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Hindustan Times
5 days ago
- Business
- Hindustan Times
Liquor zones auctioned for ₹1,270-cr in Gurugram West
The Haryana excise department has generated ₹1,270.27 crore from the allocation of 62 out of 83 liquor retail zones in Gurugram (West), marking a strong start to the first phase of e-auctions under the state's newly amended Excise Policy 2025–27. The two-day online auction, held from May 26 to 27, saw bids that exceeded the total reserve price of ₹1,152.27 crore by 10.24%, a result officials described as 'satisfactory' amid prevailing market conditions. This year's auctions follow key revisions to the Haryana excise policy, which, for the first time, will operate on a two-year cycle from 2025 to 2027. Previously, the policy was revised annually. Officials said auctions, updates, and amendments are carried out at the end of each policy cycle to align with the revised framework. Among the highest-grossing zones in this round, DLF Phase 3 topped the list with a bid of ₹64 crore, followed by Shankar Chowk at ₹62 crore, Bajghera Chowk at ₹46 crore, Dwarka Expressway at ₹43.5 crore, and Tajnagar at ₹41 crore. Officials attributed these high figures to the zones' strategic locations and expected consumer footfall. To be sure, in 2024, the department collected a total of ₹1,756 crore in licence fees from Gurugram—a 9.4% increase over 2023. Last year, all 162 retail zones in the city—83 in the West and 79 in the East—had been auctioned. The highest bid in 2023 came from a vend in Bristol Chowk at ₹48.28 crore, followed by Mehrauli Border at ₹45.53 crore. For this year, the evaluation of bids took place Tuesday evening at the Resource Building, chaired by Gurugram deputy commissioner Ajay Kumar. Deputy excise and taxation commissioner (West) Jitender Dudi said, 'The increased amount compared to the reserve price may not seem very high, but it is certainly satisfactory given the present market dynamics. The response shows stable investor confidence and sets the tone for upcoming auctions in other districts.' Kumar added, 'The auction results mark a positive start and reflect the department's efficient implementation of the new excise regime.' The remaining 21 zones in Gurugram (West) that did not receive successful bids will be re-auctioned in the first week of June. The online tendering process for Gurugram (East) zones will begin at 9am on May 30 and conclude at 4pm on May 31, with bid evaluation scheduled for the same evening. Among the significant changes aimed at improving ease of doing business, the total security requirement has been reduced from 15% to 11% of the licence fee. The initial deposit at the time of bidding has been brought down from 3% to 2%, and the payment required to begin lifting the liquor quota has been cut from 7% to 5%. Officials said these changes were introduced to reduce the financial burden on bidders and widen competition, especially after the bidding schedule had to be revised in Gurugram East and West due to the amendments.
Time of India
5 days ago
- Business
- Time of India
Bids of Rs 63cr and Rs 62cr make Gurgaon's DLF-3, Shankar Chowk Haryana's top excise grossers so far
Gurgaon: The inaugural auction of liquor vends under the new excise policy for the city's west zone has raked in 10% higher revenue than the base price set by the govt. The highest bids, not just in the city but across Haryana in this round, were Rs 63 crore for the DLF 3 zone and Rs 62 crore for the Shankar Chowk zone. Tired of too many ads? go ad free now In the west zone, which includes upscale areas like Cyber Hub and Udyog Vihar, 62 of 83 zones were auctioned on Tuesday. Total bids in the zone reached Rs 1,270 crore. The reserve price was Rs 1,152 crore. Manesar demonstrated robust competitive bidding, with closing amounts that were 20-30% higher than the opening price. Deputy commissioner Ajay Kumar said new tenders for the remaining zones in the west will be invited in the first week of June. Shankar Chowk zone, which extends till IFFCO Chowk netted almost the same bid as the reserve price while the DLF-3 zone netted Rs 3 core more than the opening price. Udyog Vihar-5, the third highest, went for Rs 38.6 crore, which too was almost the same as the reserve price. Several zones beyond the central business districts of the city received bids 20- 50% higher than the opening price. The highest bidding was witnessed in Gadauli, which went for Rs 28.13 crore against a reserve price of Rs 18.5 crore, an increase of around 52%. Minda Chowk was auctioned for Rs 21.6 crore against an opening price of Rs 17 crore, an increase of 25%. The Sector 17A zone was allocated for Rs 19.37 crore against a reserve price of Rs 15.5 crore, a 25% rise. The Sanjay Gram zone went for Rs 18 crore against the reserve price of Rs 15 crore, a rise of around 20%. The Maruti Udyog zone was auctioned for Rs 20.32 crore against an opening price of Rs 16.85 crore, an increase of 21%. Tired of too many ads? go ad free now Basai Chowk went for Rs 22.7 crore against a reserve price of Rs 19.4 crore, marking an increase of 17%. Three zones in Manesar received bids that were 20% more than the reserve price. Manesar Sector 7 bus stand went for Rs 22.8 crore against Rs 17 crore, an increase of 32%. Pataudi Road (IMT Manesar) went for Rs 25.13 crore, while the reserve price was Rs 19 crore. The bidding saw an increase of 32%. Bass Harai Dhana Road in Manesar went for Rs 18 crore against a reserve price of Rs 14.86 crore, recording an increase of 21%.
