Bollywood to get own theme park

India's entertainment capital, Mumbai (Bombay) will finally get a film theme park of its own along the lines of Hollywood studio parks.

Media and entertainment company Percept Holdings announced plans to build the Bollywood entertainment park at an initial cost of around $100m.

They say it will provide film fans with "the Bollywood Experience".

It aims to let Indians go behind the scenes of what is, in audience size, the world's biggest film industry.


Tremendous following

"Bollywood accounts for over 40% of the total revenues of the overall Indian film industry," said Percept Holdings Joint Managing Director Shailendra Singh.

"Bollywood is what the Indian masses turn to for entertainment but there is no organised format or means to consume this experience."

Mr Singh also said they could be looking at forming strategic alliances or partnerships in the venture.

The entertainment park is scheduled to open in 2008, and will have Bollywood cafes, walk-throughs, film sets, Bollywood tours and gaming booths.

The park will have a Bollywood museum that will showcase famous film props, costumes and a chronicled history of India's most popular entertainment industry.

Bollywood and Hindi film stars have always enjoyed tremendous fan following in India and abroad.

Even though it churns out more than 800 films a year, the industry was largely unorganised and unprofessional in its ways until recently.

Film crazy

It is a completely different scenario now with studios and contracts becoming the norm, while film production has become slicker, conforming more to international standards.

Producers are constantly looking for ways to maximise their profits by striking deals for special merchandise and internet and mobile games.

PricewaterhouseCoopers has estimated that revenues from the industry, valued at $1.75bn in 2006 will touch $3.4bn in the next three years.

Industry people feel a Bollywood theme park will prove a hit, since Indian people are crazy about their actors and would want any piece of them they can get.

Film critic Mayank Shekhar told the BBC website that such an initiative would also help tourism in Mumbai.

"When people visit the city, they want to see film stars and where they live, all this is a major attraction in Mumbai," he said.

"The house of superstar Amitabh Bachchan, or the massive sea-facing bungalow where Shah Rukh Khan stays are important landmarks in their own right after the Gateway of India!

"What else is there to see here anyway?"

Despite its prolific output, Bollywood's revenues stand at half of what the Walt Disney studio made in box office revenues in 2006.

But analysts say the Indian industry is fast catching up, and now aims to follow Hollywood's "media convergence" - by placing products across a selection of media such as television, the internet, video games and mobile phones.



Source: BCC

India hot hub for Milan fashion

Cont...

India hot hub for Milan fashion

Friday, April 27, 2007
14:13 IST

Blog this story



In Italy, nobody drives in the slow lane. So, it's no surprise that the Italian fashion brands are doing some high-speed driving in India. The Italian fashion industry is the primary engine of the Italian economy and markets.


China, Eastern Europe and India are becoming their prime target. Brands galore Gas and Plus IT opened shop in the city last week. Earlier it was Renato Balestra, Moschino, Valentino, Salvatore Ferragamo, Ermenegildo Zegna, Gianfranco Ferre, Trussardi and others which scrambled to make a retail presence here.


Even La Perla and Dolce & Gabbana are on the verge of picking up stakes in India.


India is clearly the market that world brands are looking at, agrees Vinod Nayar, president of the Indo-Italian Chambers of Commerce and Industry in India. "Sector India is of prime importance to Italians, it's the melting pot that every brand in the world is looking at," he says.


The Chamber has been involved in promoting Italian fashion. They have played a stellar role in introducing newer brands in the Indian industry .


They have hosted glamorous fashion events like Festas to attain widespread media coverage. "These ties have grown stronger by the day and the business relations between the two countries have increased tremendously . All this has happened because of the entry of Italian fashion into India," Nayar adds.


Fashion sensibility Italians are masters at manufacturing-their cuts, finishing and quality are supreme.

Sachdev, brand Charu ambassador for Moschino and Alberta Ferretti in India says, "In the field of luxury fashion they are pretty competitive and are always on the forefront when it comes to styling."


Sachdev who is also the Indian representative of the French brand Jean Paul Gautlier, says that the Italian brands have the same stature as their French and Americans counterparts in the world.


Be it food, fashion, music or films — their diverse culture is akin to India’s. "We are similar in many ways. For example Italians are also family oriented like we Indians are. They have a rich heritage where fashion is con cerned, we have a fas cinating history of crafts and ancient traditions," comments Sachdev. So appealing.


The influences of Italian fashion in India, don’t pertain only to the brands that have made an entry into our market. Over the years our designers have travelled to Milan to study fashion. Indian students learn the tricks of the trade from the land of the trendsetters.


" Italians have four fashion weeks in a year.. fashion is the backbone of their economy," says designer Nimita Rathod from Delhi, who went to the Domus Academy Milan, after completing , a course from National Institute of Design.


Another reason for the popularity of Italian fashion is their style quotient. They have an individual style, which attracts the Indian youth. "Today boys and girls want to look and feel Italian without actually being in that country," says Rathod.

Sachdev, brand Charu ambassador for Moschino and Alberta Ferretti in India says, "In the field of luxury fashion they are pretty competitive and are always on the forefront when it comes to styling."


Sachdev who is also the Indian representative of the French brand Jean Paul Gautlier, says that the Italian brands have the same stature as their French and Americans counterparts in the world.


Be it food, fashion, music or films — their diverse culture is akin to India’s. "We are similar in many ways. For example Italians are also family oriented like we Indians are. They have a rich heritage where fashion is con cerned, we have a fas cinating history of crafts and ancient traditions," comments Sachdev. So appealing.


The influences of Italian fashion in India, don’t pertain only to the brands that have made an entry into our market. Over the years our designers have travelled to Milan to study fashion. Indian students learn the tricks of the trade from the land of the trendsetters.


" Italians have four fashion weeks in a year.. fashion is the backbone of their economy," says designer Nimita Rathod from Delhi, who went to the Domus Academy Milan, after completing , a course from National Institute of Design.


Another reason for the popularity of Italian fashion is their style quotient. They have an individual style, which attracts the Indian youth. "Today boys and girls want to look and feel Italian without actually being in that country," says Rathod.

SOURCE: MSN

India's GDP touches $1 trillion

Mumbai: India's gross domestic product has topped $1 trillion, thanks to a strengthening rupee, making it the 12th country to achieve the milestone, Credit Suisse said on Thursday.


"Indian GDP at the current price level is 41 trillion rupees. With the rupee appreciating to below 41 against the US dollar, yesterday was the first day for the economy to be a trillion dollar economy," the Swiss investment firm said in a note.


The rupee, which is trading around 40.76 to a dollar, has appreciated about 8.4 per cent this year and is up 15.4 per cent from a three-year low of 47.04 in July last year.


Stock markets in eight out of 10 countries had risen in the one year after their economies first crossed $1 trillion, Credit Suisse said.


However, India's $944 billion stock market should probably drop because of slower earnings growth for sectors such as autos, banks and cement, before picking up as inflows pick up into fast growing economy.


"Given our outlook... it is likely to go down again in the near future before it sustainably stands above this mark," it said, referring to $1 trillion.


The benchmark BSE stock index was trading up 0.4 per cent at 14,278.64 points at 1:05 pm.


It has risen about 15 per cent from its early April low on good quarterly results and a central bank decision this week to leave interest rates unchanged at its policy review.

Source: IBN LIVE

India to bid for 2020 Games

NEW DELHI (Reuters) - India will bid for the 2020 Olympics, the country's Olympic association (IOA) president said on Saturday.

"The moment the Commonwealth Games are over, all of us will be working on that bid ... we will start off immediately," Suresh Kalmadi told a news conference in the presence of IOC president Jacques Rogge.

New Delhi is to stage the 2010 Commonwealth Games though Kalmadi said this week there would be no bid for the 2016 Olympics after the failure earlier this month to land the 2014 Asian Games.

The IOA blamed sports minister Mani Shankar Aiyar for the failed Asian bid, saying his statement that New Delhi hosting the Commonwealth Games was an attempt to improve the country's global image but of little relevance to the common man caused the damage.

Rogge said on Saturday of a 2020 Olympics bid: "I think you have great potential based on the general conditions of your country's progress, which will definitely also evolve in a positive way at the time when the Games are awarded (in 2013)."

He added: "You also have the opportunity to stage a wonderful Commonwealth Games which will strengthen the bid."

Rogge predicted that Asia would become the most dominant sporting continent.

He said: "You are the most populous continent and that will translate into results - maybe not immediately in Beijing (2008 Olympics) - but in the long term Asia really will become the dominant continent in sport."


source : Reuters

P. Chidambaram: "We must liberalise the financial sector. With financial repression it is not possible to mobilise resources to sustain a 10 per cent growth rate."

How do you rate the performance of the United Progressive Alliance Government, especially its efforts to carry forward the reform process despite the inherent contradictions in a coalition?

We have a National Common Minimum Programme. One way to measure the performance is against the NCMP. Another way is to measure it against objective standards, which are universally accepted as indicative of good governance.

As far as the NCMP is concerned I think a large number of NCMP promises have been implemented. I was not confident that we could carry out all those promises in five years, because I was not certain about the revenues of the Government. But we have been able to implement far-reaching programmes due to the buoyancy in revenue. The Rural Employment Guarantee Scheme, the National Rural Health Scheme, the Mid Day Meal Scheme are ambitious programmes, which have been provided very large amounts of funds. However, the outcome of these programmes is still uncertain. I have laid emphasis on outcomes rather than outlays. It is not yet certain whether the NREGP is delivering wages and gaining rural assets. Likewise there are critical gaps in the rural health mission and the rural electrification mission and even the mid-day meal scheme. I am not despondent. These are programmes which have to take root. It takes a couple of years to take root.

So I can say that the Government has made a sincere attempt to answer each question on the question paper. I am not yet certain about the quality of the answers and marks to be given. I think the quality of the governance can only be measured when we have a better fix on the quality of the outcomes of the various programmes undertaken by the Government. The people will judge in 2009.

