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Weekly News: The Real Estate (Regulation and Development) Act, 2016 becomes effective from May 1, 2017 - IndiaNotes.com
Weekly News: The Real Estate (Regulation and Development) Act, 2016 becomes effective from May 1, 2017
SMC | Published: 08 May, 2017  | Source : IndiaNotes.com

Economy


- The Real Estate (Regulation and Development) Act, 2016 (RERA) becomes effective from May 1, 2017. Each state and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act. It has been established for regulation and promotion of the real estate sector and to ensure sale of properties, in an efficient and transparent manner.


- A new National Steel Policy (NSP) 2017 that aims to achieve steel making capacity of 300 million tonnes (mt) by 2030 with an additional investment of ` 10 lakh crore got the Union Cabinet's green light.


Oil & Gas


- Reliance Industries will sell the natural gas it produces from coal seams in Madhya Pradesh to its own units in Gujarat and Maharashtra at USD 4.23 per million British thermal units.


Engineering


- L&T Technology Services (LTTS), the engineering services arm of Larsen & Toubro, signed an agreement to acquire US-based design services provider Esencia Technologies Inc. The company will pay $27 million (nearly ` 180 crore) to acquire the California-headquartered firm and $15 million (` 100 crore) will be paid upfront.


Pharmaceuticals


- Lupin Goa manufacturing facility underwent an inspection by the US Food and Drug Administration (USFDA). As per the USFDA, observations are made in Form 483 when investigators feel that conditions or practices in the facility are such that products may become adulterated or render injuries to health.


Telecom


- Reliance Communications is the latest entrant to the telecom war with a new data offering wherein the users in selected states are eligible to get 70 GB of 4G high-speed data valid for 70 days at just ` 148.


Retail


- Shoppers Stop has opened 'Bobbi Brown' store at Express Avenue Mall, Chennai. With the opening of this store, the Company has now 8 'Bobbi Brown' stores under its operations.


FMCG


- Varun Beverages has set up a new unit for manufacturing of Pepsi range of products at District Hardoi, Uttar Pradesh.


Miscellaneous


- Punj Llyod and its JV Partner, Israel Weapon Industries inaugurated the country's first private sector small arms manufacturing plant in Malanpur in Madhya Pradesh. The joint venture company, Punj Llyod Raksha Systems will be manufacturing small arms for the Indian Defence Forces and also for export.

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