Latest news with #Kanakia
Yahoo
13-06-2025
- Business
- Yahoo
Half of MNCs plan office expansion: Knight Frank
This anticipated growth amounts to approximately 104 million sq ft of additional office space (Photo: Samuel Isaac Chua / EdgeProp Singapore) According to a report by Knight Frank, half of corporate real estate leaders plan to expand their total office footprint over the next three to five years. This anticipated growth amounts to approximately 104 million sq ft of additional office space. The findings come from the consultancy's (Y)OUR SPACE survey, drawing from responses from over 300 corporate real estate leaders representing some of the largest international corporations globally. The report found that economic and geopolitical uncertainty is a key driver behind the expansion. In response, companies are building greater optionality into their property strategies, opting for shorter leases, more flexible formats and locations that support risk diversification and access to talent. Read also: Hines, Kanakia, Mitsubishi Estate and Sumitomo Corp JV unveil landmark office project in Mumbai 'Flexibility and resilience are vital for decision-makers in the current climate,' says Tim Armstrong, partner and global head of occupier strategy and solutions at Knight Frank. 'Corporates are committing to new space but building in flexible lease terms and options on pre-lets to remain nimble.' Workstyle evolution was also a key factor for corporate real estate leaders, according to the survey. About 30% of responses cited the shift to more flexible working arrangements as a key factor guiding their real estate strategy over the next three years. Among those surveyed, only 10% expect their employees to be present in the office for five days a week. 46% expect to follow a balanced hybrid workstyle, while the next 22% plan to be 'office first', where employees are expected to be in the office for the majority of the week. In contrast, 7% of respondents expect to be 'remote first' while the remaining 4% of respondents plan to offer a 'work from anywhere' arrangement. See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Hines, Kanakia, Mitsubishi Estate and Sumitomo Corp JV unveil landmark office project in Mumbai US tariff shifts to drive industrial real estate growth in Vietnam and Indonesia: Knight Frank New Zealand Hotel Holdings divests portfolio of hotel assets worth $554 mil En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Yahoo
03-06-2025
- Business
- Yahoo
Kanakia and others partner for office project in India
Indian real-estate developer Kanakia Group has partnered with global entities Hines, Mitsubishi Estate Co (MEC), and Sumitomo to develop a premium office project in the Bandra Kurla Complex (BKC) in Mumbai, a city within the Indian state of Maharashtra. Kanakia Group, as the land partner, will collaborate with US-based real-estate investment manager Hines, as well as Japanese conglomerates MEC and Sumitomo, serving as the institutional investor and the development partner, respectively. The joint venture (JV) is set to capitalise on the companies' collective global experience in real estate, aiming to enhance Mumbai's landscape with a new commercial epicentre. The partnership aligns with Kanakia Group's strategic shift towards an asset-light model, which has enabled the company to reduce its debt to below Rs10bn ($116.9m). The JV's office project spans a three-acre land parcel and is set to deliver 1.5 million square feet of premium office space. The development, designed by US architecture company Kohn Pedersen Fox (KPF), is poised to include amenities such as food and beverage (F&B) outlets and retail zones. This project is set to incorporate sustainability, smart infrastructure, and wellness within the commercial real-estate sector, states Kanakia. It is targeting certifications such as Leadership in Energy and Environmental Design, WELL, WiredScore, and SmartScore. Kanakia Group chair Rasesh B Kanakia said: 'This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India. We will continue to explore similar partnerships in the future to drive sustainable value creation.' Hines senior managing director and India head Amit Diwan said: 'This project is a collaboration with Kanakia Group, a highly experienced real-estate player in Mumbai, who brings significant local knowledge and expertise that we greatly value. Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well.' The site's location offers connectivity, with access to the BKC Connector Road, Santacruz–Chembur Link Road extension, upcoming Mumbai Metro lines, and the Mumbai-Ahmedabad Bullet Train terminus. Kanakia Group has delivered over 15 million square feet across different sectors. Its diversified portfolio includes residential projects, commercial developments, shopping centres, hotels, schools, and cinemas. At present, the company has more than 8.6 million square feet of projects in the pipeline, with a gross development value of Rs128.25bn. "Kanakia and others partner for office project in India" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
India Today
24-05-2025
- Business
- India Today
CBI chargesheet against ex-chief of government firm and others in corruption case
The CBI on Friday filed a chargesheet against five accused, including the former chairman-cum-managing director (CMD) of Broadcast Engineering Consultants India Limited (BECIL), in connection with alleged bribery and loan disbursal amounting to Rs 50 on a reference from the Ministry of Information and Broadcasting, the CBI registered a case on September 3 last year to probe alleged irregularities in the sanction and disbursal of a venture loan of Rs 50 crore by George Kuruvilla, BECIL's former CMD, to a private firm, The Green Billions Limited (TGBL), Mumbai, represented by Prateek Kanakia, CEO and revealed that during 2022, Kuruvilla allegedly entered a criminal conspiracy with then General Manager of BECIL, WB Prasad, then Legal Advisor of BECIL, Ashish Pratap Singh, and Kanakia, with an intent to cheat BECIL to the tune of Rs 50 crore on the pretext of sanctioning and disbursing the venture loan to the Mumbai-based company under a consortium agreement and a general venture loan deal. In furtherance of the said criminal conspiracy, the accused officers of BECIL obtained a short-term corporate loan of Rs 80 crore from IREDA, out of which they disbursed Rs 50 lakh to TGBL in three tranches of Rs 12.50 crore, Rs 17.50 crore and Rs 20 crore respectively, on April 8, 2022; June 20, 2022 and December 30, 50 crore venture