Ranbaxy Labs picks up stake in Jupiter Bio Science
New Delhi: Ranbaxy Laboratories has reached an agreement with Hyderabad-based Jupiter Bioscience to acquire a 14.9 per cent stake in the latter. Ranbaxy Labs said it would be able to expand its product portfolio with the acquisition. Ranbaxy said expects huge upsides from the peptide business between 2008 and 2013.

Jupiter Bioscience is to place the proposal for approval before its board on April 12. Ranbaxy is to be allotted equity share warrants on an expanded capital base, after shares have been allotted to promoters and qualified investors. Currently the promoters of Jupiter Bioscience hold 72.81 per cent of its stake.

Incidentally, the deal is a shade below the 15 per cent level that would have triggered off a mandatory open offer by Ranbaxy.

Jupiter Biosciences reported net profits for the quarter were at Rs7.21 crore as against Rs4.98 crore for the previous quarter. The company's shares closed at Rs143.80 at the Bombay Stock Exchange on Thursday.
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Kinetic Engineering gets engine export orders
Mumbai: Kinetic Engineering (KEL), the automotive subsidiary of the Kinetic group, has acquired orders from major two-wheeler players such as MV Agusta, Italy and Tomos, Slovakia to design and develop 125cc and 50cc motorcycle engines for exports.
In all 30,000 engines and frame parts would be shipped to the two companies.

Shipments are likely to begin by year-end and the company hopes to export engines worth at least Rs20 crore in the current year. In 2008, exports may go up to Rs50-55 crore. KEL has been exporting various automotive components to international players like Bombardier Recreational Products, Carraro, Visteon, GKN Rockford, Piaggio and Electrolux. The company expects to generate a turnover of Rs160 crore from the newly restructured automotive business in 2007 and is targeting a turnover of Rs500 crore for 2009.

KEL will now focus on products like small engines up to 500 cc ideal for two-wheelers and recreational products such as ATVs or jet-skies, complete gearboxes for automobiles, earth moving equipment, and commercial vehicles; and a wide array of precision components.
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Tata Motors to enter used car market
Mumbai: The used car market is revving up. After Mukesh Ambani's Reliance Retail announced a possible entry into the second-hand car market, Tata Motors, the country's second largest automobile major, is planning a similar move.

The used market is dominated by informal deals, with the organised sector accounting for only 20 per cent of the business through players such as Maruti (True Value), Hyundai (Advantage), Ford (Assured), Mahindra (Automart India) and Honda (Auto Terrace).

Rajiv Dube, president, passenger car business unit, Tata Motors, said. "When the time is right we will go for it...may be this year."
The used car network is likely to run though Tata Motors' dealership network.
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ONGC to hike investment in refinery project in Kakinada
Hyderabad: Oil and Natural Gas Corporation has announced that it would soon resume work on the proposed refinery project in Kakinada. The company has also decided to step up investment from Rs12,000 crore to over Rs20,000 crore for the project.

The company had last year decided to pull out of the project on account of economic feasibility. However, under the mounting pressure from the Congress-led state government, the petroleum ministry had intervened and asked the company to take up the project. The project will come up in the 10,000-acre SEZ in Kakinada.
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RCoM gets 1.2-million wireless subscribers in March
Mumbai: Reliance Communications added more than 1.2 million wireless subscribers last month March, taking its total wireless user base to over 28 million.

The Anil Ambani group firm has also maintained its position as India's second largest wireless operator, with a re-verified wireless subscriber base of over 28 million as on March 31, 2007, a company statement said.

The company has completed re-verification of 85 per cent of its entire wireless subscriber base in accordance with the industry-wide requirement from Department of Telecom (DoT).

In accordance with DoT's requirements, subscribers that could not be verified at the end of the stipulated period, despite efforts made by the company, have been deactivated.

However, the company would continue its re-verification initiatives, and customers submitting the requisite complete documents would be re-activated within 48 hours, it said.
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Reliance may break up Jhajjar SEZ into 5 parts
Gurgaon: Reliance Industries (RIL) is considering breaking up its giant SEZ in Haryana into five separate zones: one large multi-product SEZ and four smaller ones. RIL's giant SEZ at Jhajjar, was originally proposed to sprawl over 25,000 acres.

The company is in discussions with the Haryana government for this over modifications to the plans. The redrawing of the plans has been necessitated by the revision of SEZ norms by the empowered group of ministers (eGoM).

According to sources in the Haryana government, RIL has proposed it will go ahead with land acquisition in the area. However, further acquisition will only be aimed at generating contiguity in the 10,000-odd acres the company has acquired. Sources say contiguity in the project could be ensured by the acquisition of nearly 5,000 acres more. Then, the company may use 12,500 acres for one multi-product SEZ, and spin off its proposed container facility, food processing unit, power plant and airport into separate projects.
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NTPC to set up 6,000-MW nuclear plant
New Delhi: Power major NTPC is planning to set up 6,000 MW of nuclear generation capacity over the next few years and is talking to equipment and fuel suppliers for the purpose.

NTPC chairman and managing director T Sankaralingam said the company was talking to equipment and fuel suppliers for the proposed plants.

NTPC has been in talks with international players such as GE Energy for setting up the new nuclear facilities and was also engaged in discussions with Thorium Power, a US-based manufacturer of nuclear fuel technology, to establish joint ventures in the country.

NTPC is looking at four states, including Tamil Nadu, Madhya Pradesh and Maharashtra, for setting up these nuclear plants.
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POSCO's land problems to end soon
New Delhi: Officials in Orissa said they would remove "hurdles" blocking land purchases for a $12 billion steel plant planned by South Korea's POSCO within three months. The proposed steel plant, which would be India's biggest ever foreign investment, has been facing stiff resistance from villagers who are unwilling to give up their land.

Some 50 people were injured last month in a series of clashes between opponents and supporters of the project.

The government said it is holding discussions with the agitators and is confident that the hurdles will be removed in three months. He said there was no question of using force.
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