Bengaluru, May 15 : Columbia Pacific Management, a Seattle-based international healthcare provider, plans to expand its wings into the Indian senior housing market and is embarking on a significant expansion plan in the country.
The company plans to set up its first senior living community designed to international standards and practices in Bengaluru.
Commenting on the plans for setting up its first signature project in India, Dan Baty, founder, Columbia Pacific Management and Columbia Pacific Advisors, and a pioneer in the senior living industry, said, “With our time tested expertise in planning and executing senior living projects across Asia, Canada and US, we bring a strong legacy with us in India, which holds over 40 years of rich experience. We are positive that our first ever community in the landscape will shape our entire presence, globally.”
The company successfully acquired Serene Retirement Homes in 2017 and at present serves 1600 residential homes in nine countries and is spread across five cities in South India. Mr. Mohit Nirula, CEO, Columbia Pacific Communities added, ” It gives me immense joy as we bring a new solution ? product, services and medical care to cater to the growing middle class guided by our principals’ expertise and the highest international standards.”
Columbia Pacific has more than 40 years of experience and expertise in designing, building and managing senior housing communities around the world. The team, with the expertise of principals in the United States of America and partners in India, brings together rich experience in senior housing design, development and management.

By; Faizan Rizwan

FCA India Joins Hands With ORIX

FCA India, manufacturer of the award-winning Jeep Compass, recently announced an association with ORIX Auto Infrastructure Services Limited to offer leasing services. The service will be for all FCA cars & will be launched across the country starting with Mumbai, Delhi NCR, Hyderabad, Bangalore & Pune.

In India, leasing solutions for automobiles have been limited to corporations’ & businesses’ executive needs. However, with changing customer preferences, the leasing industry is changing & growing tremendously.

FCA India-ORIX India – leasing solutions will incorporate a range of benefits, including road tax payments, insurance & renewals, breakdown assistance, accident repairs, end-to-end maintenance & the pay-as-per-use model for a of 2 to 5 years.

With customized services, the solution will provide peace of mind & unmatched convenience to customers.

Fiat Chrysler Automobiles (FCA) designs, engineers, manufactures, distributes & sells vehicles under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram, SRT brands as well as luxury cars under the Maserati brands.

FCA also operates in the components sector, through Teksid & in the production systems sector, through Comau & in after-sales services & products under the Mopar brand name. In addition, the Group provides retail & dealer finance, leasing & rental services in support of the car business through subsidiaries, joint ventures & commercial agreements with specialized financing services providers.

FCA is an international auto group engaged in industrial activities in the automotive sector through companies located in 40 countries and has commercial relationships with customers in approximately 150 countries.

ORIX Corporation, Japan established in 1964, has developed a dynamic & diversified portfolio offering a broad range of services. ORIX is a leader in numerous domains including leasing, financing, investment, life insurance, banking, asset management, automobile-related services, real estate, environment & energy services. Currently, with its global network spanned across 38 countries & regions, ORIX owns segment assets worth ¥ 9 trillion.

ORIX Auto Infrastructure Services Limited (OAIS) is a wholly owned subsidiary of ORIX Corporation, Japan. OAIS is an industry leader in the Overall Mobility Solutions space.  It is the India’s largest Corporate Car Leasing Company, it is also India Largest Corporate Car Rental Company and the 2^nd largest Employee Transportation Company in the Country, with an overall fleet of more than 25000 vehicles under management.

OAIS has a large netwrok spread across the country & today boasts of a very impressive client base in excess of 1000 top notch corporate’s across the country.

Geneva, May 8 : After four consecutive months of contraction, the global air freight markets’ demand increased by 0.1 per cent in March 2019, the International Air Transport Association (IATA) announced on Wednesday.

While this is a significant improvement on the 4.9 per cent contraction in February, in seasonally adjusted terms, demand is still down by 1.5 per cent over the past year, the IATA said after releasing data for global air freight markets.

The Association said Asia-Pacific airlines saw demand for air freight shrink by 3.4 per cent in March 2019, compared to the same period in 2018.

This was a significant improvement from the 12 per cent decline in growth from the previous month. Weaker manufacturing conditions for exporters in the region, ongoing trade tensions and a slowing of the Chinese economy impacted the market. Capacity decreased by 1 per cent.

Freight capacity, measured in available freight tonne kilometers (AFTKs), rose by 3.1 per cent year-on-year in March 2019. Capacity growth has now outstripped demand growth for 11 out of the past 12 months.

Industry confidence regarding the outlook, however, remained relatively upbeat with only 13 per cent of respondents from IATA’s Business Confidence Survey expecting to see a decrease in freight volumes in 2019 compared to 2018.

Demand for air cargo continued to go down due to global trade volumes fell by 1 per cent over the past year and weaken global economic activity and consumer confidence.

It also went down after the export order component of the global manufacturers Purchasing Managers Index (PMI) has indicated falling global export orders since September 2018.

IATA’s Director General and CEO Alexandre de Juniac said: ”Year-on-year demand for air freight edged back into positive territory in March with 0.1 per cent growth. After four consecutive months of contraction, this is an encouraging development. But the headwinds from weakening global trade, growing trade tensions and shrinking order books have not gone away.”

