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Old July 19th, 2008, 03:06 PM   #81
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Prism Cement to invest Rs 2K cr on expansion


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Prism Cement Ltd, a Rajan Raheja Group promoted company, is all set to invest about Rs 1,800-Rs 2,000 crore to increase its cement capacity to 10 million tonne from the present 2.5 million tonne through its brownfield expansion in Madhya Pradesh (MP) and greenfield expansion in Andhra Pradesh, said a source close to the company.

The company has a manufacturing unit at Satna, MP and will be adding another 4.5 million tonne capacity to its existing plant there through a brownfield expansion, which will be commissioned by early 2010. It is also setting up a 3 million tonne greenfield plant in Kurnool district, Andhra Pradesh and it is expected to be operational by 2011.

It is learnt that Prism Cement currently has about Rs 250 crore of liquid investment. Going forward, the company is hopeful that it will generate Rs 350 crore every year for the next two years. Moreover, the company will borrow Rs 400 crore through external commercial borrowings (ECBs) for the machineries at each project (i.e., Satna and Kurnool). For the remaining amount, the company is depending on the cash generation of its brownfield expansion which will go on stream by 2010 and then decide the road ahead.

"There will be about Rs 800 crore of investment in Satna and about Rs 950 crore in Andhra Pradesh. Also, the company will invest Rs 100 crore in the coal block that has been allotted in Chindwara, MP," the source added.

Prism Cement Ltd shares rose marginally on Friday to close at Rs 32.90 on the Bombay Stock Exchange.

The company is targeting the southern markets with its new plant in Andhra Pradesh. This will give Prism Cement exposure to markets not only in Andhra Pradesh but Karnataka, Tamil Nadu and some parts of Kerala as well. The firm is all set to take advantage of better realisation there.

Prism Cement's sales for the year ended June 2008 grew 15% to Rs 1,020 crore and PBT grew 8% to Rs 317 crore compared to the last year.

For its coal requirements, the company currently has 80% linkage with Coal India and 20% it buys from the spot market. The coal block that has been allotted to the company in Chindwara is in the process of getting approval and will take care of the company's Satna plant once operational.
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Old July 19th, 2008, 04:18 PM   #82
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Bahrain bank to invest $430mn in India

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Khaleeji Commercial Bank, a Bahrain-based Islamic private bank, has launched its Global Logistix Navi Mumbai Investment Company with a target capital of $430 million.

The fund will aid in the development of India's first integrated logistics city project on a 400 acre site in Navi Mumbai.

Khaleeji Commercial Bank is 60% owned by a group of regional strategic investors and 37% by its founding shareholder, Gulf Finance House.

"Global Logistix stands to play an integral part in Navi Mumbai. We are looking forward to sustaining this important endeavour as it will aid the infrastructure and logistics industry development that is sorely needed in that region of the world, the bank's CEO and board member Ebrahim H Ebrahim said.

The project is a logistics focused real estate development comprising of an integrated logistics park on 400 acres of land.

The initial development projects supported by this investment fund will include the construction of warehouses, control building, maintenance depot, staff accommodation, parking areas and various other amenities.

The concept is being driven by the need for a large scale, organised, all inclusive logistics park in Navi Mumbai and its surrounding areas.

"The project is aimed at providing all logistical services in one fully-integrated park. This will enable potential and existing businesses the opportunity to increase their operating efficiency, market exposure, and to minimize their operational costs, Ebrahim said in a statement.

"The bank can foresee Mumbai's need for a large scale logistics park, as it is the largest market for retail in India, having approximately 20 per cent of the country's total retail opportunities within its borders," he added.
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Old July 22nd, 2008, 05:21 PM   #83
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Indian investments in foreign JVs up 53.2%


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India's total outbound investments in joint ventures and wholly-owned subsidiaries abroad grew by 53.2 per cent in FY 2008, at USD 23.071 billion, compared to USD 15.06 billion in the previous fiscal, Reserve Bank said in its monthly report.

Total number of proposals, during FY 2008, stood at 2,261, much higher than the 1,817 proposals registered in the previous year, posting a growth of 24.4 per cent, RBI said.

While nearly 35 per cent of the proposals for outward FDI were directed towards Singapore, around 23 per cent of the proposals went to Netherlands followed by British Virgin Islands at 7 per cent, the apex bank said.

