The factory would be built at Indapur near Pune at a cost of Rs100 crore and production would start in March next
London: A London-based NRI-led company will set up the world's largest steel modular building factory in Indapur in Maharashtra at a cost of Rs100 crore, reports PTI.
Suchit Punnose, chairman of Modulex Modular Buildings Plc made the announcement at a function held here Tuesday night in the presence of Harshavardhan Patil, Maharashtra's Minister for Co-operation and Parliamentary Affairs, who is also an MLA from Indapur.
Punnose said the factory would be built at a cost of Rs100 crores and production would start in March next.
Patil said, "All support will be extended to the project which is expected to provide employment for over 900 people."
He said the state Government has already sanctioned 40 acres and may consider sanctioning another 30 acres for the project.
Patil, who visited modular buildings in London, said the technology is required in India to support infrastructure and economic growth.
Modulex's technology produces buildings with high quality on fixed cost and time guarantee, Punnose said.
"The factory will have four production lines with an annual capacity of 2 million sq ft, operating on an 8-hour shift 5 days a week for eleven months," he said.
This equates to twenty 100-room hotels plus a 1,000 residential or office buildings of 1,000 sq ft each, or accommodation for 2,000 hospital beds, he added.
The factory will be situated on a 40 acre site in Indapur MIDC Industrial Estate in Pune District, 280 kms from Mumbai.
"The design, the logistics and the technology compatibility studies have been completed, the land has been acquired, planning and all necessary permissions have been received, debt syndication has been finalised and now ground preparation has started," Punnose said.
On the technology use and benefits, he said hotels, schools, hospitals, commercial offices, residential buildings, military accommodation and railway stations can be built very quickly with minimum disruption on site.
For example, he said, a 100-room hotel can be constructed in 24 weeks, and 90% of the work is completed offsite and only 10% onsite.
The cost of modular buildings is same as traditional buildings and can be built to any design required. Buildings can be as high as 22 floors, Punnose said.
He said many hotels, such as Premier Inns, Travelodges and Days Inns are built using this technology in the UK.
As many as 440 McDonalds restaurants were rolled out in the UK by the management team now employed by Modulex, Punnose said.
MOEF suggested the company may relocate the project, which was already relocated earlier, as it may fall under a wildlife sanctuary, national park
Hyderabad: In a setback to a KSK Group company-Kameng Dam Hydro Power Pvt Ltd, which is in the process of implementing a 420-MW hydel power project in Arunachal Pradesh, the Ministry of Environment and Forest (MoEF) has denied environmental clearance for the project, reports PTI.
The Expert Appraisal Committee (EAC) of the MOEF suggested the company may relocate the project, which was already relocated earlier, as it may fall under a wildlife sanctuary, national park and sample plots demarcated by the Forest Department.
The Rs2500-crore project was taken over by KSK Electricity Financing India Pvt Ltd in January 2007 from North Eastern Electric Power Corp.
Earlier, the project location was changed, as Seppa town, which is the Head Quarter of East Kameng district gets submerged with the proposed Full Reservoir Level of 440 meters.
The Government of Arunachal Pradesh directed the project developer that Seppa town and major population of nearby villages to be kept away from submergence.
To comply with this direction, KSK resurveyed the area to save Seppa town population from submergence and proposed to develop the project at another location, which was approved by the Government of Arunachal Pradesh as well.
KSK, therefore applied for TORs for the new site and reduced the capacity of the project from 600 MW to 420 MW.
The EAC, which examined the project proposal, said the site is suitable from various angles, but is just adjoining to Pakke Tiger Reserve, which is only 350 m away.
"After discussing all the alternatives at length, the Committee felt that even Alternative 2B (new site) is also not suitable as constructing a dam so close to the Pakke Tiger Reserve would not be advisable," the EAC observed in its comments.
Rupee depreciation against the US dollar helps the IT industry only in the long term perspective and businesses do not gain much during short term
Chennai: Admitting that the global economic environment was still 'uncertain', industry body NASSCOM on Tuesday said the fundamentals of the domestic IT industry are strong but there was a need to 'wait' and 'watch' its performance in the next two quarters, reports PTI.
"..market is really uncertain. But I think the fundamentals of our industry are also very strong.... It is true that economic environment is uncertain and we will watch the next two quarters", NASSCOM President Som Mittal told reporters.
Speaking on the sidelines of a one day seminar "Surge 2012" organised by NASSCOM, he said the Indian Rupee depreciation against the US dollar helps the industry only in the long term perspective and businesses do not gain much during short term.
"Well, Rupee depreciation helps us in the long term. Because it ensures competitivesness for the industry.But in the short run, we do not really gain because as an industry we do not want currency movement to be in the centre of loss or profit. Because most people want to get what they have projected in terms of pricing", he said.
"We need a stable currency, rather than guessing how far Dollar and Rupee will be. We hope the government will bring more stability", he said.
Asked about IT companies entering new geographies, Mittal whose term as NASSCOM chief was extended for two more years yesterday, said "people are now picking up new geographies. Natural growth is happening in Europe, Latin America and Middle East".
"For short term opportunities.....we will be going to newer geographies like Latin America and Middle East and Asia. But in the longer term, we will be focusing on places were the need is higher", he said.
To a query on their expectations from the Government,he said stability in policies was needed because it would build trust between government and the business.
"I think this is the time we need the government to offer some support -- not in terms of any incentives, but as much as stable policies and more positive relationship between business and industry", he said.
On employment in the IT industry, he said projections were that 160,000 to 180,000 jobs should be created this year. "We have given offers to more than 100,000 students in engineering colleges", he said.
Last year, NASSCOM had predicted that 200,000 new jobs would be created in the industry.