Tuesday, February 25, 2014

Yokohama inaugurates its first tyre plant in India at BHADURGARH


Yokohama's new tyre manufacturing plant at Bahadurgarh, India will produce 2000 tyres a day

Yokohama India, a 100 per cent subsidiary of Yokohama Rubber Company, has set up its new tyre manufacturing plant at HSIIDC, in Bahadurgarh. Bhupinder Singh Hooda, Chief Minister, Haryana inaugurated the Rs 300 crore manufacturing unit.
Speaking on this occasion Hooda, says, “We are glad that Yokohama India chose Bahadurgarh. Of every two cars being manufactured in India, one comes from Haryana. Infact, 70 per cent of the total Japanese investments in India are in Haryana.”
The commercial production of the tyres will begin in the second-half of the year 2014. According to Takeshi Fujino, Managing Director, Yokohama India, the production can be scaled upto 8,000 tyres per day in the next phases of growth.
The manufacturer claims that Yokohama tyres are designed specially keeping the Indian roads in mind. The Yokohama Earth 1 tyre comes with a wear and tear control shoulder design. The tyres have vertical and horizontal grooves which reduces uneven wear and tear. The central rib of the tyre, according to the manufacturer, helps in maximising its performance.
Yokohama India currently has around 600 sales touch points including 22 Yokohama Club Networks (YCN) across the country. YCN is a specialised network based on the company’s global philosophy of providing a world-class tyre buying experience to its dealers. The company plans to spread its wings in the country by doubling the number of YCN’s by the end of the year 2014.
Yokohama currently competes only in the tubeless radial tyre market segment, holding a two per cent market share in the country. With the new manufacturing unit which will cater to the increasing demand of tubeless tyres, the company plans to target five per cent market share.


Saturday, February 8, 2014

Haryana approves Reliance Industries' quitting SEZ;


Haryana approves Reliance Industries' quitting SEZ;
to give Rs. 343 crore for land


Chandigarh: Reliance Industries' proposal to opt out of Gurgaon special economic zone (SEZ) has been approved by the Haryana government, which hyas said it will reimburse Rs. 343 crore to the company.

The amount offered by the state government for taking back the land is lower than Rs. 1,172 crore demanded by Reliance.

Chief Minister Bhupinder Singh Hooda told reporters in Chandigarh on Friday that RIL's proposal was approved by the state Cabinet at its meeting here.

Mukesh Ambani-led RIL had sought the reversal of 1,383.68 acres - from Reliance Haryana SEZ Ltd (RHSL) to the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) - saying that the project had become unviable.

An official release said the SEZ Project at Gurgaon had "been rendered economically unviable due to the mid-term corrections in the SEZ Policy viz. imposition of the Minimum Alternate Tax (MAT), withdrawal of the Tax holiday, slowdown in the global economy, prohibitively high prices of land and other problems associated with aggregation of land through private negotiations".

Sensing the difficulties posed in this behalf, the Chief Minister had requested Reliance to return the HSIIDC land, it said.

"As such, RHSL offered to return the HSIIDC land and abandon the SEZ project in Gurgaon vide their letter of January 2012," the release said.

"RHSL had requested for refund of the amount paid by them to the HSIIDC and re-imbursement of expenditure incurred on the site, apart from interest on the said amount aggregating to Rs. 1,172 crore," it added.

The proposal was considered at the level of the Haryana Investment Promotion Board, headed by the Chief Minister, after examining all the legal aspects of the Joint Venture Agreement, it said, adding that HIPB recommended acceptance of the return offer strictly in accordance with the provisions of the JV agreement.

"Accordingly, the Haryana Cabinet today approved the return of the land to HSIIDC, in lieu of payment of an amount of Rs. 343.51 crore to RHSL as against Rs. 399.85 crore paid by RHSL at the time of transfer of land and the demand of Rs. 1,172 crore by RHSL," the order noted.

"The claims on account of Administrative charges forming price of the subject, refund of the Stamp Duty, re-imbursement of development expenditure and interest amount have not been accepted. The refund amount has been worked out strictly as per the terms of the Joint Venture Agreement date 19th June 2006 signed between the HSIIDC and RVL."

