Hyderabad: Real estate consultancy services company Cushman & Wakefield today announced it has entered into an agreement to acquire Singapore-based project management specialist company Project Solution Group (PSG).
This latest acquisition is aligned with the firm's global strategy to strengthen its operations in the Asia-Pacific. When completed, the acquisition will position Cushman & Wakefield as a market leader in Project Management Services.
This acquisition follows Cushman & Wakefield’s announcement earlier this year that it had extended its operations to Taiwan and the Philippines with office openings in Taipei and Manila.
Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield said: "The acquisition will contribute to C&W India’s project management capabilities and add greater depth and expanse to our service offerings."
Founded in Singapore in 2004, PSG Asia offers professional interior design, project management and construction services to over 40 multinational corporations across the Asia-Pacific.
Headquartered in Singapore, PSG operates from 14 offices in 12 countries with 70 staff in Asia and West Asia.
The company was co-founded by Australian Mike Harrison, who will become the Executive Managing Director of Cushman & Wakefield’s Project Management Services in Asia
Success in my Habit
Sunday, June 30, 2013
Tata launches first white-label ATM
Mumbai: Tata Communications Payment Solutions (TCPS), a wholly owned subsidiary of Tata Communications, today launched first white label ATM (WLA) of the country at Chandrapada, a tier-V town near Mumbai.
It has been branded 'Indicash' by the company.
TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centers the company will be able to install one ATM in tier-I and tier-II centers.
The company already operates about 27,000 ATMs for 37 banks in the country. “We look to have 50,000 ATMs including 15,000 WLAs by FY 16” said Sanjeev Patel, chief executive officer, TCPS.
Early this week old generation private sector lender Federal Bank had announced it has signed up as a sponsor bank for TCPS WLAs.
Sponsor bank is the bank which will supply cash to the WLA operator for the ATMs. “We are open to more sponsor banks as it depends on the banks reach in the particular region” Patel added.
“We will leverage Tata group’s retail presence in small centres for the ATMs, however we also would be talking to other corporate houses and government agencies who have vast presence in tier- III to tier-VI centers” said Srinivasa Addepalli, chief strategy officer, Tata Communications.
“Trust is another factor which people look for financial transactions and Tata group does enjoy that trust which will give confidence to people to use Tata ATMs” he said during the presentation at press conference here.
On Tuesday Muthoot Finance, a gold loan company said it had received in principal approval from RBI to set up WLAs
It has been branded 'Indicash' by the company.
TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centers the company will be able to install one ATM in tier-I and tier-II centers.
The company already operates about 27,000 ATMs for 37 banks in the country. “We look to have 50,000 ATMs including 15,000 WLAs by FY 16” said Sanjeev Patel, chief executive officer, TCPS.
Early this week old generation private sector lender Federal Bank had announced it has signed up as a sponsor bank for TCPS WLAs.
Sponsor bank is the bank which will supply cash to the WLA operator for the ATMs. “We are open to more sponsor banks as it depends on the banks reach in the particular region” Patel added.
“We will leverage Tata group’s retail presence in small centres for the ATMs, however we also would be talking to other corporate houses and government agencies who have vast presence in tier- III to tier-VI centers” said Srinivasa Addepalli, chief strategy officer, Tata Communications.
“Trust is another factor which people look for financial transactions and Tata group does enjoy that trust which will give confidence to people to use Tata ATMs” he said during the presentation at press conference here.
On Tuesday Muthoot Finance, a gold loan company said it had received in principal approval from RBI to set up WLAs
Gray Matters Capital invests in Unitus Capital
New Delhi: Impact investment bank Unitus Capital has raised an undisclosed sum from a consortium of investors, led by social venture capital firm Gray Matters Capital, the financial services provider to the base-of-the-pyramid population announced on Tuesday.
The proceeds from the second round of institutional funding will be used by the Bangalore-based investment bank to expand its operations in India and South-East Asia, according to Eric Savage, co-founder and president, Unitus Capital.
"Gray Matters Capital's investment is a landmark event for UC. Bob Pattillo is the most active impact investor globally, and we couldn't be more excited to have GMC join our shareholder group," Savage said.
Gray Matters Capital has participated in the capital raising round through its investment firm First Light Ventures. The latter's investment portfolio in India includes domestic services provider Bababjob.com and mobile payment startup Beam Money.
In 2008, Unitus Capital had raised $5.5 million (Rs 32.8 crore).
It also counts William S. Price, the founding partner of global private equity firm TPG, and Steven Funk, founder and chairman of real estate-focused Grand Marais Investments, among its investor list.
The investment bank, which works across sectors including microfinance, renewable energy and healthcare and education, creates financial structures such as non-convertible debentures, securitization and loan portfolio sales, for companies catering to the poor.
