HCL Technologies brings product engineering expertise to Texas Instruments Elite Design House Network

Global IT service provider, HCL Technologies Ltd (HCL), said it has become a member of Texas Instruments Elite (TI Design House Program), a group offering system-level design services.

The company will leverage this partnership in building product components and solution accelerators for three major segments, namely, aerospace, medical electronics and consumer electronics, with a specific focus on medical imaging, wireless communication and analog system applications.
HCL's engineering services practice would build upon its existing product engineering strength and create enhanced value for clients with faster time to market advantage on new TI products.

The prestigious system engineering programme would enable customers to leverage products and services from both HCL and TI. This engagement would also allow HCL to focus on delivering reference products based on TI product families for specific markets.

On Wednesday, HCL shares gained 0.3% to Rs409 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 18,179 points.


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Rs50K crore infra fund to be set up by next fiscal: Plan Panel

New Delhi: The Planning Commission today said that Rs50,000 crore Infra Debt Fund (IDF) for financing infrastructure projects will become operational by beginning of next fiscal, reports PTI.

A panel constituted by the commission to look into the changes required in the regulatory framework for facilitating the setting of the IDF is expected to give its report by next week.

"If everything goes well, the Infra Debt Fund would be reality by the beginning of the next fiscal," Planning Commission deputy chairman Montek Singh Ahluwalia told reporters here.

He said, "The committee headed by State Bank of India (SBI) chairman O P Bhatt which is looking into the changes required in the regulatory framework for creating IDF would submit its report by next week."

Earlier in June this year, an expert panel headed by HDFC chief Deepak Parekh had recommended setting up of the IDF of Rs50,000 crore for financing projects in this crucial sector.

In its recommendations submitted to the Plan panel, the committee had asked the government to change rules to allow funding by pension and insurance companies.

It had urged the sectoral regulators - Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), and Pension Fund Regulatory and Development Authority (PFRDA) - to tweak their existing laws to enable market players to use the large amount of untapped insurance and pension funds.

In its report submitted to the commission, the Parekh committee had also suggested that the proposed infrastructure fund with an initial corpus of Rs 50,000 crore be set up as venture capital fund (VCF) to be managed and regulated by SEBI.

For this purpose, SEBI should be asked to amend its guidelines for VCFs to enable investment in the debt market.

Currently, only a part of VCF is allowed to be invested in debt, the panel had said.

The report suggested that insurance regulator IRDA and interim pension watchdog PFRDA be approached to modify the rules to enable these funds to invest in the infra fund.

Besides, the report recommended that foreign insurance, pension and sovereign funds be asked to invest in the proposed infra fund. For this, RBI will have to be approached to create a special window for these kinds of foreign debt with a tenure of 10 years or more.

Also, the multilateral agencies like the World Bank and the Asian Development Bank (ADB) would also be asked to invest in the fund.

At present, there is a debt funding gap of over Rs1.62 lakh crore in infrastructure financing for the current 11th Five Year Plan (2007-12).


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