The Tribune, Chandigarh, India

	To boost realty sector, govt plans interest subvention scheme Interest subsidy on home loans for poor, lower middle class on cards New Delhi, November 24 The government plans to offer interest subsidy on housing loans to help poor section buy homes and boost real estate demand. Addressing the realtors’ body CREDAI conclave, Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu said the Real Estate Development and Regulation Bill would soon come up in the Cabinet for approval and hoped that at least by the Budget session, the proposed law would become a reality. “We are coming out with an interest subvention scheme for the housing sector for the economically weaker section (EWS) and lower income group (LIG) people and also partly to lower middle class people,” Naidu, who also holds the portfolio of Urban Development, said on the sidelines of an event. He said the government is moving towards reduction in interest rates, which are difficult to manage currently. Asked about timeline, the minister said when the new housing policy is launched, the interest subvention scheme will be a part of it. According to government estimate, the housing shortage was 18.78 million units in 2012, out of which 95% was in EWS/LIG category. Real estate sector is facing a huge slowdown in demand due to high interest rate regime and skyrocketing property rates. Responding to realtors’ demand for single-window approval, he said the procedures for getting the approvals, particularly related to environment and aviation clearances, would be simplified and fast-tracked. On the real estate regulatory bill, Naidu said it is at the “final stage of consultation”. “I have gone through it personally. We have taken the views of various stakeholders including real estate sector. Then we will go to the Cabinet shortly. Once the Cabinet approves, I am hoping we will get early clearance, then we will go to Parliament. “If not this session, at least by the budget session, the Real Estate Development and Regulation Bill will be a reality,” Naidu said. — PTI Real Estate Development & Regulation Bill soon The Real Estate Development and Regulation Bill would soon come up in the Cabinet for approval and the proposed law would become a reality As per estimates, the housing shortage was 18.78 million units in 2012, out of which 95% was in EWS/LIG category Realty sector is facing a huge slowdown in demand due to high interest rate regime and skyrocketing property rates
	India can grow at 9%, become $10 trn economy in 20 yrs: PwC Tribune News Service New Delhi, November 24 India has an opportunity to build a $10 trillion economy over two decades with an ambition of 9% GDP growth, according to a report by PricewaterhouseCoopers (PwC). Titled “Future of India: The Winning Leap”, the report said it would require the corporate sector to come together with the entrepreneur class to build an entrepreneurial ecosystem in constructive partnership with the government. “The world economic picture is pretty challenging in the next 12-18 months. Having said that we are talking about all the opportunities that are here in India and they are significant,” PwC International Ltd chairman Dennis Nally said after releasing the report. “Corporations alone can’t fuel growth and innovation needed to power India’s winning leap, so the entrepreneurial sector must also play a major role as they possess qualities critical for developing innovative solutions, the willingness to take risks, an aptitude for fast decision-making, and bold leadership,” said Deepak Kapoor, chairman, PwC India. “The government also needs to extend support by creating national platform,” he added. The report says up to 40% of India’s $10 trillion economy of 2034 could be derived from new solutions. “Nimbleness in going for new solutions and the new economy would define the future,” said Shashank Tripathi, partner at PwC India. “A young demography, paired with a burgeoning middle-class that is digitally enabled is a once in a lifetime opportunity for India to develop economically and socially,” Nally said. Based on US dollar rates of 2010, the report said to achieve the aspirational targets, India would need to increase annual investments by at least 6 times.
	Sensex, Nifty scale new peaks on global stimulus, reform hopes Mumbai, November 24 Continuing their record-breaking run, benchmark Sensex today surged 165 points to 28,500 and Nifty index rose 53 points to end above 8,500 mark on hopes of big-bang reforms in the ongoing winter session and growing expectations of more stimulus measures from China and Europe. Led by smart gains in Infosys, ICICI Bank, HDFC Bank and TCS, both the key indices hit fresh record intra-day high of 28,541.96 and 8,534.65, respectively. Good capital inflows helped them extend gains for the third straight trading session. Short-coverings ahead of the expiry of November contract on Thursday and rolling over of positions to next series also aided the market sentiment, brokers said. IT, metal, realty, banking and teck scrips attracted buying while some refinery and pharma stocks saw selling. “Sentiments were positive from early trades, mainly driven by China’s surprise move to cut interest rates for the first time in more than two years. Furthermore, sustained inflows on expectations of more economic reforms by government and firm global cues also gave a boost,” said Jayant Manglik, president-retail distribution, Religare Securities. The benchmark BSE S&P BSE 30-share Sensex today resumed higher and registered its intra-day historic peak of 28,541.96. It settled at a new closing high of 28,499.54, up by 164.91 points or 0.58%. In straight three trading sessions, it has risen by 466.69 points or 1.66%. The Nifty also touched its fresh intra-trade high of 8,534.65 and ended at 8,530.15, up 52.80 points. — PTI
	Airtel to sell over 4,800 towers in Nigeria Tribune News Service New Delhi, November 24 Bharti Airtel has entered into a definitive agreement with American Tower Corporation through Bharti Airtel Limited’s subsidiary company, Bharti Airtel International (Netherlands) for the sale of over 4,800 of Airtel’s communications towers in Nigeria. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term. The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on-going capital expenditures on passive infrastructure in Nigeria, company officials said here. American Tower and Airtel expect to close the acquisition during the first half of 2015, subject to customary closing conditions and regulatory approval. “We are pleased to announce the launch of our operations in Nigeria while expanding our relationship with Airtel, one of the leading multinational operators in the world,” said Jim Taiclet, chairman, president and CEO of American Tower. “With the largest population and economy in Africa and relatively underdeveloped wireless infrastructure, we view Nigeria as a tremendous growth opportunity. Further, we expect this investment to support our long-term objective of generating double-digit AFFO per share growth for our stockholders,” he said.
