Latest news with #LetterofIntent
Time of India
2 days ago
- Automotive
- Time of India
100 acres for EV manufacturing cluster near Noida International Airport
Noida: Yamuna Expressway Industrial Development Authority (YEIDA) has given in-principle approval to allot 100 acres of land in Sector 8 to the Electric Vehicles Manufacturers Welfare Trust for setting up a dedicated cluster for EV autorickshaw and two-wheeler production, along with component manufacturing. YEIDA CEO Arun Vir Singh said that land acquisition work is currently in progress. The Letter of Intent (LoI) for the allotment, which was issued on Thursday, is subject to the approval of the Invest UP Empowered Committee, state policy guidelines, and other applicable regulatory norms. The CEO added that the Trust has informed the Authority that over 150 units associated with it intend to set up manufacturing facilities. This initiative is expected to provide a major boost to the region's manufacturing sector. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida The Authority has already allotted land for various parks and clusters in the area, including the Medical Device Park, Toy Park, Apparel Park, Data Centre, IT Park, and the recently approved Electronics Manufacturing Cluster 2.0. YEIDA officials also said that a start-up manufacturing EV batteries for two-wheelers, including Royal Enfield, will be allotted 10,000 sqm in the 206-acre Electronics Manufacturing Cluster-2 (EMC-2) in Sector 10. Havells has already been allotted 50 acres here as the anchor company, and three other major firms have also secured plots. Neenjas Electric has been issued a Letter of Intent for manufacturing electric vehicle chargers, LED lighting panels, and related solar-based technologies in Sector 10. Founded in 2021, the start-up is based in Noida and operates manufacturing units in Greater Noida. Last week, Dixon Technologies secured 22.5 acres in EMC 2.0, becoming the third company to join the hub. Officials said Dixon received the LOI to set up a manufacturing unit for mobile phones, consumer electronics, telecom equipment, lighting products, and white goods. LOIs were also issued to two other companies – Ascent-K Circuit and Aurionpro ToshiAutomatic Systems – for setting up units under the central govt's scheme. The 206-acre cluster has seen strong interest from top industrial players, officials added. YEIDA officials confirmed that the land acquisition process in Sector 10 is also ongoing.
The Hindu
4 days ago
- Business
- The Hindu
Hooghly CSL to construct two luxury cruise vessels
Hooghly Cochin Shipyard Limited (Hooghly CSL), a wholly owned subsidiary of Cochin Shipyard Limited, will construct two luxury river cruise vessels to be operated on the Brahmaputra by Heritage River Journeys Private Limited, operating under the brand name Antara River Cruises. The luxury cruise operator has entered into a construction contract with Hooghly CSL as part of the project. The agreement for the construction of the first vessel and a Letter of Intent (LOI) for the second were signed by Sanil Peter, chief executive officer, Hooghly CSL, and Raj Singh, founder and chairman, Antara River Cruises, in the presence of Madhu S. Nair, chairman and managing director, Cochin Shipyard Limited, according to a release. The contract represents the synergy of world-class shipbuilding expertise and high-end riverine hospitality while reinforcing a shared commitment to the growth of luxury river cruise tourism in the country. The new vessels promise to set new benchmarks for luxury, safety, and sustainability in inland navigation and reflect a strong push towards the Union government's 'Make in India' initiative and showcases India's growing capacity to design and construct globally competitive cruise vessels of international standards, the release said.
Mint
19-06-2025
- Business
- Mint
Puravankara share price surges 8% after subsidiary bags ₹272 crore contract
Puravankara, a leading real estate developer in India, witnessed an 8% surge in its share price during Thursday's trading session on June 19, reaching ₹ 301.25 apiece and on course to snap a seven-day losing streak, if trend persists. The rebound came after the company announced that its wholly owned subsidiary—Starworth Infrastructure & Construction, which focuses on tech-driven EPC solutions—had received a Letter of Intent for civil and finishing works for the proposed residential apartment project 'TRU AQUAPOLIS' in Varthur, Bengaluru, from Tru Dwellings Private Limited. According to the company's exchange filing, the total value of the contract stands at ₹ 272 crore. Meanwhile, domestic brokerage firm Emkay Global Financial has retained its 'buy' rating on the stock with a target price of ₹ 400 apiece following the company's March quarter results. Although pre-sales in FY25 were weak due to delays in approvals, the brokerage expects strong pre-sales growth in FY26E and FY27E, driven by key project launches lined up for FY26. The company began FY26 on a strong note by announcing a strategic joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru's KIADB Hardware Park. With an estimated gross development value (GDV) of over ₹ 3,300 crore and a saleable area of 3.48 million square feet, the project further strengthens the group's launch pipeline and regional presence. The company expects to receive occupancy certificates (OCs) for key projects like Atmosphere, Oakshire, and Capella in Bengaluru and Adora De Goa in Goa during FY26. These projects cover a total saleable area of 3.95 million square feet and carry a total GDV of ₹ 3,200 crore. This is expected to drive handovers and revenue recognition in the upcoming quarters. In FY25, the company achieved pre-sales of ₹ 5,006 crore, with a sales volume of 5.67 million square feet. It also recorded a 10% year-on-year increase in sales realization to ₹ 8,830 per square foot. Collections for the year stood at ₹ 3,937 crore, reflecting a 9% growth over the previous year. After maintaining a steady upward trend from March 2023 to June 2024, the stock came under pressure for the following 10 months. However, it regained momentum in May, closing the month with a 14% rally. The upward trend has extended into June, with the stock up another 9% so far. Looking at the long-term performance, the stock has gained 255% over the past three years and 620% over the past five years.
