Page 695 - Business Finance
Indian-origin Sandrasegara named CEO of Singapore investment arm
Indian-origin Dilhan Pillay Sandrasegara will be appointed as the CEO of a wholly-owned management and investment arm of state investor Temasek Holdings in Singapore from April 1. Sandrasegara, 55, will take over from Lee Theng Kiat, who will become the chairman next month, the firm said in a statement. Currently, Lee is the CEO of Temasek International, a wholly-owned management and investment arm of Temasek Holdings, the lead investor of Singapore. Lee will take over from Ho Ching, the wife of Prime Minister Lee Hsien Loong, as chairman of Temasek International, the firm said in a statement. The management change announcement was made by 65-year-old Lee at a staff briefing, according to a Channel News Asia report. "We have been working for some time to build a strong leadership bench in Temasek, and I know Sandrasegara will bring his vision and passion for our mission to his new role," he said. "Sandrasegara has the ability to connect the dots, a keen eye for details and practical .
Hotel Leela Venture shares jump 5%
Shares of Hotel Leela Venture rose 5 per cent Tuesday after the company announced sale of four hotels and a property to Canadian investment fund Brookfield Asset Management for Rs 3,950 crore. The shares of the company jumped 4.96 per cent to close at Rs 11.63, its upper circuit limit, on the BSE. On the NSE, shares gained 5 per cent to close at Rs 11.55. The company entered into a binding agreement with Brookfield-sponsored private real estate fund to sell four Leela hotels located at Bangalore, Chennai, Delhi and Udaipur. The deal also involves sale of another property it owns in Agra, Hotel Leela Venture said in a BSE filing Monday. The transaction includes assignment of all hotel management contracts currently in operation as well as all under-development, along with the employees of the hotels, it added. "The total transaction value is Rs 3,950 crore plus the applicable transaction costs," the filing said. JM Financial acted as the exclusive financial advisor to Hotel Leela ...
Pine Labs buys Bengaluru-based Qwikcilver for $110mn
Singapore-based merchant platform firm Pine Labs on Tuesday announced it has acquired Bengaluru-based gift card solutions provider Qwikcilver for $110 million.
ADB to invest USD 50 mn in solar project developer Avaada
Asian Development Bank (ADB) Tuesday said it has inked an agreement to invest USD 50 million in solar energy project developer Avaada Energy Pvt Ltd to help the company scale up rapidly. The investment will come equally from ADB's Ordinary Capital Resources and Leading Asia's Private Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) which is administered by ADB. The agreement was signed Tuesday by Chair of AEPL Vineet Mittal and ADB Principal Investment Specialist Mayank Choudhary, ADB said in a release. "Supporting renewable energy capacity enhancement by way of debt and equity is a key focus area of ADB's private sector strategy," said Choudhary. He said the investment in Avaada will enable the company to expand its renewable energy capacity and send positive signals to global investors to continue supporting the growth of renewable energy in India. The project will contribute to the strategy of the government to ...
Rupee pauses after 6-day rally, slips 43 paise against US dollar
Halting its six-day winning run, the Indian rupee Tuesday edged lower by 43 paise to close at 68.96 to the US dollar on emergence of demand for the greenback from importers. The local currency also came under pressure due to rising crude pressure and a caution ahead of the outcome of the Federal Open Market Committee (FOMC) meeting. At the Interbank Foreign Exchange (forex), the domestic currency opened at 68.53 a dollar and fell further to touch the day's low of 69.05. It finally settled at 68.96 per dollar, down 43 paise over its previous close. The Indian rupee on Monday had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar. "The rupee has depreciated today on account of importers demand at lower levels. However broad sentiments remain positive due to foreign fund inflows in the debt and equity market. In the near term, the rupee may trade in the range of 68 and 69.50," said Rushabh Maru, Research Analyst - Currency and Commodity, Anand Rathi ...
GoZero Mobility to make foray into Indian market with two products
British electric bike and lifestyle brand GoZero Mobility will enter Indian market next week with the launch of two products. The Birmingham-based firm will launch two electric bikes -- One and Mile -- in Delhi-NCR next week. It has tied up with Kolkata-based Kirti Solar to develop and manufacture current range as well as for future products. Kirti Solar has invested USD 250,000 in GoZero Mobility. "With the significant focus by the Government of India towards electric mobility, especially two-wheelers, we see this as an appropriate time for us to be here," GoZero Mobility Chief Executive Officer Ankit Kumar said in statement. GoZero is determined to offer products with optimum performance and create a green-way to commute, he added. The company's GoZero One is powered with 400Wh lithium battery pack which is optimised to provide 60 km of range on single charge, while GoZero Mile is powered with 300Wh lithium battery pack which provides 45 km range. GoZero will also launch its ...
