From Vibrant Gujarat summit to Taj Mansingh auction: 5 key developments

In other news, 5.4 hectare for Mumbai-Ahmedabad bullet train terminus in BKC

Business Standard brings to you a list of five key developments across the country.

Day1: Vibrant Gujarat summit

The 2017 Vibrant Gujarat Global Summit's inaugural ceremony on Tuesday looked like a shadow of its own past glory as the trademark big-ticket investment promises were missing. Several chief executive officers attending the summit praised Prime Minister Narendra Modi's "dynamic and visionary leadership" over the past two and a half years.

Mumbai-Ahmedabad bullet train

Prime Minister Narendra Modi's ambitious Rs 99,000 crore Mumbai-Ahmedabad bullet train has crossed a major hurdle, with the Maharashtra government and state undertaking Mumbai Metropolitan Region Development Authority (MMRDA) agreeing to provide 5.4 hectares of land for a terminus in the plush Bandra Kurla Complex (BKC). Of this, 0.9 hectares will be at the surface level and the balance underground, which will be used for the construction of the terminus.

PropTiger, Housing.com seal merger

PropTiger and Housing.com — two rivals in the housing sector — on Tuesday announced a merger to create what they claim is the largest online real estate services company in the country. It would be valued at $250 million (Rs 1,700 crore), said a source. NewsCorp-backed digital property advertising firm, REA Group, has invested $50 million (Rs 340 crore) in the new entity. A SoftBank associate firm will also invest $5 million (Rs 34 crore). NewsCorp is the largest shareholder of PropTiger; SoftBank backs Housing.com.

Flipkart gears up for Nasdaq listing 

E-commerce marketplace Flipkart has hired one of the Big Four audit firms to prepare for its initial public offering (IPO) on the Nasdaq. The consultant had begun due-diligence, which would last 18-24 months, people familiar with the development said. A Flipkart spokesperson declined to comment. Flipkart co-founder Binny Bansal, who was elevated as group chief executive officer (CEO) on Monday, said in a mail to employees that one of his key tasks was to see the IPO through.

Taj Mansingh Hotel auction

The Supreme Court will hear the plea filed by Taj Mansingh Hotel regarding its renewal on Wednesday. The apex court, earlier on 21 November ordered that the status quo with regard to the Taj Mansingh Hotel be maintained and issued a notice to the New Delhi Municipal Council (NDMC) to reply to plea against the auction of hotel. The Delhi High Court had earlier dismissed the Tata Group's appeal for retaining management rights over the Taj Mansingh Hotel, and in all practicality, told the business conglomerate that it will have to participate in the auction process.