Biocon Ltd posted has a net profit of Rs.4.35 billion (approx $108 million) for fiscal 2007-08, registering a whopping 275 percent increase year-on-year (YoY) over the same period last year at Rs.1.58 billion.
In a notification to the stock exchanges Tuesday, the country's standalone biotechnology major said its sales increased marginally to Rs.9.29 billion for fiscal under review (FY 2008), from Rs.8.63 billion in the corresponding period of the previous fiscal (FY 2007), posting eight percent YoY growth.
Indo-Asian News Service
Tuesday, April 22, 2008
Reliance Power shareholders approve bonus issue
Reliance Power has received shareholders' approval to issue 3:5 bonus shares to its shareholders excluding chairman Anil Ambani and other promoters.
"The shareholders through postal ballot have approved the proposals entailing that no allotment of bonus shares will be made to Anil Ambani and other promoters who waived their entitlement to such shares," the company informed the Bombay Stock Exchange Tuesday.
Reliance Power had recommended the issue of 136.8 million bonus shares in the ratio of three new equity shares of Rs.10 each for every five existing equity shares of Rs.10 held by the shareholders in the public category (excluding the promoters).
Ambani has gifted 61.5 million shares of Reliance Power to Reliance Energy, both part of the Reliance Anil Dhirubhai Ambani group, to ensure no dilution in holdings of the latter in the former, the statement added.
Indo-Asian News Service
"The shareholders through postal ballot have approved the proposals entailing that no allotment of bonus shares will be made to Anil Ambani and other promoters who waived their entitlement to such shares," the company informed the Bombay Stock Exchange Tuesday.
Reliance Power had recommended the issue of 136.8 million bonus shares in the ratio of three new equity shares of Rs.10 each for every five existing equity shares of Rs.10 held by the shareholders in the public category (excluding the promoters).
Ambani has gifted 61.5 million shares of Reliance Power to Reliance Energy, both part of the Reliance Anil Dhirubhai Ambani group, to ensure no dilution in holdings of the latter in the former, the statement added.
Indo-Asian News Service
Indians the world over excited by new 'cricketainment'?
Cricket-loving Indians across the globe are ecstatic about the latest and greatest tournament under the Indian Premier League (IPL). This humongous extravaganza combines the glamour of Bollywood with the fanatic following of cricket among Indians across the world. The Twenty20 matches are as long as a Bollywood film and - hopefully - just as exciting. No wonder it has been dubbed as "Cricketainment".
The billion-dollar tournament between eight Indian city clubs borrows from British football clubs and American basketball championships. Middle-aged NRIs in the United States who grew up in India and always missed cricket excitement can now relish this new avatar of the game on slick lines. They can watch the action for three or four hours without losing sleep for the entire night as for one-day and three-day matches. Says Sameeer 'Sam' Khanna from New Jersey, "I missed cricket action here; and my kids have grown up without enjoying cricket action. Now with these Bollywood stars, they can be attracted to cricket."
British NRIs have always had a good and healthy dose of cricket in their country of adoption. But British cricket players have not been allowed to play in IPL to rake in high fees like football players. Cricket is declining in Britain due to the lacklustre performance of its national team, said Rajinder 'Ricky' Syal of Birmingham. As an avid cricket fan, he welcomes IPL as the next big thing in the evolution of the game and hopes that his favourite British cricket stars will be allowed in IPL in the near future.
NRIs in Australia hail India as the new superpower of cricket after the recent face-off in Australia when the Indian team threatened to return and pay a heavy fine. Shan Gupta of Melbourne said he is happy to see both Australian and Indian players as a team to add spice to the game. "Cricket will never be the same after IPL; but I still support India when it plays against Australia," he adds.
The last big leap - or a Kangaroo Leap - for cricket came from Australia 30 years ago when Kerry Packer of Australia started the one-day cricket matches in 1977 to break away from professional cricket. Interestingly, both one-day and IPL matches have resulted from similar TV rivalries. One-dayers or world series cricket started due to two main factors - the widespread view that players were not paid sufficient money to make a living from cricket, and that Packer wished to secure the exclusive broadcasting rights to Australian cricket for his Nine Network, then held by the Australian Broadcasting Corporation (ABC). The white flannels were replaced by colourful tracksuits for TV coverage.
