Mumbai: Suzlon Group, the world's fifth largest wind turbine manufacturer, on Wednesday announced the strategic sale of the 240 MW Big Sky Wind Farm in Illinois to EverPower Wind Holdings, Inc, pocketing about $100 million and leading its shares up 7% to close at Rs 15 in a firm Mumbai market on Wednesday.
Suzlon Group had recently acquired the Big Sky wind farm from Edison Mission Energy through its fully owned US-based subsidiary Suzlon Wind Energy Corp (SWECO) has signed a definitive agreement with EverPower to sell the project located in Illinois, about 95 miles west of Chicago, said a Suzlon statement. The deal was first reported by ToI on April 3.
"We are very pleased to welcome EverPower to the Suzlon family of customers. The SWECO OMS team looks forward to partnering with EverPower to maintain the high standards of availability and reliability at Big Sky that we have seen since operations started at Big Sky four years ago," said Duncan Koerbel, CEO of Suzlon Wind Energy Corporation and CTO of the Suzlon Group.
This acquisition of Big Sky by EverPower makes it the nation's 18th largest wind generator, with a combined capacity of 752MW in the US in winder power generation.
"We are pleased to add this project to our portfolio. It fits into both our overall growth strategy and our strategy of building our portfolio in liquid markets like PJM," said James Spencer, president and CEO of EverPower.
Completed in early 2011, the Big Sky Project utilizes 114 Suzlon 2.1MW S88 turbines to generate enough electricity per annum for nearly 50,000 homes while also offsetting over 225,000 tons of CO2 emissions.
"This sale of Big Sky Wind Farm to a sound long term investor like EverPower is an important part of our dis-investment strategy to hive off non-core assets, and the net proceeds of the sale will be used to fuel our business growth," said Kirti Vagadia, group head, finance at Suzlon. Besides, Suzlon has lined up a dozen non-core assets for sale and aims to raise Rs 1500 crore to pare its debts.
Success in my Habit
Saturday, April 12, 2014
Suven Life secures patents in Canada, Hong Kong
Hyderabad: Suven Life Sciences Ltd has obtained two patents, one each from Hong Kong and Canada, for its New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases.
The granted claims of the patents include the class of selective 5-HT compounds discovered by the Hyderabad-based company that were being developed as therapeutic agents.
They were useful in the treatment of cognitive impairment associated with neurodegenerative disorders such as Alzheimer’s disease, attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinsons and schizophrenia.
The granted claims of the patents include the class of selective 5-HT compounds discovered by the Hyderabad-based company that were being developed as therapeutic agents.
They were useful in the treatment of cognitive impairment associated with neurodegenerative disorders such as Alzheimer’s disease, attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinsons and schizophrenia.
Record rise in seafood export, 1-mt mark crossed
Kochi: The provisional estimates of the Marine Products Export Development Authority (MPEDA) shows India’s seafood export has crossed one million tonne mark for the first time, earning over $4.5 billion in 2013-14.
According to the provisional estimates, the increase of $1 billion in revenue in 12 months is a great achievement. Export revenue grew 30 per cent in dollar terms. During 2011-12 and 2012-13, earnings were $3.5 billion. In rupee terms, the estimates indicated an earning of Rs 20,000 crore.
In 2012-13, India exported 928,215 tonnes valued at Rs 18,856 crore. In 2011-12, the country had exported 862,021 tonnes valued at Rs 16,597 crore. MPEDA now targets an earning of $ 10 billion by 2020. This performance was due to two major factors: Serious fall in the production and export of shrimp from Southeast Asian countries and the lowering of countervailing duty on Indian shrimp exports in the US.
Production in Southeast Asian countries had been affected badly due to the spread of a disease called Early Mortality Syndrome. Supply from Thailand, the world’s second largest shrimp producer, dropped around 50 per cent from the normal 500,000 tonnes a year. Other leading producers Vietnam and Malaysia had also been hit. India could cash on this global situation and enhanced its exports to these countries too.
Processing plants in East Asian countries had to depend on imports from India in order to meet their commitments with European and US importers. Countries such as Vietnam, China and Thailand imported more shipments from India last year, mainly for re-export.
Rise in local demand in Korea also caused warming up in global prices, said Anwar Hashim, a leading exporter and former president of Seafood Exporters Association of India. However, USA was the largest market for Indian shrimps, as the country imported 51.24 per cent of the total Indian shrimp exports. This was followed by South East Asian countries (16 per cent), EU (15.82 per cent) and Japan (4.94 per cent).
Shortage of shrimp due to spread of EMS also caused rise in prices and, this, in turn, helped the steep rise in dollar earnings, he added. Increase in the production of Vannamei shrimp, rise in the productivity of Black Tiger variety and increase in export of chilled items also helped achieve higher exports, MPEDA said.
