MUMBAI: Leading private equity (PE) funds such as Blackstone, Morgan Stanley, IDFC, and Singapore-based developer-investors Ascendas and Mapletree, among others, have put in bids for the Essar Group-backed Equinox Realty’s commercial project here.
Equinox Realty was seeking a valuation of around Rs 2,000 crore, said sources in the know. If a transaction materialises at this value, it would be one of the biggest PE deals in commercial property. Recently, Ascendas bought a property in Hyderabad from Phoenix Infocity for Rs 855 crore and Blackstone struck a deal for DLF’s special economic zone (SEZ) in Pune for Rs 810 crore.
“The funds have shown interest in the project. Now, the company has to take direction from the Essar family, negotiate with funds and close it. It will take at least three months,” said a person aware of the talks.
The project, Equinox Business Park, is located off the Bandra Kurla Complex. With a development space of 1.2 million sq ft, it is one of the largest campuses in the area. While three towers in the building are operational, the fourth is expected to be completed in six months.
Cherag Ramakrishnan, chief executive officer of Equinox Realty, declined to comment on the matter. Comments from a Morgan Stanley spokesperson could not be had and a senior Blackstone executive refused to talk on the matter. A Mapletree spokesperson also declined to comment. An email to Ascendas elicited no response.
“For Essar, it is a non-core asset. Funds are showing interest as it is half-rented and has a huge potential, located very close to the Bandra Kurla Complex,” said a senior executive who has tracked the deal. Essar had bought this property from the Ashok Piramal Group’s Peninsula Land for Rs 1,100 crore in 2007.
According to market sources, most of the big funds such as Blacktsone, Morgan Stanley and IDFC are looking at commercial properties due to stabler returns and lower associated risks.
“If you enter with a 11 per cent yield, with a 15 per cent escalation you can easily make a return of 18 to 19 per cent. They think it is better than taking development risks in residential projects and giving 24 to 25 per cent returns to investors,” said a global property consultancy’s capital transaction head.
Equinox Realty, headquartered in this city, started the business in 2007. It has a portfolio of nearly 16 million sq ft, under various stages of development.
ESCORTS TO MERGE 3 GROUP FIRMS WITH SELF, CONSOLIDATE STAKE
NEW DELHI: Escorts Ltd has decided to merge three group firms – Escorts Construction Equipment Ltd (ECEL), Escotrac Finance & Investments Pvt Ltd (ESCOTRAC) and Escorts Finance Investment & Leasing Pvt Ltd (EFILL) – with itself, a move that will allow the promoters to consolidate their control in the group flagship. ESCOTRAC, EFILL and Escorts own shares in each other while ECEL is a wholly-owned subsidiary of Escorts. ESOCTRAC and EFILL own 12.83% and 6.5%, respectively, in Escorts, while Escorts owns 49.81% in the two companies. ESOCTRAC and EFILL own 49.81% each other. The merger of these companies will result in two things. First, the equity base of Escorts will expand because of the merger of the wholly-owned subsidiary with the parent company. Second, Escorts will issue its own shares to either a trust or a group holding company in lieu of the ESOCTRAC and EFILL shares in the company that will get extinguished. (For details log on to : http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/escorts-to-merge-3-group-firms-with-self-consolidate-stake/articleshow/12772840.cms)
MIH GROUP ACQUIRES 51% STAKE IN TEK TRAVELS
NEW DELHI: MIH Group, a subsidiary of South African media conglomerate Naspers and owner of social networking site Ibibo, has acquired a 51% stake in Gurgaon-based travel company Tek Travels, which owns B2B travel portal Travel Boutique Online. Ankush Nijhawan, co-founder and CEO of Travel Boutique Online, confirmed the acquisition but declined to comment on the financial details of the transaction. But a senior executive within the travel industry, who is familiar with the development, estimated the value of the deal at tens of crore. “This is a strategic partnership between MIH Group and Travel Boutique Online,” said Nijhawan who, along with IIT alumnus Gaurav Bhatnagar, founded Travel Boutique Online in 2006. The two will continue to run the company along with the entire management after the acquisition. “While MIH will gain footprint in the domestic online business travel space, we will be able to tap international markets,” he observed. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/services/travel/mih-group-acquires-51-stake-in-tek-travels/articleshow/12770382.cms)
KANORIA CHEMICALS ACQUIRES SWITZERLAND BASED APAG HOLDINGS
