KEC sells leasehold rights to Vashi land for Rs72.5 crore

KEC was operating a tower testing station at Vashi, which now stands decommissioned

KEC International has sold its leasehold rights over 7.63 acres of land near Vashi, in Navi Mumbai, to Vodafone Shared Services for Rs72.5 crore as part of efforts to reduce debt.

"KEC International has sold the leasehold rights on its land to Vodafone Shared Services for the consideration of Rs72.5 crore," the company said in a release.

KEC had taken the land, measuring 7.63 acres and located in the Trans Thane Creek Industrial Area, "long back" on a 95-year lease from Maharashtra Industrial Development Corporation, a company official said.

The company was operating a tower testing station at Vashi, which now stands decommissioned.

"The company commenced a new tower testing station at Butlbori, Nagour, in the year 2010 and subsequent to that, the Vashi tower testing station was closed.

The proceeds from the transaction will be used for reducing overall debt of the company," KEC managing director Ramesh Chandak said.

As of September-end, the consolidated debt of the company stood at Rs1,723 crore.

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HCC JV bags Rs987crore order from Railways

HCC will construct a superstructure of Bogibeel rail-cum-road bridge in Assam in 48 months

Leading engineering and construction firm Hindustan Construction Company (HCC) said its joint venture firm HCC-DSD-VNR has bagged a Rs987 crore order from the Northeast Frontier Railway to construct a superstructure of Bogibeel rail-cum-road bridge in Assam.

HCC's share in this order is 51%, Germany's DSD Brouckenbau has 20% and VNR Infrastructures gets the remaining 29%, a company statement said.

"This is one of the modern bridges over the Brahmaputra near Dibrugarh and HCC, along with its joint venture partners, is committed to build a world-class infrastructure for the Railways. The work on this superstructure will be completed in 48 months," HCC president and whole-time director Arun Karmabelkar said.

The 4.31-km long bridge will be double decked, having two railway tracks on the lower deck and a three-lane road on the upper deck. The road level will be 10.5 meters above the railway line. This will be the country's fourth largest bridge and the longest over the Brahmaputra, he added.

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Strides receives USFDA approval for two cancer drugs

According to IMS data, the US market for generic Carboplatin is worth nearly $35 million, while it stands at about $1.4 billion for Oxaliplatin

Drug firm Strides Arcolab said it has received approval from the US health regulator to market two generic cancer drugs in the American market.

Onco Therapies Ltd, a unit of Strides Arcolab, has received approval from the US Food and Drug Administration (USFDA) for marketing injectable Carboplatin and tentative approval for marketing Oxaliplatin USP for injections, the company said in a statement.

The company has received a nod for marketing Carboplatin injections in strengths of 10 mg/mL (aqueous solution), packaged in 1,000 mg/100 mL pharmacy bulk packages. In addition, it has tentative approval for marketing Oxaliplatin in 50-mg and 100-mg single-use vials, it added.

According to IMS data, the US market for generic Carboplatin is worth nearly $35 million, while it stands at about $1.4 billion for Oxaliplatin.

“Carboplatin is part of the oncology portfolio licenced to Pfizer in January 2010, for the US market and is expected to be launched shortly,” the company said.

The company had earlier received approval for Carboplatin injections in strengths of 10 mg/mL, packaged in 50 mg/5 mL, 150 mg/15 mL, 450 mg/45 mL and 600 mg/60 mL multi-dose vials, it said.

Carboplatin injection is indicated for the initial treatment of advanced ovarian cancer, while Oxaliplatin is used to treat advanced cancer of the colon and rectum.

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COMMENTS

RNandakumar

5 years ago

With many achievements in the recent past this company's share holders do hope that they would be rewarded with a better dividend or bonus shares.

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