IIM-I grads to lure investors BHOPAL: Students of Indian Institute of Management (IIM) at Indore have been assigned the job of telling investors about Madhya Pradesh’s USP at the two-day Global Investors Summit starting Friday at Indore, 186 km from the state capital. “In all, 150 management students of top business schools, including Indian Institute of Management and Prestige Institute of Management and Research, are being prepared to help investors and businessmen by apprising them of the advantages of investing in the state,” said an official. A special workshop for the students was held at Indore recently, he added. “The selected students had gone through tough training and each one would have the responsibility to highlight the positive aspects of investing in Madhya Pradesh to participating businessman and investors,” IIM Indore director GP Parashar said. At the workshop, state public works department minister Kailash Vijaywargiya asked the students to consider themselves part of this prestigious event and highlight Madhya Pradesh and Indore before investors in an effective manner. “The summit would provide a good opportunity to interact with business achievers and learn from their experiences,” the minister told students, advising them to keep abreast of the latest in infrastructure development and energy sectors in the state. Indore divisional commissioner BP Singh asked the students to inform themselves fully about hydropower projects of Omkareshwar and Indira Sagar near Indore, besides the state IT policy and the initiatives taken to promote e-governance in the state. |
Friday, October 26, 2007
IIM-I grads to lure investors
MP to make industrial policy to be more investor friendly
BHOPAL: Madhya Pradesh government on Friday said it will amend the industrial promotion policy to make it more investor-friendly.
"While making amendments in the policy, suggestions from industries and business would also be considered," a top-level government official told reporters here.
He said the government has also decided to provide capital and interest grants to investors.
Small scale industries with an investment of Rs 20 lakh in technology parks would be given 20 per cent interest grant while industries with an investment of Rs five crore and above would get a grant of 15 per cent. He said the limit of grant is fixed at Rs 1.5 crore.
Under the amended policy, the district-level committee would have the power to clear Rs 10 crore investment projects, termed as mega projects. The amendments would be made in the mega project policy also, he said.
He said special package would also be provided to the biotechnology sector under the proposed amendments.
"The special package for biotechnology industries includes doubling of 'floor space index' and 40 per cent allotted land could be used for related purposes as also for services," he said, adding industries employing more than 500 people would be granted 50 per cent concession for their leased land.
The state government's decision coincides with the two-day Global Investors' Summit which began in Indore today.
From: http://economictimes.indiatimes.com/Latest_News/MP_to_make_industrial_policy_more_investor-friendly/articleshow/2492389.cms
"While making amendments in the policy, suggestions from industries and business would also be considered," a top-level government official told reporters here.
He said the government has also decided to provide capital and interest grants to investors.
Small scale industries with an investment of Rs 20 lakh in technology parks would be given 20 per cent interest grant while industries with an investment of Rs five crore and above would get a grant of 15 per cent. He said the limit of grant is fixed at Rs 1.5 crore.
Under the amended policy, the district-level committee would have the power to clear Rs 10 crore investment projects, termed as mega projects. The amendments would be made in the mega project policy also, he said.
He said special package would also be provided to the biotechnology sector under the proposed amendments.
"The special package for biotechnology industries includes doubling of 'floor space index' and 40 per cent allotted land could be used for related purposes as also for services," he said, adding industries employing more than 500 people would be granted 50 per cent concession for their leased land.
The state government's decision coincides with the two-day Global Investors' Summit which began in Indore today.
From: http://economictimes.indiatimes.com/Latest_News/MP_to_make_industrial_policy_more_investor-friendly/articleshow/2492389.cms
Tuesday, October 23, 2007
Anil Ambani in Indore for GIM
| Global Investors to Hold Summit in Indore Pervez Bari, Arab News |
BHOPAL, 22 October 2007 — The preparations are underway on a war-footing for the Global Investors Summit to be held at Indore, the financial capital of central Indian state of Madhya Pradesh, on Oct. 26-27. According to sources, the upcoming Global Investors Meet of the Madhya Pradesh Government got a boost with around 340 investors attending. Of them, about 100 investors would be from abroad. Investors from the United Kingdom, US, Gulf countries, Scandinavia and Far Eastern countries like Singapore and Malaysia have confirmed to attendance. Many Indian top industrialists will attend, including Anil Ambani. The investors can invest in real estate, tourism, ago-industries or information technology sectors. Preparations were reviewed during a meeting with the Chief Minister Chouhan at Indore. Chouhan said that the summit would facilitate inflow of “quality investment” in the state and it would be a landmark event in the history of the state’s industrial development. He said the main idea behind the meet was to sell Madhya Pradesh as an investment destination to the world. “Madhya Pradesh will become the talking point in India and hopefully in the world,” he said. He said prospects of rapid industrialization of Madhya Pradesh had increased, adding that the state government would pay attention to development of small-scale industries and try to solve the problems of local industrialists. He said that a 300-day action plan was being implemented for development of small-scale industries. Meanwhile, the students of Indian Institute of Management (IIM), Indore, have been assigned an important role in the Global Investors Summit-2007. From: http://www.arabnews.com/?page=6§ion=0&article=102719&d=22&m=10&y=2007 |
Thursday, October 18, 2007
Parsvnath to launch Rs 800 cr residential project
MUMBAI: Realty major Parsvnath Developers on Thursday said it will launch a residential township in Indore at an investment of Rs 800 crore over the next three years.
