SLUMP IN REAL ESTATE PROMPTS LOK GROUP TO BUILD ON IT
Article Abstract:
The Lok Group, real estate developer of Mumbai, is confronted by a continued dip in real estate. The company has diversified into IT. The company, faced by a liquidity crunch, has slackened on residential projects, sold part of its holdings worth Rs8.21 crore and land worth Rs23 crore and backed off its ambitious hotel projects in Jaipur and Kochi. Plans are afoot to set up a Rs1,300 crore technology park - with a township, schools, markets, hospitals, - on a 125-acre land off Trombay Creek. However, a part of the land has been de-reserved by the government. Eighty five to 90 acres of the land belongs to the controversial Trombay Creek. The public objections to the de-reservation must be dealt with before the project can commence. The Lok Group plans to convert the land into equity. An amount of Rs45 crore has been earmarked for the infrastructure and planning, to be generated from internal resources. Feasibility studies are in progress and possible collaborators for an export promotion zone (EPZ) are being considered. (nr)
Comment:
The Lok Group, real estate developer of Mumbai, is confronted by a continued dip in real estate.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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COAL MINING UNPRODUCTIVE, STEEL WAITS FOR A BOOST
Article Abstract:
According to the Economic Survey for 1998-99, the coal and steel sectors continued their downward trend in 1998. Government measures to revive the two sectors have been inadequate. Coal production grew by 3.6 percent over 1997-98 (5.7 percent in 1996- 97). The growth rate in underground mines was 0.4 percent and in opencast mines 4.6 percent. The coal sector has been affected by low productivity in underground mines. Between April and November 1998, output of finished steel fell by 1.5 percent to 14.84 million tonnes. The steel industry has been hit by poor demand in consuming sectors, lack of major infrastructure projects and rising competition from overseas markets. (uh)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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