City Pune Financial News

New Delhi, India, June 26, 2024: Shankh Air, poised to become the first scheduled airline in Uttar Pradesh, is advancing its launch initiatives and awaiting final NOC from Ministry of Civil Aviation. Recently, Chairman Sharvan Kumar Vishwakarma had a pivotal meeting with Honorable Minister of Civil Aviation Shri Kinjarapu Rammohan Naidu and deliberated on the airline's strategic direction and forthcoming developments as a Full Service Start Up Airline.

special TADA court here on Tuesday rejected gangster Abu Salem's plea opposing his planned transfer from the Taloja prison in Navi Mumbai. Salem is undergoing life sentence at the Taloja prison in the 1993 Mumbai serial blasts case. The decision to shift him was a «conspiracy to kill him» as he was likely to be released in a few months, Salem's application claimed. The current prison was safe for him and he could be attacked by members of the rival gangs in other jails in Maharashtra, it said. The jail administration told the court it wanted to relocate Salem as his current cell needed reconstruction, and there was no other safe cell for him in Taloja. Special judge for cases under the Terrorist and Disruptive Activities (Prevention) Act B D Shelke, after hearing both the sides, rejected Salem's plea. The court, however, asked the inspector general (prisons), Pune, to issue appropriate directions to the Taloja jail superintendent to ensure the gangster's safety while shifting him to the central prison in Nashik, as planned. A direction should also be issued to the Nashik prison to ensure the safety and security of the convict, the judge said.

₹12,000-14,000 crore in the next 2-3 years developing commercial office, residential, and hotel projects, said a top company executive. Around 40% of the planned investment will be deployed in office projects, 50% in housing development, and 10% in hotel projects across existing cities it operates in, such as Bengaluru, Pune, and Hyderabad. It is also set to enter two new property markets - Chennai and Mumbai, Sattva Group's managing director Bijay Agarwal told reporters.The investment will be financed through a combination of equity, debt and internal accruals like sales.

workspace operator India Accelerator has added 250,000 sq ft across 7 centres in Pune, Gurugram and Noida. The company has added 3200 seats in Noida, 900 seats in Gurugram and 400 seats in Pune. With presence in multiple locations, India Accelerator has grown its portfolio to over 200 startups. This expansive network enables startups to benefit from shared knowledge, resources, and collaboration opportunities, driving innovation and success across the board. «This expansion with an investment USD 4 million will enable us to cater to a wider audience of innovators, creators, and entrepreneurs, providing them with the infrastructure and support they need to thrive,” said Abhay Chawla, co-founder and COO, IndiaAccelerator.

bad loan aggregator, National Asset Reconstruction Co (NARCL), has received four expressions of interest in response to its call for a second round of bidding to take over the debt of Sion Panvel Tollways, people familiar with the matter said. The second round for the project that links Mumbai with its southeastern suburbs and Pune was called in May after the earlier three bids were rejected by NARCL due to their low value. This is the first move by NARCL to recover bad debt since it started operations in January 2022.

micro and small business units, marginal farmers and self-help group members still suffer from unavailability of institutional credit, while grassroot customers do not get comprehensive financial services, Reserve Bank of India said. «Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs. This includes savings, credit, insurance and investment products that can enhance their economic well-being,» the deputy governor said on June 19 at the Conference of Convenors of State Level Bankers’ Committees, held at College of Agricultural Banking in Pune. RBI shared a copy of his speech Monday.

financial inclusion through better coordination with government and NGOs in credit planning and promoting digital financial literacy. Observing that the role of SLBCs in fostering inclusive and sustainable growth is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. «By focusing on effective coordination with government and NGOs, adopting a scientific approach to credit planning, and emphasising digital financial literacy, SLBCs can create a more inclusive financial ecosystem,» he said at the Conference of Convenors of SLBCs at Pune on June 19. «As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of financial inclusion reach every corner of our country,» he said.

Birla Estates Pvt Ltd on Monday said it has acquired a 16.5-acre land parcel in Pune to a develop a housing project with an estimated revenue potential of Rs 2,500 crore. Birla Estates is a 100 per cent wholly-owned subsidiary of Century Textiles and Industries Ltd and the real estate venture of the Aditya Birla Group. The company said it is expanding its presence in Pune with a land acquisition in Manjri, Pune. «The land parcel is spread across 16.5 acres with a development potential of approx. 32 lakh sq ft and an estimated revenue potential of Rs 2,500 crore,» a regulatory filing said.

