Jubilant to buy Max Pharma
Jubilant Organosys has announced its decision to acquire 100 per cent stake in active pharma ingredient (API) company Max Pharma from Max India Ltd for Rs 69 crore. Jubilant said in a statement that its board has approved plans to acquire the API facility of Max India at Mysore for Rs 69 crore, of which Rs 62 crore will be paid to Max India while the remaining would be used as transactions cost. The company said this acquisition was subject to shareholder approval and statutory clearances. However, a detailed due-diligence has already begun and the deal is expected to be sealed by November. Jubilant is expected to nominate J. M. Khanna as executive director to head the unit.
Visakhapatnam Steel Plant of Rashtriya Ispat Nigam Limited has posted a net profit of Rs 55 crore in the first five months of the current fiscal on a sales turnover of Rs 1,670 crore. The turnover is the highest since the plant’s inception. It is 14 per cent more than the previous corresponding period. The plant achieved a production of 1.60 MT of hot metal, 1.37 MT of liquid steel and 1.22 MT of saleabale steel during April-August, representing a growth of 26 per cent, 20 per cent and 15 per cent respectively over the previous corresponding period.
Aptech Training Limited has announced its financial results for the first quarter ended June 2002. The company has reported total global revenue of Rs 86.65 crore for the quarter ended June 30, which compared with the corresponding quarter of the previous year registered an increase of 21 per cent (Rs 71.62 cr).
ABN-Amro Bank is targeting a 25-30 per cent growth in its retail customer base and will launch home mortgage loans by end of this fiscal. “Currently the customer base was close to 3.5 lakh account holders and has seen a 45 per cent growth in clientele till date,” executive vice president Ramesh Sobti said at the launch of the ABN-Amro international debit card in association with MasterCard. Meanwhile, the Dutch bank has introduced ‘Royalties’ programme for account holders for using electronic banking facilities including use of ATM and debit card.
Larsen and Toubro Ltd’s 10-year secured bond programme (for Rs 25 crore) has received an overwhelming response with issuance of securities worth Rs 65 crore at coupon rate of 8.25 per cent. The issue, which opened for subscription on August 20, was oversubscribed five times by banks, mutual funds and insurance companies.
TVS Motor sales
TVS Motor Company has announced a 63 per cent jump in sales during August and a 47 per cent growth in cumulative sales at 4,54,191 units during first five months of this fiscal. “With a cumulative sales of 4,54,191 units during April-August 2002, TVS accomplished a growth of 47 per cent whilst the overall 2-wheeler industry growth is estimated in the region of 22 per cent,” a company release said.
Transport Corporation of India (TCI) has been awarded ISO 9001: 2000 by TUV, Germany.