Drug maker agrees to cooperate with Scottish investigation.
Tata Steel's $5 billion steel project in Vietnam has hit a roadblock, thanks to a delay in land allocation.
Dr Reddy's Laboratories, Nicholas Piramal and other Indian drug makers are relying on niche and smaller value, acquisition strategy for growth owing to global slowdown and failure of big-ticket acquisitions in the past.
Glenmark plans to start selling its anti-diarrhoea drug, Crofelemer, by the first-half of 2010 across the globe, except in North America, Europe, Japan and China, the company said. The confidence to sell the drug ahead of its rivals comes as the Crofelemer's original developer, Napo Pharmaceutical Inc, recently entered into a tie-up with a US-based drug maker, Salyx, for selling the drug in the US market, paving the way for Glenmark to sell it in the rest of the world.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
The retail arm of the Mukesh Ambani-led group had almost halted its expansion plans as a credit crunch roiled markets across the globe forcing companies to withhold new projects. The company also froze fresh recruitment.
Fearing the slowdown, hospital managements suspended some of their new medical equipment purchase plans," said A Vaidheesh, managing director, Johnson & Johnson Medical, one of the largest medical equipment companies operating in India. India's medical and hospital equipment industry, which consists of multinational players such as Siemens, Philips, Johnson & Johnson, GE Healthcare and home grown Medtronics, has an annual turnover of over Rs 5,000 crore (Rs 50 billion).
To be the first firm to take advantage of new RBI ruling.
In the termination letters, RIL mentioned that the business has been impacted by the slowdown and the company was not in a position to continue with their employment. Employees who would resign will get one month's salary as compensation. When contacted, an RIL spokesperson declined to comment on the development.
First time, an Indian court revisits a patent office order.
A segment of drug companies such as tablet and capsule makers may benefit from the government's move to review polluting status of these companies, which may help them save costs on pollution control equipment.
Ranbaxy, Dr Reddy's and other Indian drug makers may cut production as overseas buyers, hurt by the credit crunch, defer export orders. The move could also lower the country's drug exports by at least 10 per cent in the year ending March 2010, industry experts say."Many of our members have been intimated by their importers to stop shipments until further notice," said Venkat Jasti, chairman, Pharmaceutical Exports Promotion Council.
Leading power players Reliance Infrastructure and GMR Energy believe this will help ensure coal availability for their mega projects in the pipeline. "They have various proposals on their table, which are relatively cheaper when compared to the scene before the beginning of the financial crisis. However, the acquisitions will depend on the ability of the acquirers to raise funds as the banks have stopped lending at cheaper rates," said a source.
The steel plant will be closed down in 25 days unless an investor takes it over, operative executive director of the Bulgarian metallurgic enterprise Plamen Stoyanov told the Bulgarian media. Bulgaria's biggest steel plant has already shut down some of its production facilities, including two of its blast furnaces, and plans to stop operations completely by the end of this month.
The move, which comes in the backdrop of a global slowdown, aims to improve profit margin amid falling demand for polyester products worldwide. "The company has shut down plants for manufacturing polyester filament yarn, polyester staple fibre, paraxylene, purified terephthalic acid and linear alkyl benzene. However, it is yet to close down the second units of PSF and PFY," sources said.
Drug major Wockhardt has challenged the US patent of Stalevo, a new generation combination drug for the treatment of Parkinson's disease, originated by Finland-based Orion Corporation and marketed by Novartis.
The company is in advanced stages of negotiations with a UPS manufacturer each in Europe and China and the deal may come through within a few months, said Mithun Chittilappalli, executive director, V-Guard. At present, the company manufactures only online UPS, targeted at domestic users of computers and electronic gadgets, which contribute only 5-6 per cent to its around Rs 300-crore (Rs 3-billion) turnover.
The promoter group companies controlled by Anil Ambani are expected to buy R-Infra shares from the open market. "The promoters want to control the majority stake in the company to ward off any hostile attack, when corporate rivalry heightens in the country. As the share price of R-Infra is cheaper around Rs 400, the promoters feel that the purchase of shares from the open market would be profitable, boosting the confidence of the shareholders in turn," said sources.
MSD Pharmaceuticals, the wholly-owned subsidiary of US-based multinational drug company Merck, has chartered an ambitious growth plan to emerge as one of the top five pharmaceutical companies in India. The Merck subsidiary has plans to step up its research and clinical trial programmes in India, mainly in association with hospitals and universities.
Anil Ambani-promoted Reliance Power (R-Power) has signed a supplementary power purchase agreement (PPA) with fourteen buyers from seven states for its upcoming 4,000-MW ultra mega power project (UMPP) in Sasan.
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