NCP MLA hit his motorbike on a highway in Maharashtra's Pune district. The accused, Mayur Mohite, was arrested after the incident on Saturday, police said, adding the car was speeding on the wrong side of the road. Khed NCP MLA Dilip Mohite Patil termed the incident as unfortunate and said he will not support any wrongdoing. The accident took place at around 9.30 pm on Saturday at Mauje Eklahare village on the Pune-Nashik highway in Ambegaon taluka, the police on Sunday said, adding the victim was identified as Om Bhalerao.

EKA Mobility, which received a tranche of Rs 200 crore from Japan’s Mitsui & Company, is looking at commissioning a third manufacturing facility for rolling out electric buses and light commercial vehicles in the country the next 12-18 months. This strategic infusion of capital will be deployed to meet capital expenditures and working capital needs, supporting EKA Mobility’s expansion in the fast-evolving electric vehicle space in the country, Sudhir Mehta, Founder and Chairman, EKA Mobility told ET. EKA (Pinnacle Mobility Solutions) Mobility — one of the commercial vehicle manufacturers approved under the Champion OEM (Original Equipment Manufacturer) Scheme & EV component manufacturing scheme of the Rs 25,938 crore auto PLI policy — has a strategic partnership with Japan’s Mitsui and Netherlands-based VDL Groep to manufacture electric buses and light commercial vehicles.

Zoomcar Holdings on Thursday said it has partnered with Air India Express to allow customers to book self-drive cars directly from the airport on the airline's mobile app as well as the website in 19 cities. The collaboration also caters to the customer with varying requirements, leveraging the extensive fleet options and ensuring ample space for baggage carried through Air India Express's add-on packs such as carry-on-Xtra, international connecting baggage, and special equipment, Zoomcar said in a statement. This collaboration will offer the customer access to self-driven car rentals in Bengaluru, Bhubaneswar, Chennai, Delhi, Goa, Guwahati, Hyderabad, Indore, Jaipur, Kolkata, Kochi, Lucknow, Mangaluru, Madurai, Mumbai, Pune, Tiruchirappalli, Vijayawada and Visakhapatnam, it said. «We're focused on providing improved and personalised travel experiences for our guests at Zoomcar, and our partnership with Air India Express is another stepping stone towards this goal.

engineering goods export to the US continues to decline, the Indian government has agreed to study the possibility of signing an FTA (free trade agreement) with Mexico as several US companies, including Tesla, have set up manufacturing bases there. Indian industry wants to access the US market by having an FTA with Mexico as the US is the top destination for India’s engineering exports. Pankaj Chadha, senior vice chairman, Engineering Export Promotion Council (EEPC) said, “Most of the USA’s manufacturing has shifted to Mexico, including Tesla’s new plant. And the only way for India to increase our engineering goods export to the USA is to have an FTA with Mexico.” EEPC, a body affiliated with the commerce ministry, represents one fourth of India’s engineering exports, while engineering goods account for 25% of the merchandise exports from India.

MVA, which comprises the broken factions of NCP and Shiv Sena (UBT), seemed to have gained the trust of the Maharashtra voter base after going through a tumultuous political phase in the last five years, as was evident in the Lok Sabha Elections.On Wednesday, Sharad Pawar said that once back in power, the NCP would resolve the farmer's issue in Maharashtra. Notably, analysts have attributed an angry farmer voter base to the downfall of the Bharatiya Janata Party (BJP), Eknath Shinde's Shiv Sena, and the Ajit Pawar faction of the NCP in the Lok Sabha Polls.Sharad Pawar made these remarks while interacting with farmers in Nira Wagaj village, Baramati tehsil, Pune district."Both the governments (at the Centre and state) are not ruled by us.

TPG Capital has emerged the lead contender for about 60% of Michigan-based digital services company Altimetrik, said people aware of the development. Altimetrik, owned by Indian American entrepreneur Raj Vattikuti, is being valued at $1.5 billion (₹12,500 crore), they said. TPG's Asia investment platform TPG Capital Asia has signed an exclusivity agreement with the promoters, said the people cited. Jefferies is advising the promoter.