Last year, Zee TV could not get the rights for telecasting cricket matches and so they roped in the legendary Kapil Dev to start their own Indian Cricket League or ICL. The Board of Control for Cricket in India (BCCI) hit back with IPL. The auction for eight teams on Jan 24, 2008, had a base price at $400 million but fetched over $700 million and Sony TV got the rights.
From then onwards, there was no holding back for the rollercoaster as Shah Rukh Khan and Juhi Chawla bought a team and so did Preity Zinta with her boyfriend Ness Wadia. The big business houses of Vijay Mallya and Mukesh Ambani; media houses Deccan Chronicle and UK-based Emerging Media; major corporations like India Cements and GMR also bought teams, and the tournament is sponsored by DLF.
The national boundaries of world cricket have been erased with IPL. Will the fans cheer their national teams or their club teams with players from different countries? With the passionate fans be equally inflamed by their national heroes pitted against each other? Will they start dancing in the streets and burst firecrackers when the Indian team wins? Will cricket promote India's national unity in all its diversity as in the past? Big money and big media will create new loyalties for fans. Big money has bought the teams and players and paid millions in advertising support while big media, especially the TV channels, will promote and project IPL as the greatest show on earth.
The razzmatazz from Akshay Kumar and Daler Mehndi, shapely cheerleaders never seen on any cricket ground, an F1 car of Force India, big beat music, acrobats, stilt-dancers, laser shows and firecrackers amounted to a heady cocktail of cricket. The inaugural match in Bangalore was a stunner in terms of both showmanship and sports performances. This was the modern version of the ancient Roman Circus, the top entertainment of people with gladiators and wild animals. Now the Roman saying, 'Give them bread, give them circus', has been replaced by a newer version, 'Give them chapati, give them cricket'.
The billion-dollar tournament between eight Indian city clubs borrows from British football clubs and American basketball championships. Middle-aged NRIs in the United States who grew up in India and always missed cricket excitement can now relish this new avatar of the game on slick lines. They can watch the action for three or four hours without losing sleep for the entire night as for one-day and three-day matches. Says Sameeer 'Sam' Khanna from New Jersey, "I missed cricket action here; and my kids have grown up without enjoying cricket action. Now with these Bollywood stars, they can be attracted to cricket."
British NRIs have always had a good and healthy dose of cricket in their country of adoption. But British cricket players have not been allowed to play in IPL to rake in high fees like football players. Cricket is declining in Britain due to the lacklustre performance of its national team, said Rajinder 'Ricky' Syal of Birmingham. As an avid cricket fan, he welcomes IPL as the next big thing in the evolution of the game and hopes that his favourite British cricket stars will be allowed in IPL in the near future.
NRIs in Australia hail India as the new superpower of cricket after the recent face-off in Australia when the Indian team threatened to return and pay a heavy fine. Shan Gupta of Melbourne said he is happy to see both Australian and Indian players as a team to add spice to the game. "Cricket will never be the same after IPL; but I still support India when it plays against Australia," he adds.
The last big leap - or a Kangaroo Leap - for cricket came from Australia 30 years ago when Kerry Packer of Australia started the one-day cricket matches in 1977 to break away from professional cricket. Interestingly, both one-day and IPL matches have resulted from similar TV rivalries. One-dayers or world series cricket started due to two main factors - the widespread view that players were not paid sufficient money to make a living from cricket, and that Packer wished to secure the exclusive broadcasting rights to Australian cricket for his Nine Network, then held by the Australian Broadcasting Corporation (ABC). The white flannels were replaced by colourful tracksuits for TV coverage.
Last year, Zee TV could not get the rights for telecasting cricket matches and so they roped in the legendary Kapil Dev to start their own Indian Cricket League or ICL. The Board of Control for Cricket in India (BCCI) hit back with IPL. The auction for eight teams on Jan 24, 2008, had a base price at $400 million but fetched over $700 million and Sony TV got the rights.
From then onwards, there was no holding back for the rollercoaster as Shah Rukh Khan and Juhi Chawla bought a team and so did Preity Zinta with her boyfriend Ness Wadia. The big business houses of Vijay Mallya and Mukesh Ambani; media houses Deccan Chronicle and UK-based Emerging Media; major corporations like India Cements and GMR also bought teams, and the tournament is sponsored by DLF.
