This Diwali, Rakesh Mehta, a senior sales and marketing employee with an IT firm, will celebrate in Australia with his family. Mehta, is one of the top performers of his company and has been rewarded with this 'Diwali Gift'. Other top performers from his company will celebrate their Diwali in New Zealand and Mauritius. In fact, a lot of IT, BPO, pharma companies and banks are rewarding their employees for good performance by sending them to exotic locations.
Another Indian School of Business (ISB) is taking shape. Rajat Gupta, the former CEO of McKinsey & Company and now a senior partner in the professional services firm, along with his team is planning to set up a second ISB, this time in the North. The existing ISB in Hyderabad was Gupta's brainchild and is among India's most coveted business schools. It is spread over 260 acres of land and was set up in December 1999 at a cost of around Rs 100 crore (Rs 1 billion).
Dubai Holding, an investment firm of the Dubai government, has threatened to come out with an open offer for Orient-Express Hotels if the Tata group acquires a significant stake in the hotel chain. This comes exactly a month after the Tata group's Indian Hotels Company bought 10 per cent and expressed interest in striking a deal which was turned down by Orient-Express.
Shortage of staff is preventing the Monopolies and Restrictive Trade Practices Commission from summoning over 140 B-schools to furnish details about their fee structure, faculty payments and tie-ups. The body issued notices to around 100 "defaulter" B-schools last week.
Rising real estate costs and lack of good locations in cities are driving hotel companies to rent space in malls and other commercial complexes. For instance, Accor Hotels is in talks with mall developers to build its Formulae 1 brand of budget hotels at the topfloor of malls in tier I and tier II cities.
Even in the face of protests from trade groups, escalating real estate costs and pressure on margins, the march of domestic retail chains continues unabated.
Ginger Hotels, the no-frills brand by Roots Corporation, a 100 per cent subsidiary of Indian Hotels which operates Taj Hotels Resorts and Palaces, is in talks with real estate developers to rent space in commercial complexes to run its hotels.
According to a Reliance Retail executive, 20 per cent of the space will be occupied by local vendors selling their agricultural produce, food items and artifacts. Besides, there will be stores for foods and vegetables, entertainment etc.
IMT-Ghaziabad's placement chairperson, Nilanjan Chatopadhyay, has scheduled visits to 15 companies in Singapore and eight in Hong Kong from July 2007 to January 2008. The institute has set aside a fund of Rs 6 lakh for promotional activities.
IIM-Bangalore has received around 70 offers so far this year .Companies which have made offers are Goldman Sachs, Lehman Brothers, Deutsche Bank, ABN Amro, HSBC, JP Morgan, HLL, P&G and Marico among others.
The rooms will be priced between Rs 1,000 and Rs 1,400, based on the location, and will provide a basic room and dining service, gym and a wi-fi connection.
The Reliance apparel stores will stock all kinds of apparel, about 4,000 products across as many as 94 brands, manufactured exclusively for the company.
The facility will be available at four of Future Group's Big Bazaar outlets in Mumbai. Cleartrip will soon extend this tie-up to other Big Bazaar outlets in the city as well as other metros.
There's plenty of room for everybody. With the demand for low-cost accommodation on the rise, a whole host of hospitality firms, both foreign and local, is planning to set up budgets hotels.
ITC Hotels- The Grand Central, The Luxury Collection, in Mumbai, has recorded a 15 per cent rise in bookings for September month as compared with last year's booking of 60 per cent for the same month.
Oberoi Constructions, promoted by billionaire Vikas Oberoi, has tied up with the $10 billion Chinese real estate firm Shimao group to bid for the Rs 10,000-crore (Rs 100 billion) Dharavi Redevelopment Project.
As Indians take to the roads like never before, restaurants are fanning out to the highways.
Filmmaker Prakash Jha, well known for his hard-hitting movies such as Gangajal and Apaharan, is set to change the entertainment and retail landscape of eastern India.
Leading property developers have made offers for this prime property, which real estate industry sources suggest could fetch Fiat more than Rs 300 crore (Rs 3 billion).
AICTE to induct 75 professors from across the country to implement programme.
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