Companies & Sectors
Tata Realty to invest over Rs1,700 crore in next two-three years

Tata Realty also plans to develop six hotels in India-- one each in Goa, Bangalore, Andamans and Nagpur and two in Chennai-- Taramani and Siriperumbudur

Kochi: Tata Realty and Infrastructure Ltd (TRIL) said it proposes to invest over Rs1700 crore in two to three years for various projects in the country, including Rs550 crore in Kochi for a premium waterfront residential property, 'Tritvam', at Marine Drive, reports PTI.
Apart from Rs600 crore for developing roads, TRIL, a unit of Tata Sons Ltd, would also invest Rs180 crore in Logistics and Rs160 crore in developing real estate part of Hotels, Sanjay G Ubale, the company's Managing Director and CEO, told reporters.
The group plans to develop six hotels in India-- one each in Goa, Bangalore, Andamans and Nagpur and two in Chennai-- Taramani and Siriperumbudur.
On 'Tritvam', he said five towers with a total of 468 apartments would be built on about 8.44 acres.
The project has been designed by Internationally acclaimed and award winning Australian architectural firm Woods Bagot and construction has been awarded to Leighton, one of India's largest international contractors.
Kochi, considered Kerala's commercial capital, has grown at an unprecedented rate with the real estate sector alone showing a growth rate of over 30%, he said.
The project with a total development area of 1.18 million square feet, would have three, four BHK spacious duplex flats with various amenities like a 13,000 square feet club house, squash and tennis court, jogging track, Yoga studio, swimming pools with pool decks and cafes.
Piling for the project is almost complete and is expected to be ready by December 2014. In 18-20 months, about 180 apartments in two of towers are expected to be completed.


ICICIdirect to launch BSE derivatives trading from 21st August

ICICIdirect said the launch is aimed at providing an opportunity for retail customers to participate in the fast growing derivatives segment of the BSE

Mumbai: ICICI Securities, the largest integrated securities company on Monday said that it will launch BSE derivatives trading on its investment portal from 21st August, reports PTI.
The launch is aimed at providing an opportunity for retail customers to participate in the fast growing derivatives segment of the BSE, a statement issued here said.
"We are glad to offer additional choice of exchange and index for our customers to trade," ICICI Securities MD & CEO Anup Bagchi said.
With the launch of BSE derivatives on ICICIDirect, which has a customer base of over 2.3 million, the reach of derivatives segment of BSE would increase and the retail segment of investors would be able to participate in a larger way at a fraction of cost," BSE's interim CEO Ashish Chauhan said.


Maruti Suzuki to lift Manesar lockout on Tuesday under police presence

Maruti Suzuki will operate single shift and plans to roll out 150 cars everyday against its capacity of 1,500-1,700 units from its Manesar plant

New Delhi: After a month-long lockout at its Manesar facility, Maruti Suzuki India is ready to reopen the plant on Tuesday with less than a tenth of its total workforce slated to resume operations in a single shift, reports PTI.


The company had declared an indefinite lockout at the Manesar plant on 21st July following the worst ever violence in its history on 18th July that left one senior official dead and nearly 100 others injured.


"We are reopening the plant with 300 workers. With this workforce, we will operate just a single shift from 8 am to 4:30 pm," Maruti Suzuki India (MSI) Chief Operating Officer (Administration) SY Siddiqui told PTI.


Initially about 150 cars will be rolled out every day instead of 1,500-1,700 units earlier. Production will be gradually ramped up at the plant, which has an annual capacity of 5.5 lakh units.


The company will restart the production at the unit under heavy police presence. It has also formed its own special force, comprising ex-service men.


MSI has also decided to terminate services of 500 permanent workers, who were allegedly found to be involved in the violence inside the plant. Besides, MSI is also said to be planning to remove another 500 contract workers over their alleged role in the violence and arson.


Prior to the incident, the plant had an employee strength of 3,300, of which 1,528 were permanent.


To increase the workforce, the company will start fresh recruitment of permanent workers from September 2 and existing contract workers will also be considered for the same.


MSI Chairman RC Bhargava had last week said: "On the production line, we would not have contract labourers, but for the short-term and for flexibility, we may have about 20% contract labourers, but they will be absorbed in due course of time".


The decision of the company to fire the 500 regular workers has evoked strong reactions from trade unions across political spectrum.


Major central trade unions, including CPI-affiliated All India Trade Union Congress (AITUC) and CPI(M)-affiliated Centre of Indian Trade Unions (CITU), will meet on 21st August to finalise a rally in the National Capital, demanding reinstatement of the sacked workers.


Even the union of MSI's Gurgaon unit, Maruti Udyog Kamgar Union, had opposed the mass sacking at the Manesar plant.


Last week, workers from different factories in the Gurgaon-Manesar industrial belt along with trade unions had opposed sacking of the 500 regular workers at MSI's Manesar plant and demanded their immediate reinstatement.


CPI(M) Rajya Sabha Member Tapan Kumar Sen had raised the issue in the House, terming removal of workers as "vindictive and retaliatory". JMM MP Sanjiv Kumar had demanded a CBI probe into the violence.


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