MUMBAI: Diageo, the world’s largest spirits company by value, has mandated investment banking firm JM Financial to negotiate a deal that could result in it owning a minority stake in Vijay Mallya-owned United Spirits.
Negotiations are underway to structure a deal that would arm Mallya with enough cash to revoke pledges on shares of United Spirits, the flamboyant tycoon’s flagship company. In return, Diageo will get the right to buy shares in United Spirits equivalent to the amount paid to Mallya, according to a person familiar with the proposed transaction.
The deal is in its initial stages and there is no certainty of a successful conclusion, the person said. The structure of the transaction, including the manner in which Diageo would acquire shares, which may include an open offer, is still being worked out, he said.
If a deal were to be consummated, Diageo is likely to pitch for a reasonable stake, possibly 26%, in United Spirits. The company had a market capitalisation of 9,100 crore at Tuesday’s closing. It hit a peak of 20,960 crore on October 4, 2010.
Mallya denied he was considering a stake sale in his core business while Diageo described talk of a deal as “speculation”.
“As a matter of policy, we do not comment upon market rumour or speculation,” said Stephen Doherty, global head of communications at Diageo Plc.
Mallya said, “Diageo and ourselves are in constant touch with each other exploring joint business opportunities in this rapidly evolving market. In specific response to your query, we are not in any discussion with JM Financial. There is no question of selling our stakes in our core businesses to invest further or to repay debt in any business, including Kingfisher Airlines. We have other opportunities to access the necessary funding.”
“With regards to the query, we would like to clarify we are not involved with Diageo in any structured deal to help Vijay Mallya pay off debts in Kingfisher Airlines and therefore your query is factually incorrect and speculative,” a JM Financial spokesperson said.
The current talks are taking place in the backdrop of Mallya’s attempts to raise money to infuse equity in Kingfisher Airlines. The airline is desperately seeking investors, and with a debt of over 6,400 crore and severe working capital crunch, Mallya is widely perceived to be running against time.
Any arrangement with Mallya will help Diageo make inroads into the growing Indian liquor market. Despite entering India in 1994, the British company is yet to find its feet here.
CA TECHNOLOGIES SCOUTS FOR ACQUISITIONS IN INDIA
CHENNAI/HYDERABAD: CA Technologies, a Nasdaq-listed IT management software and solutions company, is pursuing acquisition opportunities across geographies, including in India, with a ticket size of between $10 million and $500 million, according to chief executive officer William E McCracken. “We are constantly scouting for potential targets across the world, and we probably have between 200 and 300 companies on our merger and acquisitions’ radar at any given point of time as there is so much of innovation happening in the industry. Obviously, Indiais a good technology location and hence is a good target for us,” he told mediapersons here on Tuesday. In the last two-and-a-half years, the over $4.5-billion company had invested around $2 billion in acquisitions, including Oblicore, 3Tera, nimsoft, NetQoS and 4Base. It also bought Arcot Systems for $200 million, which has a 115-strong research and development (R&D) centre in Bangalore, during this period. (For details log on to : http://www.business-standard.com/india/news/ca-technologies-scouts-for-acquisitions-in-india/472471/)
OIL MINISTRY MAY VETO OIL COMPANIES PLAN TO BUY ADB STAKE IN PETRONET
NEW DELHI The Oil Ministry may be on the verge of vetoing oil PSUs’ plan to acquire Asian Development Banks stake in Petronet LNG Ltd ( PLL) and instead may offer the premium stake to some strategic investor. The ADB had on August 23 last year offered to sell its 5.2 per cent stake in Petronet, in which GAIL India, Indian Oil, Bharat Petroleum and Oil and Natural Gas Corp ( ONGC) hold a 12.5 per cent stake each and a first right of refusal. If the ADB stake goes to state firms, Petronet would be converted from a private firm into a public sector company and come under scrutiny of official auditor CAG and CVC besides parliamentary oversight, something that the company is opposed to. Strangely, Oil Secretary has traditionally been the Chairman of Petronet even though their appointment as per norm has not been approved by the Cabinet Committee of Appointments. (For details log on to : http://freepressjournal.in/news/60202-oil-min-may-veto-oil-cos-plan-to-buy-adb-stake-in-petronet.html)
