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Mumbai

Piramal Realty forays into commercial real estate

Piramal Realty, the real estate development arm of Piramal Group, has launched Piramal Agastya, a corporate park located on the arterial LBS Road at Kurla in the city.
 
This follows the success of its residential projects at Thane and Byculla a press release from the company said.
 
The release said Kurla is a strategic location that enjoys excellent connectivity being the epicenter of key infrastructure developments in Mumbai such as Santacruz-Chembur Link Road (SCLR) and in close proximity of Mumbai Metro Phase 1 and Eastern Freeway. 
 
"Piramal Agastya Corporate Park will redefine the urban landscape with a well-connected state of the art commercial property in this fast growing business district of Kurla," it said.
 
Mr. Anand Piramal, Executive Director, Piramal Group said, “Piramal Realty aspires to build properties that represent world class standards of customer centricity, design construction and quality. Piramal Agastya, as one of Mumbai’s premier commercial addresses, integrates natural beauty with urban landscape inspired by biophilic design. Kurla is a rapidly changing urban blend of residential colonies, industrial estates and commercial enclaves. We believe, Piramal Agastya will add to the overall socio-economic development of the landscape and break new ground as the business environment of the future.”
 
Leveraging global expertise with the advantage of local market knowledge, Piramal Agastya Corporate Park is partners with internationally acclaimed companies such as Callison, Seattle (USA); SSA, India; L&T, India; Turner, USA; Buro Happold, UK; 
Priedemann, Germany; Arup Acoustics, Singapore; Belt Collins, Singapore; Max Security, Israel; and Lerch Bates, UK.
 
The release said the proposed development of Piramal Agastya Business Park will be completed in two phases. Phase I will cover an approximate leasable area of 1 million square feet. The project consists of three buildings; one at two level above ground and the others at six level above ground, both with two basement levels for dedicated parking spaces.
 
The Kurla area is home to numerous landmarks and close to key mega infrastructure projects. Bandra Kurla Complex and the business district of Powai are located in a radius of 3 and 6 kilometres. Premium retail and entertainment brands along with 5-star hotels are also situated in close vicinity, it said.
 
Piramal Group is one of India’s leading conglomerates with interests in pharmaceuticals, financial services, information management, glass packaging and real estate.  
 
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Axis Bank to offer LIC's life insurance products to its customers

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Axis Bank has signed a memorandum of understanding with Life Insurance Corporation of India (LIC), the country's largest life insurance company, to distribute LIC's multiple life insurance products to its customers.
 
While LIC has a market share of 76.8% in policies and 70.4% in first premium, Axis Bank is India's third largest private sector bank with a network of 3006 branches, incuding extension counters.
 
A press release from Axis Bank said this was one of the largest Bancassurance partnerships after the recent Insurance Regulatory and Development Authority (IRDA) regulations issued on open architecture framework for banks.
 
The release said that, in the preliminary phase, the bank would distribute LIC’s life insurance products across its branches in West Bengal, Bangalore and Haryana – Panchkula. Additionally, the bank will also provide post sales services such as premium collection and renewal of policies.
 
Mr. Mukesh Gupta, Executive Director, Bancassurance, LIC expressed that “the coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction and for serving social objectives of the nation."
 
Mr. Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank added, “Banks have increased their role in Insurance distribution with Bancassurance being the biggest contributor. Over the last five years the life insurance business at Axis Bank has grown at a CAGR of over 25%. The partnership with LIC would enable us to further expand our existing bouquet of offerings and put forth a compelling proposition for our customers.”
 
The bank will continue to invest in disruptive technologies to translate customer requirements into actionable insights and accordingly advice on the best fit policies from India’s leading insurance companies, the release added.
 
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L&T Infotech, GE Digital in strategic partnership to develop digital industrial solutions

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IT services provider L&T Infotech (LTI) has announced a strategic partnership with GE Digital that will combine LTI's diverse industrial capabilities with GE’s Predix cloud-based operating system for the Industrial Internet. 
 
LTI and GE Digital will collaborate to develop innovative digital-industrial solutions powered by Predix analytics and real-time insights to enhance competitiveness and transform the way companies manage their assets and workforce, a press release from the company said.
 
The release said LTI’s Industrial IoT Practice develops comprehensive solutions and applications encompassing smart sensors, connected machinery, real-time visualization and advanced analytics. 
 
As strategic partners, the two companies will synergize their group industrial heritage and domain expertise to deliver Predix-enriched applications for various industries like oil and gas; power & utilities; construction; and industrial manufacturing, it said.
 
"LTI and GE Digital will explore the concept of an Innovation Center to tap into their rich industry knowledge to quickly bring to market scalable digital solutions based on real-life scenarios," the release said.
 
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Mr. Sanjay Jalona, Chief Executive Officer & Managing Director, LTI said, “Our core vision is to deliver outcome-based innovations to the world’s leading companies and help them to solve their complex digital-industrial problems. Our clients will benefit from our dedicated IIoT Center of Excellence offering end-to-end consulting and implementation solutions.”
 
