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Time of India
29-05-2025
- Business
- Time of India
Leena Tiwari: Meet the reclusive billionaire owner of India's costliest flats
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Glycomet , Ecosprin and Roseday are medicine brands familiar to millions of patients of diabetes or heart condition in India. But not much is known about Leena Tewari , the reclusive chairperson of USV , the Mumbai-based drugmaker that sells those drugs, among many name bounced into news and social circles after she purchased two sea-facing luxury duplex apartments in Mumbai's upscale Worli area for a whopping '639 crore, making it the country's costliest residential broke the news online on the evening of May transaction shook the property market observers, financial circles, and public at large as it set a record for the most expensive deal concluded in India over '2.83 lakh per sq ft on carpet basis, the record-breaking deal involves a total area of 22,572 sq ft, spanning the 32nd to 35th floors of a 40-storey super-premium tower overlooking the Arabian Sea on Worli Sea not all. Tewari paid over '63.9 crore towards stamp duty and the Goods & Services Tax alone for the registration of the transaction. After accounting for these charges, she has paid a total of nearly '703 crore for the stealth move to buy the plush property resonates remarkably with her demeanour. Few may even know that Leena Tewari is among the closest friends of Nita Ambani. Her husband Prashant Tewari, MD at USV, has a similar temperament and is mostly seen as a quiet and long-term strategic thinker. She is among India's richest women, with Forbes estimating her current net worth at $3.9 decades, the family-run company has braved fierce competition while many of its peers sold out or took on board private equity players to grow their business, or even went for a public listing to raise USV has remained owner-driven and grown its revenues to '4,840 crore in FY24, according to data from Tracxn. Industry executives say Leena Tewari shows no rush and prefers a step-wise approach than stray into risky zones. "She has a core team of 10-12 loyal USV executives to oversee the operations. She has a good sense of timing and does not follow hype," a veteran executive told singular focus can be seen from the value of USV's top brands. The anti-diabetes drug Glycomet, for instance, is the second leading product in the Indian pharmaceutical market with sales of '806 crore, ranking next to antibiotic drug Augmentin of GSK, which grossed sales of '820 crore over the last twelve-month period. In blood thinners, USV's Ecosprin and its variants commands a dominant position while Roseday is another popular brand to lower cholesterol in heart challenges loom for the future. Glycomet is seeing increasing rivalry from new generation anti-diabetes drugs. USV is looking at a strong position in the insulin business in India. Sources say the company is also keen to develop copies of semaglutide, the material that goes into blockbuster weight-loss brands Ozempic and Wegovy.
Time of India
29-05-2025
- Business
- Time of India
USV's chairperson buys two duplexes in Mumbai's Worli for ₹639 crore
Leena Gandhi Tewari, chairperson of multinational pharmaceutical and biotechnology company USV Ltd has acquired two sea-facing luxury duplex apartments in Mumbai 's plush Worli locality for Rs 639 crore. The record-breaking deal involves a total area of 22,572 sq ft spanning the 32nd to 35th floors of 40-storey super-premium tower Naman Xana overlooking the Arabian Sea on Worli Sea Face. At over Rs 2.83 lakh per sq ft on carpet basis, the transaction sets a new benchmark as the most expensive residential property sale ever recorded in India. Tewari has paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax (GST) alone for the registration of the transaction that took place on Wednesday, showed the documents accessed by ET. After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals. Earlier this month, billionaire banker Uday Kotak set a new national benchmark by finalising the purchase of eight additional apartments, completing the acquisition of an entire residential building on Worli Sea Face for over Rs 400 crore. Some of the transactions concluded by Kotak were closed at a rate of Rs 2.90 lakh per sq ft, but factoring in the inclusion of land rights, given that he now owns the entire building. ET's separate email queries to Tewari's team and the project's developer remained unanswered until the time of going to press. Mumbai, the country's largest and most expensive real estate market, has continued its record-setting spree by scaling yet another peak, registering the highest number of property transactions ever recorded in the month of April. The city continues to dominate the country's real estate market maintaining its streak of record-breaking transactions backed by unwavering demand from buyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from April 1. South and Central Mumbai--home to India's costliest residences--have been at the forefront of this boom, attracting a string of high-value deals involving industrialists, senior corporate leaders, film stars, and sports icons in recent years.
