Hyderabad Small & Large scale Industries updates

[Gudavalli]

KNR Constructions bags Rs 790-cr order

HYDERABAD, NOV 30:
KNR Constructions Ltd, a Hyderabad-based infrastructure company, has bagged a Rs 790.50-crore EPC order for a road project coming up in Kerala.

KNR Walayar Tollways Pvt Ltd entails four-laning of Walayar-Vadakkancherry section in Kerala between 182-250 km of National Highway 47.

It is being executed under built, operate and transfer mode under the National Highway Development Programme (NHDP)-II. The project has to be completed in 910 days from the appointed date.

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Hyderabad-based Learnpedia Edutech launches study software for engineering aspirants

THIRUVANANTHPURAM: Hyderabad-based educational services company Learnpedia Edutech launched a study software, JEE Study Mate, in Kerala for students preparing for entrance examinations of premier engineering colleges in the country.

"Engineering aspirants encounter problems like missed lectures, incomplete conceptual clarity, untimely doubts and uneven pace of learning. The supplement has been designed keeping in mind these problems faced by the students," said Biswaroop Padhi, vice-president of Learnpedia.

JEE Study Mate covers all the topics in the syllabus of Joint Entrance Examination for Indian Institutes of Technology and National Institutes of Technology. It comes with videos, animations and relevant text preloaded module-wise on to the Learnpedia's proprietary learning software.

The study material is available in two variants - DVDs and tablets.

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Hyderabad firm develops anti-collision device for Rlys

During trials, the system was seen to be effective in preventing head-on and other collisions, over-speeding and disregard for the red signal.

HYDERABAD, DEC. 5:
The Indian Railways can look forward to fewer accidents and passengers can feel more secure, thanks to a new safety device developed by Hyderabad Batteries Limited (HBL).

A train collision avoidance system (TCAS), tested in real time, on a track near Tandur, in the South Central Railway, during September demonstrated the viability of the system.

Two trains equipped with the system ran a series of trials.

The device is based on a combination of railway signalling data with radio communications, global position, radio frequency identification devices, software and logic.

HBL Power Systems was the first company to respond to the expression of interest floated by the Research, Design and Standards Organisation of the Indian Railways to develop an anti-collision device in August 2008.

The system is designed to automatically bring trains to a halt when collision-like situations arise or when the red signal is violated, for whatever reason, a release from the Hyderabad-based company said here today.

The Chairman, Railway Board, Vinay Mittal, along with Kulbhushan, Director-General of RDSO, and other Railway officials witnessed the trials in October.

He commented “It’s a path-breaking technology and we would like to complete all the trials within a year”, the release added.

During the trials, the effectiveness was demonstrated for prevention of head-on collisions, rear-end collisions, over-speeding of trains and disregard for red signal.

It has essential features of both automatic train protection and collision prevention in one solution.

HBL Power Systems, apart from this rail safety device, has developed electronic interlocking system, audio frequency track circuits and train management systems.

[Gudavalli]

Dr. Reddy's appoints new North American head

Dr. Reddy’s Laboratories Ltd. has appointed Umang Vohra as executive vice president and head of North American generics business. Vohra will begin his new role in January 2013. He has been serving as chief financial of the Hyderabad-based company for the past fours years. Dr. Reddy’s has also said that Saumen Chakraborty will become CFO in January to replace Vohra.

Chakraborty is currently the president and global head of quality, human resource and IT and business process excellence at Dr. Reddy’s. He was also the CFO of Dr. Reddy’s between 2006 and 2008.

Dr. Reddy’s Laboratories, which is traded on the New York Stock Exchange, is a global pharmaceutical company. Through its three businesses – pharmaceutical services and active ingredients, global generics and proprietary products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, differentiated formulations and NCEs. The company’s therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management, anti-infective and pediatrics. Major markets include India, the United States, Russia, Germany, The United Kingdom, Venezuela, South Africa, Africa, Romania and New Zealand.

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Biomax sets up venture with Jeddah firm for bio-fuel unit

HYDERABAD, DEC. 8:
Bio-fuel maker Biomax Fuels has set up a 50:50 joint venture with the Jeddah-based Middle East Environment Protection Co to set up the first bio-fuel plant in Saudi Arabia.

The $40-million plant, which is expected to be commissioned by 2013-end, will use used cooking oil as feedstock, one of the few plants in the world to use this non-food waste feedstock.

