Jet Airways saga: Now, Etihad's nominee on the board resigns
Grounded full service carrier Jet Airways' continues to lose its senior management level personnel, further damaging hopes of the airline's revival.
 
The latest to quit the company is Robin Kamark, the UAE-based Etihad Airways' nominee on the Board of the grounded airline.
 
"We wish to inform you that Robin Kamark, nominee director of Etihad Airways PJSC, resigned as director of the company with effect from May 16, 2019," the airline said in a regulatory filing on Friday.
 
The exodus of senior management personnel from the grounded airline began earlier this week.
 
Jet Airways Chief Executive Officer (CEO) Vinay Dube, the Chief Financial Officer (CFO) and Deputy Chief Executive Amit Agarwal, as well as Company Secretary and Compliance Officer Kuldeep Sharma all resigned in quick succession.
 
Having run out of cash, Jet Airways suspended its operations on April 17. Its aircraft are also being gradually de-registered, adding to the growing uncertainty about the airline's revival.
 
Lenders of Jet Airways led by State Bank of India SBI are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to submit their bids.
 
On May 10 -- the last date for submitting the binding bids -- only Etihad submitted its offer, and that too in the eleventh hour. The other two bids received for the airline were unsolicited.
 
Faced with salary delays and uncertainty over the airline's revival, thousands of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Spencer's Retail to acquire Godrej's Natures Basket
The RP-Sanjiv Goenka Group controlled Spencer's Retail on Friday said its board of directors has approved acquisition of 100 per cent stake in Nature's Basket Ltd, a wholly-owned subsidiary of Godrej Industries, for a consideration of about Rs 300 crore.
 
"The board at its meeting held earlier today (Friday) has, inter alia, approved a proposal for acquisition of entire 100 per cent stake held by Godrej Industries Ltd in its wholly-owned subsidiary Nature's Basket Ltd, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above," the retailer said in a regulatory filing.
 
"The consideration for the proposed transaction is Rs. 300 crore...," the filing said.
 
The group's Sector Head (Retail and FMCG) Shashwat Goenka said the acquisition would make the Kolkata-headquartered multi-format retailer a national player.
 
"Nature's Basket will make Spencer's a truly national player, giving it access to the west India through its 36 stores in Mumbai, Pune and Bangalore. These stores are located in prime residential locations, have a high sales throughput per square feet," he said.
 
Operating since 2005, Nature's Basket is a neighbourhood convenience store format grocery retailer which sells products ranging from fresh fruits and vegetables, fish and meat, artisanal breads, FMCG and staples. Its turnover stood at Rs 338.28 crore for the financial year 2018-19.
 
Godrej Group's Executive Director and Chief Brand Officer Tanya Dubash said that the group realised that to further unlock the potential of the brand and to grow it to even greater heights, it needs to pass on the torch to owners who have prioritised retail in their portfolio strategy.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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COMMENTS

Suketu Shah

2 days ago

Quality of competition in Mumbai retail very low standard so far compared to Reliance.Hopefully this wl help things change in a couple of yrs.

Chandragupta Acharya

4 days ago

I shopped in Godrej\'s Nature\'s Basket once, and since then I have been bombarded with constant marketing SMS messages. These messages even to penetrate Android\'s SMS spam filter. I have vowed never to shop there again. I hope with the change in ownership, this culture of treating customers like dirt changes.

AAR

5 days ago

300 crores for 36 stores. Guess these stores were operating on leased buildings.

HDFC Capital Advisors launches ‘The HDFC Affordable Real Estate & Technology Program (HeART)’
HDFC Capital Advisors, a wholly owned subsidiary of HDFC, has announced the launch of its new initiative viz., ‘HDFC Affordable Real Estate and Technology Program (HeART)’. The HeART program seeks to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem, according to a release from Mahesh Shah, General Manager& Head Public Relations, HDFC. 
 
HDFC Capital believes that technology will play a significant role in the development of ecosystem for affordable housing. All processes in the development of a house namely – Land/Approvals, Planning & Design, Construction, Project management, Sales and Facilities Management are likely to undergo significant change due to technology disruptions in the near term.
 
HeART features include the following:
 
As part of the HeART initiative, HDFC Capital will provide a platform to real estate technology companies with innovative products aimed at creating efficiencies and lowering costs in each part of the development cycle of a real estate project.
 
A key challenge faced by technology companies in real estate (popularly called Proptech) is lack of scale and access to the right partner developers. 
 
This shall be an ongoing initiative that aims to foster collaborations between technology companies and the real estate sector and thereby create value for the entire affordable housing chain. HDFC Capital shall also be partnering with leading academic institutions, industry platforms and accelerators to create an ecosystem that supports various components in the development affordable housing and thereby make the process more efficient. 
 
HDFC Capital Advisors Limited, the largest real estate private equity fund in India focused on affordable and mid income residential  housing has invested over USD 1 billion on the last 24 months with marquee developers across India in the affordable and mid income housing space.

Deepak Parekh, chairman, HDFC said, “HDFC’s endeavour is to act as an enabler to the growth of affordable housing in the country. HeART will support businesses which are innovating and building technology solutions to enhance the supply of affordable housing. India has a huge shortage of housing and these incremental steps will help lower the cost of housing for homebuyers.”

Ms.Renu Sud Karnad, managing director, HDFC said, “The HeART initiative along with HDFC Capital will play a significant role towards the ‘Housing for All by 2022’ objective of the government. HeART will invest in real estate technology companies and connect them with real estate developers, thereby creating value across the entire affordable housing chain.”

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