Godrej Properties has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai. Spread over 5 acres, the project will offer approximately 93,000 square meters (1 million square feet) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations. The project is strategically located with easy access to the Western Express Highway.
GVK Power & Infrastructure has divested 33% of its stake in Bangalore International Airport (BIAL) from its wholly-owned subsidiary, Bangalore Airport & Infrastructure Developers, to Fairfax India Holdings Corporation. The divestment was made through its wholly-owned subsidiary in Mauritius for Rs 2,202 crore. It may be recalled that the company had first announced the stake sale deal with Fairfax in March 2016, while it took one full year to complete the process owing to delay in foreign direct investment (FDI) clearances among other things. Post sale, GVK group would have 10% stake in this profit-making airport asset.
Low-cost carrier SpiceJet has launched its daily direct Delhi-Surat-Delhi service with a traditional flag-off and lamp lighting ceremony at Surat airport on March 26, 2017. The new flight is in line with the emphasis being laid on regional connectivity. The twice daily flights will offer immense flexibility to the corporate and leisure travellers on the SpiceJet network.
Aurionpro Solutions’ subsidiary Cyberinc has entered into a strategic partnership with OvationData, a leading scalable data management solutions provider in the UK. OvationData will offer an advanced cyber security solution which will be available as a ‘turnkey’ service from OvationData's state of the art secure network operations centers. The solution will be powered by Cyberinc's Isla Malware Isolation system that delivers comprehensive protection for organizations that are at risk of a cyber-attack. This partnership will help OvationData further amplify and maximize the value of its core offerings by securing its customers browsers through Isla.
Jagran Prakashan’s subsidiary - Music Broadcast has commenced broadcast from its Radio Station at Patna (which was acquired under Phase III auctions held last financial year). The frequency for Patna location is 91.1 F.M. Earlier, Music Broadcast had commenced broadcast from its Radio Station at Bikaner.
Karnataka Bank has launched the ‘MoneyPlant RuPay International Platinum Debit Card’ to provide more privileges to its premium and HNI (high net worth individual) customers. The card can be used for domestic and international cash withdrawals and purchases. The card has a withdrawal limit of Rs 75,000 and purchase limit of Rs 2 lakh a day at point-of-sales terminals and e-commerce sites, and two free accesses to airport lounges per quarter across 30-plus airports in India and 300-plus airports worldwide.
The fair trade regulator Competition Commission of India (CCI) has levied a penalty of Rs 591.01 crore on public sector undertaking Coal India (CIL). The Commission has imposed a penalty on CIL of 1 per cent of the average turnover of the last three years. The CCI has found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002, for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal. Due to the statutory monopoly enjoyed by CIL and its subsidiaries, the buyers are heavily dependent upon the coal companies and insertion of such clause gives CIL through its subsidiaries an overpowering advantage in the relevant market, which is patently unfair.
Lakshmi Vilas Bank has launched LVB VYAPAAR Current Account. The company has launched the same to cater to bank requirements of small traders and vendors, such as fruit and vegetable vendors, flower vendors, small eateries, medical stores, and kirana stores across the country. Lakshmi Vilas Bank offers a wide range of services such as Deposits, loan, MSME, Online Services, NRI services, Wealth Management Services and Personal banking services etc.
DFM Foods has commissioned its new extrusion line at the Greater Noida facility on March 23, 2017. With the commissioning of this line, the total capacity of the company has increased from 25308 MT per annum to 35308 MT per annum. DFM Foods is engaged in the business of manufacturing, selling and marketing of packaged snack foods. Corn Rings and Wheat Puffs are marketed under the CRAX and NATKHAT brand names respectively.