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Mumbai Economy Thread

192K views 717 replies 88 participants last post by  blackgold27 
#1 · (Edited)
Mumbai Economy And Real Estate Thread

With permission from Sudeesh I have set this thread up to post articles about the economic growth and jobs generated in the city.

Mumbai as we know has been tipped by many round the world to be one of the shining stars of the next decade.

Post all economy related articles in this thread. This includes real estate news.

Floating the rupee has to be the single most important policy for the city which has the nations two largest stock exchanges.
 
#133 ·
Lupin's Gupta may sell land at Goregaon

Mumbai: With the realty market picking up, the Guptas, promoters of pharmaceutical company Lupin Ltd, are in talks with builders to sell 5 acres (approximately 2.5 lakh square feet) of land at Goregaon. The Lodha group is believed to be the frontrunner for the deal with an offer of Rs180 crore.

The area, next to The Hub and Raheja Sherwood, a residential colony, off the Western Express Highway, is being used as a car park.

A Lupin spokesperson said the land is not owned by the company. “It is owned by private companies owned by Dr DB Gupta,” the spokesperson said. “We would not like to comment on a private matter.”

Abhishek Lodha, director of the Lodha Group, said no deal has been struck. “We haven’t spoken for the past five months,’’ he said. The Lodhas are currently preparing for an IPO.

Lupin, headquartered in Mumbai, is a pharma firm with a strong
research focus. It has a R&D centre in Pune and is a leading global player in anti-TB drugs, cephalosporins (anti-infectives), and cardiovascular drugs.

Recently, the Khorakiwalas, promoters of pharma company Wockhardt, sold 18 acres of land at Mulund for over Rs350 crore to the Runwal Group and a real estate fund. The land was once owned by Merind, the vitamin B12 maker, which the Khorakiwalas bought from the Tatas in 1998.

http://www.dnaindia.com/mumbai/report_lupin-s-gupta-may-sell-land-at-goregaon_1345761
 
#134 ·
Maharashtra govt gets tough with mill owners

Mumbai: Fed up with private owners of Mumbai’s defunct mills trying to cheat the city of land for housing, the government has decided to enforce the law.
The state has set up a four-member committee under urban development secretary TC Benjamin, which has housing secretary, labour secretary and textile secretary as members, who will compel owners to hand over one-third of the land each to Mhada and BMC as stipulated under the recently amended development control rule 58 (1). Under the amendment, owners will have to submit their layout plans within six months of the closure of the mill.

State housing minister Sachin Ahir said, “There are around five mills like Century, Bombay Dyeing and Ruby who, for reasons best known to them, are not handing over the land. The city should be getting roughly 40,000 sq m of land just for housing.’’

Records show that many take years to hand over the land. Some still manipulate the law and hand over land in scattered pieces.
Several mills even received stop-work notices over the issue from the state-appointed mill monitoring committee. The committee served notices to five mills, including Apollo, Mumbai Textile, Kohinoor, Elphinstone and Jupiter, last year.

http://www.dnaindia.com/mumbai/report_maharashtra-govt-gets-tough-with-mill-owners_1345762
 
#136 ·
HSRIL launches county’s largest home-making store

Home Solutions Retail (India) Ltd., (HSRIL) a part of the Future Group, has launched ‘HomeTown’, India’s most comprehensive home making and home improvement store, at LBS Marg, Vikhroli. Spread over an area of about 2 lakh sq.ft. HomeTown, Vikhroli offers consumers the largest choice and a variety of products in every budget, under one roof.

This is Future Group’s 10th HomeTown, with the other 9 located in Ahmedabad, Bangalore(2), Hyderabad, Indore, Kolkata, Lucknow, Noida & Pune.

The HomeTown store is divided into three sections – exhibitions, markets and services.

Exhibition section: HomeTown will have live displays in the exhibitions section consisting of - living room settings, bedroom settings, dining room settings, kids’ room settings, kitchen settings and bath room settings. This will help the customers to imagine how coordinated their room would look if they purchased from HomeTown.

Markets section: will feature products like sofa sets, dining tables, beds, kids furniture, kitchen fittings, bathroom fittings, furnishings, mattresses, paints, tiles, electrical fittings, decor lighting, plywood, and consumer durables and electronics (through eZone shop-in-shop).

Services section: will offer service options such as - Mr. Carpenter, Mr. Plumber, Mr. Electrician, Mr. Painter, Tilewala, Design & Build, door delivery and installation.

Design & Build - This is a unique end-to-end solution that will help customers bring their dream home to life. From home Designing & Interior works for a new home to renovating existing homes, HomeTown Design & Build services will help customers all the way. Most importantly, this service is flexible, transparent and easy-on-the-pocket. Design & Build is supported with all home related services like Interior Designing, Carpentry, Bathrooms Fittings, Masonry work, Painting solutions & Electrical fittings.

Other Highlights of the store: The store houses Ezone, for wide range of electronics, spread across 10,000 sq.ft, Food Bazaar, spread across 10,000 sq.ft & HomeTown Select, this will showcase premium products for lifestyle buyers, spread across 11,000 sq.ft. The store will also house a café & a fine dine restaurant soon.

HomeTown offers customers a unique, personalized shopping experience. Every customer walking into the store is escorted around the store by smartly dressed hosts and hostesses, who guide them about their requirements. The look and feel of the store is casual and strikes a delicate balance between aesthetics and functionality.

