Thursday, September 22, 2011

Red Lion Hotels Signs Franchise Agreements with Owner, Positive Investments, for Two Hotels in New Mexico

SPOKANE, Wash., Sept. 21, 2011-- Red Lion Hotels Corporation (NYSE: RLH) announced the company has signed franchise license agreements with the owner of two New Mexico hotels. The two properties are among a group of hotels owned by Positive Investments, Inc., (Rao R Yalamanchili, Owner)  which is also the owner of the Red Lion Hotel Oakland International Airport in Oakland, California.

"These hotels operate under strong management already known to Red Lion," said Rich Carlson, Senior Vice President of Lodging Development for Red Lion Hotels Corporation. "We are committed to growing the Red Lion brand in the West and we are very excited to enter the New Mexico market with an experienced owner like Positive Investments."

The future Red Lion Hotel Farmington is located in the Four Corners region of New Mexico. The 192 room full service hotel, located at 700 Scott Avenue, was formerly the Best Western Inn & Suites of Farmington.

The other property will be the Red Lion Hotel Gallup, located on the historic Route 66, about 130 miles west of Albuquerque. Gallup is a regional trade and transportation center, close to the Navajo Reservation. The 126 room full service hotel, located at 3009 West Highway 66, was formerly the Best Western Inn & Suites of Gallup.

Both hotels have begun the conversion process and are expected to open as Red Lion Hotels this fall.

"These two full service hotels have historically had a strong reputation and customer base in the region," says Rao R. Yalamanchili, who owns Positive Investments, Inc., along with Srinivas Yalamanchili. "Now, together with the strength and support of the Red Lion brand, we are excited to take the hotels to the next level in quality and guest satisfaction."

NSL group launches villas on Mediterranean theme

NSL group (Mandava Prabhakara Rao, Chairman), with interests in sugar, IT SEZs and power, has embarked on a premium villa project, NSL Divyasree Orion, at Raidurg near Gachibowli, the emerging IT hub in Hyderabad.

The location is the advantage for the project, which is coming up in 10.5 acre near NSL Divyasree IT SEZ. The project, having 66 villas, uses Mediterranean themes for designing and landscaping and offers sizes ranging from 350-500 sq yd (3,150-4,500 sq ft).

“The location of the project is in the city but away from the clamour normally associated with it,” said Shr­awan Kumar Gone, chief executive officer of NSL Infratech.

According to him, about 60 per cent of the properties are booked. “Th­e bigger properties within these villas are already sold,” he said adding that the cost of the villas available now is around Rs 3.5 crore, with the construction due for completion in December 2012.

The features of the project includes lift in the villas to address the needs of the elderly, a club house with a pool, a party area, gym, a tension court, jogging track, discussion rooms and power back-up. The project will also have an efficient water management system.

The location is neighbouring Jub­ilee Hills and Hitec City on one side and Gachibowli and the financial district on the other.

“The township is located on a plateau overlooking a lake,” he said adding that the natural slopes of the site have been taken to advantage for vaastu compliance. Also, efforts have been made to incorporate elements of nature inside the villas.

NSL is also doing another project Sushaanta at Kukatpally, where it has procured several land parcels. It will have mid-sized flats from 1,180-2,000 sq ft. It is doing 135 apartments and is quoting between Rs 35-55 lakh depending on the size. The project is in the vicinity of malls, schools and hospitals.

“These will be ready in 16 mo­nths,” he said adding that one new project that will have flats in the Rs 10-20 lakh will be launched in about six months at Ibrahimbagh, which is closer to the Outer Ring Road.

NSL Infratech has drawn up plans for five million sq ft residential space in five years. At present, it has about 5,00,000 sq ft of residential projects across cities. It also has residential projects happening in Bangalore, wh­ere 900 units are in the making.

The company, which has a land bank of about 1,400 acre across cities, will shortly start a major township pr­oject in Chennai with 5,000 apa­rtments in 100 acre near old Mah­abalipuram.

