Archive for August 5, 2008

Future Group Kolkata Hotel on Eastern Paper Mill property

Kishore Biyani-promoted Future Capital Holdings has identified the Eastern Paper Mill property in Kolkata for its hotel. The company has signed a deal for mixed-use development on the 5 lakh sq ft plot.

Earlier, Financial Chronicle had reported that Future Capital’s Hotel Fund is close to signing a deal to start its hotel in Kolkata and Thiruvananthapuram. Besides these two cities, the talks are also on in cities such as Bangalore, Hyderabad, Mysore, Mumbai, Chennai, Bhubaneswar, Ahmedabad and Pune.

A property consultant involved in the deal said the market value of Eastern Paper Mill plot on Kolkata’s VIP Road could be around Rs 70-100 crore.”They plan to develop a hotel, mall and commercial place in this property,” said the official.

“This is part of their initiative to leverage their existing property,” he said. FCH Hotel Fund is in the process of tying up a master management contract with a leading international business brand to manage the business hotel portfolio.

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August 5, 2008 at 12:00 pm Leave a comment

Dow Jones India Titans 30 Index launched

An index of 30 leading Indian company stocks, Dow Jones India Titans 30 Index, was launched today (4 August 2008) by Mr Rupert Murdoch, the Chairman of media conglomerate News Corporation.

“The Dow Jones India Titans 30 Index includes 30 largest and most liquid stocks traded in India. The selection to the index will be based on rankings by float-adjusted market capitalisation and 12 month average daily trading volume,” the media company said.

The index will track share prices of leading players across various business segments incorporated on the index and will be a basis for investment. Calculated in US dollar and Indian rupee, it will be reviewed every March.

The index has been created by financial information company Dow Jones Indexes, a business unit of Dow Jones & Company, a News Corporation company.

Launching the index, Mr Murdoch said the blue-chip index for India will be licensed to financial institutions as the basis of investment products, such as exchange-traded funds.

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August 5, 2008 at 4:57 am Leave a comment


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