NRI Top Stories | January 2007
Dev
Property Raises Rs.1, 200 Crore from AIM – London
Wednesday, January 31, 2007: Dev Property, an arm of Indiabulls, raised Rs.1, 200 crore
on London’s Alternative Investment Market to invest in Indiabulls-backed
real estate projects in India. This follows the trend set by established
real estate developers Rahejas, Hiranandani and Unitech. The Khmekas and UK’s Apollo group recently generated $630 billion
from the LSE for investment in real estate.
NRI
Investment in Farmhouses Now a Possibility
Tuesday, January 30, 2007: The Foreign
Exchange Management Act (FEMA) restricts Non
Resident Indians and foreign investors from investing
in the agricultural sector, including farmhouses. However, if the
recommendation of the Associated Chambers of Commerce and Industry
of India (ASSOCHAM) study is anything to go by, overseas Indians
could soon be able to own farmland property.
RBI
Cautions Real Estate Projects
Monday, January 29, 2007: In a move to
protect the Indian real estate market, the Reserve Bank of India
has indicated its reservations on External Commercial Borrowings
(ECB) in realty projects involving integrated townships of 25 acres.
The Department of Industrial Policy and Promotion had earlier permitted
FDI in March 2005 in real estate in projects of a minimum area of
25 acres.
Global
Investors Choose India over China
Monday, January 29, 2007: In the highly
competitive and booming market, even countries are poised to lure
global investors with attractive options. A recent study by Merrill
Lynch Global Private Client has revealed India
as the first choice for foreign investors. The study even cites
the example of non-institutional and retail investors eyeing India
as a more rewarding market than China, and has called for more investor-friendly
initiatives from the government.
India
– A Hot Favorite for Cross-Border Investments
Thursday, January 25, 2007: In a survey
conducted by the Association of Foreign Investors in
Real Estate, (AFIRE) based in Madison,
USA, India
has emerged as the country with the second highest potential for
real estate capital appreciation. Climbing four notches up from
sixth place in 2005, it threatens number one on the list, the USA,
and has narrowed the margin between first and second spot by 5%.
Prudential’s
Increased Outlay for India
Thursday, January 25, 2007:Prudential
Plc divulged its aggressive strategy for augmenting its investment
in India. On the sidelines of its first board meeting
in India, the group chief executive Mark Tucker said existing investment
in all its segments would be increased. Appreciating the government’s
open policies on insurance, the chief executive remarked that the
company was focusing on the Indian market to develop its business.
Unitech
Enlists Support from Goldman Sachs
Wednesday, January 24, 2007:Unitech,
Gurgaon’s well-known real estate developer, has received
support from Goldman Sachs, the New York-based global investment
bank to float a Special Purpose Vehicle (SPV) for investments in
Indian realty.
Credit-Suisse
to Enter Indian Real Estate
Tuesday, January 23, 2007:An specific
fund for the Indian realty sector from Zurich-based Credit
Suisse is on the cards. Sources in the industry expect
a $1 billion fund from the world’s leading financial house
to be announced in the next financial year, though the bank’s
officials remained tight-lipped about its plans.
Caparo Group Takes Over Sheet Metal Firm
Tuesday, January 23, 2007:The Caparo group has completed the formalities for takeover of the sheet metal business of International Auto Ltd (IAL). IAL has a combined capacity of 16,000 tonnes of sheet metal at their Pune and Jamshedpur units. It employs 300 people and has an annual turnover of Rs.72 crore.
Merrill Lynch Moves to Tap Vast Indian Market
Monday, January 22, 2007:Till now focused on managing the funds of NRIs to augment its Rs.10,000 crore business, Merrill Lynch is now turning its attention to high net worth individuals within India.
Khajuraho Meet Ends Satisfactorily
Monday, January 22, 2007:The Investors Meet organized by the Madhya Pradesh Government in Khajuraho concluded on January 16, 2007 with the total investment commitment notching up to the projected. Rs. 400 billion figure.
NRI Election Mela
Monday, January 22, 2007:The elections to the 117-member state assembly in Punjab cross the boundaries of the state. With a sizeable Punjabi presence in the UK, USA, Europe and south Asia, the influence of this non resident population on elections to the state legislative assembly is considerable.
Dev Property goes Public on LSE (London Stock Exchange)
Sunday, January 21, 2007:After Unitech, K.Raheja and Hiranandani, it is now the turn of Dev Property Development to raise capital on the London Stock Exchange. The company is providing for projects in residential and commercial properties in Mumbai,, Delhi, Kolkata, Chennai, Bangalore and Hyderabad, as well as in SEZs.