HomeTown will display products from all major manufacturers from India and abroad. Customers will be given price, service and product guarantees. If customers find any products that they have purchased, cheaper elsewhere, they will be given a gift voucher of double the difference, provided they bring an original receipt within two days of purchase of the product. HomeTown will also guarantee workmanship of the jobs that it undertakes, for one year from the time the job is completed. Every product or service provided is backed by reliable manufacturers and service providers. In case of any manufacturing defect, consumers will get the option to exchange or refund the product.

HomeTown will also facilitate fast and easy consumer loans through ‘Future Money’, for purchases at HomeTown.

Future Group
http://www.fibre2fashion.com/news/company-news/pantaloon-retail-india/newsdetails.aspx?news_id=82098
 
#139 ·
quick anecdote about hometown ..... one our family friends got their kitchen remodeled by them. The 3D rendering and CAD model looked great, until construction commenced. Once they were done it was found that the alcove in the wall that they had made for the fridge was too small and so they ended up with a brand new kitchen and the fridge hanging out in the dining space like an eyesore!! Last I heard they were still haggling with the store to pick up the tab to fix it...:gunz: but that was a few months ago so hopefully it worked out for them.
 
#137 ·
BPCL's Mumbai refinery starts producing cleaner petrol, diesel

Mumbai: State-run Bharat Petroleum Corp (BPCL) today said its Mumbai refinery has commenced production of cleaner petrol and diesel.


The refinery, which processes 12 million tonnes of crude annually, would produce Euro IV diesel and petrol that contain lesser amount of pollutants.

"Most of the demand from Mumbai and Delhi for Euro IV quality diesel and petrol will be met by the BPCL Mumbai Refinery," the company said in a press release. In order to meet the Euro IV specification, BPCL revamped certain units in its refinery through the Refinery Modernisation Project (RMP) at a cost of Rs1,635 crore.

It also upgraded existing units of Diesel Hydro-desulphurisation, Hydrocracker and also set up a new FCC Gasoline Splitter at a cost of about Rs440 crore.

The Auto Fuel Policy of 2003 requires Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp to sell petrol and diesel meeting the stringent Euro-IV specifications in 13 major cities and Euro III specifications across India from April 1.

Euro IV fuels go a long way in ensuring a much cleaner environment as the sulphur content in diesel comes down from 350 parts per million (ppm) to 50 ppm and in petrol from 150 ppm to 50 ppm. This reduction ensures lower emissions of green house gases.

http://www.dnaindia.com/money/repor...tarts-producing-cleaner-petrol-diesel_1347500
 
#138 ·
HPCL mulls moving Mumbai refinery

State-controlled Hindustan Petroleum Corporation Ltd (HPCL) has proposed a Rs. 25,000-crore investment plan to relocate its 6.5 million tones per annum refinery in Mumbai with a grass root refinery at Ratnagiri in coastal Maharashtra that would be three times its size.
Government sources said the proposal to build an 18 to 20 mtpa refinery involves sale of land HPCL had acquired in Mumbai, which turned out to be insufficient for its ambitious expansion.
“We are evaluating the proposal,” HPCL’s chairman and managing director Arun Balakrishnan told the Hindustan Times, but refused to give further details.
A senior Petroleum Ministry official also confirmed the proposal, saying. “It looks feasible, considering the difficulties listed by the company.”
“However, we have asked HPCL to do a detailed techno-economical examination of the proposal. A final decision will be taken by the HPCL’s board,” the official added.
The new refinery will be funded partly through internal resources generation of about Rs 11,000 crore, while Rs 10000 crore will be raised from the sale of land of the existing Mumbai Refinery. Loans and external commercial borrowings (ECBs) will make up the rest.
HPCL currently has two refineries at Mumbai and Visakhapatnam with a combined refining capacity of 16 mtpa (million tonnes per annum) as against its sales volumes of around 25 mtpa. It is also setting up another nine mtpa refinery at Bathinda in Punjab with the L.N. Mittal group.
Company sources said it was vital to expand in order to meet rising demand.
HPCL officials said options including a careful expansion of Mumbai facilities were evaluated, but a plan relocate the Mumbai refinery was found to be the most feasible.
Another reason to relocate is the high incidence of octroi at 3 per cent on the crude inputs at the Mumbai refinery that runs up an annual bill of Rs. 630 crore.
The hefty bill has made HPCL wonder about the cost of its Mumbai operations

http://www.hindustantimes.com/HPCL-mulls-moving-Mumbai-refinery/H1-Article1-506749.aspx
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#141 ·
^
its country, must be a typo

Mumbai calling as rail advisers set up office to grab deals

A DERBY rail consultancy has branched out into India in an effort to win new business created by the country's developing economy.

Interfleet Technology, at Pride Park, has opened its first office in Mumbai.

Despite the global downturn, India is considered by many economists to be an emerging economy and, as the country grows, its transport links need to be improved.

Interfleet provides expertise on almost all aspects of rail, including advising firms on which rolling stock to buy, working out train timetables and staff rotas and the positioning of signals.

The new office, which will provide the company with a base to service existing clients and woo new customers, is being headed by Interfleet's regional manager for India, Amit Ramteke, who used to work in Derby.


He will be joined next month by another full-time member of staff and is in the process of recruiting more.

