Category Archives: Business & Economy

Tata Coffee Board Approves Stock Split

Business & Economy, Coffee News, Coffee, Kodagu (Coorg)

New Delhi:

Tata Coffee, Asia’s largest coffee plantation company, on Tuesday said its board has approved a proposal to split its equity shares from the existing face value of Rs. 10 per share to Rs. 1 per share.

However, the stock split is subject to the approval of company’s shareholders which is proposed to be obtained through postal ballot and e-voting, the company said in a filing to the BSE.

Stock split or sub-division of equity shares is usually done by the companies with the purpose of infusing liquidity by making shares affordable for retail investors who could not invest earlier because of the high stock price.

On November 17, the company had informed that board will consider the proposal of stock split of its equity shares.

Tata Coffee had reported a manifold increase in consolidated net profit at Rs. 32.36 crore for the second quarter that ended on September 30, on account of better performance by the company’s US subsidiary.

Shares in Tata Coffee, on Tuesday, ended at Rs. 977.25 apiece on BSE, up 0.62 per cent from the previous close.

source: http://www.profit.ndtv.com / NDTV Profit / Home> Market / Press Trust of India / November 25th, 2014

BJP gives conditional nod for Bethri project

Agriculture, Business & Economy

Madikeri City Municipal Corporation, which has a majority of Congress members, gave its nod for the Bethri project which intends to provide Cauvery water to Madikeri. The BJP members of the CMC have agreed for the implementation of the project on certain conditions.

CMC Commissioner Pushpavathi tabled the Detailed Project Report of the project prepared by Karnataka Urban Water Supply and Drainage Board (KUWSDB), for approval at the CMC general meeting on Tuesday.

Speaking on the project, she said that the project will be implemented to draw water from River Cauvery, flowing at a place called Bethri. Apart from Madikeri, eight villages will also be supplied water. The total project cost is Rs155 crore, she said.
The project cost includes 60 per cent state government grant (Rs 93.39), 30 per cent of Economic Organisation loan (Rs 46.69 crore) and 10 percent of local body share ( Rs 15.56 crore). The local body share comprises of contribution from Madikeri CMC and eight Gram Panchayats, she said.

CMC Member T S Prakash from BJP said that Kundamestri project is being implemented to provide water for Madikeri during summer. Hence, there is no requirement to draw water at Bethri, the expenditure of which is to the tune of hundreds of crore rupees.
He meanwhile added that the CMC should avail permission from Cauvery Water Board, before proceeding further.

K S Ramesh from BJP said that the CMC has provided lots of funds for Kundamestri project. If the approval is granted for Rs 155 crore project, the CMC will not be left with enough funds for the maintenance of the project. Already, several development works have been pending due to shortage of funds.

Another BJP member P D Ponnappa said that though the BJP is not against the project, it is dogmatic about the successful execution of the same. The water projects should be able to provide water round the clock. The complete cost of the project should be borne by the government, without burdening local bodies, he urged.

After a prolonged discussion, CMC President Julekabi confirmed the approval for the project by CMC.

Illegal bar
During a discussion, SDPI Member Amin Mohisin alleged that a bar has been illegally opened in the land belonging to CMC near private bus stand. In spite of Deputy Commissioner’s directions to initiate action, the CMC Commissioner has not acted upon so far, he alleged. CMC Commissioner Pushpavathi said that the records of the land are being verified and stern action will be taken against bar owners, if found illegal, she said.

A refund trail
BJP Member T C Prakash alleged that Rs 15 lakh payment towards the new CMC building was not paid to the contractor, as the building construction was not carried out properly. But the bill was paid after the CMC Commissioner took over, he said.
Commissioner Pushpavathi replied that she was not informed earlier and after learning about the situation, she has served a notice to the contractor, asking him to refund the amount to the CMC.

DH News Service

source: http://www.deccanherald.com / Deccan Herald / Home> District / DHNS – Madikeri, November 25th, 2014

Bethri project awaits Madikeri CMC approval

Business & Economy, Green Initiatives / Environment

Karnataka Urban Water Supply and Drainage Board has prepared a report on Bethri water project to supply water from river Cauvery to Madikeri. The report has been sent to the Madikeri CMC for approval.

Bethri project was used for political purpose for the last several years. To take up the work on detailed project report for the Bethri project, the council nod is essential. As a result, the project is likely to be discussed in the CMC meeting on November 25. At present, Congress is ruling the CMC. Out of 23 members, the Congress has 10, BJP—8, SDPI—4 and JD(S)—1 members.

