Agila Specialties to launch injectable generic drugs in Canada

Bangalore: The Bangalore-based pharma company Strides Arcolab’s subsidiary, Agila Specialties, will launch a range of injectable generic drugs in Canada.

This will be done through a joint venture with Canadian company Jamp Pharma; Agila will hold 70 per cent stake in the new company Agila-Jamp Canada Inc.

The new venture will launch 40 products in the next two years, the company said in a statement to the BSE.

“Many of the products will be immediately launched through local hospitals and pharmacists, and the existing sales force at Jamp Pharma will be responsible for introducing the entire Agila-Jamp product portfolio,” the company said in the statement.

Mutual funds, precious metals top investment tools for Indian online consumers- Nielsen survey

Mumbai: According to a study by market research firm Nielsen, over two in five online Indian consumers make investments in some form or the other. While 64% of them made investments in mutual funds, 63% of them pumped in their savings into precious metals while 56% of investments were made in stocks and 40% in bonds making up the top four favoured asset classes for the purpose of investments by online Indian consumers.

The Nielsen global survey of investment attitudes surveyed more than 28,000 internet respondents in 56 countries and showed that in India, online consumers make their own decisions when it comes to investments.

Around 16% of respondents indicated they would take the advice of friends, relatives and colleagues while making financial decisions.

"As opposed to the average Indian customer, online consumers in India appear to be far less dependent on others in decision exhibiting a marked independence in being self sufficient, and not entirely trusting of people around them." said Subhash Chandra , director, Nielsen India.

The increasing popularity of mutual funds as an important investment tool is fuelled by the aware online consumer, who sees great benefit in systematic investment plans on offer now, Chandra said.The Indian consumer continues to be enamoured by precious metals for traditional purposes, as well as investments, as they are seen to be profitable over the years.

According to the survey, almost four of five (77%) of online consumers in India conducted their transactions at the branch of their favoured bank. About 68% of respondents said they used online banking facilities, while 42% used the mobile phone for their banking needs.

Less than two in five (37%) of online respondents indicated that they use the landline phone or financial planners for their banking and investment needs.

When it comes to paying for general shopping, dining, traveling or entertainment, online consumers in India prefer to pay by cash (78%), followed by payments via debit cards (56%). Less than two in five (37%) of the respondents indicated they used credit cards, the surbey findings said.

Hiranandani to invest Rs 3k cr for Haldia LNG terminal

Kolkata: The Hiranandani Group has drawn up plans to invest about Rs 3,000 crore to set up four-million-tonne (mt) liquefied natural gas (LNG) terminal at Haldia in West Bengal, a move that will help the Mumbai-based group cater to the needs of the eastern India market.

In October last year, Business Standard had reported about the group’s plan to set up an LNG terminal in the east, but details of the project were not divulged at that time, as a feasibility study was going on. “Now, we have got the feasibility report in place for the terminal at Haldia in the middle of the ocean with a capacity of 4 mt. It will see an investment of about Rs 3,000 crore,” said Darshan Hiranandani, director of Hindustan Elect-ricity Generation Co, a group firm.

The group is now doing the real-time monitoring study for the project, which would come under the Kolkata Port Trust area. “The real-time monitoring study and clearances from the Centre are likely to be in place in six months, and we expect to start the work in another nine months,” Hiranandani added.

The firm was eyeing the market in West Bengal, Bihar, Jharkhand and north Orissa. The group is already setting up an 8-mt terminal at the Dighi port in Maharashtra for captive use for its upcoming power plants and to cater to consumers in the power and fertiliser industry.

“Last week, we have got environment clearance for the Maharashtra project, which would see an investment of more than Rs 6,000 crore. Work is expected to start on this in another six months,” Hiranandani said.

Hiranandani was reportedly in talks with the South Korea-based Hyundai Engineering and Construction Co to build the Dighi terminal.

Not just Hiranandani, a lot of other players like GAIL India Ltd, Petronet LNG Ltd and Indian Oil Corp Ltd are looking at the east coast for setting up LNG terminals. “Competition is good as the country needs more LNG terminals to meet the increasing demand for gas,” he added.

GAIL, too, was planning a terminal at Haldia. Petronet may locate its third terminal in the country at Dhamra in Orissa. State-run Indian Oil Corp was reportedly mulling options to set up a 5-mt terminal in the east, mainly to meet the natural gas requirement for its refineries in Haldia, Paradeep (Orissa) and Barauni (Bihar).

