Search Result for : Visakhapatnam

The Dollar Business BureauThe government on Thursday extended the deadline for duty-free import of 5 lakh MT of raw sugar till June 30, 2017, from the current timeline of June 12.“TRQ (tariff rate quota) benefit (duty-free) shall be available up to and inclusive of June 30, 2017, as per Section 15 of the Customs Act, 1962,” DGFT said in a Notification No.02/2015-2020 dated April 13.Earlier, the government has allowed import of 5 lakh MT of raw sugar (under Exim Code 170114) to be imported by millers/refiners duty-free to boost domestic supply as the production is likely to decline to 20 million tonnes in the current marketing year of 2016-17 from 25 million tonnes a year ago.In order to further facilitate ...

The Dollar Business Bureau  The Government assigned the Asian Development Bank (ADB) to carry a feasibility study and to prepare the Conceptual Development Plan for East Coast Economic Corridor (ECEC) that will link Kolkata in the eastern region of the country through Chennai to Tuticorin in the South.  “The Government of India gave its concurrence for engaging the ADB for carrying out feasibility study and preparing the Conceptual Development Plan for East Coast Economic Corridor (ECEC) linking Kolkata in the East through Chennai to Tuticorin in South in a phased manner, Commerce and Industry Minister Nirmala Sitharaman said in a written response in Lok Sabha on Monday. The final study on the Conceptual Development Plan for Visakhapatnam-Chennai Industrial Corridor (VCIC) has been submitted by the ADB. Master plan has started ...

The Dollar Business Bureau  On the very first day of the Sunrise Andhra Pradesh Investment Summit being held in Visakhapatnam, a staggering number of 128 pacts were signed, amounting to Rs. 4.25 lakh crore. This new flood of investment in the state is projected to create job opportunities for 5.5 lakh people, majorly in the sectors of mining and healthcare.  Some of the big names, which have signed MoUs during the two-day event are Indani Global, Neopharma, Inox Wind, REC, Ceat and NSL Mining.  The Sunrise state of India, Andhra Pradesh, has been ranked no.1 in 'ease of doing business' by Department of Industrial Policy and Promotion (DIPP) for 2015-16. Arun Jaitley, Minister of Finance, at the CII Partnership Summit, hailed the state for its impressive growth rate and promised support ...

The Dollar Business Bureau Chief Minister of Andhra Pradesh, N. Chandrababu Naidu has managed to rope in investment for the fledgling city of Visakhapatnam yet again. As part of his trip to Davos, of which the main agenda is the annually held World Economic Forum (WEF), the Chief Minister has piqued the interest of a major Swiss-based train manufacturing concern, Stadler. According to Chief Minister's Office (CMO), Stadler has agreed to set up a locomotive and rail coach manufacturing unit in Visakhapatnam, its second such unit in India after the one already existing in Kanchrapara, West Bengal. “The Chief Minister, during his talks with Stadler executives, invited them to set up their manufacturing unit in AP and they consented to it,” the release from CMO stated. Stadler, which has a presence in 11 locations across Europe, ...

The Dollar Business Bureau Ahmedabad-based Torrent Pharma announced that it signed a deal to take over the Glochem Industries’ Visakhapatnam facility. The Pharmaceutical firm broke the news on Thursday. However, the firm did not disclose the value agreed in the deal. Torrent, in a regulatory filing, said that an agreement has been inked to purchase the manufacturing plant of Glochem with some Drug Master Files. API manufacturing facility of Visakhapatnam belongs to Hyderabad-based Glochem. The purchase of the plant will not only help Torrent to beef up the manufacturing capacity and meet global demand, but also meet the backward integration of its Abbreviated New Drug Application, said Jinesh Shah, Torrent Pharma Executive Director (Operations). ANDA is the filing undertaken by a pharma firm in a bid ...

Source: PIB, Government of India Leading a high level delegation, the US Secretary of Defence Dr. Ashton Carter will arrive in Visakhapatnam shortly today on a 3 day visit to the country. This would be Dr Carter’s first visit to India as Secretary of Defence. He had earlier visited India in September 2013 and July 2012 as Deputy Secretary of Defence. As Deputy Secretary, Dr Carter was the main architect of the India-US Defence Technology and Trade Initiative (DTTI) and advocated support for treating India at the same level as their closest partner in terms of extent and level of technology transfer, co-development, co-production and collaborative ventures, expedited approval process for licenses, etc. Dr. Carter after visiting Visakhapatnam based Eastern Naval ...

Jayarama Emani | The Dollar Business The coastal towns of Visakhapatnam and Bhimavaram in Andhra Pradesh, being recognised as Towns of Export Excellence (TEE) in the new Foreign Trade Policy, which was released on Wednesday, has got mixed response from the industry. Stakeholders feel while the announcement is encouraging, the government must expedite infrastructure development in both the towns if it is really interested in export promotion from the region. Speaking to The Dollar Business, Bhaskara Rao Potluri, Executive Director, Andhra Chambers of Commerce & Industry Federation, said, “With the Andhra Pradesh government setting a target of Rs.60,000 crore (cumulative) worth of marine exports by 2020, it is no surprise that the Centre is looking at Bhimavaram as a ...

The Dollar Business Bureau In a move to overcome the supposed trade-related challenges in the Indian Ocean, India sought a common naval platform in Indian Ocean Region (IOR), with a stronger cooperation from the Indian Ocean countries. The Union Defence Minister, Manohar Parrikar, stressed on need for a ‘common naval platform’ for India and IOR countries, while speaking at the closing ceremony of an international conference on 'India & the Indian Ocean: Renewing the Maritime Trade & Civilizational Linkages'. The Minister called upon the Institute of Social and Cultural Studies (ISCS) and Research & Information System for Developing Countries (RIS), joint organizers of the conference, to make a note of ‘creating a common navy platform for Indian Ocean countries,’ which ...