Latest news with #GlobalCapability
The Hindu
2 days ago
- Business
- The Hindu
TCOAP ties up with ESC to strengthen IT firms in southern A.P.
The Technology Companies Association of Andhra Pradesh (TCOAP) on Thursday signed a Memorandum of Understanding (MoU) with the Electronics and Computer Software Export Promotion Council (ESC) for strengthening the IT ecosystem in southern Andhra Pradesh. TCOAP President Rayala Vamsikrishna exchanged copy of the MoU with ESC Vice Chairman Rajesh M. Revanker on Thursday (June 19). The collaboration aims to boost export potential and global market access for local MSMEs and start-ups. The ESC, a key trade promotion council supported by the Government of India, facilitates participation in international exhibitions, buyer-seller meets, B2B delegations and policy advocacy for technology exporters. This MoU marks a major milestone in promoting Andhra Pradesh as a preferred destination for technology investments and innovation. This initiative also marks a significant step forward in positioning Tirupati as a rising destination for technology-driven growth and innovation. The meet discussed the importance of developing an IT Park in Tirupati. The event brought together key industry stakeholders and a prominent real estate development firm from Karnataka to deliberate on critical aspects of the proposed project. The discussions focused on land allocation, establishment of Global Capability Centres (GCCs) and the potential implementation of the project under the Build-Operate-Transfer (BOT) model. The TCOAP members reiterated the importance of nurturing regional technology hubs to drive digital transformation, attract private investment and create significant employment opportunities for local talent. The Government of Andhra Pradesh has expressed its support for the initiative, committing to provide the necessary infrastructure and policy framework to facilitate its success.
Time of India
2 days ago
- Business
- Time of India
India's top 15 high-activity micro markets drive 65% of office demand, 76% of new supply
Bengaluru : India's office real estate market is being driven by 15 high-activity micro markets , which together have accounted for two-thirds of the country's office demand and over three-fourths of new supply since 2020, according to a new report by Colliers titled 'India Office: Micro Market Insights.' Spread across major cities — including Bengaluru, Delhi NCR , Pune, Hyderabad, Chennai, and Mumbai — these micro markets are expected to each witness at least 1 million sq ft of average annual demand and new supply over the next few years. Their prominence marks a clear shift in how India's commercial real estate ecosystem is evolving, both in scale and investment potential. 'These 15 micro markets have become the backbone of India's Grade A office demand and are expected to remain the top destinations for occupiers and investors alike. In fact, annual demand and supply in each of these high activity micro markets is likely to be at least 2-3X times vis-à-vis average of othermarkets,' said Arpit Mehrotra, Managing Director, Office Services, Colliers India. Between 2020 and Q1 2025, these 15 micro markets accounted for 166.8 million sq ft of office space absorption out of the total 255.1 million sq ft across top Indian cities. At the same time, 172.2 million sq ft of new supply was added in these markets — amounting to 76% of the nationwide figure. The high-activity micro markets include four in Bengaluru, three each in Delhi NCR and Pune, two each in Hyderabad and Chennai, and one in Mumbai. Notably, most of them fall within secondary and peripheral business districts (SBDs and PBDs), which are increasingly favored by Global Capability Centers (GCCs) and flex space operators. Leading micro markets have also seen a major concentration of GCC and flexible workspace demand. Since 2020, 73% of GCC leasing — around 70 million sq ft — has been in the top 10 micro markets, with ORR, Whitefield, SBD 1 and North in Bengaluru, SBD & Off SBD in Hyderabad and OMR Zone 1 & MPR in Chennai, accounting for the lion's share. Flex space operators have similarly gravitated toward select commercial real esate hubs. Of the total 38 million sq ft of flex leasing in India since 2020, 59% took place in the top 10 micro markets. The segment has grown at a CAGR of 54%, with SBD Hyderabad, ORR Bengaluru, and Baner-Balewadi Pune leading flex space absorption. While the overall vacancy in India's Grade A office stock stands at 16.2%, nearly 30% of micro markets are operating at sub-10% vacancy levels. High-demand markets like CBD Bengaluru, Guindy in Chennai, and Delhi NCR's Aerocity , Cybercity and MG Road continue to show resilience with tight occupancies and rising rentals. Micro markets in Mumbai and Delhi NCR dominate the list of most expensive locations, with Andheri East, BKC, CBD ,Lower Parel, Worli-Parabhadevi, Goregaon/JVLR and Kalina in Mumbai, and Golf Course Road, South Delhi, Aerocity and CBD in NCR among the top. 'Markets with significant rental appreciation post-2020 are also those with the highest demand and supply. This trend is expected to continue in favor of landlords, particularly in sustainable, green-certified office buildings,' said Vimal Nadar, Head of Research, Colliers India. The report also notes that India has 488 million sq ft of REIT-worthy Grade A office space, of which 56% lies within the top 10 micro markets. Impressively, 72% of the stock in these micro markets is either already listed under REITs or has the potential to be listed. Key markets in Bengaluru and Hyderabad alone account for 38% of this REIT-qualified inventory. With improving infrastructure, emerging locations are also gaining momentum and are likely to complement the established hubs. India's competitive rentals — with nearly 60% of active markets offering near- or sub-dollar rates — make it an attractive destination for global occupiers seeking consolidation and cost arbitrage.