The township, to be developed on over 200 acres of land, would offer multistory condominium, villas and plots for cosmopolitan community living, Parsvnath said in a communique to the Bombay Stock Exchange.
"Parsvnath City is a strategic development being set up in the vicinity of upcoming Parsvnath IT/ITeS SEZ, to extend a 'walk to work concept'" Parsvnath Managing Director Sanjeev Jain said.
The project is being constructed along the Rs 2,100 crore IT/ITeS SEZ spread over 78 acres of land. The SEZ would have a built up processing area of 7.47 million sq ft and would offer 40,000 potential direct employments.
Parsvnath would offer four categories of plots ranging from 1,548-3,825 sq ft in the first phase and would to be priced at Rs 8 lakh onwards, the company said.
The project would be ready for occupancy within three years from the commencement of construction, the realty major said.
Shares in the company were last trading 0.46 per cent up at Rs 373 on the BSE.
From ://
http://economictimes.indiatimes.com/Latest_News/Parsvnath_to_launch_Rs_800_cr_residential_project/articleshow/2470629.cms
MUMBAI: Realty major Parsvnath Developers on Thursday said it will launch a residential township in Indore at an investment of Rs 800 crore over the next three years.
The township, to be developed on over 200 acres of land, would offer multistory condominium, villas and plots for cosmopolitan community living, Parsvnath said in a communique to the Bombay Stock Exchange.
"Parsvnath City is a strategic development being set up in the vicinity of upcoming Parsvnath IT/ITeS SEZ, to extend a 'walk to work concept'" Parsvnath Managing Director Sanjeev Jain said.
The project is being constructed along the Rs 2,100 crore IT/ITeS SEZ spread over 78 acres of land. The SEZ would have a built up processing area of 7.47 million sq ft and would offer 40,000 potential direct employments.
Parsvnath would offer four categories of plots ranging from 1,548-3,825 sq ft in the first phase and would to be priced at Rs 8 lakh onwards, the company said.
The project would be ready for occupancy within three years from the commencement of construction, the realty major said.
Shares in the company were last trading 0.46 per cent up at Rs 373 on the BSE.
From ://
http://economictimes.indiatimes.com/Latest_News/Parsvnath_to_launch_Rs_800_cr_residential_project/articleshow/2470629.cms
Wednesday, October 17, 2007
M&A bug hit's Indore too :D
Lemon Tree Hotels expands into Aurangabad & Indore
http://www.moneycontrol.com/india/news/pressnews/lemon-tree-hotels-expands-into-aurangabadindore/23/10/308148
The Lemon Tree Hotel Company announced the addition of Hotel President Park in Aurangabad and Hotel Planet in Indore, to the Lemon Tree Hotel network, today. Lemon Tree Hotels has acquired these hotels in Indore and Aurangabad effective 15th October 2007, on a long term lease.
Both hotels will continue with the existing names till the end of 2007 and will be shut down in the first half of calendar year 2008 for extensive renovation and refitment to meet Lemon Tree brand standards. The refurbished properties, aggregating over 180 rooms, will subsequently be re-launched as Lemon Tree Hotels before the end of calendar year 2008.
The transaction value amounts to approximately Rs.40 crores inclusive of deposit and renovation/refurbishment costs, and exclusive of revenue share over the term of the lease.
Mahajan & Aibara were the sole advisors to the transaction.
MP-GIS 07
MP gears up for Global Investors Summit-'07
The Madhya Pradesh government has invited about 1,462 top industrialists and investors from India and abroad at the Global Investors Summit-2007 beginning October 26 at Indore.
The Madhya Pradesh government has invited about 1,462 top industrialists and investors from India and abroad at the Global Investors Summit-2007 beginning October 26 at Indore.
Preparations for the two-day event in the state are nearing completion, state Public Works Department Minister Kailash Vijayvargiya said.
Trade and Investment Facilitation Corporation Ltd (Trifac) Managing Director Praveen Garg said that the state government has invited 1,462 top industrialists-investors from within and outside the country.
Chief Minister Shivraj Singh Chouhan and leading industrialists would speak on the occasion.