loan was disbursed to the accused company for a waste-to-energy project of the Pune Municipal Corporation, the CBI also uncovered that, in furtherance of said criminal conspiracy, Kanakia did not utilise the disbursed funds in the project for which the funds were released. He, instead, diverted most of the funds to his own use and paid undue advantage of Rs 2 crore in April 2022 and Rs 1 crore in April 2023 to the main accused misuse the remaining amount of the sanctioned and disbursed loan of Rs 80 crore by IREDA to BECIL, the accused officers of BECIL sanctioned additional funds of Rs 25 crore to TGBL. The original documents related to the project at BECIL were destroyed by the accused, the CBI accused received a forged performance bank guarantee dated November 28, 2022, of Rs 25 crore purportedly issued from the Punjab National Bank, in Mumbai's Ghatkopar (East) branch, the CBI said. After the disbursal of the venture loan of Rs 50 crore, they did not ensure the end use of the fund for the given purpose, and Kanakia did not repay the outstanding loan amount to Kuruvilla and WB Prasad of BECIL did not obtain collateral security from TGBL to secure the loan as per the loan agreement and in contravention of the terms and conditions of the venture loan agreement executed between both companies. The accused caused a wrongful loss of Rs 58.60 crore to BECIL, the CBI investigation the investigation, Kuruvilla, WB Prasad and Kanakia were arrested and sent to judicial InMust Watch IN THIS STORY#Delhi
Indian Express
01-05-2025
- Business
- Indian Express
ECIL cheating case: Bail plea of private firm's CEO rejected
A special court in Mumbai on April 28 rejected the bail application of Prateek Kanakia, the CEO and founder of a Mumbai-based private firm, The Green Billions Limited (TGBL), arrested in a cheating case. His co-accused include former officials of the Broadcast Engineering Consultants India Limited (BECIL), which comes under the Ministry of Information and Broadcasting. The Central Bureau of Investigation (CBI) in April had also arrested the then chairman and managing director (CMD) of BECIL, George Kuruvilla, and a former general manager, W B Prasad, along with a few others, for allegedly disbursing a venture loan of Rs 50 crore to TGBL, and obtaining an undue advantage of Rs 3 crore. This was after the CBI received a complaint about a loan sanctioned to BECIL by the Indian Renewable Energy Development Agency Limited of Rs 80 crore. It was alleged that BECIL further sanctioned Rs 50 crore of the loan amount to TGBL for a contract on waste management. The CBI alleged that public money was squandered in collusion with government officials by not utilising the loan amount for the sanctioned purpose. The CBI also alleged that Kanakia submitted a fake performance bank guarantee to obtain the loan. The CBI submitted to the court that only Rs 1.39 crore of the loan amount has been returned so far. Kanakia, while seeking bail, submitted that he was investigated in police custody, and now his further custodial interrogation is not required. The court said that documents part of the probe shows some 'unholy confluence' between officers of BECIL and Kanakia and that public money was released to him without obtaining proper security. The court said the project file pertaining to the loan is missing from BECIL's office. 'This shows that there has been an attempt to conceal the evidence. Considering the circumstances, it cannot be said that the investigation qua the applicant/accused (Kanakia) is complete, rather it appears that the investigation is at a nascent stage, and the investigating agency is attempting to collect the documents, hard drives from the computers and recording statements to connect the pieces of evidence,' Special Judge A V Kharkar said in the order made available Thursday.
Hindustan Times
24-04-2025
- Business
- Hindustan Times
ED conducts 7 searches in city in ₹50 cr loan case against PSE officials, private firm
MUMBAI: The Enforcement Directorate (ED) on Wednesday conducted searches at seven premises in Mumbai, one in Haryana's Faridabad, as part of its money laundering probe into Broadcast Engineering Consultants India Limited's (BECIL) alleged fraudulent disbursal of a ₹50 crore loan to the Green Billions Limited (TGBL), a private firm. The ED's case was based on a Central Bureau of Investigation's (CBI) 2024 case. Central Bureau of Investigation (CBI) on September 3, 2024, registered a case based on the findings of its preliminary enquiry ( PE) probe, which had been initiated based on a complaint from the vigilance authorities of the Information and Broadcasting ministry, under which BECIL functions. The FIR said the Indian Renewable Energy Development Agency Limited (IREDA), a public sector company, had sanctioned a loan of ₹80 crore to BECIL for execution of projects related to waste management / LED smart lighting/ smart metering and other projects in Pune through contractors. According to the CBI, there was alleged a criminal conspiracy in 2022, wherein a TGBL's promoter paid a bribe of ₹3 crore to George Kuruvilla, the then chairman and managing director (CMD) of BECIL to disburse ₹50 crore loan. The loan was allegedly disbursed without genuine security, in violation of standard operating procedures, ED officials said. The CBI had booked George Kuruvilla, the then BECIL Chairman and Managing Director (CMD), WB Prasad, BECIL's general manager, and others under relevant sections of the Bharatiya Nyaya Sanhita and Prevention of Corruption (PC) Act. Prateek Kanakia, founder and promoter of TGBL was also booked for bribing the CMD. 'The loan funds sanctioned by the BECIL were diverted to various other entities and individuals other than for the purpose of waste management project of Pune Municipal Corporation and no project has been implemented there by TGBL. Its promoter, Kanakia, siphoned off proceeds of crime to the tune of ₹50 crore,' an ED official said. Kanakia allegedly did not return it to BECIL, resulting in BECIL incurring a wrongful loss of ₹58 crore, including penalties. CBI's probe also revealed that TGBL allegedly submitted fake Performance Bank Guarantee of ₹25 crore to BECIL, which it could not claim to cover the losses. Karuvilla and Prasad from BECIL were arrested by the CBI last Wednesday and Kanakia was arrested last month. The ED searches were conducted after the agency analysed the money trail connected to the proceeds of crime, to gather incriminating evidence required as per provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
