Hikal plans unit near Bangalore
Hikal Ltd will invest about Rs 30 crore in setting up a new bulk drug manufacturing facility near Bangalore. Hikal managing director Jai Hiremath said the company was aggressively looking at US generic markets and the new facility will be used to cater to the new requirement. When asked about the funding, he said the company would finance this project through its internal accruals and some debt from institutions. Hikal, which also has presence in agrochemical business, is a contract manufacturer for few multinational companies operating in the country.
Larsen & Toubro Ltd’s engineering and construction division has booked orders aggregating Rs 1,002.5 crore in August. The biggest among these was a Rs 580.97 crore order, which involves executing diesel hydro-treater and hydrogen package for the Panipat plant of Indian Oil Corporation Ltd.
Bangalore-based Deccanet Designs Limited, which has attracted venture capital from leading investors like Intel Capital and TDA Capital Partners from the US and GVFL, India, has launched Orion/ET 4.0, an “innovative” software test automation tool.
Idea Cellular Ltd, formerly Birla Tata AT&T Ltd, has claimed that its subscriber base has touched the one million mark, the first operator to reach this landmark among non-metro circles. It will shortly launch its operations in Delhi.
Small Industries Development Bank of India (Sidbi) has issued a notice to deep Discount Bond Series I 1992 holders, who had not surrendered the bonds for redemption in terms of the individual call option notice dated July 24, 2001 issued to them. As advised in the said option notice, interest has ceased to accrue on these bonds w.e.f. February 1, 2002. Sidbi has asked bondholders to submit the duly discharged original bond certificates along with the completed redemption application form.
Icra has assigned ‘A1’ rating, indicating highest safety in the short term, to the Rs 5-crore commercial paper programme of MTR Foods Ltd. The recent enhancement in MTR’s bank limits and substantial equity infusion during early part of the current year supports the rating, a release said.
TVS Electronics has launched transaction business printer ‘TVS Proton’, which it claims is the world’s quickest bill printer. The company says TVS Proton generates 10 bills per minute and is targeted at the retail customer.
I-flex Solutions Ltd has rebranded its business intelligence and analytics division as ‘Reveleus’, which will be based in North America.