1. Air India Domestic & International to Be Sold Together
Air India Ltd’s domestic and international operations will be sold together, and not separately as some potential suitors would want it to be.
“What we will be offering through the bidding process is the integrated airline which means international and domestic both,” Minister of State for Aviation Jayant Sinha said at a briefing on Friday.
The airline also has subsidiaries such as Air India Express which flies mostly to the Middle East.
The entire process of awarding the assets to the successful bidder will be done in six-eight months from now and transfer of assets and legal approvals will follow after that, he added.
(Source: PTI)
2. US FDA Approves Mylan-Biocon's Biosimilar for Cancer Drug Herceptin
The US Food and Drug Administration on Friday approved Mylan NV and Biocon Ltd’s biosimilar for Roche’s drug Herceptin, used in the treatment of breast and metastatic stomach cancer.
Mylan-Biocon’s trastuzumab, to be sold under the name Ogivri, is the first biosimilar approved in the US for the treatment of breast cancer or stomach cancer and the second biosimilar approved in the country for cancer treatment, US FDA said in a release.
A biosimilar is a product that is approved based on data showing that it is highly similar to a biological product already approved by the FDA and has no clinically meaningful differences in terms of safety, purity and potency from the reference product, in addition to meeting other criteria specified by law.
(Source: Livemint)
3. Walmart India Ties up 20 Sites, New Stores to Open in 2018
Walmart India has signed 20 new sites for new stores and will start opening them from the next year, a top company official said on Friday.
The company, which runs 21 Best Price wholesale stores in nine states, has already started work on some of the new projects. “As we speak, we have signed nearly 20 sites. We are well on our way to meeting the commitment and targets which we have,” Walmart India President and CEO Krish Iyer said on the sidelines of the CII retail summit.
Walmart has plans to add 50 new stores by 2022 to take the total store count to 70.
A company official said, “Out of these 50 stores, 5 to 7 new stores will become operational next year.” Walmart India is a wholly-owned subsidiary of Walmart Stores Inc and offers a range of close to 5,000 items.
(Source: PTI)
4. Tata Motors Total Sales up 58% to 52,464 Units in November
Home-grown auto major Tata Motors reported 57.67 per cent increase in total sales at 52,464 units in November, in a statement on Friday.
The company had sold 33,274 units in the same month last year, Tata Motors said in the statement.
Domestic sales of commercial vehicles (CV) last month stood at 35,307 units as against 20,538 units in the same month last year, a jump of 71.91 per cent.
"The commercial vehicles industry has significantly improved and the sector has bounced back strongly after the hiccups surrounding the BS4 transition, GST implementation and demonetisation that impacted the transport industry," he added.
In the passenger vehicles (PV) segment, Tata Motors said its domestic sales were up 35 per cent at 17,157 units last month.
(Source: PTI)
5. Mahindra Sales up 18% to 38,570 Units in November
Auto manufacturing giant Mahindra and Mahindra (M&M) on Friday reported 18% increase in total sales at 38,570 units in November. It had sold 32,564 units in the same month last year, M&M said in a statement.
In the domestic market, its sales grew 21% to 36,039 units last month compared to 29,869 in November 2016.
Commercial vehicle sales was up 22% to 15,554 units in November against 12,718 units in the year-ago period, M&M said.
M&M president Automotive Sector Rajan Wadhera said:”We are happy to be in a positive growth phase for November 2017, which is usually a lean period post the festive season. We expect our growth momentum to continue on the back of some recent refresh launches.”
(Source: PTI)
6. PFC Mobilises USD 400 Million Through Green Bond Issue
State-owned Power Finance Corporation (PFC) has raised USD 400 million through its maiden green bond issue, a statement said on Friday.
According to the company, the money raised will be used to promote renewable energy and help achieve the government's target of 175 GW of green capacity by 2022
"The bond issuance saw diverse participation from high quality investors across Asia and Europe. PFC has successfully priced this 10-year Reg S Green Bond at a fixed rate coupon of 3.75 per cent," a PFC statement said.
The bond is Climate Bonds Initiative certified and is being listed on the London Stock Exchange and the Singapore Stock Exchange.
(Source: PTI)
7. Tata Steel to Acquire 74% Stake in Bhubaneshwar Power Private Ltd for Rs 255 Crore
Tata Steel will acquire a 74 per cent stake in Bhubaneshwar Power Private Ltd (BPPL) from JL Power Ventures Private Ltd for Rs 255 crore to ramp up its captive source of power, a company statement on Friday said.
The acquisition provides an opportunity to Tata Steel to meet growing power demand, it added.
Tata Steel, together with its 100 per cent subsidiary T S Alloys Ltd (T S Alloys), is the holding company of BPPL, a company statement said.
"Tata Steel on November 30, 2017, executed definitive agreements to acquire 74 per cent equity shares of BPPL from JL Power Ventures Private Ltd (JL Power)," Tata Steel said in the statement.
(Source: PTI)
8. Klikly to Disburse Loans to 1,500 Entrepreneurs in 3 Years
Online hyperlocal services market place Klikly said it will disburse loans to 1,500 entrepreneurs, with the amount ranging from Rs 2-5 lakh, over the next 3 years, in a statement on Friday.
It has partnered with NBFC Vig K Finance Pvt Ltd, a wholly-owned subsidiary of Anika International Pvt Ltd, to launch business loan and personal loans, the company said in a statement.
"Our aim in launching this facility is to provide hassle free and quick loan services to the businessmen and salaried employees so that funds are never a hindrance in their growth story," Klikly COO Rohit Bhatia said.
(Source: PTI)
9. CoWrks Mulls Pan-India Presence With 12 Centres
Bengaluru-headquartered CoWrks has planned to set up 12 centres across the country as part of the expansion plans, a company statement on Friday said.
The co-working space provider has set up the first centre at One Paramount in Porur in the Chennai, marking its foray in the region that is spread across 20,400 square feet with seating capacity of over 300 members, the company statement said.
In a month's time, the company has planned to set up the second centre at RMZ Millenia Business Park at Chennai’s Old Mahabalipuram Road, which would make it the largest co-working space that would spread across 88,000 square feet, accomodating 1500 people.
(Source: PTI)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)