About project

River Cauvery takes its birth in Talacauvery situated on the foothills of Brahmagiri. From Bhagamandala, it flows to Bethri-Siddapura-Kushalnagar before reaching Mysuru. Bethri is situated 22-km from Madikeri. Supplying water from Bethri to Madikeri is the project. The project also aims at supplying water to eight villages including Kaggodlu, Biligeri, Badaga, Moornadu, Hakathuru, and Mekeri. Karnataka Urban Water Supply and Drainage Board engineers will prepared a detailed project report.

Estimate

According to sources, the project was initiated when Gundurao was the Chief Minister. The estimated cost of the project was Rs 1.23 crore. The estimated cost escalated to Rs 15 crore when S M Krishna was the chief minister. Inspite of it, the project never took off. Neither the coalition government nor the BJP government showed any interest in the implementation of Bethri project. Demanding the implementation of the project, Congress had staged a protest several times in the past. However, the BJP members in the council never allowed them to implement the project.

The BJP government gave nod for the Kundamestri project in 2010. With the Congress government in the State, the project has once again come to limelight. In fact, during his visit to Bethri, Urban Development Minister Vinay Kumar Sorake had promised to start the project and had directed Karnataka Urban Water Supply and Drainage Board engineer prepare a DPR. It is estimated that the project cost would be Rs 155.65 crore. Of which, 60 per cent of the share will be borne by the State government (Rs 93.39 crore), 30 per cent as loan from financial institutions (Rs 46.69 crore) and 10 per cent by the local body (Rs 15.56 crore).

source: http://www.deccanherald.com / Deccan Herald / Home> District / by Srikanth Kallammanavar / Madikeri – November 23rd, 2014

Kodagu gets award for tourism

Arts, Culture & Entertainment, Business & Economy, Records, All, World Opinion

Kodagu has bagged the title of “Favourite Emerging Destination” in India at the Readers’ Travel Awards event in New Delhi on Tuesday

The award was presented to G Sathyavathi, Director, Department of Tourism, Karnataka by Divia Thani, Editor of Conde Nast Traveller magazine, Lalit K Pawar, Secretary, India Tourism and Nicholas Coleridge, President, Conde Nast International.

Kodagu has been the most popular hill station in south India for many years, said Minister for Tourism R V Deshpande. “Locals have made the experience more interesting by offering excellent cultural, culinary and nature-engaging experiences that attract tourists again and again,” he added.

source: http://www.deccanherald.com / Deccan Herald / Home> City / DHNS – Bengaluru, November 27th, 2014

Rural Tourism : A suggestion to Mysuru-Kodagu MP

Business & Economy

by N.K.A. Ballal, Retd. Sr. Vice-President, ITDC

Rural tourism is essentially an activity which takes place in the country-side. Unlike the conventional tourism, the rural tourism is experience-based, nature and environment-friendly and is strictly based on preservation of our culture, heritage and traditions.

The benefits of rural tourism is multi-folded. Along with the creation of alternate source of income, it also helps in the revival of the local arts and handicrafts. It helps women empowerment, poverty alleviation and improves the standards of living of the rural folk. That is the reason, Government of India is giving so much importance and emphasising on the development of this form of tourism and is offering lots of incentives and subsidies for the same. Almost 74 percent of the population living in rural India and with almost 7 million villages, India is ideally suited for this form of tourism. With all major cities in India becoming urban jungles, the people are on the look-out for escape route and this form of tourism would definitely help.

Another major advantage is that rural tourism can be an upmarket experience both for domestic and international tourists. This is one of the primary reasons that the Home-Stay concept introduced by Karnataka Tourism has been a resounding success with more that 3,000 Home-Stays in place. Coorg is overflowing with domestic tourists from all over India. And most of them prefer to stay in these homes amidst the coffee estates and be with the nature. A win-win situation both for the tourists and the estate owners.

“Stop. Take a deep breath and walk, fly or catch a train away from the city and into the world where the average pace of life is slower than slow. It is not down in any map, true places never are.” [Herman Melville].

I would like to enumerate some well-known rural tourism centres in India for the benefit of SOM readers:

1. Eco-sphere Spiti – high altitude rural tourism: The Spiti Valley is a lesser known alternate to Leh and Ladakh. Visits to Buddhist Monasteries, Yak safaris, treks to villages, village home-stays and cultural performances are some of the activities on offer.

