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Mylan Labs to acquire 71.5 pc stake in Matrix
Mumbai: The US-based generic pharma company Mylan
Laboratories Inc will acquire up to 71.5 per cent stake
in Indian drug maker Matrix Laboratories for about Rs3,424
crore ($736 million). Under the transaction, Mylan would
purchase a 51.5 per cent stake in Matrix for Rs306 per
share pursuant to an agreement with certain selling shareholders.
It would acquire shares of Matrix, which are currently
owned by Temasek (Mauritius), entities controlled by Newbridge
Capital (a joint venture between Texas Pacific group and
Blum Capital Partners) and Spandana Foundation. Mylan
would also purchase shares from the company's executive
chairman N Prasad, after which Prasad would retain a 5
per cent stake in Matrix.
Mylan
would also make an open offer to Matrix's remaining shareholders
for acquiring up to a 20 per cent stake in the company
for Rs306 per share.
Matrix's
executive chairman, N Prasad will join Mylan's board and
executive management team. The deal would be funded by
using Mylan's existing revolving credit facility and cash
on hand. A portion of the funds received by Newbridge,
Temasek and Prasad would be used to purchase newly issued
shares of Mylan's common stock.
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Aditya
Birla Nuvo to hive off export biz of Madura Garments
Mumbai: Aditya Birla Nuvo has received shareholders
approval for sale or transfer of the contract export business
of its apparel division, Madura Garments. The shareholders
also accorded authority to the board to make investments,
give loans and provide guarantees or securities, the Aditya
Birla group company said.
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Ultratech
announces capex of Rs1,424-cr over three years
Mumbai: Ultratech has earmarked a capex of Rs1,424
crore to be spent over the next three years in order to
improve productivity and tackle rising energy costs.
Of
this, Rs844 crore would be towards installation of captive
power plants at production units in Gujarat and Chhattisgarh.
The company will also invest in de-bottlenecking and cost
efficiency.
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British
Telecom plans joint venture in India
Mumbai: British Telecom Plc plans to float a joint
venture company in India to provide high quality data
and voice transfer VPN service to corporate clients here.
Within six months the venture would be in place in which
BT would hold a 76 per cent stake and would offer virtual
private network services.
The
company said it is in the process of getting necessary
regulatory clearances and is scouting for a strategic
partner for a joint venture kind of operation.
BT
plans to provide virtual private network services, a highly
secured network service to focus on managerial and enterprise
services to corporates.
While
the company did not divulge the size of investment company
officials indicated that it would be 'huge.'
BT
has a wholly owned subsidiary in India and employs close
to 12,000 people, with plans to increase its headcount
by 50 per cent over the next three years and expects 150
per cent increase in revenues from the country.
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3i
Infotech consolidates operations
Hyderabad: 3i Infotech, a technology solutions
provider, is consolidating its operations after three
recent acquisitions and is planning special thrust on
consultancy and managed services across verticals it currently
operates in, with focus on eGovernment projects.
Till
now the company has grown on the back of acquisitions.
It has acquired about 14 companies, including three last
year, which include SDG Software, a player in anti-money
laundering space, Data Cons, a BPO player and Delta Technologies.
While
the company has managed to successfully integrate them,
the effort is directed to take a wider range of products
to the market, including offer of business process outsourcing
services, particularly to the domestic market.
The
company, which employs 3,600 people, has begun recruiting
people for its managed services business that could encompass
areas of banking, financial services, insurance and eGovernment.
The company has aligned its business across verticals
and horizontals that help the company better address the
business needs of enterprises.
3i
Infotech is also focused on eGovernance, both as a consultant
and a managed services provider and is engaged with three
States guiding them to chart eGovernance strategies as
a consultant and to help them build State Wide Area Networks.
The
Union Central Government has announced an investment about
Rs22,000 crore for various eGovernance projects over the
next five years.
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Air
Sahara orders 10 Boeing planes
New Delhi: Air Sahara has given firm orders for
ten 737-800 aircraft worth $700 million with US aircraft
major Boeing, which has projected a $72 billion jet plane
market in India over the next 20 years. Officials said
the delivery of these brand new aircraft will start by
the middle of 2009 and will be completed in the following
two years.
These
ten aircraft would be used for both domestic and international
operations of Air Sahara, which is eyeing a 20 per cent
market share in the next five years. Air Sahara received
its 19th Boeing 737-400 today and would be getting the
20th on e next month.
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Stone
India gets order from defence ministry
Mumbai: Stone India, which supplies brake systems
and train lighting alternators for the railroad industry
has received an initial defence freight car up-gradation
order from the ministry of defence. On completion of the
initial 50 numbers of freight cars, the company expects
to receive a bulk order from the ministry of defence the
company said.
For
the first time the ministry of defence has decided to
undertake this work through a private company. Earlier
all such work were executed by Indian Railways directly.
The defence ministry has over 1,000 such freight cars,
which need upgradation. The company shares were trading
at Rs264.80, up 9.99 per cent at the BSE.
