Latest news with #SushilMohta
Times of Oman
02-08-2025
- Business
- Times of Oman
India's economic strength will withstand US tariff shock, sectoral experts speak in one voice
New Delhi: Experts from across Indian industries have expressed confidence in the resilience of the Indian economy amid the US President Donald Trump's decision to impose a 25 per cent tariff on Indian goods, describing the move as impactful in the short term but unlikely to dent India's long-term economic growth story. Reacting to the tariff hike announced by President Trump, Sushil Mohta, Chairman of the Kolkata-based real estate player Merlin Group, said India's robust economy would absorb the shock with minimal long-term disruption. "I don't think it will make a huge difference. Our economy is very strong today, India is the fourth-largest economy in the world," Mohta told ANI. "The common people in India work very hard. Our growth is driven by that effort, not dependent on the policies of any one country." He pointed to the relatively muted response in domestic stock markets as proof of the economy's strength. "If there were a major global disruption, we would have seen an immediate reflection in the markets. That hasn't happened," he noted. On the issue of trade exposure, Mohta said that India's economy is not overly reliant on the US or any single country. From the agriculture sector, Dev Garg, Vice President of the Indian Rice Exporters Federation (IREF), noted that the US tariff move was "concerning" for rice exporters. "Last year, India exported around Rs 3,100 crore worth of Basmati and non-Basmati rice to the US. This year, we've only managed Rs 833 crore so far," he said. However, Garg also viewed the latest tariff development with cautious optimism. "This could be a blessing in disguise. Thailand and Pakistan, our two key competitors in the US rice market, face 19 per cent tariffs, while India now faces 25 per cent -- just a 6 per cent gap," he explained. Expecting the depreciation of the Indian Rupee and anticipated deflationary trends in domestic prices, Indian rice could still remain competitive. "We have record surplus stocks and a weaker rupee at Rs 88 per dollar. These factors may help us offset the tariff burden and possibly even surpass last year's export figures," he added. Meanwhile, Niranjan Hiranandani, Chairman of the National Real Estate Development Council (NAREDCO), dismissed President Trump's remarks on India's economy being "dead," a comment echoed by Congress leader Rahul Gandhi. "India is currently the fastest-growing major economy with a GDP growth rate of 6.2 per cent to 6.7 per cent. There's no question of it (Indian economy) being weak," Hiranandani said. "We are strengthening self-reliance across defence, agriculture, and manufacturing. The ambition is clear (that) India must become truly self-sufficient," he added. Over the past few months, India and the US have been negotiating for an interim trade deal, but there were some reservations from the Indian side on the US demand for opening up the agricultural and dairy sectors for the US. Agriculture and dairy are critical for India as these two sectors provide livelihood opportunities to a large section of its people. On Wednesday, President Trump announced the imposition of 25 per cent tariffs on Indian goods plus an unspecified 'penalty', even as there were hopes of an interim India-US trade deal that would have otherwise helped avoid elevated tariffs. India and the US initiated talks for a just, balanced, and mutually beneficial Bilateral Trade Agreement (BTA) in March this year, aiming to complete the first stage of the Agreement by October-November 2025. On April 2, 2025, President Trump signed an executive order for reciprocal tariffs on various trade partners, imposing varied tariffs in the range of 10-50 per cent. He subsequently kept the tariffs in abeyance for 90 days, while imposing a 10 per cent baseline tariff. The deadline was to end on July 9, and the US administration later pushed it ahead to August 1. US President Donald Trump had imposed reciprocal tariffs on dozens of countries with which the US has a trade deficit. Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to "ensure fair trade". On Thursday evening, Commerce and Industry Minister Piyush Goyal made a statement in both houses of the Parliament, stating that the government is examining the impact of tariffs and will take all necessary steps to safeguard the national interest.