Would you like to aim for a growth rate beyond 10 per cent? Can we match China's growth rate?

It is possible to take the growth rate beyond 10 per cent and match China's growth rate. But it requires some very critical decisions to be taken. Firstly, we must liberalise the financial sector. With financial repression it is not possible to mobilise resources to sustain a 10 per cent growth rate.

Secondly, our policies must promote enterprise, initiatives, savings, investments, and others. We cannot blame the people for the poverty that afflicts a large section of the country. Thirdly, the quality of implementation in both meeting time targets and money targets must vastly improve at the State level and more importantly at the sub-State level, district level, and even at the panchayat union level.

Take, for an example, the road sector, I can provide at an average about 3 or 4 crore rupees per km. But the quality of the National Highways and State Highways built at a cost of nearly 4 crore rupees per km turns out to be of different standards. I am afraid the investment becomes optimum. It does not get you the return that it should get. If we address these critical deficiencies, I have no doubt in my mind that we can aim [for] the 10 per cent growth rate and beyond it.

Considering the volatile political scenario in the country, there is a fear among economists that the current growth rate will not be a sustainable one.

I don't agree. There has been a structural change in India's economy. Nearly 56 per cent of India's GDP is now contributed by the services sector. It is recording double-digit growth over the last few years. That itself assures you between 5 and 5.5 per cent growth. The industry grows at double digit and agriculture grows at the desired level of 4 per cent. Surely, we can achieve a very high growth rate over a longer period of time. Sustaining growth requires further increase in savings, investments, and better implementation.

Though the growth rate is good, inflation rules very high. What are the steps taken by the Government to control inflation and when will these measures show results?

There are only three kinds of measures to control inflation. One is supply side, another one is monetary measures, and the third is fiscal measures. In the fiscal side, there is very little space for major fiscal corrections. Customs tariff is already low. We cannot squeeze large revenue because we need large revenue for our expenditure. Yet we have corrected customs duty in a large number of products — edible oil, wheat, pulses, raw materials, metals. We brought it to zero in some cases, two in some other cases, and five in many cases.

And in excise also we have made sharp reductions especially food products. Monetary measures will moderate inflation. Monetary measures come with the price of high interest rate. Beyond a point, people will complain not only about the inflation but also interest rate. But several measures have been taken. Monetary measures are having an impact.

The critical thing is supply side. Neither monetary nor fiscal measures can directly increase production. It is totally dependent on supply and demand. We have a supply and demand mismatch in pulses and edible oil. We had a supply-demand mismatch in wheat last year. If these supply and demand mismatches are triggering inflation, the only way, I repeat the only way, is to vastly increase the production of pulses, wheat, and oil seeds. That is the question which must be addressed by Ministry of Agriculture, Food, and other Ministries.

The demand is rising in India. People are consuming more. We must increase production and productivity of essential food articles. That is the most durable solution for keeping the primary items under a moderate level of inflation.

Middle class people, particularly those who have taken housing loans, feel the pinch of rising interest rates. Is there any move to spare housing loans from the interest rate hike?

The high interest rate is not new. In 1999, 2000, and 2001 the home loan rate was between 12 and 13 per cent due to monetary steps to moderate inflation. It came down subsequently. Commercial real estate and housing are experiencing very rapid credit growth. In fact, it is over 60 per cent. Such rapid credit growth is likely to lead to overheating. It is in our own interest to moderate rapid credit growth. So we increased the price of credit. Yet, we have requested banks, and we have asked the RBI to explore ways in which people who take loans, say up to Rs.10 lakh or so, to be spared from this increase. Eighty per cent of the home loans are between Rs.8 lakh to Rs.10 lakh. I think the banks and the RBI will take measures to see that this segment, 80 per cent of the borrowers, is spared any increase in interest rate.

If you take a larger loan I am afraid that in the interest of moderating inflation you would have to pay a higher interest rate.

Do you think the current measures to control inflation will slow down the growth of the economy?

No. The Prime Minister has said and I have repeated what the PM has said. The goal is to moderate inflation without affecting growth. It is a trade-off. Every country faces the trade-off. It is a delicate balancing act. I think the measures taken so far are not likely to affect growth. I hope the situation will continue.

With regard to infrastructure development, there is a mismatch between the rate of growth and available infrastructure. Many States have been facing a power crisis. Similarly, roads, ports, airports, and others are not meeting the demand.

We have not done well in the power sector. I agree. In the last three Plan periods, we have achieved no more than 50 per cent of the target. It is not my intention to blame one party or other. We have to do better. But, the capacity constraints in roads, ports, airports is because we are growing at a fast rate. If India's GDP was growing at 5 or 6 per cent, the existing pace of infrastructure growth would have been enough. Because the growth has been at an average of 8.6 per cent for the last 3-4 years, the infrastructure is straining, which means that we have to quicken the expansion of infrastructure.

We have to quicken the capacity-addition in airports, seaports, telecommunication, roads, and power. The challenge is how to quicken the sectoral growth to keep pace with the overall growth.

When will the Government resolve the tangle over the land for SEZs? There are conflicting reports coming from different Ministries and allies.

No conflicts. The decision has been taken that the governments will not compulsorily acquire land for SEZ. But, the governments can facilitate acquisition of lands on a voluntary basis. It is possible for the industry to acquire lands and it is possible for the governments to facilitate sale and purchase of lands on a voluntary basis. I think many SEZs have already been started. Many more will come without compulsory acquisitions.

Are you satisfied with the FDI inflows into the country?

They are now better than our expectations. We were only planning for about $10 billion a year. We have crossed $10 billion. We were close to $15 billion by 2006-07. Those investments must be absorbed in the country. The onus is upon India to do that.

The country has achieved a tremendous growth under the coalition government. What has been the role of the Left parties in the growth of the economy?

Of course they have contributed. Whatever has been done would not have been done without the support of the Left parties. Equally, the unfinished agenda also must be attempted. We must complete the unfinished agenda. The Left parties must extend their support to complete the unfinished agenda. There are differences. If there are no differences why should there be a Communist Party, Congress Party or the DMK. The agenda is to accelerate the growth rate, increase revenue, income of people, generate more employment, and allocate more money for social sectors.

Source : Hindu

Mumbai airport operator ties up 42 bln rupee loans

MUMBAI (Reuters) - Mumbai International Airport Pvt. Ltd. (MIAL), in charge of modernising Mumbai airport, said on Tuesday it had tied up long-term debt of 42 billion rupees from banks and financial institutions.

MIAL, a consortium led by GVK Power & Infrastructure Ltd., said it raised the loans for a 17-year period from a clutch of institutions led by IDBI.

The loans were pegged 215 basis points above the yield on 3-year government securities, MIAL said in a statement.

MIAL plans to spend 70 billion rupees over 20 years to build an integrated passenger terminal, upgrade runways, and create related infrastructure as part of the project to double capacity to 40 million passengers at one of India's busiest airports.


Source : Reuters

Maruti 4th quarter net up 24 pct

By Rina Chandran

MUMBAI (Reuters) - Top car maker Maruti Udyog Ltd. posted a better-than-expected 24 percent rise in quarterly net profit on Tuesday, but analysts and the company were guarded in their outlook for sales and profits.

New Delhi-based Maruti, 54.2 percent owned by Japan's Suzuki Motor Corp., said net profit in the fiscal fourth quarter to March 31 rose to 4.49 billion rupees ($109 million), compared with an average forecast of 4.23 billion in a Reuters poll of 11 analysts.

Revenue grew 35 percent to 44.13 billion rupees against a forecast 41.96 billion.

Maruti's fuel-efficient small cars have been the first choice of thousands of first-time buyers in India, where small cars make up more than two-thirds of the passenger vehicle market.

Passenger vehicle sales hit 1.4 million units last year and are forecast to nearly double by 2010, but volatile raw material prices, firmer interest rates and fierce competition is putting pressure on vehicle makers in the fast-growing market.

Maruti, which has nearly half the Indian passenger vehicle market, said full-year net profit rose 31 percent to 15.62 billion rupees.

But its operating margin in the quarter narrowed to 12.4 percent from 14.8 percent, with raw material costs climbing 27 percent on the year.

"Margins are a bit worrisome and the volume outlook is also a bit clouded because of the higher interest rates," said analyst Ashutosh Goel at Edelweiss Securities.

"The climate is increasingly challenging, and while Maruti has been very good at cost reduction so far, even that benefit is diminishing," said Goel, who has an "accumulate" rating on the stock.

Maruti shares ended up 3.5 percent at 794.40 rupees in a firm Mumbai market, helped by hopes for a revival in demand after the central bank left interest rates unchanged at a policy review on Tuesday.

Maruti shares, valued at $5.3 billion, fell about 12 percent in January through March, mirroring a decline on the auto index and trailing a 5.2 percent fall for the benchmark.

MARGIN CAUTION

Sales of Maruti vehicles including the best-selling Alto and Swift models rose 30 percent to 200,112 units in the quarter.

Maruti raised prices on some models marginally in February and again in March after the government imposed a 1 percent tax.

Maruti rolled out a diesel variant of Swift in February and will launch a new sedan in the April to June quarter. It will also make a new model for European markets from 2008/09 and 50,000 compact cars a year for Nissan.

But new launches have a negative impact in the short-term.

"While in the long term they are good for the company, they have some financial impact initially," Managing Director Jagdish Khattar told reporters in New Delhi.

Maruti will export about 200,000 vehicles from 2008/09, he said. Suzuki is spending a further $1.7 billion by 2010 to expand capacity in India, taking capacity to 1 million vehicles a year.

Maruti, which competes mainly with South Korea's Hyundai Motor Co. and Tata Motors Ltd., in February opened a new plant with a capacity of up to 300,000 units and a diesel engine and transmission plant with a similar capacity.

