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News Roundup: Mexican Multiplex Chain to Invest Rs 1,700 Cr In India

22 May, 2009

Antonio Helio Appointed Nestle India Chariman, MD  – Packaged food maker Nestle India on Thursday said Antonio Helio Waszyk will take over as the Chairman and Managing Director of the company with effect from October 1, 2009. Waszyk is currently the head of food strategic business unit, Nestle Group, Switzerland. Waszyk would take charge from current Chairman and Managing Director Martial G Rolland, who would be leaving the company to take up new assignment with Nestle Group. (The Hindu)

Reliance Life Plans IPO – Reliance Capital is planning the first-ever initial public offer (IPO) by an insurance company in India by taking its subsidiary – Reliance Life Insurance public. The company is looking to divest up to 26% in its insurance arm through an IPO as well as by inducting a strategic investor. There will be a mix of a fresh issue of shares as well as sale of shares by the parent company. This way, funds will be infused both into the life insurance business and Reliance Capital. The process will be finalised in the next three-four months. (The Economic Times)

Russian Govt. to Infuse $670 Million in Sistema Shyam – The Russian government is likely to pick up equity amounting to $670-700 million in Sistema Shyam TeleServices Ltd (SSTL), a joint venture between Russia-based telecom major Sistema and Shyam Group in India, by the end of this financial year. After the deal, Sistema, which holds a 74 per cent equity stake, might have to shed 20% of it, while Shyam will maintain its 23.5% stake. (Business Standard)

Ranbaxy Acquires Skin Care, Lifestyle Range – Ranbaxy Laboratories, the second largest drug company in India in terms of market share after Cipla, has acquired the entire range of skin care and lifestyle products of Ochoa Laboratories, a small to medium sized manufacturer located onthe outskirts of New Delhi. The company did not disclose the terms of the transaction. Sources said Ranbaxy acquired about 80 products of Ochoa Laboratories and many are established brands in the domestic market. This is the first acquisition by Ranbaxy after it was acquired by Daiichi-Sankyo of Japan. (Business Standard)

US firm to Invest Rs 1,000 Crore in Genome Valley – Close on the heels of global pharmaceutical major Lonza announcing its plans to invest $150 million (Rs 750 crore), Alexandria – a provider of lab space – has said it would invest around $200 million (Rs 1,000 crore) in Genome Valley, Hyderabad, in a phased manner. The US-based life science infrastructure giant would create plug-and-play lab space to cater to the needs of domestic and international biotech and pharmaceutical companies. (Business Standard)

Tata Motors to Raise $1 Billion via ECBs – Tata Motors, the country’s largest truck maker which raised Rs 4,200 crore on Wednesday through issue of secured non-convertible debentures (NCDs), is raising another Rs 4,750 crore ($ 1 billion) through the external commercial borrowing (ECB) route. Last June, the automaker availed of a $3-billion (around Rs 14,217 crore at today’s exchange rate) bridge loan to finance its acquisition of Jaguar and Land Rover brands – the two marquee brands from the Ford Motor Company. (Business Standard)

Mexican Multiplex Chain to Invest Rs 1,700 Crore In India – Despite the ongoing tussle between multiplex operators and Bollywood producers, Mexican global multiplex operator Cinepolis plans to invest Rs 1,700 crore in India for its film exhibition business over the next seven years. It has already established an Indian subsidiary that is in talks with mall developers for opening 500 movie screens by 2016. In the first phase of expansion, the company will pump in Rs 370 crore for opening 110 screens across eight locations. The company said it will open its first multiplex in India by the second half of this year. (Business Standard)

Essar Oil May Acquire Majority Stake in Mombassa Refinery – The Ruias owned Essar Oil is in discussions with the Kenyan government to buy a majority stake in Mombassa refinery which has a capacity of four million tonnes per annum. It plans to ramp up its refining capacity four times to million barrels per day in three years. About three fold of the capacity expansion is expected to place within the country while the remaining will happen in the overseas markets through the inorganic route. Currently, Essar Oil does not have any overseas operations. (The Economic Times)

JSL to Exit JV with Indonesian Firm – Ratan Jindal led JSL is exiting its joint venture (JV) with Indonesian mining firm PT Antam Tbk a year after the two players got together to make ferro nickel and stainless steel slabs in Indonesia. PT Antam held a 55% stake in the JV while JSL held the remaining 45% stake. The project involved a 20,000 tonne nickel smelting plant and 3 lakh tonne stainless steel slabs plant. It could have absorbed investments of $1-2 million. (The Economic Times)

DCI to Invite Bids for 2 Trailer Suction Dredgers – Dredging Corporation of India (DCI) is to shortly invite bids for acquiring on charter two trailer suction dredgers (4,000-cum hopper capacity each) for deployment in the Hooghly river by September/October. The Shipping Ministry had prohibited dredger acquisition on nomination basis a few months ago, suggesting to DCI to go for open tendering for acquisition on charter. There was a move early this year to acquire on nomination basis a Chinese dredger for deployment in the Hooghly. Currently, seven DCI dredgers are deployed in the Hooghly. (The Hindu Business Line)

DoT Puts 3G, TCIL Stake Sale on Cabinet Panel’s Agenda – The Department of Telecom has listed five issues on the agenda for the new Cabinet Committee on Economic Affairs including finalising the reserve price for 3G auction and sale of stake by Telecommunications Consultant of India Ltd in Bharti Hexacom. The other issues for which DoT has sought decision from CCEA includes a proposal to allocate Rs 450 crore for setting up a interception and monitoring system and revival of Tamil Nadu Telecommunications Ltd. (The Hindu Business Line)

Steer Acquires Chinese Pipeline Firm – Steer, a leading player in polymer processing machinery, has acquired Zheng Feng of China, a single screw pipeline manufacturer, to strengthen its position as a leading extruder designer and manufacturer. The acquisition is expected to provide Steer with enhanced manufacturing and assembling capacities to speed up time-to-market single screw, twin screw, and R&D extruders. (The Hindu Business Line)

Alexandria to invest in Genome Valley – Alexandria, the world’s largest lab space provider, will invest around $200 million in Genome Valley, Hyderabad in a phased manner. This US-based life science infrastructure company will create a ‘plug and play’ lab space to cater to the needs of global, as well as local, biotech and pharmaceutical companies. (The Hindu Business Line)

Dr Reddy’s Revamps Drug Discovery Research

Aurigene, an arm of the Hyderabad-based Dr Reddy’s Laboratories Ltd, will be the nodal organisation for the company’s drug discovery research. This is part of the restructuring of its drug discovery activity. The company spent around 6 per cent of the total revenues in FY 09 on research and development (R&D). As part of the restructure, which is scheduled to be in place by July 1, 2009, Dr Reddy’s has decided to shut down its existing research facility in Atlanta, US, which focuses on target-based drug discovery and has about a dozen researchers. (The Hindu Business Line)

 


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News Roundup: Mexican Multiplex Chain to Invest Rs 1,700 Cr In India

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