An air-conditioned dome is being erected for the summit, Garg said.
Chartered flights have been arranged from Bhopal to Indore to ferry the dignitaries, he said.
The Chief Minister would hold one-on-one meetings with industrialists followed by group discussions involving industrialists, ministers and senior government officials, he added.
Many agreements are expected to be signed during the two-day summit.
The state government would also felicitate NRIs and other industrialists who have contributed to the economic development of Madhya Pradesh, Garg said.
From - http://www.financialexpress.com/news/MP-gears-up-for-Global-Investors-Summit07/225380/
Daly College International Conference
International meet at Indore college
From: The Hindu Staff Correspondent
From: The Hindu Staff Correspondent
| Around 500 delegates from abroad to attend conference |
To be held at Daly College from October 18-24
“It’ll help all become better
world citizens”
BHOPAL: The Daly College of Indore will host the Round Square International Conference — the largest ever international education conference — from October 18 to 24.
Briefing mediapersons on this, college Principal Sumer Singh said here on Sunday that the international aspect would remain paramount during the conference though they will endeavour to introduce some aspects of Indian culture.
The Principal said this conference would also help all participants to become better world citizens.
Each of these conferences lead to a unique experience as different schools host these conferences at different locations around the world. This year, Daly College is hosting the Conference on behalf of South Asia and the Gulf region, he added.
Speaking further on this, the Daly Principal said India was home to the earliest democracies and the greatest universities in the sixth century B.C.
This was the land where mathematicians started the decimal system and introduced zero. Here scientists, astronomers, doctors and teachers were held in the highest esteem.
The grain bowlIt was a great manufacturing centre and the grain bowl of the world. Through history, this land lost its pre-eminent economic status but now it is once more surging ahead and regaining its glory.
Visit to villagesA visit to an Indian village would tell more about the country and its people.
A lack of affluence does not deter the average villager from being cheerful and a generous host, he said adding if he has no access to theatres and concerts, he makes up for this through the vibrant and colourful tradition of folk dances and music.
Each school attending the conference would be sending a delegation that would include members of the Board of Governors, representatives and students. Seventy-three schools from 20 countries across the globe would participate. Of the total 550 delegates, who have sent in their confirmation, about 500 would be from abroad.
The conference would be declared open by Constantine II of Greece, the Chairman of Round Square.
Saturday, October 13, 2007
Is it a dream or will it be for real...
This one is not on Indore, but can help putting up here b'se it every inspiring speech from Mukesh Ambani.. Outlines where he thinks the next development in will be India..
...Technology can transform our country By Mukesh Ambani
India, a nation of a billion people, is well on the way to becoming one of the three largest economies of the world. But there is another reality. India’s average gross national income per capita at $750 is nearly 20 per cent lower than that across all 53 African nations.There is, therefore an urgent need to bridge the chasm between India’s potential and its realisation. This is important not only for India; it is equally critical for the world. An Indian transformation will be the forerunner of a fundamental global change in terms of reducing regional disparity and, also, in transforming the quality of life of the people all over because one out of every six human beings on this planet lives in this country.
To realise this vision, India must do several things on a priority basis. However, on top of my agenda is the need to integrate technology with every aspect of our economy and make it a major tool of addressing our social problems.Global economic superpowers are technology leaders. About 28 per cent of the GDP of USA is contributed by technology sectors. Extensive use of technology can bring about transformation in several spheres in India also. For example, technology can help improve agricultural productivity significantly. I am convinced that agriculture has the potential to re-emerge as a strong engine of economic growth and social development. Farmers in India are subject to the highest risks in the economy.
They face climatic uncertainties, have no dependable assurances about off-take of their output, get poor prices for produce, are subject to market manipulation, have to do with poor availability and poor quality of inputs and, above all, pay among the highest costs for private financing.
Unfortunately, they have to follow a model based on low value crops, low investments, low yields and low revenues. They use resources sub-optimally, whether it is land, water, crop nutrition and crop protection. This is an irony. Because India has the highest proportion of arable land, as compared to most countries, notably USA and China. Indeed more than 30 per cent of Asia’s irrigated land is in India.
India has the potential to enhance agricultural production by over ten times. Israel produces US $5.8 million in agriculture output per square kilometre of arable land. India produces just US $88,000.
The Economic Survey 2006-07 has enlisted some of the structural weaknesses of the agriculture sector which include exhaustion of the yield potential of new high-yielding varieties of wheat and rice, unbalanced fertilizer use, low seeds replacement rate and low yield per unit area across almost all crops. Agricultural growth has also suffered since rain-fed areas still constitute about 65 per cent of the total net sown area.