"Large Indian investments going to countries like Cyprus, Singapore, Netherlands, UAE, British Virgin Islands and Mauritius reflect the generally liberal policies of these countries, particularly those involving favourable tax treatment and investment protection treaties," RBI said.

For the quarter ended March, 2008, Singapore, Mauritius, Cyprus and UAE together accounted for a 50 per cent of the outward proposals on or above USD five million, RBI said.

Out of the total FDI proposals cleared, almost 95 per cent of the investments had deal amounts on or above USD 5 million, while during the January-March period, investments of this size amounted to 91 per cent of the total outbound deals, RBI said.

During the year, nearly 43 per cent of the proposals came from the manufacturing followed by non-financial services (11 per cent) and trading (four per cent), RBI data said.
source financial express
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Old July 22nd, 2008, 05:44 PM   #84
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New Holland Tractors to invest Rs 250 cr


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New Holland Tractors India, a Fiat Group company, will invest over Rs 250 crore to introduce 18 new tractors in the next three years with an eye on doubling its revenue to Rs 2,400 crore by then.

"Our experience in other countries like Brazil, Turkey, Mexico, China and CIS shows that an economy opened to globalisation rapidly changes to agricultural products, hence India is a priority market for us," Case New Holland Chief Executive Officer Franco Fusignani said.

New Holland Tractors India, an wholly-owned subsidiary of Case New Holland, would extend its offering to 30 models of tractors from the current 12, besides expanding its production capacity to 40,000 units by 2011, he added.

"We will be investing between $30 million and $60 million (over Rs 250 crore) depending upon the models to be launched. The current installed capacity of 30,000 units would also be expanded," Fusignani said.

The company currently offers tractors between 35 horse power (hp) and 75 hp. "We will be delivering next generation tractors up to 80 hp in the next three years."

New Holland Tractors, which clocked a revenue of $250 million (over Rs 1,000 crore) in last year, is targeting to more than double it by 2011.

"As we expand our product portfolio, we expect our revenue to double and touch Rs 2,400 crore mark in the next three years. We are targeting about 50 per cent contribution from export by then," Fusignani said.

The company sold over 23,000 tractors, including 8,000 units exported to 50 countries, in 2007. It is aiming to sell 40,000 units by 2011.

"After this expansion drive, we are hoping to capture about 10 per cent share of the domestic tractor market from the current six per cent," New Holland Tractors (India) Business Director Rakesh Jinsi said.
source business standard
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Old July 23rd, 2008, 03:04 PM   #85
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Tech Mahindra to invest $150 mn in 3 yrs


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IT services and telecom solutions provider Tech Mahindra will invest USD 150 mn over the next three years to set up 4 development centres across India.

"The company will spend USD 150 mn over the next three years (to develop four centres)," Mahindra & Mahindra Group Chairman Anand Mahindra told shareholders at the 21st Annuam General Meeting of Tech Mahindra here on Tuesday.

Tech Mahindra Vice-Chairman, Managing Director and Chief Executive Officer Vineet Nayyar later said that the investment would be made to set up centres in Pune, Kolkata, Chandigarh and Nodia.

Nayyar said apart from the 9,000-seat Pune facility, the first phase of which is in the final stages of completion at Hinjewadi SEZ, others will come up this year or in early 2009.

The Noida centre would be a 4,000-seater facility, while the ones at Kolkata and Chandigarh would house 3,000 people each, he said.

At present, the company has three 'establishments' in Noida, two in Kolkata and one in Chandigarh.

The development centres would be used for accommodating the existing facilities or for expansions of the company's operations in the respective cities, a company official said.

Nayyar said the company is looking at acquisitions in the BPO/KPO space, but yet to identify a target.

"We are interested in the telecom space. However, it has to be a strategic fit to our existing operations," the official said, adding the BPO/KPO vertical of the company employs 3,445 people.
source economictimes.com
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Old July 23rd, 2008, 03:56 PM   #86
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ICL to invest Rs 2,100 cr to achieve 14 mtpa production


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Chennai-based India Cements Ltd on Wednesday said it plans to increase total capacity to 14 million tons per annum by March next year, to add five mtpa at an investment of Rs 2,100 crores.

