ITC opens first premium cigar retail store in Delhi

ITC had introduced the 'Armenteros' range of handrolled cigars in Delhi, Mumbai and Kolkata last year

Diversified business group ITC opened its first retail store selling premium cigar brand 'Armenteros' in Delhi as part of plans to strengthen its presence in the premium tobacco segment.

The company had introduced the 'Armenteros' range of handrolled cigars in Delhi, Mumbai and Kolkata last year. According to sources, ITC is planning to launch the luxury store, 'Cigar Republic', in other key metros in future, apart from the capital.

According to market estimates, the premium cigar category is growing at 20% per annum in the country, with increasing disposable incomes and exposure to global lifestyles, though the segment is still at a nascent stage.

Apart from cigars and accessories, the store, which is located at ITC Maurya Hotel, will also have a library showcasing literature on cigars and other objects of interest to cigar connoisseurs.

'Armenteros' cigars are being sourced from the Dominican Republic and are being manufactured at La Aurora, which is one of the oldest cigar companies in the world. Depending on the cigar sizes (Churchill, Torpedo, Corona, Petit Corona and Robusto), they are sold at prices ranging from Rs3,000 to Rs10,000 per pack.

On Tuesday, ITC ended 0.1% up at Rs202.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.96% to 16,498.47.

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TVS Logistics Services opens new unit at Sholavaram

TVS Logistics Services handles over $1.5 billion worth of parts annually and controls about 3 million sq ft of warehouse space in India

TVS Logistics Services on Monday inaugurated its logistics assembly facility at Sholavaram near Sholavaram in Chennai, set up at an investment of Rs2.5 crore.

The facility, spread across 70,000 sq ft, would be a dedicated plant for Hinduja Group flagship company Ashok Leyland's power solution business, a company release said.

Ashok Leyland managing director Vinod Dasari inaugurated the new facility in the presence of TVS Logistics managing director R Dinesh.

The facility would assemble Ashok Leyland's genset engine powerpacks in the range of 10-2,000kVa capacity for domestic and export markets. It would have a capacity of producing 14,500 units per year which can be increased to 30,000 units.

"The facility is a milestone for us as very few supply chain companies globally have the capability to provide end-to-end solutions which include taking ownership of sub-assemblies..," said Mr R Dinesh.

"....Our power solution business is growing robustly in tune with the domestic genset market that is expected to reach two lakh units shortly", said Mr Vinod K Dasari.

TVS Logistics Services handles over $1.5 billion worth of parts annually and controls about 3 million sq ft of warehouse space in India. The company reported an annual turnover of over 1,200 crore in 2010-11.

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Godrej Prop to spend Rs138.7crore on projects, loan repayment

Godrej Properties has entered into the NCR through a resident joint venture project for 1 million square feet in Gurgaon

Real estate firm Godrej Properties said it has earmarked Rs138.7 crore to be utilised in land acquisition, construction of projects and loan repayment during this fiscal.

In a filing to the Bombay Stock Exchange (BSE), the Godrej group firm said while Rs75 crore will be utilised in acquiring land, Rs12.70 crore will be spent on construction of its forthcoming projects. The balance Rs51 crore will be utilised on repayment of loans.

The company also said it is in advanced stages of several new joint venture projects and has already lined up new projects to be launched in Mumbai, Bangalore, Hyderabad, Chennai and Kochi during the year.

"We are in advanced discussions for several new joint venture projects and are planning new launches in Mumbai, Bangalore, Hyderabad, Chennai and Kochi," Godrej Group chairman Adi Godrej said at the company's annual general meeting.

During the year, the company has also entered into the National Capital Region (NCR) through a resident joint venture project for 1 million square feet in Gurgaon.

"This year also saw extremely strong progress in attracting new customers with Godrej Properties selling 3.2 million square feet sold in the previous year," he said.

Apart from the NCR, the company has also launched projects in Chennai and Mangalore and increased its area under construction. Besides, it has signed up three new joint venture projects in Mumbai and Hyderabad.

"We have also launched our first project in Vikhroli, 2.8 million sq ft mixed use development named 'The Tress' that will house the headquarters for many Godrej Group companies and will also have residential, retail, office and hospitality spaces," Godrej said.

On Tuesday, Godrej Properties ended flat at Rs689.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.96% to 16,498.47.

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