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Weekly News: Government to shortlist 6 firms as strategic partners for defence manufacturing -
Weekly News: Government to shortlist 6 firms as strategic partners for defence manufacturing
SMC | Published: 16 May, 2017  | Source :


- Government to shortlist 6 firms as strategic partners for defence manufacturing. Chosen companies will partner global original equipment manufacturers (OEMs) in building defence platforms in India.

Oil & Gas

- Indian Oil Corporation is in initial talks with Saudi Aramco on downstream investments, including a mega project on its west coast, that could help the OPEC member lock-in customers amid an oil supply glut.


- Adani Power Limited (APL) has discontinued 1,250 MW power supply to Gujarat Urja Vikas Nigam Limited (GUVNL) in a phased manner, since the last week of April. The decision was spurred by the unviability of running its power plant at Mundra on imported coal.


- Axis Bank is planning to expand its business of distributing life insurance policies through a tie-up with one more insurer. The bank currently has a partnership with Max Life and LIC.


- Ashoka Buildcon has bagged a Rs282.73 crore project from Jharkhand Bijli Vitran Nigam Ltd for urban electrification works in Jharkhand under Integrated Power Development Scheme (IPDS) .

- Ramky Infrastructure Ltd has been awarded project worth Rs336.60 crore in Jharkhand by NHAI on EPC (engineering, procurement and construction) mode ,pertains to four-laning of 40.5 km stretch of Barhi-Hazaribag section of NH 33 in the state.


- Tata Chemicals has signed a business transfer agreement with specialty inorganic materials producer Unnati Inorganics to acquire its undertaking of precipitated silica operation .


- Titagarh Wagons announced its foray into ship-building business beginning with the construction of four ships worth Rs175 crore. The company plans to focus on defence and specialised ships.


- Novelis, a wholly owned subsidiary of Hindalco Industries, sold a 50% stake in its Ulsan, South Korea facility to Kobe Steel for $315 million (Rs2,033 crore), creating an equally owned joint venture with the Japanese producer of aluminium roll.


- Natco Pharma has launched a generic version of pomalidomide capsules, used in treatment of a type of blood cancer, in India. It will market generic pomalidomide capsules under its brand name POMALID in India. It has also launched generic sofosbuvir 400 mg/velpatasvir 100 mg tablets, used for treatment of chronic hepatitis C, in India under the brand name 'Velpanat'. Velpanat is the generic version of Epclusa, manufactured by Gilead Sciences Inc globally.

- Torrent Pharma has completed the acquisition of women healthcare brands Regestrone and Pregachieve for India fromSwiss pharmamajor Novartis AGAG in a bid to sharpen its focus in the niche therapy segment. While the company did not disclose the deal size, it is estimated to be close to 500 crore.

Consumer goods/ FMCG

- Nestlé India and Hindustan Unilever Ltd (HUL) have evinced interest in buying a controlling stake in Havmor Ice Cream Ltd, a Gujarat-based ice cream brand with a pan India presence. Besides the strategic investors, a couple of large private equity (PE) funds are also interested in Havmo. The company is valued at 1,000 crore.

- Havells India announced the successful completion of its acquisition of Lloyd Consumer Durable Business Division (Lloyd Consumer). The acquisition has been executed at an enterprise value of 1,600 crore on a debt free, cash free basis. The company has financed the transaction through internal accruals and cash balances.

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