Hyderabad-based Biomax operates a similar plant in Visakhapatnam, which produces 25,000 tonnes of bio-diesel a month for export to Europe. Besides this, it runs a R&D unit in Chennai, which is working on unitisation of different waste oil, including algae oil, for fuel production.

MEEP is a diversified company headquartered in Jeddah having interest in waste management, real estate and healthcare.

M. Ravinder, Chairman of Biomax, said the Saudi Arabian firm will collect and supply the required used cooking oil, while Biomax would set up and operate the plant. “At present, we use feedstock supplied by the Saudi Arabian firm for our Vizag unit. We took this partnership forward to form the joint venture,” he said.

MEEP supplies about 3,000 tonnes of used cooking oil a month to the Vizag unit. While the raw material cost works out to between $ 800-900 a tonne, the unit sells its bio-diesel at about $1100 a tonne.

Europe and the US are the biggest consumers of bio-diesel, as it is mandatory there to blend regular fossil fuel with bio-fuel at a stipulated percentage.

Bader Bin Abdullah Bin Saud, Chairman of MEEP, said the company has a strong collection infrastructure in Saudi Arabia. “Depending on the requirement, we can supply up to a maximum of 2.5 million tonnes per annum. After the first unit, we will be looking at setting up similar units across West Asia and North Africa region,” he said.

Ravinder said the technology being used in the plant was developed in-house by Biomax, which has the flexibility to use alternative feedstock such as crude palm oil, sunflower oil and even acid oil.

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Hyderabad-based Nchant 3d to use technology to sell movies

AHMEDABAD: Nchant 3d, a Hyderabad-based company, whose technology was used in the election campaign by Gujarat Chief Minister Narendra Modi for the 3D holographic live shows, today said it would use the technology to sell movies as well as educational and spiritual discourses.

Making its debut with Gujarat assembly elections in India, the company claims to have set a record of hosting the highest number of simultaneous events using the technology, "ever done anywhere in the world before".

In the last leg of campaigning, Gujarat chief minister addresed rallies at 53 places simultaneously through 3D holographic projection technology yesterday, a top company official said.

"With focus on R&D, we invented products that can change the face of media, communication and entertainment in the country," Mani Shankar, Director of the six-month-old start-up company.

"Mobile holographic theatres in Europe are popular, but are usually at one fixed location. We created mobile holographic theatres which are traversing through villages of Gujarat," he added.

Holography is a technique which enables it to create three-dimensional images. The holographic live shows largely popular in Europe have been used by Hollywood celebrities like Madonna and Mariah Carey.

3D Holographic live shows are aired with the assistance of satellite and making use of 3G services.

"We would use this technology now for selling movies, in the spiritual field, for which we have a lot of queries and field of education. Each of this business vertical has the potential of Rs 1,000 crore annually," he said.

"Another product of ours is an eight-feet dismantlable holographic cube, which enables CEOs of companies to address multiple offices from one location," he added.

Replying to a query on glitches in the first show, Shankar said, "There were some initial hiccups and technical glitches as audio went off in the first show...but that has been sorted out and it never happened again."

The company has licenses for nine countries, including India. "We have technology licenses for SAARC countries, India, Mauritius and Seychelles," Shankar said.

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Systems America Inc looking for acquisitions: Barctonics

Barctonics had recently acquired 51% stake in US based SYAI, a provided of diversified cloud computing & information technology solutions

Bartronics Asia Pte Limited, a wholly-owned subsidiary of Hyderabad-based Bartronics India Limited, today said that Systems America Inc (SYAI) is going to acquire two companies in 2013.

Bartronics Asia had recently acquired 51% stake in the US-based SYAI, a provider of diversified cloud computing and information technology solutions to commercial and government clients globally.

In a filing to the Bombay Stock Exchange, Bartronics said, "As part of its growth strategy, SYAI has already lined up a series of acquisitions. It is currently in negotiations with two companies."

The two companies - one into business intelligence and application services space with revenues in excess of $24 million and adjusted earnings of $3.7 million and the other one is in mobile application and social analytics space with revenues in excess of $25 million and earnings in excess of $4.1 million, it added.

"The company targets to close these transactions by 2013 fiscal year with a top line in excess of $100 million (Rs 542.8 crore)," it said.

