3i Infotech sells billing and payments unit for Rs617 crore

3i Infotech had acquired J&B Software in 2007 and Regulus Group in 2008, and the companies were integrated to form the Global Billing & Payments unit of 3i Infotech

Global information technology company 3i Infotech has signed an agreement to sell its US-based Global Billing and Payments unit, consisting of Regulus Group and J&B Software, to an affiliate of Cerberus Capital Management LP for  Rs617 crore ($137 million).

3i Infotech had acquired J&B Software in 2007 and Regulus Group in 2008, and the companies were integrated to form the Global Billing & Payments unit of 3i Infotech, according to a company statement.

The transaction is expected to close within the next 60 days, subject to customary closing conditions and any regulatory approvals.

"The divestment reduces the leverage and strengthens the balance sheet of 3i Infotech," said 3i Infotech Managing Director & Global CEO V Srinivasan.

Cerberus Capital Management is a private investment firm with $23 billion of capital under management.

3i Infotech ended down 0.40% at Rs49.80 on the Bombay Stock Exchange, while the benchmark Sensex settled at 18,345.

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Glenmark Pharma inks $613 million outlicensing deal with Sanofi

This is the second deal the company has entered with Sanofi. Under the agreement, Glenmark will receive an upfront payment of $50 million, which will be used to repay debt

Glenmark Pharmaceuticals SA, a wholly-owned subsidiary of Glenmark Pharmaceuticals, today said it has out licensed its novel monoclonal antibody, GBR 500, to French drug-maker Sanofi for as much as 613 million.

"We have entered into an agreement with Sanofi to grant the latter the license for developing and commercialisation of GBR 500, a novel monoclonal antibody for the treatment of Crohn's Disease and other inflammatory conditions," Glenmark Pharmaceuticals managing director and CEO Glenn Saldanha told reporters.

This is the second deal the company has entered with Sanofi. The transaction is expected to close next month, he added.

Under the agreement, Glenmark will receive an upfront payment of $50 million, which will be used to repay debt, he said. The net debt of the company as of March 31 stood at Rs1,900 crore.

In addition, Glenmark is eligible to receive tiered double-digit royalties on sales of products commercialised under the license," he said, adding that the bulk of the payment will flow by 2017.

Sanofi will have exclusive marketing rights for products developed using GBR 500 in North America, Europe, Japan, Argentina, Chile and Uruguay, while it will co-market the products with Glenmark in Russia, Brazil, Australia and New Zealand. On the other hand, Glenmark will retain exclusive marketing rights in India and other countries in the rest of the world.

Glenmark ended up 11.54% at Rs305.85 on the Bombay Stock Exchange, while the benchmark Sensex settled at 18,345.

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L&T bags Rs 3,500-cr order from PPN Power

The order from an Apollo group company envisages setting up a 3x360MW gas-based power plant at Nagapattinam district of Tamil Nadu

Turnkey engineering major Larsen and Toubro (L&T) has bagged an order worth Rs3,500 crore from the Chennai-based PPN Power Generating Company to set up a gas-based power plant in Tamil Nadu.

The order from an Apollo group company envisages setting up a 3x360MW gas-based power plant at Nagapattinam district of Tamil Nadu. The three new units will come up as an expansion project in the same location where PPN Power Generating Company has been operating a 330.5-MW combined cycle power plant since the year 2001.

L&T's scope of work includes design, detailed engineering, supply, installation and commissioning of the complete power plant on a turnkey basis.

The plant will incorporate advanced class gas turbines and high efficiency steam turbines from Mitsubishi Heavy Industries of Japan, which will be procured by L&T.

L&T ended down 0.83% at Rs1,516.05 on the Bombay Stock Exchange, while the benchmark Sensex settled at 18,345.

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COMMENTS

Rameshkumar

6 years ago

We will complete this project within time & stands the name L&T Power Ltd

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