Mumbai: ONGC Videsh Limited, the overseas arm of state-owned ONGC along with its consortium is planning to increase its investments in Venezuela to $3 billion, making it one of the biggest investments of Indian state-owned firms overseas.

"OVL with $ 350 million of investments wants to invest another $500 million in the San Cristobel oil field. In addition, ONGC Videsh with an Indian consortium proposes to invest US$ 2.2 billion in the Carobobo project. Thereby enhancing its investments over $3 biliion in Venezuela," said Jyotiraditya M Scindia, state minister for commerce and industry in a government statement after leading a business delegation in Venezuela.

Besides, the Indian state-owned firms are also looking at picking a minority stake in a green field refinery project in Venezuela, which will be majority owned by Venezuela state-owned firm PDVSA. Similarly, PDVSA has been offered to buy a stake in Indian Oil Corporations (IOCL) 15 mmtpa green filed refinery in Orissa, which is being set up for $5 billion.

Indian public sector oil companies want to enter into agreements with Venezuelan firms on a spot basis. GAIL is exploring opportunities in the natural gas value chain in Venezuela while BPCL is exploring opportunities to export base oil to Venezuela and its marketing. Engineers India Limited (EIL) is looking at providing its design and engineering services in the hydrocarbon sector.

India and Venezuela is also looking at building shipping lines between India and Venezuela and finalization of the double taxation avoidance agreement (DTAA) between India and Venezuela.

IFC invests Rs 68 cr in Italian farm equipment maker's plant

Mumbai: International Finance Corporation (IFC) has invested Rs 68 crore in the Indian arm of Italian farm equipment manufacturer SAME DEUTZ-FAHR. IFC is a part of the World Bank Group.

This investment is aimed at upgrading SAME DEUTZ-FAHR’s plant in India to design tractors suited to Indian requirements.

The facility will produce tractors and engines for both local and international markets.

“The use of agricultural machinery will help to achieve higher output per acre, which has been low in India,” said Mr Thomas Davenport, IFC Director for South Asia. “The project will help boost farmers’ income, and also promote small businesses that service farm equipment.”

Larsen & Tubro acquires Malaysian busduct manufacturer Henikwon Corporation

Mumbai: Larsen & Tubro's has acquired Malaysia based busduct systems manufacturer Henikwon Corporation Sdn Bhd, a through its Malaysian subsidiary Tamco Switchgear for an undisclosed amount bringing a strong customer base of large corporations to Tamco.

"Henikwon provides a wide range of standard and custom-designed Busduct solutions. This acquisition will be complementary to the E&A portfolio and make comprehensive offerings for the building and infrastructure segments," said S C Bhargava, chairman Tamco Switchgear adding that it will further enhance our presence in South East Asia and in catering to Indian and Middle East markets.

Henikwon brand is globally well recognized and offers high quality products under compliance to international quality standards.

Henikwon's current product range comprises LV Sandwich Busduct systems from 400A to 6300A and MV Busduct Systems for ratings from 400A to 5000A.

Busduct is a modern, efficient and cost effective means of providing motive power and replaces the conventional cabling system, said a L&T statement.

Tamco Switchgear is the wholly owned subsidiary of L&T and it is a part of electrical and automation business and it offers electrical distributions and control solutions in the medium voltage range to industries and utilities in South East Asia, Middle East & Africa and Australia. Tamco has manufacturing facility in Indonesia and Australia.

L&T had acquired the switchgear business of Malaysia based Tamco Corporate Holdings for $107 million in 2008. Post-acquisition, L&T retained the Tamco brand, management, staff and employees and only four expatriates were sent from India to work for Tamco.

SAIL, Kobe Steel enter JV for iron nugget plant in West Bengal

New Delhi: India's largest steelmaker Steel Authority of India Limited (SAIL) and Japan's Kobe Steel have signed an agreement to set up half a million tonne iron nugget plant using the Japanese steelmaker's patented technology.

A ministry delegation led by Beni Prasad Verma, the minister of steel, senior officials of the ministry and SAIL are currently in Tokyo to sign the agreement. The plant will come up on SAIL's alloy steels plant in Durgapur, West Bengal.

Steel Authority of India Limited and Kobe Steel will share production equally from the plant for captive use. "The ITmK3 technology will also utilise dump iron ore fines, disposal of which is an environmental issue," said Verma.

Kobe is one of the largest suppliers of alloy steels to Japanese automobile companies.

Besides ITmK3, Kobe has also developed new technologies such as Midrex, which uses gaseous fuel.

While SAIL will contribute land, iron ore and other engineering services for the project, Kobe Steel will provide the technology for setting up the plant and its operation.