The national boundaries of world cricket have been erased with IPL. Will the fans cheer their national teams or their club teams with players from different countries? With the passionate fans be equally inflamed by their national heroes pitted against each other? Will they start dancing in the streets and burst firecrackers when the Indian team wins? Will cricket promote India's national unity in all its diversity as in the past? Big money and big media will create new loyalties for fans. Big money has bought the teams and players and paid millions in advertising support while big media, especially the TV channels, will promote and project IPL as the greatest show on earth.
The razzmatazz from Akshay Kumar and Daler Mehndi, shapely cheerleaders never seen on any cricket ground, an F1 car of Force India, big beat music, acrobats, stilt-dancers, laser shows and firecrackers amounted to a heady cocktail of cricket. The inaugural match in Bangalore was a stunner in terms of both showmanship and sports performances. This was the modern version of the ancient Roman Circus, the top entertainment of people with gladiators and wild animals. Now the Roman saying, 'Give them bread, give them circus', has been replaced by a newer version, 'Give them chapati, give them cricket'.
Hilton Hotels Corporation Announces Multi-Unit Hotel Development Franchise Deal in India
Hilton Hotels Corporation has entered into an agreement to franchise its Hampton by HiltonT brand to Marigold Hospitality Limited in India. Marigold Hospitality aims to franchise 16 hotels (approximately 2,000 rooms) under the Hampton by Hilton brand in India.
The hotels will be managed on behalf of Marigold Hospitality by Palm Hospitality, a member of the Palm Holdings group of businesses. Marigold Hospitality is a joint venture between Palm Holdings and Trikona Capital, created to invest in and develop hotels in India.
The deal is set to launch the Hampton by HiltonT brand in India and Marigold Hospitality expects to secure initial sites in the first half of 2008, with commencement of construction works this year. The first of the 16 Hampton by HiltonT hotels is planned to open in the next two years.
Marigold's commitment is anticipated at US $200-250 million. Marigold will acquire and develop the sites and Hilton Hotels Corporation will provide expertise in site selection and brand, marketing, technical and technology support, with Palm Hospitality managing the hotels.
Koos Klein, President, Hilton Hotels - Asia Pacific commented, "This is a great opportunity for us to get a foothold in the business hotel sector in India as one of the first international hotel companies to offer business travellers in India top quality focused service accommodation on the road. Through multi-unit deals like this, we are well positioned to cater to the growing demand for focused service hotels and tap the powerful economic growth and demographics in India. It is our goal to become a nationwide hotel company in India, across the market segments."
Hilton Hotels Corporation Announces Multi-Unit Hotel Development Franchise Deal
Ash Taneja, Chairman of Marigold Hospitality and Palm Hospitality commented, "With a portfolio of properties in the UK and North America, we are delighted to work with one of the world's most famous hotel brands to bring the Hampton by HiltonT brand to life in India and to mark our own entry into hospitality in India along with Trikona Capital group as our partners in India. Hampton by HiltonT has a proven track record which is testament to how fast the brand has grown in the US. We expect it to be a hit among travellers in India who want quality at competitive prices. The business market poses a great business opportunity in India".
Outside of the US, Hampton by HiltonT is Hilton Hotels Corporation's business hotel brand, delivering a consistent guest experience, friendly service and guaranteed guest satisfaction at a value price. With its contemporary design, amenities are tailored to meet the needs of business and leisure travellers on the road, such as an all-day dining restaurant at most locations.
Phil Cordell, SVP, Hampton Brand Management commented, "Hampton by HiltonT is truly a global brand; we are thrilled by this agreement and the strategic direction Hampton by HiltonT is taking. The Hampton brand formula, design and service culture has proven to be a major success and now in India, there is great scope for new builds and for the brand to continue its growth and offer travellers in India great value and a new experiential opportunity."
Hilton Hotels has conducted extensive consumer research in India to develop a Hampton by HiltonT prototype that meets the needs of its Indian customers, in the realm of design and service.
Hilton Hotels Corporation Announces Multi-Unit Hotel Development Franchise Deal
About Hilton Hotels Corporation
Hilton Hotels Corporation is the leading global hospitality company, with more than 3,000 hotels and 500,000 rooms in 76 countries and territories, including 100,000 team members worldwide. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hiltona, Conradâ Hotels & Resorts, Doubletreea, Embassy Suites Hotelsa, Hampton Inna, Hampton Inn & Suitesa, Hilton Garden Inna, Hilton Grand Vacationsâ, Homewood Suites by Hiltonâ and The Waldorf=Astoria Collectiona.
