24 FDI proposals okayed

New Delhi, May 5: The government today approved 24 foreign direct investment proposals worth Rs 204.01 crore spanning financial services, integrated urban townships and the telecom sector. Among the major projects cleared was a Rs 126.54-crore proposal by Citicorp International Financial Corporation along with venture capital fund ChrysCapital to provide infrastructure services. Citicorp and ChrysCapital’s investment plans would be in line with the Sebi’s regulations, said an official statement.

Dr Reddy’s

New Delhi, May 5: Dr Reddy’s Laboratories has withdrawn its challenge against GlaxoSmithKline’s compound patent for anti-nausea drug, Zofran. The move is expected to speed up the litigation process.

Dabhol case

New Delhi, May 5: The Delhi High Court today confirmed its interim order restraining Dabhol Power from going ahead with the arbitration proceedings initiated at London to invoke the Centre’s counter guarantee in the power purchase agreement signed by DPC with the Maharashtra government.

HDFC Bank

Mumbai, May 5: HDFC Bank has tied up with MasterCard International to launch the HDFC Bank Mastercard SideCard.

Berger pact

Mumbai, May 5: Berger International Ltd, the Singapore-based subsidiary of Asian Paints, has entered into a technical consultancy and advice arrangement with Berger Paints Pakistan Ltd.