IVRCL wins orders worth Rs565 crore

IVRCL Infrastructures and Projects Ltd’s power, buildings and transportation divisions have won orders worth Rs564.62 crore

IVRCL Infrastructures and Projects Ltd's (IVRCL) power, buildings and transportation divisions have won orders worth Rs564.62 crore, the company said.

According to a press note, an order worth Rs239.67 crore was received from Power Grid Corporation for transmission project in the North Eastern Region while another order worth Rs 119.94 crore is meant for work in Orissa.

The building division of the company has bagged order for constructing 320 residential apartments from Nagpur Housing and Area Development Board.
Other project bagged by the division include boundary wall works for Pellet Plant Project at Donimalal, Karnataka, awarded by NMDC and installation of Bored Pilling work for a Multi-storyed IT Office Complex in Kolkata among others.

The aggregate value of the orders of Building Division is Rs131.46 crore. While transport division has bagged orders worth Rs73.55 crore, the company said.

On Thursday, IVRCL ended 0.14% up at Rs72.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.14% to 18,149.87.

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Venus Remedies spreads its wings in GCC

Venus Remedies has been awarded the company registration from Gulf Cooperation Council

Panchkula-based Venus Remedies Ltd, an existing Eu-GMP certified Pharmaceutical manufacturing company, has been awarded the company registration from GCC (Gulf Cooperation Council). This approval holds significance as such registrations are obtained by the manufacturing facilities which meet world class standards and where quality is of the prime essence.

On the occasion, chairman cum managing director of Venus Remedies Pawan Chaudhary said, "With this prestigious grant Venus Remedies will strengthen its footmark in GCC pharmaceutical market and will enhance its revenues by 10% by 2013."

Venus Remedies is already present in different countries of Middle East with its products in oncology, carbapenem/cephalosprin segment. With this company registration certificate, Venus Remedies now features as the first Indian company having received the GCC approval to market its Oncology & Carbapenem range of products in all the GCC countries comprising of Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, and Oman.

Earlier, Venus was also awarded Saudi Arabia FDA GMP which gave it the opportunity to enter the Saudi Arabian market worth of $ 3.5 billion.

On Thursday, Venus Remedies ended 1.92% down at Rs214.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.14% to 18,149.87.

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Siemens sets up financial services arm in India

German multinational Siemens has set-up a financial services arm Siemens Financial Services Private Ltd in India

German multinational Siemens Ltd said it has set-up a financial services arm Siemens Financial Services Private Ltd (SFSPL) in India.

According to the press release, the newly-set-up company has filed an application for a certificate of registration to commence business of a non-banking financial company with the Reserve Bank of India (RBI).

Subject to regulatory approval, SFSPL will focus on asset financing business by offering products such as loans, leasing solutions and hire purchase.
The company aims to provide financing offerings to Siemens customers in India, particularly in the healthcare, industry and energy sectors, the release said.

Sunil Kapoor has been appointed as the CEO of the company based in Mumbai.

The Siemens division Financial Services (SFS) is a global provider of financial solutions in the business-to-business segment.

With over 2,000 employees and an international network of financial companies, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare.

SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens, the release said.

On Thursday, Siemens ended 0.05% up at Rs871.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.14% to 18,149.87.

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