2. Chhotaram Prajapat’s Home-Stay near Jodhpur: This home-stay has become very famous since its inception wherein one can stay in village dwellings [with western commode], learn the art of weaving and experience home cooked food, camel safaris, folk dances, village trekking etc.

3. Lakshman Sagar – luxury rural tourism in Rajasthan: Here one can experience rural tourism in luxury of well-made huts or tents. New attractions would be brick-making kilns, chilli drying and wholesale market, nature walks and horse safaris.

4. Rural tourism at Kutch, Gujarat: Here one can experience the vibrancy of Gujarat, culture, art and dances.

5. Farming in Punjab: This trip is for tourists who want to see and experience traditional farming, dances and Punjabi cuisine.

6. Tribal travels in North East: Here one can experience the pleasures of mountain rides, trekking in unknown territories and interacting with tribes like Naga and Bodo.

7. Kila Raipur – rural Olympics in Punjab: The famous bullock cart race which happens in February every year.

8. Rural tourism in Maharashtra: This includes ‘the story of rice’ which allows the tourists to experience the way rice is cultivated, lessons about the famous worli paintings or visit to a village in the month of June when millions of fireflies light up the hills of western ghats.

I have just enumerated some of the rural tour initiatives which have become popular in the international calender but alas, as usual we Kannadigas have missed the bus. In spite of having all the features mentioned above, we have not been able to encash upon this novel tourism idea so far.

Whether ploughing a field, harvesting rice, learning to make toys or pots, traditional jaggery making, teaching the tourist how silk worm is bred, riding in a bullock cart or simply sleeping under the stars, rural tourism initiatives are not just giving the city-dwellers a taste of life on the other side of the farm hedge; they are creating sustainable eco-systems which provide alternate source of income for the village dwellers without straining their existing resources.

Since our Prime Minister has asked our MPs to adopt a village and convert that into a model village, I have the following suggestion to our own MP Pratap Simha. Sir, you can choose a village near Mysuru which has some traditional artisans or folk dancers living there and try to develop the same as a rural tourism venture. You can also adopt another village at Coorg which can highlight the exotic culture, dress and cuisine of the Kodavas. Apart from the money you have at your disposal from your own fund, this form of tourism gets lots of incentives from the Ministry of Tourism and Rural Development, which can be tapped. The village council can be persuaded to make some traditional huts with western commodes so that the tourists can be made to stay and experience the real village life.

This form of tourism should strictly be upmarket to ensure that only quality tourist come in and not quantity. Of course, our Department of Tourism should actively and aggressively market it at all the trade marts abroad. Just like the Home-Stays in Coorg, this will catch on and will bring in prosperity to the village and the region. A point to ponder.

[Do write your comments to ananthballal@yahoo.com]

source: http://www.starofmysore.com / Star of Mysore / Home> Feature Articles / December 03, 2014

Kasturirangan report on ESZ: Public hearing in Madikeri tomorrow

Business & Economy, Green Initiatives / Environment, Nature

Madikeri :

The State-level Expert team will be visiting Madikeri tomorrow to hold a public meeting with respect to the Kasturirangan Report, which recommends declaring 53 villages in Kodagu district as Eco-Sensitive Zones (ESZs).

The meeting is scheduled to be held at the Fort Mini Hall at the DC’s office at 3 pm.

There has been a wide range of protests by people of Kodagu and organisations demanding the State Government not to consider the Kasturirangan Report. The team is visiting Madikeri to hear public grievances on the issue.

Meanwhile, a few organisations under the banner of Kasturirangan Varadi Virodi Samithi have also planned to stage protests tomorrow.

Deputy Commissioner Anurag Tiwari said that it was an opportunity for the public to put forward their objections before the team. He added that the video recording of the meeting would be sent to State Government.

Tiwari has urged the people to maintain peace during the meeting and added that security would be beefed up around the meeting venue.

