By Sobia Khan & Ravi Teja Sharma, ET Bureau |
BANGALORE | NEW DELHI: Abu Dhabi Investment Authority is investing $250 million ( Rs 1,500 crore) in Hines India Real Estate, the Indian arm of American property development and management firm Hines, amid a rise in overseas interest in the sector.
“The sovereign wealth fund has formed a strategic alliance with Hines to invest across the residential segment in metros across India. This is the first direct real estate venture with a developer in India for the fund,” said one of the people with direct knowledge of the investment. It’s not known how much equity it will have in the venture.
Abu Dhabi Investment Authority declined to comment. “ADIA has a policy of not commenting on market rumours about specific investments etc,” spokesperson Erik Portanger said in response to questions emailed by ET.
Yash Gupta, managing director and Hines India country head, also declined to comment.
The sovereign wealth fund owned by the emirate of Abu Dhabi recently invested $300 million (Rs 1,800 crore) in the offshore fund of Kotak Realty Funds run by Kotak Mahindra Bank. T ..
The money will be used to invest on behalf of the sovereign fund in the Indian real estate sector. The cash-rich sovereign wealth fund has so far invested more than $500 million in India, largely through realty or private equity funds.
“Abu Dhabi has been scouting for opportunities to invest directly in the Indian real estate sector. It is now backing Hines to foray into the residential market and is targeting mid-market and upper mid-market residential development,” said the person cited above. The company will first enter Mumbai and then the Delhi-National Capital Region.
The Abu Dhabi fund has also appointed Aditya Bhargava to look at investment options in India. Bhargava earlier served as managing director at SITQ India.
The move by the Abu Dhabi fund follows increased overseas investment in the sector. Qatar Investment Authority recently invested $300 million or Rs 1,800 crore in Bangalore-based real estate developer RMZ Corp to acquire commercial space in Bangalore, Hyderabad, Chennai and Pune.
Canada Pension Plan Investment Board has committed $200 million for an 80% stake in a joint venture company. The partners will jointly acquire foreign direct investment compliant office buildings in India’s biggest cities.
“Deal momentum in the real estate sector is expected to increase in the coming year,” said Sanjay Dutt, executive managing director for South Asia at realty consultant Cushman & Wakefield.
These deals are taking place in the backdrop of the Securities and Exchange Board of India’s moves on introducing Real Estate Investment Trusts, he said.
BY BBC NEWS
Two of India’s biggest firms, Reliance Industries and Bharti Airtel, have agreed to share telecom infrastructure.
They will share optic fibres, submarine cable networks, telecom towers and internet broadband services.
Reliance is looking to launch a high-speed data service using 4G (fourth-generation) telecom technology. Bharti, India’s biggest phone operator, already offers the service in some cities.
The two firms did not disclose the financial details of the deal.
However, they added that the pricing of the services will be based on prevailing market rates.
“The co-operation is aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment,” the firms said in a statement.
They added that the deal may be extended to roaming services and other mutually beneficial areas relating to telecoms in the future.
Reliance is run by Mukesh Ambani, one of India’s richest men, while Bharti is run by Sunil Bharti Mittal one of the pioneers in India’s telecom sector.
The two firms are widely seen as arch rivals.
However, analysts say that given the high cost of setting up infrastructure across a country as big as India, such a deal was a step in the right direction for both the firms.
They add that Reliance will be able to tap into Bharti’s existing infrastructure to launch its 4G service, called Reliance Jio, and not have to spend time and money building their own.
Meanwhile, Bharti will be able to lease out part of its assets – helping it earn rentals and reducing operational costs.
Bharti’s tower arm, Bharti Infratel, has over 35,000 towers across 11 telecom circles in India. It also has a 42% stake in Indus Tower, which has more than 110,000 in 15 telecom circles.
Bharti also has a nationwide long-distance network and is part of a global submarine network covering 50 countries.
Hyderabad: A software professional was found murdered in Ranga Reddy district on Tuesday, the police said.
The body of one Chandrashekhar Goud, was found near a road side in Tandur town, the police said.
Based on information that the photograph of a person’s body was posted on a social networking website, the SR Nagar police investigated the matter.
The police found that the victim had gone missing three days ago and that one of his close relatives is suspected to have got him murdered by hired killers over a family matter, a senior police officer said.
Meanwhile, three people taken into custody by the police in connection with the incident are being interrogated.
BY THE ASIAN AGE
Hyderabad: A suspected psychopath spread terror at the Secunderabad railway station, killing a six-year-old girl in broad daylight, before the eyes of several passengers and the child’s relatives.
