DLF, the country's biggest property developer, may announce a "relief package" for customers of its second Gurgaon project, 'Express Greens', a few days after it announced a similar package for those who had booked at its 'New Town Heights' residential project, also in Gurgaon.
Already partnering seven international brands such as Giorgio Armani and Salvatore Ferragamo, it also plans to tie up with 12-15 global brands in the next five years. The company plans to fund its expansion through a mix of equity and debt and go in for tie-ups through joint ventures and franchise routes. The focus of expansion would be in metros such as Delhi, Mumbai, Hyderabad and Chennai in the initial phase, the official said.
Unitech is pinning its hopes on the sub-Rs 5 lakh category of flats to counter the slowdown in the property sector. So are a host of others. Apart from Unitech, others such as Omaxe, Raheja, Tata Housing and Ansal API are planning new projects in the suburbs of satellite towns or smaller cities to target the bottom segment, to generate more cash.
The move comes in the backdrop of the failure of the health ministry's World Bank-sponsored National Pharmacovigilance Programme to generate sufficient ADRs from select medical colleges. The central government also intends to provide financial support to institutions to run such monitoring centres. The health ministry has asked the finance ministry to introduce a budgetary head specifically for ADR monitoring, to ensure sustained government funds for the project.
Indian retailers put cash & carry on backburner
The company has already booked Rs 5,450 crore (Rs 54.5 billion) revenue from sale of 5 million sq ft it has sold to DAL. DLF on Tuesday clarified to the exchanges that it had been looking at various options from time to time but no definite option had been presented to the board so far for its consideration.
At least a dozen global firms, including Roche, Pfizer and Astra Zeneca got a nod from the Drugs Controller General of India to conduct over 50 clinical trials on Indian volunteers this month, official data reveals. The global clinical research outsourcing market is projected to touch $23 billion by 2011, with consultancy firm KPMG estimating that India will corner 15 per cent of this in two years.
Developer to bid for work from those who win the final contract.
Despite the ongoing trouble India's largest drug maker, Ranbaxy, is facing in the United States, domestic pharmaceutical companies are betting high on the world's largest drug market with added vigour.
Companies are either taking small government projects alone or bidding for larger ones with consortium partners. The companies, which had 18-75 per cent of their order books in property development, say they are facing payment delays of 20-90 days from some of the private developers, blocking their working capital requirements. Some of them take a week's advance payment from developers to execute their projects.
The shareholders want Daiichi to offer the same price (Rs 160) that was offered by Ranbaxy while acquiring a 45 per cent stake in Zenotech a year ago. Daiichi has to make an open offer as it has indirectly become the major shareholder of Zenotech by virtue of the Ranbaxy acquisition.
Reliance Retail has added 485 stores in the last one year, taking the total count to 950 and the footprint is now spread across 77 cities (58 in the last one year) across India. While his critics say Ambani may have lost the plot as the progress of his retail plans are nowhere near what he had sought to achieve, others feel the Reliance chief is just being pragmatic given the not-so-conducive environment for expansion in retail.
India's largest drug manufacturer, Ranbaxy Laboratories, had falsified data and test results of medicines manufactured at its Himachal Pradesh facility to obtain marketing approval in the United States, says the US Food and Drug Administration.
After a lacklustre winter season sale, apparel retailers are now planning to cut their summer purchases by as much as 20 per cent to save holding cost and reduce pressure on working capital.
At least 38 per cent, or 8.3 million square feet, of its projected commercial space of 21.4 million square feet in its six parks will thus remain indefinitely on hold. The rentals from all these parks were expected to generate revenues for its AIM-listed associate Unitech Corporate Park, which has invested pound 317 million to acquire majority stakes in all the six seed projects in return of leasing rights.
According to sources in the Future Group, it plans to tie up with international retailers in different segments. "We can certainly look at bringing in foreign capital to our subsidiaries now," said a group official, who did not wish to be quoted. Under the new guidelines, downstream investments by an Indian company that has foreign investment but is owned and controlled by Indians will not be considered as FDI.
Though end-of-season sale is common in the first week of February, what is interesting this time around is the quantum and timing of the offers. Retailers are giving away 20-25 per cent additional discounts, compared to the last year. Also, they began giving discounts at least three weeks before the ususal timing.
The retailer, which runs a supermarket chain under the More brand, is targeting annual sales of $4.5 billion (Rs 22,000 crore or Rs 220 billion) by March 2014 from Rs 1,200 crore (Rs 12 billion) in the current financial year. The retailer clocked sales of Rs 500 in the previous year. In 2007, the company had talked about a Rs 9,000 crore (Rs 90 billion) investment plan.
Less than half-a-dozen people have evinced interest in buying the eight apartments owned by the late Harshad Mehta and his family, partly due to a last-minute case filed by the stockbroker's mother, Rasila S Mehta.
Jaybharat Textiles & Real Estate, a textile company that forayed into real estate three years back, today has a market capitalisation higher than Grasim Industries or Tata Motors.
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