The hotels will be managed on behalf of Marigold Hospitality by Palm Hospitality, a member of the Palm Holdings group of businesses. Marigold Hospitality is a joint venture between Palm Holdings and Trikona Capital, created to invest in and develop hotels in India.
The deal is set to launch the Hampton by HiltonT brand in India and Marigold Hospitality expects to secure initial sites in the first half of 2008, with commencement of construction works this year. The first of the 16 Hampton by HiltonT hotels is planned to open in the next two years.
Marigold's commitment is anticipated at US $200-250 million. Marigold will acquire and develop the sites and Hilton Hotels Corporation will provide expertise in site selection and brand, marketing, technical and technology support, with Palm Hospitality managing the hotels.
Koos Klein, President, Hilton Hotels - Asia Pacific commented, "This is a great opportunity for us to get a foothold in the business hotel sector in India as one of the first international hotel companies to offer business travellers in India top quality focused service accommodation on the road. Through multi-unit deals like this, we are well positioned to cater to the growing demand for focused service hotels and tap the powerful economic growth and demographics in India. It is our goal to become a nationwide hotel company in India, across the market segments."
Hilton Hotels Corporation Announces Multi-Unit Hotel Development Franchise Deal
Ash Taneja, Chairman of Marigold Hospitality and Palm Hospitality commented, "With a portfolio of properties in the UK and North America, we are delighted to work with one of the world's most famous hotel brands to bring the Hampton by HiltonT brand to life in India and to mark our own entry into hospitality in India along with Trikona Capital group as our partners in India. Hampton by HiltonT has a proven track record which is testament to how fast the brand has grown in the US. We expect it to be a hit among travellers in India who want quality at competitive prices. The business market poses a great business opportunity in India".
Outside of the US, Hampton by HiltonT is Hilton Hotels Corporation's business hotel brand, delivering a consistent guest experience, friendly service and guaranteed guest satisfaction at a value price. With its contemporary design, amenities are tailored to meet the needs of business and leisure travellers on the road, such as an all-day dining restaurant at most locations.
Phil Cordell, SVP, Hampton Brand Management commented, "Hampton by HiltonT is truly a global brand; we are thrilled by this agreement and the strategic direction Hampton by HiltonT is taking. The Hampton brand formula, design and service culture has proven to be a major success and now in India, there is great scope for new builds and for the brand to continue its growth and offer travellers in India great value and a new experiential opportunity."
Hilton Hotels has conducted extensive consumer research in India to develop a Hampton by HiltonT prototype that meets the needs of its Indian customers, in the realm of design and service.
Hilton Hotels Corporation Announces Multi-Unit Hotel Development Franchise Deal
About Hilton Hotels Corporation
Hilton Hotels Corporation is the leading global hospitality company, with more than 3,000 hotels and 500,000 rooms in 76 countries and territories, including 100,000 team members worldwide. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hiltona, Conradâ Hotels & Resorts, Doubletreea, Embassy Suites Hotelsa, Hampton Inna, Hampton Inn & Suitesa, Hilton Garden Inna, Hilton Grand Vacationsâ, Homewood Suites by Hiltonâ and The Waldorf=Astoria Collectiona.
MakroCare Announces the Completion of Oracle Clinical Implementation
MakroCare announces the completion of Oracle Clinical implementation to strengthen its Clinical Data Management services. This implementation will help the company in creating a faster data management solution, which improves time lines and optimizes the cost of the clinical trial.
MakroCare has top of the line infrastructure to help life sciences companies to conduct the global trials. Some of them include Oracle Clinical (version 4.5.2), Oracle Thesaurus Management System, MedDRA (Version 10) dictionary, mCTMS and SAS. Oracle Clinical is a comprehensive clinical data management solution which allows companies to standardize and control data definitions and data usage across the global operation, ensuring that data is defined, managed, and interpreted consistently worldwide. To ensure that our data management capabilities meet stringent quality standards, we validate our clinical databases and software in compliance with the regulatory bodies and 21 CFR part 11 environments. MakroCare is the first to receive ISO 27001 certification for information security. The company has been awarded ISO 9001 for Data management security system and several other protective measures.