ICVL EYES 10% STAKE IN SECOND BOWEN BASIN COKING COAL ASSET
NEW DELHI: International Coal Ventures Ltd (ICVL), which is all set to buy a coking coal asset in the Australia’s Bowen Basin, is also eyeing a 10 per cent stake in a greenfield asset in the region, sources said. ICVL is a consortium of SAIL, Coal India, Rashtriya Ispat Nigam and NMDC formed to acquire coal assets abroad. “ICVL is close to acquiring a coking coal asset in the BowenBasin. It is also participating in a bidding process to acquire 10 per cent equity stake in a greenfieldcoking coal asset in the area,” a steel ministry source said. ICVL Chairman C S Verma had on March 22 said the first acquisition was to happen very soon and all necessary formalities had been completed. He, however, did not disclose any further details. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/metals-mining/icvl-eyes-10-stake-in-second-bowen-basin-coking-coal-asset/articleshow/12853624.cms)
TECH MAHINDRA, SATYAM MERGER IN 8-9 MONTHS: CEO
HYDERABAD: The merger process of Mahindra Satyam and Tech Mahindra is expected to be completed in the next eight to nine months without any hurdles. An annual general body meeting of Mahindra Satyam and Tech Mahindra will be held in June to consider the meger proposal, CP Gurnani, CEO, Mahindra Satyam said on Tuesday. “Advance notices have been given for the AGMs. The whole process will take 8-9 months. We don’t see any major hurdle coming along the way,’’ he said. He said both companies have received clearance from BSE and NSE. “The process has started but it is difficult to put a timeframe for the completion of the merger,” he added. He was addressing media after Mahindra Satyam and Tech Mahindra signed a global framework agreement with CA Technologies to set up a joint research centre in Pune. Through this agreement, the companies will offer application performance management, test automation and content aware security. The centre, which would have 70 employees initially, will work to find cost-effective solutions and enable customers to support changing business models. (For details log on to : http://www.financialexpress.com/news/tech-mahindra-satyam-merger-in-89-mths-ceo/941147/)
PUBLICIS ACQUIRES INDIGO CONSULTING
MUMBAI: Headquartered in Paris, Publicis Groupe, a leading multinational advertising and communications group with revenues of 8 billion euros, has acquired an Indian digital marketing & technology agency, Indigo Consulting, for an undisclosed sum. Currently, Indigo Consulting with 160 employees offers services which include website design and development, search engine optimization, usability research& testing, and marketing online, on mobiles and in social media. Founded in 2009, Indigo Consulting will now operate as a unit within the Leo Burnett Group in India, Publicis Group’s Indian brand and will retain its name and its founder, Vikas Tandon will continue to be the managing director reporting to Arvind Sharma, chairman of the Indian Subcontinent for Leo Burnett. (For details log on to : http://www.financialexpress.com/news/publicis-acquires-indigo-consulting/940975/)
NEW SILK ROUTE SCOOPS UP STAKE IN ETHNIC FAST FOOD CHAIN VASUDEV ADIGA’S
