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<ul><li><keyword id="3117450" type="General" weightage="20" keywordseo="HDFC-Capital" source="Orion">HDFC Capital</keyword> has raised $376 million under the second scheme of <keyword id="16012698" type="General" weightage="20" keywordseo="HDFC-Capital-Affordable-Real-Estate-Fund-3" source="Orion">HDFC Capital Affordable Real Estate Fund -3</keyword> (<keyword id="15003778" type="General" weightage="20" keywordseo="H-CARE-3" source="Orion">H-CARE 3</keyword>).</li><li>H-CARE 3 is a <keyword id="16012699" type="General" weightage="20" keywordseo="category-II-alternative-investment-fund" source="Orion">category II alternative investment fund</keyword> (AIF) that focuses on providing long-term investment in affordable and mid-income housing projects.</li><li>In addition, the real estate private equity arm of HDFC Group will also invest in technology companies engaged in the affordable housing ecosystem.</li><li>Abu Dhabi Investment Authority (ADIA), through a wholly-owned subsidiary, is the primary investor in H-CARE 3 schemes 1 and 2.</li></ul> HDFC Capital, a subsidiary of top mortgage lender Housing Development Finance Corporation, has raised $376 million under the second scheme of HDFC Capital Affordable Real Estate Fund -3 (H-CARE 3). H-CARE 3 is a category II alternative investment fund (AIF) that focuses on providing long-term, flexible funding across the lifecycle of affordable and mid-income housing projects, including early-stage funding. HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3). All these funds combine to create a $ 3.1 billion platform targeting the development of affordable and mid-income housing in India. Abu Dhabi Investment Authority (ADIA), through a wholly-owned subsidiary, is the primary investor in H-CARE 3 schemes 1 and 2. “Despite the recent headwinds in the global macro landscape, I continue to be optimistic about the demand for homes in India. As the pivot of global growth shifts, India is envisaged to remain amongst the fastest growing major economies,” said Deepak Parekh, chairman, HDFC. “And housing will play an even more important role as a catalyst for growth. HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India.” Parekh further added that, “With the support of leading global investors like ADIA and partnerships with trusted developers, the HDFC Capital platform is well on its way to achieve its medium-term goal of funding one million affordable homes in India.” In addition, the real estate private equity arm of HDFC Group will also invest in technology companies (construction technology, fin-tech, sustainability-tech etc.) engaged in the affordable housing ecosystem, the company said. “At HDFC Capital, our vision is to finance the development of the affordable housing ecosystem in India and provide a seamless platform for all stakeholders including global investors, developers, and vendors to access financing and technology innovations to develop sustainable and smart affordable homes,” said Vipul Roongta, MD &amp; CEO at HDFC Capital. HDFC Capital’s target is to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-credit-worthiness-to-be-stable-in-2023-but-upcoming-elections-could-keep-social-spending-elevated-moodys/articleshow/96851926.cms">India’s credit worthiness to be stable in 2023, but upcoming elections could keep social spending elevated: Moody’s</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a>

HDFC Capital raises $376 million under alternative investment fund for affordable housing; ADIA is primary investor