It has raised over $75 million of structure products for microfinance institutions such as SKS Microfinance, Janalakshmi Financial Services and Ujjivan Financial Services.
The investment bank has also advised a number of domestic ventures in raising fresh equity capital, including, Bangalore-based Forus Healthcare, which raised $5 million from Accel Partners and IDG Ventures in April last year.
"Because they are in India, and from India, the team at UC can spend time with entrepreneurs and fund managers... It's the difference between incremental increases and quantum leaps in creativity and performance," Robert Pattillo, founder of Gray Matters Capital said
The proceeds from the second round of institutional funding will be used by the Bangalore-based investment bank to expand its operations in India and South-East Asia, according to Eric Savage, co-founder and president, Unitus Capital.
"Gray Matters Capital's investment is a landmark event for UC. Bob Pattillo is the most active impact investor globally, and we couldn't be more excited to have GMC join our shareholder group," Savage said.
Gray Matters Capital has participated in the capital raising round through its investment firm First Light Ventures. The latter's investment portfolio in India includes domestic services provider Bababjob.com and mobile payment startup Beam Money.
In 2008, Unitus Capital had raised $5.5 million (Rs 32.8 crore).
It also counts William S. Price, the founding partner of global private equity firm TPG, and Steven Funk, founder and chairman of real estate-focused Grand Marais Investments, among its investor list.
The investment bank, which works across sectors including microfinance, renewable energy and healthcare and education, creates financial structures such as non-convertible debentures, securitization and loan portfolio sales, for companies catering to the poor.
It has raised over $75 million of structure products for microfinance institutions such as SKS Microfinance, Janalakshmi Financial Services and Ujjivan Financial Services.
The investment bank has also advised a number of domestic ventures in raising fresh equity capital, including, Bangalore-based Forus Healthcare, which raised $5 million from Accel Partners and IDG Ventures in April last year.
"Because they are in India, and from India, the team at UC can spend time with entrepreneurs and fund managers... It's the difference between incremental increases and quantum leaps in creativity and performance," Robert Pattillo, founder of Gray Matters Capital said
India-Israel trade pact will boost volume by $2 b : Envoy
Hyderabad: The India-Israel free trade agreement, which is close to being concluded, will have far reaching implications on both the countries going beyond trade volumes, according to Alon Ushpiz, Israeli Ambassador to India.
Speaking to reporters here, he said that the parleys between the two countries on FTA are currently under way in New Delhi. The agreement is likely to be concluded at the earliest.
“In fact, we were hoping to conclude this a few months ago. The FTA negotiations are pretty complex and take time to conclude as both the parties tend to be firm on their respective stands,” he explained.
The bilateral trade had shot up to about $5 billion in 2011, excluding services, with similar volumes both sides. This registered a slight slowdown in 2012. But the moment the FTA is signed, it could help accelerate trade volumes by at least $2 billion, he said.
IT FUND
Sectors such as information technology, research and development, high-tech areas have immense potential to grow bilaterally. In fact, there have been proposals to set up a separate fund for the IT sector between the two countries to encourage development of products.
Already, several cooperative initiatives are now underway between the two counties and also with some States in the area of agriculture technology, water management, treatment of sewerage and desalination.
ENERGY
Israel has gained considerable expertise in the energy sector, including renewables. We are in talks with the Ministry of New and Renewable Energy and expect to sign an agreement for mutual cooperation for sharing of technology, he said.
Referring to the cooperation in the agriculture sector, he said several projects have been initiated with States focussing on water management and improving productivity. These include technology sharing for production of vegetables, mango, citrus fruits, pomegranates and flowers.
“We are natural friends of water. We can offer technology and share learning with India. This could be through Government, public undertakings and also expertise in the private sector,” he said.
Speaking to reporters here, he said that the parleys between the two countries on FTA are currently under way in New Delhi. The agreement is likely to be concluded at the earliest.
“In fact, we were hoping to conclude this a few months ago. The FTA negotiations are pretty complex and take time to conclude as both the parties tend to be firm on their respective stands,” he explained.
The bilateral trade had shot up to about $5 billion in 2011, excluding services, with similar volumes both sides. This registered a slight slowdown in 2012. But the moment the FTA is signed, it could help accelerate trade volumes by at least $2 billion, he said.
IT FUND
Sectors such as information technology, research and development, high-tech areas have immense potential to grow bilaterally. In fact, there have been proposals to set up a separate fund for the IT sector between the two countries to encourage development of products.
Already, several cooperative initiatives are now underway between the two counties and also with some States in the area of agriculture technology, water management, treatment of sewerage and desalination.
ENERGY
Israel has gained considerable expertise in the energy sector, including renewables. We are in talks with the Ministry of New and Renewable Energy and expect to sign an agreement for mutual cooperation for sharing of technology, he said.
