BPTP Ltd, which clinched Indias biggest land deal for $1.2 billion in March, is looking for investors for a city it plans to build near New Delhi.
Some Indian developers have scoffed at what they believe was an exorbitant price for the 95-acre plot in Noida, a suburb of the Indian capital. And media reports have suggested the deal was in jeopardy because of a lack of funds.
But BPTP, which counts Citigroup as an investor, is pushing ahead with what it hopes will be the first top-notch business district in India by paying the first 25-percent instalment for the land this week.
More : in.reuters.com
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JP Morgan Chase has invested Rs 250 crore in BPTP Ltd, a Delhi-based real estate company which came into spotlight earlier this year when it clinched 95-acre of prime commercial land at Noida for Rs 5,006 crore.
Last year, Citigroup realty arm, Citigroup Property Investors, had picked up 5.8 per cent stake for Rs 322.5 crore in the company. Merrill Lynchs real estate arm had also pumped in Rs 112.5 crore in a joint venture project of the company.
While company sources confirmed the latest round of investment, JP Morgan Chase could not be reached for comments.
More : moneycontrol.com
Department of Telecom is learnt to have sought recommendations from ministries of Law, Finance and the Planning Commission on its proposal to auction the prime land of VSNL, that was taken over by the Tatas except for the land, in which the government holds 26 per cent stake.
Sources said DoT has also written to the Department of Disinvestment for views. VSNL, the erstwhile state-run international long distance carrier, has 773 acres of land across the country with most of them being on prime locations with the potential to fetch a few-thousand-crores to the exchequer.
Tatas took over VSNL in
Ansal API is all set to develop an integrated township spread over 2,500 acres in Dadri district near Greater Noida in the NCR. The total cost of the project will touch Rs.13,000 crore.
This huge project, Megapolis, will offer housing to more than 5 lakh people. Sushil Ansal, chairman of Ansal API, confirms to fund the project through in-house financing, equity contribution from the developers, debts, and dedicated funds.
Mr. Ansal also confirmed that a special purpose vehicle (SPV) will be introduced by the company which will facilitate the promoters to divest equity up to 40% to the investors in the
On sunday, when 25,000 people enter Delhi demanding land rights for the displaced and the landless, among them are 250 foreigners from 29 countries who have walked with them from Gwalior to Delhi. All, searching for a cause, have found it in the rally organised by P V Rajagopal, the founder of Ekta Parishad.
For him, this is the culmination of three years of networking with NGOs not just in rural Madhya Pradesh where he is based but in Paris, Berlin and London, too. Of course, helped by the power of the Net — emails, websites that spell out the
Dentsu Communications, Delhi, has appointed Sunil Kukreti as General Manager and Branch Head. Until now, Kukreti was heading Mudra Groups agency, Interact Vision, where he was also the General Manager.
Commenting on his new appointment, Kukreti said, I am happy to have been charged with the responsibility of leading Dentsu Communications in Delhi. The office already handles major businesses like Yamaha motorcycles, Radico Khaitan, I-mate, and BPTP.
