Chennai airport registers record cargo throughput in April & May
In the first two months of the current financial year, there has been a marked improvement in both cargo throughput and revenue from cargo handling at Chennai airport. Cargo handling at airport increased by 32 per cent to a total of 42,765 tonnes up to May as against 31,649 tonnes in the same period last year. Revenue from cargo handling increased by 22 per cent to ?27 crore in the first two months as against ?22 crore in the same period last year, said a press release from Chennai airport. Higher import Major importers such as Nokia Solutions, Lenovo, Foxconn, Nissan and BMW have increased their cargo volume at the airport. “We have been consistently reviewing our procedures so that the ease of doing business at the airport is increased and results in increased volume,” said the release. The airport has facilitated single-window clearance introduced by the Customs at the air cargo complex, which is now functioning effectively. As per the advance planning to clear import cargo, major automobile, electronics and other manufacturing industries can forward their day-to-day clearance plan to Airports Authority of India in advance and in turn their cargo will be kept in readiness for delivery without wasting time for locating the consignments. This has facilitated many major import units to plan for their timely delivery, the release said. The airport has also introduced “self-feeding” of consolidated data by respective agents without depending on AAI officials. A separate counter with computer terminals has been set up in the public dealing area on 24×7 basis. On an average, 50-100 consol related entries are fed in by the break bulk agents before finalisation of the flight segregation, the release said. Mike Singletary Jersey
UP government releases funds to expand Ganga Canal road
Uttar Pradesh government has released Rs 66 crore for the expansion of the Ganga Canal road to double lane. The executive engineer of PWD Department Dharam Prakash told reporters today that the 108 km-long Ganga canal road would be expanded to double lane fom the existing single lane. He said funds to the tune of Rs 165 crore have been sanctioned for the project. The road connects Uttarakhand and Muradnagar in the state. This project, which would be competed in 2017, would facilitate easy passage of the ‘Kawad’ pilgrims and reduce the traffic burden on Delhi-Haridwar National Highway. Construction work on the project has been started. David Perron Womens Jersey
Government asks LIC to fund road expansion projects
The Indian government will be leaning on the stateowned Life Insurance Corporation of India (LIC), India’s largest insurer, to fund its ambitious road expansion plans and the insurer is set to open its purse strings for highways development, boosting the government’s aim to step up road construction to 40 kms a day. The road transport and highways ministry hopes to sign an agreement with LIC for the purchase of annual bonds issued by the National Highways Authority of India (NHAI). In the current financial year, LIC is likely to subscribe NHAI bonds worth at least Rs 10,000 crore, a senior road transport and highways ministry official said and an agreement to the effect is expected to be signed soon. The ministry will use the money raised through LIC for four-laning of highway projects. Roads transport and highways minister Nitin Gadkari confirmed that his ministry was in talks with LIC to raise funds. LIC did not respond to email query sent by ET. The highways ministry has set a daily road construction target of 40 kms. The finance ministry has allowed NHAI to raise bonds worth Rs 50,000 crore other than Rs 15,000 crore through tax-free bonds. The Nitin Gadkari ministry has been in talks with LIC for raising money for almost six months. It had earlier sought Rs 50,000 crore in various tranches from the stateowned life insurer. “We are finalising the contours of the agreement. LIC has assured us that they would subscribe to NHAI bonds,” an official with the ministry said. In the current financial year, the government plans to undertake the construction of 15,000 kms of national highways that would cost around Rs 1.5 lakh crore, while the ministry has received a budgetary allocation of Rs 57,000 crore. MASALA BONDS NHAI is also planning to raise at least Rs 7,000 crore through masala bonds. Masala bonds refer to rupee denominated bonds, which are issued overseas. The money raised would mostly be used for constructing by-passes along the national highways. “We are consulting SBI Caps and plan to come up with an expression of interest soon. We will look at raising the money at the least borrowing cost of around 5%,” the official said. However, masala bonds are yet to take off months after the Reserve Bank of India (RBI) notified the rules for them. As many as six companies have tried, but eventually declined, to issue these bonds, citing high costs. “Masala bonds are yet to take off as they are extremely challenging. If the road ministry is successful at raising them, it could pave way for other infrastructure initiatives as well,” said Jaijit Bhattacharya, partner at KPMG. Nick Markakis Authentic Jersey
All cities in Punjab to be connected with 4-6 lanes by 2017: Sukhbir Singh Badal
