Latest news with #TDR
Telegraph
10 hours ago
- Business
- Telegraph
Issas' petrol station giant drops diversity goals before £13bn US listing
The Issa brothers' petrol station empire is rolling back diversity, equity and inclusion (DEI) targets as it gears up for a £13bn listing in the US. EG Group said it was no longer pursuing a goal to increase the number of women in senior leadership roles in the US, saying its diversity initiatives only applied 'in regions where legally permissible'. It previously had set a company-wide goal to increase the proportion of women in top roles to 40pc by 2025, from 20pc in 2021. However, the US – which is EG Group's largest market – has since been excluded from that objective. EG Group said it was also reviewing gender targets for the rest of the business, which includes operations in Australia and Europe. The UK arm of the company was sold last year. The retreat from diversity goals comes as EG appeared to fall short of its 40pc gender goal for 2025. By 2024, just 27pc of senior leadership roles were held by women, according to its latest filings, with the company admitting that this was 'some way off achieving [its] target'. The diversity shake-up comes as the billionaire Issa brothers push ahead with plans to list Blackburn-based EG Group in the US for as much as £13bn. EG Group is jointly owned by the Issa brothers and private equity firm TDR. TDR owns 50pc of the company, while Mohsin and Zuber hold 25pc each. The brothers have both stepped back from running the business over the past year. Meanwhile, the move to pull the US female representation target comes as more companies start to roll back their inclusivity programmes amid a crackdown by Donald Trump. The US president has banned companies with federal contracts from operating 'illegal' DEI programmes. It has meant a wave of UK businesses have started to ditch diversity efforts, including drug giant GSK and consulting giant Accenture. When addressing diversity in its latest report, EG said it wanted to ensure its targets 'are fit for purpose going forward and focused on the areas that matter most to our colleagues and customers, but also to our investors, regulators and wider society'. A spokesman said: 'EG Group complies with all relevant laws and regulations in the jurisdictions in which we operate. 'We remain committed to being an equitable and inclusive business, reflecting the diversity of our colleagues, customers and wider communities.'
Hindustan Times
2 days ago
- Business
- Hindustan Times
State seeks details on ₹1,500 Cr TDR approved by former Pune civic chief
The Maharashtra urban development department (UDD) has sought information from the Pune Municipal Corporation (PMC) over the issuance of transfer of development rights (TDR) worth nearly ₹1,500 crore, sanctioned by former municipal commissioner Rajendra Bhosale just before his retirement on May 31. A senior official said the UDD department has asked PMC to submit records and explanations about the approvals, which have sparked widespread criticism from citizens, activists, and political leaders. According to records published by PMC, Bhosale approved TDR within days before stepping down from office, raising eyebrows over the timing and the beneficiaries. Seven private builders had reportedly submitted proposals to the civic body seeking additional floor space index (FSI) by using the TDRs in question. 'This appears to be an attempt to benefit a few developers in a hurry. We had already raised concerns about the sudden spurt in TDR issuance, and now they are lining up for FSI clearances,' said BJP leader Ujwal Keskar. He said the UDD secretary had personally contacted the municipal commissioner's office for a detailed explanation. The TDR mechanism is intended to compensate landowners whose properties are reserved for public amenities by allowing them development rights that can be sold or used elsewhere. However, critics argue that the process under Bhosale lacked transparency and could lead to undue benefit to certain builders. Civic activists have questioned whether due diligence was followed in approving the TDRs, and why such a large quantum was cleared so close to the end of the commissioner's tenure. Allegations include lack of proper scrutiny, selective approvals, and attempts to push through the proposals without public consultation. 'Former municipal commissioner Rajendra Bhosale single-handedly opened a ₹1,500 crore TDR market under his authority. He sidelined the very existence of the 'City Improvement Committee',' said Vijay Kumbhar, RTI activist. Bhosale was unavailable for comments. The state government's intervention is likely to result in a formal review. According to PMC sources, documentation related to TDR approvals is being compiled for submission to UDD. The controversy comes at a time when Pune is already facing scrutiny over the misuse of development tools like TDR and premium FSI, which many claim have led to unplanned growth and burdened civic infrastructure.