About MakroCare:
MakroCare, a global clinical services firm, provides clinical research support to pharmaceutical, biotechnology, and medical device industries. The company offers site selection, patient recruitment, project and data management, clinical monitoring, quality assurance, medical writing, PMS/PharmacoVigilance, biometrics, and regulatory assistance. MakroCare has offices in USA (New Jersey, Illinois, Pennsylvania) and India (Hyderabad).
MakroCare has top of the line infrastructure to help life sciences companies to conduct the global trials. Some of them include Oracle Clinical (version 4.5.2), Oracle Thesaurus Management System, MedDRA (Version 10) dictionary, mCTMS and SAS. Oracle Clinical is a comprehensive clinical data management solution which allows companies to standardize and control data definitions and data usage across the global operation, ensuring that data is defined, managed, and interpreted consistently worldwide. To ensure that our data management capabilities meet stringent quality standards, we validate our clinical databases and software in compliance with the regulatory bodies and 21 CFR part 11 environments. MakroCare is the first to receive ISO 27001 certification for information security. The company has been awarded ISO 9001 for Data management security system and several other protective measures.
About MakroCare:
MakroCare, a global clinical services firm, provides clinical research support to pharmaceutical, biotechnology, and medical device industries. The company offers site selection, patient recruitment, project and data management, clinical monitoring, quality assurance, medical writing, PMS/PharmacoVigilance, biometrics, and regulatory assistance. MakroCare has offices in USA (New Jersey, Illinois, Pennsylvania) and India (Hyderabad).
Biocon Group Delivers Healthy Performance for FY 2007-08
Biocon Limited today announced its financial performance for the financial year ended March 31, 2008.
PERFORMANCE HIGHLIGHTS:
FY 2008 (April '07 - March '08) v/s FY 2006 (April '06 - March '07)
-- Consolidated revenue (excluding enzymes) increases 19% from Rs: 881 to Rs. 1,044 crores.
-- Operating margins at 31% for the year, an improvement of 2% over the previous fiscal.
-- PAT increases by 13% to Rs. 225 crores (excluding, net exceptional income) .
-- Earnings per share at Rs. 22.5 for the year.
-- R&D revenue expenditure increases by 26% to Rs. 48 crores.
-- Board recommends dividend of 60% (Rs. 3/- per share).
-- Board also recommend a Special Dividend of 40% (Rs. 2/- per share) pursuant to the divestment of the Enzymes business.
-- 1:1 Bonus Share issue recommended by the Board.
REVENUE ANALYSIS:
Profit growth has been maintained at the consolidated level despite the divestment of the enzymes business, currency appreciation and increased depreciation. We have a strong Balance Sheet with high reserves and Rs. 193 crores in net cash.
Revenues from Research Services grew 29% to Rs. 176 crores from Rs.136 crores, contributing 16 % to consolidated revenues in FY 2008, but currency appreciation and capacity expansion for future demand kept operating margins flat.
Note: The discussions in this release reflect the audited financial performance of Biocon Limited based on Indian GAAP on a consolidated basis. This considers the financial performance of Biocon Limited, its wholly owned subsidiaries Syngene International Private Limited and Clinigene International Private Limited and its 51% joint venture Biocon Biopharmaceuticals Private Limited.
OUTLOOK:
Commenting on the results, Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon Limited, said:
"We are pleased with our overall performance and have delivered the highest profits to date. We have increased our capital expenditure to support the business expansion that we anticipate across the Group. We expect the year ahead to realize a good return on these investments especially at Syngene and Clinigene. We have a strong Balance Sheet which we will use for strategic acquisitions and investments.. The recent AxiCorp acquisition is a significant move that provides us key access to the European market. We wish to make similar inroads into other markets to expand our global footprint. We have delivered a 13% increase in PAT despite a Rs: 27 crore increase in depreciation. The strong financial base enables us to recommend a 1:1 Bonus issue that we believe will improve market liquidity to support Biocon's growing profile as a bellwether stock in the Life Science sector."
PERFORMANCE HIGHLIGHTS:
FY 2008 (April '07 - March '08) v/s FY 2006 (April '06 - March '07)
-- Consolidated revenue (excluding enzymes) increases 19% from Rs: 881 to Rs. 1,044 crores.
-- Operating margins at 31% for the year, an improvement of 2% over the previous fiscal.
