PVR signs agreement with M3M India in their largest delivered retail project in Gurugram - Business Guardian
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PVR signs agreement with M3M India in their largest delivered retail project in Gurugram



PVR has signed an agreement with M3M India to set up an 8-screen multiplex at M3M 65th Avenue, the recently delivered largest luxurious retail project in Gurugram by M3M India, spread across 14 acres, with 1 million square feet of retail space and built with a top-line of Rs. 4000 crore.

M3M India’s 65th Avenue is one of the most luxurious retail properties, located near M3M Golfestate and Trump Towers, at prime Golf Course Extension Road, Gurugram. The 65th Avenue has been designed by Bental Associates, South Africa’s architectural firm.

Announcing the agreement, Sanjeev Bijli, Joint Managing Director, PVR Limited said, “As part of our expansion plan, we have been looking to set-up an ultra-modern and state-of-the-art 8-screen multiplex at a prime property in Gurugram. The M3M 65th Avenue has impressed us a lot in terms of architecture and designing and also the location. It has a huge potential and is expected to cater to about half a million population in the vicinity. We have gone ahead and signed the agreement and looking forward to present the best of movie experience. I am sure, with time 65th Avenue will prove to be one of the most finest and sought after destination for not just movie lovers but also for shoppers and dining audience.”

“I am also looking forward to take this association further with M3M India. I understand M3M India is coming up with a big project near international airport and diplomatic enclave, which will have retail as well as residential complexes. I also understand that this will be located at a central point between Delhi and Gurugram. Though we are exploring more on this project, we definitely have in mind to find an opportunity when it is announced,” Sanjeev Bijli added.

Speaking on the occasion, Pankaj Bansal, Director-M3M India said, “PVR has defined luxurious multiplex experience to movie lovers in India. It has become a synonyms for movie lovers. We are delighted to partner with PVR and welcome them to M3M India’s 65th Avenue. The M3M 65th Avenue has been conceptualized as a high-end experience and association with best of the brands has given 65th Avenue its niche position. It will prove to be another milestone and will provide 360 degree experience to the Gurugram and SPR audience.”

“Our focus has always been to not just meet the expectations of our customers and investors, but also go beyond to give them best of experience and timely possession,” Pankaj Bansal added.

A number of brands have already signed-in for retail space at M3M India’s 65th Avenue which include Reliance Trends, Bikaner, Pantaloons, Max Fashion, Derika, Mastizone, Headmasters, Smaaash and Home Town.

The 65th Avenue will have a 55,000 square feet of food court and a gaming zone of about 42,000 square feet. It will also have 30,000 square feet of meticulously designed atrium, much useful for new product launches. M3M India has so far delivered 40 projects in the last 10 years that include about 4 million square feet of retail space and 20 million square feet of overall space.

Sharing details about this partnership, Pramod Arora, Chief Growth and Strategy Officer, PVR Limited said, “We are happy to announce our upcoming cinema development at Avenue 65, which is a perfect blend of Fun, Food, Fashion and Films under one roof, synonymous to PVR. We look forward to bringing the best of premium & luxury cinema experience for the population around. Designed to be a mecca of entertainment for the millennial city, the multiplex shall also comprise LUXE Cinemas and a lounge for the discerning few, who prefer nothing but the very best.”

M3M India also recently delivered M3M Corner Walk and M3M Prive’. M3M Corner Walk has 874 units spread across 8.7 lakhs square feet space and M3M Prive’ has 298 units spread across 1.9 lakh of square feet space. M3M India’s ATRIUM57, spread across 2 lakh square feet is also a high-street retail project that has all shops either facing main atrium or the main road. The triple height shops (30 feet height) at ground floor in Atrium57 have flexibility of adjusting the height as per the requirements. M3M India has also been in the news for selling over 1000+ units of M3M Soulitude residential project in the very first week of its launch. The Company clocked Rs. 1000 crore sales within first week itself.