The expansion plan includes adding one mtpa each at its Chennai and Parli plant in Maharashtra.

By 2011, India Cement plans to add eight more million tonnes to its existing capacity that would give the company a pan-India presence.

India Cements Joint President Marketing Rakesh Singh said future capacity additions include a two mtpa factory at Jhunjunu in Rajasthan and another plant of 1.5 to 2 mtpa in Himachal Pradesh.

At present, the company has four cement plants in Andhra Pradesh and three in Tamil Nadu with a total capacity of 9 million tonnes per year.

Currently there were about 8,000 stockist in the South and Maharastra of which 30 to 35 per cent were exclusive stockist of Sankar and Coromandel brands and the rest were multi-brand dealers.

About six-seven per cent of the total sales went to bulk consumers and major builders, the supply of which were made through mega-seized tankers and the remaining quantity were sold in the bags of 50 kg each, he said.

Although India Cements was manufacturing high grade cements, only blended cements (Pozolona, Portland cement) were very popular in the market, accounting for 73 per cent of the total sales.

More than 90 per cent of the cement bags were made of High Density Poly Eutherene(HDPE) and to satisfy a segment of customers in Kerala and Chennai city the cement stock were packed in paper bags, he said.
source economictimes.com
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Old July 23rd, 2008, 04:00 PM   #87
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Dalmia Cement to invest $1 bn on fresh expansion


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DELHI: Dalmia Cement (Bharat) Ltd's unit will invest up to $1 billion over the next three years to expand capacity to meet the infrastructure demand from a fast-growing economy, a senior company official said.

The firm's wholly-owned subsidiary, Dalmia Cement Ventures Ltd, is aiming to create 10 million tonnes per year of capacity across five plants in Rajasthan and Karnataka.

"Cement industry has linkage to gross domestic product growth. If GDP has to grow, infrastructure has to grow, cement has to grow," Somnath Patil, senior executive director-finance, said in an interview on Wednesday. South India-focussed Dalmia operates a 3.5 million tonnes a year plant in Tamil Nadu.
source economictimes.com
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Old July 23rd, 2008, 04:01 PM   #88
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IFFCO to invest $100 mn in Australia's Legend


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Indian fertiliser cooperative IFFCO will invest $100.5 mn for a significant stake in Australian mining firm Legend International Holdings, it said on Wednesday. Under the deal, IFFCO will purchase 15 mn shares in Legend, which owns phosphate deposits in Queensland, Australia, and hold options for buying another 30 million shares, in a phased manner.
IFFCO has also agreed to buy and distribute 4 million tonnes of concentrated rock phosphate, or 80 percent of Legend's output, through its farming network. IFFCO has the right to nominate two members on Legend's board.
Last year, it had agreed to invest $100 mn in Senegalese phosphates producer ICS for a majority stake and supplies of phosphoric acid. Fertiliser producers from India, the world's second-biggest consumer, have been scouting around the world for key inputs such as phosphatic acid, sulphr and natural gas, which are in shortage in the country.
source economictimes.com
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Old July 23rd, 2008, 04:45 PM   #89
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Subhiksha Mobile to invest Rs 500 cr this year


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Telecom retail major Subhiksha Mobile is going for a major expansion and will invest Rs 500 crore this year to add around 800-1,000 stores to its existing 750 outlets in the country.

The company which opened its 100th outlet in Andhra Pradesh today, said in a press release that the state is a important for Subhiksha and we are delighted to be the first mobile retailer to cross the 100 stores benchmark here.

The company said its has mananged to have 15 per cent share in the mobile retailing market in Andhra Pradesh since opening its first store there in second half of 2007, the release added
source business standard
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Old July 23rd, 2008, 04:56 PM   #90
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xposting from the telecom thread:

BSNL rings $10b expansion plan.

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State-run Bharat Sanchar Nigam Ltd (BSNL) plans to invest Rs 42,000 crore or roughly $10 billion over the next three years, mainly on network expansion, in order to take on private sector players who are rapidly gaining territory and strength.

"Our mobile expansion is on track. We have rolled out 25 million lines all-India and this capacity kicks off in August. We have announced tenders for another 93 million lines and are adding two million lines in WLL", Kuldeep Goyal, CMD, BSNL told ToI.