The Print
3 days ago
- Business
- The Print
ICAI to complete review of fin statements of IndusInd Bank, Gensol in 6 months
'(FRRB) will take at least six months or more to come to a conclusion on what is happening. It is a long drawn process…,' ICAI President Charanjot Singh Nanda said while responding to a query on IndusInd Bank and Gensol. ICAI's Financial Reporting Review Board (FRRB) has started reviewing the financial statements of the two entities and depending on the findings, disciplinary action will be initiated against the auditors concerned. New Delhi, Jun 18 (PTI) Chartered accountants' apex body ICAI on Wednesday said it will take at least six months to complete the review of the financial statements of fraud-hit IndusInd Bank and Gensol Engineering and ascertain whether there were audit lapses at the two entities. FRRB is reviewing the IndusInd Bank's financial statements for 2023-24 and 2024-25 and that of Gensol Engineering and BluSmart Mobility for 2023-24. If the FRRB finds that the books of the entities were not true and fair, the matter will be referred to ICAI's disciplinary committee for further action. Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding that Rs 674 crore was incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. Nanda also informed that ICAI will host the GCC Summit Series on the theme 'From Ledger to Global Leadership: Chartered Accountants Shaping Global Capability Centres'. In this series, the first summit will be held in New Delhi on June 27–28, 2025, with regional editions to follow in Ahmedabad (GIFT City), Mumbai and Hyderabad. The initiative aims to reinforce India's growing leadership in the Global Capability Centres (GCC) ecosystem, highlighting the critical and evolving role of Indian Chartered Accountants in the global services landscape. The summit series will bring together industry stalwarts, policymakers, academicians and global stakeholders to discuss emerging trends, foster strategic partnerships and catalyse innovation in the GCC space. ICAI said several government bodies have extended their support to the GCC Summit Series as Eco Partners, including the Ministry of External Affairs (MEA), Ministry of Electronics and Information Technology (MeitY), IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. With over 1,800 GCCs currently operating in India and employing more than 1.9 million professionals, the country has firmly positioned itself as a global hub for finance, innovation, and business operations. 'India is uniquely positioned to lead the next phase of the GCC evolution. Chartered Accountants are central to driving digital finance, regulatory integrity and global governance,' Nanda said. ICAI, this year, has constituted a dedicated group under its Directorate of International Trade, Services & WTO to promote India as a global hub for accounting and finance-focused GCCs. This initiative seeks to strengthen the contribution of Chartered Accountants in finance leadership and global operations, leveraging Bharat's skilled talent pool to build a GCC-ready workforce. Chartered accountants, Nanda said, are playing a pivotal role in delivering strategic and operational excellence in areas like finance, compliance, taxation, risk management, governance, and business analytics. Their growing presence and influence within GCCs underscore their importance in navigating today's complex global business environment. PTI NKD NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
3 days ago
- Business
- Business Standard
Sattva, Blackstone-backed REIT raises ₹1,400 crore in pre-IPO funding
Knowledge Realty Trust, sponsored by real estate company Sattva Group and Blackstone, has raised Rs 1,400 crore from investors ahead of its maiden REIT public issue. In early March, Knowledge Realty Trust (KRT) filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO) for raising Rs 6,200 crore and list the REIT on stock exchanges. This is part of its strategy to monetise its 30 prime office assets across major cities. According to sources, the KRT has raised Rs 1,400 crore in a pre-IPO round from family offices and high net worth individuals. KRT will be the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value, which is estimated at around Rs 60,000 crore. At present, there are four listed REITs in India -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Apart from Nexus Select Trust, the other three REITs are backed by rent-yielding office assets. Nexus owns a large portfolio of retail real estate spaces. This will be the fifth public listing of Blackstone India Real Estate business, including three listed REITs and one of Ventive Hospitality. KRT's total portfolio is 48 million sq ft (37 million square feet completed) across 30 Grade A office assets across six major cities, making it India's most geographically diverse Office REIT. Of the total portfolio, 90 per cent is leased with marquee tenants - 76 per cent with MNCs and 45 per cent with GCCs (Global Capability Centres). Sattva Developers has so far constructed 74 million square feet across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data centre sectors. An additional 75 million square feet is in planning and implementation. Blackstone, one of the leading global investment firms, has a huge exposure in the Indian real estate market. The two sponsors have decided to adopt brand brand-neutral strategy to grow the KRT portfolio inorganically through third-party acquisitions. The existing four REITs have a combined portfolio of over 126 million square feet of Grade A office and retail space across the country. Since their inception, these REITs have collectively distributed over Rs 21,000 crore to unitholders. According to Vestian's latest report, nearly 60 per cent of pan-India office stock is REIT-worthy across the top seven cities.
Time of India
7 days ago
- Business
- Time of India
GCC boom fuels US demand, US firms drive one-third of office demand in top Indian cities; Bengaluru leads office space race among top 7 cities
US-based companies have emerged as the single-largest contributors to India's office space demand in recent years, accounting for over one-third of gross leasing across the top seven cities between 2022 and 2024, according to data from real estate consultancy JLL India. During the three-year period, total office leasing across Delhi-NCR, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad and Pune stood at 190 million square feet. Of this, US firms alone leased 64.5 million sq ft, with nearly 70% of that space taken to establish or expand Global Capability Centres (GCCs), JLL said. 'India's combination of skilled talent at scale, supportive ecosystem, cost advantages and a growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations looking to establish and expand their global capabilities,' said Rahul Arora, Head – Office Leasing & Retail Services and Senior Managing Director (Karnataka, Kerala) at JLL India, PTI reported. The data underlines sustained interest from US-based multinationals in India's technology hubs, led by Bengaluru, which continues to be the top choice for setting up GCCs. JLL noted that GCC-led requirements formed around 70% of all space demand from US occupiers, signalling strong long-term investment and positioning India as a key hub for R&D, technology and innovation. Technology and BFSI (Banking, Financial Services and Insurance) companies from the US are driving much of this office demand, according to JLL, reflecting a broader global shift towards centralising high-end service operations in India. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
