Renault launches diesel Fluence priced at Rs15.2 lakh

The new Fluence will be powered by 1.5 litre diesel engine, which will give a mileage of 20.4 kilometre per litre

Car maker Renault India launched a new diesel variant of its premium sedan 'Fluence' in the country, priced at Rs15.2 lakh (ex-showroom, Delhi).

"Fluence was the first offering from Renault in India. The new upgraded variant is about our commitment to the Indian market and is a result of the feedback we received from our customers," Renault India managing director Marc Nassif said.

The new Fluence will be powered by 1.5 litre diesel engine, which will give a mileage of 20.4 kilometre per litre, he added.

It will compete with the likes of Volkswagen Jetta, Skoda Laura and Toyota Corolla Diesel, which are priced between Rs15.22 lakh and Rs16.41 lakh.

The company had launched the Fluence in May 2011 and it was followed by two more cars -- sports utility vehicle Koleos and premium compact car Pulse.

"We had announced plans to roll out five products by the end of 2012. The next in line is our crossover Duster, which will be launched before Diwali, and it will be followed by one more product," Nassif said, adding all the products will be assembled at its facility in Chennai.

He said the company is targeting to sell a total of 30,000 cars in India this year compared to about 1,500 units in 2011.

To push up its sales, the company is also expanding its dealership network to 100 by 2012 from 43 at present.

When asked about reports that Renault India is looking to set up a new facility in Gujarat, Nassif said: "When we will saturate the 4 lakh annual capacity at the current facility, we will look at expansion. We are open to choosing any location, but when and where, only time will tell."

Talking about Renault-Nissan's ultra-low-cost car project with Bajaj Auto, he said Renault India's hands are full with its existing priorities in the country.

"This project is being taken care of by the alliance at the global level and we (Renault India) are not at all concerned about it. Any decision will be announced by the alliance," he added.

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Companies need RBI nod to operate foreign currency accounts abroad

“An Indian party is required to obtain prior permission of the Reserve Bank to open, hold and maintain FCA in a foreign country for the purpose of overseas direct investments in that country...” the RBI said in a notification

The Reserve Bank of India said Indian companies would need to obtain its prior permission to open, hold and maintain foreign currency account (FCA) abroad for the purpose of overseas direct investments.

"An Indian party is required to obtain prior permission of the Reserve Bank to open, hold and maintain foreign currency account (FCA) in a foreign country for the purpose of overseas direct investments in that country..." the RBI said in a notification.

"The host country regulations stipulate that the investments into the country is required to be routed through a designated account," it said, adding that the FCA should be opened, held and maintained as per the regulation of the host country.

Last week, the RBI had relaxed various norms on overseas direct investments to offer more flexibility to the Indian companies as well as individuals.

It added that the remittances sent to the FCA by the Indian company should be utilised only for making overseas direct investment into the joint venture (JV) or wholly-owned subsidiaries (WOS) abroad.

"Any amount received in the account by way of dividend and or other entitlements from the subsidiary shall be repatriated to India within 30 days from the date of credit," it added.

The Indian company, it said, should submit the details of debits and credits in the FCA on yearly basis to the designated bank with a certificate from the statutory auditors, certifying that the FCA was maintained as per the host country laws and extant FEMA regulations as applicable.

"The FCA so opened shall also be closed immediately or within 30 days from the date of disinvestment from JV or WOS or cessation thereof," it added.

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Suven Life gets 4 patent approvals for neuro drug

The four product patents, two from China and two from Korea are valid through 2025 and 2027, Suven Life Sciences said in a filing to BSE

Drug firm Suven Life Sciences said it has received four product patents in China and Korea for its new chemical entities (NCEs), which could be used for treating various central nervous system disorders.

The four product patents, two from China and two from Korea are valid through 2025 and 2027, Suven Life Sciences said in a filing to BSE.

The company has received approval for molecules that could be used in the treatment of neurodegenerative disorders like Parkinson's, Alzheimer's and Schizophrenia, it added.

Products developed out of these molecules may be out-licensed at various phases of clinical development like Phase I or Phase II, the company said.

Suven CEO Venkat Jasti said the company's pipeline of molecules in CNS arena are being developed for cognitive disorders with high unmet medical need and an estimated $30 billion market potential globally.

With these new patents, the company has a total of five patents from China and seven patents from Korea, it added.

In the late afternoon, Suven Life Sciences was trading at around Rs14.91 per share on the Bombay Stock Exchange, 9.23% up from the previous close.

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