NEW DELHI: Delhi based Kanoria Chemicals & Industries Limited (KCI) has acquired Switzerland based APAG Holding for an enterprise value of around 7.69 million Swiss Franc (CHF) equivalent to Rs 44 crore, that includes a debt of Rs 7.43 crore. Under the share purchase agreement KCI had acquired 90% ownership of APAG Holdings and its wholly owned subsidiary APAG Elektronik AG, Switzerland for a purchase consideration of CHF 6.39 million (Rs 36.53 crore). The balance 10% stake will be acquired by 2014 on the basis of a pre-fixed pricing formula. In addition, KCI will also take over the loan of CHF 1.30 million provided by the selling shareholders to the group. The deal that is expected to close next month will be funded through internal accruals. APAG Elektronik is engaged in development and sale of electronic and other control devices for the automotive, consumer goods, building automation industries. The designing and engineering facility of the company is located in Switzerland, while the manufacturing facility is located in the CzechRepublic. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/chem-/-fertilisers/kanoria-chemicals-acquires-switzerland-based-apag-holdings/articleshow/12752587.cms)
FEDDERS LLOYD, US-BASED INVENERGY IN TALKS FOR WIND FARM VENTURE
MUMBAI/AHMEDABAD: B R Punj-promoted Fedders Lloyd Corporation Ltd (FLC) is in the initial stage of discussions with US-based Invenergy LLC, a wind power generation company for developing wind farm projects in Indiaand African countries like Tanzaniaand Kenya, a senior official of the company informed. FLC is looking for an equity partnership with Invenergy for an investment of around Rs 2,000 crore for wind farms. “We are considering a foray into wind farm business and have initiated talks with US-based Invenergy for a partnership. Besides India, inquiries have also started pouring in from African countries such as Tanzaniaand Kenya. This would attract investments to the tune of Rs 2,000 crore and we are looking for an equity partnership with the USfirm,” said N D Jain, head-wind energy business, Fedders Lloyd Corporation Ltd. (For details log on to : http://www.business-standard.com/india/news/fedders-lloyd-us-based-invenergy-in-talks-for-wind-farm-venture/472069/)
PIRAMAL REALTY INKS JV PACT WITH FAMOUS STUDIOS FOR JOINT DEVELOPMENT OF PROPERTY
MUMBAI: The Ajay Piramal-led Piramal Realty has entered into an agreement with the owners of Famous Studios at Mahalaxmi in South Mumbaifor joint development of the property, people familiar with the development said. The transaction for the prime property spread over around one and a half acre just opposite the Mahalaxmi racecourse is expected to be worth about 350 crore. A large portion of the money will be paid in the form of space in the proposed development. Arun Roongta, the owner of Famous Studios, denied any plans for joint development or sale. A spokesperson for Piramal Realty declined to comment. But a person close to the transaction said that the deal has been concluded. Under the proposed deal, Piramal Realty and the owner of the studio will jointly develop a high-end residential property overlooking the racecourse. The developer has offered to pay around 80 crore upfront, one person close to the deal. Piramal has also offered nearly 40% share in the project revenue to the landlord. (For details log on to : http://economictimes.indiatimes.com/markets/real-estate/news-/piramal-realty-inks-jv-pact-with-famous-studios-for-joint-development-of-property/articleshow/12740120.cms)
MERCK PLANS RS 750-CRORE VACCINE LAB IN INDIA
BANGALORE: MSD, the Indian unit of US-based pharmaceutical major Merck, plans to set up a laboratory for developing vaccines with an investment of $150 million (Rs 750 crore). The lab, MSD Wellcome Trust Hilleman Laboratories (the Hilleman Labs), is a joint venture between Merck & Co, Inc (which operates in India as MSD Pharmaceuticals) and the Wellcome Trust (a London-headquartered research charity). The lab, set to come up at Delhi’s Jamia Millia Islamia University campus, will focus on developing vaccines pertaining to various diseases prevalent in tropical countries. But it’ll be available to the developed world, as well. “It’s the developing world where the prevalence rate of many of the diseases is high,” pointed out a pharma analyst. “This is the opportunity that pharma companies are trying to tap.” To its credit, Hilleman Laboratories has developed a rotavirus vaccine that is said to have 90 per cent efficacy against severe rotavirus gastroenteritis. This allows for greater temperature consistency and less reliance on exact storage timing and refrigeration. MSD, meanwhile, set up a call centre in Hyderabad, which has well-qualified dedicated counsellors, who counsel patients, for instance, on the type of diet. (For details log on to : http://www.business-standard.com/india/news/merck-plans-rs-750-cr-vaccine-lab-in-india/472140/)
ARVIND EYES 20% BIZ FROM ITS NEW DYNAMO, UNIVERSAL DENIM RANGE
