IndiaVenture Advisors, a private equity fund owned by Indian drugmaker Piramal Enterprises, is planning to raise up to R1,000 crore ($185 million) for a new fund that will invest in healthcare and education, its chairman said. Investors have stepped up ploughing money into the healthcare sector in India, home to more than 1.2 billion people, betting on steadier returns than in other businesses that have been hit by an economic slowdown. Its a defensive sector and is recession-proof, IndiaVenture chairman AK Purwar told Reuters.
L&T IDPL achieves financial closure of Maha projects
L&T Infrastructure Development Projects (L&T IDPL), a subsidiary of Larsen & Toubro, has achieved financial closure for two of its road projects in Maharashtra. An ICICI Bank-led consortium will be funding the R3,400 crore debt component of the projects, estimated to cost around R4,500 crore. With these, the company has achieved financial closure for its entire portfolio of 19 projects, said K Venkatesh, chief executive and managing director, L&T IDPL.
Government to infuse R2,000 cr into Air India
India will infuse R2,000 crore ($370 million) in equity into ailing carrier Air India as part of a turnaround and financial restructuring plan, a government statement said on Friday. Last year, the government approved a $5.8 billion bailout plan for the national carrier. The latest equity infusion is part of that plan.
Pfizer completes sale of animal health business
Drug major Pfizer on Friday said it has completed the sale of its subsidiary PAPPL to Pfizer Animal Health India (PAHIL), which is owned by US-based Pfizer, for R471.60 crore. ..transaction of the sale of the entire equity stake by the company and its nominees in PAPPL (Pfizer Animal Pharma) to PAHIL has been completed and the company has received the consideration amount of R471.60 crore, Pfizer said in a filing to BSE. Pfizer had said earlier that the development is part of a global internal re-organisation taken up by its parent, Pfizer, in July 2011 under which it was reviewing strategic alternatives for its global animal health business.
Claris in JV with Japans Otsuka, Mitsui
Claris Lifesciences has formed a joint venture with Japans Otsuka Pharmaceutical Factory, and Mitsui for its infusion business in India and emerging markets. Claris will transfer businesses like common solutions, anti-infectives, plasma volume expanders and parenteral nutrition therapies to the JV, in which it will hold 20% stake, Otsuka 60% and Mitsui 20%. The business is valued at R1,313 crore and Claris will receive R1,050 crore in cash over multiple agreements.
Microsoft to set up 100 innovation centres in 2 yrs
IT giant Microsoft has planned to establish 100 Microsoft Innovation Centres in the country over the next two years. The innovation centres will act as innovation hubs at select colleges and technology institutes, providing incubation and expert hands-on support on Microsoft technology, research and software solutions, to create student technology experts, a company statement said.
Taj bags five Conde Nast Traveller awards
The Taj Group of Hotels on Friday said it has bagged five key Conde Nast Traveller India Readers Travel Awards 2012. The luxury hotel chain was conferred the Brand Excellence award for elevating Brand India to a global platform, while Taj Inner Circle bagged the numero uno spot for Favourite Hotel Loyalty Programme, Taj Hotels Resorts and Palaces said in a release. Among the hotels, Taj Exotica Resort & Spa, Maldives secured another feather it its cap in the form of the award for Favourite Overseas Leisure Hotel while the iconic Taj Mahal Palace, Mumbai, which has played host to some of the worlds most popular Heads of State and dignitaries, won the first runner-up award for Favourite Business Hotel. Vivanta by Taj - Dal View, Srinagar, known for its breathtaking views of snow-capped mountains and the misty Dal Lake was awarded first runner-up for Favourite New Hotel in India.
Supertech to invest R5,500 cr over four years
Realty firm Supertech on Friday said it will invest around R5,500 crore over the next four years to develop residential projects and acquire land in North India. The company is also targeting an annual revenue of R10,000 crore by 2015 from R2, 500 crore at present. "We have an ambitious plan to become a major developer in the country. We are going to invest around R5,500 cr in the next three to four year to consolidate our position in the market," Supertech chairman and managing director RK Arora said on sidelines of Naredco convention. He said this amount will be invested to develop housing projects and acquire land bank in NCR and Uttarakhand. "The upcoming projects will offer houses in prices ranging between R20 lakh and R2 crore. Over 50% flats will come in R20-70 lakh range."