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Kilburn
Engineering gets order from Canadian firm
Mumbai: Kolkata-based Kilburn Engineering has got
an order worth Rs1.46 crore ($3,15,000) from Columbian
Chemicals, Canada for supply of drum dryer. The company
said it had secured the supply contract from the Canada-based
firm, which is a producer of carbon black. The shares
of Kilburn, which is engaged in design, manufacturing
and commissioning of rotary dryers, coolers and calciners
were trading at Rs35.55 on the BSE up 4.87 per cent.
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Ansal
Housing to raise up to Rs233-cr
Mumbai: Ansal Housing and Construction plans to
raise up to Rs232.75 crore ($50 million) through the issue
of foreign currency convertible bonds (FCCB), global depository
receipts (GDRs) or any other securities in the domestic
as well as international markets through the issue of
various securities on rights, private placement or preferential
allotment basis, Ansal Housing informed the Bombay Stock
Exchange. Raising of funds for expansion of its real estate
business would be subject to the approval of appropriate
authorities, it added. The shares of the company were
trading at Rs226.60, up 1.61 per cent at the BSE.
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Colgate
Palmolive announces VRS
Mumbai: Colgate Palmolive India has announced voluntary
retirement schemes (VRS) at the company's manufacturing
facility at Sewri. The various elements of the voluntary
retirement schemes, such as medical coverage, etc., have
been formulated in keeping with the company's high corporate
standards.
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Case
filed against Pepsi
Bangalore: The state government of Karnataka has
filed a case against Pepsico India under the Prevention
of Food Adulteration Act, 1954. The state government said
its investigations found presence of pesticides beyond
the permissible level in Mirinda and Pepsi brands of soft
drinks. The state had filed a similar case against Coca-Cola
a fortnight ago.
The
analysis of Mirinda and Pepsi revealed the presence of
chloropyriphos to the extent of 0.15 micro gram per litre
as against the prescribed limit of 0.10 micro gram per
litre.
Karnataka
has already imposed a ban on the sale of soft drinks in
schools, colleges, hospitals and government offices.
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Sintex
lines up Rs410-cr expansion plan over four years
Mumbai: Sintex Industries has chalked out a four-year,
Rs410 crore expansion plan of which Rs180 crore would
be invested in the textile division and Rs230 crore in
the plastics division.
The
textile division of the company currently has an annual
capacity of 21 million meter and would be expanded to
24 million meter by FY08 at a cost of Rs70 crore in Phase
I. In Phase II, the capacity will be enhanced by an additional
five million meter to 29 million meter by 2008-09. The
second phase will be completed at a cost of Rs80 crore.
The company is also setting up a new garmenting facility
to be commissioned by September 2007 at a cost of Rs35crore.
The
company has a significant presence in men's shirting in
high-end structured fabrics globally through its JVs in
Italy and UK. The expansion from 21 to 24 million meter
is aimed at enabling Sintex to enter the high-end women's
shirtings market, which enjoys considerable potential
both globally and domestically. The expansion to 29 million
meter by 2009 is targeted at high value jacquard products
and the upholstery segment over the longer term.
The
plastics division has registered rapid growth in the last
few years and sales grew from Rs246 crore in FY02 to Rs600
crore in FY06. Currently the division comprises three
categories namely — Pre-fabricated structures, custom
moulding and Tanks. The company plans to invest Rs110
crore towards expanding its pre-fabricated structures
capacity and Rs70 crore towards increasing its electrical
accessory manufacturing capacity, which is part of the
custom moulding business. The remaining Rs50 crore would
be spent in routine capital expenditure.
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SEZs
of TCS approved by Karnataka government
Bangalore: The Karnataka government has given the
go ahead to IT major Tata Consultancy Services' (TCS)
proposal for special economic zones (SEZs) at four locations
in the state with a combined investment of Rs1,150 crore.
In
all, 40 projects, involving an estimated investment of
Rs62,864 crore, were cleared by the state high level clearance
committee (SHLCC) headed by the chief minister.
Some
of the projects had been approved, in-principle, at the
previous SHLCC meeting. The final clearance was given
to these projects by the SHLCC, chief minister H D Kumaraswamy.
TCS
has proposed SEZs at Devanahalli, Bangalore (Rs500 crore,
100 acres), Mysore (Rs410 crore, 50 acres), Hubli-Dharwad
(Rs120 crore, 50 acres) and Mangalore (Rs120 crore, 50
acres). The employment generation expected from the four
projects is 23,200.
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Dr
Reddy's to raise funds from overseas
market
New Delhi: Hyderabad-based drugmaker Dr Reddy's
is planning to raise funds from overseas markets to finance
its inorganic growth strategy.
There
have been reports in recent times that the company is
looking at issuing American Depository Receipts (ADRs)
worth around $250-300 million.
Dr
Reddy's has completed the funding for its acquisition
of Germany's Betapharm, which was made earlier this year
for 570 million dollars.
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