According to sources in BSNL, its revenues have dipped 6% to Rs 32,500 crore in 2007-8 from Rs 34,600 crore in 2006-7, while net profit is down to Rs 292 crore.

BSNL, which controls over three-fourth of the near Rs 27,000 crore fixed line revenues, serves as much as 80% of India's 39.5 million fixed line subscriber base.

Its fixed line revenues have been flat over the last two years despite the fact that this segment incurred a decline of over 10% in revenues across India and over 20% in subscriber base between fiscal 2006-7 and 2007-08.

BSNL's performance in mobile telephony has been better than fixed line business, clocking a near 13% increase in revenue to roughly Rs 10,600 crore. However, this is but a shadow of an over 35% industry growth rate which saw a majority of India's leading GSM operators like Bharti, Vodafone, Idea, Aircel, Spice and MTNL growing at over 40% in this period.

While BSNL continues to be the largest service provider in national long distance (NLD/STD) and fourth largest in international long distance, its NLD revenues have witnessed a massive 40% decline.

These worrying numbers, controversies regarding its mobile equipment tenders preventing rapid expansion, rapid competitor growth and a potential merger with lossmaking ITI Ltd indicates that these investments are critical for BSNL's survival.

BSNL is now turning towards broadband, network monitoring and managing MPLS networks for big corporates for its next big growth push. "We are in talks with international firms like Cable and Wireless and British Telecom to carry overseas traffic through Virtual Private Networks (VPNs) and Managed Private Leased Services (MPLS) for big corporates," said Goyal.

"Broadband penetration is another focus area for BSNL which has a capacity of four million lines of which 2.3 million are in use, representing an over 50% share of the total four million broadband connections in the country," added Goyal.
Source: TOI
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Old July 23rd, 2008, 05:00 PM   #91
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xposting from the real estate thread:

Trump Jr plans $1b fund to invest in Indian realty.

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Donald Trump Jr, whose father built a multibillion dollar fortune in real estate, plans to set up a fund of as much as $1 billion to buy property in India, betting on the nation's growing wealth. "Trump may create the privately held fund with investors including an Indian family," he said.

He didn't give specifics on how he'll raise the money, or when the first investment will be made. Trump would join Deutsche Bank AG and Lehman Brothers Holdings Inc in amassing funds to invest in a market that recorded the world's highest growth in millionaires last year, fueling demand for luxury homes.

The highest borrowing costs since 2002 have ended India's five-year property boom, curbing valuations of projects and developers. ‘‘The real estate market is in a downturn now,'' said Ritesh Vohra, director of investments at Mumbai-based Saffron Asset Advisors, which manages more than $400 million in two property funds. ‘‘There's some more pain left over the next two years or so, and that could be an opportunity to invest.''

"Property prices in India are likely to drop by about 20% to 25%," Sarang Wadhawan, MD of Housing Development & Infrastructure Ltd, India's third-biggest developer by market value, said. His comments echo statements made last month by Keki Mistry, vice chairman of the nation's largest mortgage lender, and other developers. ‘Appreciate Luxury' ‘‘The fund will be for acquisitions of real estate in the high end, and across the spectrum,'' said Trump. ‘‘The market place is beginning to understand and appreciate luxury, so there is a great opening for us there, as well as in resorts.''

The number of Indians with financial assets of more than $1 million grew 23% in 2007, according to a report by Merrill Lynch & Co and Cap Gemini SA on June 24, surpassing China's 20% and Brazil's 19% growth. New Yorkbased Trump Organization Inc also plans a residential and hotel project in Mumbai with a local partner to tap the growing wealth of middle and higher income Indians. The city is India's biggest trading center for stocks, bonds and commodities, and home to some of the country's largest companies including Reliance Industries Ltd and State Bank of India. ‘‘Our entry has to be in Mumbai and that's where everything is going on right now in terms of the high-end real estate,'' Trump said.

‘‘That's the place where one is going to achieve the highest prices per square foot. It sets the tone for all of the other future developments.'' Overseas Funds Economic growth forecasts of more than 8% for this year are luring global funds to India, who expect growing incomes and wealth to fuel demand for property. Lehman's real estate fund last month bought a $175 million stake, its biggest investment in India's realty sector, in a Mumbai project under development by Unitech Ltd.

