Prime Focus appoints Ramki Sankaranarayanan as CEO

Ramki has been with the Prime Focus group for over four years, and as a founder of Prime Focus Technologies, has led that company from inception to its current position as a market leader

Prime Focus has announced that Ramki Sankaranarayanan, president and CEO of Prime Focus Technologies, has been appointed CEO of Prime Focus India. The appointment, which is effective immediately, will see Ramki become responsible for all of the operations and business lines of Prime Focus in India, in addition to maintaining his leadership of Prime Focus Technologies.

Ramki has been with the Prime Focus group for over four years, and as a founder of Prime Focus Technologies, has led that company from inception to its current position as a market leader in providing blue-chip, global media companies with cloud-based multi-platform content operations solutions. Ramki joined Prime Focus with over 14 years of rich experience across technical, strategic and operational roles at companies such as Subex and Tata Elxsi.

Ramki said: "Prime Focus is enjoying dynamic growth-in India and internationally- but we must not rest on our laurels. Prime Focus has always been known as an innovator, and a leader in its sector, and my role is to ensure that we continue in this vein with new service offerings, new technological developments, the best creative offering in the marketplace and even better levels of customer service. There are many opportunities for Prime Focus India-both domestically and internationally-and I look forward to leveraging these opportunities to take the company to even greater heights."

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Lemon Tree, Warburg to invest Rs1,400 crore in housing projects

Hospitality firm Lemon Tree Hotels plans to invest over Rs1,400 crore to launch housing projects in India in partnership with US-based investment firm Warburg Pincus

Hospitality firm Lemon Tree Hotels is foraying into real estate, with plans to invest over Rs1,400 crore, to launch housing projects in India in partnership with US-based investment firm Warburg Pincus.

New Delhi based firm has formed a 51:49 joint venture, Oceanus Real Estate Pvt Ltd, with Warburg Pincus for the housing projects. Besides diversification into housing, the hospitality chain has put in place a blueprint to expand in its core business within India and explore neighbouring markets like Nepal and Sri Lanka.

"The joint venture with Warburg Pincus will develop at least three to four affordable housing projects in Gurgaon," Lemon Tree Hotels chairman and managing director Patu Keswani said. Out of a total planned investment of Rs1,400 crore by 2015, the JV will invest Rs700 crore while Warburg Pincus alone will put another Rs700 crore separately, he said.

Keswani said the residential apartments would be sold under the 'Lemon Tree' brand in the range of Rs20 lakh to Rs1 crore per unit.

"We have already identified a couple of sites in Gurgaon and will begin construction soon and start selling by December this year," he said.
In 2006, Warburg Pincus had invested in Lemon Tree Hotels and currently own 25.8% stake. In the hospitality segment, the company currently owns and operates 14 mid-scale Lemon Tree hotels in the country with a total capacity of 1,500 rooms.

"By mid 2013, we have a plan to own and operate total 20 hotels with 2,800 rooms and then we have a plan to go public by making an IPO," Keswani said. The first Lemon Tree hotel was opened in 2004, and since the inception in 2000, Rs1,600 crore has been invested in the company.

Asked about revenues, while he did not provide figures for the past fiscals, he said this financial year Lemon Tree Hotels expects the turnover to be around Rs300 crore. Besides, domestic expansion, Keswani is also exploring Nepal and Sri Lanka to set up Lemon Tree hotels. "International expansion plans is at a preliminary stage at the moment," he said.

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D B Realty appoints Krishna Goenka, Usman Balwa as additional directors

A Delhi court had on 20th April rejected the bail pleas of five corporate executives, including Swan Telecom director Vinod Goenka, named by the CBI as one of accused in the 2G spectrum allocation scam

Mumbai: Real estate company D B Realty today said it has appointed Krishna Murari Goenka and Usman Balwa as additional directors of the company with effect from 21 April 2011, reports PTI.

In a filing to the Bombay Stock Exchange (BSE), D B Realty said, "The board of directors of the company at a meeting held on 21st April has appointed Krishna Murari Goenka (father of Vinod Goenka, promoter) and Usman Balwa (father of Shahid Balwa, promoter) as additional directors of the company with effect from 21st April."

Further, the company has also taken on record in the same meeting the resignation of Michael McCook, from directorship of D B Realty, it said.

Meanwhile, a Delhi court had on 20th April rejected the bail pleas of five corporate executives, including Swan Telecom director Vinod Goenka, named by the Central Bureau of Investigation (CBI) as one of accused in the second generation (2G) spectrum allocation scam.

Following the court order, all the five executives were arrested by the CBI and taken to Tihar Jail in the national capital.

D B Realty had said its managing director Vinod Goenka not getting bail in the 2G spectrum scam will not have any impact on the company's operations.

Swan Telecom (Etisalat DB) is a joint venture between DB Realty and UAE-based Etisalat.

DB Realty's former managing director Shahid Balwa is already in Tihar jail in the 2G spectrum case.

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