Corporate Announcement

The Annual Survey of Industries (ASI) has revised the net industrial growth rate to 1.8 per cent from 2.8 per cent estimated earlier for 2012-13. As a consequence, figures for 2013-14 and 2014-15 might also be altered. These would have some repercussions for gross domestic product (GDP) numbers for that year as well as two subsequent years.

After 19 days of aggressive bidding by telecom operators, spectrum auction came to an end on Wednesday, adding Rs 1.1trn to the government exchequer. This is a 33 per cent increase over the reserve price.

Finance minister Arun Jaitley said India backed the need for lower interest rates for more rapid economic growth and said he expects rate cuts in the future to cut down borrowing costs.

Sun Pharmaceutical Industries, announced the closure of its merger with Ranbaxy Laboratories and said the integration would deliver synergies worth $250 million (about Rs 1.5 bn) in three years. Announcing an operational blueprint to achieve synergies through value-creation across functions, the company would invest about $300 million (about Rs 1.8 bn) in research and development (R&D) this year, six-seven per cent of the combined revenue.

The NTPC authorities are vigorously pursuing the proposed 4,000-MW thermal plant at Pudimadaka village in Visakhapatnam district, where it already has a thermal plant with a capacity of 2,000 MWs. The expert appraisal committee under the Ministry of Environment and Forests has issued terms of reference in a meeting held in January for conducting EIA (Environmental Impact Assessment) study for the project. The NTPC has

invited tenders for the main plant equipment. The AP Government has allocated 1,200 acres land in Atchutapuram and Rambilli mandals and the investment outlay is Rs. 260bn. According to NTPC, it is the first time in the country that the company is executing 1,000 MW coal based units with supercritical technology, increasing the efficiency and reducing the emissions drastically.

Praj Industries Ltd (Praj) has signed a memorandum of understanding (MoU) to become a licensee for bio-fuels company Gevo. The agreement is for producing renewable isobutanol at sugar-based ethanol plants. Under the MoU, Praj will undertake to license up to 250 million gallons of isobutanol capacity for sugar-based ethanol plants over the next 10 years. Gevo will market the isobutanol produced by Praj's sub-licensees. Praj will also contribute process engineering and equipment services to expand isobutanol capacity at Gevo's plant in Luverne, Minnesota, as well as to improve yields and optimise energy consumption at the facility.

GMR Infrastructure will acquire an additional 10% equity in Delhi International Airport from Malaysia Airports Holdings Berhad (MAHB), thereby hiking its stake in to 64%. It would be purchasing the additional shareholding for $79 million (about Rs 4.92bn). At present, GMR Infrastructure holds 54% stake. Since April 10, 2006 till October 23, 2008, MAHB invested over $57.6 million by taking its total stake to 10% in DIAL.

Cipla, announced the launch of generic drug Sofosbuvir for treating chronic Hepatitis C under the brand name 'Hepcvir', in India. Following the non-exclusive licensing agreement signed with Gilead Sciences in September last year to manufacture and market chronic Hepatitis C medicines, Cipla is now all set to make the drug Sofosbuvir available to Indian patients in a week's time

Tech Mahindra is in talks to take over a large multilingual business process outsourcing captive in a deal that could be worth $80 million (about Rs. 500 Cr), as the IT arm of the Mahindra Group looks to bulk up its BPO operations.

 

Larsen & Toubro plans to hive off its electrical and automation business, the only product business of the engineering major, into a subsidiary in 2015-16 with a plan to list it the year after, but will exit all other non-core businesses.

 

Jaguar Land Rover (owned by Tata Motors) will expand its advanced engineering design center at its global headquarters, as part of a £600-million investment programmed into manufacturing and research and development across three UK sites.

 

Supreme Court stayed till April 28 the order of Delhi High Court barring Glenmark Pharamceuticals from making, marketing or selling its anti-diabetes medicines in which US drug major Merck Sharp and Dohme (MSD) has claimed patent right. 

ONGC would invest Rs. 40,000 Cr in Krishna-Godavari Basin in a phased manner over the next four years.

 

IFCI, which held 4.79% in MCX at the end of December 2014, proposes to offload its entire stake in the bourse in the open market by the end of the current financial year.

 

Tata Power will acquire 50 percent stake in Zambia's Itezhi Tezhi Power Corp Ltd (ITPC) from Tata Africa for an undisclosed amount.

 

M&M is in talks to buy Italian auto design and engineering company Pininfarina SpA.

 

ICICI Bank has put Dunlop India's prime property, Dunlop House, on the block to recover its dues.

 

Suzlon to sell SE Forge & other assets to raise Rs. 2500 Cr.

 

NDMC to auction Taj Mansingh within 3 months (Indian Hotel in focus).

 

J&K government gets a coal block jointly with NTPC in Odissa.