Mumbai/ Ahmedabad: Ahmedabad based Lincoln Pharmaceuticals Ltd. (LPL), has tied up with US based Human Biosciences Inc (HBI) for exclusive marketing and distribution of two of HBI's wound care management products in India, Medifil and Skin Temp that enjoy a 22 per cent market share in its category in India. The company can set up a manufacturing unit in the future to increase production of these products.
Speaking on the development, Mahendra G Patel, managing director, Lincoln Pharmaceutical Ltd. said, “Our mission at Lincoln Pharmaceuticals is to provide customers with healthcare products of high quality at an affordable price. We are planning to set up a manufacturing unit in India to increase production and expand our reach so that more people can avail the benefits of these products.”
Collagen products have reconstructive properties and are meant for wound care management.
Medifil and Skin Temp, considered a helps to stop the bleeding immediately by providing faster and better wound healing.
In addition, it has better aesthetic value as it heals without leaving any scar formation. Medifil and Skin Temp are specifically useful in repairing wounds during plastic and burns surgery, general surgery, orthopedic surgery and gynecological surgery and is particularly beneficial for diabetic amputations due to its faster healing properties. Medifil is available in an absorbable Collagen based granule and Skin Temp in an absorbable Collagen based patch.
Lincoln Pharmaceuticals is into manufacturing and marketing therapeutic products under WHO-GMP guidelines.
Success in my Habit
Monday, December 27, 2010
ONGC gets Brazil's approval to farm out block in Santos basin
New Delhi: ANP, the petroleum regulatory authority of Brazil, has approved farming out a block to ONGC Videsh Ltd. ONGC Campos Limitada (OCL), Brazil, a wholly-owned subsidiary of OVL, had acquired the 100 per cent stake in the block, BM-S-73 (formerly S-M-1413) during ninth bidding round in 2007.
The offshore concession is located in the Santos basin and covers an area of 160.04 square kilometres. The concession is a part of Brazil’s ninth licensing round and is currently in exploration phase, OVL said in a press statement.
ONGC Campos Limitada, Petroleo Brasileiro SA, Petrobras and Ecopetrol Oleo Gas do Brasil LTDA, had entered into an agreement under the terms of which Petrobras will get 43.5 per cent share, Ecopetrol will get 13 per cent in the block BM-S-73 and 43.5 per cent will remain with ONGC Campos Limitada, the operator of the block.
ONGC Campos Limitada will get 43.5 per cent share from Petrobras and Ecopetrol in their block BM-S-74, who will have 43.5 per cent and 13 per cent share, respectively. The approval for this block is still awaited.
The offshore concession is located in the Santos basin and covers an area of 160.04 square kilometres. The concession is a part of Brazil’s ninth licensing round and is currently in exploration phase, OVL said in a press statement.
ONGC Campos Limitada, Petroleo Brasileiro SA, Petrobras and Ecopetrol Oleo Gas do Brasil LTDA, had entered into an agreement under the terms of which Petrobras will get 43.5 per cent share, Ecopetrol will get 13 per cent in the block BM-S-73 and 43.5 per cent will remain with ONGC Campos Limitada, the operator of the block.
ONGC Campos Limitada will get 43.5 per cent share from Petrobras and Ecopetrol in their block BM-S-74, who will have 43.5 per cent and 13 per cent share, respectively. The approval for this block is still awaited.
Indian firms grab 34% of SA govt's AIDS drug order
New Delhi: Indian companies have bagged 34.3 per cent of the AIDS drugs supply contracts announced by the South African government last week. The anti-retroviral drug tender floated by South Africa is the largest of its kind in the world.
Of the Rs 2,831 crore worth order for anti-retroviral drugs, about Rs 970 crore have come to four Indian companies primarily through the joint venture (JV) entities set up by Ranbaxy and Cipla, the South African Health Ministry has stated.
While Ranbaxy’s South African JV Sonke Pharmaceuticals bagged a supply contract that comes to 21.9 per cent (over Rs 600 crore) of the total tender value, Cipla-Medpro cornered 5.1 per cent (about Rs 145 crore) share. The other two firms are Strides Acrolab (4.2 per cent or approximately Rs 118 crore) and Aurobindo Pharma (3.1 per cent or approximately Rs 90 crore).
On the whole, 10 firms won the tenders, the supplies for which will begin from January 1, 2011 and go on till December 31, 2012.
With 40 per cent share, South African firm Aspen Pharmacare claimed the highest pie. Ranbaxy’s JV is the second in the list. Ranbaxy will manufacture the medicines from its South African and Indian facilities, a company statement said.
