The company is close to buying 1-million square foot office space for Rs 700 crore in Bengaluru.
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According to data reviewed by Business Standard, the dues from UB Holdings alone to USL shot up by 4.3 times to Rs 1,188 crore (Rs 11.88 billion) by the end of the last financial year, compared to an outstanding of Rs 272 crore (Rs 2.72 billion) by the end of FY12.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
Capt Gopinath, in a deperate bid to fend off a possible auction of his prime residential property in Bangalore by State Bank of India, which had earlier issued notices to sell his pledged properties to recover as much as Rs 259 crore (Rs 2.59 billion), has struck a deal with Sobha Developers to raise funds.
25% each in the holding company to give them indirect control of 17.5% each in GMR Infra
He is nominated to the investment, innovation and audit committees.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
Kiran Kumar Grandhi, 38, was earlier in charge of the urban infrastructure and highways business, which contributes five per cent of the Rs 10,000-crore revenue of GMR Infra.
This move to sell a part of its land holding in one of its SEZ is part of an overall move by GMR to exit some of its assets as part of its 'asset light -- asset right' strategy.
SBI, the country's largest lender, had recently issued public auction notices to sell Gopinath's pledged properties
The company will move swiftly to consolidate its recent acquisition of three distilleries and will also take a decision on setting up a Rs 650-crore two-furnace glass plant in Andhra Pradesh, said sources.
GMR Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
Britannia's foreign presence is low; share of global operations to total revenues is just 5-8%.
Share purchase agreement awaits Karnataka HC decision on Kingfisher creditors' plea.
However, even after finalising the multi-pronged cross-border Rs 11,165-crore deal in November 2012, Diageo's wait for acquiring a decent stake in India's leading whisky maker, United Spirits, seems to be getting longer and longer.
Coffee Day Group, which runs businesses from coffee cafes to wealth management to furniture to logistics, is understood to be readying the stage for a possible $100-million fund raise through the private equity route.
The company, started by three BITS Pilani graduates in 2005, could be planning to aggressively scale up its business to tap the untapped potential that the bus-booking service offers in India.
For the first nine months of the current financial year, net sales rose by close to 37 per cent to Rs 1,470 crore (Rs 14.7 billion( over the previous corresponding period, while operating profit increased by another 37 per cent to Rs 322 crore (Rs 3.22 billion).
UB City is the biggest commercial property in Bengaluru.
The focus will be on moving United Spirits consumers up the value chain.
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