Magma move in insurance
Non-banking finance company Magma Fincorp has received the initial R1 approval from the Insurance Regulatory and Development Authority to launch general insurance business. R1 is the first step of regulatory clearance required for carrying on the business as an insurance company in India. The firm had applied for a licence in March 2010 to enter general insurance. Calcutta-based Magma Fincorp has formed a joint venture with German insurer HDI-Gerling International for the general insurance business.
Essar Steel has commissioned its compact strip production mill at Hazira with a capacity of 3.5 million tonnes per annum (MTPA). This is a key part of Essar Steel’s plans to expand the production capacity at its Hazira complex from 4.6 MTPA to 10 MTPA. The expansion is being done at a cost Rs 13,500 crore.
Bajaj Auto has tied up with the State Bank of India to offer inventory finance to its dealers. “We are glad to partner the SBI who have the largest network of more than 13,000 branches across the country,” Bajaj Auto president (motorcycles) S. Sridhar said.
Dr Reddy’s Laboratories has announced the launch of a generic version of Allegra — Fexofenadine HCl — tablets in the US to tap the $452-million Fexofenadine drug market. The pharmaceutical firm will market the over-the-counter product under store brand labels in the US.
Packaging major Uflex will invest about $180 million to set up a plant in Kentucky, US, as part of its strategy to increase proximity to major markets worldwide.
Air Arabia has inaugurated a regular shuttle service — Air Arabia Express — between the Dubai and Sharjah International Airport. Air Arabia will provide 20 bus services per day between the two Emirates, with prices starting at Rs 125 each way.
Future Capital has launched financial superstores within a retail format to offer financial products ranging from loan payment solutions, wealth management, equity broking solutions to insurance, real estate broking and money changing.
Emami has acquired the exclusive rights for multi plant stem cell — a skin care technology — from Mibelle Biochemistry of Switzerland.
Tutorial services provider Career Point Infosystems has launched a mobile formulae handbook to help students do their revisions for Physics, Chemistry and Maths while on the move.