-- PAT increases by 13% to Rs. 225 crores (excluding, net exceptional income) .
-- Earnings per share at Rs. 22.5 for the year.
-- R&D revenue expenditure increases by 26% to Rs. 48 crores.
-- Board recommends dividend of 60% (Rs. 3/- per share).
-- Board also recommend a Special Dividend of 40% (Rs. 2/- per share) pursuant to the divestment of the Enzymes business.
-- 1:1 Bonus Share issue recommended by the Board.
REVENUE ANALYSIS:
Profit growth has been maintained at the consolidated level despite the divestment of the enzymes business, currency appreciation and increased depreciation. We have a strong Balance Sheet with high reserves and Rs. 193 crores in net cash.
Revenues from Research Services grew 29% to Rs. 176 crores from Rs.136 crores, contributing 16 % to consolidated revenues in FY 2008, but currency appreciation and capacity expansion for future demand kept operating margins flat.
Note: The discussions in this release reflect the audited financial performance of Biocon Limited based on Indian GAAP on a consolidated basis. This considers the financial performance of Biocon Limited, its wholly owned subsidiaries Syngene International Private Limited and Clinigene International Private Limited and its 51% joint venture Biocon Biopharmaceuticals Private Limited.
OUTLOOK:
Commenting on the results, Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon Limited, said:
"We are pleased with our overall performance and have delivered the highest profits to date. We have increased our capital expenditure to support the business expansion that we anticipate across the Group. We expect the year ahead to realize a good return on these investments especially at Syngene and Clinigene. We have a strong Balance Sheet which we will use for strategic acquisitions and investments.. The recent AxiCorp acquisition is a significant move that provides us key access to the European market. We wish to make similar inroads into other markets to expand our global footprint. We have delivered a 13% increase in PAT despite a Rs: 27 crore increase in depreciation. The strong financial base enables us to recommend a 1:1 Bonus issue that we believe will improve market liquidity to support Biocon's growing profile as a bellwether stock in the Life Science sector."
Trikona Capital Announces Former HUDCO Chairman Dr. PS Rana Joins to Lead Real Estate and Infrastructure Projects in India
Trikona Capital Ltd., the leading fund management firm for institutional investment in Indian real estate and infrastructure, had announced that Dr. PS Rana, former chairman of India's Housing & Urban Development Corp. (HUDCO) and 35-year industry veteran, has joined to head the development of real estate and infrastructure projects throughout the country.
Dr. Rana brings experience in planning, financing and developing real estate and infrastructure projects in India, having spent 16 years at HUDCO where he retired as chairman. Established in 1970 by the Indian government, HUDCO provides long-term financing and planning assistance for urban development, infrastructure and home construction projects, usually for India's low-income population. Approximately one-in-16 homes in India have received some type of financial backing from HUDCO, which has sanctioned 16,000 projects and is credited for a role in creating the country's National Housing Policy.
HUDCO has been involved in the Jawaharlal Nehru National Urban Renewal Mission, a five-year program, $20 billion program launched in 2005 by the Indian government to improve India's cities, as well as integrated-township development. HUDCO has also financed projects like the Delhi-Gurgaon Expressway and Cochin Airport to improve India's transportation, water supply, drainage, and power supply. During his tenure at HUDCO, Dr. Rana initiated policies to support mass and rental housing, while promoting green space, public recreation areas and sensible development.
"Success in India requires a dedication to manage and execute projects end-to-end," Aashish Kalra, Co-Founder and Managing Director of Trikona Capital said. "Trikona has demonstrated its ability to drive projects through investment, development and ultimately to realize returns of greater than 100% for our investments. Dr. Rana has proven a deep understanding of the issues that India faces as it continues to urbanize and develop economically, and he will be a valued member of our team as we scale our investment platforms in India."
"I have been impressed with Trikona's unique ability to create an institutional platform that is now at the forefront of assisting with India's continued development," said Rana. "As India continues to evolve and grow its middle class, the country will need new integrated townships, critical infrastructure improvements and sensible urban redevelopment. Trikona has built a dynamic model and strong team and I look forward to joining them in their efforts."
