Recently, IT czar Azim Premji bought a 10 per cent stake in Subhiksha through his personal investment arm for nearly Rs 230 crore, valuing the retailer at Rs 2,300 crore. Premji's firm purchased this stake from ICICI Venture. However, this time around, Subhiksha promoters are expected to issue fresh equity to investors and expect the valuation to be around Rs 3,800 crore, sources said.
The Rs 1,027-crore (Rs 10.27 billion) company has filed 13 abbreviated new drug applications and 22 drug master files with the US Food and Drug Administration and regulatory agencies in Europe for supply of formulations and active pharmaceutical ingredients. Some of the ANDAs challenge innovator patents and the company's strategy will be to partner with established companies in the US and Europe for marketing formulations, said Pranav Amin, director, Alembic.
Terming the report as a 'rehash' of an earlier JAMA article by the same author in 2004, the ministry said it discloses 'a strong bias against Ayurvedic medicines.' The earlier JAMA report, also by Robert B Saper of Boston Medical Centre, had prompted drug regulatory agencies of the US and European countries to repeatedly warn against the use of Indian Ayurvedic products and ban some of them in 2004.
WHRL was founded in 1990 by Nobel laureate Sir John Vane to fund the research works at William Harvey Research Institute, one of the leading centres in the world for pharmacological research.
Had plans to invest $250 mn in the US polyester manufacturer's facility.
The group, which employs nearly 26,000 employees, plans to cut employee costs by one per cent, or Rs 65 crore (Rs 650 million), in the current year by redeploying people in its various businesses and reducing new hirings. "Instead of external hiring, we have redeployed a part of our people resources from our mature businesses to the new ventures," Future Group CEO Kishore Biyani said.
Sun Pharmaceutical may face legal battles in New York courts in its attempt to take over the Israeli drug major Taro Pharmaceuticals, unless its chairman Barrie Levitt and family give up in a few weeks. This is despite the green signal given by an Israel court to proceed with the tender offer.
Dr Reddy's Laboratories plans to brand its speciality drugs sold in the US. It will begin selling branded skin care products by year-end. The venture will be spearheaded by Promius Pharma, a wholly owned subsidiary of its US arm
Nutraceuticals, consisting of dietary supplements and functional foods with curative or nutritional benefits, are estimated to have a sales of $190 billion globally by 2010. India's food supplement and health food market is estimated currently at about $400 million. The country already has a clutch of established players focussing in this segment such as Avesthagen, Himalaya and Sami Labs.
Companies that earlier took 36 months on housing projects are now completing them in around 30 months by boosting efficiencies and using modern technology. Commercial project developers are going a step further, completing projects in 17 months instead of 24. In some instances, mainly in smaller commercial buildings, developers are trying to cut down the project completion time to a mere 9 months.
Caisse manages nearly $155 billion of pension and insurance funds in Canada and North America while Ivanhoe has 70 shopping centres in Canada, the US, Europe and Latin America, totalling 46 million sq ft.
The regulator has also cancelled the licences of three packagers providing services to Subhiksha for violating the packaging rules. The warehouses are based in Bhiwandi, which is on the outskirts of Mumbai.
Property developers, consultants and brokers have seen a 40 per cent decline in enquiries from home buyers over the last three months.
The drive to cut costs is becoming critical as key input costs - steel, cement and labour - that account for 40 per cent of project costs have escalated 50 per cent over the past year.
The recent pullout by ICICI Venture and Citigroup Venture from a three-year-old drug discovery partnership with Dr Reddy's Laboratories points to angel investors' growing aversion to risk in pharma and biotech firms, say experts.
Pharmaceutical majors like Ranbaxy, Dr Reddy's Lab, Wockhardt, Glenmark and Sun Pharma are now treading a careful patent litigation path in the US market to expand their generic business instead of the aggressive patent challenges they pursued until a few years ago.
Unitech, the country's second-largest property developer, is planning to raise nearly $1 billion (Rs 4,200 crore) in the current financial year from private equity players for its hotel, commercial and retail projects across the country.
For such bonanzas, prospective home buyers have a downturn to thank. Property sales have fallen 15 to 20 per cent countrywide over the last six months, owing to rising home loan rates. This has pinched the cash flows of developers, already reeling under higher borrowing costs and a range of anti-inflationary measures that restrict their flexibility to raise funds.
Reliance Power (R-Power), the Reliance-ADAG group company, which plans to set up 28,000 mw of power plants in India, has secured $1 billion (or around Rs 4,200 crore) funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.
In partnership with different US firms, two companies belonging to Reliance Anil Dhirubhai Ambani Group (ADAG) have submitted competing bids for a single project floated by the Ministry of Coal.
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