TOP CORPORATE NEWS - 24 FEB 2016

Glenmark receives approval for Norgestimate, Ethinyl Estradiol Tablets

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the USFDA for Norgestimate and Ethinyl Estradiol Tablets, the generic version of Ortho Tri-Cyclen Lo Tablets of Janssen Pharmaceuticals, Inc.

Glenmark’s current portfolio consists of 107 products authorized for distribution in the U.S. marketplace and 62 ANDA’s pending approval with the USFDA.

Bharti Airtel: Mittals and SingTel to buy 6% more in Airtel

The promoters of Bharti Airtel, the Mittal family and SingTel, are looking to acquire an additional 6% stake in the company. The promoters will acquire the additional 6% stake through Bharti Telecom, which holds 43.96% in Bharti Airtel.

The additional stake in Bharti Airtel will make the Telco a subsidiary of Bharti Telecom. The Mittal family and Singapore Telecommunications (SingTel) are infusing Rs2, 500 crore equity capital into Bharti Telecom through a rights issue to enable the transaction.

The acquisition of shares will be funded through debt and equity. SingTel owns a 40% stake in Bharti Telecom, the Mittals own 51 per cent, while Temasek owns 7%.

Ashok Leyland falls as Nissan terminates JV

Shares of Ashok Leyland dropped over 3% to Rs89.20 on NSE on back of reports that the Nissan has terminated its JV with the company.

Nissan has issued a termination of license notice to Ashok Leyland for one of the 3 JV’s formed to manufacture small trucks.

The key reason for the dispute between the partners is over a paltry sum of Rs2.34 crore which Nissan says Leyland owes the JV.

Tech Mahindra signs five-year IT services deal with nationwide

Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement.

Wipro ties up with Verveba Telecom

Wipro has entered an agreement with Verveba, a telecom network engineering company, for providing advanced mobile radio network optimisation solutions.

The companies will jointly offer solutions to address industry challenges mobile network technology deployments and optimization, especially in 4G and single RAN technologies.

                                            

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