According to the provisional estimates, the increase of $1 billion in revenue in 12 months is a great achievement. Export revenue grew 30 per cent in dollar terms. During 2011-12 and 2012-13, earnings were $3.5 billion. In rupee terms, the estimates indicated an earning of Rs 20,000 crore.
In 2012-13, India exported 928,215 tonnes valued at Rs 18,856 crore. In 2011-12, the country had exported 862,021 tonnes valued at Rs 16,597 crore. MPEDA now targets an earning of $ 10 billion by 2020. This performance was due to two major factors: Serious fall in the production and export of shrimp from Southeast Asian countries and the lowering of countervailing duty on Indian shrimp exports in the US.
Production in Southeast Asian countries had been affected badly due to the spread of a disease called Early Mortality Syndrome. Supply from Thailand, the world’s second largest shrimp producer, dropped around 50 per cent from the normal 500,000 tonnes a year. Other leading producers Vietnam and Malaysia had also been hit. India could cash on this global situation and enhanced its exports to these countries too.
Processing plants in East Asian countries had to depend on imports from India in order to meet their commitments with European and US importers. Countries such as Vietnam, China and Thailand imported more shipments from India last year, mainly for re-export.
Rise in local demand in Korea also caused warming up in global prices, said Anwar Hashim, a leading exporter and former president of Seafood Exporters Association of India. However, USA was the largest market for Indian shrimps, as the country imported 51.24 per cent of the total Indian shrimp exports. This was followed by South East Asian countries (16 per cent), EU (15.82 per cent) and Japan (4.94 per cent).
Shortage of shrimp due to spread of EMS also caused rise in prices and, this, in turn, helped the steep rise in dollar earnings, he added. Increase in the production of Vannamei shrimp, rise in the productivity of Black Tiger variety and increase in export of chilled items also helped achieve higher exports, MPEDA said.
US remains top overseas education destination
Mumbai: Rajiv Chaturvedi, a 22-year-old engineer, had put aside his plan to visit the US for a Master of Science (MS) programme last year, when the rupee depreciated and almost touched Rs 68.85 versus the dollar.
As a result, the course-fee of the technology institute of his choice was up by almost Rs 3 lakh. This time, when the rupee has appreciated to nearly Rs 59.50 versus the dollar, Chaturvedi's plan to study in the US is back on track.
The US is the most preferred international study destination. Education consultants say Australia, Canada and New Zealand have become the next most popular destinations, on the back of easier visa norms and more scholarships for Indian students. However, the UK has seen a drop in students.
Vinayak Kamat, Director of Mumbai-based GeeBee Education that assists students in pursuing overseas education, explains there has been a drop in the number going to the UK after removal of post study work permit three years ago. He added that Canada has grown manifold in the past four years, while the US was still the first choice.
Data from the Institute of International Education, Educational Exchange Data from Open Doors 2013 showed that in the 2012-13 academic year, 96,754 students from India were studying in the US (down 3.5 per cent from the previous year). India is the second leading place of origin for students coming to the US after China.
Rohan Ganeriwala, co- founder of overseas education consultants, Collegify, says that overall Europe as a student destination has seen a drop due to lower job opportunities for students after their course completion. "The US economy has revived, bringing back student interest. Canada has also gained due to a thriving job market for students in the region," he added.
New rules that aim to strengthen Canada's status as a study destination of choice for prospective international students will take effect on June 1, 2014. The new regulations will improve services to genuine students, while protecting Canada's international reputation for high-quality education and reducing the potential for fraud and misuse of the programme.
According to the new rules, registered Indians who are also foreign nationals may study in Canada without a study permit as they have the right of entry into Canada. Further, study permits will automatically authorise the holder to work off-campus for up to 20 hours a week during the academic session and full-time during scheduled breaks without the need to apply for a separate work permit.
Canadian institutes have also begun extensive campaigns in countries like India for students to visit their country. For instance, some educational institutes have tied-up with schools in India, wherein these school students wanting to pursue higher education abroad are taken to Canada for 3-7 days and provided an overview of the educational and employment scenario in that country.
Naveen Chopra, chairman and promoter, The Chopras, says that Australia has picked up as a destination, due to the fact that the visa norms allow students who study in the country for two years to work there for two years. "Australia also offers the highest minimum wages - as high as $80 per hour - which is an attractive proposition," he added.
The new guidelines of Australia under the post-study work stream offers extended options for working in Australia to eligible graduates of a higher education degree. Under this stream, successful applicants are granted a visa of two, three or four years duration, depending on the highest educational qualification they have obtained.
Though Australia has emerged as a preferred location for students, earlier there were some concerns about racial discrimination and attacks against Indians. "While students and parents double-check on the safety aspects, Australian government has taken steps to curb such instances and, hence, enrollments are up," said a senior official from an education consultancy.