The same story is true for water. India uses only one-fourth of the 4,000 billion cubic metres of fresh water that is available each year. This is caused by topographical constraints, uneven distribution of water resources over space and time and low dam capacity. Water productivity in agriculture is only about one-fourteenth of the best in class.
We missed the industrial revolution and were left behind. Fortunately, we were able to catch up because independence from colonial rule was followed by establishment of institutions of higher learning which produced a large reservoir of skilled manpower.
Economic reform unshackled the entrepreneurial energies of our young generation and globalisation opened new vistas. We have to build further on this foundation and seize opportunities knocking at our doors.
We did a great job with the green revolution with high yielding hybrid crops. But since then, our technological progress in agriculture has been slow. We must ensure that India does not miss the biotechnology revolution in agriculture. Today, India needs to develop technology for crops that are drought resistant and saline tolerant.
Technology can also transform Indian society. It can help atomise power to the individual level. True power lies in the ability of every individual to influence and shape his or her destiny. The world, in my view, will move from power among groups to power within an individual. Technology will bring about this transformation. Technology can enable every individual to choose, communicate, collaborate and create.
Following dramatic technological revolution, every individual can have the power to tailor-make a product or select a service according to his or her choices and preferences — whether it is an automobile, a hotel room ambience or a cloned pet. Every individual can have the power to communicate with every other individual in the world wherever, whenever and by any mode.
Every individual can have the ability to collaborate and engage on individual or group activities with anyone else in the world. Every individual can have the ability to create or produce most products or services.
Man’s expedition to new frontiers is eternal. The quest to gain new insights is infectious. Such infective inquisitiveness can be increased by extensive education, awareness and earnings, specially by lifting those at the bottom of the pyramid. There are many frontiers barely explored — the ability to alter the form, duration and quality of life, the untapped power of the mind, the mysteries of the universe and the secrets of ocean depths. Technology can help India and Indians seek new frontiers.
India has the necessary ingredients to become a technology-enabled country. It has a critical mass of educated and skilled young men and women, some of the world’s best institutions for study of science and technology, and the productive energies of a vibrant private sector. We need to scale up these endowments and give our people and our institutions the freedom to rise to global heights.
India must focus on a defining set of transformational technologies. To my mind, special focus is needed in areas of modern medicine, alternate energy, networked communications, public transportation, performance materials, biotechnology, nanotechnology, robotics and automation and aerospace.
Many technologies in the developed world have emerged from the private sector. These have been facilitated by sizeable public funding for research, surpluses from traditional businesses of large corporations, protection for intellectual capital, vibrant venture capital participation, competitive market place and, above all, a demanding environment for academic researchers.
Locations of centres of innovation in the private sector, higher public spend on research and pursuit of research by leading companies will bring about greater innovation in India.
India must be an innovation powerhouse if it wishes to be a global economic power. India must place technology in the highest quadrant of her development agenda.(Mukesh Ambani is Chairman and Managing Director, Reliance Industries Limited)
Wednesday, October 3, 2007
Will Indore (MP) Road change???
Madhya Pradesh government has drawn an ambitious plan to improve the condition of the roads in the state during the next one year.
A total 10,884 km long roads would be taken up under the improvement and repair plan with an estimated amount of Rs 3318 crore to be spent on them, an official release said on Wednesday.
Besides, 66812.79 km of roads are being maintained by the Public Works Department (PWD) in the state. Out of this, 11288.90 km roads are presently in bad shape while the remaining 5216.89 km are in worse condition as per the assessments.
According to the schedule fixed by the PWD, the roads which are to be improved and upgraded during the next one year include 600 km roads under the central road fund, 114 km under the 12th Finance Commission, 30 km long inter-state roads and 25 km of roads constructed in the dacoity-infested areas.
In addition to it, as many as 650 km long main district routes and 15 km of state highways would be taken up for the up-gradation, it said.
Similarly, one thousand km long roads constructed under the Asian Development Bank (ADB) project, 15 km long roads under build operate and transfer (BOT) and 450 km long roads under HUDCO would also be improved during the same period, the release added.
Besides, 2093 km long roads under the minimum need programme along with 47 km long roads in the districts would also be improved.
The PWD would also take up the up-gradation of 960 km roads under national highways, 300 km long roads under Kisan Sadak Nidhi, the release said.
From://
http://economictimes.indiatimes.com/Latest_News/Over_Rs_3000_cr_to_be_spent_on_roads_in_MP/articleshow/2424742.cms
A total 10,884 km long roads would be taken up under the improvement and repair plan with an estimated amount of Rs 3318 crore to be spent on them, an official release said on Wednesday.
Besides, 66812.79 km of roads are being maintained by the Public Works Department (PWD) in the state. Out of this, 11288.90 km roads are presently in bad shape while the remaining 5216.89 km are in worse condition as per the assessments.
