Weekly NewsWeekly News(8(8thth -14 -14thth Nov Nov

2010)2010)

Parsvnath buys NCR railway land for Parsvnath buys NCR railway land for Rs 1,652 crRs 1,652 cr

DELHI-BASED realty major Parsvnath Developers has DELHI-BASED realty major Parsvnath Developers has bagged a prime 38-acre railway land in the heart of the bagged a prime 38-acre railway land in the heart of the national capital for Rs1,651.51 crore, by outbidding Indiabulls national capital for Rs1,651.51 crore, by outbidding Indiabulls in an auction.in an auction.

A total of 19 real estate developers had qualified for the A total of 19 real estate developers had qualified for the auction. The site is with the Railway Land Development auction. The site is with the Railway Land Development Authority , which has over1 lakh acre of surplus land across Authority , which has over1 lakh acre of surplus land across the country and its duty is to monetise this asset. the country and its duty is to monetise this asset.

Contd…Contd…

Confirming its successful bid, Parsvnath CMD Pradeep Jain Confirming its successful bid, Parsvnath CMD Pradeep Jain said: “We will use the land to create luxury premium housing said: “We will use the land to create luxury premium housing in the capital apart from commercial, hotel and other civic in the capital apart from commercial, hotel and other civic amenities.”amenities.”

Cheaper Indian goods in Canadian Cheaper Indian goods in Canadian market after free trade dealmarket after free trade deal

India will join China in filling up Canadian stores with India will join China in filling up Canadian stores with cheaper goods once New Delhi and Ottawa sign a free trade cheaper goods once New Delhi and Ottawa sign a free trade agreement to do away with many taxes and duties.agreement to do away with many taxes and duties.

The prime ministers of the two countries announced the start The prime ministers of the two countries announced the start of talks for a comprehensive economic partnership agreement of talks for a comprehensive economic partnership agreement during their meeting on the sidelines of the G20 summit in during their meeting on the sidelines of the G20 summit in Seoul.Seoul.

The two countries aim to push their trade more than three-fold The two countries aim to push their trade more than three-fold from the current $4.2 billion in the next five years. from the current $4.2 billion in the next five years.

Ikya’s Issac buys HR co Magna for Ikya’s Issac buys HR co Magna for Rs100 croreRs100 crore

AJIT Isaac, who sold his PeopleOne Consulting to Swiss AJIT Isaac, who sold his PeopleOne Consulting to Swiss staffing giant Adecco six years ago, has acquired Hyderabad-staffing giant Adecco six years ago, has acquired Hyderabad-based tech staffing firm Magna Infotech for Rs100 crore.based tech staffing firm Magna Infotech for Rs100 crore.

As demand for temporary software programmers picks up, As demand for temporary software programmers picks up, outsourcing companies are increasingly looking to avoid outsourcing companies are increasingly looking to avoid adding more staff on their payroll, and are instead sub-adding more staff on their payroll, and are instead sub-contracting projects to companies such as Magna. Already, the contracting projects to companies such as Magna. Already, the Indian contracted staff market is expected to become around Indian contracted staff market is expected to become around

$2.5 billion industry in five years.$2.5 billion industry in five years.

Australia revamps skilled migration Australia revamps skilled migration testtest

Australia has drastically changed its skilled migration test to Australia has drastically changed its skilled migration test to favour potential migrants with higher skills, experience and favour potential migrants with higher skills, experience and better command over the English language.better command over the English language.

While there has been a significant drop in Indian students While there has been a significant drop in Indian students going to Australia for studies in the recent past, the Thursday going to Australia for studies in the recent past, the Thursday changes could jeopardise permanent residence plans of changes could jeopardise permanent residence plans of hundreds of thousands of overseas students already studying in hundreds of thousands of overseas students already studying in Australia.Australia.