Thursday, May 14, 2015

IndianOil and GAIL sign MoU with Dhamra LNG Terminal Pvt. Ltd.

New Delhi, May 13, 2015: IndianOil and GAIL (India) Ltd., two Maharatna Public Sector Companies of India have signed MoU with Dhamra LNG Terminal Private Limited (DLTPL), a Company owned by Adani Enterprises Limited. DLTPL’s project shall be an onshore LNG regasification terminal having initial capacity of 5.0 MTPA, at Dhamra Port in Bhadrak district of Odisha. Dhamra is an all-weather deep water port.
As per the terms of MoU, IndianOil and GAIL would reserve regasification capacity in the Terminal to supply regasified LNG in the emerging gas markets in the eastern part of the country. IndianOil and GAIL would also have the option to hold equity in DLTPL at a later date.
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Narendra Modi added 5 new photos to the album: At the Big Wild Goose Pagoda, Xi’an (China).
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President Xi Jinping and I visited the Big Wild Goose Pagoda. I went to the ‘Grand Hall,’ the main hall for worship. This was followed by a tour of the Pagoda.
After that we went to the Xuan Zhang Museum. There we saw books written by disciples of Xuan Zhang, that are on display at the Hall of Light. The Hall of Light also has a sculpture of the Head Monk of Nalanda preaching to Xuan Zhang. After that we went to Da Bian Jue Hall, which has a statue of Xuan Zhang.
I had the opporutnity to see the Underground Palace, that houses a skull bone relic of Xuan Zhang.
The final stop was the ‘Wisdom Hall.’ This showcases the life history of Xuan Zhang after his return from India.
Narendra Modi’s photo.
Narendra Modi’s photo.
Narendra Modi’s photo.
Narendra Modi’s photo.
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Naresh Kumar Sagar
Abhinav Bindra Misses Out On 10m Air Rifle Final at the Fort Benning Shooting World Cup
Jitu Rai, Prakash Nanjappa Survive Elimination Round; Will Shoot to Qualify for Finals Today
New Delhi, 14 May 2015: The Indian shooting squad began their campaign in the season’s second big event from a Rifle/Pistol perspective, the International Shooting Sport Federation (ISSF) World Cup, being held at Fort Benning, USA. The first Rifle/Pistol World Cup of the season was hosted by the South Korean city of Changwon last month. In all, nine Indian shooters were in fray on day one of competition. Abhinav Bindra, India’s only individual Olympic Gold medalist, led the charge in the 10m Air Rifle event and finished a competitive 15th in the qualification round for the finals, with a score of 624.6. It is definitely a step up for Bindra from his 46th place finish at Changwon with a score of 619.8.
Abhinav’s team-mates in the 10m Air Rifle, Sanjeev Rajput and Olympic Bronze Medalist Gagan Narang finished 25th and 26th respectively with scores of 623 and 622.9. Milutin Stefanovic of Serbia won the Gold in the event, with a final round score of 209.7
In the Men’s 50m Pistol, all three Indian shooters, namely Jitu Rai, Prakash Nanjappa and Om Prakash survived the elimination rounds and will shoot for a place in the finals tomorrow. Prakash Nanjappa in particular was in superlative form, shooting a 566 to finish third in his elimination relay round.
In the Women’s 25m Pistol event, the Indian trio of Anisa Sayyed, Anu Raj Singh and Rahi Sarnobat also failed to make the finals cut. Anisa finished 20th and the best among the three in qualification, finishing with a score of 577. Anu Raj Singh finished a point and two positions below her while Rahi Sarnobat could only manage 29th spot with a final score of 575.
India is aiming for Rio Olympic quota places, 24 of which are there for the taking at Fort Benning.
Shri Animesh Chauhan
Managing Director & Chief Executive Officer
Oriental Bank of Commerce
Cordially invite you to a
on the occasion of the announcement of
Annual Financial Results 2014-15
on Thursday, 14th May, 2015
Oriental Bank of Commerce,
Corporate Office
Plot No 5 , Sector 32
Institutional Area , Gurgoan – 122001
at 12.45 PM
Press Meet will be followed by Lunch
Andy : 9999573707
AAC logo without FormalyNus ISAS logoCII logo Blue 07-01-15
Session on
“India and Singapore: Where do we go from here?”