MUMBAI/AHMEDABAD: Cashing in on the stretch denim demand, Arvind Ltd. is looking at close to 20 per cent of its denim fabric sales from its newly launched Dynamo and Universal Denim in next few months. Incorporating advanced technology in making stretch denim fabric, Ahmedabad-based Arvind Ltd. recently launched two new varieties of denim, namely Dynamo and Universal. While Dynamo Denim has improved properties of dimensional stability and consistently low shrinkage, the ‘Universal’ variety looks to cater to the sustainable yet fashion demand among denim users. Dynamo Denim is a fresh collection with innovative commercial fabrics that outperform current stretch denims. The product retains its recovery and stretch feature that are normally lost in standard stretch denims. Also, it maintains the fresh out of the dryer shape without any bagging or sagging, even after multiple uses. On the other hand, effective application of process chemicals enables uniform application of functional aqueous chemistry to the ‘Universal’ denim with less than half the water required by conventional systems, thereby making it non-toxic. (For details log on to : http://www.business-standard.com/india/news/arvind-eyes-20-bizits-new-dynamo-universal-denim-range/472070/)
HTC TO LAUNCH 10 NEW MODELS IN INDIA
CHENNAI/HYDERABAD: Taiwan-based smartphone maker HTC will be launching around 10 new models at different price points during the current calendar year, according to Faisal Siddique, country manager (India). “We currently have 18 models in our portfolio. We are lining up seven to 10 new models this year. These include OneS, a 4.3-inch, dual core processor smartphone, which will be launched in the next six to seven weeks,” he told mediapersons here on Friday. HTC rolled out its One Series of smartphones with two models – OneX and OneV – in the Indian market on April 2, 2012. OneX, which the company claims to be the world’s first phone with five processors, including one to manage power consumption, is priced at Rs 37,889, and OneV at Rs 18,229. HTC integrated Dropbox, a cloud-based storage, to offer HTC One customers 25 GB of free space for two years. It also integrated Beat, in which it has acquired a stake, for more authentic audio experience. (For details log on to : http://www.business-standard.com/india/news/htc-to-launch-10-new-models-in-india/472112/)
HINO PLANS TO SET UP INDIA MANUFACTURING BASE
PUNE: Global automakers are finding the 20% plus growth in the Indian commercial vehicle market irresistible. After Volvo, Daimler, Man Truck & Buses and Scania, next big global CV brand to be seen on the Indian highways will be the Hino brand from Toyota. This will be second coming for the company after their joint venture, DCM Toyota, ended in Indiaalmost two decades ago. Hino is the largest manufacturer of heavy- and medium-duty trucks in Japanand sells over one lakh units of Hino-brand trucks and buses a year in overseas markets. The 102-year-old Hino Motors, a Toyota Group company, is firming up plans for setting up a manufacturing base in India. Hino is into medium-duty trucks, heavy-duty trucks and buses. The company did make an entry into Indiain 2008. Hino Motors Sales India, a 65:35 joint venture between Hino Motors Japan and Marubeni Corporation of Japan, has set up its corporate office in Mumbai. Hino imports completely-built units into Indiafrom Hino Thailand. Hino Motors has put 300 trucks on Indian roads but the Indian operations was hit because of supply constraints, first because of the Tsunami in Japan, which affected Hino’s supplies globally, and yet again with the floods in Thailand in 2011, too affected imports of trucks to India. The aggregates for the CV now come from Japanand is assembled in Thailandand then exported as CBU to India, making best use of the FTA between Japan-Thailand and Thailand-India. (For details log on to : http://www.financialexpress.com/news/hino-plans-to-set-up-india-manufacturing-base/939539/)
NADAR ART MUSEUM LINES UP RS 700 CRORE FOR EXPANSION
Kiran Nadar, wife of HCL founder and chairman Shiv Nadar, is a gracious conversationalist. A former advertising professional, she has a way with words: for instance, she finds Delhi’s museum-going culture “stultified” in nature. “It is worse than Mumbai and Kolkata,” she insists. Which explains why when Nadar opened an art museum early last year, she launched it in a mall, with the expectation that people who cross the entrance of the museum end up visiting it as well, over time. Which is why she thinks a grand installation – as tall as 36 feet – placed inside the mall (next to the museum) may soon attract crowds to appreciate art – and they may venture into the museum, she hopes. The installation she has bought for this purpose is that of the most photographed contemporary artist of our time, Subodh Gupta – someone who first earned a name as a blue-chip artist abroad before the local art fraternity began to lap up his works. (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/nadar-art-museum-lines-up-rs-700-crore-for-expansion/articleshow/12761927.cms)