HSIIDC and Reliance Ventures Ltd, wholly-owned subsidiary of RIL, had entered into a JV Agreement on June 19, 2006 for setting up of the SEZ over an area of 25,000 acres in Gurgaon and Jhajjar districts.

HSIIDC had transferred about 1,383.68 acres at Village Garhi Harsaru to the special purpose vehicle floated by HSIIDC and RVL for implementing the project - Reliance Haryana SEZ Ltd, for about Rs. 399.85 crore.

The project configuration was subsequently changed to SEZ in Gurgaon district over 12,500 acres and a Model Economic Township over 12,500 acres in Jhajjar district. Reliance was able to purchase, and aggregate, about 7,100 acres in Jhajjar, and another about 1200 acres in Gurgaon, but it was not contiguous.

RHSL also paid Annuity to the landowners whose land was acquired/procured in Gurgaon & Jhajjar amounting to Rs. 50.71 crore up to March 31, 2013. It included Rs. 17.61 crore on HSIIDC land in Gurgaon and balance amount of about Rs. 33.10 crore in Jhajjar where they had procured land through direct negotiations.

Soon after the Haryana government received the land return offer from RHSL, it has been engaged in discussions with the Union Ministry of Commerce & Industry for the best utilisation of the subject land, the release said.

"It has been agreed with the Ministry of Commerce & Industry to use the subject land for establishment of a state of the art Global City Project as a send investment node under the Delhi Mumbai Industrial Corridor (DMIC) Project," it further said.

"The Global City is envisaged to be developed as a high value added manufacturing infused area which, apart from adding to the economic development, would also help in generating skilled employment in Haryana."

Mr Hooda said the land acquired for the Reliance project would not be returned to the original owners of the land. The new project is envisaged to be an integrated model township in Gurgaon, comprising of the exhibition and convention centre, high value innovation and knowledge industries, central business district and township facilities.

The Global City Project is proposed to be developed jointly by the HSIIDC and the DMIC Trust/DMICDC through a special purpose vehicle (SPV) with equity participation by DMIC Trust and HSIIDC in equal proportions.

Friday, January 10, 2014

Manmohan Singh Laying the Foundation for Global Centre for Nuclear Energy Partnership (Jan 03, 2014) at Jasaur Kheri Bahadurgarh Project to four lanning road from Bahadurgarh — Badli – Chandu – Gurgaon 39 Kms & Govt Girls College were also inaugurated by PM.




Prime Minister Manmohan Singh with Deepender Singh Hooda, Rohtak MP, at the foundation-laying ceremony of the Global Centre for Nuclear Energy Partnership and National Cancer Institute at Jhajjar in Haryana on Friday. Photo: Sandeep Saxena
(Prime Minister Manmohan Singh with Deepender Singh Hooda, Rohtak MP, at the foundation-laying ceremony of the Global Centre for Nuclear Energy Partnership)

Manmohan Singh Laying the Foundation for Global Centre for Nuclear Energy Partnership (Jan 03, 2014) at Jasaur Kheri Bahadurgarh
Project to four lanning road from Bahadurgarh — Badli – Chandu – Gurgaon 39 Kms & Govt Girls College were also inaugurated by PM.

Dr. Singh was addressing a public gathering at Jasaur Kheri village Bahadurgarh here after laying the foundation stones for the Global Centre for Nuclear Energy Partnership and the National Cancer Institute.
The Prime Minister said the Global Centre for Nuclear Energy Partnership would play an important role in ensuring more safety measures for nuclear power plants. When the centre is fully functional, it will work towards designing a safe and sustainable nuclear system.

The Prime Minister said locals would directly benefit from this project and get an annual royalty for 33 years, apart from compensation for their land. Many projects, worth Rs.10 crore, would be carried out for the benefit of the locals, including a girls’ college, a school for children with special needs, development of the Bhindwas Bird Sanctuary and healthcare facilities.