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Orchid buys out Ajanta Pharma unit
Mumbai: Chennai-based Orchid Chemicals and Pharmaceuticals is buying
Ajanta Pharma's bulk drug unit at Waluj near Ankleshwar for Rs 21 crore. A due diligence
process is now on, and the sale deed will be completed after this exercise.
Ajanta Pharma has decided to sell the unit as it has been advised
by KPMG, the consulting firm, that it must focus on its core business, that is,
formulations. The funds from the sale will be used for research and development and for
expanding its formulation ventures abroad. Ajanta Pharma will now completely exit from
bulk drugs. The unit, built at a cost of Rs 30 crore, was used to make cephalosporin and
macrolide antibiotics.
Orchid intends to convert the plant into a
non-cephalosporin facility. It will largely handle non-steroidal, anti-inflammatory,
anti-ulcerant and cardiovascular drugs.
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BPL plans management cadre
Bangalore: BPL is planning to strengthen its
programme to build a management cadre. Its aim is to see that a person recruited under
this programme – essentially a management graduate – will become a business head
in the company in about 11 years. The company recruited 19 persons under the programme in
1999 and this year it plans to approach management institutes like IIMs, XLRI and TISS to
hire 20 more. The entrants will go through a 78-week induction programme before being
given responsible positions in various departments of the company.
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Shyam Telecom wins
Madagascar contract
New Delhi: Telecom equipment maker Shyam
Telecom has set up a telecom access network in Madagascar. The company has used the
indigenously developed wireless in local loop technology for the purpose, and has won the
contract against competition from multinational companies, such as Alcatel. The technology
enables subscribers to access the Internet through wireless. Shyam Telecom has laid the
entire infrastructure for the network in Sambhala and Antalaha cities in Madagascar. The
total value of the contract is over Rs 3 crore.
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Bharti plans Internet
through cable TV
Mumbai: Bharti BT Internet is planning to
launch its Internet services through the cable TV network in Mumbai and Delhi. The ISP is
talking to WinCable in Mumbai and a similar operator in Delhi for the service. Company
sources said the rates for the service will be very nominal.
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PowerGen buys into
Bellary project
New Delhi: PowerGen of the UK is acquiring a 49 per cent equity holding
in the 260-MW Bellary power project promoted by the Jindals. US-based AES and Southern
Energy subsidiary CEPA were contenders for the holding. PowerGen will buy the equity held
by Belgium's Tractabel at a cost of nearly Rs 200 crore. The Jindals will buy a 2 per cent
stake from Tractabel to take their equity to 51 per cent.
PowerGen will thus become one of the
leading participants in the power sector in India. It is involved in the 50-mega watt Bina
project and in Spic’s 1,000-mega watt project in the south.
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FIs to pick up holding in
Maithon project
Mumbai: Financial institutions UTI, LIC and
Infrastructure Development Finance Company may pick up equity in the joint venture Maithon
(Right Bank) thermal project set up by the Damodar Valley Corporation and BSES. The total
holding of the institutions will be 10 per cent, and BSES and Damodar Valley Corporation
will together hold 45 per cent equity in the company. BSES sources said the institutions
are awaiting the government’s approval for the investment.
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Sun Chemicals buys Coates
of India equity
Mumbai: Sun Chemicals Group BV is planning to
pick up 51 per cent of the equity of Coates of India from parent Coates Brothers of the
UK. Coates of India has informed the Bombay Stock Exchange that it has received a letter
from Sun Chemicals seeking the company’s no-objection and in-principle approval for
the transfer of 35,11,624 shares amounting to 51 per cent of the equity from Coates
Brothers. Sun Chemicals will then acquire a further 25 per cent holding in the company.
Coates India is a producer of printing inks.
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Leading Edge offloads
shares to FIIs
Mumbai: Nearly 5.5 lakh shares of Leading Edge Systems have been sold to
foreign institutional investors at Rs 1,700 per share in a deal worth Rs 93.5 crore. The
shares were offloaded by the promoters of the company and the strategic investor,
Ind-Ocean Chase Capital Advisors.
Leading Edge recently bought eCapital Solutions, a startup
created by Suresh Rajpal, through an issue of 7.35 million shares.
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Cyanamid Agro, Acco
merger okayed
Mumbai: Shareholders of Cyanamid Agro have approved a scheme of merger of
the company with Acco, a wholly-owned subsidiary of American Cyanamid Company. Under the
terms of merger, Cyanamid Agro shareholders will get 4.25 Acco shares for every share held
in Cyanamid Agro. American Cyanamid's equity holding in Cyanamid Agro, which was 39.9 per
cent, will rise to 67 per cent in the merged entity..
AgroMore, a company promoted by Atul, has acquired
Cyanamid Agro's plant in Valsad.
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Telco’s
large car for Auto Expo
New Delhi: Tata Engineering and Locomotive Company is putting on show a
new 2-litre, 4-cylinder large car. Although it will be on show at the Auto Expo opening in
Delhi on 11 January, it will not be until the latter half of 2001 that it will be
commercially produced. Company sources indicated that the new car will have a multi-point
fuel injection system and a 132-horsepower engine.
Telco will also display some other vehicle models at the
expo, including a two-seater concept car, upgrades of Sumo, Safari and Sierra, and the
Euro II-compliant version of diesel, and Euro II MPFI-compliant version of Indica petrol
variants.
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Max Corporation to merge
with parent
Mumbai: Max Corporation, a wholly-owned subsidiary of Max India, will
merge with its parent company. The high court of Punjab and Haryana has sanctioned the
merger scheme. The company has informed the Bombay Stock Exchange about the merger. Max
Corporation was set up in 1998 in order to route the parent company’s investment in
new businesses.
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LabVantage unit in
Calcutta
Calcutta: LabVantage Solutions, a unit of the New York-based Purnendu
Chatterjee group, is setting up a unit in India, which will ultimately be developed as an
Asian hub for the $25 million company. The company specialises in laboratory information
management systems, and is the largest independent vendor in the world. Its clients are
spread across the US, the UK, South Africa and Europe. The Calcutta office will develop as
a sales and support hub for Asia, as a centre for implementation practice and for
developing certain product lines.
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More powers for govt
under new companies’ bill
New Delhi: Once the proposed Companies (Amendment) Bill, 1999, becomes
law, the government will be able to remove directors of defaulting companies and debar
them from seeking reappointment for five years in a public company. It will be able to do
this without taking recourse to courts. The bill, tabled in Parliament, holds directors of
companies responsible for any default on repayment of deposits, payment of interest and
dividends, and failure to file annual returns and accounts.
Defaults in repayment of deposits or payment of interest
for a year can lead to the summary removal of a director. Similarly, non-filing of annual
returns and accounts for three consecutive years will result in their dismissal and
debarment from seeking reappointment.
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Alta Vista has 1 m
subscribers
Palo Alto: Alta Vista says it has some one million customers lined up for
its free internet services supported by advertisements. The service was introduced about
four months ago. Internet incubator company CMGI owns a majority interest in Alta Vista.
Alta Vista said its present subscriber base has exceeded
the first-year growth projection by 30 per cent.
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