With the controlling stake in SYAI, Bartronics expects to expand its operations to Canada and Europe. "Also, this acquisition will unfold new chapter in our US business," said Sudhir Rao, managing director, Bartronics India Limited, which is into AIDC (automatic identification and data capture) technology space.

Bartronics will also get a strong foothold in a fast growing cloud computing and mobility services such as providing services around Salesforce.com, SAP, Workday and other cloud application service market in various industries, it said.

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The central government has agreed to include Andhra Pradesh in the Chennai-Bangalore industrial corridor, said major industries minister J Geeta Reddy. She told reporters here on Saturday that the proposed corridor in the first phase would be extended upto Krishnapatnam port in Nellore district. The second phase of the project will also cover the Hindupur-Chittoor belt.
The Japan International Cooperation Agency is funding the Peninsular Regional Industrial Development (Pride) corridor along the Chennai-Bangalore highway.
During the Southern Zonal council meeting in Bangalore last month, chief minister N Kiran Kumar Reddy requested the central government to extend the project to Andhra Pradesh, saying only Chennai-Andhra-Bangalore corridor could unleash economic potential of the region and ensure world class infrastructure, economic development and employment generation. Geeta Reddy said that International Pharma Trade Centre and Research and Innovation Council of Hyderabad (Rich) were also proposed to be set up in Hyderabad. The foundation stone for both the projects are likely to be laid in March next year. She said Andhra Pradesh has also sent proposals to the central government for setting up three National Manufacturing and Investment Zones (NMIZ) in the state.
The zones are proposed at Zaheerabad (Medak district), Chittoor and around the proposed Ramayapatnam port in Prakasam district in an area of 5,000 hectares each.
Geeta Reddy said manufacturing would be the focus of the state, during the 12th Five Year Plan. She claimed that despite slowdown and other problems, Andhra Pradesh recorded higher industrial growth rate than the national average during 11th Plan. The industrial growth rate in the state during 2011-12 was 7.33% against the national growth rate of 3.95. IANS

[Gudavalli]

SKS Microfinance completes Rs 54 cr securitisation

It is company's third such transaction in the current fiscal,

Hyderabad-headquartered SKS Microfinance Limited today announced that it has completed a securitisation transaction of Rs 54.63 crore with a private sector bank.

It is the company's third such transaction in the current fiscal, it said in a BSE filing today.

The pool of receivables securitized are rated A1+ (SO) by one of the leading credit rating agencies, which is considered to have a strong capacity for timely payment of short-term debt obligations and carry the lowest credit risk.

SKS Microfinance was assigned a grading of "MFI 1" (MFI ONE) by one of the leading credit rating agencies. The grading is assigned on an eight point scale with "MF1 1" being the highest and "MF1 5" being the lowest.

The company's scrip is currently trading at Rs 150.20 on the Bombay Stock Exchange, down 1.15% over the previous close of Rs 151.75.

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Govt approves 12 FDI proposals worth over Rs 802 cr

NEW DELHI: The government on Wednesday approved 12 foreign direct investment (FDI) proposals, including that of Ratnakar Bank, totalling over Rs 802 crore.

The Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram, however, rejected Mahindra and Mahindra's proposal to form a defence joint venture with Israel's Rafael Advanced Defence System.

"Based on the recommendations of FIPB in its meeting held on November 20, government has approved 12 proposals of foreign direct investment amounting to Rs 802.07 crore approximately," the finance ministry said in a statement.

In addition, the proposal of Swedish furniture major IKEA has been recommended for consideration of Cabinet Committee on Economic Affairs, it said. Even after FIPB clearance, FDI proposals of over Rs 1,200 crore have to be approved by the CCEA.

Ingka Holding Overseas has been given permission to set up a wholly owned subsidiary to undertake single brand retailing of IKEA products.

As per the statement, Ratnakar Bank's proposal to increase foreign equity in the bank from 43 per cent to 55 per cent has been approved. The move is likely to bring in Rs 300 crore worth of FDI.

Taqa Jyoti Energy Ventures has also got the government's approval to bring in foreign investment of Rs 252 crore.

Other major approved proposals include that of Hyderabad based Mylan Laboratories to acquire an existing pharmaceutical manufacturing facility and of OCS Group Singapore Pte Ltd for acquisition of equity shares of an India company engaged in business of detective and protective services.