Mint
19-06-2025
- Business
- Mint
Puravankara share price surges 8% after subsidiary bags ₹272 crore contract
Puravankara, a leading real estate developer in India, witnessed an 8% surge in its share price during Thursday's trading session on June 19, reaching ₹ 301.25 apiece and on course to snap a seven-day losing streak, if trend persists. The rebound came after the company announced that its wholly owned subsidiary—Starworth Infrastructure & Construction, which focuses on tech-driven EPC solutions—had received a Letter of Intent for civil and finishing works for the proposed residential apartment project 'TRU AQUAPOLIS' in Varthur, Bengaluru, from Tru Dwellings Private Limited. According to the company's exchange filing, the total value of the contract stands at ₹ 272 crore. Meanwhile, domestic brokerage firm Emkay Global Financial has retained its 'buy' rating on the stock with a target price of ₹ 400 apiece following the company's March quarter results. Although pre-sales in FY25 were weak due to delays in approvals, the brokerage expects strong pre-sales growth in FY26E and FY27E, driven by key project launches lined up for FY26. The company began FY26 on a strong note by announcing a strategic joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru's KIADB Hardware Park. With an estimated gross development value (GDV) of over ₹ 3,300 crore and a saleable area of 3.48 million square feet, the project further strengthens the group's launch pipeline and regional presence. The company expects to receive occupancy certificates (OCs) for key projects like Atmosphere, Oakshire, and Capella in Bengaluru and Adora De Goa in Goa during FY26. These projects cover a total saleable area of 3.95 million square feet and carry a total GDV of ₹ 3,200 crore. This is expected to drive handovers and revenue recognition in the upcoming quarters. In FY25, the company achieved pre-sales of ₹ 5,006 crore, with a sales volume of 5.67 million square feet. It also recorded a 10% year-on-year increase in sales realization to ₹ 8,830 per square foot. Collections for the year stood at ₹ 3,937 crore, reflecting a 9% growth over the previous year. After maintaining a steady upward trend from March 2023 to June 2024, the stock came under pressure for the following 10 months. However, it regained momentum in May, closing the month with a 14% rally. The upward trend has extended into June, with the stock up another 9% so far. Looking at the long-term performance, the stock has gained 255% over the past three years and 620% over the past five years. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Indian Express
12-06-2025
- Business
- Indian Express
Mohali flat buyers get relief from Supreme Court
In a key ruling that balances homebuyer rights and builder liability, the Supreme Court has upheld a refund with 8% compounded interest to two buyers who pulled out of a delayed Greater Mohali Area Development Authority (GMADA) housing project, but turned down their plea to recover the home loan interest they had paid. A bench of Justices Sanjay Karol and Prasanna B. Varale delivered the ruling last week in a dispute stemming from GMADA's 'Purab Premium Apartments' project in Sector 88, Mohali. The buyers, Anupam Garg and Rajiv Kumar, had booked 2-BHK flats in 2012 and deposited ₹50.46 lakh and ₹41.29 lakh, respectively. They were promised possession by May 2015 under a Letter of Intent (LOI), which also assured a refund with 8% interest in case of delay. Citing slow progress and major deviations from the promised layout and amenities, the buyers sought refunds in 2016. When GMADA resisted, they moved the Punjab State Consumer Commission, which in 2018 ordered GMADA to return their money with 8% interest, ₹60,000 each for mental harassment, ₹30,000 each in litigation costs, and the interest they had paid on their housing loans. This decision was upheld by the National Consumer Disputes Redressal Commission (NCDRC) in 2019. However, GMADA contested the direction to pay for buyers' loan interest in the Supreme Court. In its verdict, the court reaffirmed that delayed possession entitles buyers to a refund with reasonable interest. 'Where the development authority… does not deliver possession… the allottee is entitled for refund… with reasonable interest,' the bench said, citing its earlier ruling in Bangalore Development Authority v. Syndicate Bank. The bench also quoted GDA v. Balbir Singh, saying compensation must vary with the facts of the case: 'In cases where monies are being simply returned… the compensation would necessarily have to be higher.' However, the judges ruled out compensation under multiple heads. Citing DLF Homes Panchkula v. D.S. Dhanda, they said, 'There cannot be multiple heads to grant of damages and interest when the parties have agreed for payment of damages.' Justice Karol observed, 'The 8% interest awarded… is the compensation for being deprived of the investment… No amount of interest on the loan taken by the respondents could have been awarded.' The court allowed GMADA's appeal in part—striking down the loan interest component but upholding the rest of the relief granted by the consumer commissions. GMADA will not have to deposit any additional sum, and the money already with the State Commission will be disbursed to the buyers.