NRIs to Bihar’s Rescue?
Friday, January 19, 2007:Are things looking up in Bihar? Well, if the bustling energy and enthusiasm of NRI Ravi Verma, CEO of California based Telecommand Software and Services is anything to go by, Bihar could well see a change in fortunes.
Is Paying Tax Going to be Headache for NRI in UAE?
Thursday, January 18, 2007:Confusion over tax paying liabilities of Indians serving in the UAE is likely to be sorted out between the Indian and UAE governments shortly.The burning question is: Does the Indian working in the UAE enjoy the privileges of the “India-UAE Tax Treaty” even if he is not paying tax there?
Making Indian Laws Valid to PIOs
Thursday, January 18, 2007:Erring husbands residing overseas may well be brought to book if the Indian Government succeeds in incorporating Indian laws protecting abandoned women in the existing treaties with the USA and UK.
Finance Minister Cautions Industry to Keep Inflation at Bay
Wednesday, January 17, 2007:At FICCI’s 79th annual general meeting in New Delhi last week, India’s Finance Minister P. Chidambaram warned industrialists to keep costs of manufacturing low in order to maintain prices. He expressed the view that “The economy could not afford even a 4% inflation rate, and it was the businessman’s responsibility not to hold back supply”. He was referring to artificial supply constraints being created to push up prices by a section of industry to make the most of the buoyant economy.
NYSE Buys 20% Stake in NSE
Tuesday, January 16, 2007:The New York Stock Exchange (NYSE) has been following a policy of investing in emerging markets, and the latest purchase is a 20% share in the Mumbai-based National Stock Exchange (NSE). This deal will give the NYSE access to stocks and derivatives in the Indian market and attract major Indian companies to list with it. Presently, NYSE’s rival NASDAQ Stock Market Inc. has key Indian companies on its listing.
Merrill Lynch Drives NRI Investments
Tuesday, January 16, 2007:Leading wealth management, capital markets and advisory company Merrill Lynch announced two key appointments to further its NRI business. As an investment bank and global trader, the company has ambitious plans for tapping wealth locally, and from the 25 million-strong NRI clientele overseas.
University for NRIs: Only 2 Months Away
Tuesday, January 16, 2007:The Minister promised a university for NRIs in two months, to be set up in a special economic zone, with the status of a deemed university. The fees would be affordable, and cater to even the not very affluent NRI who seeks quality education back home.
The Non Resident Indian
Monday, January 15, 2007:The “Non-Returning Indian” was the butt of many a joke in one of Bollywood’s major hits two years ago. And we RIs (resident Indians) picture each one of those 25 million living abroad with India links to be rolling in greenbacks, and bubbling with emotion for their homeland. Do all NRIs miss India? Are they proud of their country?
Punjab NRIs Seek More Commitment From State and Central Governments
Monday, January 15, 2007:The Punjab Government hosted the 4th Pravasi Punjab Divas on 11th January in Chandigarh. NRIs at the meet were ready to make large investments in their native land, but complained that the government’s insipid response was often a deterrent for them.
Is Anyone Listening?
Monday, January 15, 2007:Dr. Binay R. Shetty is one of those very committed NRIs with a burning desire to play a role in India’s burgeoning economy. Confident of raising $100 billion overseas for investment in India’s roads, railways, homes and education, Dr. Shetty’s business interests overseas encompass the health sector.
NRI Investments in India
Monday, January 15, 2007:The just concluded
5th Pravasi Bharatiya Divas in New Delhi left the 1500 delegates
attending the conclave optimistic about India’s efforts towards
a developed economy.
Real Estate in India – Flush with Funds
Thursday, January 11, 2007:The real estate market is flushing with funds from overseas. Eager to cash in on opportunities in India, major asset management firms from abroad are investing in the local market. Industry sources say over 90 foreign investors are already in the country tapping investment avenues.
Prez Kalam Wins Over NRI Audience
Wednesday, January 10, 2007:On the occasion
of the Pravasi
Bharatiya Divas being organized by the Ministry of
Overseas Affairs, the Delhi Government and the Confederation of
Indian Industry (CII), the annual Pravasi Bharatiya Divas awards
were conferred on 15 overseas Indians.
