AI to expand US operations
Seattle: With US operations becoming its second largest source of revenue, Air-India has lined up a major expansion plan with more frequencies and links to other destinations inj the USA beginning next month.

The airline is planning to connect Chicago and Los Angeles on a daily basis from March 28. Delhi is to be connected thrice weekly with Los Angeles via Frankfurt while four flights would be operated out of Mumbai.

Meanwhile, Air-India has also taken delivery of the first of three leased Boeing 737-800 aircraft for its budget carrier, AI Express, which is scheduled for launch in April, and willconnect Kerala to the Gulf region.

The national carrier also said that with the US accounting for a twenty per cent growth in revenues last year, the airline was planning to link Mumbai-Delhi with San Francisco, Houston and Washington in the next twelve months by taking more aircraft on lease, pending the fleet expansion proposal.

Presently it has taken on lease five Boeing 747-400s, two 777s and 11 Airbus A310s apart from the fourteen Boeing 737-800s that it plans to take on for its no frills airline, AI Express.
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Patni Computers to come out with $150 mn ADR issue
Pune: The board of directors of Patni Computer Systems Ltd has approved the proposal to issue American Depository Receipts (ADRs) up to an aggregate amount of $150 million, including a greenshoe option.

The ADR issue will be a primary one, based on the fresh issue of shares and is subject to the requisite shareholder and regulatory approvals, an official communication from the company said.

The pricing would be determined in consultation with investment bankers. The company is in consultations with Goldman Sachs, Merrill Lynch and ABN Amro Rothschild for their appointment as investment bankers to the issue.
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Novartis AG takes over Hexal and Eon Labs
New Delhi: Novartis AG has picked up two companies Hexal, for US$ 7.4 billion, and Eon Labs, for US$ 1 billion, giving it a leading position in the major markets for generic versions of off-patent drugs.

The acquisitions will be integrated into the Novartis generics subsidiary Sandoz. Novartis expects annual cost savings of US$ 200 million within three years after the deals close, with half in the first 18 months. According to the company, the new entity will place in the top bracket in the major markets, particularly in the US and Germany, and will have a strong foothold in Asia and Latin America as well.
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Canon India targets revenues of Rs.330 crore for 2005
New Delhi: Announcing 2005 as its 'year of expansion', Canon India Pvt Ltd has said that it aims to close the year with revenues of Rs330 crore. In 2004, the company had posted a 15 per cent increase in gross turnover at Rs264 crore.

In the digital camera segment, the company currently has a market share of 10 per cent, which it aims increase to 17 per cent this year. The company said that the digicam business was the engine of its growth and would contribute 25 per cent to the company's revenue by 2007.

Canon will be investing Rs2 crore for marketing PIXMA, its inkjet printers and multifunctional range of printers. Among inkjet printers, Canon is currently at number two with 22 per cent market share. The company also sees projectors and Home Cinema business as a key growth area and has embarked upon a plan to set up home cinema centres in 18 cities.

Company officials say that outside Japan, India is the second largest potential market for Canon. As for the global performance of Canon Inc, the company said that it has posted sales revenue of $33.35 billion in 2004 with digital cameras contributing $14 million.
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Haldia Petro to retail through BPCL
Kolkata: Haldia Petrochemicals Limited (HPL) has entered into an agreement with Bharat Petroleum Corporation Limited (BPCL) for the retail of EURO III compliant petrol manufactured at the Haldia plant of the petrochemicals major.

A statement issued by HPL said that since HPL did not have a retailing licence, it could market the product through oil PSU only. HPL is also planning to augment production of EURO III compliant petrol with high Octane component to 20,000 tonnes per month by 2006 from 10,000 tonnes per month produced currently.

Currently, EURO III compliant petrol was mostly exported.
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Cadila launches new drug to control cholesterol
Ahmedabad: Zydus Cadila Ltd has announced the launch of a new drug to control cholesterol. The drug, Pitavastatin, will be available under the brand name `Pitava'.

This new launch strengthens Zydus Cadila's cardiac-care portfolio comprising anti-hypertensives, lipid (cholesterol) lowering agents, anti-anginals, anti-platelets and diuretics, according to a company release issued here.

The company claims to be the top player in the Rs2,272-crore cardiovascular drugs market with a share of seven per cent.
Pitava tablets, available in strengths of 1 mg and 2 mg, enables aggressive lipid management in patients suffering from high levels of cholesterol (hyperlipidemia), the release said.
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