Oldtimersrinathtotake Overasceooftatatrusts
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MUMBAI | THURSDAY, 13 FEBRUARY 2020 COMPANIES 3 . < KEC to tap Swiggypartnerseateriesto civil works Old timer Srinath to take in oil & createdelivery-onlybrands gas sector overas CEO of Tata Trusts NEHA ALAWADHI New Delhi, 12 February AMRITHAPILLAY Mumbai, 12 February Pramit Jhaveri inducted as trustee of Dorabji Tata Trust with immediate effect Food ordering and delivery aggregator Swiggy has part- With the central government’s DEV CHATTERJEE fold. One of the immediate chal- nered some restaurants on thrust on developing a gas- Mumbai, 12 February lenges before Srinath will be to its platform to create deliv- based economy, engineering handle the litigation with the ery-only brands, with a sep- company KEC International rinath Narasimhan, a income tax department. arate identity from the par- is aiming to tap civil work Tata Group veteran, was On October 31 last year, the ent eatery. opportunities in the oil and S on Wednesday appoint- I-T department cancelled the The aim is to cater to a gap gas segment. “We are looking ed chief executive officer registration of six trusts (not in the food delivery require- at the sector, which will (CEO) of Tata Trusts with the bigger ones) operating ment of particular areas. The include projects like tankages, effect from April 1. under Tata Trusts. It cited vio- initiative, called related infrastructure and Srinath joins at a time when lation of norms applicable to ‘BrandWorks,’ offers a differ- pipelines,” said Vimal Kejri- the trusts are facing litigation charitable institutions. This ent menu, images, packaging wal, managing director. with the income tax department may result in a tax liability of and pricing from the restau- Union petroleum minister over its tax status. Also, the about ~12,000 crore. rant’s usual menu. The aim is to cater to a gap in the food delivery requirement in Dharmendra Pradhan said in group is in the middle of a legal The Tatas are challenging Run experimentally over some particular areas December that the country dispute with its former chair- the date of the order, which five-odd months, Bengaluru- was moving to a gas-based man Cyrus Mistry. makes the trusts liable to pay a headquartered Swiggy now chief executive of New Supply Bercos brand,” said Kabir economy. He put the invest- Tata Trusts owns 66 per cent much higher amount of tax has 100 BrandWorks brands Business at Swiggy. Advani, managing partner of ment planned for developing stake in Tata Sons, the holding under the new tax provision across 13 cities. It plans to For instance, he said, deliv- Bercos Restaurant. gas-based infrastructure at company of the group. Srinath Narasimhan (left), MD of Tata Teleservices, joins at a time introduced in June 2016 con- triple the number by the end ery-friendly Chinese food con- House of Chow is currently $60 billion (~4.3 trillion). Narasimhan is currently when the trusts are facing litigation with the I-T department over cerning charitable trusts. of the year. tinues to be a gap in Delhi. available at six Bercos outlets, Kejriwal sees this as an managing director of Tata its tax status; Former Citibank CEO Pramit Jhaveri Tata Trusts is of the view “We approached these Swiggy has, accordingly, part- and the restaurant plans to opportune time to enter the Teleservices, which sold its that the cancellation should restaurants with consumer nered with Delhi-based Chinese expand it to 15 by June. oil and gas engineering seg- loss-making wireless telepho- man of banking, capital mar- employees as well as profes- apply retrospectively, as it had need gaps, knowing their and Thai food chain Bercos to Bhatia’s team is also the ment, in the absence of IL&FS ny business to Bharti Airtel for kets and advisory for Asia- sionals from elsewhere to select offered to surrender the regis- (restaurants’) culinary capa- create a delivery-only brand, one that takes care of the and Punj Lloyd. Owing to free. But Tata Tele paid its bank Pacific of the American bank, a CEO and finally zeroed in on tration in 2015. This is about a bilities. We said, let us co-cre- called House of Chow. Swiggy Access initiative, financial concerns at both debt and government dues was inducted as a trustee of the Srinath by November. year before the new tax provi- ate a brand in terms of menu, “It will be the same team which was begun three years these, KEC sees no major worth ~60,000 crore. Sir Dorabji Tata Trust with After Venkat’s resignation, sion became effective. images, pricing, packaging. and the existing kitchen (of earlier. This involved taking company vying for the same Narasimhan has held covet- immediate effect. Tata Trusts was managed by Srinath will have to contin- The brands are operated out Bercos). The packaging and on lease on a property, refur- set of orders. ed positions in the Tata Group, In February last year, R Ratan Tata along with a core ue the work by the trusts in the of the partner’s existing some different products are bishing into small, shared, To test the waters, Kejriwal including the post of managing Venkataramanan (popularly group of officials. Among other field of education, health, envi- kitchens — so, its an asset- the only extra cost for this kitchens and sub-letting to says they’ll bid for smaller director of Tata Communic- known as Venkat) had stepped recent changes in the organisa- ronment and sanitation, light, minimalistic, incre- brand. The portion sizes are restaurant chains. projects worth ~50-250 crore. ations. He had joined Tata down as managing trustee of tion, Noel Tata, Ratan Tata’s among others. Tata Trusts mental expenditure for the also different — we have meals It had, it earlier said, spent With discussion on gas grids Administrative Services in 1986. Tata Trusts. half-brother, was appointed a today runs some of India’s partner to do more out of for one, individual meals and about ~250 crore for opening and new refinery complexes, In another top appointment, Subsequently, a search trustee of the Sir Ratan Tata mega charitable programmes their existing kitchens, while so on. We’ve also kept this as a little over 1,000 such civil orders from this segment Pramit Jhaveri, former CEO of committee led by Ratan Tata, Trust, which is the second from the money it earns as div- consumer needs are getting an independent brand, as we ‘cloud kitchens’ on a million should rise. Citi India and former vice-chair- interviewed several internal biggest trust in the Tata Trusts idend from Tata Sons. met,” said Vishal Bhatia, don’t want to cannibalise the sq ft of space. Godrej to challenge NGT order quashing green nod for project PRESS TRUST OF INDIA New Delhi, 12 February Realty firm Godrej Properties on Wednesday said it will challenge the NGT order quashing envi- ronmental nod granted to one of its housing project in Bengaluru, saying no con- struction work has been done in the buffer zone of Godrej Properties is the lake. The National Green real estate arm of diversified Tribunal (NGT) quashed the Godrej Group. environmental clearance Earlier, a Bench of NGT (EC) granted to a high-rise Chairperson Justice Adarsh residential project being Kumar Goel and Justice S P built by Godrej in Bengaluru Wangdi said no environ- for raising construction in mental clearance could the buffer zone of have been granted which Kaikondrahalli lake. permitted construction in “NGT has passed an the buffer zone of order concerning our proj- Kaikondrahalli lake and ects in Bengaluru. We reit- drains merely by imposing a erate that as a responsible condition that no such con- corporate, we follow all struction will be raised. concerned regulations and “Stand of the project pro- are confident of our com- ponent that the project is pliance in this project,” permissible cannot be Godrej Properties said in a accepted. It is clear that the statement. project stipulates construc- “There has been no con- tion in the buffer zone, in struction in the buffer zone violation of zoning plan and and we are confident of our judgment of this tribunal as merits and compliances in affirmed by the Supreme the case. We are in the Court. Accordingly, the process of challenging the appeal is allowed and the EC said order,” it added. is quashed,” the Bench said..