Tata Steel UK borrows $2.9 bn to refinance Corus loans
Tata Steel UK, the British unit of India’s biggest producer of the alloy, borrowed 2.21 billion euros ($2.9 billion) to refinance loans taken to buy Corus Group Plc, according to data compiled by Bloomberg. The five-year loan is part of Tata Steel’s plan to refinance £3.53 billion ($5.5 billion) of borrowings taken in 2007 to acquire London-based Corus, the company said in a statement on September 29. Tata Steel’s chief financial officer Koushik Chatterjee was not available for comment.
Apax Partners, iGate inch closer to 63% Patni stake buy
A consortium of private-equity firms Apax Partners and iGate are close to buying 63% of Patni Computer, a source with direct knowledge of the matter told Reuters on Monday, in a deal valued at about $915 million. The Apax-iGate consortium has offered about Rs 500 a share for the stake, the source said, adding that a deal would likely be announced early next week. Patni shares were trading at 488.50 rupees on the Bombay Stock Exchange on Monday.The consortium, which beat a rival team of Carlyle, Advent International and Akansa Capital to the deal, will make an open offer for another 20% stake in Patni following the agreement, the source said.
Venus Remedies gets patent for antibiotic drug from Russia
Venus Remedies on Monday said it has received patent grants for its antibiotic drug Sulbactomax from Russian and Ukrainian authorities. The patent has been granted by Federal Service on Intellectual Property, Patents and Trademarks, Russia and State Enterprise Ukrainian Institute of Industrial Property, Ukraine, Venus Remedies said in a filing to the Bombay Stock Exchange (BSE).