|
Dr Reddy’s takes 45 % stake in
American Remedies
Hyderabad: In a strategic move, Dr Reddy’s Laboratories has picked
up a 45 per cent equity in American Remedies. The company has bought the equity at Rs 175
per share. This will enable Dr Reddy’s to have a controlling stake in the
Chennai-based American Remedies and also add to its topline. Dr Reddy’s is also
expected to pick up 15 to 20 per cent in American Remedies from the promoters’
associates and later make an open offer for an additional 20 per cent stake as required by
the Securities and Exchange Board regulations.
Dr
Reddy’s, with this acquisition, has changed its track, as so far, it has been
acquiring brands. "Now we are going to look at the mergers and acquisitions route as
part of our strategy," says Satish Reddy, managing director of the Rs 426-crore
pharma major. With this acquisition, the company’s domestic sales will to go up to Rs
350 crore. Some of the noted brands of American Remedies are Antoxid, BioE, Becozinc, GLA
and Optisulin.
Back to News
Review index page
Reliance Petro
redeems debenture instalment
Mumbai: Reliance Petroleum has redeemed the
first instalment of principal and interest against its outstanding triple option
convertible debentures. The redemption amount of Rs 320 crore has been paid on 22 November
to over 9,20,000 institutional and retail investors in accordance with the terms of the
offer. The debentures were issued in September 1993. The company has also converted its
outstanding warrant equity shares into fully paid equity shares of Rs 10 each at a face
value of nearly Rs 449 crore. The paid-up equity capital of the company has increased from
Rs 3,450 crore to Rs 3,869 crore.
Back to News
Review index page
Philips contests Aiwa
claim
New Delhi: Philips India has taken strong exception to Japanese
electronics major Aiwa claiming that it has a 60 per cent market share in India. Philips
has complained to the Advertisement Standards Council of India about the latest
advertisements by Aiwa saying the claim is misleading. Philips said the latest ORG figures
put Aiwa’s total audio market share at 16.6 per cent. Even if the mini segment with
CD is taken, its market share will be about 53 per cent. The mini category is about 35 per
cent of the total audio market and Aiwa is the leader in this segment. The market share of
Philips, according to the ORG figures, has increased by three percentage points to 34 per
cent.
Aiwa clarified that the advertisement released on 15
November is not wrong as it said the company had a market share of "around 60 per
cent".
Back to News
Review index page
Wipro service to
customers
Bangalore: Wipro has introduced India’s first free e-mail-based
support service for its Wipro Voyager HomePC customers. The company has tied up the Learn
Home, an Internet company, to respond promptly over e-mail to provide easy access and
timely advice and guidance to customers.
Back to News
Review index page
Nalco to buy Aqua
Chemicals
Chennai: Nalco Chemicals India, a subsidiary of Nalco of the US, is
acquiring Aqua Chemicals and Systems of Chennai. Nalco will pick up the entire 100 per
cent stake in the company, held by the Commonwealth Development Corporation (46 per cent)
and the company’s promoters, headed by S. Ravi Chandran. Nalco is said to be paying
over Rs 40 per share. Nalco of the US had recently bought a 40 per cent stake held in
Nalco India by ICI to double its holding.
Sanjay R. Srivastava, managing director of Nalco India,
said with Aqua Chemicals coming under its fold, Nalco will become a total water solutions
company and will be No 2 in the Rs 40-crore Indian water treatment market behind Ion
Exchange.
Back to News
Review index page
Warren group company
plans hotels
Calcutta: Tea major Warren group company Darjeeling Plantation Industries
is diversifying into hospitality and brewery business. It intends to invest around Rs 20
crore to set up resorts and hotels in different cities.
Darjeeling Plantation Industries chairman Vinay K. Goenka
says Udaipur, Puri and Darjeeling are the towns where the company will set up hotel and
resort projects. The projects will be undertaken by the company on its own or will be set
up through the acquisition route. The company will also set up a brewery.
Back to News
Review index page
ISG to market banking
software Plato
Bangalore: Indian Software Group of Chennai, a division of Chambal
Fertilisers and Chemicals of the K.K. Birla group, is marketing an asset-liability
management software product, Plato. ISG is in talks with a nationalised bank, a foreign
bank and a private Indian bank. Plato has been developed by the US-based Midas Kapiti and
is customised for the Indian banking sector.
Back to News
Review index page
Nicholas buys Hoechst
plant
Mumbai: Nicholas Piramal India has bought the manufacturing facility of
Hoechst Marion Roussel in the Mumbai suburb of Mulund as a going concern for Rs 12 crore.