Mahindra and Mahindra Limited had sought FIPB's nod to to set up a new joint venture with Rafael Advanced Defence System for production and development of naval defence system and other products.

The ministry said along with M&M, FDI proposals of Coimbatore-based Ampo Valves India and Mumbai-based Berggruen Real Estates too have been rejected.

Meanwhile, MCX's application for post facto approval for FDI received before issuance of DIPP's Press Note 2 of 2008 on guidelines for foreign investment in commodity exchanges was withdrawn from the FIPB's agenda, the ministry added.

Also, decision on nine FDI proposals was deferred in the November 20 meeting of the FIPB.

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Ramky Enviro readies for Rs 1,000-cr public issue

HYDERABAD, JAN. 8:
Ramky Enviro Engineers Ltd is readying itself to enter capital market with an initial public offer to raise up to Rs 1,000 crore to part fund its expansion

The bankers for the proposed offer include Kotak Mahindra Bank, JPMorgan Chase, SBI Capital Markets and Edelweiss Capital, according to company sources.

Part of the diversified Ramky Group and listed entity Ramky Infrastructure Ltd, the company is engaged in waste and environmental management solutions, including using urban waste to generate power.

The Hyderabad-based company, which is backed by investments made by Standarad Chartered equity arm and IL&FS Fund, will launch its application next month and expects to enter market when the market conditions are ideal.

Ramky Enviro and Chinese company Chongquin Sanfeng have recently formed a venture to set up a series of waste to energy projects. Sanfeng has the technology and EPC capability for such waste to energy projects.

Ramky has arrangements to develop projects in Delhi, Mumbai, Hyderabad and few other locations.

[Gudavalli]

GVK Power may back out of road project due to hurdles, delays

The apex court ruling last year had made it clear that the environmental clearances were required for projects such as these, where there are excavation work and boulder removal.

HYDERABAD, JAN. 8:
GVK Power & Infrastructure Ltd, which had secured a mandate to execute the Shivpuri-Dewas highway project in Madhya Pradesh, may also step aside from executing the project due to delays in execution beyond its control. The Hyderabad-based diversified business group, which bagged the mandate to execute the 330-km project from the National Highways Authority of India, under the National Highway Development Project, has expressed its concern in the past about the difficulties it is facing in executing the project due to delays.

The apex court ruling last year had made it clear that environmental clearances were required for projects such as these where there is excavation work and boulder removal etc.

The concessionaire (GVK) and NHAI have been communicating about the issue with divergent stands on the issue. GVK has maintained it attracts force majeure clause, sources tracking the developments said.

The Rs 3,200-crore GVK Shivpuri Dewas Expressways concession pact was signed in January 2012 which entails a four-lane NH No. 3 between 236 km and 566 km.

The company had also awarded couple of contracts including one to KNR Construction Ltd, also based in Hyderabad and to L&T Construction.

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GVK Biosciences and Onconova Therapeutics Establish Novel Joint Development Partnership to Advance New Drugs for Cancer

HYDERABAD, INDIA & NEWTOWN, PA. — GVK BIO, Asia’s leading Contract Research and Development organization, and Onconova Therapeutics, a U.S. based biopharmaceutical company primarily focused on discovery and development of novel small molecules for Oncology, today announced that they have entered into a novel joint partnership to develop new drugs for Cancer.

The joint partnership will be based in the U.S. and will align research priorities and technological expertise from both companies to facilitate moving certain Onconova oncology assets from early discovery to clinical development stage. Dr. E. Premkumar Reddy, the scientific founder and Director of Onconova and a world-renowned molecular oncologist, will oversee the biology and biomarker aspects of the Partnership. Onconova will provide two discovery targets with early chemical equity, while GVK BIO will use its multi-disciplinary discovery platform to advance these programs through lead optimization and IND candidate selection.

GVK BIO will gain an increasing share of the programs as they advance, up to a 50/50 split based on achievement of milestones/funding brought into the joint partnership. Onconova retains the rights to buy back the programs.

Onconova brings a wealth of knowledge in Oncology, with an expertise of disease target pathways, hits, and development capabilities in the U.S., Europe and India. GVK BIO brings its broad experience of working with over 200 pharmaceutical and biotech companies across multiple service offerings, a strong scientific pool of over 2000 scientists, and an IP generating capability that has delivered INDs to other clients.