The institutional supplies in overseas countries are increasingly becoming a major business model for Indian medicine exporters as more countries, including UK and Europe, are looking at reducing their healthcare costs. South Africa had succeeded in bringing down the cost of its ARV drug procurement by 53.1 per cent by making the tenders more competitive.
Of the Rs 2,831 crore worth order for anti-retroviral drugs, about Rs 970 crore have come to four Indian companies primarily through the joint venture (JV) entities set up by Ranbaxy and Cipla, the South African Health Ministry has stated.
While Ranbaxy’s South African JV Sonke Pharmaceuticals bagged a supply contract that comes to 21.9 per cent (over Rs 600 crore) of the total tender value, Cipla-Medpro cornered 5.1 per cent (about Rs 145 crore) share. The other two firms are Strides Acrolab (4.2 per cent or approximately Rs 118 crore) and Aurobindo Pharma (3.1 per cent or approximately Rs 90 crore).
On the whole, 10 firms won the tenders, the supplies for which will begin from January 1, 2011 and go on till December 31, 2012.
With 40 per cent share, South African firm Aspen Pharmacare claimed the highest pie. Ranbaxy’s JV is the second in the list. Ranbaxy will manufacture the medicines from its South African and Indian facilities, a company statement said.
The institutional supplies in overseas countries are increasingly becoming a major business model for Indian medicine exporters as more countries, including UK and Europe, are looking at reducing their healthcare costs. South Africa had succeeded in bringing down the cost of its ARV drug procurement by 53.1 per cent by making the tenders more competitive.
India, Singapore bilateral trade to touch US$ 22.89 billion in 2010
New Delhi: The bilateral trade between India and Singapore is expected to touch US$ 22.89 billion in 2010, according to Dr T C A Raghavan, Indian High Commissioner to Singapore.
"Singapore is a very important partner of India," said Raghavan, while addressing Singapore press conference for 'The India Show 2011' to be held January 14-16, 2011 in the Singapore. He further added that "We have seen a very good recovery from 2008 and a good financial investment climate."
Furthermore, Mr Anand Sharma, Commerce and Industry Minister would lead India’s high level ministerial and CEOs delegation to Singapore for ‘The India Show.’ The show is largest ever of its kind in Southeast Asia.
About 80 Indian corporations will be exhibiting at the show, which would also have a symposium aimed at further nurturing the good relationship between the two countries.
The January 14 'India Symposium' - themed 'Indovations: Ideas for the World', would highlight the innovation in the Indian manufacturing, services and infrastructure sectors. The show is part of the Indian government's 'Look East Policy,' and would familiarise business visitors with the latest in Indian products and technology, help them understand the trends and offer opportunities in various sectors of the Indian economy as well as have the corporate worlds of the two countries discuss business co-operations.
The Indian businesses participating in the show would be seeking to establish partnership and strategic links with Singapore's small and medium enterprises (SME) as well as major corporations in the infrastructure sector, especially seeking out water-technology and urban development expertise, Raghavan added.
Among others, ANTRIX, the Indian space research organisation (ISRO), would be participating in the show. It would launch Singapore's first commercial satellite in about a month, said Dr Raghavan.
"Singapore is a very important partner of India," said Raghavan, while addressing Singapore press conference for 'The India Show 2011' to be held January 14-16, 2011 in the Singapore. He further added that "We have seen a very good recovery from 2008 and a good financial investment climate."
Furthermore, Mr Anand Sharma, Commerce and Industry Minister would lead India’s high level ministerial and CEOs delegation to Singapore for ‘The India Show.’ The show is largest ever of its kind in Southeast Asia.
About 80 Indian corporations will be exhibiting at the show, which would also have a symposium aimed at further nurturing the good relationship between the two countries.
The January 14 'India Symposium' - themed 'Indovations: Ideas for the World', would highlight the innovation in the Indian manufacturing, services and infrastructure sectors. The show is part of the Indian government's 'Look East Policy,' and would familiarise business visitors with the latest in Indian products and technology, help them understand the trends and offer opportunities in various sectors of the Indian economy as well as have the corporate worlds of the two countries discuss business co-operations.
The Indian businesses participating in the show would be seeking to establish partnership and strategic links with Singapore's small and medium enterprises (SME) as well as major corporations in the infrastructure sector, especially seeking out water-technology and urban development expertise, Raghavan added.
Among others, ANTRIX, the Indian space research organisation (ISRO), would be participating in the show. It would launch Singapore's first commercial satellite in about a month, said Dr Raghavan.
Indices to measure price changes in services to roll out by March
New Delhi: India will soon have indices measuring price changes in services that account for above 60% of the national income, helping in more accurate measures of inflation.
