DLF rental arm prepares for REIT launch; ropes in consultants
DLF s whole-time director Ashok Tyagi said the consultants have been appointed to restructure the business and be ready to launch the REIT whenever the two shareholders decide
PTI | January 30, 2021 | Updated 19:39 IST
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore sovereign wealth firm GIC
Realty major DLF s rental arm DCCDL on Friday said it has appointed consultants, including banker, tax advisor and law firm, to prepare itself for the launch of its Real Estate Investment Trust (REIT) but the timing of the public issue will be decided by its shareholders. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore sovereign wealth firm GIC. While DLF holds 66.67 percent stake in the JV, the GIC has 33.33 percent shareholding.
Rationalisation of various taxes
According to Kinjal Shah, vice president, ICRA, the aviation industry s deteriorating financial health has raised tax sops expectations to help reduce their high cost and debt burden, especially lowering taxes on ATF.
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The ATF comprises nearly 30-40% of the total cost of an airline, and the prices in India are 45-50% higher, compared to international standard prices, she added.
Though, ahead of the budget, the government has also hinted that it is planning on the same lines. Addressing a webinar on Connecting the Dots-Recovery of aviation, tourism and hospitality , Usha Padhee, Joint Secretary, Ministry of Civil Aviation said, we are working on a long-term plan to help the sector by rationalising various taxes. We are looking forward to making the ecosystem smarter and more efficient to make the aviation sector sustainable.
The Economic Survey has said the Insolvency and Bankruptcy Code (IBC) is facing serious hurdles due to litigation initiated by various parties, adding that there is a need for efficient legal systems. The Survey said the court system remains the single most important way for ex-post resolution and the performance in the area of dispute resolution and contract enforcement in India remains a concern and needs to be focused on. The Survey cited the World Bank’s Ease of Doing Business report (2020), which said it takes 1,445 days to resolve a commercial contract in India as compared to 589.6 days in OECD high income countries and 120 days in Singapore. The report also shows that the cost of litigation in India is around 31 per cent of the claim value. This is significantly higher than in OECD countries (21 per cent) and Bhutan (0.1 per cent).
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