NOVEMBER 20238PURVANKARA SECURES DEVELOPMENT RIGHTS FOR MUMBAI SUBURBSPuravankara, a real estate developer, has obtained the rights to redevelop two housing societies spanning three acres in Mumbai's western suburb of Andheri. The potential gross development value of this project is estimated to be Rs 1,500 crore. The acquisition of these development rights signifies Puravankara's entry into the redevelopment business in the western region. The total land parcel can potentially be developed to have a cumulative estimated area of 5.8 lakh sq ft, with approximately 3.65 lakh sq ft available for purchase.This project signifies our introduction to the redevelopment sector. Abhishek Kapoor, Group CEO of Puravankara, emphasized that this strategic move demonstrates our dedication to increasing our presence in Mumbai's booming real estate market.This will be the company's first redevelopment project, but it already has two residential projects under construction in the Mumbai region.Its ongoing projects in Mumbai region's Chembur and Shil Phata area have a total development potential of over 1.5 million sq ft that is expected to be completed in the next 2-4 years. The new development will push its on-ground development work to over 2.1 million sq ft. "Andheri-Lokhandwala has emerged as a prominent hotspot in Mumbai's realty map due to several ongoing and upcoming infrastructure projects. Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process for housing societies," said Rajat Rastogi, CEO - West & Commercial Assets-Pan India, Puravankara. VEDANTA SETS UP NEW ENERGY UNIT IN SAUDI ARABIAVedanta's subsidiary, Malco Energy has established a new division in Saudi Arabia to engage in the copper business with an investment of 1,00,000 Saudi riyals (equivalent to Rs 22.19 lakh). According to a filing with the BSE, Vedanta, a metal and mining giant, has announced that its wholly-owned subsidiary, Malco Energy has formed a new wholly-owned Subsidiary called 'Vedanta Copper International VCI Company Limited.'Vedanta Copper International VCI Company has been established with the aim of seeking out the potential for growth in new locations, according to the company. Previously, Vedanta had revealed its intentions to separate its five main businesses - aluminum, oil and gas, and steel - into individual publicly traded companies in order to enhance shareholder value."The de-merger is planned to be a simple vertical split. For every 1 share of Vedanta the shareholders will additionally receive 1 share of each of the five newly listed companies," the firm had said in a stock exchange filing.The Board of Vedanta had approved "a pure-play, asset-owner business model" that will result in aluminum, oil and gas, power, steel and ferrous materials, and base metals being demerged and listed separately.Vedanta is an Indian multinational mining company headquartered in Mumbai, with its main operations in iron ore, gold and aluminum mines in Goa, Karnataka, Rajasthan and Odisha. TOP STORIES
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