Time of India
28-05-2025
- Business
- Time of India
Record Deal: USV Chairperson Leena Tewari buys 2 luxury Worli duplexes for Rs 639 cr
Leena Gandhi Tewari, chairperson of multinational pharmaceutical and biotechnology company USV Ltd has acquired two sea-facing luxury duplex apartments in Mumbai's plush Worli locality for Rs 639 crore. The record-breaking deal involves a total area of 22,572 sq ft spanning the 32nd to 35th floors of 40-storey super-premium tower Naman Xana overlooking the Arabian Sea on Worli Sea Face. At over Rs 2.83 lakh per sq ft on carpet basis, the transaction sets a new benchmark as the most expensive residential property sale ever recorded in India. Tewari has paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax (GST) alone for the registration of the transaction that took place on Wednesday, showed the documents accessed by ET. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Has Honda Done It Again? The New Honda CR-V is Finally Here. TheFactualist Undo After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals. Earlier this month, billionaire banker Uday Kotak set a new national benchmark by finalising the purchase of eight additional apartments, completing the acquisition of an entire residential building on Worli Sea Face for over Rs 400 crore. Live Events Some of the transactions concluded by Kotak were closed at a rate of Rs 2.90 lakh per sq ft, but factoring in the inclusion of land rights, given that he now owns the entire building. ET's separate email queries to Tewari's team and the project's developer remained unanswered until the time of going to press. Mumbai, the country's largest and most expensive real estate market, has continued its record-setting spree by scaling yet another peak, registering the highest number of property transactions ever recorded in the month of April. The city continues to dominate the country's real estate market maintaining its streak of record-breaking transactions backed by unwavering demand from buyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from April 1. South and Central Mumbai--home to India's costliest residences--have been at the forefront of this boom, attracting a string of high-value deals involving industrialists, senior corporate leaders, film stars, and sports icons in recent years.
Economic Times
13-05-2025
- Business
- Economic Times
Gold rises 1.3% as global tensions push investors towards safer haven
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Gold went up by 1.36 per cent on Tuesday compared to the day before to touch Rs 94,344 per 10 gm at the retail level. With a Goods & Services Tax (GST), a customer has to pay Rs 96724 per 10 gm at the jewellery Porwal, Co-Founder of Dezerv, a wealth management company, said, "Gold has doubled in the last five years and is trading at an all-time high. There have been multiple periods in the past decade where significant gaps emerged between returns from gold and equities.'Three key reasons why gold prices are peaking right now: global tensions are pushing investors towards safer assets, the US recession fears are creating market panic, and a weakening dollar is enhancing gold's continues to serve as a crucial hedge against currency volatility and geopolitical risks, offering stability during uncertain times.'Its inherent value transcends market cycles and currency fluctuations, making gold both portfolio insurance during market turbulence and a strategic asset capable of enhancing overall long-term returns. Unlike equities, fixed income, or real estate, which require extensive analysis and expertise, gold offers simplicity. It doesn't demand specialised knowledge or significant time investment, making it accessible to all investors,' said gold prices have fallen from the high of Rs 1 lakh per 10 gm, which was touched on April 22. Explaining the reasons behind falling gold prices, Renisha Chainani, head of research at Augmont Gold, said, ' There are many factors like the US and China deciding to reduce import duties on each other's goods for ninety days to de-escalate their trade war. The United States will lower additional tariffs it slapped on Chinese goods from 145% to 30%, and Chinese charges on US imports will drop from 125% to 10%. The new measures will take effect for the next ninety days.'Chainani said that 'Investor attention will now shift to the agreement's specifics and what transpires after ninety days, but U.S. inflation data will be in focus today. Amid the height of tariff-induced fear in mid-April, traders were pricing in nearly 100 basis points of cuts; currently, they are pricing in 57 basis points this year.'
Time of India
13-05-2025
- Business
- Time of India
Gold rises 1.3% as global tensions push investors towards safer haven
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Gold went up by 1.36 per cent on Tuesday compared to the day before to touch Rs 94,344 per 10 gm at the retail level. With a Goods & Services Tax (GST), a customer has to pay Rs 96724 per 10 gm at the jewellery Porwal, Co-Founder of Dezerv, a wealth management company, said, "Gold has doubled in the last five years and is trading at an all-time high. There have been multiple periods in the past decade where significant gaps emerged between returns from gold and equities.'Three key reasons why gold prices are peaking right now: global tensions are pushing investors towards safer assets, the US recession fears are creating market panic, and a weakening dollar is enhancing gold's continues to serve as a crucial hedge against currency volatility and geopolitical risks, offering stability during uncertain times.'Its inherent value transcends market cycles and currency fluctuations, making gold both portfolio insurance during market turbulence and a strategic asset capable of enhancing overall long-term returns. Unlike equities, fixed income, or real estate, which require extensive analysis and expertise, gold offers simplicity. It doesn't demand specialised knowledge or significant time investment, making it accessible to all investors,' said gold prices have fallen from the high of Rs 1 lakh per 10 gm, which was touched on April 22. Explaining the reasons behind falling gold prices, Renisha Chainani, head of research at Augmont Gold, said, ' There are many factors like the US and China deciding to reduce import duties on each other's goods for ninety days to de-escalate their trade war. The United States will lower additional tariffs it slapped on Chinese goods from 145% to 30%, and Chinese charges on US imports will drop from 125% to 10%. The new measures will take effect for the next ninety days.'Chainani said that 'Investor attention will now shift to the agreement's specifics and what transpires after ninety days, but U.S. inflation data will be in focus today. Amid the height of tariff-induced fear in mid-April, traders were pricing in nearly 100 basis points of cuts; currently, they are pricing in 57 basis points this year.'
