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Hirco reports continued strong sales at Chennai's Hiranandani Palace Gardens
Tuesday, January 15, 2008
London, Jan 15 (ANI/Business Wire India): Hirco PLC, the investment vehicle for Hiranandani, India's largest developer of prestigious mixed-use townships, today announced that sales of residential units in Phase 1 of its Chennai township development, Hiranandani Palace Gardens, continue to be strong both in terms of volume of residential units sold and the level of pricing achieved.
Niranjan Hiranandani, Chairman of Hirco, commented: "We are very pleased with the continued response to Hiranandani Palace Gardens as demand continues to be strong. These results demonstrate the strong quality of our product and the high standard of living provided by our mixed-use townships."
As of January 6, 2008, sales consideration has been accepted on approximately 1,381,951 square feet at an average price of Rs 3,834 (GBP 49.84) per square foot. This represents a significant increase over figures reported in September 2007 of 1,005,106 square feet at an average price of Rs 3,809 (GBP 47.19).
The total value of contracts signed as of 6 January 2008 was Rs. 5,299 million (GBP 68.89 million).
Pre-construction sales for the Chennai Township started in May 2007 and construction began in August 2007.
Hiranandani Palace Gardens has a total buildable area of approximately 30.1 million square feet, 21.5 million of which will be residential.
Palace Gardens will offer a range of apartment sizes and styles designed to appeal to the employees of major international companies located within the township's catchment area.
The township will be constructed over three phases, all-building to a unique master plan.
Hiranandani Palace Gardens will be a self-sustaining community with offices, schools, health care facilities, shops, recreational facilities, and public space set within 369 acres.
The township, located south west of Chennai, has easy access to the international airport, the national highway system, and rail transport. (ANI)
--MP Labels: Business
Cholamandalam Risk Wins "Risk Manager Of The Year" Award
Wednesday, November 7, 2007
hennai, Tamil Nadu, India, Wednesday, November 07, 2007 -- (Business Wire India) -- Cholamandalam MS Risk Services Ltd (CMSRSL), a joint venture between USD 2 billion (Rs.8500 crore) Murugappa Group and Mitsui Sumitomo Insurance of Japan has been conferred with the prestigious 'Risk Manager of the Year' award at the 11th Asia Insurance Industry Awards 2007 ceremony held at Singapore. These awards were launched in 1997 by the Asia Insurance Review along with The Review Worldwide to recognize and salute excellence in the insurance industry.
Acknowledging the award, Mr. N V Subba Rao, Head - Risk Services CMSRSL, said, "We are elated at being the first corporate entity in Asia to have won this coveted award. This award has brought recognition to our efforts in introducing latest risk management techniques in Asian Market . This award strengthens our commitment to this cause and spurs us onwards in our quest to deliver solutions that make a difference to our customers and the communities in which we operate. It also serves to recognize the emergence of India as a centre of Risk Management capabilities. I believe this will help to hasten the adoption of world-class risk management practices by companies in India as well as give the rest of the world opportunities to leverage the nation's evolving competencies in this field."
The esteemed judging panel comprised of industry experts, regulators, practitioners and association heads. With over 700 nominations received across 15 award categories from various regions, Chola MS Risk received this award for their pioneering solutions and introducing several firsts in the Indian risk management and risk engineering markets - for example, thermography, layer of protection analysis (LOPA) etc.
CMSRSL has proved with its consistent growth in the financial turnover that risk management and engineering consultancy can be a successful business model even when independent of an insurance company.
About the Murugappa Group
Headquartered in Chennai, the USD 2 billion (Rs.8500 crore) Murugappa Group is India's leading business conglomerate. Market leaders in diverse areas of business including engineering, abrasives, finance, general insurance, sanitaryware, cycles, sugar, farm inputs, fertilizers, plantations, bio-products and nutraceuticals, its 29 registered companies have manufacturing facilities spread across 14 states in India. The organisation fosters an environment of professionalism and has a workforce of over 30,000 employees.
The Group has forged strong joint venture alliances with leading international companies like Roca, Cargill, DBS Bank, Mitsui Sumitomo and Groupe Chimique Tunisien and has consolidated its status as one of the fastest growing diversified business houses in India
About Mitsui Sumitomo Insurance Company (MSI)
Mitsui Sumitomo is the second largest Insurance Group in Japan, with a Net Written Premium (NWP) of 14.58 billion USD in 2006. The Company has 733 sales bases, 257 claims handling offices and about 62474 agents throughout Japan. MS also offers its services globally with 52 sales bases in 38 countries and regions overseas. Mitsui Sumitomo Insurance Co. Ltd. was recently awarded the "General Insurance Company of the Year" Award at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region.
