GTL Infra rejigs top mgmt

GTL Infrastructure said it had appointed Milind Bengali as co-chief operating officer.

Telecom equipment manufacturer GTL Infrastructure said it had appointed Milind Bengali as co-chief operating officer. He was heading the company's M&A division. Besides, Milind Naik has been re-designated as whole-time director and co-chief operating officer, GTL Infra said in a filing to the Bombay Stock Exchange (BSE).

The company said it had also received approval from the Corporate Debt Restructuring (CDR) Cell, Mumbai, for restructuring loans. A committee of the board is constituted to discuss, negotiate, finalise the various terms and conditions stipulated therein, interalia issuance of securities in terms of the CDR process, the filing said.

GTL Infrastructure chief financial officer Prasanna Bidnurkar has been re-designated as head (CDR) and will be responsible for all the matters related to the CDR. Accordingly, Bhupendra Kiny has been appointed as chief financial officer, the filing said.

The committee formed will also consider withdrawal of scheme of arrangement between the company and Chennai Network Infrastructure (CNIL) and consider fresh scheme of amalgamation. The company's shareholders had approved scheme of amalgamation of CNIL with itself in April 2011.

The scheme envisaged an exchange ratio of one equity share of GTL Infra for every four equity shares of CNIL. CNIL was formed as a special purpose vehicle to acquire Aircel's tower assets.

In the late afternoon, GTL Infrastructure was trading at around Rs9.20 per share on the Bombay Stock Exchange, 2.79% up from the previous close.

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Lupin gets USFDA nod for generic cholesterol drug

Lupin has got the approval to sell 48 mg and 145 mg of generic Fenofibrate tablets in the American market.

The US health regulator has granted approval to Lupin to market generic Fenofibrate Tablets, a cholesterol lowering drug, in the American market.
According to information on the US Food and Drug Administration (USFDA) website, Lupin has got the approval to sell 48 mg and 145 mg of generic Fenofibrate tablets in the American market. However, the company did not comment on the issue and the possible launch date of the product.

According to Morgan Stanley Research, Abbott, the innovator of the drug, had filed patent litigations against seven firms, out of which five including those against Lupin and Teva have been settled. Abbott sells the drug under Tricor brand.

As per the report Lupin could launch its generic version as early as July next year.

"We have assumed December, 2012 (181st day) launch for Lupin, which may now potentially be earlier [July, 2012] in light of possible forfeiture of Teva's exclusivity. This would translate into earlier and greater upside for Lupin from this product in 2012," Morgan Stanley Research said in a report.

Teva, which had the exclusive marketing rights for the generic drug, had said its version of Tricor 145 mg ($1.2 billion brand sales) will not be approved by USFDA in 2012, the report said.

Under the provisions of its settlement with Abbott, Teva was expected to launch it in either March, 2011 or July, 2012 under certain circumstances.

"We have assumed this to be a $50 million annual sales opportunity for Lupin [starting December 2012], assuming 80% price erosion and 20% market share, which may turn out to be conservative," Morgan Stanley said.

In the late afternoon, Lupin was trading at around Rs444 per share on the Bombay Stock Exchange, 0.95% up from the previous close.

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ONGC plans urea plant in Tripura

“A survey for setting up a urea plant is going on. Based on gas availability in Thobal plant in North Tripura district and if feasibility is found positive, the plant would be set up:” Sudhir Vasudeva, CMD, ONGC

State-owned Oil and Natural Gas Corporation (ONGC) on Thursday said they were planning to set up hydrocarbon-based urea fertiliser plant in Tripura after completion of Rs 3,950 crore power project at Palatana in South Tripura district.

The company's chairman-cum-managing director, Mr Sudhir Vasudeva, said, “A survey for setting up a urea plant is going on. Based on gas availability in Thobal plant in North Tripura district and if feasibility is found positive, the plant would be set up.”

Mr Vasudeva, who is visiting the State, met the Chief Minister, Mr Manik Sarkar, and state Power Minister, Mr Manik Dey. He said two months ago Mr Sarkar requested ONGC to set up urea plant on the basis of which the survey was started.

The gas-based thermal project at Palatana would start generation by May next year, he said, adding that in the first phase 363.3 MW would be generated by May 2012 and three months later another 363.3 MW would be generated.

Mr Vasudeva, who led the ONGC team in a spot visit programme, inspected several units of the gas-based project and reviewed the ongoing work status.
In the late afternoon, ONGC was trading at around Rs262.25 per share on the Bombay Stock Exchange, 1.46% up from the previous close.

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