Investment Opportunity for NRIs
Wednesday, January 10, 2007:7th January
2007 marked the gala of the Fifth Pravasi Bharatiya Divas with all
pomp and show. Addressing the gathering of NRIs and PIOs on the
second day of the Pravasi Bhartiya Divas in New Delhi yesterday,
External Affairs Minister Pranab Mukherjee welcomed the community
to play a vital role in the balanced economic development of the
country.
Government Pledges Support to NRIs
Wednesday, January 10, 2007:Recognising the contribution to the Indian economy made by 25 million strong NRI community spread across 130 countries, Prime Minister Manmohan Singh has concrete plans up his sleeve to encourage them to further “discover their roots” and “extend their branches.”
Increasing Transparency in Infrastructure to Compliment India’s Growth in 2007
Wednesday, January 10, 2007:Driven by economic growth, the real estate in India has really emerged as the hottest market to invest last year. But, will it be apt to consider the same to happen in 2007? This is one of the questions that every potential investor as well as property developer is pondering? As per industry soothsayers, there are seldom chances for the boom to strike again.
NRI Investments to Shoot Up to $20 Billion in 2007
Tuesday, January 9, 2007:Minister of State for Industry Ashwani Kumar was upbeat about the quantum of investment expected from NRIs in the next three years. He shared this information with the media during the ongoing 5th Pravasi Bhartiya Divas in New Delhi.
Buoyant Mood at PBD 2007
Tuesday, January 9, 2007:A representation of 1500 members of the NRI and PIO community at the fifth Pravasi Bhartiya Divas welcomed the recent initiatives taken by the Indian Government. Organized by the Ministry of Overseas Affairs, the Delhi Government and the Confederation of Indian Industry, the event has facilitated a forum for an exchange of views amongst participants and the state and helped define key areas of concern.
University Exclusively for NRIs/ PIOs
Tuesday, January 9, 2007:While addressing at 5th Pravasi Bharatiya Divas at the Vigyan Bhavan, Prime Minister Manmohan Singh announced the Government’s plan to set up a university exclusively for Persons of Indian Origin (PIO). Encompassing all the sought after courses, the curriculum of the university would be fine tuned to meet the requirements of employment abroad.
States Urged to Create Right Investment Climate
Tuesday, January 9, 2007:The second day of the Pravasi Bhartiya Divas in New Delhi on 9th January, 2007 saw the plenary session on “Developmental Challenges of the States: Partnership Opportunities” being addressed by the External Affairs Minister, Pranab Mukherjee.
RBI Denies FII Status to FDI in Booming Realty
Monday, January 8, 2007:The Reserve Bank of India has denied granting FII status to foreign direct investments received through private placement of equity by different construction companies. This is taken as a step to keep a check over the asset bubble in fast flourishing realty stocks.
PM Lauds NRI Contribution to Indian Economy
Sunday, January 7, 2007:Inaugurating the 5th Pravasi Bhartiya Divas on 7th January 2007, Prime Minister Manmohan Singh thanked the overseas Indian community for its significant contribution to the nation’s economy.
Fifth Annual Pravasi Bhartiya Divas Starts In Delhi
Sunday, January 7, 2007:Fifth annual Pravasi
Bhartiya Divas was inaugurated by Prime Minister Manmohan
Singh on Sunday, 07 January, 2007. The annual event organized by
CII and the government of India, connects NRIs
and PIO from all across the world.
Best Returns for NRI Investors in 2007
Wednesday, January 3, 2007:“The New Year is unfolding – like a blossom with petals curled tightly concealing the beauty within” and is bringing golden prospects for everyone. Talking about our NRI friends, you can also explore those far horizons and encash the opportunities.
India Witnessing High Growth With Increasing FDI
Tuesday, January 2, 2007:Foreign Direct Investment (FDI) is vital to take economic growth of the country on new heights. Since the past few years, India has been rapidly moving into a liberal mode from a restrictive regime. The country received high FDI in fiscal 2006, with equity inflows likely to cross $11 billion, which is believed to be twice of the amount gained in 2005, says the data revealed by Commerce and Industry Union Minister Kamal Nath.
What’s Going on in the Global Market?
Tuesday, January 2, 2007:The Indian rupee hit a nine month high but gave up the gains. The Reserve Bank of India has come up with its study of budgets fiscal 2007 and has figured out a tremendous amount of improvement in the fiscal policies helping national deficit to get better. Talking about the fiscal 2006, ratio of gross fiscal deficit to gross domestic product slipped to 3.2% and ratio of revenue deficit to gross domestic product to 0.5%.