Mr. Denzil Samuels, Global Head of Channels and Alliances, GE Digital said, “L&T Infotech brings deep understanding and proven expertise in the various sectors like Engineering, Power, Construction, and Manufacturing. Our joint solutions in these industries will help companies improve utilization, reduce maintenance costs, and enhance efficiencies to be more competitive.”
 
Mr. Rohit Kedia, Chief Business Officer, Manufacturing, LTI said, “This partnership with GE enables us to better support our clients as they increasingly invest in digitization to not only transform their own operations, but to empower them to offer differentiated solutions to their clients as well.”
 
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Eros International, Pooja Entertainment & Films align for release of Dishoom, Banjo

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Film entertainment major Eros International Media limited and veteran producer Vashu Bhagnani's Pooja Entertainment & Films Ltd will jointly distribute the films Dishoom and Banjo in India.
 
A press release from Eros said this followed their strategic alliance announced recently.
 
Sajid Nadiadwala’s action drama Dishoom, directed by Rohit Dhawan, starring John Abraham, Varun Dhawan and Jacqueline Fernandez will release on Friday, July 29 while the musical drama Banjo, directed by Ravi Jadhav, starring Riteish Deshmukh and Nargis Fakhri will release on September 23, the release said.
 
Eros and Bhagnani announced their collaboration last month to jointly remake and distribute films including Bhagnani’s blockbuster hits of the '90s such as Hero No 1, Coolie No 1 and Bade Miyan Chote Miyan.
 
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HCC wins Rs. 1750 crore contract from IRCON

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Infrastructure major Hindustan Construction Company (HCC) today said it had won a prestigious contract worth Rs. 1749.59 crore from Ircon International Ltd to construct two tunnels and a bridge on th Katra - Banihal Section of Udhampur – Srinagar – Baramulla new broad gauge railway line project.
 
The project will be completed in 30 months, a press release from the company said.
 
The contract involves construction of two main tunnels (T13 and part of T14) totaling 12.8 km along with parallel safety tunnels, a 200 m bridge adjoining these two tunnels and a station yard at Basindadhar.
 
This is the fourth order HCC has been awarded by Ircon, a public sector undertaking under the Ministry of Railways.
 
The first order was to construct the 11 km long Pir Panjal Railway tunnel, the longest transportation tunnel in India, which has been successfully commissioned.  The other two orders include construction of 10.2 km long T48 tunnel between Sumber and Sangaldan stations and 5.1 km long tunnel T49A, which are currently under construction.
 
Mr. Arun Karambelkar, President & CEO, HCC Ltd, said, “HCC is pioneer in tunnelling works with over 300 kms of tunnels constructed so far by various methodologies and in some of the most challenging geologies in the world. Besides, the company is currently engaged in tunnelling works of over 280 kms across various sectors. Repeat orders from Ircon reflect our expertise in executing complex projects under challenging conditions.” 
 
Ircon has been entrusted with the task to construct the Baramulla-Dharam section of the Udhampur – Srinagar – Baramulla rail link. The railway line from Baramulla to Quazigund (119 km) was made operational for the public in October 2009. The Pir Panjal tunnel constructed between Quazigund and Banihal was inaugurated in July 2013, extending the train service till Banihal.
 
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INS Viraat sails on her own steam for one last time

Aircraft carrier sailing out from Mumbai for Kochi on her last sailing under her own steam, on July 23, 2016, ahead of her decommissioning later in the year.
Aircraft carrier sailing out from Mumbai for Kochi on her last sailing under her own steam, on July 23, 2016, ahead of her decommissioning later in the year.
India's aircraft carrier INS Viraat set sail from here for Kochi this afternoon for Essential Repairs and Dry Docking (ERDD) at the Cochin Shipyard on what is her last sailing under her own steam as she is slated for decommissioning later this year.
 
Vice-Admiral Girish Luthra, Flag Officer Commanding-in-Chief, Western Naval Command and other senior officers of the command, visited the ship and interacted with the crew prior to her departure.
 
The carrier was escorted out of harbour by Fast Interceptor Craft and helicopters from the Western Naval Command. The ship will be towed back to Mumbai on completion of ERDD, for the decommissioning ceremony later this year.
 
INS Viraat was commissioned into the Indian Navy on May 12, 1987. The ship operated Sea Harrier (White Tigers - fighter aircraft), Seaking 42B (Harpoons - Anti Submarine helicopters),  Seaking 42C (Commando Carrier helicopters) and Chetak (Angles - SAR helicopter) as her main air elements. The Sea Harrier fleet was also recently decommissioned at Goa in May 16.
 
Under the Indian flag, various aircraft have flown more than 22,034 hours from the decks of INS Viraat. She has spent nearly 2,250 days at sea sailing 5,88,288 NM (10, 94,215 KM). This implies that Viraat has been at sea for over six years covering the entire globe about 27 times.
 