Deutsche Bank and other private equity investors last year pledged to invest $425 million in Mumbai-based Lodha Group. Deutsche Bank's RREEF unit, the world's largest alternative investment manager, in April said it plans to invest more than $1 billion over three years in India's real estate and infrastructure assets. Real estate prices in India have climbed for five straight years, boosted by a six-year equity market boom and rising incomes.

The rally in property prices may end this year as falling stock prices and rising interest rates slow sales and make it tougher for smaller developers to borrow money. The 14-stock Bombay Stock Exchange Realty Index has declined 63% this year, almost double the 32% drop in the benchmark Sensex.

‘‘The pendulum has started shifting back a little bit to the point where prices have started to become a bit more reasonable,'' said Trump. ‘‘It will allow companies such as ours to justify buying land. It's a good opportunity for us.''
Source: TOI
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Old July 24th, 2008, 12:37 AM   #92
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Century Textiles to invest Rs 6,300 cr in 5 years


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Century Textiles and Industries (CTI) on Wednesday said it will invest Rs 6,300 crore, including Rs 2,600 crore to develop commercial projects on mill land at Worli and Rs 1,800 crore for cement manufacturing capacity expansion, over the next five years.

Addressing shareholders at CTI's 111th Annual General Meeting, company Director Kumar Mangalam Birla said CTI would infuse Rs 1,445 crore fresh capital into its paper business and the remaining Rs 455 crore would be used for general corporate purpuses.

Birla said 40 acres mill land at Worli would be used to develop hospitality, IT and ITeS projects for commercial purposes. The construction work may take off in a year from now and workers,who are occupying 10 acres, would be rehabilitaed.

Birla said CTI intends to jack up its cement making capacity to 11.8 million tonne per annum (mtpa) from 7.8 mtpa now at an investment of Rs 1,375 crore over three years.

This is expected to be achieved by setting up a new clinker line of the capacity of 2.5 million tonnes and an equivalent cement grinding facility, adjacent to the existing plant of Manikgarh Cement at Gadchandpur, Maharashtra, along with a 40 MW captive thermal power plant, and putting up a 1.5 mtpa cement grinding unit at Sagardighi in Murshidabad, West Bengal, he said.

CTI has already received environmental clearances for the Maharashtra project, but is awaiting response from the West Bengal Pollution Control Board for its Sagardighi project.
source economictimes.com
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Old July 24th, 2008, 12:48 PM   #93
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xposting from the auto thread:

Govt approves Volvo's investment in Eicher

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India's cabinet on Thursday approved Swedish truck maker Volvo's investment of $275 million in a joint venture with commercial vehicle maker Eicher Motors Ltd.
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Old July 24th, 2008, 01:00 PM   #94
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Intel Capital pumps $17 mln into 3 Indian firms

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Intel Capital, the venture capital arm of top chipmaker Intel Corp, said on Thursday it would pump $17 million into three Indian companies, comprising two Internet portals and one advertising firm.

Since starting in India in 1998, Intel Capital has invested in approximately 50 companies across eight cities. The funding will come from the $250 million Intel Capital India Technology Fund, founded in December 2005.

The three companies are: Yatra.com, an online travel portal, BuzzInTown.com, an events-oriented social networking portal, and Emnet Samsara Media Pvt. Ltd., an out-of-home advertising firm focusing on the Indian public transportation market.
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Old July 24th, 2008, 04:45 PM   #95
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xposting from the telecom thread:


Bharti Airtel to invest $2.5 bn on expansion

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Driven by robust subscriber growth, Bharti Airtel, country's leading mobile operator, on Thursday posted a 34 per cent rise in its net profit at Rs 2,025 crore for the first quarter ended June 30, 2008.

Bharti Airtel, in which Singapore-based SingTel owns 30 per cent share, said its revenue as per US accounting rules, rose by 44 per cent to Rs 8,483.30 crore for the latest quarter from Rs 5,904.60 crore in the first quarter ended June 30, 2007.

Shares of the company closed at lower by 2.21 per cent on the Bombay Stock Exchange on Thursday.

The company is maintaining its guidance for standalone capex of over 10,583 crore (USD 2.5 billion) for the full year till March, company's Chief Financial Officer Sarvjit Dhillon said.