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DATETuesday, May 19, 2015
TIME3:00 PM  – 4:30 PM (Registration at 2:30pm onwards)
LOCATIONAftab Hall, The Taj Mahal Hotel, 1 Mansingh Road, New Delhi – 110 011
SPEAKERSProfessor Tommy Koh, Co- Chair, Indian Singapore Strategic Dialogue; and Ambassador-At-Large at the Ministry of Foreign Affairs, Republic of SingaporeAmbassador Gopinath Pillai, Ambassador-at-Large, Ministry of Foreign Affairs, Singapore; and Chairman, Management Board, Institute of South Asian Studies, National University of Singapore
Mr. Jamshyd Godrej
Co- Chair, Indian Singapore Strategic Dialogue and Chairman of the Board, Godrej and Boyce Manufacturing Company LimitedDr. C Raja MohanDistinguished Fellow, Observer Research Foundation
 MODERATORDr. Nitin Desai, Former Under-Secretary General, United Nations
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The year 2015 commemorates 50 years of bilateral relations between India and Singapore and the session would reflect on the longstanding relationship and the way ahead. The speakers will focus on how Singapore features prominently in PM Modi’s effort to build an ocean economy which could amplify the geostrategic importance of the Indo-Pacific region. Besides this, the panel will also discuss how the two countries and the region could benefit from India’s “Act East Policy” in the area of urban planning, skill development, sanitation and water management amongst others.
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 Tommy Koh 14-05-15Professor Tommy KohCo- Chair, Indian Singapore Strategic Dialogue; and Ambassador-At-Large at the Ministry of Foreign Affairs, Republic of Singapore
He was Singapore’s Permanent Representative to the United Nations in New York for 13 years.  He was Ambassador to the United States of America for 6 years.  He was the Dean of the Faculty of Law of NUS.   He was also the President of the Third UN Conference on the Law of the Sea.  He chaired the Preparatory Committee for and the Main Committee at the Earth Summit. He had served as the UN Secretary General’s Special Envoy to Russia, Estonia, Latvia and Lithuania.
He was also Singapore’s Chief Negotiator for the USA Singapore Free Trade Agreement.  He has chaired two dispute panels for the WTO.  In 1984, Yale University conferred on him an honorary degree of doctor of law. Prof Koh received the Elizabeth Haub Prize for Environmental Law in 1996 and was made a Champion of the Earth by the United Nations Environment Programme (UNEP) in 2006.  He also received the Great Negotiator Award 2014 from Harvard University on 10 April 2014.
 Gopinath Pillai 14-05-15Ambassador Gopinath PillaiAmbassador-at-Large, Ministry of Foreign Affairs, Singapore; and Chairman, Management Board, Institute of South Asian Studies, National University of Singapore
Ambassador Gopinath Pillai holds several key public appointments in Singapore. He is the Chairman of the Management Board of the Institute of South Asian Studies. He has served as an Ambassador-at-Large in the Ministry of Foreign Affairs since August 2008. He is also the Executive Chairman of Savant Infocomm Pte Ltd. Ambassador Pillai was Singapore’s Non-Resident Ambassador to Iran between 1990 and 2008 and also served as Singapore’s High Commissioner to Pakistan.
