Hiranandani to invest Rs100 crore to expand Rodas hotel venture

Mumbai: Upbeat about the growth prospects of the hospitality sector, realty major Hiranandani Group today revealed its plans to invest around Rs100 crore in the expansion of its hotel venture 'Rodas', reports PTI.

"We are very upbeat on the hospitality sector and plan to expand the chain across the country. This year we are launching a five-star 160 room hotel at an investment of Rs100 crore," group chairman and managing director Niranjan Hiranandani told PTI.

The group currently operates a 32-room designer business ecotel hotel in Powai and plans to launch its second property of 160 rooms this year.

"Rodas is a designer ecotel offering impeccable facilities for relaxation, leisure and business support, along with every personalised service. We want to be a niche player in this segment," Mr Hiranandani said.

While refusing to disclose further details on the subject, he discussed another project 23 Marina, a 90-storey residential tower located in one million sq ft in Dubai. 23 Marina is scheduled for completion by December this year, he said.

Besides, Mr Hiranandani said, the company has acquired a 270-room property in Dubai and will renovate it into a five-star hotel by 2013.


Glenmark Pharma unit signs agreement with Italian company

Glenmark Pharmaceuticals said its subsidiary signed an in-licensing agreement with Italian biotechnology company Lay Line Genomics to commercialise antibody 'BXL1H5'. No financial details were provided.

The molecule, which is a painkiller monoclonal antibody for TrkA receptor responsible for chronic pain, will be developed by Glenmark's biologics research and development centre in Switzerland, the Indian company said in a statement.
The global market for painkiller medicines is worth more than $25 billion, Glenmark said.

Glenmark will leverage its expertise in monoclonal antibodies to progress BXL1H5 rapidly into clinical development, Glenn Saldanha, chief executive and managing director, said in the statement.

On Wednesday, Glenmark Pharma shares ended 1.5% up at Rs319 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.7% to 20,543 points.


Gems and jewellery exports may grow 30%-35% in FY 11: GJEPC

Mumbai: India's gem and jewellery exports are expected to clock a 30%-35% growth in FY 11, reports PTI quoting a top industry official.

"We expect a growth of 30%-35% in gems and jewellery exports in the current financial year. We have already achieved a 61% export growth till August 2010, following increased trading activities," the Gem and Jewellery Export Promotion Council (GJEPC), chairman, Rajiv Jain told PTI here.

The country's gems and jewellery exports stood at $29.33-billion in FY 10.

The US is the biggest buyer with India exporting nearly 34% of gems and jewellery to that country and the rest to others. Reports of the US economy rebounding is a good sign, Mr Jain said.

"Our main focus is to boost exports of gems and jewellery and we see a good growth in the coming five-year period," he said.

Commenting on initiatives to boost exports, Mr Jain said GJEPC is organising the 3rd International Diamond Conference, Mines to Market on 12-13 October2010 in Mumbai.

Since its inception, the conference has become an international platform for a significant exchange between all stakeholders of the diamond industry across the pipeline, receiving an enthusiastic worldwide response.

"India today is surging forward to establish itself as the centre of global gems and jewellery trade. In manufacturing, we are the leading global player. On the domestic front there has been a proliferation of brands being offered to the Indian consumer," Mr Jain said.

Today, the jewellery industry is set to take-off on a journey of exponential growth with increasingly open policies and a rapid development of Special Economic Zones (SEZ) in different parts of the country.

"It's time we realise the potential of India as a "Global Brand" and I sincerely hope that Mines to Market will aim at taking stock of the diamond industry globally, and evolving a way forward for the future," GJEPC vice-chairman, Sanjay Kothari, said.

GJEPC is also organising the 37th annual awards function for the gems and jewellery industry on 11th October at Mumbai.

The Gem & Jewellery Export Promotion Council is an all-India apex body representing 5,500 members.


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