BJP and RSS members blaming the alliance with Ajit Pawar-led NCP for NDA's dismal performance in the Lok Sabha polls, NCP has now openly criticised BJP for putting the blame on its leader and has even warned that the party would be forced to take a «different stand» on the alliance if the targeting continued. «We have come to know that BJP MLAs have blamed Ajit Pawar for the loss. I have to tell these people, if someone is deliberately targeting Ajit Pawar, then we would also have to think about taking a different stand,» warned Amol Mitkari, an NCP leader. Mitkari was reacting to claims that BJP MLAs in a review meeting have blamed BJP joining hands with Ajit for the party's election performance. Other NCP leaders blamed BJP's leaders' utterances for the party's dismal show in the state. «What has happened with the Sangh is their own issue. There has been no loss (to BJP) because of Ajit Pawar. Instead the anger against BJP might have hurt us… BJP leaders kept talking about '400 paar' and about the constitution being changed… There is a large group of backward and OBC communities that follow Ajit Pawar and we tried our best to remedy the situation but BJP has some leaders who talk as they feel like and that's why we suffered this loss,» said Rupali Patil, NCP leader from Pune.

Also read: After Pune, now 32-year-old dies after colliding with minor’s bike in MumbaiThe duo were among many tourists who had chosen to drive to the Sulibhanhan Hills to enjoy the spectacular view.Although far from the cliff at the beginning of the recording, Surwase continued to back the car and it suddenly increased speed. Mule could be heard screaming “clutch" repeatedly and running towards the car in panic.

Sales of affordable homes — priced up to Rs 60 lakh each — declined 4 per cent in eight major cities to 61,121 units during January-March this year on lower supply and higher demand for luxury apartments, according to PropEquity. The top eight cities are — Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Real estate data analytic firm PropEquity data showed that sales of homes, costing up to Rs 60 lakh each stood at 6,3787 units in the January-March period of the last calendar year. A lower supply of affordable homes is one of the key factors for this marginal fall in sales.

minor driving a car near KDK College in Nagpur caused significant chaos, injuring five people and damaging several vehicles on Saturday. The incident unfolded when the out-of-control vehicle plowed through a crowd of vegetable sellers and customers, finally halting after hitting a roadside tree. Senior inspector Popatrao Dhaitonde of Nandanvan police station is investigating the case. The minor, who was behind the wheel of the car, first hit several parked two-wheelers before veering into a busy area crowded with roadside vendors and their customers. The car only came to a halt after crashing into a roadside tree. Onlookers quickly intervened, rescuing the minor from a mob before handing him over to the police. Among the injured were an elderly couple, Mahendra and Vandana Agrawal, who were seriously hurt and thrown several meters by the impact. Other injured individuals included Vasanti Gond, Golu Shahu, and Kartick, all vegetable sellers. The injured were promptly taken to the hospital, with three of them later discharged, while two continued to receive medical care.

Pune Porsche car crash case has moved the Bombay High Court, claiming that the teenager's detention was «illegal» and sought his immediate release. The boy is currently lodged at an observation home in Pune. The petitioner, in its habeas corpus plea, stated that she was compelled to file the petition against the respondents (Pune Police) for their «abuse of process and blatant disregard» for the rule of law, further compounded by the «arbitrary and illegal detention» and its continuation under a remand order passed by the Juvenile Justice Board, Pune, in «complete violation» of the provisions of the Juvenile Justice (Care and Protection of Children) Act, 2015, thereby keeping the nephew of the petitioner, the Child In Conflict with Law (CCL), in «illegal detention.»

logistics firms such as Delhivery and Xpressbees, which have hitherto focused on servicing ecommerce orders, are entering the quick-commerce sector as demand continues to surge on platforms like Swiggy Instamart, Blinkit, Zepto and others, multiple people aware of their plans told ET. Gurgaon-based logistics firm Delhivery — the largest third-party logistics (3PL) firm — has started to manage Swiggy Instamart’s larger warehouses that supply to small dark stores, or fulfilment centers, in city pockets. Similarly, Pune-based Xpressbees is in talks with multiple players to enter the segment, sources added.