Companies & Sectors
Sun Pharma to sell two divisions to Strides

In a statement issued jointly with Strides, Sun Pharma said the two have entered into a definitive agreement related to Solus and Solus Care divisions of erstwhile Ranbaxy

 

Indian drug major Sun Pharmaceutical Industries Ltd will sell its two divisions operating in the central nervous system (CNS) segment to Strides Arcolab Ltd for Rs.165 crore.
 
In a statement issued jointly with Strides, Sun Pharma said the two have entered into a definitive agreement related to Solus and Solus Care divisions of erstwhile Ranbaxy.
 
According to the statement, Sun Pharma will transfer the two marketing divisions along with the employees to Strides.
 
The two divisions have been accounting for a revenue of Rs.92 crore.
 
Commenting on the transaction, Abhay Gandhi, CEO - India Business, Sun Pharma said: "The agreement with Strides is part of our strategy to firmly consolidate our CNS business in India."
 
According to him, post successful completion of Ranbaxy's merger the company had an opportunity to assess the entire portfolio of its India business.
 
"We have evaluated each and every therapy segment that we are present in and how these businesses can grow going forward. Based on this evaluation, we firmly believe that the potential of Solus and Solus Care divisions can be greatly enhanced with the focus that Strides will put in growing them," he was quoted as saying in the statement.
 
According to Subroto Banerjee, president-Brands, India of Strides, the acquisition of the two divisions will enable growth of the company's branded business in India.
 
The transaction is subject to approval from the Competition Commission of India and other customary closing conditions. All other terms and conditions of the transaction are confidential, the two companies said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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'UPA awarded Aadhaar card projects over Rs.13,000 crore without tenders'
Aadhaar card projects of the UIDAI worth over Rs.13,000 crore were awarded without issuing tenders by the previous UPA government, according to a RTI response, an activist said here on Saturday.
 
RTI activist Anil Galgali had submitted queries under the RTI to the UIDAI officials, Public Information Officer S.S. Bisht and Deputy Director-cum-PIO R. Harish who provided the replies about the amount spent on the projects which was then headed by technocrat Nandan Nilekani.
 
In the reply, the UIDAI officials disclosed that total project contracts worth Rs.13,663.22 crore were awarded without any tenders of which an amount of Rs.6,563 crore has been already spent on issuing 90.3 crore Aadhar Cards till May 2015.
 
They further informed that a total 25 companies were awarded different responsibilities for the massive project and their empanelment was done under the process guidelines of Request For Empanelment of May 19, 2014.
 
"This is shocking as various sections of people, including the Supreme Court and civil society groups have expressed serious concerns about the right to privacy with sensitive personal data of 125 crore population going in the hands of private companies," Galgali told IANS.
 
He urged Prime Minister Narendra Modi to order a probe into the UIDAI to ensure transparency in the award of contracts for Aadhaar cards.
 
"The sensitive datas of finger prints and iris of each and every Indian could be unsafe with private companies," cautioned Harsheet Shah, cyber law expert-cum-researcher.
 
According to the information, some of the companies awarded more than one project works include: Tata Consultancy Service, Mac Associates, Wipro, HCL, HP India Sales Pvt. Ltd., National Informatics Centre, Sagem Morpho Securities Pvt. Ltd, Satyam Computer Services Ltd, L1 Identity Solutions, Totem International Ltd., Linkwel Telesystems Pvt. Ltd. Sai Infosystems India Ltd, Geodesic Ltd, ID Solutions, NISG, SQTC, Telesima Communications Pvt. Ltd.
 
Others which secured a single contract include: Reliance Communication, Tata Communications, Aircel, Bharati Airtel, BSNL and Railtel Corporation of India Ltd.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Rail Track Washout: Blame it on rising encroachment and construction
Although rail traffic between Mumbai and Pune has been restored, officials have blamed rising encroachment and construction activities responsible for the track wash out 
 
Railway traffic on the Mumbai-Pune stretch was majorly affected, after tracks were washed off due to heavy rains near Talegaon on Friday evening around 4:45pm.
  
Though the up and down lines were restored by 3:45am Saturday, services continued to be rescheduled with major delays.
 
Railway officials blamed the rising encroachments and construction activity near railway tracks. “The track washout was caused by a probable blockage of natural drains and construction activity. The Mumbai-Pune stretch is one of the oldest railway lines and there is no other reason for such a washout of century-old maintained lines, The sudden force of water onto the tracks led to the cave-in,” a senior official from Pune division said.
 
Road traffic also remained hit near the Adoshi tunnel in Bhor ghat, and near Kamshet on Friday afternoon. 

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