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Aventis to exit joint venture with Novartis

Drug-maker Aventis Pharma Ltd said it will sell its 49% stake in Chiron Behring Vaccines Pvt Ltd (CBVPL) to its joint venture partner, Novartis Vaccines & Diagnostics Inc, for $22.4 million (nearly Rs100 crore).

The two partners, that have been fighting a legal battle over marketing of Aventis’ anti-rabies vaccine Verorab, have agreed to settle their dispute following the deal.
In a filing to the Bombay Stock Exchange (BSE), the company said its board has approved the sale of a 49% stake in Chiron Behring Vaccines, representing 49 lakh shares, to Novartis Pharma AG, a nominee of Novartis Vaccines & Diagnostics Inc.
The sale of the said shares is expected to conclude before 31 December 2010, it added.

On Monday, Aventis Pharma ended 0.95% down at Rs1,763.10 on the BSE, while the benchmark Sensex gained 0.94% to 19,691.78 points. 

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Confidence Petroleum wins Rs36.64 crore order

Confidence Petroleum India Ltd announced that two of its units have received orders worth Rs36.64 crore from Hindustan Petroleum Corporation Ltd (HPCL) for supply of LPG cylinders.

Confidence Petroleum’s Khopoli Cylinder manufacturing unit and Andhra Cylinders, a unit of Envy Cylinders, have bagged the orders, the company said in a filing to the Bombay Stock Exchange (BSE).

The work is to be executed by April 2011, it added.

Confidence Petro is also expecting further orders from HPCL for its Bazpur (Uttaranchal), Kalmeshwar and Saoner (Nagpur) units.

On Monday, Confidence Petroleum zoomed 9.97% to Rs18.75, while HPCL declined 1.02% to Rs397.70 on the BSE. The benchmark Sensex gained 0.94% to 19,691.78 points.

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