QBiz: Coke Not to Get TN Land; Premji Jr. Joins Wipro Board

These are the top business headlines for today, April 22 2015

3 min read
(Photo: Reuters) 

1. Tamil Nadu Cancels Land for Coca-Cola Plant

The Tamil Nadu government said on Tuesday it had cancelled the allotment of 71.2 acres of land to Coca-Cola India on the grounds the company had failed to commence construction at the site within the stipulated time-frame. The land, in Perundurai of Erode district, was to be used for a Rs. 500-crore bottling plant.

Read more here.

2. Century Set to Cement Ties with UltraTech

Century Textiles, owned by Birla patriarch Basant Kumar Birla, will carve out its cement business and merge it in an all share deal with India’s largest cement maker UltraTech, owned by grandson Kumar Mangalam Birla.

Once approved by shareholders, the merged entity’s capacity would add up to 87 million tonnes.This would help UltraTech achieve 100 million tonne output much be fore its target of 2020.

Read the full Economic Times report here.

3. Rishad Premji Joins Wipro Board

Rishad Premji, the eldest son of IT czar Azim Premji, was on Tuesday appointed to the Wipro Board, a long-awaited move that brings the heir apparent closer to the top spot at the country’s third largest IT services firm.

Read more here.

4. IRFC May Raise Rs.6,300 Cr via Rupee Bonds Abroad

Indian Railways Financial Corp (IRFC), the financial wing of the Indian Railways, is expected to raise as much as Rs. 6300 crore if it decides to sell offshore rupee-denominated bonds, according to the Economic Times. If it does go ahead, IRFC will be the first domestic entity to do so after RBI allowed this in its April 7 monetary policy.

Read more here.

5. Japan’s Daiichi Completely Exits Sun Pharma

Japanese drug maker Daiichi Sankyo has sold its entire holding in Sun Pharmaceutical Industries for an estimated Rs 20,420 crore. The company said that it has sold its entire holding of 21,49,69,058 shares in Sun Pharmaceutical. At an average share price of about Rs. 950.

Read more here.

6. Jewellery Sales see 30% Rise on Akshaya Tritiya

Jewellery sales saw a 30% rise on Tuesday, the f day of Akshaya Tritiya, considered to be auspicious for buying jewellery, the Financial Express reports. The spurt in sales which was greater than last year was buoyed by a relative drop in gold prices compared to last year when gold imports had been curbed by the government . As a resut, last Akshaya Tritiya had seen sales drop by 20%.

Read more here.

7. Godrej Eyes Six Time Increase in Africa Business by 2020

The multi-billion dollar Godrej Group aims to become one of the top goods companies in Africa and has formulated a blue print to achieve this target by 2020, the Business Standard reports.

The group’s flagship company Godrej Consumer Products Limited proposes to increase its African turnover six times in five years from around Rs 1,200 crore now through aggressive acquisition of local brands. The endeavour is to increase its presence in personal and home care, segments where Godrej Consumer is strong in India.

Read more here.

8. Former GroupM Boss Vikram Sakhuja Joins Madison as Group CEO

Vikram Sakhuja, widely regarded as one of the most influential media agency professionals in the country, is to leave GroupM, the World’s largest media agency and join Madison Media Group, according to DNA. An alumnus of IIT Delhi and IIM Kolkata, Sakhuja has over 28 years of experience across the media and marketing landscape. He worked with Proctor & Gamble, Coca-Cola, and Star India before joining GroupM in 2012.

Read more here.

9. Teva Offers to Buy Mylan for $40.1 Billion

Teva Pharmaceutical Industries made an unsolicited offer to buy Mylan NV for about $40.1 billion, in the drug industry’s largest takeover attempt this year.

The deal would create a generic powerhouse with more than $27 billion in revenue and re-establish Teva as the unchallenged giant in the industry. The Israeli company has been losing market share to Indian manufacturers such as Sun Pharmaceutical Industries.

Read the full Economic Times story here.

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