But its share is under threat from new entrants.

Mahindra & Mahindra Ltd. is making the no-frills Logan sedan with venture partner Renault, and has a separate alliance with Renault and Nissan Motor Co. for a $905 million project that will have the capacity to make 400,000 vehicles a year in seven years.

Fiat has a new variant of its Palio car, while General Motors Co. has just rolled out the mini Spark.

The Indian government will sell its remaining 10.27 percent stake in Maruti in the fiscal year to March 2008.

(Additional reporting by Palash Kumar in New Delhi)

Source : Reuters

JetLite to takeoff with a designer look

Jet Lite is the new name for Air Sahara, that was recently acquired by Jet Airways. As you know, the Jet-Sahara deal will be remembered for 16 months of dispute and court-room drama. All that is over and JetLite is being positioned as a budget airline that falls between the low-cost carriers like Air Deccan and a full service airline like Jet Airways itself. At the same time, the competition in the skies has pushed Jet to go in for its first mutli-million dollar rebranding exercise since 1993. As both Kingfisher and Jet are readying for competition on international routes, the Jet fleet has been given a dose of luxury.

For 14 years, Jet Airways' Naresh Goyal only believed in premium airlines. Now it's set to transform the newly acquired Air Sahara into a budget airline, as Jetlite. In 3-6 months, the company will rationalise routes and drop prices by 25% for the same. Chairman, Jet Airways, Naresh Goyal told CNBC-TV18, "Lite means it will be light on your pocket and will bring light to the aviation industry."

Jet will integrate operations but JetLite will remain a 100% subsidiary. However analysts point out with this positioning, JetLite might cannibalise Jet Airways' economy class. By buying Air Sahara, Jet's marketshare has jumped from 24% to 32%, consolidating its market position. But the timing is apt for Jet to go for re-branding, as competitive pressures mount from low-cost carriers and players like the soon-to-be merged Air India and Indian Airlines (now called Indian).

Designed by Landor and Associates of London, ribbons of yellow have been added to the Jet brand now. Even the crew uniforms have gone in for a makeover. This rebranding promotion is on for a month on press, radio and internet. M&C Saatchi that bagged the Rs 50 crore Jet account in January is expected to release Jet's first television commercial in the next few months. And going forward, marketing spends will hot up, as Jet flies to big-ticket international destinations. Currently, it runs a daily service to Bangkok. The fleet of 20 new aircarft for international routes are also getting a facelift.

He's not a brand ambassador, but the celebrity board member, Shahrukh Khan displayed the new luxury offerings like private suites and in-flight entertainment for the international flights. Some of them will gradually find their way to the domestic fleet. Vice President, Marketing, Jet Airways, Gaurang Shetty says, "We have been serving them for 14 years, there are customers overseas that have experienced us, but it's the difference vis-a-vis the competition that we wanted to enlarge."

More luxury-driven competition is in store for Jet, as the Vijay Mallya-promoted Kingfisher Airlines is hoping to start its international service by January 2008.


Source : Money control

TCS gears up to keep the momentum

Having clocked $4.3 billion in revenues this financial year, technology major Tata Consultancy Services is gearing up to maintain the momentum. For the next financial year the company has drawn out a detailed talent acquisition plan. In 2007-08, TCS plans to visit 350 campuses and will increase campus accreditation to 450 from the current 349.

In its search of talent, the company is also looking at international campuses. S Padmanabhan, executive vice-president, global human resources, said the company would be visiting 4-5 campuses in China and two job fairs in Germany which will give it accessibility to 15-20 colleges. In the US, TCS has already started it rounds by targeting 15 engineering schools and five management schools and three colleges each in Canada and Brazil.

"With increasing work from the international geography, we felt there was a need to have global texture to the company. Hence, the increase in the number of international hiring. We expect this to grow at a rate of 2 per cent year-on-year," added Padmanabhan. This year international hiring constituted 18 per cent of the total recruitment.

TCS will also look at tier III cities. "We feel there is no difference between students of tier II and III cities. The challenges such as language capability and others can be worked on," he said.

In FY07, TCS had visited 61 campuses in tier-I cities, 141 in tier-II cities and 49 in tier-III cities. Around 30 per cent of the campus hiring was took place in tier-I cities, close to 15-20 per cent in tier-III and the rest in tier-II cities.

The company did not specify the number that it was planning to hire in FY08. But they are expected to be similar to the current year's figures of 32,000.

Source : Rediff

Essar to acquire US steel firm for Rs 350-375 crore

In its second overseas takeover within three days, Ruias-owned Essar Global on Wednesday signed an agreement to acquire iron ore-rich Minnesota Steel LLC in the United States for an estimated $80-90 million (Rs 350-375 crore).


Essar Global Limited, through its subsidiary Essar Steel Holdings, inked the pact with Minnesota Steel and announced an investment of $1.65 billion to set up a 2.5 million tonnes integrated steel firm.


Although the deal value was not disclosed, sources said the acquisition amount ranges between $80-90 million.


The US acquisition comes barely three days after Essar Global announced its acquisition Canadian firm Algoma Steel for $1.58 billion (Rs 6,900 crore).

Minnesota has iron ore reserves of more than 1.4 billion tonnes, the two companies said in a joint statement.

"By developing this significant ore resource, Minnesota has the opportunity to be one of the low cost producers of steel in the world," Essar Global chairman Shashi Ruia said.


Essar's takeover follows compatriot Tata Steel's buyout of Anglo-Dutch firm Corus Group Plc for $12.9 billion and comes amid a consolidation in the global steel industry.

NRI tycoon L N Mittal had last year acquired Arcelor to create the world's biggest steel empire Arcelor Mittal.


The companies said steel plant would be built in stages, with the first phase expected to be commissioned in 2009 and produce up to 1.5 million tonnes of thick steel slab per year.

"Our investment in Minnesota Steel is exciting as it gives us a cornerstone in North American market. From this, we will further expand our global steel business," Ruia said.


Essar Global, the overseas investment arm of Essar Group, said Minnesota and Algoma Steel together would form the corner stone for the company's North American strategy in line with its plan to build a global footprint.


The Indian conglomerate has interests in diversified areas ranging from steel to shipping, oil and gas, telecom and power. Besides buying overseas assets, Essar Steel Holdings is expanding its steel plant in India to 8.5 million tonnes per year by 2009 from 4.6 million tonnes at present.


The company also operates a cold rolling complex in Indonesia and has finalised plans to set up an integrated steel plant for flat products in Trinidad and Tobago. It is also investing $527 million for setting up a hot strip mill in Vietnam.

Minnesota's proposed steel plant would include iron ore mining, ore processing and steel-making at a single site. The US company has already secured capacity to transport natural gas from Canada for the project.

Source: Rediff

Provoked best of Aish

Provoked is based on the landmark case of Kiranjit Ahluwalia, a Punjabi housewife in the UK, who suffered horrific abuse at the hands of her brutal husband.

After 10 long years, when she could no longer bear the mental, physical and sexual torture, she doused him with kerosene while he was sleeping and set him on fire. Kiranjit was found guilty of murder and given life imprisonment.

But her courage and the determination of an NGO called 'The Southhall Black Sisters' overturned the judgement.

Eventually Kiranjit was given a reduced sentence and set free after three years and four months in jail. Her case altered British law, redefining the word provocation in the case of battered women.
This is a gut-wrenching story and director Jag Mundra tells it surprisingly well.

Mundra is known for silly soft porn movies like Monsoon but don't let his shady reputation put you off this one.

The screenplay, by Rahila Gupta and Carl Austin, is well crafted. The violence is shown only in intermittent flashbacks and so it comes through more effectively.

Mundra doesn't display great directorial flourish but he has wisely assembled a stellar cast who help him to keep things on track.

Miranda Richardson plays Kiranjit's tough-as-nails cellmate, Naveen Andrews is her slap happy husband and Nandita Das is the activist who pushes Kiranjit to save herself.

But Provoked ultimately is a triumph for Aishwarya Rai. Through her decade long career, Aishwarya has been consistently inconsistent.

With the right directors she is ethereal and with the wrong ones, she is alarmingly vapid.

There are a few stray moments in Provoked when she looks too manicured to be abused but for the most part, she hits the right notes.

Her eyes and body are hollow with grief. Provoked hits snags, especially in the second hour and some scenes are too pat. The film totally overlooks how the trauma of an abusive father and then, an incarcerated mother impacted on Kiranjit's young sons.

But overall, Provoked is a strong, deeply moving statement about one woman's struggle against overwhelming odds. I recommend that you see it!

Source : NDTV

Mumbai girl wins miss India

Mumbai girl Sarah Jane has won the Pantaloons Femina Miss India pageant on Sunday.

Beauty, wits and patience of 25 finalists were yet again subjected to intense scrutiny at the pageant.

Amidst dazzling lights, extravagant stage and starry performances, former VJ, Sarah Jane, a favourite from the word go, was crowned 'Miss India World.'

Delhiite Puja Gupta was adjudged 'Miss India Universe' and Bangalore's Puja Chitgopekar went home with the 'Miss India Earth' title.

The pageant was interspersed with performances by actors Tushhar Kapoor, Koena Mitra, Lara Dutta and the latest singing sensation Rabbi Shergill.

The hosts Mona Singh and Sajjad Khan with their bountiful energy kept the audience rolling in the aisles.

The event was judged by several celebrities including Bollywood actors Sanjay Dutt, director Subhash Ghai and model Ujwalla Raut.

Former Miss World Priyanka Chopra crowned the three beauties.

Meanwhile, last year's Miss India Neha Kapur walked out of the function after being informed by the organisers that she would not be crowning the new Miss India.

The tradition so far had been that the previous year's winner would hand over the title by crowning the new Miss India but this year actor Priyanka Chopra was doing the honours.

Source : NDTV

Can Agni-III stand the trial by fire?

