Globeleq not to sell Sasan Power Project
New Delhi: The British power Globeleq said the ultra mega power project Sasan does not feature in its restructuring programme.

Globeleq said it is not selling assets, which are at a developmental stage. The company said while it is selling its operating power businesses globally it would not sell its development projects in Africa, America and Asia.

Globeleq along with its Indian partner Lanco Infratech recently won the 4000 MW Sasan ultra mega power project quoting a tariff rate of Rs1.196 per unit.

The Centre in January awarded the letter of intent to the consortium and the last date for the submission of the letter of acceptance is 28 February.

Globeleq owns 70-per cent equity in the company while Lanco Infratech holds the rest.

The reports of Globeleq possibly exiting from the Sasan project were fuelled after the company decided to pull out of emerging markets as part of its restructuring programme.
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Wipro may soon announce acquisition
Mumbai: Wipro wopuld close at least one acquisition in the current quarter, according to senior company officials.

Wirpo is said to be discussions with 10-12 companies for possible acquisitions in the healthcare, travel telecom, manufacturing, pharmacy and banking and financial services verticals and is looking at acquiring companies in the price range of $50-200 million. Company officials said the software company is not looking at (acquisition) deals below $40 million.
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Mahindra offers to pick up 42-per cent stake in Punjab Tractors
New Delhi: Mahindra & Mahindra has shown its interest in picking up a 42 per cent stake in Punjab Tractors Ltd and has made a non-binding bid to buy shares from private-equity fund Actis and the Burman family in Punjab Tractors.

Actis holds 28 per cent stake and the Burman family holds another 14 per cent in Punjab Tractors. The sale is likely to be completed by the end of February.
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M&M launches bio-diesel Scorpio, Bolero
Mahindra & Mahindra has launched the bio-diesel Scorpio and Bolero DI vehicles for usage trials.

The Scorpio with indigenously developed CRDE technology is the first Asian vehicle in its class to run entirely on bio-diesel. M&M also unveiled a 5 per cent bio-diesel tractor along with the utility vehicles, another first in the country.
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United Spirits offers $475 million to acquire Whyte & Mackay
Bangalore: United Spirits has offered $475 million to buy out the Scotland-based Whyte & Mackay, which has around 9 per cent of the global whisky market. However, Whyte & Mackay's asking price is around $600 million.

Sources said United Spirits might look at listing Whyte & Mackay after taking over the company and divest up to 49-per cent stake in the company to the public and to the institutions.

This would allow United Spirits to get part of the investment back and at the same time a listing on the London Stock Exchange. Sources also said that United Spirits was willing to wait as long as it takes for Whyte & Mackay to agree to its offer.
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Zenotech in tie-up with Ranbaxy for EU market
Hyderabad: Zenotech Laboratories has signed an agreement with Ranbaxy Laboratories for the development and marketing of its first biosimilar product G-CSF (Filgrastim).

The agreement would be exclusive for European market and would involve upfront licensing fees and profit sharing after launch.

The product is useful in preventing infections from cancer chemotheraphy-induced neutropenia or depletion of white-blood cells and would be the first biotech product developed in India and may be launched in EU by 2010.

The global market for neutropenia treatments is in excess of $4 billion, while the global G-CSF market is about $1.6 billion. Zenotech Laboratories, a four-year-old, research-driven start-up, with a turnover of Rs12.5 crore during 2005-06 has a robust pipeline of 10 products, some of which are in advanced stage.
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Boeing to set up MRO, training centre in India: to invest $185 million
Bangalore: US major Boeing has announced a commitment to invest almost $185 million to develop aviation-related projects and facilities in India.

The company said it is also committed to invest a total of $1.7 billion in offsets and would invest up to $100 million for a maintenance, repair and overhaul (MRO) facility in Nagpur, and up to $75 million for a flight crew training centre and $10 million for initial pilot training.

The company has bagged aircraft orders worth about $20 billion from India at the Aero India show. Boeing is also eyeing the Indian domestic air cargo sector, which had expanded at an average annual growth rate of over 10 pc.
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