hailand debuts in 'Most Ethical' business list
/ -- Thai business now features in the influential World's Most Ethical Companies register with the inclusion of DTGO Corporation Limited, marking a milestone for the country's corporate sector. DTGO is the first Thai honoree in the global ranking since the list launched in 2007. The group's success shows how ethics and social responsibility go hand in hand with business success, said DTGO President Mr Raj Tanta-Nanta. "DTGO was set up to sustain social contribution with business achievement," he said. "After 25 years, our strong growth continues to reflect how good values can yield business success. DTGO is delighted to be named among the 2019 World's Most Ethical Companies. We hope that our inclusion sends an inspirational message about Thai businesses. We thank all our stakeholders for supporting our ethical approach." DTGO's founder and CEO, Mrs. Thippaporn Ahriyavraromp, represented the group in New York at the World's Most Ethical Companies Honoree Gala in New York on 12 ...
Aqua Line to run after 2 pm on Holi
Services on the Noida-Greater Noida metro rail will be available only after 2 pm on Thursday on account of Holi, officials said Tuesday. Same curtailed timings will be for parking at all metro stations, its operator, the Noida Metro Rail Corporation (NMRC), said in a statement. The Aqua Line, which covers the twin-cities in Gautam Buddh Nagar, is spread over 29.7 km via 21 metro stations. "Metro train services will begin at 2 pm on the Aqua Line on March 21 and will continue as per normal timings thereafter," NMRC executive director P D Upadhyay said. "Parking facility at all the stations will also be available only from 2 pm on March 21," he said the statement. The metro services otherwise begin at 6 am and continue till 10 pm except on Sundays when the service begins at 8 am, according to officials. The Aqua Line sees an average ridership of around 10,500, according to an NMRC figure.
Puravankara Adjudged as the 'Favourite Real Estate Developer' for South Zone at CNBC-Awaaz People's Choice Awards 2018-19 for Real Estate
/ -- India's most trusted developer, Puravankara Limited bagged the prestigious 'People's Choice Award' for the Favourite Real Estate Developer -South Zone at CNBC-Awaaz India's prestigious Real Estate Awards 2018-19. The award is presented to the most trusted brand in the real estate sector in South India, based on an online voting system devised by the channel. In this category, Puravankara Limited secured the highest votes ahead of all the nominations for the South of India. (Photo: https://mma.prnewswire.com/media/837876/Puravankara_CNBC_Award.jpg) Mr. Ashish R. Puravankara, Managing Director, Puravankara Ltd. said, "The award truly reiterates the people's trust and confidence in us over the last four decades. It is quite heartening to see this tremendous response from Bangalore, Chennai, Hyderabad, Coimbatore, Cochin, and Mangalore where we have a strong presence. The People's Choice Awards gives us that additional reminder that our work for customer delight is never complete ...
Ebix commences due diligence to acquire Yatra
US-based software firm Ebix Inc Tuesday said it has commenced due diligence for signing an agreement to acquire Yatra Online Inc, the parent company of online travel firm Yatra.com, by May 15. The company had earlier this month offered to acquire Yatra Online Inc for USD 336 million (over Rs 2,345 crore). Ebix Inc has "officially engaged with Yatra Online Inc to commence its due diligence immediately, with the goal of working towards signing the agreement to acquire Yatra Online latest by May 15, 2019," the company said in a statement. The company intends to merge Yatra Online with its Indian subsidiary EbixCash. The offer is subject to due diligence and customary regulatory and other closing conditions, it added. EbixCash operation on a standalone basis is targeting quarterly annualised revenues of USD 600 million by the fourth quarter of 2019, the statement said. On March 15, Yatra Online Inc said in a statement that it had entered into a mutual confidentiality agreement with Ebix ..
L&T, Mindtree shares drop 2%; L&T Infotech rises 4% amid hostile takeover bid
Shares of Larsen and Toubro (L&T) and IT company Mindtree Tuesday fell by 2 per cent after a hostile takeover bid by the former. The stock of Mindtree declined 2.03 per cent to close at Rs 943 on the BSE. During the day, it dropped 2.44 per cent to Rs 939. Shares of Larsen and Toubro went lower by 1.60 per cent to close at Rs 1,356.75 apiece. Intra-day, it slipped 2.24 per cent to Rs 1,347.95. However, shares of L&T Infotech rose by 3.99 per cent to settle at Rs 1,636.05 per unit. During the day, it gained 6.21 per cent to Rs 1,671.10. Under flak for mounting a Rs 10,733-crore hostile takeover bid on Mindtree, engineering major L&T Tuesday said the deal got triggered after largest shareholder VG Siddhartha approached them three months ago, and exuded confidence in winning over the unhappy promoters. L&T had Monday night announced that it reached an agreement to acquire Siddhartha's 20.32 per cent stake at Rs 980 a share (valuing his stake in Mindtree at Rs 3,269 crore)
Australian experts share biosecurity treatment tips with their Indian counterparts
In a bid to help build knowledge around biosecurity treatment, a three-day training programme was organised by the officials from Australia's Department of Agriculture and Water Resources here recently.The programme was conducted to provide a new treatment option to deal with agricultural wastes to avert biosecurity risks and meet the importing country requirements for horticulture export.Highlighting the value in such cooperation between two countries, Australia's High Commissioner to India, Harinder Sidhu said: "This initiative enables Australia to work closely with the Indian government to support harmonising standards and technical requirements, and ultimately will assist India in its aim to increase its agricultural export trade."Around 30 Indian officials from the Department of Agriculture, Cooperation and Farmers Welfare, Agricultural Products Export Development Authority along with that of state governments and exporters participated in the programme organised on March 12.