BANGALORE: New Silk Routewhich manages $1.4 billion Asia-focused private equity fund has acquired a significant stake in Bangalorebased Vasudev Adiga’s, an ethnic fast food chain. Adiga’s which has 12 restaurants and been present in Karnataka for almost a decade will use the funding to enter other parts of the country and foreign markets such Middle East and USA. New Silk Routedeclined to reveal the details of the transaction. “To expand in Indiaand overseas, we needed someone who could not only provide us funding, but also help us attract talent and bring efficiency in our processes,” said K. N. Vasudev Adiga, Chairman, Vasudev Adigas Fast Food Limited. The food chain which also counts global firms such as SAP, Ingersoll Rand and Honeywell among its top corporate customers aims to have 100 restaurants in next four years. The deal with Adiga’s marks New Silk Route’s second investment in the food and beverage space after Cafe Coffee Day, one of the largest coffee retailing player in Asia. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/cons-products/food/new-silk-route-scoops-up-stake-in-ethnic-fast-food-chain-vasudev-adigas/articleshow/12850513.cms)
PE FIRM XANDER BUYS FUTURA OFFICE PARK IN CHENNAI FOR $40 MILLION
NEW DELHI: Global investment firm Xander Group’s real estate private equity arm has bought 570,000 sq ft of office space in Chennai for $40 million. The PE fund has bought the FutureOffice Parkon the Old Mahabalipuram Roadin Chennai from Appaswamy Real Estates. The investment was financed through a mix of debt and equity. The two towers in the office park are spread over six acres and are occupied by multinational tenants including Paypal and Gamesa Wind Turbines among others. “This transaction is in line with our strategy to build a portfolio of well-located, income yielding Indian assets,” said Rohan Sikri, partner at Xander Investment Management. (For details log on to : http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/pe-firm-xander-buys-futura-office-park-in-chennai-for-40-million/articleshow/12854524.cms)
PROMART RETAIL TIES UP WITH SNAPDEAL.COM
MUMBAI: Promart Retail announced a strategic tie-up with e-commerce company, Snapdeal.com, to bring offers and shopping experience for consumers. Promart is a value format retail chain that offers discounts all year round. Promart will offer its customers an additional 10% discount on purchases of Rs 2,500 and above by members who log in to Snapdeal.com and pay Rs30 for this special deal. Those who pay this small fee will receive a unique code by SMS. When this code is shown at Promart stores, an additional 10% discount would be extended. Ashish Garg, Managing Director (MD), Promart said, “Snapdeal has a great presence in Indiaand consumers can look forward to new promotions and packages with attractive offers. Promart already gives consumers an opportunity to buy the latest merchandise at 20%-60% discount. Now, with this partnership, they can enjoy sweeter deals and even better discounts.” (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/promart-retail-ties-up-with-snapdeal-com/articleshow/12849518.cms)
BHARTI WALMART FORAYS INTO BEVERAGES SEGMENT
NEW DELHI: Bharti Walmart today announced foray into beverages segment under its private label, Great Value, pitching against the likes of PepsiCo and Coca Cola. The 50:50 cash and carry joint venture between Bharti Enterprises and Walmart Stores Inc said its beverage range includes fruit drinks, flavoured cola, jaljeera and milk. The fruit-based beverages will be available in different flavours, including mango, lemon, apple, litchi, pineapple and guava, the company said in a statement. Prices will range from Rs 75 to Rs 81 for two litre bottles for different fruit flavours, while masala cola and flavoured milk will be available for Rs 25 per 500 ml bottle, it added. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/cons-products/fmcg/bharti-walmart-forays-into-beverages-segment/articleshow/12853038.cms)
ALLIED BLENDERS AND DISTILLERS FORAYS INTO SEMI PREMIUM WHISKY SEGMENT
KOLKATA: Allied Blenders and Distillers forayed into the semi premium whisky segment with the Officer’s Choice Blue brand. The country’s third largest alcobev company plans to target this brand at the youth segment and the company expects it will consolidate its position in the market. The brand is expected to garner a sizeable share for the company in the semi premium whisky segment which has seen a growth of 17%. “Taking into account the aspirations and evolving tastes of our consumers, we are foraying into the semi-premium whisky segment. Our flagship brand, Officer’s Choice, already enjoys a loyal consumer franchise which will now grow manifold,” says Allied Blenders & Distillers executive vice chairman and CEO Deepak Roy. The Officer’s Choice Blue is an intricate blend of Scotch malts and select Indian grain spirits. It is targeted at the discerning youth of today who are progressive, stylish, confident and refined. The company says it has received positive response during test marketing in Assamand Maharashtra. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/cons-products/liquor/allied-blenders-and-distillers-forays-into-semi-premium-whisky-segment/articleshow/12852613.cms)
