GM may set up engine, gearbox making plant in India
Mumbai: The Indian subsidiary of the world's largest auto company General Motors India, is planning to set up an engine and gearbox (powertrains) manufacturing plant in the country and is currently conducting `due diligence,' for the plant.

The new plant is likely to make small diesel engines (between 1.2 - 2.0 litre), and may also make petrol engines. The company has not yet decided on the location of the plant or the size of funds to be invested. Analysts said a plant of high-volume production capacity catering to powertrains for the largest segments (small car and mid-size) present in India would need an investment in the region of $223-335 million (Rs1,000 - 1,500 crore).

Among the primary reasons for setting up a powertrain plant is to cater to the growing demand of diesel variants in the country, especially in the segments (B+, C and D1 segment) where General Motors is and will be present in the near future. As of now, GM does not have a diesel range available in the sub 2.0-litre engine category, said senior officials.
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Videocon to initiate fresh negotiations with Daewoo creditors
Mumbai: The Videocon Industries-led consortium will initiate fresh negotiations with the creditors of Daewoo Electronics for acquiring the Korean company. Recently the deal between the two fell through over subsequent differences on the negotiated price.

The creditors of Daewoo rejected Videocon's proposal for a 13 per cent discount on the negotiated acquisition price of about $750 million (about Rs3,200 crore).

With both the sides not closing the window for fresh negotiations, sources tracking the deal say that the development may not signal the end of Videocon's attempts at taking over the debt-ridden Korean electronics firm.

Videocon, in partnership with a fund headed by Ripplewood Holdings, still continues to be the most likely buyer, one of Daewoo's creditors is reported to have said in a statement.

Foreign wire agencies quoted Woori Bank, one of Daewoo's creditors, as saying that "October's preliminary agreement to sell Daewoo to Videocon and its bidding partner is annulled."

The creditors hold 97.6 per cent stake in Daewoo, after it came under a debt-restructuring programme, following its insolvent parent, Daewoo Group, being kept under a workout.
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Biocon enters into JV with Neopharma of UAE
Bangalore: Biocon has announced a 50:50 joint venture with Neopharma, an Abu Dhabi-based company promoted by NRI Dr B.R. Shetty.

With this agreement Biocon has entered the rich GCC (Gulf cooperation Council) market of six Arab States - UAE, Bahrain, Kuwait, Saudi Arabia, Oman and Qatar.

The new entity to be incorporated in Abu Dhabi will initially take at least 10 of Biocon's life-saving drug products to these countries. The range will include Biocon's generic and novel therapeutics to treat cancer, diabetes, auto-immune and cardiovascular diseases, immunosuppressants.

In the second phased the company is likely to begin manufacturing also. Biocon's insulin is already sold in the West Asian market but through a licensing arrangement. As per an MoU they signed on Thursday, the new company will have a dedicated sales force trained by Biocon and operating directly under Biocon's control.

Dr Shetty is known for his role in healthcare in the UAE through a chain of hospitals, pharmacy chains and an integrated pharmaceutical distribution network. The tie-up would give Biocon a foothold in a new and promising region, while enlarging Neopharma's range into biotechnology.
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Prajay ties up with Sunway City
Hyderabad: Prajay Engineers Syndicate has entered into a joint venture agreement with Sunway City India (property developers from Malaysia). The agreement is for development of one of the Company's upmarket residential condominiums projects in Hyderabad.
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Essar Power may get Jamnagar power contract
Ahmedabad: Essar Power may be asked by the Gujarat Government to develop a 1000-MW thermal power station at Jamnagar. Essar Power's bid to sell power at Rs2.40 per unit was found to be the lowest amongst tenders. Essar is already lining up funds for the Rs4,000-crore project based on imported coal. The other bidders included China Light and Power, Hong Kong (Rs3.08 per unit), Torrent Power Ltd (Rs2.97) and Tata Power Ltd (Rs2.92). The Adanis, Lanco and the Jindals were also in the fray. Essar Power is currently executing a captive gas-based combined cycle power plant of 355 MW capacity at Hazira to fulfil the increasing demand for power of its group company Essar Steel.
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Pantaloon targets to open 100 Big Bazaar outlets
Hyderabad: Pantaloon Retail is looking at launching 60 Big Bazaar new outlets in the next eight months and is targeting to open 100 Big Bazaars this year.

The company currently has 40 outlets with 10 Big Bazaars in the south. It is planning to invest an average of Rs15 crore on each outlet. The size of the outlets ranges from 40,000 square feet to 1.7 lakh square feet. The company has invested about Rs16 crore for setting up the new retail outlet in Hyderabad, which spreads over 52,000 square feet. With the new expansion plans in place, the company is expecting over 80 pc increase in revenues in the next financial year.
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