Kanakia inks JV with Hines, Mitsubishi Estate, Sumitomo to develop office complex in Mumbai
In a statement on Friday, Kanakia Group said it has entered into a joint venture with Hines, and two of Japan's prominent conglomerates Mitsubishi Estate Co Ltd. (MEC) and Sumitomo Corporation for development of a premium office project in Bandra Kurla Complex (BKC).
Mumbai, May 30 (PTI) Realty firm Kanakia Group has tied up with US-based Hines, Mitsubishi Estate and Sumitomo Corporation to develop a premium 15 lakh square feet office complex at BKC in Mumbai.
This upcoming office complex, spread across a 3-acre land parcel, will have 1.5 million (15 lakh) square feet of office space integrated with other amenities, including F&B and retail zones.
Rasesh B Kanakia, Chairman of Kanakia Group, said, 'This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India.' He said the company will continue to explore similar partnerships in the future to drive sustainable value creation.
'This project marks a significant milestone in our journey in India,' said Amit Diwan, Senior Managing Director and Head of India at Hines.
'It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. This project is a collaboration with Kanakia Group…, who brings significant local knowledge and expertise that we greatly value,' Diwan said.
Mumbai-based Kanakia Group has developed over 15 million sq ft area across residential, commercial, education, entertainment, and industrial sectors.
Kanakia Group has over 8.6 million sq ft in upcoming projects with Gross Development Value of Rs 12,825 crore.
Hines is a leading global real estate investment manager. It owns and operates USD 90.1 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients.
In India, Hines has developed many premium office and residential projects across major cities. PTI MJH HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
2 minutes ago
- Indian Express
Kolkata Metro Yellow Line, set to be inaugurated this week, likely to improve airport connectivity
Kolkata Metro Line Inauguration: The much-awaited Kolkata Metro's Noapara to Jai Hind Bimanbandar stretch is set to be opened soon for the commercial operation. According to reports, this new section will be inaugurated by Prime Minister Narendra Modi on August 22. The 6.77-km-long Noapara to Jai Hind Bimanbandar section is a part of Kolkata Metro's Yellow Line. The metro rail operations between Noapara to Jai Hind Bimanbandar section will reduce the hardship of the residents of the area to reach Kolkata Airport as after commissioning of this stretch fast and comfortable metro journey can be enjoyed to Kolkata Airport. The total cost of Kolkata Metro Noapara to Jai Hind Bimanbandar project is around Rs 1,866 crore with three newly newly built stations i.e. Dum Dum Cantonment, Jessore and Jai Hind Bimanbandar. This stretch of Metro section has two other stations enroute viz Dum Dum Cantonment and Jessore Road. With the beginning of metro train operations Noapara to Jai Hind Bimanbandar section, the people residing at Baranagar, Tobin Road, Sinthee, Dum Dum, Nagerbazar, Kaikhali More areas will be benefitted the most, as they will find it very convenient to go to any part of the city by using these stations. Noapara is further connected to southern part of the Kolkata through interchange point for the journey through Blue Line from Noapara to Kavi Subhash. Dum Dum Cantonment is also in vicinity of Sealdah- Bongaon section of Eastern Railway.
