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News Roundup: Pfizer Eyes Wockhardt’s Biotech Biz

29 October, 2009

Time Warner Arm May Invest In NDTV Imagine – NDTV Imagine, the Hindi general entertainment channel owned by NDTV, may soon find a new investor, with NBC Universal exiting the venture.  The new investor could be Turner Broadcasting, while some other investors may also invest in this round. NBC, which has invested $150 million last year for a 26% equity in NDTV Networks for all non-news channels, is not satisfied with the performance of the channels. NBC is also in merger talks with US cable giant, Comcast. (Business Standard)

Tata Tea Scouts For Overseas Buys – Tetley, the UK subsidiary of Tata Tea Ltd (TTL), is actively looking for acquisitions in overseas countries. The company is planning to enter parts of West Asia and South America. It is also looking at strengthening its presence in the African market, where it already has a joint venture. The company plans to engage more distributors in these regions to scale up its operation. (DNA)

Lenders Ask Vishal Retail To Tap PE Investors – Ram Chandra Agrawal-led Vishal Retail, which is reportedly in cash crunched situation, will tap the potential investors to expand the equity capital. The creditors have asked the promoters to start initiative on this line. The move, aimed at lowering debt, was part of a package discussed by lenders before they take up a proposal under the corporate debt restructuring (CDR) mechanism. (BS)

India Cements Buys Coal Mine In Indonesia – Tamil Nadu-based cement manufacturer India Cements Ltd is acquiring a coal mine for $20 million in Indonesia. The acquisition will be funded by equity through internal accruals. The company expects to import the first tranche of coal from this mine in the next six months, and expects 40,000-50,000 tonnes a month initially, before ramp up operations next year. (DNA)

Pfizer Eyes Wockhardt’s Biotech Biz – Leading drug major Pfizer is going ahead with its plan to buy the biotech business of Wockhardt, but the Mumbai-based drugmaker has not shown any inclination for a sellout. Pfizer prefers a buyout and may well pay a hefty premium for Wockhardt’s Rs 100-crore biotech business, valuing it close to the Indian company’s total market value. Under the proposed deal structure, Wockhardt has to get the US drug regulator’s approval for its plant in Aurangabad, which is claimed to have the capacity to meet 10-15 % of the global demand for major biopharmaceuticals. (Economic Times)

Intel Eyes 4G Entry In India – Intel, the world’s largest chipmaker, is understood to be in talks with leading Indian telecom companies like Tata Communications, Bharti Airtel and Reliance Communications that could bid for broadband wireless access (BWA) spectrum to be auctioned by the government in January 2010. Talks are currently centred on Intel offering worldwide interoperability for Microwave Access or WiMAX, which experts consider close to fourth generation (4G) services. (BS)

VC Backed QSR Kaati Zone Plans Expansion – Venture capital backed quick service restaurant chain Kaati Zone is planning a nationwide rollout. The company, which runs 12 restaurants in Bangalore, targets 100 outlets in metros including Mumbai, Chennai and Hyderabad by 2012. The company has also adopted franchise model and will go to tier II cities as well. With almost 49% of the outlets being franchise stores, it plans to have 250 stores in five years. Accel Partners India and Draper Investment Company LLC are among other investors in the venture. (Hindu Business Line)

Sistema To Diversify Its Service Offering – After committing $4 billion in investments over the next few years into its telecom joint venture with Shyam Group, the $16-billion Russian conglomerate Sistema now plans investments in diverse sectors in India that include the pharma, retail, hi-tech manufacturing, tourism and healthcare sectors. The company is likely to finalise and announce some of these plans after its board meeting to be held in Bangalore on November 11. It is also looking for the Indian government’s multibillion unique identification (UID) project, and plans to roll out telecom solutions like radios, microwave transmitters, billing systems, RFID applications and SIM card manufacturing. (DNA)

StanChart mulls listing in India :  Earlier this month, Standard Chartered’s India and South Asia CEO Neeraj Swaroop had said it has got approval from the Reserve Bank of India for the IDR listing and would approach the market regulator SEBI in due course. (BS)

 


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News Roundup: Pfizer Eyes Wockhardt’s Biotech Biz

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