McDonald's to invest $100mn for new tech centre
Hyderabad: Fast food giant McDonald's has rustled up plans to invest $100 million (about Rs 875 crore) in its new global office in Hyderabad over the next couple of years and hire around 2,000 techies by 2027, a top executive said on Friday.
"The investment this year and next (2026) will be around $100 million, including the capex cost," Deshant Kaila, head of global business services (GBS) operations, McDonald's, told TOI on the sidelines of the GCC X Hyderabad summit.
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Noida: Allahabad high court's Lucknow bench has restrained the Yamuna Expressway Industrial Development Authority (YEIDA) from cancelling the land allotment of Greenbay Infrastructure for its 100-acre township project in Sector 22D. YEIDA has been restrained from cancellation until the company's two revision applications before the state govt — seeking relief under the "zero period" policy due to non-possession of 30–35% of the land — are disposed of. The zero period policy refers to a period during which developers are granted relief from interest and penalties on land dues for stalled projects. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida The court's interim order came on July 30, just a day before YEIDA's July 31 deadline for the builder to pay Rs 118 crore in pending dues or face cancellation of the land parcel. Justice Pankaj Bhatia, who heard the matter, directed that no coercive action be taken based on YEIDA's July 8 plot cancellation notice. Since the realtor filed a revision application before the state govt in Jan, the court observed that while the issue remains under review, YEIDA cannot cancel the land allotment. The court instructed the state govt to decide on the interim relief application within 10 days and complete proceedings on the revision application filed by Greenbay within four weeks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo Greenbay said it has so far deposited Rs 60 crore out of the Rs 118 crore and has sought "zero period" relief from the date of allotment till now, citing incomplete land possession and stalled construction due to farmers' unwillingness to vacate around one-third of the land. The dispute stems from a prolonged standoff between the developer and YEIDA. The land was allotted to Greenbay in Feb 2011, with a lease deed executed in March 2012. In Jan 2014, Greenbay subleased a portion of the land to Emerald Properties for a group housing society. The company later launched the Golf Village township project, comprising 691 plots. However, the developer said it could not take possession of two-thirds of the land until 2019 and about one-third still remains outside its control. According to YEIDA officials, the latest ultimatum followed repeated defaults by the developer under the UP govt's "legacy stalled projects" policy introduced on Dec 21, 2023, which aims to revive long-pending housing projects and ensure timely possession for homebuyers. After the developer gave its consent, the dues were recalculated to Rs 441 crore, of which Greenbay was required to pay 25% (Rs 110 crore) by April 28, 2024. After it deposited the 25% amount, YEIDA in July 2024 issued a revised payment schedule for the remaining 75% dues. The Authority further revised this schedule a month later when the developer requested a recalculation of the amount with 10% simple interest and inclusion of Rs 2.4 crore in unpaid lease rent from 2021. Under the new payment schedule, the first instalment was due on Jan 15 and the last by July 15, 2026. Based on the initial amount paid, YEIDA allowed the developer to proceed with tripartite sublease registrations for proportionate land areas. In Oct 2024, Greenbay requested another extension for paying the remaining dues, citing continued difficulty in obtaining full physical possession of the plot. The company claimed that about 30% of the land remained under cultivation by farmers, preventing access. Taking this into account, YEIDA granted a three-month extension in Nov 2024, pushing the deadline from Jan 15 to April 15, 2025. However, Greenbay again failed to meet the extended deadline of April 15, 2025. Instead of clearing dues, it submitted a letter on April 15 seeking permission to sublease a 4,330-square metre commercial plot within the township and requested another revision of its payment schedule. During a board meeting on June 18, YEIDA issued a final deadline of June 30, asking Greenbay to deposit around Rs 118 crore or face cancellation of its township project in Sector later extended the deadline by one month, giving Greenbay until July 31 to clear the dues. In a letter dated July 8, the Authority made it clear this was the final ultimatum. The company said it has deposited Rs 60 crore and plans to pay the remaining amount, but it wants its grievances to be heard. Project director of the company Amit Kumar Sharma said, "To fulfil these financial transactions, we need immediate permission to proceed with the sublease of the commercial plot. This authorisation is critical for us to take the necessary steps towards fulfilling our payment obligations. Should we fail to adhere to the agreed timeline for payment, we accept that the sublease may be cancelled without any objection on our part. " Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
