FB Review: Gautam Adani, Marian Ilitch, Amancio Ortega | News Bharat

Gautam Adani wins Mumbai slum development bid
Just days after finalizing the takeover of news broadcaster New Delhi Television Ltd (a deal he sees as “a liability, not a business opportunity”), Indian billionaire Gautam Adani has added even more to his responsible investment portfolio after winning the right to rebuilt India’s largest slum.

Following a successful bid of $612 million (more than double that of rival real estate group DLF), Mumbai’s Dharavi district is set to be transformed into a ‘City within a city’, with mixed land use, both commercial and residential SVR Srinivas, CEO of the Dharavi Redevelopment Project, told Reuters.

The redevelopment, which will cover 253 hectares, has been described as “The largest urban renewal scheme in the world”. Dharavi currently shelters thousands of poor families in squalid conditions in the center of India’s financial capital.

Earlier this year, Adani Enterprises invested in leading Indian cement companies Ambuja Cements and ACC for $10.5 billion. The Dharavi redevelopment will be Adani Realty’s fourth project in Mumbai and its 24th across four cities, according to the firm’s website.

The Ilitch family is expanding the pizza chain in the UK
The billionaire Ilitch family is expanding the original source of its wealth by opening new Little Caesars franchise stores in the UK.

Hitting London, Derby and Liverpool for the first time, the world’s third-biggest pizza chain is ramping up its international expansion plans in what chief operating officer Paula Wissing says is “an important new market for us, given how influential it is “.

“We expect to open several new sites in this market over the next few years and are excited to be entering with such strong franchisee groups in Derby, London and Liverpool,” Wissing said.

Little Caesars, which was started by husband and wife duo Marian and Michael Ilitch in 1959 using their combined savings of $10,000, now has more than 4,000 sites worldwide with a turnover of about $4 billion (according to IBISWorld).

Ilitch Holdings, which is headed by Marian Ilitch, now 89 (whose net worth is $4.6 billion, with a $2.5 billion stake in Little Caesars, according to the Bloomberg Billionaire’s Index), also owns a number of sports franchises, including the baseball team The Detroit Tigers and the Detroit Red Wings ice hockey team.

Long established in Detroit, Michigan, the Ilitch family has teamed up with developer Stephen Ross to build and redevelop hotel, commercial and educational properties in and around downtown Detroit as part of a $1.5 billion project. The scheme hopes to further expand the area, which has seen attendance growth since the opening of Little Caesars Arena (home of the NBA’s Detroit Pistons and the NHL’s Detroit Red Wings) in 2017.

Amancio Ortega shows interest inbuying Manchester United
Amancio Ortega, the founder of Inditex (the global fashion retailer that includes Zara, Pull&Bear, Massimo Dutti, Bershka and others among its brands) was upset with real estate acquisitions in 2022 and is now reported to be launching the world of sport with an offer to buy Manchester United Football Club.

The 86-year-old Spanish billionaire and world’s 19th richest man is said to have registered interest in a purchase, along with tech giants Apple and British businessman Sir Jim Ratcliffe, after current owners the Glazer family hinted at a possible £5 .8 billion sale.

The Manchester Evening News reported that Ortega “has already spoken to Old Trafford chiefs” to declare his interest after the Glazers decided to put the club up for sale after 17 years of ownership.

“The company’s board of directors is beginning a process to explore strategic alternatives for the club,” a statement from Glazer revealed on Manchester United’s official website. “The process is designed to enhance the club’s future growth, with the ultimate aim of positioning the club to take advantage of opportunities both on the pitch and commercially.

“As part of this process, the board will consider all strategic alternatives, including a new investment in the club, a sale or other transactions involving the company.

“This will involve the assessment of several initiatives to strengthen the club, including redevelopment of the stadium and infrastructure and the expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams and ensuring benefits for fans and other stakeholders.”

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