The assailant caught hold of the child while she was standing with her grandmother near the ticket counter on platform number 10. He dragged her away and stabbed her repeatedly on her head, neck, face and back with a knife. He then tried to run away but was chased and caught by passengers and the railway police.
The man has been identified as Kumar from Chittoor. The victim, K. Priyadarshani, died before she could be taken to hospital.
Next: Victim was going to Solapur
Victim was going to Solapur
Hyderabad: Priyadarshani, who was killed by a suspected psychopath on Tuesday was about to travel by the Rajkot Express to Solapur in Maharashtra to attend a marriage. Her father Srinivas came to see them off. The family, natives of Siddipet, were living in a flat at Gangaputra Colony in Ramnagar in Musheerabad.
According to eyewitnesses, the incident took place after 12 pm when Srinivas was waiting in the queue to buy a train ticket. “The kid was standing with her grandmother. The assailant came up to them, snatched the kid, dragged her for a little distance, and stabbed her with a knife,” said Secunderabad railway police officer.
Srinivas rushed to rescue the child. The attacker pushed the girl to the ground and started running, warning passengers who were chasing him to stay away by brandishing his knife. He tripped and fell and other passengers overpowered him. Police said that during interrogation, the accused Kumar behaved abnormally.
Since he sustained injuries during the fall, he was taken to a hospital. “As per the initial inquiry, he is a native of Chittoor, and he told us his name was Kumar. He is behaving abnormally and not revealing any other information as of now,” said S. Tripati, superintendent of police, Secunderabad railway division.
Police have booked a case against him for murder, and started an investigation. They are checking CCTV footage to find out how long he was roaming around the area.
BY THE ASIAN AGE
New Delh: As uncertainty loomed large over government formation in Delhi following a hung verdict, Congress first indicated its willingness to back the Aam Aadmi Party but later taunted it saying Arvind Kejriwal should join hands with BJP to fulfil his promises to the people.
The mixed signals started with AICC General Secretary in-charge for Delhi, Shakeel Ahmed stating, “A number of senior leaders of Delhi are of the opinion that we should give unconditional support to AAP to form a government. They believe that we should extend outside support to it. But we are talking to MLAs from the state. Their opinion is very important. Once we take their opinion, we will apprise the party high command about it”.
The eight elected Congress MLAs also had a meeting with Ahmed.
After the meeting, the legislators said they will abide by the decision taken by the party leadership.
However, later at the party briefing, Congress spokesperson Raj Babbar said that the voters of Delhi in their verdict have pushed two parties to the door of power- BJP and AAP and both should abandon their strategy to sit in Opposition and impose another elections on people.
“BJP and BSP have also formed government in past. They (BJP and AAP) should form a government and fulfil the promises they had made. What is better for people if they are provided power at a tarrif less than 30 to 50 percent from the existing, if they get 750 litres of water free… the priority now should be there to fulfil the promises that were made,” he said.
Arvind Kejriwal has already ruled out giving any support to BJP for the purpose and termed as “personal opinion” the remarks of party leader Prashant Bhushan, who told a TV channel last night that AAP may consider supporting BJP if the party gives AAP in writing that it will pass the Jan Lokpal Bill.
“We cannot support BJP or Congress as AAP was formed as an alternative to them. People have supported us so that we can establish an alternative politics in the country,” Bhushan clarified on Tuesday.
“My personal opinion is that the Congress should unconditionally support them so that they (AAP) can form the government and deliver promises to the people on power, water and other issues,” Haryana Chief Minister Bhupinder Singh Hooda said.
Ever since debutant AAP’s spectacular show in Delhi polls, Congress has gone soft on Kejriwal’s party.
Rahul Gandhi had said on Sunday that AAP involved a lot of people which was ignored by traditional political parties and “we are going to learn from that.”
A known detractor of Kejriwal, Congress General Secretary Digvijay Singh has termed AAP’s victory as “something good for the electoral politics of democratic India”.
At the AICC briefing, Babbar dismissed Kejriwal’s suggestion that Congress and BJP should join hands to form the next government in the state.
“We do not know what is the idelogy of AAP. Congress is more than 125-year-old party. We have never made any compromise with secularism,” he said.
To a question whether Congress will support AAP, Babbar, a cine star turned politician quoted a Hindi song “Begaani Shaadi Me Abdulla Diwana” suggesting that Congress has no role in it.
