Many Gurugram tech firms keen to set up shops in London
Many Gurugram-based technology companies are keen to set up shops in London, said a senior official in the office of the Deputy Mayor of London for Business, adding that the reasons behind it vary from the availability of venture capital funding to global demand and talent.
London and Partners is the UK capital's trade and business growth agency operating under the aegis of the Mayor of London, according to a report published by the news agency PTI.
Speaking on the sidelines of the B20 Summit, London and Partners Country Director for India and senior leadership team member Hemin Bharucha acknowledged that funding for startups is not as readily available as before.
He said that his firm works with MSMEs (micro, small, and medium enterprises) because big companies either already have a presence in London, or they can afford a big consulting firm.
"We see Gurugram really coming up... in the EV, sustainability, and technology space. These are very big sectors...we are also seeing a little bit of creative companies in AR and VR. We don't tell every company to come to London because if they are not ready, then they will go there...and fail. It's a problem for them and us also," Bharucha told PTI.
He added that most MSMEs set up their first international office in London unless they have a strong connection in the United States, owing to similarities in the tax and legal system, and the language of business being the same.
"So companies initially set up with five to ten people, but scale up to 100, 200, 300 people very quickly because the revenue is coming... number one customer, number two is global VC funding," he added as quoted by PTI.
The UK narrowly avoided falling into recession last year as February statistics revealed a flat output in the last few months of 2022. The UK government had warned that the economy was not out of the woods in the present year.
(With PTI inputs)
Source: Live Mint
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DLF all set to launch 2 luxury housing projects in Gurugram worth ₹15
To expand its business amid strong demand for premium homes, realty major DLF Ltd will launch two luxury housing projects worth ₹15,000 crore in Gurugram during the second half of this financial year, news agency PTI quoted its Managing Director Ashok Kumar Tyagi as saying.
After the success of sales of ₹8,000 crore worth of flats within three days in February in its new project 'The Arbour' at Gurugram, Tyagi said the company has set a target to achieve sales bookings of ₹13,000 crore in this fiscal year and hopes to exceed the number.
DLF posted sales bookings of ₹15,058 crore during the 2022-23 financial year, which is a more than two-fold increase from ₹7,273 crore in the previous year.
Tyagi also spoke about the overall housing market and noted that the demand for ultra-luxury, luxury, and mid-income residential properties is very strong.
He mentioned that there is some stress in the affordable housing segment citing the the rise in interest rates on home loans and an increase in housing prices.
On plans, Tyagi said, "The company has created a launch pipeline of ₹20,000 crore for this fiscal.
"Launches this year will be predominantly driven by two launches in Gurugram - one in Southern Peripheral Road (SPR) and the other in Golf Course Road," Tyagi said.
The estimated sales bookings value of these two upcoming projects in Gurugram is about ₹15,000 crore, as DLF owns land parcels for these two projects in Gurugram.
Apart from this, Tyagi also said that his firm would also launch one residential tower in its project at Moti Nagar here, one in Tricity of Chandigarh, and one in Mumbai this fiscal.
"Launches in Chennai and Goa might spill to next fiscal year," Tyagi said.
Earlier this month, Singh sold his entire remaining stake in DLF for around ₹731 crore.
Recently, DLF reported a 12 percent rise in consolidated net profit at ₹527 crore in the first quarter of this fiscal. The company's net profit stood at ₹469.57 crore in the year-ago period.
Total income rose marginally to ₹1,521.71 crore in the April-June period of the 2023-24 financial year from ₹1,516.28 crore in the year-ago period. DLF's net debt stood at ₹57 crore as of June 30, 2023, as compared to ₹721 crore at the end of the 2022-23 fiscal.
During the period under review, the company's gross debt also fell to ₹3,068 crore from ₹3,840 crore.
With agency inputs.
Source: Live Mint
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BP CEO bats for investments in oil & gas projects along with energy transition
New Delhi: Energy giant BP's chief executive officer Bernard Looney on Saturday said there is a need to invest in conventional energy, including oil and gas, along with renewables and energy transition.
Speaking at the sidelines of B20 Summit India 2023 Looney said “We must continue to invest to make sure that production is there. But at the same time, we must invest in the energy transition."
He was of the view that there is a need for investing in conventional energy sources along with accelerating the energy transition.
The BP CEO also noted that the company has increased its capital expenditure for energy transition from 3% in 2019 to 30% now.
“As BP, we spent 3% of our capital on our transition growth engines in 2019, just three years later, that number had risen to 30%. That number, we hope, will rise to 40% by the middle of the decade and 50% by the end of the decade."
He said that the company will spend $55-$65 billion in this decade for energy transition.
