26-Dec-2019

10-Oct-2019

06-Dec-2019

CREDAI Bengal Daily News Update | 26.12.19

WEST BENGAL NEWS

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Newspaper/Online The Telegraph(online)

Date December 26, 2019

OTHER NEWS

Haryana-RERA sends notices to Orris & Ansal Properties for not

registering projects

The real estate watchdog has also warned them that they would be fined Rs 75 crore and

Rs 106 crore respectively for not getting projects registered with the regulatory authority.

The Haryana Real Estate Regulatory Authority (HRera) served show cause notices to two

developers — Orris Land and Housing and Ansal Properties and Infrastructures — for not

registering their ongoing projects Woodview in Sector 89-90 and Esencia in Sector 67

respectively.

The real estate watchdog has also warned them that they would be fined Rs 75 crore and Rs 106

crore respectively for not getting projects registered with the regulatory authority. According to

HRera, it asked Orris and co-developers to explain in person as to why a penalty of Rs 75 crore

each should not be imposed on them for not registering its project Woodview, a residential

plotted colony on 101 acres in Gurgaon, with it.

The director of town and country planning department had granted licence to Orris Land and

Housing and 24 others in 2013 for setting up a residential plotted colony. Orris is the developer

of the project in terms of licence, but had illegally bifurcated the licensed land even before it got

the DTCP’s permission.

The authority observed that the promoters have not obtained completion/part completion

certificate for the project till date. As the project is under way, they should have been registered

their projects with the authority within three months from the enactment of Rera Act, 2016.

However, the promoters have failed to comply with these requirements and are liable for a

punishment under Section 59(1) of the Act Ibid. Therefore, the authority is constrained to serve

a show cause notice to the promoter, directing him to comply with the mandatory provisions of

the Act of 2016 and make application for registration along with all required documents.

Further, the promoter has also been directed to appear before the authority on January 20 and

explain as to why a penalty of Rs 75 crore should not be imposed on it, failing which the

authority may initiate appropriate legal proceedings.

In other case, HRera served a show case notice to Ansal Properties and asked it to explain in

person on January 27 as to why a penalty of 106 crore should not be imposed on it for not

registering its Sector 67 project Esencia.

Newspaper/Online ET Realty(online)

Date December 26, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/haryana-rera-sends-notices-to-orris-ansal-properties-for-not-registering-projects/72973231

It came to the notice of the authority that DTCP had issued licence for the project on an area

measuring 111 acres in 2011.

TOI tried to contact representaives of both real estate companies several times on Tuesday, but

one of them hasn’t responded to the queries about the projects and the action against them by

the city bench of the real estate watchdog.When contacted by TOI, a spokesperson for Orris

Land and Housing Private Limited said his office haven’t received a notice informing it about

the penal action initiated by the real estate authority so far.

The representative of Ansal API didn’t even respond to the queries on the show cause notice.

The Haryana Real Estate Authority was established in 2017. The Real Estate (Regulation and

Development) Act, 2016 is an Act of the Parliament of India which seeks to protect homebuyers

and help boost investments in the real estate industry.

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Housing minister holds talk over land pooling in Delhi

Under the land pooling scheme, the Centre had sought to create a blueprint for the

national capital going forward.

Union Minister for Housing and Affairs Hardeep Singh Puri on Monday met and held talks with

a delegation over the plan of land pooling in Delhi.

"A delegation of Kisan Sangharsh Morcha and Delhi Dehat Vikas Manch with BJYM's national

secretary, Sourabh Choudhary. We talked about measures to speed up land pooling and also

over their demands concerning the same," Puri's tweet on Monday read.

"A portal was launched on February 5, 2019, for land pooling. 6,071 tenders and 6409 hectares

of land have come through the portal for it. Once it is fully implemented, there will be 20,000

hectares of land on which 20 lakh houses can be constructed, which will cover the one-fourth

area of Delhi," Puri's second tweet read.

Under the land pooling scheme, the Centre had sought to create a blueprint for the national

capital going forward.

The policy was drafted by the Delhi Development Authority under the Master Plan 2021.

