India now plans for its first Formula One Grand Prix motor race. Mr. Jaiprakash Gaur, an Indian construction billionaire and sports enthusiast is the one driving force due to whom this has become possible.
Mr. Gaur is the founder and executive chairman of the Jaypee Group. Jaypee is an industrial and construction conglomerate. Presently, Jaypee is developing a “sports city” at Noida. This city will be a satellite town located at the eastern outskirts of New Delhi.
Since he is a sports person too, he has provided a Greg Norman golf course and a 100,000-seat cricket stadium, along with the luxurious apartments in his Jaypee Greens Sports City. Also, this motor racing will be conducted in this stadium.
India Steel Works plan to sell its 2 acre plot in Navi Mumbai. Firm has thought of this step in order to unlock value from its real estate. Also, in order to use the proceeds to reduce its debt by half.
The Executive Chairman of India Steel Works’, Mr. Ashwin Gupta informed media that they plan to reduce a debt of Rs 70 cr. through the sale of this land. They are eyeing over Rs 35 cr. from the sale.
He added that once the firm achieves its agenda of becoming a debt-free, the motive behind selling off the Navi Mumbai land, they will raise working capital and drive up turnover. The firm expects to make profit in the financial year 2012.
The firm wants to complete this sale deal as soon as possible.