The government has shortlisted 10 sectors for which indices will be created, an official with the industries ministry told ET. At least two of them could be rolled out by the end of March 2011 while another four will be ready by the end of the next fiscal, he said.
“These (the indices) would give a more comprehensive picture of the price trends in the economy,” said C Rangarajan , Chairman of the Prime Minister’s Economic Advisory Council (PMEAC).
The services that would have price indices include transport, banking, insurance, communication, ports and storage. Defence services, health and education are three other sectors that will have a price index. All the indices will add up to a single index for services.
Over the years, services have become the most dynamic sector of the economy. They contributed above 60% of the country’s gross domestic product (GDP) in 2009-10, up from 29% in 1950.
“We are currently able to track the services production to some extent by the GDP estimates, but the trend in prices is not very clear,” said Indranil Pan, chief economist at private sector lender Kotak Mahindra Bank .
The only reliable price measure India has at present is the wholesale price index (WPI) for goods. The consumer price index for industrial workers has some implicit elements of services, but otherwise there is no measure available to measure the price changes in the largest sector of the economy.
The most comprehensive measure of inflation, the GDP deflator , is also based on inputs from the wholesale price index and retail indices.
It has to be recognised that creating an index for services is far more difficult than creating an index for goods, said CP Chandrasekhar, professor of economics at Jawaharlal Nehru University, who chairs the committee that is developing the index.
United Kingdom, a financial nerve centre of the world, is still developing a price index for banking, legal and accountancy services.
Before an index is created, it goes through a stage where various methodologies are assessed and one is selected. The users of the index are then given a chance to comment on the methodologies.
Some of the indices are at the second stage where comments have been invited.
The department of industrial policy and promotion, which is coordinating the indices, is also looking into the issue of the periodicity of the release, as data would not be available at the same frequency in every service. Data has to be collected from private and public enterprises and that would also create difficulties.
The government has shortlisted 10 sectors for which indices will be created, an official with the industries ministry told ET. At least two of them could be rolled out by the end of March 2011 while another four will be ready by the end of the next fiscal, he said.
“These (the indices) would give a more comprehensive picture of the price trends in the economy,” said C Rangarajan , Chairman of the Prime Minister’s Economic Advisory Council (PMEAC).
The services that would have price indices include transport, banking, insurance, communication, ports and storage. Defence services, health and education are three other sectors that will have a price index. All the indices will add up to a single index for services.
Over the years, services have become the most dynamic sector of the economy. They contributed above 60% of the country’s gross domestic product (GDP) in 2009-10, up from 29% in 1950.
“We are currently able to track the services production to some extent by the GDP estimates, but the trend in prices is not very clear,” said Indranil Pan, chief economist at private sector lender Kotak Mahindra Bank .
The only reliable price measure India has at present is the wholesale price index (WPI) for goods. The consumer price index for industrial workers has some implicit elements of services, but otherwise there is no measure available to measure the price changes in the largest sector of the economy.
The most comprehensive measure of inflation, the GDP deflator , is also based on inputs from the wholesale price index and retail indices.
It has to be recognised that creating an index for services is far more difficult than creating an index for goods, said CP Chandrasekhar, professor of economics at Jawaharlal Nehru University, who chairs the committee that is developing the index.
United Kingdom, a financial nerve centre of the world, is still developing a price index for banking, legal and accountancy services.
Before an index is created, it goes through a stage where various methodologies are assessed and one is selected. The users of the index are then given a chance to comment on the methodologies.
Some of the indices are at the second stage where comments have been invited.
The department of industrial policy and promotion, which is coordinating the indices, is also looking into the issue of the periodicity of the release, as data would not be available at the same frequency in every service. Data has to be collected from private and public enterprises and that would also create difficulties.
Domestic air traffic records 25 per cent y-o-y growth
New Delhi: The Indian aviation industry has reported 25 per cent increase on a year-on-year (y-o-y) basis in passengers flown in November 2010, according to the latest data released by the Directorate-General of Civil Aviation (DGCA). Seven domestic airlines flew 4,875,000 passengers in November 2010. It is the highest carriage recorded during a single month in 2010.
The Delhi-based, IndiGo, recorded the best performance carrying 8,43,000 passengers in November 2010 and almost 3,00,000 more passengers than in the corresponding period in the 2009.
Jet Airways and SpiceJet each carried 1,73,000 more passengers compared to November 2009
The Delhi-based, IndiGo, recorded the best performance carrying 8,43,000 passengers in November 2010 and almost 3,00,000 more passengers than in the corresponding period in the 2009.
