Presently, long-haul vessels are unable to stop in India, which forces importers and exporters to spend an extra $150 million a year ferrying goods to and from Colombo, Singapore or Dubai
Dubai Ports World said it may invest $1 billion in its Indian port project to enable handling of the largest container ships as the company tries to challenge Colombo’s grip on India's maritime trade with Europe and China, reports PTI.
A news report quoting officials in India said DP World spent about Rs13 billion ($288 million) on the first phase of the Vallarpadam facility, which will have an initial capacity of 1 million 20-ft equivalent containers a year.
"What we are trying to do is compete in the regional and international market," Anil Singh, the company's India head, was quoted by Arabian Business as saying.
"It will change the logistic pattern of the country," he said, adding, "The new terminal at Vallarpadam in Kochi, which is due to open in August, will be able to handle the 13,000-container capacity ships commonly used on Asia-to-Europe routes."
Presently, these long-haul vessels are unable to stop in India, which forces the nation's importers and exporters to spend an extra $150 million a year ferrying goods to and from Colombo, Singapore or Dubai, Singh said.
Dubai World is the state-owned holding company that owns 80% of DP World.
According to the official, the remainder of the investment will cover a second phase, which will add another 3 million boxes of capacity within five years, he said.
Container Corporation of India (CCI) Ltd is among the three other partners in the joint venture terminal.
According to the report, DP World will pay for its share of the investment using its own funds.
Kochi aims to lure large container vessels from Colombo, which presently handles as much as 40% of India’s trans-shipment trade, Singh said.
Indian shippers use the Sri Lankan port because of lower costs, deepwater facilities and looser regulations.
DP World already handles almost half of India's annual container volume of 8 million at five ports across the country, he added.
The company, which has spent about Rs80 billion in India, is pursuing further projects and expansion plans in the country, he said.
Worldwide, the port operator runs terminals in 27 countries—from the UK to China—and is building new facilities in four other nations.
It handled 43.3 million containers at 50 ports last year, including at those it operates without ownership.
It hopes that the disclosure norms would improve transparency in functioning of the AMCs and would enable investors to take informed decisions
Market regulator Securities and Exchange Board of India (SEBI) today asked mutual fund (MF) houses to disclose details of investor complaints on their websites, as well as in annual reports, to enable clients to make more informed decisions, reports PTI.
"Mutual Funds shall henceforth disclose on their websites, on the AMFI website as well as in their annual reports, details of investor complaints received by them from all sources," SEBI said in a circular.
Following the circular, all asset management companies (AMCs) will have to put up the data for the bygone fiscal by 30 June 2010 and for each new fiscal within two months of the close of the year.
SEBI hopes that the disclosure norms would improve transparency in functioning of the AMCs and would enable investors to take informed decisions.
In order to increase investor interest in MFs, the market regulator had last year abolished entry load and asked fund houses not to deduct marketing and distribution charges from the investment made by customers.
The central bank is keeping a close watch on the developments unfolding in global markets
Reserve Bank of India (RBI) deputy governor Subir Gokarn today said the Greek debt crisis will not force the central bank to give up its hawkish monetary policy stance, as it has already factored in the impact of global uncertainties, reports PTI.
"We do not believe that there is any reason to change our approach. Because it (the Greek crisis) is not showing signs of spilling over to a larger real economy problem," Mr Gokarn told reporters.
The apex bank reduced its key rates several times to fight the financial crisis that broke out towards the end of 2008, but started gradually reversing the easy money stance from October last year to contain inflationary pressures in the economy.
"It (the crisis) reflects, obviously, the continuing global uncertain environment, which is a factor we have already built into our exit strategy," Mr Gokarn, who was earlier an economist with international rating agency Standard and Poor's, said.
The central bank, however, is keeping a close watch on the developments unfolding in global markets, he added.
"There are packages in place, there are very serious efforts to contain and not let the crisis to spread to other countries. But we keep a watch on things and see how it pans out," Mr Gokarn said.