Aurobindo Pharma to buy out UK pharma company
Mumbai: Aurobindo Pharma is acquiring UK based pharma company Milpharm, which is a generic formulation pharmaceutical company engaged in selling generic formulations in the UK market.

Under the terms of the agreement, the company has acquired 100 per cent shares of Milpharm from Whyte Group and Iracot, the company informed the Bombay Stock Exchange.

Milpharm, a profit making company owns over hundred approved Marketing Authorisations (MAs) by Medicines and Healthcare Products Regulatory Agency, UK (UK MHRA).

Milpharm already has an established market in generic pharmaceuticals and Aurobindo expects to build on these relationships to participate in the generic pharmaceuticals value chain.

Aurobindo recently concluded the zero per cent foreign currency convertible bonds (FCCB) issue of US$60mn in August 2005 and some of the proceeds will be used for overseas acquisitions, it added.
Back to News Review index page  

NRB Bearings posts strong profit growth
Mumbai: India's third largest bearing firm, NRB Bearings, has forecast profit growth exceeding expectations due to strong exports and growing demand from the auto and two-wheeler sectors.

The Mumbai-based auto components supplier has seen its research and development costs rising in the medium term to 5 per cent of sales from the current 3 per cent as it pushes into mature European markets.

NRB Bearings net sales have grown 20 per cent per annum over the past five years, posting a profit of Rs27.29 crore in the year to March 2005, on net sales of Rs215 crore. In November last year, NRB bought back for US$13mn the entire 26 per cent stake held by Timken France SAS.

The company is forecast to post a 30 per cent growth in 2005/06 profit to Rs35.5 crore on net sales of Rs255 crore, an 18.6 per cent growth. Similarly profit for 2006/07 is expected to grow 28.5 per cent to Rs45.6 crore on net sales of Rs302 crore, up 18.4 per cent.
Back to News Review index page  

BSNL, MTNL launch One India plan
New Delhi: State-run telecom majors BSNL and MTNL have announced their much awaited One India plan which offers uniform call rates across the country.

Under the plan, the two public sector companies will reduce long-distance (STD) call rates to Re 1 per minute for their fixed line users.

The new rates will be effective from March 1, 2006.
Back to News Review index page  

Sun Pharma plans to demerge its R&D dept.
Mumbai: Sun Pharmaceutical Industries has approved the demerger of the company's R&D subsidiary, involved in innovative research and development and new drug delivery systems, to a new company.

After the demerger, the shareholders of the company will be allotted one equity share of Rs1 each of the new company for every equity share of Rs5 each of Sun Pharmaceuticals.

The draft scheme of the demerger as approved by the board, is subject to the approval of the stock exchanges, shareholders of the company, Gujarat High Court.
Back to News Review index page  

Siemens to acquire Elpro's isolator business
Mumbai: Siemens has decided to acquire the isolator business of Hyderabad-based Elpro International and also take a 50 per cent stake in West Bengal-based Flender.

The company's board of directors have approved the decision, the company informed the stock exchanges.

"These acquisitions will strengthen our Industrial Drives and Power Transmission and Distribution (PTD) portfolio," Siemens managing director J Schubert said.

Siemens has also announced its decision to invest Rs30 crore for setting-up an industrial steam turbine factory at Vadodara in Gujarat. The announcement of this greenfield project was made on the occasion of the company celebrating its 50 years of manufacturing in India.
Back to News Review index page  

General Motors India to enhance capacity
Panaji: General Motors (GM) India is planning to enhance manufacturing capacity at Halol, Gujarat from 65,000 units to 85,000 units.

Rajeev Chaba, president and managing director of GM India, said the enhancement would add to the employment capacity of the plant by 400 people.

Currently 3,500 people are being provided direct and indirect employment through the plant and with the increase in capacity, 400 more direct employees would be added, he said.

Chaba said an extra investment of Rs10 crore would take the company's total investments to Rs1,400 crore.

As part of the largest ever expansion of its products line, GM India today unveiled three new Chevrolet passenger cars.
Back to News Review index page  

Patel Engg. to venture into hydro power
Mumbai: Patel Engineering is planning to venture into hydropower generation and plans to bid for independent power projects (IPPs) based on hydroelectric power.

According to a press release issued by Patel Engineering to the BSE, "the company is planning to bid for mid-size projects in the range of 100- 500 MW on build operate and transfer (BOT) basis in the northern and north eastern regions."

The company recently bagged a Rs439.07 crore worth order for the 520 MW Parbati hydroelectric project stage III from National Hydroelectric Power Corporation as part of a consortium with Larsen & Toubro.

The company is also executing hydropower projects in Teesta, Sewa and Turial.
Back to News Review index page  

Noida Toll Bridge Co. makes changes in its O&M deal
Mumbai: The Noida Toll Bridge Company has revised its operations & maintenance (O&M) agreement with Intertoll Management Services BV and Intertoll India Consultants on February 8, 2006.

Noida Toll Bridge told the BSE, that the revised agreement stipulates an O&M fee of Rs21.25 lakh per month as against the earlier deal including a variable fee of Rs0.725 per vehicle and a fixed fee of Rs26.56 lakh per month linked to the consumer price index (CPI).

Noida Toll Bridge had executed an O&M agreement on December 21, 1998 envisaging a variable O&M fee of 11 per cent of the toll revenue for the first 10 years i.e. up to FY 2011.
Back to News Review index page  

Novartis' patent for cancer drug rejected
Mumbai: Novartis' patent for its cancer drug Gleevec has been rejected by the Patent Controller Office of India.

Assistant controller of patents & designs V Rengasamy rejected the application on January 25 on the ground that the drug, Imatinib Mesylate, did not qualify for patenting in India as the novelty of the drug was objected to by a host of Indian companies, including Cipla.

The patent office heard the pre-grant opposition in October 14 last year, filed by Cipla. This is first major decision on patent application after India complied with the TRIPS regime last year.

Norvatis officials were not available for comment. Novartis was likely to challenge the patent controller's decision in the Madras High Court, industry sources said.
Back to News Review index page  

Videocon Ind.'s FCCBs raise US$90mn
Mumbai: Videocon Industries has raised US$90mn by way of Foreign Currency Convertible Bonds (FCCBs), listed on the Singapore Exchange Trading Securities Ltd.

The company informed the stock exchanges that it had completed the first tranche of issue of the bonds, which have a final maturity on March 7, 2011.

These bonds, carrying a coupon rate of 5.0 per cent paid semi-annually, are convertible into shares on or after February 7, 2009 and on or before February 28, 2011.

Also, they can be converted at an initial price of Rs545.24 and are redeemable at the option of the issuer on or after February 7, 2009 and on or before February 28, 2011.
Back to News Review index page