Latest Business News...
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Punjab National Bank opens Representative Office in Australia
A Representative Office of Punjab National Bank (PNB) was inaugurated by Mr. Namo Narain Meena, Minister of State for Finance (E & FS), Government of India; and Mr. K.R. Kamath, the Chairman and Managing Director of PNB on 15th September 2011 in Sydney.
PNB is the fourth
Indian bank to launch in Australia. The launch function was attended
by leading Australian bankers, business leaders, media leaders and
members of parliament. The Hon. Mr. Greg Pearce MLC, Minister for
Finance and Services, NSW Government unveiled the bank’s plaque
along with Meena.
Mr. Namo Narain Meena commended the Bank and speaking of its history said that PNB, with its experience gathered over last more than 100 years can play a catalytic role in stimulating the commercial ties between the two nations. He was confident that opening of Representative Office in Sydney will go a long way in realizing this goal’’.
The Consul General of India in Sydney, Mr. Amit Dasgupta stated that the entry of the fourth Indian bank into Australia is a clear reflection of the strength of Indian banking sector and recognition of the strong fundamentals in the Australian economy. The presence of Indian banks will not only service the requirements of the resident expatriate community but also facilitate closer business-to-business and investment links between Australian and Indian companies.
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Australian fast-food chain Country Chicken hops into India
Australia’s quick service restaurant chain Country Chicken forays into India through a tie-up with the Chennai-based Star Quick Service Restaurants Pvt. Ltd.
According to Mr. Rama Krishna, CEO of Star Quick Service Restaurants (Star QSR), Country Chicken, will appoint master franchisees for different regions and these master franchisees will in turn appoint franchisees to set up outlets in the country. “However, Country Chicken along with Star QSR will invest and set up centralized kitchen in various places depending upon the number of outlets in and around that region”, he said.
The domestic restaurant market is pegged at Rs. 43,000 crore, out of which the quick service (fast-food) segment accounts for a-fifth. Country Chicken intends to invest Rs. 200 crore to put up 300 stores in the country, 80 percent of which will be in the ‘express’ format.
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Australia’s Boost Juice set to enter Indian market
Boost Juice is set to enter the Indian market with its first store opening next March in Delhi and four more by the end of 2012, adding to a growing list of Australian beverage companies catching the fancy of Indian juice and wine buffs.
A $1.6 million deal to launch Boost in India will see five juice bars opening in 2012, with a total of 100 stores opening over a period of five years throughout India. Boost Juice offers healthy juices, smoothies made with fresh fruit and yogurt, and energy drinks with a shot of vitamins, protein, minerals and antioxides, all free of preservatives, artificial flavours and colours.
Boost founder, Janine Allis, and the executive team Scott Meneilly (General Manager) and Olivia Elsley (General Manager, International), have finalised the master franchise agreement with entrepreneurs Rivoli Sinha and Dev Agarwal, the Directors of Joost Food Ventures Pty Ltd.
“India is an amazing country and an exciting next step for Boost’s growth. With a population tipped to be bigger than China by 2030, it is a critical market to have a strong presence, if we are to continue to be a major player in the global juice and smoothie market,” said Scott.
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India’s GVK in $1.2 billion coal deal with Hancock
India’s GVK Power & Infrastructure has arrived at an agreement to acquire majority stake in three Australian coal mines and a port and rail project owned by Hancock Group at U$ 1.26 billion.
The Hyderabad-headquartered company would acquire 79% stake in Alpha Coal as well as Alpha West Coal projects located in Queensland, Australia. Besides, it would buy out Kevin’s Corner Coal Project and proposed rail and port projects, related to these coal assets.
“At full production, the three coal projects are together expected to supply about 84 million tones per annum to the global sea-borne coal market,” GVK said in a statement. The first phase of production, scheduled to start in 2014, is expected to bring in more than 30 million tones per year of thermal coal, it said.
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Cheap, painless, needle-free vaccination device from University of Queensland
A team of 20 researchers led by Professor Mark Kendall from the Australian Institute for Bio-engineering and Nanotechnology at the University of Queensland, have developed the Nano-patch, a stamp sized vaccine delivery device that could make vaccination programmes globally simpler and cheaper.
The Nanopatch, having 20,000 micro projections per square centimeter, is designed to directly place vaccine into the human skin, which is rich in immune cells. “The Nanopatch potential lies in it being cheap, painless, very effective being transported without refrigeration and can be given without the need for extensive training,” Professor Kendall said.
The Nanopatch, described as a “vaccine utopia”, has recently won Professor Kendall and his team the 2011 Eureka Prize for Excellence in Research by an Interdisciplinary Team.
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ANZ launches banking business in India
Australia and New Zealand Banking Group Limited (ANZ) launched their banking business in June 2011 following their receipt of a banking licence in October 2010.
The official inauguration of ANZ’s first branch in India at Mumbai took place on September 13, 2011 in the presence of H.E. Mr Peter Varghese AO, High Commissioner of Australia; H.E. Mrs Jan Henderson, High Commissioner of New Zealand; Mr Michael Smith OBE, CEO, ANZ; Mr Alex Thursby, CEO Asia Pacific, Europe and America, other members of ANZ’s management board, senior regional leadership and other well wishers of the bank. The Indo-Australian Chamber was represented at the branch inauguration by Mr Sarat Chandran, Director.
Later that evening, ANZ hosted a gala dinner for the bank’s customers, staff and diplomats in Mumbai. ANZ’s senior management comprising Mr Michael Smith, Mr Alex Thursby and India CEO, Mr Subhas DeGamia thanked their customers for the very warm reception the bank has received in India, the guidance of the governments and regulators and the unwavering support of service partners.
India is a very important part of ANZ’s growth plans. The India branch supports Corporate and Institutional clients in India and provides greater access to the Indian markets for ANZ’s global network customers. It offers clients a full range of rupee and foreign currency products and services, working capital and term financing, cash management and trade products, foreign exchange and interest rate solutions, as well as deposits and advisory services. For more information on the bank’s operations in India, please visit www.anz.com/india
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Curtin Business School signs MoU with WeSchool
Welingkar Institute of Management Development and Research (WeSchool), Mumbai and Curtin University of Technology, Perth, Western Australia through its Curtin Business School have come together as they signed a Memorandum of Understanding pledging mutual cooperation in the field of educational research.
The MOU will remain valid for five years. It aims at exchange of students and faculty members on reciprocal basis, conduct cultural projects, organize study tours, and carry out joint research projects in emerging fields. The MOU also provides for Study Abroad opportunities at undergraduate and graduate levels. It primarily aims at accomplishing a well balanced and broad based cooperation between two institutes in various areas of mutual interest.
Prof David Wood, Deputy Vice-Chancellor of Curtin University, said the MoU signing opens up a multitude of new opportunities for students in both India and Australia and opportunities for collaboration in research projects and potential for staff and student exchanges.
Mr. Jamal Qureshi, South Asia Regional Marketing Manager from Perth Education City, Government of Western Australian Trade Office, who helped facilitate the agreement, stated: “We are excited about this collaboration. Both institutions are amongst the most forward looking and mission driven institutions of higher learning and therefore I am confident that their joint efforts will yield positive results”.