GOVERNMENT APPROVES 22 FDI PROPOSALS
NEW DELHI: The government has approved 22 foreign direct investment (FDI) proposals worth R586.137. These proposals were approved based on recommendations of Foreign Investment Promotion Board (FIPB) in its meeting on March 30, 2012, finance ministry said in a statement on Friday. The largest project to be approved is that of Shantha Biotechnics of R514 crore FDI to increase its foreign equity in the brownfield pharmaceutical sector. This would enable the pharma company to carry out the activities of research, development, manufacturing and marketing of recombinant-DNA based bio-tech products and other bio-generics. It also cleared Mahindra and Mahindra’s R25.99 crore proposal for setting up a joint venture company to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems. Ashok Leyland Defence Systems’ R10 crore FDI proposal to undertake defence related activities has also been cleared. (For details log on to : http://www.financialexpress.com/news/government-approves-22-fdi-proposals/939522/)
CIL INITIATES PROCESS FOR SUPPLY PACTS
NEW DELHI: Forced by a Presidential directive, state-controlled Coal India Ltd (CIL) today initiated the process of signing fuel supply agreements (FSAs) with power companies. It issued model FSA documents to its subsidiary companies, for signing with electricity generators. The move would break a three-year hiatus on coal supply and help raise fuel availability for power plants with a combined 28,000 Mw capacity. It could, however, impact CIL’s financial health. To meet the demand, CIL has also kept clauses for import in the document, a change in its earlier stance. Power companies poised to gain from the increased fuel supply include Reliance Power, Tata Power, Vedanta subsidiary Sterlite and NTPC. (For details log on to : http://www.business-standard.com/india/news/cil-initiates-process-for-supply-pacts/472141/)
THERE IS NO POLICY PARALYSIS, ONLY A SLOWDOWN, CLARIFIES BASU
Chief economic advisor Kaushik Basu would not have imagined that his comments about the reform process in the country to the Washington-based Carnegie Foundation would trigger a political slugfest. In an e-mail interview with ET, he clarifies there is no policy paralysis in India, only a slowdown. Basu makes it clear that there is nothing to retract. Do you think your comments about reforms have been taken out of context and blown out of proportion? I don’t think anyone blew it up deliberately but the dynamics of public discourse in a democracy has this quality that something routine and mundane can come to acquire a life of its own and create a storm. And it also dies down just as quick. A TV journalist who wanted to interview me just now summed it up perfectly in her response, when I said I can do an interview earliest tomorrow. She lamented that by then no one would have an interest in this “big story”. (For details log on to : http://economictimes.indiatimes.com/opinion/interviews/there-is-no-policy-paralysis-in-india-only-a-slowdown-kaushik-basu-chief-economic-advisor/articleshow/12763772.cms)
COAL SHORTAGE, SNAGS ADD TO UTTAR PRADESH’S POWER WOES
LUCKNOW: Already facing shortage of coal, power plants in Uttar Pradesh are also receiving hiccups due to snags that threaten to get prolonged, thereby putting power supply in a grave jeopardy. The latest case pertains to tripping of two units of 200 Mw each at Obra power plant, which may revive only next year, UP Power Corporation Limited officials told TOI. Their claim is supported by the Northern Region Load Dispatch Centre, which suggests that the two units, cumulatively producing 400 Mw, may only revive by January 15, 2013. The 600 mw unit at Anpara-C, which is owned by Lanco, had already stopped working because of an ensuing coal crisis. However, it is likely to resume operation by April 24, sources claimed and added that it may be only temporary, given the prevailing coal handling procedures adopted at the unit. This way, state’s own generation has dipped by nearly 1,000 Mw, as against the overall generation to the tune of around 2,500 Mw. (For details log on to : http://timesofindia.indiatimes.com/city/lucknow/Coal-shortage-snags-add-to-states-power-woes/articleshow/12769544.cms)
LANCO POWER UNDER SCRUTINY FOR VIOLATING ENVIRONMENT NORMS
KOLKATA/RAIPUR: Lanco Power has come under the scanner of green panel in Chhattisgarh as the state government has threatened to stop production in its Korba power station for allegedly violating the environment control norms. The Lanco Power has a 1920-Mw power station in Pathadi village in the name of Lanco Amarkantak Power Private Limited (LAPPL), a subsidiary of the Group. Besides two units of 300-Mw each, the station has two units of 660-Mw. The two units of 300-Mw has started production while the construction work of 660-Mw third unit was in progress. The company was supposed to develop a green belt in the premises besides utilization the fly ash under the plan it had submitted. But the company allegedly failed to do so. (For details log on to : http://www.business-standard.com/india/news/lanco-power-under-scrutiny-for-violating-environment-norms/472114/)
