Latest news with #Singhal
Mint
7 hours ago
- Business
- Mint
HDB Financial gets regulator's nod for ₹12,500-crore IPO
HDB Financial Services Ltd, owned by HDFC Bank Ltd, has received the capital markets regulator's approval for a ₹ 12,500-crore initial public offering. The non-bank financier filed its draft red herring prospectus (DRHP) on 30 October, comprising a fresh issue of up to ₹ 2,500 crore and an offer for sale of up to ₹ 10,000 crore. The Securities and Exchange Board of India issued an observation letter to the lender on 28 May. The final set of Sebi observations is essentially an in-principle approval for the IPO, according to market participants. Typically, after a company files its DRHP, the regulator responds within 45 days. However, in this case, Sebi took about seven months. 'With these final observations in place, the company has a 12-month window to file its red-herring prospectus (RHP) and can launch the IPO anytime within that period,' said Vipin Singhal, director at Anand Rathi Investment Banking. While the IPO market is currently subdued, a number of deals are lined up and ready to go once market sentiment improves, Singhal added. So far this year, the Nifty 50 has risen just 3%. Parent HDFC Bank, which owns 94.32% of HDB Financial Services, will sell shares worth ₹ 10,000 crore via an offer for sale. Last week, Bloomberg reported that HDB Financial Services was nearing Sebi's approval for its IPO. The nod would allow the subsidiary of HDFC Bank, the country's largest private sector lender, to finally move forward with a deal that could raise up to $1.5 billion, following months of waiting for regulatory clearance. At $1.5 billion, it would be the largest IPO by a non-bank financial company (NBFC) in India and the biggest across sectors since Hyundai Motor India Ltd's $3.3 billion listing last year. South Korea's LG Electronics had planned to list its Indian unit in May but has reportedly delayed the IPO due to market volatility and valuation concerns. The $3.3-billion offering may now take place in the second or third quarter of the current fiscal year, depending on market conditions, as per reports. The proposed listing would also help HDB Financial Services meet a regulatory norm that mandated certain large non-bank financiers to go public. The Reserve Bank of India (RBI) in its 2021 guidelines said that upper-layer NBFCs must be listed within three years of being identified as one. The non-bank subsidiary of India's largest private lender HDFC Bank was among the 16 names listed by RBI in September 2022, effectively giving it time till September 2025 to get listed. RBI regulations classify NBFCs into four layers based on the size, activity and perceived risks. The upper layer comprises prominent names like Tata Sons Pvt, LIC Housing Finance Ltd and Shriram Finance Ltd. Established in 2007, HDB Financial has three primary verticals: enterprise lending, asset finance, and consumer finance. HDB Financial reported a net profit of ₹ 2,176 crore in FY25, down from ₹ 2,461 crore in the previous financial year. Its gross non-performing assets (NPA) ratio, though down from the highs seen three to four years ago, rose in 2024-25, showed data from its FY25 annual report. In FY25, the gross NPA — bad loans as a percentage of total loans — stood at 2.26% compared with 1.9% in FY24. 'With the economy projected to continue growing, the company, with its diversified product portfolio, broad reach through its network of branches across the country and its digital infrastructure, is cautiously optimistic in its outlook for FY 2025-26,' said its FY25 annual report. Mint reported in January that the markets regulator is examining a potential violation of the Companies Act by HDB Financial Services 17 years ago, as the non-bank lender prepares for a $1.5 billion IPO, citing three people aware of the matter. As per the report, Sebi found that the lender in 2008 issued shares to more than 50 employees of its parent HDFC Bank through a private placement. Under the Companies Act, issuing shares to more than 50 people is considered a public issue, requiring compulsory Sebi clearance.
