New Delhi, June 3: The finance ministry today asked banks to explore the possibility of hiving off non-core businesses, including insurance and mutual funds, to raise funds to meet Basel III capital adequacy norms. “There was a meeting of heads of seven large banks where many issues were discussed, including capital raising,” financial services secretary G.S. Sandhu said, without elaborating.
New Delhi, June 3: Coal India plans to form a panel of consultants, which will help the PSU in acquiring, developing and operating coal mines overseas. The coal major is eyeing assets abroad to meet domestic demand. The last date for submission of responses to EOI (expression of interest) is June 23, the PSU said.
New Delhi, June 3: Biotechnology major Biocon and US-based Bristol-Myers Squibb today announced a five-year extension of their drug discovery and development partnership in India. The Bangalore-based firm’s contract research subsidiary — Syngene International and Bristol-Myers Squibb — have extended their collaboration for the next five years.
New Delhi, June 3: Idea Cellular, India’s third largest wireless services operator, plans to raise Rs 3,000- 3,750 crore this week by selling shares to institutional investors, bankers familiar with the development said. The qualified institutional placement issue may open on Thursday, they said. When contacted, an Idea Cellular spokesperson declined to comment.
Doha, June 3: Start-up carrier Tata-SIA Airlines, which is yet to get a flying permit, will acquire at least 20 Airbus aircraft on lease from a Singapore-based company to launch their operations in India by this winter. “Tata-SIA has placed orders for leasing of 20 Airbus A-320s from us,” Claire Leow, head of investor relations of BOC Aviation Private Limited, said on the sidelines of the ongoing IATA annual general meeting here.
Hyderabad, June 3: The US Food and Drug Administration has found as many as 12 procedural lapses in drug maker Wockhardt’s US facility in Illinois. The inspection, which was carried out by the FDA officials between January 22 and March 26, pointed out that the responsibilities and procedures applicable to the quality control unit are not in writing and fully followed.
New Delhi, June 3: State-owned Oil and Natural Gas Corp (ONGC) has paid a whopping Rs 272,721 crore in fuel subsidy over the past 11 years, denting its profitability. India subsidises diesel, LPG and kerosene prices. The subsidy burden is shared between the government and upstream oil and gas producers such as ONGC and Oil India Ltd.