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A young chartered accountant from London had a plum job with Chase Manhattan when his charismatic uncle HT Parekh who was starting a new mortgage company which provides housing loans to middle class Indians. Back in the late 70s, it was almost impossible for salaried Indians to take home loans, which are now available before ‘coffee gets cold’. The Parekhs had taken what was considered impossible and turned the business of housing loans into a profitable business, but also opened up new vistas for the real estate sector. Ever since Housing Development Finance Corporation (HDFC) has turned into an institution which spun off a bank in 1994, one that is today the country’s biggest private bank. HDFC itself ventured into various businesses like insurance, asset management, mutual funds and in each of the businesses that they’re in, they’re amongst the top few. It’s 75-year old Chairman Deepak Parekh is a doyen of the country’s financial industry and earned himself the reputation of ‘trouble shooter’ in chief. Mumbai’s financial community can’t be tired of narrating legends about his role in the efforts to save and revive scam-tainted companies like Satyam Computers and UTI. Best amongst equals In Parekh’s own words, every business that he gets into, he wishes to be amongst the top three institutions or not be in it at all. He chose both organic and inorganic routes to achieve this. As India battles the pandemic, Parekh is one of the few voices that provide a ray of hope. In an interview with Shekhar <a href="https://theprint.in/theprint-otc/indian-economy-will-be-booming-by-next-august-worst-behind-us-hdfc-chairman-deepak-parekh/474497/">Gupta of the Print</a>, he said that India would see positive growth by next year. He also believes that India will do better than limp back to its pre-Covid days - which was slow even back then. He is also on the board of several leading corporations across diverse sectors. He is the non-executive chairman in India of Siemens Ltd. He is also on the board of National Investment and Infrastructure Fund (NIIF). It will also be worth noting how he sees this recovery playing out, and what India needs to do to recover from the current trough. Join us at the <a href="https://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a> between October 19-23 from wherever you are. SEE ALSO: <a href="https://www.businessinsider.in/business/news/india-has-its-eyes-and-hopes-pinned-on-adar-poonawalla-the-worlds-biggest-vaccine-maker-who-will-be-at-gtf-2020/articleshow/77977949.cms" data-type="tilCustomLink">India has its eyes and hopes pinned on Adar Poonawalla⁠⁠— the world’s biggest vaccine maker who will be speaking at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/meet-vani-kola-managing-director-kalaari-capital-the-unicorn-hunter-at-global-trends-festival-2020/articleshow/77999658.cms" data-type="tilCustomLink">Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/international/news/reed-hastings-to-speak-at-the-business-insider-global-trends-festival/articleshow/77550576.cms" data-type="tilCustomLink">Reed Hastings to speak at the Business Insider Global Trends Festival</a>

Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020

<ul><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword> said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. </li><li>Former Prime Minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword> also said there’s a climate of fear and mistrust among various economic participants including industrialists, bankers and policymakers. </li><li>Vodafone Chief Executive Nick Read landed himself with two lawsuits after he hinted at possible collapse in India operation. </li></ul>Industrialist and Bajaj Group chairperson Rahul Bajaj is making waves for his remarks on the Modi government. The 81-year old said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. “None of our industrial friends will speak about it, but I’ll say that openly, You’re (Narendra Modi led government) doing a good job, but despite that, we’re not confident you’ll appreciate if we openly criticise you,” said Bajaj. Bajaj alleged that government is creating an environment of fear where people are not allowed to question it The comment comes at a time when the health of India’s economic growth is worse than expected. Its GDP for the second quarter fell to 4.5%. Moreso, unemployment is rising, and the banking sector is in crisis mode. Bajaj earlier too said that times are difficult time for auto sector without neither demand nor investment. In November 2019, his <keyword id="6359783" type="COMPANY" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> saw a 12% decline in sales,<a href="https://www.google.com/search?q=bajaj+auto+november+2019+sales&amp;rlz=1C1GCEU_enIN864IN864&amp;oq=Bajaj+Auto+november&amp;aqs=chrome.1.69i57j0l4.4855j0j7&amp;sourceid=chrome&amp;ie=UTF-8"> according to ET Auto. </a> Bajaj is among the handful of people who spoke against the government publicly. Former Prime Minister Manmohan Singh <a href="https://www.thehindu.com/business/Economy/45-gdp-growth-rate-unacceptable-worrisome-manmohan-singh/article30117648.ece">too said there’s a climate of fear and mistrust among various economic participants</a> — industrialists, bankers and policymakers. Here are a few others who dared to bell the cat Vodafone Chief Executive Nick Read landed himself with two lawsuits 
 
 
 
 
 
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 Vodafone chief executive Nick Read landed himself with two lawsuits. In November 2019, Vodafone CEO hinted to reporters in London about a possible collapse of its Indian operation if the government does not give relief to the massive deferred spectrum dues amounting<a href="https://www.businessinsider.in/business/corporates/news/vodafone-idea-posts-a-historic-50000-crore-loss-over-agr-dues/articleshow/72064458.cms"> to ₹44,150 crore. </a>As soon as the press conference was over, two lawsuits were filed against him, <a href="https://www.scmp.com/week-asia/economics/article/3038987/tax-terrorism-indias-slowing-economy-takes-deadly-turn-modis">reported South China Morning Post</a>. Union Telecom and Communications Minister Ravi Shankar Prasad is known to have “expressed disapproval and displeasure over the tone and tenor” of the comments to <keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-Mangalam-Birla">Kumar Mangalam Birla</keyword>, Vodafone’s JV partner. A day later, Read<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr"> apologised</a> to the Indian government and blamed the media coverage for distorting his remarks. He further asserted that Vodafone will “<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr">remain invested” in India.</a> Kumar Mangalam Birla criticised the UPA government 
 