Time of India
18-06-2025
- Business
- Time of India
Govt lifts land ceiling barrier for pvt parties
1 2 3 Kolkata: From now on, no land ceiling laws will be applicable for any land allotted by the state, govt agency, or urban local bodies to private parties subject to certain conditions. Any private party buying land through this route will be entitled to automatic approval of exemption of land ceiling laws. The state urban development and municipal affairs department has issued an order stating that land parcels allotted by the govt as per the procedure prescribed in the land allotment policy will be exempted from provisions of Chapter III of the Urban Land (Ceiling and Regulation) Act, 1976, if the land allottee follows certain conditions. Chapter III of the Act mentions the ceiling limit on vacant land which an individual can hold in urban agglomeration. It has been stated that private parties who were allotted land by the state govt, a govt parastatal, or an urban local body will be exempted from the provisions of the ceiling on vacant land if they follow the conditions that the purpose of land has not been changed without prior approval of the state. Additionally, the lessee or land allottee will have to utilise the land for the specified purpose as mentioned in the lease deed within three years of the execution of the said deed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fastest Selling Plots of Mysore from 40L | 40+ Amenities PurpleBrick Learn More Undo Credai West Bengal, an association of real estate developers, earlier requested the state to consider giving exemptions on the ceiling on vacant land, saying it will help in easing doing business in the state. "This will help in creating an investment-friendly climate in Bengal," said Sushil Mohta, president, Credai West Bengal. The move, experts said, will help state agencies earn more revenues by auctioning or selling land parcels on a freehold basis. Officials said the real estate sector was presently witnessing growth as developers are cashing in on the incentives of getting freehold land.
Time of India
17-06-2025
- Business
- Time of India
Blackstone buys South City Mall, Colombo project for 3,250 crore
Kolkata: South City Mall changed hands in what was one of the largest real estate deals in the city and the first mall deal. Blackstone, one of the world's largest alternative asset management funds, has acquired South City Projects, the holding company of the mall, for Rs 3,250 crore. Tired of too many ads? go ad free now Along with the mall, the $1.1 trillion global asset manager has also acquired unsold inventories of South City's Colombo project — Altair, according to sources. South City School, however, will remain with erstwhile promoters. South City Projects was owned by a consortium that included Emami, Merlin Group, Sureka Group, Shrachi Group, Jugal Khetawat and JB Group. It was learnt that South City Mall was valued between Rs 2,700 crore and Rs 2,800 crore while the remaining Rs 450 crore-500 crore was for the Colombo project. For Blackstone, the acquisition represents a strategic entry into the Kolkata market. While the firm already owns 18 malls across 14 Indian cities, the acquisition of South City Mall marks its first major retail investment in eastern India's commercial capital. Blackstone manages assets worth Rs 9.6 lakh crore worldwide and has deployed Rs 1.7 lakh crore in India's office space and hotels. Anarock Group, a leading independent real estate services firm, served as the exclusive transaction adviser for both acquisitions. "This transaction represents more than an acquisition — it's a vote of confidence in eastern India and Bengal's economy and retail ecosystem," said Sushil Mohta, chairman of Merlin Group and director of South City Projects. He highlighted the unique nature of South City Group as a consortium of six prominent Kolkata business families. "We have collaborated successfully for over 25 years. Our consortium itself is a case study in sustained partnership and shared vision," he added. Tired of too many ads? go ad free now Prakash Bachawat, a key stakeholder in South City Projects who stewarded the transaction, expressed enthusiasm about the partnership. "This investment will undoubtedly accelerate the growth trajectory of both assets while maintaining their premium market positioning," he added. Asheesh Mohta, head of real estate acquisitions - India, Blackstone, said: "We are thrilled to strengthen our presence in India and invest in this iconic asset. South City Mall is a place where the community comes together — it's the definitive destination in Kolkata for shopping, dining, leisure and entertainment." Located on Prince Anwar Shah Road, South City Mall is a retail powerhouse generating an average annual turnover of Rs 1,800 crore. The mall is spread across 12.5 lakh square feet with a gross retail area of 6.5 lakh square feet. The mall sees 30,000-40,000 footfalls on weekdays and 75,000-1.5 lakh on weekends. It houses around 150 stores anchored by major brands such as Shoppers Stop, Pantaloons, Spencers and a six-screen Inox multiplex and the region's largest food court. It also hosts premium brands such as Zara, Tommy Hilfiger, Armani, Calvin Klein and Adidas, alongside dining favourites Chili's, Mainland China as well as a Starbucks.
