Mallya seeks time to fix sinking Kingfisher
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