In another setback to Big Pharma, US drug major Eli Lilly's blockbuster erectile dysfunction drug Cialis (generic name:Tadalafil) has failed to qualify for a product patent in India after the basic constituent of the medicine was found to be a known substance, developed and patented by Indian scientists 32 years ago.
According to India Retail Report prepared by Images, discount stores are expected to grow 30-40 per cent every year. Of the total organised apparel, footwear and accessory retail market of Rs 26,400 crore (Rs 264 billion), discount retailing already accounts for Rs 11,880 crore (Rs 118.80 billion), or 45 per cent. Analysts said this segment will easily become a Rs 26,000-crore (Rs 260 billion) market in the next three years.
When French Retailer Carrefour enters the Rs 1,200 crore (Rs 12 billion) cash and carry segment in 2009, it would face tough competition from established players such as Germany's Metro, Bharti-Wal Mart, Reliance, Pantaloon, Wadhawan Retail and others entrants like Tesco and Costco.
In the first of its kind among property consultants, the UK-headquartered Knight Frank Group will launch a $250 million India-focused real estate fund.ICICI Prudential Mutual Fund recently launched its real estate securities fund, which is the first real estate mutual fund in India.
Corporate houses getting into music retail are turning the outlets into multi-product stores that will offer apparel and even perfumes.
"The cost of economic crime in India is significant, which is also evident from some of the large frauds experienced by the country in the last two years," said PricewaterhouseCoopers Advisory Leader Ashwini Puri, adding, "Additionally, average cost to manage economic crime in India is close to double as compared to global averages."
Even in the face of protests from trade groups, escalating real estate costs and pressure on margins, the march of domestic retail chains continues unabated.
According to a Reliance Retail executive, 20 per cent of the space will be occupied by local vendors selling their agricultural produce, food items and artifacts. Besides, there will be stores for foods and vegetables, entertainment etc.
The Reliance apparel stores will stock all kinds of apparel, about 4,000 products across as many as 94 brands, manufactured exclusively for the company.
A clutch of foreign and domestic institutions has submitted expressions of interest to acquire at least 26 per cent in the Delhi-based Industrial Finance Corporation of India (IFCI).
Oberoi Constructions, promoted by billionaire Vikas Oberoi, has tied up with the $10 billion Chinese real estate firm Shimao group to bid for the Rs 10,000-crore (Rs 100 billion) Dharavi Redevelopment Project.
Filmmaker Prakash Jha, well known for his hard-hitting movies such as Gangajal and Apaharan, is set to change the entertainment and retail landscape of eastern India.
Leading property developers have made offers for this prime property, which real estate industry sources suggest could fetch Fiat more than Rs 300 crore (Rs 3 billion).
The ban, although described as temporary, is being seen as a knee-jerk reaction by the state government following the attacks on Reliance Fresh and Spencer's stores and has raised several questions over its farm policy.
According to Krishi Bhawan officials in New Delhi, due to the well-distributed rainfall this monsoon, kharif production is set to rise perceptibly and consequently the net sown area will also increase.
The country's leading music companies are grappling with a new problem: how to sell their music. Sale of cassettes and CDs are on the decline, while online sales have been severely undercut by free downloads.
India has asked its top geological agency to explore additional reserves of 20,000 tonnes of gold and diamonds in several states in a bid to reduce the country's dependence on imported bullion.
After the Supreme Court order, the Central government has further made the multi-location research trials of new genetically modified crops tougher.
Real-estate consultants and housing finance companies say the number of deals has dropped in suburbs such as Bhandup, Malad, Vasai, Kharghar and Panvel.
The Slum Rehabilitation Authority of Maharashtra has once again extended the last date for submission of expression of interest for the Rs 10,000-crore (Rs 100 billion) Dharavi Redevelopment Project to August 30.
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