According to the schedule fixed by the PWD, the roads which are to be improved and upgraded during the next one year include 600 km roads under the central road fund, 114 km under the 12th Finance Commission, 30 km long inter-state roads and 25 km of roads constructed in the dacoity-infested areas.
In addition to it, as many as 650 km long main district routes and 15 km of state highways would be taken up for the up-gradation, it said.
Similarly, one thousand km long roads constructed under the Asian Development Bank (ADB) project, 15 km long roads under build operate and transfer (BOT) and 450 km long roads under HUDCO would also be improved during the same period, the release added.
Besides, 2093 km long roads under the minimum need programme along with 47 km long roads in the districts would also be improved.
The PWD would also take up the up-gradation of 960 km roads under national highways, 300 km long roads under Kisan Sadak Nidhi, the release said.
From://
http://economictimes.indiatimes.com/Latest_News/Over_Rs_3000_cr_to_be_spent_on_roads_in_MP/articleshow/2424742.cms
Monday, October 1, 2007
More on Indore Real Estate
As seen on http://www.indianground.com/indore/indore-real-estate.aspx
Indore is indisputably known as the commercial capital of Madhya Pradesh. Being one of the fastest growing Tier-III cities of India, it is the single largest business centre of the state commanding most of the volumes in trade, industry and services, over other cities in Madhya Pradesh like Bhopal, Jabalpur and Gwalior.
The real estate in Indore is quite upbeat. Presence of manufacturing units of India’s leading companies like Hindustan Motors, Eicher Motors, Bajaj, Force-Mann, Metalman Group, Nicholas Piramal, Bridgestone, Larsen and Toubro, Pratibha Syntex and Kirloskar Brothers Limited at the adjoining industrial hub of Pithampura plays quite a significant role in economic prosperity of the city and subsequently the simmering business activities have been translating into booming property market in Indore.
A number of software companies like CSC, Impetus Infotech, InfoBeans have also set up their offices in Indore that has tremendously enhanced city's image as a preferred business destination. The electronics complex in the city houses offices of some of the top telecom and electronics companies of the country and the real estate scene in the area is likely to improve further once the undergoing projects of Special Economic Zone (SEZ) and Software Technology Park (STP) turn on ground.
The biggest commercial project in Indore is coming in the form of automobile testing track at Pithampur. With investment to the tune of Rs 5,000 crore, the track will be the largest in Asia. Not to mention that the economic activities in the city will improve drastically once the same gets ready. As for now, a number of national and international automobile giants have already expressed their interest to begin their operations in Pithampura.
Indore has also emerged up as education hub of the central India with Indian Institute of Management (IIM) leading the trail of colleges for professional studies.
Mall culture
You find a booming mall culture in Indore that is nearly absent in other parts of the state. With the success of Fortune Landmark, which is the first mall of the state, three other malls viz. Treasure Island, Mangal City and Orbit have also come up fast to catch up with the flourishing retail business in the city.
As the commercial real estate and retail sector go hand in hand, demand for commercial properties in Indore also has been going up quite significantly.Real Estate Scenario
With a number of mega projects in the pipeline the real estate market in Indore is going under absolutely amazing phase. Both commercial and residential properties in Indore especially near the proposed SEZ and STP have emerged up as the most popular one.
The industry experts on the other end are of the view that the real estate boom in Indore is yet to arrive and it is the right time to buy property in Indore. From investment point of view as well, purchasing real estate in Indore is a pretty lucrative proposition.
With national real estate developers like Sahara and Vian building their residential townships in Indore, you can avail of housing high in terms of quality and lifestyle. On the other end, office spaces in Indore in and around MG Road, Jawahar Marg, Siyaganj and Hamilton Road are the hottest one. Interestingly though industry experts find Indore markets being realistically priced and away from speculations.
Indore is indisputably known as the commercial capital of Madhya Pradesh. Being one of the fastest growing Tier-III cities of India, it is the single largest business centre of the state commanding most of the volumes in trade, industry and services, over other cities in Madhya Pradesh like Bhopal, Jabalpur and Gwalior.
The real estate in Indore is quite upbeat. Presence of manufacturing units of India’s leading companies like Hindustan Motors, Eicher Motors, Bajaj, Force-Mann, Metalman Group, Nicholas Piramal, Bridgestone, Larsen and Toubro, Pratibha Syntex and Kirloskar Brothers Limited at the adjoining industrial hub of Pithampura plays quite a significant role in economic prosperity of the city and subsequently the simmering business activities have been translating into booming property market in Indore.
