&w=3840&q=100)
Real estate major Puravankara Group's CEO Abhishek Kapoor steps down
Bengaluru-based real estate major Puravankara Group on Friday announced the resignation of Abhishek Kapoor from the position of chief executive officer and executive director of the group. In parallel, the company unveiled a joint venture to develop a 24.59-acre land parcel in North Bengaluru, with a gross development value (GDV) of ₹3,000 crore.
As per a BSE filing by the company, Kapoor cited 'personal reasons' in his resignation letter and noted that his departure would be effective from 9 May, close of business hours.
The joint development agreement with KVN Property Holdings LLP marks the group's continued expansion in the city. The land parcel has a total saleable area of approximately 3.48 million square feet, and the project is expected to launch within the next six months. The site benefits from proximity to Kempegowda International Airport, emerging employment hubs, and ongoing infrastructure development.
Ashish Puravankara, managing director, Puravankara Limited, said: 'This joint venture highlights our sustained confidence in the North Bengaluru market, where we have already demonstrated strong traction. The scale, location, and partnership model of this project position it as an ideal platform for integrated development that resonates with the aspirations of urban homebuyers. It aligns with our broader vision of creating high-quality, community-focused housing across emerging corridors.'
Mallanna Sasalu, newly appointed CEO of Puravankara Ltd – South, said that North Bengaluru continued to attract discerning homebuyers, driven by infrastructure upgrades and connectivity to key economic hubs. 'This project is conceived on the back of the successes of our previous projects, which validates this joint venture development in this micro-market. The project is expected to come to market in 6–9 months, and we are confident it will be a great addition to our impressive portfolio.'
Puravankara competes with other real estate majors such as Prestige, Brigade, and Sobha in the Bengaluru market. The group has also forayed into developing Grade-A commercial real estate, with a presence of 3 million square feet, and is expanding its footprint rapidly.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 hours ago
- Time of India
Adani plans projects worth 17,500cr to expand CSMIA's capacity by '29
New Delhi: The Adani group has identified a string of projects — well over 310 that will require a capex of about Rs 17,500 crore by March 2029 — to augment the annual passenger handling capacity of Mumbai's Chhatrapati Shivaji Maharaj International Airport (CSMIA) to 6.5 crore passengers annually (CPA). The projects include building a bigger Terminal 1 in place of the existing terminal, expanding Terminal 2's capacity from 4 CPA to 4.5 CPA and increasing the hourly flight handling capacity to over 52. By 2029-30, the combined capacity of CSMIA and the upcoming Navi Mumbai International Airport (NMIA) is expected to touch 11.5 CPA, to "cater to the growing demands of Mumbai region and Mumbai Metropolitan Region", shows an order issued by the Airports Economic Regulatory Authority (AERA) recently. Mumbai International Airport Ltd (MIAL) "has proposed extending existing taxiway M to link it with the physical beginning of runway 27, including the construction of a bridge over Mithi river. The proposed Taxiway M extension will create an additional holding area for aircraft.… It will be designed for Code F aircraft (that include Boeing 747-8 and Airbus A380)," the order states. The hub had handled its highest ever passenger number of almost 5.5 crore in CY 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta nueva alarma con cámara es casi regalada en Campo Lope Seco (ver precio) Verisure Since last Feb, CSMIA which has a set of cross runways — making it essentially a single runway airport — is handling upto 44 flights (down from earlier 46) during "high intensity runway operations" (HIRO) periods from 8-11am and 5-8pm. And upto 42 aircraft movement per hour (down from earlier 44) during non-HIRO period. This is now set to get a big bost in the next 3-4 years. "Some of such projects identified for implementation for enabling the airport to cater to 6.5 CPA capacity are: Reconstruction of TI to enhance the capacity from 1.5 CPA to 2 CPA. Terminal 2 northwest pier (check-in facilities, construction of bus boarding Gates (V3) T2 expansion to enhance the capacity to 4.5 CPA. Additional aircraft parking stands in the southern side of runway 09-27," states the AERA order. The other steps include construction of parking stand, constructing an airside tunnel, and an eastern taxiway parallel to runway 14-32. AERA had asked MIAL to engage UK-based National Air Traffic Services (NATS) "to provide an independent high-level review of the infrastructure and forecast demand contained in CSMIA master plan. NATS has done a study and has confirmed the peak hour theoretical capacity of 55 ATMs (aircraft movement) based on its analysis benchmarking with other busy single runway airports like Gatwick but in respect to taxiway infrastructure, it has stated that the 'master plan changes appear to offer significant benefits, but they require more detailed assessment to confirm'. The phasing of the taxiway infrastructure changes should be reviewed to ensure that sufficient capacity is provided as demand grows," the order shows. MIAL has proposed a capex of Rs 17,440 crore in the fourth control period, that is upto March 31, 2029, on the capacity augmentation at CSMIA through the various identified projects related to key areas including airside improvement and passenger terminals. T1 is proposed to be reconstructed at a cost of Rs 3,130 crore by Sept 2028. T2 expansion is projected to cost Rs 142 crore and be over by March 2027. The air traffic control technical block is projected to cost Rs 185 crore and be done by March 2027.