AAP has already ruled out taking support from Congress and as such despite a section in the ruling party being in favour of supporting Kejriwal’s party to form a government to keep the BJP at bay, there is no forward movement on it in absence any demand of support.
BY THE ASIAN AGE
New Delhi: Following the notices given by Congress, TD and YSRC MPs from Seemandhra to the Speaker of the Lok Sabha on moving a no-confidence motion against the UPA, the House is likely to witness a storm on Tuesday.As per rules, the motion is to be taken up first after suspending the Question Hour. But, that will depend on the nod by the Speaker to accept the motion. Either way, the Telangana issue will take centre stage in the Lok Sabha on Tuesday.
Congress MPs don’t trust UPA govt
Hyderabad: History was created in Parliament on Monday when Seemandhra Congress MPs, who are vehemently opposed to the bifurcation of Andhra Pradesh, issued notice for a no-confidence motion against the government which is led by their own party.
In a most unwelcome gift for Congress president Sonia Gandhi on her birthday on Monday, six Congress MPs, — Lagadapati Rajagopal, Vundavalli Arun Kumar, A. Sai Pratap, Sabbam Hari, G.V. Harsha Kumar and Rayapati Sambasiva Rao — gave notice for a no-confidence motion to the Lok Sabha Speaker’s office under Rule 198 of the Lok Sabha Rules and Procedures.They were joined by four Telugu Desam MPs — K. Narayana Rao, N. Kishtappa, M. Venugopala Reddy and Dr N. Siva Prasad —and three MPs from the YSRC: Y.S. Jagan Mohan Reddy, M. Rajamohan Reddy and S.P.Y. Reddy.
Reacting to this embarrassing move, AICC spokesman P.C. Chacko said that it was an “unexpected development” but the government would face it effectively.
He accused the Congress MPs of remaining silent when the party took the decision to create the new state. He said that the opposition within the party has been in the open and is not a new development. Mr Chacko said that the result of the no-confidence motion will be important.
The Speaker, after ascertaining that the notices are in order, will ask the House for leave to allow the motion. The Rules say that 50 members must be in support of the motion for it to be debated in the House and voted upon. In all probability, the notices will come before the House on Tuesday. It is uncertain whether Opposition parties will support it.
It may be recalled that Trinamul chief Mamata Banerjee had directed her party members to move a no-confidence motion agai-nst the UPA government, but it was defeated as other parties did not support it.
In all probability, the notices will come before the House on Tuesday.
The Speaker, after ascertaining that the notices are in order, will ask the House for permission to allow the motion.
50 members must support the motion for it to be debated in the House and voted upon.
It is not clear whether Opposition parties will support it.
Next: Procedure to move no-trust vote in LS
Procedure to move no-trust vote in LS
Procedure regarding a motion of no-confidence in the Council of Ministers:
198 (1) A motion expressing want of confidence in the Council of Ministers may be made subject to the following restrictions, namely:
(a) leave to make the motion shall be asked for by the member when called by the Speaker;
(b) the member asking for leave shall, [by 10.00 hours on] that day give to the Secretary-General a written notice of the motion which he proposes to move. [Provided that notices, received after 10.00 hours, shall be deemed to have been received at 10.00 hours on the next day on which the House sits.]
(2) If the Speaker is of opinion that the motion is in order, she shall read the motion to the House and shall request those members who are in favour of leave being granted to rise in their places, and if not less than fifty members rise accordingly, the Speaker shall declare that leave is granted and that the motion will be taken up on such day, not being more than ten days from the date on which the leave is asked for as she may appoint. If less than fifty members rise, the Speaker shall inform the member that he has not the leave of the House.
If leave is granted under sub-rule (2), the Speaker may, after considering the state of business in the House, allot a day or days or part of a day for the discussion of the motion.
(4) The Speaker shall, at the appointed hour on the allotted day or the last of the allotted days, as the case may be, forthwith put every question necessary to determine the decision of the House on the motion.
(5) The Speaker may, if she thinks fit, prescribe a time limit for speeches.
New Delhi: Proceedings in Parliament were washed out for the second consecutive working on Tuesday as Opposition members created pandemonium on a host of issues including JPC report on 2G, Telangana, price rise and death of children in relief camps for Muzaffarnagar (UP) riot victims.
The Lok Sabha and the Rajya Sabha could not function normally as they witnessed slogan-shouting by members. Due to the uproar, Lok Sabha was adjourned twice and Rajya Sabha thrice before final adjournment. Both the Houses could not transact any substantial business.