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University of Sydney and Anna University sign pact
The University of Sydney is strengthening its links with India by signing an agreement with Anna Varsity at Chennai. The Memorandum of Understanding (MoU) will open the door for academic and research collaboration involving the Faculty of Engineering and IT at Sydney.
Professor Joseph Davis, Associate Dean (International) in the Faculty and Professor of Information Systems and Services, said there were exciting possibilities for joint research in areas of great importance to society. “We are looking to collaborate in fields like biomedical engineering, energy studies, water, high performance computing, power electronics and structural engineering”, he said.
Professor John Hearn, the Deputy Vie-Chancellor International, said: “The University of Sydney is committed to strengthening its engagement with India and forming partnerships with leading Indian Institutions.” “We have sent senior delegations to India in each of the past three years, and the pace of change is growing each time we visit. There is much to be gained from cooperation in areas like agriculture, medicine, science, engineering and IT, where we already have productive research partnerships in place with leading Indian Institutions”, he added.
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Hon. Mr. Mike Rann visits India
The Premier of South Australia – Hon’ble Mr. Mike Rann visited India between 31st July and 6th August 2011. This was his seventh visit to India since 2004 when he committed to visiting India every year with a delegation. The South Australian Government office in Chennai organized his program in 4 cities – New Delhi, Kolkata, Ahmedabad and Mumbai that included several industry networking events and one-on-one meetings with Senior Ministers and captains of Industry across India. The focus of the delegation was broadly on Education, Skills Development, Clean technology, Mining Resources, Advanced Manufacturing & Defence.
Mr. Rann, who is recognized globally for his climate change initiatives in South Australia, delivered a series of lectures on Climate Change to University students. South Australia has the distinction of being Australia’s first state and perhaps the 2nd or 3rd jurisdiction anywhere in the world to legislate climate change. It is aimed that by 2020, one third of the energy consumed in the state would be renewable.
South Australia’s Senior Trade Commissioner to India, Mr. A.K. Tareen said that India has quickly moved up to become one of the fastest growing export markets for South Australia. From being the 16th largest export market about 4 years ago, India is amongst SA’s top 4 export markets today. India is amongst South Australia’s top 3 source countries for students and the largest source country for migrants. The number of Indian tourists has jumped by 150% as per March 2011 figures.
A number of Indian corporates including Reliance, Tata, Indage, Aban, Suzlon and others have established presence in South Australia and many more are actively pursuing investment opportunities in the vibrant South Australian economy that has been consistently rated AAA by S&P.
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Adani Group acquires coal port in Australia
In a large acquisition by an Indian company in the port sector, Mundra Port and SEZ Ltd (MPSEZL), the port arm of Adani Group’s flagship company, Adani Enterprises Ltd, has announced their takeover of Abbot Point Coal Terminal (APCT), an Australian port, for A$ 1.8 billion. The deal takes MPSEZL into the league of top global port companies, with its asset base of $100 million increased to over $3 billion in 10 years.
”This acquisition is our contribution to India’s increasing global ambitions and will synergise with other businesses of the Group,” said Mr. Gautam Adani, Chairman of the Adani Group.
The deal is one of the largest amongst all port acquisitions in the world, and makes the Adani Group the largest Indian investor in Australia, said Mr. B. Ravi, the Chief Financial Officer.
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Defiance Tech Eyeing Buys in Australia
The Hinduja Group is looking to set up an assembling and manufacturing facility for civilian and military applications through its group company, Defiance Technologies Ltd. The Group, which currently offers engineering and designing solutions to aerospace customers, would look at both organic and inorganic growth as its strategy to boost this business.
As part of its inorganic growth plans, Defiance is looking at acquiring companies in US, Europe and Australia. “Targets are mainly tier-1 companies, which are the suppliers for top OEMs,” said Mr. Subu D Subramanian, Chief Executive Officer, Defiance Technologies Ltd. These companies would be small with 50-100 people on the rolls and their expertise would be in design and engineering.
Defiance Technologies has received the AS 9100 Revision Certification which is considered as the gold standard for aerospace and defence customers globally. Defiance has been awarded this certificate for its entire range of engineering, ERP and IT services with UL-DQS as the certifying body.
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Tech Mahindra wins 5-year deal from Vodafone Hutchison Australia
Tech Mahindra has bagged a contract to manage the IT Systems of Vodafone Hutchison Australia (VHA) for five years. The size of the contract is estimated at about $250 million.
The Mahindra Group company has replaced larger rivals IBM and Ericsson, which were the incumbent providers (for IT operations and maintenance functions) to Australia’s third largest telecom operator. “By selecting Tech Mahindra, VHA has consolidated the management of the IT systems of its two brands – Vodafone and 3 Mobile – with a single vendor”, said Mr. Greg Spears, spokesperson, VHA.
VHA has a customer base of 7.57 million and operates brands such as Vodafone, 3 Mobile and Crazy Johns. Tech Mahindra is one of India’s leading providers of solutions and services to the telecommunications industry.
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Australia India Institute announces Amitabh Mattoo as its First Director
The Australia India Institute, Melbourne, has announced the appointment of Prof. Amitabh Mattoo, as its Inaugural Director. Prof. Mattoo is one of India’s leading thinkers and analysts on international relations and was till recently Professor of Disarmament Studies at the Jawaharlal Nehru University at New Delhi. The Australia India Institute set up in 2009, is an important component of the strategic relations between Australia and India and its principal objective is the promotion of greater exchange in knowledge between India and Australia in a broad range of areas of common interest to the two countries.
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Victorian company, My Heroes, secures contract with UTV New Media Ltd and Globosport Digital
Innovative Victorian company My Heroes has landed a significant contract with UTV New Media Ltd (UTV), India's first integrated global media and entertainment company.
Innovation, Services and Small Business Minister, Hon. Ms. Louise Asher, joined My Heroes CEO, Mr. Jon Field, to officially launch the partnership. This deal sees My Heroes gain exclusive licensing rights to personalise digital and electronic products for select celebrities from UTV’s and Globosports Bollywood and sporting celebrities – through the My Heroes Entertainment India website, launching in May, 2011.
My Heroes enables fans to connect with their Bollywood as well as Sporting heroes through personalised products such as cards, posters, milestone charts, growth charts and calendars, as well as electronic products. After successfully launching My Heroes in the Australian market through partnerships with the likes of, Cricket Australia, Swimming Australia and Netball Australia, My Heroes is now set to grow strongly with their launch into India.
“This is a significant achievement for the Victorian company, with UTV part-owned by the Walt Disney company offering services from television, games development and motion picture film production to managing some of India’s biggest stars. This is the first international deal for this Victorian company with pending announcements with other celebrity management companies soon to follow, which all represent significant export potential in India and around the globe,” said Ms Louise Asher, Minister for Innovation, Services and Small Business, State Govt. of Victoria, Australia.
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Tata Power inks deal with Australian co. for floating solar units
Tata Power has entered into a partnership with Australian solar power company, Sunengy Pty Ltd, to build a pilot plant using its low-cost, floating (on water) solar technology in India by this year-end.