She played a major role in the Operation Jupiter in 1989 (Indian Peace Keeping operations in Sri Lanka) and Operation Vijay in the year 1999 (Kargil War). The ship has also participated in various international joint exercises like Malabar (with US Navy), Varuna (with French Navy), Naseem-Al-Bahar (with Oman Navy) and has been an integral element of all major naval exercises.
 
The last operational deployment of the ship was for participation in International Fleet Review (IFR-2016) at Visakhapatnam. Having served the country and the Navy for nearly three decades, INS Viraat handed over the mantle of carrier operations to INS Vikramaditya which was commissioned in the year 2013.
 
The second aircraft carrier of the country has spent 29 years under the Indian Flag and 27 years with the Royal Navy (United Kingdom). The ship holds the Guinness record for being the oldest serving warship.
 
INS Viraat is a Centaur-Class Aircraft Carrier and served in the Royal Navy as HMS Hermes, which was the flag ship of Royal Navy during the Falklands campaign of 1982. She is commonly referred to as the ‘Grand Old Lady’ among the Naval community.
 
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India's forex reserves rise by $ 1.408 billion to $ $ 363.351 billion

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India's foreign exchange reserves rose by $ 1.408 billion to $ 363.351 billion in the week ended July 15, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had dipped by $ 1.228 billion to $ 361.943 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 1.404 billion t $338.898 bilion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 20.576 billion while its special drawing rights (SDR) went up by $ 1.4 million to $ 1.485 billion.
 
India's India's reserve position in the International Monetary Fund (IMF) increased by $ 2.3 million to $ 2.391 billion, the bulletin added.
 
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L&T Hydrocarbon-led consortium wins contract of over $ 1.6 billion from Saudi Aramco

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Infrastructure major Larsen & Toubro (L&T) today said that its fully owned subsidiary L&T Hydrocarbon Engineering (LTHE),in consortium with Emas Chiyoda Subsea (ECS),  has won a $ 1.6 billion contract from Saudi Aramco, the biggest oil company in the world.
 
ECs is a 50:50 joint venture company owned by Ezra Holdings Limited and Chiyoda Corporation.
 
A press release from L&T said the contract was for the development of the second phase of Hasbah Offshore Gas field situated off the coast of Saudi Arabia. LTHE’s share in the contract value is approximately over 60%. 
 
Coming in as the first major contract from Saudi Aramco after the finalization of the long term agreement executed by Saudi Aramco with LTHE – ECS Consortium in June last year, the order is an affirmation of the superior capabilities of LTHE - ECS consortium, the release said.
 
Mr. Subramanian Sarma, MD & CEO, L&T Hydrocarbon Engineering said, “We are dedicated to providing bespoke EPCI services in this region with our state-of-the-art facilities and strong team delivering excellence in execution. We believe that this is the first of many successful results for our consortium and look forward to more accomplishments with our consortium partner Emas-Chiyoda Subsea under the long term agreement, which is for six years extendable by another six years.”
 
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The consortium will be carrying out the complete ‘EPCI’ work – Engineering, Procurement, Construction and Installation of the offshore plant which includes two streams of three wellhead platform topsides, one tie-in platform with flare platforms and bridges tied together by 20 km umbilicals and 25 km of in-field pipelines.
 
Other works include interconnections of two 36” trunk lines to transport produced gas from offshore to Fadhili Gas Plant complete with 110 km of fiber optic and power cables for power and communication network with the onshore facilities.
 
Other onshore facilities like beach valve station, sectionalizing valve station, four scraper traps and laying of 35 km of fibre optic cable will also be executed as part of the contract.
 
The project is scheduled to be completed over a period of three and half years and will serve Saudi Aramco’s strategy to supply additional 2,500 MMSCFD of clean natural gas through the Fadhili Gas Plant to meet Saudi Arabia’s growing domestic energy demand, the release added.
 
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Sun Pharma announces US FDA approval for generic Crestor

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Pharmaceuticals major Sun Pharma today said that one of its subsidiaries has received final approval from the United States Food & Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for generic version of Crestor, Rosuvastatin Calcium tablets 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base). 
 
These Rosuvastatin Calcium tablets are therapeutic equivalents of IPR Pharmaceuticals, Inc.’s Crestor tablets, a press release from the company said.
 
As per IMS MAT May 2016, these tablets have annual sales of approximately $ 6.8 billion in the US. These tablets are indicated for the treatment of adult patients with Hypertriglyceridemia, Primary Dysbetalipoproteinemia (Type III Hyperlipoproteinemia) and adult patients with Homozygous Familial Hypercholesterolemia, the release added.
 
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SPARC licenses Elepsia XR (Levetiracetam ER tablets) to Sun Pharma

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Sun Pharma Advanced Research Company Ltd. (SPARC) has signed an agreement to license Elepsia XR (Levetiracetam Extended Release tablets) to a wholly-owned subsidiay of pharmaceuticals major Sun Pharma for the United States market.
 
