document.writeln("

Intel announces US$1bn investment plan for India
New Delhi: Intel Corp. has announced an US$1bn, multi-year investment plan for India, with the company's chairman Craig Barrett saying that the company planned to grow local operations, boost venture capital investments and work closely with the government, industry and educators to increase the impact of the country's information and communications technology industry.

Intel intends to invest US$800mn over the next five years and will increase its development activities and staffing at the Intel India Development Center in Bangalore. The center, which was opened five years ago, focuses on hardware and software engineering for Intel products sold globally and currently has a workforce of 2,800 employees.

Intel also announced the creation of a US$250mn Intel Capital India Technology Fund to help stimulate local technology innovation and growth. The investments will focus on Indian hardware and software companies to nurture technology development for local use.

The fund will also selectively invest in technology-oriented service companies that target overseas markets using India's talented resource base.
Back to News Review index page  

J.P. Morgan to double India staff
London: J.P. Morgan Chase & Co. said Monday it plans to offshore the work of nearly one-third of its investment banking back office and support staff by the end of 2007 and intends to double its headcount in India towards this end.

As part of its plans the U.S. banking group hopes to hire 4,500 graduates in India over the next two years, mostly in Bangalore. Currently the banking major already has about the same force level for front-office and support staff in its retail, corporate and investment banking operations in Mumbai.

Interestingly the company said the hirings would add to the head count rather than be a replacement of staff elsewhere. The bank was not forthcoming on the size of the investment. The firm is currently hiring between 300 and 400 graduates a month.
Back to News Review index page  

RIL admits 'errors' — to resubmit demerger scheme
Mumbai: Reliance Industries Ltd (RIL), through its counsel, has admitted in the Bombay High Court that there were errors in the demerger scheme submitted before the Court, and has promised to resubmit the proposal. Justice Nishita Mhatre, meanwhile, reserved her order for Friday.

Senior Counsel Iqbal Chagla said on Monday RIL would be submitting the amended scheme to the court as there were some "typo errors" in the scheme submitted to the Court along with the petition seeking approval to the demerger. "I express regret that there are some errors and some portions left out. I seek permission to amend schedule 1, 2, 3 and 4 of the scheme and submit before the court," the counsel said.
Back to News Review index page  

Biocon to acquire IP asset's of bankrupt research partner
Bangalore: In a statement issued here on Monday, Biocon has said that US based Nobex Corporation, its research partner has filed for bankruptcy in the US, under chapter 11 of the US bankruptcy laws.

Last year, Nobex Corp., a drug development company specialising in oral peptide drug delivery, and Biocon had decided to team up to tackle the challenge of developing an oral brain-type natriuretic peptide (BNP) product for the treatment of cardiovascular disease.

In the statement, Bicon however said that basing on the progress made till date, it did not anticipate any disruption to its ongoing oral insulin research programme, licensed from Nobex. Biocon is also seeking to acquire the intellectual property assets of Nobex.

Biocon's investment in Nobex till date is US$1mn in common stock and US$4.8mn in convertible loans, the statement added.
Back to News Review index page  

Mukand sells Kurla land for Rs.221 crore
Mumbai: Debt-ridden Mukand Ltd said Monday it has sold its Kurla land, in Mumbai, for Rs221 crore. The funds accrued would be utilised to repay debt and also for expansion purposes.

The property has been sold to Offbeat Developers and Graceworks Technologies. These companies are promoted by Kshitij Venture Capital Fund / Horizon Venture Fund, a Pantaloon Retail's real estate fund, Ashok Apparels/A.R. Enterprises, an Ashok and Atul Ruia group company, HBS Realtors, an Arihant Developer group company, and Singapore-based real estate fund Asia Pacific Ventures. According to the deal, the consortium of developers would make the entire payment by January for the 25 acre plot.

The developers intends to set up an information technology park, a hotel, and a shopping mall at the site.

Mukand's debt currently stands at Rs1,000 crore, and according to company officials it would fall to about Rs750 crore over the next five-six months.
Back to News Review index page  

Jet Airways to buy flight simulator from Canada firm
Mumbai: Jet Airways has signed an agreement with CAE Inc of Canada for buying a full flight simulator for the B737-800 aircraft. The airline will take delivery of the simulator in 2006. It will be installed at the Jet Airways training centre here, which has been operational since the mid-nineties.
Back to News Review index page  

Wockhardt launches new generation hepatitis A vaccine
Thiruvananthapuram: Pharma major Wockhardt Ltd has announced the launch of a new generation hepatitis A vaccine in collaboration with Zhejiang Pukang Biotechnology Company Ltd of China, the originators of the vaccine.

Hepatitis A is a viral infection affecting the liver and is communicated to human beings through the feco-oral route. The incubation period of the virus is 15 to 45 days.

The company said Monday that the vaccine provides long-term protection of 15 years and also offers the convenience of a single dose for both children and adults. It can be administered subcutaneously in the dermatoid region of the arm.

The company said that the response from the doctors had been overwhelming and the immunogenicity and tolerability of the vaccine were confirmed after clinical trials on 200 children at KEM hospital in Pune.

The international vaccine Zhepu was first developed by Dr Mao, the main inventor of the vaccine, in 1987 and introduced in China in 1992. Over 120 million people had been administered the vaccine successfully till date.
Back to News Review index page  

IIEL in pact with Russian firm for oil drilling services
New Delhi: Indian Infrastructure Equipment Ltd (IIEL), an infrastructure equipment rental company, and Oil Technologies Overseas (OTO), Moscow, will jointly develop a business for drilling and related services for the Russian and Indian oil and gas sector.

According to an IIEL release, this marks the entry of Quipo Oil & Gas, a brand of IIEL, into the oil drilling services in Russia.

Quipo envisages an immediate requirement of five advanced drilling rigs for the joint venture and has begun the process of acquiring the rigs. Promoted by SREI Infrastructure Finance Ltd, Quipo serves the need of infrastructure industry for projects.

OTO is one of Russia's leading oil and gas services company specialising in the business of enhanced oil recovery, reservoir water management, production enhancement, well services including solvent solutions and side track and directional drilling.
Back to News Review index page  

GAIL and IGL in pact for increased supply of natural gas
New Delhi: GAIL (India) Ltd and Indraprastha Gas Ltd (IGL) on Monday signed an agreement for enhanced supply of 2 million standard cubic metre per day (mscmd) of natural gas to IGL.

According to a company communiqué, the increase in contracted quantity to 2 mscmd would enable IGL to expand its network for meeting the ever-increasing demand of compressed natural gas (CNG).

At present, GAIL through its joint venture IGL, caters to about 40,000 domestic consumers, which is expected to go up to 50,000 by March 2006. With the enhanced contracted quantity, the joint venture would be able to further increase the number of CNG compressor stations, GAIL said.
Back to News Review index page