Pitching for all-round development in Punjab, Deputy Chief Minister Sukhbir Singh Badal today announced that all the major cities and towns of the state would be connected with 4-6 lane roads by 2017. The SAD-BJP government is laying an extensive road network, a prerequisite to development, making Punjab the second state in the country to have a road network of such a broad scale, he said. Addressing a Sangat Darshan programme here, Sukhbir said special attention has been paid to develop the road infrastructure around Moga which would soon get another impetus as the construction of the Hoshiarpur-Jalandhar-Moga-Barnala road has already begun, thus providing a vital link in connecting Doaba and Malwa regions, adding that the project would cost around Rs 1,500 crore. The Deputy Chief Minister said the SAD-BJP government has been the “harbinger of massive development and prosperity” in Punjab in the last nine years which is amply clear from the state achieving a ‘power surplus’ status. He said power production has doubled in the state with the investment of Rs 23,520 crore, besides spending Rs 4,000 crore on development and facelift of cities and towns which would ensure sewerage and clean drinking water facilities, thus giving a boost to infrastructure. Talking about the state government’s initiatives in the farming sector, Sukhbir said the process to disburse new tubewell connections has commenced and soon enough, the needy farmers would have power-run motors installed in their fields. He said the free health insurance scheme has been running successfully in the state as 23,000 people have availed the benefits. Badal exuded confidence that riding on its development plank, the SAD-BJP coalition would score a “hat-trick” in the 2017 Assembly polls in Punjab. He alleged that in spite of the “long list of achievements” of the state government, the political rivals are deliberately playing a “devious game” to “defame” Punjab. He said, first the Sikhs were branded as “terrorists” and now, the entire Punjabi community is being painted as “drug addicts” thanks to a “deep-rooted conspiracy”. Badal said a drive to fill 7,000 vacancies in posts of constables in the police department has begun with the receipt of 5.5 lakh applications. He also said dope tests would be conducted on the eligible candidates and the result would be a “befitting reply” to the “anti-Punjab and anti-development” forces. Duron Harmon Womens Jersey
Retail real estate back in favour with PE investors
India’s retail real estate sector received $149 million or about Rs 1,000 crore of private equity investment in the first five months of 2016, according to a report by JLL India. This accounted for 8% of the total PE investment in India during the period, beating expectations of most analysts and marking a turnaround after the lack of investor interest since 2008 baring the singular exception of 2012. With PE investment in the segment exceeding that in 2007, some experts said it might well cross the previous high seen in 2008. “India’s growing reputation across the globe as an investment destination thanks to Prime Minister Narendra Modi’s jaunts, coupled with the slowdown in China’s economy, has led to an upswing in private equity investment flowing into the country,” said Shobhit Agarwal, managing director, capital markets at JLL India. Experts said that the government’s efforts to make real estate sector and various sub-segments of it more competitive and organised are yielding results. Infrastructure development around retail hubs will push the growth further and attract more funds inflow, they said. “With the simultaneous growth in quality real estate and infrastructure, Indian retail sector can prove to be a game changer, if developed in a planned manner. It is important that the development of organised retail is done in line with the infrastructural developments in that area, in order to maintain the much needed equilibrium, especially in urban areas,” said Rubi Arya, executive vice chairman of Milestone Capital Advisors. Arya said the recent relaxations in FDI norms will attract many foreign retail brands, thus increasing the need for quality spaces. Access to public transport, parking facilities and closeness to upcoming residential zones will prove catalysts for retail to flourish, she said. Suresh Sunagaravelu, executive director retail, hospitality and new business at Prestige Estates Projects said, “There will be traction from private equity funds once real estate investment trust takes off in the country.” The company, which operates malls under Forum brand, plans to have 3 million sq ft of mall space ready by 2018. One deal accounted for the investment received till May, with Singapore-based GIC investing $149 million in Sheth Developers’ Viviana mall at Thane. Another major deal is in progress, with a US private equity fund looking to buy a large retail project in Navi Mumbai. The industry expects more investments to come in owing to improvement in consumer sentiment amid faster economic growth. “Coupled with economic stability, FDI policy liberalisation by the Modi government and improvement in the consumer sentiment are some of the factors expected to help global brands witness a very conducive environment for investment into Indian retail and retail real estate sectors,” Agarwal said. Quality mall space coming up with strong pre-commitments indicates that retailers continue to remain bullish about the long-term India consumption story, he said. Chad Kelly Authentic Jersey
FSSAI wants action against unlicensed water packaging units
