Gagan Banga talks about how one of India's largest NBFCs still retains the financial discipline of a start-up.
The premier Indian Institutes of Management will have to draw on all their management skills to solve the current financial imbroglio they are in. On the one hand, the fee hike by IIM Ahmedabad and IIM Bangalore has caused heartburn not only among students and the Union Human Resource Development Ministry but also among the other IIMs who say they were not consulted despite an existing agreement to do so. IIM-A and IIM-B have said that a fee hike is a prerogative of their own
Goodies and early bird discounts are not a new feature of India's real estate story, but the timing is significant. Real estate prices have climbed off their historic highs in the last six months on account of tighter liquidity and an overall decline in sentiment.
The real estate industry is witnessing a slowdown. In anticipation of rates to fall, consumers are postponing their purchase plans. Developers, for their part, are finding it difficult to access cheap credit with banks reluctant to lend to them. Both residential and retail demand has moderated though the demand for office space remains strong. Inspite of this, most property cos are expected to post reasonably good Q4 results. Builders are banking on mid-income projects.
The initial cost of the project, including land, is Rs 125 crore (Rs 1.25 billion) and the development cost is nearly Rs 1,400 crore (Rs 14 billion). The company is planning to fund the project through debt and draw more funds from Lehman if required, sources said. Recently, PLL and Lehman tied up to invest in the realty projects of Peninsula. In the Rs 700-crore (Rs 7 billion) joint venture, Lehman invested Rs 500 crore (Rs 5 billion).
Saffron Asset Advisors, which manages the real estate investments of NYSE Euronext-listed Yatra Capital, is now planning to launch a bouquet of funds focusing on India. The company is aiming at a total corpus of Rs 4,000 crore (Rs 40 billion) in the next couple of years.Starting from real estate, the company will launch sector-specific funds such as healthcare, logistics, infrastructure, hospitality.
They are of the view that calling the new institutes "IITs" would dilute the brand image of the existing premier institutes, which figure among the world's 100 best technology universities and are compared with the likes of MIT, California University and Berkeley. The seven IITs are located in Kharagpur, Mumbai, Chennai, Kanpur, Delhi, Guwahati and Roorkee.
The company has plans to open offices in the US, Singapore and other parts of West Asia such, such as Oman and Qatar in the next couple of years. "The NRI community is totally underserved. We want to tap the vast business potential arising from 2.5 crore (Rs 25 million) NRIs working abroad,'' said Kapil Wadhawan, vice chairman and managing director, DHFL.
The government appears to have hit upon a novel faculty-sharing solution to tackle the shortage of quality faculty at the premier Indian Institutes of Technology. The shortage will accentuate now that eight new IITs have been announced.
Sky-high rentals are forcing retailers to explore new ways to stay afloat. Many have done the obvious thing by shifting to cheaper locations or simply downing their shutters. But others are renegotiating deals with developers to ensure business sustainability. New deals like longer "rent-free" periods, no "lock-in" clauses in agreements and revenue-sharing deals with developers are becoming common.
In December 2009, the Consulate will change its address from the landmark Lincoln House in south Mumbai to the Bandra-Kurla Complex, where it will have 40 visa windows as compared with the 17 visa windows at present.
The move was initiated by National Knowledge Commission Chairman Sam Pitroda as an incentive to encourage innovation, collaboration, licensing and commercialisation in Indian institutes. The matter is before the Cabinet and will shortly be moved to Parliament for approval, according to a source close to the development. The law will be on the lines of the 1980 Bayh-Dole Act of America.
Unitech and Indiabulls Real Estate Ltd (IBREL) have deferred the listing of their respective real estate investment trusts (REITs) on the Singapore Stock Exchange (SGX)owing to the liquidity crunch in the global markets. Both Unitech and IBREL have received approval from the SGX for the initial public offers (IPOs) of their trusts.
Mumbai-based property developer Oberoi Constructions, led by billionaire Vikas Oberoi, is planning a Rs 4,000 crore ($1 billion) initial public offer by year end. Vikas Oberoi, also known as Vikki Oberoi is at the 707th slot in the Forbes annual list of billionaires with a wealth of $1.7 billion.
Betting on higher margins from private labels, Reliance Digital, the consumer durable chain of Mukesh Ambani's Reliance Retail, is planning to introduce its own brands of home theatres, LCD televisions and digital cameras. The brands, according to a source, will be called Rldigi. Reliance Digital is planning tie-ups with domestic and international consumer durable and appliance companies. These private labels are expected to contribute 12-15 per cent of Reliance Digit
At IIM-Ahmedabad, 11 students opted out of placements to start their own venture. While at IIM-Bangalore, 4 students chose not to join the corporate world, IIM-Kozhikode had 5 students who decided to kick-start their own venture. At S P Jain Institute of Management and Research in Mumbai, out of 89 students, one student decided to opt out of placements to join his own family business where he would be heading a new division.
The premier southern institute is said to have got about 100 international and 600 domestic offers for its batch of 425 students. ISB rules mandate that each student will get at least two offers.
Future Group will retail lightings and electrical products under a new brand - Bijli Ghar.
Today's Writing Products is entering retail of office supplies and stationery products with 500 retail outlets.
Videocon's consumer durable and electronics chain Next has opened nearly 330 stores in the last two and half years, making it the largest chain in the country. Turnover is expected to cross Rs 1,000 crore (Rs 10 billion) in this financial year. Business Standard caught up with Next's Director K S Raman on the company's growth plans.
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