Realty FII norms, which were recently put outside the purview of Press Note 2 (2005), are vague about pre-IPO investments.
Ashok Piramal Group company Peninsula Land has inked a property deal worth Rs 1,200 crore (Rs 12 billion) with Essar Realty Holdings, the realty arm of the Essar Group, to sell and lease premises at its upcoming IT park named Peninsula Technopark on LBS Marg in Kurla. The deal was signed recently, according to sources.
DCM Shriram Industries , too, is issuing 700,000 warrants to its promoters, Tilak Dhar and his brothers, which will raise their shareholding from 32.54 per cent to 42 per cent, though this has been challenged in the courts by shareholder Harish Bhasin, who has mounted a takeover bid on the company.
Fitch, one of the largest design consultancies in the world that has designed stores of Wal-Mart, Target, Marks & Spencer, Best Buy and Tesco among others, is betting big on India's organised retail sector. Already in the country to serve clients such as Aditya Birla Retail, Reliance Retail, Tatas and so on, Fitch plans to treble the number of staff and open new offices in the country.
The government has put a spanner in the plans of oil companies like Reliance Industries Limited and Hindustan Petroleum Corporation Limited to make ethanol directly from sugarcane, without producing sugar.
While Lehman will invest Rs 500 crore and hold 75 per cent in the JV, Peninsula Land will subscribe to the remaining equity at an investment of Rs 200 crore, according to sources.
India's retail industry, which is in the middle of rapid growth, has already scripted success stories fit to be the subject of a Bollywood film.
Private insurers are planning to launch property title insurance covers in India soon. Foreign investment is therefore likely to enter the Indian real estate market.
As real estate investment trusts (REITs) are set to become a reality in the country, small and medium property developers, who constitute 80 per cent of the total realty industry, can now breathe easy.
Gems and jewellery exports may have risen over 20 per cent so far this fiscal, but the rising rupee has cost 150,000 diamond workers their jobs in the last one year, the head of the Gems and Jewellery Export Promotion Council, Sanjay Kothari, said.
Call it an impact of the hopes of rate cuts in the country or renewed interest by foreign investors, BSE's Realty Index has outperformed big brother Sensex in the last 11 trading sessions - from the day when the Maharashtra government scrapped the Urban Land Ceiling and Regulation Act (Ulcra), which is expected to free 17,000 acres of land in Mumbai.
According to India Retail Report prepared by Images, discount stores are expected to grow 30-40 per cent every year. Of the total organised apparel, footwear and accessory retail market of Rs 26,400 crore (Rs 264 billion), discount retailing already accounts for Rs 11,880 crore (Rs 118.80 billion), or 45 per cent. Analysts said this segment will easily become a Rs 26,000-crore (Rs 260 billion) market in the next three years.
Reliance Industries, Tata Chemicals, Bharti Enterprises' Fieldfresh and Indian Oil are among several large companies that have evinced interest in leasing closed sugar mills that the Bihar government is offering, mainly to exploit opportunities to make ethanol to meet mandatory petrol blending norms that were introduced this year.
Last week, when Harish Bhasin, the Delhi-based stock broker, made an open offer for DCM Shriram Industries Ltd, he was back in news after almost 25 years.
When French Retailer Carrefour enters the Rs 1,200 crore (Rs 12 billion) cash and carry segment in 2009, it would face tough competition from established players such as Germany's Metro, Bharti-Wal Mart, Reliance, Pantaloon, Wadhawan Retail and others entrants like Tesco and Costco.
In the first of its kind among property consultants, the UK-headquartered Knight Frank Group will launch a $250 million India-focused real estate fund.ICICI Prudential Mutual Fund recently launched its real estate securities fund, which is the first real estate mutual fund in India.
Corporate houses getting into music retail are turning the outlets into multi-product stores that will offer apparel and even perfumes.
Cement shipments from Pakistan will hit the Indian markets by the end of the month at prices that are up to a third lower than domestic prices.
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.
Organised retail in India's rural hinterland is a very different ball game from what it is in urban centres.
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