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Reliance Life Sciences ties up with Japanese company for genome research
Mumbai: Mukesh Ambani-controlled Reliance Life Sciences has tied up with Japan's pharmaceutical giant, Otsuka Pharmaceutica,l for a genome research initiative to promote personalised medicine using the expertise of outside research institutions. The financial implications of the deal are not immediately known.

The objective is to develop new drugs as well as diagnostic procedures.

The two companies are expected to sign a long-term biotech research and drug development pact shortly.

A team of senior Otsuka executives is coming to India this week to hold final discussions for the high-value research collaboration.

The trend of multinationals coming to India for R&D operations started in 2003 when GlaxoSmithKline tied up with Ranbaxy for a joint new drug discovery programme.

The Reliance Life Sciences and Otsuka tie-up may include a regional clinical research project for Otsuka's latest discovery product, Abilify, a prescription medicine for the treatment of acute manic and mixed episodes associated with bipolar disorder and an anti-psychotic medication for the treatment of schizophrenia.

The drug research initiative planned with Reliance Life Sciences would include new biopharmaceuticals in the area of psychotropic diseases and human metabolic disorders.

Reliance officials declined to comment on the project.
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Matrix acquires 95.51-per cent holding in Docpharma
Brussels: Matrix Laboratories has acquired 95.51 per cent of Belgian generic drugs distributor, Docpharma, through an agreed takeover bid and now plans to acquire the remaining shares through a squeeze-out.
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Toonz allies with Amritraj controlled First Serve
Los Angeles: Toonz, the biggest animation studio in India, has joined hands with global media company First Serve International LLC, headed by ex tennis star Vijay Amritraj to float a joint venture that would produce and distribute high quality animation programming for the world market.

The JV, called First Serve Toonz, will work with Hollywood brands to develop, finance, produce and distribute top quality productions.

First Serve brings global experience and perspective to the joint venture and Toonz will deliver cutting-edge creativity and high production values.

The new venture would be headed by former Walt Disney Executive Ed Borgerding.
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Havell to buy Greek firm for €10 million
New Delhi: Havell's India, a power distribution equipment subsidiary of QRG Enterprises, is planning to acquire a Greek company for €10 million. The Board of Havell has approved the acquisition.

If the deal goes through it would be the company's first overseas acquisition.

In the recent past, Havell's has been scouting for acquisitions and has been in talks with various European companies.

According to Hevell's, the acquisition will give it a headstart in southern and eastern Europe.

The name of the new acquisition has not been divulged.
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Essar Oil`s retail outlets facing supply crunch
Ahmedabad: The government's reluctance to compensate oil marketing companies for the increase in crude prices has put companies like Essar Oil in great difficulty.

Essar Oil has now decided that it would continue to build new retail outlets but will not commission them till it is profitable for the company to run them.

Essar says it losing money on every litre of petrol and diesel sold, as it has to buy products from the market or has to resort to importing them.

Essar Oil said it would do its best to keep supplies going to retail outlets but will have to curtail supplies to franchisees after informing them that it would protect their commissions as well as their fixed costs.

Essar and IBP market oil don't have their own refineries. Both are losing money at the rate of around Rs7 per litre of petrol and Rs5 per litre of diesel owing to high refinery gate prices of products and fixed selling prices.
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GAIL to invest $500 million in Australia
New Delhi: The Gas Authority of India (GAIL) is planning to invest $500 million in oil and gas projects in Australia over three to five years.

GAIL is in talks with Australia's Gorgon gas joint venture, Woodside Petroleum and North West Shelf to secure supplies of Liquefied Natural Gas (LNG). It also wants to buy 5- to 7- million tonnes of LNG from Australia and to bid for oil and gas exploration and production assets to be sold off in Australia next year, it said.

The bidding ends April 2006 and GAIL is looking forward to taking part in the ongoing bidding rounds for oil and gas blocks.

India, which imports 70 per cent of its crude oil, is already importing 5-million tonnes of LNG from Qatar and plans to import the super-cooled fuel from Iran from 2009.
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Patel Engg obtains projects worth Rs374 crore
Mumbai: Patel Engineering has obtained two projects in the irrigation and railway sectors worth Rs374 crore. The first project is the Nettampadu lift irrigation project worth Rs315 crore and the second is a railway tunnel project worth Rs59 crore.

The lift irrigation project is designed to irrigate about 38,000 hectares, while the railway tunnel project is part of the Lumding-Silchar conversion project in Assam.
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Kanishk Steel forms exclusive consortium
Chennai: Kanishk Steel Industries, a Chennai-based company manufacturing structural steel items, has formed an exclusive consortium of leading dealers to market steel products in Tamil Nadu.

The steel consortium — Steel Firm consists of Indian Steel, Union Steel, Raja Steel and Jaysons Steel are all leading players who authorised to market Kanishk TMT (Thermo Mechanically Treated) bars and structurals in Tamil Nadu.

The company markets TMT bars in Kerala, Karnataka and Andhra Pradesh, where it hopes to duplicate this model.
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BHEL commissions unit at Rihand station of NTPC
New Delhi: Bharat Heavy Electricals Ltd (BHEL) has commissioned the second 500mw-unit at NTPC's Rihand super thermal power station in Uttar Pradesh.

This takes the total capacity of the Rihand plant to 2,000mw and 12-million units of electricity would be added every day to the grid, a BHEL release said.

The equipment supplier had earlier commissioned the first 500mw unit of the plant. The company has received a total of 37 orders for 500mw sets, out of which 26 have been implemented.
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Suven Life gets pharma award
Hyderabad: Suven Life Sciences (SLSL) was awarded the `2005 'partner of choice in drug discovery for CNS' by Frost and Sullivan at the 'pharma alliance 2005 awards banquet' held in Mumbai on October 1.

The award is based on its exhibition of drug discovery capabilities in the areas of CNS (central nervous system) and metabolic disorders in a span of three years.

Suven has produced 10 potential candidates for development, of which some are nearing the licensing stage.
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Anil Nanda asks for probe into Escorts institute sale
New Delhi: Anil Nanda, Goetze India CMD, and younger brother of Rajan Nanda, chairman Escorts has approached the ministry of company affairs to investigate the sale of Escorts Heart Institute.

Anil Nanda has submitted a complaint to the government stating irregularities in the process of the sale of the heart institute. The government said it is examining the complaint.

In his complaint Anil Nanda has submitted a copy of the recent high court order on EHIRC and questioned the conversion of EHIRC into a company.

Escorts Ltd last week announced a deal with Fortis to sell its 90 per cent stake in EHIRC for Rs585 crore. The deal was seen as helping Escorts Ltd pay off part of its high-cost debt.
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Electrolux, Videocon to be merged by 2006
New Delhi: Electrolux Kelvinator (EKL) will be merged with Videocon Industries by 2006 according to EKL managing director Anirudh Dhoot.

EKL is targeting a turnover of Rs400 crore till December and is eyeing an overall sales growth of 40 per cent during the festive season, targeting to achieve 300 per cent growth in microwaves and 150 per cent growth in the air conditioner category.

The company would spend around 12 per cent of its turnover on advertisements during the festive season.

EKL is also planning to relaunch its Kelvinator brand with a focus on rural areas.

Videocon had earlier this year struck an arrangement with AB Electrolux under which it acquired EKL and got the rights to market EKL's brands Kelvinator, Allwyn and Electrolux in India.
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