PVR is the largest and the most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is perceived in the country. PVR currently operates a cinema circuit comprising of 860 screens at 179 properties in 73 cities (India and Sri Lanka), serving over 100 million patrons annually. PVR offers an array of formats in the premium screen category, which stands at 8 screens of Director’s Cut, 39 screens of LUXE, 04 screens of Sapphire, 09 screens of IMAX, 19 screens of 4DX, 09 screens of P[XL], 13 screens of Playhouse and 01 screen of PVR Onyx across the country.



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Industry & Commerce

Railways operates record number of addt’l trains to meet summer demand



Indian Railways gears up for a record-breaking summer with plans to operate 9,111 trips, a substantial increase from last year’s 6,369 trips.

In preparation for the anticipated surge in travel demand during the summer season, Indian Railways has announced plans to operate a record-breaking 9,111 trips, marking a significant increase from the 6,369 trips offered during the previous summer in 2023. These additional trains are strategically planned to connect key destinations across the country, aiming to facilitate seamless travel along major railway routes. All zonal railways spanning India have mobilized to manage the heightened summer travel rush originating from states such as Tamil Nadu, Maharashtra, Gujarat, Odisha, West Bengal, Bihar, Uttar Pradesh, Karnataka, Andhra Pradesh, Telangana, Jharkhand, Madhya Pradesh, Rajasthan, and Delhi.

The process of planning and operating additional trains is a dynamic one, with continuous monitoring and assessment of demand from various sources such as media reports, social media platforms, the Railway Integrated helpline number 139, and waitlist passenger data in the Passenger Reservation System (PRS). Based on these inputs, the number of trains and trips are adjusted accordingly throughout the season to meet evolving travel requirements.

Ensuring passenger comfort and safety is paramount during the summer season. Zonal Railways have been instructed to maintain the availability of drinking water at railway stations, while elaborate crowd control measures are implemented at major stations. Railway Protection Force (RPF) personnel are stationed at originating stations to enforce queue systems for entry into General Class coaches, with skilled staff monitoring CCTV cameras to provide real-time assistance to passengers. To regulate crowd flow and prevent stampede-like situations, Government Railway Police (GRP) and RPF staff are deployed at foot-over bridges. Passengers can conveniently book tickets for these additional trains through railway ticket counters or the IRCTC website/app.

Indian Railways’ proactive approach to managing the summer travel rush underscores its commitment to passenger convenience and safety. As the nation’s lifeline for transportation, Indian Railways continues to adapt and innovate to meet the evolving needs of travelers across the country.

As the summer season approaches, Indian Railways is ramping up its efforts to accommodate the surge in travel demand, ensuring that passengers can reach their destinations comfortably and efficiently. The unprecedented number of trips, totaling 9,111, reflects the railway’s commitment to meeting the needs of travelers across the country. With trains planned to connect key destinations and major railway routes, passengers from various states are set to benefit from the expanded service. The collaborative approach involving all zonal railways ensures a coordinated effort to address the influx of travelers during the peak summer months.

Moreover, the dynamic nature of planning and operating additional trains allows Indian Railways to respond swiftly to changing demand patterns throughout the season. By leveraging inputs from diverse sources, including media reports, social media platforms, and passenger reservation data, the railway can optimize its services to accommodate passenger needs effectively. In addition to enhancing connectivity, Indian Railways is prioritizing passenger safety and comfort. Measures such as ensuring the availability of drinking water at railway stations, implementing crowd control measures, and deploying security personnel demonstrate the railway’s commitment to providing a safe and pleasant travel experience for passengers.

Overall, Indian Railways’ proactive approach to managing the summer travel rush reaffirms its status as the backbone of transportation in India, facilitating essential connections and journeys for millions of passengers nationwide.

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Industry & Commerce

Indian cotton yarn spinners to see margin improvement after low profitability



After a challenging year marked by low profitability, the cotton yarn spinning industry is poised for improvement this financial year, according to a report by Crisil Ratings. Operating margins for cotton yarn spinners are expected to rebound by 150-200 basis points from the decadal lows experienced last year, reaching around 10.5-11% in the current fiscal. Stable cotton prices, supported by better availability during the 2024 cotton season, alongside improved cotton yarn spreads, are cited as key factors driving this margin recovery. The stability in cotton prices is anticipated to persist, remaining below international levels, further contributing to the improved operating margins.

