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One of the world's largest property and infrastructure investors, <keyword id="586809" type="ORGANIZATION" weightage="100" keywordseo="Brookfield-Asset-Management">Brookfield Asset Management</keyword>, is all set to buy Hiranandani Developers’ commercial real estate assets, mostly tenanted office buildings, located in Powai near Mumbai. The deal is said to be worth $1 billion (approx Rs 6,700 crore). 
 
The global investor is looking forward to owning office properties with stable yields in world’s fastest growing economy. 
 As per reports, the asset manager from Canada is just a few weeks away from acquiring 100% ownership of the 4.5 million-sq-ft business park. The deal, when done, would be the single largest commercial property acquisition in India. The money coming from this acquisition would help brothers <keyword id="3387702" type="UNKNOWN" weightage="100" keywordseo="Niranjan-and-Surendra-Hiranandani">Niranjan and Surendra Hiranandani</keyword> monetize their marquee commercial assets. 
 
Other potential suitors for the property included Canadian Pension Plan Investment Board and Blackstone, but Brookfield put forward an aggressive offer to grab this offer, its third Indian buyout after Unitech Corporate Parks and Gammon's road and power assets. 
 
<a href="http://hiranandani.com/assets/Offices/19.jpg">Image source</a>

One of the world’s largest property investors is sealing a $1 billion deal in Mumbai. Here are the details

New Delhi, Jan 20 () Realty firm Hiranandani group's MD Niranjan Hiranandani, who has been appointed as one of the board members to find resolution for Unitech, said the construction on projects that are networth positive could start early while a help could be sought from the government's Rs 25,000-crore stress fund to complete other stalled residential properties.
The Supreme Court on Monday accepted the proposal of the Centre to take over the management control of embattled realty firm Unitech. A bench headed by Justice D Y Chandrachud gave two months to the new board of Unitech to prepare the resolution framework of the company and sought its report.
Besides Hiranandani, NBCC's former CMD A K Mittal, HDFC's Renu Sud Karnad and Embassy group chairman Jitu Virwani are part of the board.
"As an industry patron, I look up to this important responsibility as a public service in a positive light to attempt and assure resolving the issues of numerous stranded homebuyers," Hiranandani said in a statement.
"The key to success lies in hitting the ground running by quickly evaluating the viable projects which are positive net worth and submitting the resolution plan to the SC and start the ball rolling initially," he added.
Hiranandani said the court's decision to stay all the on-going cases for two months is a good move as this would help in focusing on the real problem of the company rather than overseeing legal issues. 
"There is a possibility of at least 50-60 per cent of Unitech's projects ultimately being net worth positive, so I think there is a good opportunity to start these projects early. However, we may seek some help from the stress fund of the SBI in order to take care of the funding for the interim period," said Hiranandani, who is also President of Assocham and NAREDCO. MJH MKJ

Unitech's new board may seek money from stress fund to construct stalled projects: Hiranandani

Forbes magazine has placed India at the fourth place in its list of countries with the highest number of billionaires, and once again <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> chief <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> has been named the richest Indian. 
 
The list, called 'World's Billionaires' 2017, has 2,043 names in it, who have a combined net worth of $7.67 trillion. In comparison to last year, this figure is up by a record 18%. 
 
Microsoft co-founder <a href="http://www.businessinsider.in/bill-gates-is-largely-optimistic-about-the-future-but-a-key-tenet-of-the-trump-administration-worries-him/articleshow/57635057.cms">Bill Gates</a> tops the list for the fourth year in a row, with a fortune of $86 billion. Last year, this figure stood at $75 billion. Berkshire Hathaway chief <a href="http://www.businessinsider.in/its-all-mental-with-him-warren-buffetts-late-wife-revealed-why-it-took-the-billionaire-so-many-years-to-start-giving-away-his-fortune/articleshow/56902258.cms">Warren Buffet</a> stands second with a new worth of $75.6 billion. 
 
The third place in the list has been grabbed by Amazon's Jeff Bezos with $72.8 billion net worth. 
 
<a href="http://www.businessinsider.in/11-billionaires-hit-hard-by-demonetisation-mukesh-ambani-still-the-richest/articleshow/57519993.cms">Mukesh Ambani</a>, with $23.2 billion, stands 33rd in the list. His younger brother <a href="http://www.businessinsider.in/anil-ambanis-reliance-capital-sells-paytm-stake-to-alibaba-for-rs-275-crore/articleshow/57513421.cms">Anil Ambani</a>, however, ranks 745th with a net worth of $2.7 billion. 
 