Bengaluru, May 8 : New Executive Committee Members for Confederation of Real Estate Developers Association of India (CREDAI), Bengaluru were selected in the recently held Annual General Body Meeting and Kishore Jain has been sworn as its new President.
Speaking on assuming his new role, Jain said he would work with other members and the government to come up with new strategies to address problems faced by the realty sector.
”We will work towards changing the perception of people about the real estate sector in India and become the market leader with our knowledge and analysis about the industry,” he said in a statement here on Wednesday.

 Godrej Properties Ltd (GPL) on Friday said it has bought Mumbai’s iconic R.K. Studios, founded by legendary film actor Raj Kapoor, for an undisclosed amount.

The company will develop the property, spread across 2.2 acres, into a project spanning 0.35 million sq ft of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience, Godrej Properties said in a filing to the BSE.

Mint reported on 27th October, 2018, that the company was in talks with the Kapoor family to buy the property for nearly₹200 crore.

R.K. Studios was the headquarters of Raj Kapoor’s film production company R.K. Films and was a hub of film shoots, particularly in the 1970s and 1980s.

“We are happy to add this iconic site in Chembur to our development portfolio. This fits well with our strategy of deepening our presence in key locations across India’s leading cities,” said Pirojsha Godrej, executive chairman, Godrej Properties, in the filing.

The company said the site was strategically located on the main Sion-Panvel Road in Mumbai and offers a well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity.

“We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents,” Godrej said.

Randhir Kapoor, son of late Raj Kapoor, said the property has been of “tremendous significance” to the family over many decades. “We are excited to have chosen Godrej Properties to script a new chapter for this location and build upon its rich history,” Kapoor said.

In an interview published on 26 August, Rishi Kapoor, brother to Randhir Kapoor, told Mumbai Mirror that the family has collectively decided to sell R.K. Studios as it was no longer economically viable to rebuild after severe damage from a fire a year ago. Kapoor also said the family had considered renovating the property with a state-of-the-art technology.

Shares of Godrej Properties traded at ₹832 per share, up 1.37% from previous close, while Sensex was at 39,067.09 points, up 0.24%.

Agencies

Former ISRO chairman G Madhavan Nair said India’s second lunar mission Chandrayaan-2, which is scheduled to be launched between July 9 and 16, will look for specific minerals on the surface of the moon.

Speaking to media, Nair said, “Chandrayaan-2 is going to be an exciting mission as far as the Indian space programme is concerned. In 2008, we had sent our first satellite to the moon successfully. It has collected a lot of information about the surface of the moon, its mineral contents and so on. Also, we had the opportunity to place the Indian national flag on the surface of the moon. “

Elaborating on Chandrayaan-2, he said, “There were a lot of complexities associated with this mission. Since the development of the system is complete, we are ready for the mission. More importantly, it is important to carry a rover and make it land on the surface of the moon and then move around for about 300-500 meters and collect samples from the surface of the moon.”

ISRO on May 2 said the Geosynchronous Satellite Launch Vehicle Mark III (GSLVMKIII) will carry three modules of this lunar mission- Orbiter, Lander (Vikram) and Rover (Pragyam).

“All the modules are getting ready for Chandrayaan-2 launch, with an expected Moon landing on September 06, 2019,” ISRO said in a statement.

ISRO had initially planned to launch the mission in April this year.

“The Orbiter and Lander modules will be interfaced mechanically and stacked together as an integrated module and accommodated inside the GSLV MK-III launch vehicle,” read a statement issued by the Department of Space.

“The Rover is housed inside the Lander. After launch into earthbound orbit by GSLV MK-III, the integrated module will reach Moon orbit using Orbiter propulsion module. Subsequently, Lander will separate from the Orbiter and soft land at the predetermined site close to the lunar South Pole. Further, the Rover will roll out for carrying out scientific experiments on the lunar surface. Instruments are also mounted on Lander and Orbiter for carrying out scientific experiments,” the statement further read.

Chandrayaan-2 comes 10 years after ISRO launched its first lunar mission, Chandrayaan-1, in 2009. The mission included a lunar orbiter and an impactor but didn’t include a rover like Chandrayaan-2. 

Agencies

Chennai, Apr 29 : In view of the recent ruling of the Supreme Court, the government has to amend the Reserve Bank of India (RBI) Act sooner or later and publish the names of loan defaulters periodically, a top official of the All India Bank Employees’ Association (AIBEA) said on Monday.

Welcoming the apex court order directing the RBI to disclose its inspection reports of banks and the names of loan defaulters, AIBEA General Secretary C.H. Venkatachalam said the Supreme Court has vindicated the long standing stance of the AIBEA on the issue of banks’ non-performing assets (NPAs or bad loans).

“Sooner or later, the government and the RBI have to come out, amend the RBI Act and publish the names of defaulters periodically to let the country know who are these defaulters and cheaters of people’s money,” he said.