	Jindal Steel scraps $10 bn CTL project Tribune News Service New Delhi, November 24 Jindal Steel and Power Ltd has suffered its first setback as a result of the Supreme Court verdict cancelling the 214 coal blocks allocated “illegally”. Reports said that Jindal Steel has shelved a $10 billion coal-to-liquid project as a result of the apex court decision to scrap coalfields allocated to private firms since 1993. Reports said that the company had taken the decision as Jindal Steel's 1.5 billion tonne coalfield in Odisha was among 214 coal blocks cancelled by the Supreme Court in September, when it ruled that the allocation over the years was illegal and arbitrary. The company had been planning to convert low-quality coal to 80,000 barrels per day of diesel. India is a big importer of crude oil that is refined to make diesel and petrol. Earlier last week, the Coal Ministry came out with the draft rules for the auction of the 74 of the 214 coal blocks, which it plans to finish by March 2015. The apex court, while cancelling the coal blocks had asked the government to carry out e-auction of the coal blocks in a transparent manner and re-allocate the coal blocks. Meanwhile, Adani Power today entered into a pact with Avantha Group to buy out its 600 MW Korba West unit for more than Rs 4,200 crore.
	Biz talk Microtek Infrastructures to expand pan-India footprint Ajay Aggarwal, MD, Microtek Infrastructures talks to Sanjeev Sharma The Rs 5,500 crore Action group which started with footwear has expanded into many verticals. Ajay Aggarwal, director, Action Group & managing director, Microtek Infrastructures, talks about diversified verticals and manufacturing focus in the northern region. Q: How has been the journey so far and what is the size and revenue of Action Group as conglomerate now? A: In the past four decades, Action Group has come a long way. From a small team of just 20 persons, the group today boasts of a workforce of more than 20,000 employees, spread across offices located in 50 cities in three countries. Action Group’s first endeavour in 1972 reaped rich rewards and we soon became the largest shoe manufacturer (Action Shoes) in India. Today, our annual revenue is around Rs 5,500 crore and that does not include our latest venture — Microtek Infrastructures. Q: How many verticals is the group operating in? A: As of today, we have significant presence in consumer goods — shoes, inverters, UPS, stabilisers, interior infrastructure, flex manufacturing, chemicals, mining and healthcare with about a dozen verticals. Our verticals include Microtek, Microtek Infrastructures, Action TESA, Pioneer Flex, API ISPAT and Sri Balaji Action Cancer Medical Institute. If we look at it from comparative perspective, we are one of the largest shoes brand, inverters & UPS manufacturers, interior infrastructure company, largest flex manufacturer, third largest plasticizer producer and last but not the least, our hospital is the third largest hospital in Delhi offering world class integrated healthcare facilities and imparts medical care to the weaker sections of society. In addition to that, we are making new investments in the power sector (Action Infraprojects) in India, the group crossed international borders, coal mining (INSA Coal Holdings) and silica mining (Incubex Minerals) businesses in South Africa. Q: Where are your manufacturing facilities and what do you think about PM’s pitch for ‘Make in India’? A: We have manufacturing facilities for Action shoes, Action Tesa, Microtek invertor and UPS, Pioneer flex, API chemicals and fertilisers, API ISPAT, and Action Infraprojects. These factories are located in various states, including Himachal Pradesh, Punjab, Haryana and Delhi. We are highly positive for PM’s pitch for ‘Make in India’ campaign and are already a de facto partner in that direction. We are confident that it will give a huge boost to local manufacturing sector. Q: With so many verticals, which vertical is the group focusing on currently and what are your expansion plans? A: Though we are equally focused on each vertical, being a new one — Microtek Infrastructures is taking a significant part of our time. With eight licensed projects and 200 acres of accumulated land bank in Delhi, the company plans to expand its footprints pan-India in coming years. Q: You have entered into real estate vertical when things are going tough in economy. How do you expect this vertical to contribute in the overall growth of group? A: Though we are pragmatic enough to understand the market realities, we believe in converting challenges into opportunities. We have entered into the real estate sector with commitment to timely and quality delivery and that is what customers want. The real estate vertical has given huge boost to overall strength of the conglomerate and in coming years it will become the core strength of the group.