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Newspaper/Online ET Realty(online)

Date December 24, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/housing-minister-holds-talk-over-land-pooling-in-delhi/72948097

Increase centre's share in PMAY to 80%: Madhya Pradesh

minister

The MP minister for panchayat and rural development also said the Centre should allow

elected representatives of local bodies to pick beneficiaries of the PMAY scheme.

The Madhya Pradesh government has asked the Centre to increase its contribution in

the Pradhan Mantri Awas Yojana, a mass housing scheme for the poor, to 80 per cent from the

current 60 per cent, Minister Kamleshwar Patel said on Tuesday.

The MP minister for panchayat and rural development also said the Centre should allow elected

representatives of local bodies to pick beneficiaries of the PMAY scheme.

"The Centre provides 60 per cent while a state's share is 40 per cent in PMAY. The Centre's

share should be increased to 80 per cent like it is the case with Indira Awas Yojana," Patel told

reporters.

He said despite the state pitching in with 40 per cent, the Centre takes all the credit for the

scheme.

"Elected local bodies' representatives know better which poor people are in need of a house, but

the PMAY is designed in such a manner that they have no role to play. They should be given

some power so that benefits can reach the poor," Patel said.

The minister also said the government was building 'gaushala' (cow shelters) in MP as part of

the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA).

"We had set a target of developing 1,000 cow shelters in 2019-20. Of these, 937 have been

approved. Of approved gaushalas, 200 have been completed. Another 219 are going to be

completed within the next fortnight. Work on remaining cow shelters will be completed by

February," he said.

These shelters include sheds, godown, compost unit, water tanks and room for watchman etc, he

said.

Patel said the Centre had not yet released Rs 350 crore under MNREGA.

"The Centre's attitude has been biased towards Congress-ruled states. On the basis of the

Newspaper/Online ET Realty(online)

Date December 24, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/increase-centres-share-in-pmay-to-80-madhya-pradesh-minister/72956399

Central team's assessment, the MP government had asked for Rs 7000 crore for crop damage

due to heavy rains, but the Centre has given only Rs 1,000 crore," Patel claimed.

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Aurangabad civic body to set-up four-member panel to look at

property tax disputes

Municipal commissioner Astik Kumar Pandey said the civic body has a debt of Rs 300

crore. Currently, the property tax recovery is at a dismal rate of 40%.

The civic body will set up a panel to hear disputes related to property tax assessment and

thereby enhance revenue collection.

Municipal commissioner Astik Kumar Pandey said the civic body has a debt of Rs 300 crore.

Currently, the property tax recovery is at a dismal rate of 40%. Pandey has expressed concern

over the tax recovery and is determined to work on improving it.

During the recent special general body meeting to discuss the budget last week, members from

all parties stressed on the need to improve tax collection and suggested measures for it.

BJP corporator Madhuri Adwant-Deshmukh had suggested the formation of a tax adalat to

address the property tax related disputes.

She claimed that the tax assessment for several properties has not been done properly and it is

affecting the revenue collection towards property tax.

Adwant-Deshmukh, who represents the Cidco N-3, N-4 wards, had also sought details of the

disputed properties in her wards and property tax shortcoming because of them. She is still

waiting for the details to be given to her.

On Monday, mayor Nandkumar Ghodele took a review meeting of various departments. He said

that a four-member committee will be formed a part of AMC’s tax adalat.

“The committee comprising account officer, legal advisor, tax officer and respective ward

officer will take up the disputed matters and address the grievances so that the property can be

regularised. The major defaulters will be taken up first in every zone,” he said.

With regard to water tax, the AMC has observed that the frequently announced amnesty

schemes have failed to gather response from residents.

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Newspaper/Online ET Realty(online)

Date December 24, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/aurangabad-civic-body-to-set-up-four-member-panel-to-look-at-property-tax-disputes/72951529

Delhi CM launches housing scheme for residents of JJ clusters

The families were covered in the survey conducted by the Delhi Urban Shelter

Improvement Board (DUSIB) under the Delhi government's ambitious housing scheme.

Ahead of Assembly elections in Delhi, Chief Minister Arvind Kejriwal on Tuesday handed over

ownership certificates to over 65,000 families residing in slum clusters, who will now get

permanent houses.

Launching the 'Mukhyamantri Aawas Yojana', Kejriwal handed over certificates to slum

dwellers in Ambedkar Nagar here, for the allotment of pucca houses and to ensure that their

jhuggis will not be demolished by any authority now.

