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The land parcel is located in South Mumbai's Tardeo neighbourhood and has a total area of 4,300 square metres (46,268 sq ft).
In a bid to grab a larger pie of the 71,000-crore (Rs 710 billion) auto components segment, the Rs 2,500-crore (Rs 25 billion) Yash Birla group has decided to revitalise its auto tool business by infusing equity capital through an initial public offering (IPO) for a proposed holding company.
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
The group has interests in auto, textiles, engineering, chemical and power sectors, among others. "We think this is a good time to enter the IT sector. Melstar also has a US subsidiary, which gives us entry into this market as well," said PVR Murthy, CFO of YBG. The group is looking at further growth through acquisition, with the current focus on West Asian and South East Asian firms.
The group has interests in auto, textiles, engineering, chemical and power sectors, among others. "We think this is a good time to enter the IT sector. Melstar also has a US subsidiary, which gives us entry into this market as well," said PVR Murthy, CFO of YBG. The group is looking at further growth through acquisition, with the current focus on West Asian and South East Asian firms.
It hopes to enter the business in 9-15 months. "We have plans to enter diesel generator, petrol, LPG and kerosene segment, but it will be too early to comment on any specific deal," said Kalyan Bhattacharya, president and CEO, Birla Power Solutions. "The size of the acquisition will depend on the horse power of the engines manufactured by the company. BPSL is looking at a company manufacturing diesel engines of capacities ranging between 25 horse power and 200 horse power."
In an exclusive chat with the readers of Rediff.com, on Tuesday, March 11, Yashovardhan Birla, chairman of the Yash Birla Group discusses his deep belief in spirituality and his faith in true love.
The Enforcement Directorate has questioned Yash Birla, Chairman of Yash Birla Group, in connection with certain overseas financial transactions, officials in the central agency said on Monday.
Mumbai is witnessing some big-ticket investments in bungalows by the city's billionaires.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
Yash Birla, one of most prominent businessmen of India, had a lively interaction with rediff.com readers when he hosted a chat on Tuesday.
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