Page 33 - Bengaluru

Godrej Properties buys 4-acre land parcel in North-West Bengaluru

The recent project by Godrej Properties is estimated to have a developable potential of approximately 0.7 million square feet of the saleable area

L&T wins Rs 1,040 cr contract for part of Bengaluru suburban rail project

Larsen and Toubro was issued the Letter of Acceptance on Saturday for the design and construction of an elevated viaduct including associated works between Heelalige and Rajanukunte of Corridor-4 of the Bengaluru Suburban Rail project, officials said. The contract price is Rs 1,040.51 crore including GST and the contract period is 30 months. The physical work is expected to commence shortly, they said. In a statement, Karnataka's Rail Infrastructure Development Company (K-RIDE) said, "Larsen and Toubro has been issued the Letter of Acceptance today for the design and construction of elevated viaduct of length 8.960 km and At-Grade of length 37.920 km (excluding station buildings) including associated works between Heelalige and Rajanukunte, on EPC (Engineering, Procurement and Construction) mode, in Corridor-4 or 'Kanaka' line of Bengaluru Suburban Railway Project (BSRP)." This contract also includes construction of a double decker alignment of 1.2 km length for BSRP Corridor-1 and

Bengaluru's net office space leasing soars 15 times in Oct-Dec: Report

Bengaluru saw a 15-fold jump in net office leasing during the quarter due to many large leasing transaction from corporates as well as low base effect, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield said on Saturday that the net leasing of office space stood at 18.63 million sq ft during the October-December period across major eight cities as against 9.06 million sq ft in the year-ago period. The Bengaluru office market achieved the highest volume and also maximum surge in percentage term during the current quarter of this calendar year. The net office leasing or absorption in Bengaluru jumped to 80,50,266 sq ft during October-December from 5,18,622 sq ft in the year-ago period. "Many large deals that were under negotiation in the previous quarters, but occupiers were adopting a cautious approach and delaying, have sailed through in Q4. As a result, fresh leasing of space jumped," the consultant said, explaining the sharp jump in office demand in

Court to pass orders on ex-CFO's plea for arbitration with Wipro on Jan 3

A civil court in Bengaluru will pass orders on January 3 on two interlocutory applications (IA) by Wipro Limited's former Chief Financial Officer (CFO) Jatin Pravinchandra Dalal seeking arbitration with his former company. The suit filed by Wipro on November 28 seeks payment of compensation of Rs 25,15,52,875 with interest of 18 per cent for allegedly violating a clause in his employment contract with the company. Dalal resigned from Wipro in September and is set to join rival Cognizant in January. Allegedly, the non-compete clause prevents Dalal from joining a rival within one year of leaving the company, failing which he would be liable to compensate Wipro with the value of the Restricted Stock Units (RSU) allotted to him or the sum of his total remuneration in the previous 12 months. Earlier on November 28, the counsel for Dalal had filed a memo stating that the defendant was hospitalised. In a subsequent hearing, Dalal's counsel filed IA No 4 under Section 8(2) of the Arbitrati

Foxconn invests fresh capital of around Rs 461 crore in Bengaluru unit

Taiwanese electronics manufacturing services major Foxconn has infused USD 55.29 million (about Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited, according to a regulatory filing. The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited. Foxconn Singapore has acquired about 46,08,76,736 shares at Rs 10 each, amounting to around USD 55.29 million (Rs 460.87 crore), according to the filing. Foxconn Precision Engineering was incorporated around six months ago. In July, Foxconn proposed to set up a Rs 8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka. It has also bought 300 acres at Devanahalli. According to the announcement made earlier by the Karnataka government, Foxconn is expected to create employment for about 50,000 people in the first phase at Devanahalli.