The families were covered in the survey conducted by the Delhi Urban Shelter Improvement

Board (DUSIB) under the Delhi government's ambitious housing scheme.

"The slum dwellers who have been covered under the Delhi government's survey are getting

pucca houses. The survey is underway in the entire city and certificates will be given to all slum

dwellers as soon as the survey is completed. The certificate ensures no encroachment or

demolishing of slum areas," said Kejriwal.

He said the slum dwellers are constantly scared of encroachment and demolishing of their

spaces by authorities, such as DDA.

According to the 2019-20 survey, the certificate bears the jhuggi number, name of the head of

the family along with a family photograph, code number, survey code number and the Voter

identity card number of the beneficiary family.

The government in 2018 had approved that DUSIB will conduct a demand survey of all JJ

bastis in Delhi after Kejriwal decided the same in 2017.

The Delhi Cabinet in January renamed the Delhi Slum and JJ Rehabilitation and Relocation

Policy, 2015 as 'Mukhya Mantri Awas Yojna'.

The DUSIB survey was started in June and the demand survey of 69,684 jhuggis.

Survey certificates of 67,459 JJ dwellers having photographs of the occupants of the surveyed

units of 156 JJ bastis have been printed and are now being distributed, the government said.

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/delhi-cm-launches-housing-scheme-for-residents-of-jj-clusters/72962839

New classifications for land use in Pune cantonment

“Our engineering department has started work on the new LUP, and will complete it in

the coming weeks. It will then be tabled before the board’s general body for discussion,”

Pune Cantonment Board CEO Amit Kumar said.

New classifications will be added in the land use plan (LUP) of cantonments in the Southern

Command area in an attempt to make administration easier.

The new zones will be marked residential, market, bungalow, military and institutional and,

according to a letter issued by Southern Command’s director of defence estates to the

cantonment CEOs, the classifications will be introduced without disturbing the existing zones.

“There shall be a specified plan for land use. No other zone shall be earmarked. While

undertaking zoning exercise, the Urban and Regional Development Plans Formulation and

Implementation (URDPFI) guidelines issued by the ministry of urban development may be kept

in view,” the letter stated.

“Our engineering department has started work on the new LUP, and will complete it in the

coming weeks. It will then be tabled before the board’s general body for discussion,” Pune

Cantonment Board CEO Amit Kumar said.

Misuse of cantonment properties has been a major problem across the country. “Many

residential properties are being used for commercial purposes. After the earmarking the zones,

these issues can be dealt with effectively,” a senior officer from the defence estates department

said.

Activists and residents from the Pune cantonment said that the board must take into account

their suggestions and objections.

“In 2014, the board had created zones, but nothing happened. Unless the ministry takes concrete

decisions, no cantonment will see any kind of development. Every policy of the ministry is

complicated and hence, most of the residents do not understand it clearly. The board needs to

take extra efforts in creating awareness about crucial policies,” long-time resident and activist-

lawyer Netraprakash Bhog told TOI.

“The cantonments are far behind when it comes to civic infrastructure developments. If the

ministry wants to change this, it will have to take citizen-friendly decisions,” said Sanjay

Kawade, an activist and resident of Ghorpadi.

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/new-classifications-for-land-use-in-pune-cantonment/72965398

Gujarat government to put redevelopment projects on fast track

Draft rules were released by State govt in July this year; set to be published in official

gazette now

Ahead of the three-day GIHED-CREDAI property show, there is strong likelihood that the State

government might declare the final notification of rules for the Gujarat Redevelopment Act this

week. The show begins on December 27.

Approximately 5 lakh households in nearly 10,000 housing societies in Ahmedabad could

benefit from the amended Act. Of these, around 3,000 societies are in western Ahmedabad.

The draft rules of the Gujarat Ownership Flats (Amendment) Rules, 2019 (Redevelopment Act),

were released by the state government in July this year. The government had invited objections

and suggestions from public and various stakeholders for the same. After studying it, the urban

development department has finally framed the rules. Now, they are likely to be published in

the official gazette this week. According to developers, declaration of the rules will put

redevelopment projects on fast track.

Lochan Sehra, Secretary (Housing), told Mirror, "After studying the objections and suggestions

and discussing with our legal department, government is likely to make the announcement this

week."

