Petronas to invest $150 million in Indian lubricants sector
The Dollar Business Bureau Malaysia's Petronas or Petroliam Nasional Berhad, is likely to invest $150 million in India's lubricants market for the next five years to strengthen its position in the Indian market, a company release said on Thursday. The Malaysian firm's investment includes a $50 million lubricant blending plant that is likely to start functioning in the first quarter of 2018, Petronas said in the statement. "We are aiming to triple our market share in India's lubricant market by 2022," CEO Wan Zulkiflee Wan Ariffin said. The Malaysian firm is keen to add more collaborations in India with current and existing partners, Wan Ariffin said, adding that Petronas was looking to sell more liquefied natural gas (LNG) in India. Petronas, the world's third biggest ...
Hyderabad RCEP meet provides a push to negotiations: Teaotia
The Dollar Business Bureau Commerce Ministry said on Monday that the recent round of discussions in Hyderabad for the Regional Comprehensive Economic Partnership (RCEP) would provide a push to the negotiations. Around 700 officials representing 16 nations including Australia and China, gathered in the city during July 17-28 to negotiate the mega trade deal RCEP. It is vital that the RCEP provides a forward looking and positive alternative with regards to rising protectionism across the world, Commerce Secretary Rita Teaotia said in a statement. “India is constructively engaged in RCEP and hopes that the 19th RCEP Round in Hyderabad would find innovative ways to provide impetus to the negotiations,” Teaotia said. The Commerce Secretary further said that the real success of RCEP will be assessed ...
Rising global costs of potash could push India to sign costly imports in 2017
The Dollar Business Bureau Rising global demand for potash a widely used fertiliser, could make India sign costly import contracts in 2017 compared to that of last year. Incidentally, in April the government has decided to reduce the subsidies to the farmers thereby reducing the demand of potash in the country. India is one of the top buyers of the crop nutrient and helps set the global benchmark along with China. Its contract prices are keenly watched by other buyers like Indonesia and Malaysia. Recently two of the biggest potash producers, Potash Corp of Saskatchewan and Russia's Uralkali, have tightened the prices of potash by reducing their output. Potash Corp expects global shipments this year to increase to 3 million tonnes compared to that of ...
Malaysia keen to take part in developing Mumbai-Nagpur expressway
The Dollar Business Bureau Malaysia has shown interest in the development of Mumbai-Nagpur expressway. This was revealed to the media by the Maharashtra Public Works Department (PWD) Minister Eknath Shinde on Monday. A Malaysian delegation visiting the state called on Shinde and had discussions on the details of the 700 km long expressway which will connect the two major cities of Maharashtra. “India and Malaysia have a long-standing relation. Malaysia has taken part in various development projects in the country and has used its advanced technology to develop roads, flyovers and subways,” Shinde said, while speaking to the media at the Mantralaya after meeting the Malaysian delegation. The Minister said that the Malaysian government has shown keenness to be part of the road project ...
Local oilseed crushers want government to raise import duties on edible oils
The Dollar Business Bureau The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels. Cheap edible oil imports from Malaysia, Brazil, Indonesia and Argentina are crushing the demand of local oilseeds like rapeseed and soybeans while farmers are struggling to compete with them. The prices of local oilseeds slumped to a new low, over the past 14 months due to bumper crop production. Affluent oilseed farmers are pressurising the government to increase the import duties to encourage domestic oilseed cultivation for 2017-18. Davish Jain, Chairman of the Soybean Processors Association while speaking to the press said, “It's high time to do it. The sowing ...
Malaysia-Indonesia keen to boost trade ties, investments
The Dollar Business Bureau Malaysia’s Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said that in the last decade, Malaysian firms have created a strong presence in Indonesia in major sectors such as banking, construction, plantation, energy, toll-road and telecommunications. He said while referring to a roundtable business meeting, co-chaired by himself and Eko Putro Sandjojo, a Minister in the government in charge of facilitating Malaysian investments in Indonesia, where Malaysian firms expressed their keenness to continue to play a major role in the socio-economic growth of Indonesia. The roundtable meeting was the first joint discussion between the two countries with maximum number of high-profile government and business delegates. “The huge participation from Malaysian companies at the event indicated their keen interest to keep doing ...
Indian Railways to join hands with Malaysia to modernise and redevelop 20 stations across country
The Dollar Business Bureau The Indian Railways is making plans to join hands with Malaysia to redevelop about 20 stations in Tier-II cities across the country. This project could attract nearly Rs 1 lakh crore in private investment the railways said. The redevelopment project entails infrastructure revamp at platforms and in the circulating areas. The project also encompasses development of station areas for commercial purposes. The government has plans to construct hotels, eateries, shopping malls, office complexes and multiplexes in the excess land that railways has, for the developers to be used for 45 years. For facilitating growth of Tier II cities such as Faridabad, Cuttack, Amritsar, Jamshedpur, Kochi, Jammu, and Bikaner, the Centre, state and local governments ...
UDAN scheme across BIMSTEC region mooted by Sinha
The Dollar Business Bureau Jayant Sinha, the Union minister for Civil Aviation proposed the Ude Desh ka Aam Nagrik (UDAN) scheme that would connect the smaller towns across the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region. Adding that such a move will be similar on the lines of the Open Sky Agreement that India enjoys with the SAARC countries, he said, "We can sign an MoU with different countries to be able to provide support for an UDAN-type scheme across the BIMSTEC community. Of course, we will have to couple that with something like an Open Sky Agreement so that airlines can fly freely," Sinha told reporters. Under the Open Sky Agreement (OSA), signed in 2016, New ...