Revenue projections also indicate a positive trajectory, with an estimated growth of 4-6% expected this financial year. This growth is attributed to moderate expansion in downstream demand, particularly from segments such as readymade garments and home textiles. Domestic sales volume, constituting a significant portion of the industry’s revenue, is forecasted to drive this growth.

Despite a remarkable recovery in exports witnessed last fiscal year, with an 80-85% increase, export growth is expected to taper to 3-4% in the current fiscal due to sluggish global economic conditions. However, with the revival in demand and operational performance, the industry’s capacity utilization levels have already reached 80-85%, with further improvement anticipated this year.

Pranav Shandil, Associate Director at CRISIL Ratings, highlighted that while capacity utilization levels are improving, capital expenditure (capex) for cotton yarn spinners is expected to remain moderate in the near term. This cautious approach to capex reflects a recovery phase from the lows experienced in the previous fiscal year, mitigating the need for significant debt additions on already deleveraged balance sheets.

The positive outlook for the cotton yarn spinning industry suggests a gradual recovery from the challenges of the past year, with improved margins and revenue growth expected to support the sector’s resilience amidst evolving market conditions.

The anticipated improvement in the cotton yarn spinning industry, as outlined by the Crisil Ratings report, heralds a promising turnaround from the difficulties encountered in the preceding year. This shift towards a more favorable landscape is underpinned by several factors, each contributing to the industry’s resilience and potential for growth.

Firstly, the stabilization of cotton prices, coupled with enhanced availability during the current cotton season, is a pivotal driver behind the projected margin recovery. The ability to maintain cotton prices below international levels fosters a conducive environment for spinners, alleviating input cost pressures and bolstering operating margins. This stability not only fortifies the financial health of spinners but also instills confidence in their ability to navigate future market fluctuations effectively.

Moreover, the anticipated rebound in operating margins by 150-200 basis points signifies a significant uptick propelled capacity utilization levels to 80-85%, with further improvement anticipated. This upward trajectory not only augurs well for the industry’s growth prospects but also underscores its ability to capitalize on emerging opportunities amidst evolving market dynamics.

The cautious approach to capital expenditure (capex) reflects a prudent stance adopted by spinners as they navigate the recovery phase. While capacity utilization levels improve, a moderate capex outlook mitigates the need for significant debt additions, thereby preserving the deleveraged balance sheets of industry players. This disciplined approach to capital allocation underscores a commitment to long-term sustainability and resilience in the face of uncertainties.

Overall, the positive outlook for the cotton yarn spinning industry signifies a gradual yet robust recovery from the challenges of the past year. With improved margins, revenue growth, and prudent financial management, the industry is well-positioned to thrive amidst evolving market conditions, reaffirming its status as a cornerstone of the textile ecosystem.

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Industry & Commerce

Due to scale-down operations, Vistara fares rise by up to 25% on major routes



Just ahead of the peak summer travel season, travel industry insiders reported a surge of approximately 20-25% in fares across key routes such as Delhi-Goa, Delhi-Kochi, Delhi-Jammu, and Delhi-Srinagar, said in a news report.

Vistara’s decision to reduce operations by 25-30 flights daily, approximately 10% of its capacity, has led to a 20-25% increase in airfares on major routes. Ahead of the peak summer travel season, insiders in the travel industry noted a surge of around 20-25% in fares on key routes like Delhi-Goa, Delhi-Kochi, Delhi-Jammu, and Delhi-Srinagar, according to the national daily.

On average, the airline conducts approximately 350 flights daily. However, since April 1, Vistara has been forced to cancel more than 150 flights cumulatively due to pilots unexpectedly reporting sick at the end of March. Given the ongoing demand-supply mismatch leading to higher airfares, Vistara’s move has exacerbated pressure, particularly on routes affected by cancellations.

While Vistara has not specified the duration of the capacity cut, indications suggest it will likely remain in effect until at least the end of April, keeping fares high on affected routes during this period, the report said.

Notably, in the Indian airlines’ summer schedule for 2024, Vistara showed significant growth in approved domestic flights compared to the previous winter schedule and last year’s summer schedule.