He said: "Over the past seven years we have delivered a number of assignments for clients in India and we have gained valuable experience of the rail sector in the country.

"The industry is well supported by the Indian government and there are a number of projects being implemented.

"Several metro schemes are at different stages of development and a monorail market is also emerging.

"With a growing economy, and substantial planned investment in transport, the country presents a significant business opportunity for Interfleet."

Interfleet is currently helping to oversee the manufacture of vehicles for the Mumbai Metro project.

Interfleet's consultants are also acting as the independent certifier for new rolling stock for the Delhi Airport Metro.

The Indian office is the latest development in Interfleet's global expansion.

The firm, which began in 1996 as a result of the privatisation of British Rail, has already established offices in Australia, New Zealand, Scandinavia, Canada and America. In total, Interfleet has 24 offices in 10 countries.

When the company began it employed 99 people – today it employs more than 550 across the globe.

About 300 of those are based in the UK, with most of its workforce at Pride Park.

As well as India, Interfleet is also gaining a foothold in South America.

Managing director David Rollin said: "Our brand is increasingly well known in world rail markets. As a result, we are continuing to extend our global footprint with this new office in India."

http://www.thisisderbyshire.co.uk/n...rab-deals/article-1841798-detail/article.html
 
#142 ·
Once again, BKC plot attracts realty giants


Coming after a period of two years, the latest chunk of plot to be put on the block at the Bandra Kurla Complex (BKC) has evinced interest from various developers.

Developers like HDIL, Godrej Properties, Bharti Realty, Vinita Group and Oberoi Constructions were among the few realty players present at a recent pre-bid meeting held by the Mumbai Metropolitan Region Development Authority (MMRDA). The bids will be submitted as well as opened two weeks later on March 3. The 3,162 sq mt commercial plot has a reserve price of Rs 435 crore. Priced at Rs 3 lakh per sq mt, the plot has been ambitiously priced on par with rates prevailing at the beginning of 2008 before the slump left its dent.

In March 2008, the MMRDA had found no takers for two of its five plots that were priced at Rs 3 lakh a sq mt. As for the remaining three plots, the MMRDA is yet to recover close to Rs 1,000 crore from the two bidders. Two residential plots were picked up by Starlight Systems and the remaining one commercial plot had a sole bidder in Jet Airways.

http://www.indianexpress.com/news/Once-again--BKC-plot-attracts-realty-giants/581482
 
#143 ·
MUMBAI: Reflecting the buoyancy of the economic turnaround and the gradual restoration of job opportunities , new hotels have opened in Mumbai in

recent months. The Trident unveiled a suburban five-star in the Bandra-Kurla Complex, while Juhu has seen at least two new hotels added to its charm.


In addition, the Marriott is scheduled to unveil the Courtyard near the international airport in March 2010 and the Palace wing of the Taj Mahal Palace & Tower will reopen in May. The Taj Group also plans to open eight hotels under the Vivanta by Taj brand and two under The Gateway Hotel brand, all within India.

Zaid Farooqi, director, marketing, of the Taj Group, said, “In the medium and long term, with growth in the economy and city, we believe that there will continue to be a demand for starred hotels in Mumbai.’’

Devendra Bharma, executive VP, Oberoi Mumbai, was cautiously optimistic. “Many of these hotels that have just opened were projects the owners were already committed to and have been completed now. In fact, they weren’t finished at top speed, as they would have been in a stable year,’’ he said. But other industry experts see the glass half full. “One must remember that the hospitality industry works on long-term goals,’’ said Manish Tolani, director, sales and marketing, JW Marriott, Mumbai. “Given that this is India’s economic capital, there is still room for more hotels.’’

Tolani added, “We have seen a positive turnaround after October 15 last year. Campus recruitments are resuming , and businesses and individuals are psychologically walking out of the financial meltdown.’’

While the new Trident and Marriott are five-stars , the hoteliers’ association (AHAR) also sees a growth in the two- and three-star segment , particularly in the suburbs. “Would a resident of Andheri or Goregaon drive all the way to a five-star hotel in south Mumbai for a cup of coffee, even a meal, with so many brands nearer home? The arduous commute hardly makes it worth the while, more so when all kinds of options are available in Andheri or Bandra,’’ said Sony Sachdev, AHAR advisor.

The Taj Group also plans to open Taj Falaknuma, Hyderabad and Taj Cape Town in South Africa.

Experts said that though some hotel chains may see a dip in visitors, it may be related to the number of brands people can choose from.

http://economictimes.indiatimes.com...umbai-New-hotels-open/articleshow/5631695.cms
 
#144 ·
Jet may sell Mumbai land to Godrej Properties for Rs 450cr

Jet Airways seems to have found a solution to its land transaction in Mumbai’s Bandra Kurla Complex that happened almost two years ago. The company had made a whopping Rs 826 crore for two land plots then. It may now be in advanced negotiations to sell one of the plots, reports CNBC-TV18’s Priyanka Ghosh quoting sources.
It is learnt that the front runners for the plot are Godrej Properties, Bharti Realty and Oberoi Constructions. Sources however also added that Jet is in advanced negotiations with Godrej Properties. The deal is likely to close in the next eight to ten days, sources said.
Godrej Properties is looking to pay around Rs 450 crore for the plot. Jet Airways had taken a loan from HDFC to fund the land purchase back in 2008. The liability here then moves from Jet to Godrej.
Of the 1.2 million square feet that Jet Airways is looking to sell to Godrej Properties and others, Jet will retain 2.5 lakh square feet for itself. It will also have certain profit sharing arrangements for the remaining portion.
Sources also indicate that Jet is having parallel negotiations with MMRDA to sanction nine FSI for the plot. Currently, it has 2.5 FSI. FSI, or Floor Space Index, determines the developable area on a plot of land.
This would be a win-win situation for Jet Airways. If Godrej Properties bags this land, it would be a very aggressive move for Godrej given its scale.

