (Ipsta) to re-launch futures trading.

FMC is the chief regulator of forwards and futures markets in India, and Ipsta, with100 members and 140 non-member clients, represents the swelling pepper business in the country.

Futures trading in pepper, an iconic product of Kochi, was suspended in December last year after Food Safety and Standards Authority of India seized 8,000 tonnes of pepper reportedly for the presence of mineral oil, which is used to polish bad quality produce.

FMC order on May 15 to the Ipsta president permitted it to resume futures till December. Ipsta’s performance in conducting trading will be evaluated after December. For now, Kochi’s credentials as the futures trading hub for pepper stands to be tested, said Jojan Malayil, former president of Ipsta and a veteran in the business. Over the last six months Ipsta, which is nearly 60 years old, and the Spices Board have been trying to convince the regulator that the quality issue could be addressed.

TH

[Malayaali]

Bank of Bahrain opens third branch in India

KOCHI: Bank of Bahrain and Kuwait (BBK) today opened its first branch in Kerala at nearby Aluva, taking its total bank strength in India to three.

The Bahrain-headquartered bank has branches in Mumbai and Hyderabad. "We have approached RBI for permission to open a branch in Delhi," bank's CEO Abdulkarim Bucheery told reporters here.

On their business target in the first year of operations in the state, he said the targets are not extremely challenging. "We have to take our time to compete", he said.

The Aluva branch, which will at present have seven staff, will be expanded to 15. The staff would be recruited locally, he said.

The bank's business size was eight billion US dollars. It has 17 branches in different countries, including three in India.

Outside Bahrain, they have branches in Kuwait, Dubai and India.

On further branch expansion in India, he said they were looking at whether to have more branches or take the NBFC route.

BBK has infused a capital of $30 million in 2011 and is looking at further fusion in the current year.

Operations in India earned a net profit of $3 million in 2012-13 fiscal, he said.

BBK is the only foreign bank in India to offer eight per cent on savings bank deposits.