This year’s summer schedule, spanning March 31 to October 26, featured 2,324 weekly domestic departures by Vistara, marking a 25.2 per cent increase over last year’s summer schedule and 22.2 per cent over the recently concluded winter schedule.

Overall, the current summer schedule for all Indian carriers combined exhibits a 6 per cent year-on-year increase in domestic departures and a 2.3 per cent sequential increase.

Facing significant disruptions and numerous flight cancellations and delays last week amid several pilots taking sick leaves as part of a protest over a new pay structure, concerns have also arisen about Vistara’s impending merger with Air India.

The carrier has tried to resolve the issues. As part of mitigation efforts, the Tata Group airline last week announced a reduction in operational capacity, primarily in its domestic network, to provide “much-needed resilience and buffer” in its crew rosters.

Vistara also announced a new salary structure for its pilots. Under this arrangement, pilots will receive a fixed salary for 40 hours of flying time instead of the current 70 hours. Additionally, they will receive compensation for extra flying hours and a reward based on their years of service with the airline.

This new salary structure was offered as Vistara, which is a 51:49 joint venture of the Tata Group and Singapore Airlines, is in the process of being merged into Air India, which is wholly owned by the Tata Group.

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Industry & Commerce

Pilots flag burnout as vistara tackles flight crisis



The meeting centered on resolving issues regarding new contracts and scheduling. Pilots were assured of a more thoughtful utilization of their time.

Vistara airline anticipates resuming regular flight operations by the weekend following an agreement with pilots who raised concerns about fatigue. The joint venture between the Tata Group and Singapore Airlines saw pilots operating close to maximum flight duty limits, discussing health issues with management. Despite these challenges, the Directorate General of Civil Aviation (DGCA) postponed implementing revised flight duty norms, originally set for June 1, citing the necessity for further consultations. 125 Vistara Flights Cancelled More than 125 Vistara flights have been cancelled since April 1. The cancellations were attributed to a surge in pilot sick leave requests.

The most affected routes included Delhi-Indore, Delhi-Srinagar, Mumbai-Kochi, and Bengaluru-Udaipur. Spot airfares on these routes also surged by up to 38 per cent following the flight cancellations earlier this week. Vistara-Air India Merger The Competition and Consumer Commission of Singapore granted approval for the merger of Vistara with Air India in March 2024. Vistara’s CEO, Vinod Kannan, indicated plans for operational integration with Air India by mid-2025, with expectations of receiving legal clearances by mid-2024.

Vistara’s management, including chief executive Vinod Kannan, held discussions with pilots during a virtual town hall, The meeting focused on addressing concerns related to new contracts and roster. The pilots were promised more considerate utilization of their time. Kannan appealed to pilots for support in ensuring smooth operations. To alleviate the strain on resources during the crisis, Vistara reduced daily flights.

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Business News

Over 150,000 jobs created in Apple’s Indian ecosystem since Aug 2021, says report



In a recent development, it has been reported that Apple has significantly bolstered employment opportunities within India’s tech sector since its participation in the country’s production-linked incentive (PLI) scheme for smartphones in August 2021. According to insights from an Economic Times report, Apple’s direct employment within its ecosystem in India has surged to an estimated 150,000 individuals. Remarkably, the majority of these employed individuals are young first-time job seekers aged between 19 and 24 years, as highlighted by estimates from government officials and industry experts.

Moreover, the report indicates that an additional 300,000 individuals have found indirect employment opportunities through companies benefiting from the PLI scheme. Apple’s direct employment within India currently stands at 3,000 individuals, with its iOS application development alone supporting over 1 million jobs, as per officials familiar with the matter. This signifies a substantial contribution to the Indian job market over the past 32 months, with the Apple ecosystem estimated to have created over 400,000 jobs, both directly and indirectly.

Despite facing challenges in key markets such as the United States and China, Apple has strategically intensified its focus on India, which ranks as the world’s second-largest smartphone market. Since commencing iPhone manufacturing operations in India back in 2017, Apple has steadily expanded its local production activities in alignment with the PLI scheme. Collaborating with renowned suppliers such as Foxconn, Wistron, and Pegatron, Apple has played a pivotal role in enhancing manufacturing capabilities within the country.