http://www.moneycontrol.com/news/cn...to-godrej-properties-for-rs-450cr_442303.html
 
#145 ·
Nariman Point rises again
RAGHAVENDRA KAMATH / Mumbai February 24, 2010, 0:40 IST
After years of playing second fiddle to newer areas such as Bandra Kurla Complex (BKC) and Andheri in Mumbai, Nariman Point, once the most coveted address in Mumbai and the country’s first central business district (CBD), is bouncing back with a vengeance.

According to estimates made by property consultant Jones Lang LaSalle Meghraj (JLLM), at least seven lease deals for 45,000 sq ft (BKC saw deals for 50,000 sq ft in the same period) have been struck in buildings such as Hoechst House, Nirmal, Nariman Bhawan and Express Towers in the last six months. That’s 50 per cent more than the previous six months.

Several other deals are in various stages of negotiations. Of this, Express Towers, which has a total built-up area of 400,000 sq ft, has seen four lease renewals by high-profile tenants such as Bank of America and Temasek. Others like Hoechst, One Forbes House and so on report similar renewal rates.

The business district saw few property deals in 2008 owing to the economic meltdown and companies and financial institutions shifting to Mumbai suburbs such as BKC, Andheri and others.

All that is history. With fast moving consumer goods (FMCG) giant Hindustan Unilever (HUL) refurbishing its iconic Backbay Reclamation office with a space of 150,000 sq ft and deciding to rent it out, prospective tenants have already queued up. The company is expected to earn Rs 60 crore to Rs 70 crore annually from leasing the space.

Large legal firms and private equity investors have also started looking at south Mumbai to set up their offices. For those who are looking at investing in India, it is the first preference,'' says Raja Seetharaman, national head, agency leasing, JLLM.

One of the major problems Nariman Point faced earlier was sky-high rentals and the poor quality of buildings – there was an acute shortage of Grade A properties that companies want. That problem is being rectified with several iconic buildings being refurbished and attracting tenants like never before. The supply of A Grade office space has increased to 2.5 million sq ft against 1.75 million at BKC.

The main lobby of Hoechst House easily gives the impression of the headquarters of the kind of large multinational one sees in Hollywood films with designer marble flooring and clocks showing the time from around the world. The building houses tenants such as Caylon Bank, Commonwealth Bank of Australia among others.

Other buildings have put up large LCD televisions, heritage mural designs with a blend of contemporary designs and metallic-finish elevators. Some of the buildings have also put up digital video recorder/network video recorder-based CCTV systems and automatic boundaries on vehicular entries. All the floors have also been given a makeover.

Those who have leased space at Nariman Point vouch for south Mumbai's charm. “It is closer to both CST and Churchgate train stations which makes it convenient for our employees to travel. Even our sponsors (Axis Bank) is nearby,'' says Rajiv Anand, managing director and chief executive of Axis Mutual Fund, whose firm has leased 10,000 square feet of space in Nariman Bhavan in Nariman Point.

Though rents have softened in south Mumbai, as they have in other parts of the city, the refurbished buildings today command 20 to 30 per cent higher rentals than before, consultants say. For instance, Commonwealth Bank of Australia leased 7,444 sq ft of space at Hoechst House a couple of months ago at Rs 330 a sq ft per month compared to Rs 275 a sq ft in early 2009.

Most of the A-Grade buildings in the area now command a rent of Rs 225 to Rs 350 a sq ft depending on the address you choose. Seetharaman of JLLM says property owners are targeting global companies that have different offices in various parts of the city and are planning to consolidate in one building.

Though nobody can afford Nariman Point for their back offices, it is becoming the preferred choice for the front office, he says. Firms such as HSBC, Royal Bank of Scotland, Deutsche Bank have set up their back offices in various parts of Mumbai.

Ambar Maheshwari, director of investments at international property consultant DTZ, says single- or dual-ownership structures like Express Towers, part owned by ICICI Venture and Indian Express group, is making all the difference in south Mumbai.

Most of the buildings in the area are strata-owned, where different people own parts of a single building.

But some say Nariman Point can’t be immune to the general oversupply of commercial space in Mumbai. If some Grade A buildings are commanding higher rents, there are others that still have empty floors today on account of lower demand, says the chief executive of investment bank who has an office in south Mumbai.

According to DTZ estimates, Mumbai is likely to add 15.3 million sq ft of office space by the fourth quarter of 2010 against the projected absorption of 5.5 million sq ft.