HOUSE PANEL SEEKS GOVT VIEWS ON MANDATORY CSR
NEW DELHI: Deliberating on the Companies Bill, a Parliamentary panel on Friday asked the government for its views on making corporate social responsibility (CSR) mandatory at two per cent of net profit for all companies above a threshold, which was suggested by it earlier but rejected by the Government in the revised Bill. In the context of the Satyam scam, members of the Standing Committee on Finance also sought a reply from the government on the responsibility of internal auditors if the company gets involved in a scam. During the course of on Friday’s meeting, the Standing Committee members raised several questions and sought the government’s reply so that the report could be finalised in a couple of more meetings. Most of the members are of the view the final report should be given in the Budget session, slated to resume on April 24. “The role and independence of auditors was a crucial question raised in the meeting. Since auditors will be decided by the company and its chairman, it is important that they remain independent so that there is no other Satyam-like scam,” said those in the know of development. (For details log on to : http://www.business-standard.com/india/news/house-panel-seeks-govt-viewsmandatory-csr/472146/)
TRIBUNAL CANCELS ENVIRONMENTAL CLEARANCE TO JINDAL STEEL’S CHHATTISGARH PROJECT
NEW DELHI: The National Green Tribunal has cancelled the environmental clearance given to the Jindal Steel and Power Company’s coal mining and washery project in Chhattisgarh. The clearance was set aside on the grounds that the public hearing conducted for the project was “not proper”. The environmental tribunal has come down heavily on the environment ministry for disregarding suggestions made by the expert appraisal committee while granting clearance. The expert committee had after considering complaints suggested a fresh public hearing for the project. Setting aside the environmental clearance granted in May 2009, the two-member bench comprising Professor DR Nagendran and Justice CV Ramulu said: “This is a classic example of violation of the rules and the principles of natural justice to its brim. Therefore, we consider it appropriate to declare that the public hearing conducted in this case is nullity in the eye of law and therefore is invalid.” (For details log on to : http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/metals-mining/tribunal-cancels-environmental-clearance-to-jindal-steels-chhattisgarh-project/articleshow/12771164.cms)
PETROLEUM MINISTRY TO IMPROVE CLIMATE FOR OIL, GAS INVESTMENTS
NEW DELHI: The Petroleum Ministry has been asked to do some soul-searching. It has been told to prepare a white paper to improve the investment climate under the oil and gas auction rounds. The fading interest of big players and constant rescue acts by ONGC and other public sector oil companies in successive New Exploration Licensing Policy (NELP) rounds seem to be the trigger for this move. There are indications that production-sharing contracts, including the profit-sharing mechanism for the oil and gas block auctions, may see changes in the tenth round. In the ninth round of NELP, it was public sector oil companies ONGC, Oil Indiaand GAIL that saved the day, with seven out of 16 blocks taken by them. (For details log on to : http://www.thehindubusinessline.com/todays-paper/tp-economy/article3337051.ece)
MMTC, STC CAN IMPORT COAL TO HELP CIL MEET FSA TARGETS: KHULLAR
NEW DELHI: The commerce ministry, in an effort at ensuring wider say in trading of minerals for public sector units (PSUs) in its domain, has said that MMTC and the State Trading Corporation of India (STC) could import coal to help Coal India (CIL) meet its obligations under the fuel supply agreements (FSA). CIL is expected to ink FSAs with at least 48 power companies within a fortnight to supply 54 million tonnes of coal to fuel the generation of 18,522 MW of power. In a letter on April 16 to principal secretary to the Prime Minister, Pulok Chatterji, commerce secretary Rahul Khullar said that given CIL’s precarious coal output position, the company would very likely resort to imports to bridge the demand-supply gap. (For details log on to : http://www.indianexpress.com/news/mmtc-stc-can-import-coal-to-help-cil-meet-fsa-targets-khullar/939573/)
ELIGIBILITY FOR CARRIERS FLYING ABROAD MAY BE RELAXED