Nine months after the first attempt failed, the DRDO is likely to re-launch the Agni-III ballistic missile from Wheeler's Island in the Bay of Bengal on Thursday.


Agni-III is the most powerful missile in the Indian arsenal and will have a three-stage lift-off mechanism and a 4,000-km range.


“The exact time will depend on weather conditions and other factors,' an official said, speaking on condition of anonymity. We are keeping our fingers crossed. We hope the test will proceed smoothly,” a DRDO official was quoted as saying by IANS.


The missile is capable of carrying nuclear warheads and is designed so that it can be launched from varied platforms.


It is also an effective counter to any missile in the region and can reach out to target most parts of China, including Beijing. Experts say it will also give India a strategic edge against China.



If the test-firing is successful, the Agni-III will become the missile with the longest reach in South Asia and more powerful than any missile in Pakistan's arsenal.


However, Agni-III still falls short of being an ICBM (inter-continental ballistic missile) that have ranges over 5,000 km, experts say.


This will be the second launch of the missile after an unsuccessful test on July 9 last year from the integrated test range.



Agni-III was last tested on July 9, 2006 from the same base. After the launch, however, the second stage of the rocket had failed to separate and the missile plunged into the Bay of Bengal well short of its target.


DRDO scientists later attributed the failure to a 'material-related fault', besides problems with the protective heat shield, design and propulsion.


The test will be conducted from the Integrated Test Range (ITR) at Chandipur, about 230 km from Orissa capital Bhubaneswar. The missile will soar aloft from launch complex No. 4 of Inner Wheeler Island, a new launch site at the ITR.

Source : IBN

India upgrades Russian jets for $700 mln - I'fax

Russia has signed a $700 million contract to replace 18 of India's Sukhoi-30 fighter jets with new versions of the same plane, Interfax news agency reported on Wednesday, citing a military source.

"Several days ago Rosoboronexport signed a contract to deliver the Indian air force 18 multifunctional Su-30MKI fighters," the source said, Interfax reported.

The Su-30MKI is a long-haul Sukhoi fighter specially modified for the Indian air force.

Indian officials had said they would sign a deal to buy 40 Sukhoi fighters by the end of March. It was unclear if this contract was part of that planned deal.

India's air force, one of the biggest in the world, plans to buy 126 new fighters to upgrade its combat fleet which includes ageing Russian MiG-21s, Mig-23s and MiG-27s.


Source : Reuters

Experian set to enter Indian market

Mumbai, March 27: Global information solutions provider Experian is all set to enter the Indian market with an over USD one million initial investment and is scouting for partners to fulfil FDI guidelines, company officials said here today.

"We have started preliminary discussions with potential local partners," Experian Managing Director Richard Fiddis said here without taking names.

The country has the potential to earn twice as much revenue as compared to its us market in the next 10 years, Fiddis said.

"India is a great potential market. It could be twice as big in terms of revenue as compared to our biggest revenue generating country, the US," he said announcing the opening of the company's first office in the country.

Experian earned USD 1.6 billion from its US operations, about 58 per cent of its USD 3.1 billion turnover, in the last fiscal.

If the country continues its credit and GDP growth there is no reason why India cannot be its biggest revenue generator, he said, adding that it has the potential to become "our largest global market player in the long term".

Source: ZEE

Anand extends lead in second overall

Francisco Vallejo Pons gave a tough fight but Viswanathan Anand managed to blank the Spaniard 2-0 in the eighth round to be placed second in the Amber Blindfold and Rapid Chess tournament underway in Monaco.

After a rather subdued start, the victory against Vallejo enabled Anand to narrow the gap between him and sole leader Vladimir Kramnik of Russia by 1.5 points.

The Indian ace, however, stretched his lead to a full point in the rapid section over nearest rival Levon Aronian of Armenia.

Kramnik continued his domination in the blindfold section and this time his friend Boris Gelfand of Israel was on the receiving end against the wrath of the Russian in this variant of the game where only the last move played is visible to the players on an empty chess board.

The seventh victory in eight games in blindfold victory took Kramnik to 7.5 points in this section and it seems there is little chance of catching up with him here. In the rapid section Kramnik has 4.5 points out of a possible eight that makes his overall tally 12 points.

While Anand is on 10.5 points with three rounds or six more games in the unique annual event, Vassily Ivanchuk of Ukraine, who suffered a jolt at the hands of Magnus Carlsen of Norway, is now in sole third spot a half point behind the Indian in overall standings.

Another half point behind is Aronian and Russian Peter Svidler who defeated Teimour Radjabov of Azerbaijan in both games.

Source : NDTV

'Indian films crossing over and finding audience in west'

New Delhi, March 26 (PTI): Celebrated film-maker Mira Nair, currently basking in the success of her latest release 'The Namesake', on Saturday said the uniqueness of Indian stories was their USP and they were crossing over and finding an audience in the West.

"Specifically local stories have been able to cross over to the universal. 'Monsoon Wedding' was about a family flock in Delhi... I didn't make the film to educate anyone about my country... But the film, released post-9/11, provoked dialogue and understanding between two different worlds," Nair told the India Today Conclave here.

She said her latest film 'The Namesake', which has entered the top 20 list in the US, despite being a film about a Bengali family living in America, dealt with the larger issue of what it was like being an immigrant.

"Our uniqueness is our distinct advantage," said Nair, who has made hugely successful films like the Oscar-nominated 'Salaam Bombay'.

Bollywood star Abhishek Bachchan, who was the other speaker in the session on 'Is Cinema the New Global Language', said Indian cinema was the leading export of the country not only in terms of economy but also in terms of culture.

The audience in the session included Abhishek's family members -- parents Amitabh and Jaya, sister Shweta, fiancee Aishwarya Rai -- as well as family friend Amar Singh.

Abhishek said the three constants of Indian cinema that held it in good stead were its rich heritage, artists of charisma and its connect with Asia and other parts of the world such as the US and the UK.

Moderating the session, the highly successful film-maker Karan Johar said Indian films had changed drastically over the last two decades and the cinema from the country had found a foothold overseas on its own terms.

He, however, said a lot remained to be achieved in terms of Indian films making an impact in the US.

Johar said while Indian movies were now getting big releases in the UK and other parts of Europe, the films were still managing a very limited release in the US.

Source: Hindu

Nokia re-categorises products

CHENNAI: Nokia has created a new retail format globally to accord a richer mobile experience for its customers. The first of this kind in the Asia-Pacific (APAC) region is being opened in Chennai. This new retail format is based on the industry's largest and most comprehensive customer segmentation study conducted by Nokia recently to understand the needs and drivers for mobility for different segments of the market.

Sunil Dutt, Director (Sales), Nokia India, told The Hindu that the customer segmentation study polled 42,000 people in 16 countries with a focus on identifying and addressing the specific and different needs of customers. Based on this study, Nokia had categorised consumers into four distinct segments — live, connect, achieve and explore. This categorisation was based on the impact that lifestyle choices and attitudes had on the purchase decision of mobile devices. Keeping this research in mind, Nokia had re-categorised its entire product portfolio.

Mr. Dutt said as a million users joined the mobile revolution everyday, mobile handset providers needed to address the diversity in consumer aspirations and their demands from mobility.

Nokia had taken a lead in addressing the entire spectrum of consumers, be it first time buyers or seasoned mobile users, and this initiative was in line with the same.

He said the Chennai outlet would exhibit the entire range of Nokia's models that were available globally. This outlet would also provide the consumers a one-stop solution on Nokia products. The consumer would get the complete experience of the product and knowledge on technology aspect of it as well at the Chennai retail centre, he added.

Mr. Dutt said the mobile market was evolving and consumers were upgrading their mobiles from basic models to next levels.

The market was experiencing mobility and functionality and it had become more application-oriented.

The main objective of Nokia was to improve its profitability with increasing competition.

For which, the company had decided to expand its product portfolio that catered to all segments of the society. He said today, young and tech-savvy population drove the market. Some of its successful models were `N-seriers' and `E-series', which had multimedia and business mobility applications.

He said nearly ten models that were marketed in India were locally manufactured. During January-December 2006, it had shipped nearly 25 million pieces. Of this, nearly 80 per cent were sold domestically and the balance shipped to South East and West Asian countries.

Source: Hindu

Rowdy drivers beware!

Delhi, according to many is a city of road hogs. Drivers have no manners, many are habitual drunken drivers, while some of them would even kill to get where they want to go.


In the wake of growing unruly behaviour on city’s roads, the Delhi high court announced on Monday, a range of fines on those violating the traffic rules. Rs 1500 for using mobile phones behind the wheels, Rs 600 for not wearing a seat belt, Rs 600 for unauthorized parking and many more.


However, is the step enough to ensure orderly traffic behaviour on the city’s roads?


Traffic Security Expert and IIT Delhi Professor—Dinesh Mohan, DG - Bureau of Police Research and Development—Kiran Bedi, former member of Bangalore Agenda Task Force—V Ravichandar came together on CNN-IBN’s India 360 to debate the issue.


Traffic fines hiked in Delhi: Can fines alone ensure better traffic culture in India?


The court also raised fines for traditional traffic violations — like driving through red lights or failing to halt at a stop sign — noting that the paltry sums don't act as a deterrent in a country where people have grown richer with the booming economy.


Favouring the stand, Kiran Bedi said that higher fines would definitely regulate the traffic behaviour in our country.


“Traffic is made up of three Es — engineering, education and enforcements. If these three are made effective, it will certainly have an impact,” she said. Fines must be revisited periodically every 2-3 years so that the deterrence continues to grow higher and higher, said Bedi.

Source: IBN

Paes-Damm continue winning run

Winners of the Pacific Life Open in Indian Wells last week, Leander Paes and Martin Damm rallied to advance into the quarter-finals of the Miami Masters on Tuesday.