All the same, vacancy levels at Nariman Point have dropped to 9 to 10 per cent; comparable figure at BKC is 25 to 30 per cent.


http://www.business-standard.com/india/news/nariman-point-rises-again/386664/
 
#146 ·
Nariman Point world's fifth most expensive office location

Mumbai's Nariman Point area is the fifth most expensive office location in the world with an average annual rental of $107 per sq ft, according to realty services firm Cushman & Wakefield.
Mumbai's central business district edged past the Russian capital Moscow to gain the one point and is preceded by Tokyo, London West End, Hong Kong and Dubai in the survey conducted in 123 key locations in 63 countries across the world.
Cushman & Wakefield, however, said the rental rates in the heart of India's financial capital has dipped by around 20 per cent in 2009 compared with the year-ago period.
Tokyo CBD is the most expensive office location in the world with an average annual rental rate of USD 190 per sq ft.
In the Asia Pacific region, India retained its last year's position in the top ten capturing three slots - Mumbai CBD, Mumbai Worli and New Delhi CBD at third, fourth and fifth position respectively.
"Rental corrections experienced across India in 2009 have made the office market more attractive for end-users. With corporates reconsidering expansion plans and anticipating rationalising of rental values, we expect the demand in 2010 to be buoyant," Cushman & Wakefield Executive Director Occupier Service Arvind Nandan said.
The focus is likely to be the key markets of NCR, Mumbai and Bangalore in the early part of the year, he said, adding that the IT/ITeS sector would bring in demand in the later part of 2010.

http://www.hindustantimes.com/Narim...nsive-office-location/H1-Article1-512143.aspx
 
#147 ·
Renaissance Mumbai Hotel and Convention Center wins recognition from BMC
Thursday, March 04, 2010, 12:00 Hrs [IST]
By HBI Staff | Mumbai
Renaissance Mumbai Hotel and Convention Center has received the second prize for ‘Best practice of converting garden waste into vermicompost’ – in Commercial buildings category by the Tree Authority and BMC.

Oliver Kahf, General Manager, Renaissance Mumbai Hotel and Convention Center, said, “This recognition by the Tree Authority and Municipal Corporation of Greater Mumbai is a vindication of the efforts put in by our team for taking effective measures for green initiatives. It is our continuous and constant endeavour to find out ways and means to protect and improve our environment in every possible way. This recognition spurs us on to introduce greater ‘greener’ initiatives to contribute to the environment that we live and work in.”

Vermicompost is a process wherein all the garden waste in the property is collected on a daily basis and filled in a pit where liquid cow dung is added to convert it into semi-decomposed matter. This semi-decomposed matter is then transferred to another pit which has soil and earthworms. After 21 days, the vermicompost is ready. This is then sieved and collected in bags and used as manure for gardening purposes. Vermicompost has more plant nutrients then simple compost or farmyard manure.

http://www.hospitalitybizindia.com/detailNews.aspx?aid=7590&sid=1
 
#148 ·
BOMBARDIER TO OPEN NEW REGIONAL SUPPORT OFFICE IN MUMBAI

Bombardier Aerospace today announced that it will open a new Regional Support Office (RSO), in Mumbai, India – further strengthening its support for customers in this country. This will be the company’s fifth new support office to open in the past three years worldwide and is expected to begin operation in the second quarter of fiscal year 2010/11.
The new RSO in Mumbai will align Bombardier Aerospace’s existing business aircraft and commercial aircraft support services in the region situated in New Delhi, Bangalore and Mumbai at the same location. The new RSO will be located in Andheri East near the Chhatrapati Shivaji International Airport. The office will staff up to 12 employees consisting of Customer Support Account Managers, Field Service Representatives and Regional Support Managers by year’s end. This dedicated team will complement Bombardier’s regional Field Service Representatives located throughout India and its surrounding regions.

“The Asia-Pacific region is a key market for Bombardier, and we recognize how important this RSO is for both our business and commercial aircraft customers in the region,” said James Hoblyn, President, Customer Services and Specialized & Amphibious Aircraft, Bombardier Aerospace. “Strengthening our presence in India is among a number of recent changes we have introduced to improve overall response times and build stronger relationships with our customers around the world.”

Since embarking on its worldwide customer support expansion strategy in 2007, Bombardier has opened new RSOs for its commercial aircraft customers in Tokyo, Japan; Sydney, Australia; Shanghai, China and Munich, Germany and has added dedicated service and support representatives in these regions. In addition, the company’s business aircraft division inaugurated its first Line Maintenance Facility for its Challenger and Global business jet customers in India through Air Works.

Bombardier’s plan to establish strategically located RSOs is designed to provide a comprehensive support package encompassing aircraft technical expertise, flight operations support and customer account management functions. As a result of the proximity to its operators’ bases, Bombardier can provide quicker service to customers in their language and time zone.

About Bombardier

A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2009, were $19.7 billion US, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com.

http://weather.aviation.ca/content/view/8488/117/
 
#149 ·
Standard Chartered to be listed in Mumbai

Standard Chartered will become the first international company to gain a primary stock market listing in India, offering up to $750 million of new shares to Indians, including private investors.

The bank, reporting a 3 per cent rise in underlying profits per share yesterday, revealed its plans for the sub-continent after reaping a profit of more than $1 billion there for the first time.

Richard Meddings, finance director, said: “We were founded in India 150 years ago. A primary listing will strengthen our brand there.”

The Mumbai listing is planned for the first half of this year. Standard Chartered already has primary listings in London and Hong Kong and, with HSBC, is pushing for a listing in Shanghai.

Shares in the bank rose 5 per cent to £16.83, within striking distance of their record high. Analysts said that the results were a little better than expected. Pre-tax profit was up by 13 per cent to $5.15 billion, boosted in part by a £1.8 billion rights issue in late 2008.