Venkatachalam said the total amount of loan outstanding from 9,331 willful defaulters as on March 31, 2018, stands at Rs 1,22,018 crore.

Gross NPAs in the Indian banking system have grown beyond proportion over the years to touch a staggering Rs 8,95,600 crore as at the end of the financial year 2017-18.

U GRO Capital Launches SME Lending Operations 

U GRO Capital, small business lending platform listed on the Bombay Stock Exchange, launched its operations in Karnataka.

Opening their Bengaluru office is part of U GRO Capital’s strategy to disburse loans between INR 10 lakhs & 5 crores to small businesses operating in 8 identified sectors.

Founded by Mr. Shachindra Nath, a financial services veteran, U GRO Capital aims to create highly customized customer journeys by building sector specific products, assessment frameworks & distribution networks.

U GRO Capital has developed a truly next generation, big data driven lending platform which leverages digital capabilities across the value chain – customer acquisition, credit underwriting & post-disbursal monitoring.

In the initial phase, U GRO Capital will have 9 branches in Ahmedabad, Delhi, Pune, Hyderabad, Chennai, Bengaluru, Kolkata, Jaipur & Mumbai, which will overlap with large SME clusters. The company has evaluated 1,300 channel partners (basis multiple parameters like portfolio performance, technology readiness), of which the company has narrowed down on approximately130 partners.

With relation to Avantha Power (Jhabua) an Rs. 100 crore settlement for PFC got stalled after one of the operational creditors took the asset to NCLT.

[Nasheman news] NEW DELHI:

Lenders will cite one day default clause under Insolvency and Bankruptcy Code (IBC) to defend their action against erring promoters taken to insolvency under the now defunct February 12, 2018 circular of the Reserve Bank of India (RBI).

Sources said promoters of about half a dozen stressed power entities referred to National Company Law Tribunal have approached the bankruptcy court to quash insolvency proceedings against them as it has become non-maintainable following the Supreme Court order declaring the RBI circular ultra vires.

But banker’s are confident that stressed assets referred to NCLT will continue to face bankruptcy proceedings as IBC clearly states such referral even if there is one day delay or default by any entity in meeting its loan commitments.

“There is no question that stressed assets referred to NCLT will come out from there following the apex court’s ruling. These assets continue to remain stressed and lenders are sure that resolution under IBC framework would work best for all stakeholders,” said chairman and managing director of a leading state-owned financial institution asking not to be named.

“If need be, lenders would also file an affidavit with NCLT to continue the bankruptcy proceedings in the case of companies that faced such action over the earlier RBI circular,” he added.

Five stressed power producers, including 3,600 MW KSK Mahanadi Power Co. Ltd., 1920 MW Lanco Amarkantak Power Ltd., 600 MW Avantha Power (Jhabua), 1350 MW Rattan India Nashik Power Ltd. (formerly Indiabulls) and 1,350 MW Rattan India Power (Amravati project) are preparing to oppose insolvency proceedings as lenders filed petitions against them as per February 12 RBI circular. The projects owe about Rs. 50,000 crore to banks.

Lanco Amarkantak has sought time from the NCLT to submit documents that suggests that Axis Bank had initiated insolvency proceedings against it under the now-defunct RBI circular. KSK Mahanadi and Avantha Power have also cited the apex court order in earlier NCLT hearing. The other projects are also thinking of taking up the matter in the court.

The February 12 RBI circular had also mandated resolution process by lenders even if there was one day delay in repayment by debtors. This stands annulled by Supreme Court. 

However, IBC gives powers to any creditor to take a company to NCLT even if there is one day delay in repayments and the outstanding amount is in excess of Rs. 1 lakh. As this provision stands, lenders want to maintain bankruptcy proceedings against assets that remain in stress.

In all about 70 cases with total bank exposure of about Rs. 4 lakh crore was declared as stressful by the banks post the RBI circular. This included 34 stressed power projects worth 40,000 MW having total bank of close to Rs. 1.8 lakh crore.

Its not that institutions, including PFC did not try to resolve certain power projects, but none of the attempts remained successful. In the case of KSK Mahanadi, Adani Group showed interest but it soon withdrew from the race as lenders were divided on the level of hair cut and UP state regulator sought cut in tariff for the project. 

In case of an Rs. 600 crore one time settlement scheme worked out for Lanco Amravati, the sole investor backed out from the race at the last minute.C

With relation to Avantha Power (Jhabua) an Rs. 100 crore settlement for PFC got stalled after one of the operational creditors took the asset to NCLT.

Bengaluru, April 18 : HAL recommenced flight testing of modified Intermediate Jet Trainer (IJT) on Wednesday from its facilities here and the flight test was flawless.
The flight testing of IJT (HJT 36), designed and developed by HAL for the stage-II training of IAF pilots was put on hold after the aircraft had encountered problem in the spin test flights in the year 2016, according to a press release by HAL here on Thursday.
HAL CMD R Madhavan said that ?HAL continued its R&D efforts and undertook modification of IJT LSP4 aircraft based on extensive and comprehensive wind tunnel studies?.
HAL’s research, design and technical teams carried out the modifications required with more challenges ahead, he added.