Wockhardt acquires Farex, Protinex brands
Mumbai: Pharma and hospitality company Wockhardt has acquired popular baby-food Farex and nutrition beverage Protinex. The acquisition will boost Wokhardt's nutrition business revenues to Rs120 crore.

Wockhardt has acquired Dumex India along with its two products Protinex and Farex, from Royal Numico NV of The Netherlands, for an undisclosed amount, the company said.

The two brands, with a 50-year brand-equity, at present generate annual sales of Rs60 crore, Wockhardt added. The deal signals Royal Numico's intentions to exit India and focus on markets like China. Wockhardt also inherits a field-force team of 235 people and assets including a plant at Ludhiana. The company has its spray-dry milk processing plant at Chandigarh and it will change the acquired company's name, `Dumex', in six months.

Royal Numico has agreed to offer technical know-how to Wockhardt for the manufacture of specialised sugar-free infant food products currently marketed in India and internationally, under its brand names Dulac and Dupro. These products are being imported from New Zealand and Malaysia. Both Protinex and Farex have a history of different owners. Protinex was acquired by Dumex from Pfizer in 2002. Farex was acquired by Dumex from Heinz, who in turn had bought it from Glaxo.
Back to News Review index page  

BHEL gets two contracts in Afghanistan
New Delhi: Bharat Heavy Electricals has received two contracts worth Rs 220 crore for power projects in Afghanistan. The first contract is from Power Grid Corporation of India for setting up a substation in Kabul. The company's scope of work in this project includes design, manufacture, supply and commissioning of a 220 KV substation. The second project is from Water and Power Consultancy Services for supply and installation of equipment for 42 MW Salma hydel project. BHEL would supply turbines and generators for Salma project. BHEL units at Bhopal, Jhansi and Bangalore would supply the main equipment for these projects.

These projects mark the company's foray in Afghanistan, a BHEL release said.
Back to News Review index page  

Tata Industries picks up stake in Indigene Pharma
Mumbai: Tata Industries has acquired a stake in Indigene Pharmaceuticals, a bio-pharmaceutical company with operations located in Boston and Hyderabad.

Tata Industries said the equity stake in Indigene was less than 30 per cent, but over 26 per cent.

Indigene said it is looking at developing innovative products for the prescription-based market and the consumer-health segment. The company is open to sharing intellectual property on products it was developing in a manner that is mutually beneficial to Indigene and the company it collaborates with.

The company has been developing molecular combinations that work along multiple pathways at the same time, to tackle illnesses. It is also undertaking phase III clinical trials on a prospective chronic respiratory drug.

Indigene plans to launch four consumer-health products in the US next year, under its own brand name. They include Relaxane (for stress), Memoryl (for memory), Pre-tense (for nervous tension) and LAXelle, a laxative.
Back to News Review index page  

Apollo to go global
Hyderabad: The Apollo Group of hospitals is planning to go global by setting up hospitals in Fiji, Mauritius, Jamaica and Tanzania.

Dr Prathap C. Reddy, chairman of the group, said the company would selectively opt for equity or technical participation in these ventures. In India, the group would invest Rs300 crore in the upcoming super specialty hospitals in Mumbai, Bangalore and Bhubaneswar.

Besides, the group would double its clinics at smaller towns to 100 from the present 48 this year.

Dr Prathap Reddy said the group's hospital in Hyderabad had obtained the JCI (Joint Commission International, the US) accreditation, certifying for high standards of safety and quality. The JCI audited as many as 1,033 different parameters before giving the certificate. Apollo had already got JCI tags for its Delhi and Chennai hospitals.
Back to News Review index page  

Wyeth launches new 7-in-1 vaccine
Mumbai: Wyeth has launched its 7-in-1 pneumococcal conjugate vaccine Prevenar. The vaccine is expected to gross $2 billion, in revenues globally, this year. Priced at Rs3,750 per doze, the vaccine protects children from diseases such as meningitis, where the brain is affected, bacterial pneumonia, septicaemia or blood-poisoning and bacteraemia or bacteria in the blood. The vaccine is administered in three doses to children below the age of two years, at six weeks, 10 weeks and 14 weeks after birth and a booster dose after 12 to 15 months.

The company recently resolved shareholder issues on the marketing of the block-buster vaccine. Shareholders had opposed plans to launch Prevenar through Wyeth's unlisted company in India. The vaccine has finally been launched in India through the Rs287 crore listed entity.

