Cipla India is to acquire a 25 percent stake in the manufacturing division (CMM) of South Africa's third largest pharmaceutical group Cipla Medpro South Africa, it was announced on Tuesday. Ciplo Medpro SA said it was cognisant of the need to increase volume in CMM and so was inthe process of finalising an agreement with Cipla India regarding the acquisition the consideration of which will be a "nominal value". "Pursuant to this, Cipla India will provide additional volume and assist us in achieving World Health Organisation (WHO) and Food and Drug Administration (FDA) manufacturing approvals in the near future, resulting in increased orders and business for our factory." "This will ensure better continuity, increased capacity utilisation and further entrench the relationship with Cipla India," the pharmaceutical group said.   more »

TPC may offer upto 49 per cent equity stake to Qatar Petroleum in its gas-based project at Kerala, to secure fuel supply for its power plant. "We have offered Qatar Petroleum less than 50 per cent stake in our Kayamkulam gas-based power station in Kerala," NTPC CMD R S Sharma told reporters here. The current capacity of the Kayamkulam plant is 350 MW, which the company is planning to expand to 1,050 MW in the next two years and further expand it to 1,800 MW later. The company may form a special purpose vehicle (SPV) for the last stage (1,800 MW) expansion of the power project, in which it would offer stake to Qatar Petroleum. NTPC is keen to get Qatar in Kayamkulum project, as the Gulf-nation would help in return by bringing gas for the plant. With uncertainty over gas from Reliance Industries' KG Basin, the deal with Qatar Petroleum would give some stability to India's largest power producer.   more »

Reliance Industries on Monday said it has acquired 14.12 per cent stake in hospitality major East India Hotels (EIH), which runs the Oberoi group of hotels. "Reliance Industries has acquired from Oberoi Hotels Private Limited and certain other promoters shares in EIH Limited representing 14.12 per cent of EIH at a total cost of Rs.1,021 crore approximately," the oil-to-retail conglomerate led by Mukesh Ambani said in a statement. The company made the acquisition through its wholly owned subsidiary, Reliance Industries Investment and Holding Private Limited. The announcement came after the closing of stock markets.   more »

Real estate firm DB Realty Ltd on Monday denied a newspaper report that it is selling a stake in a project in Mumbai. DNA had reported earlier that DB is in talks with private equity players to sell 20 percent stake in a redevelopment project in Bandra in western Mumbai, sending its shares up more than 6%. "The reports published in the media are not attributable to the company and are incorrect and cannot be relied upon," it said in a statement to the National Stock Exchange.   more »

Mahindra & Mahindra is focusing on inorganic growth opportunities in the farm equipment space by endorsing clean and green technology. The automaker picked up a 20 per cent stake in the Indian-arm of US-based Vayugrid Marketplace Services last week for Rs 1 crore essentially to create a business model whereby farmers can ensure better productivity and offtake, Pawan Goenka, president of automotive and farm equipment business at M&M, told FC. Vayugrid’s core area of business is contract farming and promoting alternative energies to the rural community — helping farmers to get access to energy to drive productivity and thereby create wealth. In India, Vayugrid is headquartered in Bangalore while in Pune, it has 1,000 acres of farm and agricultural land under cultivation for farmers. “Vayugrid has a business model that ties in very closely to what we want to do in the longer term in our farm equipment business –create opportunities and give knowledge to farmers to make them able to manage their crops much better, get better productivity, thereby guaranteeing a better offtake,” Goenka said.   more »

EID Parry India, a subsidiary of USD 3 billion Murugappa Group, has acquired 65 per cent stake in GMR Industries for an undisclosed amount. The company has acquired 1,29,75,110 equity shares of Rs 10 each representing 65 per cent of the paid up and issued equity share capital of GMR Industries, the agri-business arm of GMR Holdings LTD. Through this acquisition, GMR Industries has become a subsidiary of our company with immediate effect, EID Parry India said in a statement here.   more »

Venture capital (VC) firm Sequoia Capital India has agreed to sell part of its stake in diagnostics and pathology services firm, Dr Lal PathLabs Pvt. Ltd, to US-based private equity firm TA Associates Inc., whose total capital base stands at $16 billion (`74,560 crore). The 56-year-old Dr Lal PathLabs offers diagnostic facilities through 875 outlets in India. Sequoia director Sandeep Singhal said at least 20 potential investors competed for the shares. The investment in Dr Lal PathLabs was the last from Sequoia’s first fund, launched in 2000. Sequoia made investments in two tranches, with the first phase of funding coming in 2005, and the second in 2007. “We have held this investment for five years, it’s a fantastic business. We have sold part of the stake and kept the rest,” Singhal said. “We have been pursued aggressively by interested parties for the last 18 months.” The development comes after drug maker Piramal Healthcare Ltd said in July that was selling its diagnostic services unit to Super Religare Laboratories Ltd for `600 crore.   more »

Several non-resident Indian (NRI) businessmen in the Gulf have demanded that private investors must get a majority stake in a public limited company set up to develop and manage the proposed new international airport at Kannur in Kerala. Kerala Chief Minister V.S. Achuthanandan, also the Chairman of the company who presided over an investors’ meeting in Thiruvananthapuram recently, said their demand would be considered at the next meeting of the Board of Directors of the Kannur International Airport Limited (KIAL). Prominent NRIs who attended the meeting include Yousuffali M.A. of the UAE-based Emke group, P. Mohammed Ali of Galfar group, Oman, and C.K. Menon of the Doha-based Behzad group. Yousuffali and Ali are also Directors of the Cochin International Airport Limited (CIA) in which private individuals and institutions hold the majority stake.   more »

Bandhan Microfinance is looking for a private investor who can infuse Rs.100 crore into the company, a top company official said here Wednesday. The company is having talks with two-three foreign institutions. 'We are looking for a private investor. We are in talk with two-three international players. Hopefully, it will be finalised by December,' Chandra Shekhar Ghosh, founder and chief executive officer, told reporters, adding that Bandhan is expecting a Rs.100 crore infusion from the investor. At present, Small Industries Development Bank of India (SIDBI) is the only institutional investor in Bandhan. It picked up 11 percent stake for Rs.50 crore in 2009.   more »

Pharmaceutical major Cipla today announced that its board has approved the acquisition of Meditab Specialities for an aggregate consideration of Rs 1.33 billion. Meditab has smallimid-sized formulation manufacturing facilities at multiple locations which are substantially manufacturing formulation products for the company. In addition to Pill control over Meditab`s aforesaid manufacturing facilities which would result in improvements in operational and cost efficiencies,   more »