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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ED will soon attach properties worth Rs230 crore in 2G scam case

The properties will be attached under the provisions of the Prevention of Money Laundering Act (PMLA) and will be termed as 'proceeds of crime' under the Act, ED sources said

New Delhi: The Enforcement Directorate (ED) will soon attach more than Rs230 crore worth of properties in connection with the alleged bribe money which the Central Bureau of Investigation (CBI) has said was paid illegally to Kalaignar TV in the second generation (2G) spectrum scam, reports PTI.

The directorate has identified various properties in this regard and formal orders will be issued soon. The properties are in the names of various entities, ED sources said.

The properties will be attached under the provisions of the Prevention of Money Laundering Act (PMLA) and will be termed as 'proceeds of crime' under the Act, they said.

This would be the first attachment order in the 2G case, and the action is expected to be followed by the properties of various telecom firms involved in the case.

The CBI charge-sheet had alleged that bribe money of Rs200 crore had been channelised from Shahid Balwa's DB Realty to DMK-run Kalaignar TV through a 'circuitous route' via Cineyug Films and Kusegaon Fruits and Vegetables Pvt Ltd for grant of licence to Mr Balwa's Swan Telecom promoter.

The CBI, in its first charge-sheet, has alleged that Mr Balwa along with other co-accused in the case entered into a conspiracy for manipulating the procedure for allocation of spectrum with the aim of favouring companies like Swan Telecom and Unitech Group.

DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar are already in Tihar Jail in the 2G case.

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