In India, where the bank employs 17,000 people, operating profits rose 19 per cent to $1.06 billion, just behind the bank’s biggest market of Hong Kong, which made profits of $1.062 billion.

Peter Sands, chief executive, underlined warnings that too sharp a regulatory crackdown on banks could starve the real economy of credit just as confidence was returning. “It is crucial the policymakers strike the right balance,” he said.

Standard Chartered staff will share bonuses of about $1.1 billion, with an average payout of £10,700. Mr Sands confirmed that he would give his $3.2 million payout to charity. A final dividend of 44.8 cents makes a 66.03 cent total for the year — up 7 per cent.

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article7048735.ece


this is huge development for the city of mumbai HUGE
 
#150 ·
Wadia sells Mumbai building to Axis for Rs 640 crore

MUMBAI: A new four-storey commercial building at Worli is being sold for Rs 640 crore, pitching it as one of the costliest in the country. The

Nusli Wadia-led Wadia Group has finalised the mega deal with Axis Bank, which is planning to shift its headquarters to the building.

The deal generated a lot of interest in Mumbai's property market and some sources in real estate circles had pegged the price at Rs 900 crore. But this was discounted by a senior representative of a leading financial institution who was said to be aware of the nitty-gritties of the transaction.

The Wadias were unavailable for comment. A spokesperson for Axis Bank said: "At this point of time we do not have any comments to offer."

The building, Wadia Tower A, located in the Bombay Dyeing Mill compound on Pandurang Budhakar Road, has a saleable area of over 4 lakh square feet. It works out to Rs 16,000 a square foot.

The representative of a global property consultancy firm said: "A deal of this magnitude for a ready building is unheard of. This is by far the largest of its kind."

Axis Bank, one of the three largest lenders in the country, plans to move out of its existing offices in Maker Towers in Cuffe Parade and set up its headquarters in Wadia Tower A. Several financial sector companies have already relocated to new business centres like the Bandra-Kurla Complex and Kalina.

The Wadias, considered to be one of Mumbai's biggest land owners, control 64 acres in prime central Mumbai where they are also developing 1 million square feet of residential space.


http://economictimes.indiatimes.com...Axis-for-Rs-640-crore/articleshow/5613947.cms
 
#151 ·
India - Marks and Spencer expanding stores 01 Mar 2010
One week post his announcement to step down as chief executive, Sir Stuart Rose visited Mumbai for a meeting with India’s richest man and M&S partner, the chairman of the Indian conglomerate Reliance Industries, Mukesh Ambani.
“Mark Bolland, our new chief executive, is very keen to grow the overseas market, and India is just top of the list,” said Sir Stuart. “In fact, I have been discussing with Mr Ambani about the need to get aggressive and both of us are looking to have several more stores.”
M&S declares it will open six to eight new shops in 2010 in India, to add to their 50 stores there by 2014.

M&S joins a long list of European companies that are currently investing in India. Within the next month, businesses such as London-based toyshop Hamleys, Spanish fashion giant Inditex’s Zara chain, and Arcadia Group’s Top Shop will all launch in India. France’s Carrefour is expected to reel-in an Indian partnership in the coming months, the last of four big international supermarket chains to launch in India with fellow chains Wal-Mart, Tesco, and Metro.
Nangia Saloni, the vice president of the Indian management consultancy Technopak stated, “International retailers would have bottomed out in their own countries, they would be looking at investing in their new markets, and India and China would figure very strongly.”
“India is not a panacea or an easy win. It takes time, and you have to understand that,” says chief executive of the Reliance Industries joint venture with UK-based supermarket chain Planet Retail, Mark Ashman. Since taking over, Ashman has cut prices by 30% by increasing the share of goods made in India from 18% in 2008 to approximately 55% today. Ashman plans to bring the share to 70% by 2014.
Many have failed in their attempts at entering the Indian market, which is why Ashman has moved to adapt M&S to Indian tastes, by changing the color scheme of their clothing products, for example. They now provide 16 different colors of polo shirts in India, whereas in their home in the UK, there are but 5 different colors. The men’s polo’s now have breast pockets, a preferred style by Indian men.
“What’s become clear to us is that many things that M&S does around the world are applicable to India, but there are also other things that the Indian market requires international retailers to do differently,” says Ashman.
“I can’t think of a straightforward retail brand coming into India and being a success story,” says David Blair, the south Asia managing director of UK design consultancy Fitch, that redesigned M&S stores for India.
“There was this view that it was all about first-mover advantage, that it was an inconceivably huge market with limited property available, so there was this land grab,” he says.
The US clothing company Levi Strauss’s Dockers brand, Italy’s GAS, France’s Etam, alongside the UK’sArgos, have all closed down their India operations
 
#152 ·
Little & Co partner joins Majmudar as firm moves to Bandra

Majmudar & Co will follow its clients and move from South Mumbai to a larger office in the Bandra Kurla Complex (BKC) in North-Central Mumbai, as the firm has hired Little & Co corporate partner Shreyas Patel with one associate.

Majmudar has taken a five-year lease on 7,500 square feet of the Naman Centre's sixth floor in BKC's G Block in Bandra East.

Little & Co partner Patel has joined Majmudar in the corporate practice focusing on foreign direct investment (FDI).