Asked if any major changes had been made in the draft rules, he said, "We have made changes

but can't disclose unless we notify it officially."

Ashish Patel, chairman of Confederation of Real Estate Developers' Associations of India

(CREDAI)-Gujarat, said, "It is a welcome step and we hope our suggestions and

recommendations have been considered by the government in the modification of the rules." He

also added that western Ahmedabad will reap maximum benefit from the Act in the first phase.

It is a welcome step and we hope our suggestions and recommendations have been

considered by the government in the modification of the rules. Western A’bad will benefit

most - Ashish Patel, Chairman, CREDAI

CMD of Shivalik Group, Chitrak Shah, said "We have around 500 proposals from different

societies in western Ahmedabad for redevelopment. With clarity in the rules for redevelopment,

we will be able to put many projects on fast track."

Thrust on affordable housing in 14th GIHED property show

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/gujarat-government-to-put-redevelopment-projects-on-fast-track/72965185

According to GIHED and CREDAI office-bearers, Chief Minister Vijay Rupani, Deputy CM

Nitin Patel, revenue minister Kaushik Patel and energy minister Saurabh Patel will inaugurate

the 14th edition of 'GIHED CREDAI Property Show' at the Gujarat University Convention and

Exhibition Centre near Helmet Circle.

" We will showcase a range of residential and commercial realty, office space and weekend

home projects cutting across locations and budgets, The property show will have more than 150

RERA-approved projects, offering a whole range of options to buyers," said Ajay Patel,

president of GIHED-CREDAI.

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Work on five model sectors under Delhi's land pooling plan picks

pace

On February 5, 2019, DDA had launched a single-window online portal for inviting

registration for participation in land pooling.

Work on the development of five “model sectors”, each with an area of about 200 hectares,

under Delhi Development Authority’s (DDA) ambitious land pooling plan is set to begin soon.

More than 6,400 hectares of land have been pooled under the policy so far.

On February 5, 2019, DDA had launched a single-window online portal for inviting registration

for participation in land pooling. The portal was open till September 6. Out of the total 6,407

hectares of land pooled, maximum area is in Zone N — 3,268 hectares, which is 50% of the

total developable area in the zone. It is followed by Zone L (1,691 hectares) and Zone P-II

(1,248 hectares).

“There are five sectors, which have witnessed around 70% participation from land owners, and

now, consortia have to be formed for their development,” a senior DDA official said.

“There are three sectors in Zone N, where more than 70% of contiguous developable land has

been pooled. At two sectors, we will have to open the window again to allow more participation

from landowners as the land registered under the policy is a little below the cut-off mark,” he

said.

“Planning will be taken up for developing these as model sectors on priority, incorporating

world-class smart infrastructure,” he said.

“We are trying to ensure that landowners in these sectors form a consortium or some group,”

the official said.

“While they will have to form consortium, the verification of the land ownership records has to

be carried out simultaneously. The land owners have shown willingness to participate in land

pooling, but the registration of land parcels is subject to their verification by the Delhi

government.”

The consortium will be duly registered in accordance with the law and will be treated as a single

legal entity under the land pooling policy. The consortium formed will be required to prepare an

implementation plan in consultation with constituent land owners and sign a formal contract

agreement among themselves before applying to DDA.

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/work-on-five-model-sectors-under-delhis-land-pooling-plan-picks-pace/72973261

The layout plan of the 60% land retained with developer entity (DE) or consortium will be

prepared by them as per the sector plan, the notified zonal development plan and the prevailing

master plan for Delhi, clearly indicating the land share and built space under residential,

commercial and public and semi-public uses to individual DEs.

DDA is also trying to ensure adequate provision of housing for economically weaker sections

(EWS). All developments will have to meet mandatory specifications as per the Real Estate

Regulatory Authority (RERA).

“In case of un-pooled land parcels remaining in any sector, which comes forward to participate

at a later stage, the requirement for surrender of land for city level infrastructure shall be 45% or

higher, as decided by the Authority from time to time,” he said.

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Chennai: Owners of about 5,000 vacant plots told to register, pay

tax

The civic body has directed owners of these plots to register themselves and pay up the tax

immediately. “We plan to complete this process within one month,” said a senior

corporation official.