 
 
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 Not just the Modi government, even the UPA was merciless when it came to dealing with dissenters. In 2012, Kumar Mangalam Birla the billionaire promoter of the $48.3 billion Aditya Birla Group, famously gave <a href="https://www.business-standard.com/article/companies/policy-paralysis-has-shaken-investors-confidence-birla-112081800054_1.html">currency to the phrase </a>'policy paralysis' which went on to describe the second five-year term of the Manmohan Singh government. What he didn't know was that soon after the sleuths at CBI would chase him after a surprise raid at a Hindalco office found Rs 5 crore unaccounted cash in its premises. This money got linked to the infamous coal allocation scam. While the firm lost its coal mine <a href="https://www.forbes.com/sites/naazneenkarmali/2013/10/15/billionaire-kumar-birla-dragged-into-indias-coalgate-scandal/#5d145b0e180a">Talbira II in Odisha</a>, Birla himself has since been acquitted in the case of the cash in one of his offices. HDFC chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> said there's no ease of doing business in India 
 
 
 
 
 
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 A year after Modi’s landslide win in 2014,<a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html"> Parekh said Prime Minister had a lucky period in these nine months. </a> “The world commodity prices are at all-time low which help India the most. I don’t see ease of doing business changing so far,” <a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html">he had said</a>. But he had to eat his words, and <a href="https://www.businesstoday.in/opinion/perspective/narendra-modi-govt-nine-months-deepak-parekh/story/220994.html">do a complete U-turn within five months</a>. What transpired behind the scenes is anybody's guess. India has lost confidence of the world: Ratan Tata 
 
 
 
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 In 2016, Ratan Tata the chairman emeritus of the <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword> said <a href="https://www.thehindu.com/business/Economy/india-has-lost-confidence-of-the-world-ratan-tata/article5068063.ece">India has lost the confidence of the world </a>and the government has been slow to recognise it. He said the government has “swayed” under the influence of vested interests in the private sector and policies have been “changed, delayed and manipulated”. Tata, who demitted office as Tata group chairman last December, said that Prime Minister Manmohan Singh has held India’s “esteem high but in recent times we have lost it”. Ironically, this was the same year when BJP MP Subramanian Swamy <a href="https://www.businesstoday.in/current/economy-politics/ratan-tata-most-corrupt-chairman-in-history-of-tata-group-says-subramanian-swamy/story/239254.html">filed a complaint against Tata, lobbyist Niira Radia, former Telecom Minister A. Raja and senior Unitech officials for</a> allegedly laundering money to Unitech companies to obtain 2G spectrum licence. Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official 
	
 
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 After the unfortunate <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">death</a> of VG Siddhartha of Cafe Coffee Day, his billionaire friends from Bengaluru chimed in his support blaming aggressive tax officials for the demise of the coffee baron. However, Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official. Shaw revealed <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">to the Telegraph. </a> See also <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">Narendra Modi has a new problem – big corporates and moneybags are angry</a>

From Deepak Parekh to Vodafone CEO Nick Read —  5 times corporates criticised Indian government and ran into trouble

<ul><li>HDFC acquired a 51% stake in health insurer Apollo Munich for Rs 13.36 billion.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li></ul>HDFC has acquired a 51% stake in health insurer Apollo Munich for ₹13.36 billion. The mortgage lender will merge it with its own general insurance company HDFC Ergo, making this combined entity the second largest private insurer in the accident and health segment. This merger comes after the government has been trying to formalise the plan to merge three of its general insurers---New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company to <a href="https://www.financialexpress.com/industry/banking-finance/experts-back-merger-of-new-india-assurance-national-insurance-united-india-and-oriental-india-insurance-company/1607907/">unleash economies of scale</a>. Now, private players have seem to have taken a cue to become bigger and stronger. The combined entity of HDFC Ergo and Apollo Munich will have a market share of 8.2% in health and accident segments. In the non-life insurance segments, it will have a market share of 6.4%. “The combined expertise of HDFC ERGO and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities, benefiting their 1.2 crore policy holders,” said <keyword id="6448020" type="DEFINITION" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword>, Chairman of HDFC Ltd and HDFC ERGO General Insurance. This acquisition is subject to approval from various regulators including National Housing Bank (NHB), Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI). Munich Health Germany which is a partner of Apollo will also pay ₹2.94 billion (₹294 crore) to Apollo Hospitals Enterprise and Apollo Energy to support the transaction. “The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, Chairperson Apollo Munich Health Insurance and Vice Chairperson Apollo Hospitals Enterprise. This merger would make one player less in India’s crowded general insurance where there were 34 players, before this deal. However, the number of people who have any kind of insurance in the country are less than 3.69% of the population, according to the latest annual report from the regulator, Insurance Development Authority of India (IRDAI).