Apart from the visa relaxations, scholarships to students have also increased from emerging student destinations like New Zealand. Ziena Jalil, Regional Director for South Asia, Education New Zealand said student visas issued to Indian nationals seeking to study in New Zealand increased more than 10 per cent last year, making India one of the fastest growing student markets for New Zealand.
"This year too, there is an increase in the number of applications from students. Our student numbers from India have continued to grow. We have also increased our activities in India to attract more students," she added.
Jalil explained that international students who have achieved a New Zealand qualification may be allowed to gain experience in work related to their studies. Depending on what international students study, they may be able to work in New Zealand, and possibly even gain residence.
First, international students need to apply for a visa and get it approved. The study to work pathway has two steps - post-study work visa (open) and post-study work visa (employer assisted).
Post-study work visa (open) gives international students up to 12 months to get a job in a field related to their studies. While looking for a job in their field, students are allowed to work in any job to support themselves.
Further, post-study work visa (employer assisted) lets international students stay in New Zealand to gain work experience for a further two years (or three years if work experience is required as part of a professional registration). This visa relates to a specific job with a specific employer.
Meanwhile, UK has seen a drop in the number of students from India, on the back of tighter visa norms for students. This is especially for those who want to pursue a job in the UK after completion of course.
According to the April 2014 report 'Global demand for English Higher Education' by Higher Education Funding Council for England, there are declining numbers of entrants from South Asia - particularly India and Pakistan - at undergraduate and postgraduate levels. The data also suggest a continued decline in student visas issued to applicants from countries mainly in South Asia - specifically Pakistan, India, Sri Lanka and Iran.
"While English higher education remains popular worldwide, there has been a decline in the growth of international recruitment since 2010. This is the first significant slowdown in the past 29 years. Data show that while entrants from India and Pakistan have halved in England since 2010, their numbers are growing elsewhere," the report said.
As a result, the course-fee of the technology institute of his choice was up by almost Rs 3 lakh. This time, when the rupee has appreciated to nearly Rs 59.50 versus the dollar, Chaturvedi's plan to study in the US is back on track.
The US is the most preferred international study destination. Education consultants say Australia, Canada and New Zealand have become the next most popular destinations, on the back of easier visa norms and more scholarships for Indian students. However, the UK has seen a drop in students.
Vinayak Kamat, Director of Mumbai-based GeeBee Education that assists students in pursuing overseas education, explains there has been a drop in the number going to the UK after removal of post study work permit three years ago. He added that Canada has grown manifold in the past four years, while the US was still the first choice.
Data from the Institute of International Education, Educational Exchange Data from Open Doors 2013 showed that in the 2012-13 academic year, 96,754 students from India were studying in the US (down 3.5 per cent from the previous year). India is the second leading place of origin for students coming to the US after China.
Rohan Ganeriwala, co- founder of overseas education consultants, Collegify, says that overall Europe as a student destination has seen a drop due to lower job opportunities for students after their course completion. "The US economy has revived, bringing back student interest. Canada has also gained due to a thriving job market for students in the region," he added.
New rules that aim to strengthen Canada's status as a study destination of choice for prospective international students will take effect on June 1, 2014. The new regulations will improve services to genuine students, while protecting Canada's international reputation for high-quality education and reducing the potential for fraud and misuse of the programme.
According to the new rules, registered Indians who are also foreign nationals may study in Canada without a study permit as they have the right of entry into Canada. Further, study permits will automatically authorise the holder to work off-campus for up to 20 hours a week during the academic session and full-time during scheduled breaks without the need to apply for a separate work permit.
Canadian institutes have also begun extensive campaigns in countries like India for students to visit their country. For instance, some educational institutes have tied-up with schools in India, wherein these school students wanting to pursue higher education abroad are taken to Canada for 3-7 days and provided an overview of the educational and employment scenario in that country.
Naveen Chopra, chairman and promoter, The Chopras, says that Australia has picked up as a destination, due to the fact that the visa norms allow students who study in the country for two years to work there for two years. "Australia also offers the highest minimum wages - as high as $80 per hour - which is an attractive proposition," he added.
The new guidelines of Australia under the post-study work stream offers extended options for working in Australia to eligible graduates of a higher education degree. Under this stream, successful applicants are granted a visa of two, three or four years duration, depending on the highest educational qualification they have obtained.
Though Australia has emerged as a preferred location for students, earlier there were some concerns about racial discrimination and attacks against Indians. "While students and parents double-check on the safety aspects, Australian government has taken steps to curb such instances and, hence, enrollments are up," said a senior official from an education consultancy.
Apart from the visa relaxations, scholarships to students have also increased from emerging student destinations like New Zealand. Ziena Jalil, Regional Director for South Asia, Education New Zealand said student visas issued to Indian nationals seeking to study in New Zealand increased more than 10 per cent last year, making India one of the fastest growing student markets for New Zealand.
