Latest news with #LOIs
Hindustan Times
3 days ago
- Business
- Hindustan Times
14 years on, GMADA yet to hand over showrooms against acquired land
Even though the Greater Mohali Area Development Authority (GMADA) had acquired land for the IT City housing scheme at Aerocity in December 2011, around 300 landowners from seven villages, who had applied under the land pooling scheme, are still awaiting possession of their showrooms. Through the land pooling scheme, owners were to be provided with residential or commercial plots instead of monetary compensation in lieu of their land. The size of each showroom is 100 square yards. In contrast, GMADA had already given possession of residential plots in IT City in 2019. According to records, letters of intent (LOIs) were issued in 2013 for 100 square yards SCOs and booths, based on entitlement. The draw for allotment of commercial sites and booths to LOI holders was conducted in August 2021. However, more than three and a half years later, the original allottees have still not received allotment letters or possession of their sites, preventing them from constructing buildings and starting businesses to earn a livelihood. One allottee, Harpal Singh, said, 'GMADA had acquired the land more than a decade ago but has still not given us possession of the showrooms under the land pooling scheme, despite repeated requests.' He added, 'On the other hand, Manav Rachna School and companies such as Infosys and HDFC have already constructed their buildings and are running their operations. It is unclear why GMADA is delaying possession when the infrastructure at the site is already complete.' When contacted, a senior GMADA officer said, 'There are some issues related to services and the alignment of the choe (seasonal stream) passing through the area. We are hopeful that the matter will be resolved soon and possession will be handed over in the next few months.' Another landowner, Sajjan Singh of Chajumajra village, expressed his disappointment, stating, 'There is a lot of discontentment among allottees due to the non-issuance of allotment letters and possession. Many of our children are unemployed and our livelihood is at risk as our agricultural land was acquired way back in 2011. Although the draw for commercial plots was conducted and numbers allotted in 2021, possession has still not been given. Our children and family members are waiting to start their businesses to support the family.' The IT City spans 1,722 acres across Sectors 66-B, 82-A, 83-A and 101-A, adjacent to Airport Road. The first housing scheme in IT City was launched in February 2014, offering 325 residential plots at ₹23,500 per square yard. The second scheme was launched in July 2016 with 750 plots at ₹20,000 per square yard. The most recent one was launched in April 2018.
Business Wire
30-04-2025
- Business
- Business Wire
Venture Capricorn Closes Sell-Side Advisory of Swan Electric Plumbing Heating & Air with SEER Group
DALLAS--(BUSINESS WIRE)--Venture Capricorn has completed another successful sell-side transaction to The SEER Group (SEER) with the acquisition of Dallas-based Swan Electric Plumbing Heating & Air. (Swan), a leading provider of residential and commercial plumbing, HVAC, and electrical services throughout Dallas and the greater DFW area. Venture Capricorn has completed another successful sell-side transaction in Texas. The Swan team will continue to provide the high-quality service and expertise customers have come to expect in the greater Dallas area, while benefiting from SEER's industry-leading resources and support as they look to expand their Texas footprint. 'The SEER Group came in and cared and connected with our family- focused company culture,' said Scott Sarlay and Nicholas Riddell, Founders and Owners of Swan Electric Plumbing Heating & Air. Venture Capricorn served as the exclusive sell-side strategic advisor in this deal, 'VCap was the best partner we could hope for in the sell-side process qualifying the buyer universe,' said Sarlay. The VCap team's in-depth scope of work helped us prepare our historical accounting, inventory, and business history for the proper partner that matched our goals and culture. VCap worked with us on evaluating multiple interested parties, evaluating Letters of Intent, (LOIs) to get us the right deal. They worked day and night to help us land the right partner that aligns with our culture, focusing on our capabilities, roots, goals and family-focused company culture.' Swan has served the DFW and surrounding communities for nearly a decade, offering reliable Electrical, Plumbing, HVAC installation, maintenance and repair services for both residential and commercial clients. Swan was one of the largest privately held residential service providers in the area and plans to continue to serve this community for years to come. This deal reflects Venture Capricorn's unique combination of experience and commitment to representing top-tier Residential/ Commercial Service founders that have specific goals for their legacy and valuation expectations. About Swan: Swan was founded by Scott Sarlay and Nicholas Riddell in Sunnyvale, Texas. Swan quickly distinguished itself through its commitment to craftsmanship, innovation, and customer satisfaction, building a reputation as a trusted service provider in becoming one of the largest privately owned residential service companies in DFW. 'What began as a specialized plumbing and electrical services firm has evolved into a comprehensive solutions provider, offering tailored services across residential and light commercial markets. Today, our portfolio includes electrical maintenance, complex installations, plumbing, and HVAC solutions,' stated Riddell. About Venture Capricorn: Established and respected in its Texas roots, Venture Capricorn is a middle market investment bank based in Austin, Texas. We deliver extraordinary results to our clients that consistently surpass their value expectations. Venture Capricorn is connected with Strategic and PE buyers that can underwrite and close deals efficiently. Not all are created equal; our firm works closely with buyers that bring a unique combination of speed, certainty, deep industry knowledge and operational resources that make value-added partners. We are humbled and proud of our long-lasting connections between owners and qualified buyers.