According to the report, Apple has cultivated a robust supplier ecosystem across various states in India, generating over 77,000 direct jobs. Leading collaborators include Foxconn, which has created 41,000 jobs, followed by Wistron with 27,300 jobs and Pegatron with 9,200 jobs. Additionally, other significant contributors such as Tata Electronics and Salcomp Technologies have played integral roles in the production of essential iPhone components, resulting in the creation of over 70,000 direct jobs.

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Industry & Commerce

HAL Achieves Double-Digit Revenue Growth with Rs 29,810 Crore in FY2023-24



HAL’s order book surpasses Rs. 94,000 crores as of March 31, 2024, with significant orders expected for FY 2024-25, including fresh manufacturing contracts exceeding Rs. 19,000 crores and ROH contracts totaling over Rs. 16,000 crores secured in FY 2023-24.

Indian Defense Exports Surpass Rs 21,000 Crore Mark: Defense Minister
NEW DELHI: India’s Defense Minister Rajnath Singh announced on social media that the nation’s defense exports have surged past the milestone of Rs 21,000 crore for the first time, reaching Rs 21,083 crore in the fiscal year 2023-24, marking a remarkable growth rate of 32.5% over the previous year. This achievement reflects strategic initiatives by the Defense Ministry, particularly under Prime Minister Narendra Modi’s leadership, to boost indigenous defense production. About 50 Indian companies, spanning public and private sectors, have contributed to this success story, showcasing innovation and quality standards. Defense exports now span 84 countries, with major items including Personal Protective Items, Offshore Patrol Vehicles, and ALH
Helicopters, highlighting India’s growing reputation as a reliable supplier of defense equipment globally.

In a remarkable achievement, Hindustan Aeronautics Limited (HAL) has reported its highest-ever revenue from operations for the financial year ending March 31, 2024. Preliminary and unaudited figures indicate a staggering revenue of over Rs. 29,810 crores, marking a substantial growth of approximately 11 percent compared to the previous year’s 9 percent. This achievement comes despite significant challenges in the supply chain resulting from geopolitical tensions. As of March 31, 2024, HAL’s order book surpasses Rs. 94,000 crores, with expectations of further major orders in the fiscal year 2024-25, as revealed by C.B. Ananthakrishnan, CMD (Additional Charge) of HAL.

Notably, the company secured fresh manufacturing contracts exceeding Rs. 19,000 crores and Repair and Overhaul (ROH) contracts totaling over Rs. 16,000 crores during the fiscal year 2023-24. One notable highlight of the year was the signing of an export contract with the Guyana Defense Forces for the supply of 2 Hindustan-228 aircraft. Remarkably, HAL managed to deliver both aircraft within a record time of one month from the signing of the contract, showcasing the company’s proactive approach and efficiency. HAL’s performance was further underscored by significant achievements, including the successful maiden flight of the first production series fighter of LCA Mk1A on March 28.

Throughout the fiscal year 2023-24, HAL experienced a series of high-profile visits and achievements, enhancing customer satisfaction, branding, recognition, and stakeholder trust and confidence. In its pursuit of innovation and technological advancement, HAL continued to seek opportunities for collaboration and the development of newer technologies by forming alliances with both global and Indian technology partners. Noteworthy collaborations include an MoU with General Electric, USA for Transfer of Technology (ToT) and Manufacturing of GE-414 aero-engines in India for LCA MK2 Aircraft, aiming to bolster India’s Aero Engine Manufacturing Eco-system.

Additionally, a Joint Venture named SAFHAL Helicopter Engines Pvt. Ltd. was established with Safran Helicopter Engines, France for the indigenous design and development of Engines for IMRH and DBMRH. Moreover, HAL and Airbus inked a contract for the establishment of Maintenance, Repair, and Overhaul (MRO) facilities for the A-320 family of aircraft in New Delhi. This collaboration not only contributes to the Make-in-India mission but also enhances export potential. With a robust order book and an accelerated delivery plan, HAL is poised to sustain and improve its growth trajectory, thereby supporting the Indian Defence services in bolstering the country’s defense preparedness.

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