Jet Airways and SpiceJet each carried 1,73,000 more passengers compared to November 2009
Excise sops on expansion in HP, Uttarakhand to stay
New Delhi: Manufacturers in Himachal Pradesh and Uttarakhand will get excise duty exemptions on even the fresh investment they make to expand capacity or launch a new line of business from their existing plants.
The decision will benefit hundreds of companies such as motorcycle manufacturer Hero Honda and consumer products makers Hindustan Unilever and Dabur .
A circular issued by the Central Board of Excise and Customs (CBEC) says companies running factories in these states will enjoy the excise rebate on addition or modification of their plant or if they produce new products from these plants even though the 100% excise duty holiday had lapsed on March 31.
It added the period of exemption would, however, remain 10 years and not get extended on account of modifications or additions.
The circular follows a finance ministry directive to CBEC to clear the air over the scheme as companies were under the impression that they would not get excise rebate if they made fresh investments in their plants after March 31. This had discouraged them to expand their operations in the two states.
Companies in business in the two states can manufacture new products by enhancing their manufacturing capacities now, said Pratik Jain, a partner at KPMG .
An extreme example would be if a car manufacturer enjoying excise rebate decides to produce food products, he can claim the rebate on new products as well after March 31.
The government had launched the tax rebate scheme to encourage industrial development of the two hill states.
"This issue has been a matter of varied interpretation and disputes, which should now be put to rest and spur investments in these states," Jain added.
States like Punjab had protested the scheme arguing that industrial units were shifting to the two states to enjoy the excise rebate. Analysts say the relaxation in rules is sure to cause more heartburn.
The decision will benefit hundreds of companies such as motorcycle manufacturer Hero Honda and consumer products makers Hindustan Unilever and Dabur .
A circular issued by the Central Board of Excise and Customs (CBEC) says companies running factories in these states will enjoy the excise rebate on addition or modification of their plant or if they produce new products from these plants even though the 100% excise duty holiday had lapsed on March 31.
It added the period of exemption would, however, remain 10 years and not get extended on account of modifications or additions.
The circular follows a finance ministry directive to CBEC to clear the air over the scheme as companies were under the impression that they would not get excise rebate if they made fresh investments in their plants after March 31. This had discouraged them to expand their operations in the two states.
Companies in business in the two states can manufacture new products by enhancing their manufacturing capacities now, said Pratik Jain, a partner at KPMG .
An extreme example would be if a car manufacturer enjoying excise rebate decides to produce food products, he can claim the rebate on new products as well after March 31.
The government had launched the tax rebate scheme to encourage industrial development of the two hill states.
"This issue has been a matter of varied interpretation and disputes, which should now be put to rest and spur investments in these states," Jain added.
States like Punjab had protested the scheme arguing that industrial units were shifting to the two states to enjoy the excise rebate. Analysts say the relaxation in rules is sure to cause more heartburn.
India Inc sealed record US$ 55 billion M&A deals so far in 2010
New Delhi: India Inc sealed mergers and acquisitions (M&A) deals worth US$ 55 billion so far in 2010, including a record number of billion-dollar transactions.
The total deal value surpassed the previous record set in 2007 and big-ticket deals made a comeback as corporate India regained its deal-making appetite with more than US$ 9 billion deals, the highest-ever in a single year.
"Indian companies are ready to pay what they perceive to be the right valuation. They are not just hunting for bargain buys, but they would take advantage of the economic slowdown and the fact that many loss-making companies in developed markets are looking to sell out," according to Freny Patel, Associate Editor, DealReporter (part of Mergermarket Group), Asia-Pacific.
The M&A deals showcased the high global ambitions set up by India Inc who acquired foreign assets worth US$ 27.25 billion with a view to expand their market share.
"There have been acquisitions in South America, Europe, Australia, Singapore, etc, for some time now. More recently, there is a lot of interest in developing economies in Africa, Indonesia, Malaysia, etc," according to C G Srividya, Specialist Advisory Services Partner, Grant Thornton India .
So far in 2010 (till December 15), the total deal announced value amounted to US$ 54.6 billion, significantly more than the previous high of US$ 42 billion achieved in 2007, according to research firm VCCEdge.
The total deal value surpassed the previous record set in 2007 and big-ticket deals made a comeback as corporate India regained its deal-making appetite with more than US$ 9 billion deals, the highest-ever in a single year.
"Indian companies are ready to pay what they perceive to be the right valuation. They are not just hunting for bargain buys, but they would take advantage of the economic slowdown and the fact that many loss-making companies in developed markets are looking to sell out," according to Freny Patel, Associate Editor, DealReporter (part of Mergermarket Group), Asia-Pacific.