Gross leasing of office space up 12% this year across 6 cities: Savills

Gross office space leasing rose 12 per cent to a record 62.3 million square feet this year, while fresh supply remained flat across six major cities, according to Savills India. The absorption of office space stood at 55.4 million square feet in the previous year. New supply of office space stood at 53.3 million square feet, as against 53.4 million square feet in the previous year. "Office gross absorption across India's six major cities is recorded at a new all-time high of 62.3 million square feet in 2023, registering a 12 per cent growth over last year," Savills said in a statement. Bengaluru saw a decline of 10 per cent to 15.6 million square feet this year, from 17.3 million square feet in the previous year. "Mumbai saw record leasing activity at 10.1 million square feet owing to large transactions by tech and consulting occupiers. Gross absorption increased by 51 per cent compared to 2022," Savills said. Delhi-NCR saw similar absorption levels as last year at 11.3 million s

Woman dead, 135 hospitalised due to suspected food poisoning in Karnataka

A woman died and 70 others were hospitalised in a suspected case of food poisoning in Hoskote in Bengaluru Rural limits, police said on Monday. Police said they suspect the cause of food poisoning to be an edible offering at a place of worship in the area. Some of those hospitalised have been discharged while others are still undergoing treatment. The health department is closely monitoring the situation. As of now, it is suspected to be a case of food poisoning, but since the investigation is in the initial stage, the exact cause cannot be ascertained at present, they added. Preliminary inquiry has revealed that on Saturday, most of them had visited a temple in Hoskote town where they ate 'prasad'. A day later, a few among those complained of dysentery and vomiting after which they rushed to hospitals for treatment. A woman who complained of the same symptoms was admitted in one of these hospitals on Sunday afternoon and died this morning, a senior police officer said. Many othe

Office demand jumps 92% in Oct-Dec in top 6 cities in 2023: Colliers

Office space demand surged 92 per cent during October-December period across six major cities on better demand of workspace from corporates and coworking operators, according to Colliers India. Real estate consultant Colliers India report shows that gross leasing of office space stood at 20.2 million square feet in the fourth quarter of this calendar year from 10.5 million square feet in the year-ago period. Helped by strong demand during the December quarter, the total leasing of office space rose 16 per cent to 58.2 million square feet during the 2023 calendar year from 50.3 million square feet last year. Colliers tracks office demand and supply of 6 cities -- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune. Gross leasing or absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed. According to the data, the office space leasing in Bengaluru rose 58 per cent to 5.5 million square feet during October-December .

BluSmart raises $24 million via issue of equity rights to fund expansion

Electric vehicle ride-hailing service and charging infrastructure network operator BluSmart on Thursday said it raised USD 24 million (Rs 200 crore) through issue of equity rights to its existing investors for funding the company's expansion. The latest funding round saw participation through over-subscription of equities by existing investors, founders and the leadership team, BluSmart said in a statement. Currently, the platform operates over 5,500 electric vehicles in the domestic market. It owns and operates over 4,000 EV chargers across its 34 charging superhubs. The platform said it aims to scale to a fleet size of around 8,000 EVs across Delhi-NCR and Bengaluru by next year. "BluSmart has raised USD 24 million (Rs 200 crore) in a new equity round in December 2023," the company said in a statement. "We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies. The overwhelming support for the rights issue by our ..

Accenture launches GenAI studio in Bengaluru to boost adoption of data, AI

IT major has target of doubling AI talent to 80,000 people in the next three years

Germany-based KfW Development Bank to fund Bengaluru Suburban Rail Project

The Bengaluru Suburban Railway Project on Saturday got a major thrust when a loan agreement was signed with KfW Development Bank, Germany, by Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) in New Delhi on December 15. As per the agreement, KfW Development Bank will provide Euro 500 million (Rs 4,552 crore) and a grant of Euro 4.5 million (Rs 41 crore) for the BSRP. The loan agreement is meant for Corridor-1 from Bengaluru City Railway Station to Devanahalli and Corridor-3 from Kengeri to Whitefield. K-RIDE said in a statement that the agreement was signed in the presence of senior officials from the Department of Economic Affairs, Ministry of Finance, Government of India and the Government of Karnataka, and KfW officials. "The loan was signed for Euro 500 million (Rs 4,552 crore) and a grant of Euro 4.5 million (Rs 41 crore). The signing of this loan agreement will facilitate invitation of Corridor-1, Corridor-3 and system tenders and further expedite progress

