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Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b Vote_lcap68%Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b Vote_rcap 68% [ 178 ]
Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b Vote_lcap18%Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b Vote_rcap 18% [ 47 ]
Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b Vote_lcap13%Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b Vote_rcap 13% [ 35 ]

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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b

Krrish pays Rs. 1.4 b more to UDA, brings total advances to Rs. 2 b

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sriranga

sriranga
Co-Admin
Krrish Group, planning to put up an ambitious $ 500 million mega multi-complex real estate venture in Fort, has this week advanced a further Rs. 1.4 billion to the Urban Development Authority (UDA) bringing the total to Rs. 2 billion as part of its lease payment.

The handover of lease, estimated to cost Rs. 5 billion is still being processed by the UDA under MOUs signed between the parties but Krrish said the fresh advance payment “demonstrates” Indian firm’s commitment towards Sri Lanka and the prestigious project.

Krrish Group Chairman O.P. Katyal was in Colombo yesterday to formally hand over the bank draft to the UDA and to reiterate his commitments to this project titled ‘Krrish Square’ at the Transworks Square in Fort.

Widely commented on by the Opposition including in Parliament especially with regard to transparency and credibility issues, Krrish said its project would be one of the finest residential and commercial projects in Asia.
In furtherance of the project, last week Krrish Group held a two-day workshop in Colombo with the world’s leading consultants on its board to discuss and finalise the action plan to speed up work progress.

The workshop was also attended by Renaud Dutreil, Chairman of a top international fashion brand, who gave his valuable input to the consultants with regard to the brand setting up its stores at Krrish Square.

The Krrish Group said it has engaged world-renowned architects and other consultants for development and construction of this project. The retail mall will bring the best brands of the world to Colombo.

Krrish Group will make the heritage building one of most sought-after luxury heritage resort hotels in this part of the world. In line with the group’s commitment to excellence and quality, and having attained prominence in the Indian subcontinent, the Krrish Group said it was poised to bring world class, luxurious residential and commercial spaces to Colombo.

Krrish Group started its operations in 1983 with the setting up of Frost Falcon Distilleries. The Group has since then spread its wings to other sectors like breweries, distilleries, hospitality, real estate, and infrastructure.

The company continues to grow exponentially today, with new breweries and bottling units in India and launch of international French vodka brand in Paris. With its signature resolve towards scaling new heights of success by diversification, the group ushered into a new era of luxury living in the real estate sector.

Presently the Group’s annual turnover is over US$ 100 million. The Group’s receivables from ongoing real estate projects over the next five years will be US$ 1.4 billion (as per the Cushman Wakefield valuation report).

The consultants present at the Colombo workshop were:

Atwal Associates, represented by Bob Atwal (Principal Architect). He was formerly Associate Partner of a London-based renowned architectural firm by Lord Norman Foster. With international experience spanning 26 years, Atwal has invaluable experience ranging from private residences, industrial buildings, and railway stations, to large-scale developments of mixed-use high rise commercial, residential, and hospitality projects worldwide. With prestigious landmark projects such as the Hearst Headquarters in New York, the city’s first Gold rated LEED office tower and the 80 storey mixed-use Index tower in Dubai, there are particular skills in the coordination and delivery of large scale projects from early concept to successful completion.

BuroHappold, represented by Anil Hira and Panji Grainger (Structural and MEP Consultant). BuroHappold is a world class, multi-disciplinary engineering consultancy, operating out of an international network of offices over three continents with its head office in London. It provides comprehensive general and specialist engineering services for complete developments, buildings, and their infrastructure. BuroHappold was founded in UK in 1976 by the late Professor Sir ‘Ted’ Happold as a traditional partnership. In 2007, Happold LLP was formed as a limited liability partnership employing over 1500 people worldwide.

Coffey (Geotechnological Study), represented by Ashok Peiris. Coffey International Limited is a specialist professional services consultancy with expertise in geosciences, international development, and project management. Operating for more than 50 years, it is well known in its markets for deep technical skills and market-leading solutions to complex tasks. Coffey is listed on the Australian Securities Exchange.

Edouard Francois int. FRIBA, represented by Edouard Francois, Architect of Heritage Building. An alumnus of the EcoleNationale des Beaux-Arts in Paris and the EcoleNationale des PontsetChaussées, François has been an architect and urban planner since 1986. He is recognised for creating masterpiece architecture and is a pioneer in sustainable ‘green’ architecture. He is the man behind the makeover of the former Samaritaine Department Store building in Paris, which is now home to the Louis Vuitton store. He has also designed the world-renowned ‘Flower Tower’ and ‘The Building that Grows’. In honour of his outstanding work, he was named Chevalier des Arts et des Lettres by the French Minister of Culture in 2012.