India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

<keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-mangalam-birla">Kumar Mangalam Birla</keyword>, chairman of the <keyword id="44373" type="CITY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword> has been shortlisted for the post of chairman of the Indian Institute of Management, Ahmedabad. 
 Among the other people nominated for the post are <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> Chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> as well. The names have been forwarded to the ministry for approval, a top official told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 In January this year, L&amp;T Chairman AM <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword> who was earlier holding this post had stepped down. In March, the institute had named <keyword id="63358" type="PERSON" weightage="20" keywordseo="Cadila-Healthcare">Cadila Healthcare</keyword> Chairman <keyword id="135342" type="PERSON" weightage="20" keywordseo="Pankaj-Patel">Pankaj Patel</keyword> as interim chairman.

IIM-A shortlisted K M Birla for
the post of chairman

As <keyword id="472962" type="ORGANIZATION" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> and <keyword id="1118012" type="UNKNOWN" weightage="20" keywordseo="max-life">Max Life</keyword> are all set to create the country's biggest private life insurer, <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> came together in a press conference to disclose some of the details of the deal which is now sealed. Parekh said he believes macro economic conditions in India are favourable for such a merger and, HDFC and Max have strong synergies. Meanwhile Analjit said he has not seen effective consolidation in <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in years. 

	Key announcements made: 
 

	- HDFC LIFE to be the listed entity on completion of merger process

	- Max Life to merge into Max Fin Svcs, then into HDFC LIFE

	-Renewable premiums to grow around 10% per year going ahead. New business premium to grow by 15% in five yrs

	-Deal is subject to regulatory, shareholder approvals, and there is no need for open offer in Max Life merger

	-The agreement provides for a mutually agreed 6-month exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
 

	The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
 HDFC Life is a joint venture between HDFC and <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo InsuranceCo. Ltd. The foreign partner holds 25 per cent in the insurer. Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance. 

	For HDFC, this will be the second such merger announced in this month. Earlier in June, HDFC Ergo General Insurance, the general insurance arm of mortgage lender HDFC, said that it will acquire L&amp;T General Insurance for Rs 551 crore, which if completed would be the first ever merger in the insurance industry.

