Kerala takes fund raising to the next level

MUMBAI: Kerala Infrastructure Fund Management Ltd (KIFM), an alternative investment fund sponsored by the state’s financing arm, is seeking to raise up to Rs 2,000 crore in a private equity fund, becoming India’s first provincial government to launch such an investment vehicle that would raise money even overseas for private projects.The fund, which intends to raise capital from both offshore and domestic sources, will invest in revenue earning and commercially viable projects in the state, its executive director and Kerala finance secretary Sanjeev Kaushik told ET.The fund would tap pensio

ABIL sells Pune land to Pristine for Rs 150 cr

MUMBAI: ABIL Group (Avinash Bhosale Group) has sold a 5-acre land parcel in Pune’s plush Koregaon Park locality to another Pune-based realtor Pristine Properties for about Rs 150 crore. Following the said land acquisition, Pristine Properties has brought in another realty developer Amar Builders through a development management agreement (DMA) to execute a commercial project on the plot.The land parcel has total development potential of 7.5 lakh sq ft.“We are planning to develop 1l lakh sq ft as retail space and balance 6.5 lakh sq ft as office space.

Xi defends Belt & Road, vows `zero tolerance' of graft

China's Belt and Road initiative must be green and sustainable, President Xi Jinping said at the opening of a summit on his grand plan on Friday, adding that the massive infrastructure and trade plan should result in "high-quality" growth for everyone.Xi's plan to rebuild the old Silk Road to connect China with Asia, Europe and beyond has become mired in controversy as some partner nations have bemoaned the high cost of infrastructure projects.China has not said exactly how much money will be needed in total, but some independent estimates suggest it will run into several trillion dollars.B

The hidden tax you may have been unknowingly paying all along

Conflicting rulings from tax authorities of advance rulings in different states on applicable goods and services tax rate on annual maintenance contracts have caused considerable confusion in the industry.The various Authorities of Advance Rulings (AARs) have pegged GST on annual maintenance contracts (AMCs) that companies offer to customers of various products and equipment at 12%, or 18%, or even 28%, industry experts said.Latest one on Thursday from appellate authority for Advance Rulings in Rajasthan has further added to confusion.

HCL Technologies sets up cyber security centre in Texas

IT services major HCL Technologies has set up a CyberSecurity Fusion Centre (CSFC) in Frisco, Texas, and said it will conduct training and college hiring programme in the US state. The opening of the CSFC represents the next phase in the company's mission to support secure business growth by providing customers with a single point of contact for the enterprise security lifecycle - from detection to remediation, HCL Technologies said in a statement late Thursday night.