Kotak Mahindra’s private equity group is raising about $300 million or about Rs 1,350 crore for an infrastructure fund. It has lined up Sumitomo Mitsui Banking Corporation and Brookfield Asset Management as cornerstone investors, and along with Kotak, will invest about $68 million as their contribution.
Companies
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United Phosphorus acquires 50% in Sipcam Isagro Brazil
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United Phosphorus, an agrochemical company with a turnover of over Rs 5,000 crore in 2009-10, said it is acquiring a 50% stake in Sipcam Isagro Brazil, a Brazilian agrochemical company. Sipcam is an equal joint venture between the Sipcam-Oxon group and Isagro.
Filed under: Chemicals, Companies, Top News, Companies International, M&A, United Phosphorus
Strides Arcolab gets EU approval for carboplatin
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Strides Arcolab has announced that Onco Therapies Ltd has got European Union approval for the marketing of carboplatin. This product is the first of the 37 products to be marketed by Pfizer Inc, as part of a strategic tie-up with Strides. Under this tie-up, Strides is to license and supply off-patent cancer drugs to Pfizer, for marketing in developed markets.
Filed under: Companies, Top News, Pfizer, Pharmaceutical, Strides Arcolab
Amrutanjan buys Siva’s Fruitnik fruit juice for Rs 26 cr
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Amrutanjan Health Care, a maker of ayurvedic over the counter medicines, has diversified into foods. It is buying out Siva’s Soft Drink Pvt Ltd, a Chennai-based company which sells fruit juices under the Fruitnik brand.
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Filed under: Companies, Quick News, Amrutanjan Health Care, Fruitnik, M&A
Corporate Income Tax: small benefits, but SEZs dealt a MAT blow
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The Special Economic Zone tax bonanza will end, if the Budget proposals pass in their current form. Barring this, the Budget does not have any nasty surprises for companies.
Highlights:
The corporate surcharge has been lowered from 7.5% to 5%. That reduces the effective corporate tax rate from 33.2% to 32.4%, which is a nice, even if small, relief for Indian companies. The new rate will be 30% plus a 5% surcharge, which works out to 31.5%, and after adding the education cess of 3%, it works out to 32.4%.
Filed under: Companies, Top News, Income Tax, Minimum Alternate Tax, Policy Accounting, Law and Taxation, Union Budget
Reliance sells 30% stake in 23 oil & gas blocks to BP: what is the deal logic?
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Reliance Industries parted with a substantial stake in its oil & gas exploration and production business to BP, in return for cash and technology to develop this business. They will also set up a joint venture for sourcing and marketing gas in the country.
Filed under: Companies, Oil & Gas, Top News, BP, Companies International, Gas, M&A, Mukesh Ambani
IDFC allots Rs 757 crore tax-saving infrastructure bonds
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Infrastructure Development Finance Company had sought to raise funds from investors for funding infrastructure projects through a second bonds issue. The government has permitted infrastructure finance companies to raise funds, from investors, for funding long term infrastructure projects. These bonds will be eligible for a tax exemption of Rs 20,000 from the taxable income, under section 80ccf of the Income Tax Act.
Filed under: Companies, Infrastructure & Construction, Quick News, Bonds, IDFC, Markets Debt & Forex Markets
Satyam profit lifted by lower wages and higher other income, stock up 11%
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Satyam Computer Services (rebranded as Mahindra Satyam) reported a 3% growth in operating income to Rs 1,279 crore, over the preceding quarter. All comparisons are for its consolidated results and on a sequential basis.
Filed under: Companies, Top News, December 2010 results, Mahindra Satyam
Mahindra expands agri-business, acquires 38% in EPC Industrie
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Mahindra & Mahindra announced the acquisition of EPC Industrie, a listed company which sells micro-irrigation equipment to farmers and plastic pipes to industrial consumers.
Filed under: Companies, Top News, EPC Industrie, M&A, Mahindra & Mahindra, Micro Irrigation
Natco Pharma gets first-to-file on generic Tamiflu
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Natco Pharma, an Rs 440 crore turnover pharmaceutical company, has challenged the US patent on Tamiflu held by Gilead Sciences, and licensed to F. Hoffmann-La Roche in 1996. Both Natco and Gilead announced this in separate statements. Natco said that the FDA has accepted its abbreviated new drug application (ANDA) for generic Tamiflu or oseltamivir phosphate.