Bharti, which accounts for nearly a quarter of the country's total mobile users, added 7.4 million users in the in the first quarter of this fiscal. Its all India marketshare stood at 24.2 per cent in wireless segment.

During the quarter the company had an EBIDTA (Earnings before Interest, depreciation, tax and amortisation) of Rs 3,522 crore, up 44 per cent from the same period last fiscal.

The EBIDTA margin was 41.5 per cent in the quarter.

"It has been a particularly strong quarter, with monthly customer adds crossing the 2.5 million mark," Chairman and Managing Director Sunil Mittal said in a statement.

"This clearly demonstrates the Indian telecom growth story is intact and the rural markets are witnessing strong uptake. We are confident of continuing to lead this growth ory, he said."

"The quarter saw robust growth as we achieved economies of scale but acknowledged that tariffs are under pressure. The low average revenue per user is not a matter of concern for the company. The engine of growth has been huge subscriber addition," Bharti Airtel CFO and Joint MD Akhil Gupta said.

He said the the company's margins are not under pressure even as EBIDTA margins remain the same, ARPU is low and minutes of usage is also low.

"These parametres don't worry us," Gupta said. During the quarter the ARPU was Rs 350, compared to the previous quarter's Rs 357.

Indian mobile operators have been adding over 8 million subscribers a month. Most of the news users are coming from the rural areas, where the tele-density is still about 10 per cent compared to a national average of about 25 per cent.

The number of mobile subscribers in India, the world's second-largest wireless market after China jumped to about 280 million, according to the latest figures.

Bharti Airtel competes with Anil Ambani's Reliance Communications and unlisted Vodafone Essar, controlled by Britain's Vodafone Plc.

Both Bharti and Reliance had separately held talks with MTN Group of South Africa for a combination that would have created a global top-10 telecoms firm, but in both the case talks failed during negotiation process for different reasons.

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Old July 25th, 2008, 10:58 AM   #96
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CDC to invest $185 mn in Indian PE funds

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UK-based CDC Group will invest 185 million dollar in six India focused private equity funds, thus taking its overall commitment to such funds investing in the region to over 1 billion dollar.

By investing in growth companies, CDCs capital is able to support the growth of the private sector and foster the next generation of successful enterprise across India, creating jobs and improving the local economy, CDC Group Portfolio Director, South & South East Asia Anubha Shrivastava said.

CDC has made a commitment of 50 million dollar to Baring India Private Equity Fund III, which will invest between 15 million dollar to 50 million dollar in companies particularly focused on export services, consumer goods, manufacturing, healthcare and financial services.

A commitment of 50 million dollar was made to New Silk Route Private Equity Asia Fund, that would focus particularly on investments in consumer services, infrastructure, telecoms, engineering and financial services.

Besides, 25 million dollar was committed to India Value Fund III, providing development capital to SME companies in India in the transitional period, 20 million dollar to BTS India Private Equity Fund, focused on SME investments.

As much as 20 million dollar to Avigo SME Fund II, also focused on SME investments and 20million dollar to VentureEast Proactive Fund, which would focus on early and growth stage investment opportunities.

These six private equity funds are expected to raise a total of over 2.47 billion dollar for investment in India.
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Old July 26th, 2008, 06:28 AM   #97
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Sistema wants to invest $5 bn in India

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New Delhi, July 25
Russian firm Sistema has told Prime Minister Manmohan Singh that it wants to invest over $5 billion in India's telecom sector over next 3-4 years.

Sistema chairman Vladimir P Evtushenokov yesterday evening briefed the Prime Minister about his company's strategic plans for India, said petroleum minister Murli Deroa who facilitated the meeting between the two.

Evtushenokov, a close aide of Russian President Vladimir Putin, has also assured to help Indian oil firm ONGC get a stake in Russia's giant Sakhalin-3 project.