The Liquid Solar Array (LSA) technology effectively turns a dam into a very large battery, offering free solar storage and opportunity for improved water resource management. Moreover, LSA needs no heavy materials or huge land acquisitions and is effectively cyclone proof,” said Mr. Phil Connor, Sunengy Executive Director and CTO, also inventor of the technology.
Mr. Banmali Agrawala, Executive Director, Tata Power, said, “In our quest to deliver sustainable energy, Tata Power is consistently investigating in clean and eco-friendly technologies. We have partnered with Sunengy for a pilot plant in India, which is concentrated photovoltaic solar technology and floats on water. This nascent technology will be demonstrated in natural environment, utilises the water surface for mounting and does not compete with land that can be used for other purposes.
“If India uses just one percent of its 30,000 sq. km of captured water with our systems, we can generate power equivalent to 15 large coal-fired power stations”, said Mr. Connor.
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Deepak Fertilisers plans to establish operations in Australia
Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) plans to set up a Greenfield Plant for the manufacture of Technical Ammonium Nitrate (TAN) in South Australia. The proposed plant will have a capacity of 300 ktpa and involve an estimated investment of $350 million.
This would be the first such plant in South Australia and will provide cost-effective TAN supplies primarily to the local end users. The Government of South Australia has identified a site near Port Bonython, Whyalla for the plant. Detailed feasibility and environment impact assessment studies and other statutory clearances will be undertaken by DFPCL in the course of next 12-15 months. The project will be completed in 24 months thereafter.
DFPCL is a leading manufacturer of Chemicals and fertilizers in India with a turnover of around $350 million.
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Australia and India to sign film co-operation treaty soon
A film co-production treaty is to be signed in a few days between the Indian and Australian governments. The aim is to encourage Australian and Indian film makers to work together by streamlining some of the administrative and funding issues around such cooperation.
“The practical benefits for film makers are that projects approved as official co-productions under the treaty will be granted ‘national treatment’ by both countries, co-producers can access a range of funding and tax benefits, simplified immigration requirements for the entry of skilled personnel, and duty-free importation of equipment for use in co-productions,” highlighted Mr. Anupam Sharma, film maker and a leading Australian expert on the Indian entertainment sector, with a thesis on Indian cinema.
Says Ms. Julie Marlow, Senior Policy Consultant, Screen Producers Association Australia, “Almost 200 Bollywood films have been shot in Australia in the last 10 years. We are looking to get as many projects as possible underway, so that our joint co-production treaty can be given some momentum. We are keenly aware that future co-productions will need to be driven by good stories that have relevance to both cultures.”
A team of Australian film industry professionals were in India as part of the FICCI Frames 2011, held in Mumbai from March 23-25, 2011.
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48th Australian Export Award Winners
Australia’s top exporters were honoured for their achievements in international business at the 48th Australian Export Awards Ceremony held in Sydney in December 2010. Hosted by the Minister for Trade, the Hon. Dr. Craig Emerson MP, the Awards celebrated Australia’s best exporters by commending them for their achievements and commitment to success in overseas markets.
Speaking at the event, which was held at Sydney Town Hall, Dr. Emerson congratulated the twelve Award Winners for their hard work, which he said, had made a significant contribution to the strength of Australia’s economy.
The 12 winners listed below have generated more than A$ 3.5 billion in export earnings in the past year, and employed over 13,000 people.
National Winners of the 12 award categories:
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RMIT University’s first collaborative research footprint in India
Australia-based RMIT University has opened a joint Research Centre with the Indian Institute of Chemical Technology (IICT) in Hyderabad, India on February 8, 2011. The facility will focus on environmental and industrial research and is RMIT’s first collaborative research footprint in India.
The joint facility will allow researchers from IICT and RMIT to work on projects focused on:
Researchers at RMIT University and IICT are already working together on several projects including in relation to nano-engineered materials (funded by an ARC Discovery Grant), methods for the removal of mercury from industrial air effluents and environmentally sustainable industrial process design.
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HCL Technologies bags Australian order in life sciences
HCL Technologies has signed a deal with Novotech, the largest independent clinical research organization in Australia, to implement Oracle’s Siebel Clinical Trial Management System (CTMS) over the next few months. This marks HCL Technologies’ first Australian life sciences customer win, following on the heels of HCL’s significant global growth in this sector through an engagement with pharmaceutical company Merck & Co.
“HCL has an excellent track record working with pharmaceutical companies globally and our partnership with Novotech further fortifies HCL’s life sciences presence in Australia. With more than 2,000 professionals servicing the ANZ region and a broad set of global, multi-vendor capabilities, HCL will help Novotech to become more agile in today’s competitive environment”, said Mr. Virender Aggarwal, Executive Vice-President for APAC & MEA, HCL Technologies.
The Siebel CTMS will support Novotech’s complete spectrum of clinical trial management services in the Asia-Pacific. HCL Technologies will work with Novotech in phases.
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Edith Cowan University signs MoU with National Education Society in India
Edith Cowan University (ECU) in Perth, Western Australia and the National Education Society (NES) in India have joined forces to deliver quality education to Indian students.
A Memorandum of Understanding (MoU) has recently been signed by the two institutions signalling the beginning of a number of collaborative initiatives, in the field of business, information technology, engineering, science, health and communication students. Dr. Kim Hames, Deputy Premier, Western Australian Minister for Health & Indigenous Affairs, witnessed the signing ceremony.
”ECU is pleased to formalise this cooperation with NES, and I anticipate, we will find many more opportunities to work together to provide additional benefits to our staff and students,” said Professor Arshad Omari, Deputy Vice-Chancellor, Edith Cowan University.
Mr. Jamal Qureshi, South Asia Regional Marketing Manager from the Perth Education City, who helped facilitate the agreement, said, the MoU will provide a strong grounding for strengthening healthy academic relationships between the two institutions. Perth is a multicultural city with 200 different nationalities, and has a safe and secure environment, with quality education, added Mr. Qureshi.
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ANZ receives final approval for banking licence in India
ANZ has received final approval for a foreign bank licence from the Reserve Bank of India (RBI) allowing ANZ to establish a foreign bank branch in India in the first half of 2011.
The final approval was granted by the RBI after ANZ confirmed the location for its new branch premises in Mumbai. This was the main regulatory requirement that needed to be completed following in-principle approval in March 2010.
ANZ’s business in India will have an initial focus on corporate and institutional banking that will broaden to include services for affluent personal banking clients over time. The Mumbai branch will continue to offer ANZ’s expertise in natural resources, agriculture and infrastructure for clients doing business in India and across the region. Services will include funding and hedging solutions, trade finance, cash and payments, foreign exchange and debt capital markets.
ANZ’s CEO for Asia Pacific, Europe and America, Mr. Alex Thursby, said “India is a strategic market in ANZ’s plan to become a super regional bank in Asia Pacific and this banking licence is an important step as we work to grow our presence in India”.
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Adani Enterprises starts Australia operations
Adani Enterprises Ltd (AEL) has commenced business in Australia by opening its office at Brisbane and announced its commitment to invest $ 6.9 billion for developing mine, rail and port project in its Galilee Basin Coal mine in Queensland to produce up to 60 million tonne of coal a year. The Group’s office was opened by Ms. Anna Bligh, Premier of Queensland.