Ambassador Pillai’s varied business interests include investments in education, logistics and information technology. He is Founder Chairman of a port-related listed logistics company in India, Gateway Distriparks Ltd, and its subsidiary, Snowman Logistics Ltd and Director of another subsidiary, Gateway Rail Freight Ltd. He is also Director of AEC Education PLC, listed on AIM in London. He is an independent director of Jurong International Holdings Pte Ltd, a wholly owned subsidiary of JTC. Ambassador Pillai is Deputy Chairman of Ang Mo Kio-Thye Hua Kwan Hospital Limited, a non-government organisation-administered hospital for step-down care. He is a member of the Steering Committee of the Indian Heritage Centre project and Chairman of its Concept and Content Sub-committee. Ambassador Pillai has held positions as Chairman of NTUC Fairprice Co-operative Ltd for 10 years; Trustee of NTUC Healthcare Cooperative Ltd; Director of NTUC Choice Homes Co-operative Ltd; and President of the National University of Singapore Society (NUSS). He was made a Distinguished Member of NUSS in 2011. Ambassador Pillai has received several awards, including the Friend of Labour (NTUC 1987); Meritorious Award (NTUC 1990); Friend of MCD from the Ministry of Community Development (1998); and Friend of IT from Singapore Computer Society (2001). The Singapore government has awarded Ambassador Pillai the Public Service Star Award (BBM) in 1999 and BBM (BAR) in the 2009 National Day Awards. The Indian government conferred Ambassador Pillai with the Padma Shri award at the 2012 Republic Day.
 Jamshyd Godrej 13-05-15Mr. Jamshyd GodrejCo- Chair, Indian Singapore Strategic Dialogue and Chairman of the Board, Godrej and Boyce Manufacturing Company Limited
Mr. Jamshyd N. Godrej is the Chairman of the Board of Godrej & Boyce Manufacturing Company Limited.  He graduated in Mechanical Engineering from Illinois Institute of Technology, USA. Mr. Godrej is the former Chairman of Ananta Aspen Centre (previously known as Aspen Institute India), Chairman & Trustee of Ananta Centre. He is the President of World Wide Fund for Nature – India. He is the Chairperson of the Board of Directors of Shakti Sustainable Energy Foundation, India Resources Trust and Council on Energy, Environment and Water.
 He is a Director of World Resources Institute, USA and Director of Global Footprint Network, USA.  He is also a Trustee of the Asia Society, USA. He is a member of Toyota Motor’s Global Advisory Board and Asia Pacific Regional Advisory Committee. He is the Past President of Confederation of Indian Industry and also the Past President of the Indian Machine Tool Manufacturers’ Association.  Mr. Godrej is the Chairman of the CII Sohrabji Godrej Green Business Centre.  The Centre is housed in a LEED Platinum demonstration building which is the first green building in India and the greenest building in the world at the time when it was rated.  The Green Business Centre is a Centre of Excellence for green buildings, energy efficiency, energy conservation, non-conventional energy sources, water policy, water conservation, etc. Godrej and Boyce Mfg. Co. Ltd. manufactures and markets refrigerators; washing machines; air conditioners; office furniture; home furniture; security equipment for banks (such as safes, strong room doors, bank lockers, etc.) and for commercial establishments and homes; locks and latches, forklift trucks and warehousing equipment;   process equipment for chemical, petrochemical, refineries and allied industries; precision tools for sheet metal, zinc, aluminium; real estate development. The Godrej group are leaders in home appliances, consumer durables, office equipment, industrial products, consumer products and services. Mr. Godrej is an ardent yachting enthusiast and has done extensive cruising along the west coast of India, the Baltic & North Sea, the Atlantic Ocean and in the Mediterranean Sea. The President of India conferred on Mr. Godrej the “Padma Bhushan” on 3rd April 2003.
 C Raja Mohan 13-05-15Dr. C Raja MohanDistinguished Fellow, Observer Research Foundation
Dr. C Raja Mohan is a Distinguished Fellow at ORF and is leading the Strategic Studies Initiative of the Foundation. He is also a foreign affairs columnist for ‘The Indian Express’, a Visiting Research Professor at the Institute of South Asian Studies, Singapore, and a Non-Resident Senior Associate at the Carnegie Endowment for International Peace, Washington DC. Earlier he was a Professor of South Asian Studies at the Jawaharlal Nehru University, New Delhi and the Nanyang Technological University, Singapore.
