Ruias-promoted Essar Shipping Ports and Logistics Ltd said its shareholders and creditors have given nod for demerger of the company’s shipping, logistics and oilfields business into a separate entity.
"... At the meeting, the equity shareholders, secured creditors and unsecured creditors of the company have unanimously approved the scheme (of demerger) under sections 391 to 394 of the Companies Act, 1956,” the company said in a filing to the Bombay Stock Exchange.
The shareholders approval was sought on 30 November as per the directive of the Gujarat High Court to convene meetings of equity shareholders, secured creditors and unsecured creditors of the company, the filing added.
In August this year, the company had announced plans to separate its shipping, logistics and oilfields business into a separate entity, Essar Shipping, while the existing entity was to be renamed as Essar Ports.
As per the proposed demerger scheme, Essar Shipping will issue one equity share for every three equity shares they hold in the existing company, while the promoters will continue to hold a 83.7% stake in the new companies.
On the demerger plan, Essar Shipping director (strategy) Vikas Saraf had said, “At the end, the shareholders will hold two shares in the existing company and one share in the new company.”
The debt of the present company—Essar Shipping Ports and Logistics—will also be transferred to the two companies based on their current standing. The company, however, did not disclose the total debt.
ONGC Tripura Power Co (OTPC), a unit of Oil and Natural Gas Corporation, has signed a memorandum of understanding (MoU) with Dhaka to open up a new transport corridor through Bangladesh for transporting heavy equipment for its power plant at Tripura.
Pursuant to this MoU, the Bangladesh authorities will for the first time allow the use of the Ashuganj port on the Meghna River and the connecting road network between Ashuganj-Sultanpur-Akhaura check post (around 48 km) for transportation of project equipment to the OTPC project at Palatana, in Tripura.
This will facilitate the transportation of two gas turbines, two steam turbines and about hundred ODC (over dimensional cargo) items required for the OTPC’s ambitious 726.6-MW combined cycle gas-based power plant at Palatana, Tripura.
Transporting the items through Bangladesh will enable OTPC to advance the commissioning deadline for the project by around seven to eight months, as it will obviate the need to transport the ODC items by land through a long, challenging and complex route traversing Karimganj, Manu-Ambassa mountainous tracts and large number of river crossings in Tripura.
ONGC has 50% stake in OTPC, while IL&FS has 26%. In addition, the government of Tripura has a 0.5% interest in OTPC. The rest is untied equity.
Post-commissioning, the project will help in monetising the gas discoveries made by ONGC in Tripura during the last two decades, which have remained underutilised thus far due to lack of appropriate customer demand.
Implementation of this power project would enable ONGC to increase its gas output in the state from the current level of 1.7 million cubic meters a day to over 5.5 mmscmd.
The first powertrain of the project, with a generation capacity of 363.3MW, is expected to be commissioned in the last quarter of the 2011 calendar year.
Pharma major Venus Remedies Ltd said it will invest $1 million to set up its research centre on ‘cell culture’ for developing patented anti-cancer injectables to raise its oncology segment’s share in total revenue to 35% in next two years.
“We will set up a research centre exclusively for cell culture at Baddi (Himachal Pradesh) by February next year with an investment of $1 million...This centre will allow us to develop anti-cancer injectable which can be patented,” Venus Remedies Ltd CMD Pawan Chaudhary said.
“Research in cell culture will help in increasing the efficacy of anti-cancer product,” said Mr Chaudhary. “The bulk of investment will be made on creating infrastructure, necessary for carrying out research in cell culture and hiring scientists,” he informed.
The company, which has a portfolio of 21 anti-cancer products, will soon apply for patents for its two anti-cancer injectable with Indian authorities.
In addition to it, Venus Remedies has also decided to get its facility accredited from Goods Laboratory Practice and National Accreditation Board for Testing and Calibration Laboratories (NABL).
“Currently, there are just few private companies which are accredited with GLP and NABL… But we are hoping to get our facilities accredited by next June which will allow the research data acceptable at global level,” he said.
At present, anti-cancer segment has a share of 27% in company’s total turnover. “We aim to raise the revenue from anti-cancer segment to 35% of total sales in next two years,” he said.
The Panchukula-based company has also plans to roll out four new products for cancer, arthritis diseases in the domestic market next year. It will launch anti-infective medicine ‘Etimicin’, painkiller ‘Achnil’, anti-cancer detection ‘Tumatrek’ and ‘Trois’ for arthritis.
"We have already got approval from DCGI for ‘Achnil’ and approval for other products will also be received soon," he said.
Venus Remedies, a manufacturer of Oncological and Cephalosporin Injectable products, has three facilities at Panchkula (Haryana), Baddi (HP) and Germany.