Tag: India

Fidelity acquires 7 pct in Transport Corporation of India for Rs 530 million

Posted by | Aug 13, 2007 | |

Fidelity Investments International has picked up a 7 pct stake in Transport Corporation of India (TCI), the Delhi-based express logistics company, for Rs 53o million. TCI will issue equity shares of Rs 2 face value to Fidelity Investments at Rs 105.25 per share, in accordance with Sebi guidelines for preferential issue.

Post-issue, Fidelity’s stake in TCI would increase to nearly 10 pct of the paid up equity. TCI’s executive director Vineet Agarwal said: “The amount raised will be utilized to fund the expansion of TCI, specifically for building capacity in the warehousing space and setting up information technology (IT) systems.” Earlier, in 2006, TCI had announced expansion plans requiring Rs 4500 million of investments in warehousing, fleet upgradation and expansion, shipping and IT systems.

TCI intends to raise another Rs 600-700 million through sale of equity in the following year. “Our plan was to raise almost Rs 1200 million in two stages through equity dilution. The first stage has been completed. We will raise another Rs 700 million within six to nine months,” said Mr Agarwal.

1 GBP = 81.4266 INR

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Indian private couriers not to lower rates

Posted by | Aug 12, 2007 | |

Even after a major tariff revision by the department of posts (DoP) in the below 500gm segment of courier, private players are in no mood to lower rates.

Eyeing a larger share of the Rs 50,000 million business in the below 500 gm segment, DoP reduced tariff in the sub-50 gm segment of the local speed post by 40 pct last month from Rs 20 to Rs 12. The new rate is inclusive of service tax and education cess.

While courier majors like XPS charge Rs 30 for the below 250 gm segment and Rs 50 for the sub-500 gm segment in the same region, department of post charges vary from Rs 12 and Rs 20.

XPS charges Rs 50 for sub 250gm and Rs 75 for below 500gm for the rest of the country. Speed Post charges for courier, other than local; vary from Rs 25 to Rs 80.

Mr.K Prabhakar, president & CEO of XPS, a multimodal express logistics company, said, “We serve a niche customer segment which is driven by service quality rather than price. We don’t see any impact of the decision taken by the DoP.”

According to experts, while majors like Gati and XPS have their niche market, the decision would adversely effect local, unorganized players, who operate on factors such as price rather than service delivery.

Size of the organized sector in the Rs 100,000-million courier industry is about Rs 7,100 crore. Almost 65- 70 pct of the business for the courier industry comes rom the below 300 gm segment. A mere less than 30 pct business comes from the above 500 gm segment.

Gati recently launched value-added services like Café d’eliver and IC -Zip to provide multi-modal solutions to customers.

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Manish Shah, MD, Magnum Cargo., wins FedEx Ship2Drive

Posted by | Aug 2, 2007 | |

FedEx awarded Mr. Manish Shah, Managing Director, Magnum Cargo Pvt. Ltd. with a Maruti Suzuki Car for winning the unique Ship2Drive programme run for Freight Forwarders by FedEx from 1st March 2007 to 30th April 2007.

The FedEx Ship2Drive programme was devised to reward & acknowledge Freight Forwarders as they form an important part of the FedEx customer network and to encourage long standing relationships with the company. During the FedEx Ship2Drive programme Freight Forwarders could earn points for every shipment that was shipped with FedEx during the programme period.

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India Post: pay traffic fine to postman at your doorstep

Posted by | Aug 2, 2007 | |

Long queues for depositing traffic “challans” at collection centers will soon be a thing of the past in the Capital, thanks to a novel initiative by the Delhi traffic police that will send the postman to your doorstep to collect the fine.

Joining hands with the Indian Postal Department, the traffic police have introduced a system under which the postman, who earlier just delivered traffic violation notices, has been authorized to collect the “challan” amount as well.

Addressing a press conference here on Wednesday, Joint Commissioner of Police (Traffic) Qamar Ahmed said all that a violator has to do is to pay the fine amount along with an additional Rs.5 as service charge through a money-order.

The violator will have to paste the counterfoil of the notice on the money-order form and retain the original copy and a receipt issued by the postman. In turn, the postman will be given some incentive for this additional task.

The initiative will also help the traffic police — which issue 12,000 to 15,000 notices every day — cut down substantially on manpower, which could be deployed for more important activities like traffic regulation.

The latest system ensures almost no interaction between violators and the traffic police. The traffic violation details are gathered from various sources – like red-speed camera, traffic monitoring system, e-mail, SMS, complaint cards and helpline — and are processed online in the traffic server installed at Teen Murti Traffic Police Lines. The processing is carried out through an indigenously developed software application that accesses ownership details from the master database, interfaces them with violation details and then prints out the notices. The traffic police also developed a software that will enable payment of “challans” at Automated Teller Machines (ATMs). It is learnt the UTI Bank and the Oriental Bank of Commerce have already given their initial consent for providing such a facility through their ATMs.

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Rail tickets from designated post offices

Posted by | Aug 1, 2007 | |

Indian Railways and the Department of Posts on Tuesday signed an agreement to allow the sale of reserved tickets through post offices spread across the country.

The Memorandum of Understating was signed by A.K. Goyal, Additional Member (Commercial), Railway Board, and S. Samant, Chief General Manager, Department of Posts in the presence of Railway Minister Lalu Prasad and Minister of Communication and Information Technology A. Raja at Rail Bhavan.

Mr. Prasad said this was the joint endeavour of his Ministry and the Ministry of Communications and IT for the benefit of the people, especially for those living in remote areas.

Mr. Prasad said that in future the facility of issuing e-tickets would also be provided at mutually agreed locations.

He said that in the first phase, reserved tickets would be available at: Phulbani (Orissa); Deoghar (Jharkhand); Auraiya (Uttar Pradesh); Anjaw (Arunachal Pradesh); Bishnupur (Manipur); Champhai (Mizoram); Mangaldoi (Assam); Jowai (Meghalaya); Senapati (Manipur); Udaipur (Tripura); Yingkiong, Daporijo, Bomdila & Along (Arunachal Pradesh); Doda and Poonch (Jammu and Kashmir); Panchkula (Haryana); Sundergarh (Orissa); Madras High Court (Tamil Nadu); Ahwa (Gujarat); Noida Sector 56 P.O. (Uttar Pradesh); Udyog Vihar P.O. Gurgaon (Haryana); Dahisar, Mumbai (Maharashtra); Sriperumbudur (Tamil Nadu); Pushkar (Rajasthan); DLF Gurgaon (Haryana); Dwarka Sector-6 (Delhi); Greater Noida Alpha (Uttar Pradesh); Indirapuram, Shipra Sun city, Noida (Uttar Pradesh); Kavinagar, Ghaziabad (Uttar Pradesh).

The Department of Posts will realise service charge from the passengers in lieu of issuing tickets.

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