Chief minister Mohan Yadav said on Wednesday that major companies from the IT, ITES, and ESDM sectors will participate in the Global Investors Summit (GIS-2025), scheduled for Feb 24-25 in Bhopal, propelling Madhya Pradesh to newer heights in this sector. Yadav said that aligning with the Digital India Mission, Madhya Pradesh is taking a leading role in adopting advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Big Data,Blockchain, and Cybersecurity. Economic Zones (SEZs). Several new projects are in the pipeline, including Crystal IT Park 3 and 4 in Indore, a 50-acre Data Center Park,and a 1 lakh sq ft IT Tower in Jabalpur. These developments will accelerate Madhya Pradesh's digital growth. With affordable operational costs, strong govt support, and a high quality of life, the state is emerging as an ideal location for startups and IT companies. The GIS-2025 summit in Bhopal (February 24-25) will provide investors with an opportunity to explore Madhya Pradesh's immense potential in IT and technology. With investment-friendly policies and a proactive govt, the state is on track to become India's next major digital transformation hub, Yadav said.
 

Biotechnology giant Amgen has leased about 500,000 sq ft of space in Hyderabad to establish its first global capability centre (GCC), doubling its office footprint in the city, said people aware of the deal. Amgen India's technology and innovation centre is located in the RMZ Nexity and Spire Tower in HITEC City. The company is a subsidiary of California-headquartered Amgen Inc. In the first phase, the company has taken 2.5 lakh sq ft, with another 2.5 lakh sq ft to be occupied in phase two, which is expected to be operational by the end of 2025,” the people cited earlier said, adding that the lease tenure is nine years, with a five-year lock-in period and a rental cost of about Rs 90 per sq ft. The GCC will drive the development of advanced technology solutions and digital capabilities, enhancing efficiencies across the company’s global operations. RMZ declined to comment on the deal. The Hyderabad GCC will focus on leveraging technology, artificial intelligence (AI), and data analytics to develop innovative healthcare solutions. It aims to drive digital transformation, streamline operations and accelerate research efforts, strengthening Amgen’s global footprint. Hyderabad has emerged as a prominent centre for life sciences and technology, consistently attracting significant investments from global corporations. In recent developments, Sanofi has announced an investment of Rs 3,600 crore to expand its GCC in Hyderabad. Similarly, AstraZeneca has committed Rs 250 crore and Medtronic has announced an investment of Rs 500 crore to establish their respective GCCs. As per industry estimates, India’s biotechnology sector will contribute 19% to the global biotech market by 2025, driven by its cost efficiency, flourishing bioeconomy and strategic positioning. It is expected to top $300 billion by 2030.
 

Holding that one-sided agreement between homebuyers and real estate companies which is totally tilted in favour of the developer cannot be enforced, Supreme Court on Monday said that developers cannot deduct unreasonable amounts if the buyer seeks cancellation and it should not be more than 10% of basic sale price (BSP). A bench of Justices B R Gavai and S V N Bhatt said the contractual terms which are ex facie one-sided, unfair and unreasonable would constitute unfair trade practice as per the aforesaid definition of unfair trade practice and turned down the plea of real estate company Godrej Projects Development Ltd which said it should be allowed to forfeit 20% of the amount which was part of the agreement with a buyer. Section 74 of the Indian Contract Act, 1872, inasmuch as, such a forfeiture does not amount to imposing a penalty, then Section 74 would be applicable. This Court has further held that under the terms of the contract, if the party in breach undertook to pay a sum of money or to forfeit a sum of money which he had already paid to the party complaining of a breach of contract, the undertaking is of the nature of a penalty. NCDRC had allowed the company to deduct only 10% of the BSP i.e. Rs.17.08 lakh only towards cancellation and refund the balance amount.
 

