In the interest of time I have accumulated some stories that I have found useful to me. I believe since I cannot write about them (I’ve been real busy this week), I will then pass them on to you in their raw form.
Mr. Rakesh Jhunjhunwala has resigned from the directorship of the Company
Praj Industries Ltd has informed the Exchange that “(1)Mr. Rakesh Jhunjhunwala has resigned from the directorship of the Company and the casual vacancy arising there from has been filled in by appointing his partner, Mr. Utpal Sheth, as director of the Company. He will be a non-executive director on the Board. (2) The Board of Directors at their duly convened meeting held on Saturday, 28th July, 2007 have approved, inprinciple, a fund raising exercise not exceeding USD 125 Million for the purpose of financing the Company’s growth and expansion plans including strategic acquisition abroad. The management will explore various options before finalizing the means of raising such funds”.
Asia's biggest slum set to turn into India's Madison Avenue
Developers will pocket $1.2bn as bulldozers raze Dharavi, but it will mean new houses and schools for locals. So why are workers so set against it? Richard Orange reports
Shaikh Abu Khaled - or Anjum, as he prefers to be known – manages to walk the streets of the 13th compound in Dharavi, Asia's largest slum, with the confident stride of a man of status. This is an impressive feat as monsoon rains have reduced the road to a marsh of puddles and refuse. Negotiating the street in Dharavi's industrial centre requires stepping only where enough layers of sodden sacking have been laid, while weaving past a stream of open-shirted porters, swivelling to avoid Tata trucks, and sidestepping the occasional goat.
With his '70s-style glasses and untucked brown shirt, Anjum makes an unlikely business mogul, but all those he passes duck their heads in a muted salute. As president of the Dharavi Businessmen's Welfare Association, representing Dharavi's 20,000 warehouse businesses, he is a man to be reckoned with. "They think Dharavi is a dirty place," he says, "but all the recycling work is done here. If you stop recycling, all Mumbai would be a Dharavi."
In the warehouse next door, Anwar and Irfan Mohammed run their plastics business, earning $250 to $400 a month turning the scraps from a city of 19 million into uniform pellets. A makeshift aluminium smelter nearby casts gleaming ingots from old Coke cans.
Urban Development Ministry bringing more Transparency
Paving the way for greater transparency in Indian real estate, the Urban Development Ministry is bringing stringent rules into the sector. According to the newest, builders will now be required to give a performance guarantee based on the project value.
The Ministry has placed the proposal in the Real Estate Regulatory Management Bill to regulate builders who delay in completing residential projects or develop low-quality houses. The society of property developers has criticized the proposal saying it will put real estate development at risk.
Builders have to deposit the performance guarantee (which would be calculated on the size of the venture.) with the housing regulator. It would be forfeited in case the builder defaults. The move will serve as an insurance to bail out the investors and buyers.
Conde Nast Recognizes India HNW potential
Condé Nast is preparing to follow the launch in September of the Indian edition of Vogue with other upmarket titles as the global fashion and luxury retail industry looks to cash in on the country's growing affluence.
The publisher is seeking, or has won, regulatory approval for magazines including Glamour, GQ, Condé Nast Traveler, Vanity Fair and niche publications such as Wired, the technology-focused magazine. "We'd like to get the Vogue launch right first and soon after that start kicking off some of these other launches," said Alex Kuruvilla, managing director of Condé Nast India.
Cigars becoming a new Luxury in India
The premium cigars, patronised by a new set of luxury smokers, has carved out new tobacco segment which is growing exponentially to become a Rs 150-crore business in five years.
At prices varying from Rs 5 to Rs 1,400 a piece, this new new fag in the Indian market is fast catching the fancy of smokers so much so that retailers are aiming to sell a whopping 100 million pieces per annum by 2012, aided by increasing disposable income levels in the country.
"Growing disposable income has brought with it a new set of consumers who want luxury in their lives and cigars is one such a luxury product. The organised cigar market in India stands at only Rs 7 crore but is expected to touch volumes of over Rs 150 crore in the next five years," Godfrey Philips India (GPI) International Division CEO Amrish Anand told media.
India's Growing Wealth Belt Spawns A New Breed Of Managers
Five years ago, a cold call from Deutsche Bank changed Nagendra Venkaswamy's life. A director at a Bangalore-based software firm, he was 40 years old and facing financial ruin. "After 20 years of working, I had spent all my money on gambling in the stock market," he recalls. "All I was left with was my house and the equivalent of $200. My wife and child had no idea that I was absolutely broke."
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