The M&A deals showcased the high global ambitions set up by India Inc who acquired foreign assets worth US$ 27.25 billion with a view to expand their market share.
"There have been acquisitions in South America, Europe, Australia, Singapore, etc, for some time now. More recently, there is a lot of interest in developing economies in Africa, Indonesia, Malaysia, etc," according to C G Srividya, Specialist Advisory Services Partner, Grant Thornton India .
So far in 2010 (till December 15), the total deal announced value amounted to US$ 54.6 billion, significantly more than the previous high of US$ 42 billion achieved in 2007, according to research firm VCCEdge.
Fitch revises India's growth to 8.7 per cent for 2010-11
New Delhi: The forecast for the country’s economic expansion has been revised upwards to 8.7 per cent for 2010-11 from 8.5 per cent earlier by the leading global rating agency, Fitch Ratings.
"We revise upwards our forecast for India's GDP growth to 8.7 per cent for the financial year ending March 2011 from 8.5 per cent, as economic activity has proved more buoyant than previously expected," said Fitch in its latest quarterly review 'Global Economic Outlook' released in London.
The report further highlighted that a breakdown of gross domestic product (GDP) numbers by expenditure shows that India's economic activity remains broad-based, with both private and public sector consumption, fixed investment and exports all registering high single-digit growth.
Furthermore, the economy registered a healthy 8.8 per cent growth in the first quarter of 2010-11 and fared still better in the second quarter, recording 8.9 per cent on the back of strong growth in manufacturing and a massive improvement in the farm sector.
"We revise upwards our forecast for India's GDP growth to 8.7 per cent for the financial year ending March 2011 from 8.5 per cent, as economic activity has proved more buoyant than previously expected," said Fitch in its latest quarterly review 'Global Economic Outlook' released in London.
The report further highlighted that a breakdown of gross domestic product (GDP) numbers by expenditure shows that India's economic activity remains broad-based, with both private and public sector consumption, fixed investment and exports all registering high single-digit growth.
Furthermore, the economy registered a healthy 8.8 per cent growth in the first quarter of 2010-11 and fared still better in the second quarter, recording 8.9 per cent on the back of strong growth in manufacturing and a massive improvement in the farm sector.
Govt kicks off FDI retail talks again
New Delhi: Key policy makers in the government have kicked off discussions to liberalise foreign direct investment regime. The government is debating opening up of foreign investment in multi-brand retail sector that employs millions and further liberalising the defence sector.
Finance minister Pranab Mukherjee , home minister P Chidambaram , defence minister A K Antony along with commerce minister Anand Sharma held discussions on further relaxing the foreign direct investment regime on Thursday.
"We will be having more meetings. Policy (formation) is dynamic...we are very progressive and forward looking," Mr Sharma told reporters on Thursday.
The department of industrial policy and promotion had earlier this year put out discussion papers to seek public comments on opening up of multi-brand retail to foreign investment and increasing FDI in defence from 26% to 74%.
The department then set up an inter-ministerial panel to examine public comments and suggest some policy measure. However, the panel is expected to call for wider consultation on opening up multibrand retail sector to foreign investors in its report. Of the 180 respondents only 65 agreed to opening up of the sector and majority 113 opposed it. "The reponses cannot be taken to represent the voice of large number of stakeholders and population at large," the draft report circulated to all members of the panel says.
The final report is expected by month end, according to a person privy to the discussions.
Both the Left and BJP are completely opposed to opening up of multi-brand retail. However, the UPA government , sans the Left, seems more open to the idea of opening up multi-brand retail to FDI.
Finance minister Pranab Mukherjee , home minister P Chidambaram , defence minister A K Antony along with commerce minister Anand Sharma held discussions on further relaxing the foreign direct investment regime on Thursday.
"We will be having more meetings. Policy (formation) is dynamic...we are very progressive and forward looking," Mr Sharma told reporters on Thursday.
The department of industrial policy and promotion had earlier this year put out discussion papers to seek public comments on opening up of multi-brand retail to foreign investment and increasing FDI in defence from 26% to 74%.
The department then set up an inter-ministerial panel to examine public comments and suggest some policy measure. However, the panel is expected to call for wider consultation on opening up multibrand retail sector to foreign investors in its report. Of the 180 respondents only 65 agreed to opening up of the sector and majority 113 opposed it. "The reponses cannot be taken to represent the voice of large number of stakeholders and population at large," the draft report circulated to all members of the panel says.
The final report is expected by month end, according to a person privy to the discussions.
Both the Left and BJP are completely opposed to opening up of multi-brand retail. However, the UPA government , sans the Left, seems more open to the idea of opening up multi-brand retail to FDI.
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