Hindustan Times
17-06-2025
- Business
- Hindustan Times
Blackstone acquires South City Mall in Kolkata for ₹3,250 crore
Blackstone has acquired South City Mall, one of Kolkata's largest shopping destinations, for ₹3,250 crore. The mall spans 10 lakh sq ft of retail space and was acquired with ANAROCK serving as the sole transaction advisor. According to ANAROCK, South City Mall houses over 150 stores, featuring a wide range of Indian and international brands. It generates an average annual turnover of over ₹1,800 crore and includes the largest food court in the region. The property also offers multi-level parking with a capacity of over 1,250 cars. 'We applaud Blackstone on this acquisition. South City Mall is indeed a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata. The mall boasts numerous premium retail and lifestyle brands,' said Sushil Mohta, chairman of Merlin Group and director of South City Projects. Soumendu Chatterjee, Regional Director - Land, ANAROCK Group, said "We are delighted to have been the sole transaction advisor for the iconic South City Mall. We look forward to seeing the project continue to thrive in Blackstone's able hands. The mall has a very high footfall - daily visitors range between 55,000 and 60,000, surging to 75,000–200,000 during weekends and festive seasons.' 'We are committed to continuing South City Group's wonderful work and positioning South City Mall for long-term success, benefiting from our scale, operational expertise, and deep experiences in the retail sector, particularly in India where we own one of the largest retail portfolios,' Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone, said. Prakash Bachhawat, Director, JB Group, who led the transaction process on behalf of South City Projects, says, 'This transaction represents more than an acquisition – it's a vote of confidence in Eastern India's retail ecosystem. South City Mall is an iconic development, and we're proud to partner with a world-leading firm like Blackstone." South City Mall was developed by a consortium of leading real estate players in the region and launched in January 2008.
Time of India
17-06-2025
- Business
- Time of India
Blackstone acquires Kolkata's South City Mall for Rs 3,250 crore
Blackstone has acquired South City Mall in Kolkata for a transaction value of Rs 3,250 crore. South City Projects is a consortium of six Kolkata business families with over 25 years of collaborative real estate development experience. Anarock was the transaction advisor in the deal. Spread over one million square feet, the mall generates an average annual turnover of over Rs 1800 crore. It has the largest food court in this part of Kolkata, multi-storeyed parking capable of holding over 1250 cars simultaneously, and houses over 150 stores. 'South City Mall is a prime retail asset in one of the most prestigious and sought-after areas in South Kolkata,' said Sushil Mohta, Chairman of Merlin Group and Director of South City Projects. The mall daily visitors ranges between 55,000 and 60,000, surging to 75,000– 200,000 during weekends and festive seasons. "This transaction showcases our ability to facilitate large-scale, complex deals and commitment to delivering comprehensive real estate advisory services for marquee assets,' said Soumendu Chatterjee, Regional Director - Land, ANAROCK Group. 'We have strengthened our presence in India. We will continue South City Group's work and positioning South City Mall for long-term success, benefiting from our scale, operational expertise, and deep experiences inthe retail sector , particularly in India where we own one of the largest retail portfolios,' said Asheesh Mohta, Head of Real Estate Acquisitions - India, Blackstone. South City Mall was developed by a consortium of leading real estate players in the region and launched in January 2008. 'South City Mall is an iconic development, and we're proud to partner with a world-leading firm like Blackstone,' said Prakash Bachhawat, Director – JB Group, who led the transaction process on behalf of South City Projects.
