Shreyas Shipping & Logistics Ltd through its wholly-owned subsidiary Shreyas Relay Systems Ltd has signed a memorandum of understanding (MoU) with Tata Motors Ltd for acquisition of 50 trailers. Shreyas plans to invest Rs17 crore at regular intervals for acquiring 50 trailers. It mentioned that this is a part of plan to acquire 100 such trailers soon to emerge as India's preferred integrated logistics solutions provider.
The trailers to be acquired by Tata Motors are new age vehicles with cutting-edge technologies. The fleets of trailers have GPS connectivity, providing real time information to the clients about cargo, container and other key aspects.
Besides this, Shreyas has also sealed an agreement for a warehouse and domestic cargo distribution centre at Tuticorin. The facility at Tuticorin will be operational within the next few weeks. Shreyas has also firmed up plans for establishing similar facilities at Mundra and Cochin almost immediately.
Shreyas, through the acquisition of trailers along with establishing warehouse and domestic cargo distribution centres at strategic locations, is supporting its forward integration initiatives with a vision of offering end-to-end logistics solutions to its customers.
On Wednesday, Shreyas ended 4.81% down at Rs44.50 on the Bombay Stock Exchange, while benchmark Sensex declined 1.19% to 19,696.48 points.
Natco Pharma Ltd said it has entered an agreement with US-based Watson Pharmaceuticals to develop and market generic lenalidomide tablets, used in treating cancer, in the US market.
"Natco Pharma and Watson Pharmaceuticals confirmed an exclusive US development and license agreement to develop and commercialise lenalidomide," the company said in a filing to the Bombay Stock Exchange (BSE).
Under the agreement, both the companies would share net profit on sales. Also, the US firm would be responsible for regulatory, legal and commercial expenses related to lenalidomide tablets.
The drug is indicated in treatment of multiple myeloma, it said.
The Hyderabad-based firm has filed an abbreviated new drug application (ANDA) with US health regulator, seeking its approval to market lenalidomide in the strengths of 5mg, 10mg, 15mg and 25mg, it added.
Natco's lenalidomide tablets are generic versions of Revlimid tablets, the patent of which is with Celgene, it said. Revlimid reported global sale of nearly $2.3 billion last year, it added.
On Wednesday, Natco ended 2.05% down at Rs322 on the BSE, while benchmark Sensex declined 1.19% to 19,696.48 points.
Ajay Piramal is set to exit from realty-focused venture capital fund Indireit Fund Advisors by selling his 85% stake to financial services firm Religare Enterprises Ltd for Rs212 crore.
Both parties have agreed to the deal, which is likely to be inked in another 10-15 days.
Indiareit chief executive officer and managing director Ramesh Jogani holds the remaining 15% stake in the venture capital fund. Mr Jogani will hold his stake in the firm and continue in his current position even if it changes hand.
Since its launch in 2006, Indiareit Fund Advisors has so far launched three domestic funds and one offshore fund, in which private equity fund 3i is a cornerstone investor, taking its total corpus to Rs2,850 crore. It is also in the process of launching two more domestic funds.
Promoted by Malvinder and Shivinder Singh, Religare Enterprises recently acquired a 55% stake in US-based Landmark Partners, a private equity and realty fund-of-funds asset manager for $171.5 million.
Piramal Enterprises has interests in textiles, health and healthcare, glass containers, engineering and IT. It also has interests in real estate. Piramal's exit from Indiareit was prompted by conflicts of interest between the two parties over land acquisition and development.
On Wednesday, Religare Enterprises closed 0.55% down at Rs472.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.19% to 19,696.48 points.