"This year too, there is an increase in the number of applications from students. Our student numbers from India have continued to grow. We have also increased our activities in India to attract more students," she added.
Jalil explained that international students who have achieved a New Zealand qualification may be allowed to gain experience in work related to their studies. Depending on what international students study, they may be able to work in New Zealand, and possibly even gain residence.
First, international students need to apply for a visa and get it approved. The study to work pathway has two steps - post-study work visa (open) and post-study work visa (employer assisted).
Post-study work visa (open) gives international students up to 12 months to get a job in a field related to their studies. While looking for a job in their field, students are allowed to work in any job to support themselves.
Further, post-study work visa (employer assisted) lets international students stay in New Zealand to gain work experience for a further two years (or three years if work experience is required as part of a professional registration). This visa relates to a specific job with a specific employer.
Meanwhile, UK has seen a drop in the number of students from India, on the back of tighter visa norms for students. This is especially for those who want to pursue a job in the UK after completion of course.
According to the April 2014 report 'Global demand for English Higher Education' by Higher Education Funding Council for England, there are declining numbers of entrants from South Asia - particularly India and Pakistan - at undergraduate and postgraduate levels. The data also suggest a continued decline in student visas issued to applicants from countries mainly in South Asia - specifically Pakistan, India, Sri Lanka and Iran.
"While English higher education remains popular worldwide, there has been a decline in the growth of international recruitment since 2010. This is the first significant slowdown in the past 29 years. Data show that while entrants from India and Pakistan have halved in England since 2010, their numbers are growing elsewhere," the report said.
India inks pact with Russia to share diamond trade data
Mumbai: India has signed a memorandum of understanding with Russia to source data on diamond trade between two countries. India is the largest diamond processor, while Russia is the world’s largest rough diamond producer.
The agreement between both countries was signed in Russia by the Gem and Jewellery Export Promotion Council and Russian Government-owned diamond mining firm Alrosa which accounts for close to 25 per cent of the world output. India accounts for about 60 per cent of global polished diamond output in value terms. India imported 163.11 million carats of rough diamonds worth $16.34 billion and exported 36.46 million carats of polished diamonds worth $20.23 billion in 2013. Indian exported gems and jewellery worth $36.04 billion last year. Russia produced 34.9 million carats of rough diamonds in 2012.
The Reserve Bank of India recently liberalised financing for rough diamond imports by allowing banks to extend advance remittance to Indian importers in favour of any global miners. Earlier, this facility was restricted to five global miners of roughs.
Vipul Shah, Chairman GJEPC, said India has sought long-term contracts between Alrosa and the Indian cutting and polishing industry. With this association, both trade bodies look forward to cooperation and exchange information in the framework of implementation of Kimberley Process Certification Scheme which prevents diamond industry finance to war or human rights abuses.
An Alrosa study team visiting India recently said most of the rough diamonds produced in Russia are cut and polished in India.
The agreement between both countries was signed in Russia by the Gem and Jewellery Export Promotion Council and Russian Government-owned diamond mining firm Alrosa which accounts for close to 25 per cent of the world output. India accounts for about 60 per cent of global polished diamond output in value terms. India imported 163.11 million carats of rough diamonds worth $16.34 billion and exported 36.46 million carats of polished diamonds worth $20.23 billion in 2013. Indian exported gems and jewellery worth $36.04 billion last year. Russia produced 34.9 million carats of rough diamonds in 2012.
The Reserve Bank of India recently liberalised financing for rough diamond imports by allowing banks to extend advance remittance to Indian importers in favour of any global miners. Earlier, this facility was restricted to five global miners of roughs.
Vipul Shah, Chairman GJEPC, said India has sought long-term contracts between Alrosa and the Indian cutting and polishing industry. With this association, both trade bodies look forward to cooperation and exchange information in the framework of implementation of Kimberley Process Certification Scheme which prevents diamond industry finance to war or human rights abuses.
An Alrosa study team visiting India recently said most of the rough diamonds produced in Russia are cut and polished in India.
Wednesday, April 9, 2014
IIFL Wealth Management acquires India Alternatives
Coimbatore: IIFL Wealth Management Ltd (IIFL Wealth) has announced the acquisition of a majority stake in India Alternatives Investment Advisors, the investment manager to India Alternatives Private Equity Fund (India Alt Fund).
IIFL Group has also committed a significant contribution to India Alt Fund. India Alt Fund, a private equity (PE) fund registered with market regulator SEBI, with an initial commitment of Rs 230 crore, invests primarily in mid-growth stage companies.
"This acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform," said Nirmal Jain, chairman of IIFL Group.
"IIFL's fund raising capabilities and relationships with marquee families will help India Alt accelerate its growth path," said Karan Bhagat, MD & CEO of IIFL Wealth. The fund, a 100% institutional fund, plans to accelerate its pace of investment in mid-growth stage companies across sectors particularly in consumer & consumables, healthcare and pharmaceuticals.