SPARC will receive an up-front payment of $10 million from Sun Pharma, a press release from the company said.
 
It is also eligible for certain additional milestone payments and defined royalties linked to any future sales of Elepsia XR, it said.
 
According to the release, Elepsia XR was approved by the US Food and Drug Administration (FDA) in March 2015. However, in September 2015, SPARC received a complete response letter (CRL) from the USFDA rescinding its earlier approval, citing that the compliance status of the manufacturing facility, the Halol site of Sun Pharma, was not acceptable on the date of approval. 
 
"Sun Pharma has undertaken a detailed remediation at Halol for restoring cGMP compliance status for the site," it said.
 
Anil Raghavan, CEO, SPARC said, “The licensing of Elepsia XR is a step ahead in our desire to make it available for thousands of epilepsy patients taking multiple pills of Levetiracetam every day. Elepsia XR is designed as a novel once-a-day formulation of Levetiracetam using SPARC’s proprietary Wrap Matrix technology. It is designed to reduce pill burden and help improve convenience and compliance in these patients. If and when the USFDA reapproves the Elepsia XR  application, Sun Pharma’s significant US presence will help SPARC in commercializing this important product for patients in the US market.”
 
Commenting on the in-licensing, Kirti Ganorkar, Senior Vice President, Business Development, Sun Pharma said, “The in-licensing of Elepsia XR will facilitate Sun Pharma’s anticipated entry into the proprietary CNS segment in the US. This is a part of Sun Pharma’s strategy, to strengthen its presence in the US specialty segment through its newly created Sun Neurosciences business unit. We believe that SPARC’s Wrap Matrix technology will help in differentiating Elepsia XR amongst other competing products.”
 
The release said Elepsia XR is a novel investigational product designed as an extended release formulation of Levetiracetam 1000mg and 1500mg. Levetiracetam products currently approved by FDA and available on the US market are generally indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age and older with epilepsy. 
 
As per IMS MAT December 2015, about 9 million prescriptions were dispensed for Levetiracetam making it one of the most widely prescribed treatments for epilepsy in the US.
 
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FIIs, RFPIs can now invest up to 74% under PIS in Axis Bank

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The Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs) and Registered Foreign Portfolios Investors (RFPIs) can now invest up to 74 percent of the paid-up capital of Axis Bank Ltd. under the Portfolio Investment Scheme (PIS), up from the existing limit of 62 percent.
 
The central bank further notified that the total foreign investment from all sources -- FIIs, RFPIs, Foreign Direct Investment (FDI), Non-Resident Indians (NRI), Persons of Indian Origin (PIO), American Depository Receipts (ADR) and Global Depository Receipts (GDR) in the bank shall not exceed 74 per cent of paid- up capital.
 
The RBI noted Axis Bank had passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs and RFPIs. The purchases could be made through primary market and stock exchanges, a press release from RBI added.
 
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India's forex reserves dip by $1.228 billion to $ 361.943 billion

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India's foreign exchange reserves dipped by $ 1.228 billion to $ 361.943 billion in the week ended July 8, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had risen by $ 2.374 billion to $ 363.171 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone down by $ 1.219 billion to $ 337.494 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $20.576 billion while its special drawing rights (SDR) went down by $ 3.6 million to $ 1.484 billion.
 
India's India's reserve position in the International Monetary Fund (IMF) went down by $ 5.9 million to $ 2.389 billion, the bulletin added.
 
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Lenders approve restructuring of HCC debt under RBI's S4A route

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The Joint Lender’s Forum of infrastructure major Hindustan Construction Company Limited (HCC), which met here yesterday, has approved the restructuring of the company's debt under the recent Reserve Bank of India's (RBI) Scheme for Sustainable Structuring of Stressed Assets (S4A).
 
The recommendation by leading consulting firm, EY, appointed by lenders, to opt for the RBI’s new tool was adopted at the Joint Lender’s Forum meeting, a press release from the company said.
 
This will help the company bridge the gap of “Cashflow Timing Mismatch” between claims realization (including its interest) and debt servicing, it said.
 
Under the S4A, the debt of the company will be bifurcated into two parts. The first part will be sustainable debt, which cannot be less than 50% of existing debt and will have to be serviced over the same terms as that of existing facilities. The other unsustainable part of the loan can either be converted into equity, redeemable optionally convertible preference shares or optionally convertible debentures, with clearly spelt out terms.
 
Lenders get 90 days from ‘Reference Date’ to formulate the resolution plan and implement the same, along with necessary internal approvals, it said.
 
"HCC feels that it’s a positive move from the lenders and resolution will surely support towards sustained long term solution for the company. The move comes at an opportune time as HCC is on recovery path with order book growth of 35% in last 15 months with the government’s focus on infrastructure," it said.
 
According to the release, HCC faced a challenging period due to slowdown of the sector in the past and delay in payment of its legitimate dues by the government agencies of arbitration awards over Rs. 3000 crore.
 
