Fortis Healthcare plans to buy a company that’s also controlled by its promoters. It’s looking to pick up an 86% stake in Super Religare Laboratories. The company says the decision to acquire the company was made by independent directors. Fortis and SRL are controlled by brothers Malvinder and Shivinder Singh. They own the 86% of SRL.
There are changes at the top at Reckitt Benckiser. The company has appointed Indian-born Rakesh Kapoor as chief executive designate. He’ll take over formally in September. Meanwhile, the Reckit Benckiser’s old CEO of 16 years, Bart Becht, will continue to serve on the company’s board until September of next year.
Most companies may have struggled in the aftermath of the financial crisis, but new figures show the defence and aerospace industries are going great guns. Consulting firm PricewaterhouseCoopers is out with a new report on the world’s top 100 aerospace and defence companies. It shows those companies had combined operating profits of $58.3 billion in 2010 on a revenue of $645.3 billion. Government-run Hindustan Aeronautics Limited is the only Indian firm that fits into the top 100 list with a rank of 45. It notched a profit of $585 million on a revenue of $2.5 billion. The PwC report also says overall profits and revenues are likely to increase in 2011, partly because of a continuing rebound in the commercial aftermarket.