Advisors of the India Alt Fund consist of eminent professionals such as Ranjana Kumar (ex-CMD of Indian Bank and NABARD and ex-vigilance commissioner, CVC), Kiran Nadkarni (managed four funds and started ICICI Ventures in India) and Anjani Jain (senior associate dean, Yale School of Management and former vice dean, Wharton).
"Association with IIFL Group is synergistic and will strengthen the India Alt platform, especially in fund raising, deal sourcing and exit management capabilities," said Shivani Bhasin Sachdeva, founder, MD and CEO, India Alt Fund.
IIFL Wealth Management, the private wealth management arm of IIFL Group, advises high net-worth individuals (HNIs) and ultra HNIs and manages assets to the tune of over Rs 55,000 crore.
IIFL Group has also committed a significant contribution to India Alt Fund. India Alt Fund, a private equity (PE) fund registered with market regulator SEBI, with an initial commitment of Rs 230 crore, invests primarily in mid-growth stage companies.
"This acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform," said Nirmal Jain, chairman of IIFL Group.
"IIFL's fund raising capabilities and relationships with marquee families will help India Alt accelerate its growth path," said Karan Bhagat, MD & CEO of IIFL Wealth. The fund, a 100% institutional fund, plans to accelerate its pace of investment in mid-growth stage companies across sectors particularly in consumer & consumables, healthcare and pharmaceuticals.
Advisors of the India Alt Fund consist of eminent professionals such as Ranjana Kumar (ex-CMD of Indian Bank and NABARD and ex-vigilance commissioner, CVC), Kiran Nadkarni (managed four funds and started ICICI Ventures in India) and Anjani Jain (senior associate dean, Yale School of Management and former vice dean, Wharton).
"Association with IIFL Group is synergistic and will strengthen the India Alt platform, especially in fund raising, deal sourcing and exit management capabilities," said Shivani Bhasin Sachdeva, founder, MD and CEO, India Alt Fund.
IIFL Wealth Management, the private wealth management arm of IIFL Group, advises high net-worth individuals (HNIs) and ultra HNIs and manages assets to the tune of over Rs 55,000 crore.
Reliance Jio, RCom eye more infra pacts
Mumbai: Mukesh Ambani’s telecom venture Reliance Jio Infocomm is in talks with the Anil Ambani-led Reliance Communications (RCom) to share the latter’s comprehensive retail network across the country.
While announcing its third pact on Monday in which RCom will share its intra-city optic fibre backbone with Jio, a wholly owned subsidiary of Reliance Industries (RIL), the company said it is looking at many other areas of partnership. This deal could earn RCom as much as Rs 5,000 crore spread over the entire life of the cable, which could be around 15 years. According to sources, the talks are centred around Reliance Jio sharing RCom’s retail network so that Jio can use RCom’s consumer touch points to market its products as well as collect bills.
"There are so many areas which could be explored. Reliance Industries does not have a huge consumer-reach like Reliance Communications or other group companies like Reliance Infrastructure," said an official from Reliance Communications. Reliance Infrastructure distributes electricity in Delhi and Mumbai. RCom has 3,000 stores across the country and is also present across 600,000 multi-brand outlets.
RCom, which also has a data centre facility at its Navi Mumbai campus, which it can leverage for Reliance Jio. "They (Jio) will need someone to manage their data centre and also there are more areas like customer care," said the company official.
Analysts believe both the companies can look at their collective approach to get and clinch better deals. “They can jointly bid for future infrastructure procurement or jointly bid for handsets to get an attractive price,” said Mahantesh Marilinga, senior telecom analyst at Finquest.
RCom is already eyeing device play to market its third generation data services with their Zero Bill plan. Apart from the latest Apple iPhone 5 series, the operator is eyeing a variety of devices to make custom-made bill plans.
The three deals signed by Jio with RCom until now are related to infrastructure where the former will share the latter’s cable network within cities.
"Reliance Jio Infocomm will utilise RCom’s nationwide intra-city fibre network for accelerated roll-out of its state-of-the-art 4G services across the country. The agreement is based on arm’s length pricing at prevailing market prices. RCOM’s intra-city optic fiber network extends to nearly 500,000 fibre pair kilometres, across the top more than 300 cities and towns in India," said Jio, in a press release. Jio is looking to offer services such as high-definition TV on the Internet as well as cloud-based healthcare services and storage services, among others.
RIL signed pacts on inter-city and intra-city optic fibre sharing, as well as telecom towers of Reliance Communications. Reliance Jio is still gearing up to launch its 4G-based high-speed data services, which is expected this year. However, Jio has time till 2015 to launch its services, according to the licence conditions of the Wimax spectrum, which was won in 2010.