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Business Standard
7 hours ago
- Business
- Business Standard
3D-printed villas: A tech-driven future for luxury housing in India
Luxury real estate in India is embracing a futuristic edge with 3D-printed villas emerging as a new frontier in high-end housing. Though still a nascent segment, companies such as Godrej Properties and Larsen & Toubro (L&T) are pioneering the adoption of 3D construction technologies, signalling a paradigm shift in how premium homes are designed and built. Mumbai-based Godrej Properties, in partnership with Chennai-headquartered deeptech startup Tvasta, recently unveiled India's first 3D-printed villa at Godrej Eden Estate in Maan Hinjewadi, Pune. Spanning over 2,200 sq ft, the villa was constructed using a specialised concrete 3D printer that translates digital blueprints into physical structures through precise layering of concrete. According to Vikas Singhal, chief operating officer at Godrej Properties, the technology leverages advanced algorithms to convert 2D and 3D architectural designs into printable formats. This enables the automated production of complex, organic forms with high structural integrity — dramatically reducing construction time when compared to traditional methods. It helps to reduce the structure work duration by half by replacing manual efforts with automation. 3D printing allows customers to personalise every element — from façades to floor plans, said Singhal. Intricate architectural details and unconventional shapes that are difficult to achieve using conventional construction techniques can now be executed seamlessly, he added. The luxury quotient, he said, lies in the design freedom the technology affords. Features such as sculptural staircases, open-plan layouts, and flowing, nature-inspired exteriors are made possible by the precision of 3D construction. The villa at Godrej Eden Estate, for instance, includes a host of amenities such as a water feature, gazebo, outdoor seating, a barbecue corner, children's play area, and a multi-purpose lawn. Beyond the shell However, while the structural shell is printed, interior finishes continue to be executed using traditional craftsmanship to maintain the high standards expected in luxury homes. From a commercial perspective, Singhal acknowledged that while 3D printing offers long-term value through speed, accuracy, and reduced material waste, high upfront costs and limited market adoption remain challenges. That said, he was confident that as deployment scales and technology becomes more accessible, costs would decline, opening avenues for sustainable and efficient housing solutions. He added that the method's ability to deliver customisation without significant cost escalation, along with faster project delivery, presents a compelling business case over time. Meanwhile, engineering giant L&T has constructed six 3D-printed villas at Varthur in Bengaluru for Prestige Group. Each villa measures approximately 4,000 sq ft and is part of the larger Prestige Lakeside Habitat development — marking a significant milestone in automated residential construction. MV Satish, advisor to the chairman and managing director (Buildings & Factories), L&T, highlighted the departure from traditional construction, which often relies on standardised designs and repetitive formwork to manage costs. He said 3D concrete printing eliminates the need for formwork altogether. CAD designs can be directly translated into physical structures, allowing every villa to be uniquely tailored to the buyer's preferences, he explained. State-of-the-art technologies such as Building Information Modelling (BIM), construction sequence mapping, and virtual reality walkthroughs further enhance the customer experience. The result is a highly customised, tech-enabled home delivered with shorter turnaround times. Beyond aesthetics and speed, 3D-printed villas also offer strategic advantages for developers. Faster construction means quicker possession and lower financing and overhead costs, Satish said, adding that the ability to offer design flexibility gives developers an edge in a competitive market. Intrigue factor Despite these innovations, the market remains niche. Anuj Puri, chairman of Anarock Group, pointed out that current demand is largely 'created', driven by forward-thinking developers and tech-savvy, high-networth individuals. 'High-end villas must, in any case, come with bragging rights, and owning a villa built with the world's latest construction technology is a major talking point for NRIs and wealthy families who want their real estate to be different,' Puri said. Cost dynamics are nuanced. While 3D printing can cut structural costs by 10–30 per cent through savings on labour and materials, these are often offset by the expense of leasing foreign-made printers and importing specialised cement — adding up to 20 per cent to the overall cost. Developers may also mark up prices by 10–25 per cent for the novelty factor, with interior and technology enhancements adding further premiums. Puri believes the true potential of 3D-printed housing will be unlocked only when printer costs fall and regulatory frameworks adapt to accommodate taller, high-density structures — enabling broader adoption beyond the luxury segment. Buyer interest, meanwhile, is growing. 'Many are intrigued by the process and keen to explore how they can build their own 3D-printed homes,' Singhal said. At Godrej Eden Estate, a key buyer segment includes mid-sized business owners aged 35–60, seeking luxury homes close to their workplaces or business hubs. Singhal added they are seeing strong interest from senior IT professionals returning from overseas, particularly those settling in Pune. 'Nearly half our buyers are from Maharashtra, with the rest from across India.' As luxury real estate continues to evolve, 3D-printed villas may well represent the next chapter in design-led, tech-enabled living — where innovation meets aspiration.