IBBI, SEBI sign MoU for better implementation of IBC
The Insolvency and Bankruptcy Board of India (IBBI) signed a memorandum of understanding (MoU) on Tuesday with the Securities and Exchange Board of India (SEBI) for effective implementation of the new bankruptcy law.Executive Directors Anand Baiwar of the SEBI and Ritesh Kavdia of the IBBI signed the pact which provides for sharing information and resources, according to an official statement.There will be periodic meetings to discuss matters of mutual interest, including regulatory requirements, enforcement cases, research, data analysis, information technology and data sharing.Other areas of cooperation under the MoU include cross-training of staff, effective utilisation of collective resources as well as capacity building of insolvency professionals and financial creditors.Joint efforts will be made towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress ...
Embassy Office Parks REIT IPO subscribed 47%
Receives bids for 3.31 crore units
Non-life insurance sector premium collection up 22.6% in February 2019
Non-life insurance sector reports 13.4% rise in premium collection for April-February 2018-19
MSTC IPO subscribed 1.18 times
Receives bids for 2.08 crore shares
Choose GST rate for incomplete projects, builders told
In a big relief to builders, the GST Council on Tuesday approved transition rules on new tax rates for residential property and offered an option to builders with under-construction buildings to shift to the new rates without input tax credit (ITC) or continue with the old rates with it.
Sri Lanka wins record foreign investment in oil project
Sri Lanka announced Tuesday that an overseas joint venture had committed $3.85 billion to a new oil refinery -- the single largest foreign investment in the country's history. The Board of Investment of Sri Lanka said construction would begin this weekend on the refinery and storage facility jointly financed by Oman's Ministry of Oil and Gas and a Singapore-registered company. Deputy international trade minister Nalin Bandara said he expected the refinery, which will eventually produce 200,000 barrels a day, to be fully operational within four years. "This is the biggest single foreign investment (in Sri Lanka's history)," he told reporters in Colombo. It is more than double the next largest foreign investment -- a $1.4 billion land reclamation project next to Colombo port. Oman will fund 30 percent of the new oil project while Singapore-based Silver Park International, which is majority owned by a business interest in India, will finance the rest. It is being constructed near the ...
GST Council approves transition plan for new tax rate for housing sector
In a move to aid the real estate sector, the all-powerful GST Council Tuesday approved a transition plan for the implementation of new tax structure for housing projects. As per the decision taken by the GST Council, the developers of residential projects which are incomplete as on March 31, will have option either to choose the old structure with Input Tax Credit (ITC) or to shift to new 5 per cent and 1 per cent rates without ITC. In the previous meeting on February 24, the Council slashed tax rates for under-construction flats to 5 per cent from 12 per cent and affordable homes to 1 per cent from 8 per cent, effective April 1. "GST Council today has approved transition plan for the new rate structure for real estate residential projects...from April 1, builders have to choose either of the options for which they will get time," Revenue Secretary A B Pandey told reporters after the 34th meeting of the GST Council here. Finance Minister Arun Jaitley chaired the meeting with state ...
Taiwan's new carrier StarLux signs deal with Airbus for 17 planes
Taiwan's new StarLux Airlines signed a deal on Tuesday worth up to USD 6 billion for 17 Airbus A350 XWB aircraft in one of the island's biggest single commercial plane purchases. The deal included five A350-900s and 12 A350-1000s with ten options, which are scheduled to be delivered from late 2021, the companies said. StarLux, founded in May 2018 by Taiwan's EVA Airways former chairman Chang Kuo-wei, is set to operate regular international flights starting in 2020. "The aircraft purchase deal today is one of the largest in Taiwan ... We promise to all that we will use the latest equipment, " Chang said at the signing ceremony in Taipei. The company declined to disclose financial details of the deal, which is the largest single purchase of Airbus planes in Taiwan. According to Airbus list prices it is worth nearly USD 6 billion, though aircraft manufacturers usually offer discounts on large orders. StarLux has also leased ten Airbus A321 neos, set to be delivered from October, which ...