GOVT WAIVES FDI NORM FOR PRIME LAND IN DELHI
NEW DELHI: Determined to see that the prime railway land in the heart of the capital is commercially developed by private players, the government has made an exception to the strict three-year lock-in rule for foreign investors. Foreign direct investment (FDI) norms for real estate development clearly state that all foreign investment has to be locked in for a minimum of three years. However, what may become a test case for other real estate players, the government has allowed Mauritius-based Green Destinations Holdings, involved in a special purpose vehicle (SPV) with Indian partner Parsvnath Developers (PDL), to repatriate in less than three years. No such relaxation has been extended to any other realty developer since the rollout of the FDI policy. (For details log on to : http://www.financialexpress.com/news/govt-waives-fdi-norm-for-prime-land-in-delhi/941213/)
CORPORATE DEBT RECAST IN FY12 BALLOONS 500%, SIGNALLING BALANCE SHEET STRAINS
Mumbai: In an indication of stress on corporate balance sheets, the quantum of loans approved for recast by the corporate debt restructuring (CDR) cell rose nearly 35% to R1,50,225 crore by end of March, 2012, over the previous year. The actual amount of debt restructured during 2011-12 was R39,311 crore, 500% more than the previous year. Moreover, cases worth an an additional R35,878 crore are under process. The sharp increase has been fuelled by the deterioration in balance sheets of companies in sectors like telecom and aviation. Data from the CDR show debt referred to the cell was as much as R2,05,692 crore at the end of March 2012, up 48% over March 2011. Several infrastructure companies have approached the CDR cell; the amount approved for recast in this space grew to R17,080 crore at the end of December 2011 from R5,166 crore at the end of March, 2011. Among companies whose debt has been restructured during the year are Air India, GTL, Hindustan Construction Company, Moser Baer and Hotel Leela. (For details log on to : http://www.financialexpress.com/news/corporate-debt-recast-in-fy12-balloons-500-signalling-balance-sheet-strains/941201/)
BREATHER FOR TELECOM COMPANIES AS SC OKAYS AUCTION BY AUGUST 31
NEW DELHI: Delivering a breather for telecom operators and brickbats for the government, the Supreme Court on Tuesday extended its earlier deadline of June 2 to conduct 2G spectrum auctions by three months while rejecting the government’s request for 400 days. Auctions will now be conducted by August 31 and telcos will be allowed to operate until September 7. The telecom industry welcomed the extension. “You ask for 400 days. That is your prayer. How much time did you take to complete the process in 2008? The entire exercise could have been avoided if a little more effort had been made,” the bench said, rejecting attorney general GE Vahanvati’s request to extend the auction deadline until March, 2013 citing practical difficulties. Tuesday’s directions were in response to the government’s clarificatory petition on March 1 seeking more time after the court order on February 2 struck down 122 telecom licences as illegal. (For details log on to : http://www.financialexpress.com/news/breather-for-telcos-as-sc-okays-auction-by-aug-31/941197/)
CIL TO FINALISE 8 FUEL PACTS BY APRIL 24: CMD