Companies of Bengaluru techies to be notified if they break traffic rules

Think twice before you jump traffic signals or exceed speed limits on the roads, because if you techies are caught violating any of the traffic rules, the Bengaluru Traffic Police will directly notify about it to your company. According to traffic police, in a bid to raise awareness about road safety and traffic rules, the east division of Bengaluru Traffic Police this week started a unique drive on a pilot basis along the city's Information Technology corridor covering the Outer Ring Road and Whitefield. As of now, the drive is limited to the east division of traffic police, but if there is a significant reduction in violations along the route, then it would also be extended to other major parts of Bengaluru, police said. The initiative was started in the particular jurisdiction after traffic police noticed a significant number of traffic violations, especially by techies who, in an attempt to reach to their destinations faster either end up jumping traffic signals or exceeding spe

Foxconn set to open its first iPhone assembly plant in Bengaluru in April

The key Apple supplier will create a capacity that can assemble 20 million iPhones annually at the assembly unit in Karnataka

German firm TÜV SÜD invests 15 mn euros in lab test facility in Bengaluru

TÜV SÜD has 2,500 employees in India out of its total global headcount of over 30,000 employees. In India alone, the company recorded revenues of Rs 500 crore this year

Bengaluru tops in acid attacks against women in 2022, shows NCRB data

Bengaluru witnessed highest number of acid attacks against women in the country in 2022, with the city police registering six cases, the latest report released by the National Crime Records Bureau (NCRB) said. According to the data, among the 19 metropolitan cities listed in the NCRB data, Bengaluru topped the overall list with eight women falling victims to acid attack last year. At the second position was Delhi which saw seven women falling prey to acid attacks in 2022 followed by Ahmedabad at third position with registration of five such cases, the data showed. An analysis of the NCRB data showed that the national capital (Delhi) reported 7 cases of attempted attacks followed by Bengaluru which registered 3 such cases last year. Meanwhile, meteropolitan cities like Hyderabad and Ahmedabad registered two such cases of attempted attacks in 2022. One of the prominent cases of acid attack which shook Bengaluru last year was that of a 24-year-old M.Com graduate who was attacked on Ap

Zepto claims 2nd spot in monthly active customers, surpasses JioMart

In contrast, Tata-owned BigBasket lost ground, seeing a 3 per cent decline in M-o-M MAU in November, and DMart Ready decreased by 2 per cent

NYSE-listed Waters Corp invests $16 million in new GCC in Bengaluru

Waters Corporation has about 450 employees in India and plans to hire another 300 for its new GCC in Bengaluru

33 flights diverted from Chennai to B'luru due to cyclone Michaung impact

Thirty three flights from Chennai were diverted to Kempegowda International Airport (KIA) here on Monday, as heavy rains continued to pound Tamil Nadu capital and nearby districts of the neighbouring state under the impact of a cyclonic storm. According to officials of Bangalore International Airport Limited (BIAL) that operates KIA, both domestic as well as international flights including that of Indigo, SpiceJet, Etihad, Lufthansa and Gulf Air were diverted to the city from Chennai, where many flights have also been cancelled. The Chennai airport has been closed for arrival and departure operations till 11 pm on Monday due to severe weather conditions. As many as 70 flights arriving to and departing from the airport were cancelled owing to non-stop rains. Several flights have been diverted from Chennai to KIA. Chennai airport has also announced that they would remain closed for arrival operations for a specific period. Not just Chennai, even Tirupati, Visakhapatnam all these ...

Gold price remains flat at Rs 63,760, silver unchanged at Rs 80,500

The price of 22-carat gold stayed unchanged, with the yellow metal selling at Rs 58,450

Bikes to drones: AI-infused everything on show at Bengaluru Tech Summit

Amphibious drones for maritime inspection, devices that extract pure oxygen from water for patients in need, and self-balancing electric bikes were some of the top innovations on display