GSK seeks to import avian flu drug Relenza into India
Mumbai: GSK India has applied to the Drug Controller General of India (DCGI) for clearance to import its avian flu drug Relenza (zanamivir). The company expects the formalities related to registration to be completed shortly so that the product is available in India.

The company had received permission for importing the drug in October last year. However, the manufacturing site registration procedures were due.

Zanamivir is one of the two drugs currently available for the treatment of H5N1 viral influenza in the world. GSK is the patent holder of this drug and is marketing zanamivir under the brand name 'Relenza' in the regulated markets.
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Two Reliance Commn firms write off Rs4,500 crore
Mumbai: Anil Dhirubhai Ambani Group (R-ADAG) has said that the two companies operating under its telecom holding arm, Reliance Communications Ventures (RCVL) have approved write-offs and provisions of Rs 4,500 crore.

Post-write-offs, the consolidated networth of RCVL stand at
Rs 11,000 crore.

The two firms — Reliance Infocomm and Reliance Communications Infrastructure — wrote off Rs 4,500 crore in the period up to March 31, 2005, when they were under the unified Reliance group. The announcement of the write-offs came before the listing of RCVL.

RCVL, which, besides Reliance Infocomm and Reliance Communications Infrastructure, also holds Reliance Telecom, is expected to be listed in the week beginning March 6.

R-ADAG, in a statement, said the write-offs and provisions were based on an independent report by a leading international accounting firm.

Reliance Infocomm and Reliance Communications Infrastructure propose to recast their accounts for the year ended March 2005, subject to necessary approvals, the release said, adding that it reflects "a true and fair view of the state of affairs in that period".
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Tulip Star hotels to offload stake in Cox & Kings
Mumbai: Tulip Star Hotels is divesting its stake in Cox & Kings (I) and will make a preferential offer of equity shares to investors, including the promoter company and the directors of the issuer company, subject to the approval of the shareholders and other statutory approvals.

The company is selling its stake to raise funds, retire part of the borrowings, for working capital requirements and for its business expansion, according to the company.

The board has further constituted a committee comprising three of its members to decide on the size of the preferential offer, issue price, prospective investors and all matters related or incidental to the proposed preferential offer, it added.
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Jain Irrigation Systems acquires mango pulp business of Parle Bisleri
Mumbai: Jain Irrigation Systems (JISL) has acquired the mango-processing business of Mumbai-based Parle Bisleri for Rs14 crore. The company has acquired two mango-processing facilities at Chittoor in South India and has built up a capacity of about 58,000-60,000 MTs of mango processing spread among its Jalgaon (MS), Hyderabad and Chittoor (Andhra Pradesh) plants, the company informed the Bombay Stock Exchange.

The company says the acquisition would help it to increase market penetration in these regions besides giving significant savings in freight and raw material procurement costs. Benefits from this transaction will flow in the company books from financial year 2006-07, the company said.

With Parle Bisleri's revenue for the current year from its mango pulp division likely to be Rs35 crore the acquisition will make JISL the largest processor of fruits and vegetables in the country and possibly the biggest mango pulp processor in the organised sector said Jain Irrigation managing director, Anil Jain, after signing the deal.
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Punj Lloyd gets contract from HPCL
Mumbai: Punj Lloyd has bagged an order worth Rs125.07 crore from Hindustan Petroleum Corporation (HPCL) for laying pipelines and associated facilities under the Mundra - Delhi Pipeline Project. The company said it received a letter of acceptance from HPCL for laying the pipeline and associated facilities (Part III & Part IV) under the project.

Last month Punj Lloyd bagged a Rs171.5 crore order from Tokyo's Ishikawajima-Harima Heavy Industries Company Ltd (IHI) for undertaking LNG tank civil and mechanical works in Gujarat.
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IID Forgings to acquire two overseas firms
Mumbai: Alloy steel maker IID Forgings plans to acquire Hongkong-based Park Investments and Singapore-based Cyberlog Technologies International Pte.

The board at its recently held meeting approved the acquisition of 100 per cent shares of Park Investments as well as of Cyberlog Technologies, the company informed the stock exchanges.

However, the financial details of the purchase were not disclosed.

A draft scheme of amalgamation for merger of logistics services provider BDP India with the company was also approved at the meeting, subject to approval of Bombay Stock Exchange.
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GAIL for coal seam gas project in Australia
Mumbai: Gail India is looking at an opportunity to construct and operate a gas processing facility and associated pipeline system for transportation and marketing of coal seam gas/coal bed methane (CBM) in Queensland, Eastern Australia.

Arrow Energy, Australia has contacted Gail to set up a special purpose vehicle (SPV) to own and operate a gas processing facility, pipeline system for transportation of coal seam gas and trading in Queensland, Eastern Australia. Arrow Energy will be supplying the gas from its block located in Queensland, wherein the SPV would transmit and market the gas.

Australian Stock Exchange listed Arrow Energy is involved in exploration, appraisal and development of coal seam gas projects in Queensland and North West Shelf of Australia.

The company is also looking at the option of forming a Special Purpose Vehicle (SPV) for this purpose along with Arrow Energy and other interested parties.
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Kinetic Motor transfers 20.65 lakh shares to Sangyang
Mumbai: Kinetic Motor Company has allotted 20.65 lakh equity shares of Rs10 each at Rs66 per share to Sangyang Industry Company's wholly owned subsidiary, Billion Ally the company informed the Bombay Stock Exchange.