The acquisition is one of the largest coal mine deals by an Indian group. The company in August bought the coal mine for Rs. 12,600 crore in a cash and royalty deal.
“This investment represents the largest ever Indian investment in Australia and an important benchmark investment in low-rank thermal coal assets, a segment that has previously been ignored because of inadequate logistics, said Mr. Gautam Adani, Executive Chairman and Founder of Adani Group.
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Big Australia participation in Green Building Congress in Chennai
A 52-member delegation from Australia was one of the key attractions at the 8th Green Building Congress hosted by the Indian Green Building Council (IGBC) of Confederation of Indian Industry (CII) - Sohrabji Godrej Green Business Centre from 7th to 9th October 2010 at Chennai Trade Centre, Chennai.
Australia was the partner country at this event and Austrade’s Deputy CEO, Mr. Peter Yuile, delivered the keynote address. He spoke on the importance of the green building sector as one where the trade and economic relationship can be further broadened and deepened. Mr. Aminur Rahman, Consul General and Trade Commissioner for South India, also spoke on the occasion.
The delegation was arranged by Austrade in partnership with the State Government of Queensland and the Department of Innovation Industry and Regional Development, Government of Victoria.
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Mike Rann makes his 6th visit to Chennai
“While mining would play a dominant role in South Australia’s future relationship with India, we would like the Indian involvement to step beyond mineral imports to feature joint ventures in developing the mining infrastructure” said Hon’ble Mr. Mike Rann MP, Premier of South Australia at a luncheon meeting organized by the Chamber on September 6, 2010 at Chennai. A business delegation with representatives from the renewable energy, education, water management, international trade and Tourism were also accompanied the Premier.
He mentioned that South Australia’s choice of Chennai as the hub of its plans for India was a carefully considered decision. “Almost six years ago, we decided to set base in Chennai and now I believe we made the right choice”, he said.
On the potential for collaboration in renewable energy, Mr. Rann pointed out that while South Australia accounted for 50 per cent of the country’s renewable energy (wind portfolio), Tamil Nadu contributed 55 per cent of the State’s renewable energy generation.
H.E. Mr. Peter Varghese, the Australian High Commissioner in India, who was also the Chief Guest on the occasion, said that the opportunities for Government-to-Government ties would vastly increase with the firming up of the Free Trade Agreement between the two countries, which could be expected by year end or early next year. He pointed out that an FTA was projected to add about 30 billion Australian dollars in trade volume terms over the next couple of decades.
Earlier, Mr. GR.K. Reddy, President of the Chamber, in his welcome address, observed that the success of South Australian industry in recent years comes largely from a mix of innovation and strategic thinking. As a good example, he pointed out that wine is just a beverage and life style drink for us, but for South Australians wine is a great deal more than that. They think of setting up wineries, grape cultivation, wine tourism, wine tasting, setting up wine institute and spreading the wine culture. From one single product, they thus create a range of business models.
Mr. C. Sarat Chandran, Director of the Chamber, in his concluding remarks, emphasized Premier Rann’s deep commitment to take the State to the world and the strategic vision of his own. He mentioned that this is the sixth time Mr. Rann is visiting Chennai and addressing the members of the Chamber. He also observed that South Australia’s engagement with India has been steadily increasing since the Government opened its own trade office in 2005, after which the State’s trade with India has substantially increased.
Apart from the Premier, the delegation consisted of the following members:
● Ms. Sasha Carruozzo – Premier’s wife ● Ms. Ethne Lange - Premier’s Adviser ● Ms. Michelle Bertossa - Premier’s Adviser ● Mr. A.K Tareen – Senior Trade Commissioner – India ● Mr. Brian Hayes QC - Premier’s Special Envoy to India ● Mr. Lance Worrall – Chief Executive, Department of Trade & Economic Development ● Mr. Mark Leslie – Trade Manager, Department of Trade & Economic Development ● Mr. Bill Spurr – Chair – Education Adelaide ● Ms. Danielle Jervis – Marketing Project Manager, Education Adelaide ● Ms. Natasha Malani – President, Australia India Business Council (SA Chapter) ● Mr. Joe Flynn, CEO, Water Industry Alliance ● Mr. Bob Foord, Chairman, South Australian Tourism Commission ● Prof Michael Worton, Vice Provost, University College London Sept 2010
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TCS wins contract worth A$ 50 million from an Australian company
Tata Consultancy Services (TCS) has bagged a five-year contract worth more than A$ 50 million (about Rs. 218 crore) from Australian renewable energy company, AGL Energy. Under the contract, the company will manage and provide infrastructure management services to AGL Energy.
“We expect the new deal to enhance our experience and strengthen our strategic relationship”, said Mr. Owen Coppage, Chief Information Officer and Group General Manager (Customer Operations) at AGL. Sept 2010
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Queensland Government Building and Construction Trade Mission to India
The Queensland Government will be leading a Trade Mission to India from 3-9 October 2010 to Mumbai, Hyderabad and Chennai to coincide with India's Green Building Congress, to which Australia will be the exclusive partner country.
This trade mission will provide insight into current trends of the Indian building and construction sector, as well as networking opportunities and meeting programs for mission delegates.
The Delegation will consist of the following members:
● Mr. Rod Solomons, Trade Commissioner to South Asia, Queensland Government, Australia. ● Mr. Randeep Agarwal, Vice-President, Australia India Business Council. ● Mr. Brett Saville, Director, Buchan Group ● Mr. Martin Darveniza, Business Development Manager – India, Place Design Group ● Ms. Diane Roberts, Director, Environ Constructions ● Mr. Mark Feenane, Operations Manager, Environ Constructions ● Mr. Dilip Nooney, Proprietor, Future in Australia. ● Prof. Arun Kumar, Professor of Infrastructure Management, Faculty of Built Environment and Engineering, Queensland University of Technology (QUT) ● Prof. Prasad Yarlagadda, Professor in Smart Systems and Project Director: Airports of the Future School of Engineering Systems, Queensland University of Technology (QUT). ● Mr. Adrian Todd, Sales and Marketing Manager, Ramtaps.
The Indian Green Building Council (IGBC) of Confederation of Indian Industry (CII) -Sohrabji Godrej Green Business Centre is hosting the 8th "Green Building Congress 2010" between 7th to 9th October 2010 at Chennai Trade Centre, Chennai. The event will feature a two-day International Conference, three-day exhibition focusing on showcasing Green Building technologies / Products / Services and one-day exclusive seminar focusing on Green materials. Sept 2010
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Bafna Pharma enters Australian market
As part of its expansion plans, Bafna Pharmaceuticals, a Chennai-based pharma company, has received the Australian Therapeutic Goods Administration (TGA) approval on manufacturing of both prescription and non-prescription products in the Australian market.
Commenting on the approval, Mr. Bafna Mahaveer Chand, Chairman and Managing Director of Bafna Pharmaceuticals, said, “The TGA process is among the most prestigious and we take immense pride in receiving the approval. This will further boost our plans for expanding in the Australian market and provide momentum to our already expanding business world wide”.