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

<ul><li>Pallonji was once believed to be India’s richest Parsi and probably one of the richest Irishmen too. </li><li>He was nicknamed The Phantom of <keyword id="275791" type="General" weightage="20" keywordseo="bombay-house" source="Orion">Bombay House</keyword> as he wielded a lot of power at the <keyword id="6355725" type="General" weightage="20" keywordseo="tata-group" source="Orion">Tata Group</keyword>’s headquarters at one point in time. </li><li>When Pallonji’s father Shapoorji was bankrolling Mughal-E-Azam, the younger Mistry was nervous about the ballooning budget, and advised his father against it.</li></ul>Very little is known about <keyword id="6689214" type="General" weightage="20" keywordseo="pallonji-mistry" source="Orion">Pallonji Mistry</keyword> who was the chairman emeritus of the <keyword id="261354" type="General" weightage="20" keywordseo="shapoorji-pallonji-group" source="Orion">Shapoorji Pallonji group</keyword> – but has been crowned one of the Moghuls of real estate. And why not? The unlisted company had built every iconic building of South Mumbai – be it the Taj Colaba or the Oberoi Hotel. Abroad, the company built the places of Oman’s king and the President of Ghana. In fact, their ability to build seems to be how they ended up as one of the biggest shareholders of the Tata Group. They had started accumulating shares during Pallonji Mistry’s father’s time when Shapoorji Pallonjigroup was building factories for Tata Steel and Tata Motors – and were paid for, in shares. The <keyword id="14307253" type="General" weightage="20" keywordseo="richest-irishman" source="Orion">richest Irishman</keyword>, the richest Parsi These shares in the rapidly expanding group are what made Pallonji a billionaire who is now worth around $28.9 billion according to<a href="https://www.bloomberg.com/billionaires/profiles/pallonji-mistry/#xj4y7vzkg"> the Bloomberg Billionaires index</a>, which makes him the 41st richest Indian. Most of his wealth comes from their 18.4% stake in Tata Sons – which they have decided to offload following a feud. While his own construction company has interests in India and the Middle East, he also owns the consumer goods company, Eureka Forbes — a name that most of India’s households heard when water purifiers became a thing. At one point in time, however, Pallonji was believed to be India’s richest Parsi and also counted among the richest Irishmen too. Pallonji had given up his Indian citizenship in 2003 as he was married to an Irish woman, Patsy Perin Dubash. He however continued to reside at his sea-facing bungalow in the uptown Walkeshwar area of Mumbai. The Phantom of Bombay House The reticent billionaire was also nicknamed The Phantom of Bombay House due to the power he had wielded over the Tata Group’s headquarters at one point in time – though he was not ever present. However, all his friends – be it Adi Godrej, the chairman of the Godrej Group, Deepak Parekh, the chairman of HDFC and others know him as a warm and caring person and a good host. But only a select few people have the privilege of knowing him. Coomi Kapoor’s book ‘<a href="https://indianexpress.com/article/books-and-literature/how-shapoorji-pallonji-jr-built-his-construction-empire-and-why-khojeste-mistree-is-a-religious-pop-star-among-the-parsis-7431872/">The Tatas, Freddie Mercury &amp; Other Bawas</a>' however has an interesting tidbit about him. When Pallonji’s father Shapoorji was bankrolling India’s biggest movie production, Mughal-E-Azam, the younger Mistry was nervous about the ballooning budget of the movie and the fact that it was being reshot. He tried to talk his father out of the ‘dead investments’, but the senior did not listen. However, the movie crashed all box office records of time – paying off his father’s penchant for perfection. Pallonji’s son Cyrus Mistry seems to have taken a leaf from it. After he became the chairman of the Tata Group – a similar discord over funding expensive businesses is what led to the famous Cyrus Mistry-Ratan Tata feud – which became one of India’s long-drawn corporate battles — leading to their decision to sell off their interest in Tata Sons, that’s been held for decades. With Pallonji’s death,<a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistrys-father-pallonji-mistry-passes-away-at-93/articleshow/92509875.cms"> the phantom of Bombay House ha</a>s now literally exited the building and the business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistrys-father-pallonji-mistry-passes-away-at-93/articleshow/92509875.cms" style="">Cyrus Mistry's father, Pallonji Mistry passes away at 93</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/four-of-every-10-fiis-are-from-the-us-most-others-are-from-tax-havens/slidelist/92510427.cms" style="">Four of every 10 FIIs are from the US; most others are from tax havens</a>

Pallonji Mistry, the elusive but powerful phantom of Bombay House

Mumbai, Apr 14 () HDFC Chairman Deepak Parekh on Tuesday said he will discuss with State Bank of India for setting up of a distressed assets fund for the real estate sector.The fund will work in a similar manner in which the public sector and private sector partnered to invest and rescue Yes Bank."It was a joint public-private partnership to ensure that another bank (Yes Bank) doesn't go the IL&amp;FS way. We had to join together and put some money."Similarly, we have to join and try to look for (real estate) stressed fund. I will talk to the SBI chairman and see whether we can come together to put capital and get some overseas player like International Finance Corporation (IFC) to come in and invest in that fund," Parekh told representative of real estate developers via video conferencing organised by real estate developer associations- Naredco and Credai.Last year in November, the government had announced to set up a Rs 25,000 crore alternative investment fund - SWAMIH Investment Fund I to provide debt financing for the completion of stalled housing projects.The investment manager of the fund is SBICAP Ventures. HV BALBAL

