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Automobiles
Chemicals
Construction
Drugs
Financial Services
Insurance
Petroleum
Power
Real Estate
Shipbuilding
Textiles
Wind Energy
Wires
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Automobiles
Nissan Ties up with Ashok Leyland
Nissan Motors, in which Renault is the single largest shareholder, has signed an agreement with Ashok Leyland, a leading manufacturer of commercial vehicles, to set up joint ventures to develop, manufacture and market light commercial vehicles for the domestic market and for exports . The joint venture plans to produce 100,000 vehicles in India. Renault already has a joint venture with Mahindra, a leading producer of utility vehicles, to produce the Logan passenger car. Nissan is also in discussion with Bajaj Auto, India's second largest motorcycle maker, to produce a $ 3000 car.
Daimler Chrysler in Luxury Coach Venture
Daimler Chrysler plans to build luxury coaches in Indian in partnership with Sutlej Motors of India. The proposed collaboration will encompass the development, production, marketing and sales of rear engine luxury coaches. The coaches will be built on Mercedes Benz chassis manufactured by Daimler Chrysler India and the body will be built by Sutlej.
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Chemicals
Punjab Chemicals Acquires Dutch Firm
Punjab Chemicals and Crop Protection Ltd (PCCPL), an agrochemical company, has acquired the Netherlands-based Pegevo Beheer BV for €39.5 million (Rs 2.25 billion ). The company's wholly owned subsidiary, SD Agrochem Europe has entered into a share purchase agreement with Pevobel and Gevobel to acquire 100% equity shares in Pegevo. Pegevo undertakes substance formulation for crop protection with a product range of herbicides, insecticides and fungicides.
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Construction
Blackstone Invests in Nagarjuna Construction
The Blackstone Group, a US private eqity firm, has invested $150 million (Rs 6.16 billion ), in Hyderabad-based public infrastructure firm Nagarjuna Construction Co. Ltd, gaining a 12.2% stake through new shares and warrants. The new funds will be used by Nagarjuna Construction for investments in public-private infrastructure projects, and also to bid for larger projects. While 65% of the funds would be put into special purpose vehicles (SPVs) floated for executing projects in segments of roads, power and seaports, the balance 35% would go towards working capital.
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Drugs
High Court Dismisses Novartis' Petitions
The Madras High Court has dismissed two writ petitions filed by Novartis AG and Novartis India Limited challenging the constitutional validity of Section 3(d) of the Patent (Amendments) Act 2005. Novartis had argued that that the Section was not compatible to the agreement on Trade Related aspects of Intellectual Property Rights (TRIPS) and that the amended Section must be struck down on the ground of ambiguity, arbitrariness. It claimed that the provision conferred "uncanalised" discretionary power on the patent controller, who would apply his own norms that might not be uniform..The Court has held that the amended Section cannot be invalidated solely on the ground that it was vague, ambiguous or that it conferred arbitrary power to the patent authority.
The two judge Division Bench rejected "the argument that the amended Section must be held to be bad in law since, for want of guidelines, it gives scope to the statutory authority to exercise its power arbitrarily. Instead, they have held that "there are in-built materials in the amended Section and the Explanation itself, which would control/guide the discretion to be exercised by the statutory authority. The judgement has also held that the sole forum for determining TRIPS compliance was the WTO's Disputes Resolution Panel. |
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Financial Services
Bharti and Axa for JV for Assest Management
France based Axa Group and Bharti Enterprises, a group with interests in telecommunication services, insurance, retailing have announced a joint venture to enter asset management services. Bharti will own 25% stake. Bharti and Axa have already a joint venture in insurance. |
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Insurance
Apollo Launches Health Insurance Joint Venture With DKV
Apollo Hospitals Group, the largest hospital chain in India, and DKV Deutsche Krankenversicherung, the European market leader of private health insurance business, have formed a joint venture health insurance company in India. Apollo Hospitals Group will hold 20%, its associates 54% and DKV will hold 26% of the Joint Venture. The company plans to have a national presence across 25 cities by the second year of operations. |
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Petroleum
ONGC Signs Pact With BP
The state owned explorer Oil and Natural Gas Corp (ONGC) and BP Plc have signed an initial agreement to jointly bid for energy assets abroad and in India. The memorandum of understanding would also enable the possible participation of ONGC and BP in each other's overseas and local assets, including coal bed methane blocks in India, the statement said. The agreement is valid for 18 months from now and could be extended further. Last year, BP had won rights to a coal bed methane gas block in eastern India.
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Cairn Wins Approval for Pipeline
Cairn Energy, the independent Scottish explorer, has been accorded permission by te government of India to lay a pipeline from Barmer district of Rajasthan to Gujarat coast for transporting crude oil it had discovered in the desert state. The government has permitted Cairn India to acquire land rights for laying the 582-km pipeline from Barmer to Salaya. The government's approval for Right of Use of the pipeline paves way for the project at an expenditure of $ 700 million, to be included as part of Rajasthan field development cost, which Cairn is entitled to recover before sharing profits with the government. |
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Power
Reliance Project Wins Sasan Project
Reliance Power Ltd, a subsidiary of Reliance Energy Ltd and part of the Anil Ambani group has been awarded 4,000MW Sasan ultra mega power project. Reliance Power has secured the rights to build the power plant in Madhya Pradesh after the original winning consortium of Lanco Infratech Ltd and Globeleq Singapore Pte's was disqualified by a government committee for violating the original terms of the deal.
Midc Invites Prequalification Bids for 1000mw Power Plant
Maharashtra Industrial Development Corporation has invited pre qualification bids from international companies to set up a 1000mw coal based power project on a build, own and operate basis. The power project will be in Bhadrawati town in Chandrapur district of Maharashtra. Project preparation and partner selection is being done by Infrastructure Development Finance Company. |
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Real Estate
Dutch Company to Set Up Commercial Centres
Netherlands based Plaza centers plans to invest entertainment and commercial centres in India. The London stock exchange listed developer of commercial centres plans to set up 50 such centres in tier 1 and tier 2 cities over the next 5-7 years. |
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Shipbuilding
L&T Wins Dutch Shipbuilding Order
Larsen & Toubro, India's leading engineering and construction firm, has won a repeat order worth over $70m to build two ships for Netherlands-based RollDock BV. The two roll-on' roll-off ships will be built at the L&T's facility at Hazira in the western state of Gujarat and will be delivered by May 2010,. Roll Dock has also signed an agreement that includes options for more vessels of the same series to be built later. |
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Textiles
Blackstone Acquires Majoirity Stake in Gokaldas Exports
U.S. private equity firm Blackstone Group has bought a majority stake in Bangalore-based Gokaldas Exports, a leading exporter of textiles, for $165 million (Rs. 6.60 billion ). The deal will allow Blackstone to acquire a 70 percent stake in Gokaldas through a two-step deal - 50 percent from the Bangalore-based Hinduja family and 20 percent through an open offer to other shareholders. |
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Wind Energy
Kalyani Acquires German Wind Power Firm
The Kalyani group, which is the world's second largest forging company, has acquired Germany based RSBconsult GMBH, a wind energy systems developer and producer, for an undisclosed sum. Based in Muenster, RSBconsult was set up in 2003 as design and consultancy company. The company works on wind energy projects in Europe, China, Japan and India. |
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Wires
Usha Martin Buys Dutch Firm
Usha Martin, the wire and rope manufacturer has bought the business of Dutch company De Ruiter Staalkabel BV. The acquistion by Usha Martin International Ltd, the wholly owned subsidiary in the Uk, of the Neterhlands based distribution company with warehouses and rigging facility will allow Usha Martin to expand in Europe. |
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