Food regulator FSSAI has asked state authorities to crack down on mineral water packaging units that are operating without its licence. As many as 75 per cent of the packaging units, owned by various firms, including Pepsico and Bisleri, are said to be operating without an FSSAI licence. These units are operating under a BIS certification. The Food Safety and Standards Authority of India (FSSAI), however, feels there is no safety or quality concern over the bottled water supplied by these units. Out of total 5,842 registered water packaging units, 1,495 units have both BIS and FSSAI licences, while 4,347 units have only BIS certification. “FSSAI regulations require mandatory BIS certification on packaged water. However there is a need for such businesses to obtain FSSAI certification. For which we have already written to the state food commissioners,” FSSAI CEO Pawan Agarwal said. When asked about the quality of the bottled water which are sold without FSSAI licence, he said: “BIS has robust system of ensuring quality of packaged water. There is no issue of safety of packaged water at all, if the packaged water businesses have obtained BIS certification.” Most of the companies have no issues in obtaining FSSAI licence as per the feedback received by the regulator, he added. Stating that many of the bottlers are not abiding by the law, Agarwal said: “Out of close to 6,000 registered packaged water units in the country, more than 4,300 don’t have FSSAI licence, which also include some reputed names, where some of their units may not have food regulator’s approval.” According to the regulator data, the units which do not have FSSAI licence include units of Hindustan Coca-cola, Pepsico and Bisleri, among others. Pepsico sells its packaged water under the brand name Aquafina, Coca-cola sells under the name Kinley, while Bisleri sells under its own name. When contacted, Pepsico India and Hindustan Coca-Cola Beverages said that they manufacture packaged drinking water under valid licences. Andrew Hammond Authentic Jersey
‘Direct selling market in Delhi to reach Rs 15-20 billion by 2025’
The market size of the direct selling industry in the national capital could reach Rs 15-20 billion by 2025 on account of increasing income of middle class households, a report said today. The FICCI-KPMG India report said that the direct selling industry in India is currently reckoned at Rs 75 billion, recording double digit growth of more than 16 per cent over the past four years. It has attracted a large number of Indian and foreign direct selling companies, it said. “This industry has the potential to reach a size of Rs 15-20 billion by 2025, driven by the swelling share of middle income households, growth in consumer markets and an increase in the penetration of direct selling to globally comparable levels,” it said. The report titled ‘Direct Selling: Delhi – A Global Industry, Empowering Millions’ also suggested that realising this potential is contingent on creating an enabling environment for the industry and mitigating some of the regulatory challenges of the sector. Quoting S Chandralekha Malviya, Principal Advisor, Ministry for Consumer Affairs, Food & Public Distribution, it said the ministry has prepared the guidelines for the industry and it is in the final stage of approval and will be released “very soon”. The report further said that the national capital has witnessed a continuous growth in the number of direct sellers in 2013-14 and over 2.5-3 lakh direct sellers were estimated to be engaged with the industry. It has been observed that with the rising costs of living, the direct selling business is gaining popularity among men too who are looking at it as a supplementary earning opportunity, it added. The sector will provide self-employment opportunities to 4-5 lakh people by 2025, it said. Further, it said considering market potential and future growth of the industry, the contribution to the government revenue in the form of indirect taxes is expected to be at Rs 1,500-2,000 million by 2025. Mentioning about the challenges, it said there is no systematic and standard policy on direct selling and lack of definition and separate provisions for the industry too adversely affects the industry. “To provide a conducive and sustainable operating environment, a series of reforms are required such as framing state-level rules and standard operating procedures for law enforcement agencies to long term measures including enacting a specific governing legislation for the sector,” it added. Chad Williams Jersey
Delhi-NCR is the most funded city in 2016
Delhi NCR has emerged as the most funded city in 2016, according to a report by startup analyses firm Tracxn. In the first six months of 2016, Indian startups raised a total of $1.8 billion, out of which Delhi NCR received $917 million. This was helped by the massive $250 million and $200 million funding rounds raised in February by Gurgaon-based Ibibo Group and Delhi-based Snapdeal respectively. Bengaluru was the second most funded with $489 million, followed by Mumbai with $296 million. Pune and Hyderabad took the fourth and fifth spots, with $59 million and $4.6 million respectively. The country’s capital also led in the number of deals, with 155. The average ticket size was $5.8 million. This mirrors last year’s results for the same period, when Delhi NCR had been the most funded city, having raised $1.1 billion with an average ticket size of $10 million. Bengaluru and Mumbai had followed with total funding of $951 million and $490 million respectively. The funding amount has significantly reduced this year. The total funding raised in the first six months of 2015 by startups in the top five cities was $2.68 billion, a billion more than this year’s figure. Out of the top 10 funding rounds this year, six were raised by e-commerce companies, four of which were based out of Bengaluru. “Delhi-NCR has a disproportionate number of e-commerce startups. E-commerce is a mature sector and most of these companies were raising later stage funding rounds,” said Tracxn co-founder Neha Singh. “The other cities have more technology-centric startups.” However, the number of funding deals saw an increase to 402, from last year’s figure