Windtech, represented by Aaron Lefcovitch (Wind Study). Windtech Consultants is a Singapore-based company of consulting engineers specialising in the analysis of wind effects on buildings, structures, and the environment. Since 1991, the company has been providing wind engineering and related high-technology services for over 2,000 major building projects, assisting planners and building design professionals. Since 1996 Windtech Consultants has also undertaken studies into solar effects and environmentally sustainable development

Vertical Transport Consultant, represented by Gurumurthy and his team from Schindler, also attended the workshop to give their expert advice on the number and type of lifts that would be required for the towers.
http://www.ft.lk/2012/12/21/krrish-pays-rs-1-4-b-more-to-uda-brings-total-advances-to-rs-2-b/

http://sharemarket-srilanka.blogspot.co.uk/

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I hope this opposition parliamentarian who always like to complain in front of the media would keep his mouth shut from now onwards.or will he brag to the country again that it was because of him this 1.4b was paid,just to cover his blunder.

What these stupids dont realise is that, they are in doing so giving the wrong impression/signal to foreign countries and investors who wants to come here.

TAH

thighrokker


Manager - Equity Analytics
Manager - Equity Analytics
@traderathome wrote:I hope this opposition parliamentarian who always like to complain in front of the media would keep his mouth shut from now onwards.or will he brag to the country again that it was because of him this 1.4b was paid,just to cover his blunder.

What these stupids dont realise is that, they are in doing so giving the wrong impression/signal to foreign countries and investors who wants to come here.

TAH

What I ma thinking is whats the loss per month in getting the 5Bn$ late?
Lets see for 1Bn$, late for 1 month, if put in a 10% savings is
1,000,000,000 * 0.1 * 1/12 = 8,333,333$
So each month they delay payment for 1Bn, we loosed 8Mn$

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
yes we can do all this math..and come up with fancy figures...but either we could get this 5bn now or get nothing....and wine in front of the indians like our opposition politician/economist to give more for the delays in transfer.

In any contract/agreement their are clauses for penalty /delay payments.
The indians are very cunning in these situations....so if this does take place again then we should take serious note of it.

But we must not forget the big picture..and tackle it diplomatically.

thighrokker


Manager - Equity Analytics
Manager - Equity Analytics
@traderathome wrote:yes we can do all this math..and come up with fancy figures...but either we could get this 5bn now or get nothing....and wine in front of the indians like our opposition politician/economist to give more for the delays in transfer.

In any contract/agreement their are clauses for penalty /delay payments.
The indians are very cunning in these situations....so if this does take place again then we should take serious note of it.

But we must not forget the big picture..and tackle it diplomatically.


If anyone can do the math PROPERLY, there will be no fancy figures.
So, the Indians are thought and clever. We are lucky we got atleast this much, is that it?
I mean, the 5Bn was to be paid by 14th December. But we did get around 2Bn. And this is only the start. These fellows surely will pay the full amount plus any fines, right?
Wink

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
i hope not this will go unnoticed.....or are our officiials too busy fillling their pockets. Wink

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@thighrokker wrote:
@traderathome wrote:I hope this opposition parliamentarian who always like to complain in front of the media would keep his mouth shut from now onwards.or will he brag to the country again that it was because of him this 1.4b was paid,just to cover his blunder.

What these stupids dont realise is that, they are in doing so giving the wrong impression/signal to foreign countries and investors who wants to come here.

TAH

What I ma thinking is whats the loss per month in getting the 5Bn$ late?
Lets see for 1Bn$, late for 1 month, if put in a 10% savings is
1,000,000,000 * 0.1 * 1/12 = 8,333,333$
So each month they delay payment for 1Bn, we loosed 8Mn$

මොනවද අනේ මේ කියන්නේ ?
මම පොඩි කලේ ඉඳල ඔය ඉඩම වැඩි හරියක් නිකරුනේ තිබුන.
( රාත්‍රී කාලයේ නිකරුනේ තිබුනා දැයි මම නොදනිමි )
එක පැත්තක කොටුවේ පොලිසිය නම් තිබුන .
රු. 500 ක් දඩයක් ගෙවල මමත් සැහෙන ආදායමක් අරන් දුන්න.

අපරාදේ ඒ කාලේ ඉඳල ගණන් හැදුවනම් බිලියන් ලක්ෂයක් විතර පොලියක් හදා ගන්න තිබුන.

no offence

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