IndiaCatalog.com
India News
Search Web Directory
News Home
RCom arm Reliance Realty gets nod to develop DAKC into Fintech Centre
Posted on 11th February 2019
Debt-ridden telecom operator Reliance Communications (RCom)'s subsidiary Reliance Realty will develop the Maharashtra’s first and largest Smart Fintech Centre in Navi Mumbai, RCom announced on Monday. The Department of Information Technology, Government of Maharashtra and the Maharashtra Industrial Development Corporation (MIDC) granted approval to Reliance Realty to develop the Smart Fintech Centre at its Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, under the Government of Maharashtra’s new Fintech Policy.

The company will develop 132 acres of land in DAKC with a total saleable area of 30 million square feet. Last year, at the 14th annual general meeting (AGM), RCom chairman Anil Ambani bid adieu to the telecom business, owing to intense slugfest in the sector. He unveiled a new source of redemption through development plans for the 133-acre Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai.

Last week, The company said that not all of its 37 lenders were able to come to a consensus despite 12 months of discussion and more than 45 meetings on clearing the sale of assets to Reliance Jio unanimously as required under the RBI rule, which has been challenged in the Supreme Court. The company is now seeking relaxation of the 100 per cent consensus rule, as in case of the IBC, a minimum of 66 per cent of the members endorsing a proposal is enough to give the resolution proposal a clearance. So far 95-97 per cent of the creditors already voted for the sale of the RCom telecom assets.

Company executives said while there was consensus on the sale of the telecom assets to enable RCom to repay a substantial part of the Rs 38,000 crore of debt, there was no consensus on how the cash would be distributed among banks with varying exposures. Further, its plea would not be followed by any bidding process for the assets and floating an expression of interest, as in an insolvency case.

Related Companies: Reliance Communications (RCOM)   

Other Latest News
NTPC Q4 profit jumps 48.7 pc to Rs 4,350.32 cr; announces 25 pc final dividend
Posted on 25th May 2019
New Delhi: State-run power giant NTPC on Saturday posted a 48.7 per cent jump in its standalone net profit at Rs 4,350.32 crore for the March quarter compared to the year-ago period mainly on the back of lower expenses.

The company's standalone net profit in January-March 2018 was Rs 2,925.59 crore, an NTPC statement said.


Why FPIs may find debt market more attractive after easing of norms by RBI
Posted on 25th May 2019
The Indian debt market could attract higher interest from foreign portfolio investors (FPIs), with the Reserve Bank of India (RBI) on Friday easing investment norms through the voluntary retention route (VRR), rolled out since March 2019.

The RBI waived off the requirement for FPIs to invest a minimum 25% of the committed portfolio size (CPS) within one month of allotment. It introduced an additional category, VRR combined, which allows investors to invest in both corporate and sovereign bonds.


NIIT Ltd Q4 net profit up 18 pc to Rs 23 crore
Posted on 25th May 2019
New Delhi: NIIT Ltd on Saturday said its consolidated net profit rose 18 per cent to Rs 23.2 crore in the March quarter, helped by increased productivity and turnaround in its skills and careers (SNC) business.

The skill development and talent development firm had posted a net profit of Rs 19.7 crore in the year-ago period.


DLF’s operating cash flow to rise in coming quarters
Posted on 25th May 2019
DLF’s net sales bookings stood at `650 crore in Q4 – ahead of expectation for `600 crore. The mManagement guided for conservative 10% growth in pre-sales in FY20 mainly due to subdued NCR market and very low inventory in Crest project which contributed significantly to sales in FY19. Management guided for exit rentals of `37.5-40 bn at DCCDL (`27 bn currently), driven by addition of `4.5 bn of rentals from commencement of Cyberpark and Rs 4.25 bn of rentals from transfer of assets from DLF.

ITC Q4 results broadly in line with estimates
Posted on 25th May 2019
Q4 was broadly an in-line quarter led by modest performance in core cigarette business (8% volume growth/2-year CAGR at 2.5% and 10% Ebit growth), sustained profitability enhancement in FMCG and broad-based robust growth in other businesses. Punitive taxation notwithstanding, we believe, improving volume trajectory and pricing action in core cigarette business remain key catalysts. Inexpensive valuations (our reverse math suggests core cigarette business adjusted for other parts in our SoTP valuation trades at 21x Mar-21e earnings) and undemanding expectations lend additional comfort.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for RCom arm Reliance Realty gets nod to develop DAKC into Fintech Centre
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for RCom arm Reliance Realty gets nod to develop DAKC into Fintech Centre

Most Read News

Infosys to allocate up to 50 mn shares to incentivise staff

What Imran Khan should do to prevent Pakistan from FATF blacklisting

Amazon's $575 mn investment delivers a $1 bn blow to food delivery sector

Ashok Leyland ready to ride on Elon Musk's India dream

Reliance tops IOC in sales

More India News

Photo Gallery

Volvo XC90(12 Images) Volvo XC90
Dilwale(11 Images)Dilwale
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement