Lanco bags Maha Tamil Project

LITL intends to set up power plant with a capacity of 2000MW

Lanco Infratech Limited (LITL), one of the fastest-growing integrated infrastructure enterprises and the largest IPP (independent power producer) in India, has emerged as the successful bidder and has been selected as the Mine Developer and Operator (MDO) for development, mining and operations of Gare Pelma II coal block of Maha Tamil Collieries Ltd (MTCL) and development of an associated power project.

MTCL is a joint venture company formed and owned by Tamil Nadu Electricity Board (TNEB)—77% holding—and Maharashtra State Mining Corporation (MSMC)—23%—for exploring, developing, mining, supply of coal and power from the Gare Pelma Sector II coal block located in Raigarh District, Chhattisgarh, having geological reserves of approximately 800 million tonnes. The bid envisages LITL to develop and operate the coal mine and setting up a power plant with 2000MW capacity.

Eight major companies including GMR, GVK, Jindal Power, L&T, Reliance Coal and Sterlite have participated in the bid called b¬¬y MTCL through a tender floated in July 2010.    

Shares of LITL were trading at Rs18.10 in afternoon trade on the Bombay Stock Exchange (BSE), down 2.95% from its previous close.

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Glenmark gets USFDA nod for hypertension tablets

The company has 72 generic products authorised for distribution in the US market

Glenmark Pharmaceuticals today said its subsidiary Glenmark Generics Inc had received final approval from the US health regulator for Verapamil tablets, which are used for treating hypertension.

"Today's approval completes Glenmark's marketing portfolio for the Verapamil extended-release product line," Glenmark said in a statement. The US Food and Drug Administration (USFDA) approval is for Verapamil extended release tablets in the strengths of 120mg and 180mg. The company had earlier received approval on the 240mg dosage in September 2009, Glenmark said.

Verapamil extended-release tablets are generics of Isoptin SR tablets of Ranbaxy.

"Verapamil extended release tablets are indicated in the management of essential hypertension and for the 12-month period ending March 2011, achieved sales of $52 million, according to IMS Health," it added.

The company has 72 generic products authorised for distribution in the US market and has over 35 ANDAs filed with the USFDA which are pending approval.

Shares of Glenmark were trading at Rs331.25 in afternoon trade on the Bombay Stock Exchange (BSE), up 0.41% from the previous close.

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Bank employees to go ahead with nationwide strike tomorrow as another round of talks fail

Day-long protest involves over 10 lakh employees of public and private banks, foreign, co-operative and rural banks. ATMs also likely to be nonfunctional 

Bank employees will go ahead with their one-day strike on Friday, in protest against banking sector reforms, after another round of talks with the government failed to make any headway.

Ravindra Shetty, convenor of the United Forum of Bank Unions (UFBU), which has called the protest action, said today, "We are going ahead with the strike tomorrow. Yesterday, we had a meeting in Delhi, where the government did not give any favourable response to our demands. Instead it sent some junior officers to negotiate. The strike is on tomorrow."

More than 10 lakh employees and officers with public and private sector banks, foreign banks as well as co-operative and regional rural banks would join the strike called by UBFU, an umbrella organisation of nine all-India unions in the banking industry. ATMs are also likely to be nonfunctional.

The unions are opposed to privatisation of banks and banking sector reforms on the grounds that bank jobs are being outsourced. They have also demanded the scrapping of recommendations of the AK Khandelwal Committee which proposed sweeping changes in the functioning of public sector banks, particularly in the matter of recruitment and compensation. Other pending issues include pension and regulated working hours for officers.

The unions say that in the name of banking reforms the government is trying to reduce its equity share in public sector banks and allowing the increase of private capital in these banks.  

The government is also pursuing a policy of consolidation and merger of public sector banks which is totally unwarranted and would in no way help to strengthen the banks.

The issues and complaints are listed in a 21-point charter that has been discussed at various levels, but without much success. There have been talks also with the financial services secretary and the chairman of the Indian Banks' Association.

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