With the entry into the Australian market, the company expects to record a turnover of Rs. 150 crore, amounting to a 100 per cent increase in its top line. Sept 2010
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Leighton wins A$650m India contracts
Construction and contract mining group, Leighton Holdings, has won two infrastructure contracts in India worth $ 550m (A$ 650m) – the Chennai-Nashri road tunnel in Jammu (northern India) worth $ 500 million and the Vizag Port extension worth $ 45 million.
The 9km, two-lane Chennai-Nashri tunnel is expected to be one of the longest road tunnels in Asia. The construction work is scheduled to take around four and a half years to complete.
The Vizag Port Expansion will widen the Port’s existing 350 metres general cargo berth by 21 metres for coal unloading, provide foundations for 2.5 km of conveyor gallery and build a new stockyard and administration building with project completion by the middle part of 2012.
Leighton’s Managing Director for India, Mr. Russell Waugh said that the Indian market offers great expansion opportunities for the company and he expressed confidence that “we are well positioned with a strong mix of international experience and local knowledge to capitalize on the pipeline of projects coming forward over the coming years”.
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Air India to fly direct daily between Melbourne and Delhi
Victoria is the first state to have secured India’s national airline to fly daily direct services between Melbourne and Delhi in a significant move that will further strengthen trade and cultural ties between Victoria and India. Premier John Brumby and Industry and Trade Minister Jacinta Allan has signed a deal with Air India to fly daily direct services between Melbourne and Delhi out of Melbourne Airport, starting from 1 November this year.
Mr Brumby said Air India’s decision to make Melbourne the destination for its first direct international flights to Australia was recognition of Victoria being Australia’s premier destination for Indian tourists and businesses. “Air India will also be establishing their regional headquarters in Melbourne. This Air India deal will create up to 78 jobs and see up to 123,000 new tourist and business arrivals from India to Victoria each year,” Mr Brumby said.
Ms Allan said Air India’s arrival in Victoria highlighted the competitive strengths of Melbourne Airport compared to its interstate equivalents. “Melbourne Airport is Australia’s major around-the-clock, curfew-free international airport, accommodating international carriers at about half the operating cost incurred at Sydney,” she said.
Mr. Geoffrey Conaghan, Victoria’s Commissioner to India, said, “The Victorian Government Business Office in India takes pride in welcoming Air India to Melbourne. Air India’s decision to operate non-stop services to Australia will make it the only airline flying direct between Australia and India. Air India’s decision choosing Melbourne as their hub for Australian operations makes great business sense and gives the airline the ability to leverage the strong growth in passenger numbers on the Melbourne – India sector and will reposition India as the preferred stopover for tourists on the high volume Europe – Australia ‘Kangaroo Route’”.
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New Australian Consul Generals for Chennai and Mumbai
The Australian Government has announced the appointment of Mr. David Holly as Australia’s new Consul General in Chennai and Mr. Stephen Waters as the new Consul General in Mumbai.
Mr. Holly replaces Mr. Aminur Rahman, who has served with distinction as the Consul General and Trade Commissioner since January 2007. He is expected is take up his appointment in September 2010. Mr. Holly is a senior career officer within the Department of Foreign Affairs and Trade. Mr. Holly has extensive experience within the Department and has served as Deputy High Commissioner, India. He also served overseas in Singapore and was an Exchange Officer with the Canadian Department of Finance, Ottawa. Mr. Holly has also worked for the Department of the Prime Minister and Cabinet, the Department of the Treasury and Fay Richwhite Merchant Bank. Mr. Holly holds a Bachelor of Economics Degree from the Australian National University
Mr. Waters replaces Mr. Peter Forby, who has served as Australia’s Consul General and Trade Commissioner in Mumbai since July 2006. Mr. Waters is a senior career officer with the Department of Foreign Affairs and Trade and was most recently Assistant Secretary, Pacific Engagement Taskforce, a position he held since 2008. Mr. Waters has extensive experience within the Department and has previously served overseas as High Commissioner, Vanuatu with other postings to the Australian Commerce and Industry Office in Taipei, Hong Kong, Cambodia, Thailand, Venezuela, Pakistan and Nigeria. Mr. Waters holds a Bachelor of Arts Degree with combined Honours in Oriental Studies and Political Science from Melbourne University.
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Indian Mission to Fine Food Australia in Melbourne, 13-16, September 2010
The State Government of Victoria will take a delegation of Indian buyers to the Fine Food Australia exhibition at Melbourne from 13 – 16 Sept 2010. The delegation is restricted to buying personnel from supermarket chains or importers and distributors interested in sourcing Victorian produce for the Indian market. Victoria is the food bowl of Australia and its dairy industry is a global leader. The Victorian Government will host the delegation and will bear some of the in-country expenses in addition to facilitating their visit to the show and fixing meetings with Victorian food producers and exporters. Those interested in participating in this mission should contact the chamber as places are very limited.
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SRM inks pact with La Trobe
SRM University has signed a Memorandum of Understanding (MoU) with Australian University, La Trobe, for co-operation in civil, electrical and electronics, and software engineering at the graduate and post-graduate level.
SRM University authorities said the objective of the MoU was to promote joint education and research by exchange of students and staff and to foster this exchange the students would be exempted from application, tuition and admission fee. Under this programme, students would spend half their tenure in SRM and then move on to La Trobe in Australia and obtain the relevant degree.
Mr. Brian McGraw, Dean, Faculty of Science, Technology and Engineering of La Trobe University signed the MoU and exchanged documents with Mr. N. Sethuraman, Registrar, SRM University and Mr. M. Ponnavaiko, Provost and Chief of Academics.
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Australian company designs the special lighting on Napier Bridge
The special lighting arrangement on the Napier Bridge in Chennai, which was inaugurated by the Deputy Chief Minister of Tamil Nadu, Dr. M.K. Stalin, on 28th July, was designed by a Sydney-based firm, LDP Lighting.
The Rs.1.62-crore special lighting effects with as many as 464 special bulbs, gave an illusion of the bridge floating on the River. The lights and fixtures covered the outer arch, inner arch, edge, bottom, road and pedestrian pathways of the bridge. The 149-metre-long bridge has 6 bowstrings and 2-metre-wide footpaths.
Napier, the Governor of Madras Presidency, built the iron bridge across River Cooum in 1869. A new bridge was built in 1999 with a 10.5-metre-wide carriageway on the western side. The eastern side carriageway is 9.75 metre in width.
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Mr. Peter Forby takes over as the new Regional Director for WATO
Mr. Peter Forby has taken over as the new Regional Director of Western Australian Trade Office (WATO), based in Mumbai. The Western Australian Government established a trade office in Mumbai in 1997 with the objective of promoting and attracting Indian investment into Western Australia and supporting the export of Western Australian products and services to India. Mr. Forby was till recently the Australian Consul General and Trade Commissioner for Western India and he replaces Mr. Simon Johnson.
Mr. Paresh Shah, who was till recently the Acting Regional Director, has been re-designated as Trade Commissioner.
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Julia Gillard – Australia’s first woman Prime Minister
Julia Gillard was sworn in as Australia’s first woman Prime Minister on Thursday, June 24, 2010. Ms. Gillard was Deputy Prime Minister under Mr. Kevin Rudd, who had led Labour party to a remarkable victory in the last federal election in November 2007.
