Regulators tighten net on safety grounds.
However, the company will go ahead with its plans in Jharkhand, and has secured iron ore mines and coal linkages to the project, company sources told Business Standard. An e-mail reply from the steel major said it was not expecting its projects in India to start before 2014.
Wockhardt Chairman Habil Khorakiwala can breathe easy, as bankers have approved the debt restructuring package he had sought three months ago.
Fortis Healthcare, promoted by former Ranbaxy owners Malvinder Singh and Shivinder Singh, will raise Rs 1,000 crore (Rs 10 billion) through a rights issue by the first week of August, to fund its expansion plan.
It will focus on sourcing 800 Mw for BEST and 477 Mw for its own distribution system from April '10. Sources said TPC on Thursday officially wrote a letter on the issue to R-Infra, informing them that it would support the ADA group company till March next year in the interest of Mumbai's consumers, and help R-Infra find alternative arrangements. While a Tata Power spokesperson declined to comment, an R-Infra spokesperson expressed surprise over the decision.
WakeupWalmart.com, an anti-Wal-Mart website which belongs to the United Food and Commercial Workers Union, came out with a report two days ago titled, 'Wal-Mart's vaunted $4 prescriptions supplied by disgraced Indian manufacturer.' UFCW claims to have a membership of over 1.3 million workers in the US and Canada. WakeupWalmart.com mainly campaigns for the rights of Wal-Mart employees and consumer interests.
The Anil Dhirubhai Ambani group company hasn't yet got the contract for executing the second phase of the Mumbai Metro, but Jalan's team has already started negotiating with domestic banks to tie up funds for the estimated Rs 11,000-crore (Rs 110-billion) project.
Reliance Power's plans are to set up a 7,480-Mw project, which will be the largest gas-fired power project at a single location in the world.
The latest to join the list of projects that have achieved financial closure are two power projects -- 1,050 Mw GMR Kamalanga Energy of GMR Energy coming up at Dhenkanal in Orissa and the second phase 300 Mw Rosa power project in Uttar Pradesh promoted by Reliance Power. Experts said financial closure for another Rs 100,000 crore worth of projects are likely to be achieved in this calendar year, mainly from the power and infrastructure sector.
Termed AiroCide, the technology is supposed to eliminate 99.9 per cent of all air-borne micro-organisms, bacteria and pollutants.
The Anil Dhirubhai Ambani Group-promoted Sasan Power was Rs 2,500 crore short of the roughly Rs 15,000 crore it needed to borrow for the project. Now, India Infrastructure Finance Company Ltd has agreed to lend around Rs 2,500 crore. A consortium of 12 domestic banks have already committed around Rs 12,500 crore, with State Bank of India and Power Finance Corporation leading the pack, with Rs 3,500 crore and Rs 1,800 crore respectively.
Lupin Ltd, one of the top five domestic pharmaceutical companies, plans to revamp its drug research programme and foray into novel biotech and reverse engineering of biotech drugs (or biosimilars).
Dr Reddy's Laboratories, Jubilant Organosys, Orchid Chemicals, Aurobindo Pharma and Shasun Chemicals and Drugs are among those who have borrowed either to expand locally or to acquire companies abroad, but are now struggling to repay the dues, analysts say. Some of the companies' debt now exceeds their market capitalisation, as local and global investors sold stocks on concerns over slowdown and falling revenues. A few drug makers may be forced to sell assets to repay debt.
After launching the Nano early this week, the country's leading truck and bus maker, Tata Motors, is now looking to set up a truck manufacturing plant in Myanmar with support from the Indian government in the form of financial participation.
RIL is grappling with other priorities -- sliding oil prices, shrinking refining margins and a battle with the Anil Ambani group over the supply of gas. The plan was to build an integrated pharma company in two to three years, on the lines of large domestic majors such as Ranbaxy's or Dr Reddy's Laboratories. Instead, the plan has been modified to being a start-up bulk drug manufacturing company that will launch six bulk drugs or active pharmaceutical ingredients by 2010.
The sector has expansion plans worth more than Rs 2,000 crore to increase their bed strength in response to robust demand. Fortis, which now manages 3,000 beds with a network of 26 hospitals, is planning to double capacity by 2012 with 40 hospitals. Apollo Hospitals, which has 7,500 beds in 43 hospitals in India and overseas, plans to add 2,000 beds in two years. Meanwhile, the 17-hospital Wockhardt chain will soon add hospitals at Kolkata, Mumbai and at Nasik in Maharashtra.
Domestic pharmaceutical market registered a value growth of 14.4 per cent in January and 9.9 per cent in the 12 months ended January 2009. The yearly turnover was Rs 34,487.17 crore. The growth of the domestic drug sector, which was just 6.8 per cent in November 2008, improved to 13.2 per cent in December and to 14.4 per cent this January.
RIL has been using gas from GAIL during the past three months to test-fire the 1,440-km east-west pipeline, India's longest, from Kakinada in Andhra Pradesh to Bharuch in Gujarat. Only 100 km of the pipeline remains to be test-fired. It will transport gas from the world's largest gas discovery at the Krishna-Godavari basin in the Bay of Bengal to Jamnagar in Gujarat, where it has set up the world's largest petroleum refinery.
"We have a cash balance of close to Rs 1,500 crore. A majority of this balance can be used for acquisitions as our annual working capital requirement is only Rs 25-30 crore. I will not rule out a buyout of companies to expand our domestic business," said Mernosh Kapadia, senior executive director, GSK India. It is speculated that GlaxoSmithKline Plc is in talks to acquire leading Indian drug major Piramal Healthcare, in a deal valued over $1.5 billion.
New drug discovery and contract research have taken a back seat as global drug majors have slowed down their research and development offshoring to India.
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