Tuesday, September 13, 2011

Vasuki Sunkavalli Loses Miss Universe Title Due To Delay

India's respresentative contestant at the Miss Universe pageant in Sao Paulo, Vasuki Sunkavalli was unable to to get the crown home as Miss Universe 2011. The 24 - year old damsel was not able to display herself in her national costume as it got delayed and did not reach her on time for the show.

However, the 60th edition of the beauty pageant was won by Miss Angola Leila Lopes. Lopes defeated the rest of the contestants and won the title. Last year, Mexico's Ximena Navarrete handed the crown to Lops in a glamorous moment.

the year 2000, Lara Dutta won the Miss Universe title for India, while Miss World was won by Priyanka Chopra in the same year.

Monday, September 12, 2011

Karuturi Global to Plant 20,000 Hectares in Oromia

September 11, 2011 - Ramakrishna Karuturi of Karuturi Global has made expansion intentions of his limited company clear. According to Ramakrishna Karuturi, his company is planning to use 20,000 hectares to plant food crops, including rice, Sorghum, maize, soybeans, and sunflower, in the Oromia region by November 2011. The company has leased a total of 100,000 hectares in Ethiopia, besides two flower farms in Oromia.
Karuturi Global employs about 3,000 people in its two flower farms in Holeta, which produce roses to be exported to Europe, particularly Germany. Besides, the Indian limited company has two farms in Gambella and Bako areas, which process sugar, rice, palm oil, maize. More than 2,000 people work on these two farms. Karuturi Global plans to expand employment to at least 25,000 people with an eye on increasing production.

The company’s managing director said they expect to harvest rice and maize on about 10,000 hectares by September and palm oil on 5,000 hectares. The company plans to increase the production of palm oil by up to 20,000 hectares in about five years, hoping to take the production to about 100,000 tons so as to meet the demand of this Horn of Africa country, which exports about 90,000 tons of palm oil annually.

Karuturi Global began planting sugarcane on about 15,000 hectares in Gambella region in December 2010. The company has plans to increase the production to about 20,000 hectares. Sugar and palm oil remain the principal crops for Karuturi Global, which has a rich market in Ethiopia and member states of COMESA.

The company started investing in Ethiopia seven years back. At that time, Karuturi Global Limited, primarily known for venturing into Food processing, Agriculture, and Floriculture sectors, started with an initial investment in 100 hectares. Today, its total investment in the country has reached $150 million from $5 million seven years back.

Karuturi managing director believes that agriculture ventures will help further the growth of the company and consolidate its presence in African markets, including Ethiopia and Kenya. The company, the biggest exporter of cut roses, has a rose farm in Kenya as well.

India is only the second largest investor in Ethiopia, preceded only by the European Union. Recently, many Indian companies have shown interest in Ethiopia and plan to invest in the country in the coming years, particularly in agriculture and floriculture. In fact, according to the Ministry of External Affairs, more than $2 billion of India’s total investment of $4.78 billion in Ethiopia comes from these two sectors.

Sunday, September 11, 2011

Justice Jasti Chelameswar appointed as Supreme Court Judge.

President Pratibha Patil has appointed Chief Justice of the Kerala High Court Jasti Chalameswar as Supreme Court Judge.

Justice Chalameswar, 58, will represent Andhra Pradesh following the retirement of Justice B. Sudershan Reddy in July. He was appointed Chief Justice of the Gauhati High Court in May 2007 and then shifted to the Kerala High Court in March 2010. He will have a tenure of seven years as Supreme Court judge.