While announcing its third pact on Monday in which RCom will share its intra-city optic fibre backbone with Jio, a wholly owned subsidiary of Reliance Industries (RIL), the company said it is looking at many other areas of partnership. This deal could earn RCom as much as Rs 5,000 crore spread over the entire life of the cable, which could be around 15 years. According to sources, the talks are centred around Reliance Jio sharing RCom’s retail network so that Jio can use RCom’s consumer touch points to market its products as well as collect bills.
"There are so many areas which could be explored. Reliance Industries does not have a huge consumer-reach like Reliance Communications or other group companies like Reliance Infrastructure," said an official from Reliance Communications. Reliance Infrastructure distributes electricity in Delhi and Mumbai. RCom has 3,000 stores across the country and is also present across 600,000 multi-brand outlets.
RCom, which also has a data centre facility at its Navi Mumbai campus, which it can leverage for Reliance Jio. "They (Jio) will need someone to manage their data centre and also there are more areas like customer care," said the company official.
Analysts believe both the companies can look at their collective approach to get and clinch better deals. “They can jointly bid for future infrastructure procurement or jointly bid for handsets to get an attractive price,” said Mahantesh Marilinga, senior telecom analyst at Finquest.
RCom is already eyeing device play to market its third generation data services with their Zero Bill plan. Apart from the latest Apple iPhone 5 series, the operator is eyeing a variety of devices to make custom-made bill plans.
The three deals signed by Jio with RCom until now are related to infrastructure where the former will share the latter’s cable network within cities.
"Reliance Jio Infocomm will utilise RCom’s nationwide intra-city fibre network for accelerated roll-out of its state-of-the-art 4G services across the country. The agreement is based on arm’s length pricing at prevailing market prices. RCOM’s intra-city optic fiber network extends to nearly 500,000 fibre pair kilometres, across the top more than 300 cities and towns in India," said Jio, in a press release. Jio is looking to offer services such as high-definition TV on the Internet as well as cloud-based healthcare services and storage services, among others.
RIL signed pacts on inter-city and intra-city optic fibre sharing, as well as telecom towers of Reliance Communications. Reliance Jio is still gearing up to launch its 4G-based high-speed data services, which is expected this year. However, Jio has time till 2015 to launch its services, according to the licence conditions of the Wimax spectrum, which was won in 2010.
Ashland opens pharma research facility in Hyderabad
Hyderabad: Ashland Speciality Ingredients, part of Ashland Inc, today opened a centre of excellence focussed on pharmaceuticals in Hyderabad.
The expertise offered here would be pre-dominantly in oral solid dosage form and a range of technical services for drug companies. It is in a leased facility in Alexandria City, near the ICICI Knowledge Park on the outskirts of the city.
With 20 scientists and about 25 Indian customers, the facility is the third for Ashland, said Luis Fernandez-Moreno, President, Ashland Speciality Ingredients. The other two are in Wilmington, Delaware, US and Shanghai in China.
Vast scope
Ashland has invested up to $10 million in India in its two centres of excellence — new pharma in Hyderabad and existing personal care in Mumbai. Investments are into lab equipment and research facilities and not infrastructure building, he told newspersons here.
India promises big opportunities for Ashland’s sectors of global business — coatings and energy, food and beverage, pharma, personal care, construction materials and oilfield service.
"We intend to invest more, expand in human resources and be open to acquisitions and setting up manufacturing units", Fernandez-Moreno said.
Ashland will offer speciality chemicals and industry-leading products, technologies and resources to provide technical solutions to the formulation majors.
With more than 300 employees in the country and a double-digit growth, the US headquartered company will also leverage Indian strengths to grow its global businesses. The company has invested $250 million in Asia since 2007.
"The strengths in oral solid dosage forms — tablets and capsules, delivery of drugs (a major challenge for the industry), enhancing bioavailability, research for materials in injectable drugs will be offered to drug customers.
Globally 70 per cent of our research is in collaboration with customers", said Thomas Durig, Senior Director, Pharma & Nutrition Specialities R&D.
The expertise offered here would be pre-dominantly in oral solid dosage form and a range of technical services for drug companies. It is in a leased facility in Alexandria City, near the ICICI Knowledge Park on the outskirts of the city.
With 20 scientists and about 25 Indian customers, the facility is the third for Ashland, said Luis Fernandez-Moreno, President, Ashland Speciality Ingredients. The other two are in Wilmington, Delaware, US and Shanghai in China.
Vast scope
Ashland has invested up to $10 million in India in its two centres of excellence — new pharma in Hyderabad and existing personal care in Mumbai. Investments are into lab equipment and research facilities and not infrastructure building, he told newspersons here.
India promises big opportunities for Ashland’s sectors of global business — coatings and energy, food and beverage, pharma, personal care, construction materials and oilfield service.
"We intend to invest more, expand in human resources and be open to acquisitions and setting up manufacturing units", Fernandez-Moreno said.
