Aurospharma Company, the new JV will set up a plant to make Non Penicillin and Non Cephalosporin Rx generics and other drugs
Aurobindo Pharma said it has formed an equal joint venture with Russian healthcare equipment company Ojsc Diod to manufacture and sell drugs in Russia, Belarus and Kazakhstan.
Aurospharma Company, the new JV will set up a plant to make Non Penicillin and Non Cephalosporin Rx generics and other drugs that are categorised as over-the-counter (OTC) products in Russia, the company said in a release.
In addition, the JV will source Penicillin, Cephalosporin and few other therapy products manufactured by Aurobindo Pharma to sell in Russia, Belarus and Kazakhstan. Aurobindo Associate Vice President Vishnu Sriram said, "The JV format gives us an opportunity to localise our production in Russia. Using the Russian partner's marketing vision, we will be able to enter the growing and challenging Russian market with greater confidence and expedite our presence in the market."
"Aurobindo will enrich the JV with its successful international experience in manufacturing medicinal substances and drugs - the so-called generics." The plant to be built in Russia will focus on production of socially significant medicinal drugs.
The plant with the GMP standards will be constructed in the Podolsk District (Moscow region) and is expected that the construction will be completed and the plant will attain its rated capacity closer to the end of 2013.
"The establishment of the JV should allow us to become an important player at the Russian pharmaceutical market within the target period," Vladimir Tikhonov, Diod CEO, said.
In the late afternoon, Aurobindo Pharma was trading at around Rs133.75 per share on the Bombay Stock Exchange, 2.50% down from the previous close.
The funds raised through the NCDs will be used mainly for long term retail mortgages
Indiabulls Financial Services Ltd (IBFSL) has raised Rs500 crore through issuance of secured non-convertible debentures (NCDs). The placement has tenure of 10 years at a coupon of 10.15% (monthly).
"Placement of such a long dated security with premier financial institutional investors reflects the strong fundamentals and the robust performance of the company. The funds raised through this will be used mainly for long term retail mortgages," said Gagan Banga, chief executive officer of the IBFSL
Indiabulls Financial Services, one of India's leading non-banking financial companies, is a provider of lending and other financial products including home loans, loans against property, commercial vehicle loans, and commercial credit to prime corporates.
In the late afternoon, IBFSL was trading at around Rs147.50 per share on the Bombay Stock Exchange, 2.64% down from the previous close.
The insurance regulator added that in case of contracts that had been entered into on the basis of a no objection certificate, such contracts could be continued till the expiry of the period without further extending it
New Delhi: The Insurance Regulatory and Development Authority (IRDA) has directed third party administrators (TPAs) to report within a fortnight about any kind of contract with non-insurance firms, reports PTI.
The regulator also warned TPAs, which are licensed by IRDA for providing health services to an insurance company for a fee or remuneration, of cancellation of their licences if any such contract found later.
"The TPAs shall report to the IRDA the details of such contracts as might exist, within 15 days from the date of issuance of this circular ... If at a later date, such contract is found to be in operation then the licence of the TPA will be cancelled forthwith," IRDA said.
It further asked insurance companies not to renew contracts with TPAs who breach the directions.
"All insurance companies are directed to ensure that the TPA with whom they seek to enter or have entered into an agreement to render 'Health Service' do not have any similar arrangement after the issuance of this circular," it said.
The insurance regulator added that in case of contracts that had been entered into on the basis of a no objection certificate, such contracts could be continued till the expiry of the period without further extending it.
Earlier IRDA had said licensed TPAs cannot enter into arrangements for servicing health schemes promoted, sponsored or approved by any non-insurance body including central, state, local governments, firms and corporates.
IRDA had in 2005 allowed TPA to act for government-sponsored schemes, but since then there has been an exponential growth in the health insurance industry.
The gross written premium of health insurance in India has increased to about Rs11,145 crore at the end of 31 March 2011, from Rs1,535 crore in end-2005.