Referring to the cooperation in the agriculture sector, he said several projects have been initiated with States focussing on water management and improving productivity. These include technology sharing for production of vegetables, mango, citrus fruits, pomegranates and flowers.
“We are natural friends of water. We can offer technology and share learning with India. This could be through Government, public undertakings and also expertise in the private sector,” he said.
India-Turkey to enhance cooperation in renewable energy
New Delhi: India and Turkey have agreed to enhance their cooperation in the field of Renewable Energy. This was decided at a meeting held between the Turkish Energy Minister Mr. Taner Yildiz and Dr. Farooq Abdullah, Minister of New and Renewable Energy at Ankara today. Dr. Abdullah is visiting Turkey along with a high level delegation to explore greater opportunities for cooperation and collaboration between Indian and Turkey. Dr. Abdullah briefed his counterpart on the energy situation in India and India’s plans to add over 30 GW of renewable energy to its energy mix in the next 5 years. He also dwelt on the success of the wind programme as well as the significant cost reductions in solar energy through the Jawahar Lal Nehru National Solar Mission (JNNSM).
The Turkish leader said that Ankara hopes to diversify its energy mix by introducing a large component of renewables. It has considerable potential in wind, hydro, solar and geothermal energy. It imports over 90% of its oil, gas and fossil fuel requirement. Mr Yildiz recognized India’s considerable achievements and strengths in renewable energy and noted that India had made large strides in this field. He expressed the Turkish government’s desire to set up large generating as well as manufacturing capacities in renewable energy sources, particularly wind and solar. Dr. Abdullah offered India’s support and expertise to Turkey in setting up projects in wind, solar and hydropower. He also offered training slots in India to Turkish scientists, engineers and technicians through the ITEC programme. The Indian Minister expressed his country’s desire for a serious and meaningful cooperation with Turkey, especially in renewable energy and offered all possible assistance.
The Turkish Foreign Economic Relations Board (DEIK) and the Turkish Confederation of Businessmen and Industrialists (TUSCON) and Federation of Indian Chambers of Commerce and Industry (FICCI) later organized business seminars where business delegations from both countries deliberated in detail on the opportunities and prospects of renewable energy in Turkey. Both sides identified specific areas of scientific cooperation and possibilities of participation in renewable energy projects and investment opportunities.
Earlier in the day, the Minister visited Anitkabir- the Masoleum of Kemal Ataturk, the founder of modern Turkey and paid his respects.
Note: Photographs of the meeting are available on PIB website.
The Turkish leader said that Ankara hopes to diversify its energy mix by introducing a large component of renewables. It has considerable potential in wind, hydro, solar and geothermal energy. It imports over 90% of its oil, gas and fossil fuel requirement. Mr Yildiz recognized India’s considerable achievements and strengths in renewable energy and noted that India had made large strides in this field. He expressed the Turkish government’s desire to set up large generating as well as manufacturing capacities in renewable energy sources, particularly wind and solar. Dr. Abdullah offered India’s support and expertise to Turkey in setting up projects in wind, solar and hydropower. He also offered training slots in India to Turkish scientists, engineers and technicians through the ITEC programme. The Indian Minister expressed his country’s desire for a serious and meaningful cooperation with Turkey, especially in renewable energy and offered all possible assistance.
The Turkish Foreign Economic Relations Board (DEIK) and the Turkish Confederation of Businessmen and Industrialists (TUSCON) and Federation of Indian Chambers of Commerce and Industry (FICCI) later organized business seminars where business delegations from both countries deliberated in detail on the opportunities and prospects of renewable energy in Turkey. Both sides identified specific areas of scientific cooperation and possibilities of participation in renewable energy projects and investment opportunities.
Earlier in the day, the Minister visited Anitkabir- the Masoleum of Kemal Ataturk, the founder of modern Turkey and paid his respects.
Note: Photographs of the meeting are available on PIB website.
Friday, June 28, 2013
Google India ties up with Getit Infomedia
Hyderabad: Google India has tied up with Getit Infomedia to help SMEs in the South to go online.
Google’s Global Channel Sales Managing Director Todd Rows said that the company has so far tied up with 16 partners for this initiative with a total sales force of 3,000.
The company targets to reach out to 10 lakh SMEs. “We have so far covered 2 lakh and will cross 5-lakh mark by 2015,’’ he said.
Google’s Global Channel Sales Managing Director Todd Rows said that the company has so far tied up with 16 partners for this initiative with a total sales force of 3,000.
The company targets to reach out to 10 lakh SMEs. “We have so far covered 2 lakh and will cross 5-lakh mark by 2015,’’ he said.
Tata to execute Rs 70,000-crore infra projects in five years
Mumbai: The Tata Group today announced its three unlisted companies — Tata Housing, Tata Realty and Tata Projects — would execute projects worth at least Rs 70,000 crore in the next five years. These companies have projects worth Rs 15,000-20,000 crore under execution in 2013-14. Figures for the previous years are unavailable.
