New disaster warning technology on anvil
NEW DELHI, Dec 16 (Agencies): India may soon have a satellite technology-driven emergency warning system, devised by an Indian itself, providing forewarnings on impending disasters.
Developed by US-based wireless technology major WorldSpace's Senior Vice-President S Rangarajan, the system has been named Addressable Radio for Emergency Alert (AREA) and would help in reaching out to people in remote areas during times of both natural and man-made disasters.
"We are planning to introduce the product in India as early as possible.
Optimistically, we expect to launch the system especially in the coastal districts, which are prone to natural disasters, by 2008.
Later, we plan to move to other regions," Rangarajan said.
Rangarajan was formerly programme director at Indian Space Research Organisation (ISRO).
AREA is expected to deliver the 'disaster alert' within seconds of its transmission from the authorised authority and also has the provision to get connected to a siren.
Further, the device can be powered by small solar panels and the antennas are compact in size.
In normal times, the system can be used for infotainment purposes.
"The receiver automatically turns on even when it is not in use at the time of the alert," Rangarajan added.
In terms of cost, each system would be costing a few thousand rupees depending on AREA configuration - whether it is attached to a computer or a fixed location, with public address for the community, among others.
ICICI, IL&FS, Kotak conglomerate acquires equity stake from MCX MUMBAI, Dec 16 : ICICI, IL&FS, Kotak groups - India's leading financial service & banking conglomerates have acquired 3.55 percent, 5 percent, 1 percent equity stake respectively from Financial Technologies in Multi Commodity Exchange of India Ltd.
(MCX), the country's biggest commodity exchange, at an enterprise valuation of USD 1 - 1.1 billion.
Congratulating ICICI Venture and MCX on this equity deal, K.
Kamath, Managing Director and CEO, ICICI Bank Limited, said "I am happy that ICICI Venture is partnering with Financial Technologies in its highly successful venture, MCX.
FT is creating next generation financial markets within India and globally, where the benefit of technology and price transparency empowers the masses to benefit from globalization.
It is our philosophy to partner with growth-oriented companies that seek to leverage technology and the power of markets for economic transformation, and this investment is a great example of such a partnership." "The strategic tie-ups underscore the global acknowledgement of MCX as a strategic player on the world's commodity stage.
ILFS participation to the list of shareholders in MCX highlights the direction which Indian commexes are taking towards adoption of global best practices and infrastructure development and speaks for a quality team and the professionalism in executing a world class project from conception to a benchmark in itself." observed Ravi Parthasarathy, Managing Director & CEO of ILFS.
"Kotak's India Growth Fund is pleased to be an investor in MCX.
We value MCX's vision of converting India into global hub in major commodities in the economy.
Over the last few years, commodities futures market in India has experienced an unprecedented growth in terms of the number of modern exchanges, commodities allowed for derivatives trading and the value of futures traded.
Among all this, MCX has demonstrated leadership by creating a scalable and technologically sound commodities trading exchange" said Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank Limited.
Jignesh Shah, Managing Director & CEO, MCX , said, "This milestone is a testimony of the quality of the institute we have built, in and from India where the global and domestic best have converged." Some of the other shareholders in MCX include Merrill Lynch, Citigroup, Fidelity International, State Bank of India, State Bank of Hyderabad, State Bank of Indore, State Bank of Saurashtra, State Bank of Patiala, State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner & Jaipur, SBI Life Insurance Co Ltd., HDFC Bank, National Stock Exchange, NABARD, Canara Bank, Bank of India, Union Bank of India, Bank of Baroda and Corporation Bank.
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