Using its drone survey, Greater Chennai Corporation has identified around 30,000 vacant plots

of land across the city. Of these, around 5,000 have not registered with the civic body as vacant

plots and have not paid vacant land tax that the corporation collects.

The civic body has directed owners of these plots to register themselves and pay up the tax

immediately. “We plan to complete this process within one month,” said a senior corporation

official.

The cash-strapped civic body estimates to collect around Rs 25 crore from this. This measure is

a result of inter-departmental suggestions, especially the health department, which found that

vacant plots were accumulators of stagnant water and garbage, and were breeding ground of

mosquitoes. This was observed during anti-dengue drives, an official said. This drive will help

the corporation in documenting all the owners and hence will enable them in collecting

penalties during future anti-dengue drives, the official said.

There is a similar plan to link completion certificates of under-construction buildings to anti-

dengue fines as well, given that they are also source of dengue-causing mosquitoes.

The vacant land tax has been in vogue since October 2009 when the council passed a resolution

to collect it. According to civic body sources, in a thriving commercial hub like Chennai,

keeping a land vacant is considered a waste of resources. Collection of vacant land tax is also

one of the ways the corporation is trying shore up its revenues after the hike in property

tax rates was reversed.

Sources said the rates fixed is 50 paisa per square feet for land along interior roads and Rs 1.5

per square feet on bus route roads.

Owners of vacant lands have been asked to check if their plots have been registered with the

civic body. Relevant documents should be immediately submitted to the zonal office, an official

said. “Otherwise we would be constrained to collect an additional penalty as well,” the official

said.

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/chennai-owners-of-about-5000-vacant-plots-told-to-register-pay-tax/72965242

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Jaipur civic body collects Rs 60 lakh of urban development tax

The reaction of the drive seemed to be positive with many properties owners deposited tax

on the spot. As per the officials of the JMC, on Tuesday they collected Rs 60 lakh of urban

development tax.

The revenue department of the Jaipur Municipal Corporation (JMC) conducted a drive on

Tuesday in all the zones to seal properties of the owners who were not depositing urban

development tax on time.

The reaction of the drive seemed to be positive with many properties owners deposited tax on

the spot. As per the officials of the JMC, on Tuesday they collected Rs 60 lakh of urban

development tax.

In Moti Doongri zone there were eight plots that were lying vacant and no tax were deposited

for many years. When the JMC officials tried to seal them, the property owners immediately

deposited Rs 15 lakh urban development tax.

More than Rs 600 crore urban development tax amount is yet to be collected from the city. The

major problem is that JMC is still following 2005 property survey to collect tax. At present,

there are around 1,30,000 surveyed properties from which the tax is being collected. In the past

12 years, thousands of houses and commercial complexes have come up in the city, but due to

lack of documentation, no tax has been collected from them.

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Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/jaipur-civic-body-collects-rs-60-lakh-of-urban-development-tax/72965229

Dust screen must at construction sites in Nashik

The committee has also asked the NMC to build traffic islands in the city with concept of

vertical gardens and water fountains to suppress dust.

The air pollution monitoring committee headed by municipal commissioner Radhakrishna

Game has decided to make dust screens mandatory for all builders and construction-site

operators across the city.

Moreover, sprinkling of water at construction sites to suppress the dust has also been made

compulsory. The committee has also asked the NMC to build traffic islands in the city with

concept of vertical gardens and water fountains to suppress dust. These projects are to be

carried out under the Corporate Social Responsibility (CSR) activities.

This committee — comprising officials from agencies like Maharashtra Pollution Control Board

(MPCB), RTO and traffic police — has been formed by the NMC to reduce dust emissions

from such sites.

The union environment ministry has identified Nashik as one of the 100 non-attainment cities

where air pollution is above normal. Following this, the civic body has prepared an action plan

to tackle this problem and the plan was recently approved by Central Pollution Control Board

(CPCB.)

“Dust is generated mostly at construction sites. Considering this, it has been made mandatory

for builders to install dust screens at constructions sites. Moreover, they will have to use water

at the constructions sites to suppress the dust,” an NMC official said.

The NMC recently formed a committee for implementation of the action plan and the first

meeting of the panel was held recently where these decisions were taken.