This is probably for the first time the companies of the group in the infrastructure segment have come together for a unified goal.
A Tata Group senior, who did not wish to be identified, said, “On internal forums, there is a lot more emphasis on the infrastructure business now.” Besides, there is a clear opportunity in the market to be tapped.
“There is a large opportunity for Tata Group companies to participate in sectors such as roads and highways, in which investments are expected to grow at 16 per cent a year,” says Siddhartha Roy, Tata Group’s economic advisor.
Tata Realty and Infrastructure, a wholly owned subsidiary of group holding firm Tata Sons, is scouting for new highway projects to benefit from increasing investment in road infrastructure. It constructed the 110-km Pune-Solapur four-lane project under the National Highways Development Programme this year.
The company acquired three road projects from infrastructure firm IVRCL this year. Now, it is looking at road projects worth Rs 7,500 crore in the next five years. “We are looking for more growth through projects in airport development and urban transport,” said Sanjay G Ubale, managing director and chief executive officer, Tata Realty.
This is probably for the first time the companies of the group in the infrastructure segment have come together for a unified goal.
A Tata Group senior, who did not wish to be identified, said, “On internal forums, there is a lot more emphasis on the infrastructure business now.” Besides, there is a clear opportunity in the market to be tapped.
“There is a large opportunity for Tata Group companies to participate in sectors such as roads and highways, in which investments are expected to grow at 16 per cent a year,” says Siddhartha Roy, Tata Group’s economic advisor.
Tata Realty and Infrastructure, a wholly owned subsidiary of group holding firm Tata Sons, is scouting for new highway projects to benefit from increasing investment in road infrastructure. It constructed the 110-km Pune-Solapur four-lane project under the National Highways Development Programme this year.
The company acquired three road projects from infrastructure firm IVRCL this year. Now, it is looking at road projects worth Rs 7,500 crore in the next five years. “We are looking for more growth through projects in airport development and urban transport,” said Sanjay G Ubale, managing director and chief executive officer, Tata Realty.
Customers Bancorp Inc to invest in Religare Enterprises
New Delhi: US-based Customers Bancorp Inc (CUBI) has agreed to invest $51 million (about Rs 300 crore) in various securities of banking licence aspirant Religare Enterprises Ltd. The investments will take place through a combination of primary and secondary market transactions.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
Customers Bancorp Inc to invest in Religare Enterprises
New Delhi: US-based Customers Bancorp Inc (CUBI) has agreed to invest $51 million (about Rs 300 crore) in various securities of banking licence aspirant Religare Enterprises Ltd. The investments will take place through a combination of primary and secondary market transactions.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
Reliance building on real estate interests in Kenya
Mumbai: Reliance Industries is expanding its presence in the real estate sector in Africa.
In its second major foray, the Mukesh Ambani-owned Reliance Industries has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million).
The land, which has a developable area of about 1.2 million sq. ft., has been acquired for commercial and residential property development.
Reliance Industries’ (RIL) real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary.
According to people familiar with the development, RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments. The company bought prime plots of land in Nairobi, and developed them for residential and commercial use.
In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.
For the 10 Nairobi plots, Reliance Industries is the major stakeholder with a 60 per cent shareholding, while Delta Corp has a 40 per cent holding.
Through Delta Corporation, RIL is currently building office towers in Nairobi’s Upper Hill and Westlands areas. Delta Corporation is also developing a multi-million dollar residential estate along the Athi River.
Nilesh Shah, executive director, Delta Corporation East Africa, could not be reached for comment.
In a recent annual report, Delta Corporation said it has four projects under development. The company owns around 27.5 acres of land.
Real estate major Knight Frank has ranked Nairobi as the city with the fastest growth rate in rentals for high-end commercial property in 2012.
In its second major foray, the Mukesh Ambani-owned Reliance Industries has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million).
The land, which has a developable area of about 1.2 million sq. ft., has been acquired for commercial and residential property development.
Reliance Industries’ (RIL) real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary.
According to people familiar with the development, RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments. The company bought prime plots of land in Nairobi, and developed them for residential and commercial use.
In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.
For the 10 Nairobi plots, Reliance Industries is the major stakeholder with a 60 per cent shareholding, while Delta Corp has a 40 per cent holding.
Through Delta Corporation, RIL is currently building office towers in Nairobi’s Upper Hill and Westlands areas. Delta Corporation is also developing a multi-million dollar residential estate along the Athi River.
Nilesh Shah, executive director, Delta Corporation East Africa, could not be reached for comment.
In a recent annual report, Delta Corporation said it has four projects under development. The company owns around 27.5 acres of land.
Real estate major Knight Frank has ranked Nairobi as the city with the fastest growth rate in rentals for high-end commercial property in 2012.
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