CII in partnership with Department of Industrial Policy and Promotion, Ministry of Commerce, Government of India and Japanese External Trade Organisation is organising a seminar on Facilitating Indian Investments in Japan on Monday, August 13, 2007 at Hotel ITC Windsor Manor, Bangalore. Japan is among India’s top five trading partners and is the third largest foreign direct investment contributor.
Biocon & Abraxis sign agreement
Biocon and Abraxis BioScience Inc an integrated, global biopharmaceutical company, announced on Thursday in Mumbai a licensing agreement for the commercialization of ABRAXANE (paclitaxel protein-bound particles for injectable suspension - albumin-bound) in India.
Under the terms of the agreement, Biocon will also have the right to market ABRAXANE in Pakistan, Bangladesh, Sri Lanka, United Arab Emirates, Saudi Arabia, Kuwait and certain other Persian Gulf countries. As part of this agreement, Abraxis will receive royalties from Biocon based on net sales of ABRAXANE in these countries.
Wipro, Nortel win award
Wipro Technologies and Nortel have won the “Best Offshore award” in the distinguished 2007 Outsourcing Excellence awards for its 16 year old relationship. Nortel opened India’s first offshore telecom R&D development centre with Wipro in 1991. Wipro currently provides end-to-end design, system integration, consulting, software release management and support for Nortel’s carrier and enterprise product lines.
Apollo eyes US acquisition
Apollo Hospital Enterprises said on Thursday that it is in advance talks with two US firms for a possible takeover as part of its plans to expand in medical business process outsourcing.
“Hopefully, things would be finalised in next 3-4 days,” Apollo Hospital Enterprises Chairman Prathap C Reddy told PTI in New Delhi. When asked about the shortlisted companies, he declined to name them, but said talks were at an advance stage. If the deal goes through, it would be a shot in the arm for Apollo Health Street The deal is also expected to give Apollo Hospitals access to more clients in US.
UCO Bank gets new CMD
S K Goel has assumed charge as CMD of UCO Bank with effect from August 1, 2007. He is a a first class graduate from DSE, Delhi and also holds a degree in Law. Mr Goel initiated his banking career with BOB in 1974 as direct officer.
He joined Andhra Bank in 1980 and held various positions in operations. He served Bank of India from 1999 to 2002. He has even worked as Executive Director of Allahabad Bank. Mr Goel is presently also serving as a member of “Legal & Banking Operational Committee of the Indian Banks Association.”
Motherson Sumi, Calsonic forge JV
Motherson Sumi Systems said on Thursday in Mumbai that it has entered into a joint venture with Calsonic Kansei to meet the growing needs of the automotive manufacturers in the country including the new car makers who have announced their plans to set up manufacturing base in India.
The JV to be christened Calsonic Kansei Motherson Auto Products envisages an equity of 51 per cent by Calsonic Kansei and the remaining 49 per cent to be held by Motherson Sumi Systems. The production is to be started in 2009 starting with manufacturing of automotive air-conditioning units for Japanese car makers.
Sundaram drops interest rates
Sundaram Finance which has over 2. 50 lakh depositors, has announced a downward revision in interest rates by 50 basis points for 1, 2 and 3 year deposits on Thursday in Chennai. The revised interest rates are 9 per cent for 1 year deposits, 9.50 per cent for 2 years and 10 per cent for 3 year deposits. The revised rates are effective from 16th August 2007. The revision is applicable to fresh deposits made and renewals due on and after August 16, 2007. Interest rates on existing deposits remain unchanged.
