Thursday, 12 February 2015

Top corporate news of the day - February 12, 2015

India Cements announced that its shareholders are set to get ownership of Chennai Super Kings Cricket Ltd, a new wholly owned subsidiary of India Cements 

Natco Pharma, which was granted compulsory license for Bayer's cancer drug Nexavar (Sorafenib) by the Indian patent office a couple of year back , announced that its marketing partner Mylan Inc. has filed an Abbreviated New Drug Application (ANDA) for the generic version of the same US FDA. 

  Irish lessor Babcock and Brown Aircraft Management (BBAM) has sought the return of 6 Boeing B737 aircraft, and payments to the tune of around USD100mn from Spicejet towards several months of unpaid lease rentals (USD40mn), besides other damages like maintenance costs.

  India Cements announced that its shareholders are set to get ownership of Chennai Super Kings Cricket Ltd, a new wholly owned subsidiary of India Cements. 

   Tech Mahindra said its sister company Mahindra Finance will become equal shareholder if the Reserve Bank clears its payment bank licence, and the company is also in talks with the World Bank Group member IFC for a partnership in the foray. 

  In a relief for Jindal Steel and Power Ltd (JSPL) and its promoter Naveen Jindal, Delhi High Court directed a technical committee to review its own decision to change the end-use of two coal blocks earlier allotted to the company and removing the mines from the auction.

   The board of Grasim Industries approved the proposed merger of Aditya Birla Chemicals (India) with itself and has approved the swap ratio at 1 share of Grasim for every 16 shares of ABCIL. 

   IT services major Infosys said it has been selected by ICA Gruppen, Sweden's leading retailer, to manage its IT operations.

   Reliance Industries has slapped an arbitration notice challenging oil ministry’s decision to take away 814 square kilometre of its eastern offshore KG-D6 area that contained five gas discoveries.

   Surana Solar Ltd has firmed up plans to enter into a new line of business for the manufacturing of LED bulbs and LED tubes of an initial capacity of 1mn units.

  Tech Mahindra will build more technology development facilities in the United States and Canada and boost local hiring to tap new business opportunities linked to digital technologies. 

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