"However, in the last 10 quarters, HCC has emerged as one of the best performing companies in infrastructure sector with EBITDA margins of 16-18% through a series of initiatives aimed at improving operational efficiencies, cost rationalization, strict adherence of Dispute Resolution process and monetization of certain assets at fair value.
 
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"HCC, which approached CDR in January 2012, has made all efforts to remain standard with the banks, while many other companies from the sector who got referred to CDR failed to take off and had to exit CDR for default. In last couple of years, HCC took up recovery of its dues amounting to Rs. 11,000 crore from the government agencies through arbitration proceedings or contractual procedure. HCC already got arbitration awards in its favor worth Rs. 3041 crore upto March 31, 2016. However payment of these awards remain a challenge and only Rs. 373 crore could be collected as the clients keep on appealing up to Supreme Court without paying the dues," it said.
 
The release said the “Cashflow Timing Mismatch” during the last couple of years between claims realization (including its interest) and debt servicing was the main issue faced by the 90-year-old HCC. 
 
"The payment of its legitimate arbitration awarded claims of over Rs. 3000 crore by the government agencies can dramatically alter the scenario with outstanding funded debt of Rs. 5000 crore reducing to less than 50 per cent and yearly payout would stand reduced to company’s current paying capacity," it added.
 
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Go Air doubles A320neo order to 144 as part of expansion plans

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Low-cost carrier Go Air today confirmed that it had signed a memorandum of understandng for 72 Airbus A320neo aircraft at the Farnborough International Air Show as part of its expansion plans.
 
The airline, a Wadia Group company, announced its latest order following a similar agreement for 72 A320neo placed in 2011, bringing the total order book to 144 aircraft. 
 
The first two aircraft from this order were delivered in June. With the neo induction, Go Air will expand its network and offer fliers better connectivity and continue its growth, a press release from the company said.
 
“The new A320neos provide us the competitive edge to achieve our growth targets and help us strengthening our presence in the wider region. It also reaffirms Go Air’s commitment to deliver the most modern, comfortable and excellent air travel experience to all customers as well as to strengthen the sustained positive growth and business expansion of the company. The new aircraft will help us in unlocking new domestic routes while providing a springboard for continued international network expansion in the years to come,” said Go Air CEO Wolfgang Prock-Schauer.
 
“This further commitment by Go Air is a testament to the reliability, passenger popularity and unbeatable operating economics of the A320 Family,” said Airbus Chief Operating Officer Customers, John Leahy.” Go Air is among the three first A320neo operators, and with an order for 144 is one of the leading operators of the type.”
  
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The release said Go Air is the first airline to use A320neo in Spaceflex configuration with 186 seats without compromising on the passenger leg room and comfort. This configuration will also enable better service and availability during peak season for the travelers.
 
The A320neo Family incorporates latest technologies including new generation engines and Sharklet wing tip devices, which together deliver more than 15 percent in fuel savings from day one and 20 percent by 2020 with further cabin innovations.
 
The release said the A320neo Family is the world’s best-selling single aisle product line with over 4,500 orders from 83 customers since its launch in 2010, capturing almost 60 percent share of the market. 
 
"Thanks to their widest cabin, all members of the A320neo Family offer unmatched comfort in all classes and Airbus’ 18” wide seats in economy as standard. To date, nine A320neo aircraft have been delivered to three customers," the release added.
 
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HDFC Ltd to be first Indian issuer of Synthetic INR Notes

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Housing Development Finance Corporation Limited (HDFC) today said it had appointed Axis Bank, Credit Suisse and Nomura as Joint Bookrunners  and  Lead  Managers  for its first unrated Synthetic INR Notes issuance of Rs. 20 billion with an option to retain oversubscription of upto Rs. 10 billion.  
 
The corporation is the first Indian public issuer of Synthetic INR Notes, which are in the nature of “Rupee Denominated Bonds” as per applicable Reserve Bank of India (RBI) guidelines.
 
A press release from HDFC said the bonds would bear a fixed coupon and have a tenor of 3 years and 1 month.
 
HDFC proposes  to list the Notes on the London Stock Exchange. Pricing  will  take  place  on  or before Friday, July 15, 2016, subject to market conditions. Settlement shall be in the following week.
 
“HDFC is  keen to diversify its borrowing profile by tapping global investors through this  issue  of Rupee Denominated Bonds. This milestone issuance, the first of its kind should validate the attractiveness of the instrument and set a good benchmark,” said HDFC Chairman Deepak Parekh.
 
The release said the bonds would not be registered under the US Securities Act and not be offered or sold within the United States, except in accordance with Regulation S or pursuant to any other exemption from the registration requirements of the US Securities Act.
 
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Sun Pharma launches ready-to-administer bag for oncology treatment

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Pharmaceuticals major Sun Pharma today announced the roll-out in Europe of Gemcitabine InfuSmart, a technology in which oncology products are developed in a ready-to-administer (RTA) bag.
 
A press release from the company said this was part of its business strategy to build a meaningful and  differentiating presence in the global oncology therapy market.
 