The Indo-Czech duo were stretched into a match tie-break before they prevailed 6-4, 6-7 (1), 10-6 over Austria's Julian Knowle and Jurgen Melzer in the second round.

The sixth seeds, winning their seventh match in a row, are second in the ATP Doubles Race, behind Mike and Bob Bryan.

Paes-Damm will face top seeds Jonas Bjorkman of Sweden and Max Mirnyi of Belarus, who beat Czech duo Frantisek Cermak and Jaroslav Levinsky 6-3, 7-6(4) to remain on course for a hat-trick of titles.

Earlier on Monday, the US Open champions beat Spaniards David Ferrer and Tommy Robredo 7-6(5), 6-4 in the first round.


Source: Rediff

India must "go global", says Rohit Bal

NEW DELHI (Reuters) - Indian designers need to "go global" and make Western outfits with indigenous embroideries to woo global buyers rather than traditional garments which do not sell internationally, Rohit Bal, one of the country's top designers said.

"India's fashion has to literally go global," Bal, who designed clothes for the Indian businessman Arun Nayar and an outfit for Elizabeth Hurley during their traditional wedding at a fort in Rajasthan, told Reuters.

Bal was talking during India Fashion Week, one of the country's top fashion events.

"All of us have to make international clothes but we also have to cling on to our roots because buyers want to buy Western clothes which have Indian spirit."

Indian fashion has traditionally been made of saris and other regional outfits with beautiful embroideries, exquisite patchwork and minute detailing.

Clothes with experimental cuts and silhouettes, though worn by more wealthy Indians, are rare in more traditional India where controversy surrounds too much exposure of a woman's body.

"International buyers will not buy our saris, heavy outfits, as their clients, much used to skirts and gowns and flowing light dresses, will not be able to carry them off," Bal said.

Bal said the only way Indian fashion and its designers can make their presence felt outside the country was by packaging and selling elements which were exclusively Indian.

"We have to showcase our wide palette. Ours is a country of colours and tradition and we must show it. We have beautiful embroidery and we must flaunt it globally".


SOURCE : REUTERS

Mastek to hire 5,000 IT professionals

New Delhi: IT company Mastek needs 5,000 IT professionals for its new campus at Mahindra Industrial Park in Chennai. During the first phase the company will recruit over 1,100 professionals, it said in a release.


The company listed by Forbes Asia as the ‘best under a billion’ is into designing and integrating business applications. The company’s new centre at recently launched Chennai facility is set to acquire competencies in mainframe software technology in the insurance vertical, said the release.


The recruitments for this unit are under process, the company release added. During the recent times, IT and ITES industry has seen sudden spurt in India. Even European entrepreneurs are now recognising India as a bold, hungry market that is likely to assert itself in new ways and eclipse much of the west in the coming years.


According to figures provided by Microsoft Learning Services the total number of IT professionals in India have grown tremendously from 1999 to 2007. In fact in the year 2009 there might see a shortfall of around 2.5 lakh IT professionals, says company’s survey.


Another survey by NASSCOM reveals that India’s IT industry is poised to become US $ 70 billion market within next two years.

SOURCE : IBN

Chennai in the throes of mall rush

Chennai: Only three malls in the last 13 years but 20 in the next three, that's how Chennai's retail landscape is set to change with 81 lakh square feet of additional retail space.


The new malls want to cash in on Chennai's increasing cosmopolitan nature.


Says MD, Ampa Center One Mall, Ampa Palaniappan, "We had to refuse a lot of large brands. We have about 80 retail stores in the mall out of an an enquiry base of about 450 which have actually come to our office."


The reason for this demand could be that Chennai has only three malls or 8 lakh sq feet of retail space, so brands targetted at youngsters like McDonalds and Apple are waiting to make their debut in Chennai's new malls.


But why the sudden rush to build malls in Chennai? Well first, it's practically virgin mall territory with only three malls, among the lowest numbers for an Indian city.


Mumbai has 45 malls, the National Capital Region 42, Bangalore and Pune eight each and even Kolkata has six malls. So why has Chennai been late to catch up?


Experts say it was the conservative image of the city which had prevented malls from coming up. Now, that's being replaced by images of affluent youngsters working in the new economy.


Says Regional Director, Trammell Crow Meghraj, N Ananthanarayanan, "The service industry has picked up and it has given scope for a lot of young people to earn money at a fairly young age and they all want to spend."


The Tamil Nadu government estimates more youngsters will move to Chennai in the next three years, at least 5 lakh to work in the city's I-T, electronics manufacturing and automotive sectors. This would change perhaps not just the image but also the shopping habits of the city.

source : IBN

Paes-Damm win Indian Wells title

Leander Paes and his Czech partner Martin Damm captured their second ATP title of the season, beating sixth seeds Jonathan Erlich and Andy Ram of Israel 6-4, 6-4 to claim the doubles crown at the Pacific Life Open in Indian Wells, California.

The fifth seeded Indo-Czech pair, which shocked top seeds Bjonas Bjorkman and Max Mirnyi in the semifinals, carried on their sublime form in the summit clash to win the USD 3.16 million event in their third final appearance of the season.

Paes and Damm converted two of the six break points that came their way while saving all five they faced in the one hour and 27 minute match.

The Indo-Czech pair had earlier won the Rotterdam title and reached the final in Doha. Since teaming up last year, they have a winning record of 4-2 in finals.

"Our partnership is 15-month-old and all the hard work we put in the beginning of last year is really coming together now," a triumphant Paes said after the victory.

"The results really take care of themselves but we are playing like a team that's been together for a few years. I am really enjoying the partnership. It's nice," Paes said.

Source: Rediff

Hutch launches cell back up service

Mumbai: There is good news for Hutch consumers. Hutch has launched a phone back up service, which will not only help customers save critical phone book data, but also preserve SMSes, MMSes, ringtones, games, photos and videos.


The service will ensure a seamless transfer when you are tired of that old handset. All you have to do is send an SMS to the operator and you will be provided a username and password to access the data through the Internet.


Says Hutch Marketing Director, Harit Nagpal, "For non-GPRS users, this service operates through SMS. In that case, you will have to update the phone book with us every time you change the phone book. However if you are a GPRS subscriber your phone book and gallery is synchronised with us and every time there is a change it will get synchronised with our server."


Data privacy is not a cause for concern because Hutch says all data is safely under electronic lock and key.


"Your data which is lying with Hutch is secure as is all personal data and transactions. This data also goes through the same degree of security and scrutiny as the other data of our subscribers," says Nagpal.


But nothing comes free of charge, so if you want to access this service, GPRS users will be charged Rs 50 per month while Non-GPRS users will be charged Rs 30 per month.

Source: IBN

Not by GDP alone, says the President

NEW DELHI: Calling for a healthier and happier "National Prosperity Index", President A. P. J. Abdul Kalam on Monday said though the country's Gross Domestic Product (GDP) was growing at nearly 9 per cent per year, the economic growth was not "fully reflected" in the quality of life of a vast number of people in rural and even urban areas.

"We have evolved what is called National Prosperity Index which is a summation of: a) annual growth rate of GDP; b) improvement in quality of life of the people, particularly those living below the poverty line; plus c) the adoption of a value system derived from our civilisational heritage in every walk of life which is unique to India," said Dr. Kalam at a special function organised to mark the 81st Annual Day of Delhi University's grand old Shri Ram College of Commerce.

Recommending that the students take up a study for implementation of the Providing Urban Amenities in Rural Areas (PURA) programme as a business proposition in different States around Delhi, he urged them to become "creative leaders".

Creative leadership


"For success in your missions you have to become creative leaders. Creative leadership means exercising the vision to change the traditional role from commander to coach, manager to mentor, director to delegator and from one who demands respect to one who facilitates self-respect. For a prosperous and developed India, the important thrust will be on the generation of a number of creative leaders," said Dr. Kalam.

It was full house at the college with the audience listening to the President in rapt attention. Delhi University Vice-Chancellor Deepak Pental, Bharatiya Janata Party leader Arun Jaitley (who is an old boy of the college), SRCC Governing Body Chairman Ajay Shriram, Principal P. C. Jain, teachers, students and parents attended the function.

Mission for SRCC


Sharing the features of a PURA complex that he had inaugurated in Chhattisgarh, Dr. Kalam said the mission for SRCC was to assign a three-month project work to a group of four students to come up with a detailed project report and implementation plan for PURA in consultation with their respective State Governments and district authorities.

Stating that he had proposed this concept to the Union Government, he suggested that the SRCC faculty members facilitate a discussion among students for deriving "comprehensive parameters" that should be included in NPI and asked them to correspond with him regarding this through e-mail.

Focus on research


Focusing on the need for more research in the country, Dr. Kalam said: "Good teaching emanates from research... Any institution is judged by the level and extent of the research work it accomplishes... Shri Ram College of Commerce with its core competence in commerce, economics and business management should now enter into Ph. D. programmes in these subjects."

`Difficult' questions


After his address, Dr. Kalam fielded "difficult" questions from students ranging from his interest in spirituality and religion to improving the country's agricultural situation, from the States' role in Special Economic Zones to his expectations from the youth.

Asked if there was any clash between his personal views and the high office he occupied, Dr. Kalam said the nation's growth was more important than anything else and that the country was bigger than the political parties.

Role of corporates


In response to a query on the role of corporates in society, the President said both private and government-owned corporates had a social responsibility.

"Each corporate can take up a cluster of villages and develop employment potential of people living there and ensure that health, education and all such amenities are provided to them."

He administered a three-point oath to the youngsters with emphasis on acquiring knowledge and contributing to the realisation of the vision of India in 2020.

All the students who posed questions to the President got a photo-op with Dr. Kalam at the end of his address.


source: Hindu

The Namesake --- Mira's Hollywood super hit

Best of luck .............India world cup

World cup India good luck song...........

