L&T divests stake in L&T-CASE JV

Larsen & Toubro (L&T) has sold its stake in L&T-CASE Equipment Pvt Ltd to its joint venture partner CNH Global NV, a leader in the agricultural and construction equipment business

Larsen & Toubro (L&T) has sold its stake in L&T-CASE Equipment Pvt Ltd to its joint venture (JV) partner CNH Global NV, a leader in the agricultural and construction equipment business.

CNH has acquired full ownership of L&T-CASE, an unconsolidated JV established in 1999 to manufacture and sell construction equipment in India. The new company will take the name Case New Holland Construction Equipment India Pvt Ltd.
 
The company operates a production facility in Pithampur in Madhya Pradesh and a distribution network of 56 dealers and 144 outlets. The Pithampur facility currently builds backhoe loaders and vibratory compactors; the complex is spread over 40 acres and occupies over 28,000 sq m of covered area. JP Nayak, member of L&T Board and president, said, “Our decision to exit the JV is part of our ongoing portfolio review and streamlining process. We have an excellent relationship with our partner, and wish them all success in India”.

Harold Boyanovsky, president and CEO CNH Global NV said, “This is an important step in our long term commitment to consolidate our construction equipment business in India and in other export markets and to develop a manufacturing base in India fully integrated in the CNH worldwide industrial footprint. The Pithampur plant will be in a position to make the most of the opportunities for growth that the sector offers today and in the future.”

On Thursday, L&T ended 0.21% down at Rs1,653.25 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.80% to 19,445.22.

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Glenmark arm discovers molecule to treat blood cancer

Glenmark Pharmaceuticals has discovered a new drug molecule which can treat blood and lymph cancer, besides inflammatory disorders

Glenmark Pharmaceuticals said it has discovered a new drug molecule which can treat blood and lymph cancer, besides inflammatory disorders.

The novel biological entity, (NBE) ‘GBR 401’, was discovered by the company’s Switzerland-based arm Glenmark Pharmaceuticals SA, the company said in a statement.

“Glenmark will file for phase-I trials in the fourth quarter of FY2011-12,” it added.The disease areas primarily targeted by GBR 401 are lymphoma and leukaemia of B-cell origin. Leukaemia is a type of cancer of the blood or bone marrow and lymphoma is a form of cancer in the lymphatic cells of the immune system.GBR 401 also holds the potential to treat inflammatory disorders such as rheumatoid arthritis, it added.
 
“GBR 401 has been developed using a technologically advanced platform that greatly enhances the efficacy of the antibody,” said Glenmark Pharmaceuticals SA president, biologics, Michael Buschle.
 
On Thursday, Glenmark Pharma ended 0.73% up at Rs283.60 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.80% to 19,445.22.

 

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Atul Auto signs MoU with Bank of Baroda for auto loans

Bank of Baroda will provide financing to customers for purchase of Atul Auto vehicles across the country

Atul Auto Ltd has signed a memorandum of understanding (MoU) with Bank of Baroda, a public sector bank. The bank will become a preferred financier of Atul Auto for all types of three wheelers and will offer financing facilities to eligible customers.
 
As per the MoU, Bank of Baroda will provide financing to customers for purchase of Atul Auto vehicles across the country. Atul Auto in collaboration with Bank of Baroda will promote schemes to offer easy finance options to their customers by leveraging the pan India presence of Bank of Baroda.
 
Atul Auto is also rapidly expanding its sales and service network to support the market demand of its three wheelers. It intends to take the network to 150 sales points--exclusive dealership--by the end of this financial year.

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