Will discuss distressed assets fund for realty with SBI: Parekh

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A 13-year-old Ritesh Agarwal sold mobile SIM cards at his <a href="https://www.thegeniusworks.com/2020/05/the-rise-of-oyo-the-worlds-fastest-growing-hospitality-brand-from-india-offering-tasteful-spaces-whenever-you-need-them-at-unbeatable-prices/#:~:text=At%20the%20age%20of%2013,college%2C%20but%20soon%20dropped%20out.&amp;text=In%202018%2D19%20OYO%20raised,billion%20through%20Agarwal's%20own%20investments.">small town of Odisha</a>, Titilagarh. Six years later, in 2013, Ritesh Agarwal came up with a digital solution to integrate unbranded hotels, homes, and living spaces, which many called AirBnB with a twist. Today, the $10 billion startup, OYO, is a household name in India and one of the world’s largest hotel chains. And, the 27-year old Agarwal is one of the youngest billionaires in the world. Agarwal, the early bird, is reaping the benefits of embracing technology early, and wants to share his convictions about the power of technology at <a href="http://trendsfestival.in/" data-type="tilCustomLink">Business Insider Global Trends Festival 2020</a>. The pandemic is testing OYO’s mettle and Agarwal’s survival instincts In the last seven years, OYO has grown in leaps and bounds. It has over a million rooms in India, with their lease and franchise model. It has also expanded to China, US and Europe. The next phase was an aggressive growth strategy including takeovers and acquisitions including Leisure group, a rental company in Europe and Las Vegas Hooters property in the US. However, like anyone in the hospitality business will tell you, the COVID-19 pandemic has forced a reset. The backing from Softbank will be useful but recovering from the nearly-fatal blow of the pandemic will need more than just money. Does Agarwal have another secret key to success? Don’t miss the <a href="http://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/dont-miss-ajay-piramal-chairman-piramal-group-a-master-deal-maker-with-business-in-30-countries-at-the-global-trends-festival-2020/articleshow/78054719.cms" data-type="tilCustomLink">Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/benefits-and-extra-attractions-for-the-attendees-of-the-business-insider-global-trends-festival/articleshow/78037583.cms" data-type="tilCustomLink">Benefits and extra attractions for the attendees of the Business Insider Global Trends Festival</a>

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> When online developer community Stack Overflow brought on its new CEO, Prashanth Chandrasekar, on board in November last year he had no plans of raising fresh funds for the company before 2021. As coronavirus brought on dramatic changes across the globe, Stack Overflow had to review its plan. Stack Overflow’s public question and answer platform, also has job listings for developers looking for new projects. Developers can use it to re-skill themselves, find out what programming languages are in demand and network with other developers to up their game. “India is a big user base for us and it’s untapped in the context of our Team’s product. Almost entirely India’s association today is with the largest number of users,” <a href="https://www.businessinsider.in/business/startups/news/stack-overflow-is-using-its-85-million-to-boost-teams-and-it-wants-to-use-it-to-crack-the-india-market/articleshow/77972020.cms"></a><a href="https://www.businessinsider.in/business/startups/news/stack-overflow-is-using-its-85-million-to-boost-teams-and-it-wants-to-use-it-to-crack-the-india-market/articleshow/77972020.cms" data-type="tilCustomLink">Prashanth Chandrasekar told Business Insider in an exclusive interview</a>. He believes India will be “huge powerhouse for software development for companies in the west.” Be a part of Business Insider’s <a href="http://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival</a> scheduled for October 19 to October 23 this year to get more insights into Chandrasekar’s vision on how technology can accelerate India’s development and employment. In July 2020, at the peak of the pandemic, the company raised $85 million and brought on two new investors, Silver Lake Waterman. and GIC — with the latter leading the Series E round of investment. The fresh funds will almost entirely be focused on boosting Stack Overflow for Teams, Chandrasekar revealed.. As the monthly sign ups on its public platform and Teams product jumped from 150,000 on average in 2019 to 260,000 in April — staying well above 200,000 in the months that followed — investors pinged, and Stack Overflow answered. The public platform is free for use but Stack Overflow for Teams is a paid product. It’s a knowledge management software for developers to ask questions and find answers⁠— the key to Chandrasekar’s strategy to rapidly transform Stack Overflow into a software-as-a-Service (SaaS) company. SEE ALSO: <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/meet-vani-kola-managing-director-kalaari-capital-the-unicorn-hunter-at-global-trends-festival-2020/articleshow/77999658.cms" data-type="tilCustomLink">Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/india-has-its-eyes-and-hopes-pinned-on-adar-poonawalla-the-worlds-biggest-vaccine-maker-who-will-be-at-gtf-2020/articleshow/77977949.cms" data-type="tilCustomLink">India has its eyes and hopes pinned on Adar Poonawalla⁠⁠— the world’s biggest vaccine maker who will be speaking at the Global Trends Festival 2020</a>

