Pantaloon Retail has new name

Mumbai, May 3: Pantaloon Retail will be renamed as Future Retail India Ltd. That’s the rump of the country’s largest retail group that will be left after the Pantaloons brand and its retail format stores are spun off into a separate entity. The Pantaloon Retail board today approved the issue of 800 optionally convertible debentures to Aditya Birla Nuvo and its subsidiary, Peter England Fashion and Retail Ltd, as the first step towards the hive-off.

Cipla drugs

New Delhi, May 3: Drug major Cipla today slashed the prices by up to 76 per cent of its generic drugs, used in treating cancers of brain, lung and kidney. The price of Soranib used for treating kidney cancer has been cut by 76 per cent to Rs 1,710 “for a month’s therapy”, from Rs 6,990, Cipla said in a statement.

Transfer pricing

New Delhi, May 3: The government today announced setting up an advisory group on international taxation and transfer pricing, which is to be headed by revenue secretary R.S. Gujral.

Kingfisher dues

New Delhi, May 3: Vijay Mallya-led Kingfisher Airlines, which is reeling under more than Rs 7,000 crore of debt, owes dues of about Rs 280 crore to the Airports Authority of India.

Abbott centre

Bangalore, May 3: Healthcare firm Abbott plans to establish its first nutrition research and development centre in the country in collaboration with contract research organisation Syngene.

Piramal net

New Delhi, May 3: Piramal Healthcare has suffered a consolidated net loss of Rs 38.68 crore for the quarter ended March 31, 2012 against a net profit of Rs 201.85 crore for the same quarter of the previous fiscal.

ADB outlook

Manila, May 3: Financial crisis in Europe could escalate and along with slow recovery in the US, this year will be crucial for the global economy, but Asian nations must continue long-term structural reforms while insulating the region against the troubles, ADB said today.