JSW buys Canadian coal company for $422 million

JSW Energy Ltd said it has bought Canadian coal company CIC Energy for $422 million.

CIC Energy operates the Mmamabula coal and power station project in Botswana. The deal is JSW's second acquisition in the coal sector in southern Africa within a year. Earlier, the Indian company had acquired a stake in South African Coal Mining Holdings.

On Wednesday, JSW Energy declined 2.66% to Rs108.10 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.18% down at 19,459.85 points.

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Dr Reddy’s in pact about US penicillin site

Dr Reddy's Laboratories Ltd (DRL) and GlaxoSmithKline Plc (GSK) have signed an agreement relating to the latter's United States oral penicillin facility and product portfolio.

Under the agreement, GSK will transfer ownership of its penicillin manufacturing site in Bristol, Tennessee, United States, and rights for the augmentin and amoxil brands in America to the Indian company, officials said.

However, the GSK will retain the existing rights for these brands outside the United States.

The transaction is expected to close within the first half of the next calendar year. The companies did not provide financial terms and conditions of the pact.

Abhijit Mukherjee, President, global generics business, DRL, said, "The acquisition allows us to enter the US penicillin-containing antibacterial market segment and serve the needs of our customers and patients through manufacturing capabilities that did not previously exist within Dr Reddy's."

On Wednesday, DRL ended 1.18% up at Rs1,782.60 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.18% down at 19,459.85 points.
 

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