ONGC finds maiden shale gas reserves in India
ONGC has struck natural gas reserves in its maiden well drilled to tap shale gas in West Bengal. The breakthrough is significant as India is the first Asian country where gas was discovered from shale. The estimated expenditure is about Rs 168 crore and the total project is expected to be completed within 520 days. (Source: Business Standard)
NTPC, NPCIL form JV for nuclear power projects.
A joint venture company between NTPC and Nuclear Power Corporation of India (NPCIL), Anushakti Vidhyut Nigam, has been incorporated for developing atomic power projects in the country. NPCIL shall hold 51%and NTPC shall hold the balance 49% of the equity. NTPC has set a target of generating 2,000 Mw of nuclear power by 2020. (Source: Business Standard)
Dr Reddy's sees impact from GSK deal in 2-3 yrs
Dr Reddy's Laboratories will start to see the benefits from its tie-up with Britain's GlaxoSmithKline in two or three years. GSK signed a deal with Dr Reddy's in 2009 giving it access to the Indian firm's portfolio and its future pipeline of more than 100 branded generic pharmaceuticals. (Source: Economic Times)
Marico to hike prices by up to 9%; to invest Rs 60 cr in FY'12
Marico will increase the prices of its products by up to 9 % in a bid to offset high input costs. The company is also planning to invest about Rs 60 crore during 2011-12 financial year in its capital assets. (Source: Economic Times)
Cipla promoters in sale talks with global firms
The promoters of Cipla are in negotiations to sell their stake to a global buyer. Cipla with over 5% market share makes a good fit for any company looking for a sweet spot in the Indian Pharma market. The promoter stake in the company is likely to be valued around 8,000 crore. (Source: Economic Times)
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