Kakade Group In Deal To Sell Project Stake
Pune-based construction and development company Kakade Group has entered into an agreement with Malpani Group to sell 50% stake in its under-construction luxury resort project, says a report.
The project is spread over 65 acres in Lonavala near Mumbai, said two sources with direct knowledge of the development. The project involves 150-key luxury resorts and 40 branded villas to be located along Lake Pawana.
Kakade Group has already signed a contract with Indian Hotels Company to manage the luxury resort.
Samsung To Cut Mobile Production
Samsung Electronics has told the Indian government that it will have to reduce mobile phone manufacturing in the country, says a report.
It plans to stop local production of flagship models Galaxy S9 and Note 9 and curtail exports of smartphones unless it delays a Make in India plan for components such as display and touch panels.
The government advanced the Phased Manufacturing Programme (PMP) timetable by two months in an order earlier this month.
Panasonic Eyes Security Products Push
Panasonic India, which is focusing on business-to-business growth, sees retail as its largest segment, says a report.
Security and surveillance products are seeing high traction, according to a top company executive. The Indian arm of Japanese electronics giant Panasonic Corporation is also focusing on IoTtechnology-based solutions for its B2B customers, the executive added.
The company expects its B2B business to contribute 50% to its revenue in the next five years, he added.
IndiGo Delays Low Cost Long Haul Flights
IndiGo has for now delayed its co-founder Rakesh Gangwal’s ambitious plans to fly low cost long haul flights to Europe, as costs mount and margins are squeezed, sources said, according to a report.
“There will be no flights to European destinations in the next six months or even a year. I wouldn’t call it a reversal but plans are always reviewed,” said a source.
He added the regulatory approvals haven’t been all received for flights to London, the first destination in the West that IndiGo was planning to fly to in the ongoing winters. It had got slots at the city’s Gatwick airport which will lapse by March.
Paytm Signs Pact With Zomato
Paytm has entered into a partnership with online food delivery aggregator Zomato to allow its users to order food through the mobile wallet application, says a report.
Currently, Paytm users in Delhi and National Capital Region (NCR) will be able to use the in-app service on Android phones. It will soon be made available across India.
With the partnership, Zomato is trying to expand its online food ordering business, while Paytm aims to offer food delivery service to its users.
Air Passenger Traffic To Grow Six-Fold
India’s air passenger traffic is expected to grow six-fold to 1.1 billion and the number of operational airports increase to around 200 in 2040, according to Ministry of Civil Aviation’s vision document, says a report.
India was the seventh largest aviation market with 187 million passengers – travelling to, from and within India – in financial year 2017-18.
The ‘Vision 2040 for the Civil Aviation Industry in India’ also said that the country would have its own aircraft leasing industry, with tax structure and repossession processes” being “equally or more attractive than those in leading global jurisdictions”.
Huge Discounts Spur Vehicle Retail Sales
Deep discounts may have helped push up retail sales, but wholesale volumes of passenger vehicles declined marginally last December, says a report.
This comes as carmakers corrected inventory which had piled up after a lacklustre festive season.
According to data released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month dropped by 0.43% to 2,38,692 units as against 2,39,723 units sold in the year-ago period.