A number of software companies like CSC, Impetus Infotech, InfoBeans have also set up their offices in Indore that has tremendously enhanced city's image as a preferred business destination. The electronics complex in the city houses offices of some of the top telecom and electronics companies of the country and the real estate scene in the area is likely to improve further once the undergoing projects of Special Economic Zone (SEZ) and Software Technology Park (STP) turn on ground.
The biggest commercial project in Indore is coming in the form of automobile testing track at Pithampur. With investment to the tune of Rs 5,000 crore, the track will be the largest in Asia. Not to mention that the economic activities in the city will improve drastically once the same gets ready. As for now, a number of national and international automobile giants have already expressed their interest to begin their operations in Pithampura.
Indore has also emerged up as education hub of the central India with Indian Institute of Management (IIM) leading the trail of colleges for professional studies.
Mall culture
You find a booming mall culture in Indore that is nearly absent in other parts of the state. With the success of Fortune Landmark, which is the first mall of the state, three other malls viz. Treasure Island, Mangal City and Orbit have also come up fast to catch up with the flourishing retail business in the city.
As the commercial real estate and retail sector go hand in hand, demand for commercial properties in Indore also has been going up quite significantly.Real Estate Scenario
With a number of mega projects in the pipeline the real estate market in Indore is going under absolutely amazing phase. Both commercial and residential properties in Indore especially near the proposed SEZ and STP have emerged up as the most popular one.
The industry experts on the other end are of the view that the real estate boom in Indore is yet to arrive and it is the right time to buy property in Indore. From investment point of view as well, purchasing real estate in Indore is a pretty lucrative proposition.
With national real estate developers like Sahara and Vian building their residential townships in Indore, you can avail of housing high in terms of quality and lifestyle. On the other end, office spaces in Indore in and around MG Road, Jawahar Marg, Siyaganj and Hamilton Road are the hottest one. Interestingly though industry experts find Indore markets being realistically priced and away from speculations.
Investment in Indian Township 31 October 2006 07:03 as posted on http://www.pennysharesonline.com/Announcements/Articles/888918.asp
Eredene Capital PLC31 October 2006Eredene Capital PLCAnnounces third investment in Indian real estate•To invest approximately £2.75m for 35% stake in an integrated residentialtownship in Indore, Madhya Pradesh StateEredene Capital PLC (Symbol: ERE), the AIM quoted Indian real estate investor,is pleased to announce it has made its third investment in Indian real estate.The Company has invested approximately £2.75m (Indian Rupees 233m) for a 35%stake in a Special Purpose Vehicle (SPV) to develop an integrated residentialtownship located in a prime site on the outskirts of the city of Indore inMadhya Pradesh State.
The township will be situated on a 100 acre site located off the main Agra-Bombay National Highway and next to the proposed MR-3 arterial road in thearea of Bijalpur, some 6 km from the centre of the city of Indore. The sitebenefits from direct access to the city centre and airport.
The site is also onthe route between Indore and the 2,600 acre Special Economic Zone (SEZ) atPithampur, which is one of the hubs for industrial activity in Madhya PradeshState.The development will be a self-contained fully integrated township and isintended to include residential houses and apartment buildings as well aseducational, medical, retail and entertainment facilities for the use ofresidents.
It is anticipated that the project will involve the development andsale of up to 3600 residential units and the development and sale of up to 700residential land plots. Construction of the project is expected to commence inQ2 2007 with a phased completion and with sales expected to commence in 2008.The project is scheduled for completion in 2011.Eredene's primary joint venture partner in the SPV is Entertainment WorldDevelopers Private Limited (EWDPL), an Indian real estate development companyheaded by Manish Kalani. EWDPL was incorporated in 1999 to develop and constructshopping malls, multiplex cinemas, hotels and large scale residential townships.Manish Kalani has a considerable track record in retail and residential propertydevelopment in Indore and elsewhere in India.
In early October 2006, Eredeneannounced a large mixed-use development in Indore to be developed in partnershipwith EWDPL.Saffron Capital Advisors Limited sourced, evaluated and advised on thistransaction. Saffron has a highly experienced and talented team specialising inIndian real estate investments in the retail, commercial and residentialsectors.
Eredene and Saffron entered into an Investment Advisory Agreement inApril 2006.Following this investment, Eredene will have invested approximately £13.63m ofthe £57.1m (then equivalent to approximately US$100m) that it raised in April2006. Accordingly, Eredene has invested approximately 24% of the fund that itraised in April 2006.
Commenting on the Company's latest investment Alastair King, Founder and ChiefExecutive of Eredene, said:"We are very pleased to announce our third investment. This again demonstratesour ability to deploy Eredene's capital in potentially valuable investments inIndia's tier 2 and 3 cities where we believe long-term growth and value lies.