Subsequent to the allotment, the paid up share capital of the company has increased from Rs16.50 crore to Rs18.57 crore. The allotment also includes premium of Rs56 per share, it said.
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Electrosteel Castings to raise Rs 500 core
Mumbai: Leading iron pipes maker Electrosteel Castings has decided to raise Rs 500 crore in the domestic or the international market by way of foreign currency convertible bonds or other instruments. An OGM approved the proposal to raise the amount through the issue of FCCBs, GDRs, shares or other securities in one or more tranches, the company informed the Bombay Stock Exchange.

The securities would be issued to domestic investors, foreign institutional investors, foreign banks, non-resident Indians, corporate bodies or other eligible entities through prospectus, offering letter, circular, or on a private placement basis.
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Simbhaoli Sugar to raise funds from overseas markets
Mumbai: Simbhaoli Sugar Mills plans to raise Rs150 crore by issue of global depository receipts or foreign currency convertible bonds in the overseas markets. The shareholders of the company at an EGM have approved the issue, offer and allot equity shares or global depository receipts, foreign currency convertible bonds for an aggregate amount not exceeding Rs150 crore. The company will also issue and allot share warrants to the promoters that are converted into equity shares of the company within a period of 18 months from the date of issue of warrants, it said.

The EGM also approved the increase in the borrowing limit of the company from the existing limit of Rs300 crore to Rs500 crore, it added.
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HMT remains a stakeholder in Nigerian JV
Mumbai: HMT will retain its 15 per cent stake in its Nigerian joint venture company Nigeria Machine Tools. The Federal Government of Nigeria has decided to retain the company's shareholding at 15 per cent by withdrawing its earlier decision to convert the debt into equity and off load 70 per cent of Government holding to Miramar International, under the privatisation process.

The core investor Miramar International has sought technical and management support from the company and its subsidiaries in the operations of Nigeria Machine Tools including new business proposals, it said.
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Leela in pact with Kempsinki Hotels
Panaji: Hotel Leela Ventures plans to enter into an agreement with Geneva-headquartered Kempinski Hotels for mutual promotions on March 8. According to the agreement both the companies will mutually promote each others in different markets. According to CP Krishnan Nair, Leela ventures chairman, "While Leela will promote Kempinski resorts in India, they will look after Leela's global marketing. It will be Kempinski-Leela marketing alliance," he said.

The Kempinski-Leela Marketing Alliance, which will be signed soon, will be a 10-years' agreement, renewable for every 10 years, Nair said.

This alliance would participate in international tourism marts at Berlin, New York and London with their road show and audio-visual films scheduled in the coming days, he said. Leela has also decided to intensify their marketing in America.

He said that Kimpinski, with its 75 global hotel chain, is aiming at Indian market through Leela as they think that India is going to be the next big source of their clientele.
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JB Chemicals to transfer 39 lakh shares to New Vernon
Mumbai: JB Chemicals & Pharmaceuticals plans to transfer 39 lakh equity shares to New Vernon Private Equity on a preferential basis.

The shareholders at the EGM have approved the issue of up to 39 lakh equity shares of the company for cash at a price of Rs 114 per share, at a premium of Rs 112 per share to New Vernon, the company informed the BSE.
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ONGC signs pact with Kamat Hotels
New Delhi: Kamat Hotels has signed an agreement with Oil and Natural Gas Corp (ONGC) and its subsidiary MRPL to provide food courts at the latter's petrol pumps.

The agreement was signed between ONGC chairman and managing director and MRPL chairman, Subir Raha and Kamat Hotels chairman and managing director, Vithal V Kamat, an ONGC release said here on Monday.

Kamat owns and operates the Orchid - an Ecotel Hotel, Kamfotel and Kamat chain of restaurants spread across various parts of the country. It carries a legacy of 60 years of hospitality and is known for providing best food at value for money prices.

The tri-partite agreement with Kamat will provide a novel experience of hospitality to retail fuel services.
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BHEL commissions a solar diesel hybrid system in Lakshadweep
Bangalore: Bharat Heavy Electricals' (BHEL) electronics division has successfully commissioned the country's largest solar-diesel hybrid power plant at the Bangaram island of Lakshadweep.

The company said the successful commissioning of the system would go a long way in efficiently meeting the power requirements of the tourist island of Bangaram, besides considerably reducing the consumption of high speed diesel and conserving the ecology and environment of the island. Boasting of one of the world's most eco-friendly beaches with facilities for scuba diving, snorkelling and water sports, Bangaram island required reliable, un-interrupted power supply to cater to various applications for the huge inflow of foreign tourists such as tourist cottages, restaurants and community lighting.

The Lakshadweep administration was hitherto entirely dependant on diesel power plants, posing a danger to the environment in the form of air and ground water pollution. Transportation of diesel from mainland Kozhikode also depended largely on sea conditions. Besides, storage of large quantity of diesel on the tiny island posed safety hazards. To overcome these problems and to meet the increasing demand for power, the electricity department of Lakshadweep embarked on a mission to use solar photovoltaic technology. Initially, a 10 KW solar power plant was commissioned in the island.
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Airbus Industrie, Indian Airlines sign agreement
New Delhi: Airbus Industrie and Indian Airlines have signed an agreement for purchase of 43 aircraft for the national air carrier at a cost of $2 billion. Under the agreement, the delivery of the aircraft will begin late October or early November and is to be completed over a period of 43 months thereafter. Among the planes to be delivered are 19 A-319, four A-320 and 20 A-321.
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