“The demands for integrated and outcome-based research deals are increasing in the service business. This announcement shows GVK BIO’s commitment to new and innovative models for Drug Discovery with partners. Onconova is a leading Oncology company and GVK BIO is happy to partner with them,” said Manni Kantipudi, CEO of GVK BIO.

“GVK has a world-class infrastructure and the scientific expertise to support the advancement of these two promising, early-stage programs,” commented Dr. E. Premkumar Reddy, scientific founder of Onconova. “We are delighted to start this novel relationship with GVK BIO in our search for efficacious targeted therapies for cancer.”

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Kenes Exhibitions joins hands with Excellence Hospitality for expositions

HYDERABAD, JAN. 9:
Kenes Exhibitions Ltd of Israel has joined hands with Excellence Hospitality of Hyderabad with the objective of jointly conducting exhibitions and conferences in Hyderabad for business-to-business customers.

According to them, while the hospitality business has been impacted lately, there has been a steady increase in demand for top-class trade events, especially in the business-to-business format. Together, Kenes plans to offer facilitation services to host such events.

Prema Zilberman, General Manager, Kenes Exhibitions, in a statement said, “India has huge potential and the industry is always seeking ways to explore new avenues. Kenes has a lot to offer in the form of contacts, content and international platforms. We act as a meeting point for international players in the industries.”

It is proposed to form a special purpose vehicle for promoting trade exhibitions. The first trade show through the venture in the hospitality sector will be hosted in 2014. The venture will seek to play a role in hosting shows in hospitality, business-to-business meetings, tourism, travel, hotels and cuisine, electricity and plumbing segments.

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GEF to invest $8.4M in Hyderabad's Integrated Cleanroom Technologies

GEF, which has approximately $1 billion in aggregate capital under management, has invested over $100 million across eight deals in India.
South Asia Clean Energy Fund (SACEF), an SME fund managed by clean technology investor Global Environment Fund (GEF), is investing Rs 45 crore or $8.4 million in Integrated Cleanroom Technologies Ltd (IClean). The Hyderabad-based firm, founded by first-generation entrepreneurs back in 2002, will use the funding to expand its manufacturing facilities and reach the target revenues of Rs 500 crore by FY17.
SACEF is acquiring a minority stake in IClean, which manufactures prefabricated modular cleanroom and cleanroom equipment (cleanroom technology refers to providing contamination-free and temperature-controlled room facilities in different industrial environments). In addition, the company is aggressively expanding into cleanroom projects execution on a turnkey basis. IClean's promoters are led by managing director K Gopi besides U Srinivasa Murthy, TV Prasad and D Narendra.
IClean was started after its founders saw an opportunity in the cleanroom equipment segment, where all products used to be imported and companies incurred high costs. The firm set up a domestic manufacturing facility and indigenised the products. It earned revenues of Rs 5 crore in its first year of operation which went up to Rs 125 crore in FY12. IClean also bagged two mega projects during the third quarter, each worth Rs 30 crore.
While manufacturing accounts for 75 per cent of its current revenues, the rest comes from execution of turnkey projects. Going forward, IClean sees this mix heading towards 50:50.
IClean clients are primarily pharmaceutical and biotechnology laboratories, but the company has started servicing clients in healthcare services, food & beverage processing and electronics space.
Its overseas revenue currently accounts for 20 per cent of the total revenue although the company has recently bagged a contract worth Rs 35 crore in the US. Some of its key clients include Dr. Reddy's, Cipla, GlaxoSmithKline, Glenmark, Pfizer and Biocon.
With the capital infusion from GEF, IClean plans to expand its two existing plants in Hyderabad with additional machinery and finance a new facility in Vadodara, Gujarat. The company has also expanded its manufacturing space from 1.5 lakh sq. ft. to 4.5 lakh sq. ft. and sees no major capex ahead. Its product range includes cleanrooms, cleanroom accessories, heating, ventilation & air conditioning (HVAC), air handling unit and lab furniture.
K Gopi, managing director of IClean, said in a statement that the firm is also entering other engineering products, as well as greenfield projects, which have significant market potential and market size of Rs 5,000 crore.
"Cleanroom solutions, while providing for contamination-free environments, also result in energy efficiency gains through better design and insulation. IClean is one of the leading solution providers in the country with a very strong team and execution record," said Raj Pai, managing director at GEF Advisors India Pvt Ltd.
GEF, which has approximately $1 billion in aggregate capital under management, has invested over $100 million across eight deals in India. Its current portfolio include energy efficiency firm Kalki Communication Technologies, clean energy firm Greenko Group Plc and Saisudhir Infrastructures, an EPC player focused on sectors like water supply and solid waste management.