Ashland will offer speciality chemicals and industry-leading products, technologies and resources to provide technical solutions to the formulation majors.
With more than 300 employees in the country and a double-digit growth, the US headquartered company will also leverage Indian strengths to grow its global businesses. The company has invested $250 million in Asia since 2007.
"The strengths in oral solid dosage forms — tablets and capsules, delivery of drugs (a major challenge for the industry), enhancing bioavailability, research for materials in injectable drugs will be offered to drug customers.
Globally 70 per cent of our research is in collaboration with customers", said Thomas Durig, Senior Director, Pharma & Nutrition Specialities R&D.
Sun blazes with $4-billion Ranbaxy buy
Mumbai: Drugmaker Sun Pharma sent ripples across the pharmaceutical industry on Monday morning as it agreed to buy out the troubled Ranbaxy in a $4-billion (including $800-million debt), all-stock deal, in the process creating India’s largest drug company.
The landmark deal also makes the combined Sun-Ranbaxy entity the fifth largest generic drug-maker in the world, with estimated revenues of $4.2 billion for the year ended December 31, 2013.
The mega-deal underlines Sun Pharma Managing Director Dilip Shanghvi’s image as a “risk-taker”, since Ranbaxy is currently under intense scrutiny from the US Food and Drug Administration for compliance lapses at four of its manufacturing facilities in India.
Explaining the deal, Shanghvi said Ranbaxy was distinctive in nature, as it has several attractive brands, strengths and capabilities that can be leveraged.
On whether it would be Sun Pharma’s most challenging acquisition yet, he replied: “It is the largest for sure. I would not say challenging, but interesting …a validation of many of my principles.”
Ranbaxy is owned by Japanese major Daiichi-Sankyo and four of its India-based plants are at present barred from exporting to the US. Daiichi had bought Ranbaxy in 2008 from its erstwhile promoter-family, led by Malvinder and Shivinder Singh.
Arun Sahwney, Ranbaxy’s Managing Director and Chief Executive Officer, said that Sun Pharma was an ideal partner, as it had a good and proven track record of creating significant long-term shareholder value and successfully integrating acquisitions into its growing portfolio of assets.
Sun also indicated, as part of the transaction that “Daiichi Sankyo has agreed to indemnify Sun Pharma and Ranbaxy for, among other things, certain costs and expenses that may arise from the recent subpoena which Ranbaxy has received from the United States Attorney for the Toansa facility”. Top Sun Pharma and Ranbaxy executives present at the joint call in Mumbai to announce the transaction, however, did not give details on this.
The transaction is expected to close by the end of calendar year 2014, and Daiichi will get about nine per cent in Sun Pharma, making it the second largest shareholder after the promoter-family. Daiichi will also have the right to a representative on Sun’s board of directors.
Combined force
Shanghvi said the product portfolios of the two companies did not overlap, and as a result, Sun, for instance, could get access to Ranbaxy’s branded and over-the-counter products. The management expects revenues of $250 million and operating synergies three years after the deal is closed with Daiichi.
In the period till the transaction is done, an integration committee with representation from both companies will help iron out issues, Shanghvi said.
Under the agreements, Ranbaxy shareholders will receive a 0.8 Sun Pharma share for each share of Ranbaxy, a company note said.
This exchange ratio represents an implied value of Rs. 457 for each Ranbaxy share, a premium of 18 per cent to Ranbaxy’s 30-day volume-weighted average share price and a premium of 24.3 per cent to Ranbaxy’s 60-day volume-weighted average share price, in each case, as on April 4, 2014. Sun Pharma’s shares were up nearly 3 per cent to close at Rs. 587.25 on the BSE, while Ranbaxy’s were down a little over 3 per cent at Rs. 445.20.
The transaction will represent a tax-free exchange to Ranbaxy shareholders, who are expected to own around 14 per cent of the combined company.
The proposed transaction has been unanimously approved by the boards of directors at Sun Pharma, Ranbaxy, and Ranbaxy’s controlling shareholder, Daiichi Sankyo. It still requires shareholder and other regulatory approvals.
The landmark deal also makes the combined Sun-Ranbaxy entity the fifth largest generic drug-maker in the world, with estimated revenues of $4.2 billion for the year ended December 31, 2013.
The mega-deal underlines Sun Pharma Managing Director Dilip Shanghvi’s image as a “risk-taker”, since Ranbaxy is currently under intense scrutiny from the US Food and Drug Administration for compliance lapses at four of its manufacturing facilities in India.
Explaining the deal, Shanghvi said Ranbaxy was distinctive in nature, as it has several attractive brands, strengths and capabilities that can be leveraged.
On whether it would be Sun Pharma’s most challenging acquisition yet, he replied: “It is the largest for sure. I would not say challenging, but interesting …a validation of many of my principles.”
