Invest in India News

  • Development of Housing and Basic Facilities in Slums of Cities of India

    The Minister for Housing and Urban Poverty Alleviation Kumari Selja has said that in pursuance of the Government’s vision of creating a Slum-free India, a new scheme ‘Rajiv Awas Yojana’ (RAY) has been launched on 02.06.2011. The Scheme is expected to cover about 250 cities, across the entire country by the end of 12th Plan (2017). The selection of the cities will be done in consultation with the Centre.

  • Omnivore Capital makes first investment through acquisition of 33% stake in Skymet

    Omnivore Capital, an early stage venture capital fund backed by Godrej Agrovet Ltd, has made its first investment by buying a 33% stake in weather forecaster Skymet for an undisclosed amount.

    Mark Kahn, executive vice-president for strategy and business development at Godrej Agrovet and venture partner, Omnivore, said the company believes that improved meteorology is one of the best tools to reduce risk in agriculture.

  • Indian Government has approved setting up of 15 Mega Food Parks under Infrastructure Development Scheme

    Indian Government has approved setting up of 15 Mega Food Parks under Infrastructure Development Scheme. The main features of the scheme are cluster based and demand driven approach. Availability of approximately 50 -100 acres of land and adequate quantity of raw materials are basic criteria for the selection of location for setting up of such Parks.

    Setting up of 15 more Mega Food Parks have been proposed during the remaining period of 11th Five Year Plan.

    The States for these projects have not been finalized.

  • Over 84,000 Crores Invested in Food Processing Sector in India

    As per the competitiveness report of the National Manufacturing Competitiveness Council, there are 25, 367 registered food processing units in the country whose total invested capital is Rs. 84,094 crores. From 2007-08, the receipt of applications, their appraisal, calculation of grant eligibility as well as disbursement of funds have been completely decentralized.

     

  • Moratorium Lifted on New Industrial Projects

    The Ministry of Environment and Forests had imposed a temporary moratorium on consideration of projects located in critically polluted areas / industrial clusters as identified by the Central Pollution Control Board (CPCB) based on the Comprehensive Environmental Pollution Index (CEPI).

  • Thirty One Projects Pending in Orissa

    A total of 31 projects from Orissa in the sectors of industry, mining and port projects are awaiting environmental clearance as on 31.07.2011 with the Ministry of Environment & Forests. A list of these projects is at Annexure.

    The perceived delay in according environmental clearance inter-alia includes non-compliance of the procedures of the EIA Notification 2006 and Circulars of the Ministry, inadequate information on critical environmental parameters, and deficiencies in the Environmental Management Plans by the project proponents.

  • Construction of Hotels or Resorts not allowed inside National Parks

    Resorts and hotels are  not allowed to be constructed inside National Parks and protected parks. As per the proviso under Section 33 of the Wild Life (Protection) Act, 1972, no construction of commercial tourist lodges, hotels, zoos and safari parks shall be undertaken inside a Sanctuary except with the prior approval of the National Board for Wildlife. By virtue of Section 35 (8) of the said Act, this provision is applicable to the National Parks also.

  • India to Partner with Africa for Buying Minerals and Providing Technology for Mining & Exploration

    Shri Anand Sharma, Union Minister of Commerce & Industry and Textiles delivered an inaugural address at the launch of “Africa manual 2011- opportunities unlimited”, here today. Speaking on the occasion the Minister said, “India is keen to partner with countries in Africa not only for buying minerals but also providing technology for mining and exploration and value addition with long-term buy-back commitments”. India is also committed to work with our partners in Africa for addressing the infrastructure deficit.

  • Qualified Foreign Investors (QFIS) Allowed to Access Mutual Funds’ Equity Schemes and Debt Schemes in the Infrastructure Sector

    In order to further liberalize the portfolio investment route, the Union Finance Minister Shri Pranab Mukherjee had announced in the 2011-12 Budget to permit SEBI registered Mutual Funds (MFs) to accept subscriptions for equity schemes from foreign investors who meet the Know Your Customer/client(KYC) requirements. After due consultations with the Regulators and other stakeholders, the scheme was finalized to be announced in the first week of August 2011.

  • New Rules framed for Monitoring Foreign Contribution

    The Union Government has framed new rules, viz., the Foreign Contribution (Regulation) Rules, 2011 under the Foreign Contribution (Regulation) Act, 2010 for monitoring receipt and utilization of foreign contributions by any person in the Country.

    Both the Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) Rules 2011 have come into effect with effect from 01.05.2011.  Both the Act and the rules are available in this Ministry’s website www.mha.nic.in

  • Bureau Veritas buys India’s Civil-Aid Technoclinic Pty Ltd

    Bureau Veritas announced Monday the acquisition of Civil-Aid Technoclinic Pty Ltd, an Indian company specialized in conformity assessment services of public and industrial infrastructure.

    Founded in 1998, Civil-Aid offers a full range of quality assurance and technical control services, from design to construction and including design review, site inspection and testing of building materials.

  • Royal Philips keen on creating an innovation hub in India to develop locally relevant products

    The Times of India Monday reported that Dutch consumer electronics firm Royal Philips is keen on turning India into an innovation hub for the development of more locally relevant products, particularly for its domestic appliances segment.
     
    The Times indicated that Philips, which had acquired Chennai-based kitchen appliances firm Preethi in January this year, said it is looking to leverage on local technology as it looks at emerging markets contribute 40 per cent of global revenues by 2015, up from 34 per cent at present.
     

  • India and Japan Comprehensive Economic Partnership Agreement (CEPA) a larger vision of an East Asia partnership

    The Commerce Secretary, Shri Rahul Khullar has said that India and Japan Comprehensive Economic Partnership Agreement (CEPA) is a major step in the direction of larger vision of an East Asia partnership. He was speaking after co-Charing the first meeting of Joint Committee of India Japan CEPA with Mr. Akitaka Saiki Ambassador of Japan in India, here today. The CEPA enters into force today.

  • India's Foreign Trade figures for June 2011 released

    Department of Commerce has released India's Foreign Trade Figures for June 2011 as following:

     

    EXPORTS (including re-exports):

  • Matrix Enports Holdings Private Limited has sold 40% stake in Vanpic Ports Private Limited

    Nimmagadda Prasad's Matrix Enports Holdings Private Limited has sold 40% stake in Vanpic Ports Private Limited to the Navayuga Group, reported the Business Standard.

    Vanpic Ports was developed jointly by RAS-Investment Authority and Hyderabad-based Matrix Enport in the ratio 51:49 respectively. With this deal, Prasad's stake in Vanpic Ports has come down to 9%, indicated the report.