The release said that, until now, compounding of oncology products was done at compounding centres or compounded in hospital pharmacies, an extra step before the medicine can be administered to patients. 
 
"With the roll-out of Gemcitabine InfuSmart, Sun Pharma becomes world’s first pharmaceutical company to manufacture and launch a licensed RTA oncology product. This innovatively differentiated product will have a shelf life of two years. Over the next few months, Sun Pharma will launch Gemcitabine InfuSmart across Netherlands, UK, Spain, Germany, Italy and France," it said.
 
The release said Sun Pharma received regulatory approval to produce Gemcitabine InfuSmart in  eight key SKUs. The InfuSmart concept involves dose banding practice whereby, through agreement between prescribers and pharmacists, standardized doses of intravenous cytotoxic drugs are used for ranges (or “bands”) of doses calculated for individual patients.  More InfuSmart oncology products are currently in Sun Pharma’s pipeline to be rolled out in the future, it said.
 
Ms Hellen de Kloet, Business Head - Western Europe & ANZ, Sun Pharma said, “Sun Pharma’s Gemcitabine InfuSmart ready-to-administer infusion products provide the combined advantage of long stable compounded medicine along with safety. Its ready availability for treatment can make a difference to the healthcare worker and patients."
 
"Launch of InfuSmart will help us remain a meaningful player in the global oncology therapy market by offering differentiating cancer treatment solutions. We believe there are opportunities for us to expand our portfolio of ready-to-administer products across multiple therapies where time and safety are an important element of treatment.”
 
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The NHS (UK) has been encouraging development of licensed RTA products. It has issued guidelines for hospitals  for procuring such medicines. The launch of Gemcitabine InfuSmart offers Sun Pharma a definite first-mover advantage in Europe for cancer treatment, the release said.
 
The Gemcitabine InfuSmart RTA infusion bag is developed at Sun Pharma’s R&D centre in India, it said.
 
According to WHO, cancer figures amongst the leading causes of morbidity and mortality worldwide, with approximately 14 million new cases and 8.2 million cancer related deaths in 2012. The number of new cases is expected to rise by about 70% over the next two decades. Among men, the five most common cancers diagnosed in 2012 were lung, prostate, colorectum, stomach, and liver cancer. Among women the five most common cancers diagnosed were breast, colorectum, lung, cervix and stomach, the release added.
 
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India's forex reserves rise by $ 2.374 billion to $ 363.171 billion

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India's foreign exchange reserves rose by $ 2.374 billion to $ 363.171 billion in the week ended July 1, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had dipped by $ 3.028 billion to $360.797 bilion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 2.132 billion to $ 338.712 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves increased by $ 247.5 million to $ 20.576 billion while its special drawing rights (SDR) went down by $ 2.3 million to $ 1.487 billion.
 
India's India's reserve position in the International Monetary Fund (IMF) went down by $ 3.6 million to $ 2.395 billion, the bulletin added.
 
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RJIL issues Rs. 2,000 crore 5-year NCDs

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Reliance Jio Infocomm Ltd (RJIL), a subsidiary of the Mukesh Ambani-led Reliance Industries Limited, today issued Rs. 2000 crore of 5-year non-convertible debentures (NCDs), bearing a coupon of 8.32% per annum, payable annually. 
 
The issue has been assigned a rating of AAA by CRISIL and ICRA, a press release from the company said.
 
The proceeds of the issuance shall be utilized by RJIL for rolling out a state-of-the-art digital services business in India, it said.
 
The release said RJIL is the first issuer outside the financial services industry in India to raise funds digitally through the electronic bidding platform (EBP) route. This is also the largest debt issuance in the Indian market by any issuer since the EBP was been mandated by the Securities and Exchange Board of India (SEBI) for private placement of debt, effective 1st July this year.
 
The transaction was fully subscribed within minutes of opening and was eventually over-subscribed with a total book size in excess of Rs. 3500 crores, Reliance Jio said. Key investors include the prominent asset management companies and banks.
 
“We are overwhelmed by the response that we have received for our maiden issuance on the BSE-BOND platform. It reinforces the faith investors have in our next generation digital services business. The launch of the EBP platform is a significant step towards the development of market infrastructure for Indian Corporate Bond market. It will make the debt issuance process significantly more smooth and transparent for issuers as well as investors,” said Soumyo Dutta, Treasurer, Reliance Industries Limited.
 
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RJIL is the first telecom operator to hold pan-India Unified License.
 
"RJIL is setting up an entire digital ecosystem with stated goal to break the digital divide between ‘India’ and ‘Bharat’ and propel India into global leadership in digital economy. The ecosystem consists of pan-India high speed data network, specially designed devices to run on this network, a wide variety of applications and services -- from news, entertainment, payment, business, healthcare and education – and rich content.
 
"RJIL has created a legacy free, next-generation voice and broadband network which can be seamlessly upgraded even to 5G and beyond. It will be the only company in the world providing next generation digital services over an end-to-end all-IP network at this scale," the release added.
 