KOLKATA: Coal India Ltd (CIL), the world’s largest coal producer, would finalise at least eight fuel supply agreements (FSAs) by Tuesday, said its new chairman and managing director, S Narsing Rao. However, sources said the country’s largest power producer, NTPC, was yet to sign new FSA with the city-based company, as it wanted a rollback on the gross calorific value (GCV) system. “Today only, we are finalising at least seven to eight new FSAs, out of the total 50 FSAs likely to materialise with power units. By the end of this week, at least 10 of these would be finalised,” said Rao, who took charge of the company today. At least four of these are with its subsidiary, Central Coalfields. “We are in talks with NTPC. But the firm wants a rollback on the GCV system of grading and it wants us to go back to the useful heat value system,” said N Kumar, director (technical). (For details log on to : http://www.business-standard.com/india/news/cil-to-finalise-8-fuel-pacts-by-today-cmd/472498/)
FRESH MINING LEASES ONLY AFTER APEX COURT RESOLVES ALL MATTERS
BANGALORE: Uncertain times await investors planning to start iron-ore mining in Karnataka, as the state government has made it clear that fresh leases will be given only after the Supreme Court clears all legal cases concerning the sector. The state’s controversy-ridden industry has come under the purview of the central empowered committee (CEC) of the Supreme Court which has recommended a ban on issuing fresh mining permits. A senior state government official with the commerce and industries department told FE that they have not notified any new areas for iron-ore mining and would look into it only after the SC clears all the cases. The state government already has a huge pending list of applicants seeking fresh iron-ore mining leases. Those waiting for the same include ArcelorMittal, Jindal Vijaynagar Steel, Posco, etc. In fact, several of these companies have plans of to set mega steel plants in Karnataka. (For details log on to : http://www.financialexpress.com/news/fresh-mining-leases-only-after-apex-court-resolves-all-matters/941219/)
LOPSIDED: POWER FIRMS SAY NO TO FSA WITH CIL
KOLKATA | DELHI: Power producers, including the country’s largest player NTPC, have refused to sign the new fuel supply agreement with Coal India, saying the proposed contract is biased and absolves the state-run company of all obligations. The companies have accused Coal Indiaof frittering away the opportunity provided by the presidential directive by drafting a lopsided agreement. “We will not sign the new fuel supply agreement in the present form because it does not provide much in terms of coal supply commitment,” NTPC chairman and managing director Arup Roy Choudhury told ET. The new pact stipulates that if Coal Indiafails to meet its coal supply commitment, it will pay a penalty of just 0.01% of the value of the shortfall. The proposed contract also gives discretion to the supplier to terminate an agreement unilaterally. Power producers say this clause creates uncertainty over the tenure of the agreement. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/energy/power/power-firms-say-no-to-fsa-with-cil/articleshow/12859959.cms)
OIL MINISTRY PLANS TO REVIEW CBM PRICING
MUMBAI: Faced with radically different pricing proposals submitted by two operators of large coal bed methane (CBM) blocks, the oil ministry is taking a closer look at pricing. The two operators are Essar Oil Ltd, which operates a CBM block in Raniganj in West Bengal, and Reliance Industries Ltd (RIL), which has its block in Sohagpur in Madhya Pradesh. Essar has submitted a pricing proposal of $4.2 (around Rs.222 today) per million British thermal units (mmBtu) to the government, while RIL proposed a formula linked to the international crude price, under which the price works out to around $15 per mmBtu. Essar has the largest CBM acreage in India, with about 10 trillion cubic ft of gas across five blocks. Peak production from its Raniganj block is estimated at 3.5 million standard cu. metres per day (mscmd) by 2014-15. (For details log on to : http://www.livemint.com/2012/04/24223447/Oil-ministry-planstoreview-C.html?atype=tp)
CIL MAY HAVE TO SUPPLY 16% MORE FUEL TO PRODUCERS
KOLKATA: Coal India Ltd (CIL) may have to supply up to 360 million tonnes (mt) to power producers in 2012-13, around 50 mt, or 16%, more than in the year ended 31 March, chairman and managing director S. Narsing Rao said on Tuesday. The miner’s production target for the current year is 464 mt, which according to Rao, is “quite a challenge”. In fiscal 2012, CIL produced 436 mt, of which it sold 311 mt to power producers. Rao, who took over the reins of the state-owned coal miner on Tuesday, said the company is to sign new fuel supply agreements with 50 power producers this year. Only 8-10 firms have signed new long-term supply agreements since the board finalized the terms last week, he said. (For details log on to : http://www.livemint.com/2012/04/24202359/Solar-boom-faces-challenges.html?atype=tp)