Further, Looney said BP in partnership with Reliance Industries is trying to get EV charging infrastructure at their retail outlets. At present, the joint venture has over 1,620 retail outlets.
“That's going to be so critical for India… not just for the net zero goal by 2070, but importantly, the energy independence goal by 2047," he said.
“If we can get the two-wheelers, the three-wheelers, and over time, the passenger vehicles converted to electric, I think that's going to be hugely important for the country. So, we're very excited to be investing in that."
He further said that the company is also investing in compressed natural gas.
Speaking at the B20 Summit organized by CII, Looney said that oil and gas will continue to be key sources of energy for decades and it will be critical to maintain a global demand-supply balance.
Source: Live Mint
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India to cut import tax on EVs
Union Finance Minister Nirmala Sitharaman on Friday denied the reports claiming that the government is mulling over slashing import tax on electric vehicles for automobile manufacturers if they tie up with a local manufacturing unit. The clarification came as earlier news agency Reuters reported that the central government is considering lowering the import duty to as low as 15% from the current levels of 100% for cars that cost above ₹33 Lakhs and 70% for the rest.
"No proposal is before me to lower import duty on electric vehicles," Union Finance Minister Nirmala Sitharaman said while speaking to reporters on the sidelines of the B20 summit.
The Reuters report mentioned that the reduction in import duty might have helped companies like Tesla who aspire to enter Indian markets and have recently made a proposal to establish a car factory in India. "There is an understanding with Tesla's proposal and the government is showing interest," the Reuters report cited the official familiar with the development.
Tesla's concerns around Indian market
Tesla founder Elon Musk has expressed concerns over the high tariff rates in India and the company started to engage in discussions concerning the potential introduction of Tesla into the domestic automobile market after much deliberation. In 2021, Tesla endeavored to establish a presence in India by advocating for a reduction in the prevailing 100% import tax imposed on electric vehicles (EVs).
However, the prospective agreement between Elon Musk and India did not materialize as the Indian authorities emphasized the requirement for a firm commitment to local manufacturing as a condition for the arrangement.
The clarification by Nirmala Sitharaman dashed the hopes of many manufacturers which went up after the Reuters report. It is not clear at the moment if the decision to stay with the earlier import tax rate will impact Tesla's plan to set up the car factory.
Source: Live Mint
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Retail leasing in Delhi-NCR up by 65% in H1 2023
The retail leasing in Delhi-NCR (national capital region) has increased by 65% in January-June 2023, the real estate consulting firm CBRE South Asia said in a report on Thursday.
The NCR has recorded a rise in retail leasing across investment-grade malls, high streets and standalone developments, said the report.
The total leasing during the first half of 2023 stood at 0.70 million square feet as compared to 0.42 million square feet in the same period a year ago, said the CBRE report.
“Apple launched its first two new stores in Mumbai & Delhi-NCR, and UK-based coffee and sandwich chain Pret A Manger also opened stores in Mumbai and Delhi-NCR. Canadian coffee brand Tim Hortons which debuted in India last year strengthened its presence in Delhi-NCR and Punjab and entered the Mumbai market this year. European luxury brand Balenciaga is set to open its first brick-and-mortar store in Delhi-NCR through its partnership with Reliance Brands," CBRE said in the report.
“Retailers have expressed positive leasing sentiments, indicating their strong interest in establishing new setups, expanding operations, and upgrading existing stores," said Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East and Africa, CBRE.
Across India, retail leasing saw a 24% yearly growth in the first half of 2023, and a 15% rise compared to the July-December 2022 period, the report added.
Gurugram: Average monthly rent for premium apartments up 28% in H1
A separate report by Savills India on Thursday said in Gurugram the average monthly rental for premium housing grew by 28% year-on-year during the January-June period of this year.
In Gurugram, “GCER (Golf Course Extension Road & SPR (southern peripheral road) and Golf Course Road saw the highest rise in rentals with 33 per cent and 31 per cent YOY growth, respectively," the real estate consultant said.
As per the report, the average quoted rentals are for 3BHK and 4BHK apartments on Golf Course Road and 3-BHK apartments in other micro markets.
Golf Course Road commands a monthly average rental of ₹195,941, while the average rent at Golf Course Extension Road and Southern Peripheral Road is ₹101,000 a month, according to the Savills data for H1 2023.
The average rent in New Gurugram is ₹47,100 and in Dwarka Expressway is ₹40,071 per month, the report added.
Gurugram and Noida attract a constant influx of migratory working professionals who prefer renting over buying, said Shveta Jain, Savills India MD-residential services.
Source: Live Mint
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