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.
In December 2009, the Consulate will change its address from the landmark Lincoln House in south Mumbai to the Bandra-Kurla Complex, where it will have 40 visa windows as compared with the 17 visa windows at present.
The move was initiated by National Knowledge Commission Chairman Sam Pitroda as an incentive to encourage innovation, collaboration, licensing and commercialisation in Indian institutes. The matter is before the Cabinet and will shortly be moved to Parliament for approval, according to a source close to the development. The law will be on the lines of the 1980 Bayh-Dole Act of America.
At IIM-Ahmedabad, 11 students opted out of placements to start their own venture. While at IIM-Bangalore, 4 students chose not to join the corporate world, IIM-Kozhikode had 5 students who decided to kick-start their own venture. At S P Jain Institute of Management and Research in Mumbai, out of 89 students, one student decided to opt out of placements to join his own family business where he would be heading a new division.
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.
The premier southern institute is said to have got about 100 international and 600 domestic offers for its batch of 425 students. ISB rules mandate that each student will get at least two offers.
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.
Information technology firms appear to have lost their appeal at the Indian Institutes of Technology. Campus recruitment figures by major Indian and foreign IT firms have dipped this year, raising further concerns of an industry slowdown.
With the government planning to start 20 per cent blending of bio-diesel with diesel, Indian oil companies are fast firming up their bio-diesel ventures.
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.
Higher crude oil prices have almost doubled the under-recoveries of government-owned oil marketing companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- in the past three years.
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.
The technical education regulating body plans to direct the institutions to refund the entire fee collected from the student after deducting processing fees, which cannot exceed Rs 1,000.
For executives who quit their cushy jobs to do a one-year post-graduate programme in management at reputed management schools, it could be a problem of plenty, with placement offers pouring in two months before their course comes to an end.
The directors of the seven Indian Institutes of Management (IIMs) will meet later this month to discuss details of a proposal to take the Common Admission Test (CAT) online by 2009.
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.
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