Patel said: "We are in the growing mode: We are shifting to Bandra Kurla Complex and the plan is to grow. It's an up-and-coming firm with young individuals with the same mindset."

Patel had been with FoxMandal's Mumbai office since 1999, which then merged into Little & Co's office in 2006 after FoxMandal and Little & Co entered into an arrangement to create the FoxMandal Little brand.

Little & Co managing partner Ajay Kathwala confirmed Patel's departure.

Patel and 33 other Majmudar fee-earners are due to move to Bandra on the weekend of 20 March out of Nariman Point's Free Press House.

Five lawyers in Majmudar's litigation practice will be moving to the firm's existing Flora Fountain office, which is near to the Bombay High Court.

Majmudar managing partner Akil Hirani said: "Basically, I guess we are going where the business is going. Most of our banking clients are all slowly but surely heading to the BKC zone and a lot of our corporate clients are there or beyond."

"From what we understand and having spoken to a number of real estate consultants and businesses alike, everyone is recommending BKC," he added.

Hirani explained that the BKC area was actually effectively more expensive than office space in Nariman point. "When you do all the mathematics, Nariman Point gives you better carpet to built-up ratio and rents per square foot are more or less the same."

"If you look at Rupee to Rupee value it may appear that BKC is cheaper, but when you do the mathematics the efficiency [of floor use] in Nariman Point works out higher."

The usable 'carpet' area in Majmudar's new BKC office is around 6,000 square feet, which Hirani said would be enough to grow to 50 lawyers.

"Primarily we are on a pretty high growth path and [Patel] will hopefully be one of many more senior level lateral hires," he noted. "The business tide has clearly turned in the last six to eight months. We are trying to beef up and go to the next level."

Several Mumbai firms have moved North of Nariman Point in the past year or procured additional space in South Mumbai.

http://www.legallyindia.com/2010030...artner-joins-majmudar-as-firm-moves-to-bandra
 
#153 ·
National carrier Air India and GE Aviation will together invest $90 million to set up a maintenance, repair and overhaul (MRO) facility to cater to the latter's GEnx-1B engines.
"The investment in this facility at Mumbai [ Images ] will be around $90 million," GE Aviation's Country Director Nalin Jain said here on Thursday.

The US-based jet engines provider will invest $20 million while the balance will be pumped in by the Indian government-run airline. The foreign company's investment will be spread over 7-8 years.

"Our (GE Aviation) investment will be over a period of 7-8 years," Jain said.

The two companies on Thursday inked an agreement here, under which Air India will be licensed to perform MRO work on the GEnx-1B engine, which powers Boeing 787 aircraft.

The national carrier has ordered 27 GEnx-1B powered 787 planes.

"Air India envisages a state-of-the-art facility catering to GE 90 and GEnx engines, including a new engine testing facility. Our strong collaboration with GE will enhance the visibility of the facility across the globe and result in India becoming one of the major engine MRO players," Air India Chairman and Managing Director Arvind Jadhav said.

As part of the agreement, GE Aviation will provide technical support to Air India. Currently, GE had an order backlog of 250 engines from India, Jain said.

"We expect fresh orders (from India) next year," he added.

http://business.rediff.com/report/2...on-to-invest-dollar-90-mn-in-mro-facility.htm
 
#154 ·
Mumbai’s Failed Land Sale May Lead Some Property Prices Lower

March 4 (Bloomberg) -- Mumbai’s failure to lure any bidders in the first government land sale in at least 1 1/2 years may cause rates in that area to fall as India’s financial hub seeks to develop the reclaimed marshland into a key business district.
“It’s a once-in-10 years kind of situation,” Vivek Dahiya, chief executive officer of New Delhi-based GenReal Property Advisors, said by phone from New Delhi. “The Mumbai real estate market is going through a rare situation, where several micro- markets are going to witness over-supply because lots of projects coming up in some areas and demand drying up in some.”
The five likely bidders who attended a preliminary meeting last month for the sale of the site in the city’s Bandra-Kurla Complex didn’t submit offers yesterday, said Dilip Kawathkar, joint project director and spokesman for the Mumbai Metropolitan Region Development Authority. The land was valued at a minimum 4.35 billion rupees ($95 million) by the agency.
The failed auction may force Mumbai, whose commercial space makes it among the world’s five most expensive cities, to cancel or defer sales of land. The government offered the property at 2008 rates even after rents fell by more than a third in Bandra- Kurla, where London-based Standard Chartered Plc and Reliance Industries Ltd., India’s most valuable company, plan to shift their offices.
“The land price seemed to be on the higher side,” Pujit Aggarwal, chief executive officer and managing director of developer Orbit Corp., said by telephone yesterday. Orbit was one of the companies that had attended the pre-bid meeting last month. “It would have been tough to make money.”
Rents Plunge
Rents in the Bandra-Kurla area had dropped 36 percent by December from a June 2008 high, according to data from CB Richard Ellis.
The 3,162.5 square meters (34,040 square feet) of land that was to be sold yesterday in the north-central region of the city can be used to build as much as 14,500 square meters of office space, according to the government agency. The reserve price of 300,000 rupees a square meter set by the agency was unchanged from similar sales two years ago.
“The failed land sale could impact sentiment and could lead to softening of rates in the Bandra-Kurla Complex,” GenReal Property’s Dahiya said.
Mumbai is home to the nation’s central bank, two main stock exchanges, and the main trading centers for diamonds, bullion, commodities, bonds and currency, as well as the world’s most prolific movie industry. Overseas firms including Citigroup Inc. and Goldman Sachs Group Inc. have located their India headquarters in Mumbai.
The government had in March 2008 failed to sell all the available plots for the first time since 1995 as slumping global markets deterred buyers.
‘New Model’
About 20,000 square meters of land is still available for sale at the Bandra-Kurla Complex area, MMRDA’s Kawathkar said.
“The authority will decide on a new model and one of the options is to construct buildings and lease out offices,” Kawathkar said yesterday. “The price is not high.”
Mumbai-based Housing Development & Infrastructure Ltd., Vineeta Wadhwa, and Oberoi Builders were among those that had indicated their interest at a preliminary meeting on Feb. 11, Kawathkar said.