Time of India
4 days ago
- Business
- Time of India
Traffic chaos looms in Guntur as flyover work rushed without alternative roads
1 2 Guntur: The rushed attempt to launch construction of a new four-lane flyover at Sankar Vilas Centre could trigger severe traffic disruptions, with alternative diversion roads still incomplete. Union minister Pemmasani Chandrasekhar had asked authorities to begin flyover works within a fortnight, following an ₹98 crore grant under the Central Road and Infrastructure Fund (CRIF) nearly eight months ago. Despite the roads and buildings department finalising designs by January 2025, delays in asset acquisition and marking by the Guntur Municipal Corporation (GMC) stalled the project. Although the GMC fast-tracked land handover, legal disputes over compensation pushed the plan into limbo. Nearly 50 property owners moved court demanding cash payouts under the new Land Acquisition Act, rejecting the civic body's offer of Transferable Development Rights (TDR) bonds. Surprisingly, the GMC had failed to fully utilize the time to complete the development of alternative roads. The lack of coordination between the town planning and engineering wings in GMC has delayed the road development works. In fact, the newly developed road under the three-bridges junction was flooded with a simple rain last month leaving the civic authorities stumped. This road is important exit road for the commuters from Guntur west constituency to reach Vijayawada highway. The railway authorities closed down the passage near three-bridges junction for about four months for construction of additional railway track. The ruling TDP legislators opened the newly constructed road and drain claiming that they brought the decades long trouble of flooding of the road to an end. Within two weeks of its launch the traffic was completely stalled following a 30-minute rain leaving the legislators and officials shocked. "The problem at Donka Road (three-bridges junction) needed to be rectified before launching of Sankar vilas flyover work. Otherwise, it will be very difficult to handle the traffic in the city," said Guntur East legislator Mohammed Naseer. The GMC has been working on replacement of pipelines near Sarada Colony-Nehru Nagar road for the past several months. It was another exit road to reduce the traffic congestion in the city. Ironically, the GMC failed to exert pressure on the railway authorities to complete the Reddypalem-New Guntur railway station road to divert the freight vehicles without entering the city. The entry of container cargo vehicles into Sitaram Nagar road to reach New Guntur railway station is already crippling the traffic in the city. The city will be left with Pattabhipiram-Hindu college road and IRR to manage the massive traffic that moves between Guntur-Vijayawada.
Time of India
7 days ago
- Politics
- Time of India
Andhra Pradesh government cancels TDR worth ₹208 crore in Visakhapatnam
VISAKHAPATNAM : Andhra Pradesh govt has cancelled the controversial transferable development rights (TDR) valued at 208 crore in Revallapalem, Visakhapatnam. The TDR was allegedly issued illegally for land acquired for the construction of an 80-feet road from Madhurawada to Revallapalem via Navodaya school. Jana Sena corporator P Murthy Yadav said that he had lodged a complaint regarding the issue with the state municipal administration and urban development minister, P Narayana, during the minister's recent visit to Vizag. "I thank the minister for the prompt response and for cancelling the TDR," said Murthy Yadav. According to a govt memo issued on June 5, it was initially directed that TDR be considered and issued to property owners for the formation and development of the 80-feet-wide master plan road, namely Bakkannapalem road. However, following adverse media reports concerning the issuance of TDRs, the GVMC commissioner was requested to re-examine the matter with reference to certain aspects, including ownership, valuation of TDR, and the extent of land affected. Furthermore, the director of town and country planning, Mangalagiri, submitted that despite repeated directives, GVMC had not yet taken the necessary action. Meanwhile, adverse news reports continue to surface, raising concerns related to govt land involvement and discrepancies in the ground report submitted by GVMC, among other issues. Consequently, state govt has directed the GVMC commissioner to cancel the previously issued TDR and initiate a fresh review by placing the matter before the TDR committee.
New Indian Express
7 days ago
- Business
- New Indian Express
New code to untangle building rules
A request for proposal has been issued to select a consultant who will work with HMDA to draft the UDBC, align internal procedures, and improve user-facing processes. The consultant will review Telangana's existing regulations, comparing them with those of other Indian states and select cities in East Asia and Europe, aiming to increase regulatory clarity. The consultancy will include preparation of a comprehensive UDBC, proposing uniform zoning regulations to support mixed-use development, enabling approvals at all levels, and assisting with necessary statutory changes. Improvements will also be made to digital systems such as BuildNow and other procedural reforms. The consultant is expected to examine existing laws, GOs and communications, and provide recommendations on key areas such as setbacks, building heights, road widening, TDR usage, mixed-use development, parking norms, amenities, required clearances and conservation regulations. A detailed comparative analysis will be conducted using the National Building Code, URDPFI guidelines, and relevant regulations from Indian and international cities. The study will also incorporate urban reform initiatives promoted by the Centre and state, such as flexible zoning, simplified land use conversion, liberalised plot regulations and streamlined occupancy certificate issuance.