Born on June 23, 1953 at Pedda Muttevi, Movva Mandal in Krishna District of Andhra Pradesh, India. His father was late Jasti Lakshminarayana, a lawyer at Machilipatnam, Krishna District. Had his earlier education up to Class XII at Hindu High School at Machilipatnam in Krishna District and Graduated in Science (Physics) at Madras Loyola College. Graduated in Law from Andhra University, Visakhapatnam, in 1976. Enrolled as an Advocate in High Court of Andhra Pradesh at Hyderabad in the year 1976 and practised under a senior Advocate Dr.B.Bhimaraju, former Public Prosecutor, High Court of A.P., Sri.P.Rajarao, Ex. Government Pleader, High Court of A.P. and Sri.K.Srinivasa Murthy, a leading Advocate in High Court of A.P. Specialized in Constitutional Law, Election Laws, Central Excise, Customs, Income Tax and Criminal Law. Appointed as Standing Counsel of A.P.Lokayukta in 1985 and 1986. Worked as Government Pleader for Home Affairs in High Court in the years 1988 and 1989. Designated as Senior Counsel in the year 1995. Appointed as Additional Advocate General on 13.10.1995. Elevated as Additional Judge of High Court of Andhra Pradesh on 23.6.1997 and as Judge w.e.f. 17.5.1999.

Thursday, September 8, 2011

J.P. Morgan Invests $110M In Soma Group

J.P. Morgan Asset Management is investing $110 million or around Rs 500 crore in Hyderabad-based Soma Group (Rajendra Prasad Maganti, Managing Director), which is involved in construction and development of infrastructure projects in the transportation, hydel power and water resource sectors.
J.P. Morgan, which raised an $860 million Asian infrastructure fund last year, will invest in the company in two tranches, as per this report. SRGR Law Offices advised Soma while Amarchand & Mangaldas advised JP Morgan, the report has stated, quoting one of the legal partners involved in the deal.

-mail queries and phone calls to reach out to Soma Group and J.P. Morgan spokesperson did not elicit any response till the time of posting this story.

Although the specifics of the investment cannot be determined, it may have been done for the funding of Soma’s highway projects unit, which holds its portfolio of BOT (build, operate, transfer) projects in the highways and road sector. Earlier reports had stated that the firm was looking to raise fund for Soma Highway (Toll) Projects Pvt Ltd.

Soma is currently executing nine national highway projects under different Special Purpose Vehicles (SPVs).

Soma Enterprises Ltd, the group’s flagship, is promoted by Rajendra Prasad Maganti and it raised Rs 191 crore from 3i Infrastructure Fund in November 2007. The company started out with irrigation projects and further expanded into areas like tunnelling, roads and hydropower. The company is currently executing projects in various states including Andhra Pradesh, Maharashtra, Tamil Nadu, Punjab, Kerala and Assam

Tuesday, September 6, 2011

Centre to release postage stamp on Tripuraneni Gopichand

The Union government has decided to release a postage stamp in memory of eminent Telugu poet and novelist late Tripuraneni Gopichand on the occasion of his 100th birth anniversary on 8th September 2011. Late Gopichand had written many great stories and novels, including"Asamarthuni Jeevitha Yatra" and won accolades.

Saturday, September 3, 2011

Mullapudi Harischandra Prasad passes away

The first generation entrepreneur and popularly known as Andhra Birla, Chairman and Managing director of Andhra Sugars, Mullapudi Harichandra Prasad (91) has passed away this afternoon in Banjara hills Care hospital. His health condition is critical since a few days as he suffering with Kidney related problem.

Mullapudi Harichandra Prasad has started his entrepreneur career with Andhra sugars in 1947 and regarded as one of pioneers of Andhra Pradesh industry with Andhra Sugars one among the first industries set up in Independent India. Perhaps, it is one of very few companies in India which have operations and corporate office in the single location and in the rural regions. The Andhra sugar group of companies has served their best to rejuvenate rural economy from agro based to agro industry based economy. Under his dynamic leadership and guidance the Company grew in strength and size and diversified into an Industrial Complex manufacturing besides Sugar, wide range of Organic and Inorganic Chemicals. Prasad has won many accolades for his achievements during his career as entrepreneur; his factories have never shut down due to strikes.

Having started with Sarpanch, he served as Municipal chairman and MLA (1955-67) and known as highest and prompt tax payer in the state. Known to be a close friend of late NTR and helped TDP financially when NTR floated the TDP.