of 324. This signifies that the space is seeing a correction in the investment size and not in the general attractiveness of Indian startups. Nitin Sharma, Principal at venture fund Lightbox Ventures, said that this was a good sign for the ecosystem since the angel, seed, pre-series A round funding flow is still healthy. “A correction was bound to happen since the funding had expanded almost eight to nine times between 2013 and 2015, faster than what the ecosystem could absorb efficiently and sustainably. It’s a good time to invest. Valuations aside, startups being built right now are more lean and mean, and hopefully more product/UX (user experience) focused than discount-dependent. Of course, the near-term challenge has to do with later-stage rounds,” he said. In June, Lightbox Ventures had participated in a $30 million funding round for Gurgaon-based used car marketplace Droom. The study finds that Ahmedabad, Chennai, and Jaipur are emerging as new startup hubs. The three cities raised $34 million and accounted for 30 deals this year. Jordan Evans Jersey
Amazon’s cloud business plans pop-up loft in Bengaluru for growth lift-off
Amazon.com Inc’s cloud business, Amazon Web Services, plans to set up one of its ‘pop-up lofts’ in Bengaluru as it looks to accelerate growth in India, a top company executive said. The lofts, which offer everything from open workspaces to consulting to networking services, are essentially hubs for entrepreneurs. “We are looking closely at Bengaluru to set up a loft. Obviously because of the startups, it is one of the places we are looking at very hard,” Andy Jassy, chief executive officer at Amazon Web Services, told ET. Some of the lofts are temporary like those in London and Tel Aviv but the ones in New York and San Francisco are permanent. Jassy, who was appointed CEO of infrastructure-as-a-service business in April, said 89 of the top 100 startups in India were already on AWS. Public cloud providers like Google and Microsoft Azure have been aggressively wooing startups with credits to use their platforms. The infrastructure-as-a-service division of Amazon.com was started 10 years ago. It is now on track to being a $10 billion annual business this year and has an operating margin of over 24%. On Tuesday, the company launched an AWS cloud region in Mumbai by opening data centres, allowing it to target Indian companies that are required to hold their data in the country. “In our conversations with our customers, it was clear that they wanted a region in the country either for reasons of lower latency or for data sovereignty. We think having a region in the country will significantly accelerate our growth,” Jassy said. An AWS region can have multiple data centres, or what the company calls availability zones. The Mumbai data centres will likely boost the amount of work AWS can do with banking and the healthcare sectors. Jassy said the company would also look to work with the government on its ‘Digital India’ initiatives. In addition to startups, the company counts large corporates such as Tata Motors and Axis Bank among those that use its cloud platform. In total, 75,000 out of AWS’ 1million active customers are in India, Jassy added. AWS, which is the dominant player in the public cloud market, is just the latest company to set up data centres in the country. Microsoft has already set up data centres that will be used by its Azure public cloud market, so has IBM for its Softlayer public cloud offering. Google does not yet have data centres in the country. “The opening of AWS’ data centre will make it harder for Microsoft and IBM. They already had a good base and even some financial services clients without a data centre here, they will become more competitive,” a technology analyst present at the Mumbai launch event told ET. After AWS announced the launch, Microsoft issued a press release saying it was “accelerating the adoption of public cloud in India” with the three data centres that it opened last year. Since its inception, AWS has also drastically cut the cost of its own offering. The company has lowered prices 51 times in the last 10 years and often tells customers how they could cut their spending on its services. “We have saved two million customers about $350 million that would have been spent on AWS. Which technology company do you know that would do that and hurt their revenue? I don’t think there are any,” Jassy said. AWS was an innovator rather than an acquirer, he said. “Technology companies have lost their will to innovate. They tend to acquire new technologies by buying other companies. Amazon has always been pioneering and we are focused on the long term,” Jassy said. Sean Lee Womens Jersey
Air India to fly unconfirmed first AC passengers of Rajdhani
State-run Air India will now flyun confirmed passengers of Rajdhani trains at the fares matching with the AC first class ticket prices under a special scheme for a limited period. Rajdhani Express passengers who remain wait-listed can now book the tickets four hours prior to the flight departure at a fare which is equivalent to the ticket price IA class of these trains, Air India said on June 28. Under the ‘Super Saver’ scheme, Air India offers an all-inclusive economy class one way fare on its select domestic routes, starting June 26 till September 30, it said. Currently 21 Rajdhani Express trains run across the Indian Railways network and close to 20,000 passengers travel in these train everyday. As on date, 1A Rajdhani fares for Mumbai and Chennai stood at Rs 4,755 and Rs 6,335, respectively. Similarly, the first AC fares for these trains to Kolkata and Guwahati were Rs 4,815 and Rs 5,990, respectively. Calvin Ridley Authentic Jersey