We have now committed approximately 24% of the funds raised in our April 2006fund-raising and we intend to continue to invest in projects which representgood opportunities for Eredene."IndoreIndore is the largest city in Madhya Pradesh State in central India. It has apopulation of over 1.2 million (as per 2001 census) and is well known as thecommercial capital of the state.
The city is located approximately 524km from Mumbai and approximately 674km from New Delhi, and is well connected by rail,road and air to other cities in India.The project lies close to Pithampur, referred to as the "Detroit of India",which is one of the largest automobile manufacturing centres in Asia and is hometo leading automotive companies such as Bajaj, Eicher, Hindustan Motors, KineticHonda and Bridgestone. Indore has the first green field Special Economic Zone inIndia and is one of the largest manufacturing locations in Asia for basic andbulk drug formulations. The city has a number of educational institutesincluding an Indian Institute of Management.
Enquiries to:
EREDENE CAPITAL plc
www.eredene.com
Alastair King
Tel: 020 7929 4501
REDLEAF COMMUNICATIONS
Tel: 020 7822 0200
Emma Kane/Duncan McCormick/Samantha Robbins
SEYMOUR PIERCE
Mark Percy/Jeremy Porter
Tel: 020 7107 8000
Notes to Editors:
- In April 2006, Eredene raised US$100 million to capitalise onthe foreign direct investment opportunity in the Indian real estate sector.- When the capital raising was announced, it was the first of itskind on the AIM market of the London Stock Exchange.- This investment is the third investment to be announced byEredene. Eredene announced its first investment in September 2006 and secondinvestment in early October 2006. Following this investment, Eredene will haveinvested approximately £13.63m into real estate projects in India, beingapproximately 24% of the total funds raised in April 2006.
- Investments are made with the benefit and assistance of SaffronCapital Advisors Limited (Saffron), one of the leading India-based real estateadvisory specialists. Headed by Ajoy Kapoor and Rohin Shah, Saffron has a highly experienced and talented team specialising in Indian real estate investments in the retail, commercial and residential sectors. Eredene and Saffron entered into an Investment Advisory Agreement in April 2006.
- Eredene focuses on real estate opportunities in Tier 2 (above 1million population) and Tier 3 (500,000 to 1 million population) cities inIndia. It specialises in investing in commercial, retail and residentialproperty outside major cities to avoid overheated markets.
- Eredene trades on AIM, ticker ERE, and is currently capitalised at approximately £73.4 million.- Eredene recently announced the appointment of Charles Cayzer asa Non-Executive Director. Charles Cayzer is also a director of CaledoniaInvestments plc, where he has responsibility for its real estate investments.
- Publication quality photographs are available from Redleaf Communications.- Further information on Eredene is available from the website: www.eredene.com
Eredene Capital PLC31 October 2006Eredene Capital PLCAnnounces third investment in Indian real estate•To invest approximately £2.75m for 35% stake in an integrated residentialtownship in Indore, Madhya Pradesh StateEredene Capital PLC (Symbol: ERE), the AIM quoted Indian real estate investor,is pleased to announce it has made its third investment in Indian real estate.The Company has invested approximately £2.75m (Indian Rupees 233m) for a 35%stake in a Special Purpose Vehicle (SPV) to develop an integrated residentialtownship located in a prime site on the outskirts of the city of Indore inMadhya Pradesh State.
The township will be situated on a 100 acre site located off the main Agra-Bombay National Highway and next to the proposed MR-3 arterial road in thearea of Bijalpur, some 6 km from the centre of the city of Indore. The sitebenefits from direct access to the city centre and airport.
The site is also onthe route between Indore and the 2,600 acre Special Economic Zone (SEZ) atPithampur, which is one of the hubs for industrial activity in Madhya PradeshState.The development will be a self-contained fully integrated township and isintended to include residential houses and apartment buildings as well aseducational, medical, retail and entertainment facilities for the use ofresidents.
It is anticipated that the project will involve the development andsale of up to 3600 residential units and the development and sale of up to 700residential land plots. Construction of the project is expected to commence inQ2 2007 with a phased completion and with sales expected to commence in 2008.The project is scheduled for completion in 2011.Eredene's primary joint venture partner in the SPV is Entertainment WorldDevelopers Private Limited (EWDPL), an Indian real estate development companyheaded by Manish Kalani. EWDPL was incorporated in 1999 to develop and constructshopping malls, multiplex cinemas, hotels and large scale residential townships.Manish Kalani has a considerable track record in retail and residential propertydevelopment in Indore and elsewhere in India.
In early October 2006, Eredeneannounced a large mixed-use development in Indore to be developed in partnershipwith EWDPL.Saffron Capital Advisors Limited sourced, evaluated and advised on thistransaction. Saffron has a highly experienced and talented team specialising inIndian real estate investments in the retail, commercial and residentialsectors.