Mint
10 hours ago
- Business
- Mint
HDB Financial gets regulator's nod for ₹12,500-crore IPO
HDB Financial Services Ltd, owned by HDFC Bank Ltd, has received the capital markets regulator's approval for a ₹ 12,500-crore initial public offering. The non-bank financier filed its draft red herring prospectus (DRHP) on 30 October, comprising a fresh issue of up to ₹ 2,500 crore and an offer for sale of up to ₹ 10,000 crore. The Securities and Exchange Board of India issued an observation letter to the lender on 28 May. The final set of Sebi observations is essentially an in-principle approval for the IPO, according to market participants. Typically, after a company files its DRHP, the regulator responds within 45 days. However, in this case, Sebi took about seven months. 'With these final observations in place, the company has a 12-month window to file its red-herring prospectus (RHP) and can launch the IPO anytime within that period,' said Vipin Singhal, director at Anand Rathi Investment Banking. While the IPO market is currently subdued, a number of deals are lined up and ready to go once market sentiment improves, Singhal added. So far this year, the Nifty 50 has risen just 3%. Parent HDFC Bank, which owns 94.32% of HDB Financial Services, will sell shares worth ₹ 10,000 crore via an offer for sale. Last week, Bloomberg reported that HDB Financial Services was nearing Sebi's approval for its IPO. The nod would allow the subsidiary of HDFC Bank, the country's largest private sector lender, to finally move forward with a deal that could raise up to $1.5 billion, following months of waiting for regulatory clearance. At $1.5 billion, it would be the largest IPO by a non-bank financial company (NBFC) in India and the biggest across sectors since Hyundai Motor India Ltd's $3.3 billion listing last year. South Korea's LG Electronics had planned to list its Indian unit in May but has reportedly delayed the IPO due to market volatility and valuation concerns. The $3.3-billion offering may now take place in the second or third quarter of the current fiscal year, depending on market conditions, as per reports. The proposed listing would also help HDB Financial Services meet a regulatory norm that mandated certain large non-bank financiers to go public. The Reserve Bank of India (RBI) in its 2021 guidelines said that upper-layer NBFCs must be listed within three years of being identified as one. The non-bank subsidiary of India's largest private lender HDFC Bank was among the 16 names listed by RBI in September 2022, effectively giving it time till September 2025 to get listed. RBI regulations classify NBFCs into four layers based on the size, activity and perceived risks. The upper layer comprises prominent names like Tata Sons Pvt, LIC Housing Finance Ltd and Shriram Finance Ltd. Established in 2007, HDB Financial has three primary verticals: enterprise lending, asset finance, and consumer finance. HDB Financial reported a net profit of ₹ 2,176 crore in FY25, down from ₹ 2,461 crore in the previous financial year. Its gross non-performing assets (NPA) ratio, though down from the highs seen three to four years ago, rose in 2024-25, showed data from its FY25 annual report. In FY25, the gross NPA — bad loans as a percentage of total loans — stood at 2.26% compared with 1.9% in FY24. 'With the economy projected to continue growing, the company, with its diversified product portfolio, broad reach through its network of branches across the country and its digital infrastructure, is cautiously optimistic in its outlook for FY 2025-26,' said its FY25 annual report. Mint reported in January that the markets regulator is examining a potential violation of the Companies Act by HDB Financial Services 17 years ago, as the non-bank lender prepares for a $1.5 billion initial public offering (IPO), citing three people aware of the matter. As per the report, Sebi found that the lender in 2008 issued shares to more than 50 employees of its parent HDFC Bank through a private placement. Under the Companies Act, issuing shares to more than 50 people is considered a public issue, requiring compulsory Sebi clearance. The status of this matter is not publicly available.
