Page 25 - IACC Newsletter November 2012 Issue no. 7

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Built on a 13-acre plot, UB City is a joint venture between Mallya's investment
holding company UB Holdings and Prestige Developers. It has a total of 1.6 million
sq. ft. mixed-use development comprising office spaces, luxury retail and
UB City has four towers - UB Tower (with 19 floors), Comet (11 floors), Canberra
(17 floors) and Concorde (19 floors). Within the complex, the 1.25 lakh sq. ft.
luxury retail space - The Collection -is the city's premier destination for high-end
international and Indian luxury brands like Louis Vuitton, Mont Blanc, Gucci, Rolex
and Kimaya, across categories such as apparel, jewelry, accessories and
electronics. It will also house food and beverage outlets and the Kingfisher Sports
Mallya owns the UB Tower while the 200,000 sq ft luxury hotel, Oakwood Service
Residences, is owned by Prestige. The rest of the property is split between the two
Real estate analysts say Mallya's share of UB City is around 905,000 sq. ft., with UB
Tower alone being 300,000 sq. ft.
Pittsburgh based Mylan Labs to buy SMS Indian manufacturing unit for $33
Mylan Laboratories has agreed to purchase SMS Pharmaceuticals' manufacturing unit-VI in Visakhapatnam, Andhra
Pradesh, India, for a total sum of INR1.73bn ($33 million). The manufacturing unit was designed for the production of
cancer medications and the active ingredients for cancer drugs.
SMS will use the proceeds to clear some of its existing debts, cut overhead costs, reported. In addition, SMS will use the
finance to strengthen its existing production facilities and working capital.
SMS Pharma, which is involved in active pharmaceutical intermediaries manufacturing, said the legal process would take
a couple of months.
GE to invest Rs 331 lakh in research & engineering
GE, adding 400 people every year for 10 years at the John F Welch Technology Center (JFWTC), will be expanding the
capabilities of the center at an investment of Rs 331 lakh ($60 million). The investment, which is focused on expanding
the technology center here, includes setting up experimental labs and its infrastructure includes leading-edge research
and engineering in areas of critical importance, the company said.