Eredene and Saffron entered into an Investment Advisory Agreement inApril 2006.Following this investment, Eredene will have invested approximately £13.63m ofthe £57.1m (then equivalent to approximately US$100m) that it raised in April2006. Accordingly, Eredene has invested approximately 24% of the fund that itraised in April 2006.
Commenting on the Company's latest investment Alastair King, Founder and ChiefExecutive of Eredene, said:"We are very pleased to announce our third investment. This again demonstratesour ability to deploy Eredene's capital in potentially valuable investments inIndia's tier 2 and 3 cities where we believe long-term growth and value lies.
We have now committed approximately 24% of the funds raised in our April 2006fund-raising and we intend to continue to invest in projects which representgood opportunities for Eredene."IndoreIndore is the largest city in Madhya Pradesh State in central India. It has apopulation of over 1.2 million (as per 2001 census) and is well known as thecommercial capital of the state.
The city is located approximately 524km from Mumbai and approximately 674km from New Delhi, and is well connected by rail,road and air to other cities in India.The project lies close to Pithampur, referred to as the "Detroit of India",which is one of the largest automobile manufacturing centres in Asia and is hometo leading automotive companies such as Bajaj, Eicher, Hindustan Motors, KineticHonda and Bridgestone. Indore has the first green field Special Economic Zone inIndia and is one of the largest manufacturing locations in Asia for basic andbulk drug formulations. The city has a number of educational institutesincluding an Indian Institute of Management.
Enquiries to:
EREDENE CAPITAL plc
www.eredene.com
Alastair King
Tel: 020 7929 4501
REDLEAF COMMUNICATIONS
Tel: 020 7822 0200
Emma Kane/Duncan McCormick/Samantha Robbins
SEYMOUR PIERCE
Mark Percy/Jeremy Porter
Tel: 020 7107 8000
Notes to Editors:
- In April 2006, Eredene raised US$100 million to capitalise onthe foreign direct investment opportunity in the Indian real estate sector.- When the capital raising was announced, it was the first of itskind on the AIM market of the London Stock Exchange.- This investment is the third investment to be announced byEredene. Eredene announced its first investment in September 2006 and secondinvestment in early October 2006. Following this investment, Eredene will haveinvested approximately £13.63m into real estate projects in India, beingapproximately 24% of the total funds raised in April 2006.
- Investments are made with the benefit and assistance of SaffronCapital Advisors Limited (Saffron), one of the leading India-based real estateadvisory specialists. Headed by Ajoy Kapoor and Rohin Shah, Saffron has a highly experienced and talented team specialising in Indian real estate investments in the retail, commercial and residential sectors. Eredene and Saffron entered into an Investment Advisory Agreement in April 2006.
- Eredene focuses on real estate opportunities in Tier 2 (above 1million population) and Tier 3 (500,000 to 1 million population) cities inIndia. It specialises in investing in commercial, retail and residentialproperty outside major cities to avoid overheated markets.
- Eredene trades on AIM, ticker ERE, and is currently capitalised at approximately £73.4 million.- Eredene recently announced the appointment of Charles Cayzer asa Non-Executive Director. Charles Cayzer is also a director of CaledoniaInvestments plc, where he has responsibility for its real estate investments.
- Publication quality photographs are available from Redleaf Communications.- Further information on Eredene is available from the website: www.eredene.com
Global Investors Meet @ Indore on Oct 26-27
MP gears up for `Global Investors Meet` As posted @ Zee News and Business-Standard on Sept 27
Madhya Pradesh Chief Minister Shivraj Singh Chouhan has reviewed the preparations for the forthcoming 'Global Investors Meet', scheduled to be held at Indore on October 26-27. Chouhan directed the concerned officials to prepare a detail presentation on the possibilities of industrialisation of the state. He also asked them to make a report on the important tourist destinations in the state, an official release said here today. Nearly 300 investors are expected to attend the two-day event, it said.The State Chief Secretary, Rakesh Sahani, has informed that efforts are being made to finalise investment proposals submitted by various investors before the commencement of the two-day meet. The concerned officials are in touch with the industrialists who have submitted various proposals for investing in the state, Sahani stated.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan has reviewed the preparations for the forthcoming 'Global Investors Meet', scheduled to be held at Indore on October 26-27. Chouhan directed the concerned officials to prepare a detail presentation on the possibilities of industrialisation of the state. He also asked them to make a report on the important tourist destinations in the state, an official release said here today. Nearly 300 investors are expected to attend the two-day event, it said.The State Chief Secretary, Rakesh Sahani, has informed that efforts are being made to finalise investment proposals submitted by various investors before the commencement of the two-day meet. The concerned officials are in touch with the industrialists who have submitted various proposals for investing in the state, Sahani stated.