During the meeting, NMC officials informed about the initiatives taken by the civic body to

increase the tree plantation to reduce the air pollution. Around 16,000 trees have been planted

with involvement of people and NGO. Apart from this, NMC has planted 50,000 trees this year

and has set target of planting 1 lakh trees every year, said NMC official.

The committee also roped in environment department of a city-based private engineering

college to carry out a survey for finding the present air pollution status of the city.

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/dust-screen-must-at-construction-sites-in-nashik/72965205

DHFL set to resume lending in next few weeks

Resumption of normal business operations, albeit on a smaller scale, is aimed at

strengthening DHFL’s credentials as a ‘going concern’ and eventually helping secure

better valuations at the closure of the ongoing resolution process.

Dewan Housing Finance, which is under administration, is setting aside a part of its regular

monthly recoveries on previous retail advances to resume lending after a seven-month gap and

stay relevant in a business that involves earning interest on funds loaned.

Resumption of normal business operations, albeit on a smaller scale, is aimed at

strengthening DHFL’s credentials as a ‘going concern’ and eventually helping secure better

valuations at the closure of the ongoing resolution process.

Central bank- appointed administrators at DHFL have decided to lend about Rs 500 crore every

month beginning the next few weeks, two people with direct knowledge of the matter told ET.

DHFL is estimated to have net monthly inflows of about Rs 800 crore.

DHFL did not reply to ET’s mailed query.

“In October, the consortium of lenders led by the State Bank of India granted the permission to

resume lending,” said an executive associated with the resolution process.

The thinking behind the move is that a financial services company remains in the limelight as

long as it keeps lending, which is the key business for a financier.

“It has to be operational and only then will it get its right valuation from new buyers,” said a

senior banker.

Earlier, the erstwhile management of DHFL also sought fresh credit lines to resume lending

well before Mint Road superseded the existing board, moving the company into administration.

The National Company Law Tribunal’s (NCLT) Mumbai chapter admitted DHFL for

insolvency resolution on December 2 and appointed R Subramaniakumar as administrator of

India’s first financial services company to be put into administration under the new bankruptcy

law.

The RBI appointed EY India as an advisor to the administrator, and AZB & Partners as legal

advisors, ET had reported earlier.

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-set-to-resume-lending-in-next-few-weeks/72965320

After DHFL was put into administration, large conglomerates such as the Adani Group, Piramal

Group, and Apollo are said to have shown interest in acquiring the financier.

Bankers expect to resolve the matter in the next three to six months.

Administrators are also working on a retention plan after the indebted company lost about

3,000-4,000 people over the past one year, ET reported on December 23.

________________________________________________________________________________________________

UltraTech Cement front-runner to buy Emami Cement

Speculation is also rife that the group would soon seal the deal for its cement business at a

valuation ranging between Rs 6,000 crore and Rs 7,000 crore, the sources said.

The Emami Group is inching closer to turning debt-free in line with the city-based diversified

conglomerate's plans for the 2019-20 fiscal, sources indicated.

The group had earlier this year said it was looking to pare the entire debt of Rs 2,600 crore by

March, 2020.

The target is likely to be achieved well within the internal deadlines, Emami Group sources told

.

The promoters had repaid in excess of Rs 2,800 crore since April from resources raised through

selling a part of their holdings in the flagship and listed entity - Emami Ltd, they said.

Speculation is also rife that the group would soon seal the deal for its cement business at a

valuation ranging between Rs 6,000 crore and Rs 7,000 crore, the sources said.

According to media reports, UltraTech Cement has emerged as the front-runner in taking over

its 8-million tonne capacity cement business.

Emami's mining leases in Chhattisgarh, Rajasthan and Andhra Pradesh are also a part of the

valuation, over and above the cost of plant, machinery, land and installed capacity, they said.

Emami Cement had earlier sought a valuation of Rs 8,000-9,000 crore.

The company had a total debt of Rs 2,246.76 crore as on March, 2018, consisting of Rs

2,093.86 crore as secured term loan from banks and financial institutions, and Rs 152.90 crore

working capital borrowings.

________________________________________________________________________________________________

Newspaper/Online ET Realty(online)

Date December 25, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/ultratech-cement-front-runner-to-buy-emami-cement/72965332