The ‘Fed Flash’ service is now available at all the 100 Al Ansari Exchange branches across the UAE
India's Federal Bank has signed a strategic new partnership with a leading UAE-based exchange house with an aim to help Indian expatriate workers to send money back home.
Under the new partnership, the bank will offer Federal Bank's 'Fed Flash' service, which that will allow Indian expatriate workers in the UAE to send money back home via their Federal Bank accounts in India through Al Ansari Exchange.
Al Ansari Exchange provides worldwide remittance and foreign exchange services. The move is part of the company's commitment to expand its current portfolio of financial services and transactions.
The 'Fed Flash' service is now available at all the 100 Al Ansari Exchange branches across the UAE. "The new Fed Flash service highlights the strong ties that India has maintained with the UAE over the years. There is a strong Indian expatriate workforce in the UAE and these workers primary concern is how to send money to their families in a faster and more convenient way," Federal Bank MD & CEO Shyam Srinivasan said.
According to Federal Bank, 'Fed Flash' will allow Federal Bank customers to remit money real-time into to their accounts through any Al Ansari Exchange branch to any of the over 750 Federal Bank branches in India. The moment the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile.
On Monday, Federal Bank ended 1.37% up at Rs456.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.28% to 18,814.48.
Cremica plans expansion in the ready-to-eat foods, snacks and liquid condiments section
Diversified food products company, Cremica group is planning to launch an initial public offer (IPO) in 2012.
"The company operations are doing quite well. We are looking forward to an IPO in 2012," Ludhiana-based Cremica managing director Akshay Bector told PTI in an interview.
The time is ripe to launch an IPO as the company's turnover is expected to cross Rs700 crore this fiscal, he said, adding that the turnover of Rs700-Rs1,000 crore is of a fairly good size to go in for an IPO.
The Cremica Group, which makes wide-range of products like biscuits, ketchups, toppings, breads and buns, and ice creams, wants to hit the capital market to raise funds through an IPO for expansion of its business activities.
"There is scope for further growth. There are plans to expand in the ready-to-eat market in the country," Bector said.
While biscuits continue to be the biggest contributor to the top line, Cremica plans expansion in the ready-to-eat foods, snacks and liquid condiments section.
At present, Cremica's products largely mark their presence in North India. The company hopes to spread its wings in other parts of the country, he added.
JLL Corporate Finance will address the requirements of corporates which are not in the business of real estate to make informed decisions about acquiring, disposing of or optimally utilising their existing real estate assets
Jones Lang LaSalle India, the country's largest international property consultancy, has launched an exclusive corporate finance division. JLL Corporate Finance will address the requirements of corporates which are not in the business of real estate to make informed decisions about acquiring, disposing of or optimally utilising their existing real estate assets while enhancing shareholder value.
"This division has been established specifically to service companies that are not into the real estate business and yet have real estate holdings, be they leased or owned," says Ambar Maheshwari, managing director-corporate finance, Jones Lang LaSalle India. Every business is functionally into real estate, but not every business has the expertise required to make sound business decisions about its estate holdings.
Anuj Puri, chairman & country head, Jones Lang LaSalle India, says, "JLL Corporate Finance will assist corporates to make informed decisions about acquiring, disposing of or optimally utilising their real estate, regardless of whether they occupy it or have acquired it purely from an investment perspective."
Depending on market dynamics, geographic specifics and the business typology, buying or selling a land parcel may not be the best possible option for a corporate - even if the real estate market is on an apparent upswing. Based on a professional analysis of the corporate's real estate portfolio, an expert advisory can come up with the best solutions which may be a joint venture, a strategic partnership with a developer or occupier, or conversion into a full-fledged income-generating asset via sale/lease-back transaction.
When it comes to such focused services, there is currently a huge gap between what is required and what is being offered on the marketplace. While IPCs already service a large variety of stakeholders in the market, these stakeholders tend to primarily consist of real estate developers and occupiers. Advisory entities that currently service corporates who are not into real estate are accounting firms, investment banks and boutique financial players. Such entities generally advise corporates on various shareholder-related issues-and while real estate may be one of the advisory aspects, they are invariably ill-equipped to offer expertise-based insights into this area.
"Considering that optimal value creation for shareholders is a key concern for large companies, and that real estate is an extremely significant asset class, this aspect needs to be addressed by experts and not via proxy by non-specialist agencies," says Mr Maheshwari.