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Madhavpura Bank: Finally facing liquidation

KP had illegally availed of over Rs800 crore from the banks in cahoots with the chairman and his son. Soon after, SEBI passed an order barring KP from the capital market for 14 years.

In February 2012, the office of the custodian, appointed under the Special Courts Act of 1992, filed a petition seeking custody of all the money paid by Ketan Parekh (KP) to Bank of India and Madhavpura...

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Hotelogix secures $1.2 million funding led by Accel Partners

“The small- and mid-sized hotel properties face identical operational challenges to those faced by larger, multi-starred hotels; only the scales of operation are different,” said Prabhash Bhatnagar, founder, Hotelogix

Hotelogix, the leading cloud-based SAAS (Software as a Service) offering for the small and mid-sized hospitality industry, announced that it has raised $1.2 million in funding from global venture firm Accel Partners as lead investors and Blume Ventures, Mumbai Angels as co-investors.

“The small- and mid-sized hotel properties face identical operational challenges to those faced by larger, multi-starred hotels; only the scales of operation are different,” said Prabhash Bhatnagar, founder, Hotelogix. “Hotelogix cloud based solution is easy-to-adapt and very cost efficient. With simplistic approach to solving this complex problem, creating a hotel and running its operations on Hotelogix, is as simple as creating an email account online.”

The small and mid-sized hospitality industry is largely underserved globally. Hotelogix addresses their needs with a solution to help manage their operations in a simplified way and well within their constraints to reach a level at par with higher starred properties and brands.

Hotelogix is a cloud-based property management system (PMS) on SAAS model offers customers a unified approach for their business needs like front-desk operations, housekeeping, restaurants etc., and generates higher revenues from the online channels and stay integrated with the external stakeholders of their hospitality business.

Speaking about why they chose to invest, Shekhar Kirani said, “Accel is very excited about Hotelogix's team, their product and the market. With more than 16 million hotel rooms in the world, where, most of them will upgrade to a cloud-based hotel management platform soon, Hotelogix's cloud-based platform is perfectly positioned for this market.”

“We will use the funds to build further foothold on the global market, continuing with the dramatic growth rate of establishing customers in 40+ countries that we have demonstrated in the past two years. We will now focus on creating serious inroads into the north and south American markets. With Accel’s global footprint, combined with aggressive and successful track record of Blume Ventures and Mumbai Angels, we look forward to leveraging their experience in becoming a world-class organization” said Aditya Sanghi, CEO, Hotelogix.

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BHEL eastern region turnover up 24% in FY12

In the next financial year, the targeted turnover is Rs3,100 crore and gross profit is pegged at Rs374 crore, Kumar, executive director of BHEL, eastern region, said

The turnover of eastern region of heavy engineering public-sector unit BHEL rose 24% at Rs2,700 crore during the financial year 2011-12, a company official said.    
 
“The eastern region of BHEL achieved a turnover of Rs2,700 crore in 2011-12 against Rs2,174 crore in the previous fiscal”, executive director of BHEL, eastern region, Rajiv Kumar said.

Gross profit from the region increased 29% in 2011-12 at Rs157.87 crore compared to Rs122.15 crore in the previous fiscal, he told reporters.
 
In the next financial year, the targeted turnover is Rs3,100 crore and gross profit is pegged at Rs374 crore, Kumar said. He added in the eastern region, 17,000 Mw of capacity addition is under execution in various stages.     

During 2011-12, BHEL eastern region had added 2,838 Mw of capacity addition, the highest ever, he said.     

The cumulative order position in the eastern region of BHEL in 2012-13 and beyond stood at Rs7,153 crore.     

BHEL eastern region was involved in setting up power plants abroad, he said.

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