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Indiabulls Real Estate cuts its net debt by 54% to Rs 464 crore

Indiabulls Real Estate has cut its net debt by 54 per cent to Rs 464 crore during the three months ended June, compared to the March quarter. Besides, the merger with the Embassy Group is in the final stage of National Company Law Tribunal (NCLT) review, according to an investor presentation by Indiabulls Real Estate Ltd (IBREL). In the investor presentation IBREL said its net debt stood at Rs 464 crore at the end of June quarter, as against Rs 1,005 crore as on March 31, 2022. Its gross debt fell to Rs 739 crore from Rs 1,310 crore.

Hines plans to develop 900,000 sq ft office building in Mumbai foray

US-based real estate investment firm Hines Ltd has forayed into the Mumbai market and will develop an office building comprising 9 lakh square feet of leasable area. In India, Hines has completed two commercial projects -- 'One Horizon Center' and 'Skyview Corporate' -- in Gurugram comprising 1.4 million square feet. The company has exited from investments in these two projects. At present, it has over 16 million square feet of development across Bengaluru, Delhi-NCR, and Pune

ICICI Sec, Axis Cap among 5 bankers to manage govt's HZL stake sale

ICICI Securities, Axis Capital and Citigroup Global Markets are among the five investment bankers selected to manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd, an official said on Tuesday. Also, HDFC Bank and IIFL Securities will act as investment bankers and work with the government and handle the share sale offers, the official said.

Ratan Tata invests in senior citizen companionship-as-service startup

Industry leader Ratan Tata on Tuesday announced an undisclosed investment into startup Goodfellows that offers companionship to senior citizens as a service. The octogenarian industrialist has been an active backer of startups ever since he retired from the helm of the salt-to-software Tata Group. The latest investee company is founded by Shantanu Naidu. The Cornell University-educated Naidu, 25, is a general manager in Tata's office and has been assisting Tata since 2018. He shares Tata's love for dogs and strays and had previously started a venture around pets as well.

Wockhardt initiates phase-III clinical study of new antibiotic candidate

Pharmaceutical firm Wockhardt Ltd on Tuesday said it has initiated a global Phase III clinical study of its new antibiotic candidate WCK 5222. The company has completed the first site initiation visit for the study, Wockhardt said in a statement. WCK 5222 is a drug, which is entirely a new class of antibiotic known as "- lactam ENHANCER, and is targeted for treatment of hospitalised adults with complicated urinary tract infections, including acute pyelonephritis, it added.

Indian Oil aims to restart Paradip refinery from mid-Sept: Report

Indian Oil Corp will restart crude processing at its 300,000 barrel per day Paradip refinery in eastern Odisha state from mid-September after a 45-day maintenance turnaround, two industry sources said on Tuesday. The refinery has one crude unit. While the crude unit was shut from Aug. 1, the naphtha hydrotreater, continuous catalytic reformer, diesel hydrotreater, coker and alkylation units were shut sequentially. IOC did not respond to an emailed request for comment.

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