He was the Henry Alfred Kissinger Chair in Foreign Policy and International Relations at the Library of Congress, Washington DC during 2009-10. Dr. Mohan served as the Diplomatic Editor and the Washington Correspondent of ‘The Hindu’ and the Strategic Affairs Editor of ‘The Indian Express’. His area of expertise includes India’s Foreign and Defence policies, Asian Security, Arms Control & Disarmament, and the Impact of Rising Powers on the Global Order.
 Nitin DesaiDr. Nitin DesaiFormer Under-Secretary General, United Nations
Mr. Nitin Desai, a graduate of LSE, taught economics at two UK Universities, worked briefly in the private sector, had a long stint as a government official in India and then joined the UN in 1990 from where he retired in 2003.  In India he was in the Planning Commission (1973-88) and later in the Ministry of Finance as the Chief Economic Adviser (1988-90).  In the UN, where he was Under Secretary General for Economic and Social Affairs, his major work was the organization of a series of global summits, notably the Rio Earth Summit (1992), the Copenhagen Social Development Summit (1995), the Monterrey Finance and Development Summit (2002) and  the Johannesburg Sustainable Development Summit (2002).
After his retirement he has been involved in a variety of public policy activities nationally and internationally. He continued to assist the UN until December 2010 as Special Adviser on Internet Governance to the UN Secretary General and the chair of the multi stake holder group that organises the annual Internet Governance Forum. He is a member of the Prime Minister’s Council on Climate Change and the National Broadcasting Standards Authority. He is a Distinguished Fellow of TERI and is an Honorary Fellow of the LSE. He is a trustee of WWF International. He writes a monthly column in the Business Standard.
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Modi’s East Asia tour : Attracting investments, counterbalancing China
China still remains a difficult neighbour for India to tackle. Apart from border dispute the concerns over growing trade deficit with China and resolving the water issue of trans-boundary rivers, particularly Brahmaputra remains as a formidable challenge. To offset the huge trade imbalance, India has sought more Chinese investments. Prime Minister Narendra Modi will be on a six-day official tour of three East Asian countries – China, Mongolia and South Korea – from May 14 to garner investments for his ambitious Make in India programme. But apart from assurances on investments, what does he expects from China. Possibly Beijing’s nod for India’s membership in Shanghai Cooperation Organisation (SCO) and Asia Pacific Economic Cooperation (APEC) without the former insisting upon its membership in the South Asian Association for Regional Cooperation (SAARC) .
China’s growing influence in the Asia Pacific is a wake up call for India to counter balance the move alongwith other regional actors. PM Modi’s scheduled visit to Mongolia and South Korea can thus be viewed as a move in right direction. His Buddha diplomacy is a right thought to garner support from the Buddhist countries in the region. PM Modi had earlier visited Japan and Australia, maintained good relations with Vietnam and vouched for the centrality of ASEAN. India also supports Trans-Atlantic powers like US, Canada and European nations’ presence in the region. But can all these strategies counter-balance Beijing’s plans to extend its String of Pearls?
Though Prime Minister Narendra Modi claims that the India-China has been peaceful after 1962 war, the intermittent Chinese incursions along the Line of Actual Control (LAC) have raised doubts about Beijing’s hidden agenda. India has inherited the borders defined by the erstwhile British colonial rulers and thus maintains its position in its official map. The Johnson Line demarcated the borders of Jammu and Kashmir with Tibet and on the eastern sector McMahon Line demarcated the border which extended to the edge of the Tibetan plateau. Officially India’s northern boundary in the Ladakh region with Tibet extends beyond the Kuen-Lun (Kunlun) mountains up to Khotan and includs the Aksai Chin desert and links Demchok in the south with the 18,000 feet high Karakorum Pass in the north. This is popularly called the Johnson Line, drawn by WH Johnson of the Survey of India. It includes Shahidulla in far off Karakash valley, about 400 km from Leh.
