Kingfisher Airlines' boss Vijay Mallya seems to be trying hard to buy more time from the aviation ministry to avoid cancellation of the airline's flying licence. About a month after he first met the aviation secretary KN Srivastava, Mallya met the secretary again on Monday evening to brief him about the latest development in the company and its revival plans. According to aviation ministry sources, the UB group chairman has told the aviation secretary that the company is considering to infuse some money into ailing airline from its recent deal with the UK firm Diageo. Though, he has not clarified on how much money would be put in the airline and how, he has indicated that there would be cash infusion shortly, a senior ministry official said on the condition of anonymity.
Notification on drug policy likely in two weeks
The government may take two more weeks to notify the National Pharma Pricing Policy. At the upcoming hearing in the Supreme Court on Tuesday, the government is likely to inform the apex court that a final decision has been taken on the drug pricing policy and the notification on the matter would follow shortly. According to sources, the policy may have to be tabled before Parliament to meet statutory requirements, as Parliament is in session.
Upstream oil cos may tap ministry on subsidy issue
The three upstream oil companies, ONGC, Oil India and GAIL (India), will approach the petroleum ministry to sort out the issue on the rising subsidy burden hitting their capital expenditure plans. Currently, we sell crude oil at around $110 per barrel. After paying out a subsidy of $56 a barrel and other levies, we are left with just $15 a barrel. On the other hand, we need at least $25 a barrel to continue exploration, a senior official of an upstream company told reporters.
Ranbaxy launches Absorica capsules in US
Ranbaxy Labs launched anti-acne drug Absorica capsules, in the US market. The product is licensed from Canada based Cipher Pharmaceuticals Inc. The drug commands an annual sale of $400 million in the US market. "Absorica will be the flagship brand of the Ranbaxy's dermatology product portfolio in the US," Ranbaxy Laboratories Inc senior director Ashish Anvekar said. Besides, Ranbaxy around three players already market the product in the US. This limited competition may help Ranbaxy gain marketshare in it.
RIL denies allegations of gas hoarding
Denying allegations that it is hoarding gas by keeping KG-D6 output low, Reliance Industries said on Monday that it was technically impossible to store gas in the KG basin fields. The company also sought appointment of independent international experts to verify its claims. "Hoarding gas in the case of D1-D3 reservoir (in KG-D6 block) is a technical impossibility. Oil and gas reservoirs are dynamic system and not inert cold storage facilities. They are both subject to and respond to production rates and flows," RIL said in a letter written to oil secretary GC Chaturvedi.
Deepak Iyer named Wrigley MD in India
Wrigley, a subsidiary of Mars Inc on Monday announced the appointment of Deepak Iyer as the managing director of its Indian operations effective January 3, 2013. This appointment follows the departure of Gautam Sharma, the former managing director of Wrigley India. Iyer ill be based in New Delhi.
World Brand Congress award for Rahul Johri
Rahul Johri, senior VP and GM (South Asia) of Discovery Networks Asia-Pacific has been awarded the "media professional of the year" award at the global awards for Brand Excellence 2012 by World Brand Congress. The award, according to a statement, is a reflection of Discovery's performance and growth in South Asia region under Johri's leadership and his contribution in building a portfolio of eight unique channels, led by the Discovery Channel. Johri is a board member and treasurer of Indian Broadcasting Foundation. He is also a member of the media and entertainment committee of CII and member of the media & entertainment division of FICCI.
L&T Fin to raise $65 m from Fed Bank stake sale
L&T Finance Holdings plans to raise about $65 million by selling its 4.7% stake in private sector lender Federal Bank, according to a report by Reuters. Both Federal Bank and L&T Finance officials were unavailable for comment. The Fedral Bank stock closed up 1.46% to close the day at R468.65 on the BSE on Monday. L&T Finance plans to sell 7.9 million shares, priced between R450 and R469.75 a share, according to the report. This represents a discount of 0-4.2% to Monday's close, according to the term sheet accessed by Reuters. Citigroup is reportedly the bookrunner to the transaction.