Bangalore-based real estate player Prestige Estates Projects said Singapore-based GIC Realty Pte Ltd, the country’s sovereign wealth fund, has signed a term sheet to explore the possibility of acquiring a ‘significant minority’ stake in the Indian company’s commercial buildings business. The term sheet is to explore an investment by Reco Jade Ind Pvt Ltd, a […]
Pharma major Strides Shasun said it has decided to launch the ‘over the counter’ version of ulcer drug Ranitidine in 150 mg dosage in the US markets immediately. Strides Shasun is already a key player in the US Ranitidine market with 32% market share through its prescription version in 150 mg and 300 mg doses. […]
Sterlite Tech, India’s biggest fiber cable maker, said it won a Rs 3500-crore order to design, build and manage a communications network for the Indian Navy. The advance purchase order requires Sterlite Tech to design, build and manage the communications network for over a decade. The project includes the creation of a high-capacity IP-MPLS (Internet […]
Indian operator Bharti Airtel, aircraft maker Airbus, US airline Delta and US operator Sprint were among the founding members of a new platform intended to pave the way for easier in-flight telecom connectivity. The alliance, which also includes satellite broadband operator OneWeb and in-flight connectivity specialist GoGo, plans to bring more companies onboard. The aim […]
Sun Direct, the Chennai-based DTH operator continued to add new channels to its platform over the past week, taking the total new ones to 41, including 9 in high definition. The new HD channels added include DSport, Zee Telugu, Colors Bangla, Discovery JEET and Fox Life. The new standard definition channels added include Madha Tv, […]
Idea Cellular, one of India’s largest telecom operators, said the recently concluded sale of its shares to institutional investors, along with a recent fund infusion by the promoter, will reduce its net debt by Rs 6,750 cr. “This equity raise of Rs. 3,500 crore along with recent infusion of Rs. 3,250 crore by Idea’s Promoter […]
The Supreme Court has directed the government of India to set up a committee to suggest reforms in rules and regulations governing accounting and auditing services companies in India. The three-member committee has been asked to suggest a revamped regulatory mechanism for big auditing firms within two months. The order came in a public interest […]
Larsen & Toubro said it was awarded a Rs 928-cr contract by a government agency to construct 13,314 flats under the Prime Minister Awas Yojana Scheme. The flats, which will take the shape of 284 towers with four floors each, will be constructed in various locations of Krishna District of Andhra Pradesh, it added. “The scope […]
Hospital chain Fortis Healthcare said it received a notice from the Punjab and Chandigarh office of Registrar of Companies asking for information. The company did not clarify what the information was related to, but it is likely that it is related to the corporate affairs ministry’s inquiry into allegations that the promoters siphoned off money […]
Days after Larsen & Toubro reported receiving an order to revamp Pune’s municipal water supply network, Jain Irrigation Systems Ltd too said it won a Rs. 375 Cr contract from Pune Municipal Corporation for revamping the distribution system. “The contract involves ‘Study, Survey, Investigation, Assessment, Design validation and Revamping of entire Water Supply System including […]
Godrej Properties said it was adding a new 7.5 lakh square-foot residential project in Gurgaon, marking the 12th project for the Mumbai-based company in the National Capital Region. The company did not give much in terms of details, except to say that the project will be a “modern group housing development”. “This project is situated […]
Glenmark Pharmaceuticals, a global pharmaceutical company based in India, said it has signed an exclusive agreement with a South Korean company to sell six eye-related generic drugs in the US market. The total U.S. brand sales for the six products was approximately $1.7 billion for calendar year 2017. Glenmark said it expects to file six […]
Pharma major Lupin said it has launched the generic version of Allergan’s Alzheimer’s drug Namenda XR in the US. The medicine has annual sales of approximately USD 936 million in the US, making it almost a billion-dollar drug. The launch was done in dosages of 7mg, 14mg, 21mg and 28mg of Memantine Hydrochloride. The drug […]
Bharat Heavy Electricals Ltd, the largest Indian heavy equipment maker, said it won a Rs 1,034 cr order to set up a gas-based captive power plant at Hindustan Petroleum Corporation’s Visakh Refinery. The order, given on a turnkey basis, is part of the expansion project at the refinery at Andhra Pradesh. BHEL’s scope of work […]
Royal Orchid Hotels announced the opening of its eighth new hotel this year at Nashik, the wine capital of India. ‘Regenta Resort Soma Vine Village’ has 32 rooms with “varied” dining and banquet facilities, the hotel chain said. With this, the total number of hotels in the chain has reached 49. Chander Baljee, Managing Director […]
The United States’ Food & Drug Administration has issued a Form 483 after inspecting Biocon’s Malaysia manufacturing plant, indicating that it found discrepancies during the inspection. Issue of Form 483 means that the plant has not been approved for production of medicines in its current shape, and must be modified under a ‘corrective and preventive […]
Drug maker Suven Life Sciences Ltd said it secured more patents in India and South Korea for its drugs designed for treating neurodegenerative diseases. The India product patent is valid through 2029, while the Korean one is good for up to 2033, the company that focuses on neurological diseases said. “The granted claims of the […]
Private sector lender IndusInd Bank clarified that it does not have any heavy exposure to the ongoing saga of fraud and crime involving unauthorized letters of comfort issued by an employee of Punjab National Bank. “IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures basis the LoUs issued by […]
IndiGrid, India’s first infrastructure investment trust for power assets, said it has acquired three transmission assets from its sponsor at a cost of 1,410 cr, taking the total assets under management to 5,300 cr. The company said it will also invest Rs 232 cr into Patran Transmission Company Limited, a unit of Techno Electric & […]
Automaker Mahindra & Mahindra said it will invest Rs 500 cr at its Chakan plant in Maharashtra for product development and capacity enhancement in its electric vehicle operations. The investment is in addition to the Rs 6,500 cr expansion program that is already going on at the plant that also makes non-EV models, India’s biggest […]