Ms. Gillard was born in Wales and, as a child, migrated to Australia with her family in 1966. She studied arts and law and later worked for some time as a solicitor with a law firm. She was elected to the Australian House of Representatives in 1998.
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New AIBC Team takes charge
The National Executive Committee of the Australia India Business Council (AIBC) has elected Mr. Trevor O’Hoy as the National Chairman and Mr. Ravi Bhatia as National Vice Chairman for a period of two years at its AGM held on 10th June 2010.
Mr. Trevor O’Hoy was until recently the President and CEO of Fosters having been Managing Director of Carlton and United Breweries. He is currently a Director of a number of companies and organizations, including, RACV, Cricket Australia and Cricket Victoria, etc., A Graduate of IIT, New Delhi, Mr. Ravi Bhatia is the CEO and Founder of Primus Australia, one of the largest telecommunications companies in Australia.
Mr. Brian Hayes, QC is the Immediate Past Chairman of AIBC from June 2006 to June 2010.
The State Chapters of AIBC are headed by its Presidents as follows:
Mr. John Pereira – AIBC (VIC) Mr. Dipen Rughani – AIBC (NSW) Mr. Eli Bernstein – AIBC (WA) Ms. Natasha Malani – AIBC (SA) Mr. Arun Sharma – AIBC (QLD) and Mr. Deepak-Raj Gupta – AIBC (ACT)
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Mahindra Aerospace to invest in Australian companies
Mr. Anand Mahindra, Vice-Chairman of the Mahindra Group, which recently acquired two Australian companies – Gippsland Aeronautics, a manufacturer of small aircraft and Aerostaff, an aircraft component manufacturer - announced that the company would lend its brand, reach and provide finance to GippsAero to reach markets in many countries in the world. The company would invest Rs. 150 crores in Aerostaff and Rs. 100 crores in GippsAero in the next couple of years. He was speaking at an event to welcome the arrival of GippsAero Airvan, a single-engine aircraft in Bangalore.
Mahindra Aerospace would like to use GippsAero’s facilities to manufacture 8/10/14 seater turboprop aircraft. He said GippsAero had an order book of about 20 planes a year, mainly 10 to 14 seaters. While Kotak Private Equity and Mahindra Aerospace Pvt. Ltd. Hold 75% of the equity in GippsAero, the two entities will be in full control of Aerostaff, which manufactures sheet metal components and assemblies for aircraft.
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IBS Software and Qantas tie-up for cargo solution
Australia’s national carrier, Qantas, has become the latest international airlines to implement the cargo movement solutions from IBS, a leading provider of travel, transportation and logistics products, based at Technopark in Trivandrum.
Qantas has deployed the new-generation solution in its international air freight division, Qantas Freight. Through this deployment, the airline has successfully moved its global cargo sales, reservations and capacity management functions to IBS’ iCargo platform.
The migration to ICargo is a key milestone for Qantas in its multi-million dollar Freight Futures business transformation programme, aimed at differentiating itself from peers by delivering improved services to its customers.
“Having partnered with us during the building of the solution, Qantas’ choice of iCargo for Freight Futures is an endorsement of our joint vision to create the most definite cargo management system for the air transport industry,” said Mr. V.K. Mathews, Chairman and CEO, IBS Group.
Twenty-one global customers (airlines and airports) have signed up for IBS’ iCargo since its launch five years ago.
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Indian company receives CeBIT Australia Business Award 2010
The CeBIT Exhibition and Global Conference Series is the largest event of its kind in the Asia-Pacific region, bringing together exhibitors, visitors and delegations from countries all over the world to discuss the latest innovations in the Information and Communications Technology (ICT) industry.
Angler Technologies, an Indian offshore software development company based in Coimbatore, received the CeBIT Australia Excellence in Location Based Services Award 2010. Neo Soft Technologies from Mumbai also participated in this event.
The CeBIT Australia Business Awards recognize outstanding achievement in the ICT industry. The Awards were declared for the following companies in eight categories:
● Triple Clod - Business Advantage Award 2010 – (SEO software and website audit) ● Fonality - Communications Award 2010 –(premise-based and hosted phone systems) ● Motorola - Advanced Retail Technology Award 2010 –(communication equipments & solutions) ● sitecore - Excellence in New Media Award 2010 –(web content management system) ● McAfee - Innovative IT Security Award 2010 –(antivirus and intrusion prevention solutions) ● National ICT Australia - Early Innovators Award 2010 – (ICT research) ● Pronto Software - Excellence in Technology Services Award 2010 – (ERP software) ● Angler Technologies - Excellence in Location Based Services Award 2010
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Australia’s new nation brand: “Australia Unlimited”
Hon. Mr. Simon Crean, the Australian Trade Minister, has recently announced Australia’s new national brand, Australia Unlimited in Sydney and later in the Australian Pavilion at the Shanghai World Expo on May 20, 2010.
Brand Australia is a four-year, $20 million programme announced by the Australian Government in August 2009 to promote Australia as a innovative nation, a valued global citizen and a trusted business partner. It is being developed and implemented by the Australian Trade Commission (Austrade).
“We need to market ourselves better to the world. Australia is known as a great place to have a holiday but it is also a great place to do business, a great place to invest and a great place to pursue an education,” said Mr. Crean.
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Australia announces $2.4. million grant for research in India
Australia has announced a $2.4 million funding to support research in biotechnology in India. According to an official release, scientists will receive funding for research in biotechnology, biofuels, vaccines and medical diagnostics as part of a joint multi-million dollar programme with India. The Indo-Australian Biotechnology Fund is part of the $65 million Australia-India Strategic Research Fund.
Australian Minister for Innovation, Industry, Science and Research, Senator Kim Carr said, eight collaborative projects between Australian and Indian scientists would receive $2.4 million. The Indian Government will provide a similar amount to fund the project. “This funding will further strengthen the important bilateral relationship between Australia and India”.
Other projects supported by the fund are in nutraceuticals, functional foods and bioremediation.
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HCL Technologies enters into pact with Stellar Asia Pacific
Indian IT firm, HCL Technologies, has entered into an agreement with Business Process outsourcing (BPO) firm, Stellar Asia Pacific, to offer business services to new and existing clients in Australia. “As per the agreement, HCL and Stellar will target new industries and provide an expanded offering to both new and existing clients in the Australasian market”, Stellar Asia Pacific CEO, Mr. John Hollingsworth, said.
Through this partnership, HCL and Stellar would jointly offer compelling business services and outsourcing proposition to clients by leveraging HCL’s back office and technology product capabilities, which complement Stellar’s customer relationship management services. HCL and Stellar would target specific industry segments such as banking and financial services, telecommunications, manufacturing, utilities services, retail and media.
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India, Australia sign major deal to expand education partnership
India and Australia have signed a major education deal to take their relationship forward after a series of various attacks on Indian students. The deal was signed when Indian Minister for Human Resource Development, Mr. Kapil Sibal, met Australian Deputy Prime Minister, Ms. Julia Gillard in Melbourne.
Under the deal, the two sides agreed to set up a joint education council and to extend exchanges in the field of education. “India and Australia are at an exciting time in their relationship”, a joint ministerial statement said, adding that people-to-people contacts are at the heart of the bilateral relationship. “Students studying in both countries play an important role in building bridges of friendship and understanding and are a significant resource for future development of the relationship,” the statement said.