India.com
2 minutes ago
- India.com
This company hits upper circuit after Q1 results 2025
1 लाख के निवेश पर 10 लाख का फायदा Shares of IT company Blue Cloud Softech Solutions are in action today as they hit a 5 per cent upper circuit on Monday, August 18, 2025 as soon as the market opened for trading. The action in stock comes amid a spurt in trading voluem. According to BSE Analytics, around 13.86 lakh equity shares of the company changed hands on the stock exchanges as compared to the two-week average quantity of 7.96 lakh shares. Technically, the counter trades higher than the 5-day, 20-day, 50-day and 100-day moving averages but lower than the 200-day moving averages. The 52-week high of the stock is Rs 118.43 and the 52-week low is Rs 14.95. The market cap of the company is Rs 1,462.42 crore. Q1 FY26 Results Key Highlights – Consolidated Profit After Tax (PAT) up 37 per cent YoY (year-on-year) at Rs 14.4 crore against Rs 10.5 crore in the same quarter a year ago. – Profit Before Tax (PBT) surges 33 per cent YoY. – However, the company's income from operations stood at Rs 206.19 crore against Rs 231.4 crore in Q1 FY25. – The standalone net profit stood at Rs 13.29 crore in Q1FY26, registering a growth of 71.7 per cent from Rs 7.74 crore in the year-ago quarter. – Operational efficiency at peak – Margins expanding sharply. – Singapore subsidiary ready to open global growth gates. – Despite a slight dip in revenues, profits are at all-time highs. Meanwhile, benchmark indices Sensex and Nifty opened gap up in early trade on Monday, buoyed by plans for big bang reforms in the GST regime by Diwali. The 30-share BSE Sensex jumped 1,021.93 points to 81,619.59 in early trade. The 50-share NSE Nifty surged 322.2 points to 24,953.50. From the Sensex firms, Maruti, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement, Trent and Bajaj Finserv were among the major gainers. (This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
Business Standard
2 minutes ago
- Business Standard
Platinum Industries Joins 2025 Barclays Hurun India List of Most Valuable Family Businesses
VMPL Mumbai (Maharashtra) [India], August 18: Platinum Industries Ltd., one of India's most respected family-run manufacturers in the chemical manufacturing sector, is proud to announce its inclusion in the 2025 Barclays Private Clients Hurun India Most Valuable Family Businesses List. This marks the first time Platinum has been featured on this prestigious platform, which honours the nation's most valuable family enterprises. The annual list, now expanded to 300 families with 100 new entrants this year, showcases the strength and influence of Indian family businesses. Together, these companies control an astounding USD 1.6 trillion (INR 134 lakh crore) in value, a figure that exceeds the combined GDP of Turkey and Finland and generated INR 7,100 crore in value every day over the past year. Speaking on the achievement, Mr. Krishna Dushyant Rana, Chairman & Managing Director, Platinum Industries, said, "Being featured on the 2025 Hurun India list of most valuable family businesses for the first time is a proud moment for Platinum Industries. Parul Rana and I have strived to ensure that our growth is not just measured in numbers, but in the values, we uphold and the trust we build. This recognition reaffirms our belief that family-led enterprises can build global-scale businesses by staying true to their core values while embracing innovation, and building a legacy that future generations will be proud of." Founded in 1984 by Mr. Dushyant Rana as a trading business, Platinum Industries entered a new era in 2016 under the leadership of Chairman and Managing Director Krishna Dushyant Rana. The strategic pivot from trading to manufacturing that year positioned the company for rapid growth, making it one of the largest PVC stabilizer players in India by sales, as reported by CRISIL. The company's trajectory since then has been marked by a series of significant milestones. In its first year under the new leadership, Platinum Industries introduced lead-free stabilizers, a move that not only addressed growing environmental concerns but also set new industry benchmarks for sustainability and health safety. This development played a crucial role in shaping market standards and enhancing customer preferences towards safer and more sustainable products. The establishment of a full-fledged R & D centre in Palghar in 2019, staffed with global talent, further strengthened its product innovation and technical excellence. In 2022, Platinum Industries' strategic roadmap for global dominance took form when it acquired land for a new stabilizer plant in the Suez Canal Economic Zone (SCZONE) in Egypt. This facility, projected to have a capacity of 60,000 TPA, is designed to meet growing international demands, significantly enhancing the company's logistical efficiencies and market penetration. In 2024, Platinum Industries became one of the first in its sector to list publicly, with an IPO valued at USD 120 million that was oversubscribed by about 100 times; a resounding vote of market confidence. Building on its vision, Platinum Industries has delivered exceptional growth in a remarkably short span through a sharp focus on innovation and strategic expansion. Under the strategic leadership of Krishna Dushyant Rana and the brand-building expertise of Director Parul Krishna Rana, the company continues to successfully combined innovation, quality, and sustainability to set new benchmarks in the industry. This recognition by Hurun stands as a testament to Platinum's evolution from a strong family-led foundation to a globally competitive force in the PVC and CPVC additives sector.
