Mumbai: Drugmaker Lupin Ltd on Tuesday said it has entered into a multi-year agreement with US-based Forest Laboratories Inc. to market an asthma drug delivery device in the US.
The financial terms of the deal were not disclosed. Mumbai-based Lupin will use its US subsidiary, Lupin Pharmaceuticals Inc., to promote Forest Laboratories’ inhaling device AeroChamber Plus to paediatricians in the US. AeroChamber Plus is the most widely prescribed holding chamber in the US.
Firstsource appoints Carl Saldanha as CFO
Mumbai: Outsourcing company Firstsource Solutions Ltd has hired former Jet Airways India Ltd executive Carl Saldanha as its global chief financial officer.
In his four years at Jet Airways, Carl was involved with the airline’s public issue and in raising debt funding for new wide body aircraft and the acquisition of Sahara Airlines Ltd.
Saldanha, who quit as CFO of Jet Airways in January, had then said he had not decided on his future employment.
More recently, SpiceJet’s executive director Sidhantha Sharma quit the airline to join Interglobe Enterprises Ltd, the owner of low-fare carrier IndiGo, while IndiGo’s chief executive and president Bruce Ashby, who has been with the company since 2005, has decided to move on instead of renewing his three-year contract.
Bosch workers to strike work today
Bangalore: Workers at the Indian factories of Bosch Ltd, the German auto components maker, will strike work on 20 August in support of the all India general strike called by the Communist Party of India.
The employees union of the firm gave a notice a week ago on striking work, Bosch Ltd, formerly Motor Industries Co. Ltd, or Mico, said in a notice to the Bombay Stock Exchange.
Bosch, the country’s largest auto component maker, employs more than 10,800 workers and has factories in five cities including Bangalore, Jaipur, Nashik and in Goa.
Deccan Aviation gets nod to fly overseas
Mumbai:Deccan Aviation Ltd, India’s largest budget airline, won approval to start overseas flights on 26 August, the civil aviation ministry said in a release.
Billionaire Vijay Mallya’s airline got the rights to fly seven times a week on the Bangalore-London route, the ministry said on Tuesday.
The approval will help Mallya tap new markets for his aviation business. Mallya’s Kingfisher Airlines Ltd bought Deccan last year with the discount carrier becoming eligible to start overseas flights this year on the completion of five years of domestic operations.
Indian rules stipulate that an airline must complete five years of domestic services to become eligible to start overseas flights.
Deccan Aviation rose 2.8% to Rs86.95 at the close of Mumbai trading on Tuesday. The stock has declined 69% so far this year.
Hyderabad to levy new airport charge on users
New Delhi/Hyderabad: The new airport at Hyderabad, run by GMR Rajiv Gandhi Hyderabad International Airport Ltd, or Ghial, will start collecting Rs375 from each domestic passenger as a fee for use of the airport from 22 August, an airport executive said.
For the first one month, the airport plans to charge the passengers directly through its terminal counters, gradually making the additional charge of Rs375 as part of the airfare, A. Vishwanath, chief commercial officer, Ghial, said on Tuesday.
“From midnight of 21 August, first flight onwards, we are collecting the amount,” he said, adding that the International Air Transport Association (IATA) has been apprised of the new charges.
This new airport charge, called a user development fee, aims to help the airport operator bridge the gap between airport investment and revenues over a period of time and will be in addition to the Rs225 that all airports in the country charge currently as a passenger service fee, or PSF. As much as Rs155 of this PSF goes to the government, while the rest, Rs 70, is absorbed by the airport operator.
Passengers bound for international destinations from the airport will continue to pay Rs1,000 inclusive of all taxes as part of the air ticket. A civil aviation ministry official, who did not wish to be quoted, said a decision on the quantum of similar user fee at Bangalore International Airport Ltd is likely to be finalized next week.
ITC Infotech to acquire US-based company
Bangalore: The software unit of cigarette maker ITC Ltd, ITC Infotech India Ltd, has acquired US-based testing solutions company Pyxis Solutions Llc. for over $25 million (Rs 108 crore) in an all cash deal. New York-based Pyxis, with over 100 employees and revenue of $15-20 million, would become the subsidiary of ITC Infotech Inc ., the US-based outfit of ITC Infotech.
“The acquisition enhances our capabilities in areas such as software testing, quality assurance and consulting, besides strengthening our presence in the US,” said Sanjiv Puri, managing director, ITC Infotech.
The buy out, funded through internal accruals, will also give access to some of the banking, financial services and insurance firms such as Citibank, AIG, Deutsche Bank and Merrill Lynch.
ITC Infotech earns about a third of its over Rs400 crore revenue from customers in banking and financial services sector, while it also offers services to travel, hospitality and transportation sectors. About a tenth of ITC Infotech’s 3,000 employees are in the testing domain.
Chowgule not allowed to set up plant in Goa
New Delhi: Supreme Court on Tuesday refused to grant permission to A. Chowgule & Co. to set up its export-oriented iron ore project in Goa as the proposed plant would require cutting trees in a forest area. Goa Foundation had challenged the local government’s decision to sanction 15ha of land in 1989 to the closely held company, citing environmental concerns.
Audience rating: Trai for reduced govt role
New Delhi: The Telecom Regulatory Authority of India, or Trai, has made a key change, which will effectively reduce government intervention, in its final recommendations on the policy guidelines and operational issues for television audience measurement.
The broadcast regulator’s draft recommendations, which recognized industry body Broadcast Audience Research Council, or Barc, as the institutional framework for audience measurement activity in India and advocated self-regulation, however, had made space for two government nominees on Barc board and given them veto powers. In the final recommendations, however, the consent of the nominees are not required in any of the key decisions.
Trai has retained nearly all other recommendations that were included in the draft. It has also withdrawn the recommendation that Barc be obliged to disclose the methodology followed for measuring the ratings to the ministry of information and broadcasting.