Kasturirangan Report also recommends for prohibition of mining and industrialisation, ban on chemical fertilisers and control over development works in areas declared as ESZs.

source: http://www.starofmysore.com / Star of Mysore / Home> General News / December 03, 2014

Kodagu may see 35 lakh tourists this year

Arts, Culture & Entertainment, Business & Economy, World Opinion

Mysuru :

With its postcard-perfect settings, pleasant climes and green environs, Kodagu is a dream destination for holiday goers. No wonder then that the ‘Scotland of India’ is seeing an influx of visitors. While the average number of tourists hovers around 25 lakh a year, this year may spring a surprise. “The number may cross 35 lakh,” says V Paneesh, assistant director of the tourism department.

The department itself is taken aback at this unprecedented footfall and interest in the hilly district. For, the infrastructural facilities in Kodagu provided by the government are no match for the flood of tourists. But the growing number of home stays set up by locals has somewhat offset the government’s apathy. While 249 home stays are registered, a recent drive by the administration to persuade more home stay owners to legalize their business has upped the number to 477. In addition, there are more than unregistered 1,500 home stays doing brisk business. Vinitha Karumbaiah, secretary of the Kodagu Home Stay Association, said this year saw heavy tourist rush during October.

While tourists rave about the scenic splendours of Kodagu, they wish more attention is paid to infrastructure too. Home stays should be regulated to avoid exploitation of visitors, says Pallavi Abhishek Majumdar, a tourist from north India staying in a Madikeri home stay. Regular buses should be arranged for tourists with guides to visit the spots, she adds.

KSTDC MD P S Harsha says the department has commenced trial bus trips from Madikeri to Abby Falls and Talacauvery and assured to introduce more buses to other tourist spots depending on the demand.

Why kodagu beckons?

What makes Kodagu attractive for tourists is that it has something for everyone, be it adventure tourism, temples, historical places or wildlife parks. Some of the popular spots include Talacauvery, Bhagamandala, Abbey Falls, Madikeri fort, Raja’s Seat, Omkareshwara temple, Nalaknad fort and Chelavara Falls near Napoklu, Dubare elephant camp and river rafting centre, Nisargadhama, golden temple at the nearby Tibetan settlement, Irpu Falls and Nagarhole National Park in South Kodagu, Mallalli Falls and Pushpagiri hills in Somwarpet taluk.

Tourists set to multiply

Tourist inflow to Kodagu is bound to multiply in the coming years for various reasons. As it shares the border with Kerala and is landlocked by coastal Dakshina Kannada district and Hassan and Mysuru cities, it’s a hop-over destination for many. That other historic and tourist-driven cities like Mysuru and Hassan are within reach makes it even attractive.

The commissioning of international airport in Kerala’s Kannur, 95 km from Madikeri, is also expected to boost tourism here. “Once this airport gets commissioned in mid 2016, tourist numbers will rise drastically,” says Paneesh, adding that tourists who fly in now have to come via Bengaluru or Mangaluru, which are far from Kodagu.

However, tour organizers and home stay owners feel the department should work out a comprehensive plan to manage the crowd of visitors as they foresee problems in waste disposal, transport and infrastructure apart from civic and administrative hassles. They also want the government to encourage resorts and home stays and ease laws to cope with the increasing tourist inflow.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Mysuru / TNN / November 29th, 2014

Coffee Board targets 400,000 tonnes production in 5 years

Business & Economy, Coffee News, Coffee, Kodagu (Coorg)

Enhances subsidy rates and extends assistance to corporates & co-operatives in 12th Plan period

The Coffee Board has set a target of achieving 400,000 tonnes of bean production through more of planting and productivity in the next five to 10 years, about 30 per cent growth over current output.

In 2013-14, production was 304,500 tonnes, a level it has roughly stayed at in recent years.

“Coffee production has stagnated. We have chalked out several programmes like area expansion in non-traditional areas and replanting in traditional areas, along with productivity enhancement,” Board chairman Jawaid Akhtar told planters here on Thursday.

A package has been readied for Andhra Pradesh and Odisha. Plantations in the former’s Araku valley were hit by the recent Hudhud cyclone; about 1,000 tonnes of damage is estimated. Tribals in the region had grown around 6,700 tonnes, spread over 58,000 hectares, Akhtar said. As part of the area expansion, he told the annual coffee conference organised by Karnataka Planters’ Association and United Planters’ Association of Southern India, the aim is to have the Araku valley produce around 25,000 tonnes in the next five years. The Board has proposed to provide Rs 10 per kg subsidy to tribals for marketing it, he said.