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L&T Construction wins orders valued at Rs. 3598 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders worth Rs. 3598 crore across various business segments.
 
These include an order valued at Rs. 1849 crore bagged by its Heavy Civil Infrastructure Business, along with its partner, PES Engineers Private Limited, from the Irrigation and Command Area Development Department (I&CAD), Government of Telangana.
 
The project is for the construction of a barrage with radial gates, hoisting arrangements including formation of guide bunds on either side of the barrage across river Godavari at Medigadda, Mahadevapur in the district of Karimnagar, Telangana, a press release from the company said.
 
Named after the historic Sri Kaleshwaram Muktheshwara Swamy Devasthanam in Kaleshwaram, this is a part of the prestigious Kaleshwaram Lift Irrigation Project. The project involves construction of a 1632 m long concrete barrage with 85 vents including all mechanical works related to the barrage radial gates with rope drum hoist arrangements and construction of 2592m guide bunds on either side of the barrage. The project is scheduled to be completed in 24 months, it said.
 
“It is noteworthy that the Government of Telangana has initiated work on the Medigadda Barrage Project in a very systematic and remarkable manner. Christened a 'Dream Project' of Telangana state, L&T is indeed proud to be part of this improvement plan to create irrigated agricultural production systems which are vital for our country’s development,” said Mr. S.N. Subrahmanyan, Deputy Managing Director and President, L&T.
 
“This order reaffirms our expertise in building complex irrigation systems to empower the agrarian belts of the country,” he added.
 
The release said the company's Water & Effluent Treatment Business had bagged engineering, procurement & construction (EPC) orders worth Rs. 1043 crore from various customers.
 
It said an order had been secured from the Water Resources Department of Madhya Pradesh for the construction of a balancing reservoir, distribution chamber and pumping station at Bansujara left bank’s main canal in the Tikamgarh district of Madhya Pradesh.
 
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The scope involves design, procurement, construction and installation of pumping systems, rising and gravity main lines, branch lines, distribution network including control and regulation system which will bring 75,000 hectares of area under irrigation.
 
Another order has been won from Ahmedabad Municipal Corporation (AMC), Gujarat for the construction of a 30 MLD Common Effluent Treatment Plant (CETP) using Sequential Batch Reactor (SBR) technology along with associated pumping station at Danilimda in Ahmedabad.
 
The company's Building & Factories Business has secured an order worth Rs. 394 crore from a reputed IT major for the construction of software development blocks. The project includes civil, structural, MEP and finishes works.
 
The release said the company's Power Transmission & Distribution Business had won EPC orders worth Rs. 312 crore in the international market.
 
An order has been secured from a customer in the Middle East. The scope involves the construction of two high voltage sub-stations that will contribute towards the infrastructure development of the region.
 
Another order has been bagged for the construction of a medium voltage distribution substations and underground cabling works from Millennium Challenge Account (MCA) in Malawi, Africa, the release added.
 
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India's forex reserves dip by$ 3.028 billion to $ 360.797 billion

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India's foreign exchange reserves dipped by a whopping $ 3.028 billion to $ 360.797 billion in the week ended June 24, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had risen by $ 592.1 million to $ 363.826 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $ 2.993 billion to $ 336.580 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 20.329 billion while its special drawing rights (SDR) went down by $ 13.4 million to $ 1.49 billion.
 
India's reserve position in the International Monetary Fund (IMF) went down by $ 21.6 million to $ 2.398 billion, the bulletin added.
 
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Nine persons, including five children, killed in Mumbai fire

 
Nine people, including five children, die in Mumbai fire
As many as nine members of a family, including five children, died when a fire broke out in a chemist's shop on the ground floor of a three-storeyed structure in Andheri here in which they lived in the early hours of today.
 
Mumbai Fire Service sources said the fire broke out in the shop, Wafa Medical Store located at Juhu Galli on Wireless Road in Andheri West, around 6.15 am and quickly spread to the upper floors. 
 
While the family living on the first floor managed to escape to safety, but the family on the second floor could not save themselves.
 
The victims included five children -- three girls and two boys -- aged between 10 years and three months, and three women, one of whom was seven months pregnant.
 
The cause of the fire is yet to be ascertained, but sources indicated it could have been sparked off by an electrical short-circuit.
 
Fire Brigade officials said they received a call around 6.15 am and rushed three fire tenders, a water tanker and two ambulances to the spot. The victims were rushed to the nearby Cooper Hospital, where nine of them were pronounced dead.
 
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IndiaFirst Life Insurance, Star Health Insurance join hands to offer combi plans

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IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal & General (UK) have announced their collaboration with Star Health Insurance Ltd to introduceStar First Combi Plans – combination of health and life insurance plans.
 
The Star First Combi Plans are a suite of five plans that provide unique combined benefits of health and life cover under a single offering, a press release from the company said.
 
