Category — Industrial Goods
Inaugurating US-based General Electric’s first multi-modal manufacturing plant in India, Prime Minister Narendra Modi pitched his Make in India campaign and invited GE to manufacture ships in India. Modi said, “The opportunities for manufacturing in India are immense. We are blessed with demographic dividend.”
The $200 million new plant is as much path-breaking for India as it is for the 136-year-old GE. It is the result of thinking that began within GE about three years ago: How can the company harmonize its various operations for better economies of scale and better use of capital? The answer was a multi-modal facility. The unit will manufacture a range of diversified products for sectors like energy, aviation, and oil and gas transportation.
Salient Features of the Facility
- Employment opportunities for over 1500 people
- Currently comprising over 25% female employees
- Covering an area of 68 acres
- 250,000 square feet, scalability potential to 1 million square feet
Sharing his comments, John G. Rice, vice chairman, GE said, “Today signifies a proud milestone for GE in India and the next step in our technology and innovation partnership, a journey that started over 110 years ago. Our operations here in Pune help us to compete locally and globally and play an important role in the resurgence of India’s manufacturing sector and in the country’s growth and development.”
February 22, 2015 No Comments
Kirloskar Oil Engines Ltd. (KOEL) based in Pune, India, has signed a MoU with MTU Friedrichshafen GmbH (MTU), Germany, for stating intent of co-operation for future business whereRolls-Royce will supply MTU Engines and key components and take responsibility for basic engineering and generating set configuration. KOEL, as a main contractor to Nuclear Power Corporation of India Ltd., will integrate the systems and assemble and test the equipment on site in India.
“Working together with KOEL, we see good chances of gaining entry into the emergency genset market for nuclear power stations in India,” said Dr. Michael Haidinger, CSO of Rolls-Royce Power Systems.
Rolls-Royce expects India to focus on nuclear power in the coming decades with the industry expected to supply a quarter of India’s electricity demand by 2050, NuclearStreet reported.
“This cooperation is enabling us to pool our own experience and expertise as a local supplier with the technological leadership of MTU in the area of NPP emergency gensets,” said Rajendra R. Deshpande, executive director of Kirloskar Oil Engines Ltd, during his visit to Friedrichshafen.
February 5, 2015 No Comments
Fortune 500 company New Jersey headquartered Sealed Air Corporation says India is its fastest growing geography. “India for us I would call within Sealed Air, a mid-sized country, it’s in the top 15 countries but with the highest growth rate,” Jerome Peribere, president and CEO told the television network NDTV.
Sealed Air is a packaging company known for its brands – Cryovac food packaging, Bubble Wrap cushioning, and Diversey cleaning and hygiene. It has two units in India – in Mumbai and Bangalore. The company is growing at 3 times India’s GDP growth and expects even more robust growth going forward by creating value addition in industries.
Because of the company’s level of expertise in their laundry business in India where their technology has been able to save 40% both in the usage of water and in energy consumption, Peribere said, “We are going to increase our manpower by 50 per cent, and we are going to make our global laundry labs in India because we have an extraordinary and growing business here in India.”
January 13, 2015 1 Comment
Steel scrap is a vital raw material for the production of new steel and cast-iron products, and is a hundred percent recyclable. Since domestically generated steel scrap falls short of requirements by the casting and steel making industries, India imports this resource.
In 2013-2014 India imported five million tons of steel scrap, making it the world’s third largest importer of the metal, after Turkey and South Korea. While there is no official data on the amount of steel scrap being produced within the country, rough estimates put the figure at around ten million tons a year.
Steel is the most recycled material in the world with scrap accounting for 40 percent of the global steel production, reports The Hindu BusinessLine. The re-melting of scrap requires much less energy than the production of iron and steel products from iron ore.
The U.S. steel industry has been recycling steel scrap for more than 150 years, and the steel making and foundry industries are highly dependent upon the ready availability of scrap from manufacturing operations, and from the recovery of products that are no longer used or needed. The country also exports scrap iron mainly to Turkey, Taiwan, the Republic of Korea, and China, and will likely continue exporting valuable ferrous scrap for at least another decade.
December 31, 2014 No Comments
The long-awaited goods-and-services tax bill, or GST Bill, aimed at creating a single sales tax for goods and services across the country, was introduced in the Lok Sabha (the lower house of parliament) on December 19, by the Finance Minister, Arun Jaitley.
While India is one nation of 1.24 billion people, it isn’t functionally one market. When a business sells across state lines, it encounters levies including border taxes, local sales taxes, a central service tax, federal excise, a central sales tax and other duties that often vary by state and product.
“It is expected that introduction of GST will foster a common and seamless Indian market and contribute significantly to the growth of the economy,” Jaitley said. The Federal government has committed to compensating states fully for the next three years on account of any revenue loss. The compensation would be partial in the following two years.
“This is by far the biggest tax reform in the country,” Devendra Kumar Pant, chief economist at India Ratings & Research, the local unit of Fitch Ratings. “The implementation will reduce transaction costs and spur investments,” he added. KPMG opined, “The speed with which the government has introduced the bill in the parliament shows the seriousness attached with this important reform.”
Since the tax requires a constitutional amendment to be enacted, it must be approved by 15 of India’s 29 states as well as both houses of parliament.
The GST Bill, which will bring the “single biggest tax reform since Independence”, will be considered for passing in the budget session of parliament beginning February 2015, the finance minister said.
December 21, 2014 No Comments