BlackRock Inc., the world's largest asset manager, has picked up over 1.65 lakh office space in Mumbai’s western suburb of Goregaon through a long-term lease spanning over 10 years to set up its Global Capability Center (GCC) supporting its global operations, said persons with direct knowledge of the development. The New York-headquartered financial services major has leased a total three floors in commercial complex Commerz III from listed developer Oberoi Realty at a rental of over 2.6 crore a month taking its total deal size to nearly Rs 400 crore including other charges. The lease agreement includes a clause to escalate rentals by 15% after every 36 months and a lock-in period of five years. The lease that commences from January was registered last week. The deal also provides BlackRock exclusive access to over 90 car parking slots in the tower. The new office is part of BlackRock’s growth and expansion strategy in India, a key market where the company has signaled its long-term commitment, as reflected in the tenure of this lease,” said one of the persons mentioned above. Prior to this, in August, the company leased 42,700 sq ft office space in a premium commercial tower in central Mumbai’s Worli locality for five years. BlackRock has a robust presence in the Indian financial markets. The company, which began its operations in India in 2008, currently offers investment solutions, including mutual funds, exchange-traded funds and portfolio management services, catering to both institutional and retail clients. It has offices in Mumbai, Gurugram, and Bengaluru. This collaboration aims to deliver tech-enabled, affordable, and innovative investment solutions to Indian investors, leveraging BlackRock's global expertise and JFS's local market knowledge and digital infrastructure. In the Union Budget 2025-26 announced on Saturday, the government introduced measures to streamline international taxation and expand safe harbour rules for GCCs. The budget proposes adopting a block-period approach for transfer pricing assessments, allowing for a three-year evaluation period instead of annual assessments. This change is aimed at providing greater regulatory certainty and reducing litigation for multinationals operating in India. 
 

HeidelbergCement India Ltd on Thursday reported an 83.5 per cent decline in net profit to Rs 5.19 crore for the third quarter ended December 2024 due to lower volume and prices. The company had reported a net profit of Rs 31.47 crore in the October-December quarter a year ago, HeidelbergCement India said in a regulatory filing. Its revenue from operations declined 10.6 per cent to Rs 542.82 crore during the December quarter. It was at Rs 607.13 crore a year ago. During the quarter, HeidelbergCement's "EBITDA per tonne decreased to Rs 291, a decrease of 46.3 per cent due to lower volume and prices". Similarly, its revenue was also down "due to a decrease in volume by 5.3 per cent and price by 5.6 per cent," the company said in its earning statement. Total expenses of HeidelbergCement India in the December quarter were at Rs 544.63 crore, down 5.7 per cent. HeidelbergCement India is the subsidiary of Heidelberg Materials, a German multinational building materials company. Shares of HeidelbergCement India Ltd on Thursday were trading at Rs 220.55 on the BSE, up 0.78 per cent from the previous close.

Odisha government launches survey to select beneficiaries under PMAY Gramin

Setting a target to provide 'pucca' houses to all in the state, the Odisha government on Friday launched a survey for selecting the beneficiaries under the Pradhan Mantri Awas Yojana- Gramin (PMAY-G). Accompanied by Puri MP Sambit Patra, Panchayati Raj and Drinking Water Minister Rabi Narayan Naik formally launched the survey work from Arjunsinghpur village in Puri district's Pipili block. The survey will continue for about two months. It will include all the eligible families as per the promises made by Prime Minister Narendra Modi to provide 'pucca' houses to all, the minister said. The Odisha government today began a survey under the PMAY-G from the land of Lord Jagannath. All the eligible persons will get their desired It is painful to see that the poorest of the poor families were denied a PMAY house unit during the previous BJD government," the minister said. People can apply for a housing unit under the scheme through both online and offline modes, the minister. Families with two-wheelers, refrigerators, and landline phones can also be included in the survey. The family income limit has been increased to Rs 15,000 per month, Naik said, adding that the eligibility criteria for availing the benefits under the scheme have been relaxed. This apart, individuals who are separated from their families, like father and son or husband and wife, can also be accommodated in the survey. The people who had applied earlier and are still waiting for allotment of houses, can also apply again. He then that 28.25 lakh households have been approved under the scheme, while around 23 lakh homes have been constructed. If any eligible household is left out during the survey for PMAY-G, it will be included in the Antyodaya Gruha Yojana The Union cabinet, in August 2024, approved the construction of two crore houses under PMAY-Gramin over the next five years, till 2029. Under the scheme, the assistance is shared between the Centre and the state.