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Gujarat NRE arm places $90-m order for longwall system
Gujarat NRE Coking Coal Ltd, the Australian subsidiary of Gujarat NRE Coke Ltd, has entered into a contract with Joy Manufacturing Company Pty Ltd, an Australian mining technology provider, for the supply of longwall systems.
The contract valued at $90 million also includes purchase of a new longwall clearance system to upgrade the existing one of NRE Wongawilli mine in 2013.
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India’s largest urbanization project seeks Aussie expertise
India’s largest urban infrastructure project, Lavasa City, is looking for Australian expertise in sports, education, tourism, hospitality and leisure.
Lavasa is a hill city, being built across 12,500 acres and is an initiative of India’s leading engineering and construction conglomerate, Hindustan Construction Company (HCC).
“Australia has established excellent infrastructure in its cities with a population of only 21 million. In spite of the disadvantage of distance, Australia successfully attracts a huge tourist population. We would like to learn from and partner with Australian firms to develop Lavasa City and to lift urban development in India to global standards,” said Mr. Rajgopal Nogja, President of Lavasa.
“India’s youthful demographics with their significant spending power and increasingly western tastes are driving consumption and demanding new choices in leisure and recreations,” said Mr. Peter Linford, Senior Trade Commissioner - Asia, Austrade.
The company is looking to source sport management services, green building products and technology, and find suitable partners to establish business, hospitality, entertainment, parks and residential education campuses.
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Macquarie appoints new Head in India
Macquarie Group Ltd has appointed Mr. Gaurav Gupta as head of Macquarie Capital Advisers in India. Mr. Gupta will be based in Mumbai and will report to Kalpana Desai, Macquarie Capital Adviser’s Deputy Head of Asia.
Mr. Gupta has more than 12 years of investment banking and transaction advisory experience and most recently served as Head of telecommunications, media and financial services for Nomura in India.
“I am delighted to be joining Macquarie, a leading highly respected and innovative financial services organization. With its strong sector focus, Macquarie is well placed to add significant value to clients in India. I look forward to working with the team to take the Indian franchise to the next level of growth”, said Mr. Gupta.
Macquarie has a significant presence in India and has advised on some of India’s most successful transactions, including the largest ever IPO in India for Reliance Power. Macquarie’s activities in India include corporate finance and advisory, infrastructure funds management, cash equities sales and research, and private wealth management.
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Gujarat NRE to spend $500m on its NSW mines
Indian-owned coal producer Gujarat NRE plans to spend $500 million for expanding its two mines in the Illawara region of New South Wales over the next five years. The expansion is expected to increase output to about 6mtpa of coking coal by 2014/15.
The company will spend up to $100 million on the expansion this year, with the remainder to be invested over the next four years.
“India is our primary export destination and the demand for coking coal in India is expected to double over the next 10 years,” according to Mr. Arun Kumar Jagatramka, Vice-Chairman and Managing Director of Gujarat NRE.
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Taj completes four successful years in Australia
Taj Hotels, which checked into Australia in February 2006, has now completed four years and has now emerged as one of India’s most visible brands in Australia. It was in 2006 that the company acquired the “W” Hotel in Sydney and later renamed as “Blue Sydney”.
Situated in the wharf at Woolloomooloo in Sydney, the Hotel is located close to the central business and shopping districts, The Sydney Opera House and the Royal Botanical Gardens.
The Foray into Australia represents a major step of the Indian hotel into another part of the world reflecting Tata Group’s strategic interest in becoming a global hospitality chain.
In less than 4 years, a blend of Indian hospitality and Taj’s unique range of services have helped “Blue Sydney” to create a special niche in the minds of the discerning business community in Sydney and beyond.
Since re-branding BLUE in the Sydney hotel market by Taj Hotels Resorts and Palaces, each of BLUE’s guest rooms including 36 split level loft rooms, retain the eclectic charm of the historic wharf building, while providing the latest in modern luxury and accommodations.
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Australian Automotive Mission to India
An Australian Automotive Mission organized by the Australian Trade Commission visited New Delhi, Mumbai, Pune, Bangalore and Chennai from February 15 to 24, 2010. The Mission was led by Mr. John Conomos AO, Australian Automotive Industry Envoy for Asia and the former Executive Chairman of Toyota Australia.
At a Welcome Reception organized by Mr. Aminur Rahman, Australian Consul General and Trade Commissioner for South India, on February 23, 2010 at Chennai, Mr. Conomos observed that the growth of Tamil Nadu as a major hub for Indian automobile industry has opened huge opportunities for Australian automotive companies.
The members of the Mission included:
● Mr. John Conomos AO, Australian automotive envoy for Asia ● Mr. Allan Robins, GM-Business Devpt., Air International Thermal Systems Pty Ltd (www.ai-thermal.com) ● Mr. Calvin Stead, Executive GM, aiAutomotive Pty Ltd (www.aiauto.com.au) ● Mr. Richard Davies, Managing Director, Davies Craig Pty Ltd (www.daviescraig.com.au) ● Mr. Basavaraj S Sheelavantar, Business Devpt. Manager, Diemould Pty Ltd (www.diemould.com.au) ● Dr. Tim Hilditch, Senior Lecturer, School of Engineering, Deakin University (www.deakin.edu.au) ● Mr. David Chuter, Chief Mktg. Officer, Futuris Automative Group Pty Ltd (www.futurisautomotive.com) ● Mr. Steve Groat, Director, T-Mag Pty Ltd (www.t-magcasting.com)
The Automotive Mission to India, supported by the Victorian Government and the Auto Link cluster is a part of the Automotive Market Access Program (AMAP), which in turn is a part of a larger initiative of the Australian Government’s new car plan for a greener future. The agenda of the A$ 6.2 billion “new car plan for a greener future” program is to reshape Australia’s automotive industry, further enhance its competitiveness and encourage the development and production of low-emission, fuel-efficient vehicles and components.
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Winning Business with India and South Asia
The Australian Trade Commission (Austrade) is organising the Seminar series on “Winning Business with India and South Asia” in major cities in Australia from March 19 – 30, 2010.
The objective of the Seminars is to highlight the export and investment opportunities in India and South Asia for Australian companies. The Seminars will have presentations from the following experts from Austrade.
● Mr. Peter Linford, Senior Trade & Investment Commissioner, South Asia ● Mr. Aminur Rahman, Consul General and Trade Commissioner, South India ● Mr. Peter Forby, Consul General and Trade Commissioner, Western India ● Mr. Chaitanya Patil, Team Leader, Advanced Manufacturing and Technology Team, Bangalore
Gujarat NRE is the Sponsorship Partner for the seminar series and Sri City (P) Ltd is the Co-sponsor for the event.
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Australian Report to suggest changes to its higher education sector
The Australian Government is to release a report over the next few days, which will recommend a series of institutional changes in its higher education sector in the light of attacks on Indian students across the country.
Mr. Michael Harbison, Lord Mayor of the South Australian capital Adelaide, who was in Chennai on 23rd February stated that the report was expected to include the enforcement of higher accreditation standards in private sector educational institutes, measures to improve the security of student funds deposited with these institutes, accommodation that takes account of cultural needs and employment prospects that ensure students are not tempted by black economy positions that are exploitative.
