Anil Ambani-promoted Reliance Power (R-Power) has roped in international consultancy firm Ernst & Young (E&Y) to upgrade its Sasan ultra-mega power project (UMPP) in Madhya Pradesh to conform to the norms for receiving carbon credits.
Dr Reddy's Laboratories & Strides Arcolabs are at a risk of raiders as their promoter holdings are less than 26%. Promoters of Dr Reddy's have 25.15% stake as on Dec 31, 2007 and the share value of the company has dipped 19.9 per cent since January 1 this year. The Bangalore-based Strides Arcolab had only 18.82% promoter-holding as on Dec 31, 2007. The stock price of the company has gone down 34% in the same period. The promoters are taking steps to correct the situation.
Germany-based Humana Milchunion eG, one of the largest baby food products and therapeutic multivitamins manufacturers, will soon foray into India and neighbouring markets in a big way.
While the April to September period (H1) saw as many as eight major deals worth over Rs 5,000 crore (Rs 50 billion), the second half of the year saw a sharp drop in the value of such deals to about Rs 1,500 crore (Rs 15 billion). Though the number of deals in H1 and H2 is almost the same, the sharp decline in value in the second half indicates a clear change in outlook and strategy of companies, say industry experts.
Reliance Power Limited, the flagship company of the Reliance Anil Dhirubhai Ambani Group (ADAG), plans to invest about Rs 2,500-3,000 crore (Rs 25-30 billion) over a period of three years, to develop three coal mines to fuel its Sasan Ultra Mega Power Project in Madhya Pradesh. Reliance Power currently has access to coal reserves of about one billion tonnes in India and abroad, including a coal mine in Indonesia, which it acquired recently.
The US Food and Drug Administration (USFDA) has asked Caraco Pharmaceutical Laboratories, the US subsidiary of Mumbai-based Sun Pharmaceuticals Industries, to withdraw many batches of its generic Metformin Hydrochloride tablets used for treating diabetes, citing efficacy and quality issues. According to a USFDA Class II withdrawal announced on March 19, Caraco will have to withdraw seven lots of Metformin Hydrochloride in bottles of 100, 500 and 1000 tablets each.
The next time you buy a shirt or trouser that claims to be stain- and wrinkle-free, thank nanotechnology for it. The Indian government has allocated Rs 1,500 crore (Rs 15 billion) for the development of nanotechnology which involves studying and working with matter on an ultra-small scale. The nanotech market globally is expected to cross $1 trillion by 2010. In India, the maximum research in nanotechnology is taking place in the biotechnology and medicine segments.
Analysts feel this decision is yet another example of big-ticket acquisitions turning sour for Indian pharma firms, as happened in the case of Dr Reddy's acquisition of Betapharm of Germany for Rs 2,250 crore (Rs 22.5 billion).
Mumbai-based Sun Pharmaceuticals has filed a post-grant opposition with the Mumbai patent office against a product patent granted to the extended release version of Johnson and Johnson's (J&J) blockbuster drug Risperdal, used in the treatment of psychological disorders and schizophrenia.
Sun Pharma has increased its stake in Israel's Taro by buying 9.5% more, raising its total holding to 34.4 per cent.
The initiative will include special training for Customs and drug regulatory officials to identify spurious drugs, their origin, distribution chain and follow-up action to raid premises and book culprits, in coordination with regulatory and police officials of various countries.
Pharma majors are collaborating with foreign companies to develop newer drugs.
More than half of the small-scale pharmaceutical units operational in India have either closed down or indefinitely suspended business activities in the last two years, having being struck by un-favourable government policies and the inability to compete with big companies in the changing business environment.
Tata Chemicals has undertaken experiments with biofuel. If these efforts are successful, the company will take up large scale manufacturing of biofuel at its Nanded plant.
Suzlon Energy is relocating its management team to Amsterdam to span their global business.
According to sources, the company will invest $350-400 million in the proposed plant. This will be the first foray by an Indian company for manufacturing cement in West Asia which was so far viewed as an export market.
Multinational drug manufacturers such as Pfizer and DSM are increasingly getting into contract manufacturing alliances with emerging bulk drug makers in the country, bypassing established players such as Ranbaxy and Dr Reddy's.
Oil India chief reveals plans of the upcoming IPO and future investment strategies.
Cipla tops pharma rankings with 5.42% market share, ahead of Ranbaxy and GSK.
Oil and Natural Gas Corporation (ONGC), the country's leading oil and gas exploration and production company, is entering the alternative energy segment with a Rs 1,200 crore-plus (Rs 12 billion) investment to generate 200 mw of wind power for captive use, within two years.
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