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News Roundup: Hyatt to Form JV with Emaar MGF to Build Hotels

17 January, 2009

 

Hyatt to Form JV with Emaar MGF to Build Hotels – Global Hyatt Corp, the international hospitality major, plans to build six new hotels under its upper mid-segment brand, in a joint venture with real estate firm Emaar MGF Land Ltd. The JV will invest $200 million in a mixture of equity and debt, and the hotels will be operational in four years. The hotels, whcich will be launched under ‘Hyatt Place’ brand, will come up in Gurgaon, Hyderabad, Mysore, Lucknow, Indore and Mangalore with a total of 950 rooms. The JV plans to build and operate 20 such hotels. While Emaar MGF owns 74% stake in the JV, Hyatt owns the remaining 26% stake. (DNA Money)

MMTC Withdraws From SEZ Plan with Maytas –MMTC, run by the government, has decided to withdraw from equity participation in a firm to be promoted by B Ramalinga Raju-linked Maytas group for setting up a multi-services Special Economic Zone (SEZ). MMTC has decided to pull out the special purpose vehicle (SPV) that was being promoted by the Maytas group. (Business Standard)

IFCI sells Unitech’s Pledged Shares Worth Rs 51.7 crore – IFCI, a state-run financial institution has sold Rs 51.7 crore worth shares of Unitech as the promoters of the company failed to repay loans raised against pledged shares. Unitech is the nation’s second-biggest property developer. IFCI sold 17.5 million shares of the Delhi-based realty developer at Rs 29.52 each on the National Stock Exchange. The sold shares are about 1.1 per cent of the company’s share outstanding. (Business Standard)

L&T in Talks with NPCIL for Forging JV, Signs MOU with Westinghouse – Larsen and Toubro (L&T), the Engineering and construction major, is in advanced talks with Nuclear Power Corporation of India (NPCIL) for setting up joint venture company for producing forging materials. L&T has also signed a MOU with US based Westinghouse Electric Company to build nuclear power plants in the country. (The Economic Times)

Hirco Scraps Sub Contract Given to Maytas Infrastructure – Hirco, a Hiranandani Group firm, has scrapped the sub contract it gave Maytas Infrastructure for its Chennai township project. The firm has scrapped the sub contract to protect its reputation and financial interest. Hirco had signed the deal with Maytas in November last year and terminated the contract earlier this month. Hirco is now in talks with other sub contractors who can finish the job. (The Economic Times)

M&M Expects Rs 10,000 Crore Turnover By 2011 – Mahindra & Mahindra, the Passenger car and commercial vehicle manufacturer, along with its two joint ventures is looking at Rs 10,000 crore turnover by 2011. Currently, the passenger car segment contributes bulk of the revenue to Mahindra & Mahindra’s vehicle business. It has two joint ventures- Mahindra Renault and Mahindra International. M&M plans to launch commercial vehicles in the light, medium and heavy segments, including a sub one-tonner by December 2009. (The Economic Times)

Manisha Girotra to Be UBS India CEO – Manisha Girotra is said to have been appointed as the CEO of banking operations at UBS in India. The Swiss major will formally launch Indian operations in a few weeks.  In February, 2008, the Reserve Bank of India (RBI) had sanctioned a licence to UBS to start banking operations in the country. Until now, Swiss group’s presence here was through UBS Securities, which was opened in 1990. Manisha Girotra was CMD at UBS Securities India. (The Economic Times)

Tata Capital to Raise Rs 1,000 Crore – Tata Capital, the non banking finance company (NBFC) of the Tata Group is in the process of raising Rs 1,000 crore by selling bonds. The money raised will be used for  lending  to companies for their day to day requirements and to individuals for buying cars, commercial vehicles or even homes. ICICI Securities, Citigroup and DSP Merrill Lynch are the lead managers to the issue, which is tentatively scheduled for the last week of January and will be open for two-three weeks. (DNA Money)

Vallee De Vin Wine Promoters to Acquire 100 Acre Vineyard in Nashik – Ravi Jain and Deepak Roy, the alcoholic beverage sector veterans, are close to acquiring 100 acre vineyard in Nashik to scale up operations of their two-year-old wine firm Vallee de Vin. The duo is looking at strategic acquisition of wineries that are underperforming. Deepak Roy, Ravi Jain and Neeraj Deora are equal partners in the company which currently has a storage capacity of 3,00,000 litre. The company was founded in 2006 and is planning to scale up storage capacity to one million litre. (The Economic Times)

Co- Promoter Kotecha Sells Entire Stake in Pyramid Saimira – Pyramid Saimira co-promoter, Nirmal Kotecha has sold his entire stake in the Chennai based entertainment company. He held 24.89 per cent stake in the company. Kotecha diluted his stake in more than five transactions during the current month, the last time on January 2.  He had sold 9.4 per cent stake in the company through a mix of inter-se transfer to the co-promoter Saminathan, besides market sales. (Business Standard)

 

 

 

 

 


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News Roundup: Hyatt to Form JV with Emaar MGF to Build Hotels

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