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Time of India
2 hours ago
- Time of India
DLF to invest ₹23,500 crore to complete ongoing housing projects in NCR, Mumbai
NEW DELHI: India's biggest realty firm DLF Ltd will invest Rs 23,500 crore to complete its residential projects that have already been launched across Delhi-NCR and Mumbai . According to an investor's presentation, the "total pending cost" to complete all launched projects is estimated at Rs 23,500 crore. To meet its pending construction spend, DLF mentioned that the company has a cash balance of Rs 10,429 crore, of which Rs 7,782 crore is parked in the escrow account of the Real Estate Regulatory Authority (RERA). That apart, the company has receivables of Rs 37,220 crore from its customers against residential properties sold to them. In a recent conference call with market analysts, DLF Group Chief Financial Officer (CFO) informed that the company invested around Rs 750 crore in construction during the first quarter of this year. He said the number would go up slightly in the coming quarters. Post-COVID pandemic, DLF has launched many residential projects in Delhi-NCR, Mumbai and the tri-city of Chandigarh . During the current July-September quarter, DLF Ltd and Trident Realty launched a housing project comprising 416 flats in Mumbai and also sold all units for around Rs 2,300 crore. In the first quarter, the company launched and sold all 1,164 luxury apartments for about Rs 11,000 crore in its new housing project 'DLF Privana North' in Gurugram. This project is part of its 116-acre township. Last year, DLF had in this township launched and completely sold out two projects -- 'DLF Privana West' and 'DLF Privana South' -- for around Rs 12,800 crore. These new launches have helped DLF in achieving record sales bookings during the last fiscal year, and the company is targeting to repeat its performance. DLF's sales bookings stood at a record Rs 21,223 crore in the last fiscal as against Rs 14,778 crore in the 2023-24. During the 2022-23 fiscal, the company's sales bookings stood at Rs 15,058 crore. For the current financial year, DLF has given a sales bookings guidance of Rs 20,000-22,000 crore, and it has already sold properties worth Rs 11,425 crore in the first quarter of this fiscal. DLF Group is primarily engaged in the business of the sale of residential properties (development business) and leasing of commercial and retail properties (annuity business). The Group has developed more than 185 real estate projects comprising a total area of more than 352 million sq ft. It also has an annuity portfolio of 46 million sq ft. DLF has 280 million sq ft of development potential across the residential and commercial segments, including current projects under execution and the identified pipeline.
Time of India
3 hours ago
- Time of India
Italy approves nearly $700 million in new subsidies for EVs
Italy has approved new subsidies worth almost 600 million euros ($698 million) for the purchase of electric vehicles as sales lag, the environment and energy ministry said on Friday. The ministry will offer up to 10,000 euros to individuals and up to 20,000 euros to small firms, covering up to 30 per cent of the total purchase price of a new electric car or commercial vehicle. The subsidies, financed by European Union's post-COVID recovery funds, will be restricted to individuals or companies based in larger urban areas with the aim of reducing pollution and improving air quality. To qualify for the programme, beneficiaries will be required to scrap an internal combustion vehicle of up to the Euro 5 emission class, dating from 2015 or earlier, the ministry said. EV sales are struggling in Europe, hindered by high prices and lack of charging stations, even as the EU is using regulations in an effort to phase out combustion engine cars to meet carbon emissions goals. In Italy, battery electric vehicles accounted for only 6 per cent of new car sales in June, compared to more than 15 per cent across the European Union. Next year, the bloc is due to review its ban on the sale of new petrol and diesel cars from 2035 under pressure from the auto industry and some national governments to slow the transition.
Mint
4 hours ago
- Mint
African Lender Weighs Claiming Lloyd's Payout on Zambia Debt
(Bloomberg) -- TDB Group, an African trade and development lender, is considering claiming insurance on debt it's owed by Zambia that has become entangled in a complex restructuring process. The southern African nation, which defaulted in 2020 and later sought to rework around $13 billion of external loans, has said it's including about $500 million it owes to TDB in that process. The government must seek similar relief to what other creditors provided, requiring TBD to agree to losses. That could lead TDB to call in insurance it has with a Lloyd's of London syndicate for a portion of the debt, Admassu Tadesse, the lender's managing director, said in an Aug. 2 interview in Rwanda's capital, Kigali. He cautioned, though, that doing so may have 'systemic' ramifications for trade finance on the continent. 'The reason they would come in and share a risk with us is because they didn't expect trade finance credits to be pulled into restructuring,' he said. 'If mistakes are made and important rules are broken, then I think trade finance will dry up.' TDB — together with the African Export Import Bank - has found itself at the center of an increasingly contentious debate about including the lenders' facilities in sovereign-debt restructuring on the continent. While Afreximbank is adamant it won't participate, TDB is discussing further debt relief with Zambia, which may lead to losses and, in turn, prompt the insurance claim. 'It's part of the picture and we're definitely looking at that very closely,' Tadesse said of the insurance claim. 'It may very well be triggered in the final analysis.' Lloyd's declined to comment. The risk of being included in sovereign debt workouts has already had a negative credit-rating impact for Afreximbank and TDB, with bond yields rising. TDB has a total country exposure to Zambia of $872 million, of which it has insurance for about $348 million, according to the group's 2024 annual report, which doesn't break down how much is sovereign and private. The lender intends to offer Zambia another round of restructuring in 'a matter of weeks or months,' Tadesse said. It had already rescheduled the debt in the immediate wake of the Covid-19 pandemic. Malawi, Zambia's eastern neighbor, is going through its own restructuring process, and TDB has more than $530 million of exposure to that country, with $214 million insured, its annual report showed. The government is in default on its commercial loans, which include TDB and Afreximbank debt, according to the International Monetary Fund. Afreximbank and TDB were both expected to provide debt relief to Malawi as part of the government's restructuring strategy, the IMF said this week. TDB's lending to Malawi involves revolving trade-finance facilities, which Tadesse said should be excluded from any restructuring as the funding is for crucial imports like medicine, fuel and food. 'In the world of debt restructuring, trade finance generally is left out of restructuring for very good reasons,' he said. 'If you involve short-term trade finance in debt restructuring, you literally lock a country out of the world.' TDB also has $638 million of country exposure to Ethiopia, which, like Zambia, is using the Group of 20's Common Framework to rework its debts. Those trade finance facilities have been left out of the restructuring, Tadesse said. 'At the moment there's no concern' they'll be included, he said. 'There are already payments coming through and they're redrawing.' (Updates with Malawi's required debt relief in second paragraph after 'Malawi Exposure' subheadline) More stories like this are available on