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Infotech eyes bigger overseas buyout targets

HYDERABAD: Mid-sized engineering services firm Infotech Enterprises has altered its overseas acquisitions strategy and nearly doubled the investment outlay for a foreign buy. As against its earlier strategy of buying foreign firms for around Rs 50-60 crore, the Indian outsourcer is now looking at spending Rs 100 crore or more for each foreign target, said the top official of the company.

The Hyderabad-based firm, which counts global aerospace giants Airbus, Boeing and Pratt & Whitney among its key clients, would spend at least Rs 100 crore on global acquisition this time, said chairman and managing director BVR Mohan Reddy. In 2010, Infotech bought two USbased defence and telecom engineering services firms — Daxcon Engineering and Wellsco — each for around Rs 50 crore.

Reddy said the company, which had a revenue of Rs 1,550 crore last fiscal, has cash reserves of over Rs 500 crore with no debt on books to help go aggressive on inorganic growth. A person close to the development said the company has already shortlisted half-a-dozen companies in the European market and a deal with one of them will be sealed during this quarter. However, Reddy declined to comment on this.

"Since the efforts, risks and time for integration of buyout firms would be the same for a small or big acquisition, we have decided to go in for relatively big acquisitions," Reddy told ET.

Further, he said the company is looking at acquiring a foreign firm engaged in electronics and embedded software to help strengthen Infotech's presence in the area. Of the two US acquisitions made in 2010, Daxcon Engineering provides engineering and manufacturing consultancy services to the aerospace, defence and mining sectors while Wellsco is a telecom engineering services provider.

"While companies like HCL TechnologiesBSE -1.52 % with which we compete are earning more than $600-700 million from the electronics division, we earn only around $30 million from this category. This is the main reason why Infotech wants to increase its focus on electronics and embedded software," explains Reddy.

At present, Infotech Enterprises, with over 10,000 employees across 36 global locations, offers services to the aerospace, automotive, marine and transportation sectors. The company now has presence in North America, Europe, Middle East and Asia Pacific and is preparing to enter China soon to serve its global clients in Asia's biggest economy.

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Consolidation, revamp turn IL&FS optimistic

For the 18-month period ended September 30, the company posted profits of Rs 44.51 crore, against a modest profit Rs 2.91 crore in 2010-11.

HYDERABAD, JAN. 26:
IL&FS Engineering Services Ltd is on course for a better year ahead after nearly three years of consolidation and restructure of business process and finances.

Things are starting to look up for IL&FS now that it is armed with a master restructure agreement for a comprehensive corporate debt restructure, the approval of the Andhra Pradesh High Court and an order book of over Rs 8,400 crore.

The management of the Hyderabad-based infrastructure company under IL&FS seems to have buried the ghost of the 2009 Satyam Computer Services scam while it was still Maytas Infra Ltd. For the 18 month period ended September 30, 2012, the company posted revenues of Rs 2,145 crore and a profit after adjustment of Rs 44.51 crore. This was against a turnover of Rs 1,067 crore for 2010-11 and a modest profit of Rs 2.91 crore.

The company has begun to win orders in West Asia and Africa through its joint venture with the Saudi Bin Laden Group based in Fujairah and Abu Dhabi. IL&FS, which is set to host its annual general meeting next month, has communicated to shareholders that it has a good case with regard to the inter-corporate deposits it extended through Maytas in the past including Rs 369 crore to the erstwhile Satyam Computer Services Limited.

However, auditors continue to qualify this.

The company’s share capital has come down to Rs 339 crore down from Rs 384 crore following conversion of debentures allotted to some lenders as a part of a corporate debt restructure in which 10 banks participated.

Following the financial and capital restructure, the debt is now at Rs 1,364 crore. The scheme of arrangement has been approved by the Court and includes a modified scheme lodged with the Registrar of Companies.

The company has also taken up the issue of deposits it made with the Andhra Pradesh Government towards the metro rail project re-tendered and awarded to L&T.

