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Bankers review progress of 12 large NPA accounts under IBC

Leading bankers today reviewed the progress on the 12 large stressed accounts named by the Reserve Bank resolution for action under the Insolvency and Bankruptcy Code (IBC) here.

The Internal Advisory Committee (IAC) of the Central bank had on June 13 directed the banks to refer 12 non-performing accounts to the National Company Law Tribunal for possible liquidation process.

hese 12 accounts were — Essar SteelBSE 0.41 %, Bhushan SteelBSE -0.30 %, Electrosteel SteelsBSE 0.00 %, Amtek AutoBSE -0.95 %, Bhusan Power and Steel, Alok Industries, Monnet Ispat and Lanco Infra, Era Infra, Jaypee Infratech, ABG Shipyard and Jyoti Structures. Together, they account for a quarter of the total Rs 8 trillion of NPAs.

“It was a stock-taking exercise. We want to smoothen the co-ordination among all the stakeholders,” said a banker.

Out of these 12 accounts, nine have already been referred to the NCLT, while Lanco Infra, Jaypee Infratech and Era Infra are yet to be admitted.

Orient Cement to raise Rs 500 crore

Orient Cement Ltd today said it is planning to raise Rs 500 crore from the market through qualified institutional placements, | national college, equity shares or through other securities.

The board of the company today approved a proposal to raise the fund in one or more tranches and would seek shareholders’ approval through an AGM, Orient Cement said in a regulatory filing.
The CK Birla group firm may also use methods “including by way of a rights issue to existing shareholders of the company, private placement or a further public issue, or issue of Global Depository Receipts/American Depository Receipts, Foreign Currency Convertible Bonds… ”

Company Summary

NSE
BSE

orient cement ltd 0.50 (0.32%)

Shares of Orient Cement were trading at Rs 158.15 apiece on BSE, up 2.36 per cent from previous close.

Samhi Hotels to acquire British chain Premier Inn’s business

Mumbai: In one of the biggest deals in the country’s hospitality sector, lodging investor Samhi Hotels is set to buy the India portfolio of British chain Premier Inn for about Rs 600 crore

The proposed buyout of five Premier Inn budget properties, totalling 583 rooms, will make Samhi Hotels the largest independent owner of lodging assets in India . Founded by former Accor India executive Ashish Jakhanwala and HVS head Manav Thadani, the seven-year-old Gurgaon-based company currently has a collection of 25 properties, totalling 3,900 rooms in the country
Premier Inn’s UK parent Whitbread is pulling out from the Indian hospitality market as  it wants to focus on more profitable regions like the UK, Germany and Middle East. Whitbread which also owns Costa Coffee, however, remains focused in growing the café business here.

Premier Inn will be Samhi Hotels’ latest transaction after its purchase of Hyatt Regency in Pune last year. To ensure a smooth transition of the five properties from Whitbread to Samhi, the former’s Premier Inn brand will continue in the Indian market for some time, sources said.Premier Inn ventured into the country in 2007 through an equity partnership with real estate developer Emaar MGF. Three years later, the British company bought out its partner from the joint venture and started to devel ..
Ashish Jakhanwala of Samhi couldn’t be reached for immediate comments. Jakhanwala had earlier said that the company, which is backed by marquee investors like Equity International, IFC, GTI Capital and Goldman Sachs, was looking to buy hotels that are displaced due to financial or operating reasons to enhance its footprint in Asia’s third largest economy.

Mergers and acquisitions in the Indian hospitality sector are increasing due to improved operating trends in average room rate ..

Assetz Property & LOGOS Group to jointly raise $400-million warehousing fund

BENGALURU: Logos Group, an Asia-Pacific region property logistics company, has entered into a partnership with real estate developer Assetz Property Group to expand its operations in India and raise a new fund.

The two partners have set up a standalone platform, Logos India, which is working on closing its first Indian logistics venture with an expected $400 million of equity commitments to potentially develop assets worth $1 billion.

The two partners have set up a standalone platform, Logos India, which is working on closing its first Indian logistics venture with an expected $400 million of equity commitments to potentially develop assets worth $1 billion.
“We are seeing extensive demand from our existing and new customers for institutional grade logistics facilities in the region. Our expansion in India continues to show Logos’ commitment to establishing itself in growth markets alongside our important customer relationships,” said Trent Iliffe, joint MD at Logos group. The JV plans to develop about 20 million sq ft of warehouse and logistics space across cities including Chennai, Gujarat, Hyderabad.

Residential launches down 17% in first half of 2017: Report

BENGALURU: Residential property launches have declined by 17% in the first half of 2017 as compared to H2 of 2016 owing to implementation of the Real Estate (Regulation and Development) Act (RERA) and nationwide execution of the Goods & Services Tax (GST).

As per Colliers Research, the number of new launches is expected to further decline in H2 2017 as RERA and GST compliance will remain a challenge for several developers for at least the next six months.

Supply of new projects will remain restricted in the market in short to medium term but this will help to mitigate the oversupply situation in most markets. After the recent bank rate cut by RBI in July 2017, we do not expect any further rate cut in H2 2017. Also, the prices have been stabilised in most markets, and any further reduction is unlikely. Thus, buyers should expedite their buying decisions and take advantage of lower interest rate regime. The first-time homebuyers can also get benefi .

However, the sales are likely to pick up during the festive season due to higher optimism among buyers after RERA that is expected to solve the issue of unsold inventory in the market.

e expect a decline in Colliers says that the residential market witnessed a 17% decline in the number of new launches since H2 2016 with 40,600 new units introduced in the first half of 2017 in prime cities. Mumbai and Bengaluru were at the forefront with 35% and 33% of total launches respectively, while Chennai, Pune and NCR accounted for the remaining 13%, 10% and 9% share.

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