Economic Times
4 hours ago
- Economic Times
KKR-backed IVI to buy ART Fertility Clinics for $450 million
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel KKR-backed IVI RMA Global, a US-based leader in infertility treatment, is set to acquire ART Fertility Clinics for $400-450 million, according to people familiar with the matter. The acquisition marks a significant step in IVI RMA's global expansion, adding India to its presence in over 15 countries and more than 190 clinical offices across the US, Europe and Latin parties are in the final stages of documentation for a shareholders' agreement and are hoping to wrap up the transaction by June with private hospitals, the IVF industry in India too is witnessing consolidation as several private equity funds have been aggressive with acquisitions. In 2023, Swedish fund EQT Partners acquired a significant majority stake in Indira IVF, the largest provider of fertility services in India and top five globally in terms of annual IVF cycles, at a $1.1 billion ('9,000 crore) Fertility Clinics began in 2015 as IVI Middle East, an international arm of IVI RMA Global. In 2020, IVI RMA divested the business to Gulf Capital, which rebranded it as ART Fertility Clinics. Since then, the brand has rapidly grown, expanding across West Asia and clinics in Abu Dhabi, Dubai and Al Ain in the UAE as well as 11 centres across India, ART Fertility has established itself as a high-performance network in reproductive medicine. The Indian expansion began in 2021, backed by a $30 million investment from Gulf Fertility operates in big Indian cities including Mumbai, Noida, Ahmedabad, Chennai, Hyderabad, Gurgaon and by Suresh Soni, former co-founder and CEO of Nova IVF Fertility, ART Fertility reports a pregnancy success rate of 70% and has recorded over 5,000 successful pregnancies in under nine to sources, ART Fertility posted revenue of $100-120 million in FY25, with an estimated Ebitda of $35 million."For an Indian healthcare player, a $25-35 million ebitda which is borderline ebitda positive coming from the Middle East would add no value," said a fund manager at a Mumbai-based private equity firm that operates a pan-India IVF chain. "However, IVI being a US player where multiples are low, adding a Middle East business works well."IVI RMA trumped a rival bid by Temasek-backed Cloudnine Hospitals.A KKR spokesperson declined to comment. IVI RMA and ART Fertility did not respond to is the advisor in the is rapidly emerging as one of the world's fastest-growing markets for Assisted Reproductive Technology (ART). However, the sector has scope for expansion at 210 IVF cycles per million people, compared with 1,200 in the US and over 2,000 in affects approximately 15% of Indian couples, a figure expected to rise due to lifestyle factors such as poor diet, stress, late marriages, and to EY, India's IVF market is expected to grow from $793 million in 2020 to $1.45 billion by 2027, at a projected CAGR of 15-20%.India sees around 300,000 IVF cycles annually, with projections suggesting this could grow to 500,000-600,000 cycles by 2030. About 30% of the market is controlled by 10-15 organised players, while the remaining is fragmented among smaller, unorganised clinics. Key players in India's fertility sector include Indira IVF, Nova IVF, Oasis IVF, Bloom Fertility Centre, Bengaluru-based Milann, Morpheus IVF, Ridge IVF, Akanksha IVF and Bourn Hall IVF, the second largest player in India, is owned by Asia Healthcare Holdings (AHH), the single specialty hospitals platform backed by GIC and homegrown PE fund Kedaara Capital owns a minority stake in Oasis Fertility, while Brussels-based fund Verlinvest owns a controlling stake in Ferty9 F, a premier chain of fertility clinics in the AP/Telangana region.
Mint
4 hours ago
- Mint
Infosys shares to be in focus after DGGI closed ₹32,403 crore pre-show cause GST notice
India's second-largest IT firm, Infosys Ltd, received a goods and services tax (GST) demand closure notice on Friday, 6 June 2025. The notice relieved the company from a ₹ 32,403 crore tax order from the Director General of GST Intelligence (DGGI). 'The company has today received a communication from the Director General of GST Intelligence (DGGI) closing the pre-show cause notice proceedings for the financial years 2018-19 to 2021-22,' according to the BSE filing. The data also showed that the DGGI earlier asked for a ₹ 32,403 crore GST demand notice for the issue of non-payment of IGST under the Reverse Charge Mechanism. 'With the receipt of today's communication from DGGI, this matter stands closed,' said Infosys in the BSE filing. Infosys shares closed 0.62 per cent higher at ₹ 1,564.05 after Friday's stock market session, compared to ₹ 1,554.35 at the previous market close. The company received the GST demand closure notice after stock market operating hours on 6 June 2025. IT major shares have given stock market investors more than 126 per cent returns on their investments in the last five years and 4.55 per cent in the last one-year period. On a year-to-date (YTD) basis, the shares have lost 16.71 per cent in 2025. However, the stock is trading 3.74 per cent higher in the last one-month period. Infosys shares hit their 52-week high level at ₹ 2,006.80 on 13 December 2024, while the 52-week low level was at ₹ 1,307.10 on 17 April 2025, according to the data collected from the BSE website. The IT major's market capitalisation (M-Cap) was at ₹ 6,49,739.73 crore as of Friday, 6 June 2025. Infosys's January to March quarter results for the financial year ended 2024-25 witnessed an 11.75 per cent year-on-year (YoY) fall to ₹ 7,033 crore, compared to ₹ 7,969 crore in the same period a year ago, according to the consoldiated financial statements. The revenue from core operations for the fourth quarter rose 8 per cent YoY to ₹ 40,925 crore from ₹ 37,923 crore in the corresponding quarter of the last financial year. Read all stories by Anubhav Mukherjee