"Evtushenokov, along with First deputy chairman Alexander Goncharuk and Member of the Board Sergey Cheremin, told the Prime Minister that Sistema was willing to invest more than $5 billion in the Indian telecom sector," Deora said.
— PTI
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Old July 26th, 2008, 07:16 AM   #98
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xposting from the energy thread:

Reliance Power gets nods to raise $4 billion

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Reliance Power Ltd, the generation unit of India's third-largest utility, said that it has received approval from India's central bank to borrow $4 billion overseas to fund two power projects. "The money is being raised to build two coal-fired generation units of 4,000 megawatts each at Sasan in central India and Krishnapatnam in southern India," Mumbai-based Reliance Power said on Friday. The company will complete the first unit at Sasan five months ahead of schedule in December 2011 and the second by March 2013
Source: TOI
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Old July 26th, 2008, 07:27 AM   #99
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Welspun to inject Rs 4k cr for Vikram Ispat expansion

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Welspun Power and Steel Ltd, a flagship company of the Welspun Group, is all set to invest more than Rs 4,000 crore in brownfield expansion of its recent acquisition of sponge iron business, Vikram Ispat, revealed. The company will raise Rs 4,000 crore through its tie-ups with banks along with promoter’s contribution through equity.

Welspun Power and Steel Ltd is a closely held company having its manufacturing unit at Anjar in Gujarat and had acquired Vikram Ispat for Rs 1,030 crore from Grasim, an Aditya Birla Group company, last month.

Welspun Power and Steel will now manufacture slabs that are required to make steel plates and coils by its other entity Welspun Gujarat Stahl Rohen Ltd (WGSRL), which is the second largest (large diameter) pipe producer in the world.

Talking to FE, Jindal said, “Vikram Ispat already produces one third of what we require. Going forward, balance two-third is what we are planning and working out the final details.”

“We expect to achieve financial closure in 3 months' time and expect the expansion to be fully operational by FY2011. We are targeting the first slab to be out by October 1, 2008. This expansion will make us self sufficient and will make us the largest integrated pipe manufacturer in the world,” he adds.

The company at present buys slabs from the international markets for its requirement.

On the other hand, WGSRL has also recently begun operations of plates out of its 1.5 million tones of plate-cum-coil mill, which is a backward integration project in Anjar, Gujarat to meet the internal requirement. Production of coils will begin soon, says Jindal.

Moreover, WGSRL is on its way of completion of $150 million facility in USA, which once completed will produce 3,00,000 net tones of tubular steel pipes for the use of oil & gas industry. The company hopes to begin production by end of 2008.

Catering mostly to the export markets, the company’s 60% business come from US and Canada.
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Old July 26th, 2008, 09:34 PM   #100
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Suncity to develop 10 retail cities, to invest Rs 8000 cr over the next six years

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Aiming to cash in on the burgeoning organised retail segment, realty player Suncity Projects announced on Saturday a Rs 8,000 crore project to develop 10 retail cities across the country over the next six years.

"Initially, we will start with four cities in north India at an investment of Rs 2,000 crore. Gradually, it will be expanded to 10 cities in the country, which could entail an investment of about Rs 8,000 crore," Suncity Projects Vice President (Retail) Vijay Arora told reporters in New Delhi.

Besides the retail area, these cities would also house hotels, office spaces and entertainment zones, he added. The first four of the retail cities, under the brand name 'Jewel of India' would come up at Greater Noida, Indore, Jaipur and Mohali.

"This is one of the most ambitious projects in the retail space 'Jewel of India' will house some of the most prominent brands of the country along with local handicraft of the region and will redefine the entertainment criteria for the customers," Arora said.

The projects would be funded through internal accruals and debt in equal proportions, he said.

The company, however, could also consider raising money through private placements on project basis, he added. "We are open to dilute up to 50 per cent stake on the projects for raising funds from private equity players," Arora said adding the company is currently holding discussions with a few domestic as well as international PE firms.

To start with, the first city in Jaipur would be operationalised by 2011 and would spread over an area of 40 lakh sq ft. It would house premium retail brands like Lifestyle, Shoppers' Stop, Pantaloon and Westside among many others.

The Jaipur retail city would house Johri Bazar showcasing traditional Rajasthani jewellery, a five-star hotel comprising 225 rooms, business suites, food courts, six-screen multiplexes, besides other entertainment segments.

"We will tie up with an international firm for managing the hotel and currently we are in talks with a few players, which is expected to be finalised within next two days," Arora said.

The company plans to sell the office space, while the retail areas would be leased out, he added. Suncity Projects has a land bank of about 4,000 acres with major residential and commercial projects undergoing in the northern states.
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