ICC World cup

India Cricket TV Commercial

Inspire India AD featuring indian team, 1983 stars

'Mentor' India to teach biz to China

Hyderabad: The Indian School of Business (ISB) will groom the winning teams from China, Thailand and Singapore at the Asia semi-final of a high profile global competition for scripting innovative business plans and setting up social ventures.
The Wadhwani Centre for Entrepreneurship (WCED) at the ISB will mentor them to strengthen their business plans by revising their strategy, refocus on the plan and network with people in the relevant industry, said a statement by ISB on Wednesday.
The Asia semi-final of the Global Social Venture Competition (GSVC) held at the ISB, had 215 registrations with a total of 118 business plans sent in from 25 schools in China, Taipei, Singapore, Dubai and Thailand.
GSVC is one of the most high profile competitions in the world for scripting innovative business plans and setting up social ventures that have clear and quantifiable social objectives and are financially sustainable.
It began in 1999 and is a student-led initiative pioneered by the Haas School of Business, Columbia Business School and the London Business School.
"Social ventures have the power to not only promote entrepreneurship but also make a high social impact. Some of the projects mentored by us in the last two years have won various types of resource support and are currently being implemented," said executive director, WCED, V Chandrasekar.
Teams "Doctor Seed" from China and "Verdacure" from Thailand were announced as the winners.
The plan submitted by the Chinese team was on deployment of a plasma seed processor that would result in higher germination rate, resilient plants and higher yields of crops. The Thai team proposed a project for the production of high quality affordable medicines developed from herbs available in Thailand with an oral care product being the first to be developed.
The award for the most innovative social return on investment analysis was given to the team from Singapore "Sarvodaya" for its proposal of facilitating cultivation of Aloe Vera in marginalised lands through self-help groups and non-government organisations, setting up processing facilities, thereby ensuring viability of model and increased income for marginalised farmers.

source: IBN

Shyamalan to find form with new apocalyptic thriller

MUMBAI (Reuters Life!) - U.S. filmmaker M. Night Shyamalan will return to his provocative, dark Hitchcockian style with "The Happening", a thriller about a natural calamity that threatens to wipe out humanity.
After making a successful debut with "The Sixth Sense" in 1999, Shyamalan found little commercial success with critics panning his last two films, including "Lady in the Water" for which he received the Golden Raspberry Award for worst director.
But the 37-year-old filmmaker, who shares Alfred Hitchcock's custom of making cameo appearances in his films, says "The Happening" will be a return to form.
"I want people to be scared after watching the film," Shyamalan, who is of Indian origin, said in a video conference from Philadelphia late on Wednesday.
"It is my darkest and most Hitchcockian. They should be afraid of what they see."
Shyamalan describes "The Happening" as a paranoia movie from the 1960s on the lines of 'The Bird' and 'Invasion of the Body Snatchers'. The film is slated to open in June/July 2008.
It deals with a family's attempts to survive a global disaster. Shyamalan is shooting in Philadelphia - his hometown - and the U.S. east coast.
The movie, written by Shyamalan, is being co-produced by 20th Century Fox and Mumbai-based Bollywood production company, UTV Motion Pictures, which will equally share the $57 million budget and all revenue streams.
"I always had a desire to do something in India, and stay connected to India," Shyamalan said, referring to the collaboration with UTV, whose credits include India's foreign-language Oscar entry this year, "Rang De Basanti".

source: Reuters

Indian wages to rise fastest in Asia in 2007 - survey

By Saikat Chatterjee
MUMBAI (Reuters) - Wages in India are expected to rise by 14.5 percent in 2007 from 2006, the fastest rate in Asia, as companies pay top dollar to attract and retain talent, a survey showed on Thursday.
Hewitt Associates, a human resource consulting and outsourcing firm, said in their annual survey that this would be the fourth consecutive year that Indian salaries have notched double-digit growth.
India's economy is expected to grow 9.2 percent in the 2006/07 fiscal year to March 31 -- its fastest pace in 18 years.
"Due in large to the effects of globalisation, the war for talent is becoming increasingly fierce in India," said Sharad Vishvanath, a business leader at Hewitt in India.
Demand for experienced bankers and traders far outstrips supply as firms from Lehman Brothers and UBS to Goldman Sachs expand their teams in India, where investment banking revenue jumped 23 percent to $413 million last year, according to market data firm Dealogic.
Hewitt surveyed 600 companies across 21 industries in five different employee groups, and said it expected salaries in the financial sector to grow the fastest this year.
"Salaries in India continue to rise and will most likely reach the same levels as more developed economies in Asia in the near future," Vishvanath said.
RISING PRODUCTIVITY
Rising salaries have fueled demand for real estate and consumer durables, and helped push inflation higher.
Annual wholesale price inflation rose to 6.73 percent in early February, its highest in more than two years, and the government and central bank have taken a number of policy steps to check price pressures.
Among different employee classes, the middle management and the professional sector received the highest salary increases and this trend was likely to continue, Hewitt said.
"Wage differential at the professional levels between India and the rest of the Asian region and other developed nations continue to be huge given the productivity levels," said Sandeep Chaudhary, another business leader at Hewitt told Reuters.
"Admittedly, salaries at the top management level are at very competitive levels. Still, we see a 15-20 percent headroom from current levels," he said.

source: reuters

"The Namesake "- Indian Stunner,' the headline in the New York Post

Indian Stunner,' the headline in the New York Post reads, followed by a glowing review for Mira Nair's adaptation of Jhumpa Lahiri's bestseller The Namesake. Giving the film three and half stars out of four, reviewer Lou Lumenick ends the piece: You don't have to be Indian to love The Namesake.

It would not have surprised many that The New York Times gave The Namesake a good review. But that's not the only one. New York Daily News and New York Post also raved about the film. The box-office numbers on Sunday was also good. Playing on just six screens, the film grossed a strong $250,000 for an awesome per screen average of $41, 794 which will encourage distributor Fox Searchlight to give the film a firm wider release in the coming weeks.

On March 16, the film will open in Boston, Chicago, DC, Denver, Philadelphia, San Jose, Seattle, and Vancouver. And on March 23, it will be also be showing in Dallas, Detroit, Hartford, Houston, Miami, Minneapolis, Montreal, Oakland, Phoenix, San Diego, and St Louis.

The same day, it will be it will be released in India on 92 screens.

"At the going rate, it could reach the saturation point of 400 screens in North America in about six weeks," said the executive producer of the film Ronnie Screwvala who is in Hollywood to attend the release of The Namesake and another film produced by his company I Think I Love My Wife, starring Chris Rock.

"In India, we are giving it a big push even though it is an English language film. We believe that everyone can relate to the film and enjoy it, and be moved by the story of parents and children. Language is not important then," he adds.

As for breaking the North American records for Indian-themed movies, The Namesake will have to go a long way. First, it will have beat Water's $5.5 million gross, Bride & Prejudice's $6.8 million gross in 2004, and then Nair's own film Monsoon Wedding which grossed over $13 million six years ago. And then there is Bend it Like Beckham which garnered about $32 million five years ago

Among the best reviews, The Namesake received is the three and half star review from USA Today. The New York Times review, by Stephen Holden, said that the film is awash with colours and good performances. He added, '...expresses a reassuring faith in family solidarity.'

A handful of reviewers including the one in Time Out New York gave the film an average or downbeat review. The Time Out critic faulted the film for being too sweet and cloying, complaining he often felt it was time for insulin shots.

'Nair tries to shoehorn too much of a big novel into a small two-hour movie. But her ardor for the material matches her ambition,' declared Peter Travers in Rolling Stone while giving the film three stars (out of four). 'This is a generational family saga everyone can relate to, and Nair gives it her special magic.'

The performances of Tabu and Irrfan Khan as the beleagured immigrant couple and Kal Penn as their rebellious son who slowly comes to realise the importance of connecting to one's roots came for praise from most critics.

In giving the film an A-grade and noting it is ' is sometimes too sketchy -- you want more of the episodes,' Owen Gleiberman in Entertainment Weekly ended the review: '...it's a movie that will speak to anyone who has ever felt pulled in different directions by his own heart.'

Nair has received plenty of praise for casting Kal Penn in his first truly dramatic part.

'It was bold of Nair to cast Penn, the deadpan comic star of Harold & Kumar Go to White Castle, in the complex role of Gogol, whose love-hate, push-pull relationship with his heritage forms the spiritual core of the story,' Entertainment Weekly wrote. 'Penn turns out to be a fantastic actor. His sexy, cool surface works for the film -- Gogol is a Bengali American who knows, righteously, that he's as homegrown as Mickey Mantle -- yet Penn's eyes are full of fury and desire, and they mirror the film's primal question: In a country where we can invent ourselves anew, how does family define us?'
In the coming weeks, as the film rolls out to medium sized cities and smaller cities in the Bible Belt, we would know if there are many people who will see their own immigrant experiences reflected in the film. Or for that matter will embrace it for what it is: A heart-warming, soul stirring drama with at least three mesmerising performances.

source: Rediff

From hippy hang-out to casino capital : Goa

The atmosphere is electric. A Russian belly dancer shakes her body on one end of the floor. On the other, a Caribbean band sings effortlessly.
Between them are men and women from various parts of India and beyond, enjoying a gambling night out.
This is Goa's own Las Vegas.
The entertainment cruise ship, Caravela, sits majestically on the edge of the River Mandovi.
On board, dozens of men and women join in live games of American roulette, poker and Black Jack.
'Casino Goa'
Goa is on the road to becoming the casino capital of South Asia, trying to take advantage of the uncertain political climate in the present casino hub, Kathmandu in Nepal.
But there are mixed feelings about the new tag.