NORMS EASED FOR SETTING UP POWER UNITS IN SEZs
NEW DELHI: In a boost to power firms with plans to set up units in Special Economic Zones (SEZ), the Government has exempted them from the positive net foreign exchange (NFE) obligation applicable to regular units in such enclaves. The decision will help power companies such as Torrent Energy, Welspun Energy and AES. Most power firms have been reluctant to set up plants in SEZs due to feasibility concerns arising from the positive NFE norm. The positive net NFE norm stipulates that foreign exchange earned from exports should exceed foreign exchange spent on imports. According to the new guidelines, power plants can be set up by developers and co-developers in the processing area (where export units are present) as well as in the non-processing area with social infrastructure, including houses, schools and hospitals. (For details log on to : http://www.thehindubusinessline.com/todays-paper/tp-economy/article3350536.ece)
SAROJ PODDAR RESTRUCTURES KK BIRLA GROUP COMPANIES
With an eye on consolidation, the Saroj Poddar-led Adventz Group is set for a major restructuring of its key businesses, agri and fertiliser. These businesses are housed under Zuari Industries Ltd, a listed flagship of the erstwhile KK Birla Group, as its 100 per cent subsidiaries. Poddar, a son-in-law of K K Birla, manages the group as its chairman. Last year, he had initiated a brand campaign for a new corporate identity, Adventz Group. The plan is now to restructure operations and unlock value for investors. Zuari Fertilisers and Chemicals Ltd and Zuari Seeds will be demerged from Zuari Industries, which also owns the group’s engineering and lifestyle businesses. Subsequently, these will be brought under the newly created Zuari Holdings, which will then get listed on exchanges. (For details log on to : http://www.business-standard.com/india/news/saroj-poddar-restructures-kk-birla-group-companies/472507/)
SPECTRUM AUCTION REVENUE MAY MISS 2012-13 TARGET
NEW DELHI: The government is likely to fall short of its targeted revenue from the auction of telecom spectrum this financial year by a wide margin. Even as the Telecom Regulatory Authority of India (Trai) is being criticised for the steep reserve price it has set for 2G spectrum auctions in the 1,800 MHz band, the government may be able to garner only Rs 18,000-20,000 crore in 2012-13, just about half the target of Rs 40,000 crore. However, this, too, would be possible only if the government accepts the latest Trai recommendations on spectrum auctions in their entirety, including the staggered payment by telecom companies that the regulator has suggested. In fact, former bureaucrats and industry veterans even hinted at the possibility of no bids at the reserve price recommended by Trai. “While Trai may have tried to help the finance ministry meet its revenue goal, it has failed to do so,” said a critic, on the condition of anonymity. (For details log on to : http://www.business-standard.com/india/news/spectrum-auction-revenue-may-miss-2012-13-target/472512/)
UNITED PHOSPHORUS, 2 MORE FINED R317 CRORE FOR RIGGING BID PRICES
NEW DELHI: The competition regulator has imposed R317 crore in penalties on three companies including agro-chemicals major United Phosphorus (UPL), for collusive bidding to supply aluminium phosphide (ALP) tablets to state-run Food Corporation of India (FCI). After a suo motu probe into the matter by its investigation wing, the Competition Commission of India (CCI) concluded that UPL, Excel Crop Care and Sandhya Organics were guilty of the “crudest form of bid rigging” as they repeatedly quoted identical prices for the FCI tenders for ALP tablets during 2002-2009. The anti-competitive agreement among the firms inflated FCI’s cost of procurement of the tablet used to preserve grains, the CCI noted. (For details log on to : http://www.financialexpress.com/news/united-phosphorus-2-more-fined-r317-cr-for-rigging-bid-prices/941191/)