Prevenar would be imported into India, after it is manufactured and packed at the US and the UK, respectively. Though the vaccine was launched in the US in 2000, capacity constraints delayed subsequent launches in the other countries, said Baldev Arora, area vice-president, South-Asia and South-East Asia, Wyeth Ayerst.
Back to News Review index page  

Infotech Enterprises to increase authorised capital
Hyderabad: Infotech Enterprises is increasing its authorised share capital from Rs18 crore to Rs30 crore by the creation of 1.2 crore equity shares of Rs10 each. The company has informed the BSE that its 15th annual general meeting (AGM) will be held on July 19, wherein alongside hike in capital, it would consider subdivision of the authorised share capital. It is proposed to consider sub-division of authorised share capital of the company comprising 3 crore equity shares of Rs10 each into 6 crore equity shares of Rs5 each and consequential amendments in Memorandum of Association of the company.

Further, the AGM will also consider capitalisation of free reserves for the purpose of issue of bonus shares of Rs5 each, credited as fully paid shares to the holders of the existing equity shares of the company in the proportion of one equity share for every two existing equity shares held by them.
Back to News Review index page  

Radio frequency quota norms simplified
New Delhi: The Department of Telecommunications (DoT), in consultation with the Ministry of Defence and the Airports Authority of India, has decided to simplify the procedures for radio frequency allocation (SACFA). As per the new simplified procedure, operators need not take clearance for all antenna towers located beyond 7 km from the nearest airport and having a height up to 40 meters.

The service providers have to only register online on the SACFA Web site and necessary clearance will be issued by the SACFA Secretariat.

The SACFA is a Government body comprising various agencies including security agencies whose approval is required to set up any equipment that uses radio frequency.
Back to News Review index page  

Infosys Q1 results on July 12
Bangalore: Infosys Technologies has informed the Bombay Stock Exchange that its board of directors would meet on July 12 to consider the audited financial results of the company for the first quarter ended June 30.
Back to News Review index page  

Hinduja group sells Hutch stake for Rs2,000-cr
Mumbai: Hutchison Telecom International is set to buy out 5.11 per cent stake in Indian cellular operator Hutchison-Essar. It agreed on Friday to buy the company from the Hinduja Group for $450 million (around Rs2,000 crore). Hutchison's effective equity stake in Hutch-Essar will stand at 67 per cent after this deal, which values Hutch-Essar at close to $9 billion.

The remaining 33 per cent stake is with the Essar Group. In fact, Essar had bid the highest - $600 million - among the four contenders, comprising a US-based fund and an entity based in West Asia. The deal with the Essar Group at $600 million was nearly clinched, but for various reasons it was called off, as recently as two weeks ago.
Back to News Review index page  

Hinduja TMT Q4 net at Rs6.56-crore
New Delhi: Hinduja TMT has posted a net profit after tax of Rs6.56 crore for the quarter ended March 31, 2006 (Q4 FY 05-06) as compared to Rs7.35 crore for the quarter ended March 31, 2005 (Q4 FY 04-05). Total Income has increased to Rs82.38 crore for Q4 FY 05-06 from Rs31.17 crore in Q4 FY 04-05.

The Company has posted a net profit after tax of Rs40.27 crore for the year ended March 31, 2006 (FY 05-06) as compared to Rs70.05 crore for the year ended March 31, 2005 (FY 04-05). Total Income has increased to Rs251.66 crore for FY 05-0 from Rs167.26 crore in FY 04-05 6. The audited consolidated results are as follows:

The board has recommended a dividend of Rs7.50 per share (75%) for the financial year 2005-2006.
Back to News Review index page  

Govt puts constraints on aircraft leasing
New Delhi: The government has directed Indian airlines not to take aircraft on dry lease from international airlines or leasing companies that are part of an airline.

However, it has placed no restrictions on wet-leasing, in which an aircraft is leased out with a crew to operate it, and which is only for a short period and specific routes.

Sources said the restrictions on dry-leasing of aircraft are designed to prevent any international carrier from exercising control on the operations of a domestic airline and towards ensuring that no foreign airline has any direct or indirect holding in an Indian carrier, as intended by the civil aviation policy. In addition, no Indian carrier will be allowed to forge a management contract with a foreign airline.

It has also been stipulated that no Indian airline can raise money from a foreign fund which has an airline as an equity partner. The guidelines, however, allow foreign funds without an airline as an equity partner to take up to 26 per cent equity in an Indian carrier.
Back to News Review index page