Bharti Airtel gets FDI approval to transfer 15% stake of Bharti Telemedia to Warburg Pincus affiliate
Bharti Airtel has received FDI approval from the Ministry of Information and Broadcasting to transfer 15% stake in subsidiary Bharti Telemedia to an affiliate of Warburg Pincus. The company made this announcement to the exchanges in a press note on Wednesday morning. The agreement was announced in December 2017.
Meanwhile, "the company is planning to launch 9,000 sites and 4,150 km of optic fibers in Rajasthan during FY19", the telecom major said in a press note on Tuesday after market hours. With the planned launch, the number of Airtel’s mobile sites in Rajasthan would go up by 29%.
Suven Life receives product patents in China, Eurasia
Suven Life has secured product patents in China and Eurasia for a new chemical entity, which treats disorders associated with neurodegenerative diseases. These patents are valid through 2034, the company said in a press statement on Wednesday.
“We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally,” says Venkat Jasti, CEO of Suven.
USFDA inspects Cadila subsidiary’s Vadodara manufacturing facility
Cadila Healthcare’s fully-owned subsidiary Liva Pharmaceuticals’ injectables manufacturing facility in Vadodara underwent a USFDA inspection from August 20, 2018 to August 28, 2018.
In a BSE filing, the company clarified that this was a product-specific pre-approval inspection. It added that the inspection would be concluded with five observations and that the company would respond to the USFDA within 15 days.
ADAG stocks shine; Reliance Infrastructure rises 3%
Shares of Anil Dhirubhai Ambani Group (ADAG) were up in today’s trade, with Reliance Infrastructure rising 3.63% as the company’s board met to consider and approve the transfer of its integrated Mumbai power business to Adani Transmission.
Jain Irrigation bags order worth Rs127cr; stock jumps 4%
Jain Irrigation Systems was awarded a $18.27mn (~Rs127cr) contract by Rwanda Agriculture Board (RAB), Kigali, Rwanda for irrigation and watershed development (1220 /1752 Ha) in Mahama Sector under Export Targeted Modern Irrigated Agriculture Projects in Rwanda.
The project will be executed near Rusumo (Rwanda — Tanzania border) The project will be financed by the EXIM Bank of India under Government of India Line of Credit program.
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