The Times of India (Hyderabad edition)
Warren Buffett, the American industrialist, who is widely regarded as one of the most successful investors around the world, speaks in an exclusive interview.
Excerpts:In India the greatest potential is in the infrastructure sector. Would you be looking at gas, power, steel, utilities in general for investment? You did say on Tuesday that you would look at making one big investment a year in India?
I would like to make a big one but it will have to be in a field that I understand. A company in which I have a good feeling about where it will be in 5/10 years, competitively
Nomura to Bring in $500 m for India Infra
Arun Kumar, New Delhi
The Economic Times
Nomura Securities, Japan’s leading securities firm, plans to raise $500-million India Infrastructure Fund from domestic investors to invest in companies that build roads, ports and power utilities. Nomura is likely to launch the fund in early July or even earlier, which will be a pure equity fund, said Vikas Sharma, senior MD and country head, Nomura India.
Meinhardt acquires Gurgaon co
The Times of India (Delhi edition)
The Meinhardt Group, a global engineering, infrastructure and project management consultancy, said it has acquired Gurgaon-based Eigen Technical Services, a leading provider of advanced engineering services to the global construction industry, from UK-based Laing O’Rourke.
New airport will change city’s profile
The profile of Chandigarh as a city will undergo a sea change once the new international airport is operational. The city is developing in very sphere achieving new touchstones. The Chandigarh airport with new terminal building coming up soon following is set to be declared as the international airport due to high standards of facilities. But I would like to draw the people’s attention towards the already existing problem of the city fliers, which is going to become bigger soon.
Real Estate Sector
RBI’s proposal rejected, realtors may be barred from seeking licences
Dheeraj Tiwari, New Delhi
The Economic Times
The finance ministry has opposed the Reserve Bank of India’s suggestion to restrict foreign direct investment in new banks to 49 percent, saying the change in norms will hurt investor sentiment. It has also asked the central bank to bar real estate firms from seeking banking licences and alter conditions relating to financial inclusion and stake dilution by promoters.
“The rollback of the current FDI norm from 74 percent to 49 percent will not send a good signal to investors and is avoidable,” a senior finance ministry official said. “We have asked the RBI to reconsider this.” The central bank’s suggestion was part of its comments on the draft guidelines for new bank licences, which it submitted to the finance ministry earlier this month. The RBI was expected to issue the draft guidelines for new bank licences before the end of this month, but the differences of opinion with the finance ministry could delay the process.
The ministry has asked the RBI to ensure the guidelines clearly say that the new banks will be exempted from Press Notes 2, 3 and 4, which revamped the country’s foreign investment policy and procedures. Without the exemption, these banks would become foreign banks if overseas investment in them crosses 50 percent. This would lead to imposition of the same restrictions on them that apply on foreign companies. The government is already struggling with policy issues in respect of private lenders, such as ICICI Bank and HDFC Bank, where foreign holding is more than 50 percent.
The ministry has also suggested that the RBI should disqualify any group that has exposure to real estate from seeking a banking licence.
As real estate spot, investors march over Zirakpur for Mullanpur
Rajni Shaleen Chopra, Chandigarh
The Indian Express
With a real estate major recently stepping up its operations in Mullanpur by opening bookings for plots, there is a spurt in interest in the scenic village near Chandigarh. Mullanpur, being developed as another satellite township and even being touted as “New Chandigarh”, has now stolen march over Zirakpur as an investment destination in the periphery of the city.
At the recent phase of bookings for plots measuring 350 and 500 square yards by realty giant DLF, inquiries reveal that the company has witnessed a heavy demand. Plots measuring 500 square yard (1 kanal) are priced between Rs 1.25 crore and Rs 1.50 crore here, compared to Rs 8 crore and more for plots of the same size in Chandigarh
NTC’s floor space auction kicks off with three bidders
Shalini Nair, Mumbai
The Indian Express
The three-day auction for sale of National Textile Corporation’s (NTC) two-lakh sq ft FSI (floor space index) began on Wednesday. The NTC is expected to earn Rs 220 crore through the auction. The FSI is being sold at a high base price of Rs 11,000 per sq ft. By Wednesday evening, three bidders— Indiabulls Real Estate, Microtek Constructions Private Limited (Lodha Developers) and New Jet Printing Press— had logged in and the NTC received one bid at its quoted base price. The final bid amount is expected higher.
Draw of lots for 144 flats held
The Chandigarh Housing Board (CHB) held the draw of lots for its two-bedroom housing scheme in Sector 51-A here today. The draw of lots was held for 144 flats in the general and the reserved categories at the auditorium of Government Medical College and Hospital, Sector 32. Sixteen flats have already been allotted under the assured allotment fetching a bid of nearly Rs 90 lakh.
DDA begins auction
The Delhi Development Authority’s auction of 72 residential plots on free-hold basis in the Capital began on Wednesday. There were 36 plots at Model Town, Dwarka Sector 13, Vivek Vihar Phase-I, Zafrabad, Chowkhandi, Defence Colony and Rohini on sale. Most of the bidders were private builders. Reserve prices ranged from Rs.1.34 crore for an 81 square metre plot at Geeta Colony to a whopping Rs.9.07 crore at Dwarka Sector 13 for a 330 square metre plot.
SOHO apartments coming to Gurgaon
One of the major concerns that affect professionals living in a metropolitan city is the amount of time and energy spent in commuting to the workplace. The option of being able to “walk to work” would be welcomed by most metro-dwellers. This is the concept behind Vigneshwara Developers’ Smart Office Home Office (SOHO) project, which the company claims would bridge the gap between residence and office
TCS bags Chinese bank contract
BANGALORE: Shanghai Rural Commercial Bank in China selected Tata Consulting Services’ (TCS) core banking solution Bancs to achieve competitive advantage by introducing new products and manage transformation, the leading Indian IT bellwether said Thursday.
“We selected TCS’ Bancs scalable core banking system due to its advanced open architecture and ability to reduce cost of ownership. The solution will assist us in enhancing new product development, improve customer service and market competitiveness,” Shanghai Bank chief information officer Zhou Hengchang said in a statement.
Dell to employ more people in India
NEW DELHI: Dell Inc, the world’s second largest personal computer maker, plans to increase investment and hire a few thousand more people over the next one year in India to expand its operations in the country, Michael Dell , founder and Chief Executive Officer of Dell Inc, said Tuesday.
“India today offers a fantastic opportunity to use technology for a wide range of applications. We see a tremendous opportunity for growth of the PC segment in this country,” Dell said at an event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here.
I’m a retard for coming to India so late: Warren Buffett
Times of India
BANGALORE: The Oracle of Omaha has spoken, again. “I’ll make one big investment a year in India,” he prophesied. Wearing a jasmine garland and sporting a bright vermilion tikka on his forehead and a bright smile, the world’s third richest man, legendary investor and philanthropist, Warren Buffet, 80, began his first visit to India by saying he felt a “little bit of a retard to have come to India so late.”