Time of India
5 days ago
- Business
- Time of India
Altimetrik Closes in on SLK Software Buyout
Live Events Altimetrik, the US-based digital services firm owned by PE major TPG Capital , is in advanced talks to acquire Bengaluru-headquartered SLK Software , according to people familiar with the matter. The deal is expected to peg SLK's value at $500-600 million (₹4,270-5,100 crore).Altimetrik has signed an exclusivity agreement with SLK, according to the people was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies and Altimetrik, were in the race to acquire in 2000 and promoted by the Amin family, SLK Software (formerly SLK Digital) provides AI-driven technology solutions with a focus on intelligent automation and company has delivery centres in seven countries, including India and the US, with clients in manufacturing, banking, insurance and financial is projected to report ebitda of about $40 million in FY25, said people aware of the financials. Its client roster includes Google Cloud, Microsoft, Oracle and Software CEO Ajay Kumar and Altimetrik didn't respond to last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore). Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree, as chief operating India presence includes offices in Bengaluru and Pune besides Cincinnati and Chicago in the US. It also maintains operations in France, the Netherlands, Germany, the UK and Singapore. In 2021, SLK's promoters sold a controlling stake in its BPM arm, SLK Global Solutions, to Coforge Ltd for Rs 920 primarily serves regional banks, manufacturers and energy sector clients in the US. As part of its global expansion, the company last year partnered with Greymatter Innovationz in Mexico to form GMI-SLK Mexico, strengthening its footprint in Latin digital engineering services (DES) sector is seeing heightened M&A activity driven by high-quality, globally distributed assets, rapid growth verticals, and intellectual property led business models, said a recent report by Avendus equity firms, responsible for over 50% of such deals in the past decade, are accelerating consolidation to build scalable platforms and unlock operational global tech services industry recorded 216 transactions worth $334 billion between January 2013 and September 2024, with each deal exceeding $300 million in India's software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, underscoring the expanding potential for tech investments.
Economic Times
5 days ago
- Business
- Economic Times
Altimetrik nears Rs 5,100 crore acquisition of SLK Software
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Altimetrik, the US-based digital services firm owned by PE major TPG Capital , is in advanced talks to acquire Bengaluru-headquartered SLK Software , according to people familiar with the matter. The deal is expected to peg SLK's value at $500-600 million (Rs 4,270-5,100 crore).Altimetrik has signed an exclusivity agreement with SLK, according to the people cited. ET was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies and Altimetrik, were in the race to acquire SLK. Founded in 2000 and promoted by the Amin family, SLK Software (formerly SLK Digital) provides AI-driven technology solutions with a focus on intelligent automation and company has delivery centres in seven countries, including India and the US, with clients in manufacturing, banking, insurance and financial is projected to report ebitda of about $40 million in FY25, said people aware of the financials. Its client roster includes Google Cloud, Microsoft, Oracle and Salesforce. SLK Software CEO Ajay Kumar and Altimetrik didn't respond to queries. TPG last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore).Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its website. Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree , as chief operating India presence includes offices in Bengaluru and Pune besides Cincinnati and Chicago in the US. It also maintains operations in France, the Netherlands, Germany, the UK and Singapore. In 2021, SLK's promoters sold a controlling stake in its BPM arm, SLK Global Solutions, to Coforge Ltd for Rs 920 crore. SLK primarily serves regional banks, manufacturers and energy sector clients in the US. As part of its global expansion, the company last year partnered with Grey matter Innovationz in Mexico to form GMI-SLK Mexico, strengthening its footprint in Latin digital engineering services (DES) sector is seeing heightened M&A activity driven by high-quality, globally distributed assets, rapid growth verticals, and intellectual property led business models, said a recent report by Avendus Capital. Private equity firms, responsible for over 50% of such deals in the past decade, are accelerating consolidation to build scalable platforms and unlock operational value. The global tech services industry recorded 216 transactions worth $334 billion between January 2013 and September 2024, with each deal exceeding $300 million in India's software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, underscoring the expanding potential for tech investments.
Time of India
5 days ago
- Business
- Time of India
Altimetrik nears Rs 5,100 crore acquisition of SLK Software
Altimetrik, the US-based digital services firm owned by PE major TPG Capital , is in advanced talks to acquire Bengaluru-headquartered SLK Software , according to people familiar with the matter. The deal is expected to peg SLK's value at $500-600 million (Rs 4,270-5,100 crore). Altimetrik has signed an exclusivity agreement with SLK, according to the people cited. ET was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies and Altimetrik, were in the race to acquire SLK. Founded in 2000 and promoted by the Amin family, SLK Software (formerly SLK Digital) provides AI-driven technology solutions with a focus on intelligent automation and analytics. Delivery Centres in 7 Countries The company has delivery centres in seven countries, including India and the US, with clients in manufacturing, banking, insurance and financial services. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Rates Undo SLK is projected to report ebitda of about $40 million in FY25, said people aware of the financials. Its client roster includes Google Cloud, Microsoft, Oracle and Salesforce. SLK Software CEO Ajay Kumar and Altimetrik didn't respond to queries. TPG last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore). Live Events Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its website. Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree , as chief operating officer. SLK's India presence includes offices in Bengaluru and Pune besides Cincinnati and Chicago in the US. It also maintains operations in France, the Netherlands, Germany, the UK and Singapore. In 2021, SLK's promoters sold a controlling stake in its BPM arm, SLK Global Solutions, to Coforge Ltd for Rs 920 crore. SLK primarily serves regional banks, manufacturers and energy sector clients in the US. As part of its global expansion, the company last year partnered with Grey matter Innovationz in Mexico to form GMI-SLK Mexico, strengthening its footprint in Latin America. The digital engineering services (DES) sector is seeing heightened M&A activity driven by high-quality, globally distributed assets, rapid growth verticals, and intellectual property led business models, said a recent report by Avendus Capital. Private equity firms, responsible for over 50% of such deals in the past decade, are accelerating consolidation to build scalable platforms and unlock operational value. The global tech services industry recorded 216 transactions worth $334 billion between January 2013 and September 2024, with each deal exceeding $300 million in value. Meanwhile, India's software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, underscoring the expanding potential for tech investments.