R M Vishakha, MD & CEO, IndiaFirst Life Insurance said, “We are pleased to partner with Star Health Insurance, to offer integrated health and life insurance solutions.Together, we intend creating value for the customer – for a lifetime and beyond - through a single offering.”
 
“We are happy to have launched this unique combi plan that, in simple words ensures a happy tomorrow. If somebody falls sick, health takes care and if somebody goes to the hospital and something goes wrong, life cover takes care,” said V Jagannathan, Chairman and Managing Director of Star Health Insurance.
 
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Rushabh Gandhi, Director, Sales & Marketing said, “The launch of Star First marks a milestone in the Indian insurance industry. Protecting your family from any uncertainties of life has seen a shift from being an option to a basic need. Star First Combi Plan offers a combination of Life and Health cover under a single roof. Now, one can ensure that no untoward event upsets the well- being of their loved ones, not only in their absence but also in their presence.”
 
Anand Roy, Joint Executive Director, Star Health Insurance said, “We are pleased to launch Star First product and join hands with IndiaFirst Life Insurance. Both these entities will leverage their respective distribution strengths to ensure full protection to the insured.”
 
StarFirst Combi Plans will be available in five variants – Star First Comprehensive, Star First Classic, Star First Care, Star First Delite and Star First Optima.
 
The product offers life cover for the policyholder along with a health cover (for self as well as family). The sum assured ranges from Rs. 1 lakh to Rs. 15 lakhs for health cover and from Rs. 3 lakh to Rs. 9 lakh for life cover.
 
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L&T Construction wins orders valued at Rs. 2416 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders valued at Rs. 2416 crore across various business segments in June.
 
A press release from the company said that orders worth Rs. 1165 crore had been bagged by its Building & Factories Business, which included a contract for a prestigious high-rise residential project secured from a leading developer in Mumbai. 
 
The scope of work work involves civil and structural works for the construction of two residential towers, each having three basements, seven podiums, 66 floors and other ancillary buildings.
 
Another order has been bagged for the construction of a mixed use development (MUD) from a renowned customer in Kolkata. The scope involves civil and structural works for the construction of two towers of G+15 and G+7 floors respectively with two levels of common basement, it said.
 
The business also secured add-on orders from various ongoing jobs.
 
In the Power Transmission & Distribution Business, the company bagged orders worth Rs. 1120 crore in the domestic and international markets.
 
In the international market, a major engineering, procurement and construction (EPC) order has been bagged from a reputed customer in the Middle East. The scope includes construction of a medium voltage overhead line which will enhance the reliability of the existing network.
 
On the domestic front, orders have been received from Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) in Uttar Pradesh.
 
The first order involves the construction of 33kV substations and associated lines in Ghaziabad, which falls under the Integrated Power Development Scheme (IPDS) while the second order involves rural electrification including feeder separation works in Meerut under the Deen Dayal Upadhyaya Gram Jyoti Yojana scheme (DDUGJY). Additional orders have been also received as part of the contract variances, it said.
 
The release said the company's Smart World & Communication Business had won orders worth Rs. 131 crore, which includes a new order from RajCOMP Info Services Limited, a government of Rajasthan undertaking, for establishing and commissioning command & control centres at Bikaner, Bharatpur and Jodhpur cities under the Surveillance and Incident Response Project.
 
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India's forex reserves rise by $ 592.1 million to $ 363.826 billion

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India's foreign exchange reserves rose by $ 592.1 million to $ 363.826 billion in the week ended June 17, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had dipped by $231 million to $ 3,63,234 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had risen by $ 594.3 million to $ 339.574 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 20.329 billion while its special drawing rights (SDR) went down by $ 1 million to $ 1.503 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) went down by $ 1.2 million to $ 2.420 billion, the bulletin added.
 
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Sun Pharma announces buyback of equity shares at Rs. 900 each

Pharmaceuticals major Sun Pharma today said that its Board of Directors had, at its meeting earlier in the day, approved the buyback of a maximum of 7.5 million of its fully paid up equity shares at a price of Rs. 900 for each, payable in cash.
 
"The buyback is being undertaken by the company to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders," a press release from the company said.
 
The buyback mechanism would be on a proportionate basis through a tender offer. As per SEBI guidelines, 15% of the buyback offer is reserved for shareholders holding equity shares having market value of not more than Rs. 2,00,000 as on the record date. 
 
Shareholders who hold equity shares as on the record date of July 15, 2016 will be eligible for the buyback, it said.
 
Promoters of the company have indicated their intention to participate in the proposed buyback in such a manner that their aggregate shareholding percentage in the company will not fall below their current aggregate percentage shareholding, the release said.
 
"The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations," the release added.
 
Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company. 
 
It has 47 manufacturing facilities spread across six continents, R&D centres across the globe and a multi-cultural workforce comprising over 50 nationalities.
 
The consolidated revenues for the year ended March 2016 are approximately $ 4.3 billion, of which the United States contributes $ 2.1 billion. 
 
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