Companies & Sectors
Ashoka Buildcon unit raises $150 million from SBI, Macquarie

Ashoka Buildcon has an unexecuted orderbook of around $1 billion and currently has a portfolio of 25 BOT road projects

 
New Delhi: Private equity funds managed by country's largest lender State Bank of India (SBI) and Australia's Macquarie Group will jointly invest $150 million in Ashoka Buildcon's subsidiary -- Ashoka Concessions Ltd, reports PTI.
 
Macquarie SBI Infrastructure Fund and SBI Macquarie Infrastructure Trust, which are PE funds managed by SBI and Macquarie will together invest $150 million in Ashoka Concessions, Ashoka Buildcon said in a statement.
 
"We are pleased to have the SBI Macquarie joint venture as an investor in our road BOT business. We are confident that this will help us strengthen our position as a leading highway developer in India," Ashoka Managing Director Satish Parakh said.
 
Commenting on the development SBI Macquarie Infrastructure Management CEO Suresh Goyal said "We remain optimistic on the India infrastructure story of which roads sector is a critical component. This is a long term partnership and together we will look forward to talking this business to greater heights."
 
Ernst & Young acted as the exclusive financial advisor to Ashoka for this fund raising exercise.
 
Infrastructure company Ashoka Buildcon has an unexecuted orderbook of around $1 billion and currently has a portfolio of 25 BOT road projects.
 
Ashoka Buildcon had witnessed the first private equity placement from IDFC Private Equity in 2006.
 

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NCDRC asks nursing home to pay Rs7 lakh to deceased patient's kin

Admitted for hernia surgery in 1996, the woman had slipped into coma after administration of anaesthesia and eventually died of hypoxia because no oxygen cylinder was readily available with the nursing home

 
New Delhi: The apex consumer commission has asked a nursing home to pay an enhanced compensation of Rs7 lakh to the sons of a woman, who slipped into coma and died of hypoxia after she was administered anaesthesia for surgery, reports PTI.
 
Admitted for hernia surgery in 1996, the woman had slipped into coma after administration of anaesthesia and eventually died of hypoxia (lack of oxygen level in blood) because no oxygen cylinder was readily available with the nursing home to administer her, the vital gas in time.
 
The woman had died seven days after she was shifted to another hospital following the surgery, but the post-mortem report said "the patient died of hypoxia consequent to administration of anaesthesia".
 
The National Consumer Disputes Redressal Commission (NCDRC) verdict, increasing the damages to Delhi residents Rajat and Sobhit Jain from Rs1 lakh to Rs7 lakh came on their appeal against the Delhi State Consumer Commission ruling.
 
While upholding the lower fora's finding that the nursing home and the concerned doctor, Dr P N Gupta, were guilty of rendering deficient service by not arranging for an oxygen cylinder beforehand, the NCDRC said the compensation awarded by the state commission was meagre.
 
"We find force in the contentions of appellants (Rajat and Sobhit) that compensation awarded was meagre...it appears that the State Commission did not take into account that the deceased was well educated and gainfully employed and her death had at a young age deprived the appellants of a mother which is an irreparable loss but also there was monetary and financial loss which could be quantified,...
 
"...we are of the view that a higher compensation is justified in the instant case," said the NCDRC bench of Justice Ashok Bhan, while increasing the compensation. 
 
In their complaint to the State Commission, made in 1996, the two brothers, then minor, were represented by their maternal uncle, who said the appellants' mother had been admitted to the nursing home for surgery of hernia.
 
The complaint had alleged she suffered a cardiac arrest and later went into coma during the procedure and only after that the clinic arranged an oxygen cylinder.
 
They had also alleged that the operated area of the body was hurriedly and improperly stitched up by the doctors prior to shifting her to another hospital, where she had died after seven days.
 
The complainants/appellants had alleged that the nursing home and its doctors were medically negligent and had sought a compensation of Rs15 lakh from them.
 
The nursing home in its reply had denied the allegations and contended that it had provided her the best possible care.
 
It, however, admitted that the woman had suffered cardiac arrest after administration of anaesthesia.
 
The state commission had held the nursing home and Dr Gupta guilty of providing deficient service on the basis of the post-mortem report, which had also said that the operated area was not properly stitched up, subsequent to the surgery.
 

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Bharti AXA mulling to launch unemployment insurance product

Bharti AXA General Insurance applied for getting approval from IRDA for an 'unemployment insurance' product which would cover general credit risk of a person

 
Mumbai: Private insurer, Bharti AXA General Insurance, is likely to come up with a 'unemployment insurance' product in the current fiscal as the domestic economy witnesses a downturn, reports PTI quoting a top company official.
 
"Presently, we have applied for getting approval for an 'unemployment insurance' product from the regulator. If we get the necessary approval, we will launch the product this fiscal," chief executive officer of Bharti AXA General Insurance, Amaranath Ananthanarayanan, told PTI in an interaction.
 
Earlier, another general insurance player, ICICI Lombard had come up with such a product in 2009.
 
Referring to product specifics, he said that the product would cover general credit risk of a person.
 
"It will be an umbrella product, which will cover general credit risk of a person during a loss of job. For example, payment of equated monthly instalments of the person insured for some months...," he said.
 
Unemployment insurance is a new product in the general insurance category in the country, though it is a very popular product in the western world.
 
According to experts, as the country becomes more economically integrated with rest of the world and faces cyclical downturn in its economy, the demand for these kind of products will be higher in the coming times.
 
Referring to overall product launch, Ananthanarayanan said there are 5-6 products which are pending for approval from the regulator and will be launched after geting its approval.
 
Bharti AXA General Insurance is the joint venture between Bharti Enterprises and AXA group in which 74 percent stake is being held by Bharti group.
 
French based AXA group is a global player in insurance and asset management, had a revenue of 91 billion euros in 2010.
 

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