Yes Bank has issued a notice of possession for Anil Ambani’s Reliance Group headquarters at Santacruz and two other offices in south Mumbai. In its notice, the bank said it was effecting recovery against a£289.2 million loan to Reliance Infrastructure. The bank’s action includes taking over two floors of office space in Nagin Mahal at Backbay under a law that allows it to sell assets of defaulters. The headquarters was situated on a 21,432-square metre plot, which was a legacy of Reliance’s acquisition of BSES two decades ago. BSES was rechristened Reliance Energy and subsequently repositioned as Reliance Infrastructure, which currently owns the property. The group shifted to the office at Santacruz in 2018. The building, off the Western Express Highway, overlooks Mumbai airport. Besides Reliance Infrastructure, it houses offices of Reliance's financial services including Reliance Capital, Reliance Housing Finance, Reliance General Insurance and other group firms. In recent months as the group shrunk its operations, most of the offices were consolidated in the North Wing, and the property was listed for lease with JLL.
Maruti posts 1st loss since ’03
Maruti Suzuki reported its first loss since it became a listed entity in 2003 as lockdown and other restrictions crippled sales and production for the country’s largest car maker. The company, controlled by Japanese Suzuki Motor, said net loss in the April-June, FY21 stood at £24.9 million, a steep decline compared to a profit of £143.6 million in the same period of the previous fiscal. “Owing to the global pandemic of Covid-19, it was an unprecedented quarter in the company’s history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government,” the company said. It said the production and sales could begin “in a very small way” only in the month of May. “The company’s first priority was the health, safety and well-being of all employees and associates across the value chain, including its customers. Hence, with carefully-designed safety protocols, which went far beyond compliance levels, the production in the whole quarter was equivalent to just about two weeks’ of regular working. The results have to be viewed in this context.”