According to the company management, while overall growth has slowed, the opportunities in infrastructure sector such as roads, power, pipelines and construction hold immense promise going forward.

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Pennar Ind bags Rs 40-crore orders

Orders included one by L&T given for steel mounting structures for its solar projects

Pennar Industries Limited, a Hyderabad-based company engaged in the production and marketing of specialised and engineered steel solutions, has bagged orders aggregating Rs 40 crore.

The orders were awarded by Larsen and Toubro Limited for steel mounting structures for its solar projects, ABB Limited and Lanco Infratech Limited for their solar power systems, and by Ramky Infrastructure Limited for installing and road safety system for a 40-kilometre highway stretch that Ramky is developing.


“These orders indicate our technological capabilities and strong customer relationships. The recent reforms announced by the central government are expected to provide impetus to the growth of the industrial sector in India,” Pennar Industries chief executive, Suhas Baxi, said in a filing to the BSE on Tuesday.
Pennar Industries’ scrip is currently trading at Rs 26.55 on the BSE, up 0.76%, over the previous close of Rs 26.35 a share.

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India, EU working on bio-treated waste water project

Project will improve agricultural production, farmers' livelihood in India & EU

The Department of Biotechnology (DBT) and the European Union (EU) are jointly working on an integrated bio-treated waste water project -- Water4Crops- India - to improve agricultural production and farmers' livelihood in India and the EU.

"Under the initiative, EU and India will share technologies and expertise for recycling of industrial and domestic waste water for agricultural use to improve the livelihood of the rural poor particularly those in the country’s dryland areas," Antonio Lopez, director of CNRS (Centre national de la recherche scientifique), EU consortium, said addressing media here.


The Hyderabad-headquartered International Crops Research Institute for the Semi-Arid Tropics (Icrisat) is leading the consortium of 12 national partners in the implementation of India’s component of the four-year project, which costs around 12-million euro.
The consortium will work on the Charminar Breweries of SABMiller, an onion and fruit processing plant at Jalgaon, and Ugar Sugar's factory in Karnataka, SP Wani, principal scientist (Waterseds) at Icrisat, said.

In India, the project will be implemented at several industrial complexes including at Ion Exchange India Limited and Larsen & Toubro, along with various academic and research organisations, including Icrisat. "We will also encourage micro-entrepreneurs in rural areas and small towns to take up the project at a smaller scale at the village panchayat level," he said.

The DBT is also carrying out several similar projects with the EU as part of its international collaboration initiative. "The DBT is currently working on some small and large-scale projects with the EU, including a stem cell project and a joint-research project on juvenile diabetes with Denmark," Shailja Vaidya Gupta, director at DBT, said adding that DBT has funded Rs 60 crore on such international collaborative research projects.

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GSK in 50:50 JV with Biological E for developing paediatric vaccine

MUMBAI: World's fourth largest drug maker GlaxoSmithKline has teamed up with Hyderabad-based vaccines company Biological E Ltd for early-stage research and development of a six-in-one combination paediatric vaccine to help protect children in India and other developing markets, a move that will strengthen the multinational giant's position in the Rs 1,800-crore Indian vaccine market.

Under the equal joint venture agreement, both companies will develop a six-in-one vaccine for polio and other infectious diseases, reinforcing their commitment to work with the World Health Organisation (WHO) to eradicate polio.

"This agreement is fully aligned with GSK's vision of providing high-quality vaccines to those in need and by leveraging Biological E's strengths, this particular vaccine has the potential to play a significant role in the fight against polio," said Christophe Weber, president of GSK Vaccines.

The JV, however, will enter phase-1 trial in the next two years. GSK will combine its injectable polio vaccine and Biological E will combine its pentavalent vaccine of tetanus, diphtheria, whooping cough, hepatitis B, haemophilus influenzae type B. Both the companies stress that, if successful, this will be the first of its kind vaccine developed for India and other developing markets.

"This relationship is a validation of the investment we have in vaccines technology and quality. We expect to leverage this partnership to accelerate the development of the hexavalent vaccine and make IPV accessible for developing countries in the post eradication phase for polio," said Vijay Kumar Datla, chairman, Biological E.

A report by market research firm Global Business Intelligence (GBI) predicts the Indian vaccine market is expected to jump from Rs 1,800 crore to Rs 4,600 crore by 2016.