Ranbaxy is owned by Japanese major Daiichi-Sankyo and four of its India-based plants are at present barred from exporting to the US. Daiichi had bought Ranbaxy in 2008 from its erstwhile promoter-family, led by Malvinder and Shivinder Singh.
Arun Sahwney, Ranbaxy’s Managing Director and Chief Executive Officer, said that Sun Pharma was an ideal partner, as it had a good and proven track record of creating significant long-term shareholder value and successfully integrating acquisitions into its growing portfolio of assets.
Sun also indicated, as part of the transaction that “Daiichi Sankyo has agreed to indemnify Sun Pharma and Ranbaxy for, among other things, certain costs and expenses that may arise from the recent subpoena which Ranbaxy has received from the United States Attorney for the Toansa facility”. Top Sun Pharma and Ranbaxy executives present at the joint call in Mumbai to announce the transaction, however, did not give details on this.
The transaction is expected to close by the end of calendar year 2014, and Daiichi will get about nine per cent in Sun Pharma, making it the second largest shareholder after the promoter-family. Daiichi will also have the right to a representative on Sun’s board of directors.
Combined force
Shanghvi said the product portfolios of the two companies did not overlap, and as a result, Sun, for instance, could get access to Ranbaxy’s branded and over-the-counter products. The management expects revenues of $250 million and operating synergies three years after the deal is closed with Daiichi.
In the period till the transaction is done, an integration committee with representation from both companies will help iron out issues, Shanghvi said.
Under the agreements, Ranbaxy shareholders will receive a 0.8 Sun Pharma share for each share of Ranbaxy, a company note said.
This exchange ratio represents an implied value of Rs. 457 for each Ranbaxy share, a premium of 18 per cent to Ranbaxy’s 30-day volume-weighted average share price and a premium of 24.3 per cent to Ranbaxy’s 60-day volume-weighted average share price, in each case, as on April 4, 2014. Sun Pharma’s shares were up nearly 3 per cent to close at Rs. 587.25 on the BSE, while Ranbaxy’s were down a little over 3 per cent at Rs. 445.20.
The transaction will represent a tax-free exchange to Ranbaxy shareholders, who are expected to own around 14 per cent of the combined company.
The proposed transaction has been unanimously approved by the boards of directors at Sun Pharma, Ranbaxy, and Ranbaxy’s controlling shareholder, Daiichi Sankyo. It still requires shareholder and other regulatory approvals.
Canada invites Coal India to explore mining opportunities
Kolkata: Canadian High Commissioner in India Stewart Beck on Tuesday met N Kumar, Director (Technical) of Coal India Ltd, to seek investments for coal assets in British Columbia.
Coal is the mainstay of the British Columbian economy, on the west coast of Canada, representing over half of the total mineral production and the single largest export commodity of the province.
Though primarily a producer of metallurgical coal (used in firing blast furnaces for manufacturing steel), the Canadian province also has a fair share of thermal coal assets.
“It was a preliminary discussion. We have already floated a tender for exploring investment opportunities abroad,” Kumar told Business Line .
CIL currently holds interests in two assets in Mozambique acquired through a concession agreement between the African and Indian Governments.
As part of its plan to gainfully utilise the huge cash reserve, the national miner made an attempt in 2009-11 to acquire coal assets abroad. A couple of assets were also short-listed. However, the intricate Government policies on risk mitigation came in the way of striking the deals.
“I think it’s incumbent on the Government that the risk factor is reduced, otherwise this (acquisition plan) is not going to move,” the then coal secretary Alok Perti had said in a conference in Kolkata.
Earlier, at a meeting organised by the CII here, the Canadian High Commissioner said bilateral trade between the two countries is expected to grow 12 per cent in 2014. The Indo-Canadian trade stood at $5.5 billion in 2013.
Coal is the mainstay of the British Columbian economy, on the west coast of Canada, representing over half of the total mineral production and the single largest export commodity of the province.
Though primarily a producer of metallurgical coal (used in firing blast furnaces for manufacturing steel), the Canadian province also has a fair share of thermal coal assets.
“It was a preliminary discussion. We have already floated a tender for exploring investment opportunities abroad,” Kumar told Business Line .
CIL currently holds interests in two assets in Mozambique acquired through a concession agreement between the African and Indian Governments.
As part of its plan to gainfully utilise the huge cash reserve, the national miner made an attempt in 2009-11 to acquire coal assets abroad. A couple of assets were also short-listed. However, the intricate Government policies on risk mitigation came in the way of striking the deals.
“I think it’s incumbent on the Government that the risk factor is reduced, otherwise this (acquisition plan) is not going to move,” the then coal secretary Alok Perti had said in a conference in Kolkata.
Earlier, at a meeting organised by the CII here, the Canadian High Commissioner said bilateral trade between the two countries is expected to grow 12 per cent in 2014. The Indo-Canadian trade stood at $5.5 billion in 2013.
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