Good morning, Bengaluru!
🌫️ Today’s weather: High: 28 ℃ | Low: 18 ℃ | Mist.
🧐 Did you know? The multi-level parking near Freedom Park took nearly two and a half decades to build.
🛣️ Land acquisition concerns
The Bangalore Development Authority (BDA) has begun acquiring approximately 2,560 acres of land for the Bengaluru Business Corridor (BBC) under the Land Acquisition Act of 1894.
What’s it about? This approach has created concerns among landowners, particularly farmers, who may face unexpected tax liabilities on their compensation. Unlike the 2013 Land Acquisition Act, which includes tax exemptions for compulsory acquisitions under Section 96, the 1894 Act lacks similar provisions.
- This difference means that compensation paid to affected landowners may be subject to income tax, resulting in significant financial burdens.
- In September, the state government issued an order confirming that the 1894 Act would be used to determine compensation, using village guidance values to establish payment amounts.
Broader concerns: The order also promised fair compensation based on a consent-based approach. However, an October 29 High Court ruling further intensified concerns by affirming that tax exemptions are exclusive to acquisitions under the 2013 Act, potentially affecting not only BBC landowners but also those facing acquisition by other agencies, such as the Karnataka Industries Area Development Board (KIADB) and the Karnataka Road Development Corporation.
🛣️ Expressway update
The Bengaluru-Chennai Expressway, a ₹17,000 crore project designed to improve connectivity between the two cities, is progressing with around 65% of the work completed.
What’s it about? The expressway, a four-lane, access-controlled greenfield project, spans 105.7 km across Tamil Nadu’s Tiruvallur, Kancheepuram, Vellore, and Ranipet districts, as well as parts of Andhra Pradesh, before reaching Bengaluru.
- Once operational, this route is expected to significantly reduce travel time, benefiting commuters and businesses between Bengaluru and Chennai.
- The most advanced stretch of the project is the 24.50 km section from Walajapet to Arakkonam, which is nearly complete, with ₹662.7 crore spent on civil works and ₹20.46 crore on utility shifting.
Other stretches: The Gudipala-Walajapet segment, covering 24 km, is also close to completion, at 70%. Meanwhile, the Kancheepuram-Sriperumbudur stretch has achieved 64% completion, while the third package, Arakkonam-Kancheepuram, is the least complete, with just 52% finished.
📈 Biocon surges
Biocon’s stock surged by nearly 6%, reaching an intraday high of ₹339.55 on November 11 following the US FDA’s designation of its Biocon Park site in Bengaluru as “Voluntary Action Indicated” (VAI).
What’s it about? This classification came after a comprehensive cGMP (current Good Manufacturing Practices) and Pre-Licensing Inspection (PLI) conducted by the US FDA between July 15-26. The inspection covered six biologics manufacturing units, five analytical quality control laboratories, four microbiology laboratories, and two warehouses.
- The VAI tag indicates that while some issues were identified, they don’t necessitate regulatory or enforcement action, reflecting Biocon’s commitment to high global standards in quality and compliance.
- As of the latest update, Biocon’s market capitalisation stood at ₹40,736 crore, positioning it within the BSE 200 category.
Business arms: Biocon operates through various business segments: Biosimilars, Research Services, Generics, and Novel Biologics. Biocon Biologics, its biosimilars division, has a portfolio of 20 biosimilars covering therapeutic areas like oncology, immunology, and diabetes, and has a strong pipeline with over 20 molecules planned for launch by 2030.
🏢 Zeiss’ GCC
Zeiss India launched a Global Capability Centre (GCC) in Bengaluru to strengthen its research and development (R&D) capabilities and tap into India’s tech talent.
What’s it about? GCCs are offshore units companies establish to manage IT and other business operations, leveraging skilled local talent to support global operations. The German optics and optoelectronics company plans to hire over 600 employees for its new 43,000 sq. ft. facility, with ambitions to double its workforce by 2028.
- Karnataka, particularly Bengaluru, is already home to more than 570 of India’s 1,600 GCCs, employing around 550,000 professionals.
- Zeiss’s centre will focus on advancing expertise in medical technologies, vision care, cyber security, AI, cloud computing, and digital transformation.
Agreement signed: Zeiss India also signed an agreement with the Karnataka government to support the state’s R&D ecosystem for emerging technologies, aiming to strengthen the start-up landscape.
📊 Today’s Poll
(Only subscribers can participate in the polls)
Have you ever purchased/sold land?
- I have purchased/sold land.
- I have not purchased/sold land.
❓ Today’s Question
(Only subscribers can submit their answers)
How can one better prepare themselves for driving inter-city distances?
Reply to this email with your answers.
🗞️ In other news…
- A Sadashivanagar couple were raided by the police after an online gardening post of theirs showed cannabis growth on their balcony.
- Associated Managements of English Medium Schools in Karnataka have lodged a complaint with the Lokayukta against Bengaluru North’s DDPI’s alleged inaction on unauthorised schools.
- KSRTC is planning to launch Ashwamedha AC buses within a 100-km radius of the city.
- The Indian National Space Promotion and Authorisation Centre has launched the Model Rocketry India Student Competition 2024-25 in the city to create awareness and inspire students.
- The Bengaluru Traffic Police has urged IT employees to use public transport at least once a week.
🛋️ Local Lounge
Yesterday’s Poll:
- The waste disposable fee is reasonable: 65.0% 🏆
- The waste disposable fee is not reasonable: 35.0%
That’s it for today. Have a great day!