Labels: Business
Areva T&D plans Rs 100cr unit near Chennai
Tuesday, November 6, 2007
AY: Areva T&D, one of the world's leading transmission and distribution (T&D) companies, is setting up a high voltage manufacturing unit at Padappai near Chennai with a capital outlay of over Rs 100 crore. The company will be the first to manufacture GIS products at the Padappai unit, which would be ready by January 2009. The strategic move demonstrates our commitment to contribute to India's significant electricity needs. It also highlights Areva T&D's technical competence and market consolidation plans in the high-voltage product line, especially circuit breakers for air insulated switchgear (AIS) and gas insulated switchgear (GIS). The unit will manufacture high voltage circuit breakers up to 765 kV, and will be fully equipped to expand the portfolio up to 1,200 kV. Labels: Business, Chennai
Foodgrain prices - Chennai
Monday, November 5, 2007
AY: Prices of Moong Dal moved down, while other commodities ruled steady in the wholesale foodgrains market here in chennai. The rates of Thoor Dal, Urad Dal, Gram Dal, Sugar, Maida and Sooji remained unchanged. Moong dal down up by Rs 50 per quintal to Rs 3,200 against previous level of Rs.3,250. Thoor dal Rs 4,450, Urad Dal Rs 3,850, Moong Dal Rs 3,200 Gram Dal Rs 2,900, Sugar Rs 1,330, Wheat Rs 1,450, Maida (90 kg) Rs 1,400 and Sooji (90kg) Rs 1,550. Labels: Business
Translation industry in boom: Expert
Wednesday, October 31, 2007
There is a dearth of qualified persons in India to translate scientific texts from English to Indian languages, says Mr Robin A. Lloyd, vice-president and general manager, Lion Bridge India. Mr. Llyod said the translation industry is in need of as many as 10,000 persons, who can work for multinational companies. Our company has been helping the world's leading companies localise their software, product documentation, marketing material, training content and websites to ensure a consistent user experience for their global customers, he said. Labels: Business
Indian markets well regulated: Chidambaram
Sunday, October 28, 2007
MP: Chennai, Oct 29 (ANI): Finance Minister P. Chidambaram has said that Indian markets are well regulated and mature enough to cope with periodic volatility.
"The point is that the market is well regulated. The job of the regulator is to ensure that the market is well-regulated market. In a well-regulated market, there will be periods of volatility. But, I think responsible and mature market players will accordingly adjust their activities in the market in order to reduce volatility,'' Chidambaram said after the launch of Jet Airways' Chennai-Brussels-Toronto flight.
He also said the government had also helped exporters to cope with the appreciation of the rupee by providing an export package of nearly 1.27 billion dollars to 1.39 billion dollars.
"Exports are still growing at about 18 or 19 percent a year. In the long run, exporters have to learn to live with a competitive exchange rate. What we are concerned about is the rapid appreciation of the rupee, and the government has responded. In fact, the government has acted very swiftly in giving them on three separate occasions, relief packages which altogether amounts to approximately 5,000, 5,500 crore," he said.
Market regulator Securities and Exchange Board of India had curbed issuance of participatory notes used by unregistered investors to invest in Indian shares, saying it wanted flows to be transparent.
Earlier, the Minister had said, after the curbs were proposed, that India wanted to moderate inflows to avoid a stock market bubble.
Foreign capital has surged into India this year, attracted by rapid growth, pushing the rupee to its strongest against the dollar since 1998 and powering the stock market to record highs. (ANI) Labels: Business
Chennai’s Huclin bags Rs.16 Crore order From US-based MNC
Friday, October 26, 2007
Chennai, Sept.6 (ANI/Business Wire India): Chennai-based Huclin Research Limited (HRL) has acquired an order for contract research worth Rs.16 crores from US-based MNC. "Since we are contractually bound by an NDA (Non-Disclosure Agreement), we are unable to reveal the name of our client," said Dr. Mahalingam Vasudevan, Executive Director, Huclin Research Ltd. (HRL). "Our research on the current contract will include Bio-Equivalent Study and Method Development. To fulfil contractual obligations, HRL requires 50 percent of resource utilization. And moreover, 15 Indian and six global companies have audited our infrastructure and we look ahead to two to three orders by this year end," he added. “In the next three years, close to 40 billion dollars worth of drugs will be coming out of their patent period globally. A fact, that augurs well for the industry. In the near future, we expect a sizeable chunk of this business," he said further. (ANI)Labels: Business
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