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Vizag Daily News

U.S. Entrepreneur Bets Big On VSP 28-Jan-2017
VISAKHAPATNAM: An American entrepreneur who has made his largest investment in Visakhapatnam, sees bright potential in the city to emerge as a prominent commercial and financial hub. Pena4 Inc President and CEO Manny Pena who was here to participate in CII Partnership Summit-cum-Sunrise AP Investment Meet, told on Thursday that the city with a large talent pool and beautiful landscape has scope to grow into a world-class city. Pena4 Tech the Indian arm of Pena4 Inc has its largest facility in the city – a 100 per cent FDI with an initial investment of US$ 3 million in 2011. While Mr. Pena has 90 % stake, Ravi Eswarapu a local entrepreneur and former senior executive of Tech Mahindra has 10 % in Pena4 Tech. Pena4 Group with three companies under its umbrella, is into healthcare with focus on International Coding for Diseases (ICD)- related services, IT Product Development and back office operations for US companies in the area of client management, production management, finance, and HR operations. The company has plans to invest an additional US$ 3 million in capacity building and training in next generation technologies across the State and invest in startups as an angel investor in Internet of Things, cyber security, analytics, FinTech and artificial intelligence in next two years.
Fall in Property Registrations 17-Jan-2017
Visakhapatnam: Contrary to the popular perception that real estate dealings have hit a low after demonetisation, registration of properties has not suffered a steep fall. However compared to October December saw a considerable decline. Comparative statistics from October to December in the district show that the number of registrations resulting in sale of properties progressively fell. While 4,945 registrations were done in October, the number dropped to 3,415 in November and it was not a drastic fall going by the registration trends, according to DIG, Stamps and Registration, T. Saroja.
No Headway in Mega IT Projects 05-Jan-2017
Millennium Tower to become fully operational by December 2017. Mega projects mooted for Visakhapatnam in IT sector have not seen much progress except for the Millennium Tower which will be fully operational by December 2017. A variety of reasons are attributed for the failure to ground the projects. For instance the proposed iconic tower at Visakhapatnam Special Economic Zone, Duvvada, for which Union Minister of State for Commerce Nirmala Sitharaman laid the foundation stone two and half years ago is yet to see any civil work getting launched for want of release of funds from the Centre.
Hopes Of Pharma Sector Shattered 30-Dec-2016
Industry in deep despair as many proposals remained on the paper. When 2016 began the pharma industry in the State hoped to get an impetus in exports following promises to set up campus of Pharmaceuticals Export Promotion Council of India (Pharmexcil), National Institute of Pharmaceutical Education and Research (NIPER) and develop second pharma city. Almost a year later the industry is in deep despair as the proposals have remained on the paper. Not a single major investment has come to the region during the year. Moreover its demand for removal of Minimum Alternate Tax for units which came up in Special Economic Zone or reducing it from 20 to 7 per cent and doling out of sops for the new-born Andhra Pradesh has fallen on deaf ears. Pharma units are spread over Visakhapatnam, Srikakulam and Vizianagaram in North Andhra making the region the main hub of State’s pharma industry. Jawaharlal Nehru Pharma City (JNPC), being operated in the PPP mode at Parawada has itself has an estimated turnover of Rs. 15,000 crore.
Belt Shops Bane of Peda Jalaripeta 28-Dec-2016
Men spend major portion of income on alcohol, say fisher women. When men set out for fishing in the wee hours, women try to lend a helping hand to them by selling the fish in the market. While the Fishing Harbour remains the main marketing hub for the fisher folk residing at Peda Jalaripeta a portion of the varieties will also be sent to other markets. Peda Jalaripeta is one of the oldest fishing hamlets in the city where more than 10,000 people reside. Fishermen of the neighborhood say they are able to catch a considerable number of tunas quite often. Besides the local fish markets tunas are in great demand across Kerala and Tamil Nadu and will fetch big bucks. When we catch net tunas it literally means celebration to us says T. Parasanna, president of Grama Seva Sangham, Peda Jalaripeta.
Gangamma Jatara a Big Draw 27-Dec-2016
Villagers in large numbers throng the goddess temple and offer prayers. Thousands of villagers thronged the temple of goddess Arimanu Gangamma at Chinnampalle village of Yadamarri mandal 10 km from here and took part in the jatara. The highlight of the temple is that it is located under the giant banyan and neem trees, believed to be aged over 300 years. Along with Chinnampalle residents, the jatara also witnessed the participation of people from several villages in the surroundings, and from border hamlets in Tamil Nadu.
Cool Weather Raises Hopes 21-Dec-2016
Demonetisation, cash crunch hit the sale of woollen wear this season. VISAKHAPATNAM: Even as the temperatures in the city dipped to a record low in the past couple of days, it has been a winter of despair for the families from Tibetan settlement in Odisha’s Chandragiri who arrived in the city in October with their woollen wears. Around 11 families set up their stalls at the Police Barracks during this time of the year to sell woollen wear like sweaters, shawls, stoles, pullovers, and sporty jackets in an enticing range of colours.
Festive Season Brings No Cheer 12-Dec-2016
VISAKHAPATNAM: The otherwise bustling garment showrooms wear a deserted look as the number of footfalls has reduced considerably over the past one month following demonetisation. While most retailers look forward to December and January months to push their sales, this year they find it tough to figure out ways to overcome setbacks and deal with cash-strapped customers in particular. Mall owners say that the sales volume has been impacted because of the liquidity crunch. Normally we expect the sales volume to pick up during Christmas season and continue to scale up till Sankranti. However this year there is already a 40 to 50 per cent drop in the business. This is basically because the purchasing power of people has drastically come down post demonetisation, says Mavuri Venkata Ramana chairman and managing director of CMR Group.
Samata Express Renamed 09-Dec-2016
Railway Minister flags off the train. The Rashtriya Ispat Nigam Limited (RINL), corporate entity of the Visakhapatnam Steel Plant, has chosen the Visakhapatnam bound Samata Express to promote its brand Vizag Steel. The Vizag Steel Samata Express has been emblazoned with eye-catching Vizag Steel promotional visuals across its entire length. Vizag Steel is the brand name of the state-owned RINL with an annual capacity of 6.3 million tonnes of long steel products and is one of the leading domestic long steel producers, supplying wire-rods, re-bars, structural, squares and rounds catering to construction and infrastructure sectors.
IRCS Awards Presented to Officers 19-Nov-2016
More than 180 officers and others representing various institutions and organisations were presented with gold medals, Seva mementos, shields and cups in recognition of their service to the Red Cross, enrolling members, mobilizing resources and intensifying service activities during 2012-13, 2013-14 and 2014-15 at a function organised by the Indian Red Cross Society (IRCS) State branch at Port Kalavani Auditorium here on Friday. Governor and President of IRCS State branch E.S.L. Narasimhan gave away the awards.
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