http://www.businessweek.com/news/20...sale-may-lead-some-property-prices-lower.html
 
#155 ·
Australia's ANZ To Re-enter India
3/4/2010 2:54 AM ET

(RTTNews) - Australia and New Zealand Banking Group (ANZ) has received an in-principal approval from the Reserve Bank of India to establish a bank branch in Mumbai as well as offer a range of retail and wholesale banking operations.

Subject to regulatory approval, the Australian lender, which is re-entering the Indian market after more than a decade, plans to open its Mumbai branch within 12 months. ANZ sold its assets in India to Standard Chartered in 2000.

by RTT Staff Writer


http://www.rttnews.com/ArticleView.aspx?Id=1229756&SMap=1
 
#156 ·
Celio on an expansion spree

Celio, the hi-fashion French men’s apparel brand has launched the addition of two more stores in Mumbai at Colaba & Vashi (Inorbit Mall). Spread over 600 & 1400 sq.ft. respectively, both the stores will showcase a wide array of apparels & accessories. The Vashi, Inorbit Mall store will display the coolest Spring Summer Collection, 2010 under its casual & sportswear categories and the Colaba store will emphasise on a complete range of sportswear collections for men. The Celio collection has been designed for the fashion conscious customers, who follow their individual sense of style.

“Celio will continue to offer its customers a refined, stylish, relaxed and natural fashion that allows men to express and enhance their personality. The collection will also comprise a range of accessories including hats, belts, inner wears etc.Celio is already present in Mumbai at the R City Mall and Palladium.Its South presence includes the recent store in Chennai in Ampa Mall and Brigade Road in Bangalore, said Rajat Luthra, CEO, Celio Future Fashion Limited.

“We plan to keep up with the expansion spree and look forward to opening more stores in Hyderabad, Chennai and Bangalore. We will also escalate our growth in the North through stores in Chandigarh and Ludhiana. We are excited with the momentum and we look forward to Celio becoming the key destination for all the fashion lovers.”

Celio Spring Summer Collection will showcase contemporary classic, traveller, sporty street and glam rock collection. This collection is designed keeping in mind the necessities of the customers, be it sportswear or Denims.

We will have special focus on Denims. Denim has always been a must have attire in the men’s wardrobe. Celio will introduce the entire range of classic & smart Celio Denim wear from the month of March at their stores across the country.


http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=82994
 
#157 ·
Post the budget, commercial property rents in Mumbai to rise by 10%

Mumbai: Here’s a piece of bad news for all tenants of commercial properties in the city. The rentals for commercial properties are expected to rise by 10% following the Union budget proposing to bring all lease agreements of shopping complexes, warehouses, cold storage facilities, malls and vacant lands under the ambit of service tax.


Owners and landlords of commercial properties believe that the proposal will add to their cost and will lead to inflationary pressure. Thus, the raise in rentals will be the most obvious step for them to take.

Finance minister Pranab Mukherjee had announced in the Union budget that all commercial agreements or contracts between a lessor and lessee for rent and lease would come under the service tax net with retrospective effect from June 2007. The move to recover service tax with retrospective effect means revoking the benefits of the stay that Delhi high court has placed on service tax collections with regard to renting of commercial premises.

Sanjay Dutt, chief executive officer (business), Jones Lan LaSalle Meghraj, said the move is certainly a step towards introducing greater transparency into the transactions involved in renting commercial properties. He added that the immediate downside is quite evident.

“Tenants calculate effective rent per month per square feet on carpet area. Landlords calculate their net earnings after paying all taxes and other payables. Any additional layer of cost, such as service tax, will have an impact,” Dutt said. “In a buyer’s market, which the commercial real estate is, landlords will end up taking the hit - in a seller’s market, it is the tenant who is impacted. Either way, it becomes one of the items of negotiation of rent. In short, this is definitely going to increase cost for owners as well as tenants.”

According to realty experts, the government’s decision is not good for the industry as very unpredictable items of cost such as property tax continue to rise, and any increase of further cost will affect owners’ net earnings.

http://www.dnaindia.com/mumbai/repo...erty-rents-in-mumbai-to-rise-by-10pct_1354534
 
#162 · (Edited)
In mumbai mirror today they have said that nariman point is losing out to andheri, bkc,parel,malad
Andheri(w)can seriously develop into good small commercial /entertainment suburb.The lakshmi industrial estate/fun republic area houses some of the big entertainment/animation offices.only problem is the road is really pathethic and there are lot of encroachments leading to this offices
 
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