China, however, refuses to accept the history and has been making further claims on 90,000 sq km in Arunachal Pradesh despite its illegal occupation of 38,000 sq km in Aksai Chin in the north and some areas across the McMahan Line. It is also in possession of 5,800 sq km of Gilgit-Baltistan illegally ceded by Pakistan in addition to its occupation of more than 15,000 sq km of Gilgit-Baltistan covering Shaksgam, Raskam and Aghil valleys, apart from a large chunk in Ladakh. After Chinese occupation of the Indian territory, the Line of Actual Control (LAC) came into existence..
However, both the countries have taken a wise decision that the contentious border issue should not come in their way of bilateral relationship. The border issue would be resolved through negotiations,  But despite 17 rounds of negotiations between special representatives of the two countries no tangible results are in sight. It would be better to first resolve the varying perceptions about LAC and then attempt to settle the final boundary issue. There are, however, many areas where both the countries can cooperate instead of being bogged down by boundary issue
India-China bilateral trade has crossed $65 billion, but India suffers from a trade deficit of $37.8 billion. According to trade analysts, if corrective steps are not taken in time, India’s trade deficit is likely to widen to $58 billion by 2018. Apart from trade, India is also one of the largest markets for project exports from China. Currently, projects under execution are estimated at over $60 billion. As per Beijing’s figures, cumulative Chinese investments into India till September 2014 were $2.63 billion while Indian investments into China were $0.55 billion.
What is the real cause for India’s burgeoning trade deficit with China? India competitive exports like pharmaceuticals, IT and IT-enabled services and agro commodities do not get market access in China due to non-tariff barriers. In China, Indian pharma companies face regulatory hurdles in the form of prolonged and unpredictable timelines for registering Indian drugs. Chinese drug regulator requires Indian companies to not only reveal the detailed process of manufacture but also conduct clinical trials within the country. Indian companies, therefore, are apprehensive of IPR violations.  China should better allow import of cheap and time-test Indian drugs and healthcare facility to cater to the growing needs of the Chinese people. Similarly Beijing should give access to Indian IT and ITES.
President Xi Jinping during his last visit to India had promised an Investment of $10 billion over a span of five years. Beijing feels that this assured investment will materialize earlier and fresh agreements amounting to $ 10 investment will be signed on Modi’s visit. China had promised to set up two industrial parks in Chakan near Pune in Maharashtra and near Ahmadabad in Gujarat,
While Chinese investment in India is at $2.63 billion, South Korean investment has touched $3.8 billion by December 2014. South Korean investments have surged after the singing of India-South Korea Bilateral Investment Promotion and Protection Agreement in 1996. South Korean majors like Hyundai, LG, Hyosung, KC Cottrell, R-Land, Shop CJ, Mirae Asset, Samsung, LG among over 649 others are present in India covering various sectors like automobiles, power and industrial systems, refrigerating and air control equipment, apparel, home shopping, asset management. The South Korean steel major POSCO is awaiting to get mining lease to start their operations in Odisha, The two-day PM Modi’s visit to this country which falls in the last leg of his East Asian tour is likely to see the signing of bilateral Double Taxation Avoidance Treaty as urged by the host country. Modi is also likely to seek greater cooperation of South Korean SMEs.
In fact South Korean companies forayed into India much before the Make in India programme was officially launched by Prime Minister Modi. South Korean companies sources large parts of local contentment, thereby facilitating indigenisation. From its manufacturing base in Chennai, Hyundai Motor India has exported about 2.2 million cars to 123 countries in five continents. Its success story is that with a total investment of $2.7 billion, its yearly turnover is about $5 billion and it has created about 150,000 direct and indirect employment including dealers and vendors. India urged Hyundai to set up another manufacturing base in the country.
There are prospects for South Korean investments in defence products, IT, infrastructure, energy, LNG, ship building, smart cities. A 13-member consortium led by South Korean companies is slated to set up an industrial park at Ghilot in Neemrana in Rajasthan.
Indian companies like Hindalco, Mahindra & Mahindra, Tata Motors, Indian Overseas Bank, State Bank of India and some IT companies are present in South Korea.
