Essar Oil signs pact with L&T for bitumen supply

Essar Oil will supply 15,000 tons of bitumen to L&T for building roads in Gujarat

New Delhi: Essar Oil on Monday said it has signed an agreement with engineering and construction company Larsen & Toubro (L&T) for supply of high quality bitumen, reports PTI.

As per the memorandum of understanding, Essar Oil would supply high quality bitumen from its Vadinar oil refinery in Gujarat to roads L&T is building in the state.

"The initial supply agreement is for a quantity of 15,000 tons over the course of the project and is likely to be extended to other projects in and around the state," the company said in statement.

Essar Oil (EOL) will provide supplies for the Kandla, Mundra and the Samakhaiyali, Gandhidham road Projects in Gujarat. "This cooperation will soon be extended to projects like the Kishangarh, Udaipur, Ahmedabad Road Project, among others," it said.

EOL has existing relationship with L&T under which it supplied about 60,000 tons of high quality bitumen over the last 18 months for L&T's various road projects.

"Essar Oil is fully geared to meet the supply for increased demand of high quality bitumen for road construction," said S Thangapandian, CEO, Marketing, EOL.

L&T currently has more than 15 road projects under various stages of construction or operations across states like Gujarat, Maharashtra, Tamil Nadu, Karnataka, Haryana, Andhra Pradesh and Rajasthan.

Essar Oil has the capacity to produce over 700,000 tons of bitumen per annum, the statement added.


L&T Construction gets Rs744 crore contracts in first quarter

Larsen & Toubro Construction received contracts worth Rs744 crore during the first quarter, from NMDC, Jindal Power and NTPC

New Delhi: Engineering company Larsen & Toubro Construction on Monday said it received contracts worth Rs744 crore during the first quarter of current financial year (2012-13), reports PTI.

L&T Construction has received new orders valued Rs744 crore during the first quarter of 2012-2013, a statement said, adding that they include orders for power transmission and distribution.

The Power Transmission & Distribution secured new orders worth Rs479 crore from key customers which include orders for electrical, instrumentation and automation works from National Mineral Development Corporation (NMDC), Jindal Power Ltd and NTPC.

An order has been secured from Power Grid Corp for the construction of overhead transmission lines from Barh in Bihar to Gorakhpur in Uttar Pradesh.

In the Water & Solar Business, L&T Construction has secured orders worth Rs265 crore from various customers for the construction of a Solar thermal plant at Rajasthan and also an EPC contract for the construction of a pumping station and allied works at Botad Branch Canal from Paliyad to Goma in Bhavnagar district, Gujarat.


Dr Reddy's launches much-delayed acidity drug in US

The company launched its over-the-counter lansoprazole delayed-release capsules in the US market following ANDA approval by the USFDA

New Delhi: Pharmaceutical company Dr Reddy's Laboratories on Monday said it has launched its generic version of lansoprazole delayed-release capsules used for treating acidity and heartburns in the US market, reports PTI.

The company has launched over-the-counter lansoprazole delayed-release capsules in the US market on 18th May following its abbreviated new drug application (ANDA) approval by the US Food & Drug Administration (USFDA), Dr Reddy's Laboratories said in a statement.

Lansoprazole capsule of the company is available in the strength 15 mg in packs of 14, 28 and 42, Dr Reddy's said.

"The product is the bio equivalent version of Novartis Consumer Health's Prevacid 24 HR capsule, which received Rx-to-OTC switch approval with 3 year exclusivity from the FDA on 18 March 2009," it added.

The process of transferring FDA-approved prescription medications to nonprescription, over-the-counter (OTC) status is called as Rx-to-OTC switch.

Citing data of SymphonyIRI InfoScan Reviews, the company said the capsule had sales of approximately $115 million for the twelve months ending March 2012.

Shares of Dr Reddy's Laboratories were today trading at Rs 1,656.40 in the afternoon trade on BSE, down 0.25% from its previous close.


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