Connect with us

Business

Bangalore To Get India’s First IT Investment Region

Published

on

            Bangalore To Get India's First IT Investment Region      Bangalore: Bangalore will have the country’s first Information Technology Investment Region (ITIR) for knowledge-based industries, including software and hardware firms with entire supply chain, an official said Monday. “The ITIR is projected to attract global investments to the tune of Rs.2 trillion and create a million direct jobs over the next 10 years,” an official said.

The high-powered committee of the ministry of communications and information technology has approved the ITIR proposal from Karnataka and forwarded it to the union cabinet for clearance, which is expected soon. “The integrated region will be built under the PPP (public-private partnership) model with joint investment by the central and state governments near the international airport,” Industry Secretary M.N. Vidyashankar told reporters here.
The state government plans to float a global tender to select a developer to build the ITIR in about 10,200 acres in two phases. Land measuring 2,080 acres has been identified for the first phase and preliminary notification issued to farmers for acquisition at the prevalent market rate. “The knowledge park will be a self-sustainable integrated investment region for setting up software firms, back offices and an hardware park for electronics cluster, including chip designing and manufacturing units, with world class infrastructure facilities,” Vidyashankar said.
The region will also have a residential township, an airstrip, high-speed rail network, shopping plaza, hospitals, schools and recreational facilities for the communities living there. “We have appointed international consultancy firm Deloitte to prepare an RFP (request for proposal) documents and terms and conditions for the global tender to select project developers,” the official said.
Indian IT bellwethers TCS, Infosys and Wipro have shown interest in setting up their software development centres in the region. “Companies in the region will be entitled to tax and other incentives similar to those being provided under the SEZ (special economic zone) policy by the central government,” Vidyashankar added.
Andhra Pradesh and Tamil Nadu are the other two states which have proposed similar investment regions in their respective states.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Canadian business News

COVID-19: Canadian Entrepreneurs less pessimistic in April

Published

on

BC entrepreneurs less pessimistic in April

THE monthly Business Barometer index for British Columbia rose 8.2 points reaching an index of 46, according to the latest survey results from the Canadian Federation of Independent Business (CFIB). The low index continues to reflect the significant stress and challenges entrepreneurs face as the navigate the COVID-19 pandemic. As British ColumbIa looks ahead in developing an economic relaunch strategy, a small business lens is necessary to streamline the transition.

“The month’s barometer results indicate small business owners are feeling less pessimistic than they did in March,” said Muriel Protzer, Senior Policy Analyst, BC and the North, on Wednesday. “While ongoing financial support from government is helping keep many businesses afloat, those receiving the benefits cannot rely on them indefinitely and some continue to fall through the cracks.”

Additional survey data from CFIB finds that 83 per cent of businesses believe it is critical they make more sales soon to survive and become less reliant on government subsides (13 per cent disagree, 4 per cent unsure).

“The province of BC will play an integral part in transitioning businesses and workers off of government support programs as we look to reopen parts of the economy,” added Protzer. “Early preparation for a recovery phase is important to ensure businesses and residents are provided clear messaging on guidelines.”

Furthermore, 75 per cent of BC businesses are confident they could reopen quickly if current restrictions were lifted (19 per cent disagree, 6 per cent unsure). As the province looks to develop its economic recovery strategy, small business owners see the following initiatives to take priority:

  • Keeping taxes on small businesses at an acceptable level (88 per cent agree);
  • Reduce red tape affecting businesses (65 per cent agree);
  • Introducing campaigns encouraging consumers to shop at local businesses (62 per cent agree);
  • Continued financial help (57 per cent agree); and
  • Ensuring the availability of personal protective equipment and mass testing to help people feel safe (54 per cent agree).

Measured on a scale between 0 and 100, an index level above 50 means owners expecting their business’ performance to be stronger in the next year outnumber those expecting weaker performance. An index level of between 65 and 75 means that the economy is growing at its potential. This month, it is notable to see no provincial index above 50 points.

To view the full report, visit http://www.cfib.ca/barometer  

The provincial numbers for April were: Quebec (32.1), Newfoundland (32.1), New Brunswick (39.2), PEI (43.1), Manitoba (45.0), Nova Scotia (45.3), BC (46.0), Alberta (46.7), Saskatchewan (50.8), Ontario (52.6).

