RMZ offers Rs 8.15 billion to acquire L&T's 14-acre land in Bengaluru

Bengaluru-based property developer RMZ is in the final round of negotiations to acquire 14-acre land of engineering and construction major Larsen & Toubro (L&T) in Bengaluru. If the deal goes through, it will become the largest land deal in south India this year.

RMZ has quoted around Rs 8.15 billion (Rs 0.58 billion per acre) for the land parcel in Hebbal area of Bengaluru, said sources in the know.

“They are in final leg of the talks. L&T board should now approve it,” said a person who did not want to be quoted. L&T spokesperson did not comment on the development. RMZ executives, too, declined to speak on the deal.

RMZ is expected to develop a commercial property on the plot, which is close to Bengaluru airport and has a development potential of 4 million square feet. Though another Bengaluru developer, Salarpuria Sattva, has shown an interest in the plot, it did not bid for the property, said Bijay Agarwal, firm’s managing director.

L&T Construction gets Rs 13.87-billion contract in Andhra Pradesha

Engineering major Larsen & Toubro (L&T) on Tuesday said its construction arm has bagged an order worth Rs 13.87 billion for construction of a bridge across the Krishna river in Andhra Pradesh. "The construction arm of L&T will construct a ...bridge across the river Krishna at Amaravati, Andhra Pradesh. The bridge will connect Pavitrasangamam in Vijayawada and N10 road in Amaravati," the company said in a BSE filing. 

The Rs13.87 billion project has been awarded by the Amaravati Development Corporation Ltd (ADCL). L&T has also been entrusted with the operation and maintenance of the bridge for five years, it added. Shares of the company were trading at Rs 1,356.95 apiece, up 1.07 per cent from the previous close on the BSE.

L&T Q3 net up 39% at Rs 972 crore, calls note ban 'a disruptor'

Latest News - Larsen & Toubro (L&T), which on Saturday reported a 38.85 per cent jump in its consolidated net profit at Rs 972 crore for the December quarter, said the government's "cashless economy" efforts have caused "disruption" and its impact on business is yet to be assessed.

The industrial giant had clocked a net profit of Rs 700.34 crore for October-December last financial year.

The infrastructure conglomerate's total income from operations rose to Rs 26,286.98 crore during the quarter under review, from Rs 25,928.07 crore a year ago.

Its expenses during the quarter were slightly up at Rs 24,486.57 crore as against (Read More)

L&T, Reliance, M&M bet on higher defence budget

Latest News - Plans of companies like Larsen & Toubro, Mahindra & Mahindra and Reliance Infrastructure are riding on the government's budgetary allocation for defence. These players expect orders for the manufacture of single-and double-engine fighter jets, naval helicopters and submarines, and export of defence systems to pick up in the next financial year.

Excluding pensions, Rs 2,58,589 crore was allocated for defence in 2016-17, up from Rs 2,46,727 crore in 2015-16 and Rs 2,22,370 crore in 2014-15. India’s defence budget is 1.71% of its gross domestic product (GDP) and a parliamentary standing committee has recommended raising this to 3% of GDP.

Mahindra group president and chief executive officer, aerospace and defence, S P Shukla said he (Read More)