Tata Steel wins Corus bid
Mumbai: Tata Steel has been declared as the winner of the bidding for Corus by the UK Takeover Panel. The Tata company put in a bid of 608 pence a share as against CSN's final bid of 603 pence a share. CSN reportedly pulled out of the bidding process. The deal now pegs the enterprise value of Corus at $13 billion, and also creates the world's fifth largest steel producer.

The nine-round auction called by the UK Takeover Panel to decide the winner between the two bidders began at 1630 hrs GMT (2200 hrs IST). Tata Steel bid from the offices of its lawyers Herbert Smith in London, while CSN bid from its adviser Lazard's office.

Arun Gandhi, head of M&A at Tata Sons, represented the Tatas.

Tata Steel had bid 500 pence a share (4.6 billion pounds) against CSN's 515 pence a share (4.9 billion pounds) last month, prompting the Takeover Panel to intervene and pick the winner through open bidding.

As per information given to Tatas and CSN by the Takeover Panel, there had to be a difference of at least five pence for each round of the bid between the two suitors. Britain's takeover regulator started the auction process at 10 p.m. IST (London time 4.30 p.m).

The loser in the bidding war would not be allowed to re-bid for the company in the next one year.
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Tata Steel net up 41 pc at Rs1,064 crore
Mumbai: Tata Steel posted a 41 per cent increase in net profit for the third quarter of the current fiscal at Rs1,063.75 crore, compared with Rs753.74 crore in the corresponding period of the previous fiscal. The increase has come mainly on the back of higher production and increased sales to car manufacturers.

The company's net income during the quarter rose to Rs4,469.98 crore from Rs3,698 crore.
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Novartis challenges Patents Act provision
Chennai: Following the rejection of its patent application for anti-cancer drug Glivec, Swiss pharmaceutical giant Novartis has filed a case in the Madras High Court challenging, not the patent office's decision, but the constitutional validity of a key provision in India's Patents Act.

Novartis is said to have argued on Monday that section 3(d) — a provision unique to Indian law — was unconstitutional as well as a breach of international trade law. The legal provision at issue stipulates that modifications of already-known medicines cannot be patented unless such modifications make the drugs significantly more effective.

It is designed to prevent a common practice in the industry known as 'evergreening', whereby the patent holder patents trivial modifications of existing drugs to extend their monopolies beyond the 20-year period granted for the original patent.

Ranjit Shahani, vice chairman and managing director and, Novartis India, said, "Our commitment to patients continues in India and around the world. We have so far given over $400 million free Glivec to over 6750 patients," he added.

India's patent law allows patents for products that represent new inventions after 1995, or for an updated drug that shows greater efficacy. Novartis' invention of Glivec is prior to 1995. however, the company had filed a new patent on the chrystalline form of Imatinib mesylate (Glivec's active ingredient), after 1995. It is now seeking protection in India for this process.
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Sun TV posts 49.79 pc rise in PAT
Chennai: Sun TV has posted profit after tax of Rs59.7 crore for the quarter ended December, an increase of 49.79 per cent from Rs39.90 crore in the corresponding previous period. Total income rose by 31.83 per cent to Rs125.02 crore (Rs94.81 crore).

The board of directors has recommended an interim dividend of Rs3 per share (30 per cent).
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Volvo, Jaico plan bus manufacturing facility in Bangalore
Mumbai: Volvo India Bus Technologies, a joint venture between Volvo India and Jaico (bus body manufacturers) plans to set up a bus body manufacturing plant in Hoskote, Bangalore. The subsidiary will invest Rs50 crore in the new plant, which will have an annual production capacity of 1,000 buses on a double-shift basis.

The plant will build complete buses for the local, as well as the export markets. Currently, exports contribute 10 per cent of total sales. The company has been exporting to Sri Lanka and Bangladesh, and intends to export to neighbouring countries in West Asia and Africa.

Volvo India sold 400 units in 2006 and has a sales target of 600 units this year.

The new model (third-generation) is Euro-III compliant (emission norms) and churns out 290HP (horsepower).
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Suprajit Engg ties up with Korean co
New Delhi: Suprajit Engineering has entered into a memorandum of understanding with the Korea-based Michang Cables, for long-term logistics and co-operative manufacturing programme.

The company's new cables plant at Pantnagar in Uttaranchal is expected to start commercial production by April 2007 and its wholly owned subsidiary Gills Cables in the UK, which operates as a technology centre for its global operations has undergone successful restructuring through a redundancy programme, in line with the original plan.
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Blackstone eyes stake in NDTV company
New Delhi: Blackstone, one of the world's largest private equity funds, is looking to pick up a stake in NDTV Networks, a new company being set up by NDTV, as part of an investment consortium.

NDTV Networks plans to raise $130-160 million by offloading 25-30 per cent to the consortium, valuing the company at between $433 million and $640 million. The money raised will be used for new channels and businesses.

The stake sale will help NDTV Networks list on the London Alternative Investment Market. Jeffries International Ltd has been appointed merchant bankers to the issue.

Blackstone recently acquired a stake in Hyderabad-based Ushodaya Enterprises for $275 million. Ushodaya is the owner of Eenadu, ETV, and Ramoji Rao Film City.

Blackstone has publicly stated that it will invest over $1 billion in Indian companies and is looking specifically at the media sector.

NDTV Networks will invest $106 million of the cash in NDTV Imagine Ltd, a Hindi mass entertainment channel in which film director Karan Johar is a partner, and $25.3 million in NDTV Lifestyle Ltd, a channel dedicated to travel, food, shopping, health and wellness.
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Hyundai hikes prices by 1-1.5 pc
New Delhi: After Maruti Udyog, Hyundai Motor India (HMIL) has announced a price hike to the tune of 1 to 1.5 pc on its car range effective 1 February.

The company will hike prices on all its models, ie Santro, Getz, Accent, Verna, Elantra, Sonata and Tucson - its sports utility vehicle. The hike will be in the range of Rs2,500 to 30,000 for its different models.

The change in prices will be applicable on all vehicles sold after 31 January.
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Wipro plans more acquisitions
Chennai: Wipro Technologies is said to be looking at bigger acquisitions this year. Last year the company acquired seven small and medium-sized companies.

Apart from acquisitions, the company also plans to increase its capacity in Chennai. The company is investing over Rs300 crore to add about 9,000 seats this year across its various facilities in Chennai, besides a new facility in Coimbatore.

The company plans to scale up its existing 4,500-seat capacity at Sholinganallur by 7,500 and this 102-acre centre will eventually house 18,000 seats in future. The company is also doubling head count to 300 employees at its Pallikaranai facility in Chennai. It also has another office in Chennai through the acquisition of financial services firm mPower Inc.

The company has announced plans to commence construction of its facilities at Mahindra City (near Chennai) and Coimbatore. The 95-acre plot in Mahindra Tech city will have about 1,000 seats (initially) built this year. A seven-acre plot in Coimbatore capable of housing a 4,000-seat facility would also start construction this year.
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MS launches Vista, 2007 Office
Mumbai: Microsoft has launched Windows Vista and Microsoft 2007 Office System in India on Tuesday. The launch is simultaneous with the products' introduction in 29 other countries worldwide.

Currently the new version is available in English and Hindi while support for 13 more Indian languages including Telugu, Tamil, Oriya, Assamese and Marathi is expected by early 2008.
According to the company the operating system (OS) would be 40 per cent faster than the Windows XP.

Windows Vista loaded PCs in India will retail at a starting price of Rs 22,000, while the pricing for the Microsoft 2007 Office consumer editions starts at Rs 6,000. However, the company declined to specify the actual price of the OS (operating system).
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