Prashant Chandrasekar who went from Bengaluru to become the CEO of Stack Overflow will be at Global Trends Festival 2020

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> Asia is not just the centre of the pandemic, it also has the potential to be the epicentre of the recovery that follows. Therefore, there is a need for a platform for thought leadership and Business Insider is providing just that. And that is exactly what Business Insider’s Global Trends Festival (GTF) is. One of the most high-profile international stages, GTF has gone virtual for the first time. "Long before 2020, ideas from the West have recognized that for their missions to be genuinely global they needed to have special resonance in Asia and the East. I'm delighted to have seen Business Insider lean into India and beyond for years and am proud of the role we at Times Bridge have played in helping them inform and engage new audiences," said Rishi Jaitly, the CEO of Times Bridge (Business Insider’s partner in India). The event which will be held between October 19-23 will host eminent speakers like Reed Hastings, the CEO of Netflix; Nobel laureate Nouriel Roubini, Professor at Stern School of Business; Sebastian Thrun, the CEO and Founder of Udacity and the Founder of Google X; and many more. <div type="image" title="Trends themes" msid="77978371" hostid="261"></div> The Asia stage of the event, too, boasts of a sparkling lineup of guests with an eclectic mix of experts like pharma billionaires, top bankers and startup founders. Arguably, one of the most important personalities in India right now, Adar Poonawalla, the CEO of Serum Institute of India will be speaking at the GTF. His company is working on a Covid-19 vaccine, which is currently in the human trials phase. An icon in Indian financial markets, Deepak Parekh, the chairman of HDFC, one of India’s oldest housing finance companies, will also be there sharing his experiences from past disruptions. Vani Kola, the charismatic investor behind some of India’s biggest unicorns and Prashant Chandrasekhar, the inspiring Bengaluru boy who went on to become the CEO of an American company, Stack Overflow are also among those to watch out for. The names of many more iconic leaders from India will be revealed in the days to come. “Trends Festival is unlike any other virtual event for the sheer size, scale and reach. While the speakers will offer insights and inspiration, there will be many CXOs who are decision makers in their own right. GTF will allow you to network with the best in business, halfway across the world, from the comfort of your home. We are putting together the platform for those who believe in seizing the opportunity,” said Sriram Iyer, Editor of Business Insider India. SEE ALSO: <a href="https://www.businessinsider.in/business/news/largest-global-event-in-2020-trends-festival/articleshow/77461047.cms">Business Insider's Global Trends Festival is coming to India — and it's gonna be huge!</a> <a href="https://www.businessinsider.in/international/news/reed-hastings-to-speak-at-the-business-insider-global-trends-festival/articleshow/77550576.cms">Reed Hastings to speak at the Business Insider Global Trends Festival</a> <a href="https://www.businessinsider.in/international/news/nouriel-roubini-to-speak-at-the-business-insider-global-trends-festival/articleshow/77721282.cms">Nouriel Roubini to speak at the Business Insider Global Trends Festival</a> <a href="https://www.businessinsider.in/international/news/ozy-ceo-and-cofounder-carlos-watson-to-speak-at-the-business-insider-global-trends-festival/articleshow/77916562.cms">Ozy CEO and cofounder Carlos Watson to speak at the Business Insider Global Trends Festival</a>

You Searched For "Deepak Parekh" and got 11 results

HDFC Capital raises $376 million under alternative investment fund for affordable housing; ADIA is primary investor

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Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020

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India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

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IIM-A shortlisted K M Birla for the post of chairman

BI India Bureau

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

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Pallonji Mistry, the elusive but powerful phantom of Bombay House

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Will discuss distressed assets fund for realty with SBI: Parekh

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Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

BI India Bureau

Prashant Chandrasekar who went from Bengaluru to become the CEO of Stack Overflow will be at Global Trends Festival 2020

BI India Bureau

The leadership from Asia, and India in particular, will be at the heart of Global Trends Festival 2020

BI India Bureau

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