Trouble started as soon as both the Houses assembled for the day with members of BJP, Telugu Desam Party, Left and BSP creating ruckus over various issues.
In both Houses, BJP members were on their feet and protested against the changes made by JPC Chairperson P C Chacko in the panel’s report on 2G scam, which gave clean chit to Prime Minister Manmohan Singh.
Pandemonium was witnessed in the Rajya Sabha as the JPC report was tabled by Congress member Ananda Bhaskar Rapolu.
While members of BJP, Left and TMC opposed the tabling of the controversial report, Deputy Chairman P J Kurien ruled that the ‘Terms of Reference’ contained in the motion of the JPC had no provision which permits a discussion on its report adopted duly by the committee.
Deputy Leader of BJP Ravishankar Prasad, who was a member of the 30-member JPC, raised a point of order to allege that his dissent note had been altered and wondered whether the matter should not be debated in the House.
Quoting a rule from Article 105 of the Constitution, he said he had the right to administer a note of dissent as a member of the panel.
“I had given a strong dissent note…the guilty have been left…the report should not be tabled,” Prasad said.
Strongly backing his colleague on the issue, Leader of the Opposition Arun Jaitley said he invites a ruling from the Chair whether the Chairman of a Parliamentary panel can delete only some unparliamentary words or “can alter the substance of the dissent note given by a member.”
“Substance of the dissent note given by members of the House has been altered by the Chairman. Please give us a ruling. Whether it is permissible,” he said.
Kurien said that while the Leader of the Opposition has raised a “valid point”, the Chair is unable to make any comment as it has not seen or read the report.
As BJP members trooped into the Well shouting “Shame, Shame,” Kurien adjourned the House till 2 PM.
Similar scenes were witnessed when the House reassembled with DMK and AIADMK members also protesting against the JPC report. After five minutes, the House was adjourned for the day. Amid the din, two bills were introduced.
Besides JPC report, some other issues were also raised by other members.
Members of Samajwadi Party were on their feet on the issue of rise in prices of essential commodities, while TDP members opposed bifurcation of Andhra Pradesh.
In the Lok Sabha, notices for a no-confidence motion could not be taken up due to uproar over a host of issues including Telangana and JPC report on 2G scam.
Three separate notices were given on Monday by six Congress members from Seemandhra region, TDP and YSR Congress, as part of their attempt to stall division of Andhra Pradesh and creation of Telangana.
Speaker Meira Kumar said she had received the notices but maintained that House should be in order so that the issue could be considered.
Seemandhra MPs, including YSR Congress chief Jaganmohan Reddy, vociferously protested creation of Telangana and demanded a united Andhra Pradesh.
Along with them, BJD members alleged discrimination towards cyclone-hit Odisha by the Centre, while DMK members were in the Well opposing the training of Sri Lankan Navy personnel in the country.
Left members trooped into the Well with placards demanding inquiry into role of ministers in the Saradha chit fund scam in West Bengal. TMC members, whose party is in power in the state, countered this charge by walking into the Well and raising slogans.
BJP members were on their feet and protested against the changes made by JPC Chairperson P C Chacko in the panel’s report on 2G scam.
BSP members also stormed the Well and displayed newspaper report clippings on the death of 40 children in relief camps for Muzaffarnagar riot victims.
Kumar’s repeated attempts to bring order in the House went in vain. Though some agitating members returned to their seats, they were soon back in the Well which prompted her to adjourn the House for the day.
In view of the ruckus, no business could be taken up for the second consecutive working day.
Hyderabad: Directly attacking TRS chief K. Chandrasekhar Rao and the Congress for politicising the Telangana issue, TD president N. Chandrababu Naidu on Tuesday said they had ignored his plea for equal justice for both regions.
“It was I who developed Hyderabad city and got it international recognition but I should not be here. KCR who did damage to the city can be here. Is it right,” Naidu asked. He criticised Rao for throwing his weight behind Congress president Sonia Gandhi, “who came from Italy” and believing her while ignoring the concerns of the people living in Hyderabad and elsewhere.
“He (KCR) spends six months in the farm house and in hybernation then suddenly comes out and talks some rubbish, but he is a great leader and I who developed the city and Telangana am a traitor. How is it justified,” he asked.
He said the leaders who could not bring any tangible development to the city were criticising him for seeking equal justice. “They are not giving any assurance the to lakhs of students who are studying in Hyderabad. What should they do? Where should they settle? It is not mentioned in the Bill,” he said.
He also found fault with the Telangana Bill not mentioning sharing the revenue of Hyderabad city between the two states.