The highest deal was worth Rs1,200 crore, signed between Ackruti City and Optima Cube International Private Limited.
A single venue in Worli saw deals worth Rs3,500 crore being finalised in seven hours on October 31. But government agencies or multi-national companies were not among the parties involved. Developers, contractors and financiers from the prosperous Jain community descended on Mayfair banquet hall from across the globe to firm up business agreements running into hundreds of crores each.
The Jain International Trade Organisation (JITO), a platform created to help businessmen from the community, had organised the event, called B2B (business-to-business), for construction and related businesses. The highest deal was worth Rs1,200 crore, signed between Ackruti City and Optima Cube International Private Limited.
“We signed an MoU (memorandum of understanding) with Cube Constructions for the remodelling of state bus stops in Vadodara, Ahmedabad and Surat, among other places,” confirmed Hemant Shah, chairman of Ackruti City, a leading real estate company.
The company signed two other deals, one worth Rs200 crore for a township in Ahmedabad and the other worth Rs50 crore to procure granite. Held for the first time, the event was conceived by Jain Sadhu Nai Padmasagarji Maharaj. “He was the inspiration,” said Ashish Shah, secretary, JITO.
But even the organisers had not predicted that it would be such a big success. “We had promised people business worth Rs1,000 crore, but actually expected deals amounting to Rs300 crore,” said Nikhil Shah, joint chief secretary, JITO.
“Such meets serve two purposes: a good product is rolled out at a reasonable rate and money stays with people who you know, whom you can approach for causes of humanity,” said Nitin Shah, secretary, JITO. The event, attended by more than 1,000 people, saw participation by prominent Jain business houses like the Nahar Group, Ackruti City, Ashoka Buildcon, Bhairav Lifestyle, Lodha Group, Neelam Group, Nirmal Lifestyles, Ostwal Builders, Relcon Infra Projects, Sambhav Group, Cosmos Group and Optimum Cube Inframaterials.
Among the other big deals were a Rs350 crore pact between Bhairav Group and Bedmutha Group for building residential bungalows in Nashik; a Rs250 crore pre-engineered buildings project (PEBs) between Ashoka Buildcon and Optima Cube Inframaterials; two deals worth Rs320 crore and Rs350 crore between Bedmutha Group and Steelite Group for providing specialty cables and transmission and distribution lines to the National Highway Authority of India (NHAI) and the Maharashtra State Electricity Board (MSEB); a Rs360 crore agreement to develop property in Khopoli between the Bedmutha Group and the Prakash Group and Manohar Group; and a Rs100 crore windmill and solar energy project between Steelite Group of Companies and the Cosmos Group.
“We have signed three MOUs -- two are contracts by the NHAI and the MSEB, and the third is to provide solar energy systems at buildings coming up in Thane and Ghodbunder,” said Samir Shah, managing director of the Steelite Group.
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