INDIA TO HAVE 100M DIGITAL TV SUBSCRIBERS IN 5 YEARS
NEW DELHI: Due to cable digitisation and fast-paced growth of six private DTH players, Indiawill have 100 million active digital television subscribers in next 54-months, nearly three-fold jump from the current numbers, while overall pay-TV subscribers will cross 170 million. This will lead to a windfall revenue gain of R30,000 crore for the direct-to-home service providers and the organised cable companies said the latest report on Asia-Pacific Pay TV market report by international media research firm Media Partners Asia (MPA). As a result of the three-year mandatory digitisation drive, a number of mergers and acquisitions (M&A) and fund raising activities will take place in India, the report said. However, the DTH players will lead the race cornering around 65% of the revenues while broadcasters will reap the benefit of the DTH versus Cable competition generating R34,000 crore in revenues during the period. (For details log on to : http://www.financialexpress.com/news/india-to-have-100m-digital-tv-subscribers-in-5-years/941177/)
CCI DISMISSES PETITION FILED BY MANAPPURAM
KOCHI: The Competition Commission of India has dismissed the petition filed by Manappuram Jewellers against some jewellers and an association, claiming collusion and abuse of dominant position in trade. The company claimed that certain members of the Thrissur-based Kerala Gold and Silvers Dealers association have been indulging in anti-competitive trade practices against it to ruin its reputation and reduce market competitiveness. Manappuram Jewellers is not a member of the 243-member association based in Thrissur. MAJEWEL (Manappuram Jewellers) alleged that certain members were displaying stickers and banners inside their outlets warning that they would not accept gold jewellery sold by it due to its inferior quality and thereby tarnishing its reputation. Moreover, MAJEWEL has accused the members of the association in colluding to fix price of gold and silver jewellery sold by the member outlets. (For details log on to : http://www.financialexpress.com/news/cci-dismisses-petition-filed-by-manappuram/941136/)
SBI CAPS, 5 OTHERS IN RACE FOR CONSULTANCY ON BIDS FOR COAL BLOCKS
NEW DELHI: Six firms, including SBI Caps, Crisil and Deloitte, have shown interest in providing consultancy for fixing the methodology to determine the reserve price of 54 coal blocks to be auctioned by the government. “Six firms like SBI Caps, Crisil and Deloitte have applied for appointment of a consultant for fixing the methodology to determine the reserve price of coal blocks to be auctioned,” sources in the know said. In February, Coal Indiasubsidiary — Central Mine Planning & Design Institute (CMPDI) — on behalf of the coal ministry had invited an expression of interest for providing consultancy services. CMPDI has been assigned the task for hiring a consultant for the methodology of fixing the reserve price of blocks and finalising the bid document, and assist in bidding process. (For details log on to : http://www.financialexpress.com/news/sbi-caps-5-others-in-race-for-consultancy-on-bids-for-coal-blocks/941214/)
RURAL INDIA NO LONGER AN AGRARIAN ECONOMY: STUDY
NEW DELHI: Rural Indiais not solely about agriculture any more and has made a transition from thatched- roof houses and muddy roads to factories and cell phones, says a study by Credit Suisse. Rural Indiahas become less dependent on the erratic Indian monsoon and has been linked to the national economic cycles to which it was more or less immune thus far, it said. Since 1999-2000, per capita GDP in rural areas has grown at a 150 basis points faster rate than in urban India, contrary to the trend seen in other emerging economies where urban productivity growth is higher than in rural. While 69% of Indian population is still “rural”, not all of it means thatched-roof houses and muddy roads. The transition from agriculture to industry and services has been very rapid in rural Indiaover the past decade. (For details log on to : http://www.financialexpress.com/news/rural-india-no-longer-an-agrarian-economy-study/940998/)