About Dr. Rana
Dr. Rana brings 35 years of real estate and infrastructure finance and development experience, including a 16-year career at the Housing & Urban Development Corp. Ltd., where he retired as chairman. Dr. Rana has also held senior positions with the Delhi Transportation Corp., and Town & Country Planning Organization, an advisory body. Dr. Rana holds a PhD in transport engineering & management from University of Newcastle Upon Tyne, U.K; a post-graduate degree in town and country planning from the School of Planning and Architecture, New Delhi; and a degree in civil engineering from the Indian Institute of Technology (IIT), Delhi. He belongs to numerous professional associations focused on development and infrastructure, public health and safety, and strategic urban planning.
About Trikona
Trikona Capital is the leading fund management firm for institutional investment in Indian real estate and infrastructure assets. Trikona Capital has developed a unique and scalable platform that combines an experienced team in India, strong U.S.-based governance and investor reporting standards, and strategic partnerships with leading companies to invest in India's high growth industry sectors. Trikona's diversified portfolio of investments span the residential, commercial, retail, infrastructure, industrial, hospitality, and urban rejuvenation sectors, creating a complete ecosystem of projects designed to capitalize on India's surging economic and social development. With offices in New York, London, Delhi and Mumbai, Trikona also manages Trikona Trinity Capital PLC (LSE: TRC), which has been fully invested into Indian real estate and infrastructure projects. For more information, go to www.trikonacapital.com.
Dr. Rana brings experience in planning, financing and developing real estate and infrastructure projects in India, having spent 16 years at HUDCO where he retired as chairman. Established in 1970 by the Indian government, HUDCO provides long-term financing and planning assistance for urban development, infrastructure and home construction projects, usually for India's low-income population. Approximately one-in-16 homes in India have received some type of financial backing from HUDCO, which has sanctioned 16,000 projects and is credited for a role in creating the country's National Housing Policy.
HUDCO has been involved in the Jawaharlal Nehru National Urban Renewal Mission, a five-year program, $20 billion program launched in 2005 by the Indian government to improve India's cities, as well as integrated-township development. HUDCO has also financed projects like the Delhi-Gurgaon Expressway and Cochin Airport to improve India's transportation, water supply, drainage, and power supply. During his tenure at HUDCO, Dr. Rana initiated policies to support mass and rental housing, while promoting green space, public recreation areas and sensible development.
"Success in India requires a dedication to manage and execute projects end-to-end," Aashish Kalra, Co-Founder and Managing Director of Trikona Capital said. "Trikona has demonstrated its ability to drive projects through investment, development and ultimately to realize returns of greater than 100% for our investments. Dr. Rana has proven a deep understanding of the issues that India faces as it continues to urbanize and develop economically, and he will be a valued member of our team as we scale our investment platforms in India."
"I have been impressed with Trikona's unique ability to create an institutional platform that is now at the forefront of assisting with India's continued development," said Rana. "As India continues to evolve and grow its middle class, the country will need new integrated townships, critical infrastructure improvements and sensible urban redevelopment. Trikona has built a dynamic model and strong team and I look forward to joining them in their efforts."
About Dr. Rana
Dr. Rana brings 35 years of real estate and infrastructure finance and development experience, including a 16-year career at the Housing & Urban Development Corp. Ltd., where he retired as chairman. Dr. Rana has also held senior positions with the Delhi Transportation Corp., and Town & Country Planning Organization, an advisory body. Dr. Rana holds a PhD in transport engineering & management from University of Newcastle Upon Tyne, U.K; a post-graduate degree in town and country planning from the School of Planning and Architecture, New Delhi; and a degree in civil engineering from the Indian Institute of Technology (IIT), Delhi. He belongs to numerous professional associations focused on development and infrastructure, public health and safety, and strategic urban planning.
About Trikona
Trikona Capital is the leading fund management firm for institutional investment in Indian real estate and infrastructure assets. Trikona Capital has developed a unique and scalable platform that combines an experienced team in India, strong U.S.-based governance and investor reporting standards, and strategic partnerships with leading companies to invest in India's high growth industry sectors. Trikona's diversified portfolio of investments span the residential, commercial, retail, infrastructure, industrial, hospitality, and urban rejuvenation sectors, creating a complete ecosystem of projects designed to capitalize on India's surging economic and social development. With offices in New York, London, Delhi and Mumbai, Trikona also manages Trikona Trinity Capital PLC (LSE: TRC), which has been fully invested into Indian real estate and infrastructure projects. For more information, go to www.trikonacapital.com.
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