Daily Economic News - 14 May 2014
Cabinet clears $400 mn KKR FDI investments in two pharma companies
This is one of the last decisions taken by PM Manmohan Singh-led Cabinet. The deal, a two-part transaction, is a combination of fresh equity infusion and a buyout of Evolvance India Life Science Fund (EILSF), which invested $30 million in Gland Pharma in 2008. While KKR proposed to buy a 37.98 per cent stake in Hyderabad-based Gland Pharma, which develops and manufactures generic injectables primarily in the cardiovascular and orthopaedic segment.
The proposal, according to sources, had caused some unease in the department of industrial policy and promotion, as it had certain non-compete clause, something which is not allowed in brownfield pharma projects. India allows 100 per cent FDI in pharma sector through automatic approval route in the new projects, but foreign investment in the existing companies are allowed only through the FIPB approval.
(Source: The Financial Express)
General Motors India drawing up strategy to export Beat hatchback to South America
GM India has now put in place an integrated export strategy, a first in its 18 years in India, for Beat, its small car. General Motors India plans to kick-start export of Beat small car to Latin America from the second half of 2014. The company will start the shipment with Chile in October an approximately 2,000 to 2,500 units of Beat will be exported, before the company adds Mexico, Peru, CAC (Central American and Caribbean countries in 2015).
(Source: The Economic Times)
Punjab, Haryana procure 176 lakh tonnes of wheat
Both states have recorded a bumper crop this year. Sangrur district in Punjab is leading in procurement, followed by Ludhiana and Bathinda districts. Sirsa, Fatehabad and Karnal in Haryana districts were leading in wheat procurement.
(Source: The Economic Times)
Rubber imports jump over 80 per cent in April
Imports of natural rubber into India jumped more than 80 percent in April as lower prices in international markets prompted tyremakers to increase purchases. India imports the commodity from Indonesia, Vietnam, Malaysia and Thailand. April shipments rose to 26,445 tonnes from 14,396 tonnes in the same period last year.
(Source: The Economic Times)
Thaiindianet. Team
14 May 2014
