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Posted On:
22-03-2024

Prestige Estates Projects buys 62.5 acres in Ghaziabad to build township

Realty firm Prestige Estates Projects Ltd on Thursday said it has acquired 62.5 acres at Indirapuram Extension in Delhi-NCR to develop a township that has a revenue potential of Rs 10,000 crore. The company said the acquisition cost is Rs 468 crore and includes a revenue share with the landlord. In a regulatory filing, the company said this strategic acquisition marks a significant milestone for Prestige Group as it expands its footprint in the dynamic real estate market of Delhi-NCR. The acquired land, with a saleable area of 10 million sq ft, will be developed primarily as residential, complemented by education and retail. This project will be branded under the successful 'The Prestige City' format. "The cost of acquisition amounts to Rs 468 crore, along with a revenue share," Prestige Group said. Commenting on the acquisition, Prestige Group Chairman and Managing Director Irfan Razack said, "We are excited about acquiring this prime land in NCR, presenting an excellent opportunity for Prestige Group to strengthen its presence in the region." "Extending 'The Prestige City' brand to NCR following its resounding success in Bengaluru, Mumbai, and Hyderabad underscores our group's commitment to offering large-format integrated townships and developments," he said. Prestige Group Group CEO Venkat K Narayana said this large-format project spans over 10 million sq ft of saleable area, with a projected Gross Development Value (GDV) surpassing Rs 10,000 crore.
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Posted On:
22-03-2024

Apple makes iPhones worth Rs 1 trillion in FY24; exceeds PLI target

Three years after it entered the country, Apple Inc, through its three contract manufacturers, has hit a milestone by producing iPhones of over Rs 1 trillion in free-on-board (FOB) value in the first 11 months of the current financial year (2023-24, or FY24). With this, the Cupertino-headquartered company has surpassed its target of producing Rs 1 trillion worth of iPhones by the fifth year of the production-linked incentive (PLI) scheme two years ahead of schedule. The Justice Department is poised to sue Apple Inc. as soon as Thursday, accusing the world’s second most valuable tech company of violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone.
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Posted On:
23-03-2024

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Indian steel pipes maker Welspun Corp said on Friday its associate firm, East Pipes Integrated Company for Industry, and Saudi Arabia's oil giant Aramco have mutually terminated a contract worth 3.39 billion rupees ($40.6 million). Welspun's unit had bagged the contract for manufacturing and supply of steel pipes for a duration of eight months in January. The deal represented 3% of the total value of contracts announced by Aramco for Welspun in the financial year 2023-24, which amounts to about 98 billion rupees. Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans. The company had in February posted a more than twelve-fold jump in its third-quarter consolidated profit, including earnings from its units, helped by strong demand for its pipes across sectors.
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Posted On:
23-03-2024

BJP biggest beneficiary of Aurobindo Pharma's Rs 52 cr electoral bonds

Aurobindo Pharma, one of whose directors was arrested in the Delhi liquor scam, had bought electoral bonds for a total of Rs 52 crore with more than half of it going to the Bharatiya Janata Party, according to data released by the Election Commission. The Hyderabad-based firm had purchased electoral bonds between April 3, 2021 to November 8, 2023 and Rs 34.5 crore was donated to the Bharatiya Janata Party (BJP), Rs 15 crore to the Bharat Rashtra Samithi (BRS), and Rs 2.5 crore to the Telugu Desam Party (TDP). The drug maker purchased electoral bonds worth Rs 5 crore on November 15, 2022 five days after one of its directors, P Sarath Chandra Reddy was arrested for involvement in money laundering linked to the controversial Delhi excise policy, which has been scrapped. Last year in June, Reddy turned approver in the case after a Delhi court allowed him to do so. Before that the Enforcement Directorate alleged that he indulged in unfair market practices to gain undue advantage from the liquor policy by conspiring with business owners and politicians involved in the excise case. On November 8, 2023 the company bought electoral bonds worth Rs 25 crore which were encashed by the BJP on November 17, 2023.
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Posted On:
23-03-2024

A first for India! Amul forays into US market with fresh milk range

Amul’s brand of “fresh milk” will be sold in the United States in a first for milk cooperatives in India. The Gujarat Cooperative Milk Marketing Federation (GCMMF), the umbrella body that markets and sells milk under brand Amul has tied up with the Michigan Milk Producers Association to sell “fresh milk” in the East Coast and Midwest markets of the US. "I am pleased to inform you that Amul shall be launching its fresh milk products in the US. We have tied up with a 108-year dairy cooperative in the United States, the Michigan Milk Producers Association (MMPA) and the announcement was made at the annual meeting on 20th March. This is the first time Amul Milk, the fresh product range will be launched anywhere outside India and in a market like the US, which has a very strong Indian diaspora," said Gujarat Co-operative Milk Marketing Federation's Managing Director Jayen Mehta. Amul will be launching its range of fresh milk in one-gallon (3.8 litres) and half-a-gallon (1.9 litres) packs under the Amul brand in the US. This includes Amul Gold containing 6 per cent milk fat, Amul Shakti with 4.5 per cent milk fat, Amul Taaza with 3 per cent milk fat and Amul Slim with 2 per cent milk fat.
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