After the operationalisation of India-South Korea CEPA in January 2010, bilateral trade crossed $20.5 billion in 2011 registering a 70% growth over a two-year period. Thereafter the bilateral trade registered marginal declines to $18.84 billion in 2012 and to $17.57 billion in 2012. Both the countries had set a target of $40 billion by 2015 for bilateral trade, which is unlikely to be met.
India and South Korea have already agreed to cooperate in civil nuclear energy, defence, science and technology, outer space, IT.
Pm Modi will be visiting Mongolia for a day on May 17. India and Mongolia have defence agreement and bilateral Nomadic Elephant military exercise is an annual event. India also participates in Khaan Quest along with Mongolia and US Pacific Command. India and Mongolia may upgrade their relations to a Strategic Level on Modi’s visit which would be the first such visit by an Indian Prime Minister. India is likely to fulfilll Mongolian request for setting up on an English school. PM will also have the privilege of addressing the Mongolian Parliament.
Atal Behari Vajpayee Centre for Excellence in Information and Communication Technology Education may be upgraded. PM Modi is likely urge Mongolia to expedite the process of finalising uranium sales to India.
PM Modi is slated to appeal to the Indian community in all the three countries he has planned to visit. He is also slated to meet the captains of the industry. Buddha diplomacy will be very much on the cards in appeal to these Buddhist predominated countries. One can hope that Modi’s visit may help in garnering investments for Make in India programme, minimize trade deficit with China and counter balance growing Chinese influence in the region.
(Ashok B Sharma is a senior Columnist writing on strategic and policy issues in several Indian and international newspapers and magazines. He frequently writes in The Daily Observer, Bangladesh and the Diplomatist magazine. He can be reached at His mobile phone no +91-9810902204)   
Ashok Leyland FY’15 net profit at Rs.335Cr against Rs.29Cr in FY’14.

Chennai: May 12th, 2015: Ashok Leyland, flagship of the Hinduja Group, reported sales revenues of Rs.13562 Croresas against Rs.9943 Crores in the previous fiscal. ​EBITDA stood at Rs.1027 Crores during FY’14-15, against Rs.117 Crores in the previous fiscal. Profit Before Tax (PBT) and exceptional items stood at Rs.341.26 Crores during FY’14-15, against a loss of Rs.596.88 Crores in the previous fiscal.Net profit was at Rs.334.80 Crores, against a net profit of Rs.29.38 Crores in the previous fiscal.
During the year, the Company generated surplus cash of aroundRs.2000 Crores, aided by positive accruals, qualified institutional placement(QIP), sale of non-core assets, and reduction in working capital, all of which resulted reduction in debt.
Speaking on the occasion, Mr. Vinod K. Dasari, Managing Director, said, “It’s been a very gratifying year. All our efforts towards the transformation of the Company in terms of pruning costs, rationalizing overheads, reducing working capital, and at the same time investing smartly in new products and networkare paying off. The industry has turned the corner and so have we. I am confident that coming years will see us build on this momentum.
Our market share in the M&HCV segment has improved, with domestic sales of 66,442 vehicles. This was possible primarily due to an enhanced product range with market leaders like 3718, Boss, Captainand JanBus, as well as continued network expansion across the country, despite the downturn.Further, a renewed focus on customer and network profitability,new service products like AMC, insurance and extended warranty, and our vast service network, provided confidence to our customers about our capability of offering nationwide service. This combined with a completely revamped IT enabled sales process, helped us reach more customers, and understand their requirements better and faster.
While TIV in LCV dropped, we retained domestic market share in the 2.5T LCV segment on the back of the Dost Strong- an out-performer. We have won many tenders in defence vehicles – both domestic and international markets, while exports of M&HCV vehicles increased 32%. Significant successes in export markets, a well-diversified product portfolio and a range of business verticals helps us manage the cyclicality of the CV business. I must specifically mention the stellar support we received from our suppliers and dealers, without who this transformation wouldn’t have been possible.​”
The Board of Directors have recommended a dividend of 45%.
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Competitiveness, climate, security Finn’s priorities Ministry of Finance release Finnish road map of EU presidency. Finland i...