India Gazette
a day ago
- Health
- India Gazette
Assam Health Minister Ashok Singhal reviews department's performance; issues directives to strengthen services in flood-affected areas
Dispur (Assam) [India] June 2 (ANI): Health and Family Welfare Minister Ashok Singhal on Monday reviewed the functioning of the Health and Family Welfare Department during a meeting held at the National Health Mission office in Guwahati, Assam. The meeting reviewed various aspects of the department's work, including implementation of schemes, infrastructure development and the delivery of health services, particularly in flood-affected areas. Minister Singhal emphasised the need for continuous health check-ups and the timely distribution of essential medicines in relief shelters. Singhal instructed doctors, nurses and health workers to remain fully alert to tackle the rise in waterborne and other infectious diseases during and after the floods. He also reviewed the department's efforts to control the spread of malaria in the Indo-Bhutan border areas of Kokrajhar and Chirang districts. During the meeting, the Minister identified several priority areas and issued directions for immediate action. He directed the department to establish a Fast Referral Unit (FRU) in each Assembly constituency to provide maternal, pediatric and emergency health services. He also instructed the Director of Ayush, Assam, to arrange regular yoga training sessions at every Ayushman Arogya Mandir as part of the Fit India Movement and to encourage community participation in health awareness initiatives. Minister Singhal stressed the importance of fully digitizing the administrative and information systems of the department to enhance efficiency and transparency. He asked officials to ensure the availability of essential medicines in every government hospital across the state. Additionally, he directed the department to conduct regular training and personality development programs for doctors, nurses, ASHA workers and all healthcare staff to improve the quality of service delivery. The meeting also included a detailed review of the current status of blood banks in the state, the progress of Ayushman Bharat, Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) and Ayushman Assam, Mukhya Mantri Jan Arogya Yojana (AA-MMJAY) and precautionary measures to be taken in light of the recent rise in COVID-19 infections. Minister Singhal emphasised the need for a proactive and people-centric approach in delivering healthcare services, especially in times of crisis like the ongoing floods. The meeting was attended by senior officials including Commissioner & Secretaries Dr P Ashok Babu and Barnali Sharma, Commissioner & Secretary of Medical Education and Research Dr Siddharth Singh, Director of Health Services Dr Umesh Phangcho, Director of Health Services (Family Welfare) Kamaljit Talukdar and Executive Director of the National Health Mission, Assam, Dr Manoj Choudhury. (ANI)
United News of India
4 days ago
- Health
- United News of India
Tobacco consumption claims over 78,000 lives annually in Rajasthan
Jaipur, May 30 (UNI) Tobacco consumption claims the lives of approximately 8 million people worldwide each year, with India accounting for over 13.5 lakh deaths and Rajasthan witnessing over 78,000 fatalities annually. Moreover, more than 5,500 children in the country and over 350 in the state start consuming tobacco and other smoking products daily. Pawan Singhal, Senior Professor at the ENT department of Sawai Man Singh Hospital in Jaipur, highlighted these alarming statistics ahead of World No Tobacco Day - May 31. Citing the Global Adult Tobacco Survey (GATS), Dr. Singhal emphasized that the increasing trend of tobacco consumption among Rajasthan's youth is detrimental to their health, with nearly 78,000 people succumbing to tobacco-related deaths in the state. The Global Youth Tobacco Survey (GYTS 2019) reveals that 74.3% of adolescents in Rajasthan have been exposed to tobacco product promotions, while 15.6% are aware of e-cigarettes. Dr. Singhal stressed that the tobacco industry uses innovative marketing strategies to attract young people, which has a direct impact on the youth. On World No Tobacco Day 2025, the theme "Unmasking the Appeal: Exposing the Industry's Tactics to Hook New Generations" will be discussed globally. The campaign aims to raise awareness among school and college students about the harmful effects of tobacco and the deceptive marketing strategies employed by the tobacco industry. Shyam Maru, Trustee of Sukham Foundation, emphasised the need for collective efforts to reduce cancer cases and promote a healthy society. According to the Global Adult Tobacco Survey (GATS-II) 2017-18, 26.7 crore adults (28.6%) in India use tobacco, with 21.4% consuming smokeless tobacco and 10.7% smoking cigarettes and bidis. The survey also reveals that over 5,500 children start using tobacco daily in the country. UNI XC AKT SSP
