AM/NS India plans to commission two new lines at the Hazira plant
The steel major joint venture (JV) of ArcelorMittal and Nippon Steel is all set to commission its 2 million tonne (mt) auto-focused cold rolling mill (CRM) in Gujarat’s Hazira from March 2025. As per the firm investment in the downstream unit is around USD 1 billion, which is part of a USD 7.4 billion capex aimed at taking the upstream capacity at Hazira to 15 mt.
The two lines are:
- Continuous galvanizing line (CGL)
- Continuous galvanizing and annealing line (CGAL)
Both lines would be dedicated to manufacturing advanced automotive steel products and are expected to be fully operational in 2025.
CapitaLand to set IT park in Hyderabad, to invest Rs 450 crore
Real estate developer CapitaLand has plans to develop a state-of-the-art 1 million square foot IT park in Hyderabad. The firm would make a Rs 450 crore investment in the project that would will cater to the growing demand from Global Capability Centers and blue-chip companies.
6,526 sq ft office space leased by Apple in Mumbai
Tech major Apple has signed a long-term lease for a 6,526 sq ft office space in Mumbai’s Bandra-Kurla Complex. The lease was signed at Rs 738 per sq ft, breaking previous lease records. Apple has leased the commercial space in a building named Maker Maxity-5 for five years. The office space on the 10th floor of the tower also has a terrace area of 2126 sq ft.
OYO plans to add 500 hotels across religious centers
Multinational hospitality chain OYO has plans to add 500 hotels at major religious centers across India to support the government’s programs to boost spiritual tourism in India. As per the firm focus includes destinations like Ayodhya, Varanasi, Prayagraj, Puri, Haridwar, Mathura, Vrindavan, Amritsar, Ujjain, Ajmer, Nasik, and Tirupati.
OYO will actively manage these hotels to ensure superior guest experiences, addressing the rising demand for quality accommodation among pilgrims.
1.15 lakh sq ft office space leased by NPCI
Payments and settlement service provider in India, National Payments Corp of India (NPCI) has picked up an office space spread over more than 1.15 lakh sq ft spanning two floors in a commercial project in Mumbai’s western suburb Goregaon. The space is leased for 5 years at a monthly rent of Rs 2.15 crore.
As per the update, the agreement includes a 15% rent escalation clause after three years, with a total rental payout surpassing Rs 136 crore.
Aequs plans new MRO facility
Aerospace firm Aequs has plans to set up an MRO (Maintenance, Repair, and Overhaul) this year to strengthen its aerospace manufacturing capabilities and expand its consumer segment footprint.
This comes after the firm set an aim to reach USD 1 billion in revenues in the next 5 years, with USD 500 million from aerospace alone.
Hospitality sector updates: Radisson announces adding 30 hotels in 2024
Hospitality major Radisson Hotel Group has been in expansion mode last year. The firm has added over 300 new properties and nearly 40,000 keys to its portfolio. In a statement, the firm said it furthered its presence across Europe, the Middle East, Africa (EMEA), and the Asia-Pacific (APAC) region, with notable growth in the upscale resort segment.