Mahindra Lifespace to raise $50 mn from IFC to support $210-mn projects

The Mahindra Group’s real estate arm Mahindra Lifespace Developers Limited (MLDL) plans to raise $50 million from International Finance Corporation (IFC). The investment will support company’s plan to develop three industrial clusters (ICs) in Rajasthan, Gujarat and Maharashtra at a cost of over $210 million.IFC proposed investment is a combination of equity and subordinated debt, with an equal investment from MLDL in a combination of instruments and assets. IFC will invest in one or more special purpose vehicles (SPVs), promoted by MLDL.The three ICs are planned to be developed over the next 4-6 years in a staggered manner, with full project completion by 2025.The IC near Pune will be developed over an area of approximately 511 acres. It will comprise of a domestic tariff area and engineering and auto ancillary units. Around 152 acres has already been purchased by Knowledge Township Limited (KTL), a subsidiary of MLDL.For IC near Jaipur, the SPV would utilise 500 acres from the …

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Can’t keep changing fuel prices on knee-jerk basis: Pradhan

Petroleum minister Dharmendra Pradhan today said that thegovernment will not ask state-run companies to absorb the price rise in petroland diesel and will stick to market driven pricing system. He added thatshifting to GST regime will be only way to have a transparent tax structure onfuel items.This came after reports suggested that government may askoil marketing companies like Indian Oil Corporation (IOC), Bharat PetroleumCorporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to absorb thehike in prices. The shares of BPCL, HPCL and IOC closed 6.23 per cent, 5.06 percent and 4.28 per cent down at Rs 500.35, Rs 457 and Rs 416.15, respectively atBombay Stock Exchange on Wednesday’s trade. “The government has no business to interfere in theday-to-day affairs of companies. We have linked the product prices to marketand will stick to that,” Pradhan said. The minister added that the globalprices will ease out very soon comforting the consumers. “A knee-jerkreaction is not required .