Unitech expects to raise Rs 1,500 crore through sale of offices, hotel and land in the next 3-4 months to tide over liquidity crunch and pay off debt. The company is in talks with private equity funds to sell stake in 4-5 residential projects to raise over $100 million.
Novartis has tied up with leading healthcare company USV to market its anti-diabetic product Galvus, in a move that would pitch the pharma company directly against Merck. Novartis plans to pitch Galvus against Merck’s Januvia by pricing it lower, in the Indian anti-diabetic market which saw total sales of Rs 1,672 crore till June 2008.
JSW, Ispat and Essar are likely to slash prices of steel in the spot market by 5-6% next month. This will be the fourth month in a row that domestic steel companies will cut prices. The price cut is aimed at curbing imports and boosting the demand for domestic products.
The Tatas, who now own 10% in Steel Strips through investment company Kalimati Investment, could see their shareholding rise to 13.5% after conversion of the optionally convertible bonds (OCB) issued earlier to Tata Capital, another
group company. The bonds worth Rs 20 crore were issued in July on a preferential basis.
Japanese auto major Suzuki Motor Corp is set to buy out the stake of its Indian partner in the two-wheeler venture, Suzuki Motorcycle India.
Bharti Teletech, manufacturers and distributors of telecom and allied products, has won a major contract from Bharat Sanchar Nigam Ltd (BSNL), to manufacture fixed line phones. Under the Rs 35 cr contract Bharti Teletech will manufacture
and supply over 9 lakh caller line identification phones (CLIP) for BSNL over a period of 5 months. The phones will be manufactured at the company’s manufacturing facility in Ludhiana where it has recently invested over Rs 5 cr to enhance capacity. Post the investment; the Ludhiana unit has an annual production capacity of 5 mn phones.
KLG Systel has announced that the Power System Solution (PSS) division of the company has been awarded order of Rs 8.36 crore from West Bengal State Electricity Distribution Company for the billing software and services for nearly 3.64 lakhs consumers.
Sun Pharmaceutical Industries has announced that its fully owned US subsidiary, Sun Pharmaceutical Industries, Inc has acquired 100% ownership of Chattem Chemicals, Inc from Elcat, Inc. The terms of the transaction were not disclosed. The company will apply to regulatory authorities for appropriate clearances, as required.
Indian conglomerate Tata-owned Corus has sold its 50 per cent stake in GrantRail Group to its Netherlands-based joint venture partner VolkerWessels. Following the development, railway infrastructure services firm GrantRail, which was a
50:50 joint venture between Corus and VolkerWessels, has become a fully-owned entity of the Dutch firm.
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