The government PSU has been exploring similar joint ventures for such patented technologies to ease costs pressures from coking coal which India has to import.

SAIL is yet to further its MoU with Posco for a Finex plant. Discussions are stuck on shareholding with the South Korean company reluctant to allow Steel Authority of India Limited majority stake.

Posco has claimed it cannot allow anyone else's control in a joint venture centred around its proprietary technology developed with government funding.

MCX-SX receives green signal for equity trading

Mumbai: A third national-level equity exchange is set to go live in the next few weeks, with the Multi Commodity Stock Exchange (MCX-SX) securing regulatory permission to operate as a full-fledged stock exchange. This comes after a four-year wait and an intense legal battle between the stock exchange aspirant and the Securities and Exchange Board of India (Sebi).

MCX-SX will be the first national-level equity exchange to be launched since 1998. While the BSE is 150 years old, the NSE had gained recognition in April 1993. The government had allowed the Inter-connected Stock Exchange to launch operations in 1997, but the bourse was a failure.

The Sebi on Tuesday allowed MCX-SX to offer trading in equity, interest-rate and wholesale debt segments. Currently, the exchange hosts only currency derivative trading on its platform. The regulator, however, has set a condition that the promoters of MCX-SX would have to reduce stake to five per cent in 18 months.

“Both promoters will reduce their entitlement to equity or rights over equity in excess of the shareholding as specified in the revised SECC (Stock Exchanges and Clearing Corporation) regulations within a period of three years from the date of notification of the SECC regulations,” said a late evening release from MCX-SX.

Financial Technologies and MCX together hold nearly 70 per cent stake in MCX-SX, including warrants. Both promoters would have to cut their combined stake to five per cent. Jignesh Shah, vice-chairman, MCX-SX, said the new regulations provided a level playing field. Joseph Massey, MD & CEO, MCX-SX, said the exchange would cater to the growing needs of investors for suitable investment avenues, to the corporate sector for raising risk and debt capital, and for a variety of instruments used by the industry for risk mitigation.

Norway, India can now share banking information

New Delhi: The new India-Norway tax treaty that allows exchange of banking-related information for taxation purposes has come into force.

The earlier double taxation avoidance agreement signed in December 1986 did not provide for a specific mechanism for exchange of banking-related information between the two countries.

That agreement has now been terminated.

The new treaty, signed in February this year, will apply for income earned or capital owned on or after April 1, 2012 in the case of India.

For Norway, the new tax treaty will apply for income earned or capital owned on or after January 1 this year.

'Limitation of benefit'
Among the new features in the latest treaty is the introduction of a ‘limitation of benefit’ clause, which will ensure that corporate structures are not created primarily to get benefits available under this treaty. This will discourage ‘treaty shopping’, say tax experts. The withholding tax on dividends in the source State has also been reduced to 10 per cent.

Earlier, dividends with a shareholding of 25 per cent or more attracted tax of 15 per cent and a 25 per cent rate in other cases.

Also, the rate of tax on interest in the source State has been reduced from 15 per cent to 10 per cent.

The rate of tax on royalties and technical services arising in the source State has been specified as 10 per cent.

Natural resources
The earlier treaty considered installations or structures used in such exploration ‘permanent establishment’, implying that their incomes could be taxed. Interestingly, the new treaty has no such specific inclusion.

“This would imply that both the jurisdictions want to provide relief to foreign investors involved in exploration of natural resources in the other contracting state”, said Mr Amit Singhania, Principal Associate in law firm Amarchand & Mangaldas.

The new tax treaty also provides for significant changes to the taxation of shipping and air transport activities.

Philips Lighting signs MoU with IIID

Pune: Lighting company Philips Lighting, and Institute of Indian Interior Designers (IIID), the nodal body of interior designers in India, have formed an academic partnership to offer a professional certificate course in light and lighting (technology & application) for architects and interior designers.

Pune is the first city to offer this three-day certificate course for the members of the IIID Pune Regional Chapter. Philips will conduct this course in different IIID chapters across India and will provide the course curriculum, content, faculty support, product samples and other teaching aids.

Mr Sumit Joshi, Senior Director, Marketing, Philips Lighting India, said, “Light today is no longer purely functional, something to switch on and off as required. Today, light is being used in all sorts of ways to create the desired backdrop to our lives, whether to relax and unwind, to play, or to work, lighting can be used to create the right mood and ambience. With this MoU, we hope to enhance the interior designers’ and architects’ ability to bring together both art and science of lighting and give the perfect finishing touch to their work.”