Corporate Announcement

The government is planning to set up a consortium of financial institutions to partly finance about 101 inland waterways to facilitate faster and economical cargo movement in the country. 101 identified inland waterways alone require an investment of Rs.350 bn in next couple of years.

The Union Cabinet decided to overhaul FDI norms for non-resident Indians (NRIs) to treat these on a par with domestic funding, as well as invest Rs.105 bn to boost urea production to reduce the country's import dependence. 

The government is preparing to take the next big leap in the coal sector and hopes to auction blocks for commercial mining in the current fiscal year after consulting sector experts, foreign companies and industry bodies. The coal ministry has already identified coal blocks that will be auctioned to private miners and started the process of preparing tender documents for the auction that will allow companies to bid for blocks and sell coal in the open market.

Strides Arcolab signed agreements with wholly owned subsidiaries of Aspen Pharmacare Holding Ltd, to acquire a generic pharmaceutical business in Australia and related assets from Aspen for approximately A$380 mn. The acquisition will rank Strides and its group entities as one of the top 3 generic pharmaceutical suppliers in Australia. 

Mahindra & Mahindra, signed a definitive agreement to acquire 33% stake in Mitsubishi Agricultural Machinery Co. for US$25 mn or Rs.1.59 bn. The deal is likely to be closed by 1st of October 2015 with the funds infused by Mahindra will go in expanding the capital base of the Japanese company.

Oil and Natural Gas Corporation and its partner, Cairn India, are readying to spend between US$ 750 mn and $1 bn (Rs.48-64 bn) in the Nagayalanka onshore block in the Krishna-Godavari Basin. The investments would be over three to five years, on creation of infrastructure, production facilities and transportation.

Reliance Industries and its partner BP plc have surrendered two more oil and gas blocks, reducing their tally to four exploration acreages from 21 they held four years back. 

SpiceJet, raised Rs.3 bn through various instruments as part of recapitalization to shore up its finances and enhance its fleet size to 45-50 aircraft by March next year. The airline currently has 35 planes - 20 Boeing 737s and 15 Bombardier Q400 - in its fleet. 

The Union environment ministry has accorded clearance under the coastal zone regulations for enhancing the coal handling capacity, installation of a coal conveyor, stackyard and flue-gas desulfurisation disposal at Tata Power's Trombay plant in northeast Mumbai. Tata Power needs to increase coal handling capacity and allied activity as it converts one 500 MW unit at the plant to coal from oil at an investment of Rs.11.74 bn.

Glenmark Pharmaceuticals, has been granted tentative approval by the US health regulator to sell Rufinamide, which is used to treat seizures caused by Lennox-Gastaut syndrome. The approval has been granted for the tablets in 200 mg and 400 mg strengths. Rufinamide is a therapeutic equivalent of Banzel tablets of Eisai.

Reliance Infrastructure, is scouting for an international joint venturecum technology partner in Russia to locally manufacture nuclear powered submarines and stealth warships at Pipavav in Gujarat.

Cipla acquire 51% stake in Quality Chemicals, Uganda and make USD 8 million upfront payment & five equal installments Of USD 4.4 million for QCL also Cipla is recalling in the US market 1,40,625 vials of Levalbuterol Inhalation Solution used for relieving shortness of breath and coughing caused by asthma and chronic obstructive pulmonary disease. 

SEBI chanrges group chairman with insider trading in Murugappa Group Co Cholamandalam, Coromandel, Tube Investments, Carborundum, EID Parry. 

Indian Hotels Company (IHCL) has received the approval of its board of directors for delisting of its Global Depository Receipts (GDRs) from the London Stock Exchange. 

Idea Cellular eyes USD 1.2bn deal to sell tower biz. Axiata, Bharti group, ATC show interest.

 

Ahluwalia Contracts bags new orders worth Rs. 676.36 Cr.

 

Intellect Design to merge its two arms with company.

 

ICICI Bank sells Rs. 250 Cr Lavasa NCDs to loan recovery co Arcil.