IDFC Alternatives raises R750 cr in first realty fund
IDFC Alternatives has announced the close of its first real estate fund ? IDFC Real Estate Yield Fund of R750 crore. The domestic fund is focused on the residential real estate segment in India, IDFC said. The fund is targeting under-construction residential projects in top six cities of Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Pune. A focused debt fund with a medium term horizon has already committed R123 crore across two residential projects in Pune and Bangalore. The fund is focusing on established developers and brown field residential projects, which will help generate superior returns for the fund?s investors by employing a balanced risk-return strategy, IDFC said.
JLR invests ?45 million at Halewood plant in UK
Tata Motors-owned Jaguar Land Rover has invested ?45 million in a new press line at its Halewood Operations, near Liverpool, England in a bid to speed up delivery of the company?s vehicles globally. The new line has a combined press stamping capacity of 7,900 tonnes, making it the fastest and one of the biggest and most powerful press lines across JLR, stamping both steel and aluminium panels, the company said in a statement.
Piramal gets USFDA approval for injection
Piramal Enterprises said the US Food and Drug Administration approved Neuraceq, an imaging agent used to facilitate PET scans. The injection, generically named florbetaben F18, is used in tests to determine cognitive impairment in patients being tested for Alzheimer?s disease or other such neurological conditions.
?Telcos to benefit from improving regulation?
The improving regulatory scenario in Indian telecommunications industry are set to support the credit profiles of the country?s top telecoms, said a report released by Standard & Poor?s Ratings on Thursday. The industry is entering a new phase where the market leaders are likely to drive competition, said the report. This is in sharp contrast to a few years ago when small players and new entrants shaped competition with price wars. ?The top three players ? Bharti Airtel, Vodafone India, and Idea Cellular ? are likely to strengthen their market position because smaller, weaker players are likely to find it increasingly difficult to acquire expensive spectrum and lack the scale to run profitable nationwide operations,? said S&P?s credit analyst Abhishek Dangra.
Daimler India enters Tanzania with Fuso
Daimler India Commercial Vehicles (DICV), a 100% wholly-owned subsidiary of Daimler, along with Mitsubishi Fuso Truck and Bus, Japan, a Daimler company, has launched its DICV-made trucks in Tanzania, making it the fourth market since the start of export in May 2013. As a part of the first 15 export markets for DICV under the new ?Asia Business Model?, the Tanzanian market is a key market in Africa. The trucks will be sold through the exclusive dealer, Diamond Motors in Tanzania.
Ramesh Tainwala named Samsonite global COO
Luggage and travel accessories maker Samsonite International on Thursday said it has elevated Ramesh Tainwala as chief operating officer. ?Tainwala will be responsible for the day-to-day operations of the business of the company globally and continue to be directly involved in the management of the company?s business in China, the Philippines and Australia,? the company said in a statement.
India ops fastest growing in history: Starbucks
With 40 stores in 17 months of its operations, India is the fastest growing market in the history of the Seattle-based iconic American coffee chain Starbucks, according to a company statement. The US-based coffee chain, which had sewed up an equal joint venture with Tata Global Beverages, opened its first outlet in Mumbai in October 2012.
Micromax to hit $1 bn revenue this fiscal
Helped by growing sales of its affordable and entry-level smartphones, homegrown handset maker Micromax expects to hit $1 billion (over R6,100 crore) in revenues this fiscal, ending March 31. The New Delhi-headquartered company?s revenues were R3,168 crore for the 2012-13 fiscal. Micromax, which is the second largest smartphone player in India, held about 16% market share in Q4 2013.
Chiki Sarkar publisher of Penguin Random House
Chiki Sarkar, recently named as one of World Economic Forum?s Young Global Leaders, was on Thursday appointed as publisher of Penguin Random House India with overall responsibility for building the local publishing
programme in both English and local languages. Penguin Random House India CEO Gaurav Shrinagesh announced the company?s new publishing, sales and marketing leadership appointments and cross-company organisational structure which will be effective from April 1.
