NMDC may complete 3 overseas acquisition deals this fiscal

NMDC and Minemakers may form a JV in which NMDC will take a 50% stake in Wonarah

Close on the heels of acquiring 50% stake in Australia's Legacy Iron, state-run iron ore miner NMDC said it may close three more overseas buys in the current fiscal.

"Deals with Minemakers Ltd, an Australian firm having Phosphate deposits; Brazilian mining firm Greystone Mineracao do Brasil and Vincy Coal project in Russia are in advanced stages of negotiation and may be sealed in the current fiscal," NMDC finance director S Thiagrajan said. "All these are good properties. A team is in Australia now to study Minemakers Wonarah Phosphate deposits and will submit its pre-feasibility report soon," he added.

NMDC has already done the due diligence for Vincy Coal Project and is likely to bid for the project by the end of the current month itself, Thiagrajan said.

"For Greystone also, we have done the due diligence," he said, adding that all the three proposed deals were likely to be closed before the end of this fiscal.

He, however, declined to reveal the total investments that would be required for the projected three acquisitions.

NMDC and Minemakers may form a JV in which NMDC will take a 50% stake in Wonarah. The state-run miner may also repay Minemakers the costs already incurred for Wonarah, the largest undeveloped rock phosphate project in Australia.Vincy in Russia is said to have total reserves of 70-100 million tonnes of coal reserves.

NMDC has been in talks for the past few months to acquire a substantial stake in Greystone Mineracao from London-based Zamin Advisors, a private company controlled by an NRI, Pramod Agarwal. The proposed mine area is understood to have reserves of 260 million tonnes of iron ore. According to Thiagarajan, NMDC has got as many as 70 overseas offers for acquiring stakes.

NMDC may acquire 100% stake in Vinci Coal and 50% in Minemakers, while a decision on stake is yet to be taken in case of Greystone, he said. The company had in last month bought 50% stake in Australia-based Legacy Iron Ore as for over Rs92 crore.

In the late afternoon, NMDC was trading at around Rs222.50 per share on the Bombay Stock Exchange, 0.59% up from the previous close.

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Pharmexcil felicitates Venus Remedies with patent award in Gold category

Venus has received Patent Award in recognition of its commendable contribution to R&D in formulation sector

Venus Remedies has won Patent Award in Gold category for the year 2010-11 in the valedictory function of India-LAC Pharma Meet by Pharmexcil (Pharmaceuticals Export Promotion Council) held at Hotel Taj Krishna, Hyderabad on 30 September 2011.

Venus has received this award in recognition of its commendable contribution to R&D in formulation sector. The company has been granted with around 44 patents across the globe for its novel research drugs during 2010-11. Pawan Chaudhary, chairman and managing director, Venus Remedies said that Venus has also bagged prestigious awards to its kit during 2010-11, which includes Best Innovation Awards, 2010 and 2011 in Gold category by the India Innovation Programme, organised by Lockheed Martin (USA), FICCI and DST Government of India; Quality Award 2011 in the Gold category from BID at an international convention in Geneva, Switzerland and the BIZZ- Business Excellence Award 2011 from US.

On this 3rd edition of Patent Awards, organised by Pharmaceuticals Export Promotion Council which was set up by Ministry of Commerce & Industry, Govt of India, the function witnessed the presence of various successful companies that have come together to recognise their achievements of securing patents in the Pharma Sector in 2010-11.

In the late afternoon, Venus Remedies was trading at around Rs193 per share on the Bombay Stock Exchange, 1.08% down from the previous close.

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Godrej Properties signs agreement with Godrej & Boyce

Godrej Properties will be responsible for the conceptualisation, design, sales, and marketing of all future development on the Godrej & Boyce owned Vikhroli land in Mumbai

Godrej Properties Ltd (GPL), the real estate development arm of the Godrej Group, today announced that it has entered into an agreement with Godrej & Boyce (G&B). Godrej Properties will act as development manager and will be responsible for the conceptualization, design, sales, and marketing of all future development on the G&B owned Vikhroli land.  

For its services, Godrej Properties will receive a fee equal to 10% of the total revenue generated from the development. The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.

Over a period of time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The project will be constructed in phases and the details on each phase will be announced before the launch of the individual phase. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces.

The first project under this agreement will start immediately with the launch of Godrej Platinum, a residential development of approximately 600,000 square feet.  Godrej Platinum comprises of four high-end residential towers on which construction has already begun. This project is one of the first residential projects in the country to receive a LEED-Platinum precertification, which is the highest available certification for green buildings. Godrej Platinum joins Godrej Properties' currently underway mixed-use 35-acre development, The Trees, as being among the first developments Godrej Properties is carrying out on the Group's large Vikhroli estate.

Mr Pirojsha Godrej, executive director, Godrej Properties said, "Godrej Properties will develop Godrej Platinum and all future developments to the highest design, construction, and sustainability standards and will seek to transform Vikhroli into Mumbai's most desirable residential, commercial, and industrial township."

In the late afternoon, Godrej Properties was trading at around Rs653.60 per share on the Bombay Stock Exchange, 0.74% up from the previous close.

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