RIL has been using gas from GAIL during the past three months to test-fire the 1,440-km east-west pipeline, India's longest, from Kakinada in Andhra Pradesh to Bharuch in Gujarat. Only 100 km of the pipeline remains to be test-fired. It will transport gas from the world's largest gas discovery at the Krishna-Godavari basin in the Bay of Bengal to Jamnagar in Gujarat, where it has set up the world's largest petroleum refinery.
With this deal, Jaipuria's RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo's bottling capacity in the country (earlier he was PepsiCo's largest bottler together with his family). Confirming the development, Jaipuria said the deal would be complete in a day or two. "The West Bengal operations will contribute 10 to 15 per cent to our turnover," he said.
"We have a cash balance of close to Rs 1,500 crore. A majority of this balance can be used for acquisitions as our annual working capital requirement is only Rs 25-30 crore. I will not rule out a buyout of companies to expand our domestic business," said Mernosh Kapadia, senior executive director, GSK India. It is speculated that GlaxoSmithKline Plc is in talks to acquire leading Indian drug major Piramal Healthcare, in a deal valued over $1.5 billion.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
New drug discovery and contract research have taken a back seat as global drug majors have slowed down their research and development offshoring to India.
If Taro fails to address the issues raised by the US Food and Drug Administration, it may face ban on many of its products in the US market, made from the facility at Ontorio, Canada. If Taro fails to address the issues raised by the US Food and Drug Administration, it may face ban on many of its products in the US market, made from the facility at Ontorio, Canada. If Taro fails to address the issues raised by the US FDA, it may face ban on many of its products.
Surinder Kapur, president of the company's 'vendor council,' said it has about a dozen representatives from Tata Motors and an equal number from the vendors. "We supply for about 4-5 per cent of our revenues to Tata Motors and we do not have payment issues," he said. Lumax, which derives about 15 per cent of its turnover by supplying almost half of the lighting solutions for Tata Motors worth about Rs 60 crore a year, said they had not experienced any payment issues.
The gap between the average fares of a full-service airline and a low-cost carrier for metro routes narrowed by a third in January, thanks to leading players cutting their fares quite dramatically to grab the market share.
Broad consensus is emerging within a Group of Ministers chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
Wockhardt, the Mumbai-based leading pharmaceutical and biotechnology company that is struggling to repay its nearly Rs 900-crore
Germany-based Merck KGaA, the world's oldest multinational pharmaceutical company, is eyeing to acquire a prominent Indian pharmaceutical company and established drug brands.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
The merger of Pfizer and Wyeth is expected to create the second-biggest drug maker among multinational companies in India. The world's largest drug maker Pfizer yesterday announced a $68-billion acquisition of US-based Wyeth.
As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
The 7,480 MW project will be the largest gas-fired power project at a single location in the world and will cost about Rs 20,000-25,000 crore (Rs 200-250 billion). Mukesh Ambani-controlled RIL for the supply of gas from the Krishna Godavari basin, where RIL is developing the largest gas reserves in the world. The matter is currently under litigation in the Bombay HC and a decision is expected soon.
"We are looking at an investment of several million dollars or up to a billion in the coming years, depending on how India's government allows commercialisation of the nuclear power sector," said Dennis Hays, vice-president of Thorium Power. The investments and areas of operation can be in various technologies, manpower training, fuel processing, and operation & maintenance of power plants in the nuclear sector, he added.
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
Will scrap bid if it falls below government's revenue expectations.
Dr Reddy's has reached an out-of-court settlement to launch the Glaxo-patented Imitrex, a migraine drug that had annual sales of $878 million as of March 31, 2006, in the US. Experts estimate Dr Reddy's may not get more than $8-$15 million sales in 2009 since majority of sales revenue has to be given to GSK, for allowing the launch the authorised generic version.
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