Entertainment industry bosses and pleasure-seekers were disappointed by the state government's recent decision to open only five new off-shore casinos, as opposed to the 10 which were originally proposed.
Amit Shah, who lives in the US, visits Casino Goa on board the Caravela every year.
He says he would have preferred more of them: "You tend to get bored of playing in the same casino. If there were more casinos we would have hopped from one to another and would have had more fun."
But religious and anti-gambling bodies are unhappy.
"We see it as a problem. The church has apprehensions about the multiplication of casinos," said Father Loila Pereira, the spokesman for the state's influential Catholic Church.
Entertainment taxes
The government's proposed new casinos are an attempt to attract high-end tourists.
Goa's existing casinos (five inside five-star hotels) are believed to have added to the foreign tourist traffic, which has gone up to over 320,000 a year, an increase of 20% over the last two years.
It is estimated that there are 2.2m domestic tourists who visit Goa annually.

The casinos bring in revenue for the state government. Each off-shore casino has to pay an annual $1.1m licence fee. This is exclusive of entertainment taxes.
But critics fear that they will bring in all the vices associated with gambling.
The leader of the opposition and the former state Chief Minister, Manohar Parikkar, says casinos are "criminal-oriented, prostitution-oriented and gambling cannot deliver good tourism".
Immorality
But Narendra Punj, the director of Casino Goa, says the vices associated with the casinos are a myth perpetuated by Bollywood. He says that it was during Mr Parikkar's regime that his casino was launched six years ago.
"The criticisms don't worry me. If you are operating fairly and following the rules you should not worry," he said.
"Bollywood portrays casinos in a negative light. The myths need to be exploded. We have done that to some extent."
Amit Shah laughs at the suggestion that casinos are a den of vice or that they promote immorality in society.

"I have come here with my family," he says pointing out his wife and other relatives in Casino Goa, "and I feel comfortable coming here with my family. Gambling is a stress buster for me."
Mr Shah, a self-proclaimed staunch Hindu, says gambling is an integral part of the ancient Indian culture.
"In the Hindu mythologies, gambling has been mentioned since the time of the Mahabharata. Kings and queens have always indulged in gambling. The only thing is if you come to a casino you should know where to draw the line."
From a hippy capital of the world to the casino capital of India, Goa seems to have gone for an image make-over.
The authorities have been trying hard to make this tiny former Portuguese colony into a high-end tourism destination.
The push to bring in tourists with deep pockets has seen the state organising carnivals and film festivals.
Ongoing controversy
Father Loila Pereira doesn't want the casino culture to filter through to ordinary Goans.
"If you are a foreigner and come to a casino in Goa I have no problem with that. But what we don't want is the promotion and proliferation of casinos in Goa among Goans."
Indeed, most of the visitors come from outside Goa.
I met three men from the northern Indian city of Lucknow visiting the casino for the first time.

"I have come here with my family," he says pointing out his wife and other relatives in Casino Goa, "and I feel comfortable coming here with my family. Gambling is a stress buster for me."
Mr Shah, a self-proclaimed staunch Hindu, says gambling is an integral part of the ancient Indian culture.
"In the Hindu mythologies, gambling has been mentioned since the time of the Mahabharata. Kings and queens have always indulged in gambling. The only thing is if you come to a casino you should know where to draw the line."
From a hippy capital of the world to the casino capital of India, Goa seems to have gone for an image make-over.
The authorities have been trying hard to make this tiny former Portuguese colony into a high-end tourism destination.
The push to bring in tourists with deep pockets has seen the state organising carnivals and film festivals.
Ongoing controversy
Father Loila Pereira doesn't want the casino culture to filter through to ordinary Goans.
"If you are a foreigner and come to a casino in Goa I have no problem with that. But what we don't want is the promotion and proliferation of casinos in Goa among Goans."
Indeed, most of the visitors come from outside Goa.
I met three men from the northern Indian city of Lucknow visiting the casino for the first time.

One of them, SK Verma, says: "It's a very good experience to be in a casino for the first time. If coming to a casino is bad then it's as bad as going to a disco or a bar."
Mr Parikkar says if his party comes to power in the May assembly elections the policy would be reviewed.
"I don't like any new casinos in Goa," he said.
Whatever, the arguments, everyone agrees that casinos are good money earners. But in the light of the controversy, no one is willing to bet on the expansion of the casino culture in Goa.

Source: BBC

European drinks firms keen on India, seek tax cuts

MUMBAI (Reuters) - European drinks makers are keen to increase their presence in India's fast-growing $1.8 billion alcoholic drinks market, but want better trademark protection and lower tariffs on imported wines and spirits.
The European Union is pressing for lower duties on wines and spirits, which it says are as high as 550 percent on spirits and 264 percent on wines due to federal and state levies.
"India also has an interest in solving this problem because it affects how we do trade," EU Farm Commissioner Mariann Fischer Boel told reporters.
"The taxes put our wines and spirits at a huge disadvantage. If we do not see a clear sign from India, we are considering raising a panel for dispute settlement," she said.
If the World Trade Organisation forms a dispute settlement panel and rules against India, the EU could impose retaliatory tariffs on imports from India.
Diageo Plc., Pernod Ricard and LVMH's Moet Hennessey are among European firms setting up operations in India.
Moet Hennessey's local unit imports about 50,000 cases of champagne, cognac and wine annually, and the firm plans to double sales in three years.
"We believe India will be among the top 10 champagne markets for us," said Yves Benard, director of Moet Hennessey's champagne activities and wine resources. "Maybe not No.2 or No.3, but in the top 10."
Moet Hennessey has a minor stake in Indian wine maker Grover Vineyards, and may consider making wine in India, he added.
"India is a wine producing country and it could be an interesting proposition for us," Benard said.
ZERO TOLERANCE
India's spirits and beer market is dominated by the UB group, which is close to acquiring Scottish spirits maker Whyte & Mackay to bolster its portfolio of premium brands.
But the head of the Scottish Whisky Association, which has Whyte & Mackay among its 53 members, cautioned that if UB became a member, it would also have to take up the association's fight to protect trademarks and intellectual property rights worldwide.
"We look forward to having (UB's) Vijay Mallya join us. It will give us a different perspective," SWA Chief Executive Gavin Hewitt said. "But, along with the privileges, are responsibilities and obligations, and we have a zero tolerance policy."
The SWA has opposed the registration of UB's popular McDowell's whisky brand, and pursued other local Indian brands for using names that suggest a Scottish lineage. It recently won a case against an Indian brand called Red Scot, Hewitt said.
"It took us 20 years to win that, but we are very clear: no Scottish names, no tartan, no stag's head," he said.
UB, whose United Spirits Ltd. is the world's third-largest spirits maker by sales, wants the EU to relax the description of whisky to permit Indian whisky, made from molasses, to be labelled as whisky in Europe.
But Hewitt is firm.
"We have no difficulty with Indian whisky coming in, but it must be labelled as that."
"Just as we are providing you with market access, we want you to be able to go to a shop here and be able to buy a Scotch whisky at the same price as your local whisky."

Source: Reuters

India leads Asia billionaire club

India has the most billionaires in Asia with a total wealth of $191bn between them, according to the Forbes magazine annual list of richest people.
With 36 billionaires, India has overtaken Japan's 24 billionaires, after two decades of Japan topping the Asian rich list.
Steel magnate Lakshmi Mittal leads the Indian billionaire club, with a net worth of $32bn.
Globally, there are a record 946 billionaires, up from 793 last year.
"It was a sizzling year in Asia. Both India and China saw huge gains, " Forbes associate editor Luisa Kroll was reported as saying by the AFP news agency.
China and Hong Kong together have a total of 41 billionaires, according to the list.
Lakshmi Mittal, 56, is the fifth richest person in the world, according to the magazine.
The other Indians in the list include Mukesh and Anil Ambani of Reliance, Wipro chief Azim Premji, Bharti Group chairman Sunil Mittal and Aditya Birla Group chairman Kumar Mangalam Birla.

India has recorded impressive economic growth in the past few years, though critics say the poor have been largely left out of the process.
Microsoft founder Bill Gates holds the top spot for the 13th year in a row in the world list of billionaires with a net worth of $56bn.

Source: BBC

50% of online Indians buy travel products

The latest usage-cum-brand tracking study conducted by JuxtConsult on 'online shopping' notes that 50 percent of all online Indians have bought a travel product online.
Air tickets with an average transaction size per person per month at Rs 4,860 are the most searched and bought item online, followed by train tickets with the average transaction size per person per month valued at Rs 1,890.
Thereafter follow books, magazines with average transaction size per person per month valued at Rs 650 and CDs / DVDs at Rs 465.
Mobile phones / PDAs and cameras are highly searched for but have the worst search-to-buy conversion ratios online with an average transaction size per person per month valued at Rs 3,500.
Incidentally, the online buyers' base is growing at a much higher rate than that of internet users.
"The online buyer base is growing at a higher rate of 33 percent as compared to the internet user base," said Sanjay Tiwari, director, Juxt Consult.
Also, contrary to popular perception credit card misuse is not the biggest issue among those who already buy online. Delayed delivery and product quality are much bigger issues.
As for website preferences, Ebay significantly dominates the top of mind brand recall among both searchers and buyers with 47 percent of all online shoppers.
The study noted that 2 out of 3 online buyers have a credit card and 2 out of 3 searchers do not have a credit card. However, only about 50 percent of searchers say that do not buy online because they do not have a credit card.