The facility includes 16,824 square metres of land and plant and machinery. The executives
of the company too are part of the "assets" that have been transferred. The
plant makes a parenteral nutrition product Haemaccel. Nicholas Piramal had bought an
adjacent plot of land from Hoechst a couple of years ago and has set up a research centre
there. The company now plans to establish a research park.
Back to News
Review index page
Sanmar, GIO form JV for
risk services
Chennai: The Sanmar group and Australian insurance major GIO Australia
Holdings have formed a joint venture, GIO Sanmar Risk Management Service. This will be the
third Sanmar-GIO joint venture after similar ventures in debt trading and stock broking.
The new joint venture will be the fourth entrant in the risk management field after the
Tatas, Zurich and Allianz. The venture will have an initial investment of about Rs 50 lakh
and Sanmar will hold a 51 per cent stake and GIO 49 per cent. The company will target
chemical and petrochemical industries and refineries.
Back to News
Review index page
6 profitable PSUs identified
for divestment
Mumbai: The government has identified six profit-making public sector
undertakings for divesting 26 per cent of the government stake.
Minister for heavy industry Manohar Joshi said the
companies identified are Andrew Yule & Co, Bharat Heavy Plates & Vessels, Bridge
& Roof, Scooters India, Hindustan Paper Corporation and Tungabhadra Steel Products.
The government has also identified 12 loss-making PSUs for
similar divestment.
Back to News
Review index page
Global Greens plans
acquisitions
New Delhi: L.M. Thapar group company Global Greens is raising Rs 50 crore
as debts and through private equity funds in the next six months to finance its
acquisitions in the food segment..The company has signed an agreement to take over the
food unit of VST Industries. It has also taken over the management of Saptarshi Agro, a
Tata Tea subsidiary and is planning to acquire the unit. It has also tied up with
supermarket stores like Tesco in the UK for supply its "Tiffy" brands of food
products.
Global Greens, according to its chief operating officer
Debashish Mitra, is hiking its paid-up capital from Rs six crore to Rs 10 crore. The
company expects to have a turnover of Rs 150 crore in the next three years.
Back to News
Review index page
L&T bags NDDB
order
Mumbai: Larsen & Toubro has bagged an order valued at Rs 71.34 crore
from the National Dairy Development Board for the design, supply, installation and
commissioning an automated dairy pant for Banaskantha District Cooperative Milk Producers
Union at Palanpur in Gujarat. The plant will process 6.5 lakh litres of milk per day and
can make 60 tonnes of milk powder every day.
Back to News
Review index page
Kalyani Steel issue
rating downgraded
Mumbai: Crisil has downgraded two non-convertible debenture issues of
Kalyani Steels for an aggregate amount of Rs 56.90 crore. The issues have been downgraded
from BBB+ (moderate safety with relatively higher standing within the category) rating to
D (default grade). The downgrade is mainly on account of the company’s failure to
make repayments due to institutional investors around 20 November. The company has made
payments of Rs seven crore to the public but it has approached institutional investors to
extend the maturity of the debt temporarily, Crisil said.
Back to News
Review index page
7 companies vie for NGEF
Bangalore: Seven companies are in the fray for taking over NGEF, after
the government of Karnataka has decided to divest up to 100 per cent stake in the company.
The seven companies bidding for the whole or part of NGEF are VA Tech Elin of Austria,
Kirloskar Electric Company. Easun Reyrolle, Jyoti, Klen & Marshalls Manufactures &
Exporters, Promac India and Vandothra group of Dubai.
Back to News
Review index page
Carlton, United News
in merger plan
London: United News & Media and Carlton Communications are merging
under a $12.6 billion plan. This will create Britain’s biggest commercial television
concern and a force to compete in a consolidating global media market. The nil premium
merger will create a company to outflank Granada Group, the third major player in
Britain’s commercial television sector.
Back to News
Review index page
BSkyB to pick up stake
in Kirch
London: BSkyB is about to pick up a 24 per cent stake in KirchPayTV in a
deal which could cost the British pay-TV company more than $970 million. The News
Corp-owned BSkyB had earlier been invited to take an interest of about 25 per cent in
Kirch’s digital TV company, Premiere.
Back to News
Review index page
Microsoft mediation
next week
New York: Microsoft and the US justice department have been summoned to
Chicago on 30 November to begin settlement talks under a federal judge in the antitrust
case. The mediator, judge Richard Posner, who heads the 7th US circuit court of
appeals in Chicago, is expected to assess the chances of a settlement between the two
sides.
Back to News
Review index page
|