Also read: <a href="http://www.businessinsider.in/mukesh-ambani-knows-what-the-millennials-want-heres-how/articleshow/57390611.cms">Mukesh Ambani knows what the millennials want. Here’s how</a> 
 
Talking of countries, India homes 101 billionaires, crossing the 100 mark with for the first time, standing fourth after USA (565), China (319), and Germany (114). 
 There are only four women billionaires from India, viz. <keyword id="51618" type="PERSON" weightage="20" keywordseo="Savitri-Jindal">Savitri Jindal</keyword> and her family (303rd position), Smita Crishna-Godrej (814th), Biocon founder Kiran Mazumdar-Shaw (973) and Leena Tewari (1030). 
 Other Indians in the list are <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> (72nd), <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> (250th), <keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword> (544th), Acharya Balkrishna (814th), <keyword id="6398943" type="PERSON" weightage="20" keywordseo="Rakesh-Jhunjhunwala">Rakesh Jhunjhunwala</keyword> (939th), NR Narayana Murthy (1161st), Vivek Chand Burman and <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> (tied at 1290th), Vijay Shekhar Sharma and Habil Khorakiwala (1567th), <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> (1567th), Niranjan and Surendra Hiranandani (tied at 1678th), and Rana Kapoor (1795th). 
 
(Image source: <keyword id="375775" type="COMPANY" weightage="20" keywordseo="Forbes-India">Forbes India</keyword>)

India ranks fourth in Forbes list of most billionaires, Mukesh Ambani richest Indian again

Mumbai, Dec 31 () At a time when the overall economic growth is slowing, Finance Minister Nirmala Sitharaman's announcement of Rs 102 lakh crore worth of investment in infrastructure projects over the next five years, can be a trigger for boosting growth, says ICRA.
 According to the rating agency, the construction sector is likely to be a major beneficiary of this increased investment.
 The finance minister on Tuesday announced the infrastructure project pipeline for the next five years that will help the country nearly double the size of the GDP to USD 5 trillion by 2025.
 "Creation of the national infrastructure pipeline in a short span of time is a positive step. The distribution of the infrastructure investment is in line with our expectations with a major allocation going towards transportation, energy and water segments. The front-loading of capex is also positive for construction sector," ICRA's Senior Vice-President and Group-Head, Corporate Ratings Shubham Jain said.
 According to the sector-wise break-up of projects, Rs 24.54 lakh crore investment will flow in the energy sector, and of that Rs 11.7 lakh crore would be in just the power sector, while road projects will account for Rs 19.63 lakh crore while another Rs 13.68 lakh crore would be for railway projects.
 Port projects would see spending of Rs 1 lakh crore and airports another Rs 1.43 lakh crore. Rs 16.29 lakh crore would be spent on urban infrastructure and Rs 3.2 lakh crore in telecom projects. Jain, however noted that while the target of scaling up investment in infrastructure is achievable, it would be filled with challenges.
 "The Centre will require support from the state governments and the private sector to achieve this significant scale-up of investment as these two together have to undertake over 61 per cent of the investment," he said.
 Further, reducing bottlenecks and resolving issues which have resulted in significant cost and time overruns will also be vital for efficient utilisation of the planned investment, Jain added.
 Meanwhile, welcoming the move, Anshuman Magazine Chairman and CEO, India, South East Asia, Middle East and Africa of CBRE, said the move reinforces the government's commitment towards making India a leading world economy.
 Naredco National President Niranjan Hiranandani said the move dovetails with other positive moves that the government has recently unveiled, and the positive effects should be visible sooner rather than later.
 "The importance of infrastructure development in GDP growth has been apparent, the world over we have seen governments giving a push to infrastructure with the aim of giving a fillip to economic growth. India has been working towards the agenda of giving infrastructure development it's due especially in the scenario where the economy needs a fillip," he added.
 Knight Frank India Chairman and MD Shishir Baijal opined that the announcement has re-enforced the government's commitment towards infrastructure growth providing the requisite clarity.
 "Apart from the fact that a robust infrastructure is one of the key conditions to overall growth of the economy, this will create a stable base for India's economic recovery soon," he added. PSK MR
MR

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One of the world’s largest property investors is sealing a $1 billion deal in Mumbai. Here are the details

BI India Bureau

Unitech's new board may seek money from stress fund to construct stalled projects: Hiranandani

PTI

India ranks fourth in Forbes list of most billionaires, Mukesh Ambani richest Indian again

BI India Bureau

Mega infra spend can be a trigger for boosting growth: ICRA

PTI

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