The Board has also proposed to continue its replantation and expansion subsidy for growers. The modalities to implement new schemes are likely to be approved next week, Akhtar said. It wishes to retain the replantation or expansion subsidy rates at 40 per cent for areas up to two hectares, 30 per cent for two to 10 ha and 25 per cent for holdings above 10 ha for the 12th Plan period. In addition, it has proposed to raise the unit cost calculation by 75 per cent to Rs 175,000 a ha. For the first time, it has proposed to have corporate groups and co-operatives be eligible for the subsidy.

Also for the first time, the Board has introduced a subsidy for eco-certification, at half the certification cost, with a ceiling of Rs 50,000 a beneficiary. It has also raised the subsidy for quality upgradation to Rs 2.5 lakh up to 20 ha.

The Board has also continued a subsidy scheme for pollution abatement measures and made corporate and cooperative growers’ bodies eligible. The rate of subsidy is to be doubled to 40 per cent, with a ceiling of Rs 5 lakh for a beneficiary.

It has also proposed to enhance the rainfall insurance premiums for small growers and reimburse them up to 75 per cent of the premium. For the first time, it has proposed a support of Rs 4 a kg of clean coffee to small grower collectives, self-help groups and other cooperatives.

The incentive for export of value-added coffee in retail packs as India brands has been enhanced by 50 per cent to Rs 3 a kg. Plus a doubling of the incentive for export of high value coffee to high value markets, to Rs 2 a kg.

Also for the first time, a 25 per cent subsidy on the cost of machinery for curing units, to a ceiling of Rs 50 lakh each.

source: http://www.business-standard.com / Business Standard / Home> Markets> Commodities> Other Commodities / by Mahesh Kulkarni / Bengaluru – November 13th, 2014

State-level co-operative week from November 14

Business & Economy

CooperativeKF23nov2014

The 61st All India Cooperative week will be observed in the state at Raitha Bhavan in Kushalnagar from November 14. All preparations have been made for the success of the programme, said Kodagu district Central Cooperative Bank President B D Manjunath.

Addressing mediapersons in Madikeri on Wednesday, he said that a jatha will be carried out from Primary school at 10 am. The jatha, comprising art troupes will reach Raitha Bhavan at 11 am, followed by the stage function.

District in-charge minister K J George will hoist the organisation flag. Minister for Cooperation H S Mahadevaprasad will inaugurate, Excise minister V Srinivas Prasad will felicitate senior leaders from cooperation sector.

MLA MP Appachu Ranjan will inaugurate a book ‘Sahakarigalondige Samalochane’ on the occasion. MLA K G Bopaiah will unviel the portrait of Cooperative movement pioneer Kuradanagowda P Doddaiah. MP Prathap Simha will inaugurate an exhibition. Senior leader of the cooperative sector M C Nanaiah will be felicitated on the occasion. Cooperative Union President G T Devegowda will preside over.

The entrance archs will of the venue will be named after Dr Varghese Kurian, Siddannagowda, Sannaramanagowda Patil, Kuradanagowda Doddiah and S R Varadaraju Shetty. The 61st All India Cooperative week will be observed with the coordination of State Cooperative Union, State credit cooperative association union and District Central Cooperative Banks.

Kodagu district Cooperative Union President M P Muthappa said that special lectures will be organised for students.

Cooperative Union Deputy Registrar G R Vijay Kumar, DCC Bank General Manager Muthanna, Kodagu district Cooperative Union CEO Yogendra Nayak and others were present.

source: http://www.deccanherald.com / Deccan Herald / Home> District / Madikeri – DHNS, November 13th, 2014

Madikeri to get a private bus stand soon

Business & Economy

The long-pending demands of the people of Madikeri to have a private bus shelter will be realised soon with the State government giving its nod for the construction. The work will commence shortly.

BusStandKF20nov2014

The bus shelter will come up on a three acre land belonging to horticulture department near SAI stadium. The estimated cost of the bus shelter is Rs 4.99 crore. Chief Minister Siddaramaiah had recently laid foundation for the work.

The bus stand will be constructed jointly by the CMC and the State government.

A sum of Rs 2.09 crore will be utilised for the construction of bus shelter. The bus shelter can accommodate 25 buses at a time. Rs 2.14 crore will be utilised for concreting the road, Rs 50.19 lakh for compound wall and culverts and Rs 25 lakh for toilets, said sources in the CMC.

source: http://www.deccanherald.com / Deccan Herald / Home> District / Madikeri – DHNS, November 10th, 2014