NEW DELHI: In a reversal of its policy, the civil aviation ministry is open to relaxing eligibility norms for Indian carriers planning to fly abroad. “We are open to relaxing eligibility norms required for Indian carriers to fly international. No one has approached us with a proposal to relax norms, but it can be looked at,” said civil aviation minister Ajit Singh. He said relaxation in the eligibility norms would also depend on the merit of the case. According to the norms, an Indian airline should have domestic flying experience of at least five years and a fleet of 20 aircraft to be eligible to fly abroad. However, there are no such norms for international carriers flying into India. These only require permission under bilateral rights. GoAir is the only Indian carrier that does not have the approval to fly abroad because it does not fulfill the minimum 20-aircraft fleet criteria. Due to financial constraints, Kingfisher Airlines has also stopped flying to foreign locations. (For details log on to : http://www.business-standard.com/india/news/eligibility-for-carriers-flying-abroad-may-be-relaxed/472142/)
TRAI MAKES PER-SECOND PHONE BILLING MANDATORY
NEW DELHI: The Telecom Regulatory Authority of India (Trai) has made it mandatory for operators to offer at least one tariff plan based on per-second billing. Operators are free to offer up to 25 tariff plans but at least one should be on per-second pulse, Trai said on Friday announcing the amendments to the Telecom Tariff Order, 1999. “After this amendment, it has become mandatory for service providers to offer in each service area at least one tariff plan each for both postpaid and prepaid subscriber with a uniform pulse rate of one second’,” Trai said in a statement. Though the Trai made this amendment on Friday, almost all mobile operators currently offer a per-second billing plan. (For details log on to : http://www.financialexpress.com/news/trai-makes-persecond-phone-billing-mandatory/939487/)
MUMBAI PROPERTY REGISTRATIONS UP 37% IN MARCH
MUMBAI: Property registrations in Mumbai rose 37% in March to 5,766 units compared to February on the back of increase in new project launches, says a report compiled by IDBI Capital Markets Services. Total registrations grew 18% in the financial year 2012 ending March to 70,803 units compared to financial year 2011. “We had seen a similar hike in registration numbers in December to 5,891 units, while the trailing three-month registration data remained stagnant at 4,802 units,” said the report. The rise in registrations was also driven by investors’ inability to sell off properties they had invested in. “Investors buy under construction apartments but they typically need a no objection certificate (NOC) from the developer if they want to further sell it. However, with the markets slowing down, developers are reluctant to give NOCs to investors as they might sell their properties below the developers’ quoted rates,” says IDBI Capital Markets Services analyst (institutional equities) Hansraj Singh. (For details log on to : http://www.financialexpress.com/news/mumbai-property-registrations-up-37-in-march/939534/)
RELIANCE RETAIL REPORTS HEALTHY SALES
MUMBAI: Reliance Retail, the retail arm of Mukesh Ambani’s Reliance Industries Ltd (RIL), has reported healthy sales growth across all its formats for the quarter and financial year ended March 31, 2012, the company said in a media release. Reliance Retail owns over 6.5 million square feet space through 1,300 stores in 18 states of India. ‘‘The company will be rolling out more stores in 2012-13 which are currently in various stages of construction and planning,’’ it said while announcing its results for the fourth quarter and financial year 2012. During 2011-12, Reliance Retail experimented with new formats for maximising operational efficiency and utilisation of assets. It launched its new prototype Reliance Mart and Reliance Super, and also opened its first wholesale store Reliance Market. (For details log on to : http://www.financialexpress.com/news/reliance-retail-reports-healthy-sales/939513/)
URGENT TASK BEFORE GOVERNMENT IS TO REVIVE GROWTH MOMENTUM & INVESTMENT CLIMATE: MONTEK
I am not sure what exactly Kaushik said but he is too sensible a person to have said nothing can be done until after the next election. The urgent task before the government is to revive the growth momentum and the investment climate and this does not require progress on a wide range of basic reforms for which Parliamentary approval is necessary. These reforms are important for longer term growth and I hope we will see progress there also, but right now we can do a lot by removing impediments which are holding up large investment projects in infrastructure and give clear signals to investors that we will ensure macro balance and a positive investment climate. We are trying to do that and several steps have been taken. Clearances for coal for power have been sorted out and there are other steps in the pipeline. (For details log on to : http://economictimes.indiatimes.com/news/economy/policy/urgent-task-before-government-is-to-revive-growth-momentum-investment-climate-montek/articleshow/12761091.cms)