Continue Reading

Business

BC Hits Back At Alberta Over Wine Ban Saying It’s Unconstitutional Under Trade Rules

Published

on

VICTORIA – The B.C. government is challenging Alberta’s ban on B.C. wines through the Canadian Free Trade Agreement’s (CFTA) dispute settlement process.

According to a release, the province has notified the Alberta government that it is formally requesting consultations under the CFTA regarding Alberta’s embargo on the sale of B.C. wine, reported CBC News.

“Alberta’s actions threaten the livelihood of the families that have worked so hard to build B.C.’s world-class wine industry,” Minister of Jobs, Trade and Technology Bruce Ralston said in the release.

“These actions are inconsistent with Alberta’s obligations under the CFTA, and we will protect our reputation and the interests of British Columbians.”

At a press conference on Monday afternoon, Ralston said that Alberta’s ban is a “clear violation” of the CFTA.

“It’s our view that this dispute engages questions that should be considered by every jurisdiction in the federation,” he said. “We’re standing up for the B.C. wine business, B.C. industry, B.C. businesses and B.C. jobs.”

Ralston said the process allows for 120 days of consultation. If no decision is made, the matter then goes to a tribunal.

“I think that what’s good about this process is it’s a process of dialogue, it’s a process of engagement in discussion and consultation. So I’m optimistic that there will be fruitful discussion and there may be a resolution,” he said.

 

Continue Reading

Business

Walmart In Talks To Buy Large Stake In Flipkart At $20-23 Billion Valuation

Published

on

NEW DELHI – American retailer Walmart Inc may end up taking a large stake in Flipkart Ltd at a price that could value India’s largest e-commerce firm between $20 billion and $23 billion, three people close to the development said. If it goes through the deal will pit Walmart against Amazon in India, mirroring the fight between the two companies in the US.

Walmart has expressed an interest in buying Flipkart Ltd but a buyout is unlikely to go through as a key Flipkart investor SoftBank Group is opposed to a sale, the three people added on condition of anonymity. “Softbank is not willing to cash out this early as they see themselves as a long term investor in Flipkart,” one of the three people mentioned above said.

The talks are in the early stages and the companies haven’t finalized the final details, the people said. Walmart is expected to invest fresh capital in Flipkart as well as buy shares from existing investors including Accel Partners and Naspers, they added.

Any deal is likely to make Walmart the largest shareholder in Flipkart, they said.

Walmart is not the only suitor pursuing Flipkart. Search giant Google has also offered to invest in the e-retailer at a valuation of $15-$16 billion, said a fourth person close to the development. Flipkart is also talking to other investors, this person said, without naming the investors.

Flipkart’s biggest backer and key board member Lee Fixel of Tiger Global was in Walmart’s headquarters last week helping put together the deal, this person said.

Flipkart and Walmart declined to comment. Google and Softbank did not respond to emails seeking comment.

The Economic Times newspaper reported on 31 January that Walmart is in talks to buy 15-20% of Flipkart.

In August 2017, Flipkart received a commitment of $1.4 billion in fresh capital from Japan’s Softbank Group valuing the company at about $14 billion.

Launched in 2007, Flipkart has thus far raised more than $6 billion.

The current valuation offered by Walmart includes Flipkart’s fashion businesses Myntra and Jabong, ebay India, as well as mobile payments firm PhonePe.

Walmart has eyed India’s retail sector for years but the existing foreign direct investment (FDI) policy does not allow the retailer to serve have a meaningful presence in the country.

It does operate in India’s B2B (business to business) retail and e-retail segment but has stayed away from direct retail. Walmart has stayed away from joining hands with any other Indian retailer since it’s partnership with Bharti Enterprises ended in 2013.

New potential investors are willing to value the company at a much higher price partly because Flipkart has shown that it is holding its own against Amazon, which has been unable to unseat its local rival as the country’s largest online retailer despite outspending Flipkart, say analysts. Additionally, Flipkart is seen as the one of the most attractive assets in the global Internet economy, benefitting from the long-term potential ascribed to India’s internet market by investors.

Walmart and Google held funding talks with Flipkart in late 2016 but those discussions didn’t lead to deals.

 

Continue Reading

Follow us on Twitter

Trending

css.php
Skip to toolbar