Source : Rediff

Gopichand sees bright future for young Indian talent

By Sanjay Rajan
MUMBAI (Reuters) - Former all-England champion and national badminton coach Pullela Gopichand said India's emerging talent was bridging the gap with the world's top players.
"All of them are ranked pretty high and have had good wins in their careers," the 2001 winner at Birmingham told Reuters.
"We have players like Saina Nehwal who has beaten higher ranked players consistently. All it takes is two good days and you are in the quarter-finals, really," Gopichand said ahead of the all-England open, which begins on Wednesday.
Anup Sridhar, at 49 the third highest-ranked Indian in the world, reached the semi-finals of the German Open last week with victories over German world number 20 Bjoern Joppien, 23rd ranked Korean Park Sung-hwan and Denmark's world number 32 Kasper Oedum.
The 23-year-old lost to China's world number one Lin Dan 21-14, 21-12 in the last four.
Three Indians are in the top-50 of the men's rankings while 16-year-old Nehwal is 32nd among women, with Trupti Murgunde 18 places further down.
Gopichand expected his players to start making it to the quarter-finals more consistently in tournaments around the world.
"The bright side is that they have fought and lost to higher-ranked players in close matches," said Gopichand, who took over as national coach last May.
Gopichand is only the second Indian to have won the prestigious all-England, doing so 21 years after Prakash Padukone achieved the feat in 1980.
Nehwal made headlines last year when she captured the Philippines Open after beating German top seed and world number four Xu Huwaien in the last eight and then Malaysian Julia Wong in the final.
Nehwal and men's world number 27 Chetan Anand are in the main draw of the all-England while Sridhar, Nikhil Kanetkar and P. Kashyap will start in the qualifiers on Tuesday.
Gopichand has high hopes for Nehwal.
"She is very strong, especially mentally. Everybody gets chances to win, but taking it on the given day is what is important," he said. "Saina goes for it."

Source: Reuters

Moser Baer to invest $250 M

NEW DELHI: Moser Baer, maker of computer compact discs, on Monday said it would invest $250 million over the next three years to set up a thin film solar fab.
The company had entered into a technology partnership with the U.S.-based Applied Materials to build the unit at its existing SEZ at Greater Noida, Moser Baer Chairman and Managing Director Deepak Puri said here. The project would help generate 200 MW of solar energy by 2009, he added.
"According to market figures, the thin film based solar modules market is expected to reach a size of $5 billion globally by 2010 with a demand of 2 GW,'' Mr. Puri said.
The unit would be commercially operational by March 2008 and the construction would begin next week, he said. "The company will start with a capacity of 40 MW, which will be increased to 200 MW by 2009,'' company's CFO Y. B. Mathur said. We would focus on global markets initially to sell our product, he added. Moser Baer is also expecting government incentives under the recently announced semiconductor policy.
Applied Materials CTO Mark Pinto said, "India holds tremendous potential both as a worldwide hub for solar panel production and as an end market for photovoltaic electric power.'' Applied Materials posted a turnover of $9 billion last year and employs about 13,000 people worldwide, including 800 in India. — PTI

Source : hindu

Jindal to invest $2 bn in Bolivia

In what could be the single largest investment made by any country in mineral-rich Bolivia, Jindal Steel today said it would invest $2.1 billion (Rs 9,500 crore) there to set up new steel plants. The Indian steelmaker said it has reached an agreement on El Mutun iron ore mines in the South American country.

“We will invest around $ 2.1 billion on setting up a 6 million tonne sponge iron plant, 10 million tonne pellet plant and 1.7 million tonne steel plant in the country (Bolivia),” said Jindal director for finance, Sushil Maroo.
Jindal successfully bid for the mines in June last year but the agreement was held up as consensus could not be reached on fuel price and tax concessions. The El Mutun mines, believed to contain one of the world's biggest iron-ore reserves, contain an estimated 40 billion tonnes of ore of medium-grade quality.
Jindal would have access to 50 per cent of the reserves.
Bolivian President Evo Morales and Jindal's senior management led by chief executive Vikrant Gujral agreed on the tax rate and natural gas prices for the iron and steel project. According to the pact reached, Jindal would get natural gas at $3.91 per million units for steel making. A definitive contract will be signed with the Bolivian government within 45 days.
The company would also be setting up the supporting infrastructure for the proposed projects, including a 450 MW power plant.
“In June 2006, JSPL emerged as the only company which met the qualifying criteria set by the Bolivian government to exploit 50 per cent of the El Mutun reserves,” Maroo said.
“This was followed by negotiations with the government on various clauses.”
He said the project would allow Bolivia to develop a steel industry and the proposed investment was the single largest in Bolivian history.
“The investment will create gainful direct jobs in the iron ore mines and the steel plants. The mines are located in the south east of Bolivia and about 50 km from the Brazilian border,” he said.

Source : Indian express

Rental video market comes full circle

The neighbourhood pizza guy could soon have competition from an unlikely source when it comes to delivering on time: the video rental home delivery service.When sports marketing and entertainment biggie Nimbus enters the home entertainment rental market, its USP will be delivering DVDs in 30 minutes flat.
Nimbus’s rental video service plans may be nascent but they’re not small. Says Harish Thawani, chairman: “We hope to pump in close to Rs 150 crore and offer at least 60,000 movie titles across 56 cities. Our services will be accessible through SMS, phone-in facility and the Internet.”
The home entertainment rental market has come a long way from its early beginnings when neighbourhood video ‘libraries’ trotted out scratched and often dodgy quality prints.
Today, customers are likely to log onto rental sites and feed in a list of movies they want to watch from a library of over 20,000 titles. The films are generally home delivered, two at a time, with no late fees. And the cherry on the icing? Rentals for quality DVDs are as low as Rs 199 for four films a month.
A recent PriceWaterhouseCoopers study shows that the home video market is growing at 30 per cent annually; over 12 million branded DVD players were sold in 2006 alone."The rental segment will only benefit from this growth, since customers don’t always want to buy DVDs," says Subhanker Sarker, COO of Seventymm.com that has 10,000 customers in Bangalore and another 3,000 each in Delhi and Mumbai. Madhouse.in, another emerging player that opened shop only a few months ago in Chandigarh and Delhi, with plans to launch in Mumbai soon, already has a customer base of 3,000. Mumbai-based Clixflix.com, barely a year old, has over 10,000 members."Our goal is to reach the 25,000-mark in each city across India," says Sarker. The break-even point for the company is 25,000 across the country. Clearly, it’s a market for the big boys.Seventymm recently raised Rs 50 crore, including a Rs 31-crore investment by venture capitalists Matrix Partners. Madhouse has received Rs one crore from various investors. "Big investors bring in both money and professional expertise," says Sameer Guglani, CEO, Madhouse.
Ironically, says Guglani, pirated prints have only “whetted the appetite of the home video audience, who now want original, quality DVDs at affordable prices”.
All the major players have ensured ground support. Madhouse has call centre and cellphone facilities and has tied up with 50 stores in Delhi as delivery points. Seventymm has plans to woo consumers through road shows. It also offers customers free rental incentives if six referrals sign on as members.
"You can’t beat the convenience of logging in on the computer or simply SMSing your movie choices," says Anahita Bendre, 36, a Delhi-based advocate. "It takes care of my family’s weekend movie-watching."
The future looks bright for couch potatoes. Sarkar said, "By 2010, the entire home video industry should be worth around Rs 2,140 crore. And the top three players in the rental video circuit could be worth at least Rs 300 crore each. Of course, it will mean the survival of the fittest."

Reliance to set up $3 billion petchem unit

MUMBAI (Reuters) - The board of Reliance Industries Ltd., India's most valuable firm, approved a plan on Saturday to set up a new petrochemicals unit and issue 120 million warrants to its owners to expand its equity base.
The company would invest $3 billion in the petrochemicals project, designed to have an annual capacity of 2 million tonnes, and is expected to be completed by 2010/11, according to a statement from the firm.
The cracker will make ethylene, propylene and other special derivative products, it said.
Reliance Industries is the world's top maker of polyester yarn and fibre and also runs a 660,000 barrel per day refinery in Gujarat.
The company's board approved a preferential allotment of 120 million warrants to its backers, including chairman Mukesh Ambani.
After the conversion it would increase the firm's paid-up capital to 15.13 billion rupees ($342 million) from 13.93 billion, the statement said.
Shares in Reliance Industries ended flat at 1,412.80 rupees in a weak Mumbai market on Friday.
The company also reiterated its plans to raise up to $2 billion from overseas markets to fund a capital spending plan for its oil and gas business.
($1 = 44.2 Indian rupees)

Source : Reuters

Kalam hopes project will help improve life in 1,098 villages

GULBARGA: President A.P.J. Abdul Kalam, who launched the Suvarna Gramodaya Project by beating the "Nagari" (traditional drum) at Srinivas Saradgi village on Sunday, hoped that the project would help improve the quality of life in the 1,098 selected villages with increased opportunities for entrepreneurship.
Dr. Kalam devoted most of his 12-minute address to visualising the projected development in the selected villages and complimented the Government for its plan to include 1,000 villages every year under the project.
He said the success of the project depended on the management of the funds available and the participation of government agencies, non-governmental organisations, educational institutions and small industries.
He said the Government should take steps to ensure that per capita income in these villages increased three times and the villagers became literate.
The President stressed the need for optimum utilisation of the water available in these villages for their economic improvement by reviving the water bodies.
Dr. Kalam said for achieving the objective of overall development of the villages and their economic empowerment, the Government should take initiatives by propagating horticulture and floriculture along with traditional agricultural practice. Agro processing units and garment units and small industries should also come up in these villages. Only a multiple production scheme of all commodities available in the villages would ensure their orderly progress. He said the Government should give importance to providing health facilities and these villages should be made free of diseases such as tuberculosis, polio and malaria. Infant mortality rate should be brought down to 10 per 1,000 at the end of 2012, he said. People in these villages should be extended telemedicine facilities. The Yeshaswini Health Insurance Scheme should be extended to the people of these villages, he said. These villages should be provided with amenities such as drinking water, drainage, sanitation and solar lighting and every family should be given a house to live in.
Chief Minister H.D. Kumaraswamy, Deputy Chief Minister B.S. Yediyurappa and Union Minister of State for Planning M.V. Rajasekharan spoke. Rural Development and Panchayati Raj Minister C.M. Udasi welcomed the gathering. Leader of Opposition in the Assembly N. Dharam Singh was present.

Source : Hindu