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Business Briefs

Ipca stake buy

Mumbai, Sept. 13: Ipca Laboratories has acquired a 100 per cent stake in an Australia-based formulation company for an undisclosed amount. The company also bought the rights to five formulations registered by the Australian company. Ipca said the Australian firm also has a wholly owned formulation registration and distribution company in New Zealand and holds the rights for three formulations.

Rural banks

Mumbai, Sept. 13: The Reserve Bank has decided to allow regional rural banks (RRBs) to convert their satellite offices into full-fledged branches. The move is aimed at enhancing customer services in rural areas. The offices could be converted into branches after obtaining concurrence from the empowered committee on RRBs and licence from the regional office concerned of the RBI.

Sez rules

New Delhi, Sept. 13: The Centre will soon amend rules governing special economic zones (SEZ) to incorporate decisions taken by an empowered group of ministers in April to limit the size of an sez and increase its processing area.

ZTE unit

Shenzhen, Sept. 14: Chinese telecom handset maker ZTE is exploring the possibility of setting up its second manufacturing unit in India. It has a facility at Manesar in Haryana.

IPCL trading

Mumbai, Sept. 13: Trading in IPCL, a Mukesh Ambani group firm, will be discontinued from October 5 on the National Stock Exchange after its amalgamation with Reliance Industries.

M&A market

Mumbai, Sept. 13: The merger and acquisition (m&a) market might cool down with a decline in capital supply because of increasing credit defaults and peak private equity activity, the Boston Consulting group said.

UB offer

Mumbai, Sept. 13: Vijay Mallya’s United Breweries has made an open offer for an additional 20 per cent stake in Air Deccan. The offer opened yesterday and will close on October 1.

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