DAILY NEWS

Developer delivers homes 22 months ahead of timeline despite of pandemic disruption by Shrutee K Mumbai, 4th February 2022:  T he Wadhwa  Group , one of India’s leading real estate development companies and a prominent realty player in Mumbai, has  received the Occupation Certificate for their project Wadhwa Pristine at Matunga West. The developer is handing over homes to the buyers 22 months well before the timelines specified for delivery and a revenue of approximately 475 crores is expected. At the time, when other developers were requesting extensions for project completion due to the pandemic, The Wadhwa Group broke the clutter  to hand over the dream homes of their trusted homebuyers with 20%-25% customers already being given possession. Wadhwa Pristine is the standalone tower, nestled in the heart of Mumbai, is spread across 1250 sq.mt. at Matunga West, next to their existing ready development W-54. The project is a pure bliss in a serene neighbourho...

by Shrutee K ·           Investment builds on Advent’s expertise in the pharmaceuticals sector, having invested in over 20 businesses in pharmaceutical R&D, production, and distribution ·           Transaction is Advent’s fifth investment in India over the past 12 months New Delhi,INDIA, January, 2022  – Advent International (“Advent”),  one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement with Dr A V Rama Rao, a distinguished scientist, Padma Bhushan and Padma Shri awardee, and his family to acquire a controlling stake in Avra Laboratories Pvt Limited (“Avra Labs”). Founded  in 1995, Avra Labs is a Hyderabad based contract manufacturing and research services (CRAMs) and specialty active pharmaceutical ingredients (API) manufacturer with four facilities across the states of Telangana and Andhra Pradesh....

by Shrutee K Mr. Rajiv Mehrishi has been appointed as the Chairman of the Governing Board of NSE IFSC Limited (“NSE IFSC” - NSE’s International Exchange in GIFT city) effective January 25, 2022. The International Financial Services Centres Authority (IFSCA) had earlier approved his appointment as Public Interest Director (PID) on the Governing Board of NSE IFSC with effect from December 09, 2021.   Mr. Mehrishi, a retired  Indian Administrative Service  (IAS) officer, was the 13th  Comptroller and Auditor General of India  (C&AG) (2017 – 20) and Vice Chairman of the  United Nations  Panel of External Auditors. A few of his prior roles include being  Finance Secretary  (2014 - 15),  Home Secretary   (2015 - 17) and the Chief Secretary,  Government of Rajasthan  (2013 - 14).  He holds a master’s degree in History from  St. Stephen's College , Delhi and a degree in  Business Administration  f...

by Shrutee K Vaccination drive conducted across 434 Ujjivan SFB branches across 19 states, union territory Contributes INR 3,06,000 to Prime Minister’s Care Fund in FY 20-21, In FY 21-22 our objective is to contribute Rs. 10,00,000/-   to   Prime Minister’s Care Fund New Delhi, January 25, 2022:  Ujjivan Small Finance Bank today announced that it had achieved landmark of 50,000 vaccinations amongst the low-income population residing in urban, semi-urban and remote rural geography in just less than 5 months, organizing vaccination camps for the general public coming within the purview of the Bank’s Operational areas and those in the vicinity across 434 branches in 18 states and union territory of Puducherry. The bank now aims to achieve another 50,000 vaccinations within these lower-income groups, including those residing in remotest locations to achieve overall 100,000 vaccinations by March 31,2022. Ujjivan SFB has attributed the success in achieving landmark vaccination ...

by Shrutee K "Real estate being the second-highest employment generator and contributing more than 8 percent to the economy, the expectations from the 2022-23 budget are high and the industry is awaiting big announcements that will alter the future of the real estate sector. The Central and State governments rolled out several reforms and incentives during the past year to revive the economy from the ill effects of the pandemic. The Government will continue to put in its sincere efforts in pushing affordable housing. The cap of Rs. 2 lakh per annum against interest rate deduction under section 24(b) of the Act needs to be hiked to at least Rs. 5 lakh along with removing the 45 lakh cap from affordable housing, which will boost the affordable and mid-segment housing in a big way. We also expect the government to continue promoting the affordable rental housing schemes by announcing tax reliefs for rental housing projects, which will fast track the pace of investments in these schem...

by Shrutee K Mumbai, 13 January 2022:  The first advance estimates of the government projects India’s GDP to grow at 9.2% in 2021-22 after a steep contraction of 7.3% in FY 21. While the economy is recouping its losses from Covid-19 with encouraging growth across manufacturing, mining, construction and services sectors, the impact and intensity of the third wave continue to be monitorable. The latest economic indicators are hinting towards an urgent need of demand stimulation measures to sustain the economic recovery. The Government should look at ways to boost private consumption and incentivise the real estate sector in the upcoming budget. The government’s support in the form of liquidity infusion, fiscal support and reform-driven investments was timely to keep the real estate sector amongst others to remain afloat and recover. There is a need for the continuation and introduction of tax sops and incentives to prospective homebuyers, investors, and developers at large. Coll...

Ittira Davis, a veteran banker of international repute to lead Ujjivan Small Finance Bank   by Shrutee K New Delhi: January 13, 2022 : Ujjivan Small Finance Bank today announced that it has received the RBI approval for the appointment of Mr. Ittira Davis as its Managing Director & CEO for a period of 1 (one) year. Mr Ittira Davis is a senior banker with over 40 years of rich experience having worked extensively in India, Middle East and Europe. He has been associated with Ujjivan since March 2015. His first pivotal assignment, as the Head of Transition, was to oversee successful transformation of a micro-finance institution into a small finance bank which included accessing the capital markets with two successful IPOs. Prior to Ujjivan, Mr. Davis was the Managing Director with the Europe Arab Bank, London. He has also held leadership positions with Arab Bank plc, Bahrain and Citibank, India.  He is an alumnus of Indian Institute of Management-Ahmedabad (IIM-A). Mr. B A Pr...