ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC had invested Rs47.5 crore in Kumar's township project and exited it after generating a gross internal rate of return of about 27%
Mumbai: ICICI Prudential Asset Management Company said its real estate portfolio management service (PMS) has divested its investment in Kumar Urban Development (KUL) Ecoloch, a township project in Pune, reports PTI.
ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC, had invested Rs47.5 crore in the 105-acre integrated township in Pune developed by realty company Kumar Urban Development (KUL), a company statement said.
The investment generated a gross internal rate of return (IRR) of about 27%, it said.
"We believe in the tremendous potential of the realty space that is synchronous with India's growth and are always looking at providing opportunity to our investors to participate in this asset class," ICICI Prudential AMC Head - Real Estate Rahul Rai said.
He said the investment in KUL Ecoloch and successful exit was a reinforcement of the return potential of this segment and the strength of our investment process that has helped accomplish this feat.
ICICI Prudential PMS real estate portfolio has been managing capital commitments of more than Rs750 crore since its inception and has made 14 investments across Mumbai, Bangalore, Pune, Chennai and NCR, the release said.
Earlier in April, 2010, the portfolio had made its first exit by divesting its investment in DS Kulkarni Developers' Bangalore project, generating deal level IRR of about 22%.
The company's automated external defibrillator 'Powerheart G5' is designed to provide effective life saving aid to a person who has suffered sudden cardiac arrest
New Delhi: Medical equipment maker Opto Circuits on Monday said it has launched its automated external defibrillators under the brand 'Powerheart G5' in Europe, reports PTI.
The company's subsidiary Cardiac Science Corp has launched the product which is designed to provide effective life saving aid to a person who has suffered sudden cardiac arrest (SCA), Opto Circuits said in a filing to BSE.
Commenting on the development Opto Circuits chairman and managing director Vinod Ramnani said: "The Powerheart G5's combination of life saving features and intuitive controls will appeal to current and new customers in work places, public spaces and emergency services".
Automated external defibrillators (AEDs) are portable medical devices that diagnose life-threatening abnormal heart rhythms, or cardiac arrhythmia, and deliver electrical energy to the heart to restore its normal rhythm.
The company said that automated external defibrillators market is valued at $550 million as of 2011.
Each year as many as 7 lakh lives are lost to SCA in Europe, it added.
Shares of Opto Circuits were today trading at Rs154.05 per scrip in the afternoon trade on BSE, down 0.23% from its previous close.
India is the only country in the world to impose a service tax on their airlines and therefore airfares are 200%-300% higher than China and some other countries says the Jet Airways chief
Beijing: Air fares in India were about 200% to 300% higher than those in China and some other countries because of high tax rates, Jet Airways chief Naresh Goyal said on Monday, asserting that the aviation industry could not grow with such taxation, reports PTI.
"The Indian (aviation) industry can't grow with the taxes. In fact, India is the only country in the world to impose a service tax on their airlines. Do you know that the fares of Chinese airlines are a third of the Indian carriers? Why is it so? Because there are no taxes in China. In fact, the Indian fares are higher by 200%-300% if compared with the world's other carriers, leave alone Chinese," Goyal told PTI in Beijing.
Comparing Chinese airlines with their Indian counterparts, he said Chinese airlines were are all state-owned and "have solid government backing, not from now but for a very long time. The Chinese government doesn't tax their own carriers and there is a lot of state support to them".
Elaborating on Jet's expansion plans, Goyal said "we want to go to a few places in Europe and we are looking at those destinations which will make money like Paris, Munich and Frankfurt to name a few".
Regarding joining a global airline alliance, he said "we are in talks both with Star Alliance and Sky Team. Let us see what materialises. That is all I can tell you at this point of time".
Jet Airways was in an advanced stage of joining the Star Alliance earlier, along with Air India whose induction into the global airlines grouping was put off due to its precarious financial health.
Asked about recent reports that his airline was intending to buy 100 Airbus aircraft, Goyal ruled it out saying "we are only planning to induct four more A330-300 aircraft by early part of the next financial year".
To a question on government recently allowing Indian airlines to directly import jet fuel, he said "ATF import is of no use and we are not considering it. When you don't have the infrastructure to do so, it cannot be an option".
Kingfisher, SpiceJet and Air India have taken steps to go for direct import of aviation turbine fuel.
Though he has not favoured government allowing foreign airlines to pick up stake in domestic carriers, Goyal said he would welcome any such policy initiative by the government.
On the tremendous growth witnessed in the Chinese aviation market and lessons for India, the Jet Airways chief said "no, you can't compare the Indian market with the Chinese one. The two markets are different in the sense of the kind of travel that takes place in China, the purchasing power of the people and the kind of carriers that exist here. All are different from the ones in our own country".