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Engineering and construction company Larsen & Toubro (link) has won a sizeable international order from the Arriyadh Development Authority (link), as part of a consortium to build a metro for the city of Riyadh, in Saudi Arabia. L&T said that it has got an order worth $1.4 billion or Rs 8,250 crore for design, construction and commissioning of a metro project.
The stock market verdict on Holcim’s restructuring of its India is an unequivocal thumbs-down. Both Ambuja Cements and ACC are down on Thursday, a day after the merger was announced. Ambuja Cements took a bigger hit and fell by 10.5% while ACC was down by 3%.
Apollo Global Management had announced in end-June that it proposes to invest about Rs 1,575 crore in steel pipe-maker Welspun Corp and affiliated companies. Welspun’s share closed at Rs 169 the day before the deal was announced. Apollo was to invest in a combination of debentures and global depositary receipts, at a conversion price of Rs 225, indicating a premium of about 33%.
GMR Energy joined a growing number of Indian companies who are tying up their coal requirements in Indonesia. The country has large reserves of the black gold which is used chiefly for power generation and steel-making, apart from other uses.
Vodafone Plc announced that Piramal Healthcare, Ajay Piramal’s group flagship, will pay $640 million or about Rs 2,900 crore to acquire a 5.5% stake in Vodafone Essar. This will help raise cash for Vodafone as well as allow it to remain compliant with India’s foreign direct investment rules for the telecom sector, which mandate a 74% foreign shareholding cap.
Napo Pharmaceuticals Inc, the innovator company behind anti-diarrhoea drug crofelemer, is finding itself in litigation with its partners. The company owns crofelemer, a novel anti-diarrhoeal drug under development, which is in advanced stages in the clinial trial process and is widely anicipated to hit the market.
Ranbaxy Laboratories announced that it has launched the generic version of Novartis’ cancer drug Femara in 3 European Union countries. The subsidiary of Japan’s Daiichi Sankyo said that it has launched letrozole on day 1, that is the first day after the patent on the drug expired.
JB Chemicals & Pharmaceuticals made headlines recently when it sold the over-the-counter business in Russia and the CIS (Commonwealth of Independent States) to Johnson & Johnson. Now, it has announced the sale of prescription part of the business to Dr Reddy’s Laboratories, another player with a significant presence in Russia.
Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and Infrastructure Development Finance Company (IDFC) are setting up a joint venture to fund road construction in the country. After energy, road construction is one of the key areas for the government to lower the infrastructure defcit. Khazanah’s value of assets was Malaysian Ringitt (RM) 112.6 billion or about Rs 168,000 crore as of December 31. Continue Reading →
JB Chemicals & Pharmaceuticals Ltd plans to exit Russia and the CIS (Commonwealth of Independent States) markets, its largest overseas presence.