The Lord Mayor was also the Chief Guest at a Luncheon Meeting hosted by Mr. A.K. Tareen, Senior Trade Commissioner, Government of South Australia office at Chennai, on 23rd February.
Later in the day, Mr. Harbison signed a Memorandum of Understanding with the Rotary Club of Madras, which sponsors two scholarships a year for the children of Rotarians to study at Carnegie Mellon University, Adelaide.
Mr. Harbison, who hosts a reception every year for international students in Adelaide, said that he considered himself responsible for the well-being of students at Universities in his state and pledged to do his best to ensure international students had a happy and productive stay in Australia.
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Indian growth ‘good for Aussie exports’
Australian mineral exporters are likely to continue to benefit as India’s economy grows in importance, the Reserve Bank of Australia (RBA) has suggested. “The Indian economy looks likely to continue to expand at a relative rapid pace in coming decades and to become an increasingly important part of the world economy”, the RBA said in its quarterly statement on monetary policy.
The central bank said the rise in India’s prominence in the global economy has been a boost to the Australian economy. India was Australia’s fourth largest export market in the second half of 2009.
The RBA said coal exports to India has risen strongly over the past decade and accounted for 40 per cent of total goods exports to India in 2008-09. “Coal exports are likely to continue to grow over the next few years, as significant planned expansions in India’s steel making capacity come online”, the Bank said.
Liquefied Natural Gas (LNG) is another likely source of future growth in Australia’s export resources to India.
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Australian company to commence coal mining in India
Australian mining company, India Resources Ltd (IRL) is set to enter the Indian coal sector following an agreement entered into with Bankura DRI Ltd, a consortium of six sponge iron manufacturers, who have been allocated a coal block in Ranigunj in West Bengal, IRL’s Managing Director, Mr. Arvind Mishra, said. An investment of around 100 crores has been earmarked for this venture.
On the agreement reached with Bankura DRI, Mr. Mishra said that this would be done on a build-develop and operate project with a concession period of 30 years. The mine allocated by the Union Coal Ministry has a reserve of 95 million tones and IRL hopes to produce five lakh tones within the third year from now. Most of the regulatory approvals are in place, he said.
IRL has applied for licences for new copper mines near Udaipur in Rajasthan, besides applying for 15 exploration licences for iron ore in Orissa and Jharkhand. It has also applied for diamond exploration licences in Orissa, Andhra Pradesh and Madhya Pradesh.
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Cox and Kings acquires Australian travel firms
Mumbai-based travel firm Cox and Kings India Ltd's, wholly-owned subsidiary Cox and Kings Australia Pty Ltd has acquired 100 per cent equity stakes in Australian firms MyPlanet Australia Pty Ltd and Bentours International Pty Ltd.
The transaction was carried out through share sale agreements with First Choice Holdings Australia Pty Ltd, a European tourism group and part of TUI Travel Plc.
This is the second Australian acquisition of Cox and Kings in a year's time following its acquisition of another Australian firm Tempo Holidays for $25 million in November 2008. According to the company, the acquisition of MyPlanet will strengthen products and retail distribution presence of Tempo Holidays.
"It brings synergies between the business models of both the companies that helps in consolidating costs, resources and technology. It also brings greater brand value in the Australian market," Cox and Kings said in a statement.
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Mr. Geoffrey Conaghan – New Victorian Trade Commissioner to India
Mr. Geoffrey Conaghan commenced his role as Commissioner to India in the Victorian Government Business Office at Bangalore, in December 2009.
Prior to his appointment as Commissioner, he was a Senior Executive at Melbourne Airport between 1994 and 2009. He has held various positions at Tourism Training Australia, Tourism Victoria, the Government’s Tourism Commission and also the Chairman of Melbourne’s St Kilda Centre for Contemporary Art.
His professional contribution to aviation, the tourism industry, training and education was recognized with the 2009 Victorian Tourism Award for Outstanding Contribution by an individual.
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Bid to win $100m in green power funding
A Queensland Consortium has been launched to bid for $100 million in federal funding for solar power pilot projects.
The Consortium includes the Queensland Government, energy companies Ergon and Energex, the CSIRO, Universities and Korean Government-owned electricity giant KEPCO.
Energy Minister, Mr. Stephen Robertson, said, two key parts of the bid include a solar thermal storage technology pilot project, which captures heat from the sun and stores it for future electricity generation, and a trial of fitting solar photo-voltaics to the power grid.
The Queensland Smart Communities bid proposes to build a large scale demonstration Smart Grid Smart City Project in Townsville, with several standalone projects at Zillmere in Brisbane’s north and Toowoomba.
The Federal Government will announce the winning bid of its National Energy Efficiency Initiative in April, with funds to be released in July 2010.
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New Chair for the Australia-India Council
Mr. John McCarthy AO has been appointed Chair of the Australia-India Council (AIC) by the Governor General of Australia, H.E. Ms. Quentin Bryce AC. He served with distinction as Australia’s High Commissioner to India for five years from 2004 to 2009. Mr. John McCarthy will bring a wealth of experience to his role as Chair of the Council.
His distinguished forty-year diplomatic career has included postings as Australia’s Ambassador to the United States, Japan, Indonesia, Thailand and Vietnam. Mr. McCarthy is currently Australia’s Special Representative to Sri Lanka.
The Australia-India Council was established by the Australian Government in 1992 to broaden and deepen Australia-India relations through contacts and exchanges in a range of fields that promote mutual awareness and understanding.
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Mahindra forays into aerospace in Australia
Making an entry into the aerospace business, auto major Mahindra & Mahindra (M&M) has picked up 75.1 per cent stake each in two Australian aerospace firms for Rs. 175 crore and allied components to service the global market.
In a joint acquisition with Kotak Private Equity, Mahindra Aerospace Pvt. Ltd (a unit of M&M), bought majority stake in component maker, Aerostaff Australia, and general aircraft manufacturer, Gippsland Aeronautics.
“Over five-years, we believe that we could build as many as 475 aircraft in the 2-20-seater range and expect a peak revenue of about Rs. 650 crore,” said Mr. Hemant Luthra, President, Systech Sector and Member of the Group Management Board, Mahindra & Mahindra.
Mr. Luthra said the company would initially manufacture sheet metal aero-structures and over a period would invest more to make components, sub-assemblies and eventually aircraft in India and Australia.
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Union Bank of India inaugurates Representative Office in Sydney
As part of its global expansion initiatives, Union Bank of India (UBI) has set up its Representative Office in Sydney, Australia, in December 2009.
Mr. M.V. Nair, Chairman and Managing Director of UBI, said, “Australia is one of the focused countries in the expansion plan of Union Bank and the Bank has made the beginning by setting up the representative office. The bank desires to take this initiative further in a form of having fully fledged branch operation or through a subsidiary bank in the country. The reason for the Bank’s Australian focus is the strength of the growing bilateral relations between the two countries.”
UBI has become the third bank from India to set up office in Australia. The Representative Office in Sydney provides market information, consultation and liaison to Australian entrepreneurs willing to establish business relationship in India and is located at 275, George St, Sydney, NSW 2000.
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